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NEWS RELEASEFacebook Reports Third Quarter 2019 ResultsMENLO PARK, Calif., Oct. 30, 2019 /PRNewswire/ - Facebook, Inc. (Nasdaq: FB) today reported nancial results forthe quarter ended September 30, 2019.“We had a good quarter and our community and business continue to grow,“ said Mark Zuckerberg, Facebookfounder and CEO. “We are focused on making progress on major social issues and building new experiences thatimprove peoples lives around the world.“Third Quarter 2019 Financial HighlightsThree Months Ended September 30,Year-over-Year % ChangeIn millions, except percentages and per share amounts20192018Revenue:Advertising $ 17,383$ 13,53928%Payments and other fees 26918843%Total revenue 17,65213,72729%Total costs and expenses 10,4677,94632%Income from operations $ 7,185$ 5,78124%Operating margin 41%42%Provision for income taxes $ 1,238Eective tax rate 17%Net income $ 6,091$ 5,13719%Diluted earnings per share (EPS) $ 2.12$ 1.7620%Third Quarter 2019 Operational and Other Financial Highlights1Daily active users (DAUs) DAUs were 1.62 billion on average for September 2019, an increase of 9% year-over-year.Monthly active users (MAUs) MAUs were 2.45 billion as of September 30, 2019, an increase of 8% year-over-year.Mobile advertising revenue Mobile advertising revenue represented approximately 94% of advertisingrevenue for the third quarter of 2019, up from approximately 92% of advertising revenue in the third quarterof 2018.Capital expenditures Capital expenditures, including principal payments on nance leases, were $3.68billion for the third quarter of 2019.Cash and cash equivalents and marketable securities Cash and cash equivalents and marketable securitieswere $52.27 billion as of September 30, 2019.Headcount Headcount was 43,030 as of September 30, 2019, an increase of 28% year-over-year.In addition, we estimate that around 2.2 billion people now use Facebook, Instagram, WhatsApp, or Messenger (our“Family“ of services) every day on average, and around 2.8 billion people use at least one of our Family of serviceseach month.Webcast and Conference Call InformationFacebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast ofFacebooks earnings conference call can be accessed at investor.fb, along with the earnings press release,nancial tables, and slide presentation. Facebook uses the investor.fb and newsroom.fb websites as wellas Mark Zuckerbergs Facebook Page (facebook/zuck) as means of disclosing material non-publicinformation and for complying with its disclosure obligations under Regulation FD.Following the call, a replay will be available at the same website. A telephonic replay will be available for one weekfollowing the conference call at +1 (404) 537-3406 or +1 (855) 859-2056, conference ID 9647087.Transcripts of conference calls with publishing equity research analysts held today will also be posted tothe investor.fb website.About FacebookFounded in 2004, Facebooks mission is to give people the power to build community and bring the world closertogether. People use Facebook to stay connected with friends and family, to discover whats going on in the world,and to share and express what matters to them.ContactsInvestors: Deborah Crawford investorfb / investor.fb2Press: Bertie Thomson pressfb / newsroom.fbForward-Looking StatementsThis press release contains forward-looking statements regarding our future business expectations. These forward-looking statements are only predictions and may dier materially from actual results due to a variety of factorsincluding: our ability to retain or increase users and engagement levels; our reliance on advertising revenue; ourdependency on mobile operating systems, networks, and standards that we do not control; risks associated withnew products and changes to existing products as well as other new business initiatives; our emphasis on usergrowth and engagement and the user experience over short-term nancial results; maintaining and enhancing ourbrand and reputation; our ongoing safety, security, and content review eorts; competition; risks associated withgovernment actions that could restrict access to our products or impair our ability to sell advertising in certaincountries; litigation and government inquiries; privacy and regulatory concerns; risks associated with acquisitions;security breaches; and our ability to manage growth and geographically-dispersed operations. These and otherpotential risks and uncertainties that could cause actual results to dier from the results predicted are more fullydetailed under the caption “Risk Factors“ in our Quarterly Report on Form 10-Q led with the SEC on July 25, 2019,which is available on our Investor Relations website at investor.fb and on the SEC website at sec.gov.Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter endedSeptember 30, 2019. In addition, please note that the date of this press release is October 30, 2019, and anyforward-looking statements contained herein are based on assumptions that we believe to be reasonable as of thisdate. We undertake no obligation to update these statements as a result of new information or future events.Non-GAAP Financial MeasuresTo supplement our condensed consolidated nancial statements, which are prepared and presented in accordancewith generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP nancialmeasures: revenue excluding foreign exchange eect, advertising revenue excluding foreign exchange eect andfree cash ow. The presentation of these nancial measures is not intended to be considered in isolation or as asubstitute for, or superior to, nancial information prepared and presented in accordance with GAAP. Investors arecautioned that there are material limitations associated with the use of non-GAAP nancial measures as ananalytical tool. In addition, these measures may be dierent from non-GAAP nancial measures used by othercompanies, limiting their usefulness for comparison purposes. We compensate for these limitations by providingspecic information regarding the GAAP amounts excluded from these non-GAAP nancial measures.We believe these non-GAAP nancial measures provide investors with useful supplemental information about thenancial performance of our business, enable comparison of nancial results between periods where certain itemsmay vary independent of business performance, and allow for greater transparency with respect to key metricsused by management in operating our business.We exclude the following items from our non-GAAP nancial measures:3Foreign exchange eect on revenue. We translated revenue for the three and nine months ended September 30,2019 using the prior years monthly exchange rates for our settlement or billing currencies other than the U.S.dollar, which we believe is a useful metric that facilitates comparison to our historical performance.Purchases of property and equipment, net; Principal payments on nance leases. We subtract both net purchasesof property and equipment and principal payments on nance leases in our calculation of free cash ow becausewe believe that these two items collectively represent the amount of property and equipment we need to procureto support our business, regardless of whether we procure such property or equipment with a nance lease. Webelieve that this methodology can provide useful supplemental information to help investors better understandunderlying trends in our business. Free cash ow is not intended to represent our residual cash ow available fordiscretionary expenditures.For more information on our non-GAAP nancial measures and a reconciliation of GAAP to non-GAAP measures,please see the “Reconciliation of GAAP to Non-GAAP Results“ table in this press release.FACEBOOK, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME(In millions, except for per share amounts)(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2019201820192018Revenue $ 17,652$ 13,727$ 49,615$ 38,924Costs and expenses:Cost of revenue 3,1552,4189,2796,559Research and development 3,5482,6579,7227,418Marketing and sales 2,4161,9286,8505,379General and administrative 1,3489438,6362,475Total costs and expenses 10,4677,94634,48721,831Income from operations 7,1855,78115,12817,093Interest and other income, net 144131515297Income before provision for income taxes 7,329 5,912 15,643 17,3904Provision for income taxes 1,2387754,5072,160Net income $ 6,091$ 5,137$ 11,136$ 15,230Less: Net income attributable to participating securities (1)Net income attributable to Class A and Class B common stockholders$ 6,091$ 5,137$ 11,136$ 15,229Earnings per share attributable to Class A and Class B common stockholders:Basic $ 2.13$ 1.78$ 3.90$ 5.26Diluted $ 2.12$ 1.76$ 3.87$ 5.20Weighted-average shares used to compute earnings per share attributable to Class A andClass B common stockholders:Basic 2,8542,8852,8552,895Diluted 2,8742,9132,8752,931Share-based compensation expense included in costs and expenses:Cost of revenue $ 91$ 72$ 287$ 202Research and development 9077482,5572,347Marketing and sales 148133421380General and administrative 10387297251Total share-based compensation expense $ 1,249$ 1,040$ 3,562$ 3,180FACEBOOK, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(In millions)(Unaudited)September 30, 2019 December 31, 20185AssetsCurrent assets:Cash and cash equivalents $ 15,979$ 10,019Marketable securities 36,29031,095Accounts receivable, net of allowances of $301 and $229 as of September 30, 2019 andDecember 31, 2018, respectively 7,6737,587Prepaid expenses and other current assets 2,1371,779Total current assets 62,07950,480Property and equipment, net 32,28424,683Operating lease right-of-use assets, net 8,403Intangible assets, net 8531,294Goodwill 18,33818,301Other assets 2,4612,576Total assets $ 124,418$ 97,334Liabilities and stockholders equityCurrent liabilities:Accounts payable $ 860$ 820Partners payable 590541Operating lease liabilities, current 776Accrued expenses and other current liabilities 10,8775,509Deferred revenue and deposits 225147Total current liabilities 13,3287,017Operating lease liabilities, non-current 8,356Other liabilities 8,7356,190Total liabilities 30,41913,207Commitments and contingenciesStockholders equity:6Common stock and additional paid-in capital 45,05942,906Accumulated other comprehensive loss (849)(760)Retained earnings 49,78941,981Total stockholders equity 93,99984,127Total liabilities and stockholders equity $ 124,418$ 97,334FACEBOOK, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2019201820192018Cash ows from operating activitiesNet income $ 6,091$ 5,137$ 11,136$ 15,230Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 1,4161,1074,2733,090Share-based compensation 1,2491,0403,5623,180Deferred income taxes 1753035883Other 3034419Changes in assets and liabilities:Accounts receivable (328)(489)(264)(328)Prepaid expenses and other current assets (360)8(527)(889)Other assets (40)66(99)Operating lease right-of-use assets (1,179) (2,890) 7Accounts payable 8937288Partners payable 396359116Accrued expenses and other current liabilities 4573506,4391,044Deferred revenue and deposits 31248220Operating lease liabilities, non-current 1,2762,914Other liabilities 3212261,977102Net cash provided by operating activities 9,3077,49627,23121,656Cash ows from investing activitiesPurchases of property and equipment, net (3,532)(3,343)(11,002)(9,614)Purchases of marketable securities (7,397)(4,375)(19,152)(12,658)Sales of marketable securities 2,9462,4927,40211,104Maturities of marketable securities 2,9431,0537,0483,391Other investing activities, net (10)(75)(124)(141)Net cash used in investing activities (5,050)(4,248)(15,828)(7,918)Cash ows from nancing activitiesTaxes paid related to net share settlement of equity awards (591)(905)(1,710)(2,663)Repurchases of Class A common stock (1,148)(4,256)(2,906)(9,379)Principal payments on nance leases (144)(411)Net change in overdraft in cash pooling entities (141)(260)Other nancing activities, net 531411Net cash used in nancing activities (2,019)(5,158)(5,273)(12,031)Eect of exchange rate changes on cash, cash equivalents, and restricted cash(156)(14)(174)(167)Net increase (decrease) in cash, cash equivalents, and restricted cash 2,082(1,924)5,9561,540Cash, cash equivalents, and restricted cash at beginning of the period 13,99811,66810,1248,204Cash, cash equivalents, and restricted cash at end of the period$ 16,080$ 9,744$ 16,080$ 9,744Reconciliation of cash, cash equivalents, and restricted cash to the condensedconsolidated balance sheets8Cash and cash equivalents $ 15,979$ 9,637$ 15,979$ 9,637Restricted cash, included in prepaid expenses and other current assets 7777Restricted cash, included in other assets 9410094100Total cash, cash equivalents, and restricted cash $ 16,080$ 9,744$ 16,080$ 9,744FACEBOOK, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2019201820192018Supplemental cash ow dataCash paid during the period for:Interest $ 4$ $ 9$ Income taxes, net $ 832$ 447$ 2,528$ 2,728Non-cash investing activities:Net change in prepaids and liabilities related to property and equipment$ 144$ 382$ (59)$ 613Property and equipment in accounts payable and accrued liabilities$ 1,850$ 1,504$ 1,850$ 1,504Reconciliation of GAAP to Non-GAAP Results(In millions, except percentages)9(Unaudited)Three Months Ended September 30,Nine Months Ended September 30,2019201820192018GAAP revenue $ 17,652$ 13,727$ 49,615$ 38,924Foreign exchange eect on 2019 revenue using 2018 rates 2971,374Revenue excluding foreign exchange eect $ 17,949$ 50,989GAAP revenue year-over-year change % 29%27%Revenue excluding foreign exchange eect year-over-year change %31%31%GAAP advertising revenue $ 17,383$ 13,539$ 48,919$ 38,373Foreign exchange eect on 2019 advertising revenue using 2018 rates2951,370Advertising revenue excluding foreign exchange eect $ 17,678$ 50,289GAAP advertising revenue year-over-year change % 28%27%Advertising revenue excluding foreign exchange eect year-over-year change %31%31%Net cash provided by operating activities $ 9,307$ 7,496$ 27,231$ 21,656Purchases of property and equipment, net (3,532)(3,343)(11,002)(9,614)Principal payments on nance leases (144)(411)Free cash ow $ 5,631$ 4,153$ 15,818$ 12,042View original content:prnewswire/news-releases/facebook-reports-third-quarter-2019-results-300948563.htmlSOURCE Facebook10
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