[January 29, 2008]

Yahoo! Reports Fourth Quarter and Full Year 2007 Financial Results

              Yahoo! Inc.
    Unaudited Condensed Consolidated Statements of Income
       (in thousands, except per share amounts)
           Three Months Ended      Year Ended
             December 31,       December 31,
          ------------------------  -----------------------
            2006     2007     2006     2007
          ----------- -----------  ---------- -----------
Revenues      $ 1,702,448 $ 1,831,998 $ 6,425,679 $ 6,969,274
Cost of revenues    690,893   701,909  2,675,723  2,838,758
          ----------  ----------  ----------  ----------
Gross profit     1,011,555  1,130,089  3,749,956  4,130,516
          ----------  ----------  ----------  ----------
Operating expenses:
 Sales and
 marketing      334,229   441,572  1,322,259  1,610,357
 Product
 development     204,748   288,970   833,147  1,084,238
 General and
 administrative    137,600   183,497   528,798   633,431
 Amortization of
 intangibles      27,151    24,813   124,786   107,077
          ---------- -----------  ----------  ----------
 Total operating
 expenses       703,728   938,852  2,808,990  3,435,103
          ----------  ----------  ----------  ----------
Income from
 operations      307,827   191,237   940,966   695,413
Other income, net    35,240    44,076   157,034   154,011
          ----------  ----------  ----------  ----------
Income before
 income taxes,
 earnings in equity
 interests, and
 minority interests  343,067   235,313  1,098,000   849,424
Provision for
 income taxes    (108,009)   (78,520)  (458,011)  (337,263)
Earnings in equity
 interests       33,853    52,888   112,114   150,689
Minority interests
 in operations of
 consolidated
 subsidiaries      (238)   (3,958)    (712)   (2,850)
          ----------  ----------  ----------  ----------
Net income     $  268,673 $  205,723 $  751,391 $  660,000
          ==========  ==========  ==========  ==========
Net income per
 share - diluted  $   0.19 $   0.15 $   0.52 $   0.47
          ==========  ==========  ==========  ==========
Shares used in per
 share calculation
 - diluted      1,419,143  1,394,656  1,457,686  1,404,654
          ==========  ==========  ==========  ==========
Stock-based
 compensation
 expense was
 allocated as
 follows:
 Cost of revenues $   1,665 $   3,709 $   6,621 $  10,628
 Sales and
 marketing       35,258    73,741   155,084   246,472
 Product
 development      32,660    53,853   144,807   218,207
 General and
 administrative    25,492    26,799   118,418    97,120
          ----------  ----------  ----------  ----------
 Total stock-based
 compensation
 expense     $  95,075 $  158,102 $  424,930 $  572,427
          ==========  ==========  ==========  ==========
Supplemental
 Financial Data
 (See Note)
-------------------
Revenues excluding
 TAC        $ 1,227,935 $ 1,403,129 $ 4,559,755 $ 5,112,573
Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense      $  540,389 $  527,062 $ 1,905,917 $ 1,927,035
Free cash flow   $  277,959 $  330,389 $ 1,266,650 $ 1,336,894
Non-GAAP net income
 per share
 excluding stock-
 based compensation
 expense and other
 items       $   0.21 $   0.20 $   0.69 $   0.71

              Yahoo! Inc.
  Note to Unaudited Condensed Consolidated Statements of Income
This press release and its attachments include the non-GAAP financial
measures of revenues excluding traffic acquisition costs or TAC,
operating income before depreciation, amortization, and stock-based
compensation expense, free cash flow, non-GAAP net income, and non-
GAAP net income per share, which are reconciled to gross profit,
income from operations, cash flow from operating activities, net
income, and net income per share, respectively, which we believe are
the most comparable GAAP measures. We use these non-GAAP financial
measures for internal managerial purposes, when publicly providing
our business outlook, and to facilitate period-to-period comparisons.
We describe limitations specific to each non-GAAP financial measure
below. Management generally compensates for limitations in the use of
non-GAAP financial measures by relying on comparable GAAP financial
measures and providing investors with a reconciliation of the non-
GAAP financial measure to the most directly comparable GAAP financial
measure or measures. Further, management uses non-GAAP financial
measures only in addition to and in conjunction with results
presented in accordance with GAAP. We believe that these non-GAAP
financial measures reflect an additional way of viewing aspects of
our operations that, when viewed with our GAAP results, provide a
more complete understanding of factors and trends affecting our
business. These non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to, gross
profit, income from operations, cash flow from operating activities,
net income, and net income per share calculated in accordance with
GAAP.
Revenues excluding TAC is defined as gross profit plus other cost of
revenues. Under GAAP, both our revenues and cost of revenues include
TAC. In defining revenues excluding TAC as our non-GAAP gross profit
measure, we have removed TAC from both revenues and cost of revenues.
TAC consists of payments made to Affiliate sites and payments made to
companies that direct consumer and business traffic to the Yahoo!
website. We present revenues excluding TAC: (1) to provide a metric
for our investors to analyze and value our Company and (2) to provide
investors one of the primary metrics used by the Company for
evaluation and decision-making purposes. We provide revenues
excluding TAC because we believe it is useful to investors in valuing
our Company. One of the ways investors value companies is to apply a
multiple to revenues. Since a significant portion of the GAAP
revenues associated with our sponsored search offerings is paid to
our Affiliate sites, we believe investors find it more meaningful to
apply multiples to revenues excluding TAC to assess our value as this
avoids "double counting" revenues that are paid to, and being
reported by, our Affiliate sites. Further, management uses revenues
excluding TAC for evaluating the performance of our business, making
operating decisions, budgeting purposes, and as a factor in
determining management compensation. A limitation of revenues
excluding TAC is that it is a measure which we have defined for
internal and investor purposes that may be unique to the Company, and
therefore it may not enhance the comparability of our results to
other companies in our industry who have similar business
arrangements but address the impact of TAC differently. Management
compensates for these limitations by also relying on the comparable
GAAP financial measures of revenues, cost of revenues, and gross
profit, each of which includes the impact of TAC.
Operating income before depreciation, amortization, and stock-based
compensation expense is defined as income from operations before
depreciation, amortization of intangible assets, and stock-based
compensation expense (including the compensation of Terry Semel who
served as our chief executive officer through June 18, 2007 and whose
compensation after June 1, 2006 consisted almost entirely of stock-
based compensation). We consider this measure to be an important
indicator of the operational strength of the Company. We exclude
depreciation and amortization because while tangible and intangible
assets support our businesses, we do not believe the related
depreciation and amortization costs are directly attributable to the
operating performance of our business. This measure is used by some
investors when assessing the performance of our Company. In addition,
because of the variety of equity awards used by companies, the
varying methodologies for determining stock-based compensation
expense, and the subjective assumptions involved in those
determinations, we believe excluding stock-based compensation
enhances the ability of management and investors to understand the
impact of stock-based compensation expense on our operating income.
We do not include depreciation, amortization, and stock-based
compensation expense in our internal measures or in the measures used
by the Company to formulate our business outlook presented with our
quarterly financial information to investors. A limitation associated
with the non-GAAP measure of operating income before depreciation,
amortization, and stock-based compensation expense is that it does
not reflect the periodic costs of certain capitalized tangible and
intangible assets used in generating revenues in our businesses.
Management evaluates the costs of such tangible and intangible assets
through other financial measures such as capital expenditures. A
further limitation associated with this measure is that it does not
include stock-based compensation expense related to the Company's
workforce. Management compensates for these limitations by also
relying on the comparable GAAP financial measure of income from
operations, which includes depreciation, amortization, and stock-
based compensation expense.
Free Cash Flow is a non-GAAP measure defined as cash flow from
operating activities (adjusted to include excess tax benefits from
stock-based compensation), less net capital expenditures and
dividends received. We consider free cash flow to be a liquidity
measure which provides useful information to management and investors
about the amount of cash generated by the business after the
acquisition of property and equipment, which can then be used for
strategic opportunities including, among others, investing in the
Company's business, making strategic acquisitions, strengthening the
balance sheet, and repurchasing stock. A limitation of free cash flow
is that it does not represent the total increase or decrease in the
cash balance for the period. Management compensates for this
limitation by also relying on the net change in cash and cash
equivalents as presented in the Company's unaudited condensed
consolidated statements of cash flows prepared in accordance with
GAAP which incorporates all cash movements during the period.
Non-GAAP net income is defined as net income excluding certain gains,
losses, expenses, and their related tax effects that we do not
believe are indicative of our ongoing operating results and further
adjusted for stock-based compensation expense. Effective January 1,
2006, we adopted Statement of Financial Accounting Standard No. 123
(revised 2004), "Share-Based Payment" ("SFAS 123R"). In our
calculation of non-GAAP net income and non-GAAP net income per share,
we have excluded stock-based compensation expense calculated in
accordance with SFAS 123R and its related tax effects. We consider
non-GAAP net income and non-GAAP net income per share to be
profitability measures which facilitate the forecasting of our
operating results for future periods and allow for the comparison of
our results to historical periods. A limitation of non-GAAP net
income and non-GAAP net income per share is that they do not include
all items that impact our net income and net income per share for the
period. Management compensates for this limitation by also relying on
the comparable GAAP financial measures of net income and net income
per share, both of which include the gains, losses, expenses and
related tax effects that are excluded from non-GAAP net income and
non-GAAP net income per share.

              Yahoo! Inc.
 Reconciliations to Unaudited Condensed Consolidated Statements of
                Income
              (in thousands)
           Three Months Ended      Year Ended
             December 31,       December 31,
          ----------------------- -------------------------
            2006    2007     2006     2007
          ----------- ----------- ----------- ------------
Revenues for groups
 of similar
 services:
 Marketing
 services:
 Owned and
  Operated sites $  853,175 $ 1,035,407 $ 3,070,715 $ 3,670,830
 Affiliate sites   636,559   554,580  2,556,492   2,417,409
          ---------- ----------  ----------  -----------
 Marketing services 1,489,734  1,589,987  5,627,207   6,088,239
 Fees         212,714   242,011   798,472    881,035
          ---------- ----------  ----------  -----------
 Total revenues  $ 1,702,448 $ 1,831,998 $ 6,425,679 $ 6,969,274
          ========== ==========  ==========  ===========
Revenues by
 segment:
 United States   $ 1,144,702 $ 1,312,941 $ 4,365,922 $ 4,727,123
 International     557,746   519,057  2,059,757   2,242,151
          ---------- ----------  ----------  -----------
 Total revenues  $ 1,702,448 $ 1,831,998 $ 6,425,679 $ 6,969,274
          ========== ==========  ==========  ===========
Cost of revenues:
 Traffic
 acquisition costs
 ("TAC")     $  474,513 $  428,869 $ 1,865,924 $ 1,856,701
 Other cost of
 revenues       216,380   273,040   809,799    982,057
          ---------- ----------  ----------  -----------
 Total cost of
 revenues     $  690,893 $  701,909 $ 2,675,723 $ 2,838,758
          ========== ==========  ==========  ===========
Revenues excluding
 TAC:
 Gross profit   $ 1,011,555 $ 1,130,089 $ 3,749,956 $ 4,130,516
 Other cost of
 revenues       216,380   273,040   809,799    982,057
          ---------- ----------  ----------  -----------
 Revenues excluding
 TAC       $ 1,227,935 $ 1,403,129 $ 4,559,755 $ 5,112,573
          ========== ==========  ==========  ===========
Revenues excluding
 TAC by segment:
 United States:
 Gross profit   $  746,119 $  836,420 $ 2,761,829 $ 3,043,311
 Other cost of
 revenues       175,786   221,362   659,841    795,191
          ---------- ----------  ----------  -----------
 Revenues excluding
 TAC       $  921,905 $ 1,057,782 $ 3,421,670 $ 3,838,502
          ========== ==========  ==========  ===========
 International:
 Gross profit   $  265,436 $  293,669 $  988,127 $ 1,087,205
 Other cost of
 revenues       40,594   51,678   149,958    186,866
          ---------- ----------  ----------  -----------
 Revenues excluding
 TAC       $  306,030 $  345,347 $ 1,138,085 $ 1,274,071
          ========== ==========  ==========  ===========
Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense:
 Income from
 operations    $  307,827 $  191,237 $  940,966 $  695,413
 Depreciation and
 amortization     137,487   177,723   540,021    659,195
 Stock-based
 compensation
 expense        95,075   158,102   424,930    572,427
          ---------- ----------  ----------  -----------
 Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense     $  540,389 $  527,062 $ 1,905,917 $ 1,927,035
          ========== ==========  ==========  ===========
Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense by
 segment:
 Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense - United
 States      $  410,239 $  391,339 $ 1,451,656 $ 1,433,617
 Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense -
 International    130,150   135,723   454,261    493,418
          ---------- ----------  ----------  -----------
 Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense     $  540,389 $  527,062 $ 1,905,917 $ 1,927,035
          ========== ==========  ==========  ===========
 United States:
 Income from
 operations    $  215,500 $  102,445 $  632,895 $  380,808
 Depreciation and
 amortization     110,279   144,752   437,080    536,151
 Stock-based
 compensation
 expense        84,460   144,142   381,681    516,658
          ---------- ----------  ----------  -----------
 Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense - United
 States      $  410,239 $  391,339 $ 1,451,656 $ 1,433,617
          ========== ==========  ==========  ===========
 International:
 Income from
 operations    $  92,327 $  88,792 $  308,071 $  314,605
 Depreciation and
 amortization     27,208   32,971   102,941    123,044
 Stock-based
 compensation
 expense        10,615   13,960    43,249    55,769
          ---------- ----------  ----------  -----------
 Operating income
 before
 depreciation,
 amortization, and
 stock-based
 compensation
 expense -
 International  $  130,150 $  135,723 $  454,261 $  493,418
          ========== ==========  ==========  ===========
Free cash flow:
 Cash flow from
 operating
 activities    $  167,357 $  657,311 $ 1,371,576 $ 1,954,326
 Acquisition of
 property and
 equipment, net   (131,550)  (192,431)  (689,136)   (602,276)
 Dividends received     -      -   (12,908)   (15,156)
 Excess tax
 benefits from
 stock-based
 awards        242,152  (134,491)   597,118       -
          ---------- ----------  ----------  -----------
 Free cash flow  $  277,959 $  330,389 $ 1,266,650 $ 1,336,894
          ========== ==========  ==========  ===========

              Yahoo! Inc.
Reconciliation of GAAP Net Income and GAAP Net Income Per Share to
    Non-GAAP Net Income and Non-GAAP Net Income Per Share
       (in thousands, except per share amounts)
                        Three Months Ended
                          December 31,
                       -----------------------
                         2006     2007
                       ---------- -----------
GAAP Net income                $ 268,673 $  205,723
                        =========  ==========
(a) Stock-based compensation as measured using
   the fair value method under SFAS 123R    95,075   158,102
(b) Non-cash gain arising from increased
   dilution of our ownership in Alibaba,
   resulting in the recognition of a further
   gain on the sale of Yahoo! China         -   (6,842)
(c) To adjust the provision for income taxes
   to eliminate tax charges and credits
   related to tax adjustments recorded in
   the current period             (28,690)   (37,298)
(d) To adjust the provision for income taxes
   to reflect an effective tax rate of 40%
   in both the three month periods ended
   December 31, 2006 and 2007 and to reflect
   the tax impact of items (a) and (b) in
   both periods                (38,558)   (39,198)
                        ---------  ----------
Non-GAAP Net income excluding stock-based
 compensation expense and other items     $ 296,500 $  280,487
                        =========  ==========
GAAP Net income per share - diluted      $   0.19 $   0.15
                        =========  ==========
Non-GAAP Net income excluding stock-based
 compensation expense and other items per
 share - diluted               $   0.21 $   0.20
                        =========  ==========
Shares used in per share calculations -
 diluted                    1,419,143  1,394,656
                        =========  ==========
                          Year Ended
                          December 31,
                       -----------------------
                         2006     2007
                       ---------- -----------
GAAP Net income                $ 751,391 $  660,000
                        =========  ==========
(a) Stock-based compensation as measured using
   the fair value method under SFAS 123R    424,930   572,427
(b) Reversal of an earn-out accrual       (10,000)      -
(c) Non-cash gain arising from increased
   dilution of our ownership in Alibaba,
   resulting in the recognition of a further
   gain on the sale of Yahoo! China      (14,316)   (8,066)
(d) To adjust the provision for income taxes
   to eliminate tax charges and credits
   related to tax adjustments recorded in
   the current period             (11,341)   (50,592)
(e) To adjust the provision for income taxes
   to reflect an effective tax rate of 40%
   in both the years ended December 31, 2006
   and 2007 and to reflect the tax impact of
   items (a) through (c) in both periods   (130,094)  (179,072)
                        ---------  ----------
Non-GAAP Net income excluding stock-based
 compensation expense and other items     $1,010,570 $  994,697
                        =========  ==========
GAAP Net income per share - diluted      $   0.52 $   0.47
                        =========  ==========
Non-GAAP Net income excluding stock-based
 compensation expense and other items per
 share - diluted               $   0.69 $   0.71
                        =========  ==========
Shares used in per share calculations -
 diluted                    1,457,686  1,404,654
                        =========  ==========

              Yahoo! Inc.
             Business Outlook
The following business outlook is based on current information and
expectations as of January 29, 2008. Yahoo!'s business outlook as of
today is expected to be available on the Company's Investor Relations
website throughout the current quarter. Yahoo! does not expect, and
undertakes no obligation, to update the business outlook prior to the
release of the Company's next quarterly earnings announcement,
notwithstanding subsequent developments; however, Yahoo! may update
the business outlook or any portion thereof at any time at its
discretion.
                   Three Months     Year
                     Ending      Ending
                    March 31,   December 31,
                     2008       2008
                   --------------- ---------------
 Revenues              $1,680 - $1,840 $7,200 - $8,000
                   =============== ===============
 Revenues excluding TAC(1)
 outlook (in millions):
  Gross profit           $1,030 - $1,100 $4,320 - $4,800
  Other cost of revenues        250 - 280   1,030 - 1,150
                   --------------- ---------------
  Revenues excluding TAC      $1,280 - $1,380 $5,350 - $5,950
                   =============== ===============
 Operating income before
 depreciation, amortization, and
 stock-based compensation
 expense (1) outlook (in
 millions):
  Income from operations       $100 - $110   $545 - $655
  Depreciation and Amortization    160 - 180    670 - 750
  Stock-based compensation
  expense               140 - 160    510 - 570
                   --------------- ---------------
  Operating income before
  depreciation, amortization,
  and stock-based compensation
  expense              $400 - $450  $1,725 - $1,975
                   =============== ===============
  (1) Refer to Note to Unaudited
  Condensed Consolidated
  Statements of Income.

              Yahoo! Inc.
   Unaudited Condensed Consolidated Statements of Cash Flows
              (in thousands)
           Three Months Ended      Year Ended
            December 31,       December 31,
          ----------------------- --------------------------
           2006    2007     2006     2007
          ----------- ----------- ------------- ------------
CASH FLOWS FROM
OPERATING
ACTIVITIES:
Net income     $ 268,673 $ 205,723 $  751,391 $  660,000
Adjustments to
 reconcile net
 income to net
 cash provided by
 operating
 activities:
 Depreciation     84,431   109,433    302,161    409,366
 Amortization of
  intangible
  assets       53,056   68,290    237,860    249,829
 Stock-based
  compensation
  expense       95,075   158,102    424,930    572,427
 Tax benefits
  from stock-
  based awards    255,460  (94,545)    626,009    76,138
 Excess tax
  benefits from
  stock-based
  awards      (242,152)   134,491   (597,118)       -
 Deferred income
  taxes      (178,977)  (78,157)   (274,433)   (212,742)
 Earnings in
  equity
  interests     (33,853)  (52,888)   (112,114)   (150,689)
 Dividends
  received         -      -    12,908    15,156
 Minority
  interests in
  operations of
  consolidated
  subsidiaries      238    3,958      712     2,850
 Gains from sale
  of investments,
  assets and
  other, net       686  (15,132)   (15,125)   (27,928)
 Changes in
  assets and
  liabilities,
  net of effects
  of
  acquisitions:
  Accounts
  receivable,
  net       (138,416)  (82,357)   (185,196)   (88,738)
  Prepaid
  expenses and
  other       18,685   72,126    (9,567)    133,185
  Accounts
  payable     (36,572)   33,028    30,413    45,101
  Accrued
  expenses and
  other
  liabilities    35,779   133,996    174,566    184,805
  Deferred
  revenue     (14,756)   61,243     4,179    85,566
          ---------  ---------  -----------  -----------
Net cash provided
 by operating
 activities      167,357   657,311   1,371,576   1,954,326
          ---------  ---------  -----------  -----------
CASH FLOWS FROM
INVESTING
ACTIVITIES:
Acquisition of
 property and
 equipment, net   (131,550)  (192,431)   (689,136)   (602,276)
Purchases of
 marketable debt
 securities     (439,492)      -  (1,328,515)  (1,105,043)
Proceeds from
 sales and
 maturities of
 marketable debt
 securities      520,117   388,281   1,951,323   2,243,720
Acquisitions, net
 of cash acquired  (80,972)  (618,063)   (142,272)   (973,577)
Purchase of
 intangible assets  (5,810)  (35,003)    (5,810)   (110,378)
Other investing
 activities, net    2,253    5,421    20,729   (24,948)
          ---------  ---------  -----------  -----------
Net cash used in
 investing
 activities     (135,454)  (451,795)   (193,681)   (572,502)
          ---------  ---------  -----------  -----------
CASH FLOWS FROM
FINANCING
ACTIVITIES:
Proceeds from
 issuance of
 common stock, net   86,652   131,177    318,103    375,066
Repurchases of
 common stock        -  (220,684)  (1,782,140)  (1,585,910)
Structured stock
 repurchases, net      -      -   (227,705)   (250,000)
Excess tax
 benefits from
 stock-based
 awards        242,152  (134,491)    597,118       -
Other financing
 activities, net      -   (2,706)       -   (16,591)
          ---------  ---------  -----------  -----------
Net cash provided
 by (used in)
 financing
 activities      328,804  (226,704)  (1,094,624)  (1,477,435)
          ---------  ---------  -----------  -----------
Effect of exchange
rate changes on
cash and cash
equivalents      23,905    7,168    56,907    39,670
Net change in cash
and cash
equivalents      384,612  (14,020)    140,178   (55,941)
Cash and cash
equivalents,
beginning of
period       1,185,259  1,527,950   1,429,693   1,569,871
          ---------  ---------  -----------  -----------
Cash and cash
equivalents, end
of period     $1,569,871 $1,513,930 $ 1,569,871 $ 1,513,930
          =========  =========  ===========  ===========
Supplemental
schedule of
acquisition-
related
activities:
Cash
 paid for
 acquisitions   $  81,882 $ 639,078 $  150,859 $ 1,019,755
Cash acquired in
 acquisitions      (910)  (21,015)    (8,587)   (46,178)
          ---------  ---------  -----------  -----------
          $  80,972 $ 618,063 $  142,272 $  973,577
          =========  =========  ===========  ===========
Common stock,
 restricted stock
 and stock options
 issued in
 connection with
 acquisitions   $  3,256 $ 104,212 $   3,256 $  572,221
          =========  =========  ===========  ===========

              Yahoo! Inc.
     Unaudited Condensed Consolidated Balance Sheets
              (in thousands)
                    December 31,  December 31,
                      2006      2007
                    --------------- -------------
 ASSETS
 Current assets:
 Cash and cash equivalents       $  1,569,871  $  1,513,930
 Short-term marketable debt
  securities                1,031,528     487,544
 Accounts receivable, net          930,964    1,055,532
 Prepaid expenses and other current
  assets                   217,779     180,716
                     ------------  ------------
 Total current assets           3,750,142    3,237,722
 Long-term marketable debt securities     935,886     361,998
 Property and equipment, net        1,101,379    1,331,632
 Goodwill                  2,968,557    4,002,030
 Intangible assets, net            405,822     611,497
 Other long-term assets            459,988     503,945
 Investments in equity interests      1,891,834    2,180,917
                     ------------  ------------
 Total assets              $ 11,513,608  $ 12,229,741
                     ============  ============
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable           $   109,130  $   176,162
 Accrued expenses and other current
  liabilities               1,046,882    1,006,188
 Deferred revenue              317,982     368,470
 Short-term debt                  -     749,628
                     ------------  ------------
 Total current liabilities         1,473,994    2,300,448
 Long-term deferred revenue          64,939     95,129
 Long-term debt                749,915        -
 Other long-term liabilities          36,890     28,086
 Deferred and other tax liabilities,
 net                     19,204     260,993
 Minority interests in consolidated
 subsidiaries                 8,056     12,254
 Stockholders' equity            9,160,610    9,532,831
                     ------------  ------------
 Total liabilities and stockholders'
 equity                $ 11,513,608  $ 12,229,741
                     ============  ============

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