Netflix, Inc.

Consolidated Statements of Operations Dinero fic.

(unaudited)
(in thousands, except per share data)
10% 5% 7% 7%

Three Months Ended Twelve Months Ended Twelve Months Ended Nine Months Ended
March 31, June 30, September 30, December 31, December 31, December 31, December 31,
2017 2017 2017 2017 2017 2018 2019
12% 11% 12% 14% Parct. Parct. Y/ Y
Revenues ingresos $2,636,635 $2,785,464 $2,984,859 $3,285,755 $11,692,713 $15,794,341 35% $20,156,447
Egresos
Cost of revenues costo de venta: lo que te cos 1,740,731 1,991,696 2,086,239 2,214,334 8,033,000 69% 9,967,538 63% 24% 12,440,213
Marketing cuánto invierte en publicidad 306,148 311,160 352,446 466,527 1,436,281 12% 2,369,469 15% 65% 2,652,462
Technology and development inversión 233,871 242,484 230,223 247,132 953,710 8% 1,221,814 8% 28% 1,545,149
General and administrative gastos administrativos 98,943 112,317 107,324 112,459 431,043 4% 630,294 4% 46% 914,369
Operating income utilidad operativa: todos los 256,942 127,807 208,627 245,303 838,679 7% 1,605,226 10% 91% 2,604,254

Other income (expense): (Income: ingresos/ expnses: gastos)

Interest expense gasto (46,742) (55,482) (60,688) (75,292) (238,204) (420,493) (626,023)
Interest and other income (expense) Ingreso 13,592 (58,363) (31,702) (38,681) (115,154) 41,725 84,000
Income before income taxes EBIDTA (plata antes de pagar 223,792 13,962 116,237 131,330 485,321 1,226,458 2,062,231
Provision for (benefit from) income taxes Pago de impuestos 45,570 (51,638) (13,353) (54,187) (73,608) 15,216 1,070,589
mejoró su ingreso neto porque se redujo el costo d Ingreso neto: de lo que pued $ 178,222 $ 65,600 $ 129,590 $185,517 $558,929 5% $1,211,242 8% $ 1,866,916
Earnings per share: ganancias por acción 7% 2% 4% 6% 5% 8% 9%
Basic gente que tiene más particiác$ .41 $ .15 $ .30 $ .43 $ 1.29 $ 2.78 $ 4.27
Diluted % de acciones que el mercad $ .40 $ .15 $ .29 $ .41 $ 1.25 $ 2.68 $ 4.13
Weighted-average common shares outstanding: N° de acciones
Basic 430,600 431,396 432,404 433,108 431,885 435,374 437,547
Diluted 445,458 446,262 447,362 448,142 446,814 451,244 451,896
876,058.00 0.20
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,
2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019
Assets
Current assets:
Cash and cash equivalents (efectivo) $1,077,824 $1,918,777 $1,746,469 $ 2,822,795 $2,593,666 $3,906,357 $3,067,534 $ 3,794,483 $3,348,557 $5,004,247 $4,435,018 $ 5,018,437
Short-term investments 263,405 246,125 - - - - - - - - -
Current content assets, net 4,026,615 4,149,111 4,223,387 4,310,934 4,626,522 4,803,663 4,987,916 5,151,186 - - -
Other current assets 292,486 386,772 415,492 536,245 597,388 636,869 674,531 748,466 820,350 872,910 892,740 1,160,067
Total current assets 5,660,330 6,700,785 6,385,348 7,669,974 7,817,576 9,346,889 8,729,981 9,694,135 4,168,907 5,877,157 5,327,758 6,178,504
Non-current content assets, net 8,029,112 9,078,474 9,739,704 10,371,055 11,314,803 12,292,070 13,408,443 14,960,954 20,888,785 21,945,740 23,234,994 24,504,567
Property and equipment, net (patrimonio) 275,083 309,831 322,421 319,404 341,932 349,646 371,152 418,281 434,372 452,399 481,992 565,221
Other non-current assets 394,571 428,133 504,067 652,309 678,486 674,932 856,653 901,030 1,726,568 1,896,043 1,896,967 2,727,420
Total assets $14,359,096 $16,517,223 $16,951,540 $19,012,742 $20,152,797 $22,663,537 $23,366,229 $25,974,400 $27,218,632 $ 30,171,339 $ 30,941,711 $ 33,975,712
Liabilities and Stockholders' Equity
Current liabilities:
Current content liabilities $3,861,447 $4,095,374 $4,142,086 $4,173,041 $4,466,081 $4,541,087 $4,613,011 $4,686,019 $4,863,351 $ 4,848,201 $ 4,860,542 $ 4,413,561
Accounts payable 294,831 273,398 301,443 359,555 436,183 448,219 441,427 562,985 439,496 442,194 444,129 674,347
Accrued expenses and other liabilities 296,258 248,871 331,723 315,094 429,431 392,595 527,079 477,417 746,268 750,812 1,037,723 843,043
Deferred revenue 458,693 505,302 535,425 618,622 673,892 697,740 716,723 760,899 808,692 892,777 915,506 924,745
Short-term debt (deuda corto plazo) -
Total current liabilities 4,911,229 5,122,945 5,310,677 5,466,312 6,005,587 6,079,641 6,298,240 6,487,320 6,857,807 6,933,984 7,257,900 6,855,696
Non-current content liabilities 3,035,430 3,356,090 3,296,504 3,329,796 3,444,476 3,604,158 3,593,823 3,759,026 3,560,364 3,564,440 3,419,552 3,334,323
Long-term debt 3,365,431 4,836,502 4,888,783 6,499,432 6,542,373 8,342,067 8,336,586 10,360,058 10,305,023 12,594,135 12,425,746 14,759,260
Other non-current liabilities 73,323 89,186 128,215 135,246 139,631 141,071 127,927 129,231 792,380 973,232 977,008 1,444,276
Total liabilities 11,385,413 13,404,723 13,624,179 15,430,786 16,132,067 18,166,937 18,356,576 20,735,635 21,515,574 24,065,791 24,080,206 26,393,555
Stockholders' equity:
Common stock 1,669,132 1,727,858 1,807,123 1,871,396 1,995,225 2,103,437 2,215,736 2,315,988 2,439,773 2,566,365 2,677,972 2,793,929
Treasury stock at cost -
Accumulated other comprehensive income (loss) (45,859) (31,368) (25,362) (20,557) 4,264 (12,427) (14,508) (19,582) (25,600) (20,352) (41,246) (23,521)
Retained earnings (ingresos retenidos) 1,350,410 1,416,010 1,545,600 1,731,117 2,021,241 2,405,590 2,808,425 2,942,359 3,288,885 3,559,535 4,224,779 4,811,749
Total stockholders' equity 2,973,683 3,112,500 3,327,361 3,581,956 4,020,730 4,496,600 5,009,653 5,238,765 5,703,058 6,105,548 6,861,505 7,582,157
Total liabilities and stockholders' equity $14,359,096 $16,517,223 $16,951,540 $19,012,742 $20,152,797 $22,663,537 $23,366,229 $25,974,400 $27,218,632 $ 30,171,339 $ 30,941,711 $ 33,975,712
Netflix, Inc.
Segment Information
(unaudited)
(in thousands)

Twelve Months Twelve Months

As of / Three Months Ended Ended As of / Three Months Ended Ended As of / Three Months Ended Nine 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, September 30,
2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019

Domestic Streaming
Paid memberships at end of period 49,375 50,323 51,345 52,810 52,810 55,087 55,959 56,957 58,486 58,486 60,229 60,103 60,620 60,620
Paid net membership additions (losses) 1,470 948 1,022 1,465 4,905 2,277 872 998 1,529 5,676 1,743 (126) 517 2,134
Free trials 1,479 1,598 1,427 1,940 1,940 1,618 1,420 1,507 2,065 2,065 1,563 1,575 1,375 1,375
Revenues $ 1,470,042 $ 1,505,499 $ 1,547,210 $ 1,630,274 $ 6,153,025 $ 1,820,019 $ 1,893,222 $ 1,937,314 $1,996,092 $ 7,646,647 $2,073,555 $2,299,189 $2,412,598 $ 6,785,342
Cost of revenues 783,954 868,530 902,275 916,100 3,470,859 936,480 969,995 1,038,473 1,093,446 4,038,394 1,139,535 1,196,420 1,210,105 3,546,060
Marketing 126,253 124,903 141,533 211,057 603,746 250,719 251,298 210,595 312,739 1,025,351 221,046 250,606 211,793 683,445
Contribution profit 559,835 512,066 503,402 503,117 2,078,420 632,820 671,929 688,246 589,907 2,582,902 712,974 852,163 990,700 2,555,837
Contribution margin 38.1% 34.0% 32.5% 30.9% 33.8% 34.8% 35.5% 35.5% 29.6% 33.8% 34.4% 37.1% 41.1% 37.7%

International Streaming
Paid memberships at end of period 44,988 48,713 52,678 57,834 57,834 63,815 68,395 73,465 80,773 80,773 88,634 91,459 97,714 97,714
Paid net membership additions 3,803 3,725 3,965 5,156 16,649 5,981 4,580 5,070 7,308 22,939 7,861 2,825 6,255 16,941
Free trials 2,906 3,318 3,798 4,998 4,998 4,475 4,367 5,170 7,131 7,131 5,003 4,481 4,215 4,215

Revenues $ 1,046,199 $ 1,165,228 $ 1,327,435 $ 1,550,329 $ 5,089,191 $ 1,782,086 $ 1,921,144 $ 1,973,283 $2,105,592 $ 7,782,105 $2,366,749 $2,547,727 $2,760,430 $ 7,674,906
Cost of revenues 896,558 1,070,432 1,136,877 1,255,749 4,359,616 1,321,706 1,392,512 1,455,554 1,606,275 5,776,047 1,697,121 1,778,890 1,860,021 5,336,032
Marketing 179,895 186,257 210,913 255,470 832,535 286,058 340,709 299,735 417,616 1,344,118 395,532 352,544 342,004 1,090,080
Contribution profit (loss) (30,254) (91,461) (20,355) 39,110 (102,960) 174,322 187,923 217,994 81,701 661,940 274,096 416,293 558,405 1,248,794
Contribution margin -2.9% -7.8% -1.5% 2.5% -2.0% 9.8% 9.8% 11.0% 3.9% 8.5% 11.6% 16.3% 20.2% 16.3%

Aumento por lanzsmiento la casa de papel y ganador de un Oscar por su

Total Streaming documental ÍCARO
Paid memberships at end of period 94,363 99,036 104,023 110,644 110,644 118,902 124,354 130,422 139,259 139,259 148,863 151,562 158,334 158,334
Paid net membership additions 5,273 4,673 4,987 6,621 21,554 8,258 5,452 6,068 8,837 28,615 9,604 2,699 6,772 19,075
Free trials 4,385 4,916 5,225 6,938 6,938 6,093 5,787 6,677 9,196 9,196 6,566 6,056 5,590 5,590
Revenue $ 2,516,241 $ 2,670,727 $ 2,874,645 $ 3,180,603 $ 11,242,216 $ 3,602,105 $ 3,814,366 $ 3,910,597 $ 4,101,684 $ 15,428,752 $ 4,440,304 $ 4,846,916 $ 5,173,028 $ 14,460,248
Cost of revenues 1,680,512 1,938,962 2,039,152 2,171,849 7,830,475 2,258,186 2,362,507 2,494,027 2,699,721 9,814,441 2,836,656 2,975,310 3,070,126 8,882,092
Marketing 306,148 311,160 352,446 466,527 1,436,281 536,777 592,007 510,330 730,355 2,369,469 616,578 603,150 553,797 1,773,525
Contribution profit 529,581 420,605 483,047 542,227 1,975,460 807,142 859,852 906,240 671,608 3,244,842 987,070 1,268,456 1,549,105 3,804,631
Contribution margin 21.0% 15.7% 16.8% 17.0% 17.6% 22.4% 22.5% 23.2% 16.4% 21.0% 22.2% 26.2% 29.9% 26.3%

Domestic DVD
Paid memberships at end of period 3,867 3,692 3,520 3,330 3,330 3,138 2,971 2,828 2,706 2,706 2,565 2,411 2,276 2,276
Free trials 77 66 49 53 53 29 28 24 25 25 22 17 16 16
Revenues $ 120,394 $ 114,737 $ 110,214 $ 105,152 $ 450,497 $ 98,751 $ 92,904 $ 88,777 $85,157 $ 365,589 $80,688 $76,200 $71,877 $ 228,765
Cost of revenues 60,219 52,734 47,087 42,485 202,525 42,393 39,924 37,101 33,679 153,097 33,958 30,347 27,793 92,098
Contribution profit 60,175 62,003 63,127 62,667 247,972 56,358 52,980 51,676 51,478 212,492 46,730 45,853 44,084 136,667
Contribution margin 50.0% 54.0% 57.3% 59.6% 55.0% 57.1% 57.0% 58.2% 60.5% 58.1% 57.9% 60.2% 61.3% 59.7%

Consolidated
Revenues $ 2,636,635 $ 2,785,464 $ 2,984,859 $ 3,285,755 $ 11,692,713 $ 3,700,856 $ 3,907,270 $ 3,999,374 $ 4,186,841 $ 15,794,341 $ 4,520,992 $ 4,923,116 $ 5,244,905 $ 14,689,013
Cost of revenues 1,740,731 1,991,696 2,086,239 2,214,334 8,033,000 2,300,579 2,402,431 2,531,128 2,733,400 9,967,538 2,870,614 3,005,657 3,097,919 8,974,190
Marketing 306,148 311,160 352,446 466,527 1,436,281 536,777 592,007 510,330 730,355 2,369,469 616,578 603,150 553,797 1,773,525
Contribution profit $ 589,756 $ 482,608 $ 546,174 $ 604,894 $ 2,223,432 $ 863,500 $ 912,832 $ 957,916 $ 723,086 $ 3,457,334 $ 1,033,800 $ 1,314,309 $ 1,593,189 $ 3,941,298
Other operating expenses 332,814 354,801 337,547 359,591 1,384,753 416,922 450,619 477,248 507,319 1,852,108 574,716 607,890 612,950 1,795,556
Operating income 256,942 127,807 208,627 245,303 838,679 446,578 462,213 480,668 215,767 1,605,226 459,084 706,419 980,239 2,145,742
Other income (expense) (33,150) (113,845) (92,390) (113,973) (353,358) (146,962) (33,577) (101,858) (96,371) (378,768) (59,425) (205,503) 32,084 (232,844)
Provision for (benefit from) income taxes 45,570 (51,638) (13,353) (54,187) (73,608) 9,492 44,287 (24,025) (14,538) 15,216 55,607 230,266 347,079 632,952
Net Income (Ingresos netos) $ 178,222 $ 65,600 $ 129,590 $ 185,517 $ 558,929 $ 290,124 $ 384,349 $ 402,835 $ 133,934 $ 1,211,242 $ 344,052 $ 270,650 $ 665,244 $ 1,279,946
Netflix, Inc.
Streaming Revenue and Membership Information by Region
(unaudited)
(in thousands, except for average revenue per membership and percentages)

As of / Nine
As of / Three Months Ended As of / Year Ended As of / Three Months Ended As of / Year Ended As of / Three Months Ended 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, September 30,
2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021

United States and Canada (UCAN)

Revenues (1) $ 2,256,851 $ 2,501,199 $ 2,621,250 $ 2,671,908 $ 10,051,208 $ 2,702,776 $ 2,839,670 $ 2,933,445 $ 2,979,505 $ 11,455,396 $ 3,170,972 $ 3,234,643 $ 3,257,697 $ 9,663,312
Paid net membership additions (losses) 1,876 (132) 613 548 2,905 2,307 2,935 177 855 6,274 448 (433) 73 88
Paid memberships at end of period 66,633 66,501 67,114 67,662 67,662 69,969 72,904 73,081 73,936 73,936 74,384 73,951 74,024 74,024
Average paying memberships 65,695 66,567 66,808 67,388 66,615 68,816 71,437 72,993 73,509 71,689 74,160 74,168 73,988 74,105
Average revenue per membership (2) $11.45 $12.52 $13.08 $13.22 $12.57 $13.09 $13.25 $13.40 $13.51 $13.32 $14.25 $14.54 $14.68 $14.49
% change as compared to prior-year period 4% 12% 17% 17% 13% 14% 6% 2% 2% 6% 9% 10% 10% 9%
Constant currency % change as compared to prior-year period* 4% 13% 17% 17% 13% 14% 6% 3% 2% 6% 9% 9% 9% 9%

Europe, Middle East and Africa (EMEA)

Revenues $ 1,233,379 $ 1,319,087 $ 1,428,040 $ 1,562,561 $ 5,543,067 $ 1,723,474 $ 1,892,537 $ 2,019,083 $ 2,137,158 $ 7,772,252 $ 2,343,674 $ 2,400,480 $ 2,432,239 $ 7,176,393
Paid net membership additions 4,724 1,687 3,126 4,423 13,960 6,956 2,749 759 4,456 14,920 1,810 188 1,804 3,802
Paid memberships at end of period 42,542 44,229 47,355 51,778 51,778 58,734 61,483 62,242 66,698 66,698 68,508 68,696 70,500 70,500
Average paying memberships 40,180 43,386 45,792 49,567 44,731 55,256 60,109 61,863 64,470 60,425 67,603 68,602 69,598 68,601
Average revenue per membership (2) $10.23 $10.13 $10.40 $10.51 $10.33 $10.40 $10.50 $10.88 $11.05 $10.72 $11.56 $11.66 $11.65 $11.62
% change as compared to prior-year period -4% -6% 1% 3% -1% 2% 4% 5% 5% 4% 11% 11% 7% 10%
Constant currency % change as compared to prior-year period* 2% 3% 6% 7% 4% 4% 8% 3% 0% 3% 4% 2% 3% 3%

Latin America (LATAM)

Revenues $ 630,472 $ 677,136 $ 741,434 $ 746,392 $ 2,795,434 $ 793,453 $ 785,368 $ 789,384 $ 788,522 $ 3,156,727 $ 836,647 $ 860,882 $ 915,297 $ 2,612,826
Paid net membership additions 1,470 343 1,490 2,037 5,340 2,901 1,750 256 1,213 6,120 357 764 330 1,451
Paid memberships at end of period 27,547 27,890 29,380 31,417 31,417 34,318 36,068 36,324 37,537 37,537 37,894 38,658 38,988 38,988
Average paying memberships 26,812 27,719 28,635 30,399 28,391 32,868 35,193 36,196 36,931 35,297 37,716 38,276 38,823 38,272
Average revenue per membership (2) $7.84 $8.14 $8.63 $8.18 $8.21 $8.05 $7.44 $7.27 $7.12 $7.45 $7.39 $7.50 $7.86 $7.59
% change as compared to prior-year period -11% -5% 8% 9% 0% 3% -9% -16% -13% -9% -8% 1% 8% 0%
Constant currency % change as compared to prior-year period* 7% 12% 17% 18% 13% 12% 13% 5% 4% 8% 5% 2% 8% 5%

Asia-Pacific (APAC)
Revenues $ 319,602 $ 349,494 $ 382,304 $ 418,121 $ 1,469,521 $ 483,660 $ 569,140 $ 634,891 $ 684,609 $ 2,372,300 $ 762,414 $ 799,480 $ 834,002 $ 2,395,896
Paid net membership additions 1,534 801 1,543 1,748 5,626 3,602 2,657 1,012 1,988 9,259 1,361 1,022 2,176 4,559
Paid memberships at end of period 12,141 12,942 14,485 16,233 16,233 19,835 22,492 23,504 25,492 25,492 26,853 27,875 30,051 30,051
Average paying memberships 11,374 12,542 13,714 15,359 13,247 18,034 21,164 22,998 24,498 21,674 26,173 27,364 28,963 27,500
Average revenue per membership (2) $9.37 $9.29 $9.29 $9.07 $9.24 $8.94 $8.96 $9.20 $9.32 $9.12 $9.71 $9.74 $9.60 $9.68
% change as compared to prior-year period -2% -1% 0% -1% -1% -5% -4% -1% 3% -1% 9% 9% 4% 7%
Constant currency % change as compared to prior-year period* 3% 5% 3% 0% 3% -3% 1% -1% 0% -1% 3% 1% 2% 2%

(1) Excludes DVD revenues of $297 million, $239 million, $44 million and $140 million for the years ended December 31, 2019, 2020, and the three and nine months ended September 30, 2021, respectively. Total US revenues for the years ended December 31, 2019, 2020, and the three and nine months ended September 30, 2021 were $9.5 billion,
$10.8 billion, $3.0 billion and $9.0 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.
Paid net membership additions 9,604 2,699 6,772 8,756 27,831 15,766 10,091 2,204 8,512 36,573 3,976 1,541 4,383 9,900
Incremento por el COVID, el mayor aumento en un trimestre
Netflix, Inc.
Consolidated Statements of Cash Flows detalle de todos los ingresos y egresos del dinero real
(unaudited)
(in thousands)
Three Months Ended Twelve Months Ended Three Months Ended Twelve Months Ended Three Months Ended Nine 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, September 30,
2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 2019 2019 2019
Cash flows from operating activities:
Net income $178,222 $65,600 $129,590 $185,517 $ 558,929 $290,124 $384,349 $402,835 $133,934 $ 1,211,242 $344,052 $270,650 $665,244 $ 1,279,946
Adjustments to reconcile net income to net cash
used in operating activities:
Additions to streaming content assets (2,348,666) (2,664,421) (2,315,017) (2,477,659) (9,805,763) (2,986,747) (3,033,721) (3,238,717) (3,784,252) (13,043,437) (2,997,746) (3,325,103) (3,648,292) (9,971,141)
Change in streaming content liabilities 366,257 514,890 (34,587) 53,446 900,006 378,885 288,474 65,868 266,653 999,880 (14,698) (12,414) (95,548) (122,660)
Amortization of streaming content assets 1,305,683 1,550,794 1,627,477 1,713,863 6,197,817 1,748,844 1,817,817 1,911,767 2,053,660 7,532,088 2,124,686 2,231,915 2,279,977 6,636,578
Amortization of DVD content assets 18,598 16,511 13,259 12,289 60,657 11,134 11,154 9,959 8,965 41,212 8,509 7,656 6,654 22,819
Depreciation and amortization of property, equipment and intangibles 15,049 18,551 19,238 19,073 71,911 19,041 19,736 21,161 23,219 83,157 23,561 25,496 26,704 75,761
Stock-based compensation expense 44,888 44,028 44,763 48,530 182,209 68,395 81,232 82,316 88,714 320,657 101,200 103,848 100,262 305,310
Other non-cash items 21,666 11,519 9,896 14,126 57,207 8,209 13,921 8,962 9,336 40,428 37,199 53,039 51,280 141,518
Foreign currency remeasurement loss (gain) on long-term debt - 64,220 50,830 25,740 140,790 41,080 (85,410) (7,670) (21,953) (73,953) (57,600) 61,284 (171,360) (167,676)
Deferred taxes (26,764) (20,702) (57,090) (104,132) (208,688) (22,049) (9,539) (39,453) (14,479) (85,520) 6,627 35,519 52,105 94,251
Changes in operating assets and liabilities:
Other current assets (25,402) (80,199) (41,399) (87,090) (234,090) (55,905) (25,564) (30,364) (88,359) (200,192) (32,076) (24,231) 145 (56,162)
Accounts payable (11,000) (12,439) 34,029 63,969 74,559 74,083 7,733 (4,449) 121,831 199,198 (124,467) (2,674) (7,643) (134,784)
Accrued expenses and other liabilities 93,542 (48,042) 74,006 (5,169) 114,337 119,049 (52,851) 134,000 (49,776) 150,422 157,647 (26,705) 260,872 391,814
Deferred revenue 15,221 46,609 32,947 83,197 177,974 55,270 23,848 18,983 44,176 142,277 47,793 84,085 22,729 154,607
Other non-current assets and liabilities 8,850 (41,447) (7,549) (33,657) (73,803) 13,830 40,582 (25,609) (26,741) 2,062 (4,486) (26,119) (44,923) (75,528)
Net cash used in operating activities (343,856) (534,528) (419,607) (487,957) (1,785,948) (236,757) (518,239) (690,411) (1,235,072) (2,680,479) (379,799) (543,754) (501,794) (1,425,347)
Cash flows from investing activities:
Acquisition of DVD content assets (25,372) (7,624) (10,217) (10,507) (53,720) (10,796) (12,552) (7,731) (7,507) (38,586) (9,170) (7,798) (4,634) (21,602)
Purchases of property and equipment (52,523) (65,231) (33,963) (21,585) (173,302) (37,170) (27,323) (39,333) (70,120) (173,946) (60,381) (39,584) (45,333) (145,298)
Change in other assets (769) (1,064) (1,107) (3,749) (6,689) (1,786) (441) (121,630) (2,731) (126,588) (10,552) (2,654) 613 (12,593)
Purchases of short-term investments (57,774) (14,246) (2,799) - (74,819) - - - - - - - - -
Proceeds from sale of short-term investments 55,748 14,128 250,278 - 320,154 - - - - - - - - -
Proceeds from maturities of short-term investments 5,100 17,605 - - 22,705 - - - - - - - - -
Net cash provided by (used in) investing activities (75,590) (56,432) 202,192 (35,841) 34,329 (49,752) (40,316) (168,694) (80,358) (339,120) (80,103) (50,036) (49,354) (179,493)
Cash flows from financing activities:
Proceeds from issuance of debt - 1,420,510 - 1,600,000 3,020,510 - 1,900,000 - 2,061,852 3,961,852 - 2,243,196 - 2,243,196
Issuance costs - (15,013) (312) (16,828) (32,153) - (16,992) - (18,879) (35,871) - (18,192) - (18,192)
Proceeds from issuance of common stock 24,178 14,826 34,669 14,705 88,378 56,335 26,936 29,781 11,450 124,502 22,972 21,896 11,989 56,857
Other financing activities 61 63 65 66 255 (321) (532) (544) (559) (1,956) - - - -
Net cash provided by financing activities 24,239 1,420,386 34,422 1,597,943 3,076,990 56,014 1,909,412 29,237 2,053,864 4,048,527 22,972 2,246,900 11,989 2,281,861

Effect of exchange rate changes on cash, cash equivalents, and restricted cash 5,455 11,527 10,685 2,181 29,848 7,177 (36,340) (5,562) (4,957) (39,682) (5,014) 4,998 (29,325) (29,341)
Net increase (decrease) in cash, cash equivalents, and restricted cash (389,752) 840,953 (172,308) 1,076,326 1,355,219 (223,318) 1,314,517 (835,430) 733,477 989,246 (441,944) 1,658,108 (568,484) 647,680
Cash, cash equivalents, and restricted cash beginning of period 1,467,576 1,077,824 1,918,777 1,746,469 1,467,576 2,822,795 2,599,477 3,913,994 3,078,564 2,822,795 3,812,041 3,370,097 5,028,205 3,812,041
Cash, cash equivalents, and restricted cash end of period $ 1,077,824 $ 1,918,777 $ 1,746,469 $ 2,822,795 $ 2,822,795 $ 2,599,477 $ 3,913,994 $ 3,078,564 $ 3,812,041 $ 3,812,041 $ 3,370,097 $ 5,028,205 $ 4,459,721 $ 4,459,721

Non-GAAP free cash flow reconciliation:

Net cash used in operating activities $ (343,856) $ (534,528) $ (419,607) $ (487,957) (1,785,948) $ (236,757) $ (518,239) $ (690,411) $ (1,235,072) (2,680,479) $ (379,799) $ (543,754) $ (501,794) (1,425,347)
Acquisition of DVD content assets (25,372) (7,624) (10,217) (10,507) (53,720) (10,796) (12,552) (7,731) (7,507) (38,586) (9,170) (7,798) (4,634) (21,602)
Purchases of property and equipment (52,523) (65,231) (33,963) (21,585) (173,302) (37,170) (27,323) (39,333) (70,120) (173,946) (60,381) (39,584) (45,333) (145,298)
Change in other assets (769) (1,064) (1,107) (3,749) (6,689) (1,786) (441) (121,630) (2,731) (126,588) (10,552) (2,654) 613 (12,593)
Non-GAAP free cash flow $ (422,520) $ (608,447) $ (464,894) $ (523,798) $ (2,019,659) $ (286,509) $ (558,555) $ (859,105) $ (1,315,430) $ (3,019,599) $ (459,902) $ (593,790) $ (551,148) $ (1,604,840)
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 Nine 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, September 30,
2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021 2021 2021 2021
Cash flows from operating activities:
Net income $ 344,052 $ 270,650 $ 665,244 $ 586,970 $ 1,866,916 $ 709,067 $ 720,196 $ 789,976 $ 542,156 $ 2,761,395 $ 1,706,715 $ 1,353,013 $ 1,449,071 $ 4,508,799
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Additions to content assets (2,997,746) (3,325,103) (3,648,292) (3,945,542) (13,916,683) (3,294,275) (2,510,782) (2,653,886) (3,320,341) (11,779,284) (3,284,576) (4,096,750) (4,666,237) (12,047,563)
Change in content liabilities (14,698) (12,414) (95,548) (571,351) (694,011) 258,945 (108,432) (379,458) (528,488) (757,433) (266,040) (312,208) (29,246) (607,494)
Amortization of content assets 2,124,686 2,231,915 2,279,977 2,579,669 9,216,247 2,483,385 2,607,159 2,733,743 2,982,625 10,806,912 2,719,196 2,806,803 2,963,051 8,489,050
Depreciation and amortization of property, equipment and intangibles 23,561 25,496 26,704 27,818 103,579 28,517 26,661 28,589 31,943 115,710 35,741 38,434 70,253 144,428
Stock-based compensation expense 101,200 103,848 100,262 100,066 405,376 97,019 104,210 106,357 107,594 415,180 107,230 101,583 95,078 303,891
Foreign currency remeasurement loss (gain) on debt (57,600) 61,284 (171,360) 122,100 (45,576) (93,060) 119,161 249,194 257,983 533,278 (253,330) 63,074 (136,488) (326,744)
Other non-cash items 45,708 60,695 57,934 63,893 228,230 65,448 70,301 83,851 73,526 293,126 72,657 108,103 102,211 282,971
Deferred income taxes 6,627 35,519 52,105 (188,694) (94,443) 46,619 223,308 (40,277) (159,584) 70,066 159,733 51,127 50,967 261,827
Changes in operating assets and liabilities:
Other current assets (32,076) (24,231) 145 (195,951) (252,113) (127,353) 3,066 (22,974) (40,362) (187,623) (221,555) (52,373) (95,145) (369,073)
Accounts payable (124,467) (2,674) (7,643) 230,847 96,063 (149,153) (112,027) 111,677 107,898 (41,605) (137,313) 72,313 24,836 (40,164)
Accrued expenses and other liabilities 157,647 (26,705) 260,872 (234,036) 157,778 214,191 (105,450) 266,027 (176,585) 198,183 177,897 (171,430) 269,774 276,241
Deferred revenue 47,793 84,085 22,729 9,239 163,846 62,008 42,508 10,941 77,790 193,247 22,279 47,093 (4,732) 64,640
Other non-current assets and liabilities (4,486) (26,119) (44,923) (47,003) (122,531) (41,446) (38,803) (19,999) (93,827) (194,075) (61,368) (72,543) (11,014) (144,925)
Net cash provided by (used in) operating activities (379,799) (543,754) (501,794) (1,461,975) (2,887,322) 259,912 1,041,076 1,263,761 (137,672) 2,427,077 777,266 (63,761) 82,379 795,884
Cash flows from investing activities:
Purchases of property and equipment (60,381) (39,584) (45,333) (107,737) (253,035) (98,015) (141,741) (109,811) (148,356) (497,923) (81,001) (110,278) (167,327) (358,606)
Change in other assets (19,722) (10,452) (4,021) (99,834) (134,029) (288) (260) (8,840) 1,957 (7,431) (4,615) (1,000) (21,304) (26,919)
Net cash used in investing activities (80,103) (50,036) (49,354) (207,571) (387,064) (98,303) (142,001) (118,651) (146,399) (505,354) (85,616) (111,278) (188,631) (385,525)
Cash flows from financing activities:
Proceeds from issuance of debt - 2,243,196 - 2,226,110 4,469,306 - 1,009,464 - - 1,009,464 - - - -
Debt issuance costs - (18,192) - (17,942) (36,134) - (7,559) - - (7,559) - - - -
Repayments of debt - - - - - - - - - - (500,000) - - (500,000)
Proceeds from issuance of common stock 22,972 21,896 11,989 15,633 72,490 43,694 89,060 68,665 33,987 235,406 48,071 19,749 18,445 86,265
Repurchases of common stock - - - - - - - - - - - (500,022) (100,000) (600,022)
Net cash provided by (used in) financing activities 22,972 2,246,900 11,989 2,223,801 4,505,662 43,694 1,090,965 68,665 33,987 1,237,311 (451,929) (480,273) (81,555) (1,013,757)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash (5,014) 4,998 (29,325) 29,810 469 (70,902) 11,819 28,459 66,674 36,050 (42,138) 23,477 (63,843) (82,504)
Net increase (decrease) in cash, cash equivalents, and restricted cash (441,944) 1,658,108 (568,484) 584,065 1,231,745 134,401 2,001,859 1,242,234 (183,410) 3,195,084 197,583 (631,835) (251,650) (685,902)
Cash, cash equivalents, and restricted cash beginning of period 3,812,041 3,370,097 5,028,205 4,459,721 3,812,041 5,043,786 5,178,187 7,180,046 8,422,280 5,043,786 8,238,870 8,436,453 7,804,618 8,238,870
Cash, cash equivalents, and restricted cash end of period $ 3,370,097 $ 5,028,205 $ 4,459,721 $ 5,043,786 $ 5,043,786 $ 5,178,187 $ 7,180,046 $ 8,422,280 $ 8,238,870 $ 8,238,870 $ 8,436,453 $ 7,804,618 $ 7,552,968 $ 7,552,968

Non-GAAP free cash flow reconciliation:

Net cash provided by (used in) operating activities $ (379,799) $ (543,754) $ (501,794) $ (1,461,975) $ (2,887,322) $ 259,912 $ 1,041,076 $ 1,263,761 $ (137,672) $ 2,427,077 $ 777,266 $ (63,761) $ 82,379 $ 795,884
Purchases of property and equipment (60,381) (39,584) (45,333) (107,737) (253,035) (98,015) (141,741) (109,811) (148,356) (497,923) (81,001) (110,278) (167,327) (358,606)
Change in other assets (19,722) (10,452) (4,021) (99,834) (134,029) (288) (260) (8,840) 1,957 (7,431) (4,615) (1,000) (21,304) (26,919)
Non-GAAP free cash flow $ (459,902) $ (593,790) $ (551,148) $ (1,669,546) $ (3,274,386) $ 161,609 $ 899,075 $ 1,145,110 $ (284,071) $ 1,921,723 $ 691,650 $ (175,039) $ (106,252) $ 410,359