Facebook Reports Second Quarter 2021 Results

 
 

- Facebook, Inc. (Nasdaq: FB) today reported financial results for the quarter ended June 30, 2021.

 

"We had a strong quarter as we continue to help businesses grow and people stay connected," said Mark Zuckerberg , Facebook founder and CEO. "I'm excited to see our major initiatives around creators and community, commerce, and building the next computing platform coming together to start to bring the vision of the metaverse to life."

 

  Second Quarter 2021 Financial Highlights  

 
 
                                                                                     
 
 

   Three Months Ended June 30,   

 
 
 

   Year-over-Year %
Change
 
 

 
 

   In millions, except percentages and per share amounts   

 
 

   2021   

 
 
 

   2020   

 
 
 

  Revenue:  

 
 
 
 
 
 
 

  Advertising  

 
 

  $  

 
 

  28,580  

 
 
 

  $  

 
 

  18,321  

 

 
 

  56%  

 
 

  Other  

 
 

  497  

 
 
 

  366  

 
 
 

  36%  

 
 

  Total revenue  

 
 

  29,077  

 
 
 

  18,687  

 
 
 

  56%  

 
 

  Total costs and expenses  

 
 

  16,710  

 
 
 

  12,724  

 
 
 

  31%  

 
 

  Income from operations  

 
 

  $  

 
 

  12,367  

 
 
 

  $  

 
 

  5,963  

 
 
 

  107%  

 
 

   Operating margin   

 
 

   43%   

 
 
 

   32%   

 
 
 
 

  Provision for income taxes  

 
 

  $  

 
 

  2,119  

 
 
 

  $  

 
 

  953  

 
 
 

  122%  

 
 

   Effective tax rate   

 
 

   17%   

 
 
 

   16%   

 
 
 
 

  Net income  

 
 

  $  

 
 

  10,394  

 
 
 

  $  

 
 

  5,178  

 
 
 

  101%  

 
 

  Diluted earnings per share (EPS)  

 
 

  $  

 
 

  3.61  

 
 
 

  $  

 
 

  1.80  

 
 
 

  101%  

 
 
 

  Second Quarter 2021 Operational and Other Financial Highlights  

 
  •   Facebook daily active users (DAUs) – DAUs were 1.91 billion on average for June 2021 , an increase of 7% year-over-year.
  •  
  •   Facebook monthly active users (MAUs) – MAUs were 2.90 billion as of June 30, 2021 , an increase of 7% year-over-year.
  •  
  •   Family daily active people (DAP) – DAP was 2.76 billion on average for June 2021 , an increase of 12% year-over-year.
  •  
  •   Family monthly active people (MAP) – MAP was 3.51 billion as of June 30, 2021 , an increase of 12% year-over-year.
  •  
  •   Capital expenditures – Capital expenditures, including principal payments on finance leases, were $4.74 billion for the second quarter of 2021.
  •  
  •   Cash and cash equivalents and marketable securities – Cash and cash equivalents and marketable securities were $64.08 billion as of June 30, 2021 .
  •  
  •   Headcount – Headcount was 63,404 as of June 30, 2021 , an increase of 21% year-over-year.
  •  

  CFO Outlook Commentary  

 

Advertising revenue growth in the second quarter of 2021 was driven by a 47% year-over-year increase in the average price per ad and a 6% increase in the number of ads delivered. Similar to the second quarter, we expect that advertising revenue growth will be driven primarily by year-over-year advertising price increases during the rest of 2021.

 

In the third and fourth quarters of 2021, we expect year-over-year total revenue growth rates to decelerate significantly on a sequential basis as we lap periods of increasingly strong growth. When viewing growth on a two-year basis to exclude the impacts from lapping the COVID-19 recovery, we expect year-over-two-year total revenue growth to decelerate modestly in the second half of 2021 compared to the second quarter growth rate.

 

We continue to expect increased ad targeting headwinds in 2021 from regulatory and platform changes, notably the recent iOS updates, which we expect to have a greater impact in the third quarter compared to the second quarter. This is factored into our outlook.

 

As noted in recent earnings calls, we 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 -73 billion, unchanged from our prior outlook. The year-over-year growth in expenses is driven primarily by investments in technical and product talent, infrastructure, and consumer hardware-related costs. Our expense outlook reflects our commitment to invest ahead of the compelling long-term growth opportunities we see across our product portfolio.

 

We expect 2021 capital expenditures to be in the range of $19 -21 billion, unchanged from our prior estimate. Our capital expenditures are driven primarily by our investments in data centers, servers, network infrastructure, and office facilities.

 

We expect our full-year 2021 tax rate to be in the high-teens.

 

  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 21995877.

 

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 April 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 June 30, 2021. In addition, please note that the date of this press release is July 28, 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 six months ended June 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 June 30,   

 
 
 

   Six Months Ended June 30,   

 
 
 

   2021   

 
 
 

   2020   

 
 
 

   2021   

 
 
 

   2020   

 
 

   Revenue   

 
 

  $  

 
 

  29,077  

 
 
 
 

  $  

 
 

  18,687  

 
 
 
 

  $  

 
 

  55,248  

 
 
 
 

  $  

 
 

  36,423  

 
 
 

   Costs and expenses:   

 
 
 
 
 
 
 
 
 

  Cost of revenue  

 
 

  5,399  

 
 
 
 

  3,829  

 
 
 
 

  10,530  

 
 
 
 

  7,288  

 
 
 

  Research and development  

 
 

  6,096  

 
 
 
 

  4,462  

 
 
 
 

  11,293  

 
 
 
 

  8,477  

 
 
 

  Marketing and sales  

 
 

  3,259  

 
 
 
 

  2,840  

 
 
 
 

  6,102  

 
 
 
 

  5,627  

 
 
 

  General and administrative  

 
 

  1,956  

 
 
 
 

  1,593  

 
 
 
 

  3,578  

 
 
 
 

  3,175  

 
 
 

   Total costs and expenses   

 
 

  16,710  

 
 
 
 

  12,724  

 
 
 
 

  31,503  

 
 
 
 

  24,567  

 
 
 

   Income from operations   

 
 

  12,367  

 
 
 
 

  5,963  

 
 
 
 

  23,745  

 
 
 
 

  11,856  

 
 
 

  Interest and other income, net  

 
 

  146  

 
 
 
 

  168  

 
 
 
 

  271  

 
 
 
 

  136  

 
 
 

  Income before provision for income taxes  

 
 

  12,513  

 
 
 
 

  6,131  

 
 
 
 

  24,016  

 
 
 
 

  11,992  

 
 
 

  Provision for income taxes  

 
 

  2,119  

 
 
 
 

  953  

 
 
 
 

  4,124  

 
 
 
 

  1,911  

 
 
 

   Net income   

 
 

  $  

 
 

  10,394  

 
 
 
 

  $  

 
 

  5,178  

 
 
 
 

  $  

 
 

  19,892  

 
 
 
 

  $  

 
 

  10,081  

 
 
 

   Earnings per share attributable to Class A and Class B common stockholders:   

 
 
 
 
 
 
 
 
 

  Basic  

 
 

  $  

 
 

  3.67  

 
 
 
 

  $  

 
 

  1.82  

 
 
 
 

  $  

 
 

  7.00  

 
 
 
 

  $  

 
 

  3.54  

 
 
 

  Diluted  

 
 

  $  

 
 

  3.61  

 
 
 
 

  $  

 
 

  1.80  

 
 
 
 

  $  

 
 

  6.90  

 
 
 
 

  $  

 
 

  3.51  

 
 
 

   Weighted-average shares used to compute earnings per share attributable to   

 
 
 
 
 
 
 
 
 

   Class A and Class B common stockholders:   

 
 
 
 
 
 
 
 
 

  Basic  

 
 

  2,834  

 
 
 
 

  2,850  

 
 
 
 

  2,841  

 
 
 
 

  2,851  

 
 
 

  Diluted  

 
 

  2,877  

 
 
 
 

  2,879  

 
 
 
 

  2,881  

 
 
 
 

  2,876  

 
 
 

   Share-based compensation expense included in costs and expenses:   

 
 
 
 
 
 
 
 
 

  Cost of revenue  

 
 

  $  

 
 

  163  

 
 
 
 

  $  

 
 

  117  

 
 
 
 

  $  

 
 

  281  

 
 
 
 

  $  

 
 

  211  

 
 
 

  Research and development  

 
 

  1,967  

 
 
 
 

  1,261  

 
 
 
 

  3,376  

 
 
 
 

  2,260  

 
 
 

  Marketing and sales  

 
 

  239  

 
 
 
 

  187  

 
 
 
 

  413  

 
 
 
 

  336  

 
 
 

  General and administrative  

 
 

  179  

 
 
 
 

  130  

 
 
 
 

  309  

 
 
 
 

  223  

 
 
 

   Total share-based compensation expense   

 
 

  $  

 
 

  2,548  

 
 
 
 

  $  

 
 

  1,695  

 
 
 
 

  $  

 
 

  4,379  

 
 
 
 

  $  

 
 

  3,030  

 
 
 
 
 
                                                                                                                                                                                                                                          
 
 
 
 

   FACEBOOK, INC.   

 
 

   CONDENSED CONSOLIDATED BALANCE SHEETS   

 
 

   (In millions)   

 
 

   (Unaudited)   

 
 
 
 
 

   June 30, 2021   

 
 
 

   December 31, 2020   

 
 

   Assets   

 
 
 
 
 

  Current assets:  

 
 
 
 
 
 

  Cash and cash equivalents  

 
 

  $  

 
 

  16,186  

 
 
 
 

  $  

 
 

  17,576  

 
 
 
 

  Marketable securities  

 
 

  47,894  

 
 
 
 

  44,378  

 
 
 
 

  Accounts receivable, net of allowances of $108 and $114 as of June 30, 2021  

 
 
 
 
 
 
 
 

  and December 31, 2020, respectively  

 
 

  11,698  

 
 
 
 

  11,335  

 
 
 
 

  Prepaid expenses and other current assets  

 
 

  4,919  

 
 
 
 

  2,381  

 
 
 
 
 

  Total current assets  

 
 

  80,697  

 
 
 
 

  75,670  

 
 
 

  Equity investments  

 
 

  6,393  

 
 
 
 

  6,234  

 
 
 

  Property and equipment, net  

 
 

  50,909  

 
 
 
 

  45,633  

 
 
 

  Operating lease right-of-use assets, net  

 
 

  10,525  

 
 
 
 

  9,348  

 
 
 

  Intangible assets, net  

 
 

  514  

 
 
 
 

  623  

 
 
 

  Goodwill  

 
 

  19,219  

 
 
 
 

  19,050  

 
 
 

  Other assets  

 
 

  2,352  

 
 
 
 

  2,758  

 
 
 

   Total assets   

 
 

  $  

 
 

  170,609  

 
 
 
 

  $  

 
 

  159,316  

 
 
 
 
 
 
 
 
 

   Liabilities and stockholders' equity   

 
 
 
 
 

  Current liabilities:  

 
 
 
 
 
 

  Accounts payable  

 
 

  $  

 
 

  973  

 
 
 
 

  $  

 
 

  1,331  

 
 
 
 

  Partners payable  

 
 

  949  

 
 
 
 

  1,093  

 
 
 
 

  Operating lease liabilities, current  

 
 

  1,051  

 
 
 
 

  1,023  

 
 
 
 

  Accrued expenses and other current liabilities  

 
 

  11,510  

 
 
 
 

  11,152  

 
 
 
 

  Deferred revenue and deposits  

 
 

  391  

 
 
 
 

  382  

 
 
 
 
 

  Total current liabilities  

 
 

  14,874  

 
 
 
 

  14,981  

 
 
 

  Operating lease liabilities, non-current  

 
 

  10,956  

 
 
 
 

  9,631  

 
 
 

  Other liabilities  

 
 

  6,552  

 
 
 
 

  6,414  

 
 
 
 
 

  Total liabilities  

 
 

  32,382  

 
 
 
 

  31,026  

 
 
 

  Commitments and contingencies  

 
 
 
 
 

  Stockholders' equity:  

 
 
 
 
 
 

  Common stock and additional paid-in capital  

 
 

  52,845  

 
 
 
 

  50,018  

 
 
 
 

  Accumulated other comprehensive income  

 
 

  285  

 
 
 
 

  927  

 
 
 
 

  Retained earnings  

 
 

  85,097  

 
 
 
 

  77,345  

 
 
 
 
 

  Total stockholders' equity  

 
 

  138,227  

 
 
 
 

  128,290  

 
 
 

   Total liabilities and stockholders' equity   

 
 

  $  

 
 

  170,609  

 
 
 
 

  $  

 
 

  159,316  

 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
 
 
 
 

   FACEBOOK, INC.   

 
 

   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   

 
 

   (In millions)   

 
 

   (Unaudited)   

 
 
 

   Three Months Ended June 30,   

 
 
 

   Six Months Ended June 30,   

 
 
 

   2021   

 
 
 

   2020   

 
 
 

   2021   

 
 
 

   2020   

 
 

   Cash flows from operating activities   

 
 
 
 
 
 
 
 
 

  Net income  

 
 

  $  

 
 

  10,394  

 
 
 
 

  $  

 
 

  5,178  

 
 
 
 

  $  

 
 

  19,892  

 
 
 
 

  $  

 
 

  10,081  

 
 
 

  Adjustments to reconcile net income to net cash provided by operating activities:  

 
 
 
 
 
 
 
 
 

  Depreciation and amortization  

 
 

  1,985  

 
 
 
 

  1,704  

 
 
 
 

  3,958  

 
 
 
 

  3,301  

 
 
 

  Share-based compensation  

 
 

  2,548  

 
 
 
 

  1,695  

 
 
 
 

  4,379  

 
 
 
 

  3,030  

 
 
 

  Deferred income taxes  

 
 

  229  

 
 
 
 

  214  

 
 
 
 

  647  

 
 
 
 

  690  

 
 
 

  Other  

 
 

  (21)  

 
 
 
 

  43  

 
 
 
 

  (88)  

 
 
 
 

  49  

 
 
 

  Changes in assets and liabilities:  

 
 
 
 
 
 
 
 
 

  Accounts receivable  

 
 

  (1,366)  

 
 
 
 

  (122)  

 
 
 
 

  (517)  

 
 
 
 

  1,924  

 
 
 

  Prepaid expenses and other current assets  

 
 

  (1,852)  

 
 
 
 

  (325)  

 
 
 
 

  (2,313)  

 
 
 
 

  (353)  

 
 
 

  Other assets  

 
 

  (185)  

 
 
 
 

  3  

 
 
 
 

  (195)  

 
 
 
 

  (15)  

 
 
 

  Accounts payable  

 
 

  116  

 
 
 
 

  (56)  

 
 
 
 

  (134)  

 
 
 
 

  (100)  

 
 
 

  Partners payable  

 
 

  (61)  

 
 
 
 

  11  

 
 
 
 

  (133)  

 
 
 
 

  (158)  

 
 
 

  Accrued expenses and other current liabilities  

 
 

  1,482  

 
 
 
 

  (3,995)  

 
 
 
 

  (200)  

 
 
 
 

  (3,016)  

 
 
 

  Deferred revenue and deposits  

 
 

  3  

 
 
 
 

  15  

 
 
 
 

  9  

 
 
 
 

  (1)  

 
 
 

  Other liabilities  

 
 

  (26)  

 
 
 
 

  (487)  

 
 
 
 

  184  

 
 
 
 

  (554)  

 
 
 

   Net cash provided by operating activities   

 
 

  13,246  

 
 
 
 

  3,878  

 
 
 
 

  25,489  

 
 
 
 

  14,878  

 
 
 

   Cash flows from investing activities   

 
 
 
 
 
 
 
 
 

  Purchases of property and equipment  

 
 

  (4,612)  

 
 
 
 

  (3,255)  

 
 
 
 

  (8,884)  

 
 
 
 

  (6,813)  

 
 
 

  Purchases of marketable securities  

 
 

  (10,297)  

 
 
 
 

  (6,179)  

 
 
 
 

  (16,528)  

 
 
 
 

  (14,063)  

 
 
 

  Sales of marketable securities  

 
 

  4,687  

 
 
 
 

  2,617  

 
 
 
 

  6,337  

 
 
 
 

  5,381  

 
 
 

  Maturities of marketable securities  

 
 

  2,347  

 
 
 
 

  3,224  

 
 
 
 

  6,327  

 
 
 
 

  7,868  

 
 
 

  Acquisitions of businesses, net of cash acquired, and purchases of intangible assets  

 
 

  (259)  

 
 
 
 

  (339)  

 
 
 
 

  (259)  

 
 
 
 

  (372)  

 
 
 

  Other investing activities  

 
 

  (61)  

 
 
 
 

  (245)  

 
 
 
 

  (62)  

 
 
 
 

  (288)  

 
 
 

   Net cash used in investing activities   

 
 

  (8,195)  

 
 
 
 

  (4,177)  

 
 
 
 

  (13,069)  

 
 
 
 

  (8,287)  

 
 
 

   Cash flows from financing activities   

 
 
 
 
 
 
 
 
 

  Taxes paid related to net share settlement of equity awards  

 
 

  (1,354)  

 
 
 
 

  (753)  

 
 
 
 

  (2,432)  

 
 
 
 

  (1,444)  

 
 
 

  Repurchases of Class A common stock  

 
 

  (7,079)  

 
 
 
 

  (1,369)  

 
 
 
 

  (11,018)  

 
 
 
 

  (2,618)  

 
 
 

  Principal payments on finance leases  

 
 

  (123)  

 
 
 
 

  (109)  

 
 
 
 

  (274)  

 
 
 
 

  (209)  

 
 
 

  Net change in overdraft in cash pooling entities  

 
 

  53  

 
 
 
 

  63  

 
 
 
 

  3  

 
 
 
 

  (17)  

 
 
 

  Other financing activities  

 
 

  (45)  

 
 
 
 

  16  

 
 
 
 

  (13)  

 
 
 
 

  114  

 
 
 

   Net cash used in financing activities   

 
 

  (8,548)  

 
 
 
 

  (2,152)  

 
 
 
 

  (13,734)  

 
 
 
 

  (4,174)  

 
 
 

  Effect of exchange rate changes on cash, cash equivalents, and restricted cash  

 
 

  117  

 
 
 
 

  93  

 
 
 
 

  (129)  

 
 
 
 

  (127)  

 
 
 

  Net increase (decrease) in cash, cash equivalents, and restricted cash  

 
 

  (3,380)  

 
 
 
 

  (2,358)  

 
 
 
 

  (1,443)  

 
 
 
 

  2,290  

 
 
 

  Cash, cash equivalents, and restricted cash at beginning of the period  

 
 

  19,891  

 
 
 
 

  23,927  

 
 
 
 

  17,954  

 
 
 
 

  19,279  

 
 
 

   Cash, cash equivalents, and restricted cash at end of the period   

 
 

  $  

 
 

  16,511  

 
 
 
 

  $  

 
 

  21,569  

 
 
 
 

  $  

 
 

  16,511  

 
 
 
 

  $  

 
 

  21,569  

 
 
 
 
 
 
 
 
 
 
 

   Reconciliation of cash, cash equivalents, and restricted cash to the   

 
 
 
 
 
 
 
 
 

   condensed consolidated balance sheets   

 
 
 
 
 
 
 
 
 

  Cash and cash equivalents  

 
 

  $  

 
 

  16,186  

 
 
 
 

  $  

 
 

  21,045  

 
 
 
 

  $  

 
 

  16,186  

 
 
 
 

  $  

 
 

  21,045  

 
 
 

  Restricted cash, included in prepaid expenses and other current assets  

 
 

  201  

 
 
 
 

  308  

 
 
 
 

  201  

 
 
 
 

  308  

 
 
 

  Restricted cash, included in other assets  

 
 

  124  

 
 
 
 

  216  

 
 
 
 

  124  

 
 
 
 

  216  

 
 
 

   Total cash, cash equivalents, and restricted cash   

 
 

  $  

 
 

  16,511  

 
 
 
 

  $  

 
 

  21,569  

 
 
 
 

  $  

 
 

  16,511  

 
 
 
 

  $  

 
 

  21,569  

 
 
 
 
 
                                                                                                                                                                                   
 
 
 
 

   FACEBOOK, INC.   

 
 

   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS   

 
 

   (In millions)   

 
 

   (Unaudited)   

 
 
 

   Three Months Ended June 30,   

 
 
 

   Six Months Ended June 30,   

 
 
 

   2021   

 
 
 

   2020   

 
 
 

   2021   

 
 
 

   2020   

 
 

   Supplemental cash flow data   

 
 
 
 
 
 
 
 
 

  Cash paid for income taxes  

 
 

  $  

 
 

  3,387  

 
 
 
 

  $  

 
 

  1,041  

 
 
 
 

  $  

 
 

  6,294  

 
 
 
 

  $  

 
 

  1,250  

 
 
 

  Non-cash investing and financing activities:  

 
 
 
 
 
 
 
 
 

  Property and equipment in accounts payable and accrued expenses  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  and other current liabilities  

 
 

  $  

 
 

  2,249  

 
 
 
 

  $  

 
 

  1,592  

 
 
 
 

  $  

 
 

  2,249  

 
 
 
 

  $  

 
 

  1,592  

 
 
 

  Acquisition of businesses and other investments in accrued expenses  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  and other current liabilities and other liabilities  

 
 

  $  

 
 

  73  

 
 
 
 

  $  

 
 

  316  

 
 
 
 

  $  

 
 

  73  

 
 
 
 

  $  

 
 

  316  

 
 
 

  Other current assets through financing arrangements in accrued expenses  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  and other current liabilities  

 
 

  $  

 
 

  381  

 
 
 
 

  $  

 
 

  

 
 
 
 

  $  

 
 

  381  

 
 
 
 

  $  

 
 

  

 
 
 

  Repurchases of Class A common stock in accrued expenses and other  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

  current liabilities  

 
 

  $  

 
 

  310  

 
 
 
 

  $  

 
 

  46  

 
 
 
 

  $  

 
 

  310  

 
 
 
 

  $  

 
 

  46  

 
 
 
 
 
                                                                                                                                                              
 
 
 
 

   Reconciliation of GAAP to Non-GAAP Results   

 
 

   (In millions, except percentages)   

 
 

   (Unaudited)   

 
 
 

   Three Months Ended June 30,   

 
 
 

   Six Months Ended June 30,   

 
 
 

   2021   

 
 
 

   2020   

 
 
 

   2021   

 
 
 

   2020   

 
 

  GAAP revenue  

 
 

  $  

 
 

  29,077  

 
 
 

  $  

 
 

  18,687  

 
 
 

  $  

 
 

  55,248  

 
 
 

  $  

 
 

  36,423  

 
 

  Foreign exchange effect on 2021 revenue using 2020 rates  

 
 

  (982)  

 
 
 
 
 

  (1,688)  

 
 
 
 

  Revenue excluding foreign exchange effect  

 
 

  $  

 
 

  28,095  

 
 
 
 
 

  $  

 
 

  53,560  

 
 
 
 

  GAAP revenue year-over-year change %  

 
 

  56%  

 
 
 
 
 

  52%  

 
 
 
 

  Revenue excluding foreign exchange effect year-over-year change %  

 
 

  50%  

 
 
 
 
 

  47%  

 
 
 
 

  GAAP advertising revenue  

 
 

  $  

 
 

  28,580  

 
 
 

  $  

 
 

  18,321  

 
 
 

  $  

 
 

  54,018  

 
 
 

  $  

 
 

  35,760  

 
 

  Foreign exchange effect on 2021 advertising revenue using 2020 rates  

 
 

  (975)  

 
 
 
 
 

  (1,670)  

 
 
 
 

  Advertising revenue excluding foreign exchange effect  

 
 

  $  

 
 

  27,605  

 
 
 
 
 

  $  

 
 

  52,348  

 
 
 
 

  GAAP advertising revenue year-over-year change %  

 
 

  56%  

 
 
 
 
 

  51%  

 
 
 
 

  Advertising revenue excluding foreign exchange effect year-over-year change %  

 
 

  51%  

 
 
 
 
 

  46%  

 
 
 
 
 
 
 
 
 
 
 
 

  Net cash provided by operating activities  

 
 

  $  

 
 

  13,246  

 
 
 

  $  

 
 

  3,878  

 
 
 

  $  

 
 

  25,489  

 
 
 

  $  

 
 

  14,878  

 
 

  Purchases of property and equipment  

 
 

  (4,612)  

 
 
 

  (3,255)  

 
 
 

  (8,884)  

 
 
 

  (6,813)  

 
 

  Principal payments on finance leases  

 
 

  (123)  

 
 
 

  (109)  

 
 
 

  (274)  

 
 
 

  (209)  

 
 

  Free cash flow (1)  

 
 

  $  

 
 

  8,511  

 
 
 

  $  

 
 

  514  

 
 
 

  $  

 
 

  16,331  

 
 
 

  $  

 
 

  7,856  

 
 
 
 
    
 
 
 

   (1)  

 
 

  Free cash flow in the second quarter and the first six months of 2020 reflects the $5.0 billion FTC settlement that was paid in April 2020.  

 
 
 

 

 
 

  (PRNewsfoto/Facebook) 

 
 

 

 

 

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/facebook-reports-second-quarter-2021-results-301343579.html  

 

SOURCE Facebook

 
 

News Provided by PR Newswire via QuoteMedia

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How to Invest in Mobile Apps (Updated 2024)

The ubiquity of mobile devices and their prominence in everyday life has led to the development of mobile apps for everything from gaming and dating to banking and stock trading.

Mobile apps began rising to prominence in 2007 with the launch of the iPhone, which heralded a new era in connectivity brought about by revolutionary touch technology. The field has grown widely from thereon out, and the diversity of today’s offerings makes investing in mobile apps an appealing prospect.

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BlackBerry Extends Partnership with Leading Managed Security Services Provider  to Ensure SMBs are Set Up for Cyber Success

BlackBerry Extends Partnership with Leading Managed Security Services Provider to Ensure SMBs are Set Up for Cyber Success

 
 

BlackBerry Limited (NYSE: BB; TSX: BB) and Solutions Granted today announced an extended partnership, naming the leading cybersecurity services provider a Master Managed Security Services Provider (MSSP), enabling it to better scale and meet the growing demand for cybersecurity services among small and medium-sized businesses (SMBs).

 
 

  BlackBerry Logo Black (PRNewsfoto/Blackberry Limited) 

 

"Solutions Granted has been honored as BlackBerry MSSP Partner of the Year for North America for five consecutive years and we're excited to take our partnership to the next level by crowning them as our top Master MSSP," said Adam Enterkin , Chief Revenue Officer, Americas, BlackBerry Cybersecurity. "BlackBerry is dedicated to increasing its focus on MSSP partners to ensure they're set up for success. Endpoints are proliferating, and so are the cyberattacks against them. Our extended partnership with Solutions Granted will help hundreds of small and mid-size businesses continuously adapt to an ever-changing threat landscape."

 

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  CylanceENDPOINT™ is among the solutions it helps managed service providers (MSPs) deploy to clients, either as individual managed services or integrated into a SOC-as-a-service offering.

 

"BlackBerry's support for our business model provides the flexibility we need to continue to meet customer demand and provide the best possible product support for their business needs," said Michael E. Crean , Chief Executive Officer, Solutions Granted. "We value the investment BlackBerry is making in our partnership and know this will go a long way in setting up our customers for success."

 

To learn more about BlackBerry MSSP Partners, visit blackberry.com/us/en/partners/mssp-partners .

 

  About BlackBerry  

 

 BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world.  The company secures more than 500M endpoints including over 215M vehicles.  Based in Waterloo, Ontario , the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems.  BlackBerry's vision is clear - to secure a connected future you can trust.

 

 BlackBerry. Intelligent Security. Everywhere.

 

For more information, visit BlackBerry.com and follow @BlackBerry.

 

  Trademarks, including but not limited to BlackBerry and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved.  All other trademarks are the property of their respective owners.  BlackBerry is not responsible for any third-party products or services.  

 

  About Solutions Granted Inc.  

 

Solutions Granted is a Master Managed Security Services Provider (Master MSSP). They offer cybersecurity solutions to North American MSPs and MSSPs and are committed to delivering solutions without requiring minimums, commitments, or long-term contracts. They proudly offer many security layers as well as a 24x7 U.S.-based Security Operations Center (SOC). Over the past several years, Solutions Granted has emerged as a clear leader in the channel, by winning countless awards including the CRN Security 100 list, Top 100 MSSP List, Top Global MSSP List, and BlackBerry MSSP Partner of the Year. Learn more at https://www.SolutionsGranted.com  

 

  Media Contacts:  

 

 BlackBerry Media Relations

 

+1 (519) 597-7273

 

  mediarelations@BlackBerry.com  

 
 
 

 Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/blackberry-extends-partnership-with-leading-managed-security-services-provider-mssp-to-ensure-smbs-are-set-up-for-cyber-success-301803800.html  

 

SOURCE BlackBerry Limited

 
 

News Provided by PR Newswire via QuoteMedia

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