Netflix Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Netflix Inc. has submitted its Q1 2024 10-Q filing, providing a detailed financial overview for the period ending March 31, 2024, with comparative data from Q1 2023.</b>

AI Summary

NETFLIX INC (NFLX) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. Netflix Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of 2024, with data from January 1, 2024, to March 31, 2024. Comparative data for the first quarter of 2023 (January 1, 2023, to March 31, 2023) is also included. The report details financial information for various segments including United States and Canada, EMEA, Latin America, and Asia Pacific. The filing references common stock, treasury stock, and accumulated other comprehensive income as of December 31, 2023, and March 31, 2024.

Why It Matters

For investors and stakeholders tracking NETFLIX INC, this filing contains several important signals. This filing provides investors with the latest financial performance data for Netflix, crucial for assessing the company's growth trajectory and profitability in the streaming market. The inclusion of segment-specific data allows for a deeper understanding of regional performance and the effectiveness of Netflix's content and expansion strategies across different markets.

Risk Assessment

Risk Level: low — NETFLIX INC shows low risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, indicating a routine disclosure of financial performance.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on subscriber growth, revenue trends, and content spending.

Key Numbers

• 2024-03-31 — Period End Date (Q1 2024)
• 2024-01-01 — Period Start Date (Q1 2024)
• 2023-03-31 — Comparative Period End Date (Q1 2023)
• 2023-01-01 — Comparative Period Start Date (Q1 2023)

Key Players & Entities

• NETFLIX INC (company) — Filer name
• 0001065280-24-000128 (other) — Accession Number
• 2024-03-31 (date) — Conformed Period of Report
• 2024-04-22 (date) — Filed as of date
• 121 ALBRIGHT WAY (address) — Business Address
• LOS GATOS (location) — Business Address City
• CA (location) — Business Address State
• 95032 (postal_code) — Business Address Zip

FAQ

Industry Context

Netflix operates in the digital streaming and content production industry, facing competition from various global entertainment providers.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and footnotes.
2. Analyze subscriber numbers and revenue breakdowns by region if available in the full filing.
3. Compare Q1 2024 results against Q1 2023 and analyst expectations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for Q1 2024.
• 2024-04-22: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, providing the latest financial data.

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share NFLX NASDAQ Global Select Mar
• $0 — he registrant's common stock, par value $0.001, outstanding. Table of Contents

Filing Documents

• nflx-20240331.htm (10-Q) — 1116KB
• ex311_q124.htm (EX-31.1) — 12KB
• ex312_q124.htm (EX-31.2) — 12KB
• ex313_q124.htm (EX-31.3) — 12KB
• ex321_q124.htm (EX-32.1) — 15KB
• 0001065280-24-000128.txt (&nbsp;) — 6753KB
• nflx-20240331.xsd (EX-101.SCH) — 45KB
• nflx-20240331_cal.xml (EX-101.CAL) — 63KB
• nflx-20240331_def.xml (EX-101.DEF) — 201KB
• nflx-20240331_lab.xml (EX-101.LAB) — 562KB
• nflx-20240331_pre.xml (EX-101.PRE) — 415KB
• nflx-20240331_htm.xml (XML) — 1110KB

Financial Information

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

Notes to Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Other Information

Item 5. Other Information 33 Item 6. Exhibits 33 Exhibit Index 34

Signatures

Signatures 34 2 Table of Contents NETFLIX, INC. Consolidated Statements of Operations (unaudited) (in thousands, except per share data) Three Months Ended March 31, 2024 March 31, 2023 Revenues $ 9,370,440 $ 8,161,503 Cost of revenues 4,977,073 4,803,625 Marketing 654,340 555,362 Technology and development 702,473 687,275 General and administrative 404,020 400,924 Operating income 2,632,534 1,714,317 Other income (expense): Interest expense ( 173,314 ) ( 174,239 ) Interest and other income (expense) 155,359 ( 71,204 ) Income before income taxes 2,614,579 1,468,874 Provision for income taxes ( 282,370 ) ( 163,754 ) Net income $ 2,332,209 $ 1,305,120 Earnings per share: Basic $ 5.40 $ 2.93 Diluted $ 5.28 $ 2.88 Weighted-average shares of common stock outstanding: Basic 432,090 445,244 Diluted 441,654 452,417 See accompanying notes to the consolidated financial statements. 3 Table of Contents NETFLIX, INC. Consolidated Statements of Comprehensive Income (unaudited) (in thousands) Three Months Ended March 31, 2024 March 31, 2023 Net income $ 2,332,209 $ 1,305,120 Other comprehensive income: Foreign currency translation adjustments ( 73,052 ) 25,611 Cash flow hedges: Net unrealized gains 176,604 — Reclassification of net losses included in net income 8,514 — Net change, net of income tax expense of $ 55 million and $ 0 , respectively 185,118 — Total other comprehensive income 112,066 25,611 Comprehensive income $ 2,444,275 $ 1,330,731 See accompanying notes to the consolidated financial statements. 4 Table of Contents NETFLIX, INC. Consolidated Statements of Cash Flows (unaudited) (in thousands) Three Months Ended March 31, 2024 March 31, 2023 Cash flows from operating activities: Net income $ 2,332,209 $ 1,305,120 Adjustments to reconcile net income to net cash provided by operating activities: Additions to content assets ( 3,728,967 ) ( 2,458,666 ) Change in content liabilities

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) 1. Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim consolidated financial statements of Netflix, Inc. and its wholly owned subsidiaries (the "Company") have been prepared in conformity with accounting principles generally accepted in the United States ("U.S.") and are consistent in all material respects with those applied in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC") on January 26, 2024. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions include the amortization of content assets and the recognition and measurement of income tax assets and liabilities. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances. On a regular basis, the Company evaluates the assumptions, judgments and estimates. Actual results may differ from these estimates. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year. The following is provided to update the Company's significant accounting policies previously described in the Company's Annual Report on Form 10-K for

View Full Filing

View this 10-Q filing on SEC EDGAR