Meta Platforms — Jan 29, 2025 release

• 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. 1 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 bot