Historical Forecast

Particulars In Millions 2020 A 2021 A 2022 A 2023 E 2024 E

Revenues 24,996 29,698 31,616 35161 39039

Cost of revenues 15,276 17,333 19,168 21448 23814
Marketing 2,228 2,545 2,531 3165 3513
Technology and development 1,830 2,274 2,711 3165 3513
General and administrative 1,076 1,352 1,573 1758 1952
Operating income 4,585 6,195 5,633 5,626 6,246
Other income (expense):
Interest expense -767 -766 -706 0 0
Interest and other income (expense) -618 411 337 0 0
Income before income taxes 3,199 5,840 5,264 5,626 6,246
Provision for income taxes -438 -724 -772 -844 -937
Net income 2,761 5,116 4,492 4,782 5,309
Forecast
2025 E 2026 E 2027 E

43425 48401 54064

26489 29525 32979
3908 4356 4866
3908 4356 4866
2171 2420 2703
6,948 7,744 8,650

0 0 0
0 0 0
6,948 7,744 8,650
-1042 -1162 -1298
5,906 6,583 7,353
 Historical Forecast
Particulars In Millions 2020 A 2021 A 2022 A 2023 E 2024 E

Assets
Current assets:
Cash and cash equivalents 6,028 5,147 6,174 8,203
Short-term investments 0 911 911 911
Trade Recvbles 804 989 1055 1171
Other current assets 1,238 2,219 2,219 2,219
Total current assets 8,070 9,266 10,359 12,505
Content assets, net 30,920 32,737 35,425 38,864
Property and equipment, net 1,323 1,398 1,474 1,524
Other non-current assets 4,272 5,193 5,193 5,193
Total assets 44,585 48,595 52,451 58,086

Current liabilities:
Current content liabilities 4293 4480 3081 3340
Accounts payable 837 672 886 984
Accrued expenses and other liabilities 1449 1515 1515 1515
Deferred revenue 1209 1265 1265 1265
Short-term debt 700 0 400 1803
Total current liabilities 8489 7931 7147 8906
Non-current content liabilities 3094 3081 3340 3709
Long-term debt 14693 14353 13953 12150
Other non-current liabilities 2459 2452 2452 2452
Total liabilities 28735 27817 26892 27217

Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 0 0 0 0
Common stock, $0.001 par value; 4,990,000,000 4025 4638 4638 4638
Treasury stock at cost (1,564,478 shares at -824 -824 -824 -824
Accumulated other comprehensive loss -40 -217 -217 -217
Retained earnings 12689 17181 21963 27273
Total stockholders’ equity 15849 20777 25559 30869
Total liabilities and stockholders’ equity 44585 48595 52451 58086

Balance Check 0 0 0 0
Forecast
2025 E 2026 E 2027 E

8,946 10,651 12,200

911 911 911
1303 1452 1622
2,219 2,219 2,219
13,379 15,233 16,952
42,967 47,721 53,160
1,545 1,535 1,491
5,193 5,193 5,193
63,084 69,682 76,797

3709 4125 4598

1094 1220 1362
1515 1515 1515
1265 1265 1265
1000 1391 3500
8582 9515 12240
4125 4598 5136
11150 9759 6259
2452 2452 2452
26310 26325 26087

0 0 0
4638 4638 4638
-824 -824 -824
-217 -217 -217
33178 39761 47114
36774 43357 50710
63084 69682 76797

0 0 0
 Historical Forecast
Particulars In Millions 2020 A 2021 A 2022 A 2023 E 2024 E 2025 E

PAT 4,782 5,309 5,906

D&A 381 458 544
Amortization on Contents 14892 16080 17609
Change in Trade Recvbles -66 -116 -132
Change in Content Assets | Additions -17581 -19519 -21713
Change in Content Liab -1140 627 785
Accounts Payables 215 98 111
Cash From Operations: 1,483 2,937 3,110

CapEx on PP&E -457 -508 -565

Others 0 0 0
Cash From Investments -457 -508 -565

Dividend Paid 0 0 0
Equity Issue 0 0 0
Equity Buyback 0 0 0
Option Proceeds 0 0 0
Change in Debt 0 -400 -1803
Cash From Financing: 0 -400 -1803

Surplus / Deficit 1,026 2,030 743

Opening Cash Balance 5,147 6,174 8,203
Closing Cash Balance 6,174 8,203 8,946
Forecast
2026 E 2027 E

6,583 7,353
639 746
19447 21593
-149 -170
-24201 -27032
889 1011
125 143
3,334 3,643

-629 -703
0 0
-629 -703

0 0
0 0
0 0
0 0
-1000 -1391 5:24 PM
-1000 -1391

1,705 1,549
8,946 10,651
10,651 12,200
 Historical
Particulars In Millions 2020 A 2021 A 2022 A

Financial Results:
Streaming revenues 24,757 29,515 31,470
DVD revenues 239 182 146
Total revenues 24,996 29,698 31,616

United States and Canada (UCAN)

Revenues 11455 12972 14085

Paid net membership additions (losses) 6,274 1,279 -919
Paid memberships at end of period (1) 73,936 75,215 74,296
Average paying memberships 71,689 74,234 74,001
Average monthly revenue per paying membership 13.32 14.56 15.86

Subsribers addition increase % 1.7% -1.2%

Monthly Fees Growth Rate 9% 9%

Europe, Middle East, and Africa (EMEA)

Revenues 7,772 9,700 9,745

Paid net membership additions 14,920 7,338 2,693
Paid memberships at end of period (1) 66,698 74,036 76,729
Average paying memberships 60,425 69,518 73,904
Average monthly revenue per paying membership 10.72 11.63 10.99

Subsribers addition increase % 11.0% 3.6%

Monthly Fees Growth Rate 8% -6%

Latin America (LATAM)

Revenues 3,156,727 3,576,976 4,069,973

Paid net membership additions 6,120 2,424 1,738
Paid memberships at end of period (1) 37,537 39,961 41,699
Average paying memberships 35,297 38,573 40,000
Average monthly revenue per paying membership 7.45 7.73 8.48

Subsribers addition increase % 6% 4%

Monthly Fees Growth Rate 4% 10%

Asia-Pacific (APAC)
Revenues 2,372 3,267 3,570
Paid net membership additions 9,259 7,140 5,391
Paid memberships at end of period (1) 25,492 32,632 38,023
Average paying memberships 21,674 28,461 35,019
Average monthly revenue per paying membership 9.12 9.56 8.5

Subsribers addition increase % 28% 17%

Monthly Fees Growth Rate 5% -11%
 Forecast
2023 E 2024 E 2025 E 2026 E 2027 E

35,015 38,893 43,279 48,256 53,918

146 146 146 146 146
35,161 39,039 43,425 48,401 54,064

15,436 16,875 18,449 20,170 22,051

222.89 223.56 224.23 224.90 225.57
74,519 74,742 74,967 75,192 75,417
74,407 74,631 74,855 75,079 75,304
17.29 18.84 20.54 22.39 24.40

0.30% 0.30% 0.30% 0.30% 0.30%

9% 9% 9% 9% 9%

10,578 11,432 12,354 13,351 14,428

5,371.03 5,747.00 6,149.29 6,579.74 7,040.32
82,100 87,847 93,996 100,576 107,616
79,415 84,974 90,922 97,286 104,096
11.10 11.21 11.32 11.44 11.55

7% 7% 7% 7% 7%
1% 1% 1% 1% 1%

4654 5229 5874 6600 7415

2085 2189 2299 2414 2534
43784 45973 48272 50685 53220
42741 44879 47122 49479 51953
9 10 10 11 12

5% 5% 5% 5% 5%
7% 7% 7% 7% 7%
 4348 5358 6602 8135 10023
8365 10205 12451 15190 18531
46388 56593 69044 84234 102765
42206 51491 62819 76639 93499
9 9 9 9 9

22% 22% 22% 22% 22%

1% 1% 1% 1% 1%
 Historical Forecast
Particulars In Millions 2020 A 2021 A 2022 A 2023 E 2024 E

Sales 24,996 29,698 31,616 35,161 39,039

SG & Marketing 3,305 3,897 4,103 4,923 5,465

Trade Recvbles 804 989 1055 1171

Accounts payable 837 672 886 984

AR as a % of Sales 2.8% 3% 3%
AP as a % of SGA & Marketing Exp 18.4% 18% 18%

Opening Gross PP&E 2,152 2,609

CapEx on PP&E 498 525 408 457 508
Total Gross PP&E Closing 1,940 2,152 2,609 3,117
Accum Dep & Amort 616 754 1,135 1,593
Net PP&E 1,323 1,398 1,474 1,524

D&A 116 208 337 381 458

Dep as a % of Gross PP&E 16% 16% 16%

CapEx as a % of Sales 2.0% 1.8% 1.3% 1.30% 1.30%

Opening Licensed content, net 13,799 12,733 12,472

Additions 6,615 7384 8198
Amort 8,056 7,682 7644 7855
Closing Licensed content, net 13,799 12,733 12,472 12,816

Additions as a % of Sales 20.9% 21% 21%

Amort as a % of Licenced Content 37.6% 38% 38%

Opening Produced Content, net 17,120 20,004 22,953

Additions 9,228 10197 11321
Amort 4,175 6,344 7248 8226
Closing Produced Content, net 17,120 20,004 22,953 26,048
Additions as a % of Sales 29% 29% 29%
Amort as a % of Produced Content 24% 24% 24%

Opening Current content liabilities 4480 3081

Opening Non-current content liabilities 3081 3340

Additions Current content liabilities 3081 3340

Additions Non-current content liabilities 3340 3709

Less Current content liabilities -4480 -3081

Less Non-current content liabilities -3081 -3340

Closing Current content liabilities 4293 4480 3081 3340

Closing Non-current content liabilities 3094 3081 3340 3709

LT Content Liab as a % of Content Additions 19% 19% 19%

ST Debt 700 0 400 1803

Borrowing/Paydown
LT Debt 14693 14353 13953 12150

Total Debt 14353 14353 13953

Forecast
2025 E 2026 E 2027 E

43,425 48,401 54,064

6,080 6,776 7,569

1303 1452 1622

1094 1220 1362

3% 3% 3%
18% 18% 18%

3,117 3,681 4,310

565 629 703
3,681 4,310 5,013
2,137 2,776 3,522
1,545 1,535 1,491

544 639 746

16% 16% 16%

1.30% 1.30% 1.30%

12,816 13,600 14,734

9119 10164 11353
8335 9030 9913
13,600 14,734 16,174

21% 21% 21%

38% 38% 38%

26,048 29,368 32,987

12593 14036 15679
9274 10417 11680
29,368 32,987 36,986
 29% 29% 29%
24% 24% 24%

3340 3709 4125

3709 4125 4598

3709 4125 4598

4125 4598 5136

-3340 -3709 -4125

-3709 -4125 -4598

3709 4125 4598

4125 4598 5136

19% 19% 19%

1000 1391 3500

11150 9759 6259

12150 11150 9759

 Historical Forecast
Particulars In Millions 2020 A 2021 A 2022 A 2023 E 2024 E 2025 E

Sales 24,996 29,698 31,616 35,161 39,039 43,425

Cost of revenues 15,276 17,333 19,168 21448 23814 26489

Marketing 2,228 2,545 2,531 3165 3513 3908
Technology and development 1,830 2,274 2,711 3165 3513 3908
General and administrative 1,076 1,352 1,573 1758 1952 2171

As a % of Sales
Cost of revenues 61% 58% 61% 61% 61% 61%
Marketing 9% 9% 8% 9% 9% 9%
Technology and development 7% 8% 9% 9% 9% 9%
General and administrative 4% 5% 5% 5% 5% 5%

Effective Tax Rate -14% -12% -15% -15% -15% -15%

Forecast
2026 E 2027 E

48,401 54,064

29525 32979
4356 4866
4356 4866
2420 2703

61% 61%
9% 9%
9% 9%
5% 5%

-15% -15%
IB Institute
2021 2022 2023 2024 2025 2026

1 Revenue 100 120

20% 15% 15% 12% 12%

2 Revenue 100 120

Online 30 35
Offline 70 85

Fees online 10 12
Offline Students 5 6

Students 3.00 2.92

Fees 14.00 14.17