Netflix Inc (NFLX) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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NFLX Quarterly Reports

Netflix Inc

CIK: 1065280 Ticker: NFLX

Exhibit 99.1
October 18, 2022

Fellow shareholders,

Revenue, operating income and membership slightly exceeded our forecast in Q3’22.
We had big hits across TV and film in Q3 – launching some of our most watched series and films of all time, including:
Monster: The Jeffrey Dahmer Story, Stranger Things S4, Extraordinary Attorney Woo, The Gray Man, and Purple Hearts
Our lower priced ad-supported plan launches in 12 countries in November – just six months after our initial announcement. Our existing plans remain ad free.
Netflix has higher engagement than any other streamer – with room for growth:
In the UK, Netflix accounts for 8.2% of video viewing, 2.3x Amazon and 2.7x Disney+1;
In the US, Netflix accounts for 7.6% of TV time, 2.6x Amazon and 1.4x Disney + Hulu + Hulu Live3.
Our competitors are investing heavily to drive subscribers and engagement, but building a large, successful streaming business is hard - we estimate they are all losing money, with combined 2022 operating losses well over $10 billion, vs. Netflix's $5 to $6 billion annual operating profit.

After a challenging first half, we believe we’re on a path to reaccelerate growth. The key is pleasing members. It’s why we’ve always focused on winning the competition for viewing every day. When our series and movies excite our members, they tell their friends, and then more people watch, join and stay with us.

(in millions except per share data)Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22 Forecast
Revenue$7,483 $7,709 $7,868 $7,970 $7,926 $7,776 
Y/Y % Growth16.3 %16.0 %9.8 %8.6 %5.9 %0.9 %
Operating Income$1,755 $632 $1,972 $1,578 $1,533 $330 
Operating Margin23.5 %8.2 %25.1 %19.8 %19.3 %4.2 %
Net Income$1,449 $607 $1,597 $1,441 $1,398 $163 
Diluted EPS$3.19 $1.33 $3.53 $3.20 $3.10 $0.36 
Global Streaming Paid Memberships213.56 221.84 221.64 220.67 223.09 227.59 
Y/Y % Growth9.4 %8.9 %6.7 %5.5 %4.5 %2.6 %
Global Streaming Paid Net Additions4.38 8.28 (0.20)(0.97)2.41 4.50 
Net cash provided by (used in) operating activities$82 $(403)$923 $103 $557 
Free Cash Flow*$(106)$(569)$802 $13 $472 
Shares (FD)454.9 455.8 453.0 450.2 450.3 
Note: Figures are consolidated, including DVD.
* Free cash flow represents Net Cash provided by (used in) operating activities less purchases of property and equipment and change in other assets.

1 Based on reporting from BARB2, as of September 2022
3 Based on Nielsen’s Gauge4, as of August 2022

The following information was filed by Netflix Inc (NFLX) on Tuesday, October 18, 2022 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 For Content Obligations (Details)
Commitments And Contingencies - Indemnification (Details)
Commitments And Contingencies - Streaming Content (Details)
Debt (Tables)
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 - Computation Of Earnings Per Share (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
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 - Stock Option Plan Narrative (Details)
Stockholders' Equity - Stock Repurchases (Details)
Stockholders' Equity - Stock-Based Compensation Narrative (Details)
Subsequent Event
Ticker: NFLX
CIK: 1065280
Form Type: 10-Q Quarterly Report
Accession Number: 0001065280-22-000368
Submitted to the SEC: Thu Oct 20 2022 4:04:17 PM EST
Accepted by the SEC: Thu Oct 20 2022
Period: Friday, September 30, 2022
Industry: Video Tape Rental

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