Netflix, inc. (NFLX)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09Sep'08Jun'08
Cash flows from operating activities:
Net income

709,067

586,970

665,244

270,650

344,052

133,934

402,835

384,349

290,124

185,517

129,590

65,600

178,222

66,748

51,517

40,755

27,658

43,178

29,432

26,335

23,696

83,371

59,295

71,018

53,115

48,421

31,822

29,471

2,689

7,897

7,675

6,164

-4,584

35,219

62,460

68,214

60,233

47,095

37,967

43,519

32,272

30,913

30,141

32,443

22,363

20,371

26,579

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Additions to content assets

3,294,275

3,945,542

3,648,292

3,325,103

2,997,746

3,784,252

3,238,717

3,033,721

2,986,747

2,477,659

2,315,017

2,664,421

2,348,666

2,102,841

2,442,080

1,791,766

2,316,599

1,550,326

1,304,466

1,276,643

1,640,217

1,007,822

1,202,484

813,314

749,399

966,992

878,314

593,454

591,941

631,647

744,714

374,252

764,893

976,545

539,285

612,595

192,307

-

-115,149

-66,157

-

-

-

-

-

-

-

Change in content liabilities

258,945

-571,351

-95,548

-12,414

-14,698

266,653

65,868

288,474

378,885

53,446

-34,587

514,890

366,257

98,525

529,885

238,517

905,723

240,250

104,684

191,154

626,325

125,770

346,752

78,359

42,244

346,610

310,191

7,284

9,700

130,287

274,196

-39,947

397,553

644,046

313,781

422,080

84,048

-

58,638

18,308

-

-

-

-

-

-

-

Amortization of content assets

2,483,385

2,579,669

2,279,977

2,231,915

2,124,686

2,053,660

1,911,767

1,817,817

1,748,844

1,713,863

1,627,477

1,550,794

1,305,683

1,330,508

1,224,108

1,175,361

1,058,521

961,861

871,403

822,600

749,518

730,353

686,154

639,037

600,735

572,597

553,394

510,250

485,740

-

410,947

375,997

-

-

-

-

-

-

-

-

-50,475

-

-9,998

-9,343

-

-

-

Amortization of DVD content assets

-

-

6,654

7,656

-

-

9,959

11,154

11,134

-

13,259

16,511

18,598

19,206

19,284

20,021

20,441

18,793

18,589

20,813

21,185

20,178

18,269

16,923

16,121

17,833

17,546

17,709

18,237

15,914

13,132

16,304

20,046

22,754

23,000

24,000

26,990

-

32,578

35,299

-

-

-

-

-

-

-

Depreciation and amortization of property, equipment and intangibles

28,517

27,818

26,704

25,496

23,561

23,219

21,161

19,736

19,041

19,073

19,238

18,551

15,049

14,189

14,410

14,131

14,798

15,488

16,047

15,581

15,167

14,312

14,357

12,977

12,382

12,845

11,452

12,026

12,051

11,963

11,128

11,047

11,331

11,826

11,913

10,182

9,826

9,253

8,678

9,309

10,859

10,238

9,618

9,013

9,175

8,643

8,188

Amortization of streaming content library

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

339,736

-

187,446

144,466

85,937

-

44,568

29,844

-

-

-

-

-

-

-

Amortization of content library

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

62,292

-

56,690

53,235

49,304

47,596

57,012

Amortization of discounts and premiums on investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-126

-119

-194

-122

-177

Share-based Payment Arrangement, Noncash Expense

97,019

100,066

100,262

103,848

101,200

88,714

82,316

81,232

68,395

48,530

44,763

44,028

44,888

43,646

43,495

44,112

42,422

35,860

32,834

28,590

27,441

30,251

29,878

29,285

25,825

18,922

18,477

17,955

17,746

17,694

18,472

18,450

19,332

18,077

15,705

15,536

12,264

8,270

7,296

6,928

5,502

2,976

3,232

3,278

3,132

3,035

2,905

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

27,720

12,762

13,323

11,316

-25,683

37,726

39,427

29,001

20,921

21,060

14,628

32,732

29,188

20,492

20,368

11,615

370

111

307

3,755

501

11,761

17,868

15,654

27,515

16,093

11,182

7,424

3,584

1,600

3,815

3,684

1,093

2,554

Other non-cash items

-65,448

-78,203

-51,280

-53,039

-45,708

-50,548

-8,962

-13,921

-8,209

-74,783

-9,896

-11,519

-21,666

-9,430

-9,682

-9,040

-12,757

-7,774

-10,866

-6,682

-6,306

-6,475

-3,360

-3,251

-2,196

-400

-1,994

-1,188

-1,750

3,216

2,078

1,579

1,519

578

1,745

802

925

13,434

1,754

-2,900

-3,160

-

-

-

-

-

-

Foreign Currency Transaction Gain (Loss), before Tax

93,060

-122,100

171,360

-61,284

57,600

21,953

7,670

85,410

-41,080

-25,740

-50,830

-64,220

0

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred taxes

46,619

-188,694

52,105

35,519

6,627

-14,479

-39,453

-9,539

-22,049

-104,132

-57,090

-20,702

-26,764

-26,706

14,338

-17,876

-16,603

12,036

-29,417

-4,232

-37,042

7,501

-7,892

-16,569

-13,103

-10,832

-2,424

-2,040

-6,748

-3,622

-15,606

0

-10,843

-4,407

-5,281

-3,927

-4,982

1,999

3,194

-3,394

-2,761

1,845

-71

5,898

-1,344

-3,894

-2,502

Loss on extinguishment of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-25,129

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Prepaid content

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-15,358

-4,503

-2,994

-

17,335

-14,787

12,380

2,895

25,485

2,133

4,963

-

-107

1,613

-

-

-

Other current assets

127,353

195,951

-145

24,231

32,076

88,359

30,364

25,564

55,905

87,090

41,399

80,199

25,402

1,679

-10,250

-24,091

-14,308

62,755

-66,695

36,648

-51,401

36,539

-12,960

20,685

-35,066

-5,222

-9,920

-33,762

5,727

5,620

3,476

8,077

-11,741

3,499

8,578

-4,015

-9,498

5,990

3,374

9,211

-548

-

-7,518

7,232

-

-

-

Loss on disposal of property and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-110

-144

1

0

Gain on sale of short-term investments

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

984

-101

572

-494

-78

Gain on disposal of DVDs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2,491

506

2,033

3,205

4,059

Prepaid content and other current assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

391

7,022

10,947

Content library

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,091

5,773

7,982

Accounts payable

-149,153

230,847

-7,643

-2,674

-124,467

121,831

-4,449

7,733

74,083

63,969

34,029

-12,439

-11,000

15,540

27,810

8,795

-19,898

49,031

6,762

6,447

-10,625

51,083

13,003

-3,086

22,812

12,370

-5,877

-5,138

17,019

6,224

-9,727

316

-1,756

20,019

-7,052

-4,231

15,232

11,316

-10,914

1,472

17,340

12,687

-13,173

-6,549

8,572

-744

7,092

Accrued expenses and other liabilities

214,191

-234,036

260,872

-26,705

157,647

-49,776

134,000

-52,851

119,049

-5,169

74,006

-48,042

93,542

-3,582

28,957

2,099

41,232

-39,619

10,883

41,624

35,922

4,050

-6,980

59,008

-442

7,030

-11,451

10,494

-4,132

-14,125

15,294

6,854

1,783

6,319

23,489

15,459

20,293

26,032

18,003

7,917

13,746

8,083

2,175

-34

2,945

4,730

-14,551

Increase (Decrease) in Contract with Customer, Liability

62,000

9,393

22,729

84,085

47,793

44,176

18,983

23,848

55,270

83,197

32,947

46,609

15,221

16,266

30,230

22,753

27,502

16,982

27,985

16,414

10,754

21,630

11,626

11,315

14,248

19,944

9,252

7,693

9,406

14,326

2,356

2,188

1,806

-12,133

13,992

3,892

15,862

24,197

1,567

1,310

12

20,974

-1,372

-128

-2,504

-1,989

-489

Other non-current assets and liabilities

41,446

47,003

44,923

26,119

4,486

26,741

25,609

-40,582

-13,830

33,657

7,549

41,447

-8,850

8,690

11,065

3,003

29,536

18,981

20,540

633

-21,788

68,153

-5,323

-3,133

-7,291

13,737

10,797

-7,111

-8,446

1,393

-4,229

-1,746

-137

-8,662

11,218

-3,184

-2,388

-2,878

-2,507

1,323

3,417

-765

1,607

-325

-2,423

775

-8,433

Net cash provided by (used in) operating activities

259,912

-1,461,975

-501,794

-543,754

-379,799

-1,235,072

-690,411

-518,239

-236,757

-487,957

-419,607

-534,528

-343,856

-557,160

-461,941

-226,293

-228,590

-244,745

-195,969

-181,343

-127,382

-38,461

-37,439

56,024

36,359

41,445

34,693

33,943

-12,250

-14,005

-2,925

19,407

19,109

65,466

49,531

86,392

116,323

96,717

42,227

60,252

77,205

105,817

78,311

75,302

65,633

60,495

67,380

Cash flows from investing activities:
Acquisition of DVD content assets

-

-

4,634

7,798

-

-

7,731

12,552

10,796

-

10,217

7,624

25,372

18,797

17,249

17,924

23,207

20,799

14,467

19,786

22,906

23,365

15,530

20,981

14,914

15,240

15,471

14,023

21,193

18,149

8,586

8,012

13,528

23,144

20,826

19,065

22,119

32,908

29,900

24,191

36,902

57,048

46,273

43,224

46,499

28,828

44,410

Purchases of property and equipment

98,015

107,737

45,333

39,584

60,381

70,120

39,333

27,323

37,170

21,585

33,963

65,231

52,523

61,048

27,366

10,814

8,425

12,854

37,820

27,538

13,036

15,491

21,032

19,869

13,334

23,109

10,828

8,088

12,118

21,345

10,808

3,359

4,766

10,656

14,080

8,626

16,320

14,431

7,342

5,671

6,393

22,433

9,994

6,933

6,572

9,226

14,662

Change in other assets

288

112,266

-613

2,654

19,722

41,317

121,630

441

1,786

57,469

1,107

1,064

769

1,617

-125

-907

356

-2,262

3,760

639

-225

431

-341

-1,129

-295

-2,131

1,329

-1,087

-4,050

-2,493

-1,857

-3,132

-1,334

-2,255

844

-844

-1,419

-9,419

-2,782

-3,825

3,682

-11,178

134

11

-2

3

20

Purchases of short-term investments

-

-

-

-

-

-

-

-

-

0

2,799

14,246

57,774

5,603

128,136

18,492

34,962

146,582

66,444

67,949

90,940

71,597

123,883

170,908

60,546

52,475

116,116

146,050

235,623

46,772

67,779

63,303

299,467

123,214

7,673

40,597

52,266

34,193

15,379

21,795

35,995

125,841

21,006

28,769

52,384

22,950

65,937

Proceeds from sale of short-term investments

-

-

-

-

-

-

-

-

-

0

250,278

14,128

55,748

83,797

171,747

18,752

8,188

114,832

43,887

48,412

51,948

45,022

107,568

89,662

143,048

151,110

81,185

33,979

81,228

10,273

52,172

48,173

172,335

19,485

37

16,510

14,961

15,794

42,238

32,055

30,770

36,037

85,904

7,832

36,933

50,004

21,017

Proceeds from maturities of short-term investments

-

-

-

-

-

-

-

-

-

0

0

17,605

5,100

27,690

24,855

24,675

63,025

22,580

31,125

19,170

31,887

14,721

32,125

92,014

3,090

2,205

48,890

5,410

4,420

5,680

2,695

12,715

8,275

19,665

1,805

15,985

650

5,500

1,995

4,310

4,013

4,688

3,480

26,175

1,330

605

665

Proceeds from sale of DVDs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

3,345

1,159

2,726

3,787

5,379

Acquisitions of intangible assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

200

62

1,000

Investment in business

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Net cash used in investing activities

-98,303

-207,571

-49,354

-50,036

-80,103

-80,358

-168,694

-40,316

-49,752

-35,841

202,192

-56,432

-75,590

24,422

23,976

-2,896

4,263

-40,561

-47,479

-48,330

-42,822

-51,141

-20,411

-28,953

57,639

64,622

-13,669

-127,685

-179,236

-67,820

-30,449

-10,654

-135,817

-115,609

-41,581

-34,949

-73,675

-58,183

-5,606

-11,467

-40,825

-153,252

15,590

-43,749

-64,668

-6,667

-98,928

Cash flows from financing activities:
Proceeds from issuance of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,224

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of debt

-

-

0

2,243,196

-

-

0

1,900,000

-

-

0

1,420,510

-

-

0

0

-

0

0

0

1,500,000

0

0

0

400,000

0

0

0

500,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt issuance costs

-

-

0

18,192

-

-

0

16,992

-

-

312

15,013

-

-

0

0

-

0

0

397

17,232

0

0

353

6,727

0

0

0

9,414

-464

0

371

388

-

0

0

0

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of common stock

43,694

15,633

11,989

21,896

22,972

11,450

29,781

26,936

56,335

14,705

34,669

14,826

24,178

25,392

3,819

4,232

3,536

8,171

35,089

23,804

10,916

3,750

9,877

14,469

32,448

31,004

25,561

28,846

39,146

-

318

524

-

1,025

4,409

7,418

6,762

-33,954

10,927

13,109

9,918

-26,092

2,725

9,778

13,589

2,576

4,524

Repurchases of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

39,602

51,421

108,643

0

57,390

45,145

107,724

79,419

129,686

72,511

42,719

90,028

0

Redemption of debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

219,362

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess tax benefits from stock-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

27,720

12,762

13,323

11,316

-25,683

37,726

39,427

29,001

20,921

21,060

14,628

32,732

29,188

20,492

20,368

11,615

370

111

307

3,755

501

11,761

17,868

15,654

27,515

16,093

11,182

7,424

3,584

1,600

3,815

3,684

1,093

2,554

Other financing activities

-

-

0

0

-

-559

-544

-532

-321

66

65

63

61

60

58

57

55

54

-61

-287

-251

-1,906

275

271

267

264

258

255

403

596

587

577

559

536

526

520

501

480

470

465

361

300

294

295

269

234

230

Net cash provided by financing activities

43,694

2,223,801

11,989

2,246,900

22,972

2,053,864

29,237

1,909,412

56,014

1,597,943

34,422

1,420,386

24,239

1,042,472

16,639

17,612

14,907

-17,458

72,754

62,547

1,522,434

24,391

30,662

28,473

458,186

59,928

45,795

48,959

321,582

1,832

-158

-117

4,032

398,997

-23,958

-26,655

-86,728

42,857

-30,840

-21,319

-90,743

125,942

-125,655

-59,213

-25,715

-86,593

6,848

Effect of exchange rate changes on cash, cash equivalents and restricted cash

-70,902

29,810

-29,325

4,998

-5,014

-4,957

-5,562

-36,340

7,177

2,181

10,685

11,527

5,455

-11,316

-441

-2,742

5,334

-3,343

-7,741

6,221

-11,061

-4,398

-3,839

1,250

301

-86

1,559

-2,590

-2,336

-14

1,579

-2,377

615

0

0

0

0

-

-

-

-

-

-

-

-

-

-

Net increase (decrease) in cash, cash equivalents and restricted cash

134,401

584,065

-568,484

1,658,108

-441,944

733,477

-835,430

1,314,517

-223,318

1,076,326

-172,308

840,953

-389,752

498,418

-421,767

-214,319

-204,086

-306,107

-178,435

-160,905

1,341,169

-69,609

-31,027

56,794

552,485

165,909

68,378

-47,373

127,760

-80,007

-31,953

6,259

-112,061

348,854

-16,008

24,788

-44,080

81,391

5,781

27,466

-54,363

78,507

-31,754

-27,660

-24,750

-32,765

-24,700

Supplemental disclosure:
Increase (decrease) in investing activities included in liabilities

-

-

-

-

-

-

-

-

-

-

-6,876

-3,493

-16,672

12,018

17,243

-1,254

-503

-

-

-

20,706

-

-1,362

5,528

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-