Exhibit 99.1
July 17, 2019

Fellow shareholders,

As expected, revenue growth accelerated 400 basis points to 26%, and operating income increased 53% year over year in Q2. Paid membership grew by 2.7m, less than the 5.5m in Q2 a year ago and our 5.0m forecast. In Q3, we expect to grow by 7m paid memberships, more than the 6.1m in Q3 a year ago. Consumers around the world continue to move from linear television to internet entertainment at a remarkable rate.
 (in millions except per share data and Streaming Content Obligations)
Q2'18
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19 Forecast
Revenue
$
3,907

$
3,999

$
4,187

$
4,521

$
4,923

$
5,250

Y/Y % Growth
40.3
%
34.0
%
27.4
%
22.2
%
26.0
%
31.3
%
Operating Income
$
462

$
481

$
216

$
459

$
706

$
833

Operating Margin
11.8
%
12.0
%
5.2
%
10.2
%
14.3
%
15.9
%
Net Income
$
384

$
403

$
134

$
344

$
271

$
470

Diluted EPS
$
0.85

$
0.89

$
0.30

$
0.76

$
0.60

$
1.04

 
 
 
 
 
 
 
Global Streaming Paid Memberships
124.35

130.42

139.26

148.86

151.56

158.56

Y/Y % Growth
25.6
%
25.4
%
25.9
%
25.2
%
21.9
%
21.6
%
Global Streaming Paid Net Additions
5.45

6.07

8.84

9.60

2.70

7.00

 
 
 
 
 
 
 
Net cash (used in) operating activities
$
(518
)
$
(690
)
$
(1,235
)
$
(380
)
$
(544
)
 
Free Cash Flow*
$
(559
)
$
(859
)
$
(1,315
)
$
(460
)
$
(594
)
 
Adjusted EBITDA**
$
563

$
584

$
328

$
584

$
836

 
Shares (FD)
451.6

451.9

451.1

451.9

452.2

 
Streaming Content Obligations*** ($B)
18.4

18.6

19.3

18.9

18.5

 
Note: Figures are consolidated, including DVD.
 
 
 
 
 
 
* Free cash flow represents Net Cash (used in) operating activities adjusted for acquisition of DVD content assets, purchases of property and equipment and change in other assets
** Adjusted EBITDA represents net income before interest expense and other income/expense, income taxes, depreciation and amortization of property and equipment and further adjusted to exclude other non-cash charges or non-recurring items
*** 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

nflxlogo2015a20.jpg
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The following information was filed by Netflix Inc (NFLX) on Wednesday, July 17, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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