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Forward-Looking Statements This press release contains forward-looking statements regarding our
future business expectations. These forwardlooking statements are only predictions and may differ
materially from actual results due to a variety of factors including: the impact of the COVID-19 pandemic
on our business and financial results; our ability to retain or increase users and engagement levels; our
reliance on advertising revenue; our dependency on data signals and mobile operating systems,
networks, and standards that we do not control; risks associated with new products and changes to
existing products as well as other new business initiatives; our emphasis on community growth and
engagement and the user experience over short-term financial results; maintaining and enhancing our
brand and reputation; our ongoing privacy, safety, security, and content review efforts; competition;
risks associated with government actions that could restrict access to our products or impair our ability
to sell advertising in certain countries; litigation and government inquiries; privacy and regulatory
concerns; risks associated with acquisitions; security breaches; 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 Annual Report on Form 10-K filed with the SEC on January 28, 2021, 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 Quarterly Report on Form 10-Q for the quarter ended March 31,
2021. In addition, please note that the date of this press release is April 28, 2021, 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 condensed consolidated financial
statements, which are prepared and presented in accordance with generally accepted accounting
principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue
excluding foreign exchange effect, advertising revenue excluding foreign exchange effect and free cash
flow. 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 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 our non-GAAP financial measures: Foreign exchange
effect on revenue. We translated revenue for the three months ended March 31, 2021 using the prior
year's monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which
we believe is a useful metric that facilitates comparison to our historical performance. Purchases of
property and equipment; Principal payments on finance leases. We subtract both purchases of property
and equipment and principal payments on finance leases in our calculation of free cash flow because we
believe that these two items collectively represent the amount of property and equipment we need to
procure to support our business, regardless of whether we procure such property or equipment with a
finance lease. We believe that this methodology can provide useful supplemental information to help
investors better understand underlying trends in our business. Free cash flow is not intended to
represent our residual cash flow available for discretionary expenditures. For more information on our
non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the
"Reconciliation of GAAP to Non-GAAP Results" table in this press release. 4 FACEBOOK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In millions, except for per share amounts)
(Unaudited) Three Months Ended March 31, 2021 2020 Revenue $ 26,171 $ 17,737 Costs and expenses:
Cost of revenue 5,131 3,459 Research and development 5,197 4,015 Marketing and sales 2,843 2,787
General and administrative 1,622 1,583 Total costs and expenses 14,793 11,844 Income from operations
11,378 5,893 Interest and other income (expense), net 125 (32) Income before provision for income
taxes 11,503 5,861 Provision for income taxes 2,006 959 Net income $ 9,497 $ 4,902 Earnings per share
attributable to Class A and Class B common stockholders: Basic $ 3.34 $ 1.72 Diluted $ 3.30 $ 1.71
Weighted-average shares used to compute earnings per share attributable to

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