Input cell

Operating Information
All dollar values in millions
Number of Subscribers
Annual Subscription Revenue/ Subscriber
Customer Servicing Cost as % of revenues
Effective tax rate (current)
Effective tax rate (steady state)
Allocated Costs
Technology & Development Cost
General & Administrative Costs
Content Costs
Percentage of Content Costs directly attributed to subscribers
Existing User Data
Lifetime of a Netflix Subscriber (in years)
Annual Renewal Probability
Growth rate in Subscription Charge
Growth rate in Service Cost/Subscriber
New User Information
Total cost of acquiring new users in most recent year
Growth rate in # Members (Years 1-5)
Growth rate in # Members (Years 6-10)
Growth rate in # Members after year 10
G&A Data
Growth rate approach for technology & development costs
Growth rate in tech development costs for next 10 years
Growth rate approach for non-subscriber related Content
Growth rate in content costs for next 10 years
Growth rate in G&A costs for next 10 years
Macroeconomic Data
Risk free Rate
Inflation Rate
Cost of capital for existing users (input choice)
Cost of capital (existing users)
Cost of capital for new users (input choice)
Cost of capital (new users)
Other Company Data
Cash & Marketable Securities
Cross Holdings in Other Companies
Debt Outstanding
Equity Options oustanding (value)
Number of Shares outstanding
 Computed Value

Most Recent Prior year

192.95 151.60
$117.28 $116.30
17.05%
21.96% 9.47%
25.00%

$1,678.01
$1,058.65
$9,950.19
20%

15.00
90.0%
5.00%
2.00%

$5,819.64
12%
6%
2%

A4. Direct Input

5.00%
A4. Direct Input
5.00%
2.00%

0.70%
2.00%
B3. Median of Global companies (6.50%)
6.50%
B4. 75th percentile of Global companies (7.5%)
7.50% Do not input

$7,153.25
$0.00
$15,794.16
$ 4,978.00
453.22
 Notes/Comments

Number of users , with growth over last year

Subscription Revenues/ # Users
Content cost as % of subscription revenues (starting year)
Effective tax rate in most recent year
Effective tax rate in steady state

Technology and Development Cost

Content costs in income statement

Typical subscriber life with company

Annual Renewal probability (assumed to be constant over time)
Growth Rate in Subscription Charge/Subscriber
Growth rate in Content Cost/Subscriber

Selling and Marketing Cost + Capitalized Content Costs

Growth Rate in # Subscribers - Years 1-5
Growth Rate in # Subscribers - Years 6-10
Growth Rate in # Subscribers after year 10

Growth Rate option for total other costs

DO NOT INPUT

Total Revenues from Advertising (most recent year)

Growth rate in advertising revenues - Years 1-5
Growth rate in advertising revenues - Years 6-10

Risk free Rate

Inflation Rate
Cost of capital option (for existing subscribers)
DO NOT INPUT
Cost of capital option (for new subscribers
DO NOT INPUT

Cash and Marketable Securities

Minority Cross Holdings
Total Debt Outstanding
Value of Equity Options outstanding
 Valuation Output Summary
Category
Existing Subscribers
New Subscribers
Technology & Content Costs
Value of Netflix
 Tech/Dev Cost Growth
A1. Grow at same rate as total users 8.96%
A2. Grow at inflation rate 2.00%
A3. Grow at risk free rate 0.70%
A4. Direct Input 5.00%
Content Cost Growth
A1. Grow at same rate as total users 8.96%
A2. Grow at inflation rate 2.00%
A3. Grow at risk free rate 0.70%
A4. Direct Input 5.00%

Cost of Capital (in euros)

B1. Lowest decile of Global companies (5%) 5.00%
b2. 25th percentile of Global companies (5.75%) 5.75%
B3. Median of Global companies (6.50%) 6.50%
B4. 75th percentile of Global companies (7.5%) 7.50%
B5. Ninth decile of Global companies (9%) 9.00%
B6. Direct input 7.00%
Valuation Output Summary
Value per user Aggregate Value
$ 458.89 $88,541
$ 355.90 $320,292
$192,461
$207,731
$ 447.36
Value of Existing Subscribers
Base Year 1 2
Life Indicator 1 1
Membership Survival 1.0000 0.9000 0.8100
Revenue/Subscriber $ 117.28 $ 123.14 $ 129.30
Cost/ Subscriber $ 30.31 $ 30.92 $ 31.53
Operating Profit/Loss per Subscriber $ 86.97 $ 92.23 $ 97.76
Tax rate 21.96% 22.265% 22.569%
After-tax Operating Income $67.87 $64.52 $61.32
Present Value (at Cost of Capital) $60.58 $54.06
Life of subscriber = 15.00
Value per Subscriber = $458.89
Number of Subscribers = 192.95
Value of Existing Subscribers = $ 88,541.23

Value of New Subscribers

Cost of Acquiring a New Subscriber $ 102.99
Value per new user (in today's $) = $355.90

Base Year 1 2
Total Subscribers 192.95 216.10 242.03
New Subscribers 0.00 42.45 47.54
Value per Subscriber $355.90 $363.02 $370.28
Value added by new Subscribers $15,409.48 $17,603.79
Terminal Value (New Subscribers)
Present Value $ 14,334.40 $ 15,233.13
Value Added by New Users $ 320,291.84

Value Drag of Corporate Expenses (Cost)

Base Year 1 2
Technology & Development $1,678.01 $1,761.91 $1,850.01
Content Costs $7,960.15 $8,358.16 $8,776.07
G&A Costs $1,058.65 $1,079.82 $1,101.42
After-tax Corporate Expenses $ 8,706.25 $ 9,080.74
Terminal Value (Corporate Exp)
PV of Corporate Expenses $8,174.88 $8,006.12
Value Drag of Corporate Expenses $192,461.17

Valuing Netflix
Value of Existing Subscribers $88,541.23
Value of New Subscribers $320,291.84
- PV of Corporate Expenses $192,461.17
Value of Operating Assets $216,371.90
+ Cash & Cross Holdings $7,153.25
- Debt $15,794.16
Value of Equity $207,730.99
- Value of Equity Options $ 4,978.00
Value of Equity in common stock $202,752.99
Number of Shares 453.22
Value per Share $ 447.36
 3 4 5 6 7 8 9
1 1 1 1 1 1 1
0.7290 0.6561 0.5905 0.5314 0.4783 0.4305 0.3874
$ 135.76 $ 142.55 $ 149.68 $ 157.16 $ 165.02 $ 173.27 $ 181.94
$ 32.16 $ 32.81 $ 33.46 $ 34.13 $ 34.82 $ 35.51 $ 36.22
$ 103.60 $ 109.74 $ 116.21 $ 123.03 $ 130.20 $ 137.76 $ 145.71
22.873% 23.177% 23.480% 23.784% 24.088% 24.392% 24.696%
$58.25 $55.31 $52.51 $49.83 $47.28 $44.84 $42.51
$48.22 $43.00 $38.33 $34.15 $30.42 $27.09 $24.12

3 4 5 6 7 8 9
271.08 303.61 340.04 360.44 382.07 404.99 429.29
53.25 59.64 66.79 54.41 57.67 61.13 64.80
$377.68 $385.24 $392.94 $400.80 $408.82 $416.99 $425.33
$20,110.57 $22,974.31 $26,245.85 $21,806.01 $23,576.66 $25,491.08 $27,560.96

$ 16,188.21 $ 17,203.18 $ 18,281.78 $ 14,129.45 $ 14,210.95 $ 14,292.91 $ 14,375.34

3 4 5 6 7 8 9
$1,942.51 $2,039.64 $2,141.62 $2,248.70 $2,361.13 $2,479.19 $2,603.15
$9,214.87 $9,675.61 $10,159.40 $10,667.36 $11,200.73 $11,760.77 $12,348.81
$1,123.44 $1,145.91 $1,168.83 $1,192.21 $1,216.05 $1,240.37 $1,265.18
$ 9,471.87 $ 9,880.39 $ 10,307.06 $ 10,752.71 $ 11,218.17 $ 11,704.34 $ 12,212.14

$7,841.28 $7,680.25 $7,522.93 $7,369.20 $7,218.96 $7,072.13 $6,928.60

 10 11 12 13 14 15 16
1 1 1 1 1 1 0
0.3487 0.3138 0.2824 0.2542 0.2288 0.2059 0.1853
$ 191.03 $ 200.58 $ 210.61 $ 221.14 $ 232.20 $ 243.81 $ 256.00
$ 36.95 $ 37.69 $ 38.44 $ 39.21 $ 39.99 $ 40.79 $ 41.61
$ 154.09 $ 162.90 $ 172.17 $ 181.94 $ 192.21 $ 203.02 $ 214.39
25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
$40.29 $38.34 $36.47 $34.68 $32.98 $31.35 $0.00
$21.47 $19.18 $17.13 $15.30 $13.66 $12.19 $0.00

10 Steady State
455.05
68.69 42.93
$433.84
$29,798.91
$345,396.42
$ 182,042.50

10
$2,733.31
$12,966.25
$1,290.48
$ 12,742.53
$ 221,236.69
$124,646.82
 17 18 19 20
0 0 0 0
0.1668 0.1501 0.1351 0.1216
$ 268.80 $ 282.24 $ 296.35 $ 311.17
$ 42.44 $ 43.29 $ 44.16 $ 45.04
$ 226.36 $ 238.95 $ 252.20 $ 266.13
25.00% 25.00% 25.00% 25.00%
$0.00 $0.00 $0.00 $0.00
$0.00 $0.00 $0.00 $0.00
Yes or No Cost of capital
Yes Lowest decile of US companies (7%)
No 25th percentile of US companies (7.5%)
Median of US companies (8%)
75th percentile of US companies (10%)
Ninth decile of US companies (12%)
Direct input
Netflix, Inc.
Streaming Revenue and Membership Information by Region
(unaudited)
(in thousands, except for average monthly revenue per paying membership and percentages)

As of / Three Months End

March 31,
2018

United States and Canada (UCAN)

Revenues (1) $ 1,976,157
Paid net membership additions (losses) 2,487
Paid memberships at end of period 60,909
Average paying memberships 59,666
Average monthly revenue per paying membership $11.04
% change as compared to prior-year period 12%
Constant currency % change as compared to prior-year period* 12%

Europe, Middle East and Africa (EMEA)

Revenues $ 886,649
Paid net membership additions 3,335
Paid memberships at end of period 29,339
Average paying memberships 27,672
Average monthly revenue per paying membership $10.68
% change as compared to prior-year period 25%
Constant currency % change as compared to prior-year period* 11%

Latin America (LATAM)

Revenues $ 540,182
Paid net membership additions 1,543
Paid memberships at end of period 21,260
Average paying memberships 20,489
Average monthly revenue per paying membership $8.79
% change as compared to prior-year period 18%
Constant currency % change as compared to prior-year period* 18%

Asia-Pacific (APAC)
Revenues $ 199,117
Paid net membership additions 893
Paid memberships at end of period 7,394
Average paying memberships 6,948
Average monthly revenue per paying membership $9.55
% change as compared to prior-year period 8%
Constant currency % change as compared to prior-year period* 4%

(1) Excludes DVD revenues of $366 million, $297 million, $6

for the years ended December 31, 2018 and 2019, and the
* The company believes that constant currency informatio
fluctuations on average monthly revenue per paying memb
corresponding months of the prior-year period.
 As of / Year
As of / Three Months Ended Ended As of / Three Months Ended
June 30, September 30, December 31, December 31, March 31, June 30, September 30,
2018 2018 2018 2018 2019 2019 2019

$ 2,049,546 $ 2,094,850 $ 2,160,979 $ 8,281,532 $ 2,256,851 $ 2,501,199 $ 2,621,250

961 1,140 1,747 6,335 1,876 (132) 613
61,870 63,010 64,757 64,757 66,633 66,501 67,114
61,390 62,440 63,884 61,845 65,695 66,567 66,808
$11.13 $11.18 $11.28 $11.16 $11.45 $12.52 $13.08
13% 13% 10% 12% 4% 12% 17%
13% 13% 10% 12% 4% 13% 17%

$ 975,497 $ 1,004,749 $ 1,096,812 $ 3,963,707 $ 1,233,379 $ 1,319,087 $ 1,428,040

1,978 2,519 3,982 11,814 4,724 1,687 3,126
31,317 33,836 37,818 37,818 42,542 44,229 47,355
30,328 32,577 35,827 31,601 40,180 43,386 45,792
$10.72 $10.28 $10.20 $10.45 $10.23 $10.13 $10.40
23% 11% 3% 14% -4% -6% 1%
11% 10% 6% 9% 2% 3% 6%

$ 568,071 $ 562,307 $ 567,137 $ 2,237,697 $ 630,472 $ 677,136 $ 741,434

1,535 1,320 1,962 6,360 1,470 343 1,490
22,795 24,115 26,077 26,077 27,547 27,890 29,380
22,028 23,455 25,096 22,767 26,812 27,719 28,635
$8.60 $7.99 $7.53 $8.19 $7.84 $8.14 $8.63
10% -3% -13% 1% -11% -5% 8%
18% 14% 6% 13% 7% 12% 17%

$ 221,252 $ 248,691 $ 276,756 $ 945,816 $ 319,602 $ 349,494 $ 382,304

978 1,089 1,146 4,106 1,534 801 1,543
8,372 9,461 10,607 10,607 12,141 12,942 14,485
7,883 8,917 10,034 8,446 11,374 12,542 13,714
$9.36 $9.30 $9.19 $9.33 $9.37 $9.29 $9.29
6% 3% -4% 2% -2% -1% 0%
3% 5% 2% 3% 3% 5% 3%

evenues of $366 million, $297 million, $62 million and $126 million for the years ended December 31, 2018 and 2019, and the three and six months end
d December 31, 2018 and 2019, and the three and six months ended June 30, 2020 were $8.0 billion, $9.5 billion, $2.7 billion and $5.2 billion, respectiv
ieves that constant currency information is useful in analyzing the underlying trends in average monthly revenue per paying membership. In order to e
rage monthly revenue per paying membership, the Company estimates the current period revenue assuming foreign exchange rates had remained con
nths of the prior-year period.

124,354 151,562
 As of / Year As of / Six
nths Ended Ended As of / Three Months Ended Months Ended
December 31, December 31, March 31, June 30, June 30,
2019 2019 2020 2020 2020

$ 2,671,908 $ 10,051,208 $ 2,702,776 $ 2,839,670 $ 5,542,446

548 2,905 2,307 2,935 5,242
67,662 67,662 69,969 72,904 72,904
67,388 66,615 68,816 71,437 70,127
$13.22 $12.57 $13.09 $13.25 $13.17
17% 13% 14% 6% 10%
17% 13% 14% 6% 10%

$ 1,562,561 $ 5,543,067 $ 1,723,474 $ 1,892,537 $ 3,616,011

4,423 13,960 6,956 2,749 9,705
51,778 51,778 58,734 61,483 61,483
49,567 44,731 55,256 60,109 57,683
$10.51 $10.33 $10.40 $10.50 $10.45
3% -1% 2% 4% 3%
7% 4% 4% 8% 6%

$ 746,392 $ 2,795,434 $ 793,453 $ 785,368 $ 1,578,821

2,037 5,340 2,901 1,750 4,651
31,417 31,417 34,318 36,068 36,068
30,399 28,391 32,868 35,193 34,031
$8.18 $8.21 $8.05 $7.44 $7.73
9% 0% 3% -9% -3%
18% 13% 12% 13% 13%

$ 418,121 $ 1,469,521 $ 483,660 $ 569,140 $ 1,052,800

1,748 5,626 3,602 2,657 6,259
16,233 16,233 19,835 22,492 22,492
15,359 13,247 18,034 21,164 19,599
$9.07 $9.24 $8.94 $8.96 $8.95
-1% -1% -5% -4% -4%
0% 3% -3% 1% -1%

2019, and the three and six months ended June 30, 2020, respectively. Total US revenues
n, $2.7 billion and $5.2 billion, respectively.
 e per paying membership. In order to exclude the effect of foreign currency rate
oreign exchange rates had remained constant with foreign exchange rates from each of the

192,947
Netflix, Inc.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended
March 31, June 30, September 30,
2018 2018 2018

Revenues $ 3,700,856 $ 3,907,270 $ 3,999,374

Cost of revenues 2,300,579 2,402,431 2,531,128
Marketing 536,777 592,007 510,330
Technology and development 282,310 299,095 308,620
General and administrative 134,612 151,524 168,628
Operating income 446,578 462,213 480,668
Other income (expense):
Interest expense (81,219) (101,605) (108,862)
Interest and other income (expense) (65,743) 68,028 7,004
Income before income taxes 299,616 428,636 378,810
Provision for (benefit from) income taxes 9,492 44,287 (24,025)
Net income $ 290,124 $ 384,349 $ 402,835
Earnings per share:
Basic $ 0.67 $ 0.88 $ 0.92
Diluted $ 0.64 $ 0.85 $ 0.89
Weighted-average common shares outstanding:
Basic 434,174 435,097 435,809
Diluted 450,359 451,552 451,919
ded Twelve Months Ended Three Months Ended
December 31, December 31, March 31, June 30, September 30,
2018 2018 2019 2019 2019

$ 4,186,841 $ 15,794,341 $ 4,520,992 $ 4,923,116 $ 5,244,905

2,733,400 9,967,538 2,870,614 3,005,657 3,097,919
730,355 2,369,469 616,578 603,150 553,797
331,789 1,221,814 372,764 383,233 379,776
175,530 630,294 201,952 224,657 233,174
215,767 1,605,226 459,084 706,419 980,239

(128,807) (420,493) (135,529) (152,033) (160,660)

32,436 41,725 76,104 (53,470) 192,744
119,396 1,226,458 399,659 500,916 1,012,323
(14,538) 15,216 55,607 230,266 347,079
$ 133,934 $ 1,211,242 $ 344,052 $ 270,650 $ 665,244

$ 0.31 $ 2.78 $ 0.79 $ 0.62 $ 1.52

$ 0.30 $ 2.68 $ 0.76 $ 0.60 $ 1.47

436,385 435,374 436,947 437,587 438,090

451,116 451,244 451,922 452,195 451,552
ded Twelve Months Ended Three Months Ended Six Months Ended
December 31, December 31, March 31, June 30, June 30,
2019 2019 2020 2020 2020

$ 5,467,434 $ 20,156,447 $ 5,767,691 $ 6,148,286 $ 11,915,977

3,466,023 12,440,213 3,599,701 3,643,707 7,243,408
878,937 2,652,462 503,830 434,370 938,200
409,376 1,545,149 453,817 435,045 888,862
254,586 914,369 252,087 277,236 529,323
458,512 2,604,254 958,256 1,357,928 2,316,184

(177,801) (626,023) (184,083) (189,151) (373,234)

(131,378) 84,000 21,697 (133,175) (111,478)
149,333 2,062,231 795,870 1,035,602 1,831,472
(437,637) 195,315 86,803 315,406 402,209
$ 586,970 $ 1,866,916 $ 709,067 $ 720,196 $ 1,429,263

$ 1.34 $ 4.26 $ 1.61 $ 1.63 $ 3.25

$ 1.30 $ 4.13 $ 1.57 $ 1.59 $ 3.15

438,547 437,799 439,352 440,569 439,961

451,367 451,765 452,494 453,945 453,220
Netflix, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Three Months Ended
March 31,
2018
Cash flows from operating activities:
Net income $ 290,124
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Additions to content assets (2,986,747)
Change in content liabilities 378,885
Amortization of content assets 1,748,844
Depreciation and amortization of property, equipment and intangibles 19,041
Stock-based compensation expense 68,395
Other non-cash items 19,343
Foreign currency remeasurement loss (gain) on debt 41,080
Deferred taxes (22,049)
Changes in operating assets and liabilities:
Other current assets (55,905)
Accounts payable 74,083
Accrued expenses and other liabilities 119,049
Deferred revenue 55,270
Other non-current assets and liabilities 13,830
Net cash provided by (used in) operating activities (236,757)
Cash flows from investing activities:
Purchases of property and equipment (37,170)
Change in other assets (12,582)
Net cash used in investing activities (49,752)
Cash flows from financing activities:
Proceeds from issuance of debt -
Debt issuance costs -
Proceeds from issuance of common stock 56,335
Other financing activities (321)
Net cash provided by financing activities 56,014

Effect of exchange rate changes on cash, cash equivalents, and restricted cash 7,177
Net increase (decrease) in cash, cash equivalents, and restricted cash (223,318)
Cash, cash equivalents, and restricted cash beginning of period 2,822,795
Cash, cash equivalents, and restricted cash end of period $ 2,599,477
Non-GAAP free cash flow reconciliation:
Net cash provided by (used in) operating activities $ (236,757)
Net cash used in investing activities (49,752)
Non-GAAP free cash flow $ (286,509)
 Three Months Ended Twelve Months Ended Three Mon
June 30, September 30, December 31, December 31, March 31,
2018 2018 2018 2018 2019

$ 384,349 $ 402,835 $ 133,934 $ 1,211,242 $ 344,052

(3,033,721) (3,238,717) (3,784,252) (13,043,437) (2,997,746)

288,474 65,868 266,653 999,880 (14,698)
1,817,817 1,911,767 2,053,660 7,532,088 2,124,686
19,736 21,161 23,219 83,157 23,561
81,232 82,316 88,714 320,657 101,200
25,075 18,921 18,301 81,640 45,708
(85,410) (7,670) (21,953) (73,953) (57,600)
(9,539) (39,453) (14,479) (85,520) 6,627

(25,564) (30,364) (88,359) (200,192) (32,076)

7,733 (4,449) 121,831 199,198 (124,467)
(52,851) 134,000 (49,776) 150,422 157,647
23,848 18,983 44,176 142,277 47,793
40,582 (25,609) (26,741) 2,062 (4,486)
(518,239) (690,411) (1,235,072) (2,680,479) (379,799)

(27,323) (39,333) (70,120) (173,946) (60,381)

(12,993) (129,361) (10,238) (165,174) (19,722)
(40,316) (168,694) (80,358) (339,120) (80,103)

1,900,000 - 2,061,852 3,961,852 -

(16,992) - (18,879) (35,871) -
26,936 29,781 11,450 124,502 22,972
(532) (544) (559) (1,956) -
1,909,412 29,237 2,053,864 4,048,527 22,972

(36,340) (5,562) (4,957) (39,682) (5,014)

1,314,517 (835,430) 733,477 989,246 (441,944)
2,599,477 3,913,994 3,078,564 2,822,795 3,812,041
$ 3,913,994 $ 3,078,564 $ 3,812,041 $ 3,812,041 $ 3,370,097
$ (518,239) $ (690,411) $ (1,235,072) $ (2,680,479) $ (379,799)
(40,316) (168,694) (80,358) (339,120) (80,103)
$ (558,555) $ (859,105) $ (1,315,430) $ (3,019,599) $ (459,902)
 Three Months Ended Twelve Months Ended
June 30, September 30, December 31, December 31,
2019 2019 2019 2019

$ 270,650 $ 665,244 $ 586,970 $ 1,866,916

(3,325,103) (3,648,292) (3,945,542) (13,916,683)

(12,414) (95,548) (571,351) (694,011)
2,231,915 2,279,977 2,579,669 9,216,247
25,496 26,704 27,818 103,579
103,848 100,262 100,066 405,376
60,695 57,934 63,893 228,230
61,284 (171,360) 122,100 (45,576)
35,519 52,105 (188,694) (94,443)

(24,231) 145 (195,951) (252,113)

(2,674) (7,643) 230,847 96,063
(26,705) 260,872 (234,036) 157,778
84,085 22,729 9,239 163,846
(26,119) (44,923) (47,003) (122,531)
(543,754) (501,794) (1,461,975) (2,887,322)

(39,584) (45,333) (107,737) (253,035)

(10,452) (4,021) (99,834) (134,029)
(50,036) (49,354) (207,571) (387,064)

2,243,196 - 2,226,110 4,469,306

(18,192) - (17,942) (36,134)
21,896 11,989 15,633 72,490
- - - -
2,246,900 11,989 2,223,801 4,505,662

4,998 (29,325) 29,810 469

1,658,108 (568,484) 584,065 1,231,745
3,370,097 5,028,205 4,459,721 3,812,041
$ 5,028,205 $ 4,459,721 $ 5,043,786 $ 5,043,786
$ (543,754) $ (501,794) $ (1,461,975) $ (2,887,322)
(50,036) (49,354) (207,571) (387,064)
$ (593,790) $ (551,148) $ (1,669,546) $ (3,274,386)
 Three Months Ended Six Months Ended
March 31, June 30, June 30,
2020 2020 2020

$ 709,067 $ 720,196 $ 1,429,263

(3,294,275) (2,510,782) (5,805,057)

258,945 (108,432) 150,513
2,483,385 2,607,159 5,090,544
28,517 26,661 55,178
97,019 104,210 201,229
65,448 70,301 135,749
(93,060) 119,161 26,101
46,619 223,308 269,927

(127,353) 3,066 (124,287)

(149,153) (112,027) (261,180)
214,191 (105,450) 108,741
62,008 42,508 104,516
(41,446) (38,803) (80,249)
259,912 1,041,076 1,300,988

(98,015) (141,741) (239,756)

(288) (260) (548)
(98,303) (142,001) (240,304)

- 1,009,464 1,009,464
- (7,559) (7,559)
43,694 89,060 132,754
- - -
43,694 1,090,965 1,134,659

(70,902) 11,819 (59,083)

134,401 2,001,859 2,136,260
5,043,786 5,178,187 5,043,786
$ 5,178,187 $ 7,180,046 $ 7,180,046
$ 259,912 $ 1,041,076 $ 1,300,988
(98,303) (142,001) (240,304)
$ 161,609 $ 899,075 $ 1,060,684
Netflix, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)

March 31, June 30,

2018 2018
Assets
Current assets:
Cash and cash equivalents $ 2,593,666 $ 3,906,357
Current content assets, net 4,626,522 4,803,663
Other current assets 597,388 636,869
Total current assets 7,817,576 9,346,889
Non-current content assets, net 11,300,469 12,279,519
Property and equipment, net 341,932 349,646
Other non-current assets 692,820 687,483
Total assets $ 20,152,797 $ 22,663,537
Liabilities and Stockholders' Equity
Current liabilities:
Current content liabilities $ 4,459,391 $ 4,537,578
Accounts payable 436,183 448,219
Accrued expenses and other liabilities 436,121 396,104
Deferred revenue 673,892 697,740
Short-term debt - -
Total current liabilities 6,005,587 6,079,641
Non-current content liabilities 3,444,476 3,604,158
Long-term debt 6,542,373 8,342,067
Other non-current liabilities 139,631 141,071
Total liabilities 16,132,067 18,166,937
Stockholders' equity:
Common stock 1,995,225 2,103,437
Accumulated other comprehensive income (loss) 4,264 (12,427)
Retained earnings 2,021,241 2,405,590
Total stockholders' equity 4,020,730 4,496,600
Total liabilities and stockholders' equity $ 20,152,797 $ 22,663,537
 September 30, December 31, March 31, June 30, September 30,
2018 2018 2019 2019 2019

$ 3,067,534 $ 3,794,483 $ 3,348,557 $ 5,004,247 $ 4,435,018

4,987,916 5,151,186 - - -
674,531 748,466 820,350 872,910 892,740
8,729,981 9,694,135 4,168,907 5,877,157 5,327,758
13,397,672 14,951,141 20,878,317 21,937,845 23,227,772
371,152 418,281 434,372 452,399 481,992
867,424 910,843 1,737,036 1,903,938 1,904,189
$ 23,366,229 $ 25,974,400 $ 27,218,632 $ 30,171,339 $ 30,941,711

$ 4,609,055 $ 4,681,562 $ 4,858,899 $ 4,846,525 $ 4,857,520

441,427 562,985 439,496 442,194 444,129
531,035 481,874 750,720 752,488 1,040,745
716,723 760,899 808,692 892,777 915,506
- - - - -
6,298,240 6,487,320 6,857,807 6,933,984 7,257,900
3,593,823 3,759,026 3,560,364 3,564,440 3,419,552
8,336,586 10,360,058 10,305,023 12,594,135 12,425,746
127,927 129,231 792,380 973,232 977,008
18,356,576 20,735,635 21,515,574 24,065,791 24,080,206

2,215,736 2,315,988 2,439,773 2,566,365 2,677,972

(14,508) (19,582) (25,600) (20,352) (41,246)
2,808,425 2,942,359 3,288,885 3,559,535 4,224,779
5,009,653 5,238,765 5,703,058 6,105,548 6,861,505
$ 23,366,229 $ 25,974,400 $ 27,218,632 $ 30,171,339 $ 30,941,711
 December 31, March 31, June 30,
2019 2020 2020

$ 5,018,437 $ 5,151,884 $ 7,153,248

- - -
1,160,067 1,295,897 1,410,891
6,178,504 6,447,781 8,564,139
24,504,567 25,266,889 25,155,117
565,221 650,455 751,941
2,727,420 2,694,785 2,704,084
$ 33,975,712 $ 35,059,910 $ 37,175,281

$ 4,413,561 $ 4,761,585 $ 4,664,733

674,347 545,488 446,668
843,043 1,061,090 986,595
924,745 986,753 1,029,261
- 498,809 499,161
6,855,696 7,853,725 7,626,418
3,334,323 3,206,051 3,208,164
14,759,260 14,170,692 15,294,998
1,444,276 1,420,148 1,710,948
26,393,555 26,650,616 27,840,528

2,793,929 2,935,532 3,127,813

(23,521) (47,054) (34,072)
4,811,749 5,520,816 6,241,012
7,582,157 8,409,294 9,334,753
$ 33,975,712 $ 35,059,910 $ 37,175,281