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Last10K.com | 10-Q Quarterly Report Fri Jul 21 2023
Exhibit 99.1
July 19, 2023
Summary:
•In May, we successfully launched paid sharing in 100+ countries, representing more than 80% of our revenue base.
◦Revenue in each region is now higher than pre-launch, with sign-ups already exceeding cancellations.
◦Paid net additions were 5.9M in Q2, and today we’re rolling out paid sharing to almost all of the remaining countries.
•Q2‘23 revenue of $8.2B and operating profit of $1.8B were generally in-line with our forecast—and we expect revenue growth to accelerate in the second half of ‘23 as we start to see the full benefits of paid sharing plus continued steady growth in our ad-supported plan. We’re still targeting a full year 2023 operating margin of 18% to 20%.
•We’re a leader in terms of streaming engagement and, per Nielsen, we had the top original streaming series in the US for 24 of the first 25 weeks of 2023, and the top movie for 21 weeks.
While we’ve made steady progress this year, we have more work to do to reaccelerate our growth. We remain focused on: creating a steady drumbeat of must watch shows and movies; improving monetization; growing the enjoyment of our games; and investing to improve our service for members.
| (in millions except per share data) | Q2'22 | Q3'22 | Q4'22 | Q1'23 | Q2'23 | Q3'23 Forecast | ||||||||||||||
| Revenue | $ | 7,970 | $ | 7,926 | $ | 7,852 | $ | 8,162 | $ | 8,187 | $ | 8,520 | ||||||||
| Y/Y % Growth | 8.6 | % | 5.9 | % | 1.9 | % | 3.7 | % | 2.7 | % | 7.5 | % | ||||||||
| Operating Income | $ | 1,578 | $ | 1,533 | $ | 550 | $ | 1,714 | $ | 1,827 | $ | 1,890 | ||||||||
| Operating Margin | 19.8 | % | 19.3 | % | 7.0 | % | 21.0 | % | 22.3 | % | 22.2 | % | ||||||||
| Net Income | $ | 1,441 | $ | 1,398 | $ | 55 | $ | 1,305 | $ | 1,488 | $ | 1,580 | ||||||||
| Diluted EPS | $ | 3.20 | $ | 3.10 | $ | 0.12 | $ | 2.88 | $ | 3.29 | $ | 3.52 | ||||||||
| Global Streaming Paid Memberships | 220.67 | 223.09 | 230.75 | 232.50 | 238.39 | |||||||||||||||
| Y/Y % Growth | 5.5 | % | 4.5 | % | 4.0 | % | 4.9 | % | 8.0 | % | ||||||||||
| Global Streaming Paid Net Additions | (0.97) | 2.41 | 7.66 | 1.75 | 5.89 | |||||||||||||||
| Net cash provided by operating activities | $ | 103 | $ | 557 | $ | 444 | $ | 2,179 | $ | 1,440 | ||||||||||
| Free Cash Flow | $ | 13 | $ | 472 | $ | 332 | $ | 2,117 | $ | 1,339 | ||||||||||
| Shares (FD) | 450.2 | 450.3 | 451.6 | 452.4 | 451.6 | |||||||||||||||
 | 1 | ||||
The following information was filed by Netflix Inc (NFLX) on Wednesday, July 19, 2023 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.
View differences made from one quarter to another to evaluate Netflix Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Netflix Inc.
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Netflix Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Revenue - Geography Highlight
In the three and six months ended June 30, 2022, the foreign exchange gains were primarily driven by the non-cash gains of $305 million and $466 million, respectively, from the remeasurement of our 5,170 million Senior Notes, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies.
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Financial - Expense Highlight
The decrease in expenses was impacted by approximately $150 million of expenses related to cost restructuring initiatives incurred during the three months ended June 30, 2022 with no similar transactions for the three months ended June 30, 2023.
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Financial - Debt Highlight
Net cash used in financing activities increased $348 million for the six months ended June 30, 2023, primarily due to repurchases of common stock for an aggregate amount of $1,045 million in the six months ended June 30, 2023, as compared to no repurchases of common stock in the six months ended June 30, 2022, partially offset by there being no repayment of debt in the six months ended June 30, 2023 as compared to the repayment upon maturity of the $700 million aggregate principal amount of our 5.500% Senior Notes in February 2022.
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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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M & A - Other Highlight
Net cash provided by (used in) investing activities increased $257 million for the three months ended June 30, 2023, primarily due to proceeds from maturities of short-term investments and there being no acquisitions in the three months ended June 30, 2023, as compared to acquisitions for an aggregate amount of $69 million in the three months ended June 30, 2022, partially offset by purchases of short-term investments.
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Financial - Cash Flow
Free cash flow was $148...Read more
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Financial - Expense
Technology and Development Technology and...Read more
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Financial - Earnings
Our core strategy is to...Read more
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Financial - Expense
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Other - Other
28 Table of Contents Three...Read more
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Other - Other
29 Table of Contents Six...Read more
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Other - Other
Stock repurchases may be effected...Read more
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Other - Other
Liquidity and Capital Resources Cash,...Read more
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Other - Other
However, these unknown obligations are...Read more
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Financial - Expense
Expenses associated with the acquisition,...Read more
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Other - Other
The effective tax rate for...Read more
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Financial - Cash Flow
Free cash flow was $1,428...Read more
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Financial - Cash Flow
Free cash flow was $2,224...Read more
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Financial - Income
26 Table of Contents Provision...Read more
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Revenue - Product
We have built our own...Read more
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Other - Other
We offer a variety of...Read more
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Financial - Income
Three months ended June 30,...Read more
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M & A - Other
27 Table of Contents Our...Read more
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Financial - Expense
Marketing expenses also include payroll...Read more
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Financial - Expense
25 Table of Contents Interest...Read more
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Revenue - Product
Consolidated revenues for the three...Read more
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Other - Other
The material cash requirements above...Read more
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Other - Other
Overview We are one of...Read more
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Other - Other
As of June 30, 2023,...Read more
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Revenue - Geography
In the six months ended...Read more
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, Restricted Cash, And Short-Term Investments
Cash, Cash Equivalents, Restricted Cash, And Short-Term Investments (Details)
Cash, Cash Equivalents, Restricted Cash, And Short-Term Investments (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Expected Timing Of Payments (Details)
Commitments And Contingencies - Indemnification (Details)
Commitments And Contingencies - Streaming Content (Details)
Debt
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 - Calculation Of Eps (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Narrative (Details)
Insider Trading Arrangements
Pay Vs Performance Disclosure
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 - 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 - Summary Of Activity Related To Stock Option Plans (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: 0001065280-23-000198
Submitted to the SEC: Fri Jul 21 2023 4:02:00 PM EST
Accepted by the SEC: Fri Jul 21 2023
Period: Friday, June 30, 2023
Industry: Video Tape Rental
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