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Three Months Ended June 30, | % Change | ||||||||||||||||
In millions, except percentages and per share amounts | 2022 | 2021 | |||||||||||||||
Total revenue | $ | 28,822 | $ | 29,077 | (1)% | ||||||||||||
Total costs and expenses | 20,464 | 16,710 | 22% | ||||||||||||||
Income from operations | $ | 8,358 | $ | 12,367 | (32)% | ||||||||||||
Operating margin | 29 | % | 43 | % | |||||||||||||
Provision for income taxes | $ | 1,499 | $ | 2,119 | (29)% | ||||||||||||
Effective tax rate | 18 | % | 17 | % | |||||||||||||
Net income | $ | 6,687 | $ | 10,394 | (36)% | ||||||||||||
Diluted earnings per share (EPS) | $ | 2.46 | $ | 3.61 | (32)% |
META PLATFORMS, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue | $ | 28,822 | $ | 29,077 | $ | 56,729 | $ | 55,248 | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue | 5,192 | 5,399 | 11,197 | 10,530 | |||||||||||||||||||
Research and development | 8,690 | 6,096 | 16,397 | 11,293 | |||||||||||||||||||
Marketing and sales | 3,595 | 3,259 | 6,907 | 6,102 | |||||||||||||||||||
General and administrative | 2,987 | 1,956 | 5,347 | 3,578 | |||||||||||||||||||
Total costs and expenses | 20,464 | 16,710 | 39,848 | 31,503 | |||||||||||||||||||
Income from operations | 8,358 | 12,367 | 16,881 | 23,745 | |||||||||||||||||||
Interest and other income (expense), net | (172) | 146 | 213 | 271 | |||||||||||||||||||
Income before provision for income taxes | 8,186 | 12,513 | 17,094 | 24,016 | |||||||||||||||||||
Provision for income taxes | 1,499 | 2,119 | 2,942 | 4,124 | |||||||||||||||||||
Net income | $ | 6,687 | $ | 10,394 | $ | 14,152 | $ | 19,892 | |||||||||||||||
Earnings per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | $ | 2.47 | $ | 3.67 | $ | 5.21 | $ | 7.00 | |||||||||||||||
Diluted | $ | 2.46 | $ | 3.61 | $ | 5.19 | $ | 6.90 | |||||||||||||||
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders: | |||||||||||||||||||||||
Basic | 2,704 | 2,834 | 2,714 | 2,841 | |||||||||||||||||||
Diluted | 2,713 | 2,877 | 2,729 | 2,881 | |||||||||||||||||||
Share-based compensation expense included in costs and expenses: | |||||||||||||||||||||||
Cost of revenue | $ | 213 | $ | 163 | $ | 373 | $ | 281 | |||||||||||||||
Research and development | 2,606 | 1,967 | 4,547 | 3,376 | |||||||||||||||||||
Marketing and sales | 289 | 239 | 506 | 413 | |||||||||||||||||||
General and administrative | 243 | 179 | 424 | 309 | |||||||||||||||||||
Total share-based compensation expense | $ | 3,351 | $ | 2,548 | $ | 5,850 | $ | 4,379 |
META PLATFORMS, INC. | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(In millions) | |||||||||||
(Unaudited) | |||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 12,681 | $ | 16,601 | |||||||
Marketable securities | 27,808 | 31,397 | |||||||||
Accounts receivable, net | 11,525 | 14,039 | |||||||||
Prepaid expenses and other current assets | 3,973 | 4,629 | |||||||||
Total current assets | 55,987 | 66,666 | |||||||||
Non-marketable equity securities | 6,536 | 6,775 | |||||||||
Property and equipment, net | 67,588 | 57,809 | |||||||||
Operating lease right-of-use assets | 14,130 | 12,155 | |||||||||
Intangible assets, net | 965 | 634 | |||||||||
Goodwill | 20,229 | 19,197 | |||||||||
Other assets | 4,344 | 2,751 | |||||||||
Total assets | $ | 169,779 | $ | 165,987 | |||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 4,008 | $ | 4,083 | |||||||
Partners payable | 982 | 1,052 | |||||||||
Operating lease liabilities, current | 1,275 | 1,127 | |||||||||
Accrued expenses and other current liabilities | 15,420 | 14,312 | |||||||||
Deferred revenue and deposits | 532 | 561 | |||||||||
Total current liabilities | 22,217 | 21,135 | |||||||||
Operating lease liabilities, non-current | 14,792 | 12,746 | |||||||||
Other liabilities | 7,003 | 7,227 | |||||||||
Total liabilities | 44,012 | 41,108 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders' equity: | |||||||||||
Common stock and additional paid-in capital | 59,929 | 55,811 | |||||||||
Accumulated other comprehensive loss | (3,411) | (693) | |||||||||
Retained earnings | 69,249 | 69,761 | |||||||||
Total stockholders' equity | 125,767 | 124,879 | |||||||||
Total liabilities and stockholders' equity | $ | 169,779 | $ | 165,987 |
META PLATFORMS, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||
Net income | $ | 6,687 | $ | 10,394 | $ | 14,152 | $ | 19,892 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 1,979 | 1,985 | 4,135 | 3,958 | |||||||||||||||||||
Share-based compensation | 3,351 | 2,548 | 5,850 | 4,379 | |||||||||||||||||||
Deferred income taxes | (453) | 229 | (1,016) | 647 | |||||||||||||||||||
Other | 189 | (21) | (33) | (88) | |||||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | (522) | (1,366) | 2,035 | (517) | |||||||||||||||||||
Prepaid expenses and other current assets | (435) | (1,852) | 138 | (2,313) | |||||||||||||||||||
Other assets | (25) | (185) | (132) | (195) | |||||||||||||||||||
Accounts payable | 237 | 116 | (645) | (134) | |||||||||||||||||||
Partners payable | 73 | (61) | (33) | (133) | |||||||||||||||||||
Accrued expenses and other current liabilities | 1,180 | 1,482 | 1,943 | (200) | |||||||||||||||||||
Deferred revenue and deposits | 24 | 3 | (28) | 9 | |||||||||||||||||||
Other liabilities | (88) | (26) | (94) | 184 | |||||||||||||||||||
Net cash provided by operating activities | 12,197 | 13,246 | 26,272 | 25,489 | |||||||||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||
Purchases of property and equipment | (7,572) | (4,641) | (13,013) | (8,944) | |||||||||||||||||||
Proceeds relating to property and equipment | 44 | 29 | 170 | 60 | |||||||||||||||||||
Purchases of marketable debt securities | (2,220) | (10,297) | (6,288) | (16,528) | |||||||||||||||||||
Sales of marketable debt securities | 2,648 | 4,687 | 7,713 | 6,337 | |||||||||||||||||||
Maturities of marketable debt securities | 511 | 2,347 | 913 | 6,327 | |||||||||||||||||||
Acquisitions of businesses and intangible assets | (363) | (259) | (1,216) | (259) | |||||||||||||||||||
Other investing activities | (7) | (61) | (17) | (62) | |||||||||||||||||||
Net cash used in investing activities | (6,959) | (8,195) | (11,738) | (13,069) | |||||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | (1,002) | (1,354) | (1,927) | (2,432) | |||||||||||||||||||
Repurchases of Class A common stock | (5,233) | (7,079) | (14,739) | (11,018) | |||||||||||||||||||
Principal payments on finance leases | (219) | (123) | (452) | (274) | |||||||||||||||||||
Net change in overdraft in cash pooling entities | (79) | 53 | (59) | 3 | |||||||||||||||||||
Other financing activities | (30) | (45) | (46) | (13) | |||||||||||||||||||
Net cash used in financing activities | (6,563) | (8,548) | (17,223) | (13,734) | |||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (550) | 117 | (698) | (129) | |||||||||||||||||||
Net decrease in cash, cash equivalents, and restricted cash | (1,875) | (3,380) | (3,387) | (1,443) | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of the period | 15,353 | 19,891 | 16,865 | 17,954 | |||||||||||||||||||
Cash, cash equivalents, and restricted cash at end of the period | $ | 13,478 | $ | 16,511 | $ | 13,478 | $ | 16,511 | |||||||||||||||
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 12,681 | $ | 16,186 | $ | 12,681 | $ | 16,186 | |||||||||||||||
Restricted cash, included in prepaid expenses and other current assets | 228 | 201 | 228 | 201 | |||||||||||||||||||
Restricted cash, included in other assets | 569 | 124 | 569 | 124 | |||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 13,478 | $ | 16,511 | $ | 13,478 | $ | 16,511 |
META PLATFORMS, INC. | |||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Supplemental cash flow data | |||||||||||||||||||||||
Cash paid for income taxes, net | $ | 2,139 | $ | 3,387 | $ | 2,641 | $ | 6,294 | |||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||||||||
Property and equipment in accounts payable and accrued expenses and other current liabilities | $ | 4,543 | $ | 2,249 | $ | 4,543 | $ | 2,249 | |||||||||||||||
Settlement of convertible notes with marketable equity securities | $ | 131 | $ | — | $ | 131 | $ | — | |||||||||||||||
Other current assets through financing arrangement in accrued expenses and other current liabilities | $ | 214 | $ | 381 | $ | 214 | $ | 381 | |||||||||||||||
Repurchases of Class A common stock in accrued expenses and other current liabilities | $ | 70 | $ | 310 | $ | 70 | $ | 310 |
Segment Information | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Advertising | $ | 28,152 | $ | 28,580 | $ | 55,150 | $ | 54,018 | |||||||||||||||
Other revenue | 218 | 192 | 433 | 391 | |||||||||||||||||||
Family of Apps | 28,370 | 28,772 | 55,583 | 54,409 | |||||||||||||||||||
Reality Labs | 452 | 305 | 1,146 | 839 | |||||||||||||||||||
Total revenue | $ | 28,822 | $ | 29,077 | $ | 56,729 | $ | 55,248 | |||||||||||||||
Income (loss) from operations: | |||||||||||||||||||||||
Family of Apps | $ | 11,164 | $ | 14,799 | $ | 22,647 | $ | 28,004 | |||||||||||||||
Reality Labs | (2,806) | (2,432) | (5,766) | (4,259) | |||||||||||||||||||
Total income from operations | $ | 8,358 | $ | 12,367 | $ | 16,881 | $ | 23,745 |
Reconciliation of GAAP to Non-GAAP Results | |||||||||||||||||||||||
(In millions, except percentages) | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
GAAP revenue | $ | 28,822 | $ | 29,077 | $ | 56,729 | $ | 55,248 | |||||||||||||||
Foreign exchange effect on 2022 revenue using 2021 rates | 1,263 | 2,156 | |||||||||||||||||||||
Revenue excluding foreign exchange effect | $ | 30,085 | $ | 58,885 | |||||||||||||||||||
GAAP revenue year-over-year change % | (1) | % | 3 | % | |||||||||||||||||||
Revenue excluding foreign exchange effect year-over-year change % | 3 | % | 7 | % | |||||||||||||||||||
GAAP advertising revenue | $ | 28,152 | $ | 28,580 | $ | 55,150 | $ | 54,018 | |||||||||||||||
Foreign exchange effect on 2022 advertising revenue using 2021 rates | 1,255 | 2,143 | |||||||||||||||||||||
Advertising revenue excluding foreign exchange effect | $ | 29,407 | $ | 57,293 | |||||||||||||||||||
GAAP advertising revenue year-over-year change % | (1) | % | 2 | % | |||||||||||||||||||
Advertising revenue excluding foreign exchange effect year-over-year change % | 3 | % | 6 | % | |||||||||||||||||||
Net cash provided by operating activities | $ | 12,197 | $ | 13,246 | $ | 26,272 | $ | 25,489 | |||||||||||||||
Purchases of property and equipment, net | (7,528) | (4,612) | (12,843) | (8,884) | |||||||||||||||||||
Principal payments on finance leases | (219) | (123) | (452) | (274) | |||||||||||||||||||
Free cash flow | $ | 4,450 | $ | 8,511 | $ | 12,977 | $ | 16,331 |
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Ticker: METAEvents:
CIK: 1326801
Form Type: 8-K Corporate News
Accession Number: 0001326801-22-000079
Submitted to the SEC: Wed Jul 27 2022 4:07:22 PM EST
Accepted by the SEC: Wed Jul 27 2022
Period: Wednesday, July 27, 2022
Industry: Computer Programming Data Processing