(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
Part I. Financial Information | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Revenues | $ | $ | $ | $ | |||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Marketing | |||||||||||||||||||||||
Technology and development | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest and other income | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted-average shares of common stock outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ( | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Net unrealized gains (losses), net of tax effect of $( | |||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
Additions to content assets | ( | ( | ( | ( | |||||||||||||||||||
Change in content liabilities | ( | ( | ( | ||||||||||||||||||||
Amortization of content assets | |||||||||||||||||||||||
Depreciation and amortization of property, equipment and intangibles | |||||||||||||||||||||||
Stock-based compensation expense | |||||||||||||||||||||||
Foreign currency remeasurement gain on debt | ( | ( | ( | ( | |||||||||||||||||||
Other non-cash items | |||||||||||||||||||||||
Deferred income taxes | ( | ( | ( | ( | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Other current assets | ( | ( | |||||||||||||||||||||
Accounts payable | ( | ( | ( | ||||||||||||||||||||
Accrued expenses and other liabilities | ( | ||||||||||||||||||||||
Deferred revenue | ( | ( | ( | ||||||||||||||||||||
Other non-current assets and liabilities | ( | ( | ( | ( | |||||||||||||||||||
Net cash provided by operating activities | |||||||||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Purchases of property and equipment | ( | ( | ( | ( | |||||||||||||||||||
Acquisitions | ( | ||||||||||||||||||||||
Purchases of short-term investments | ( | ||||||||||||||||||||||
Proceeds from maturities of short-term investments | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | ( | ( | |||||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Repayments of debt | ( | ||||||||||||||||||||||
Proceeds from issuance of common stock | |||||||||||||||||||||||
Repurchases of common stock | ( | ( | |||||||||||||||||||||
Other financing activities | ( | ( | |||||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | ( | ||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | ( | ( | |||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | $ |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term investments | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Content assets, net | |||||||||||
Property and equipment, net | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current content liabilities | $ | $ | |||||||||
Accounts payable | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Deferred revenue | |||||||||||
Short-term debt | |||||||||||
Total current liabilities | |||||||||||
Non-current content liabilities | |||||||||||
Long-term debt | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Treasury stock at cost ( | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Retained earnings | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
Total stockholders' equity, beginning balances | $ | $ | $ | $ | ||||||||||||||||||||||
Common stock and additional paid-in capital: | ||||||||||||||||||||||||||
Beginning balances | $ | $ | $ | $ | ||||||||||||||||||||||
Issuance of common stock upon exercise of options | ||||||||||||||||||||||||||
Stock-based compensation expense | ||||||||||||||||||||||||||
Ending balances | $ | $ | $ | $ | ||||||||||||||||||||||
Treasury stock: | ||||||||||||||||||||||||||
Beginning balances | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Repurchases of common stock to be held as treasury stock | ( | — | ( | — | ||||||||||||||||||||||
Ending balances | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Accumulated other comprehensive loss: | ||||||||||||||||||||||||||
Beginning balances | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Ending balances | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Retained earnings: | ||||||||||||||||||||||||||
Beginning balances | $ | $ | $ | $ | ||||||||||||||||||||||
Net income | ||||||||||||||||||||||||||
Ending balances | $ | $ | $ | $ | ||||||||||||||||||||||
Total stockholders' equity, ending balances | $ | $ | $ | $ |
As of/ Three Months Ended | As of/ Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Paid net membership additions (losses) | ( | |||||||||||||||||||||||||
Paid memberships at end of period (1) | ||||||||||||||||||||||||||
As of/ Three Months Ended | As of/ Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Paid net membership additions (losses) | ( | |||||||||||||||||||||||||
Paid memberships at end of period (1) | ||||||||||||||||||||||||||
As of/ Three Months Ended | As of/ Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Paid net membership additions (losses) | ( | |||||||||||||||||||||||||
Paid memberships at end of period (1) | ||||||||||||||||||||||||||
As of/ Three Months Ended | As of/ Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | ||||||||||||||||||||||
Paid net membership additions (losses) | ||||||||||||||||||||||||||
Paid memberships at end of period (1) | ||||||||||||||||||||||||||
(1) A paid membership (also referred to as a paid subscription) is defined as a membership that has the right to receive Netflix service following sign-up and a method of payment being provided, and that is not part of a free trial or certain other promotions that may be offered by the Company to new or rejoining members. Certain members have the option to add extra member sub accounts. These extra member sub accounts are not included in paid memberships. A membership is canceled and ceases to be reflected in the above metrics as of the effective cancellation date. Voluntary cancellations generally become effective at the end of the prepaid membership period. Involuntary cancellations, as a result of a failed method of payment, become effective immediately. Memberships are assigned to territories based on the geographic location used at time of sign-up as determined by the Company’s internal systems, which utilize industry standard geo-location technology. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Basic earnings per share: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Shares used in computation: | |||||||||||||||||||||||
Weighted-average shares of common stock outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share: | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Shares used in computation: | |||||||||||||||||||||||
Weighted-average shares of common stock outstanding | |||||||||||||||||||||||
Employee stock options | |||||||||||||||||||||||
Weighted-average number of shares | |||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Employee stock options |
As of September 30, 2023 | |||||||||||||||||||||||||||||
Cash and cash equivalents | Short-term investments | Other Current Assets | Non-current Assets | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Level 1 securities: | |||||||||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||||||||
Level 2 securities: | |||||||||||||||||||||||||||||
Time Deposits (1) | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
Cash and cash equivalents | Short-term investments | Other Current Assets | Non-current Assets | Total | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Cash | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Level 1 securities: | |||||||||||||||||||||||||||||
Money market funds | |||||||||||||||||||||||||||||
Level 2 securities: | |||||||||||||||||||||||||||||
Time Deposits (1) | |||||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Licensed content, net | $ | $ | |||||||||
Produced content, net | |||||||||||
Released, less amortization | |||||||||||
In production | |||||||||||
In development and pre-production | |||||||||||
Content assets, net | $ | $ | |||||||||
Three Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
(in thousands) | |||||||||||
Licensed content | $ | $ | |||||||||
Produced content | |||||||||||
Total | $ | $ |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
(in thousands) | |||||||||||
Licensed content | $ | $ | |||||||||
Produced content | |||||||||||
Total | $ | $ |
As of | ||||||||||||||||||||
September 30, 2023 | December 31, 2022 | Estimated Useful Lives | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Land | $ | $ | ||||||||||||||||||
Buildings | ||||||||||||||||||||
Leasehold improvements | Over life of lease | |||||||||||||||||||
Furniture and fixtures | ||||||||||||||||||||
Information technology | ||||||||||||||||||||
Corporate aircraft | ||||||||||||||||||||
Machinery and equipment | ||||||||||||||||||||
Capital work-in-progress | ||||||||||||||||||||
Property and equipment, gross | ||||||||||||||||||||
Less: Accumulated depreciation | ( | ( | ||||||||||||||||||
Property and equipment, net | $ | $ |
Three Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
(in thousands) | |||||||||||
Cash paid for operating lease liabilities | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new operating lease obligations |
Nine Months Ended | |||||||||||
September 30, 2023 | September 30, 2022 | ||||||||||
(in thousands) | |||||||||||
Cash paid for operating lease liabilities | $ | $ | |||||||||
Right-of-use assets obtained in exchange for new operating lease obligations |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
$ | $ | ||||||||||
Total operating lease liabilities | $ | $ |
As of | ||||||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Trade receivables | $ | $ | ||||||||||||
Prepaid expenses | ||||||||||||||
Other | ||||||||||||||
Total other current assets | $ | $ |
Principal Amount at Par | Level 2 Fair Value as of | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | Issuance Date | Maturity | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||
(in millions) | (in millions) | |||||||||||||||||||||||||||||||||||||
$ | $ | February 2014 | March 2024 | $ | $ | |||||||||||||||||||||||||||||||||
February 2015 | February 2025 | |||||||||||||||||||||||||||||||||||||
April 2020 | June 2025 | |||||||||||||||||||||||||||||||||||||
April 2020 | June 2025 | |||||||||||||||||||||||||||||||||||||
October 2016 | November 2026 | |||||||||||||||||||||||||||||||||||||
May 2017 | May 2027 | |||||||||||||||||||||||||||||||||||||
October 2017 | April 2028 | |||||||||||||||||||||||||||||||||||||
April 2018 | November 2028 | |||||||||||||||||||||||||||||||||||||
October 2018 | May 2029 | |||||||||||||||||||||||||||||||||||||
October 2018 | May 2029 | |||||||||||||||||||||||||||||||||||||
April 2019 | November 2029 | |||||||||||||||||||||||||||||||||||||
April 2019 | November 2029 | |||||||||||||||||||||||||||||||||||||
October 2019 | June 2030 | |||||||||||||||||||||||||||||||||||||
October 2019 | June 2030 | |||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Derivatives designated as hedging instruments: | |||||||||||
Foreign exchange contracts | |||||||||||
Cash flow hedges | $ | $ | |||||||||
Total | $ | $ |
As of September 30, 2023 | |||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||
Other current assets | Other non-current assets | Accrued expenses and other liabilities | Other non-current liabilities | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
As of September 30, 2023 | |||||||||||||||||||||||||||||||||||
Gross Amount Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||
Gross Amount Recognized in the Consolidated Balance Sheets | Gross Amount Offset in the Consolidated Balance Sheets | Net Amount Presented in the Consolidated Balance Sheets | Financial Instruments | Collateral Received and Posted | Net Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Derivative liabilities | ( | ||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Foreign exchange contracts (1) | |||||||||||||||||||||||
Amount included in the assessment of effectiveness | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Less than one year | $ | $ | |||||||||
Due after one year and through three years | |||||||||||
Due after three years and through five years | |||||||||||
Due after five years | |||||||||||
Total content obligations | $ | $ |
Options Outstanding | |||||||||||||||||||||||||||||
Shares Available for Grant | Number of Shares | Weighted- Average Exercise Price (per share) | Weighted-Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | |||||||||||||||||||||||||
Balances as of December 31, 2022 | $ | ||||||||||||||||||||||||||||
Granted | ( | ||||||||||||||||||||||||||||
Exercised | — | ( | |||||||||||||||||||||||||||
Expired | — | ( | |||||||||||||||||||||||||||
Balances as of September 30, 2023 | $ | $ | |||||||||||||||||||||||||||
Vested and expected to vest as of September 30, 2023 | $ | $ | |||||||||||||||||||||||||||
Exercisable as of September 30, 2023 | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Total intrinsic value of options exercised | $ | $ | $ | $ | |||||||||||||||||||
Cash received from options exercised |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||
Dividend yield | % | % | % | % | |||||||||||||||||||
Expected volatility | % | % | |||||||||||||||||||||
Risk-free interest rate | % | % | |||||||||||||||||||||
Suboptimal exercise factor | |||||||||||||||||||||||
Weighted-average fair value (per share) | $ | $ | $ | $ | |||||||||||||||||||
Total stock-based compensation expense (in thousands) | $ | $ | $ | $ | |||||||||||||||||||
Total income tax impact on provision (in thousands) | $ | $ | $ | $ |
Foreign Currency Translation Adjustments | Change in Unrealized Gains (Losses) on Cash Flow Hedges | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balances as of December 31, 2022 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
Balances as of September 30, 2023 | $ | ( | $ | $ | ( |
Foreign Currency Translation Adjustments | Change in Unrealized Gains (Losses) on Cash Flow Hedges | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balances as of December 31, 2021 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||
Balances as of September 30, 2022 | $ | ( | $ | $ | ( |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Provision for income taxes | $ | $ | $ | $ | ||||||||||||||||||||||
Effective tax rate | % | % | % | % |
As of | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
United States | $ | $ | |||||||||
International |
As of/ Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | |||||||||||||||||||||||
Financial Results: | |||||||||||||||||||||||
Streaming revenues | $ | 8,519,306 | $ | 7,890,361 | $ | 628,945 | 8 | % | |||||||||||||||
DVD revenues (1) | 22,362 | 35,228 | (12,866) | (37) | % | ||||||||||||||||||
Total revenues | $ | 8,541,668 | $ | 7,925,589 | $ | 616,079 | 8 | % | |||||||||||||||
Operating income | $ | 1,916,394 | $ | 1,533,018 | $ | 383,376 | 25 | % | |||||||||||||||
Operating margin | 22 | % | 19 | % | 3 | % | |||||||||||||||||
Global Streaming Memberships: | |||||||||||||||||||||||
Paid net membership additions | 8,763 | 2,413 | 6,350 | 263 | % | ||||||||||||||||||
Paid memberships at end of period | 247,153 | 223,085 | 24,068 | 11 | % | ||||||||||||||||||
Average paying memberships | 242,772 | 221,879 | 20,893 | 9 | % | ||||||||||||||||||
Average monthly revenue per paying membership | $ | 11.70 | $ | 11.85 | $ | (0.15) | (1) | % |
Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Streaming revenues | $ | 8,519,306 | $ | 7,890,361 | $ | 628,945 | 8 | % | ||||||||||||||||||
Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Streaming revenues | $ | 24,807,633 | $ | 23,651,369 | $ | 1,156,264 | 5 | % | ||||||||||||||||||
As of/ Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 3,735,133 | $ | 3,601,565 | $ | 133,568 | 4 | % | ||||||||||||||||||
Paid net membership additions (losses) | 1,750 | 104 | 1,646 | 1,583 | % | |||||||||||||||||||||
Paid memberships at end of period | 77,321 | 73,387 | 3,934 | 5 | % | |||||||||||||||||||||
Average paying memberships | 76,446 | 73,335 | 3,111 | 4 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 16.29 | $ | 16.37 | $ | (0.08) | — | % | ||||||||||||||||||
Constant currency change (1) | — | % | ||||||||||||||||||||||||
As of/ Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 10,943,226 | $ | 10,489,852 | $ | 453,374 | 4 | % | ||||||||||||||||||
Paid net membership additions (losses) | 3,025 | (1,828) | 4,853 | 265 | % | |||||||||||||||||||||
Paid memberships at end of period | 77,321 | 73,387 | 3,934 | 5 | % | |||||||||||||||||||||
Average paying memberships | 75,259 | 74,054 | 1,205 | 2 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 16.16 | $ | 15.74 | $ | 0.42 | 3 | % | ||||||||||||||||||
Constant currency change (1) | 3 | % | ||||||||||||||||||||||||
As of/ Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 2,693,146 | $ | 2,375,814 | $ | 317,332 | 13 | % | ||||||||||||||||||
Paid net membership additions (losses) | 3,953 | 568 | 3,385 | 596 | % | |||||||||||||||||||||
Paid memberships at end of period | 83,760 | 73,534 | 10,226 | 14 | % | |||||||||||||||||||||
Average paying memberships | 81,784 | 73,250 | 8,534 | 12 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 10.98 | $ | 10.81 | $ | 0.17 | 2 | % | ||||||||||||||||||
Constant currency change (1) | (2) | % | ||||||||||||||||||||||||
As of/ Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 7,772,957 | $ | 7,394,880 | $ | 378,077 | 5 | % | ||||||||||||||||||
Paid net membership additions (losses) | 7,031 | (502) | 7,533 | 1,501 | % | |||||||||||||||||||||
Paid memberships at end of period | 83,760 | 73,534 | 10,226 | 14 | % | |||||||||||||||||||||
Average paying memberships | 79,142 | 73,495 | 5,647 | 8 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 10.91 | $ | 11.18 | $ | (0.27) | (2) | % | ||||||||||||||||||
Constant currency change (1) | (1) | % | ||||||||||||||||||||||||
As of/ Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 1,142,811 | $ | 1,023,945 | $ | 118,866 | 12 | % | ||||||||||||||||||
Paid net membership additions (losses) | 1,179 | 312 | 867 | 278 | % | |||||||||||||||||||||
Paid memberships at end of period | 43,645 | 39,936 | 3,709 | 9 | % | |||||||||||||||||||||
Average paying memberships | 43,056 | 39,780 | 3,276 | 8 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 8.85 | $ | 8.58 | $ | 0.27 | 3 | % | ||||||||||||||||||
Constant currency change (1) | 8 | % | ||||||||||||||||||||||||
As of/ Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 3,290,438 | $ | 3,053,127 | $ | 237,311 | 8 | % | ||||||||||||||||||
Paid net membership additions (losses) | 1,946 | (25) | 1,971 | 7,884 | % | |||||||||||||||||||||
Paid memberships at end of period | 43,645 | 39,936 | 3,709 | 9 | % | |||||||||||||||||||||
Average paying memberships | 42,129 | 39,728 | 2,401 | 6 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 8.68 | $ | 8.54 | $ | 0.14 | 2 | % | ||||||||||||||||||
Constant currency change (1) | 8 | % | ||||||||||||||||||||||||
As of/ Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 948,216 | $ | 889,037 | $ | 59,179 | 7 | % | ||||||||||||||||||
Paid net membership additions (losses) | 1,881 | 1,429 | 452 | 32 | % | |||||||||||||||||||||
Paid memberships at end of period | 42,427 | 36,228 | 6,199 | 17 | % | |||||||||||||||||||||
Average paying memberships | 41,487 | 35,514 | 5,973 | 17 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 7.62 | $ | 8.34 | $ | (0.72) | (9) | % | ||||||||||||||||||
Constant currency change (1) | (6) | % | ||||||||||||||||||||||||
As of/ Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except revenue per membership and percentages) | ||||||||||||||||||||||||||
Revenues | $ | 2,801,012 | $ | 2,713,510 | $ | 87,502 | 3 | % | ||||||||||||||||||
Paid net membership additions (losses) | 4,404 | 3,596 | 808 | 22 | % | |||||||||||||||||||||
Paid memberships at end of period | 42,427 | 36,228 | 6,199 | 17 | % | |||||||||||||||||||||
Average paying memberships | 40,083 | 34,316 | 5,767 | 17 | % | |||||||||||||||||||||
Average monthly revenue per paying membership | $ | 7.76 | $ | 8.79 | $ | (1.03) | (12) | % | ||||||||||||||||||
Constant currency change (1) | (6) | % | ||||||||||||||||||||||||
Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cost of revenues | $ | 4,930,788 | $ | 4,788,665 | $ | 142,123 | 3 | % | |||||||||||||||
As a percentage of revenues | 58 | % | 60 | % |
Nine Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cost of revenues | $ | 14,407,883 | $ | 13,764,125 | $ | 643,758 | 5 | % | |||||||||||||||
As a percentage of revenues | 58 | % | 58 | % |
Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Marketing | $ | 558,736 | $ | 567,954 | $ | (9,218) | (2) | % | |||||||||||||||
As a percentage of revenues | 7 | % | 7 | % |
Nine Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Marketing | $ | 1,741,266 | $ | 1,698,892 | $ | 42,374 | 2 | % | |||||||||||||||
As a percentage of revenues | 7 | % | 7 | % |
Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Technology and development | $ | 657,159 | $ | 662,739 | $ | (5,580) | (1) | % | |||||||||||||||
As a percentage of revenues | 8 | % | 8 | % |
Nine Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Technology and development | $ | 2,002,417 | $ | 2,037,115 | $ | (34,698) | (2) | % | |||||||||||||||
As a percentage of revenues | 8 | % | 9 | % |
Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
General and administrative | $ | 478,591 | $ | 373,213 | $ | 105,378 | 28 | % | |||||||||||||||
As a percentage of revenues | 6 | % | 5 | % |
Nine Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
General and administrative | $ | 1,281,012 | $ | 1,180,438 | $ | 100,574 | 9 | % | |||||||||||||||
As a percentage of revenues | 5 | % | 5 | % |
Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Interest expense | $ | 175,563 | $ | 172,575 | $ | 2,988 | 2 | % | ||||||||||||||||||
As a percentage of revenues | 2 | % | 2 | % |
Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Interest expense | $ | 524,614 | $ | 535,609 | $ | (10,995) | (2) | % | ||||||||||||||||||
As a percentage of revenues | 2 | % | 2 | % |
Three Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Interest and other income | $ | 168,218 | $ | 261,404 | $ | (93,186) | (36) | % | ||||||||||||||||||
As a percentage of revenues | 2 | % | 3 | % |
Nine Months Ended | Change | |||||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | ||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||
Interest and other income | $ | 123,975 | $ | 677,275 | $ | (553,300) | (82) | % | ||||||||||||||||||
As a percentage of revenues | — | % | 3 | % |
Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Provision for income taxes | $ | 231,627 | $ | 223,605 | $ | 8,022 | 4 | % | |||||||||||||||
Effective tax rate | 12 | % | 14 | % |
Nine Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Provision for income taxes | $ | 587,103 | $ | 787,953 | $ | (200,850) | (25) | % | |||||||||||||||
Effective tax rate | 12 | % | 15 | % |
As of | Change | ||||||||||||||||||||||
September 30, 2023 | December 31, 2022 | September 30, 2023 vs. December 31, 2022 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Cash, cash equivalents, restricted cash and short-term investments | $ | 7,871,037 | $ | 6,081,858 | $ | 1,789,179 | 29 | % | |||||||||||||||
Short-term and long-term debt | 14,300,368 | 14,353,076 | (52,708) | — | % |
Payments due by Period | ||||||||||||||||||||
Contractual obligations (in thousands): | Total | Next 12 Months | Beyond 12 Months | |||||||||||||||||
Content obligations (1) | $ | 19,650,049 | $ | 9,512,081 | $ | 10,137,968 | ||||||||||||||
Debt (2) | 17,781,751 | 1,068,072 | 16,713,679 | |||||||||||||||||
Operating lease obligations (3) | 3,111,308 | 491,894 | 2,619,414 | |||||||||||||||||
Total | $ | 40,543,108 | $ | 11,072,047 | $ | 29,471,061 |
Three Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | Q3'23 vs. Q3'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 1,992,315 | $ | 556,810 | $ | 1,435,505 | 258 | % | |||||||||||||||
Net cash provided by (used in) investing activities | 296,071 | (84,960) | 381,031 | 448 | % | ||||||||||||||||||
Net cash provided by (used in) financing activities | (2,475,108) | 4,113 | (2,479,221) | (60,278) | % | ||||||||||||||||||
Non-GAAP reconciliation of free cash flow: | |||||||||||||||||||||||
Net cash provided by operating activities | 1,992,315 | 556,810 | 1,435,505 | 258 | % | ||||||||||||||||||
Purchases of property and equipment | (103,929) | (84,960) | 18,969 | 22 | % | ||||||||||||||||||
Free cash flow | $ | 1,888,386 | $ | 471,850 | $ | 1,416,536 | 300 | % |
Nine Months Ended | Change | ||||||||||||||||||||||
September 30, 2023 | September 30, 2022 | YTD'23 vs. YTD'22 | |||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 5,611,287 | $ | 1,582,399 | $ | 4,028,888 | 255 | % | |||||||||||||||
Net cash provided by (used in) investing activities | 130,155 | (489,533) | 619,688 | 127 | % | ||||||||||||||||||
Net cash used in financing activities | (3,498,530) | (670,959) | 2,827,571 | 421 | % | ||||||||||||||||||
Non-GAAP reconciliation of free cash flow: | |||||||||||||||||||||||
Net cash provided by operating activities | 5,611,287 | 1,582,399 | 4,028,888 | 255 | % | ||||||||||||||||||
Purchases of property and equipment | (266,920) | (296,136) | (29,216) | (10) | % | ||||||||||||||||||
Free cash flow | $ | 5,344,367 | $ | 1,286,263 | $ | 4,058,104 | 315 | % |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
July 1 - 31, 2023 | — | $ | — | — | $ | 3,354,855 | ||||||||||||||||||||
August 1 - 31, 2023 | 2,671,397 | $ | 425.38 | 2,671,397 | $ | 2,218,494 | ||||||||||||||||||||
September 1 - 30, 2023 | 3,293,405 | $ | 414.05 | 3,293,405 | $ | 10,854,856 | ||||||||||||||||||||
Total | 5,964,802 | 5,964,802 |
(1) In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also with no expiration date. For further information regarding stock repurchase activity, see Note 9 Stockholders’ Equity to the consolidated financial statements in this Quarterly Report. | ||
(2) Average price paid per share includes costs associated with the repurchases. |
Name | Title | Action | Date Adopted | Expiration Date | Aggregate # of Securities to be Purchased/Sold | |||||||||||||||||||||||||||
11/1/2027 | ||||||||||||||||||||||||||||||||
7/1/2033 | ||||||||||||||||||||||||||||||||
N/A | ||||||||||||||||||||||||||||||||
8/7/2025 |
(1) Greg Peters, co-CEO and a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 26, 2023. Mr. Peters' plan provides for the potential exercise of vested stock options and the associated sale of up to | ||
(2) Reed Hastings, Executive Chairman of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 8, 2023. Mr. Hastings' plan provides for the potential exercise of vested stock options and the associated sale of up to | ||
(3) On August 8, 2023, David Hyman, Chief Legal Officer, terminated a pre-arranged stock trading plan pursuant to Rule 10b5-1, which was adopted on February 6, 2023 and provided for the potential exercise of vested stock options and the associated sale of up to |
Exhibit Number | Exhibit Description | Incorporated by Reference | Filed Herewith | |||||||||||||||||||||||||||||||||||
Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||||||||||
8-K | 001-35727 | 3.1 | June 8, 2022 | |||||||||||||||||||||||||||||||||||
8-K | 001-35727 | 3.2 | February 24, 2023 | |||||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||||||||
X | ||||||||||||||||||||||||||||||||||||||
101 | The following financial statements from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL: (i) Consolidated Statements of Operations, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Statements of Cash Flows, (iv) Consolidated Balance Sheets, (v) Consolidated Statements of Stockholders' Equity and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags | X | ||||||||||||||||||||||||||||||||||||
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL | X |
NETFLIX, INC. | |||||||||||
Dated: | October 20, 2023 | By: | /s/ Ted Sarandos | ||||||||
Ted Sarandos Co-Chief Executive Officer (Principal executive officer) | |||||||||||
Dated: | October 20, 2023 | By: | /s/ Greg Peters | ||||||||
Greg Peters Co-Chief Executive Officer (Principal executive officer) | |||||||||||
Dated: | October 20, 2023 | By: | /s/ Jeffrey Karbowski | ||||||||
Jeffrey Karbowski Chief Accounting Officer (Principal accounting officer) |
Dated: October 20, 2023 | By: | /S/ TED SARANDOS | |||||||||||||||
Ted Sarandos | |||||||||||||||||
Co-Chief Executive Officer |
Dated: October 20, 2023 | By: | /S/ GREG PETERS | |||||||||||||||
Greg Peters | |||||||||||||||||
Co-Chief Executive Officer |
Dated: October 20, 2023 | By: | /S/ SPENCER NEUMANN | ||||||||||||
Spencer Neumann | ||||||||||||||
Chief Financial Officer |
Dated: October 20, 2023 | By: | /S/ TED SARANDOS | ||||||||||||
Ted Sarandos | ||||||||||||||
Co-Chief Executive Officer |
Dated: October 20, 2023 | By: | /S/ GREG PETERS | ||||||||||||
Greg Peters | ||||||||||||||
Co-Chief Executive Officer |
Dated: October 20, 2023 | By: | /S/ SPENCER NEUMANN | ||||||||||||
Spencer Neumann | ||||||||||||||
Chief Financial Officer |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Statement [Abstract] | ||||
Revenues | $ 8,541,668 | $ 7,925,589 | $ 24,890,472 | $ 23,763,497 |
Cost of revenues | 4,930,788 | 4,788,665 | 14,407,883 | 13,764,125 |
Marketing | 558,736 | 567,954 | 1,741,266 | 1,698,892 |
Technology and development | 657,159 | 662,739 | 2,002,417 | 2,037,115 |
General and administrative | 478,591 | 373,213 | 1,281,012 | 1,180,438 |
Operating income | 1,916,394 | 1,533,018 | 5,457,894 | 5,082,927 |
Other income (expense): | ||||
Interest expense | (175,563) | (172,575) | (524,614) | (535,609) |
Interest and other income | 168,218 | 261,404 | 123,975 | 677,275 |
Income before income taxes | 1,909,049 | 1,621,847 | 5,057,255 | 5,224,593 |
Provision for income taxes | (231,627) | (223,605) | (587,103) | (787,953) |
Net income | $ 1,677,422 | $ 1,398,242 | $ 4,470,152 | $ 4,436,640 |
Earnings per share: | ||||
Basic (in USD per share) | $ 3.80 | $ 3.14 | $ 10.08 | $ 9.98 |
Diluted (in USD per share) | $ 3.73 | $ 3.10 | $ 9.90 | $ 9.83 |
Weighted-average shares of common stock outstanding: | ||||
Basic (in shares) | 441,537 | 444,878 | 443,540 | 444,529 |
Diluted (in shares) | 450,011 | 450,344 | 451,319 | 451,168 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,677,422 | $ 1,398,242 | $ 4,470,152 | $ 4,436,640 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (94,157) | (103,167) | (16,117) | (207,148) |
Cash flow hedges: | ||||
Net unrealized gains (losses), net of tax effect of $(23) million, $0, $(23) million, and $0, respectively | 77,852 | 0 | 77,852 | 0 |
Total other comprehensive income (loss) | (16,305) | (103,167) | 61,735 | (207,148) |
Comprehensive income | $ 1,661,117 | $ 1,295,075 | $ 4,531,887 | $ 4,229,492 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Net unrealized gains (losses), net of tax effect | $ (23,000) | $ 0 | $ (23,000) | $ 0 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 4,990,000,000 | 4,990,000,000 |
Common stock, shares issued (in shares) | 437,679,669 | 445,346,776 |
Common stock, shares outstanding (in shares) | 437,679,669 | 445,346,776 |
Treasury stock (in shares) | 10,600,660 | 1,564,478 |
Basis of Presentation and Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 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, 2022 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2023. 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, 2022. 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 the year ended December 31, 2022. Derivative Financial Instruments The Company uses derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing operating income and cash flow volatility associated with fluctuations in foreign exchange rates. The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities'' and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows. In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation. See Note 7 Derivative Financial Instruments to the consolidated financial statements for further information regarding the Company’s derivative financial instruments.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue RecognitionThe Company's primary source of revenues is from monthly membership fees. Members are billed in advance of the start of their monthly membership and revenues are recognized ratably over each monthly membership period. Revenues are presented net of the taxes that are collected from members and remitted to governmental authorities. The Company is the principal in all its relationships where partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators and internet service providers (“ISPs”), provide access to the service as the Company retains control over service delivery to its members. Typically, payments made to the partners, such as for marketing, are expensed. However, if there is no distinct service provided in exchange for the payments made to the partners or if the price that the member pays is established by the partners and there is no standalone price for the Netflix service (for instance, in a bundle), these payments are recognized as a reduction of revenues. The Company also earns revenue from advertisements presented on its streaming service, consumer products and various other sources. Revenues earned from sources other than monthly membership fees were not material for the three and nine months ended September 30, 2023 and September 30, 2022. The following tables summarize revenues, paid net membership additions (losses), and ending paid memberships by region for the three and nine months ended September 30, 2023 and September 30, 2022, respectively: United States and Canada (UCAN)
Europe, Middle East, and Africa (EMEA)
Latin America (LATAM)
Asia-Pacific (APAC)
Total U.S. revenues, inclusive of DVD revenues not reported in the tables above, were $3.5 billion and $10.1 billion, respectively, for the three and nine months ended September 30, 2023 and $3.3 billion and $9.7 billion, respectively, for the three and nine months ended September 30, 2022. DVD revenues were $22 million and $83 million, respectively, for the three and nine months ended September 30, 2023 and $35 million and $112 million, respectively, for the three and nine months ended September 30, 2022. Deferred revenue consists of membership fees billed that have not been recognized, as well as gift cards and other prepaid memberships that have not been fully redeemed. As of September 30, 2023, total deferred revenue was $1,306 million, the vast majority of which was related to membership fees billed that are expected to be recognized as revenue within the next month. The remaining deferred revenue balance, which is related to gift cards and other prepaid memberships, will be recognized as revenue over the period of service after redemption, which is expected to occur over the next 12 months. The $42 million increase in deferred revenue as compared to the balance of $1,265 million as of December 31, 2022 is a result of the increase in membership fees billed due to increased memberships.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options. The computation of earnings per share is as follows:
Employee stock options with exercise prices greater than the average market price of the common stock were excluded from the diluted calculation as their inclusion would have been anti-dilutive. The following table summarizes the potential shares of common stock excluded from the diluted calculation:
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Cash, Cash Equivalents, Restricted Cash, and Short-term Investments |
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Short-Term Investments And Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, Restricted Cash, and Short-term Investments | Cash, Cash Equivalents, Restricted Cash, and Short-term Investments The Company’s investment policy is consistent with the definition of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity and return. From time to time, the Company may sell certain securities but the objectives are generally not to generate profits on short-term differences in price. The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of September 30, 2023 and December 31, 2022:
(1) The majority of the Company's time deposits are domestic deposits, which mature within one year. Other current assets include restricted cash for deposits related to self insurance and letter of credit agreements. Non-current assets include restricted cash related to letter of credit agreements. The fair value of cash equivalents and short-term investments included in the Level 2 category is based on observable inputs, such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. See Note 6 Debt to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes. There were no material gross realized gains or losses in the three and nine months ended September 30, 2023 and 2022, respectively.
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Balance Sheet Components |
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Balance Sheet Related Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Content Assets, Net Content assets consisted of the following:
As of September 30, 2023, approximately $5,575 million, $2,812 million, and $1,888 million of the $12,459 million unamortized cost of the licensed content is expected to be amortized in each of the next three years. As of September 30, 2023, approximately $3,594 million, $2,493 million, and $1,744 million of the $9,434 million unamortized cost of the produced content that has been released is expected to be amortized in each of the next three years. As of September 30, 2023, the amount of accrued participations and residuals was not material. The following tables represent the amortization of content assets:
Property and Equipment, Net Property and equipment and accumulated depreciation consisted of the following:
Leases The Company has entered into operating leases primarily for real estate. Operating leases are included in "Other non-current assets" on the Company's Consolidated Balance Sheets, and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligations to make lease payments are included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Company's Consolidated Balance Sheets. Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
Other Current Assets Other current assets consisted of the following:
The decrease in Other was primarily driven by receipt of amounts due under a modified content licensing arrangement.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt As of September 30, 2023, the Company had aggregate outstanding notes of $14,300 million, net of $68 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $400 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2022, the Company had aggregate outstanding notes of $14,353 million, net of $79 million of issuance costs. Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates. A portion of the outstanding Notes is denominated in foreign currency (comprised of €5,170 million) and is remeasured into U.S. dollars at each balance sheet date (with remeasurement gain totaling $173 million and $63 million, respectively, for the three and nine months ended September 30, 2023). The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of September 30, 2023 and December 31, 2022:
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million. Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of September 30, 2023 and December 31, 2022, the Company was in compliance with all related covenants. Revolving Credit Facility On March 6, 2023, the Company amended its $1 billion unsecured revolving credit facility ("Revolving Credit Agreement") to replace the London interbank offered rate to a variable secured overnight financing rate (the “Term SOFR Rate”) as the rate to which interest payments are indexed, among other things. The Revolving Credit Agreement matures on June 17, 2026. Revolving loans may be borrowed, repaid and reborrowed until June 17, 2026, at which time all amounts borrowed must be repaid. The Company may use the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. As of September 30, 2023, no amounts have been borrowed under the Revolving Credit Agreement. The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate Base Rate”) or (ii) a rate equal to the Term SOFR Rate (or the applicable benchmark replacement), plus a margin of 0.75%. The Alternate Base Rate is defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate, plus 0.500% and (C) the Term SOFR Rate for a one-month tenor, plus 1.00%. The Term SOFR Rate is the forward-looking secured overnight financing rate administered by the Federal Reserve Bank of New York or a successor administrator, for the relevant interest period, but in no event shall the Term SOFR Rate be less than 0.00% per annum. The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at an annual rate of 0.10%. The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of September 30, 2023 and December 31, 2022, the Company was in compliance with all related covenants.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments In the third quarter of 2023, the Company began using derivative financial instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing operating income and cash flow volatility associated with fluctuations in foreign exchange rates. The Company did not use any derivative instruments prior to the third quarter of 2023. Notional Amount of Derivative Contracts The net notional amounts of the Company’s outstanding derivative instruments were as follows:
Fair Value of Derivative Contracts The fair value of the Company’s outstanding derivative instruments were as follows:
The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. These instruments are valued using industry standard valuation models that use observable inputs such as interest rate yield curves, and forward and spot prices for currencies. As of September 30, 2023, the pre-tax net accumulated gain on our foreign currency cash flow hedges included in AOCI on the Consolidated Balance Sheets expected to be recognized in earnings within the next 12 months is $74 million. Master Netting Agreements In order to mitigate counterparty credit risk, the Company enters into master netting agreements with its counterparties for its foreign currency exchange contracts which permit the parties to settle amounts on a net basis under certain conditions. The Company has elected to present its derivative assets and liabilities on a gross basis on its Consolidated Balance Sheets. The Company also enters into collateral security arrangements with its counterparties that require the parties to post cash collateral when certain contractual thresholds are met. No cash collateral was received or posted by the Company as of September 30, 2023. The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:
Effect of Derivative Instruments on Consolidated Financial Statements The pre-tax gains (losses) on the Company’s cash flow hedges recognized in AOCI were as follows:
(1) No amounts were excluded from the assessment of effectiveness. No gains or losses on derivative instruments were reclassified from AOCI into the Consolidated Statements of Operations in the three and nine months ended September 30, 2023.
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Commitments and Contingencies |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Content As of September 30, 2023, the Company had $19.7 billion of obligations comprised of $4.3 billion included in "Current content liabilities" and $2.7 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $12.7 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition. As of December 31, 2022, the Company had $21.8 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $3.1 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $14.2 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition. The expected timing of payments for these content obligations is as follows:
Content obligations include amounts related to the acquisition, licensing and production of content. Obligations that are in non-U.S. dollar currencies are translated to the U.S. dollar at period end rates. An obligation for the production of content includes non-cancelable commitments under creative talent and employment agreements as well as other production related commitments. An obligation for the acquisition and licensing of content is incurred at the time the Company enters into an agreement to obtain future titles. Once a title becomes available, a content liability is recorded on the Consolidated Balance Sheets. Certain agreements include the obligation to license rights for unknown future titles, the ultimate quantity and/or fees for which are not yet determinable as of the reporting date. Traditional film output deals, or certain TV series license agreements where the number of seasons to be aired is unknown, are examples of such license agreements. The Company does not include any estimated obligation for these future titles beyond the known minimum amount. However, the unknown obligations are expected to be significant. Legal Proceedings From time to time, in the normal course of its operations, the Company is subject to litigation matters and claims, including claims relating to employee relations, business practices and patent infringement. Litigation can be expensive and disruptive to normal business operations. Moreover, the results of complex legal proceedings are difficult to predict and the Company's view of these matters may change in the future as the litigation and events related thereto unfold. The Company expenses legal fees as incurred. The Company records a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. An unfavorable outcome to any legal matter, if material, could have an adverse effect on the Company's operations or its financial position, liquidity or results of operations. The Company is involved in litigation matters not listed herein but does not consider the matters to be material either individually or in the aggregate at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto unfold. Indemnification In the ordinary course of business, the Company has entered into contractual arrangements under which it has agreed to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements and out of intellectual property infringement claims made by third parties. In these circumstances, payment may be conditional on the other party making a claim pursuant to the procedures specified in the particular contract. The Company's obligations under these agreements may be limited in terms of time or amount, and in some instances, the Company may have recourse against third parties for certain payments. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers that will require it, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The terms of such obligations vary. It is not possible to make a reasonable estimate of the maximum potential amount of future payments under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. No amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations.
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Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Stock Option Plan In June 2020, the Company's stockholders approved the 2020 Stock Plan, which was adopted by the Company’s Board of Directors in March 2020 subject to stockholder approval. The 2020 Stock Plan provides for the grant of incentive stock options to employees and for the grant of non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units to employees, directors and consultants. A summary of the activities related to the Company’s stock option plans is as follows:
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the Company’s closing stock price on the last trading day of the third quarter of 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the third quarter of 2023. This amount changes based on the fair market value of the Company’s common stock. A summary of the amounts related to option exercises, is as follows:
Stock-based Compensation Stock options are generally vested in full upon grant date and exercisable for the full ten year contractual term regardless of employment status. Stock options granted to certain named executive officers vest on the one-year anniversary of the grant date, subject to the employee’s continuous employment or service with the Company through the vesting date. The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data:
Stock Repurchases In March 2021, the Company’s Board of Directors authorized the repurchase of up to $5 billion of its common stock, with no expiration date, and in September 2023, the Board of Directors increased the share repurchase authorization by an additional $10 billion, also with no expiration date. Stock repurchases may be effected through open market repurchases in compliance with Rule 10b-18 under the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, privately-negotiated transactions, accelerated stock repurchase plans, block purchases, or other similar purchase techniques and in such amounts as management deems appropriate. The Company is not obligated to repurchase any specific number of shares, and the timing and actual number of shares repurchased will depend on a variety of factors, including the Company’s stock price, general economic, business and market conditions, and alternative investment opportunities. The Company may discontinue any repurchases of its common stock at any time without prior notice. During the three and nine months ended September 30, 2023, the Company repurchased 5,964,802 and 9,036,182 shares, respectively, for an aggregate amount of $2,500 million and $3,545 million, respectively. As of September 30, 2023, $10.9 billion remain available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of September 30, 2023, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of tax:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes
The effective tax rates for the three and nine months ended September 30, 2023 and 2022, differed from the Federal statutory rate primarily due to the impact of international provisions of the Tax Cuts and Jobs Act, research and development credits, and the recognition of excess tax benefits of stock-based compensation. The decrease in the effective tax rates for the three and nine months ended September 30, 2023, as compared to the same period in 2022 was primarily due to the impact of foreign taxes and the recognition of excess tax benefits of stock-based compensation. For the three and nine months ended September 30, 2023, the Company recognized a discrete tax benefit related to the excess tax benefits from stock-based compensation of $28 million and $80 million, compared to the three and nine months ended September 30, 2022 of $14 million and $57 million. Gross unrecognized tax benefits were $213 million and $227 million as of September 30, 2023 and December 31, 2022, respectively. The gross unrecognized tax benefits as of September 30, 2023, if recognized by the Company, will result in a reduction of approximately $134 million to the provision for income taxes thereby favorably impacting the Company’s effective tax rate. The Company files U.S. Federal, state and foreign tax returns. The Company is currently under examination by the IRS for the years 2016 through 2018 and is subject to examination for 2019 through 2022. The foreign and state tax returns for the years 2016 through 2022 are subject to examination by various states and foreign jurisdictions. While the Company is in various stages of inquiries and examinations by federal, state and foreign taxing authorities, we believe that our tax positions will more likely than not be sustained. Nonetheless, it is possible that future obligations related to these matters could arise. Given the potential outcome of the current examinations as well as the impact of the current examinations on the potential expiration of the statute of limitations, it is reasonably possible that the balance of unrecognized tax benefits could significantly change within the next twelve months. However, an estimate of the range of reasonably possible adjustments cannot be made at this time.
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Segment and Geographic Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Information | Segment and Geographic Information The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources. Total U.S. revenues were $3.5 billion and $10.1 billion, respectively, for the three and nine months ended September 30, 2023, and $3.3 billion and $9.7 billion, respectively, for the three and nine months ended September 30, 2022. See Note 2 Revenue Recognition for additional information about streaming revenue by region. The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, were located as follows:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 1,677,422 | $ 1,398,242 | $ 4,470,152 | $ 4,436,640 |
Insider Trading Arrangements - shares |
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Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Material Terms of Trading Arrangement | The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended September 30, 2023, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:
Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.
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Non-Rule 10b5-1 Arrangement Adopted | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Rule 10b5-1 Arrangement Terminated | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greg Peters [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Greg Peters (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Co-CEO and Director | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 7/26/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 187,913 | 187,913 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reed Hastings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | Reed Hastings (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Executive Chairman | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 8/8/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 2,603,399 | 2,603,399 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
David Hyman [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | David Hyman (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Title | Chief Legal Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Adopted | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adoption Date | 8/8/2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rule 10b5-1 Arrangement Terminated | true | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Available | 67,450 | 67,450 | 19,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Officers and Directors Trading Arrangement [Member] | Greg Peters [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 1559 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Officers and Directors Trading Arrangement [Member] | Reed Hastings [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 3615 days | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Officers and Directors Trading Arrangement [Member] | David Hyman [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Arrangements, by Individual | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Arrangement Duration | 730 days |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | 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. |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing operating income and cash flow volatility associated with fluctuations in foreign exchange rates. The Company enters into forward contracts to manage the foreign exchange risk on forecasted revenue transactions denominated in currencies other than the U.S. dollar, as well as the foreign exchange risk on forecasted transactions and firm commitments related to the licensing and production of foreign currency-denominated content assets. These forward contracts are designated as cash flow hedges of foreign currency firm commitments and forecasted transactions and generally have maturities of 24 months or less. The hedging contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements, and the Company may choose not to hedge certain exposures. The Company recognizes derivative instruments at fair value as either assets (presented in “Other current assets” and “Other non-current assets”) or liabilities (presented in “Accrued expenses and other liabilities'' and “Other non-current liabilities”) on the Company’s Consolidated Balance Sheets. The Company classifies derivative instruments in the Level 2 category within the fair value hierarchy. The gain or loss on derivative instruments designated as cash flow hedges of forecasted foreign currency revenue is initially reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. The gain or loss on derivative instruments designated as cash flow hedges of firmly committed or forecasted transactions related to the licensing and production of content assets is initially reported as a component of AOCI and reclassified into “Cost of Revenues” on the Consolidated Statements of Operations in the same period the hedged transaction affects earnings, which occurs as the underlying hedged content assets are amortized. Cash flows from hedging activities are classified in the same category as the cash flows for the underlying item being hedged within "Net cash provided by (used in) operating activities" on the Consolidated Statements of Cash Flows. In the event that the likelihood of occurrence of the underlying forecasted transactions is determined to be probable not to occur, the gains or losses on the related cash flow hedges are reclassified from AOCI to “Interest and other income (expense)” in the Consolidated Statements of Operations in the period of dedesignation. See Note 7 Derivative Financial Instruments to the consolidated financial statements for further information regarding the Company’s derivative financial instruments.
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Revenue Recognition (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Streaming Revenue, Paid Net Membership Additions (Losses), and Ending Paid Memberships by Region | The following tables summarize revenues, paid net membership additions (losses), and ending paid memberships by region for the three and nine months ended September 30, 2023 and September 30, 2022, respectively: United States and Canada (UCAN)
Europe, Middle East, and Africa (EMEA)
Latin America (LATAM)
Asia-Pacific (APAC)
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Computation of Earnings Per Share | The computation of earnings per share is as follows:
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Summary of Potential Common Shares Excluded from the Diluted Calculation | The following table summarizes the potential shares of common stock excluded from the diluted calculation:
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Cash, Cash Equivalents, Restricted Cash, and Short-term Investments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Investments And Fair Value Measurement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Cash and Cash Equivalents and Restricted Cash | The following tables summarize the Company's cash, cash equivalents, restricted cash and short-term investments as of September 30, 2023 and December 31, 2022:
(1) The majority of the Company's time deposits are domestic deposits, which mature within one year.
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Balance Sheet Components (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Related Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Content Assets | Content assets consisted of the following:
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Summary of Amortization of Streaming Content Assets | The following tables represent the amortization of content assets:
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Summary of Property and Equipment, Net | Property and equipment and accumulated depreciation consisted of the following:
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Summary of Information on Right-of-Use Assets and Lease Liabilities | Information related to the Company's operating right-of-use assets and related operating lease liabilities were as follows:
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Summary of Other Current Assets | Other current assets consisted of the following:
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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-term Debt Instruments | The following table provides a summary of the Company's outstanding debt and the fair values based on quoted market prices in less active markets as of September 30, 2023 and December 31, 2022:
(1) The following Senior Notes have a principal amount denominated in euro: 3.000% Senior Notes for €470 million, 3.625% Senior Notes for €1,300 million, 4.625% Senior Notes for €1,100 million, 3.875% Senior Notes for €1,200 million, and 3.625% Senior Notes for €1,100 million.
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Derivative Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Notional Amounts of Outstanding Foreign Currency Cash Flow Hedges | The net notional amounts of the Company’s outstanding derivative instruments were as follows:
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Summary of Fair Value of Derivative Contracts | The fair value of the Company’s outstanding derivative instruments were as follows:
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Summary of Offsetting Derivative Assets and Liabilities | The potential offsetting effect to the Company’s derivative assets and liabilities under its master netting agreements and collateral security agreements were as follows:
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Schedule of Gains (Losses) on Cash Flow Hedges Recognized in AOCI | The pre-tax gains (losses) on the Company’s cash flow hedges recognized in AOCI were as follows:
(1) No amounts were excluded from the assessment of effectiveness.
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Expected Timing of Payments for Content Obligations | The expected timing of payments for these content obligations is as follows:
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Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity Related to Stock Option Plans | A summary of the activities related to the Company’s stock option plans is as follows:
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Summary of Amounts Related to Option Exercises | A summary of the amounts related to option exercises, is as follows:
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Summary of Assumptions Used to Value Stock Option Grants Using Lattice-Binomial Model | The following table summarizes the assumptions used to value option grants using the lattice-binomial model and the valuation data:
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Scummary of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated balances of other comprehensive income (loss), net of tax:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Components of Income Tax Expense |
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Segment and Geographic Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-lived Assets by Geographic Areas | The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, were located as follows:
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Revenue Recognition - Revenue and Membership Information (Details) membership in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
membership
|
Sep. 30, 2022
USD ($)
membership
|
Sep. 30, 2023
USD ($)
membership
|
Sep. 30, 2022
USD ($)
membership
|
|
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ | $ 8,541,668 | $ 7,925,589 | $ 24,890,472 | $ 23,763,497 |
Streaming | United States and Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ | $ 3,735,133 | $ 3,601,565 | $ 10,943,226 | $ 10,489,852 |
Paid net membership additions (losses) | 1,750 | 104 | 3,025 | (1,828) |
Paid memberships at end of period | 77,321 | 73,387 | 77,321 | 73,387 |
Streaming | Europe, Middle East, and Africa | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ | $ 2,693,146 | $ 2,375,814 | $ 7,772,957 | $ 7,394,880 |
Paid net membership additions (losses) | 3,953 | 568 | 7,031 | (502) |
Paid memberships at end of period | 83,760 | 73,534 | 83,760 | 73,534 |
Streaming | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ | $ 1,142,811 | $ 1,023,945 | $ 3,290,438 | $ 3,053,127 |
Paid net membership additions (losses) | 1,179 | 312 | 1,946 | (25) |
Paid memberships at end of period | 43,645 | 39,936 | 43,645 | 39,936 |
Streaming | Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ | $ 948,216 | $ 889,037 | $ 2,801,012 | $ 2,713,510 |
Paid net membership additions (losses) | 1,881 | 1,429 | 4,404 | 3,596 |
Paid memberships at end of period | 42,427 | 36,228 | 42,427 | 36,228 |
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 8,541,668 | $ 7,925,589 | $ 24,890,472 | $ 23,763,497 | |
Deferred revenue | 1,306,185 | 1,306,185 | $ 1,264,661 | ||
Increase in deferred revenue | $ 42,000 | ||||
DVD | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 22,000 | 35,000 | 83,000 | 112,000 | |
United States | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 3,500,000 | $ 3,300,000 | $ 10,100,000 | $ 9,700,000 |
Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Basic earnings per share: | ||||
Net income | $ 1,677,422 | $ 1,398,242 | $ 4,470,152 | $ 4,436,640 |
Weighted-average shares of common stock outstanding (in shares) | 441,537 | 444,878 | 443,540 | 444,529 |
Basic earnings per share (in USD per share) | $ 3.80 | $ 3.14 | $ 10.08 | $ 9.98 |
Diluted earnings per share: | ||||
Net income | $ 1,677,422 | $ 1,398,242 | $ 4,470,152 | $ 4,436,640 |
Shares used in computation: | ||||
Weighted-average shares of common stock outstanding (in shares) | 441,537 | 444,878 | 443,540 | 444,529 |
Employee stock options (in shares) | 8,474 | 5,466 | 7,779 | 6,639 |
Weighted-average number of shares (in shares) | 450,011 | 450,344 | 451,319 | 451,168 |
Diluted earnings per share (in USD per share) | $ 3.73 | $ 3.10 | $ 9.90 | $ 9.83 |
Earnings Per Share - Antidilutive Shares (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from earnings per share calculations (in shares) | 3,147 | 8,536 | 4,447 | 6,487 |
Balance Sheet Components - Components of Content Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Finite-Lived Intangible Assets [Line Items] | |||||
Content assets, net | $ 31,749,861 | $ 31,749,861 | $ 32,736,713 | ||
Amortization of content assets | 3,573,353 | $ 3,653,592 | 10,443,358 | $ 10,081,305 | |
Licensed content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Net content | 12,459,413 | 12,459,413 | 12,732,549 | ||
Unamortized cost in year one | 5,575,000 | 5,575,000 | |||
Unamortized cost in year two | 2,812,000 | 2,812,000 | |||
Unamortized cost in year three | 1,888,000 | 1,888,000 | |||
Amortization of content assets | 1,777,701 | 1,967,720 | 5,280,700 | 5,751,940 | |
Produced content, net | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Net content | 9,433,878 | 9,433,878 | 9,110,518 | ||
In production | 9,052,140 | 9,052,140 | 10,255,940 | ||
In development and pre-production | 804,430 | 804,430 | 637,706 | ||
Content assets, net | 19,290,448 | 19,290,448 | $ 20,004,164 | ||
Unamortized cost in year one | 3,594,000 | 3,594,000 | |||
Unamortized cost in year two | 2,493,000 | 2,493,000 | |||
Unamortized cost in year three | 1,744,000 | 1,744,000 | |||
Amortization of content assets | $ 1,795,652 | $ 1,685,872 | $ 5,162,658 | $ 4,329,365 |
Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Leases [Abstract] | |||||
Cash paid for operating lease liabilities | $ 110,959 | $ 105,848 | $ 339,126 | $ 308,747 | |
Right-of-use assets obtained in exchange for new operating lease obligations | 49,238 | $ 2,938 | 161,704 | $ 183,540 | |
Operating lease right-of-use assets, net | 2,124,501 | 2,124,501 | $ 2,227,122 | ||
Current operating lease liabilities | 377,400 | 377,400 | 355,985 | ||
Non-current operating lease liabilities | 2,086,480 | 2,086,480 | 2,222,503 | ||
Total operating lease liabilities | $ 2,463,880 | $ 2,463,880 | $ 2,578,488 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other non-current assets | Other non-current assets | Other non-current assets | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | Accrued Liabilities, Current | Accrued Liabilities, Current | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non-current liabilities | Other non-current liabilities | Other non-current liabilities |
Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Balance Sheet Related Disclosures [Abstract] | ||
Trade receivables | $ 1,139,974 | $ 988,898 |
Prepaid expenses | 482,375 | 392,735 |
Other | 1,289,679 | 1,826,388 |
Total other current assets | $ 2,912,028 | $ 3,208,021 |
Debt - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Aggregate outstanding notes | $ 14,300,000 | $ 14,300,000 | $ 14,353,000 | |||
Debt issuance costs | 68,000 | 68,000 | 79,000 | |||
Short-term debt | 399,614 | 399,614 | 0 | |||
Long-term notes denominated in foreign currency | 14,368,000 | 14,368,000 | $ 14,432,000 | |||
Foreign currency transaction gain (loss) | 172,678 | $ 348,458 | 63,075 | $ 814,792 | ||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term notes denominated in foreign currency | € | € 5,170,000,000 | |||||
Foreign currency transaction gain (loss) | $ 173,000 | $ 63,000 | ||||
Redemption prices, percent of outstanding principal | 101.00% |
Debt - Revolving Line of Credit (Details) - Revolving Credit Facility - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Mar. 06, 2023 |
|
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |
Proceeds from lines of credit | $ 0 | |
Commitment fee percentage | 0.10% | |
LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.75% | |
Federal Funds Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.50% | |
One-month LIBOR | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | |
One-month LIBOR | Minimum | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 0.00% |
Derivative Financial Instruments - Notional Amount of Derivative Contracts (Details) - Derivatives designated as hedging instruments: - USD ($) $ in Thousands |
Sep. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, notional amount | $ 3,571,367 | $ 0 |
Foreign exchange contracts | Cash flow hedges: | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, notional amount | $ 3,571,367 | $ 0 |
Derivative Financial Instruments - Narrative (Details) $ in Millions |
Sep. 30, 2023
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Foreign currency cash flow hedges included in AOCI expected to be reclassified to earnings within the next 12 months | $ 74 |
Derivative Financial Instruments - Offsetting Derivative Assets and Liabilities (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
---|---|
Derivative assets | |
Gross Amount Recognized in the Consolidated Balance Sheets | $ 109,723 |
Gross Amount Offset in the Consolidated Balance Sheets | 0 |
Net Amount Presented in the Consolidated Balance Sheets | 109,723 |
Financial Instruments | (8,463) |
Collateral Received and Posted | 0 |
Net Amount | 101,260 |
Derivative liabilities | |
Gross Amount Recognized in the Consolidated Balance Sheets | 8,554 |
Gross Amount Offset in the Consolidated Balance Sheets | 0 |
Net Amount Presented in the Consolidated Balance Sheets | 8,554 |
Financial Instruments | (8,463) |
Collateral Received and Posted | 0 |
Net Amount | $ 91 |
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Financial Statements (Details) - Cash flow hedges: - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount included in the assessment of effectiveness | $ 101,169 | $ 0 | $ 101,169 | $ 0 |
Foreign exchange contracts | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount included in the assessment of effectiveness | $ 101,169 | $ 0 | $ 101,169 | $ 0 |
Commitments and Contingencies - Streaming Content (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Contractual Obligation [Line Items] | ||
Total streaming content obligations | $ 19,650,049 | $ 21,831,947 |
Current content liabilities | 4,259,582 | 4,480,150 |
Non-current content liabilities | 2,668,472 | 3,081,277 |
Unrecorded streaming obligations | 12,700,000 | 14,200,000 |
Current content liabilities | ||
Contractual Obligation [Line Items] | ||
Current content liabilities | 4,300,000 | 4,500,000 |
Non-current content liabilities | ||
Contractual Obligation [Line Items] | ||
Non-current content liabilities | $ 2,700,000 | $ 3,100,000 |
Commitments and Contingencies - Expected Timing of Payments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Less than one year | $ 9,512,081 | $ 10,038,483 |
Due after one year and through three years | 8,470,469 | 9,425,551 |
Due after three years and through five years | 1,449,676 | 2,124,307 |
Due after five years | 217,823 | 243,606 |
Total content obligations | $ 19,650,049 | $ 21,831,947 |
Commitments and Contingencies - Indemnification (Details) |
Sep. 30, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Indemnification obligations | $ 0 |
Stockholders' Equity - Amounts Related to Option Exercises (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Stockholders' Equity Note [Abstract] | ||||
Total intrinsic value of options exercised | $ 160,031 | $ 65,087 | $ 414,132 | $ 262,879 |
Cash received from options exercised | $ 57,818 | $ 4,113 | $ 118,563 | $ 29,041 |
Stockholders' Equity - Stock Option Plan Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based payment award, expiration period | 10 years |
Executive officers | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 1 year |
Stockholders' Equity - Stock Repurchases (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Mar. 31, 2021 |
|
Stockholders' Equity Note [Abstract] | |||
Common stock authorized to be repurchased | $ 10,000,000,000 | $ 10,000,000,000 | $ 5,000,000,000 |
Stock repurchased (in shares) | 5,964,802 | 9,036,182 | |
Repurchases of common stock to be held as treasury stock | $ 2,500,000,000 | $ 3,545,000,000 | |
Remaining authorized repurchase amount | $ 10,900,000,000 | $ 10,900,000,000 |
Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 20,777,401 | $ 15,849,248 |
Other comprehensive income (loss) before reclassifications | 61,735 | (207,148) |
Ending Balance | 22,107,627 | 20,528,141 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (217,306) | (40,495) |
Other comprehensive income (loss) before reclassifications | (16,117) | (207,148) |
Ending Balance | (233,423) | (247,643) |
Change in Unrealized Gains (Losses) on Cash Flow Hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 77,852 | 0 |
Ending Balance | 77,852 | 0 |
Total | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (217,306) | (40,495) |
Ending Balance | $ (155,571) | $ (247,643) |
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 231,627 | $ 223,605 | $ 587,103 | $ 787,953 |
Effective tax rate | 12.00% | 14.00% | 12.00% | 15.00% |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | |||||
Tax benefit from share based compensation | $ 28 | $ 14 | $ 80 | $ 57 | |
Unrecognized tax benefits | 213 | 213 | $ 227 | ||
Reduction in provision for income taxes due to impact of effective tax rate | $ 134 | $ 134 |
Segment and Geographic Information - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
|
Segment Reporting Information [Line Items] | ||||
Number of operating segments | segment | 1 | |||
Revenues | $ 8,541,668 | $ 7,925,589 | $ 24,890,472 | $ 23,763,497 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | $ 3,500,000 | $ 3,300,000 | $ 10,100,000 | $ 9,700,000 |
Segment and Geographic Information - Long-lived Assets by Geographical Areas (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived tangible assets | $ 2,799,543 | $ 2,745,071 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived tangible assets | $ 823,349 | $ 880,308 |
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