EX-99.1 2 d476012dex991.htm PRESS RELEASE Press release

Exhibit 99.1

Facebook Reports Fourth Quarter and Full Year 2012 Results

MENLO PARK, Calif. – Jan. 30, 2013 – Facebook, Inc. (NASDAQ: FB) today reported financial results for the fourth quarter and full year ended December 31, 2012.

“In 2012, we connected over a billion people and became a mobile company,” said Mark Zuckerberg, Facebook founder and CEO. “We enter 2013 with good momentum and will continue to invest to achieve our mission and become a stronger, more valuable company.”

Fourth Quarter and Full Year 2012 Financial Summary

 

In millions, except percentages and per share amounts    Q4’11     Q4’12     FY’11     FY’12  

Revenue

   $ 1,131      $ 1,585      $ 3,711      $ 5,089   

Income from Operations

        

GAAP

   $ 548      $ 523      $ 1,756      $ 538   

Non-GAAP

   $ 624      $ 736      $ 1,980      $ 2,261   

Operating Margin

        

GAAP

     48     33     47     11

Non-GAAP

     55     46     53     44

Net Income

        

GAAP

   $ 302      $ 64      $ 1,000      $ 53   

Non-GAAP

   $ 360      $ 426      $ 1,164      $ 1,317   

Diluted Earnings per Share (EPS)

        

GAAP

   $ 0.14      $ 0.03      $ 0.46      $ 0.01   

Non-GAAP

   $ 0.15      $ 0.17      $ 0.50      $ 0.53   

Fourth Quarter 2012 Operational Highlights

 

   

Monthly active users (MAUs) were 1.06 billion as of December 31, 2012, an increase of 25% year-over-year

 

   

Daily active users (DAUs) were 618 million on average for December 2012, an increase of 28% year-over-year

 

   

Mobile MAUs were 680 million as of December 31, 2012, an increase of 57% year-over-year

 

   

Mobile DAUs exceeded web DAUs for the first time in the fourth quarter of 2012

 

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Recent Business Highlights

 

   

Mobile revenue represented approximately 23% of advertising revenue for the fourth quarter of 2012, up from approximately 14% of advertising revenue in the third quarter of 2012

 

   

Facebook launched Graph Search Beta, a structured search tool that enables users for the first time to find people, places, photos and other content that has been shared on Facebook

 

   

Launched Facebook for Android 2.0, completely rebuilt to deliver improved stability and faster performance and opened Facebook Messenger to anyone with a telephone number

Fourth Quarter 2012 Financial Highlights

Revenue – Revenue for the fourth quarter totaled $1.585 billion, an increase of 40%, compared with $1.13 billion in the fourth quarter of 2011.

 

   

Revenue from advertising was $1.33 billion, representing 84% of total revenue and a 41% increase from the same quarter last year. Excluding the impact of year-over-year changes in foreign exchange rates, advertising revenue would have increased by 43%.

 

   

Payments and other fees revenue for the fourth quarter was $256 million. As planned, in the fourth quarter of 2012 the company recognized revenue from four months of Payments transactions for accounting reasons detailed in our Form 10-Q filed on October 24, 2012. Adjusting for the $66 million of revenue in the extra month of December, Payments and other fees revenue would have been essentially flat year-over-year.

Costs and expenses – Fourth quarter costs and expenses were $1.06 billion, an increase of 82% from the fourth quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP costs and expenses were $849 million, an increase of 67%.

Income from operations – For the fourth quarter, GAAP income from operations was $523 million, compared to income from operations of $548 million for the fourth quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP income from operations for the fourth quarter was $736 million, compared to $624 million for the fourth quarter of 2011.

Operating margin – GAAP operating margin was 33% for the fourth quarter, compared to 48% for the fourth quarter of 2011. Excluding share-based compensation and related payroll tax expenses, non-GAAP operating margin was 46% for the fourth quarter, compared to 55% for the fourth quarter of 2011.

 

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Income tax provision – The GAAP income tax provision for the fourth quarter was $441 million, representing an 87% effective tax rate. Excluding share-based compensation expense and related payroll tax expenses, the non-GAAP effective tax rate would have been approximately 41%.

Net income – GAAP net income for the fourth quarter was $64 million, compared to net income of $302 million for the fourth quarter of 2011. GAAP EPS for the fourth quarter was $0.03, compared to $0.14 for the same quarter in the prior year. Excluding share-based compensation and related payroll tax expenses, and income tax adjustments, non-GAAP net income for the fourth quarter was $426 million, or $0.17 per share, compared to $360 million and $0.15 per share for the same quarter in the prior year.

Capital expenditures – Purchases of property and equipment for the fourth quarter were $198 million. Additionally, $89 million of equipment was procured or financed through capital leases during the fourth quarter of 2012.

Cash and marketable securities – As of December 31, 2012, cash and marketable securities were $9.63 billion.

Webcast and Conference Call Information

Facebook will host a conference call to discuss the results at 2 p.m. PT / 5 p.m. ET today. The live webcast can be accessed at the Facebook Investor Relations website at investor.fb.com, along with the company’s earnings press release, financial tables and slide presentation. Facebook intends to use the investor.fb.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Following the call, a replay will be available at the same website. A telephonic replay will be available for one week following the conference call at +1 (404) 537-3406 or + 1 (855) 859-2056, conference ID 85750523.

About Facebook

Founded in 2004, Facebook’s mission is to make the world more open and connected. People use Facebook to stay connected with friends and family, to discover what’s going on in the world, and to share and express what matters to them.

 

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Contacts

Investors:

Deborah Crawford

investor@fb.com / investor.fb.com

Press:

Ashley Zandy

press@fb.com / newsroom.fb.com

Forward Looking Statements

This press release contains forward-looking statements regarding our future prospects, new product benefits, business strategy and plans, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: our ability to retain or increase users and engagement levels, including mobile engagement and our ability to increase revenues and engagement across a range of geographies; our ability to monetize our mobile products; competition; our ability to expand and further monetize the Facebook Platform; privacy concerns; security breaches; increases in the costs necessary to grow and operate our business; and our ability to manage growth and geographically-dispersed operations. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 filed with the SEC on October 24, 2012, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Annual Report on Form 10-K for the full year ended December 31, 2012. In addition, please note that the date of this press release is January 30, 2013, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: total revenue and advertising revenue excluding foreign exchange effect, non-GAAP costs and expenses, non-GAAP income from operations; non-GAAP net income; non-GAAP diluted shares; non-GAAP diluted earnings per share; non-GAAP operating margin; and non-GAAP effective tax rate. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of items, specifically share-based compensation expense and payroll tax related to share-based compensation expense and the

 

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related income tax effects, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

We exclude the following items from one or more of our non-GAAP financial measures:

Share-based compensation expense. We exclude share-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, we believe that providing non-GAAP financial measures that exclude this expense allow investors the ability to make more meaningful comparisons between our operating results and those of other companies. Furthermore, our share-based compensation expense was materially affected in the second quarter of 2012 due to the terms of our RSUs granted prior to 2011, related to which we recognized $986 million in share-based compensation expense in the period, despite the fact that these awards were granted and earned over several years. Accordingly, we believe that excluding this expense provides investors and management with greater visibility to the underlying performance of our business operations, facilitates comparison of our results with other periods, and may also facilitate comparison with the results of other companies in our industry.

Payroll tax expense related to share-based compensation. We exclude payroll tax expense related to share-based compensation expense because, without excluding these tax expenses, investors would not see the full effect that excluding that share-based compensation expense had on our operating results. Furthermore, our payroll tax expense was substantially higher due to the terms of our RSUs granted prior to 2011, where, despite the fact that these awards were granted and earned over several years, we recognized $151 million in payroll tax expense in 2012 with most of this being recognized in the second quarter of 2012. In addition, these expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, which factors may vary from period to period independent of the operating performance of our business. Similar to share-based compensation expense, we believe that excluding this payroll tax expense provides investors and management with greater visibility to the underlying performance of our business operations and facilitates comparison with other periods as well as the results of other companies.

 

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Income tax effect of share-based compensation and related payroll tax expenses. We believe excluding the income tax effect of non-GAAP adjustments assists investors and management in understanding the tax provision related to those adjustments and provides useful supplemental information regarding the underlying performance of our business operations.

Assumed preferred stock conversion. As a result of our initial public offering, all outstanding shares of preferred stock were automatically converted into shares of Class B common stock. Consequently, non-GAAP diluted shares and net income per share for periods prior to June 30, 2012 have been calculated assuming this conversion, which we believe facilitates comparison with prior periods.

Dilutive equity awards excluded from GAAP. In our calculation of non-GAAP weighted average shares used to compute earnings per share attributable to Class A and Class B common stockholders, we include unvested RSUs for the year ended December 31, 2012 as well as for the three months and full year ended December 31, 2011, the number of which is substantial due to the terms of RSUs granted prior to 2011. We believe including these awards facilitates comparison between periods.

Foreign exchange effect on revenue. We translate current quarter and full year revenues using prior year exchange rates, which we believe is a useful metric that facilitates comparison to our historical performance.

For more information on our non-GAAP financial measures and a reconciliation of such measures to the nearest GAAP measure, please see the “Reconciliation of Non-GAAP Results to Nearest GAAP Measures” table in this press release.

 

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FACEBOOK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except for per share amounts)

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,     December 31,  
     2011     2012     2011     2012  

Revenue

   $ 1,131      $ 1,585      $ 3,711      $ 5,089   

Costs and expenses:

        

Cost of revenue

     247        398        860        1,364   

Research and development

     124        297        388        1,399   

Marketing and sales

     120        193        393        896   

General and administrative

     92        174        314        892   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total costs and expenses

     583        1,062        1,955        4,551   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     548        523        1,756        538   

Interest and other income (expense), net

        

Interest expense

     (16     (16     (42     (51

Other income (expense), net

     (12     (2     (19     7   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     520        505        1,695        494   

Provision for income taxes

     218        441        695        441   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 302      $ 64      $ 1,000      $ 53   
  

 

 

   

 

 

   

 

 

   

 

 

 

Less: Net income attributable to participating securities

     97        —          332        21   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to Class A and Class B common stockholders

   $ 205      $ 64      $ 668      $ 32   
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share attributable to Class A and Class B common stockholders:

        

Basic

   $ 0.15      $ 0.03      $ 0.52      $ 0.02   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.14      $ 0.03      $ 0.46      $ 0.01   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares used to compute earnings per share attributable to Class A and Class B common stockholders:

        

Basic

     1,325        2,368        1,294        2,006   

Diluted

     1,519        2,506        1,508        2,166   

Share-based compensation expense included in costs & expenses:

        

Cost of revenue

   $ 3      $ 9      $ 9        88   

Research and development

     42        124        114        843   

Marketing and sales

     13        27        37        306   

General and administrative

     18        24        57        335   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total share-based compensation expense

   $ 76      $ 184      $ 217      $ 1,572   
  

 

 

   

 

 

   

 

 

   

 

 

 

Payroll tax related to share-based compensation included in costs & expenses:

        

Cost of revenue

   $ —        $ 2      $ —        $ 5   

Research and development

     —          16        2        53   

Marketing and sales

     —          4        1        20   

General and administrative

     —          7        4        73   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ —        $ 29      $ 7      $ 151   
  

 

 

   

 

 

   

 

 

   

 

 

 

Share-based compensation expense related to Pre-2011 RSUs included in costs & expenses:

        

Cost of revenue

   $ —        $ 2      $ —        $ 63   

Research and development

     —          14        —          504   

Marketing and sales

     —          4        —          216   

General and administrative

     —          4        —          255   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ —        $ 24      $ —        $ 1,038   
  

 

 

   

 

 

   

 

 

   

 

 

 

Payroll tax related to Pre-2011 RSUs included in costs & expenses:

        

Cost of revenue

   $ —        $ 2      $ —        $ 5   

Research and development

     —          5        —          39   

Marketing and sales

     —          3        —          18   

General and administrative

     —          —          —          32   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ —        $ 10      $ —        $ 94   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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FACEBOOK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

 

     December 31,     December 31,  
     2011     2012  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 1,512      $ 2,384   

Marketable securities

     2,396        7,242   

Accounts receivable

     547        719   

Income tax refundable

     —          451   

Prepaid expenses and other current assets

     149        471   
  

 

 

   

 

 

 

Total current assets

     4,604        11,267   

Property and equipment, net

     1,475        2,391   

Goodwill and intangible assets, net

     162        1,388   

Other assets

     90        57   
  

 

 

   

 

 

 

Total assets

   $ 6,331      $ 15,103   
  

 

 

   

 

 

 

Liabilities and stockholders’ equity

    

Current liabilities:

    

Accounts payable

   $ 63      $ 65   

Platform partners payable

     171        169   

Accrued expenses and other current liabilities

     296        423   

Deferred revenue and deposits

     90        30   

Current portion of capital lease obligations

     279        365   
  

 

 

   

 

 

 

Total current liabilities

     899        1,052   

Capital lease obligations, less current portion

     398        491   

Long-term debt

     —          1,500   

Other liabilities

     135        305   
  

 

 

   

 

 

 

Total liabilities

     1,432        3,348   

Stockholders’ equity

    

Convertible preferred stock

     615        —     

Common stock and additional paid-in capital

     2,684        10,094   

Accumulated other comprehensive (loss) income

     (6     2   

Retained earnings

     1,606        1,659   
  

 

 

   

 

 

 

Total stockholders’ equity

     4,899        11,755   
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 6,331      $ 15,103   
  

 

 

   

 

 

 

 

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FACEBOOK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2011     2012     2011     2012  

Cash flows from operating activities

        

Net income

   $ 302      $ 64      $ 1,000      $ 53   

Adjustments to reconcile net income to net cash provided by operating activities:

        

Depreciation and amortization

     103        224        323        649   

Loss on write-off of equipment

     (2     7        4        15   

Share-based compensation

     76        184        217        1,572   

Deferred income taxes

     (1     248        (30     (186

Tax benefit from share-based award activity

     28        179        433        1,033   

Excess tax benefit from share-based award activity

     (28     (179     (433     (1,033

Changes in assets and liabilities:

        

Accounts receivable

     (102     (80     (174     (170

Income tax refundable

     —          116        —          (451

Prepaid expenses and other current assets

     89        (38     (24     (14

Other assets

     20        2        (5     2   

Accounts payable

     (30     (19     6        1   

Platform partners payable

     5        14        96        (2

Accrued expenses and other current liabilities

     46        (2     37        160   

Deferred revenue and deposits

     5        (55     49        (60

Other liabilities

     (1     16        50        43   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     510        681        1,549        1,612   

Cash flows from investing activities

        

Purchases of property and equipment

     (185     (198     (606     (1,235

Purchases of marketable securities

     (283     (1,717     (3,025     (10,307

Sales of marketable securities

     426        1,529        113        2,100   

Maturities of marketable securities

     18        920        516        3,333   

Investments in non-marketable equity securities

     (1     1        (3     (2

Acquisitions of businesses, net of cash acquired, and purchases of intangible and other assets

     (19     —          (24     (911

Changes in restricted cash and deposits

     1        —          6        (2
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (43     535        (3,023     (7,024

Cash flows from financing activities

        

Net proceeds from issuance of common stock

     —          —          998        6,760   

Taxes paid related to net share settlement of equity awards

     —          (2,862     —          (2,862

Proceeds from exercise of stock options

     1        8        28        17   

Proceeds from issuance of debt, net of issuance costs

     —          1,496        —          1,496   

Repayment of long-term debt

     —          —          (250     —     

Proceeds from sale and lease-back transactions

     155        —          170        205   

Principal payments on capital lease obligations

     (53     (135     (181     (366

Excess tax benefit from share-based award activity

     28        179        433        1,033   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by financing activities

     131        (1,314     1,198        6,283   
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     8        4        3        1   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

     606        (94     (273     872   

Cash and cash equivalents at beginning of period

     906        2,478        1,785        1,512   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 1,512      $ 2,384      $ 1,512      $ 2,384   
  

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Cash Flow Data

        

Cash paid during the period for:

        

Interest

   $ 9      $ 8      $ 28      $ 38   

Income taxes

   $ 18      $ —        $ 197      $ 184   

Cash received during the period for:

        

Income tax refunds

   $ —        $ 131      $ —        $ 131   

Non-cash investing and financing activities:

        

Net change in accounts payable and accrued expenses and other current liabilities related to property and equipment additions

   $ 73      $ 40      $ 135      $ (40

Property and equipment acquired under capital leases

   $ 80      $ 89      $ 473      $ 340   

Fair value of shares issued related to acquisitions of businesses and other assets

   $ 12      $ —        $ 58      $ 274   

 

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Reconciliation of Non-GAAP Results to Nearest GAAP Measures

(In millions, except for number of shares)

(Unaudited)

 

     Three Months Ended
December 31,
    Year Ended
December 31,
 
     2011     2012     2011     2012  

GAAP revenue

   $ 1,131      $ 1,585      $ 3,711      $ 5,089   

Foreign exchange effect on 2012 revenue using 2011 rates

       23          123   
    

 

 

     

 

 

 

Revenue excluding foreign exchange effect

     $ 1,608        $ 5,212   

GAAP revenue year-over-year change %

       40       37

Revenue excluding foreign exchange effect year-over-year change %

       42       40

GAAP advertising revenue

   $ 943      $ 1,329      $ 3,154      $ 4,279   

Foreign exchange effect on 2012 advertising revenue using 2011 rates

       23          123   
    

 

 

     

 

 

 

Advertising revenue excluding foreign exchange effect

     $ 1,352        $ 4,402   

GAAP advertising revenue year-over-year change %

       41       36

Advertising revenue excluding foreign exchange effect year-over-year change %

       43       40

GAAP costs and expenses

   $ 583      $ 1,062      $ 1,955      $ 4,551   

Share-based compensation expense

     (76     (184     (217     (1,572

Payroll tax expenses related to share-based compensation

     —          (29     (7     (151
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP costs and expenses

   $ 507      $ 849      $ 1,731      $ 2,828   

GAAP income from operations

   $ 548      $ 523      $ 1,756      $ 538   

Share-based compensation expense

     76        184        217        1,572   

Payroll tax expenses related to share-based compensation

     —          29        7        151   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP income from operations

   $ 624      $ 736      $ 1,980      $ 2,261   

GAAP net income

   $ 302      $ 64      $ 1,000      $ 53   

Share-based compensation expense

     76        184        217        1,572   

Payroll tax expenses related to share-based compensation

     —          29        7        151   

Income tax adjustments

     (18     149        (60     (459
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income

   $ 360      $ 426      $ 1,164      $ 1,317   

GAAP diluted shares

     1,519        2,506        1,508        2,166   

Assumed preferred stock conversion

     545        —          548        203   

Dilutive equity awards excluded from GAAP1

     286        —          276        110   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted shares

     2,350        2,506        2,332        2,479   

GAAP diluted earnings per share

   $ 0.14      $ 0.03      $ 0.46      $ 0.01   

Net income attributable to participating securities

     0.05        —          0.20        0.01   

Non-GAAP adjustments to net income

     0.04        0.14        0.11        0.59   

Non-GAAP adjustments to diluted shares

     (0.08     —          (0.27     (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted earnings per share

   $ 0.15      $ 0.17      $ 0.50      $ 0.53   

GAAP operating margin

     48     33     47     11

Share-based compensation expense

     7     12     6     31

Payroll tax expenses related to share-based compensation

     0     2     0     3
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating margin

     55     46     53     44

GAAP profit before tax

   $ 520      $ 505      $ 1,695      $ 494   

GAAP provision for income taxes

     218        441        695        441   
  

 

 

   

 

 

   

 

 

   

 

 

 

GAAP effective tax rate

     42     87     41     89

GAAP profit before tax

   $ 520      $ 505      $ 1,695      $ 494   

Share-based compensation and related payroll tax expenses

     76        213        224        1,723   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP profit before tax

   $ 596      $ 718      $ 1,919      $ 2,217   

Non-GAAP provision for income taxes

     236        292        755        900   
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP effective tax rate

     40     41     39     41

 

1 

Gives effect to unvested RSUs in periods prior to our IPO for comparability

 

10