Financial Metrics and Free Cash Flow Analysis
Free Cash Flow Reconciliation
In Millions
Q3'20
Q4'20
Q1'21
Q2'21
Q3'21
Q4'21
Q1'22
Q2'22
Q3'22
Net cash provided by operating
activities
$ 9,828
$ 14,040
$ 12,242
$ 13,246
$ 14,091
$ 18,104
$ 14,076
$ 12,197
$ 9,691
Less: Purchases of property and
equipment, net
3,689
4,613
4,272
4,612
4,313
5,370
5,315
7,528
9,355
Less: Principal payments
on finance leases
Free cash flow
189
205
151
123
231
172
233
219
163
$ 5,950
$9,222
$ 7,819
$ 8,511
$ 9,547
$ 12,562
$ 8,528
$ 4,450
$ 173
Meta
Free cash flow (FCF) is a non-GAAP financial measure that has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities. FCF
is not intended to represent our residual cash flow available for discretionary expenses. Some of the limitations of FCF are: (i) FCF does not reflect our future contractual commitments, and (ii) other companies in our industry present similarly titled
measures differently than we do, limiting their usefulness as comparative measures.
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