SOLUTION: UCI TWITTERs Annual Reports the 10 K Filings with the SEC Worksheet

INDEPENDENT PROJECT #1
PART A (SEC Filing) The following questions require you to find information contained in
FACEBOOK’s annual reports, also known as the 10-K filings with the SEC. You can find the 10-Ks on
the SEC Edgar website:
http://www.sec.gov/edgar/searchedgar/companysearch.html
Search for “FACEBOOK” or ticker symbol “FB.” Filter the results by entering “10-K” in the Filing Type
field.
1. How many 10-K filings does FACEBOOK have (ignore the amended file)? In other words, how many
years has FACEBOOK been around as a public company and how many annual reports has it filed?
[Answer: 8]
2. What is FACEBOOK’s last day of the fiscal year? You can find this on the cover page of each 10-K.
Now notice the exact date that each year’s 10-K was filed. How many days has it taken FACEBOOK to
publish its 10-K after the end of its fiscal year? Calculate the number of days for each of the last three
fiscal years and comment about the trend (if any).
Fiscal Year Last day of the fiscal year Date of the 10-K filing Number of days in between
2019
12/31/2019
1/30/2020
30
2018
12/31/2018
1/31/2019
31
2017
12/31/2017
02/01/2018
32
[The number of days has declined from 32 to 30.]
3. Bring up the entire 10-K for the most recent year (click on “documents” then “fb-12312019x10k.htm”).
Find the Consolidated Balance Sheets and Consolidated Statements of Income. Notice the PRECISE
dates and dollar units for all the headings (your answers must be consistent with FACEBOOK’s format).
Answer the following questions for just the most recent fiscal year.
a. What was the amount of Total Assets? [$133,376 (in millions)]
b. What was the largest individual asset account (not including subtotals) and its amount?
[Marketable securities: $ 35,776 (in millions)]
c. What was the amount of Total Liabilities? [$32,322 (in millions)]
d. What was the largest individual liability account (not including subtotals) and its amount?
[Accrued expenses and other current liabilities: $ 11,735 (in millions)]
e. What was the amount of Total Stockholders’ Equity? [$101,054 (in millions)]
f. What was the largest individual equity account (not including subtotals) and its amount?
[Retained earnings: $ 55,692 (in millions)]
g. What was the amount of Revenue? [$70,697 (in millions)]
h. What was the largest expense account (not including subtotals) and its amount? [Research and
development $ 13,600 (in millions)]
4. Find Item 7, Management’s Discussion and Analysis (MD&A) of Financial Condition and
Results of Operations. Read through what company management has to say and answer the
following questions.
a. In your own words, and in the simplest one sentence, explain how FACEBOOK generates
revenue (sales)? [FACEBOOK receives substantially all of itsrevenue from advertising and
from fees associated paid by developers using its payments infrastructure as well as other
sources.]
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b. What are Facebook’s revenue growth priorities in 2019? (i) continue making progress on the
major social issues facing the internet and our company, including privacy, safety, and
security; (ii) build new experiences that meaningfully improve people’s lives today and set
the stage for even bigger improvements in the future; (iii) keep building our business by
supporting the millions of businesses that rely on our services to grow and create jobs; and
(iv) communicate more transparently about what we’re doing and the role our services play
in the world.]
c. In your own words, and in only one or two sentences, explain the primary costs for
FACEBOOK to generate its revenue (i.e., cost of revenue). [Costs are expenses for data center,
utilities, bandwidth, maintenance, employees in operations, and credit cards and other
transactions, amortization of intelligible assets.]
d. For the month December 2019, how many worldwide monthly active users (MAUs) does
Facebook say it has? [2,498 million]
PART B (Press Release & Conference Call): This part requires you to read a press release
announcing FACEBOOK’s 2020 Q2 earnings results and listen to a conference call via an
archived webcast.
One way to bring up the press release (do not go to the SEC website):
a. Go to Facebook’s Investor Relations website: investor.fb.com
b. “Facebook Q2 2020 Earnings” is featured on the Facebook’s Investor Relations website. If
not, click on “Financials,” then the “Quarterly Earnings” for “2020 Q2”.
The following questions can be answered from a careful reading of the press release.
1. What dates did the company’s 2020 Q2 quarter begin and end? [04/01/2020 and
06/30/2020]
2. How many people use Facebook at least once per month (monthly active users), as of the
end of this quarter end? [2.70 billion]
3. What was the amount of the company’s revenue from advertising during this quarter?
[$18,321million]
4. What was the R&D expenses for this quarter and the same quarter in 2019? [$4,462million,
$3,315 million]
5. How many employees does Facebook have as of the end of the quarter? [52,534]
6. Does the company have any inventory? [No]
To listen to the conference call that discusses the 2020 Q2 results, do the following:
a. Go to Facebook’s Investor Relations website, you should be able to identify the relevant
conference call on the Investor Relations home page. If not, do the following
• Click on “Financials,” then “then the “Quarterly Earnings” for “2020 Q2” Webcast
• Click “Listen to Event”
You can also click “Earnings Call Transcript” for help.
7. On what exact date and time did this conference call originally take place? [07/30/2020
03:00pm]
8. Which members of management (including their titles) participated on the conference call?
[Deborah Crawford, VP Investor Relations; Mark Zuckerberg, CEO; Sheryl Sandberg,
COO; David Wehner, CFO]
Page 2 of 3
9. What is the reason for the increase in R&D expenses in this quarter compared to the same
quarter last year? [driven primarily by investments in core products as well as our
innovation efforts, notably in AR/VR]
10. Is the number of Facebook employees increased or decreased in this quarter? [Increase]
11. According to Mark Zuckerberg, what is the number of Whatsapp users? [50 million]
12. Open-ended question: Could you use one sentence or two to describe the impact of Covid on
Facebook? [Facebook user engagement increases as people stay home and try to connect
with family and friends; nevertheless, Covid brings lots of uncertainty to the company’s
prospects]
Page 3 of 3
INDEPENDENT PROJECT #1
PART A (10-K Filing) The following questions require you to find information contained in
TWITTER’s annual reports, also known as the 10-K filings with the SEC. You can find the 10-Ks on the
SEC Edgar website:
http://www.sec.gov/edgar/searchedgar/companysearch.html
Search for “TWITTER” or ticker symbol “TWTR.” Filter the results by entering “10-K” in the Filing
Type field.
1. How many 10-K filings does TWITTER have (ignore the amended file)? In other words, how many
years has TWITTER been around as a public company and how many annual reports has it filed?
2. What is TWITTER’s last day of the fiscal year? You can find this on the cover page of each 10-K.
Now notice the exact date that each year’s 10-K was filed. How many days has it taken TWITTER to
publish its 10-K after the end of its fiscal year? Calculate the number of days for each of the last three
fiscal years and comment about the trend (if any).
Fiscal Year Last day of the fiscal year Date of the 10-K filing
2019
2018
2017
3. Bring up the entire 10-K for the most recent year. Find the Consolidated Financial Statements. Notice
the PRECISE dates and dollar units for all the headings (your answers must be consistent with
TWITTER’s format). Answer the following questions for just the most recent fiscal year.
a. What was the amount of Total Assets?
b. What was the largest individual asset account (not including subtotals) and its amount?
c. What was the largest individual liability account (not including subtotals) and its amount?
d. What was the largest individual equity account (not including subtotals) and its amount?
e. What was the amount of Revenue?
f. What was the largest expense account (not including subtotals) and its amount?
g. What was the cash flow item with the largest absolute value (not including subtotals) and its
amount?
4. Find Item 7, Management’s Discussion and Analysis (MD&A) of Financial Condition and Results of
Operations. Read through what company management has to say and answer the following questions.
a. In your own words, and in the simplest one sentence, explain how TWITTER generates
revenue (sales)?
b. What is TWITTER’s top priority in 2019?
c. What are TWITTER’s two major sources of revenue?
d. How does TWITTER define Monetizable Daily Active Usage or Users?
e. What is the average worldwide Monetizable Daily Active Usage or Users over the 3 months
ended on Dec 31, 2019?
f. Please use one sentence to describe what are the “cost of revenue”?
Page 1 of 2
PART B (Press Release & Conference Call): This part requires you to read a press release announcing
TWITTER’s 2020 Q2 earnings results and listen to a conference call via an archived webcast.
One way to bring up the press release:
a. Go to TWITTER’s Investor Relations website:
b. “TWITTER Q2 2020 Earnings” is featured on the TWITTER’s Investor Relations website. If not,
click on “Financials,” then the “Quarterly Earnings” for “2020 Q2”.
The following questions can be answered from a careful reading of the press release.
1. When is the earnings press release released?
2. When is the 10-Q filing (SEC filing for quarter reports) filed with the SEC (hint: one way to figure
this out is to search “10-Q” on EDGAR)?
3. Comparing press releases and 10-Q filing, which provides more timely information? Which
provides more comprehensive information?
4. What was the amount of the company’s revenue from advertising during this quarter?
5. What was the retained earnings as of the end of 2020 Q2 and 2019 Q4? What caused the difference?
6. According to the earnings press releases, does the company have any inventory?
7. What was the average Monetizable Daily Active Usage or Users over the 3 months ended on June
30, 2020? What is its Year-over-Year Growth?
8. What was its Year-over-Year Growth for revenue in 2020 Q2? What caused the change?
9. What was TWITTER’s non-GAAP net income for 2020 Q2?
10. How does TWITTER define non-GAAP net income?
To listen to the conference call that discusses the 2020 Q2 results, do the following: Go to TWITTER’s
Investor Relations website, you should be able to identify the relevant conference call on the Investor
Relations home page. If not, do the following
• Click on “Financials,” then “then the “Quarterly Earnings” for “2020 Q2” Webcast
• Click “Listen to Event”
You can also click “Earnings Call Transcript” for help.
11. Which members of management (including their titles) participated on the conference call?
12. What’s management’s prediction for expenses in 2020 Q3 (e.g., increase or decrease and by how
much)?
13. Open-ended question: What is your favorite question asked by analysts and investors? Why?
14. Open-ended question: Could you use one sentence or two to describe the impact of Covid on
TWITTER?
Page 2 of 2

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