Merger Model - Complete

Table of Contents
Control Panel
Outputs
Sensitivities
Model
Comps Data
Diluted Shares Calculation

Notes
This Excel model is for educational purposes only and should not be used for any other reason.
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noncommercial uses permitted by copyright law.
© Corporate Finance Institute. All rights reserved.

Inputs and Assumptions

All Amounts Denominated in US$MM Unless Otherwise Stated

Acquisition Overview Toggles and Controls (DO NOT DELETE)

Acquisition of Snap Inc.by Amazon Target Toggle Sensitivities Control
Acquisition financing: 20% Debt; 80% Equity Walmart 1 Acquisition Premium 15.0%
Twitter 2 % Debt Financing 20.0%
Acquisition Assumptions eBay 3 Acquiree 4
Acquirer Amazon Snap Inc. 4
Acquiree Snap Inc. Expedia 5
Acquisition Premium 15.0% Alphabet 6
Facebook 7
Snap Inc. 4
Financing Assumptions
% Debt Financing 20.0%
% Equity Financing 80.0% 80.0%

Equity Financing Fees 4.0%

Equity Issuance Discount (to Current Price) 5.0%
Debt Financing Fees 0.5%
Transaction Costs $20

Interest on New Debt 4.0%

Term of New Debt 10 Years

Target Debt Change of Control Premium 1.0%

Other Assumptions
Effective Tax Rate 30.0%
© Corporate Finance Institute. All rights reserved.

Model Outputs
All Amounts Denominated in US$MM Unless Otherwise Stated

Acquisition Overview
Amazon Price $3,146.14
Snap Inc. Price $66.67
Acquisition Premium 15.0%
Offer Price $76.67
Implied Exchange Ratio 0.02

Snap Inc. Fully Diluted Shares Outstanding (MM) 458

Equity Bid Value $35,152
Net Debt Assumed $566
Transaction Value $35,719

Acquisition Financing
% Debt 20.0%
% Equity 80.0%

Sources and Uses of Cash

Sources of Cash Uses of Cash
New Equity $28,122 Purchase of Target Equity $35,152
New Debt $7,030 Refinance of Target Debt $1,112
Refinancing of Target Debt $1,112 Debt Change-of-Control Premium $11
Cash-on-Hand $1,191 Debt Financing Fees $35
Equity Financing Fees $1,125
Other Transaction Costs $20
Total Sources $37,455 Total Uses $37,455
Accretion / Dilution Summary
Amazon Snap Inc.
Capitalization
Share Price ($/sh.) $3,146.14 $66.67
Fully Diluted Shares Outstanding (MM) 518 458
Market Capitalization $1,630,330 $30,567
Net Debt $57,227 $566
Enterprise Value $1,687,557 $31,134

Financial Forecast Summary

FY+1 Revenue $472,903 $3,828
FY+2 Revenue $557,294 $5,537

FY+1 EBITDA $72,596 $343

FY+2 EBITDA $90,110 $1,090

FY+1 EPS1 $47.94 ($1.70)

FY+2 EPS $67.75 ($0.50)

FY+1 CFPS1 $146.42 $0.75

FY+2 CFPS $185.88 $2.10

Trading and Leverage Metrics

FY+1 EV/EBITDA 23.2x 90.8x
FY+2 EV/EBITDA 18.7x 28.6x

FY+1 P/E 65.6x -39.1x

FY+2 P/E 46.4x -134.1x

FY+1 P/CF 21.5x 89.0x

FY+2 P/CF 16.9x 31.7x

FY+1 Net Debt/EBITDA 0.8x 1.7x

FY+2 Net Debt/EBITDA 0.6x 0.5x
Net Debt/EV 0.0x 0.0x
Total Debt/Capital 52% 32%

Notes:
1. Normalized amounts (i.e. excludes one-time transaction costs)
Pro Forma Change

$3,146.14 0%
528 2%
$1,659,932 2%
$65,980 15%
$1,725,911 2%

$476,731 1%
$562,831 1%

$72,939 0%
$91,200 1%

$44.13 -8%
$64.64 -5%

$144.56 -1%
$184.49 -1%

23.7x 2%
18.9x 1%

71.3x 9%
48.7x 5%

21.8x 1%
17.1x 1%

0.9x 15%
0.7x 14%
0.0x 13%
47% -9%
© Corporate Finance Institute. All rights reserved.

Sensitivity Analysis
All Amounts Denominated in US$MM Unless Otherwise Stated

Target: Snap Inc.

Sensitivity Analysis

Current Assumptions (Do Not Remove) Accretion/Dilution

Takeover Premium 2021
% Debt Financing EPS -8%
Acquiree CFPS -1%

2021 EPS Accretion/(Dilution)

Takeover Premium
-8% 5% 10% 15% 20% 25%
% Debt Financing 20%
30%
40%
50%
60%
70%
80%

2022 EPS Accretion/(Dilution)

Takeover Premium
-5% 5% 10% 15% 20% 25%
% Debt Financing 20%
30%
40%
50%
60%
70%
80%

2021 Net Debt/EBITDA

Takeover Premium
90% 5% 10% 15% 20% 25%
% Debt Financing 20%
30%
40%
50%
60%
70%
 80%

2021 EPS Accretion: 15% Acquisition Premium; 20% Debt Financing

Walmart Twitter eBay Snap Inc. Expedia Alphabet

1 2 3 4 5 6
-8%

Walmart eBay Expedia Snap Inc. Facebook Twitter

6.0% -5.2% -5.9% -7.9% -17.2% -28.5%

20.0%
10.0% 6.0%

0.0%
-10.0% -5.2% -5.9% -7.9%
-20.0% -17.2%
-30.0%
-28.5%
-40.0%
-50.0%
-60.0%
-70.0%
-80.0% -74.0%
Walmart eBay Expedia Snap Inc. Facebook Twitter Alphabet

2022 EPS Accretion: 15% Acquisition Premium; 20% Debt Financing

Walmart Twitter eBay Snap Inc. Expedia Alphabet

1 2 3 4 5 6
-5%

Walmart Expedia eBay Snap Inc. Facebook Twitter

1.1% -2.0% -3.5% -4.6% -8.8% -20.7%

10.0%
1.1%
0.0%
-2.0% -3.5% -4.6%
-10.0% -8.8%

-20.0%
-20.7%
-30.0%

-40.0%

-50.0%
-53.9%
-60.0%
Walmart Expedia eBay Snap Inc. Facebook Twitter Alphabet
-30.0%

-40.0%

-50.0%
-53.9%
-60.0%
Walmart Expedia eBay Snap Inc. Facebook Twitter Alphabet
 Financial Metrics
2022 2021 2022
-5% Total Debt/Capital 47.2%
-1% Net Debt/EBITDA 0.9x 0.7x

2021 CFPS Accretion/(Dilution)

Takeover Premium
30% -1% 5% 10% 15% 20%
% Debt Financing 20%
30%
40%
50%
60%
70%
80%

2022 CFPS Accretion/(Dilution)

Takeover Premium
30% -1% 5% 10% 15% 20%
% Debt Financing 20%
30%
40%
50%
60%
70%
80%

Total Debt / Book Capitalization

Takeover Premium
30% 47% 5% 10% 15% 20%
% Debt Financing 20%
30%
40%
50%
60%
70%
 80%

2021 CFPS Accretion: 15% Acquisition Premium; 20% Debt Financing

Facebook Walmart Twitter eBay Snap Inc. Expedia

7 1 2 3 4 5
-1%

Alphabet Alphabet Walmart Facebook eBay Expedia

-74.0% 11.8% 9.0% 6.3% 3.1% 1.9%

14.0%
11.8%
12.0%

10.0% 9.0%

8.0%
6.3%
6.0%
5%
4.0% 3.1%
1.9%
2.0%
0.6%
0.0%
-74.0% -2.0%
tter Alphabet Alphabet Walmart Facebook eBay Expedia Twitter Sn

2022 CFPS Accretion: 15% Acquisition Premium; 20% Debt Financing

Facebook Walmart Twitter eBay Snap Inc. Expedia

7 1 2 3 4 5
-1%

Alphabet Snap Inc. Twitter Expedia eBay Facebook

-53.9% -1% -0.7% -0.1% 0.2% 1.9% 2.1%

8.0%
7.0%
6.0%
5.0% 4.6%
4.0%
7% 3.0%
1.9% 2.1%
2.0%
1.0% 0.2%
0.0%
-0.1%
-1.0% -0.7%
-53.9%
-2.0%
tter Alphabet Snap Inc. Twitter Expedia eBay Facebook Alphabet W
 1.9% 2.1%
2.0%
1.0% 0.2%
0.0%
-0.1%
-1.0% -0.7%
-53.9%
-2.0%
tter Alphabet Snap Inc. Twitter Expedia eBay Facebook Alphabet W
remium
25% 30%

remium
25% 30%

remium
25% 30%
Debt Financing

Alphabet Facebook
6 7

Twitter Snap Inc.

0.6% -1.3%

%
0.6%

-1.3%
dia Twitter Snap Inc.

Debt Financing

Alphabet Facebook
6 7

Alphabet Walmart
4.6% 6.8%

6.8%

4.6%

ook Alphabet Walmart

ook Alphabet Walmart
© Corporate Finance Institute. All rights reserved.

Merger Model Detail

All Amounts Denominated in US$MM Unless Otherwise Stated

Capitalization Summary

Share Price ($/sh.)

Basic Shares Outstanding (MM)
Diluted Shares Outstanding (MM)
Market Capitalization (Diluted)
Cash and Cash Equivalents
Total Debt
Enterprise Value (Diluted)

Acquisition Summary

Acquisition Premium
Offer Price

Share Exchange Ratio

Purchase Price
Target Debt
Target Cash and Cash Equivalents
Transaction Value
%
Debt Issued 20.0%
Equity Issued 80.0%

Target Debt Change of Control Premium

Debt Financing Fees
Equity Financing Fees
Other Transaction Costs
Total Transaction Costs

Goodwill and FMV of Assets

Goodwill
Purchase Price
FMV of Equity (Market Capitalization)
Goodwill Created
FMV of Total Assets
FMV of Total Liabilities
FMV of Equity
FMV of Total Assets

PP&E, Existing Goodwill and Other Intangibles

Book Value of Total Assets
Less: Book Value of PP&E, Goodwill and Other Intangibles
Book Value of Other Assets

FMV of Total Assets

Less: FMV of Other Assets
FMV of PP&E, Goodwill and Other Intangibles

Income and Cash Flow Adjustments

Incremental Depreciation
Book Value of PP&E
Book Value of Goodwill
Book Value of Other Intangible Assets
Total Book Value of PP&E, Goodwill and Other Intangibles
FMV of PP&E, Goodwill and Other Intangibles
FMV Adjustment for PP&E, Goodwill and Other Intangibles

FMV Adjustment for PP&E, Goodwill and Other Intangibles Attributed to Depreciable Property
Incremental Depreciation

Other Adjustments
Additional Interest Expense
Amortization of Debt Financing Fees

Net Earnings Adjustment (FY+1)

Incremental Depreciation
Incremental Interest
Debt Issue Cost Amortization
Transaction Costs
Target Debt Change of Control Premium
Tax Impact
Total Net Earnings Adjustment

Net Earnings Adjustment (FY+2)

Incremental Depreciation
Incremental Interest
Debt Issue Cost Amortization
Tax Impact
Total Net Earnings Adjustment

Pro Forma Balance Sheet Items

Amazon
Cash and Cash Equivalents $42,122
Total Assets $321,195
Total Debt $99,349
Total Equity $93,404

Pro Forma Financial Performance

Amazon
2021
Revenue $472,903
EBITDA $72,596
Net Earnings $24,841
Normalized Net Earnings $24,841
Cash Flow $75,874
Normalized Cash Flow $75,874

2022
Revenue $557,294
EBITDA $90,110
Net Earnings $35,107
Cash Flow $96,321

Share Price ($/sh.) $3,146.14

Diluted Shares Outstanding 518
 Amazon Snap Inc.
$3,146.14 $66.67
503 232
518 458
$1,630,330 $30,567
$42,122 $546
$99,349 $1,112
$1,687,557 $31,134

Snap Inc.
15.0%
$76.67

0.02

$35,152
$1,112
$546
$35,719

$7,030
$28,122

$11
$35
$1,125
$20
$1,191

Snap Inc.

$35,152
$30,567
$4,585
 $2,694
$30,567
$33,262

$5,024
-$1,494
$3,531

$33,262
-$3,531
$29,731

$448
$939
$106
$1,494
$29,731
$28,237

$6,445
$823

$281
$4

($823)
($281)
($4)
($20)
($11)
$342
($797)

($823)
($281)
($4)
 $332
($776)

Snap Inc. Adjustments Pro Forma

$546 ($1,191) $41,476
$5,024 $32,822 $359,042
$1,112 $6,995 $107,456
$2,330 $26,997 $120,401

Snap Inc. Adjustments Pro Forma

$3,828 $476,731
$343 $72,939
-$781 ($797) $23,263
-$781 ($776) $23,284
$344 $29 $76,247
$344 $51 $76,269

$5,537 $562,831
$1,090 $91,200
-$228 ($776) $34,103
$965 $51 $97,336

$66.67 $3,146.14
458 9 528
© Corporate Finance Institute. All rights reserved.

Comps Financial Data

All Amounts Denominated in US$MM Unless Otherwise Stated

Financial Data

Current Capitalization
Stock Ticker
Share Price ($/sh.)
Date

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Total Debt (Balance Sheet)

Total Convertible Debt (Balance Sheet)
Total Non-Convertible Debt
Convertible Debt Outstanding (If-Converted)
Total Debt (Adjusted)

Net Debt
Cash and Cash Equivalents

Enterprise Value (Diluted)

Net Property, Plant & Equipment

Existing Goodwill
Other Intangible Assets
FMV of PP&E, Goodwill and Intangibles Attributed to Depreciable Property
FMV of PP&E, Goodwill and Intangibles Attributed to Non-Depreciable Property
Average Amortization Period (Years)

Total Assets
Total Liabilities
Total Equity
Check

Financial Estimates and Current Trading Multiples

Consensus Research Estimates
FY+1
Revenue
EBITDA
Net Earnings
Cash Flow

FY+2
Revenue
EBITDA
Net Earnings
Cash Flow

Current Trading Multiples

FY+1
EV/Revenue
EV/EBITDA
P/E
P/CF

FY+2
EV/Revenue
EV/EBITDA
P/E
P/CF

Leverage Metrics
Total Debt / Equity
Total Debt / Book Capitalization
Total Debt / Market Capitalization

Amazon 10-K Excerpt

 Acquirer: Target: 1 2 3
Amazon Snap Inc. Walmart Twitter eBay

AMZN SNAP WMT TWTR EBAY

$3,146.14 $66.67 $131.37 $77.63 $58.48
3/1/2021 3/1/2021 3/1/2021 3/1/2021 3/1/2021

503 232 2,831 796 684

15 131 29 40 25
0 5 0 1 0
0 91 0 44 0
518 458 2,860 882 709

$1,630,330 $30,567 $375,758 $68,436 $41,462

$99,349 $2,004 $68,478 $4,484 $8,315

$0 $892 $0 $2,794 $0
$99,349 $1,112 $68,478 $1,690 $8,315
$0 $0 $0 $954 $0
$99,349 $1,112 $68,478 $2,644 $8,315

$57,227 $566 $54,153 $656 $6,887

$42,122 $546 $14,325 $1,988 $1,428

$1,687,557 $31,134 $429,911 $69,092 $48,349

$150,667 $448 $124,289 $2,424 $1,867

$15,017 $939 $30,236 $1,312 $4,675
$6,476 $106 $0 $58 $12
78.0% 22.8% 74.0% 64.4% 54.9%
22.0% 77.2% 26.0% 35.6% 45.1%
16 Years 8 Years 26 Years 4 Years 5 Years

$321,195 $5,024 $250,863 $13,379 $19,310

$227,791 $2,694 $163,359 $5,409 $15,749
$93,404 $2,330 $87,504 $7,970 $3,561
$0 $0 $0 $0
$472,903 $3,828 $549,417 $4,811 $11,917
$72,596 $343 $34,222 $1,461 $4,204
$24,841 -$781 $15,512 $196 $2,285
$75,874 $344 $25,225 $1,372 $3,366

$557,294 $5,537 $565,010 $5,850 $12,740

$90,110 $1,090 $35,790 $1,880 $4,596
$35,107 -$228 $16,440 $406 $2,605
$96,321 $965 $29,486 $1,640 $3,308

3.6x 8.1x 0.8x 14.4x 4.1x

23.2x 90.8x 12.6x 47.3x 11.5x
65.6x -39.1x 24.2x 349.2x 18.1x
21.5x 89.0x 14.9x 49.9x 12.3x

3.0x 5.6x 0.8x 11.8x 3.8x

18.7x 28.6x 12.0x 36.8x 10.5x
46.4x -134.1x 22.9x 168.6x 15.9x
16.9x 31.7x 12.7x 41.7x 12.5x

1.1x 0.5x 0.8x 0.3x 2.3x

51.5% 32.3% 43.9% 24.9% 70.0%
5.7% 3.5% 15.4% 3.7% 16.7%
 4 5 6 7
Snap Inc. Expedia Alphabet Facebook

SNAP EXPE GOOGL FB

$66.67 $161.24 $2,069.66 $264.91
3/1/2021 3/1/2021 3/1/2021 3/1/2021

232 138 675 2,849

131 5 19 97
5 3 0 0
91 0 0 0
458 146 695 2,946

$30,567 $23,598 $1,437,401 $780,354

$2,004 $8,855 $27,872 $11,177

$892 $0 $0 $0
$1,112 $8,855 $27,872 $11,177
$0 $0 $0 $0
$1,112 $8,855 $27,872 $11,177

$566 $5,492 $1,407 -$6,399

$546 $3,363 $26,465 $17,576

$31,134 $29,090 $1,438,808 $773,955

$448 $2,831 $96,960 $54,981

$939 $7,380 $21,175 $19,050
$106 $1,515 $1,445 $623
22.8% 39.6% 63.3% 60.5%
77.2% 60.4% 36.7% 39.5%
8 Years 12 Years 11 Years 12 Years

$5,024 $18,690 $319,616 $159,316

$2,694 $14,664 $97,072 $31,026
$2,330 $4,026 $222,544 $128,290
$0 $0 $0 $0
$3,828 $7,440 $225,493 $107,641
$343 $968 $83,040 $54,306
-$781 -$519 $47,115 $32,704
$344 $2,460 $68,965 $37,624

$5,537 $10,386 $263,227 $128,587

$1,090 $2,099 $97,895 $65,212
-$228 $399 $54,859 $39,219
$965 $1,534 $77,886 $42,996

8.1x 3.9x 6.4x 7.2x

90.8x 30.1x 17.3x 14.3x
-39.1x -45.5x 30.5x 23.9x
89.0x 9.6x 20.8x 20.7x

5.6x 2.8x 5.5x 6.0x

28.6x 13.9x 14.7x 11.9x
-134.1x 59.1x 26.2x 19.9x
31.7x 15.4x 18.5x 18.1x

0.5x 2.2x 0.1x 0.1x

32.3% 68.7% 11.1% 8.0%
3.5% 27.3% 1.9% 1.4%
© Corporate Finance Institute. All rights reserved.

Diluted Shares Calculation

All Amounts Denominated in US$MM Unless Otherwise Stated

Amazon's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
0.0
0.0
0.0
0.0
0.0
Total 0.0

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Restricted Stock Units

Total
Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]

Total

Total Converted
Total Unconverted

Walmart's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
0.0
0.0
0.0
0.0
0.0
Total 0.0

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Restricted Stock and Performance Share Units

Restricted Stock Units

Total

Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]

Total

Total Converted
Total Unconverted

Twitter's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
Stock Options 1.4 $18.87 1.4
0.0
0.0
0.0
0.0
Total 1.4

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Performance Restricted Stock Units

TSR Restricted Stock Units
Restricted Stock Units
Restricted Common Stock
Total

Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]
Convertible Notes (2021) $954 $77.64
Convertible Notes (2024) $1,150 $57.14
Convertible Notes (2025) $1,000 $41.50

Total

Total Converted
Total Unconverted

eBay's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule
Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
0.0
0.0
0.0
0.0
0.0
Total 0.0

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Restricted Stock Units

Total

Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]

Total

Total Converted
Total Unconverted

Snap Inc.'s Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
Stock Options 5.6 $10.37 5.6
0.0
0.0
0.0
0.0
Total 5.6

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

RSUs and RSAs

Total

Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]
Convertible Notes (2025) $1,000 $28.18
Convertible Notes (2026) $1,265 $22.81

Total
Total Converted
Total Unconverted

Expedia's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
Stock Options 8.7 $105.75 8.7
0.0
0.0
0.0
0.0
Total 8.7

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Restricted Stock Units

Total
Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]

Total

Total Converted
Total Unconverted

Alphabet's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
0.0
0.0
0.0
0.0
0.0
Total 0.0

In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Restricted Stock Units

Total

Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]

Total

Total Converted
Total Unconverted

Facebook's Diluted Shares

Share Price ($/sh.)

Shares Outstanding
Basic Shares Outstanding (MM)
Dilution From Unvested RSUs/RSAs (MM)
Dilution From Equity Instruments (TSM) (MM)
Dilution From Convertible Debt (MM)
Diluted Shares Outstanding (TSM) (MM)

Market Capitalization (Diluted)

Options and Dilutive Securities Schedule

Number Exercise Number
Type Outstanding Price Converted
[MM] [$/sh.] [MM]
0.0
0.0
0.0
0.0
0.0
Total 0.0
In-the-Money Options
Shares Repurchased (TSM)
Additional Shares Issued (TSM)

Restricted Stock Units / Restricted Stock Awards

Type

Restricted Stock Units

Total

Convertible Debt
Face Conversion
Details Value Price
[MM] [$/sh.]

Total

Total Converted
Total Unconverted
 $3,146.14

503.0
15.2
0.0
0.0
518.2

$1,630,330

Proceeds
[$MM]
$0
$0
$0
$0
$0
$0

0.0
0.0
0.0

Unvested
Number
Outstanding
[MM]
15.2

15.2
 Shares
Issued
[MM]
0.0
0.0
0.0
0.0
0.0

$0
$0

$131.37

2,831.0
29.3
0.0
0.0
2,860.3

$375,758

Proceeds
[$MM]
$0
$0
$0
$0
$0
$0

0.0
0.0
0.0

Unvested
 Number
Outstanding
[MM]
6.0
23.3

29.3

Shares
Issued
[MM]
0.0
0.0
0.0
0.0
0.0

$0
$0

$77.63

796.0
40.3
1.1
44.2
881.6

$68,436

Proceeds
[$MM]
$27
$0
$0
$0
$0
 $27

1.4
0.3
1.1

Unvested
Number
Outstanding
[MM]
0.7
0.9
36.6
2.0
40.3

Shares
Issued
[MM]
0.0
20.1
24.1
0.0
44.2

$2,150
$954

$58.48

684.0
25.0
0.0
0.0
709.0

$41,462
 Proceeds
[$MM]
$0
$0
$0
$0
$0
$0

0.0
0.0
0.0

Unvested
Number
Outstanding
[MM]
25.0

25.0

Shares
Issued
[MM]
0.0
0.0
0.0
0.0
0.0

$0
$0

$66.67
 231.6
131.2
4.7
90.9
458.5

$30,567

Proceeds
[$MM]
$58
$0
$0
$0
$0
$58

5.6
0.9
4.7

Unvested
Number
Outstanding
[MM]
131.2

131.2

Shares
Issued
[MM]
35.5
55.5
0.0
0.0
90.9
 $2,265
$0

$161.24

138.1
5.3
3.0
0.0
146.4

$23,598

Proceeds
[$MM]
$920
$0
$0
$0
$0
$920

8.7
5.7
3.0

Unvested
Number
Outstanding
[MM]
5.3

5.3
 Shares
Issued
[MM]
0.0
0.0
0.0
0.0
0.0

$0
$0

$2,069.66

675.2
19.3
0.0
0.0
694.5

$1,437,401

Proceeds
[$MM]
$0
$0
$0
$0
$0
$0

0.0
0.0
0.0

Unvested
Number
Outstanding
[MM]
19.3

19.3

Shares
Issued
[MM]
0.0
0.0
0.0
0.0
0.0

$0
$0

$264.91

2,849.0
96.7
0.0
0.0
2,945.7

$780,354

Proceeds
[$MM]
$0
$0
$0
$0
$0
$0
 0.0
0.0
0.0

Unvested
Number
Outstanding
[MM]
96.7

96.7

Shares
Issued
[MM]
0.0
0.0
0.0
0.0
0.0

$0
$0