Wednesday, February 1, 2012

Facebook's Financials

Facebook has filed for a $5B Spring 2012 IPO. The S-1 can be found here. Revenues were up 88% to $3.7B in 2011 with Net Income of $1B (vs. $606M in 2010). The lion’s share of revenue comes from advertising and Zynga interestingly accounts for 12% of revenues. The company has generated positive free cash flow since 2009. 2011 FCF was $470M.


Consolidated Statements of Income Data:
  
  
  
Revenue
  
$
777
  
  
$
1,974
  
  
$
3,711
  
Costs and expenses(1):
  
  
  
Cost of revenue
  

223
  
  

493
  
  

860
  
Marketing and sales
  

115
  
  

184
  
  

427
  
Research and development
  

87
  
  

144
  
  

388
  
General and administrative
  

90
  
  

121
  
  

280
  
  



  



  



Total costs and expenses
  

515
  
  

942
  
  

1,955
  
  



  



  



Income from operations
  

262
  
  

1,032
  
  

1,756
  
Other expense, net
  

8
  
  

24
  
  

61
  
  



  



  



Income before provision for income taxes
  

254
  
  

1,008
  
  

1,695
  
Provision for income taxes
  

25
  
  

402
  
  

695
  
  



  



  



Net income
  
$
229
  
  
$
606
  
  
$
1,000
  
  



  



  



Net income attributable to Class A and Class B common stockholders
  
$
122
  
  
$
372
  
  
$
668
  
  



  



  



Earnings per share attributable to Class A and Class B common stockholders(2):
  
  
  
Basic
  
$
  0.12
  
  
$
0.34
  
  
$
0.52
  
  



  



  



Diluted
  
$
0.10
  
  
$
0.28
  
  
$
0.46
  
  



  



  



Pro forma earnings per share attributable to Class A and Class B common stockholders(2):
  
  
  
Basic
  
  
  
$
0.49
  
  
  
  



Diluted
  
  
  
$
0.43





  
Year Ended December 31,

 FREE CASH FLOW
  
   2007   


   2008   


   2009   


   2010   


   2011   


  
(in millions)

Net cash provided by operating activities
  
$
11
  

$
8
  

$
155
  

$
698
  

$
1,549
  
Purchases of property and equipment
  

(55


(70


(33


(293


(606
Property and equipment acquired under capital leases
  

(11


(26


(56


(217


(473
  



















Free cash flow
  
$
   (55

$
   (88

$
     66
  

$
   188
  

$
470

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