Netflix 8-K Filing: Operations & Financials Update

TL;DR

Netflix dropped an 8-K on April 18th detailing Q1 financials and operations. Check it.

AI Summary

Netflix, Inc. filed an 8-K on April 18, 2024, reporting on its results of operations and financial condition as of April 12, 2024. The filing also includes information on other events and financial statements and exhibits. The company is incorporated in Delaware and headquartered in Los Gatos, California.

Why It Matters

This filing provides investors with crucial updates on Netflix's operational performance and financial health, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine 8-K filing for financial and operational updates, not indicating any unusual risks.

Key Players & Entities

• NETFLIX INC (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• Los Gatos, California (location) — Principal executive offices
• April 12, 2024 (date) — Earliest event reported
• April 18, 2024 (date) — Date of report

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share NFLX NASDAQ Global Select Mar
• $3,000,000,000 — volving Credit Agreement provides for a $3,000,000,000 unsecured revolving credit facility. Th

Filing Documents

• nflx-20240412.htm (8-K) — 28KB
• ex991_q124.htm (EX-99.1) — 346KB
• fxneutrala.jpg (GRAPHIC) — 95KB
• nflxlogo2015a22a.jpg (GRAPHIC) — 5KB
• shareofustvviewinga.jpg (GRAPHIC) — 51KB
• 0001065280-24-000127.txt ( ) — 737KB
• nflx-20240412.xsd (EX-101.SCH) — 2KB
• nflx-20240412_lab.xml (EX-101.LAB) — 21KB
• nflx-20240412_pre.xml (EX-101.PRE) — 12KB
• nflx-20240412_htm.xml (XML) — 3KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On April 18, 2024, Netflix, Inc. (the "Company") announced its financial results for the quarter ended March 31, 2024. The Letter to Shareholders, which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, includes reference to the non-GAAP financial information. A reconciliation to the GAAP equivalent of non-GAAP measures is contained in tabular form in Exhibit 99.1. We are not able to reconcile forward-looking non-GAAP financial measures because we are unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including property and equipment and change in other assets, and the impact of changes in currency exchange rates. The variability of these items could have a significant impact on our future GAAP financial results. The information contained in this Item 2.02 and the accompanying Exhibit 99.1 are "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

01 Other Events

Item 8.01 Other Events. On April 12, 2024, Netflix, Inc. (the "Company") entered into a Senior Unsecured Revolving Credit Agreement (the "Revolving Credit Agreement") among the Company, the lenders party thereto and JPMorgan Chase Bank, N.A., as the administrative agent. The Revolving Credit Agreement provides for a $3,000,000,000 unsecured revolving credit facility. The Company did not borrow any amount under the Revolving Credit Agreement at closing. The Company may use the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. Revolving loans may be borrowed, repaid and reborrowed until April 12, 2029, at which time all amounts borrowed must be repaid. Revolving loans may be prepaid without premium or penalty. Revolving loans will bear interest, at the Company's option, at either (i) a floating rate per annum equal to a base rate (the "Alternate Base Rate") plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the "Adjusted Term SOFR Rate") plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company's credit ratings. The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type, including covenants that require delivery of financial statements and notices of events of default; and covenants that limit or restrict the ability of the Company and its subsidiaries to incur debt for borrowed money that is secured by liens, and limitations on the Company's ability to merge or consolidate. The Revolving Credit Agreement also requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fisc

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description of Exhibit 99.1 Letter to Shareholders dated April 18, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NETFLIX, INC. Date: April 18, 2024 /s/ Spencer Neumann Spencer Neumann Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR