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(in millions except per share data and Streaming Content Obligations) | Q3'19 | Q4'19 | Q1'20 | Q2'20 | Q3'20 | Q4'20 Forecast | ||||||||||||||
Revenue | $ | 5,245 | $ | 5,467 | $ | 5,768 | $ | 6,148 | $ | 6,436 | $ | 6,572 | ||||||||
Y/Y % Growth | 31.1 | % | 30.6 | % | 27.6 | % | 24.9 | % | 22.7 | % | 20.2 | % | ||||||||
Operating Income | $ | 980 | $ | 459 | $ | 958 | $ | 1,358 | $ | 1,315 | $ | 885 | ||||||||
Operating Margin | 18.7 | % | 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 Memberships | 158.33 | 167.09 | 182.86 | 192.95 | 195.15 | 201.15 | ||||||||||||||
Y/Y % Growth | 21.4 | % | 20.0 | % | 22.8 | % | 27.3 | % | 23.3 | % | 20.4 | % | ||||||||
Global Streaming Paid Net Additions | 6.77 | 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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In the three and nine months ended September 30, 2019, the foreign exchange gains were primarily driven by the gains of $171 million and $168 million, respectively, from the remeasurement of our 3,600 million Senior Notes, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies.
Net cash provided by financing activities increased $57 million for the three months ended September 30, 2020, due to an increase in the proceeds from the issuance of common stock.
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.
Free cash flow was $13 million lower than net income for the nine months ended September 30, 2020 primarily due to $864 million of cash payments for content assets over amortization expense, partially offset by $275 million of non-cash remeasurement loss on our euro-denominated debt, $239 million non-cash valuation allowance for deferred taxes due to recent legislation which imposed an annual cap on research and development credits, $308 million of non-cash stock-based compensation expenses and $29 million favorable other working capital differences.
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.
At September 30, 2020, our...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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: 0001065280-20-000451
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