MENLO PARK, Calif.,
Jan. 27, 2016 /PRNewswire/ --
Facebook, Inc. (NASDAQ: FB) today reported financial results for
the fourth quarter and full year ended December 31, 2015.
"2015 was a great year for Facebook. Our community continued to
grow and our business is thriving," said Mark Zuckerberg, Facebook founder and CEO. "We
continue to invest in better serving our community, building our
business, and connecting the world."
|
Fourth Quarter and
Full Year 2015 Financial Summary
|
|
|
|
|
|
Three Months Ended December
31,
|
|
Year Ended
December 31,
|
In millions,
except percentages and per share amounts
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue
|
$ 5,841
|
|
$ 3,851
|
|
$ 17,928
|
|
$ 12,466
|
Income from
Operations
|
|
|
|
|
|
|
|
GAAP
|
$ 2,560
|
|
$ 1,133
|
|
$ 6,225
|
|
$ 4,994
|
Non-GAAP*
|
$ 3,523
|
|
$ 2,219
|
|
$ 10,001
|
|
$ 7,207
|
Operating
Margin
|
|
|
|
|
|
|
|
GAAP
|
44%
|
|
29%
|
|
35%
|
|
40%
|
Non-GAAP*
|
60%
|
|
58%
|
|
56%
|
|
58%
|
Net
Income
|
|
|
|
|
|
|
|
GAAP
|
$ 1,562
|
|
$ 701
|
|
$ 3,688
|
|
$ 2,940
|
Non-GAAP*
|
$ 2,265
|
|
$ 1,518
|
|
$ 6,518
|
|
$ 4,713
|
Diluted Earnings
per Share (EPS)
|
|
|
|
|
|
|
|
GAAP
|
$ 0.54
|
|
$ 0.25
|
|
$ 1.29
|
|
$ 1.10
|
Non-GAAP*
|
$ 0.79
|
|
$ 0.54
|
|
$ 2.28
|
|
$ 1.77
|
|
|
|
|
|
|
|
|
*
|
Non-GAAP financial
measures exclude amortization of intangible assets, share-based
compensation and related payroll tax expenses. Non-GAAP net income
and EPS also exclude the income tax effects of these non-GAAP
adjustments. See the table below titled "Reconciliation of Non-GAAP
Results to Nearest GAAP Measures."
|
|
|
Full Year 2015 Business Highlights
- Revenue – Revenue for the full year 2015 was
$17.93 billion, an increase of 44%
year-over-year.
- Income from operations – Income from operations for the
full year 2015 was $6.23
billion.
- Net income – Net income for the full year 2015 was
$3.69 billion.
- Free cash flow – Free cash flow for the full year 2015
was $6.08 billion.
- Daily active users (DAUs) – DAUs were 1.04 billion on
average for December 2015, an
increase of 17% year-over-year.
- Mobile DAUs – Mobile DAUs were 934 million on average
for December 2015, an increase of 25%
year-over-year.
- Monthly active users (MAUs) – MAUs were 1.59 billion as
of December 31, 2015, an increase of 14% year-over-year.
- Mobile MAUs – Mobile MAUs were 1.44 billion as of
December 31, 2015, an increase of 21% year-over-year.
|
|
|
|
Fourth Quarter
2015 Financial Highlights
|
|
|
|
|
|
GAAP
|
|
Year-over-
Year %
Change
|
|
Three Months Ended December
31,
|
|
In millions,
except percentages and per share amounts
|
2015
|
|
2014
|
|
Revenue:
|
|
|
|
|
|
Advertising(1)
|
$ 5,637
|
|
$ 3,594
|
|
57%
|
Payments
and other fees
|
204
|
|
257
|
|
(21)%
|
Total
revenue(2)
|
5,841
|
|
3,851
|
|
52%
|
Total costs and
expenses
|
3,281
|
|
2,718
|
|
21%
|
Income from
operations
|
$ 2,560
|
|
$ 1,133
|
|
126%
|
Operating
margin
|
44%
|
|
29%
|
|
|
Provision for income
taxes
|
995
|
|
|
|
|
Effective tax
rate
|
39%
|
|
|
|
|
Net income
|
$ 1,562
|
|
$ 701
|
|
123%
|
Diluted
EPS
|
$ 0.54
|
|
$ 0.25
|
|
116%
|
|
|
|
|
|
|
(1) Excluding the impact of
year-over-year changes in foreign exchange rates, advertising
revenue would have increased by 66%.
|
|
|
|
|
|
|
(2) Excluding
the impact of year-over-year changes in foreign exchange rates,
total revenue would have increased by 60%.
|
|
|
|
|
|
|
|
Non-GAAP
|
|
Year-over-
Year %
Change
|
|
Three Months Ended December
31,
|
|
In millions,
except percentages and per share amounts
|
2015
|
|
2014
|
|
GAAP
revenue
|
$ 5,841
|
|
$ 3,851
|
|
52%
|
Total costs and
expenses
|
2,318
|
|
1,632
|
|
42%
|
Income from
operations
|
$ 3,523
|
|
$ 2,219
|
|
59%
|
Operating
margin
|
60%
|
|
58%
|
|
|
Effective tax
rate
|
36%
|
|
|
|
|
Net income
|
$ 2,265
|
|
$ 1,518
|
|
49%
|
Diluted
EPS
|
$ 0.79
|
|
$ 0.54
|
|
46%
|
|
|
|
|
|
|
Fourth Quarter 2015 Other Financial Highlights
- Mobile advertising revenue – Mobile advertising revenue
represented approximately 80% of advertising revenue for the fourth
quarter of 2015, up from 69% of advertising revenue in the fourth
quarter of 2014.
- Capital expenditures – Capital expenditures for the
fourth quarter of 2015 were $692
million.
- Cash and cash equivalents and marketable securities –
Cash and cash equivalents and marketable securities were
$18.43 billion at the end of the
fourth quarter of 2015.
- Free cash flow – Free cash flow for the fourth quarter
of 2015 was $2.14 billion.
Webcast and Conference Call Information
Facebook will host a conference call to discuss the results at
2 p.m. PT / 5
p.m. ET today. The live webcast of Facebook's earnings
release call can be accessed at investor.fb.com, along with the
earnings press release, financial tables and slide presentation.
Facebook uses the investor.fb.com website and Mark Zuckerberg's Facebook Page
(https://www.facebook.com/zuck) as means of disclosing material
non-public information 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 week
following the conference call at +1 (404) 537-3406 or +1 (855)
859-2056, conference ID 16251646.
About Facebook
Founded in 2004, Facebook's mission is to give people the power
to share and make the world more open and connected. People use
Facebook to stay connected with friends and family, to discover
what's going on in the world, and to share and express what matters
to them.
Contacts
Investors:
Deborah Crawford
investor@fb.com / investor.fb.com
Press:
Vanessa Chan
press@fb.com / newsroom.fb.com
Forward Looking Statements
This press release contains forward-looking statements regarding
our future business expectations, which are subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements are only predictions and
may differ materially from actual results due to a variety of
factors including: our ability to retain or increase users and
engagement levels; our reliance on advertising revenue; our
dependency on mobile operating systems, networks, and standards
that we do not control; risks associated with new product
development and their introduction as well as other new business
initiatives; our emphasis on user growth and engagement and the
user experience over short-term financial results; competition;
litigation; privacy and regulatory concerns; risks associated with
acquisitions; security breaches; and our ability to manage growth
and geographically-dispersed operations. These and other potential
risks and uncertainties that could cause actual results to differ
from the results predicted are more fully detailed under the
caption "Risk Factors" in our Quarterly Report on Form 10-Q filed
with the SEC on November 5, 2015,
which is available on our Investor Relations website at
investor.fb.com and on the SEC website at www.sec.gov. Additional
information will also be set forth in our Annual Report on Form
10-K for the year ended December 31, 2015. In addition, please
note that the date of this press release is January 27, 2016,
and any forward-looking statements contained herein are based on
assumptions that we believe to be reasonable as of this date. We
undertake no obligation to update these statements as a result of
new information or future events.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with GAAP, we use the
following non-GAAP financial measures: revenue excluding foreign
exchange effect and advertising revenue excluding foreign exchange
effect; non-GAAP costs and expenses; non-GAAP income from
operations; non-GAAP net income; non-GAAP diluted shares; non-GAAP
diluted earnings per share; non-GAAP operating margin; non-GAAP
effective tax rate; and free cash flow. The presentation of these
financial measures is not intended to be considered in isolation or
as a substitute for, or superior to, financial information prepared
and presented in accordance with GAAP. Investors are cautioned that
there are material limitations associated with the use of non-GAAP
financial measures as an analytical tool. In particular, many of
the adjustments to our GAAP financial measures reflect the
exclusion of items, specifically amortization of intangible assets,
share-based compensation expense, and payroll tax related to
share-based compensation expense, and the related income tax
effects of the aforementioned exclusions, that are recurring and
will be reflected in our financial results for the foreseeable
future. In addition, these measures may be different from non-GAAP
financial measures used by other companies, limiting their
usefulness for comparison purposes. We compensate for these
limitations by providing specific information regarding the GAAP
amounts excluded from these non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors
with useful supplemental information about the financial
performance of our business, enable comparison of financial results
between periods where certain items may vary independent of
business performance, and allow for greater transparency with
respect to key metrics used by management in operating our
business.
We exclude the following items from one or more of our non-GAAP
financial measures:
Amortization of intangible assets. We amortize intangible
assets acquired in connection with acquisitions. We exclude these
amortization expenses because we do not believe these expenses are
reflective of ongoing operating results in the period. These
amounts arise from our prior acquisitions and have no direct
correlation to the operation of our business.
Share-based compensation expense. We exclude share-based
compensation expense because we believe that the non-GAAP financial
measures excluding this item provide meaningful supplemental
information regarding operational performance. In particular,
because of varying available valuation methodologies, subjective
assumptions and the variety of award types that companies can use
under FASB ASC 718, we believe that providing non-GAAP financial
measures that exclude this expense allows investors to make more
meaningful comparisons between our operating results and those of
other companies. Accordingly, we believe that excluding this
expense provides investors and management with greater visibility
to the underlying performance of our business operations,
facilitates comparison of our results with other periods, and may
also facilitate comparison with the results of other companies in
our industry.
Payroll tax expense related to share-based compensation.
We exclude payroll tax expense related to share-based compensation
expense because, without excluding these tax expenses, investors
would not see the full effect that excluding share-based
compensation expense had on our operating results. These expenses
are tied to the exercise or vesting of underlying equity awards and
the price of our common stock at the time of vesting or exercise,
which factors may vary from period to period independent of the
operating performance of our business. Similar to share-based
compensation expense, we believe that excluding this payroll tax
expense provides investors and management with greater visibility
to the underlying performance of our business operations and
facilitates comparison with other periods as well as the results of
other companies.
Income tax effect of amortization of intangible assets,
share-based compensation and related payroll tax expenses. We
believe excluding the income tax effect of non-GAAP adjustments
assists investors and management in understanding the tax provision
related to those adjustments and provides useful supplemental
information regarding the underlying performance of our business
operations.
Foreign exchange effect on revenue. We translated revenue
for the three months and year ended December 31, 2015 using
the prior year's monthly exchange rates for our settlement
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. We subtract
purchases of property and equipment in our calculation of free cash
flow because we believe that this methodology can provide useful
supplemental information to help investors better understand
underlying trends in our business.
For more information on our non-GAAP financial measures and a
reconciliation of such measures to the nearest GAAP measure, please
see the "Reconciliation of Non-GAAP Results to Nearest GAAP
Measures" table in this press release.
|
|
FACEBOOK,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
(In millions,
except for per share amounts)
|
(Unaudited)
|
|
|
Three Months Ended December
31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue
|
$ 5,841
|
|
$ 3,851
|
|
$ 17,928
|
|
$ 12,466
|
Costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
824
|
|
653
|
|
2,867
|
|
2,153
|
Research
and development
|
1,314
|
|
1,111
|
|
4,816
|
|
2,666
|
Marketing and sales
|
772
|
|
624
|
|
2,725
|
|
1,680
|
General
and administrative
|
371
|
|
330
|
|
1,295
|
|
973
|
Total costs and
expenses
|
3,281
|
|
2,718
|
|
11,703
|
|
7,472
|
Income from
operations
|
2,560
|
|
1,133
|
|
6,225
|
|
4,994
|
Interest and other
income/(expense), net
|
(3)
|
|
(19)
|
|
(31)
|
|
(84)
|
Income before
provision for income taxes
|
2,557
|
|
1,114
|
|
6,194
|
|
4,910
|
Provision for income
taxes
|
995
|
|
413
|
|
2,506
|
|
1,970
|
Net
income
|
$ 1,562
|
|
$ 701
|
|
$ 3,688
|
|
$ 2,940
|
Less: Net income
attributable to participating securities
|
7
|
|
5
|
|
19
|
|
15
|
Net income
attributable to Class A and Class B common
stockholders
|
$ 1,555
|
|
$ 696
|
|
$ 3,669
|
|
$ 2,925
|
Earnings per share
attributable to Class A and Class B common
stockholders:
|
|
|
|
|
|
|
|
Basic
|
$ 0.55
|
|
$ 0.25
|
|
$ 1.31
|
|
$ 1.12
|
Diluted
|
$ 0.54
|
|
$ 0.25
|
|
$ 1.29
|
|
$ 1.10
|
Weighted average
shares used to compute earnings per share attributable to
Class A and Class B common stockholders:
|
|
|
|
|
|
|
|
Basic
|
2,825
|
|
2,761
|
|
2,803
|
|
2,614
|
Diluted
|
2,878
|
|
2,816
|
|
2,853
|
|
2,664
|
Share-based
compensation expense included in costs and expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
$ 22
|
|
$ 18
|
|
$ 81
|
|
$ 62
|
Research
and development
|
583
|
|
685
|
|
2,350
|
|
1,328
|
Marketing and sales
|
84
|
|
103
|
|
320
|
|
249
|
General
and administrative
|
57
|
|
90
|
|
218
|
|
198
|
Total share-based
compensation expense
|
$ 746
|
|
$ 896
|
|
$ 2,969
|
|
$ 1,837
|
Payroll tax
expenses related to share-based compensation included in costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
$ -
|
|
$ -
|
|
$
2
|
|
$
3
|
Research
and development
|
22
|
|
6
|
|
56
|
|
33
|
Marketing and sales
|
2
|
|
2
|
|
10
|
|
9
|
General
and administrative
|
2
|
|
5
|
|
9
|
|
12
|
Total payroll tax
expenses related to share-based compensation
|
$ 26
|
|
$ 13
|
|
$ 77
|
|
$ 57
|
Amortization of
intangible assets included in costs and expenses:
|
|
|
|
|
|
|
|
Cost of
revenue
|
$ 55
|
|
$ 42
|
|
$ 187
|
|
$ 87
|
Research
and development
|
9
|
|
10
|
|
39
|
|
33
|
Marketing and sales
|
103
|
|
102
|
|
410
|
|
105
|
General
and administrative
|
24
|
|
23
|
|
94
|
|
94
|
Total amortization of
intangible assets
|
$ 191
|
|
$ 177
|
|
$ 730
|
|
$ 319
|
|
|
FACEBOOK,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
December 31,
2015
|
|
December 31,
2014
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
4,907
|
|
$
4,315
|
|
Marketable
securities
|
13,527
|
|
6,884
|
|
Accounts receivable,
net of allowances for doubtful accounts of $68 and $39 as of
December 31, 2015 and December 31, 2014, respectively
|
2,559
|
|
1,678
|
|
Prepaid expenses and
other current assets(1)
|
659
|
|
513
|
|
Total
current assets
|
21,652
|
|
13,390
|
Property and
equipment, net
|
5,687
|
|
3,967
|
Intangible assets,
net
|
3,246
|
|
3,929
|
Goodwill
|
18,026
|
|
17,981
|
Other
assets(1)
|
796
|
|
699
|
Total
assets
|
$
49,407
|
|
$
39,966
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
196
|
|
$
176
|
|
Partners
payable
|
217
|
|
202
|
|
Accrued expenses and
other current liabilities
|
1,449
|
|
866
|
|
Deferred revenue and
deposits
|
56
|
|
66
|
|
Current portion of
capital lease obligations
|
7
|
|
114
|
|
Total
current liabilities
|
1,925
|
|
1,424
|
|
|
|
|
|
|
Capital lease
obligations, less current portion
|
107
|
|
119
|
Other
liabilities(1)
|
3,157
|
|
2,327
|
|
Total
liabilities
|
5,189
|
|
3,870
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
Common stock and
additional paid-in capital
|
34,886
|
|
30,225
|
|
Accumulated other
comprehensive loss
|
(455)
|
|
(228)
|
|
Retained
earnings
|
9,787
|
|
6,099
|
|
Total
stockholders' equity
|
44,218
|
|
36,096
|
Total liabilities
and stockholders' equity
|
$
49,407
|
|
$
39,966
|
|
|
(1)
|
In November 2015, the
FASB issued Accounting Standards Update No. 2015-17, Income
Taxes (Topic 740): Balance Sheet Classification of Deferred
Taxes (ASU 2015-17), which simplifies the presentation of
deferred income taxes by requiring deferred tax assets and
liabilities be classified as noncurrent on the balance sheet. We
early adopted this standard retrospectively and reclassified $280
million of our current deferred tax assets to noncurrent deferred
tax assets as of December 31, 2014. This resulted in net
adjustments of $62 million increase and $218 million decrease to
our noncurrent deferred tax assets and noncurrent deferred tax
liability, respectively, on our December 31, 2014
condensed consolidated balance sheet.
|
|
|
FACEBOOK,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
Three Months Ended December
31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
Net income
|
$ 1,562
|
|
$ 701
|
|
$ 3,688
|
|
$ 2,940
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
543
|
|
433
|
|
1,945
|
|
1,243
|
Lease
abandonment
|
—
|
|
—
|
|
—
|
|
(31)
|
Share-based
compensation
|
746
|
|
845
|
|
2,960
|
|
1,786
|
Deferred income
taxes
|
(123)
|
|
(180)
|
|
(795)
|
|
(210)
|
Tax benefit from
share-based award activity
|
566
|
|
499
|
|
1,721
|
|
1,853
|
Excess tax benefit
from share-based award activity
|
(566)
|
|
(504)
|
|
(1,721)
|
|
(1,869)
|
Other
|
3
|
|
2
|
|
17
|
|
7
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
(568)
|
|
(346)
|
|
(973)
|
|
(610)
|
Prepaid expenses and
other current assets
|
1
|
|
(78)
|
|
(144)
|
|
(123)
|
Other
assets
|
(7)
|
|
(58)
|
|
(3)
|
|
(216)
|
Accounts
payable
|
11
|
|
19
|
|
18
|
|
31
|
Partners
payable
|
(23)
|
|
(6)
|
|
17
|
|
(28)
|
Accrued expenses and
other current liabilities
|
222
|
|
130
|
|
513
|
|
328
|
Deferred revenue and
deposits
|
9
|
|
7
|
|
(9)
|
|
10
|
Other
liabilities
|
451
|
|
119
|
|
1,365
|
|
346
|
Net cash provided
by operating activities
|
2,827
|
|
1,583
|
|
8,599
|
|
5,457
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(692)
|
|
(517)
|
|
(2,523)
|
|
(1,831)
|
Purchases of
marketable securities
|
(5,605)
|
|
(2,889)
|
|
(15,938)
|
|
(9,104)
|
Sales of marketable
securities
|
2,803
|
|
1,047
|
|
6,928
|
|
8,438
|
Maturities of
marketable securities
|
747
|
|
199
|
|
2,310
|
|
1,909
|
Acquisitions of
businesses, net of cash acquired, and purchases of intangible
assets
|
(4)
|
|
(4,221)
|
|
(313)
|
|
(4,975)
|
Change in restricted
cash and deposits
|
25
|
|
(235)
|
|
102
|
|
(348)
|
Other investing
activities, net
|
—
|
|
—
|
|
—
|
|
(2)
|
Net cash used in
investing activities
|
(2,726)
|
|
(6,616)
|
|
(9,434)
|
|
(5,913)
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
Taxes paid related to
net share settlement
|
—
|
|
(70)
|
|
(20)
|
|
(73)
|
Proceeds from
exercise of stock options
|
—
|
|
11
|
|
—
|
|
18
|
Principal payments on
capital lease obligations
|
(12)
|
|
(44)
|
|
(119)
|
|
(243)
|
Excess tax benefit
from share-based award activity
|
566
|
|
504
|
|
1,721
|
|
1,869
|
Net cash provided
by financing activities
|
554
|
|
401
|
|
1,582
|
|
1,571
|
Effect of exchange
rate changes on cash and cash equivalents
|
(56)
|
|
(52)
|
|
(155)
|
|
(123)
|
Net increase
(decrease) in cash and cash equivalents
|
599
|
|
(4,684)
|
|
592
|
|
992
|
Cash and cash
equivalents at beginning of period
|
4,308
|
|
8,999
|
|
4,315
|
|
3,323
|
Cash and cash
equivalents at end of period
|
$ 4,907
|
|
$ 4,315
|
|
$ 4,907
|
|
$ 4,315
|
|
|
FACEBOOK,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended December
31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Supplemental cash
flow data
|
|
|
|
|
|
|
|
Cash paid during the
period for:
|
|
|
|
|
|
|
|
Interest
|
$ 2
|
|
$
3
|
|
$ 10
|
|
$ 14
|
Income
taxes
|
$ 71
|
|
$ 77
|
|
$ 273
|
|
$ 184
|
Cash received during
the period for:
|
|
|
|
|
|
|
|
Income
taxes
|
$ -
|
|
$
-
|
|
$ 3
|
|
$
6
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
|
|
Net change in
accounts payable, accrued expenses and other current liabilities,
and other liabilities related to property and equipment
additions
|
$ (19)
|
|
$ 53
|
|
$ 88
|
|
$ 91
|
Fair value of shares
issued related to acquisitions of businesses
|
$
-
|
|
$ 12,987
|
|
$
-
|
|
$ 14,344
|
Promissory note
payable issued in connection with an acquisition
|
$
-
|
|
$
-
|
|
$ 198
|
|
$
-
|
|
|
Reconciliation of
Non-GAAP Results to Nearest GAAP Measures
|
(In millions,
except percentages and per share amounts)
|
(Unaudited)
|
|
|
Three Months Ended December
31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
GAAP
revenue
|
$ 5,841
|
|
$ 3,851
|
|
$ 17,928
|
|
$ 12,466
|
Foreign
exchange effect on 2015 revenue using 2014 rates
|
322
|
|
|
|
1,185
|
|
|
Revenue excluding
foreign exchange effect
|
$ 6,163
|
|
|
|
$ 19,113
|
|
|
GAAP revenue
year-over-year change %
|
52%
|
|
|
|
44%
|
|
|
Revenue excluding
foreign exchange effect year-over-year change %
|
60%
|
|
|
|
53%
|
|
|
GAAP advertising
revenue
|
$ 5,637
|
|
$ 3,594
|
|
$ 17,079
|
|
$ 11,492
|
Foreign
exchange effect on 2015 advertising revenue using 2014
rates
|
322
|
|
|
|
1,185
|
|
|
Advertising revenue
excluding foreign exchange effect
|
$ 5,959
|
|
|
|
$ 18,264
|
|
|
GAAP advertising
revenue year-over-year change %
|
57%
|
|
|
|
49%
|
|
|
Advertising revenue
excluding foreign exchange effect year-over-year change
%
|
66%
|
|
|
|
59%
|
|
|
GAAP costs and
expenses
|
$ 3,281
|
|
$ 2,718
|
|
$ 11,703
|
|
$ 7,472
|
Share-based compensation expense
|
(746)
|
|
(896)
|
|
(2,969)
|
|
(1,837)
|
Payroll
tax expenses related to share-based compensation
|
(26)
|
|
(13)
|
|
(77)
|
|
(57)
|
Amortization of intangible assets
|
(191)
|
|
(177)
|
|
(730)
|
|
(319)
|
Non-GAAP costs and
expenses
|
$ 2,318
|
|
$ 1,632
|
|
$ 7,927
|
|
$ 5,259
|
GAAP income from
operations
|
$ 2,560
|
|
$ 1,133
|
|
$ 6,225
|
|
$ 4,994
|
Share-based compensation expense
|
746
|
|
896
|
|
2,969
|
|
1,837
|
Payroll
tax expenses related to share-based compensation
|
26
|
|
13
|
|
77
|
|
57
|
Amortization of intangible assets
|
191
|
|
177
|
|
730
|
|
319
|
Non-GAAP income from
operations
|
$ 3,523
|
|
$ 2,219
|
|
$ 10,001
|
|
$ 7,207
|
GAAP net
income
|
$ 1,562
|
|
$ 701
|
|
$ 3,688
|
|
$ 2,940
|
Share-based compensation expense
|
746
|
|
896
|
|
2,969
|
|
1,837
|
Payroll
tax expenses related to share-based compensation
|
26
|
|
13
|
|
77
|
|
57
|
Amortization of intangible assets
|
191
|
|
177
|
|
730
|
|
319
|
Income
tax adjustments
|
(260)
|
|
(269)
|
|
(946)
|
|
(440)
|
Non-GAAP net
income
|
$ 2,265
|
|
$ 1,518
|
|
$ 6,518
|
|
$ 4,713
|
GAAP and Non-GAAP
diluted shares
|
2,878
|
|
2,816
|
|
2,853
|
|
2,664
|
GAAP diluted earnings
per share
|
$ 0.54
|
|
$ 0.25
|
|
$ 1.29
|
|
$ 1.10
|
Net
income attributable to participating securities
|
—
|
|
—
|
|
—
|
|
(0.01)
|
Non-GAAP
adjustments to net income
|
0.25
|
|
0.29
|
|
0.99
|
|
0.68
|
Non-GAAP diluted
earnings per share
|
$ 0.79
|
|
$ 0.54
|
|
$ 2.28
|
|
$ 1.77
|
GAAP operating
margin
|
44%
|
|
29%
|
|
35%
|
|
40%
|
Share-based compensation expense
|
13%
|
|
23%
|
|
17%
|
|
15%
|
Payroll
tax expenses related to share-based compensation
|
—%
|
|
—%
|
|
—%
|
|
—%
|
Amortization of intangible assets
|
3%
|
|
5%
|
|
4%
|
|
3%
|
Non-GAAP operating
margin
|
60%
|
|
58%
|
|
56%
|
|
58%
|
GAAP income before
provision for income taxes
|
$ 2,557
|
|
$ 1,114
|
|
$ 6,194
|
|
$ 4,910
|
GAAP provision for
income taxes
|
995
|
|
413
|
|
2,506
|
|
1,970
|
GAAP effective tax
rate
|
39%
|
|
37%
|
|
40%
|
|
40%
|
GAAP income before
provision for income taxes
|
$ 2,557
|
|
$ 1,114
|
|
$ 6,194
|
|
$ 4,910
|
Share-based
compensation and related payroll tax expenses
|
772
|
|
909
|
|
3,046
|
|
1,894
|
Amortization of
intangible assets
|
191
|
|
177
|
|
730
|
|
319
|
Non-GAAP income
before provision for income taxes
|
$ 3,520
|
|
$ 2,200
|
|
$ 9,970
|
|
$ 7,123
|
Non-GAAP provision
for income taxes
|
1,255
|
|
682
|
|
3,452
|
|
2,410
|
Non-GAAP effective
tax rate
|
36%
|
|
31%
|
|
35%
|
|
34%
|
Net cash provided by
operating activities
|
$ 2,827
|
|
$ 1,583
|
|
$ 8,599
|
|
$ 5,457
|
Purchases of property and equipment
|
(692)
|
|
(517)
|
|
(2,523)
|
|
(1,831)
|
Free cash
flow
|
$ 2,135
|
|
$ 1,066
|
|
$ 6,076
|
|
$ 3,626
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/facebook-reports-fourth-quarter-and-full-year-2015-results-300210893.html
SOURCE Facebook