MENLO
PARK, Calif., Jan. 29,
2025 /PRNewswire/ -- Meta Platforms, Inc. (Nasdaq:
META) today reported financial results for the quarter and full
year ended December 31, 2024.
"We continue to make good progress on AI,
glasses, and the future of social media," said Mark Zuckerberg, Meta founder and CEO. "I'm
excited to see these efforts scale further in 2025."
Fourth Quarter and Full Year 2024 Financial
Highlights
|
Three Months Ended
December 31,
|
|
%
Change
|
|
Twelve Months Ended
December 31,
|
|
%
Change
|
|
In millions, except
percentages and
per share
amounts
|
2024
|
|
2023
|
|
|
2024
|
|
2023
|
|
|
Revenue
|
$ 48,385
|
|
$ 40,111
|
|
21 %
|
|
$
164,501
|
|
$
134,902
|
|
22 %
|
|
Costs and
expenses
|
25,020
|
|
23,727
|
|
5 %
|
|
95,121
|
|
88,151
|
|
8 %
|
|
Income from
operations
|
$ 23,365
|
|
$
16,384
|
|
43 %
|
|
$ 69,380
|
|
$ 46,751
|
|
48 %
|
|
Operating
margin
|
48 %
|
|
41 %
|
|
|
|
42 %
|
|
35 %
|
|
|
|
Provision for income
taxes
|
$
2,715
|
|
$
2,791
|
|
(3) %
|
|
$
8,303
|
|
$
8,330
|
|
— %
|
|
Effective tax
rate
|
12 %
|
|
17 %
|
|
|
|
12 %
|
|
18 %
|
|
|
|
Net income
|
$ 20,838
|
|
$
14,017
|
|
49 %
|
|
$ 62,360
|
|
$ 39,098
|
|
59 %
|
|
Diluted earnings per
share (EPS)
|
$
8.02
|
|
$
5.33
|
|
50 %
|
|
$
23.86
|
|
$
14.87
|
|
60 %
|
Fourth Quarter and Full Year 2024 Operational and
Other Financial Highlights
- Family daily active people (DAP) – DAP was 3.35 billion
on average for December 2024, an
increase of 5% year-over-year.
- Ad impressions – Ad impressions delivered across our
Family of Apps increased by 6% and 11% year-over-year for the
fourth quarter and full year 2024, respectively.
- Average price per ad – Average price per ad increased by
14% and 10% year-over-year for the fourth quarter and full year
2024, respectively.
- Revenue – Revenue was $48.39
billion and $164.50 billion,
representing increases of 21% and 22% year-over-year for the fourth
quarter and full year 2024, respectively. Revenue on a constant
currency basis would have increased 21% and 23% year-over-year for
the fourth quarter and full year 2024, respectively.
- Costs and expenses – Total costs and expenses were
$25.02 billion and $95.12 billion, representing increases of 5% and
8% year-over-year for the fourth quarter and full year 2024,
respectively. The fourth quarter costs and expenses included a
favorable impact of $1.55 billion due
to a decrease in the accrued losses for certain legal
proceedings.
- Capital expenditures – Capital expenditures, including
principal payments on finance leases, were $14.84 billion and $39.23
billion for the fourth quarter and full year 2024,
respectively.
- Capital return program – Share repurchases of our
Class A common stock were nil and $29.75
billion, and total dividend and dividend equivalent payments
were $1.27 billion and $5.07 billion for the fourth quarter and full
year 2024, respectively.
- Cash, cash equivalents, and marketable securities –
Cash, cash equivalents, and marketable securities were $77.81 billion as of December 31, 2024. Free cash flow was
$13.15 billion and $52.10 billion for the fourth quarter and full
year 2024, respectively.
- Long-term debt – Long-term debt was $28.83 billion as of December 31, 2024.
- Headcount – Headcount was 74,067 as of December 31, 2024, an increase of 10%
year-over-year.
CFO Outlook Commentary
We expect first quarter 2025 total revenue to be in the range of
$39.5-41.8 billion. This reflects
8-15% year-over-year growth, or 11-18% growth on a constant
currency basis as our guidance assumes foreign currency is an
approximately 3% headwind to year-over-year total revenue growth,
based on current exchange rates. This also reflects the effect of
lapping leap day in the first quarter of 2024. While we are not
providing a full year 2025 revenue outlook, we expect the
investments we are making in our core business this year will give
us an opportunity to continue delivering strong revenue growth
throughout 2025.
We expect full year 2025 total expenses to be in the range of
$114-119 billion. We expect the
single largest driver of expense growth in 2025 to be
infrastructure costs, driven by higher operating expenses and
depreciation(1). We expect employee compensation to be
the second-largest factor as we add technical talent in the
priority areas of infrastructure, monetization, Reality Labs,
generative artificial intelligence (AI), as well as regulation and
compliance.
We anticipate our full year 2025 capital expenditures will be in
the range of $60-65 billion. We
expect capital expenditures growth in 2025 will be driven by
increased investment to support both our generative AI efforts and
core business. The majority of our capital expenditures in 2025
will continue to be directed to our core business.
Absent any changes to our tax landscape, we expect our full year
2025 tax rate to be in the range of 12-15%.
In addition, we continue to monitor an active regulatory
landscape, including legal and regulatory headwinds in the EU and
the U.S. that could significantly impact our business and our
financial results.
|
________________________
|
|
(1) In January 2025, we
completed an assessment of the useful lives of certain servers and
network assets, which resulted in an increase in their estimated
useful life to 5.5 years, effective beginning fiscal year 2025.
Based on the servers and network assets placed in service as of
December 31, 2024, we expect this change in accounting estimate
will reduce our full year 2025 depreciation expense by
approximately $2.9 billion. This is factored into our
outlook.
|
Webcast and Conference Call Information
Meta will host a conference call to discuss the results at
2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta's
earnings conference call can be accessed at the Meta Investor
Relations website at investor.atmeta.com, along with the
earnings press release, financial tables, and slide
presentation.
Following the call, a replay will be available at the same
website. Transcripts of conference calls with publishing equity
research analysts held today will also be posted to the
investor.atmeta.com website.
Disclosure Information
Meta uses the investor.atmeta.com and about.fb.com/news/
websites as well as Mark
Zuckerberg's Facebook Page (facebook.com/zuck), Instagram
account (instagram.com/zuck) and Threads profile (threads.net/zuck)
as means of disclosing material non-public information and for
complying with its disclosure obligations under Regulation FD.
About Meta
Meta is building the future of human connection and the
technology that makes it possible. When Facebook launched in 2004,
it changed the way people connect. Apps like Messenger, Instagram,
and WhatsApp further empowered billions around the world. Now, Meta
is moving beyond 2D screens toward immersive experiences like
augmented and virtual reality to help build the next evolution in
social technology.
Contacts
Investors:
Kenneth Dorell
investor@meta.com / investor.atmeta.com
Press:
Ashley Zandy
press@meta.com / about.fb.com/news/
Forward-Looking Statements
This press release contains forward-looking statements regarding
our future business plans and expectations. These forward-looking
statements are only predictions and may differ materially from
actual results due to a variety of factors including: the impact of
macroeconomic conditions on our business and financial results,
including as a result of geopolitical events; 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;
changes to the content or application of third-party policies that
impact our advertising practices; risks associated with new
products and changes to existing products as well as other new
business initiatives, including our artificial intelligence
initiatives and metaverse efforts; 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 and advertising
review and enforcement 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, legislative, and
regulatory concerns or developments; risks associated with
acquisitions; security breaches; our ability to manage our scale
and geographically-dispersed operations; and market conditions or
other factors affecting the payment of dividends. 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
filed with the SEC on October 31,
2024, which is available on our Investor Relations website
at investor.atmeta.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 year ended
December 31, 2024. In addition, please note that the date of
this press release is January 29, 2025, 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.
For a discussion of limitations in the measurement of certain of
our community metrics, see the section entitled "Limitations of Key
Metrics and Other Data" in our most recent quarterly or annual
report filed with the SEC.
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.
Our non-GAAP financial measures are adjusted for the following
items:
Foreign exchange effect on revenue. We translated revenue
for the three months and full year ended December 31, 2024
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.
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(In millions, except
per share amounts)
|
|
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue
|
$
48,385
|
|
$
40,111
|
|
$
164,501
|
|
$
134,902
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
8,839
|
|
7,695
|
|
30,161
|
|
25,959
|
|
Research and
development
|
12,180
|
|
10,517
|
|
43,873
|
|
38,483
|
|
Marketing and
sales
|
3,240
|
|
3,226
|
|
11,347
|
|
12,301
|
|
General and
administrative (1)
|
761
|
|
2,289
|
|
9,740
|
|
11,408
|
|
Total costs and
expenses
|
25,020
|
|
23,727
|
|
95,121
|
|
88,151
|
|
Income from
operations
|
23,365
|
|
16,384
|
|
69,380
|
|
46,751
|
|
Interest and other
income, net
|
188
|
|
424
|
|
1,283
|
|
677
|
|
Income before provision
for income taxes
|
23,553
|
|
16,808
|
|
70,663
|
|
47,428
|
|
Provision for income
taxes
|
2,715
|
|
2,791
|
|
8,303
|
|
8,330
|
|
Net
income
|
$
20,838
|
|
$
14,017
|
|
$
62,360
|
|
$
39,098
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
8.24
|
|
$
5.46
|
|
$
24.61
|
|
$
15.19
|
|
Diluted
|
$
8.02
|
|
$
5.33
|
|
$
23.86
|
|
$
14.87
|
|
Weighted-average
shares used to compute earnings per share:
|
|
|
|
|
|
|
|
|
Basic
|
2,529
|
|
2,566
|
|
2,534
|
|
2,574
|
|
Diluted
|
2,599
|
|
2,630
|
|
2,614
|
|
2,629
|
|
____________________________________
|
|
(1) The fourth quarter
2024 general and administrative expenses include a favorable impact
of $1.55 billion due to a decrease in the accrued losses for
certain legal
proceedings.
|
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
December 31,
2024
|
|
December 31,
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
43,889
|
|
$
41,862
|
|
Marketable
securities
|
33,926
|
|
23,541
|
|
Accounts receivable,
net
|
16,994
|
|
16,169
|
|
Prepaid expenses and
other current assets
|
5,236
|
|
3,793
|
|
Total current
assets
|
100,045
|
|
85,365
|
|
Non-marketable equity
securities
|
6,070
|
|
6,141
|
|
Property and equipment,
net
|
121,346
|
|
96,587
|
|
Operating lease
right-of-use assets
|
14,922
|
|
13,294
|
|
Goodwill
|
20,654
|
|
20,654
|
|
Other assets
|
13,017
|
|
7,582
|
|
Total
assets
|
$
276,054
|
|
$
229,623
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
7,687
|
|
$
4,849
|
|
Operating lease
liabilities, current
|
1,942
|
|
1,623
|
|
Accrued expenses and
other current liabilities
|
23,967
|
|
25,488
|
|
Total current
liabilities
|
33,596
|
|
31,960
|
|
Operating lease
liabilities, non-current
|
18,292
|
|
17,226
|
|
Long-term
debt
|
28,826
|
|
18,385
|
|
Long-term income
taxes
|
9,987
|
|
7,514
|
|
Other
liabilities
|
2,716
|
|
1,370
|
|
Total
liabilities
|
93,417
|
|
76,455
|
|
Commitments and
contingencies
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
Common stock and
additional paid-in capital
|
83,228
|
|
73,253
|
|
Accumulated other
comprehensive loss
|
(3,097)
|
|
(2,155)
|
|
Retained
earnings
|
102,506
|
|
82,070
|
|
Total stockholders'
equity
|
182,637
|
|
153,168
|
|
Total liabilities
and stockholders' equity
|
$
276,054
|
|
$
229,623
|
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
$
20,838
|
|
$
14,017
|
|
$
62,360
|
|
$
39,098
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
4,460
|
|
3,172
|
|
15,498
|
|
11,178
|
|
Share-based
compensation
|
4,262
|
|
3,424
|
|
16,690
|
|
14,027
|
|
Deferred income
taxes
|
(1,332)
|
|
(1,161)
|
|
(4,738)
|
|
131
|
|
Impairment charges for
facilities consolidation
|
94
|
|
1,091
|
|
383
|
|
2,432
|
|
Data center assets
abandonment
|
—
|
|
7
|
|
—
|
|
(224)
|
|
Other
|
169
|
|
124
|
|
87
|
|
635
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
receivable
|
(2,978)
|
|
(2,843)
|
|
(1,485)
|
|
(2,399)
|
|
Prepaid expenses and
other current assets
|
(530)
|
|
700
|
|
(698)
|
|
559
|
|
Other
assets
|
(200)
|
|
(111)
|
|
(270)
|
|
(80)
|
|
Accounts
payable
|
568
|
|
595
|
|
373
|
|
51
|
|
Accrued expenses and
other current liabilities
|
1,523
|
|
(274)
|
|
323
|
|
5,081
|
|
Other
liabilities
|
1,114
|
|
663
|
|
2,805
|
|
624
|
|
Net cash provided
by operating activities
|
27,988
|
|
19,404
|
|
91,328
|
|
71,113
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
Purchases of property
and equipment
|
(14,425)
|
|
(7,592)
|
|
(37,256)
|
|
(27,045)
|
|
Purchases of
marketable securities
|
(10,898)
|
|
(1,171)
|
|
(25,542)
|
|
(2,982)
|
|
Sales and maturities
of marketable securities
|
3,817
|
|
2,359
|
|
15,789
|
|
6,184
|
|
Acquisitions of
businesses and intangible assets
|
(9)
|
|
(64)
|
|
(270)
|
|
(629)
|
|
Other investing
activities
|
17
|
|
(4)
|
|
129
|
|
(23)
|
|
Net cash used in
investing activities
|
(21,498)
|
|
(6,472)
|
|
(47,150)
|
|
(24,495)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
Taxes paid related to
net share settlement of equity awards
|
(3,857)
|
|
(2,223)
|
|
(13,770)
|
|
(7,012)
|
|
Repurchases of Class A
common stock
|
—
|
|
(5,942)
|
|
(30,125)
|
|
(19,774)
|
|
Payments for dividends
and dividend equivalents
|
(1,269)
|
|
—
|
|
(5,072)
|
|
—
|
|
Proceeds from issuance
of long-term debt, net
|
—
|
|
—
|
|
10,432
|
|
8,455
|
|
Principal payments on
finance leases
|
(411)
|
|
(307)
|
|
(1,969)
|
|
(1,058)
|
|
Other financing
activities
|
72
|
|
71
|
|
(277)
|
|
(111)
|
|
Net cash used in
financing activities
|
(5,465)
|
|
(8,401)
|
|
(40,781)
|
|
(19,500)
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted
cash
|
(714)
|
|
396
|
|
(786)
|
|
113
|
|
Net increase in cash,
cash equivalents, and restricted cash
|
311
|
|
4,927
|
|
2,611
|
|
27,231
|
|
Cash, cash equivalents,
and restricted cash at beginning of the period
|
45,127
|
|
37,900
|
|
42,827
|
|
15,596
|
|
Cash, cash
equivalents, and restricted cash at end of the
period
|
$
45,438
|
|
$
42,827
|
|
$
45,438
|
|
$
42,827
|
|
Reconciliation of
cash, cash equivalents, and restricted cash to the
condensed
consolidated balance sheets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
43,889
|
|
$
41,862
|
|
$
43,889
|
|
$
41,862
|
|
Restricted cash,
included in prepaid expenses and other current assets
|
353
|
|
99
|
|
353
|
|
99
|
|
Restricted cash,
included in other assets
|
1,196
|
|
866
|
|
1,196
|
|
866
|
|
Total cash, cash
equivalents, and restricted cash
|
$
45,438
|
|
$
42,827
|
|
$
45,438
|
|
$
42,827
|
|
|
|
|
META PLATFORMS,
INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Supplemental cash
flow data
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes, net
|
$
2,227
|
|
$
4,591
|
|
$
10,554
|
|
$
6,607
|
|
Cash paid for
interest, net of amounts capitalized
|
$
131
|
|
$
146
|
|
$
486
|
|
$
448
|
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities:
|
|
|
|
|
|
|
|
|
Property and equipment
in accounts payable and accrued expenses and
other current
liabilities
|
$
7,127
|
|
$
4,105
|
|
$
7,127
|
|
$
4,105
|
|
|
|
|
|
|
|
|
|
Acquisition of
businesses and intangible assets in accrued expenses and
other current
liabilities and other liabilities
|
$
172
|
|
$
119
|
|
$
172
|
|
$
119
|
|
|
|
|
|
|
|
|
|
Repurchases of Class A
common stock in accrued expenses and other
current
liabilities
|
$
—
|
|
$
474
|
|
$
—
|
|
$
474
|
Segment Results
We report our financial results for our two reportable segments:
Family of Apps (FoA) and Reality
Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp,
and other services. RL includes our virtual, augmented, and mixed
reality related consumer hardware, software, and content.
The following table presents our segment information of revenue
and income (loss) from operations:
|
Segment
Information
|
|
(In
millions)
|
|
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Advertising
|
$
46,783
|
|
$
38,706
|
|
$
160,633
|
|
$
131,948
|
|
Other
revenue
|
519
|
|
334
|
|
1,722
|
|
1,058
|
|
Family of
Apps
|
47,302
|
|
39,040
|
|
162,355
|
|
133,006
|
|
Reality Labs
|
1,083
|
|
1,071
|
|
2,146
|
|
1,896
|
|
Total
revenue
|
$
48,385
|
|
$
40,111
|
|
$
164,501
|
|
$
134,902
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations:
|
|
|
|
|
|
|
|
|
Family of
Apps
|
$
28,332
|
|
$
21,030
|
|
$
87,109
|
|
$
62,871
|
|
Reality
Labs
|
(4,967)
|
|
(4,646)
|
|
(17,729)
|
|
(16,120)
|
|
Total income from
operations
|
$
23,365
|
|
$
16,384
|
|
$
69,380
|
|
$
46,751
|
|
|
|
|
Reconciliation of
GAAP to Non-GAAP Results
|
|
(In millions, except
percentages)
|
|
(Unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
GAAP revenue
|
$
48,385
|
|
$
40,111
|
|
$
164,501
|
|
$
134,902
|
|
Foreign exchange
effect on 2024 revenue using 2023 rates
|
65
|
|
|
|
874
|
|
|
|
Revenue excluding
foreign exchange effect
|
$
48,450
|
|
|
|
$
165,375
|
|
|
|
GAAP revenue
year-over-year change %
|
21 %
|
|
|
|
22 %
|
|
|
|
Revenue excluding
foreign exchange effect year-over-year change %
|
21 %
|
|
|
|
23 %
|
|
|
|
GAAP advertising
revenue
|
$
46,783
|
|
$
38,706
|
|
$
160,633
|
|
$
131,948
|
|
Foreign exchange
effect on 2024 advertising revenue using 2023 rates
|
81
|
|
|
|
880
|
|
|
|
Advertising revenue
excluding foreign exchange effect
|
$
46,864
|
|
|
|
$
161,513
|
|
|
|
GAAP advertising
revenue year-over-year change %
|
21 %
|
|
|
|
22 %
|
|
|
|
Advertising revenue
excluding foreign exchange effect year-over-year change %
|
21 %
|
|
|
|
22 %
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
27,988
|
|
$
19,404
|
|
$
91,328
|
|
$
71,113
|
|
Purchases of property
and equipment
|
(14,425)
|
|
(7,592)
|
|
(37,256)
|
|
(27,045)
|
|
Principal payments on
finance leases
|
(411)
|
|
(307)
|
|
(1,969)
|
|
(1,058)
|
|
Free cash
flow
|
$
13,152
|
|
$
11,505
|
|
$
52,103
|
|
$
43,010
|
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