Exhibit 99.1
October 20, 2020

Fellow shareholders,

As we expected, growth has slowed with 2.2m paid net adds in Q3 vs. 6.8m in Q3’19. We think this is primarily due to our record first half results and the pull-forward effect we described in our April and July letters. In the first nine months of 2020, we added 28.1m paid memberships, which exceeds the 27.8m that we added for all of 2019. In these challenging times, we’re dedicated to serving our members.

(in millions except per share data and Streaming Content Obligations)Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20 Forecast
Revenue$5,245 $5,467 $5,768 $6,148 $6,436 $6,572 
Y/Y % Growth31.1 %30.6 %27.6 %24.9 %22.7 %20.2 %
Operating Income$980 $459 $958 $1,358 $1,315 $885 
Operating Margin18.7 %8.4 %16.6 %22.1 %20.4 %13.5 %
Net Income$665 $587 $709 $720 $790 $615 
Diluted EPS$1.47 $1.30 $1.57 $1.59 $1.74 $1.35 
Global Streaming Paid Memberships158.33 167.09 182.86 192.95 195.15 201.15 
Y/Y % Growth21.4 %20.0 %22.8 %27.3 %23.3 %20.4 %
Global Streaming Paid Net Additions6.77 8.76 15.77 10.09 2.20 6.00 
Net cash provided by (used in) operating activities$(502)$(1,462)$260 $1,041 $1,264 
Free Cash Flow*$(551)$(1,670)$162 $899 $1,145 
Adjusted EBITDA**$1,107 $586 $1,084 $1,489 $1,450 
Shares (FD)451.6 451.4 452.5 453.9 455.1 
Streaming Content Obligations*** ($B)19.1 19.5 19.2 19.1 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


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The following information was filed by Netflix Inc (NFLX) on Tuesday, October 20, 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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