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Three Months Ended December 31, | Year-over-Year % Change | Year Ended December 31, | Year-over-Year % Change | ||||||||||||||||||||||||||||||||
In millions, except percentages and per share amounts | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||
Advertising | $ | 27,187 | $ | 20,736 | 31% | $ | 84,169 | $ | 69,655 | 21% | |||||||||||||||||||||||||
Other | 885 | 346 | 156% | 1,796 | 1,042 | 72% | |||||||||||||||||||||||||||||
Total revenue | 28,072 | 21,082 | 33% | 85,965 | 70,697 | 22% | |||||||||||||||||||||||||||||
Total costs and expenses | 15,297 | 12,224 | 25% | 53,294 | 46,711 | 14% | |||||||||||||||||||||||||||||
Income from operations | $ | 12,775 | $ | 8,858 | 44% | $ | 32,671 | $ | 23,986 | 36% | |||||||||||||||||||||||||
Operating margin | 46 | % | 42 | % | 38 | % | 34 | % | |||||||||||||||||||||||||||
Provision for income taxes | $ | 1,836 | $ | 1,820 | 1% | $ | 4,034 | $ | 6,327 | (36)% | |||||||||||||||||||||||||
Effective tax rate | 14 | % | 20 | % | 12 | % | 25 | % | |||||||||||||||||||||||||||
Net income | $ | 11,219 | $ | 7,349 | 53% | $ | 29,146 | $ | 18,485 | 58% | |||||||||||||||||||||||||
Diluted earnings per share (EPS) | $ | 3.88 | $ | 2.56 | 52% | $ | 10.09 | $ | 6.43 | 57% |
FACEBOOK, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(In millions, except for per share amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenue | $ | 28,072 | $ | 21,082 | $ | 85,965 | $ | 70,697 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue | 5,210 | 3,492 | 16,692 | 12,770 | |||||||||||||||||||
Research and development | 5,208 | 3,877 | 18,447 | 13,600 | |||||||||||||||||||
Marketing and sales | 3,280 | 3,026 | 11,591 | 9,876 | |||||||||||||||||||
General and administrative | 1,599 | 1,829 | 6,564 | 10,465 | |||||||||||||||||||
Total costs and expenses | 15,297 | 12,224 | 53,294 | 46,711 | |||||||||||||||||||
Income from operations | 12,775 | 8,858 | 32,671 | 23,986 | |||||||||||||||||||
Interest and other income, net | 280 | 311 | 509 | 826 | |||||||||||||||||||
Income before provision for income taxes | 13,055 | 9,169 | 33,180 | 24,812 | |||||||||||||||||||
Provision for income taxes | 1,836 | 1,820 | 4,034 | 6,327 | |||||||||||||||||||
Net income | $ | 11,219 | $ | 7,349 | $ | 29,146 | $ | 18,485 | |||||||||||||||
Earnings per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | $ | 3.94 | $ | 2.58 | $ | 10.22 | $ | 6.48 | |||||||||||||||
Diluted | $ | 3.88 | $ | 2.56 | $ | 10.09 | $ | 6.43 | |||||||||||||||
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | 2,850 | 2,853 | 2,851 | 2,854 | |||||||||||||||||||
Diluted | 2,890 | 2,871 | 2,888 | 2,876 | |||||||||||||||||||
Share-based compensation expense included in costs and expenses: | |||||||||||||||||||||||
Cost of revenue | $ | 120 | $ | 90 | $ | 447 | $ | 377 | |||||||||||||||
Research and development | 1,361 | 931 | 4,918 | 3,488 | |||||||||||||||||||
Marketing and sales | 175 | 147 | 691 | 569 | |||||||||||||||||||
General and administrative | 128 | 105 | 480 | 402 | |||||||||||||||||||
Total share-based compensation expense | $ | 1,784 | $ | 1,273 | $ | 6,536 | $ | 4,836 |
FACEBOOK, INC. | |||||||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||||||||
(In millions) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 17,576 | $ | 19,079 | |||||||||||||
Marketable securities | 44,378 | 35,776 | |||||||||||||||
Accounts receivable, net of allowances of $114 and $92 as of December 31, 2020 and 2019, respectively | 11,335 | 9,518 | |||||||||||||||
Prepaid expenses and other current assets | 2,381 | 1,852 | |||||||||||||||
Total current assets | 75,670 | 66,225 | |||||||||||||||
Equity investments | 6,234 | 86 | |||||||||||||||
Property and equipment, net | 45,633 | 35,323 | |||||||||||||||
Operating lease right-of-use assets, net | 9,348 | 9,460 | |||||||||||||||
Intangible assets, net | 623 | 894 | |||||||||||||||
Goodwill | 19,050 | 18,715 | |||||||||||||||
Other assets | 2,758 | 2,673 | |||||||||||||||
Total assets | $ | 159,316 | $ | 133,376 | |||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Accounts payable | $ | 1,331 | $ | 1,363 | |||||||||||||
Partners payable | 1,093 | 886 | |||||||||||||||
Operating lease liabilities, current | 1,023 | 800 | |||||||||||||||
Accrued expenses and other current liabilities | 11,152 | 11,735 | |||||||||||||||
Deferred revenue and deposits | 382 | 269 | |||||||||||||||
Total current liabilities | 14,981 | 15,053 | |||||||||||||||
Operating lease liabilities, non-current | 9,631 | 9,524 | |||||||||||||||
Other liabilities | 6,414 | 7,745 | |||||||||||||||
Total liabilities | 31,026 | 32,322 | |||||||||||||||
Commitments and contingencies | |||||||||||||||||
Stockholders' equity: | |||||||||||||||||
Common stock and additional paid-in capital | 50,018 | 45,851 | |||||||||||||||
Accumulated other comprehensive income (loss) | 927 | (489) | |||||||||||||||
Retained earnings | 77,345 | 55,692 | |||||||||||||||
Total stockholders' equity | 128,290 | 101,054 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 159,316 | $ | 133,376 |
FACEBOOK, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 11,219 | $ | 7,349 | $ | 29,146 | $ | 18,485 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 1,863 | 1,468 | 6,862 | 5,741 | |||||||||||||||||||
Share-based compensation | 1,784 | 1,273 | 6,536 | 4,836 | |||||||||||||||||||
Deferred income taxes | (377) | (395) | (1,192) | (37) | |||||||||||||||||||
Other | 62 | (6) | 118 | 39 | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (3,059) | (1,697) | (1,512) | (1,961) | |||||||||||||||||||
Prepaid expenses and other current assets | 225 | 577 | 135 | 47 | |||||||||||||||||||
Other assets | (25) | (26) | (34) | 41 | |||||||||||||||||||
Accounts payable | (56) | 112 | (17) | 113 | |||||||||||||||||||
Partners payable | 278 | 289 | 178 | 348 | |||||||||||||||||||
Accrued expenses and other current liabilities | 2,218 | 861 | (1,054) | 7,300 | |||||||||||||||||||
Deferred revenue and deposits | (3) | 41 | 108 | 123 | |||||||||||||||||||
Other liabilities | (89) | (763) | (527) | 1,239 | |||||||||||||||||||
Net cash provided by operating activities | 14,040 | 9,083 | 38,747 | 36,314 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchases of property and equipment | (4,613) | (4,100) | (15,115) | (15,102) | |||||||||||||||||||
Purchases of marketable securities | (5,737) | (4,758) | (33,930) | (23,910) | |||||||||||||||||||
Sales of marketable securities | 2,008 | 2,163 | 11,787 | 9,565 | |||||||||||||||||||
Maturities of marketable securities | 3,260 | 3,104 | 13,984 | 10,152 | |||||||||||||||||||
Purchases of equity investments | (59) | — | (6,361) | (61) | |||||||||||||||||||
Acquisitions of businesses, net of cash acquired, and purchases of intangible assets | (5) | (445) | (388) | (508) | |||||||||||||||||||
Other investing activities | (27) | — | (36) | — | |||||||||||||||||||
Net cash used in investing activities | (5,173) | (4,036) | (30,059) | (19,864) | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | (1,121) | (627) | (3,564) | (2,337) | |||||||||||||||||||
Repurchases of Class A common stock | (1,928) | (1,296) | (6,272) | (4,202) | |||||||||||||||||||
Principal payments on finance leases | (205) | (141) | (604) | (552) | |||||||||||||||||||
Net change in overdraft in cash pooling entities | 48 | 37 | 24 | (223) | |||||||||||||||||||
Other financing activities | — | 2 | 124 | 15 | |||||||||||||||||||
Net cash used in financing activities | (3,206) | (2,025) | (10,292) | (7,299) | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 314 | 177 | 279 | 4 | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 5,975 | 3,199 | (1,325) | 9,155 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of the period | 11,979 | 16,080 | 19,279 | 10,124 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of the period | $ | 17,954 | $ | 19,279 | $ | 17,954 | $ | 19,279 | |||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 17,576 | $ | 19,079 | $ | 17,576 | $ | 19,079 | |||||||||||||||
Restricted cash, included in prepaid expenses and other current assets | 241 | 8 | 241 | 8 | |||||||||||||||||||
Restricted cash, included in other assets | 137 | 192 | 137 | 192 | |||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 17,954 | $ | 19,279 | $ | 17,954 | $ | 19,279 |
FACEBOOK, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Supplemental cash flow data | |||||||||||||||||||||||
Cash paid for income taxes | $ | 1,107 | $ | 2,654 | $ | 4,229 | $ | 5,182 | |||||||||||||||
Non-cash investing activities: | |||||||||||||||||||||||
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities | $ | 118 | $ | — | $ | 118 | $ | — | |||||||||||||||
Property and equipment in accounts payable and accrued expenses and other current liabilities | $ | 2,201 | $ | 1,887 | $ | 2,201 | $ | 1,887 |
Reconciliation of GAAP to Non-GAAP Results | |||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
GAAP revenue | $ | 28,072 | $ | 21,082 | $ | 85,965 | $ | 70,697 | |||||||||||||||
Foreign exchange effect on 2020 revenue using 2019 rates | (339) | 120 | |||||||||||||||||||||
Revenue excluding foreign exchange effect | $ | 27,733 | $ | 86,085 | |||||||||||||||||||
GAAP revenue year-over-year change % | 33 | % | 22 | % | |||||||||||||||||||
Revenue excluding foreign exchange effect year-over-year change % | 32 | % | 22 | % | |||||||||||||||||||
GAAP advertising revenue | $ | 27,187 | $ | 20,736 | $ | 84,169 | $ | 69,655 | |||||||||||||||
Foreign exchange effect on 2020 advertising revenue using 2019 rates | (332) | 129 | |||||||||||||||||||||
Advertising revenue excluding foreign exchange effect | $ | 26,855 | $ | 84,298 | |||||||||||||||||||
GAAP advertising revenue year-over-year change % | 31 | % | 21 | % | |||||||||||||||||||
Advertising revenue excluding foreign exchange effect year-over-year change % | 30 | % | 21 | % | |||||||||||||||||||
Net cash provided by operating activities | $ | 14,040 | $ | 9,083 | $ | 38,747 | $ | 36,314 | |||||||||||||||
Purchases of property and equipment | (4,613) | (4,100) | (15,115) | (15,102) | |||||||||||||||||||
Principal payments on finance leases | (205) | (141) | (604) | (552) | |||||||||||||||||||
Free cash flow (1) | $ | 9,222 | $ | 4,842 | $ | 23,028 | $ | 20,660 |
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