beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

beatandraise.com

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Meta Platforms, Inc.

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beatandraise.com

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Meta Platforms, Inc.

Statements

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CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue	$ 116,609	$ 117,929	$ 85,965
Costs and expenses:
Cost of revenue	25,249	22,649	16,692
Research and development	35,338	24,655	18,447
Marketing and sales	15,262	14,043	11,591
General and administrative	11,816	9,829	6,564
Total costs and expenses	87,665	71,176	53,294
Income from operations	28,944	46,753	32,671
Interest and other income (expense), net	(125)	531	509
Income before provision for income taxes	28,819	47,284	33,180
Provision for income taxes	5,619	7,914	4,034
Net income	$ 23,200	$ 39,370	$ 29,146
Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	$ 8.63	$ 13.99	$ 10.22
Diluted (in dollars per share)	$ 8.59	$ 13.77	$ 10.09
Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,687	2,815	2,851
Diluted (in shares)	2,702	2,859	2,888
Share-based compensation expense included in costs and expenses:
Share-based compensation expense included in costs and expenses	$ 11,992	$ 9,164	$ 6,536
Cost of revenue
Share-based compensation expense included in costs and expenses:
Share-based compensation expense included in costs and expenses	768	577	447
Research and development
Share-based compensation expense included in costs and expenses:
Share-based compensation expense included in costs and expenses	9,361	7,106	4,918
Marketing and sales
Share-based compensation expense included in costs and expenses:
Share-based compensation expense included in costs and expenses	1,004	837	691
General and administrative
Share-based compensation expense included in costs and expenses:
Share-based compensation expense included in costs and expenses	$ 859	$ 644	$ 480

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net income	$ 23,200	$ 39,370	$ 29,146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,686	7,967	6,862
Share-based compensation	11,992	9,164	6,536
Deferred income taxes	(3,286)	609	(1,192)
Fair value adjustments for non-marketable securities	463	(232)	33
Other	178	105	85
Changes in assets and liabilities:
Accounts receivable	231	(3,110)	(1,512)
Prepaid expenses and other current assets	162	(1,750)	135
Other assets	(106)	(349)	(34)
Accounts payable	210	1,436	(17)
Partners payable	90	(12)	178
Accrued expenses and other current liabilities	4,210	3,544	(946)
Other liabilities	886	941	(527)
Net cash provided by operating activities	50,475	57,683	38,747
Cash flows from investing activities
Purchases of property and equipment	(31,431)	(18,690)	(15,163)
Proceeds relating to property and equipment	245	123	48
Purchases of marketable debt securities	(9,626)	(30,407)	(33,930)
Sales of marketable debt securities	11,083	31,671	11,787
Maturities of marketable debt securities	2,075	10,915	13,984
Purchases of non-marketable equity securities	(5)	(47)	(6,361)
Acquisitions of businesses and intangible assets	(1,312)	(851)	(388)
Other investing activities	1	(284)	(36)
Net cash used in investing activities	(28,970)	(7,570)	(30,059)
Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(3,595)	(5,515)	(3,564)
Repurchases of Class A common stock	(27,956)	(44,537)	(6,272)
Proceeds from issuance of long-term debt, net	9,921	0	0
Principal payments on finance leases	(850)	(677)	(604)
Other financing activities	344	1	148
Net cash used in financing activities	(22,136)	(50,728)	(10,292)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(638)	(474)	279
Net decrease in cash, cash equivalents, and restricted cash	(1,269)	(1,089)	(1,325)
Cash, cash equivalents, and restricted cash at beginning of the period	16,865	17,954	19,279
Cash, cash equivalents, and restricted cash at end of the period	15,596	16,865	17,954
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	14,681	16,601	17,576
Restricted cash:	915	264	378
Total cash, cash equivalents, and restricted cash	15,596	16,865	17,954
Supplemental cash flow data
Cash paid for income taxes, net	6,407	8,525	4,229
Non-cash investing and financing activities:
Property and equipment in accounts payable and accrued expenses and other current liabilities	3,319	3,404	2,201
Acquisition of businesses in accrued expenses and other current liabilities and other liabilities	291	73	118
Other current assets through financing arrangement in accrued expenses and other current liabilities	16	508	0
Repurchases of Class A common stock in accrued expenses and other current liabilities	310	340	68
Impairment charges for leases and leasehold improvements
Adjustments to reconcile net income to net cash provided by operating activities:
Restructuring charges	2,218	0	0
Data Center Assets
Adjustments to reconcile net income to net cash provided by operating activities:
Restructuring charges	1,341	0	0
Prepaid Expenses and Other Current Assets
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Restricted cash:	294	149	241
Other Assets
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Restricted cash:	$ 621	$ 115	$ 137

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
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
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	0
Other liabilities	7,764	7,227
Total liabilities	60,014	41,108
Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,247 million and 2,328 million shares issued and outstanding, as of December 31, 2022 and 2021, respectively; 4,141 million Class B shares authorized, 367 million and 413 million shares issued and outstanding, as of December 31, 2022 and 2021, respectively	0	0
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