META PLATFORMS, INC. (META) FY 2017 Financial Statements

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2017
CONSOLIDATED STATEMENTS OF INCOME
Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)
(In Millions)
	12 Months Ended	12 Months Ended	12 Months Ended
	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Revenue	$ 40,653	27,638	17,928
Costs and expenses:
Cost of revenue	5,454	3,789	2,867
Research and development	7,754	5,919	4,816
Marketing and sales	4,725	3,772	2,725
General and administrative	2,517	1,731	1,295
Total costs and expenses	20,450	15,211	11,703

Income from operations	20,203	12,427	6,225

Interest and other income (expense), net	391	91	(31)
Income before provision for income taxes	20,594	12,518	6,194

Provision for income taxes	4,660	2,301	2,506
Net income	15,934	10,217	3,688

Less: Net income attributable to participating securities	14	29	19
Net income attributable to Class A and Class B common stockholders	15,920	10,188	3,669

Earnings per share attributable to Class A and Class B common stockholders:
Basic (in dollars per share)	5.49	3.56	1.31
Diluted (in dollars per share)	5.39	3.49	1.29
Weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders:
Basic (in shares)	2,901	2,863	2,803
Diluted (in shares)	2,956	2,925	2,853
Share-based compensation expense included in costs and expenses:
Share-based compensation expense	3,723	3,218	2,969
Income Statement Location
Cost of revenue
Share-based compensation expense	178	113	81
Research and development
Share-based compensation expense	2,820	2,494	2,350
Marketing and sales
Share-based compensation expense	436	368	320
General and administrative
Share-based compensation expense	289	243	218

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)
(In Millions, except shares in actual)
	12 Months Ended	12 Months Ended	12 Months Ended
	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Net income	$ 15,934	10,217	3,688
Other comprehensive income (loss):
Change in foreign currency translation adjustment, net of tax	566	(152)	(202)
Change in unrealized gain/loss on available-for-sale investments and other, net of tax	(90)	(96)	(25)
Comprehensive income	16,410	9,969	3,461

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2017
CONSOLIDATED STATEMENTS OF CASH FLOWS
Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)
(In Millions, except shares in actual)
	12 Months Ended	12 Months Ended	12 Months Ended
	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015
Cash flows from operating activities
Net income	$ 15,934	10,217	3,688
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,025	2,342	1,945
Share-based compensation	3,723	3,218	2,960
Deferred income taxes	(377)	(457)	(795)
Tax benefit from share-based award activity	0	0	1,721
Other	24	30	17
Changes in assets and liabilities:
Accounts receivable	(1,609)	(1,489)	(973)
Prepaid expenses and other current assets	(192)	(159)	(144)
Other assets	154	14	(3)
Accounts payable	43	14	18
Partners payable	95	67	17
Accrued expenses and other current liabilities	309	1,014	513
Deferred revenue and deposits	4	35	(9)
Other liabilities	3,083	1,262	1,365
Net cash provided by operating activities	24,216	16,108	10,320

Cash flows from investing activities
Purchases of property and equipment	(6,733)	(4,491)	(2,523)
Purchases of marketable securities	(25,682)	(22,341)	(15,938)
Sales of marketable securities	9,444	13,894	6,928
Maturities of marketable securities	2,988	1,261	2,310
Acquisitions of businesses, net of cash acquired, and purchases of intangible assets	(122)	(123)	(313)
Change in restricted cash and deposits	67	61	102
Net cash used in investing activities	(20,038)	(11,739)	(9,434)

Cash flows from financing activities
Taxes paid related to net share settlement of equity awards	(3,246)	(6)	(20)
Principal payments on capital lease and other financing obligations	0	(312)	(119)
Repurchases of Class A common stock	(1,976)	0	0
Other financing activities, net	(13)	8	0
Net cash used in financing activities	(5,235)	(310)	(139)

Effect of exchange rate changes on cash and cash equivalents	233	(63)	(155)
Net (decrease) increase in cash and cash equivalents	(824)	3,996	592

Cash and cash equivalents at beginning of period	8,903	4,907
Cash and cash equivalents at end of period	8,079	8,903	4,907

Supplemental cash flow data
Cash paid during the period for:
Interest	0	11	10
Income taxes, net	2,117	1,210	270
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	363	272	88
Promissory note payable issued in connection with an acquisition	0	0	198
Settlement of acquisition-related contingent consideration liability	102	33	0
Change in unsettled repurchases of Class A common stock	94	0	0

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META PLATFORMS, INC.
Ticker: META Fiscal Year: 2017
CONSOLIDATED BALANCE SHEETS
Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)
(In Millions, except shares in actual)
	As of	As of
	Dec 31, 2017	Dec 31, 2016
Assets
Current assets:
Cash and cash equivalents	$ 8,079	8,903
Marketable securities	33,632	20,546
Accounts receivable, net of allowances of $189 and $94 as of December 31, 2017 and 2016, respectively	5,832	3,993
Prepaid expenses and other current assets	1,020	959
Total current assets	48,563	34,401

Property and equipment, net	13,721	8,591
Intangible assets, net	1,884	2,535
Goodwill	18,221	18,122
Other assets	2,135	1,312
Total assets	84,524	64,961

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	380	302
Partners payable	390	280
Accrued expenses and other current liabilities	2,892	2,203
Deferred revenue and deposits	98	90
Total current liabilities	3,760	2,875

Other liabilities	6,417	2,892
Total liabilities	10,177	5,767

Commitments and contingencies
Stockholders' equity:
Common stock, $0.000006 par value; 5,000 million Class A shares authorized, 2,397 million and 2,354 million shares issued and outstanding, as of December 31, 2017 and December 31, 2016, respectively; 4,141 million Class B shares authorized, 509 million and 538 million shares issued and outstanding, as of December 31, 2017 and December 31, 2016, respectively.	0	0
Additional paid-in capital	40,584	38,227
Accumulated other comprehensive loss	(227)	(703)
Retained earnings	33,990	21,670
Total stockholders' equity	74,347	59,194

Total liabilities and stockholders' equity	84,524	64,961

External Links
META PLATFORMS, INC. (META) Fiscal Year 2017
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: 2017

CONSOLIDATED STATEMENTS OF INCOME

Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2017

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2017

CONSOLIDATED STATEMENTS OF CASH FLOWS

Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)

META PLATFORMS, INC.

Ticker: META Fiscal Year: 2017

CONSOLIDATED BALANCE SHEETS

Period Ending Dec 31, 2017 10-K (Filed: Feb 1, 2018)