MENLO PARK, Calif.,
Oct. 25, 2021 /PRNewswire/ --
Facebook, Inc. (Nasdaq: FB) today reported financial results for
the quarter ended September 30, 2021.
"We made good progress this quarter and our community continues
to grow," said Mark Zuckerberg,
Facebook founder and CEO. "I'm excited about our roadmap,
especially around creators, commerce, and helping to build the
metaverse."
Third Quarter 2021 Financial Highlights
|
|
Three Months Ended
September 30,
|
|
Year-over-Year
%
Change
|
|
In millions,
except percentages and per share amounts
|
2021
|
|
2020(1)
|
|
|
Revenue:
|
|
|
|
|
|
|
Advertising
|
$
|
28,276
|
|
$
|
21,221
|
|
33%
|
|
Other
|
734
|
|
249
|
|
195%
|
|
Total
revenue
|
29,010
|
|
21,470
|
|
35%
|
|
Total costs and
expenses
|
18,587
|
|
13,430
|
|
38%
|
|
Income from
operations
|
$
|
10,423
|
|
$
|
8,040
|
|
30%
|
|
Operating
margin
|
36%
|
|
37%
|
|
|
|
Provision for income
taxes
|
$
|
1,371
|
|
$
|
287
|
|
378%
|
|
Effective tax
rate
|
13%
|
|
4%
|
|
|
|
Net income
|
$
|
9,194
|
|
$
|
7,846
|
|
17%
|
|
Diluted earnings per
share (EPS)
|
$
|
3.22
|
|
$
|
2.71
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Our third quarter 2020 effective
tax rate was 4%, which reflects a one-time income tax benefit of
$913 million related to the effects of a tax election to
capitalize and amortize certain research and development expenses
for U.S. income tax purposes. Excluding this tax benefit, our
effective tax rate would have been 11 percentage points higher and
our diluted EPS would have been $0.31 lower.
|
Third Quarter 2021 Operational and Other Financial
Highlights
- Facebook daily active users (DAUs) – DAUs were 1.93
billion on average for September
2021, an increase of 6% year-over-year.
- Facebook monthly active users (MAUs) – MAUs were
2.91 billion as of September 30, 2021, an increase of 6%
year-over-year.
- Family daily active people (DAP) – DAP was 2.81
billion on average for September
2021, an increase of 11% year-over-year.
- Family monthly active people (MAP) – MAP was 3.58
billion as of September 30, 2021, an increase of 12%
year-over-year.
- Capital expenditures – Capital expenditures, including
principal payments on finance leases, were $4.54 billion for the third quarter of
2021.
- Share repurchases – We repurchased $14.37 billion of our Class A common stock in the
third quarter and had $7.97 billion
remaining on our prior share repurchase authorization as of
September 30, 2021. We also announced
today a $50 billion increase in our
share repurchase authorization.
- Cash and cash equivalents and marketable
securities – Cash and cash equivalents and marketable
securities were $58.08 billion
as of September 30, 2021.
- Headcount – Headcount was 68,177 as of
September 30, 2021, an increase of 20% year-over-year.
CFO Outlook Commentary
Starting with our results for the fourth quarter
of 2021, we plan to break out Facebook Reality Labs, or FRL, as a
separate reporting segment. As we have discussed, we are dedicating
significant resources toward our augmented and virtual reality
products and services, which are an important part of our work to
develop the next generation of online social experiences. The new
segment disclosures will provide additional information on the
performance of FRL and the investments we are making.
Under this reporting structure, we will provide revenue and
operating profit for two segments: The first segment, Family of
Apps, will include Facebook, Instagram, Messenger, WhatsApp and
other services. The second segment, Facebook Reality Labs, will
include augmented and virtual reality related hardware, software
and content. We expect our investment in Facebook Reality Labs to
reduce our overall operating profit in 2021 by approximately
$10 billion. We are committed to
bringing this long-term vision to life and we expect to increase
our investments for the next several years.
Ahead of the fourth quarter earnings call, we
will share additional details about the reporting format of our
segmented financials.
We expect fourth quarter 2021 total revenue to be
in a range of $31.5 billion to
$34 billion. Our outlook reflects the
significant uncertainty we face in the fourth quarter in light of
continued headwinds from Apple's iOS 14 changes, and macroeconomic
and COVID-related factors. In addition, we expect non-ads revenue
to be down year-over-year in the fourth quarter as we lap the
strong launch of Quest 2 during last year's holiday shopping
season.
As previously noted, we also continue to monitor
developments regarding the viability of transatlantic data
transfers and their potential impact on our European
operations.
We expect 2021 total expenses to be in the range
of $70-71 billion, updated from our
prior outlook of $70-73 billion. We
anticipate our full-year 2022 total expenses will be in the range
of $91-97 billion, driven by
investments in technical and product talent and
infrastructure-related costs.
We expect 2021 capital expenditures to be
approximately $19 billion, updated
from our prior estimate of $19-21
billion. For 2022, we expect capital expenditures to be in the
range of $29-34 billion, driven by
our investments in data centers, servers, network infrastructure,
and office facilities.
We expect our fourth quarter 2021 tax rate to be
in the high-teens. Absent any changes to U.S. tax law, we would
expect our full-year tax rate in 2022 to be similar to the
full-year 2021 rate.
Please note that our outlook for 2022 expenses,
capital expenditures and tax rate are preliminary estimates as we
have not finalized our 2022 budget.
New Financial Reporting Segment Structure
Beginning in the fourth quarter of 2021, we will implement a new
financial reporting segment structure with the following two
reportable segments:
- Family of Apps (FoA),
which includes Facebook, Instagram, Messenger, WhatsApp and other
services.
- Facebook Reality Labs (FRL), which includes augmented
and virtual reality related consumer hardware, software and
content.
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
conference 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 and about.fb.com/news/ websites
as well as Mark Zuckerberg's
Facebook Page (https://www.facebook.com/zuck) and Instagram account
(https://www.instagram.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 (402) 977-9140 or +1 (800)
633-8284, conference ID 21997795.
Transcripts of conference calls with publishing equity research
analysts held today will also be posted to
the investor.fb.com website.
About Facebook
Founded in 2004, Facebook's mission is to give people the power
to build community and bring the world closer together. People use
Facebook's apps and technologies to connect with friends and
family, find communities and grow businesses.
Contacts
Investors:
Deborah Crawford
investor@fb.com / investor.fb.com
Press:
Ryan Moore
press@fb.com / about.fb.com/news/
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business plans and expectations. These forward-looking
statements are only predictions and may differ materially from
actual results due to a variety of factors including: the impact of
the COVID-19 pandemic on our business and financial
results; our ability to retain or increase users and
engagement levels; our reliance on advertising revenue; our
dependency on data signals and mobile operating systems, networks,
and standards that we do not control; risks associated with new
products and changes to existing products as well as other new
business initiatives; our emphasis on community growth and
engagement and the user experience over short-term financial
results; maintaining and enhancing our brand and reputation; our
ongoing privacy, safety, security, and content review efforts;
competition; risks associated with government actions that could
restrict access to our products or impair our ability to sell
advertising in certain countries; 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 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 July 29, 2021, 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 Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021. In addition, please note
that the date of this press release is October 25, 2021, 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 condensed consolidated financial statements,
which are prepared and presented in accordance with generally
accepted accounting principles in the
United States (GAAP), we use the following non-GAAP
financial measures: revenue excluding foreign exchange effect,
advertising revenue excluding foreign exchange effect 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 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 our non-GAAP financial
measures:
Foreign exchange effect on revenue. We translated revenue
for the three and nine months ended September 30, 2021 using
the prior year's 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; Principal payments on
finance leases. We subtract both purchases of property and
equipment and principal payments on finance leases in our
calculation of free cash flow because we believe that these two
items collectively represent the amount of property and equipment
we need to procure to support our business, regardless of whether
we procure such property or equipment with a finance lease. We
believe that this methodology can provide useful supplemental
information to help investors better understand underlying trends
in our business. Free cash flow is not intended to represent our
residual cash flow available for discretionary expenditures.
For more information on our non-GAAP financial 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,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Revenue
|
$
|
29,010
|
|
|
$
|
21,470
|
|
|
$
|
84,258
|
|
|
$
|
57,893
|
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
5,771
|
|
|
4,194
|
|
|
16,301
|
|
|
11,482
|
|
|
Research and
development
|
6,316
|
|
|
4,763
|
|
|
17,609
|
|
|
13,240
|
|
|
Marketing and
sales
|
3,554
|
|
|
2,683
|
|
|
9,656
|
|
|
8,310
|
|
|
General and
administrative
|
2,946
|
|
|
1,790
|
|
|
6,524
|
|
|
4,965
|
|
|
Total costs and
expenses
|
18,587
|
|
|
13,430
|
|
|
50,090
|
|
|
37,997
|
|
|
Income from
operations
|
10,423
|
|
|
8,040
|
|
|
34,168
|
|
|
19,896
|
|
|
Interest and other
income, net
|
142
|
|
|
93
|
|
|
413
|
|
|
229
|
|
|
Income before
provision for income taxes
|
10,565
|
|
|
8,133
|
|
|
34,581
|
|
|
20,125
|
|
|
Provision for income
taxes
|
1,371
|
|
|
287
|
|
|
5,496
|
|
|
2,198
|
|
|
Net
income
|
$
|
9,194
|
|
|
$
|
7,846
|
|
|
$
|
29,085
|
|
|
$
|
17,927
|
|
|
Earnings per share
attributable to Class A and Class B common
stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
3.27
|
|
|
$
|
2.75
|
|
|
$
|
10.27
|
|
|
$
|
6.29
|
|
|
Diluted
|
$
|
3.22
|
|
|
$
|
2.71
|
|
|
$
|
10.11
|
|
|
$
|
6.22
|
|
|
Weighted-average
shares used to compute earnings per share attributable
to
|
|
|
|
|
|
|
|
|
Class A and Class
B common stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
2,814
|
|
|
2,850
|
|
|
2,832
|
|
|
2,850
|
|
|
Diluted
|
2,859
|
|
|
2,891
|
|
|
2,876
|
|
|
2,883
|
|
|
Share-based
compensation expense included in costs and expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
147
|
|
|
$
|
116
|
|
|
$
|
428
|
|
|
$
|
327
|
|
|
Research and
development
|
1,849
|
|
|
1,297
|
|
|
5,224
|
|
|
3,557
|
|
|
Marketing and
sales
|
218
|
|
|
180
|
|
|
631
|
|
|
516
|
|
|
General and
administrative
|
165
|
|
|
129
|
|
|
474
|
|
|
352
|
|
|
Total share-based
compensation expense
|
$
|
2,379
|
|
|
$
|
1,722
|
|
|
$
|
6,757
|
|
|
$
|
4,752
|
|
|
FACEBOOK,
INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
|
September 30,
2021
|
|
December 31,
2020
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
14,496
|
|
|
$
|
17,576
|
|
|
Marketable
securities
|
43,579
|
|
|
44,378
|
|
|
Accounts receivable,
net of allowances of $110 and $114 as of September 30,
2021
|
|
|
|
|
|
|
and December 31, 2020,
respectively
|
12,088
|
|
|
11,335
|
|
|
Prepaid expenses and
other current assets
|
5,258
|
|
|
2,381
|
|
|
Total current
assets
|
75,421
|
|
|
75,670
|
|
|
Equity
investments
|
6,758
|
|
|
6,234
|
|
|
Property and
equipment, net
|
53,726
|
|
|
45,633
|
|
|
Operating lease
right-of-use assets, net
|
11,063
|
|
|
9,348
|
|
|
Intangible assets,
net
|
365
|
|
|
623
|
|
|
Goodwill
|
19,065
|
|
|
19,050
|
|
|
Other
assets
|
3,187
|
|
|
2,758
|
|
|
Total
assets
|
$
|
169,585
|
|
|
$
|
159,316
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
|
2,195
|
|
|
$
|
1,331
|
|
|
Partners
payable
|
909
|
|
|
1,093
|
|
|
Operating lease
liabilities, current
|
1,086
|
|
|
1,023
|
|
|
Accrued expenses and
other current liabilities
|
13,158
|
|
|
11,152
|
|
|
Deferred revenue and
deposits
|
464
|
|
|
382
|
|
|
Total current
liabilities
|
17,812
|
|
|
14,981
|
|
|
Operating lease
liabilities, non-current
|
11,554
|
|
|
9,631
|
|
|
Other
liabilities
|
6,859
|
|
|
6,414
|
|
|
Total
liabilities
|
36,225
|
|
|
31,026
|
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock and
additional paid-in capital
|
54,334
|
|
|
50,018
|
|
|
Accumulated other
comprehensive income (loss)
|
(207)
|
|
|
927
|
|
|
Retained
earnings
|
79,233
|
|
|
77,345
|
|
|
Total stockholders'
equity
|
133,360
|
|
|
128,290
|
|
|
Total liabilities
and stockholders' equity
|
$
|
169,585
|
|
|
$
|
159,316
|
|
|
FACEBOOK,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
$
|
9,194
|
|
|
$
|
7,846
|
|
|
$
|
29,085
|
|
|
$
|
17,927
|
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
1,995
|
|
|
1,698
|
|
|
5,953
|
|
|
4,999
|
|
|
Share-based
compensation
|
2,379
|
|
|
1,722
|
|
|
6,757
|
|
|
4,752
|
|
|
Deferred income
taxes
|
(786)
|
|
|
(1,506)
|
|
|
(139)
|
|
|
(816)
|
|
|
Other
|
(73)
|
|
|
7
|
|
|
(161)
|
|
|
56
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(555)
|
|
|
(377)
|
|
|
(1,072)
|
|
|
1,547
|
|
|
Prepaid expenses and
other current assets
|
(253)
|
|
|
264
|
|
|
(2,566)
|
|
|
(89)
|
|
|
Other
assets
|
11
|
|
|
6
|
|
|
(184)
|
|
|
(8)
|
|
|
Accounts
payable
|
694
|
|
|
139
|
|
|
560
|
|
|
39
|
|
|
Partners
payable
|
(30)
|
|
|
58
|
|
|
(163)
|
|
|
(100)
|
|
|
Accrued expenses and
other current liabilities
|
1,094
|
|
|
(258)
|
|
|
895
|
|
|
(3,273)
|
|
|
Deferred revenue and
deposits
|
78
|
|
|
112
|
|
|
87
|
|
|
111
|
|
|
Other
liabilities
|
343
|
|
|
117
|
|
|
527
|
|
|
(438)
|
|
|
Net cash provided
by operating activities
|
14,091
|
|
|
9,828
|
|
|
39,579
|
|
|
24,707
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(4,313)
|
|
|
(3,689)
|
|
|
(13,198)
|
|
|
(10,502)
|
|
|
Purchases of
marketable securities
|
(7,786)
|
|
|
(14,130)
|
|
|
(24,314)
|
|
|
(28,193)
|
|
|
Sales of marketable
securities
|
8,993
|
|
|
4,398
|
|
|
15,331
|
|
|
9,779
|
|
|
Maturities of
marketable securities
|
2,991
|
|
|
2,857
|
|
|
9,318
|
|
|
10,725
|
|
|
Purchases of equity
investments
|
(27)
|
|
|
(6,020)
|
|
|
(46)
|
|
|
(6,302)
|
|
|
Acquisitions of
businesses, net of cash acquired, and purchases of intangible
assets
|
(71)
|
|
|
(12)
|
|
|
(330)
|
|
|
(384)
|
|
|
Other investing
activities
|
(117)
|
|
|
(3)
|
|
|
(160)
|
|
|
(9)
|
|
|
Net cash used in
investing activities
|
(330)
|
|
|
(16,599)
|
|
|
(13,399)
|
|
|
(24,886)
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Taxes paid related to
net share settlement of equity awards
|
(1,576)
|
|
|
(1,000)
|
|
|
(4,007)
|
|
|
(2,444)
|
|
|
Repurchases of Class A
common stock
|
(13,457)
|
|
|
(1,725)
|
|
|
(24,476)
|
|
|
(4,343)
|
|
|
Principal payments on
finance leases
|
(231)
|
|
|
(189)
|
|
|
(505)
|
|
|
(398)
|
|
|
Net change in
overdraft in cash pooling entities
|
11
|
|
|
(8)
|
|
|
15
|
|
|
(24)
|
|
|
Other financing
activities
|
—
|
|
|
10
|
|
|
(13)
|
|
|
124
|
|
|
Net cash used in
financing activities
|
(15,253)
|
|
|
(2,912)
|
|
|
(28,986)
|
|
|
(7,085)
|
|
|
Effect of exchange
rate changes on cash, cash equivalents, and restricted
cash
|
(215)
|
|
|
93
|
|
|
(344)
|
|
|
(36)
|
|
|
Net decrease in cash,
cash equivalents, and restricted cash
|
(1,707)
|
|
|
(9,590)
|
|
|
(3,150)
|
|
|
(7,300)
|
|
|
Cash, cash
equivalents, and restricted cash at beginning of the
period
|
16,511
|
|
|
21,569
|
|
|
17,954
|
|
|
19,279
|
|
|
Cash, cash
equivalents, and restricted cash at end of the
period
|
$
|
14,804
|
|
|
$
|
11,979
|
|
|
$
|
14,804
|
|
|
$
|
11,979
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the
|
|
|
|
|
|
|
|
|
condensed
consolidated balance sheets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
14,496
|
|
|
$
|
11,617
|
|
|
$
|
14,496
|
|
|
$
|
11,617
|
|
|
Restricted cash,
included in prepaid expenses and other current assets
|
195
|
|
|
222
|
|
|
195
|
|
|
222
|
|
|
Restricted cash,
included in other assets
|
113
|
|
|
140
|
|
|
113
|
|
|
140
|
|
|
Total cash, cash
equivalents, and restricted cash
|
$
|
14,804
|
|
|
$
|
11,979
|
|
|
$
|
14,804
|
|
|
$
|
11,979
|
|
|
FACEBOOK,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
Supplemental cash
flow data
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes
|
$
|
1,625
|
|
|
$
|
1,872
|
|
|
$
|
7,919
|
|
|
$
|
3,122
|
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Property and equipment
in accounts payable and accrued expenses
|
$
|
2,635
|
|
|
$
|
2,137
|
|
|
$
|
2,635
|
|
|
$
|
2,137
|
|
|
and other current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses in accrued expenses and other current
|
$
|
73
|
|
|
$
|
118
|
|
|
$
|
73
|
|
|
$
|
118
|
|
|
liabilities and other
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current assets
through financing arrangement in accrued expenses
|
$
|
491
|
|
|
$
|
—
|
|
|
$
|
491
|
|
|
$
|
—
|
|
|
and other current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchases of Class A
common stock in accrued expenses and other
|
$
|
1,223
|
|
|
$
|
55
|
|
|
$
|
1,223
|
|
|
$
|
55
|
|
|
current
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Results
|
|
(In millions,
except percentages)
|
|
(Unaudited)
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
GAAP
revenue
|
$
|
29,010
|
|
$
|
21,470
|
|
$
|
84,258
|
|
$
|
57,893
|
|
Foreign exchange
effect on 2021 revenue using 2020 rates
|
(259)
|
|
|
|
|
(1,947)
|
|
|
|
Revenue excluding
foreign exchange effect
|
$
|
28,751
|
|
|
|
$
|
82,311
|
|
|
|
|
GAAP revenue
year-over-year change %
|
35%
|
|
|
|
46%
|
|
|
|
|
Revenue excluding
foreign exchange effect year-over-year change %
|
34%
|
|
|
|
42%
|
|
|
|
|
GAAP advertising
revenue
|
$
|
28,276
|
|
$
|
21,221
|
|
$
|
82,294
|
|
$
|
56,981
|
|
Foreign exchange
effect on 2021 advertising revenue using 2020 rates
|
(256)
|
|
|
|
(1,926)
|
|
|
|
|
Advertising revenue
excluding foreign exchange effect
|
$
|
28,020
|
|
|
|
$
|
80,368
|
|
|
|
|
GAAP advertising
revenue year-over-year change %
|
33%
|
|
|
|
44%
|
|
|
|
|
Advertising revenue
excluding foreign exchange effect year-over-year change
%
|
32%
|
|
|
|
41%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
14,091
|
|
$
|
9,828
|
|
$
|
39,579
|
|
$
|
24,707
|
|
Purchases of property
and equipment
|
(4,313)
|
|
(3,689)
|
|
(13,198)
|
|
|
(10,502)
|
|
Principal payments on
finance leases
|
(231)
|
|
(189)
|
|
(505)
|
|
|
(398)
|
|
Free cash
flow(1)
|
$
|
9,547
|
|
$
|
5,950
|
|
$
|
25,876
|
|
$
|
13,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Free cash flow in the nine months
ended September 30, 2020 reflects the $5.0 billion FTC settlement
that was paid in April 2020.
|
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SOURCE Facebook