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Facebook To Acquire Oculus - Investor Call Transcript

Facebook To Acquire Oculus - Investor Call Transcript

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Published by Josh Constine
Transcript of Facebook's call to investors regarding its plan to acquire Oculus, makers of the Rift virtual reality hardware
Transcript of Facebook's call to investors regarding its plan to acquire Oculus, makers of the Rift virtual reality hardware

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Published by: Josh Constine on Mar 27, 2014
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06/16/2014

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THOMSON REUTERS STREETEVENTS
EDITED TRANSCRIPT
FB - Facebook M&A Call to Acquire OculusEVENT DATE/TIME: MARCH 25, 2014 / 10:15PM GMT
OVERVIEW:
FB has reached an agreement to acquire Oculus VR for total of approx. $2b, madeup of $400m in cash and 23.1m in FB shares.
THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us
©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibitedwithout the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and itsaffiliated companies.
 
C O R P O R A T E P A R T I C I P A N T S
 Facebook, Inc. - Director IR 
 Facebook, Inc. - Chairman, CEO 
 Oculus VR - CEO and Co-Founder.
 Facebook, Inc. - CFO 
C O N F E R E N C E C A L L P A R T I C I P A N T S
 Citi - Analyst 
 RBC Capital Markets - Analyst 
 Jefferies & Company - Analyst 
 Pivotal Research Group - Analyst 
 JMP Securities - Analyst 
 Cantor Fitzgerald - Analyst 
P R E S E N T A T I O N
Operator
 Thank you for joining us today to discuss Facebook's Acquisition of Oculus. Now I'd like to turn the call over to Deborah Crawford, Director of Investor Relations at Facebook.
Deborah Crawford
 - Facebook, Inc. - Director IR 
 Thank you. Good afternoon, and welcome to the call, and thank you for joining us on such short notice.Joining me on the call today are Mark Zuckerberg, CEO of Facebook; Brendan Iribe, CEO and co-founder of Oculus; and David Ebersman, CFO of Facebook.Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements andactual results may differ materially from those contemplated by these forward-looking statements.Factors that could cause these results to differ materially are set forth in today's press release and on our annual report on Form 10-K filed with theSEC.Any forward-looking statements that we make on this call are based on assumptions as of today and we undertake no obligation to update thesestatements as a result of new information or future event.And now, I'd like to turn the call over to Mark.
Mark Zuckerberg
 - Facebook, Inc. - Chairman, CEO 
 Thanks, Deborah. And thanks, everyone, for joining us today. I'm excited to announce that Facebook has reached an agreement to acquire OculusVR, the leader in virtual reality technology. Our mission in Facebook is to give people the power to share, and make the world more open andconnected.
2THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us
©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibitedwithout the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and itsaffiliated companies.
MARCH 25, 2014 / 10:15PM, FB - Facebook M&A Call to Acquire Oculus
 
For the past few years, this has mostly meant building mobile apps that help you share with the people you care about. We've made a lot of progresson mobile. As of last week, there are now more than 1 billion people actively using our mobile apps alone.More than 20% of the time that people spend in apps on mobile phones is using Facebook services. And more than half of our ad revenue comesfrom mobile.We still have a lot of work to do on mobile, but at this point we feel strong enough in our position that strategically we also want to start focusingon building the next major computing platform that will come after mobile. The history of our industry is that every 10 or 15 years, there's a new major computing platform, whether it's the PC, the web, or now mobile. Historysuggests that there will be more platforms to come and that whoever builds and defines these, will not only shape all of the experiences that ourindustry built, but also benefit financially and strategically.Mobile is the platform of today. And now we're starting to also get ready for the platforms of tomorrow. To me, by far the most exciting futureplatform is around vision, or modifying what you see to create augmented and immersive experiences. Today's acquisition is a long-term bet on the future of computing. I believe Oculus can be one of the platforms of this future. Oculus builds virtualreality technology with the Oculus Rift headset and the unique software platform and services around it.When you put on their goggles, you enter a completely immersive computer-generated environment, like a game, or a movie scene or a place faraway. The incredible thing about the technology is that you feel like you're actually present in another place with other people. It's different from anythingI've ever experienced in my life and many people who try it also say the same thing.Oculus's mission is to enable you to experience the impossible. Their technology opens up the possibility of completely new kinds of experiences.Immersive gaming is the first big opportunity and Oculus already has big plans here they won't be changing. The beta version of the Rift is highlyanticipated by the gaming community, and Oculus has already received orders for more than 75,000 development kits, which is pretty crazy byitself. These developers are mostly gamers, so this is a strong signal of how much people want to develop games for Oculus and how excited they areabout it as a gaming platform.We're going to focus on helping Oculus build out their product and develop partnerships to support more games and accelerate their plans. Andthey'll continue operating independently within Facebook to do this.But gaming is just the start. After games, we're going to make Oculus a platform for many other experiences. Imagine enjoying a court-side seatat a game, studying in a classroom of students and teachers all over the world, consulting with a doctor face to face, or going shopping in a virtualstore where you can touch and explore the products you're interested in, just by putting on goggles in your own home. This is really a new social platform. By feeling truly present, you can share unbounded spaces and experiences with the people in your life. Imaginesharing not just moments with your friends online, but entire experiences and adventures. These are just some of the potential use cases.But if you think about the social applications alone, this can change the way we communicate with our friends, families and colleagues. Little detailslike being able to make eye contact with someone with zero latency makes you feel like you're really present together.Oculus has the potential to be the most social platform ever. Today, social networks are about sharing moments. And tomorrow, they'll be aboutsharing experiences.
3THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us
©2014 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibitedwithout the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and itsaffiliated companies.
MARCH 25, 2014 / 10:15PM, FB - Facebook M&A Call to Acquire Oculus

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