Weighted-average shares of common stock outstanding:
Basic
439,352
440,569
441,526
442,220
440,922
443,224
443,159
442,778
443,462
443,155
444,146
444,557
444,878
445,200
444,698
Diluted
452,494
453,945
455,088
455,283
454,208
455,641
455,129
454,925
455,795
455,372
452,984
450,169
450,344
451,649
451,290
Balance Sheet
Netflix, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31,
June 30,
September 30,
December 31,
March 31,
June 30,
September 30,
December 31,
March 31,
June 30,
September 30,
December 31,
2020
2020
2020
2020
2021
2021
2021
2021
2022
2022
2022
2022
Assets
Current assets:
Cash and cash equivalents
$ 5,151,884
$ 7,153,248
$ 8,392,391
$ 8,205,550
$ 8,403,705
$ 7,777,530
$ 7,526,681
$ 6,027,804
$ 6,008,946
$ 5,819,449
$ 6,113,733
$ 5,147,176
Short-term investments
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
911,276
Other current assets
1,295,897
1,410,891
1,434,089
1,556,030
1,703,803
1,826,746
1,889,106
2,042,021
2,089,069
2,021,329
2,703,170
3,208,021
Total current assets
6,447,781
8,564,139
9,826,480
9,761,580
10,107,508
9,604,276
9,415,787
8,069,825
8,098,015
7,840,778
8,816,903
9,266,473
Content assets, net
25,266,889
25,155,117
25,067,633
25,383,950
26,043,991
27,291,640
28,974,045
30,919,539
31,191,920
32,533,199
32,777,340
32,736,713
Property and equipment, net
650,455
751,941
828,118
960,183
1,015,419
1,107,437
1,220,114
1,323,453
1,383,763
1,361,920
1,372,754
1,398,257
Other non-current assets
2,694,785
2,704,084
2,900,312
3,174,646
2,956,096
2,967,616
3,129,911
4,271,846
4,657,206
4,615,038
4,595,190
5,193,325
Total assets
$ 35,059,910
$ 37,175,281
$ 38,622,543
$ 39,280,359
$ 40,123,014
$ 40,970,969
$ 42,739,857
$ 44,584,663
$ 45,330,904
$ 46,350,935
$ 47,562,187
$ 48,594,768
Liabilities and Stockholders' Equity
Current liabilities:
Current content liabilities
$ 4,761,585
$ 4,664,733
$ 4,599,654
$ 4,429,536
$ 4,297,957
$ 4,197,874
$ 4,110,962
$ 4,292,967
$ 4,066,289
$ 4,174,966
$ 4,225,890
$ 4,480,150
Accounts payable
545,488
446,668
541,298
656,183
532,942
622,931
643,059
837,483
617,202
504,278
560,156
671,513
Accrued expenses and other liabilities
1,061,090
986,595
1,259,124
1,102,196
1,291,812
1,125,591
1,413,120
1,449,351
1,817,117
1,596,035
1,803,555
1,514,650
Deferred revenue
986,753
1,029,261
1,040,202
1,117,992
1,140,271
1,187,364
1,182,632
1,209,342
1,239,048
1,224,743
1,176,323
1,264,661
Short-term debt
498,809
499,161
499,517
499,878
698,788
699,128
699,473
699,823
- 0
- 0
- 0
- 0
Total current liabilities
7,853,725
7,626,418
7,939,795
7,805,785
7,961,770
7,832,888
8,049,246
8,488,966
7,739,656
7,500,022
7,765,924
7,930,974
Non-current content liabilities
3,206,051
3,208,164
2,926,574
2,618,084
2,465,626
2,265,286
2,301,026
3,094,213
2,945,221
2,989,961
2,955,368
3,081,277
Long-term debt
14,170,692
15,294,998
15,547,616
15,809,095
14,860,552
14,926,889
14,793,691
14,693,072
14,534,561
14,233,303
13,888,117
14,353,076
Other non-current liabilities
1,420,148
1,710,948
1,875,235
1,982,155
1,950,986
2,082,035
2,281,277
2,459,164
2,567,427
2,551,675
2,424,637
2,452,040
Total liabilities
26,650,616
27,840,528
28,289,220
28,215,119
27,238,934
27,107,098
27,425,240
28,735,415
27,786,865
27,274,961
27,034,046
27,817,367
Stockholders' equity:
Common stock
2,935,532
3,127,813
3,303,482
3,447,698
3,600,084
3,721,246
3,852,531
4,024,561
4,155,580
4,316,870
4,473,962
4,637,601
Treasury stock at cost
- 0
- 0
- 0
- 0
- 0
(500,022)
(600,022)
(824,190)
(824,190)
(824,190)
(824,190)
(824,190)
Accumulated other comprehensive income (loss)
(47,054)
(34,072)
(1,147)
44,398
4,137
9,775
(19,835)
(40,495)
(74,170)
(144,476)
(247,643)
(217,306)
Retained earnings
5,520,816
6,241,012
7,030,988
7,573,144
9,279,859
10,632,872
12,081,943
12,689,372
14,286,819
15,727,770
17,126,012
17,181,296
Total stockholders' equity
8,409,294
9,334,753
10,333,323
11,065,240
12,884,080
13,863,871
15,314,617
15,849,248
17,544,039
19,075,974
20,528,141
20,777,401
Total liabilities and stockholders' equity
$ 35,059,910
$ 37,175,281
$ 38,622,543
$ 39,280,359
$ 40,123,014
$ 40,970,969
$ 42,739,857
$ 44,584,663
$ 45,330,904
$ 46,350,935
$ 47,562,187
$ 48,594,768
Cashflow
Netflix, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Three Months Ended
Twelve Months Ended
Three Months Ended
Twelve Months Ended
Three Months Ended
Twelve Months Ended
March 31,
June 30,
September 30,
December 31,
December 31,
March 31,
June 30,
September 30,
December 31,
December 31,
March 31,
June 30,
September 30,
December 31,
December 31,
2020
2020
2020
2020
2020
2021
2021
2021
2021
2021
2022
2022
2022
2022
2022
Cash flows from operating activities:
Net income
$ 709,067
$ 720,196
$ 789,976
$ 542,156
$ 2,761,395
$ 1,706,715
$ 1,353,013
$ 1,449,071
$ 607,429
$ 5,116,228
$ 1,597,447
$ 1,440,951
$ 1,398,242
$ 55,284
$ 4,491,924
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Additions to content assets
(3,294,275)
(2,510,782)
(2,653,886)
(3,320,341)
(11,779,284)
(3,284,576)
(4,096,750)
(4,666,237)
(5,654,639)
(17,702,202)
(3,584,164)
(4,687,011)
(4,582,671)
(3,985,192)
(16,839,038)
Change in content liabilities
258,945
(108,432)
(379,458)
(528,488)
(757,433)
(266,040)
(312,208)
(29,246)
840,392
232,898
(347,149)
191,228
60,867
274,364
179,310
Amortization of content assets
2,483,385
2,607,159
2,733,743
2,982,625
10,806,912
2,719,196
2,806,803
2,963,051
3,741,317
12,230,367
3,166,365
3,261,348
3,653,592
3,944,827
14,026,132
Depreciation and amortization of property, equipment and intangibles
28,517
26,661
28,589
31,943
115,710
35,741
38,434
70,253
63,984
208,412
74,602
83,505
85,188
93,387
336,682
Stock-based compensation expense
97,019
104,210
106,357
107,594
415,180
107,230
101,583
95,078
99,329
403,220
119,209
150,392
152,062
153,789
575,452
Foreign currency remeasurement loss (gain) on debt
(93,060)
119,161
249,194
257,983
533,278
(253,330)
63,074
(136,488)
(103,917)
(430,661)
(161,821)
(304,513)
(348,458)
461,681
(353,111)
Other non-cash items
65,448
70,301
83,851
73,526
293,126
72,657
108,103
102,211
93,806
376,777
101,968
205,374
102,513
123,688
533,543
Deferred income taxes
46,619
223,308
(40,277)
(159,584)
70,066
159,733
51,127
50,967
(62,279)
199,548
(68,906)
(115,820)
(57,797)
75,973
(166,550)
Changes in operating assets and liabilities:
Other current assets
(127,353)
3,066
(22,974)
(40,362)
(187,623)
(221,555)
(52,373)
(95,145)
(608)
(369,681)
41,157
123,399
(120,071)
(398,319)
(353,834)
Accounts payable
(149,153)
(112,027)
111,677
107,898
(41,605)
(137,313)
72,313
24,836
185,279
145,115
(215,444)
(122,048)
53,875
125,074
(158,543)
Accrued expenses and other liabilities
214,191
(105,450)
266,027
(176,585)
198,183
177,897
(171,430)
269,774
(95,903)
180,338
350,763
(238,719)
212,072
(379,629)
(55,513)
Deferred revenue
62,008
42,508
10,941
77,790
193,247
22,279
47,093
(4,732)
26,710
91,350
16,743
(10,376)
(48,420)
69,409
27,356
Other non-current assets and liabilities
(41,446)
(38,803)
(19,999)
(93,827)
(194,075)
(61,368)
(72,543)
(11,014)
(144,174)
(289,099)
(167,931)
125,040
(4,184)
(170,478)
(217,553)
Net cash provided by (used in) operating activities
259,912
1,041,076
1,263,761
(137,672)
2,427,077
777,266
(63,761)
82,379
(403,274)
392,610
922,839
102,750
556,810
443,858
2,026,257
Cash flows from investing activities:
Purchases of property and equipment
(98,015)
(141,741)
(109,811)
(148,356)
(497,923)
(81,001)
(110,278)
(167,327)
(165,979)
(524,585)
(121,158)
(90,018)
(84,960)
(111,593)
(407,729)
Change in other assets
(288)
(260)
(8,840)
1,957
(7,431)
(4,615)
(1,000)
(21,304)
- 0
(26,919)
- 0
- 0
- 0
- 0
- 0
Acquisitions
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
(788,349)
(788,349)
(124,521)
(68,876)
- 0
(563,990)
(757,387)
Purchases of short-term investments
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
(911,276)
(911,276)
Net cash used in investing activities
(98,303)
(142,001)
(118,651)
(146,399)
(505,354)
(85,616)
(111,278)
(188,631)
(954,328)
(1,339,853)
(245,679)
(158,894)
(84,960)
(1,586,859)
(2,076,392)
Cash flows from financing activities:
Proceeds from issuance of debt
- 0
1,009,464
- 0
- 0
1,009,464
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
Debt issuance costs
- 0
(7,559)
- 0
- 0
(7,559)
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
Repayments of debt
- 0
- 0
- 0
- 0
- 0
(500,000)
- 0
- 0
- 0
(500,000)
(700,000)
- 0
- 0
- 0
(700,000)
Proceeds from issuance of common stock
43,694
89,060
68,665
33,987
235,406
48,071
19,749
18,445
88,149
174,414
13,678
11,250
4,113
6,705
35,746
Repurchases of common stock
- 0
- 0
- 0
- 0
- 0
- 0
(500,022)
(100,000)
- 0
(600,022)
- 0
- 0
- 0
- 0
- 0
Taxes paid related to net share settlement of equity awards
- 0
- 0
- 0
- 0
- 0
- 0
- 0
- 0
(224,168)
(224,168)
- 0
- 0
- 0
- 0
- 0
Net cash provided by (used in) financing activities
43,694
1,090,965
68,665
33,987
1,237,311
(451,929)
(480,273)
(81,555)
(136,019)
(1,149,776)
(686,322)
11,250
4,113
6,705
(664,254)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(70,902)
11,819
28,459
66,674
36,050
(42,138)
23,477
(63,843)
(4,236)
(86,740)
(11,448)
(145,198)
(180,058)
166,564
(170,140)
Net increase (decrease) in cash, cash equivalents, and restricted cash
134,401
2,001,859
1,242,234
(183,410)
3,195,084
197,583
(631,835)
(251,650)
(1,497,857)
(2,183,759)
(20,610)
(190,092)
295,905
(969,732)
(884,529)
Cash, cash equivalents, and restricted cash beginning of period
5,043,786
5,178,187
7,180,046
8,422,280
5,043,786
8,238,870
8,436,453
7,804,618
7,552,968
8,238,870
6,055,111
6,034,501
5,844,409
6,140,314
6,055,111
Cash, cash equivalents, and restricted cash end of period
$ 5,178,187
$ 7,180,046
$ 8,422,280
$ 8,238,870
$ 8,238,870
$ 8,436,453
$ 7,804,618
$ 7,552,968
$ 6,055,111
$ 6,055,111
$ 6,034,501
$ 5,844,409
$ 6,140,314
$ 5,170,582
$ 5,170,582
Non-GAAP free cash flow reconciliation:
Net cash provided by (used in) operating activities
$ 259,912
$ 1,041,076
$ 1,263,761
$ (137,672)
$ 2,427,077
$ 777,266
$ (63,761)
$ 82,379
$ (403,274)
$ 392,610
$ 922,839
$ 102,750
$ 556,810
$ 443,858
$ 2,026,257
Purchases of property and equipment
(98,015)
(141,741)
(109,811)
(148,356)
(497,923)
(81,001)
(110,278)
(167,327)
(165,979)
(524,585)
(121,158)
(90,018)
(84,960)
(111,593)
(407,729)
Change in other assets
(288)
(260)
(8,840)
1,957
(7,431)
(4,615)
(1,000)
(21,304)
- 0
(26,919)
- 0
- 0
- 0
- 0
- 0
Non-GAAP free cash flow
$ 161,609
$ 899,075
$ 1,145,110
$ (284,071)
$ 1,921,723
$ 691,650
$ (175,039)
$ (106,252)
$ (569,253)
$ (158,894)
$ 801,681
$ 12,732
$ 471,850
$ 332,265
$ 1,618,528
Regional Information
Netflix, Inc.
Streaming Revenue and Membership Information by Region
(unaudited)
(in thousands, except for average revenue per membership and percentages)
As of / Three Months Ended
As of / Year Ended
As of / Three Months Ended
As of / Year Ended
As of / Three Months Ended
As of / Year Ended
March 31,
June 30,
September 30,
December 31,
December 31,
March 31,
June 30,
September 30,
December 31,
December 31,
March 31,
June 30,
September 30,
December 31,
December 31,
2020
2020
2020
2020
2020
2021
2021
2021
2021
2021
2022
2022
2022
2022
2022
United States and Canada (UCAN)
Revenues (1)
$ 2,702,776
$ 2,839,670
$ 2,933,445
$ 2,979,505
$ 11,455,396
$ 3,170,972
$ 3,234,643
$ 3,257,697
$ 3,308,788
$ 12,972,100
$ 3,350,424
$ 3,537,863
$ 3,601,565
$ 3,594,791
$ 14,084,643
Paid net membership additions (losses)
2,307
2,935
177
855
6,274
448
(433)
73
1,191
1,279
(636)
(1,296)
104
909
(919)
Paid memberships at end of period
69,969
72,904
73,081
73,936
73,936
74,384
73,951
74,024
75,215
75,215
74,579
73,283
73,387
74,296
74,296
Average paying memberships
68,816
71,437
72,993
73,509
71,689
74,160
74,168
73,988
74,620
74,234
74,897
73,931
73,335
73,842
74,001
Average revenue per membership (2)
$13.09
$13.25
$13.40
$13.51
$13.32
$14.25
$14.54
$14.68
$14.78
$14.56
$14.91
$15.95
$16.37
$16.23
$15.86
% change as compared to prior-year period
14%
6%
2%
2%
6%
9%
10%
10%
9%
9%
5%
10%
12%
10%
9%
Constant currency % change as compared to prior-year period*
14%
6%
3%
2%
6%
9%
9%
9%
9%
9%
5%
10%
12%
10%
9%
Europe, Middle East and Africa (EMEA)
Revenues
$ 1,723,474
$ 1,892,537
$ 2,019,083
$ 2,137,158
$ 7,772,252
$ 2,343,674
$ 2,400,480
$ 2,432,239
$ 2,523,426
$ 9,699,819
$ 2,561,831
$ 2,457,235
$ 2,375,814
$ 2,350,135
$ 9,745,015
Paid net membership additions (losses)
6,956
2,749
759
4,456
14,920
1,810
188
1,804
3,536
7,338
(303)
(767)
568
3,195
2,693
Paid memberships at end of period
58,734
61,483
62,242
66,698
66,698
68,508
68,696
70,500
74,036
74,036
73,733
72,966
73,534
76,729
76,729
Average paying memberships
55,256
60,109
61,863
64,470
60,425
67,603
68,602
69,598
72,268
69,518
73,885
73,350
73,250
75,132
73,904
Average revenue per membership (2)
$10.40
$10.50
$10.88
$11.05
$10.72
$11.56
$11.66
$11.65
$11.64
$11.63
$11.56
$11.17
$10.81
$10.43
$10.99
% change as compared to prior-year period
2%
4%
5%
5%
4%
11%
11%
7%
5%
8%
0%
-4%
-7%
-10%
-6%
Constant currency % change as compared to prior-year period*
4%
8%
3%
0%
3%
4%
2%
3%
6%
4%
6%
6%
7%
5%
6%
Latin America (LATAM)
Revenues
$ 793,453
$ 785,368
$ 789,384
$ 788,522
$ 3,156,727
$ 836,647
$ 860,882
$ 915,297
$ 964,150
$ 3,576,976
$ 998,948
$ 1,030,234
$ 1,023,945
$ 1,016,846
$ 4,069,973
Paid net membership additions (losses)
2,901
1,750
256
1,213
6,120
357
764
330
973
2,424
(351)
14
312
1,763
1,738
Paid memberships at end of period
34,318
36,068
36,324
37,537
37,537
37,894
38,658
38,988
39,961
39,961
39,610
39,624
39,936
41,699
41,699
Average paying memberships
32,868
35,193
36,196
36,931
35,297
37,716
38,276
38,823
39,475
38,573
39,786
39,617
39,780
40,818
40,000
Average revenue per membership (2)
$8.05
$7.44
$7.27
$7.12
$7.45
$7.39
$7.50
$7.86
$8.14
$7.73
$8.37
$8.67
$8.58
$8.30
$8.48
% change as compared to prior-year period
3%
-9%
-16%
-13%
-9%
-8%
1%
8%
14%
4%
13%
16%
9%
2%
10%
Constant currency % change as compared to prior-year period*
12%
13%
5%
4%
8%
5%
2%
8%
17%
8%
20%
15%
16%
7%
14%
Asia-Pacific (APAC)
Revenues
$ 483,660
$ 569,140
$ 634,891
$ 684,609
$ 2,372,300
$ 762,414
$ 799,480
$ 834,002
$ 870,705
$ 3,266,601
$ 916,754
$ 907,719
$ 889,037
$ 856,711
$ 3,570,221
Paid net membership additions
3,602
2,657
1,012
1,988
9,259
1,361
1,022
2,176
2,581
7,140
1,087
1,080
1,429
1,795
5,391
Paid memberships at end of period
19,835
22,492
23,504
25,492
25,492
26,853
27,875
30,051
32,632
32,632
33,719
34,799
36,228
38,023
38,023
Average paying memberships
18,034
21,164
22,998
24,498
21,674
26,173
27,364
28,963
31,342
28,461
33,176
34,259
35,514
37,126
35,019
Average revenue per membership (2)
$8.94
$8.96
$9.20
$9.32
$9.12
$9.71
$9.74
$9.60
$9.26
$9.56
$9.21
$8.83
$8.34
$7.69
$8.50
% change as compared to prior-year period
-5%
-4%
-1%
3%
-1%
9%
9%
4%
-1%
5%
-5%
-9%
-13%
-17%
-11%
Constant currency % change as compared to prior-year period*
-3%
1%
-1%
0%
-1%
3%
1%
2%
2%
2%
1%
-2%
-3%
-4%
-2%
(1) Excludes DVD revenues of $0.2 billion, $0.2 billion and $0.1 billion for the years ended December 31, 2020, 2021 and 2022, respectively. Total US revenues for the years ended December 31, 2020, 2021 and 2022 were $10.8 billion, $12.1 billion and $13.0 billion, respectively.
(2) Average revenue per membership (ARM) is defined as streaming revenue divided by the average number of streaming paid memberships divided by the number of months in the period. These figures do not include sales taxes or VAT.
* The company believes that constant currency information is useful in analyzing the underlying trends in average revenue per membership. In order to exclude the effect of foreign currency rate fluctuations on average revenue per membership, the Company estimates the current period revenue assuming foreign exchange rates had remained constant with foreign exchange rates from each of the corresponding months of the prior-year period.
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Disclaimer
Netflix Inc. published this content on 19 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2023 21:10:46 UTC.
Netflix, Inc. specializes in on-line broadcasting services for films and television series provided continuously by subscription. Members pay a monthly fee for access to unlimited on-demand content on their computers (PC and MAC), portable telephones, televisions, or other devices (Xbox 360, PS3, Wii, Blu-Ray, etc.) connected to the Internet. The group is also involved in DVD and Blu-ray leasing by mail. Net sales break down by type of revenue as follows:
- streaming subscriptions revenues (99.8%);
- DVD subscriptions revenues (0.2%).
At the end of 2023, Netflix, Inc. had over 260 million subscribers.
Net sales are distributed geographically as follows: the United States and Canada (44.1%), Europe/Middle East/Africa (31.3%), Latin America (13.3%) and Asia/Pacific (11.3%).
NETFLIX, INC. 
