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Facebook - résultats financiers pour le 2nd trimestre 2014

Aug 11, 2014

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Page 1: Facebook - résultats financiers pour le 2nd trimestre 2014

Quarterly Earnings Slides

Q2 2014

Page 2: Facebook - résultats financiers pour le 2nd trimestre 2014

Non-GAAP Measures

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These

non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance

prepared in accordance with U.S. GAAP. A reconciliation of non-GAAP financial measures to the corresponding

GAAP measures is provided in the appendix to this presentation.

2

Page 3: Facebook - résultats financiers pour le 2nd trimestre 2014

130 132 135 139 142 144 147 150 152

154 160 169 179 182 188 195 203 206

129 141 153 167 181 189 200 216 228 139 152

161 180

195 208

216 233

244

552 584

618 665

699 728

757 802

829

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

3

Daily Active Users (DAUs)

DAUs / MAUs

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3’13 Q4'13 Q1'14 Q2'14

58% 58% 59% 60% 61% 61% 62% 63% 63%

Rest of World

Asia

Europe

US & Canada

Please see Facebook's most recent quarterly or annual report filed with the SEC for definitions of user activity used to determine the number of our DAUs, mobile DAUs, MAUs, and mobile MAUs. The number of DAUs, mobile DAUs, MAUs, and mobile MAUs do not include Instagram users unless they would otherwise qualify as such users, respectively, based on their other activities on Facebook.

In Millions

Page 4: Facebook - résultats financiers pour le 2nd trimestre 2014

4

Mobile Daily Active Users (Mobile DAUs)

In Millions

293 329

374

425

469 507

556

609

654

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Please see Facebook's most recent quarterly or annual report filed with the SEC for definitions of user activity used to determine the number of our DAUs, mobile DAUs, MAUs, and mobile MAUs. The number of DAUs, mobile DAUs, MAUs, and mobile MAUs do not include Instagram users unless they would otherwise qualify as such users, respectively, based on their other activities on Facebook.

Page 5: Facebook - résultats financiers pour le 2nd trimestre 2014

186 189 193 195 198 199 201 202 204

246 253 261 269 272 276 282 289 292

255 277 298 319 339 351 368 390 410

268 288

304 327

346 362 376 395 411

955 1,007

1,056 1,110

1,155 1,189 1,228

1,276 1,317

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

5

Monthly Active Users (MAUs)

In Millions Rest of World

Asia

Europe

US & Canada

Please see Facebook's most recent quarterly or annual report filed with the SEC for definitions of user activity used to determine the number of our DAUs, mobile DAUs, MAUs, and mobile MAUs. The number of DAUs, mobile DAUs, MAUs, and mobile MAUs do not include Instagram users unless they would otherwise qualify as such users, respectively, based on their other activities on Facebook.

Page 6: Facebook - résultats financiers pour le 2nd trimestre 2014

6

Mobile Monthly Active Users (Mobile MAUs)

In Millions

543 604

680

751 819

874

945 1,008

1,070

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Please see Facebook's most recent quarterly or annual report filed with the SEC for definitions of user activity used to determine the number of our DAUs, mobile DAUs, MAUs, and mobile MAUs. The number of DAUs, mobile DAUs, MAUs, and mobile MAUs do not include Instagram users unless they would otherwise qualify as such users, respectively, based on their other activities on Facebook.

Page 7: Facebook - résultats financiers pour le 2nd trimestre 2014

7

Mobile-Only Monthly Active Users (Mobile-Only MAUs)

In Millions

219

254

296

341

399

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Mobile-only MAUs are defined as users who accessed Facebook solely through mobile apps or mobile versions of our website, or used our Messenger app, in the last 30 days of the given quarter. The number of mobile-only MAUs do not include Instagram users unless they would otherwise qualify as such users based on their other activities on Facebook.

Page 8: Facebook - résultats financiers pour le 2nd trimestre 2014

$992 $1,086 $1,329 $1,245

$1,599 $1,798

$2,344 $2,265

$2,676

$192 $176

$256 $213

$214

$218

$241 $237

$234

$1,184 $1,262

$1,585 $1,458

$1,813

$2,016

$2,585 $2,502

$2,910

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Payments and other fees

Advertising

Revenue

In Millions

8

*In the fourth quarter of 2012 we recognized revenue from four months of Payments transactions for accounting reasons detailed on pages 47 and 48 of our Form 10-K filed on February 1, 2013.

*

Page 9: Facebook - résultats financiers pour le 2nd trimestre 2014

$590 $637 $780 $679

$848 $962 $1,206 $1,179

$1,308 $346 $341

$440 $423

$505 $538

$727 $698

$824

$135 $154

$198 $197

$247

$278

$341 $354

$431

$113 $130

$167 $159

$213

$238

$311 $271

$347

$1,184 $1,262

$1,585 $1,458

$1,813

$2,016

$2,585 $2,502

$2,910

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Rest of World

Asia

Europe

US & Canada

9

Revenue by User Geography

Revenue by user geography is geographically apportioned based on our estimation of the geographic location of our users when they perform a revenue-generating activity. This allocation differs from our revenue by geography disclosure in our consolidated financial statements where revenue is geographically apportioned based on the location of the marketer or developer.

In Millions

Page 10: Facebook - résultats financiers pour le 2nd trimestre 2014

Rest of World

Asia

Europe

US & Canada

10

Advertising Revenue by User Geography

Revenue by user geography is geographically apportioned based on our estimation of the geographic location of our users when they perform a revenue-generating activity. This allocation differs from our revenue by geography disclosure in our consolidated financial statements where revenue is geographically apportioned based on the location of the marketer or developer.

$479 $538 $631 $552 $721

$832 $1,068 $1,039

$1,175 $294 $295

$374 $367

$451 $482

$658 $631

$757

$115 $133

$168 $176

$225

$255

$318 $333

$408

$104 $120

$156 $150

$202

$229

$300 $262

$336

$992 $1,086

$1,329 $1,245

$1,599

$1,798

$2,344 $2,265

$2,676

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

In Millions

Page 11: Facebook - résultats financiers pour le 2nd trimestre 2014

Rest of World

Asia

Europe

US & Canada

$111 $99

$149 $127 $127 $130 $138 $140 $133

$52

$46

$66

$56 $54 $56 $69 $67

$67 $20

$21

$30

$21 $22 $23

$23 $21 $23

$9

$10

$11

$9 $11 $9

$11 $9 $11

$192 $176

$256

$213 $214 $218

$241 $237 $234

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

11

Payments & Other Fees Revenue by User Geography

Revenue by user geography is geographically apportioned based on our estimation of the geographic location of our users when they perform a revenue-generating activity. This allocation differs from our revenue by geography disclosure in our consolidated financial statements where revenue is geographically apportioned based on the location of the marketer or developer. *In the fourth quarter of 2012 we recognized revenue from four months of Payments transactions for accounting reasons detailed on pages 47 and 48 of our Form 10-K filed on February 1, 2013.

In Millions

*

Page 12: Facebook - résultats financiers pour le 2nd trimestre 2014

12

Average Revenue per User (ARPU)

$1.67 $1.76

$2.36 $2.21 $2.61

$0.20 $0.20

$0.25 $0.23

$0.23

$1.87 $1.96

$2.61 $2.44

$2.84

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Europe

$0.68 $0.74 $0.88 $0.88

$1.02

$0.07 $0.07

$0.06 $0.06

$0.06

$0.75 $0.81

$0.95 $0.93

$1.08

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Asia

Revenue by user geography is geographically apportioned based on our estimation of the geographic location of our users when they perform a revenue-generating activity. This allocation differs from our revenue by geography disclosure in our consolidated financial statements where revenue is geographically apportioned based on the location of the marketer or developer. Please see Facebook’s most recent quarterly or annual report filed with the SEC for the definition of ARPU.

$0.60 $0.65 $0.81

$0.68 $0.83

$0.03 $0.03

$0.03

$0.02

$0.03

$0.63 $0.67

$0.84

$0.70

$0.86

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Rest of World

$1.41 $1.53 $1.94 $1.81

$2.06

$0.19 $0.19

$0.20 $0.19

$0.18

$1.60 $1.72

$2.14 $2.00

$2.24

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Worldwide

$3.67 $4.19

$5.34 $5.16 $5.79

$0.65 $0.65

$0.69 $0.69 $0.66

$4.32

$4.85

$6.03 $5.85

$6.44

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

US & Canada

Payments

Advertising

Page 13: Facebook - résultats financiers pour le 2nd trimestre 2014

Share-Based Compensation Expense

13

$113 $138 $137 $135 $175 $193 $228 $231 $263

$986

$28 $24 $9 $17 $14

$11 $11 $10

$1,106

$179 $184 $170 $224 $239

$273 $274 $314

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

In Millions Pre-2011 RSUs

Post-2011 RSUs

Options & Other

Page 14: Facebook - résultats financiers pour le 2nd trimestre 2014

14

Expenses as a % of Revenue

13% 10% 10% 11% 11%

15% 12% 11%

13% 12%

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Marketing & Sales

10% 10% 9% 10% 9%

9% 9% 7%

8% 8%

19% 18% 16%

18% 17%

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Research & Development

8% 7% 6% 6% 6%

10% 8% 10%

7% 7%

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

General & Administrative

Share-based compensation + Payroll tax related to share-based compensation

All other expenses

25% 25% 19% 18% 16%

26% 25%

19% 18% 16%

Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Cost of Revenue

Page 15: Facebook - résultats financiers pour le 2nd trimestre 2014

Income (Loss) from Operations

($743)

$377 $523 $373 $562

$736 $1,133 $1,075

$1,390

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP Income (Loss) from Operations (In Millions)

$515 $525 $736

$563 $794

$987

$1,459 $1,374

$1,712

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Non-GAAP Income from Operations (In Millions)

15

Non-GAAP income from operations excludes share-based compensation expense and payroll tax expenses related to share-based compensation—see the Appendix for a reconciliation of this non-GAAP measure to GAAP income (loss) from operations.

Page 16: Facebook - résultats financiers pour le 2nd trimestre 2014

16

Operating Margin

43% 42% 46% 39%

44% 49%

56% 55% 59%

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Non-GAAP Operating Margin

(63%)

30% 33% 26% 31% 37% 44% 43% 48%

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP Operating Margin

Non-GAAP operating margin excludes share-based compensation expense and payroll tax expenses related to share-based compensation—see the Appendix for a reconciliation of this non-GAAP measure to GAAP operating margin.

Page 17: Facebook - résultats financiers pour le 2nd trimestre 2014

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Effective Tax Rate

GAAP Effective Tax Rate

Non-GAAP Effective Tax Rate

Q2 Q3 Q4 Q1 Q2

($ in millions) 2013 2013 2013 2014 2014

GAAP income before provision for income taxes 545$ 726$ 1,130$ 1,075$ 1,386$

GAAP provision for income taxes 212 301 607 433 595

Effective Tax Rate 39% 41% 54% 40% 43%

Q2 Q3 Q4 Q1 Q2

($ in millions) 2013 2013 2013 2014 2014

Non-GAAP income before provision for income taxes 777 977 1,456 1,374 1,708

Non-GAAP provision for income taxes 289 356 676 489 617

Effective Tax Rate 37% 36% 46% 36% 36%

Page 18: Facebook - résultats financiers pour le 2nd trimestre 2014

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Net Income (Loss)

($157) ($59)

$64 $219

$333 $425 $523 $642

$791

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Non-GAAP net income excludes share-based compensation expense, payroll tax expenses related to share-based compensation, and related income tax adjustments—see the Appendix for a reconciliation of this non-GAAP measure to GAAP net income (loss).

$295 $311 $426

$312 $488

$621 $780

$885 $1,091

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP Net Income (Loss) (In Millions)

Non-GAAP Net Income (In Millions)

Page 19: Facebook - résultats financiers pour le 2nd trimestre 2014

19

Diluted Earnings (Loss) Per Share

($0.08) ($0.02)

$0.03 $0.09

$0.13 $0.17 $0.20

$0.25 $0.30

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

$0.12 $0.12 $0.17

$0.12 $0.19

$0.25 $0.31 $0.34

$0.42

Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP Diluted Earnings (Loss) Per Share

Non-GAAP Diluted EPS

Non-GAAP diluted earnings per share excludes share-based compensation expense, payroll tax expenses related to share-based compensation, and related income tax adjustments—see the Appendix for a reconciliation of this non-GAAP measure to GAAP diluted earnings (loss) per share.

Page 20: Facebook - résultats financiers pour le 2nd trimestre 2014

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Capital Investments

In Millions Property and equipment acquired

under capital leases

Purchases of property

and equipment

$606

$1,235 $1,362

$473

$340

$1,079

$1,575

$1,373

2011 2012 2013

Annual

$595

$832

$606

$832

YTD Q2'13 YTD Q2'14

Quarterly

Page 21: Facebook - résultats financiers pour le 2nd trimestre 2014

Appendix

Page 22: Facebook - résultats financiers pour le 2nd trimestre 2014

22

Reconciliations

Income (Loss) from Operations (in millions) Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP income (loss) from operations (743)$ 377$ 523$ 373$ 562$ 736$ 1,133$ 1,075$ 1,390$

Share-based compensation expense 1,106 179 184 170 224 239 273 274 314

Payroll tax expenses related to share-based compensation 152 (31) 29 20 8 12 53 25 8

Non-GAAP income from operations 515$ 525$ 736$ 563$ 794$ 987$ 1,459$ 1,374$ 1,712$

Operating Margin Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP operating margin (63%) 30% 33% 26% 31% 37% 44% 43% 48%

Share-based compensation expense 93% 14% 12% 12% 12% 12% 11% 11% 11%

Payroll tax expenses related to share-based compensation 13% (2%) 2% 1% 0% 1% 2% 1% 0%

Non-GAAP operating margin 43% 42% 46% 39% 44% 49% 56% 55% 59%

Net Income (Loss) (in millions) Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP net income (loss) (157)$ (59)$ 64$ 219$ 333$ 425$ 523$ 642$ 791$

Share-based compensation expense 1,106 179 184 170 224 239 273 274 314

Payroll tax expenses related to share-based compensation 152 (31) 29 20 8 12 53 25 8

Income tax adjustments (806) 222 149 (97) (77) (55) (69) (56) (22)

Non-GAAP net income 295$ 311$ 426$ 312$ 488$ 621$ 780$ 885$ 1,091$

Diluted Earnings (Loss) Per Share Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP diluted earnings (loss) per share (0.08)$ (0.02)$ 0.03$ 0.09$ 0.13$ 0.17$ 0.20$ 0.25$ 0.30$

Non-GAAP adjustments to net income (loss) 0.24 0.15 0.14 0.03 0.06 0.08 0.11 0.09 0.12

Non-GAAP adjustments to diluted shares (0.04) (0.01) - - - - - - -

Non-GAAP diluted earnings per share 0.12$ 0.12$ 0.17$ 0.12$ 0.19$ 0.25$ 0.31$ 0.34$ 0.42$

Page 23: Facebook - résultats financiers pour le 2nd trimestre 2014

23

Reconciliations (continued)

Effective Tax Rate (in millions) Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

GAAP income before provision for income taxes 545$ 726$ 1,130$ 1,075$ 1,386$

GAAP provision for income taxes 212 301 607 433 595

GAAP effective tax rate 39% 41% 54% 40% 43%

GAAP income before provision for income taxes 545$ 726$ 1,130$ 1,075$ 1,386$

Share-based compensation and related payroll tax expenses 232 251 326 299 322

Non-GAAP income before provision for income taxes 777$ 977$ 1,456$ 1,374$ 1,708$

Non-GAAP provision for income taxes 289 356 676 489 617

Non-GAAP effective tax rate 37% 36% 46% 36% 36%

Page 24: Facebook - résultats financiers pour le 2nd trimestre 2014

24

Reconciliations (continued)

Free Cash Flow (in millions) Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14

Net cash provided by operating activities 240$ 250$ 681$ 719$ 1,322$ 950$ 1,231$ 1,285$ 1,341$

Purchases of property and equipment 413 171 198 327 268 284 483 363 469

Property and equpiment acquired under capital leases 52 161 89 11 - - - - -

Free Cash Flow (225)$ (82)$ 394$ 381$ 1,054$ 666$ 748$ 922$ 872$

Page 25: Facebook - résultats financiers pour le 2nd trimestre 2014

Limitations of Key Metrics and Other Data The numbers for our key metrics, which include our daily active users (DAUs), mobile DAUs, monthly active users (MAUs),

mobile MAUs, and average revenue per user (ARPU), as well as certain other metrics such as mobile-only MAUs, are

calculated using internal company data based on the activity of user accounts. While these numbers are based on what we

believe to be reasonable estimates of our user base for the applicable period of measurement, there are inherent challenges

in measuring usage of our products across large online and mobile populations around the world.

For example, there may be individuals who maintain one or more Facebook accounts in violation of our terms of service,

despite our efforts to detect and suppress such behavior. We estimate, for example, that “duplicate” accounts (an account

that a user maintains in addition to his or her principal account) may have represented between approximately 4.3% and

7.9% of our worldwide MAUs in 2013. We also seek to identify “false” accounts, which we divide into two categories: (1)

user-misclassified accounts, where users have created personal profiles for a business, organization, or non-human entity

such as a pet (such entities are permitted on Facebook using a Page rather than a personal profile under our terms of

service); and (2) undesirable accounts, which represent user profiles that we determine are intended to be used for purposes

that violate our terms of service, such as spamming. In 2013, for example, we estimate user-misclassified accounts may

have represented between approximately 0.8% and 2.1% of our worldwide MAUs and undesirable accounts may have

represented between approximately 0.4% and 1.2% of our worldwide MAUs. We believe the percentage of accounts that are

duplicate or false is meaningfully lower in developed markets such as the United States or the United Kingdom and higher in

developing markets such as India and Turkey. However, these estimates are based on an internal review of a limited sample

of accounts and we apply significant judgment in making this determination, such as identifying names that appear to be fake

or other behavior that appears inauthentic to the reviewers. As such, our estimation of duplicate or false accounts may not

accurately represent the actual number of such accounts. We are continually seeking to improve our ability to identify

duplicate or false accounts and estimate the total number of such accounts, and such estimates may be affected by

improvements or changes in our methodology. Due to inherent variability in such estimates at particular dates of

measurement, we disclose these estimates as a range over a recent period.

25

Page 26: Facebook - résultats financiers pour le 2nd trimestre 2014

Limitations of Key Metrics and Other Data (cont.)

Our data limitations may affect our understanding of certain details of our business. For example, while user-provided data indicates a

decline in usage among younger users, this age data is unreliable because a disproportionate number of our younger users register

with an inaccurate age. In the third quarter of 2013, we worked with third parties to develop models to analyze user data by age in the

United States. These models suggested that usage by U.S. teens overall was stable, but that DAUs among younger U.S. teens had

declined. The data and models we are using are not precise and our understanding of usage by age group may not be complete.

Some of our metrics have also been affected by applications on certain mobile devices that automatically contact our servers for regular

updates with no user action involved, and this activity can cause our system to count the user associated with such a device as an

active user on the day such contact occurs. For example, we estimate that less than 5% of our estimated worldwide DAUs as of

December 31, 2011 resulted from this type of automatic mobile activity, and that this type of activity had a substantially smaller effect on

our estimate of worldwide MAUs and mobile MAUs. The impact of this automatic activity on our metrics varies by geography because

mobile usage varies in different regions of the world. In addition, our data regarding the geographic location of our users is estimated

based on a number of factors, such as the user’s IP address and self-disclosed location. These factors may not always accurately

reflect the user’s actual location. For example, a mobile-only user may appear to be accessing Facebook from the location of the proxy

server that the user connects to rather than from the user’s actual location. The methodologies used to measure user metrics may also

be susceptible to algorithm or other technical errors. For example, in early June 2012, we discovered an error in the algorithm we used

to estimate the geographic location of our users that affected our attribution of certain user locations for the period ended March 31,

2012. While this issue did not affect our overall worldwide DAU and MAU numbers, it did affect our attribution of users across different

geographic regions. We estimate that the number of MAUs as of March 31, 2012 for the United States & Canada region was overstated

as a result of the error by approximately 3% and this overstatement was offset by understatements in other regions. The number of such

users for the period ended March 31, 2012 presented herein reflect the reclassification to more correctly attribute users by geographic

region. Our estimates for revenue by user location are also affected by these factors.

We regularly review our processes for calculating these metrics, and from time to time we may make adjustments to improve their

accuracy. These adjustments may result in the recalculation of our historical metrics, which are immaterial unless otherwise noted. In

addition, our MAU and DAU estimates will differ from estimates published by third parties due to differences in methodology. For

example, some third parties are not able to accurately measure mobile users or do not count mobile users for certain user groups or at

all in their analyses.

The numbers of DAUs, mobile DAUs, MAUs, mobile MAUs, and mobile-only MAUs represented in these slides, as well as ARPU, do

not include users of Instagram unless they would otherwise qualify as such users, respectively, based on their other activities on

Facebook.

26

Page 27: Facebook - résultats financiers pour le 2nd trimestre 2014