Netflix 10-Q Filed for Q3 2024

TL;DR

Netflix Q3 2024 10-Q is in. Financials and ops details released.

AI Summary

Netflix Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter of 2024, detailing financial performance and operational updates. Key financial data and business segments are presented for the reporting period and comparative prior periods.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Netflix, crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing and does not inherently present new risks.

Key Numbers

• 2024 Q3 — Reporting Period (Third quarter of 2024)
• 2023 Q3 — Prior Period (Third quarter of 2023 for comparison)

Key Players & Entities

• NETFLIX INC (company) — Filer
• 0001065280-24-000287 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241018 (date) — Filing Date

FAQ

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-20240930.htm (10-Q) — 1637KB
• ex311_q324.htm (EX-31.1) — 12KB
• ex312_q324.htm (EX-31.2) — 12KB
• ex313_q324.htm (EX-31.3) — 12KB
• ex321_q324.htm (EX-32.1) — 15KB
• 0001065280-24-000287.txt ( ) — 8592KB
• nflx-20240930.xsd (EX-101.SCH) — 45KB
• nflx-20240930_cal.xml (EX-101.CAL) — 73KB
• nflx-20240930_def.xml (EX-101.DEF) — 208KB
• nflx-20240930_lab.xml (EX-101.LAB) — 613KB
• nflx-20240930_pre.xml (EX-101.PRE) — 439KB
• nflx-20240930_htm.xml (XML) — 1649KB

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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 37

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Other Information

Item 5. Other Information 38 Item 6. Exhibits 38 Exhibit Index 39

Signatures

Signatures 39 2 Table of Contents NETFLIX, INC. Consolidated Statements of Operations (unaudited) (in thousands, except per share data) 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 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 Nine Months Ended September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Net income $ 2,363,509 $ 1,677,422 $ 6,843,024 $ 4,470,152 Other comprehensive income (loss): Foreign currency translation adjustments, net of income tax benefit of $ 10 million, $ 0 , $ 10 million, and $ 0 , respectively 63,432 ( 94,157 ) ( 84,866 ) ( 16,117 ) Change in unrealized gains on available-for-sale securities, net of income tax expense of $ 1 million, $ 0 , $ 1 million, and $ 0 , respectively 4,290 — 4,290 — Cash flow hedges: Net unrealized gains

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

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View this 10-Q filing on SEC EDGAR