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Facebook, Inc. (FB) Message Board

  • slider5x5 slider5x5 Oct 23, 2012 11:41 PM Flag

    FB 2 cent GAAP loss was due to stock compensation

    is that a one time item - sounds like it is ongoing - are they going to stop compensating their employees etc. NO Or is it the exercise of RSU's

    if this truly is a special one time or unusual item then yes it is a pass - that is a lot of dilution.

    some snippets from CC:

    Turning now to expenses. Our Q3 GAAP expenses were $885 million, an increase of 64% from last year. Excluding the effect of stock comp, our remaining expenses increased 57% to $737 million, driven by head count growth and investments in infrastructure.

    Our GAAP tax rate for Q3 was 116%, driven by the unusual amount of stock comp this year, a portion of which is not tax deductible. Excluding the effect of stock comp, our non-GAAP tax rate was 40%. For Q4, we expect our GAAP and non-GAAP tax rates to be similar to Q3 before our GAAP tax rate returns to more typical levels in 2013.

    The amount of cash tax we pay will be significantly different from the tax provision I just described due to deductions from vesting of RSUs and exercise of options. At today’s stock price, we estimate tax deductions of over $10 billion that will reduce our cash tax payments in 2012 and in the future. Driven by our tax provision in Q3, we reported a GAAP net loss of $59 million or $0.02 per share. Excluding stock comp and its tax effects, we had a non-GAAP net income of $311 million or $0.12 per share.

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