FORTUNE — Facebook today filed updated financial information with the SEC, as a prelude to next month’s initial public offering.

The headline number is that revenue fell between Q4 2011 and Q1 2012, from $1.13 billion to $1.06 billion. This mirrors a similar drop during the year-earlier period, likely because of holiday ad spend that disappears in the new year. Here is Facebook’s explanation:

Advertising spending is traditionally seasonally strong in the fourth quarter of each year. We believe that this seasonality in advertising spending affects our quarterly results, which generally reflect strong growth in advertising revenue between the third and fourth quarters and slower growth, and for certain years a decline, in advertising spending between the fourth and subsequent first quarters. For instance, our advertising revenue increased 64%, 46%, and 18% between the third and fourth quarters of 2009, 2010, and 2011, respectively, while advertising revenue in the first quarter of 2010 increased 5% as compared to the fourth quarter of 2009 and advertising revenue for the first quarter of 2011 and 2012 declined 3% and 8% compared to the fourth quarters of 2010 and 2011, respectively. The rapid growth in our business may have partially masked these seasonal trends to date and the seasonal impacts may be more pronounced in the future.

Overall, Facebook reports $205 million in net income for the quarter and that it still had $3.9 billion of cash on hand at the end of March.

Facebook also broke out details of its pending Instagram acquisition, disclosing that it paid $300 million in cash and approximately 23 million in common shares. Based on the previously-reported $1 billion purchase price, that would mean Facebook is expecting its stock to price at just over $30 each. The deal also includes a $200 million termination fee.

For what it’s worth, that $30 per share price would value Facebook at approximately $75 billion.

[UPDATE: A source familiar with the situation tells me that the actual price per share was $30.89 per share. In other words, they know what “approximately 23 million” shares actually meant. That brings the valuation a touch under $77 billion]

Finally, Facebook reported continued increases in daily and monthly active users:



Source: Facebook