SEC Form 10-Q filed by Netflix Inc.

10/18/24 4:01:49 PM ET

$NFLX

Consumer Electronics/Video Chains

Consumer Discretionary

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nflx-20240930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-35727

Netflix, Inc.

(Exact name of Registrant as specified in its charter)


Delaware			77-0467272
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

121 Albright Way,	Los Gatos,	California	95032
(Address of principal executive offices)			(Zip Code)

(408) 540-3700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.001 per share	NFLX	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of September 30, 2024, there were 427,458,114 shares of the registrant’s common stock, par value $0.001, outstanding.

Table of Contents


		Page
	Part I. Financial Information
Item 1.	Consolidated Financial Statements

	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Cash Flows	5
	Consolidated Balance Sheets	6
	Consolidated Statements of Stockholders' Equity	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	37
	Part II. Other Information
Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 5.	Other Information	38
Item 6.	Exhibits	38
Exhibit Index		39
Signatures		39


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Revenues	$	9,824,703	$	8,541,668	$	28,754,453	$	24,890,472
Cost of revenues	5,119,884		4,930,788		15,271,100		14,407,883
Marketing	642,926		558,736		1,941,350		1,741,266
Technology and development	735,063		657,159		2,148,790		2,002,417
General and administrative	417,353		478,591		1,248,365		1,281,012
Operating income	2,909,477		1,916,394		8,144,848		5,457,894
Other income (expense):
Interest expense	(184,830)		(175,563)		(526,130)		(524,614)
Interest and other income (expense)	(21,693)		168,218		212,671		123,975
Income before income taxes	2,702,954		1,909,049		7,831,389		5,057,255
Provision for income taxes	(339,445)		(231,627)		(988,365)		(587,103)
Net income	$	2,363,509	$	1,677,422	$	6,843,024	$	4,470,152

Earnings per share:
Basic	$	5.52	$	3.80	$	15.91	$	10.08
Diluted	$	5.40	$	3.73	$	15.56	$	9.90
Weighted-average shares of common stock outstanding:
Basic	428,239		441,537		430,125		443,540
Diluted	437,898		450,011		439,757		451,319


	As of
	September 30, 2024		December 31, 2023
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	7,457,025	$	7,116,913
Short-term investments	1,766,902		20,973
Other current assets	2,905,172		2,780,247
Total current assets	12,129,099		9,918,133
Content assets, net	32,175,382		31,658,056
Property and equipment, net	1,568,212		1,491,444
Other non-current assets	6,409,151		5,664,359
Total assets	$	52,281,844	$	48,731,992
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities	$	4,489,971	$	4,466,470
Accounts payable	641,953		747,412
Accrued expenses and other liabilities	2,241,758		1,803,960
Deferred revenue	1,513,048		1,442,969
Short-term debt	1,820,396		399,844
Total current liabilities	10,707,126		8,860,655
Non-current content liabilities	1,918,089		2,578,173
Long-term debt	14,160,932		14,143,417
Other non-current liabilities	2,774,961		2,561,434
Total liabilities	29,561,108		28,143,679
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at September 30, 2024 and December 31, 2023; 427,458,114 and 432,759,584 issued and outstanding at September 30, 2024 and December 31, 2023, respectively	5,887,903		5,145,172
Treasury stock at cost (24,784,254 and 16,078,268 shares at September 30, 2024 and December 31, 2023, respectively)	(12,254,855)		(6,922,200)
Accumulated other comprehensive loss	(344,622)		(223,945)
Retained earnings	29,432,310		22,589,286
Total stockholders’ equity	22,720,736		20,588,313
Total liabilities and stockholders’ equity	$	52,281,844	$	48,731,992


	As of/Three Months Ended				As of/Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	(in thousands)
Streaming revenues	$	4,322,476	$	3,735,133	$	12,842,351	$	10,943,226
Paid net membership additions	694		1,750		4,675		3,025
Paid memberships at end of period (1)	84,803		77,321		84,803		77,321


(1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology.


	As of September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets
	(in thousands)
Cash	$	4,809,569	$	—	$	—	$	4,809,569	$	4,807,566	$	—	$	1,923	$	80
Level 1 securities:
Money market funds	2,432,077		—		—		2,432,077		2,432,020		—		—		57
Level 2 securities:
Time Deposits (1)	250,412		—		—		250,412		217,439		32,973		—		—
Government securities (2)	1,728,363		5,566		—		1,733,929		—		1,733,929		—		—

	$	9,220,421	$	5,566	$	—	$	9,225,987	$	7,457,025	$	1,766,902	$	1,923	$	137


	As of December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value		Cash and cash equivalents		Short-term investments		Other Current Assets		Non-current Assets
	(in thousands)
Cash	$	5,988,176	$	—	$	—	$	5,988,176	$	5,986,629	$	—	$	1,466	$	81
Level 1 securities:
Money market funds	925,707		—		—		925,707		925,652		—		—		55
Level 2 securities:
Time Deposits (1)	225,605		—		—		225,605		204,632		20,973		—		—

	$	7,139,488	$	—	$	—	$	7,139,488	$	7,116,913	$	20,973	$	1,466	$	136


	Principal Amount at Par						Level 2 Fair Value as of
	September 30, 2024		December 31, 2023		Issuance Date	Maturity	September 30, 2024		December 31, 2023
	(in millions)						(in millions)
5.750% Senior Notes	$	—	$	400	February 2014	March 2024	$	—	$	400
5.875% Senior Notes	800		800		February 2015	February 2025	803		807
3.000% Senior Notes (1)	523		519		April 2020	June 2025	522		516
3.625% Senior Notes	500		500		April 2020	June 2025	496		491
4.375% Senior Notes	1,000		1,000		October 2016	November 2026	1,008		996
3.625% Senior Notes (1)	1,446		1,434		May 2017	May 2027	1,477		1,454
4.875% Senior Notes	1,600		1,600		October 2017	April 2028	1,639		1,621
5.875% Senior Notes	1,900		1,900		April 2018	November 2028	2,026		2,009
4.625% Senior Notes (1)	1,225		1,215		October 2018	May 2029	1,314		1,300
6.375% Senior Notes	800		800		October 2018	May 2029	874		872
3.875% Senior Notes (1)	1,336		1,325		April 2019	November 2029	1,393		1,372
5.375% Senior Notes	900		900		April 2019	November 2029	948		931
3.625% Senior Notes (1)	1,225		1,215		October 2019	June 2030	1,263		1,237
4.875% Senior Notes	1,000		1,000		October 2019	June 2030	1,032		1,012
4.900% Senior Notes	1,000		—		August 2024	August 2034	1,035		—
5.400% Senior Notes	800		—		August 2024	August 2054	846		—
	$	16,055	$	14,608			$	16,676	$	15,018


	As of September 30, 2024
	Derivative Assets				Derivative Liabilities
	Other current assets		Other non-current assets		Accrued expenses and other liabilities		Other non-current liabilities
	(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts	$	136,211	$	5,080	$	196,622	$	120,764
Derivatives not designated as hedging instruments:
Foreign exchange contracts	14,713		—		18,765		—
Total	$	150,924	$	5,080	$	215,387	$	120,764


	As of September 30, 2024
							Gross Amount Not Offset in the Consolidated Balance Sheets
	Gross Amount Recognized in the Consolidated Balance Sheets		Gross Amount Offset in the Consolidated Balance Sheets		Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Collateral Received and Posted		Net Amount
	(in thousands)
Derivative assets	$	156,004	$	—	$	156,004	$	(155,428)	$	—	$	576
Derivative liabilities	336,151		—		336,151		(155,428)		—		180,723


	Three Months Ended
	September 30, 2024
	Revenues		Cost of Revenues		Interest and other income (expense)
	(in thousands)
Total amounts presented in the Consolidated Statements of Operations	$	9,824,703	$	5,119,884	$	(21,693)

Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI	48,184		297		—
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items	—		—		(71,673)
Derivatives designated as hedging instruments	—		—		70,332
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach	—		—		(9,069)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts	—		—		(1,296)


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Cash flows from operating activities:
Net income	$	2,363,509	$	1,677,422	$	6,843,024	$	4,470,152
Adjustments to reconcile net income to net cash provided by operating activities:
Additions to content assets	(4,016,396)		(2,883,839)		(11,794,215)		(9,025,512)
Change in content liabilities	(83,585)		(325,989)		(639,598)		(634,661)
Amortization of content assets	3,699,521		3,573,353		11,140,016		10,443,358
Depreciation and amortization of property, equipment and intangibles	80,914		90,660		249,375		270,380
Stock-based compensation expense	65,650		79,720		210,761		256,849
Foreign currency remeasurement loss (gain) on debt	104,809		(172,678)		(68,684)		(63,075)
Other non-cash items	128,082		115,688		363,851		357,179
Deferred income taxes	(200,982)		(86,277)		(517,446)		(288,231)
Changes in operating assets and liabilities:
Other current assets	54,956		103,766		64,046		(167,805)
Accounts payable	30,597		(68,390)		(134,026)		(119,726)
Accrued expenses and other liabilities	179,011		(65,029)		316,490		298,101
Deferred revenue	39,328		(5,733)		70,079		41,524
Other non-current assets and liabilities	(124,313)		(40,359)		(279,203)		(227,246)
Net cash provided by operating activities	2,321,101		1,992,315		5,824,470		5,611,287
Cash flows from investing activities:
Purchases of property and equipment	(126,863)		(103,929)		(280,864)		(266,920)


Purchases of investments	(1,742,246)		—		(1,742,246)		(504,862)
Proceeds from maturities of investments	—		400,000		—		901,937
Net cash provided by (used in) investing activities	(1,869,109)		296,071		(2,023,110)		130,155
Cash flows from financing activities:
Proceeds from issuance of debt	1,794,460		—		1,794,460		—

Repayments of debt	—		—		(400,000)		—
Proceeds from issuance of common stock	143,244		57,818		530,875		118,563
Repurchases of common stock	(1,700,000)		(2,500,100)		(5,299,998)		(3,545,347)
Taxes paid related to net share settlement of equity awards	(2,024)		—		(5,732)		—
Other financing activities	(9,084)		(32,826)		(15,334)		(71,746)
Net cash provided by (used in) financing activities	226,596		(2,475,108)		(3,395,729)		(3,498,530)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	153,452		(122,707)		(65,061)		(56,658)
Net increase (decrease) in cash, cash equivalents and restricted cash	832,040		(309,429)		340,570		2,186,254
Cash, cash equivalents and restricted cash at beginning of period	6,627,045		7,666,265		7,118,515		5,170,582


	Three Months Ended				Nine Months Ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Total stockholders' equity, beginning balances	$	22,112,693	$	22,832,215	$	20,588,313	$	20,777,401

Common stock and additional paid-in capital:
Beginning balances	$	5,680,061	$	4,874,208	$	5,145,172	$	4,637,601
Issuance of common stock	142,192		57,499		531,970		116,977
Stock-based compensation expense	65,650		79,720		210,761		256,849
Ending balances	$	5,887,903	$	5,011,427	$	5,887,903	$	5,011,427

Treasury stock:
Beginning balances	$	(10,547,055)	$	(1,876,753)	$	(6,922,200)	$	(824,190)
Repurchases of common stock to be held as treasury stock	(1,707,800)		(2,522,924)		(5,332,655)		(3,575,487)
Ending balances	$	(12,254,855)	$	(4,399,677)	$	(12,254,855)	$	(4,399,677)

Accumulated other comprehensive loss:
Beginning balances	$	(89,114)	$	(139,266)	$	(223,945)	$	(217,306)
Other comprehensive income (loss)	(255,508)		(16,305)		(120,677)		61,735
Ending balances	$	(344,622)	$	(155,571)	$	(344,622)	$	(155,571)

Retained earnings:
Beginning balances	$	27,068,801	$	19,974,026	$	22,589,286	$	17,181,296
Net income	2,363,509		1,677,422		6,843,024		4,470,152
Ending balances	$	29,432,310	$	21,651,448	$	29,432,310	$	21,651,448

Total stockholders' equity, ending balances	$	22,720,736	$	22,107,627	$	22,720,736	$	22,107,627


	As of
	September 30, 2024		December 31, 2023
	(in thousands)
Licensed content, net	$	12,307,674	$	12,722,701

Produced content, net
Released, less amortization	10,025,304		9,843,150
In production	9,197,715		8,247,578
In development and pre-production	644,689		844,627
	19,867,708		18,935,355

Content assets, net	$	32,175,382	$	31,658,056


	As of
	September 30, 2024		December 31, 2023		Estimated Useful Lives
	(in thousands)
Land	$	85,000	$	85,000
Buildings and improvements	471,620		154,165		30 years
Leasehold improvements	1,049,510		1,032,492		Over life of lease
Furniture and fixtures	137,468		144,737		3 years
Information technology	432,078		414,092		3 years
Corporate aircraft	99,175		99,175		8-10 years
Machinery and equipment	13,035		10,334		3-5 years
Capital work-in-progress	202,652		406,492
Property and equipment, gross	2,490,538		2,346,487
Less: Accumulated depreciation	(922,326)		(855,043)
Property and equipment, net	$	1,568,212	$	1,491,444


	Options Outstanding
	Number of Shares	Weighted- Average Exercise Price (per share)
Balances as of December 31, 2023	19,695,109	$	268.86
Granted	465,641	583.66
Exercised	(3,384,520)	157.18
Expired	(4,324)	56.72
Balances as of September 30, 2024	16,771,906	$	300.20
Vested and expected to vest as of September 30, 2024	16,771,906	$	300.20
Exercisable as of September 30, 2024	16,694,821	$	299.59


	Unvested Restricted Stock Units
	Number of Shares	Weighted- Average Grant-Date Fair Value (per share)
Balances as of December 31, 2023	—	$	—
Granted	159,978	686.36
Vested	(19,996)	562.00
Forfeited	—	—
Balances as of September 30, 2024	139,982	$	704.12


	Foreign Currency Translation Adjustments		Net Investment Hedge Gains (Losses)		Change in Unrealized Gains (Losses) on Cash Flow Hedges		Change in Unrealized Gains (Losses) on Excluded Component of Fair Value Hedges		Change in Unrealized Gains (Losses) on AFS Securities		Tax (Expense) Benefit		Total
	(in thousands)
Balances as of June 30, 2024	$	(249,600)	$	(3,400)	$	211,631	$	—	$	—	$	(47,745)	$	(89,114)
Other comprehensive income (loss) before reclassifications	95,802		(42,000)		(369,805)		(10,175)		5,566		95,479		(225,133)
Amounts reclassified from accumulated other comprehensive income (loss)	—		—		(48,481)		9,069		—		9,037		(30,375)
Net change in accumulated other comprehensive income (loss)	95,802		(42,000)		(418,286)		(1,106)		5,566		104,516		(255,508)
Balances as of September 30, 2024	$	(153,798)	$	(45,400)	$	(206,655)	$	(1,106)	$	5,566	$	56,771	$	(344,622)


	As of/Three Months Ended						Change
	September 30, 2024			September 30, 2023			Q3'24 vs. Q3'23
	(in thousands, except revenue per membership and percentages)
Financial Results:
Streaming revenues	$	9,824,703		$	8,519,306		$	1,305,397		15	%
DVD revenues (1)	—			22,362			(22,362)			(100)	%
Total revenues	$	9,824,703		$	8,541,668		$	1,283,035		15	%

Operating income	$	2,909,477		$	1,916,394		$	993,083		52	%
Operating margin	29.6		%	22.4		%	7.2		%

Global Streaming Memberships:
Paid net membership additions	5,073			8,763			(3,690)			(42)	%
Paid memberships at end of period	282,720			247,153			35,567			14	%
Average paying memberships	280,184			242,772			37,412			15	%
Average monthly revenue per paying membership	$	11.69		$	11.70		$	(0.01)		—	%
Constant currency change (2)										5	%


	Payments due by Period
Contractual obligations (in thousands):	Total		Next 12 Months		Beyond 12 Months
Content obligations (1)	$	22,698,295	$	11,810,836	$	10,887,459
Debt (2)	20,639,869		2,578,818		18,061,051
Operating lease obligations (3)	2,912,299		515,614		2,396,685

Total	$	46,250,463	$	14,905,268	$	31,345,195


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share (2)		Total Number of Shares Purchased as Part of Publicly Announced Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
					(in thousands)
July 1 - 31, 2024	943,075	$	656.47	943,075	$	4,135,755
August 1 - 31, 2024	884,428	$	655.59	884,428	$	3,555,932
September 1 - 30, 2024	723,536	$	692.53	723,536	$	3,054,860
Total	2,551,039			2,551,039


(1) In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also with no expiration date. For further information regarding stock repurchase activity, see Note 9 Stockholders’ Equity to the consolidated financial statements in this Quarterly Report.
(2) Average price paid per share includes costs associated with the repurchases.


(1) Richard Barton, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 26, 2024. Mr. Barton's plan provides for the potential exercise of vested stock options and the associated sale of up to 12,062 shares of Netflix common stock. The plan expires on December 31, 2025, or upon the earlier completion of all authorized transactions under the plan.
(2) Timothy Haley, a member of the Board of Directors, trusts for which he serves as a trustee and a partnership for which he serves as the sole general partner and limited partner, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 6, 2024. The plan provides for the potential sale of up to 11,737 shares of Netflix common stock. The plan expires on November 6, 2025, or upon the earlier completion of all authorized transactions under the plan.


		NETFLIX, INC.
Dated:	October 18, 2024	By:	/s/ Ted Sarandos
			Ted Sarandos Co-Chief Executive Officer (Principal executive officer)

Dated:	October 18, 2024	By:	/s/ Greg Peters
			Greg Peters Co-Chief Executive Officer (Principal executive officer)

Dated:	October 18, 2024	By:	/s/ Jeffrey Karbowski
			Jeffrey Karbowski Chief Accounting Officer (Principal accounting officer)

Date	Price Target	Rating	Analyst
11/20/2024	$925.00 → $1100.00	Buy	Pivotal Research Group
10/18/2024	$775.00 → $825.00	Outperform	Oppenheimer
10/18/2024	$900.00 → $925.00	Buy	Pivotal Research Group
10/18/2024	$700.00 → $800.00	Buy	Needham
10/16/2024	$750.00 → $800.00	Buy	Loop Capital
10/11/2024	$735.00 → $810.00	Buy	Guggenheim
10/10/2024	$780.00 → $820.00	Overweight	Morgan Stanley
10/10/2024	$725.00 → $775.00	Outperform	Oppenheimer

SEC Form 10-Q filed by Netflix Inc.

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