Facebook-2019年第三季度Facebook财报PPT-2019.10-19页_281kb

Facebook Q3 2019 Results Summary

Core Content Overview

This document provides a summary of Facebook's key financial and user metrics for Q3 2019, including Daily Active Users (DAUs), Monthly Active Users (MAUs), Revenue by User Geography, Expenses as a % of Revenue, Operating Margin, Diluted Earnings Per Share (EPS), and Free Cash Flow (FCF). It also highlights the limitations of these metrics and the methodologies used to calculate them.

Key Metrics and Data

Daily Active Users (DAUs)

• DAUs are reported in millions.
• The DAUs for Q3 2019 are consistent at 66% across all regions, which is likely a percentage of MAUs.
• Note: DAUs do not include Instagram, WhatsApp, or Oculus users unless they qualify based on other Facebook activities.

Monthly Active Users (MAUs)

• MAUs are reported in millions.
• The MAUs for Q3 2019 are consistent at 66% across all regions, likely a percentage of DAUs.
• Note: MAUs do not include Instagram, WhatsApp, or Oculus users unless they qualify based on other Facebook activities.

Revenue by User Geography

• Revenue is reported in millions.
• Revenue is allocated based on the estimated geographic location of users when they perform revenue-generating activities.
• This differs from the revenue disaggregated by billing address in financial statements.

Advertising Revenue by User Geography

• Same methodology as MAUs and DAUs: estimated geographic location based on user activity.
• This differs from the revenue by billing address in financial statements.

Payments & Other Fees Revenue by User Geography

• Same methodology as advertising revenue: estimated geographic location based on user activity.
• This differs from the revenue by billing address in financial statements.

Expenses as a % of Revenue

• Notes:
  • In Q4'17, the Tax Act increased the provision for income taxes by $2.27 billion, impacting the effective tax rate.
  • Includes $3.0 billion legal expense in Q1'19 and $2.0 billion in Q2'19 related to the FTC settlement.
  • These legal expenses did not impact the provision for income taxes as they are not tax-deductible.

Operating Margin

• The operating margin for Q3 2019 is not explicitly provided in the document.
• Note: The operating margin would have been 20 percentage points higher in Q1 2019 and 12 percentage points higher in Q2 2019 if the legal expenses were excluded.

Diluted Earnings Per Share (EPS)

• Diluted EPS for Q3 2019 is not provided.
• Notes:
  • The Tax Act in 2017 caused a $0.77 decrease in diluted EPS for Q4 2017 and full year 2017.
  • Legal expenses in Q1 2019 increased diluted EPS by $1.04.
  • Legal expenses in Q2 2019 increased diluted EPS by $1.08.

Free Cash Flow (FCF)

• FCF is a non-GAAP measure and does not reflect future contractual commitments.
• Note: FCF is calculated by subtracting purchases of property and equipment and principal payments on finance leases from net cash provided by operating activities.

Limitations of Key Metrics

• DAUs and MAUs are calculated based on internal company data and may not be accurate due to duplicate and false accounts.
• Duplicate accounts are accounts that a user maintains in addition to their principal account.
• False accounts are categorized into:
  • User-misclassified accounts: Personal profiles created for non-human entities (e.g., pets) or businesses.
  • Undesirable accounts: Accounts used for spamming or other violations of terms of service.
• Estimates of duplicate and false accounts are based on internal reviews and data signals such as similar IP addresses or user names.
• Geographic location estimates are based on IP address and self-disclosed location, which may not always reflect actual location.
• User engagement metrics may vary due to methodological differences and changes in user behavior.

Additional Notes

• FCF does not represent residual cash flow for discretionary expenditures.
• User age data is unreliable due to inaccurate age registration by younger users.
• Estimates of user metrics may change due to methodological improvements or technical errors.
• Third-party estimates may differ from Facebook's due to different methodologies.

Summary of Key Points

• DAUs and MAUs are reported as percentages of the total user base.
• Revenue by user geography is based on user activity location, not billing address.
• Legal expenses related to the FTC settlement significantly impacted tax rates and EPS in Q1 and Q2 2019.
• FCF is calculated using non-GAAP methods and is not a substitute for GAAP financial measures.
• User metrics are subject to estimation errors, duplicate accounts, and false accounts, especially in developing markets.
• Geographic and age data may not always reflect actual user behavior due to registration inaccuracies and proxy server usage.