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Netflix Inc (NFLX) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Netflix Inc

CIK: 1065280 Ticker: NFLX

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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Inside Netflix Inc's 10-Q Quarterly Report:

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)
Ticker: NFLX
CIK: 1065280
Form Type: 10-Q Quarterly Report
Accession Number: 0001065280-20-000451
Submitted to the SEC: Thu Oct 22 2020 4:02:00 PM EST
Accepted by the SEC: Thu Oct 22 2020
Period: Wednesday, September 30, 2020
Industry: Video Tape Rental

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