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Facebook Inc (FB) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Meta Platforms, Inc.

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CIK: 1326801 Ticker: META
Facebook Reports Fourth Quarter and Full Year 2017 Results
 
MENLO PARK, Calif. – January 31, 2018 – Facebook, Inc. (NASDAQ: FB) today reported financial results for the quarter and full year ended December 31, 2017.

"2017 was a strong year for Facebook, but it was also a hard one," said Mark Zuckerberg, Facebook founder and CEO. "In 2018, we're focused on making sure Facebook isn't just fun to use, but also good for people's well-being and for society. We're doing this by encouraging meaningful connections between people rather than passive consumption of content. Already last quarter, we made changes to show fewer viral videos to make sure people's time is well spent. In total, we made changes that reduced time spent on Facebook by roughly 50 million hours every day. By focusing on meaningful connections, our community and business will be stronger over the long term."

Fourth Quarter and Full Year 2017 Financial Highlights

 
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
2017
 
2016
 
 
2017
 
2016
 
Revenue:
 
 
 
 
 
 
 
 
 
 
 
   Advertising
$
12,779

 
$
8,629

 
48
%
 
$
39,942

 
$
26,885

 
49
 %
   Payments and other fees
193

 
180

 
7
%
 
711

 
753

 
(6
)%
Total revenue
12,972

 
8,809

 
47
%
 
40,653

 
27,638

 
47
 %
Total costs and expenses
5,620

 
4,243

 
32
%
 
20,450

 
15,211

 
34
 %
Income from operations
$
7,352

 
$
4,566

 
61
%
 
$
20,203

 
$
12,427

 
63
 %
Operating margin
57
%
 
52
%
 

 
50
%
 
45
%
 
 
Provision for income taxes(1)
$
3,194

 
 
 

 
$
4,660

 
 
 
 
Effective tax rate(1)
43
%
 
 
 


 
23
%
 
 
 
 
Net income(1)
$
4,268

 
$
3,568

 
20
%
 
$
15,934

 
$
10,217

 
56
 %
Diluted Earnings per Share (EPS)(1)
$
1.44

 
$
1.21

 
19
%
 
$
5.39

 
$
3.49

 
54
 %
(1) In December 2017, the 2017 Tax Cuts and Jobs Act was enacted and significantly impacted U.S. tax law. As a result of this legislation, our fourth quarter and full year 2017 provision for income taxes increased by $2.27 billion, which impacted our effective tax rate, net income and diluted EPS for such periods. Our diluted EPS decreased by $0.77 for both the fourth quarter and full year 2017. See "2017 Tax Cuts and Jobs Act" below for additional information.

Fourth Quarter and Full Year 2017 Operational and Other Financial Highlights

•
Daily active users (DAUs) – DAUs were 1.40 billion on average for December 2017, an increase of 14% year-over-year.
•
Monthly active users (MAUs) – MAUs were 2.13 billion as of December 31, 2017, an increase of 14% year-over-year.
•
Mobile advertising revenue – Mobile advertising revenue represented approximately 89% of advertising revenue for the fourth quarter of 2017, up from approximately 84% of advertising revenue in the fourth quarter of 2016.
•
Capital expenditures – Capital expenditures were $2.26 billion and $6.73 billion for the fourth quarter and full year 2017, respectively.
•
Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $41.71 billion at the end of the fourth quarter of 2017.
•
Headcount – Headcount was 25,105 as of December 31, 2017, an increase of 47% year-over-year.

1

The following information was filed by Meta Platforms, Inc (META) on Wednesday, January 31, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Meta Platforms, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Cash And Cash Equivalents, And Marketable Securities
Cash And Cash Equivalents, And Marketable Securities - Contractual Maturities Of Debt Securities (details)
Cash And Cash Equivalents, And Marketable Securities (details)
Cash And Cash Equivalents, And Marketable Securities (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurement
Fair Value Measurement (details)
Fair Value Measurement (tables)
Geographical Information
Geographical Information (tables)
Geographical Information - Property And Equipment (details)
Geographical Information - Revenue (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Amortization Expense (details)
Goodwill And Intangible Assets - Change In Carrying Amount (details)
Goodwill And Intangible Assets - Intangible Assets (detail)
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes - Deferred Tax Assets And Liabilities (details)
Income Taxes - Effective Income Tax Rate Reconciliation (details)
Income Taxes - Narrative (detail)
Income Taxes - Provision For Income Taxes (details)
Income Taxes - Schedule For Income Before Income Tax (details)
Income Taxes - Unrecognized Tax Benefits (details)
Income Taxes (tables)
Interest And Other Income (expense), Net
Interest And Other Income/(expense), Net (details)
Interest And Other Income/(expense), Net (tables)
Liabilities
Liabilities (details)
Liabilities (tables)
Long-term Debt
Long-term Debt - Borrowings (details)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Stockholders' Equity
Stockholders' Equity (tables)
Stockholders' Equity - Additional Award Disclosures (details)
Stockholders' Equity - Common Stock (details)
Stockholders' Equity - Rsu Award Activity (details)
Stockholders' Equity - Share Repurchase Program (details)
Stockholders' Equity - Share-based Compensation Plans (detail)
Stockholders' Equity - Stock Option Award Activity (details)
Stockholders' Equity - Stock Options Additional Disclosures (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies - Credit Risk And Concentration (details)
Summary Of Significant Accounting Policies - Foreign Currency (details)
Summary Of Significant Accounting Policies - Intangible Assets (details)
Summary Of Significant Accounting Policies - Other Policies (details)
Summary Of Significant Accounting Policies - Property & Equipment (details)
Summary Of Significant Accounting Policies - Revenue Recognition (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Ticker: META
CIK: 1326801
Form Type: 10-K Annual Report
Accession Number: 0001326801-18-000009
Submitted to the SEC: Thu Feb 01 2018 4:58:26 PM EST
Accepted by the SEC: Thu Feb 01 2018
Period: Sunday, December 31, 2017
Industry: Computer Programming Data Processing

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