MENLO PARK,
Calif., Feb. 1,
2023 /PRNewswire/ -- Meta Platforms, Inc. (Nasdaq:
META) today reported financial results for the quarter and full
year ended December 31, 2022.
"Our community continues to grow and I'm pleased with the strong
engagement across our apps. Facebook just reached the milestone of
2 billion daily actives," said Mark
Zuckerberg, Meta founder and CEO. "The progress we're making
on our AI discovery engine and Reels are major drivers of this.
Beyond this, our management theme for 2023 is the 'Year of
Efficiency' and we're focused on becoming a stronger and more
nimble organization."
Fourth Quarter and Full Year 2022 Financial
Highlights
|
Three Months Ended
December 31,
|
|
%
Change
|
|
Year Ended December
31,
|
|
%
Change
|
In millions, except
percentages
and per share amounts
|
2022
|
|
2021
|
|
|
2022
|
|
2021
|
|
Revenue
|
$
32,165
|
|
$
33,671
|
|
(4) %
|
|
$
116,609
|
|
$
117,929
|
|
(1) %
|
Costs and
expenses
|
25,766
|
|
21,086
|
|
22 %
|
|
87,665
|
|
71,176
|
|
23 %
|
Income from
operations
|
$
6,399
|
|
$
12,585
|
|
(49) %
|
|
$
28,944
|
|
$
46,753
|
|
(38) %
|
Operating
margin
|
20
%
|
|
37
%
|
|
|
|
25
%
|
|
40
%
|
|
|
Provision for income
taxes
|
$
1,497
|
|
$
2,417
|
|
(38) %
|
|
$
5,619
|
|
$
7,914
|
|
(29) %
|
Effective tax
rate
|
24
%
|
|
19
%
|
|
|
|
19
%
|
|
17
%
|
|
|
Net income
|
$
4,652
|
|
$
10,285
|
|
(55) %
|
|
$
23,200
|
|
$
39,370
|
|
(41) %
|
Diluted earnings per
share (EPS)
|
$
1.76
|
|
$
3.67
|
|
(52) %
|
|
$
8.59
|
|
$
13.77
|
|
(38) %
|
Fourth Quarter and Full Year 2022 Operational and
Other Financial Highlights
- Family daily active people (DAP) – DAP was 2.96 billion
on average for December 2022, an
increase of 5% year-over-year.
- Family monthly active people (MAP) – MAP was 3.74
billion as of December 31, 2022, an
increase of 4% year-over-year.
- Facebook daily active users (DAUs) – DAUs were 2.00
billion on average for December 2022,
an increase of 4% year-over-year.
- Facebook monthly active users (MAUs) – MAUs were 2.96
billion as of December 31, 2022, an
increase of 2% year-over-year.
- Ad impressions and price per ad – In the fourth quarter
of 2022, ad impressions delivered across our Family of Apps
increased by 23% year-over-year and the average price per ad
decreased by 22% year-over-year. For the full year 2022, ad
impressions increased by 18% year-over-year and the average price
per ad decreased by 16% year-over-year.
- Revenue – Revenue was $32.17
billion and $116.61 billion, a
decrease of 4% and 1% year-over-year for the fourth quarter and
full year 2022, respectively. Had foreign exchange rates remained
constant with the same periods of 2021, revenue would have been
$2.01 billion and $5.96 billion higher, an increase of 2% and 4% on
a constant currency basis for the fourth quarter and full year
2022, respectively.
- Costs and expenses – Total costs and expenses were
$25.77 billion and $87.66 billion, an increase of 22% and 23%
year-over-year for the fourth quarter and full year 2022,
respectively. This includes charges related to our restructuring
efforts of $4.20 billion and
$4.61 billion in the fourth quarter
and full year 2022, respectively.
- Capital expenditures – Capital expenditures, including
principal payments on finance leases, were $9.22 billion and $32.04
billion for the fourth quarter and full year 2022,
respectively.
- Share repurchases – We repurchased $6.91 billion and $27.93
billion of our Class A common stock in the fourth quarter
and full year 2022, respectively. As of December 31, 2022, we had $10.87 billion available and authorized for
repurchases. We also announced today a $40
billion increase in our share repurchase authorization.
- Cash, cash equivalents, and marketable securities –
Cash, cash equivalents, and marketable securities were $40.74 billion as of December 31, 2022.
- Long-term debt – Long-term debt was $9.92 billion as of December 31, 2022.
- Headcount – Headcount was 86,482 as of December 31, 2022, an increase of 20%
year-over-year. Our reported headcount includes a substantial
majority of the approximately 11,000 employees impacted by the
layoff we announced in November 2022,
who will no longer be reflected in our headcount by the end of the
first quarter of 2023.
Restructuring
During the quarter ended December 31, 2022, we took several
measures to pursue greater efficiency and to realign our business
and strategic priorities. This includes a facilities consolidation
strategy to sublease, early terminate, or abandon several office
buildings under operating leases, a layoff of approximately 11,000
of our employees across the FoA and RL segments, and a pivot
towards a next generation data center design, including
cancellation of multiple data center projects.
A summary of our restructuring charges during the three months
ended December 31, 2022 by major activity type is as
follows (in millions):
|
Facilities
Consolidation
|
|
Severance and
Other Personnel
Costs
|
|
Data
Center
Assets
|
|
Total
|
Cost of
revenue
|
$
121
|
|
$
—
|
|
$
1,341
|
|
$
1,462
|
Research and
development
|
1,080
|
|
408
|
|
—
|
|
1,488
|
Marketing and
sales
|
330
|
|
234
|
|
—
|
|
564
|
General and
administrative
|
351
|
|
333
|
|
—
|
|
684
|
Total
|
$
1,882
|
|
$
975
|
|
$
1,341
|
|
$
4,198
|
Total restructuring charges recorded under our FoA segment were
$3.76 billion and RL segment
were $440 million during the fourth quarter of 2022. Excluding
these charges, our operating margin would have been 13 percentage
points higher, our effective tax rate would have been one
percentage point lower, and our diluted EPS would have been
$1.24 higher for the fourth quarter
of 2022. The impact of the severance and other personnel costs
recorded in the fourth quarter of 2022 was not material after
offsetting with the savings from the decreases in payroll, bonus
and other benefits expenses.
CFO Outlook Commentary
We expect first quarter 2023 total revenue to be in the range of
$26-28.5 billion. Our guidance
assumes foreign currency will be an approximately 2% headwind to
year-over-year total revenue growth in the first quarter, based on
current exchange rates.
We anticipate our full-year 2023 total expenses will be in the
range of $89-95 billion, lowered from
our prior outlook of $94-100 billion
due to slower anticipated growth in payroll expenses and cost of
revenue. We now expect to record an estimated $1 billion in restructuring charges in 2023
related to consolidating our office facilities footprint. This is
down from our prior estimate of $2
billion as we recorded a portion of the charges in the
fourth quarter of 2022. We may incur additional restructuring
charges as we progress further in our efficiency efforts.
We expect capital expenditures to be in the range of
$30-33 billion, lowered from our
prior estimate of $34-37 billion. The
reduced outlook reflects our updated plans for lower data center
construction spend in 2023 as we shift to a new data center
architecture that is more cost efficient and can support both AI
and non-AI workloads. Substantially all of our capital expenditures
continue to support the Family of Apps.
Absent any changes to U.S. tax law, we expect our full-year 2023
tax rate percentage to be in the low twenties.
In addition, as previously noted, we continue to monitor
developments regarding the viability of transatlantic data
transfers and their potential impact on our European
operations.
Webcast and Conference Call Information
Meta will host a conference call to discuss the results at
2 p.m. PT / 5
p.m. ET today. The live webcast of Meta's earnings
conference call can be accessed at investor.fb.com, along with the
earnings press release, financial tables, and slide presentation.
Meta uses the investor.fb.com and
about.fb.com/news/ websites as well as Mark Zuckerberg's Facebook Page
(facebook.com/zuck) and Instagram account (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 (800) 633-8284 or +1 (402)
977-9140, conference ID 22025147.
Transcripts of conference calls with publishing equity research
analysts held today will also be posted to the
investor.fb.com website.
About Meta
Meta builds technologies that help people connect, find
communities, and grow businesses. When Facebook launched in 2004,
it changed the way people connect. Apps like Messenger, Instagram
and WhatsApp further empowered billions around the world. Now, Meta
is moving beyond 2D screens toward immersive experiences like
augmented and virtual reality to help build the next evolution in
social technology.
Contacts
Investors:
Deborah Crawford
investor@meta.com / investor.fb.com
Press:
Ryan Moore
press@meta.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
macroeconomic conditions on our business and financial results,
including as a result of the COVID-19 pandemic and geopolitical
events; 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; changes to the content or application of
third-party policies that impact our advertising practices; risks
associated with new products and changes to existing products as
well as other new business initiatives, including our metaverse
efforts; 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, legislative, and
regulatory concerns or developments; risks associated with
acquisitions; security breaches; and our ability to manage our
scale 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 October 27,
2022, 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, 2022. In
addition, please note that the date of this press release is
February 1, 2023, 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 months and full year ended December 31, 2022
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, net of proceeds 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.
META PLATFORMS,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except
per share amounts)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Revenue
|
$
32,165
|
|
$
33,671
|
|
$
116,609
|
|
$
117,929
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
8,336
|
|
6,348
|
|
25,249
|
|
22,649
|
|
Research and
development
|
9,771
|
|
7,046
|
|
35,338
|
|
24,655
|
|
Marketing and
sales
|
4,574
|
|
4,387
|
|
15,262
|
|
14,043
|
|
General and
administrative
|
3,085
|
|
3,305
|
|
11,816
|
|
9,829
|
|
Total costs and
expenses
|
25,766
|
|
21,086
|
|
87,665
|
|
71,176
|
|
Income from
operations
|
6,399
|
|
12,585
|
|
28,944
|
|
46,753
|
|
Interest and other
income (expense), net
|
(250)
|
|
117
|
|
(125)
|
|
531
|
|
Income before provision
for income taxes
|
6,149
|
|
12,702
|
|
28,819
|
|
47,284
|
|
Provision for income
taxes
|
1,497
|
|
2,417
|
|
5,619
|
|
7,914
|
|
Net
income
|
$
4,652
|
|
$
10,285
|
|
$
23,200
|
|
$
39,370
|
|
Earnings per share
attributable to Class A and Class B
|
|
|
|
|
|
|
|
|
common
stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.76
|
|
$
3.72
|
|
$
8.63
|
|
$
13.99
|
|
Diluted
|
$
1.76
|
|
$
3.67
|
|
$
8.59
|
|
$
13.77
|
|
Weighted-average
shares used to compute earnings
|
|
|
|
|
|
|
|
|
per share
attributable to Class A and Class B common
|
|
|
|
|
|
|
|
|
stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
2,638
|
|
2,765
|
|
2,687
|
|
2,815
|
|
Diluted
|
2,640
|
|
2,799
|
|
2,702
|
|
2,859
|
|
Share-based
compensation expense included in costs and
|
|
|
|
|
|
|
|
|
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
186
|
|
$
149
|
|
$
768
|
|
$
577
|
|
Research and
development
|
2,366
|
|
1,882
|
|
9,361
|
|
7,106
|
|
Marketing and
sales
|
239
|
|
206
|
|
1,004
|
|
837
|
|
General and
administrative
|
217
|
|
169
|
|
859
|
|
644
|
|
Total share-based
compensation expense
|
$
3,008
|
|
$
2,406
|
|
$
11,992
|
|
$
9,164
|
|
META PLATFORMS,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(In
millions)
|
(Unaudited)
|
|
December 31,
2022
|
|
December 31,
2021
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
14,681
|
|
$
16,601
|
Marketable
securities
|
26,057
|
|
31,397
|
Accounts receivable,
net
|
13,466
|
|
14,039
|
Prepaid expenses and
other current assets
|
5,345
|
|
4,629
|
Total current
assets
|
59,549
|
|
66,666
|
Non-marketable equity
securities
|
6,201
|
|
6,775
|
Property and equipment,
net
|
79,518
|
|
57,809
|
Operating lease
right-of-use assets
|
12,673
|
|
12,155
|
Intangible assets,
net
|
897
|
|
634
|
Goodwill
|
20,306
|
|
19,197
|
Other assets
|
6,583
|
|
2,751
|
Total
assets
|
$
185,727
|
|
$
165,987
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
4,990
|
|
$
4,083
|
Partners
payable
|
1,117
|
|
1,052
|
Operating lease
liabilities, current
|
1,367
|
|
1,127
|
Accrued expenses and
other current liabilities
|
19,552
|
|
14,873
|
Total current
liabilities
|
27,026
|
|
21,135
|
Operating lease
liabilities, non-current
|
15,301
|
|
12,746
|
Long-term
debt
|
9,923
|
|
—
|
Other
liabilities
|
7,764
|
|
7,227
|
Total
liabilities
|
60,014
|
|
41,108
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Common stock and
additional paid-in capital
|
64,444
|
|
55,811
|
Accumulated other
comprehensive loss
|
(3,530)
|
|
(693)
|
Retained
earnings
|
64,799
|
|
69,761
|
Total stockholders'
equity
|
125,713
|
|
124,879
|
Total liabilities
and stockholders' equity
|
$
185,727
|
|
$
165,987
|
META PLATFORMS,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
millions)
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
$
4,652
|
|
$
10,285
|
|
$
23,200
|
|
$
39,370
|
|
Adjustments to
reconcile net income to net cash provided by
|
|
|
|
|
|
|
|
|
operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
2,376
|
|
2,014
|
|
8,686
|
|
7,967
|
|
Share-based
compensation
|
3,008
|
|
2,406
|
|
11,992
|
|
9,164
|
|
Deferred income
taxes
|
(1,173)
|
|
748
|
|
(3,286)
|
|
609
|
|
Impairment charges for
leases and leasehold improvements
|
1,805
|
|
—
|
|
2,218
|
|
—
|
|
Abandonment charges
for data center assets
|
1,341
|
|
—
|
|
1,341
|
|
—
|
|
Fair value adjustments
for non-marketable securities
|
328
|
|
(16)
|
|
463
|
|
(232)
|
|
Other
|
244
|
|
50
|
|
178
|
|
105
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(1,698)
|
|
(2,038)
|
|
231
|
|
(3,110)
|
|
Prepaid expenses and
other current assets
|
854
|
|
817
|
|
162
|
|
(1,750)
|
|
Other
assets
|
54
|
|
(165)
|
|
(106)
|
|
(349)
|
|
Accounts
payable
|
876
|
|
876
|
|
210
|
|
1,436
|
|
Partners
payable
|
102
|
|
151
|
|
90
|
|
(12)
|
|
Accrued expenses and
other current liabilities
|
1,303
|
|
2,562
|
|
4,210
|
|
3,544
|
|
Other
liabilities
|
439
|
|
414
|
|
886
|
|
941
|
|
Net cash provided
by operating activities
|
14,511
|
|
18,104
|
|
50,475
|
|
57,683
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(9,043)
|
|
(5,401)
|
|
(31,431)
|
|
(18,690)
|
|
Proceeds relating to
property and equipment
|
55
|
|
31
|
|
245
|
|
123
|
|
Purchases of
marketable debt securities
|
(741)
|
|
(6,093)
|
|
(9,626)
|
|
(30,407)
|
|
Sales of marketable
debt securities
|
1,750
|
|
16,340
|
|
11,083
|
|
31,671
|
|
Maturities of
marketable debt securities
|
513
|
|
1,598
|
|
2,075
|
|
10,915
|
|
Purchases of
non-marketable equity securities
|
—
|
|
(2)
|
|
(5)
|
|
(47)
|
|
Acquisitions of
businesses and intangible assets
|
(62)
|
|
(521)
|
|
(1,312)
|
|
(851)
|
|
Other investing
activities
|
(3)
|
|
(123)
|
|
1
|
|
(284)
|
|
Net cash provided
by (used in) investing activities
|
(7,531)
|
|
5,829
|
|
(28,970)
|
|
(7,570)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Taxes paid related to
net share settlement of equity awards
|
(656)
|
|
(1,507)
|
|
(3,595)
|
|
(5,515)
|
|
Repurchases of Class A
common stock
|
(6,863)
|
|
(20,063)
|
|
(27,956)
|
|
(44,537)
|
|
Proceeds from issuance
of long-term debt, net
|
—
|
|
—
|
|
9,921
|
|
—
|
|
Principal payments on
finance leases
|
(235)
|
|
(172)
|
|
(850)
|
|
(677)
|
|
Other financing
activities
|
695
|
|
—
|
|
344
|
|
1
|
|
Net cash used in
financing activities
|
(7,059)
|
|
(21,742)
|
|
(22,136)
|
|
(50,728)
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash
|
424
|
|
(130)
|
|
(638)
|
|
(474)
|
|
Net increase (decrease)
in cash, cash equivalents, and restricted cash
|
345
|
|
2,061
|
|
(1,269)
|
|
(1,089)
|
|
Cash, cash equivalents,
and restricted cash at beginning of the period
|
15,251
|
|
14,804
|
|
16,865
|
|
17,954
|
|
Cash, cash
equivalents, and restricted cash at end of the
period
|
$
15,596
|
|
$
16,865
|
|
$
15,596
|
|
$
16,865
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to
the
|
|
|
|
|
|
|
|
|
consolidated balance
sheets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
14,681
|
|
$
16,601
|
|
$
14,681
|
|
$
16,601
|
|
Restricted cash,
included in prepaid expenses and other current assets
|
294
|
|
149
|
|
294
|
|
149
|
|
Restricted cash,
included in other assets
|
621
|
|
115
|
|
621
|
|
115
|
|
Total cash, cash
equivalents, and restricted cash
|
$
15,596
|
|
$
16,865
|
|
$
15,596
|
|
$
16,865
|
|
|
|
META PLATFORMS,
INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Supplemental cash
flow data
|
|
|
|
|
|
|
|
Cash paid for income
taxes, net
|
$
1,760
|
|
$
606
|
|
$
6,407
|
|
$
8,525
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
Property and equipment
in accounts payable and accrued expenses
|
$
3,319
|
|
$
3,404
|
|
$
3,319
|
|
$
3,404
|
and other current
liabilities
|
|
|
|
|
|
|
|
Acquisition of
businesses in accrued expenses and other current
|
$
291
|
|
$
73
|
|
$
291
|
|
$
73
|
liabilities and other
liabilities
|
|
|
|
|
|
|
|
Other current assets
through financing arrangement in accrued
|
$
16
|
|
$
508
|
|
$
16
|
|
$
508
|
expenses and other
current liabilities
|
|
|
|
|
|
|
|
Repurchases of Class A
common stock in accrued expenses and
|
$
310
|
|
$
340
|
|
$
310
|
|
$
340
|
other current
liabilities
|
|
|
|
|
|
|
|
Segment Results
We report our financial results for our two reportable segments:
Family of Apps (FoA) and Reality
Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp,
and other services. RL includes augmented and virtual reality
related consumer hardware, software, and content.
The following table presents our segment information of revenue
and income (loss) from operations:
Segment
Information
|
(In
millions)
|
(Unaudited)
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
Advertising
|
$
31,254
|
|
$
32,639
|
|
$
113,642
|
|
$
114,934
|
Other
revenue
|
184
|
|
155
|
|
808
|
|
721
|
Family of
Apps
|
31,438
|
|
32,794
|
|
114,450
|
|
115,655
|
Reality Labs
|
727
|
|
877
|
|
2,159
|
|
2,274
|
Total
revenue
|
$
32,165
|
|
$
33,671
|
|
$
116,609
|
|
$
117,929
|
|
|
|
|
|
|
|
|
Income (loss) from
operations:
|
|
|
|
|
|
|
|
Family of
Apps
|
$
10,678
|
|
$
15,889
|
|
$
42,661
|
|
$
56,946
|
Reality
Labs
|
(4,279)
|
|
(3,304)
|
|
(13,717)
|
|
(10,193)
|
Total income from
operations
|
$
6,399
|
|
$
12,585
|
|
$
28,944
|
|
$
46,753
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In millions, except
percentages)
|
(Unaudited)
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
GAAP revenue
|
$
32,165
|
|
|
$
33,671
|
|
$
116,609
|
|
|
$
117,929
|
Foreign exchange
effect on 2022 revenue using 2021 rates
|
2,012
|
|
|
|
|
5,956
|
|
|
|
Revenue excluding
foreign exchange effect
|
$
34,177
|
|
|
|
|
$
122,565
|
|
|
|
GAAP revenue
year-over-year change %
|
(4)
|
%
|
|
|
|
(1)
|
%
|
|
|
Revenue excluding
foreign exchange effect year-over-year change %
|
2
|
%
|
|
|
|
4
|
%
|
|
|
GAAP advertising
revenue
|
$
31,254
|
|
|
$
32,639
|
|
$
113,642
|
|
|
$
114,934
|
Foreign exchange
effect on 2022 advertising revenue using 2021 rates
|
1,977
|
|
|
|
|
5,896
|
|
|
|
Advertising revenue
excluding foreign exchange effect
|
$
33,231
|
|
|
|
|
$
119,538
|
|
|
|
GAAP advertising
revenue year-over-year change %
|
(4)
|
%
|
|
|
|
(1)
|
%
|
|
|
Advertising revenue
excluding foreign exchange effect year-over-year change
%
|
2
|
%
|
|
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
14,511
|
|
|
$
18,104
|
|
$
50,475
|
|
|
$
57,683
|
Purchases of property
and equipment, net
|
(8,988)
|
|
|
(5,370)
|
|
(31,186)
|
|
|
(18,567)
|
Principal payments on
finance leases
|
(235)
|
|
|
(172)
|
|
(850)
|
|
|
(677)
|
Free cash
flow
|
$
5,288
|
|
|
$
12,562
|
|
$
18,439
|
|
|
$
38,439
|
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SOURCE Meta