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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