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64
FACEBOOK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2013 2012 2011
Cash flows from operating activities
Net income $ 1,500 $ 53 $ 1,000
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 1,011 649 323
Lease abandonment expense 117 8 —
Loss on disposal or write-off of equipment 56 15 4
Share-based compensation 906 1,572 217
Deferred income taxes (37)(186) (30)
Tax benefit from share-based award activity 602 1,033 433
Excess tax benefit from share-based award activity (609)(1,033) (433)
Changes in assets and liabilities:
Accounts receivable (378)(170) (174)
Income tax refundable 400 (451) —
Prepaid expenses and other current assets (45)(14) (24)
Other assets (142) 2 (5)
Accounts payable 26 1 6
Developer partners payable 12 (2) 96
Accrued expenses and other current liabilities (38) 152 37
Deferred revenue and deposits 8 (60) 49
Other liabilities 833 43 50
Net cash provided by operating activities 4,222 1,612 1,549
Cash flows from investing activities
Purchases of property and equipment (1,362)(1,235) (606)
Purchases of marketable securities (7,433)(10,307) (3,025)
Sales of marketable securities 2,988 2,100 113
Maturities of marketable securities 3,563 3,333 516
Investments in non-marketable equity securities (1)(2) (3)
Acquisitions of businesses, net of cash acquired, and purchases of intangible
assets (368)(911) (24)
Change in restricted cash and deposits (11)(2) 6
Net cash used in investing activities (2,624)(7,024) (3,023)
Cash flows from financing activities
Net proceeds from issuance of common stock 1,478 6,760 998
Taxes paid related to net share settlement of equity awards (889)(2,862) —
Proceeds from exercise of stock options 26 17 28
Proceeds from long-term debt, net of issuance cost — 1,496 —
Repayment of long-term debt (1,500) — (250)
Proceeds from sale and lease-back transactions — 205 170
Principal payments on capital lease obligations (391)(366) (181)
Excess tax benefit from share-based award activity 609 1,033 433
Net cash (used in) provided by financing activities (667) 6,283 1,198
Effect of exchange rate changes on cash and cash equivalents 8 1 3
Net increase (decrease) in cash and cash equivalents 939 872 (273)
Cash and cash equivalents at beginning of period 2,384 1,512 1,785
Cash and cash equivalents at end of period $ 3,323 $ 2,384 $ 1,512
See Accompanying Notes to Consolidated Financial Statements.