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Netflix Inc (NFLX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Netflix Inc

CIK: 1065280 Ticker: NFLX


Exhibit 99.1
January 20th, 2015
Fellow Shareholders,
In 2014, we added a record 13.0 million new members, compared to 11.1 million in 2013, bringing our global total to 57.4 million members. In Q4, we added 4.33 million members vs 4.07 million in the previous year period. We expect to end Q1 2015 with 61.4 million global members. Internet TV is growing globally and Netflix is leading the charge.

 (in millions except per share data and Streaming Content Obligations)
Q4 '13
Q1 '14
Q2 '14
Q3 '14
Q4 '14
Q1 '15 Forecast
Total Streaming:
 
 
 
 
 
 
Revenue
$
962

$
1,066

$
1,146

$
1,223

$
1,305

$
1,398

Contribution Profit
$
117

$
166

$
212

$
220

$
178

$
231

Contribution Margin
12.2
 %
15.6
 %
18.5
 %
18.0
 %
13.6
 %
16.5
 %
Paid Members
41.43

46.14

47.99

50.65

54.48

58.97

Total Members
44.35

48.35

50.05

53.06

57.39

61.44

Net Additions
4.07

4.00

1.69

3.02

4.33

4.05

 
 
 
 
 
 
 
US Streaming:
 
 
 
 
 
 
Revenue
$
741

$
799

$
838

$
877

$
917

$
973

Contribution Profit
$
174

$
201

$
227

$
251

$
257

$
293

Contribution Margin
23.4
 %
25.2
 %
27.1
 %
28.6
 %
28.0
 %
30.1
 %
Paid Members
31.71

34.38

35.09

36.27

37.70

39.79

Total Members
33.42

35.67

36.24

37.22

39.11

40.91

Net Additions
2.33

2.25

0.57

0.98

1.90

1.80

 
 
 
 
 
 
 
International Streaming:
 
 
 
 
 
 
Revenue
$
221

$
267

$
307

$
346

$
388

$
425

Contribution Profit (Loss)
$
(57
)
$
(35
)
$
(15
)
$
(31
)
$
(79
)
$
(62
)
Contribution Margin
-25.9
 %
-13.1
 %
-5.0
 %
-8.9
 %
-20.3
 %
-14.6
 %
Paid Members
9.72

11.76

12.91

14.39

16.78

19.18

Total Members
10.93

12.68

13.80

15.84

18.28

20.53

Net Additions
1.74

1.75

1.12

2.04

2.43

2.25

 
 
 
 
 
 
 
Total (including DVD):
 
 
 
 
 
 
Operating Income
$
82

$
98

$
130

$
110

$
65

$
79

Net Income*
$
48

$
53

$
71

$
59

$
83

$
37

EPS*
$
0.79

$
0.86

$
1.15

$
0.96

$
1.35

$
0.60

 
 
 
 
 
 
 
Free Cash Flow
$
5

$
8

$
16

$
(74
)
$
(78
)
 
Shares (FD)
61.3

61.5

61.6

61.8

61.8

 
Streaming Content Obligations** ($B)
$
7.3

$
7.1

$
7.7

$
8.9

$
9.5

 
*Q4'14 Net Income/EPS includes a $39m / $0.63 benefit from a tax accrual release related to resolution of tax audit
**Corresponds to our total known streaming content obligations as defined in our financial statements and related notes in our most recently filed SEC Form 10-K

                                                                                                                                                    1

The following information was filed by Netflix Inc (NFLX) on Tuesday, January 20, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Comprehensive Income (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive (loss) Income
Accumulated Other Comprehensive (loss) Income (details)
Accumulated Other Comprehensive (loss) Income (tables)
Balance Sheet Components
Balance Sheet Components (components Of Content Library) (details)
Balance Sheet Components (narrative) (details)
Balance Sheet Components (property And Equipment And Accumulated Depreciation) (details)
Balance Sheet Components (tables)
Commitments And Contingencies
Commitments And Contingencies (expected Timing Of Payments For Commitments) (details)
Commitments And Contingencies (future Minimum Payments Under Lease Financing Obligations And Non-cancelable Operating Leases) (details)
Commitments And Contingencies (lease Obligations) (narrative) (details)
Commitments And Contingencies (legal Proceedings) (details)
Commitments And Contingencies (streaming Content) (narrative) (details)
Commitments And Contingencies (tables)
Employee Benefit Plan
Employee Benefit Plan (details)
Guarantees-indemnification Obligations
Income Taxes
Income Taxes (components Of Provision For Income Taxes) (details)
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (reconciliation Of Provision For Income Taxes) (details)
Income Taxes (schedule Of Income Before Income Taxes) (details)
Income Taxes (summary Of Changes In Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Long-term Debt
Long-term Debt (5.375% Senior Notes) (narrative) (details)
Long-term Debt (5.750% Senior Notes) (narrative) (details)
Long-term Debt (8.50% Senior Notes) (narrative) (details)
Long-term Debt (senior Convertible Notes) (narrative) (details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (computation Of Net Income Per Share) (details)
Organization And Summary Of Significant Accounting Policies (narrative) (details)
Organization And Summary Of Significant Accounting Policies (policy)
Organization And Summary Of Significant Accounting Policies (summary Of Potential Common Shares Excluded From Diluted Calculation) (details)
Organization And Summary Of Significant Accounting Policies (tables)
Reclassifications
Reclassifications (details)
Segment Information
Segment Information (information On Reportable Segments And Reconciliation To Consolidated Net Income) (details)
Segment Information (long-lived Assets By Geographic Areas) (details)
Segment Information (narrative) (details)
Segment Information (tables)
Selected Quarterly Financial Data (details)
Selected Quarterly Financial Data (tables)
Selected Quarterly Financial Data (unaudited)
Short-term Investments
Short-term Investments (available-for-sale Securities Reported At Fair Value) (details)
Short-term Investments (estimated Fair Value Of Short-term Investments By Contractual Maturity) (details)
Short-term Investments (tables)
Stockholders' Equity
Stockholders' Equity (employee Stock Purchase Plan) (narrative) (details)
Stockholders' Equity (narrative) (details)
Stockholders' Equity (preferred Stock And Voting Rights) (narrative) (details)
Stockholders' Equity (stock Option Plans) (narrative) (details)
Stockholders' Equity (stock Repurchase Program) (narrative) (details)
Stockholders' Equity (stock-based Compensation) (narrative) (details)
Stockholders' Equity (summary Of Activity Related To Stock Option Plans) (details)
Stockholders' Equity (summary Of Assumptions Used To Value Stock Option Grants) (details)
Stockholders' Equity (tables)
Ticker: NFLX
CIK: 1065280
Form Type: 10-K Annual Report
Accession Number: 0001065280-15-000006
Submitted to the SEC: Thu Jan 29 2015 1:55:40 PM EST
Accepted by the SEC: Thu Jan 29 2015
Period: Wednesday, December 31, 2014
Industry: Video Tape Rental

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