Facebook-2019年第四季度Facebook财报PPT版（英文）-2020.2-24页_2mb

Facebook Q4 2019 Results Summary

Core Content Overview

This document outlines Facebook's user metrics and financial performance for Q4 2019, including Daily Active Users (DAUs), Monthly Active Users (MAUs), Average Revenue per User (ARPU), and related financial indicators such as revenue, expenses, income from operations, operating margin, effective tax rate, and net income. It also provides insights into the company's approach to measuring user activity across its Family of products (Facebook, Instagram, Messenger, and WhatsApp) and the limitations of these metrics.

Key User Metrics

Daily Active Users (DAUs)

• Worldwide: DAUs remained at 66% of MAUs throughout the periods from Q4 2017 to Q4 2019.
• Note: DAUs and MAUs do not include users on Instagram, WhatsApp, or other products unless they qualify based on activity on Facebook.

Monthly Active Users (MAUs)

• Worldwide: MAUs remained at 66% of DAUs across the same periods.
• Note: MAUs also do not include users on Instagram, WhatsApp, or other products unless they qualify based on activity on Facebook.

Family Metrics

• Daily Active People (DAP): Represent users of the Family of products, measured in billions. DAP remained at 78% of total users from Q1 2019 to Q4 2019.
• Monthly Active People (MAP): Represent users of the Family of products, measured in billions. MAP is calculated based on user activity across Facebook, Instagram, Messenger, and WhatsApp.
• Average Revenue per Person (ARPP): Calculated as total revenue divided by the average number of MAP at the start and end of the quarter.

Financial Performance

Revenue

• Revenue is reported in millions and is geographically apportioned based on user activity location, not billing address.
• Q4 2019: Specific revenue figures are provided in the form of images, but the exact numbers are not included in the text.

Advertising Revenue

• Advertising revenue is also geographically apportioned based on user activity location.

Other Revenue

• Other revenue is similarly geographically apportioned based on user activity location.

Expenses as a Percentage of Revenue

• Includes legal expenses related to the FTC settlement, which impacted operating margins.
• Q1 2019: $3.0 billion in legal expenses
• Q2 2019: $2.0 billion in legal expenses (plus $1.1 billion in income taxes from Altera Corp. v. Commissioner)
• Operating Margin:
  • Q1 2019: 20 percentage points higher than reported if excluding FTC expenses
  • Q2 2019: 12 percentage points higher than reported if excluding FTC expenses

Effective Tax Rate

• Q4 2019: 20%
• Q1 2019: 30% (excluding FTC expenses, would have been 14 percentage points lower)
• Q2 2019: 17% (excluding FTC expenses, would have been 30 percentage points lower)

Net Income

• Q4 2019: Net income figures are reported in millions and include the impact of the FTC legal expenses and tax changes.

Diluted Earnings Per Share (EPS)

• Q4 2019: EPS figures are reported in millions, with adjustments made for the FTC expenses and tax changes.
• Q1 2019: EPS would have been $1.04 higher if excluding FTC expenses.
• Q2 2019: EPS would have been $1.08 higher if excluding FTC expenses.

Capital Expenditures

• Capital expenditures are related to net purchases of property and equipment and principal payments on finance leases, reported in millions.

Limitations of Key Metrics

Facebook Metrics

• DAUs and MAUs: These metrics are based on user activity only on Facebook and Messenger.
• Duplicate and False Accounts:
  • Duplicate Accounts: Estimated to be 11% of worldwide MAUs in Q4 2019.
  • False Accounts: Estimated to be 5% of worldwide MAUs in Q4 2019.
  • Note: These estimates are based on internal reviews and data signals such as IP addresses and user names, and may vary due to methodological changes or data limitations.

Family Metrics

• DAP and MAP: These metrics aim to reflect the number of unique people using at least one of the Family products.
• Estimation Techniques: Use complex algorithms and machine learning models to match user accounts.
• Error Margin: Estimated to be approximately 3% of worldwide MAP.
• Violating Accounts: Estimated to be 3% of worldwide MAP in Q4 2019, representing bots and spam.
• Note: These estimates are subject to change and may not reflect actual numbers due to measurement challenges.

User Geography

• User location data is estimated based on IP address and self-disclosed location.
• Limitations: May not always reflect actual location, especially due to proxy servers.
• Revenue Allocation: Different from revenue reported in financial statements based on billing addresses.

Conclusion

Facebook's Q4 2019 results show consistent DAU and MAU percentages, with a focus on the Family of products. The company emphasizes the use of Family metrics to better reflect the size of its user community. However, these metrics are subject to significant estimation and error due to the complexity of matching user accounts and the reliance on data signals. Financial performance is impacted by legal expenses and tax changes, which are important to consider when analyzing the company's profitability and operational efficiency.