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Last10K.com | 10-Q Quarterly Report Mon Jul 20 2020
Exhibit 99.1
July 16, 2020
Fellow shareholders,
We live in uncertain times with restrictions on what we can do socially and many people are turning to entertainment for relaxation, connection, comfort and stimulation. In Q1 and Q2, we saw significant pull-forward of our underlying adoption leading to huge growth in the first half of this year (26 million paid net adds vs. prior year of 12 million). As a result, we expect less growth for the second half of 2020 compared to the prior year. As we navigate these turbulent circumstances, we’re focused on our members by continuing to improve the quality of our service and bringing new films and shows to people's screens. Our Q2 summary results and forecast for Q3 are in the table below.
| (in millions except per share data and Streaming Content Obligations) | Q2'19 | Q3'19 | Q4'19 | Q1'20 | Q2'20 | Q3'20 Forecast | ||||||||||||||
| Revenue | $ | 4,923 | $ | 5,245 | $ | 5,467 | $ | 5,768 | $ | 6,148 | $ | 6,327 | ||||||||
| Y/Y % Growth | 26.0 | % | 31.1 | % | 30.6 | % | 27.6 | % | 24.9 | % | 20.6 | % | ||||||||
| Operating Income | $ | 706 | $ | 980 | $ | 459 | $ | 958 | $ | 1,358 | $ | 1,245 | ||||||||
| Operating Margin | 14.3 | % | 18.7 | % | 8.4 | % | 16.6 | % | 22.1 | % | 19.7 | % | ||||||||
| Net Income | $ | 271 | $ | 665 | $ | 587 | $ | 709 | $ | 720 | $ | 954 | ||||||||
| Diluted EPS | $ | 0.60 | $ | 1.47 | $ | 1.30 | $ | 1.57 | $ | 1.59 | $ | 2.09 | ||||||||
| Global Streaming Paid Memberships | 151.56 | 158.33 | 167.09 | 182.86 | 192.95 | 195.45 | ||||||||||||||
| Y/Y % Growth | 21.9 | % | 21.4 | % | 20.0 | % | 22.8 | % | 27.3 | % | 23.4 | % | ||||||||
| Global Streaming Paid Net Additions | 2.70 | 6.77 | 8.76 | 15.77 | 10.09 | 2.50 | ||||||||||||||
| Net cash provided by (used in) operating activities | $ | (544) | $ | (502) | $ | (1,462) | $ | 260 | $ | 1,041 | ||||||||||
| Free Cash Flow* | $ | (594) | $ | (551) | $ | (1,670) | $ | 162 | $ | 899 | ||||||||||
| Adjusted EBITDA** | $ | 836 | $ | 1,107 | $ | 586 | $ | 1,084 | $ | 1,489 | ||||||||||
| Shares (FD) | 452.2 | 451.6 | 451.4 | 452.5 | 453.9 | |||||||||||||||
| Streaming Content Obligations*** ($B) | 18.5 | 19.1 | 19.5 | 19.2 | 19.1 | |||||||||||||||
| Note: Figures are consolidated, including DVD. | ||||||||||||||||||||
| * Free cash flow represents Net Cash provided by (used in) operating and investing activities | ||||||||||||||||||||
| ** 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 | ||||||||||||||||||||
Ted Sarandos appointed co-CEO and elected to Board of Directors
Ted joined Netflix over 20 years ago, and we are thrilled to appoint him to be co-CEO with Reed. “Ted has been my partner for decades. This change makes formal what was already informal -- that Ted and I share the leadership of Netflix,” says Hastings. Lead Independent director Jay Hoag says “Having watched Reed and Ted work together for so long, the board and I are confident this is the right step to evolve Netflix’s management structure so that we can continue to best serve our members and shareholders for years to come.”
Ted will also continue to serve as Chief Content Officer. In addition, Greg Peters has been appointed COO adding to his Chief Product Officer role. “We want Greg to help us stay aligned and effective as we grow so quickly around the world,” said Hastings.
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The following information was filed by Netflix Inc (NFLX) on Thursday, July 16, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Netflix Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Financial - Expense Highlight
Expenses associated with the acquisition, licensing and production of content increased $201 million, including expenses related to paused productions and hardship fund commitments due to the COVID-19 pandemic and expenses related to overall deals.
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Financial - Expense Highlight
Expenses associated with the acquisition, licensing and production of content increased $552 million, including expenses related to paused productions and hardship fund commitments due to the COVID-19 pandemic and expenses related to overall deals.
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Financial - Expense Highlight
Technology and development expenses consist of payroll and related expenses for all technology personnel, as well as other costs incurred in making improvements to our service offerings, including testing, maintaining and modifying our user interface, our recommendation, merchandising and streaming delivery technology and infrastructure.
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Financial - Expense Highlight
Other operations costs include customer service and payment processing fees, including those we pay to our integrated payment partners, as well as other costs incurred in making our content available to members.
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Financial - Earnings Highlight
At June 30, 2020, our estimated gross unrecognized tax benefits were $81 million of which $47 million, if recognized, would favorably impact our future earnings.
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Components Of Content Assets (Details)
Balance Sheet Components - Leases (Details)
Balance Sheet Components - Other Current Assets (Details)
Balance Sheet Components - Property And Equipment (Details)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Cash, Cash Equivalents And Restricted Cash
Cash, Cash Equivalents And Restricted Cash (Details)
Cash, Cash Equivalents And Restricted Cash (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Expected Timing Of Payments (Details)
Commitments And Contingencies - Legal Proceedings (Details)
Commitments And Contingencies - Streaming Content (Details)
Debt
Debt (Tables)
Debt - Maturities (Details)
Debt - Narrative (Details)
Debt - Revolving Line Of Credit (Details)
Debt - Summary Of Long-Term Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Shares (Details)
Earnings Per Share - Calculation Of Eps (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Revenue And Membership Information (Details)
Segment And Geographic Information
Segment And Geographic Information (Tables)
Segment And Geographic Information - Long-Lived Assets By Geographical Areas (Details)
Segment And Geographic Information - Narrative (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Activity Related To Stock Option Plans (Details)
Stockholders' Equity - Amounts Related To Option Exercises (Details)
Stockholders' Equity - Assumptions Used To Value Stock Options (Details)
Stockholders' Equity Stockholders' Equity - Stock Option Plan Narrative (Details)
Material Contracts, Statements, Certifications & more
Netflix Inc provided additional information to their SEC Filing as exhibits
Ticker: NFLX
CIK: 1065280
Form Type: 10-Q Quarterly Report
Accession Number: 0001065280-20-000309
Submitted to the SEC: Mon Jul 20 2020 4:03:12 PM EST
Accepted by the SEC: Mon Jul 20 2020
Period: Tuesday, June 30, 2020
Industry: Video Tape Rental
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