Stock Analysis on Net

Yahoo! Inc. (NASDAQ:YHOO)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 9, 2017.

Analysis of Short-term (Operating) Activity Ratios
Quarterly Data

Microsoft Excel

Paying user area

The data is hidden behind: . Unhide it.

This is a one-time payment. There is no automatic renewal.


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Short-term Activity Ratios (Summary)

Yahoo! Inc., short-term (operating) activity ratios (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Turnover Ratios
Receivables turnover
Payables turnover
Working capital turnover
Average No. Days
Average receivable collection period
Average payables payment period

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).


The analysis of the quarterly financial metrics from March 31, 2012 to March 31, 2017 reveals distinct patterns and fluctuations in the company's operational efficiency.

Receivables Turnover
Receivables turnover generally fluctuates within a moderate range, starting around 4.94 in early 2012 and showing sporadic variations. Peaks are noted near 5.64 by late 2012, and again near 5.75 by early 2017. Overall, the ratio maintains a level mostly between 4.7 and 5.7, indicating consistent efficiency in collecting receivables, though variability suggests some seasonal or cyclical influences.
Payables Turnover
Payables turnover exhibits significant volatility. Starting with a value of 8.77 in early 2012, it sharply rises to 14.22 by mid-2012, then declines gradually into 2014 with values dipping into the 5.35-6.95 range. From 2015 onward, a steady and strong upward trajectory is observed, peaking at 16.4 by the first quarter of 2017. This trend suggests increasingly rapid payment of obligations in the later periods, reflecting possible improvements in liquidity management or changes in supplier payment terms.
Working Capital Turnover
Working capital turnover shows variability throughout the periods, initially increasing from 1.14 in early 2012 to a peak of 2.01 by the end of 2012. Subsequently, it declines sharply to 0.56 in late 2013, indicating decreased efficiency in utilizing working capital to generate sales. From 2014 forward, values generally stabilize around 0.7 to 0.8, suggesting a relatively constant but lower rate of working capital utilization compared to earlier years.
Average Receivable Collection Period
This metric ranges between 63 and 82 days, indicating the average time taken to collect receivables. There is a noticeable increase to a peak of 82 days around late 2013, followed by fluctuations around the mid-70s for several periods. A downward shift to the low 60s is observed in the first quarter of 2017, implying improved collection efficiency at the end of the analyzed timeframe.
Average Payables Payment Period
The average payables payment period shows a decreasing trend overall. Starting at 42 days in early 2012, it falls sharply to 26 days by mid-2012, then fluctuates upwards to as high as 68 days in mid-2014, indicating delays or extended payment terms in that interval. Afterward, a consistent downward trend is observed, culminating in a shortened payment period of 22 days by the first quarter of 2017, aligning with the increased payables turnover and suggesting a more prompt settlement of payables.

In summary, the data indicates that the company has maintained a relatively steady receivables turnover with some seasonal variation, while markedly increasing the speed of payable payments in recent years. The working capital turnover shows a decline from earlier highs to a more moderate and stable level, signaling adjustments in capital utilization strategy. The collection period for receivables has improved towards the end of the period, and the payment period for payables has significantly shortened, reflecting enhanced financial management efficiency over the years.


Turnover Ratios


Average No. Days


Receivables Turnover

Yahoo! Inc., receivables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Selected Financial Data (US$ in thousands)
Revenue
Accounts receivable, net
Short-term Activity Ratio
Receivables turnover1
Benchmarks
Receivables Turnover, Competitors2
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Intuit Inc.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

1 Q1 2017 Calculation
Receivables turnover = (RevenueQ1 2017 + RevenueQ4 2016 + RevenueQ3 2016 + RevenueQ2 2016) ÷ Accounts receivable, net
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The analysis of the quarterly financial data reveals several discernible trends in revenue, accounts receivable, and receivables turnover over the observed periods.

Revenue Trends
The revenue figures exhibit fluctuations across the quarters, ranging roughly between 1,080,000 and 1,470,000 thousand U.S. dollars. Notably, there is a cyclical pattern where revenue tends to dip at the beginning of the year (March quarters) and rebound toward the end of the year (December quarters). The data shows a peak in December 2016, with revenue reaching its highest point of approximately 1,469,140 thousand U.S. dollars during the reporting period. However, subsequent to this peak, a decline is observed by March 2017.
Accounts Receivable, Net
The net accounts receivable values also show variation, moving between roughly 824,000 and 1,087,000 thousand U.S. dollars. The trend appears to loosely follow the fluctuations in revenue, although less pronounced. Periods with higher revenue tend to coincide with higher accounts receivable balances, especially notable at year-end quarters. There seem to be instances of increased receivables in certain quarters without corresponding revenue growth, suggesting possible delays in collections or changes in credit management policies.
Receivables Turnover Ratio
The receivables turnover ratio, available for most quarters starting June 30, 2012, fluctuates between approximately 4.47 and 5.75. A higher ratio indicates faster collections of receivables. The highest turnover was recorded in the December 31, 2016 quarter, coinciding with the highest revenue, indicating efficient collection during this high sales period. However, in some quarters, such as March 31, 2015, the turnover ratio dips to around 4.47, suggesting slower collections. Overall, the turnover ratio reflects moderate variability but stays within a relatively consistent range, which may suggest stable credit and collection practices across periods.

In summary, the company’s revenue and accounts receivable levels display cyclical seasonal patterns, with peaks typically observed in the final quarters of years and lower values in the beginning quarters. The receivables turnover ratio remains relatively steady, with some fluctuations that highlight varying collection efficiencies across the quarters. The December quarters tend to have strong revenue concurrent with efficient receivables management, while some other quarters show room for improvement in collections despite steady revenue figures.


Payables Turnover

Yahoo! Inc., payables turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Selected Financial Data (US$ in thousands)
Cost of revenue
Accounts payable
Short-term Activity Ratio
Payables turnover1
Benchmarks
Payables Turnover, Competitors2
Accenture PLC
Adobe Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Intuit Inc.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
ServiceNow Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

1 Q1 2017 Calculation
Payables turnover = (Cost of revenueQ1 2017 + Cost of revenueQ4 2016 + Cost of revenueQ3 2016 + Cost of revenueQ2 2016) ÷ Accounts payable
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


The financial data exhibits several notable trends over the examined periods.

Cost of Revenue
The cost of revenue demonstrates variability with a general increasing trend starting from the period ending March 31, 2015, where it significantly rises from approximately 468 million US dollars to reach values near 770 million US dollars by the end of 2016. Earlier periods show fluctuations around the 300 to 400 million range, with a slight declining trend from early 2012 through mid-2013 before the substantial increase observed later.
Accounts Payable
Accounts payable values fluctuate across the periods, initially ranging between roughly 110 million and 185 million US dollars. A noticeable increase occurs from early 2014, escalating from about 156 million to above 269 million by the end of 2014, followed by a peak around the mid-2015 period near 301 million. Subsequently, a decline is observed towards early 2016, dropping to around 187 million. Towards the last reported periods in 2016 and early 2017, accounts payable stabilize around the 170 to 180 million range.
Payables Turnover Ratio
This ratio, available from mid-2012 onwards, indicates a pattern of decreasing turnover rates until early 2015, reaching a low of approximately 5.35 times. From that point, the turnover ratio increases steadily through 2016 and into early 2017, peaking at around 16.4 times. This trend suggests an initial lengthening of the payment cycle followed by significantly faster turnover in payables in the later periods.

Overall, the data suggests that the company experienced rising costs of revenue beginning in 2015, coinciding with fluctuations and later a decline in accounts payable, implying possible changes in payment terms or supplier credit management. The payables turnover ratio aligns with this observation, showing slower turnover earlier on with improvements and faster payables settlement in the latest periods reported.


Working Capital Turnover

Yahoo! Inc., working capital turnover calculation (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Selected Financial Data (US$ in thousands)
Current assets
Less: Current liabilities
Working capital
 
Revenue
Short-term Activity Ratio
Working capital turnover1
Benchmarks
Working Capital Turnover, Competitors2
Accenture PLC
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Intuit Inc.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

1 Q1 2017 Calculation
Working capital turnover = (RevenueQ1 2017 + RevenueQ4 2016 + RevenueQ3 2016 + RevenueQ2 2016) ÷ Working capital
= ( + + + ) ÷ =

2 Click competitor name to see calculations.


Working Capital
The working capital figures display noticeable fluctuations over the observed periods, starting at approximately 2.4 billion USD in March 2012 and rising to a peak near 8.2 billion USD by September 2014. After this peak, the values decreased and then stabilized around the 6.0 to 6.8 billion USD range from 2015 onwards, with minor variations. This pattern indicates an initial period of significant working capital build-up followed by a phase of relative stabilization through to early 2017.
Revenue
Revenue levels demonstrate a relatively stable trend with periodic fluctuations. Beginning at around 1.22 billion USD in March 2012, the revenue dipped slightly during mid-2013 but showed resilience and recovery by the end of 2013 and through 2014. The highest reported revenue occurred in December 2016 at approximately 1.47 billion USD, showing growth compared to earlier periods. Overall, the revenue trend suggests moderate growth with short-term variations throughout the timeframe.
Working Capital Turnover
Working capital turnover ratios, where available, exhibit considerable variability. Initially, the ratio increased progressively from 1.14 in March 2013 to a high of 2.01 by December 2013, suggesting improved efficiency in generating revenue from working capital during that interval. After December 2013, the turnover ratio declined sharply to around 0.56 in December 2014, indicating a reduced efficiency. Subsequently, it stabilized near the 0.76 to 0.80 range through 2015 to early 2017, reflecting a consistent, albeit lower, turnover efficiency compared to the earlier peak.
Overall Observations
The data suggests that after an initial growth and peak in working capital, operational efficiency in utilizing this capital to generate revenues diminished, as evidenced by the declining turnover ratios post-2013. Despite this, revenue figures generally trended upward with some declines in between, indicating that the company maintained or grew its income base even with a relatively stable level of working capital in later years. This could imply changes in capital management strategies or shifts in business operations affecting capital utilization efficiency.

Average Receivable Collection Period

Yahoo! Inc., average receivable collection period calculation (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Selected Financial Data
Receivables turnover
Short-term Activity Ratio (no. days)
Average receivable collection period1
Benchmarks (no. days)
Average Receivable Collection Period, Competitors2
Adobe Inc.
Cadence Design Systems Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Intuit Inc.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
Salesforce Inc.
ServiceNow Inc.
Synopsys Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

1 Q1 2017 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =

2 Click competitor name to see calculations.


Receivables Turnover Ratio
The receivables turnover ratio displays fluctuations across the observed periods from March 31, 2012, to March 31, 2017. Starting at 4.94 in March 2012, the ratio experiences an overall moderate increase with periodic declines. Notably, values peak at 5.64 in December 2012 and 5.75 in March 2017. Mid-period measurements show some volatility, with decreases such as to 4.47 in March 2014 followed by recoveries. These fluctuations suggest variable effectiveness in credit and collection policies, affecting how quickly receivables are converted into cash.
Average Receivable Collection Period
The average collection period in days inversely reflects the receivables turnover trends. The period begins at 74 days in March 2012 and demonstrates a general pattern of oscillation. The shortest average collection period is 63 days in March 2017, indicating improved collection efficiency at the end of the span. The longest period reaches 82 days in March 2015. The variability across quarters suggests inconsistencies in the timing of cash collections, with some periods showing relatively quicker collections and others indicating delays.
Overall Trends and Insights
There is a clear inverse relationship between the receivables turnover ratio and the average collection period, consistent with financial theory. Improvements in the turnover ratio correspond to reductions in the collection period, highlighting phases of enhanced receivables management. However, the recurring fluctuations indicate that such improvements were not sustained uniformly each quarter. The data suggests periods of both tightening and loosening in credit terms or collection effectiveness. The most recent data point, March 2017, shows a notably higher turnover and lower collection days, possibly reflecting the implementation of more efficient receivables management strategies toward the end of the observed time frame.

Average Payables Payment Period

Yahoo! Inc., average payables payment period calculation (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Selected Financial Data
Payables turnover
Short-term Activity Ratio (no. days)
Average payables payment period1
Benchmarks (no. days)
Average Payables Payment Period, Competitors2
Accenture PLC
Adobe Inc.
CrowdStrike Holdings Inc.
Fair Isaac Corp.
International Business Machines Corp.
Intuit Inc.
Microsoft Corp.
Oracle Corp.
Palantir Technologies Inc.
Palo Alto Networks Inc.
ServiceNow Inc.
Workday Inc.

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

1 Q1 2017 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =

2 Click competitor name to see calculations.


Payables Turnover
The payables turnover ratio shows a notable increase over the observed periods, starting from 8.77 as of March 31, 2013, and rising steadily to 16.4 by March 31, 2017. This trend indicates an improvement in the company's efficiency in paying off its suppliers, as a higher payables turnover ratio generally reflects a faster payment cycle. Despite minor fluctuations, the overall upward trajectory suggests strengthened liquidity management and possibly enhanced negotiation terms with creditors.
Average Payables Payment Period
The average payables payment period, measured in days, demonstrates an inverse trend relative to the payables turnover. Beginning at 42 days on March 31, 2013, the period initially rose to a peak of 68 days during late 2014 and early 2015. Following this peak, the payment period steadily declined, reaching 22 days by March 31, 2017. The initial increase indicates a lengthening of payment terms or delays in settlements, whereas the subsequent decline aligns with the observed increase in payables turnover, confirming a shift towards quicker creditor payments.
Overall Financial Insights
The reciprocal movement between payables turnover and average payment period suggests an improvement in working capital management over time. After a phase of extended payment durations, the company appears to have tightened its accounts payable processes, potentially to capitalize on early payment discounts or to maintain strong supplier relationships. The data reveals a clear transition from more extended payment cycles to a faster turnover of payables, reflecting enhanced financial discipline within the accounts payable function during the period under review.