Exhibit 99.1
January 21, 2020

Fellow shareholders,

We had a strong finish to 2019, with Q4 revenue growing 31% year over year, bringing full year 2019 revenue to over $20 billion, while FY19 operating income rose 62% to $2.6 billion. During the quarter, we surpassed 100 million paid memberships outside of the US. Streaming entertainment is a global phenomenon and we’re working hard to build on our early progress.
(in millions except per share data and Streaming Content Obligations)Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20 Forecast
Revenue$4,187  $4,521  $4,923  $5,245  $5,467  $5,731  
Y/Y % Growth27.4 %22.2 %26.0 %31.1 %30.6 %26.8 %
Operating Income$216  $459  $706  $980  $459  $1,033  
Operating Margin5.2 %10.2 %14.3 %18.7 %8.4 %18.0 %
Net Income$134  $344  $271  $665  $587  $750  
Diluted EPS$0.30  $0.76  $0.60  $1.47  $1.30  $1.66  
Global Streaming Paid Memberships139.26  148.86  151.56  158.33  167.09  174.09  
Y/Y % Growth25.9 %25.2 %21.9 %21.4 %20.0 %16.9 %
Global Streaming Paid Net Additions8.84  9.60  2.70  6.77  8.76  7.00  
Net cash (used in) operating activities$(1,235) $(380) $(544) $(502) $(1,462) 
Free Cash Flow*$(1,315) $(460) $(594) $(551) $(1,670) 
Adjusted EBITDA**$328  $584  $836  $1,107  $586  
Shares (FD)451.1  451.9  452.2  451.6  451.4  
Streaming Content Obligations*** ($B)19.3  18.9  18.5  19.1  19.5  
Note: Figures are consolidated, including DVD.
* Free cash flow represents Net Cash (used in) operating activities adjusted for 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


The following information was filed by Netflix Inc (NFLX) on Tuesday, January 21, 2020 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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