Exhibit 99.1
October 16, 2019

Fellow shareholders,

In Q3, we grew to $5.2 billion in revenue, up 31% over the prior year, and operating income doubled to $1.0 billion. Paid net adds totaled 6.8m compared to our 7.0m forecast and prior year Q3 of 6.1m. As we’ve improved the variety, diversity and quality of our content slate, member engagement has grown, revenue has increased, and we’re able to further fund our content investment.
(in millions except per share data and Streaming Content Obligations)
Q3'18
Q4'18
Q1'19
Q2'19
Q3'19
Q4'19 Forecast
Revenue
$
3,999

$
4,187

$
4,521

$
4,923

$
5,245

$
5,442

Y/Y % Growth
34.0
%
27.4
%
22.2
%
26.0
%
31.1
%
30.0
%
Operating Income
$
481

$
216

$
459

$
706

$
980

$
475

Operating Margin
12.0
%
5.2
%
10.2
%
14.3
%
18.7
%
8.7
%
Net Income
$
403

$
134

$
344

$
271

$
665

$
232

Diluted EPS
$
0.89

$
0.30

$
0.76

$
0.60

$
1.47

$
0.51

 
 
 
 
 
 
 
Global Streaming Paid Memberships
130.42

139.26

148.86

151.56

158.33

165.93

Y/Y % Growth
25.4
%
25.9
%
25.2
%
21.9
%
21.4
%
19.2
%
Global Streaming Paid Net Additions
6.07

8.84

9.60

2.70

6.77

7.60

 
 
 
 
 
 
 
Net cash (used in) operating activities
$
(690
)
$
(1,235
)
$
(380
)
$
(544
)
$
(502
)
 
Free Cash Flow*
$
(859
)
$
(1,315
)
$
(460
)
$
(594
)
$
(551
)
 
Adjusted EBITDA**
$
584

$
328

$
584

$
836

$
1,107

 
Shares (FD)
451.9

451.1

451.9

452.2

451.6

 
Streaming Content Obligations*** ($B)
18.6

19.3

18.9

18.5

19.1

 
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

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