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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (date of earliest event reported): January 15, 2003

YAHOO! INC.
(Exact Name of Registrant as Specified in its Charter)

Delaware
(State or Other Jurisdiction of
Incorporation or Organization)		   000-28018
(Commission File Number)		   77-0398689
(I.R.S. Employer Identification No.)

701 First Avenue
Sunnyvale, California 94089
(Address of Principal Executive Offices) (Zip Code)

(408) 349-3300
(Registrant's telephone number including area code)

Not Applicable
(Former name or former address, if changed since last report)


Item 5. Other Events.

        On January 15, 2003, Yahoo! Inc., a Delaware corporation ("Yahoo!"), announced its financial results for the fourth quarter and year ended December 31, 2002 and certain other information. A copy of Yahoo!'s press release announcing these financial results and certain other information is attached as Exhibit 99.1 hereto and incorporated by reference herein. The press release filed as an exhibit to this report includes "safe harbor" language pursuant to the Private Securities Litigation Reform Act of 1995, as amended, indicating that certain statements about the Company's business and other matters contained in the press release are "forward-looking" rather than "historic." The press release also states that a more thorough discussion of certain factors which may affect the Company's operating results is included, among other sections, under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and the Company's Quarterly Report on Form 10-Q for the three and nine month period ended September 30, 2002, which are on file with the Securities and Exchange Commission and available at the Securities and Exchange Commission's website (http://www.sec.gov), and will also be included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002 to be filed with the Securities and Exchange Commission in the first quarter of 2003.


Item 7. Financial Statements and Exhibits.

        99.1    Press release dated January 15, 2003 by Yahoo! Inc.

2


SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

    YAHOO! INC.

 
 
By:
 
/s/  SUSAN L. DECKER      
Susan L. Decker
Executive Vice President, Finance and Administration and Chief Financial Officer

Date: January 16, 2003

3



INDEX TO EXHIBITS

Exhibit No.
   Description
99.1   Press release dated January 15, 2003 by Yahoo! Inc.

4



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SIGNATURES
INDEX TO EXHIBITS

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Exhibit 99.1

FOR IMMEDIATE RELEASE

Yahoo! Reports Fourth Quarter and Fiscal Year 2002
Financial Results

Fourth Quarter Revenues Grow 51 Percent Year Over Year;
Full Year Revenues Grow 33 Percent Over 2001

Fourth Quarter Earnings Per Share of $0.08

SUNNYVALE, Calif.—January 15, 2003—Yahoo! Inc. (Nasdaq: YHOO) today reported results for the fourth quarter and fiscal year ended December 31, 2002. Net revenues for the fourth quarter totaled $285.8 million, a 51 percent increase over the $188.9 million reported in the same period in 2001.

        Net income on a GAAP (Generally Accepted Accounting Principles) basis for the fourth quarter of 2002 was $46.2 million or $0.08 per diluted share, compared with a net loss of $8.7 million or $0.02 per diluted share for the same period in 2001. Assuming the adoption of Financial Accounting Standard No. 142 ("FAS 142") "Goodwill and Other Intangible Assets" had occurred at the beginning of 2001, Yahoo! would have reported a net profit for the fourth quarter of 2001 of $6.8 million or $0.01 per diluted share.

        EBITDA (earnings before interest, taxes, depreciation, amortization and stock compensation expense) for the quarter was $85.3 million or 30 percent of net revenues, compared to $11.7 million, or 6 percent of net revenues, for the same period in 2001, which included $16.8 million of restructuring costs. Free cash flow for the fourth quarter of 2002 was $61.4 million compared to a free cash flow loss of $6.4 million for the same period in 2001. Free cash flow is the Company's EBITDA plus non-operating cash income, less taxes paid, investments in working capital and capital expenditures. The Company considers EBITDA and free cash flow to be important measures of the Company's performance because they reflect the resources available for strategic opportunities including, among others, to invest in the business, make strategic acquisitions, strengthen the balance sheet and repurchase stock.

        Net revenues for the year ended December 31, 2002 were $953.1 million, a 33 percent increase over the $717.4 million reported in 2001.

        Reported GAAP income before the cumulative effect of a change in accounting principle for the year ended December 31, 2002 was $106.9 million or $0.18 per diluted share compared to a reported net loss of $92.8 million or $0.16 per diluted share for 2001. The Company's adoption of FAS 142 in the first quarter of 2002 resulted in a non-cash charge of $64.1 million or $0.11 per diluted share recorded as a cumulative effect of a change in accounting principle. Assuming the Company had adopted FAS 142 at the beginning of 2001, reported net loss for the year ended December 31, 2001 before the cumulative effect of a change in accounting principle would have been $36.9 million or $0.06 per diluted share.

        EBITDA for the year ended December 31, 2002 was $206.0 million compared with an EBITDA loss of $18.6 million for 2001, which included $62.2 million of restructuring and acquisition related costs. Free cash flow for the year ended December 31, 2002 was $221.0 million compared to a $26.6 million free cash flow loss in 2001.

        "Over the last twelve months we have executed against a business plan which has taken Yahoo! from a company with tremendous potential to one with multiple strong businesses from which we believe we can continue to build a sustainable long-term future. We experienced growth in both our existing businesses and newer areas and we continue to demonstrate the capability of our business model to generate cash flow and to scale. As we begin 2003 we believe we are in a strong position to continue to deliver profitable, sustainable long-term growth and I'm excited to build on our success in the upcoming year," said Terry Semel, chairman and chief executive officer, Yahoo! Inc.


Business Outlook

        "I am very pleased with the significant progress we have made on our strategic and financial goals in 2002. As we move into 2003, we continue to focus on maximizing long-term free cash flow per share," said Susan Decker, chief financial officer, Yahoo! Inc. "Our long-term financial strategy of attracting significantly more revenue from our growing user base without commensurately increasing our expense appears to be gaining traction. In 2003, we expect strong growth in revenue, profitability, and free cash flow even as we continue to invest in areas that we expect will drive long-term growth."

        The following information is based on current information as of January 15, 2003, and excludes the effects of the pending acquisition of Inktomi.

First Quarter 2003 Outlook:

Full Year 2003 Outlook:

        Yahoo!'s business outlook as of today is expected to be available on the Company's Investor Relations Web site throughout the current quarter. It is currently expected the full business outlook will not be updated until the release of Yahoo!'s next quarterly earnings announcement; however, Yahoo! may update the full business outlook or any portion thereof at any time.

Fourth Quarter 2002 Financial Highlights

        Revenues: In the fourth quarter of 2002, Yahoo! reported net revenues of $285.8 million, a 51 percent increase from the same period in 2001. Excluding HotJobs related revenues that resulted from the acquisition completed in early 2002, revenues increased 39 percent over the same period in 2001.

        Marketing Services revenues totaled $177.5 million, a 31 percent increase from the same period in 2001. This increase was primarily a result of an increase in revenues from small-to-medium sized companies realized through Yahoo!'s sponsored search services and inside sales organization, partially offset by a decrease in barter revenues.

        Fees and Listings revenues totaled $89.4 million, a 120 percent increase compared to the same period in 2001. Excluding HotJobs revenues, the increase was 65 percent. This increase was primarily driven by the increase in paying customers for Yahoo!'s fee- and listings-based services, including Yahoo! Personals and the new SBC Yahoo! Dial and DSL products.

        Transactions revenues totaled $19.0 million, a 45 percent increase compared to the same period in 2001. This increase was driven primarily by increased commerce transactions enabled on the Yahoo! network and a change in the Company's pricing for the Yahoo! Store platform from a fixed fee- to a transaction-based structure.

        United States revenues for the quarter totaled $242.4 million, a 53 percent increase compared to the same period in 2001. International revenues were $43.4 million, a 45 percent increase compared to the same period in 2001. International revenues represented 15 percent of total revenues for this quarter and 16 percent for the same period in 2001.


        EBITDA: In the fourth quarter of 2002, Yahoo! reported EBITDA of $85.3 million or 30 percent of net revenues, versus $11.7 million or 6 percent of net revenues reported for the same period in 2001. Excluding the $16.8 million in restructuring costs recorded in the fourth quarter of 2001, EBITDA for that period would have been $28.5 million or 15 percent of net revenues. The favorable comparison to the same period in the prior year is primarily the result of the $96.9 million, or 51 percent revenue increase as described above, combined with costs growing at a slower pace. Recurring costs and expenses included in EBITDA increased only $40.1 million or 25 percent, primarily as a result of ongoing costs and expenses associated with HotJobs being brought into Yahoo!'s cost structure, in addition to increases in total compensation related and marketing expenses from investments in areas that the Company believes will drive long-term growth.

        United States EBITDA for the quarter was $82.0 million, or 34 percent of United States net revenues, which compares favorably to $18.0 million, or 11 percent of United States net revenues reported for the same period in 2001. International EBITDA for the quarter was $3.3 million, compared to a $6.3 million EBITDA loss reported for the same period in 2001.

        Depreciation and Amortization: Depreciation expense for the fourth quarter of 2002 was $23.3 million, a $5.7 million increase compared to the same period in 2001. The increase primarily resulted from the HotJobs acquisition and depreciation on the Sunnyvale headquarters facility, which was converted from a synthetic lease to property and equipment during the third quarter of 2002.

        Amortization expense for the fourth quarter of 2002 was $5.9 million, a $12.6 million reduction from the same period in 2001, primarily resulting from the discontinuance of goodwill amortization in accordance with the adoption of FAS 142, partially offset by additional intangible amortization expense as a result of the HotJobs acquisition.

        Other income, net: In the fourth quarter of 2002, Yahoo! reported other income, net, of $20.2 million, which is slightly below the $21.5 million recorded in the same period of 2001 and reflects the decrease in interest income related to a decline in interest rates.

Leading Internet Brand and Global Audience

        Yahoo!'s brand leadership and broad audience support the Company's leadership position and success in efforts to build deeper relationships with consumers. Yahoo! continues to be the Internet brand of choice, ranking No. 1 in brand strength with U.S. consumers according to Brand Asset Valuator® (Young & Rubicam, December 2002), providing a strong basis for increasing consumer loyalty and usage.

        During the quarter, Nielsen//NetRatings (November 2002) ranked Yahoo!'s global network the world's most trafficked Internet destination for the 30th consecutive month, based on unique audience, total time spent, reach, and total page views. In addition, Yahoo! was recognized as the most trafficked Internet brand in the United States, with the greatest breadth of usage, having 20 Yahoo! properties ranked among the top three in their respective vertical categories.

        Yahoo!'s global audience, excluding Yahoo! Japan, was approximately 213 million unique users in December 2002 compared to approximately 188 million in December 2001. In addition, approximately 101 million active registered users, excluding Yahoo! Japan, logged onto Yahoo's global network during December 2002, compared to approximately 74 million in December 2001.

        "Yahoo!'s industry-leading loyal user base continues to grow both in size and in depth. Consumers are expanding their relationship with Yahoo! both in time spent and pages consumed, underscoring one of our key objectives to continue to develop stronger relationships with our audience. As we continue to execute on our strategic and financial goals, we will concentrate on total product quality, superior ease-of-use and increased product relevancy, enabling Yahoo! to further enrich the consumer experience and build on our already strong metrics," said Semel.


Quarterly Conference Call

        Yahoo! will host a conference call to discuss fourth quarter results at 5:00 p.m. Eastern Time today. A live Webcast of the conference call can be accessed through the "What's New" area of the company's Investor Relations Web site at http://docs.yahoo.com/info/investor/. In addition, an archive of the call can be accessed through the "Conference Calls" area at the same site. A replay will be available for 48 hours following the conference call by calling 877-213-9653 or 630-652-3041, reservation number: 6656938.

About Yahoo!

        Yahoo! Inc. is a leading provider of comprehensive online products and services to consumers and businesses worldwide. Yahoo! is the No. 1 Internet brand globally and the most trafficked Internet destination worldwide. Headquartered in Sunnyvale, Calif., Yahoo!'s global network includes 25 World properties and is available in 13 languages.

This press release and its attachments contain forward-looking statements that involve risks and uncertainties concerning Yahoo!'s expected financial performance (as described without limitation in the Business Outlook section and quotations from management in this press release), as well as Yahoo!'s strategic and operational plans. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, decreases or delays in advertising spending; the actual increases in demand by customers for Yahoo!'s premium and enterprise services; acceptance of new products and services; general economic conditions; risks related to the integration of recent and pending acquisitions; the ability to adjust to changes in personnel, including management changes; and the dependence on third parties for technology, services, content and distribution. All information set forth in this release and its attachments is as of January 15, 2003, and Yahoo! undertakes no duty to update this information. More information about potential factors that could affect the Company's business and financial results is included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001 and Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2002, including (without limitation) under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which are on file with the Securities and Exchange Commission (the "SEC") and available at the SEC's website at www.sec.gov. Additional information will also be set forth in those sections in Yahoo!'s Annual Report on Form 10-K for the year ended December 31, 2002, which will be filed with the SEC in the first quarter of 2003.

# # #

Yahoo! and the Yahoo! logos are trademarks and/or registered trademarks of
Yahoo! Inc. All other names are trademarks and/or registered trademarks of their respective owners.

Media Relations Contacts:
Diana Lee, Yahoo! Inc., (408) 349-6501, dianalee@yahoo-inc.com
Michael Lynam, Fleishman-Hillard, (415) 318-4109, lynamm@fleishman.com

Investor Relations Contact:
Cathy La Rocca, Yahoo! Inc., (408) 349-5188, cathy@yahoo-inc.com

Yahoo! Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

 
   Three Months Ended
December 31,
   Year Ended
December 31,
  
 
   2002
   2001
   2002
   2001
  
Net revenues   $ 285,787   $ 188,911   $ 953,067   $ 717,422  

Costs and expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
  Cost of revenues     42,319     37,301     162,881     157,001  
  Sales and marketing     115,933     90,768     429,968     383,854  
  Product development     37,858     30,415     141,766     121,475  
  General and administrative     27,702     19,524     100,676     77,960  
  Stock compensation expense     710     989     8,402     9,096  
  Amortization of intangibles     5,898     18,449     21,186     64,085  
  Restructuring costs     —     16,771     —     57,471  
  Acquisition-related costs     —     —     —     4,750  
   
 
 
 
 
    Total costs and expenses     230,420     214,217     864,879     875,692  
   
 
 
 
 
Income (loss) from operations     55,367     (25,306 )   88,188     (158,270 )

Other income, net
 
 
20,156
 
 
21,545
 
 
91,588
 
 
77,138
 
Minority interests in operations of consolidated subsidiaries     (985 )   (1,465 )   (1,551 )   (693 )
   
 
 
 
 
Income (loss) before income taxes and cumulative effect of accounting change     74,538     (5,226 )   178,225     (81,825 )

Provision for income taxes
 
 
28,329
 
 
3,433
 
 
71,290
 
 
10,963
 
   
 
 
 
 
Income (loss) before cumulative effect of accounting change     46,209     (8,659 )   106,935     (92,788 )

Cumulative effect of accounting change
 
 
—
 
 
—
 
 
(64,120
)
 
—
 
   
 
 
 
 
Net income (loss)   $ 46,209   $ (8,659 ) $ 42,815   $ (92,788 )
   
 
 
 
 
Net income (loss) per share—diluted:                          
  Income (loss) before cumulative effect of accounting change   $ 0.08   $ (0.02 ) $ 0.18   $ (0.16 )

Cumulative effect of accounting change
 
 
—
 
 
—
 
 
(0.11
)
 
—
 
   
 
 
 
 
Net income (loss) per share—diluted   $ 0.08   $ (0.02 ) $ 0.07   $ (0.16 )
   
 
 
 
 
Shares used in per share calculation—diluted (1)     607,544     571,928     610,060     569,724  
   
 
 
 
 
(1)
Diluted net loss per share for the three months and year ended December 31, 2001 is computed excluding common share equivalents of 26,316 and 26,821 shares, respectively, as their effect is anti-dilutive.

Supplemental Financial Data (2)                          
EBITDA   $ 85,284   $ 11,724   $ 205,979   $ (18,599 )
After tax cash earnings   $ 76,126   $ 30,157   $ 224,726   $ 54,027  
Free cash flow   $ 61,401   $ (6,431 ) $ 221,005   $ (26,574 )
(2)
In order to fully assess the Company's financial operating results, management believes that EBITDA, After tax cash earnings, and Free cash flow are appropriate measures of the operating performance of the Company. However, this supplementary financial data should be considered in addition to, not as a substitute for or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with generally accepted accounting principles.

Yahoo! Inc.
Notes to Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

 
   Three Months Ended
December 31,
   Year Ended
December 31,
  
 
   2002
   2001
   2002
   2001
  
Net revenues for groups of similar services:                          
  Marketing services   $ 177,454   $ 135,168   $ 581,563   $ 538,771  
  Fees and listings     89,365     40,700     301,499     146,445  
  Transactions     18,968     13,043     70,005     32,206  
   
 
 
 
 
  Total net revenues   $ 285,787   $ 188,911   $ 953,067   $ 717,422  
   
 
 
 
 
Net revenues by segment:                          
  United States   $ 242,386   $ 158,882   $ 806,598   $ 594,332  
  International     43,401     30,029     146,469     123,090  
   
 
 
 
 
  Total net revenues   $ 285,787   $ 188,911   $ 953,067   $ 717,422  
   
 
 
 
 
EBITDA (1):                          
  Reported income (loss) before cumulative effect of accounting change   $ 46,209   $ (8,659 ) $ 106,935   $ (92,788 )
  Other income, net     (20,156 )   (21,545 )   (91,588 )   (77,138 )
  Minority interests in operations of consolidated subsidiaries     985     1,465     1,551     693  
  Provision for income taxes     28,329     3,433     71,290     10,963  
   
 
 
 
 
  Reported income (loss) from operations     55,367   $ (25,306 ) $ 88,188   $ (158,270 )
   
 
 
 
 
  Depreciation and amortization     29,207     36,041     109,389     130,575  
  Stock compensation expense     710     989     8,402     9,096  
   
 
 
 
 
  EBITDA   $ 85,284   $ 11,724   $ 205,979   $ (18,599 )
   
 
 
 
 
EBITDA by segment:                          
  United States   $ 82,024   $ 18,021   $ 212,721   $ 16,611  
  International     3,260     (6,297 )   (6,742 )   (35,210 )
   
 
 
 
 
  EBITDA   $ 85,284   $ 11,724   $ 205,979   $ (18,599 )
   
 
 
 
 
After tax cash earnings (1):                          
  Reported income (loss) before cumulative effect of accounting change   $ 46,209   $ (8,659 ) $ 106,935   $ (92,788 )
  Depreciation and amortization     29,207     36,041     109,389     130,575  
  Stock compensation expense     710     989     8,402     9,096  
  Goodwill amortization of Yahoo! Japan equity investment     —     1,786     —     7,144  
   
 
 
 
 
  After tax cash earnings   $ 76,126   $ 30,157   $ 224,726   $ 54,027  
   
 
 
 
 
Free cash flow (2):                          
  After tax cash earnings   $ 76,126   $ 30,157   $ 224,726   $ 54,027  
  Noncash taxes     21,963     (4,055 )   60,406     2,003  
  Earnings in equity interests     (6,974 )   (3,600 )   (22,301 )   (11,500 )
  Minority interests in operations of consolidated subsidiaries     985     1,465     1,551     693  
  Change in working capital     (14,027 )   (16,056 )   8,176     14,414  
  Acquisition of property and equipment     (16,672 )   (14,342 )   (51,553 )   (86,211 )
   
 
 
 
 
  Free cash flow   $ 61,401   $ (6,431 ) $ 221,005   $ (26,574 )
   
 
 
 
 

(1) For the periods identified above, EBITDA includes the following significant pre-tax nonrecurring items:
 
   
Restructuring costs
 
$
—
 
$
16,771
 
$
—
 
$
57,471
 
    Acquisition-related costs     —     —     —     4,750  
 
In addition to the above, After tax cash earnings includes the following significant pre-tax nonrecurring items within Other income, net:
 
    Investment gains (losses), net   $ (152 ) $ 879   $ 2,189   $ (26,623 )
    Contract termination fees, net     —     —     1,661     9,000  
(2)
Defined as After tax cash earnings before noncash taxes, earnings in equity interests, and minority interests in operations of consolidated subsidiaries and after the change in working capital and acquisition of property and equipment.

Yahoo! Inc.
Unaudited Consolidated Summary Balance Sheet Data
(in thousands)

 
   December 31,
2002
   December 31,
2001
ASSETS            
  Cash, cash equivalents, and investments in marketable debt securities   $ 1,534,038   $ 1,471,993
  Accounts receivable, net     113,612     68,648
  Restricted investments     —     258,662
  Property and equipment, net     371,272     131,648
  Goodwill     415,225     192,987
  Intangible assets, net     96,252     19,457
  Other assets, net     259,782     235,951
   
 
      Total assets   $ 2,790,181   $ 2,379,346
   
 
LIABILITIES AND STOCKHOLDERS' EQUITY            
  Liabilities:            
    Accounts payable and accrued expenses   $ 276,313   $ 249,115
    Deferred revenue     135,501     109,402
    Long term liabilities     84,541     23,806
   
 
      Total liabilities     496,355     382,323
   
 
Minority interests in consolidated subsidiaries     31,556     30,006
Stockholders' equity     2,262,270     1,967,017
   
 
    $ 2,790,181   $ 2,379,346
   
 

Yahoo! Inc.
Unaudited Consolidated Summary Cash Flows Data
(in thousands)

 
   Three Months Ended
December 31,
   Year Ended
December 31,
  
 
   2002
   2001
   2002
   2001
  
CASH FLOWS FROM OPERATING ACTIVITIES:                          
  Net income (loss)   $ 46,209   $ (8,659 ) $ 42,815   $ (92,788 )
  Adjustments to reconcile net income (loss) to net cash provided by operating activities:                          
    Depreciation and amortization     29,207     36,041     109,389     130,575  
    Tax benefits from stock options     21,963     (4,055 )   60,406     2,003  
    Noncash restructuring costs     —     3,132     —     14,790  
    Cumulative effect of accounting change     —     —     64,120     —  
    Earnings in equity interests     (6,974 )   (1,814 )   (22,301 )   (4,356 )
    Minority interests in operations of consolidated subsidiaries     985     1,465     1,551     693  
    Change in long term deferred revenue     —     —     30,000     —  
    Other noncash items     1,995     2,929     8,292     41,519  
    Change in working capital     (14,027 )   (16,056 )   8,176     14,414  
   
 
 
 
 
Net cash provided by operating activities     79,358     12,983     302,448     106,850  
   
 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:                          
  Acquisition of property and equipment, net     (16,672 )   (14,342 )   (51,553 )   (86,211 )
  Purchases of equity securities     —     (1,800 )   (7,649 )   (11,275 )
  Sales of equity securities     727     8,921     21,392     23,280  
  Increase in restricted cash and investments     —     —     —     (228,662 )
  Acquisitions, net of cash acquired     —     —     (189,168 )   (14,478 )
   
 
 
 
 
Net cash used in investing activities     (15,945 )   (7,221 )   (226,978 )   (317,346 )
   
 
 
 
 
CASH FLOWS FROM FINANCING ACTIVITIES AND OTHER:                          
  Proceeds from issuance of Capital Stock, net     39,575     21,006     78,190     83,875  
  Repurchase of Capital Stock     —     —     (100,000 )   (59,988 )
  Other     381     (8,771 )   8,385     (64 )
   
 
 
 
 
Net cash provided by (used in) financing activities and other     39,956     12,235     (13,425 )   23,823  
   
 
 
 
 
Net change in cash, cash equivalents, and marketable debt securities     103,369     17,997     62,045     (186,673 )
Cash, cash equivalents, and investments in marketable debt securities at beginning of period     1,430,669     1,453,996     1,471,993     1,658,666  
   
 
 
 
 
Cash, cash equivalents, and investments in marketable debt securities at end of period   $ 1,534,038   $ 1,471,993   $ 1,534,038   $ 1,471,993  
   
 
 
 
 
Supplemental noncash investing activity:                          
  Acquisition of property and equipment funded through restricted investments   $ —   $ —   $ 258,662   $ —  
   
 
 
 
 


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