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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:        
Net income $ 1,677,422 $ 1,398,242 $ 4,470,152 $ 4,436,640
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (2,883,839) (4,582,671) (9,025,512) (12,853,846)
Change in content liabilities (325,989) 60,867 (634,661) (95,054)
Amortization of content assets 3,573,353 3,653,592 10,443,358 10,081,305
Depreciation and amortization of property, equipment and intangibles 90,660 85,188 270,380 243,295
Stock-based compensation expense 79,720 152,062 256,849 421,663
Foreign currency remeasurement gain on debt (172,678) (348,458) (63,075) (814,792)
Other non-cash items 115,688 102,513 357,179 409,855
Deferred income taxes (86,277) (57,797) (288,231) (242,523)
Changes in operating assets and liabilities:        
Other current assets 103,766 (120,071) (167,805) 44,485
Accounts payable (68,390) 53,875 (119,726) (283,617)
Accrued expenses and other liabilities (65,029) 212,072 298,101 324,116
Deferred revenue (5,733) (48,420) 41,524 (42,053)
Other non-current assets and liabilities (40,359) (4,184) (227,246) (47,075)
Net cash provided by operating activities 1,992,315 556,810 5,611,287 1,582,399
Cash flows from investing activities:        
Purchases of property and equipment (103,929) (84,960) (266,920) (296,136)
Acquisitions 0 0 0 (193,397)
Purchases of short-term investments 0 0 (504,862) 0
Proceeds from maturities of short-term investments 400,000 0 901,937 0
Net cash provided by (used in) investing activities 296,071 (84,960) 130,155 (489,533)
Cash flows from financing activities:        
Repayments of debt 0 0 0 (700,000)
Proceeds from issuance of common stock 57,818 4,113 118,563 29,041
Repurchases of common stock (2,500,100) 0 (3,545,347) 0
Other financing activities (32,826) 0 (71,746) 0
Net cash provided by (used in) financing activities (2,475,108) 4,113 (3,498,530) (670,959)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (122,707) (180,058) (56,658) (336,704)
Net increase (decrease) in cash, cash equivalents and restricted cash (309,429) 295,905 2,186,254 85,203
Cash, cash equivalents and restricted cash at beginning of period 7,666,265 5,844,409 5,170,582 6,055,111
Cash, cash equivalents and restricted cash at end of period $ 7,356,836 $ 6,140,314 $ 7,356,836 $ 6,140,314