2021年第三季度Facebook季度财报PPT版（英）-24页_233kb

Facebook Q3 2021 Earnings Presentation Summary

Core Content Overview

This document provides a summary of Facebook's key metrics and financial performance for Q3 2021. It includes data on user engagement, revenue, and operational performance, along with important disclosures about the methodologies and limitations of the reported metrics.

Key Metrics

Daily Active Users (DAUs) and Monthly Active Users (MAUs)

• DAUs/MAUs remained consistent at 66% for all quarters from Q3'19 to Q3'21.
• DAUs and MAUs are calculated based on user activity only on Facebook, excluding Instagram, WhatsApp, and other products unless they qualify based on activity on Facebook.
• These metrics are derived from user account activity, not from the number of accounts.

Family Daily Active People (DAP) and Family Monthly Active People (MAP)

• DAP/MAP remained at 79% for all quarters from Q3'19 to Q3'21.
• DAP and MAP represent the estimated number of unique people using at least one of the Family products (Facebook, Instagram, Messenger, WhatsApp).
• The calculation of DAP and MAP uses complex algorithms and machine learning models to estimate the number of unique individuals, matching accounts across products when they are believed to belong to the same person.
• These metrics do not include users on other products unless they qualify based on Family product activity.

Revenue and Financial Performance

Revenue

• Revenue is presented in millions and includes data from various sources.
• Revenue is geographically apportioned based on user location when performing revenue-generating activities, not based on customer addresses.

Advertising Revenue

• Advertising revenue is also presented in millions and follows the same geographic allocation method as total revenue.

Other Revenue

• Other revenue is reported in millions and uses the same geographic allocation method.

Expenses as a Percentage of Revenue

• Expenses are categorized into:
  • General & Administrative
  • Marketing & Sales
  • Research & Development
  • Cost of Revenue
• These percentages are used to assess the company's operational efficiency.

Income from Operations

• Income from operations is reported in millions and reflects the company's core business profitability.

Operating Margin

• Operating margin is presented as a percentage and is used to evaluate the efficiency of operations.

Effective Tax Rate

• Effective tax rate varies across quarters:
  • Q3'19: 17%
  • Q4'19: 20%
  • Q1'20: 16%
  • Q2'20: 16%
  • Q3'20: 4%
  • Q4'20: 14%
  • Q1'21: 17%
  • Q2'21: 17%
  • Q3'21: 13%
• Note: Q3'20's effective tax rate of 4% was impacted by a one-time income tax benefit of $913 million due to a tax election.

Net Income

• Net income is reported in millions and includes the one-time tax benefit mentioned above.

Diluted Earnings Per Share (EPS)

• Diluted EPS is presented, with a note that the one-time tax benefit would have reduced it by $0.31.

Capital Expenditures

• Capital expenditures are reported in millions, indicating the company's investment in property and equipment.

Financial Metrics Reconciliation

Free Cash Flow (FCF)

• FCF is a non-GAAP measure and is calculated as:
  • Net cash provided by operating activities
  • Minus purchases of property and equipment
  • Minus principal payments on finance leases
• FCF values for Q3 2021:
  • Q3'19: $5,631M
  • Q4'19: $4,842M
  • Q1'20: $7,343M
  • Q2'20: $514M
  • Q3'20: $5,950M
  • Q4'20: $9,222M
  • Q1'21: $7,819M
  • Q2'21: $8,511M
  • Q3'21: $9,547M
• Note: Q2'20 FCF was impacted by a $5.0 billion FTC settlement.

Limitations of Key Metrics

Facebook Metrics

• DAUs and MAUs are based on user account activity on Facebook and Messenger.
• Metrics may be affected by:
  • Duplicate accounts (accounts maintained by users in addition to their principal account)
  • False accounts (user-misclassified or violating accounts)
• Estimates for duplicate and false accounts are based on internal reviews and judgment.
• In Q4'20, 11% of worldwide MAUs were estimated to be duplicate accounts, and 5% were false accounts.
• These estimates may change due to methodology improvements or data limitations.

Family Metrics

• DAP and MAP are estimates of the number of unique people using at least one of the Family products.
• Calculations rely on machine learning models and data signals such as IP addresses, device information, and user names.
• Potential error margins are estimated to be around 4% of worldwide MAP.
• These metrics may be affected by:
  • Technical errors in the algorithms
  • Data limitations, especially for encrypted products like WhatsApp
  • Changes in user behavior or product updates

User Geography

• User location is estimated using IP addresses and self-disclosed location.
• These estimates may not always reflect actual user locations, especially due to proxy servers.
• Revenue by user geography is based on user activity, not customer addresses.

Additional Notes

• The company regularly reviews and updates its metrics to improve accuracy.
• Disclosures are made annually regarding the percentage of violating accounts in MAP.
• The Family metrics are intended to replace the Facebook metrics over time, reflecting a more accurate representation of the user base.
• FCF is not intended to represent discretionary cash flow and should not be used in isolation from GAAP measures.