META PLATFORMS, INC. (META) FY 2016 Financial Statements

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2016
CONSOLIDATED STATEMENTS OF INCOME
Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)
(In Millions)
	12 Months Ended	12 Months Ended	12 Months Ended
	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Revenue	$ 27,638	17,928	12,466
Costs and expenses:
Cost of revenue	3,789	2,867	2,153
Research and development	5,919	4,816	2,666
Marketing and sales	3,772	2,725	1,680
General and administrative	1,731	1,295	973
Total costs and expenses	15,211	11,703	7,472

Income from operations	12,427	6,225	4,994

Interest and other income/(expense), net	91	(31)	(84)
Income before provision for income taxes	12,518	6,194	4,910

Provision for income taxes	2,301	2,506	1,970
Net income	10,217	3,688	2,940

Less: Net income attributable to participating securities	29	19	15
Net income attributable to Class A and Class B common stockholders	10,188	3,669	2,925

Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	3.56	1.31	1.12
Diluted (in dollars per share)	3.49	1.29	1.10
Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,863	2,803	2,614
Diluted (in shares)	2,925	2,853	2,664
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	3,218	2,969	1,837
Income Statement Location
Cost of revenue
Share-based compensation expense	113	81	62
Research and development
Share-based compensation expense	2,494	2,350	1,328
Marketing and sales
Share-based compensation expense	368	320	249
General and administrative
Share-based compensation expense	243	218	198

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)
(In Millions, except shares in actual)
	12 Months Ended	12 Months Ended	12 Months Ended
	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Net income	$ 10,217	3,688	2,940
Other comprehensive loss:
Change in foreign currency translation adjustment, net of tax	(152)	(202)	(239)
Change in unrealized gain/loss on available-for-sale investments and other, net of tax	(96)	(25)	(3)
Comprehensive income	9,969	3,461	2,698

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2016
CONSOLIDATED STATEMENTS OF CASH FLOWS
Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)
(In Millions, except shares in actual)
	12 Months Ended	12 Months Ended	12 Months Ended
	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Cash flows from operating activities
Net income	$ 10,217	3,688	2,940
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,342	1,945	1,243
Share-based compensation	3,218	2,960	1,786
Deferred income taxes	(457)	(795)	(210)
Tax benefit from share-based award activity	0	1,721	1,853
Other	30	17	(24)
Changes in assets and liabilities:
Accounts receivable	(1,489)	(973)	(610)
Prepaid expenses and other current assets	(159)	(144)	(123)
Other assets	14	(3)	(216)
Accounts payable	14	18	31
Partners payable	67	17	(28)
Accrued expenses and other current liabilities	1,014	513	328
Deferred revenue and deposits	35	(9)	10
Other liabilities	1,262	1,365	346
Net cash provided by operating activities	16,108	10,320	7,326

Cash flows from investing activities
Purchases of property and equipment	(4,491)	(2,523)	(1,831)
Purchases of marketable securities	(22,341)	(15,938)	(9,104)
Sales of marketable securities	13,894	6,928	8,438
Maturities of marketable securities	1,261	2,310	1,909
Acquisitions of businesses, net of cash acquired, and purchases of intangible assets	(123)	(313)	(4,975)
Change in restricted cash and deposits	61	102	(348)
Other investing activities, net	0	0	(2)
Net cash used in investing activities	(11,739)	(9,434)	(5,913)

Cash flows from financing activities
Principal payments on capital lease and other financing obligations	(312)	(119)	(243)
Other financing activities, net	2	(20)	(55)
Net cash used in financing activities	(310)	(139)	(298)

Effect of exchange rate changes on cash and cash equivalents	(63)	(155)	(123)
Net increase in cash and cash equivalents	3,996	592	992

Cash and cash equivalents at beginning of period	4,907	4,315
Cash and cash equivalents at end of period	8,903	4,907	4,315

Supplemental cash flow data
Cash paid during the period for:
Interest	11	10	14
Income taxes, net	1,210	270	178
Non-cash investing and financing activities:
Net change in accounts payable, accrued expenses and other current liabilities, and other liabilities related to property and equipment additions	272	88	91
Fair value of shares issued related to acquisitions of businesses	0	0	14,344
Promissory note payable issued in connection with an acquisition	0	198	0
Settlement of contingent consideration liability	33	0	0

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2016
CONSOLIDATED BALANCE SHEETS
Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)
(In Millions, except shares in actual)
	As of	As of
	Dec 31, 2016	Dec 31, 2015
Assets
Current assets:
Cash and cash equivalents	$ 8,903	4,907
Marketable securities	20,546	13,527
Accounts receivable, net of allowances for doubtful accounts of $94 and $68 as of December 31, 2016 and December 31, 2015, respectively	3,993	2,559
Prepaid expenses and other current assets	959	659
Total current assets	34,401	21,652

Property and equipment, net	8,591	5,687
Intangible assets, net	2,535	3,246
Goodwill	18,122	18,026
Other assets	1,312	796
Total assets	64,961	49,407

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	302	196
Partners payable	280	217
Accrued expenses and other current liabilities	2,203	1,449
Deferred revenue and deposits	90	56
Current portion of capital lease obligations	0	7
Total current liabilities	2,875	1,925

Capital lease obligations, less current portion	0	107
Other liabilities	2,892	3,157
Total liabilities	5,767	5,189

Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,354 million and 2,293 million shares issued and outstanding, including 4 million and 8 million outstanding shares subject to repurchase, as of December 31, 2016 and December 31, 2015, respectively; 4,141 million Class B shares authorized, 538 million and 552 million shares issued and outstanding, including 2 million and 3 million outstanding shares subject to repurchase, as of December 31, 2016 and December 31, 2015, respectivel	0	0
Additional paid-in capital	38,227	34,886
Accumulated other comprehensive loss	(703)	(455)
Retained earnings	21,670	9,787
Total stockholders' equity	59,194	44,218

Total liabilities and stockholders' equity	64,961	49,407

External Links
META PLATFORMS, INC. (META) Fiscal Year 2016
Statements of 10-K in Excel	https://www.sec.gov/.../Financial.xlxs
Complete 10-K in HTML	https://www.sec.gov/.../10-K.html
Complete 10-K in XBRL	https://www.sec.gov/.../10-K-xbrl.zip

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2016

CONSOLIDATED STATEMENTS OF INCOME

Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2016

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2016

CONSOLIDATED STATEMENTS OF CASH FLOWS

Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2016

CONSOLIDATED BALANCE SHEETS

Period Ending Dec 31, 2016 10-K (Filed: Feb 3, 2017)