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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net income $ 2,147,306 $ 1,487,610 $ 4,479,515 $ 2,792,730
Adjustments to reconcile net income to net cash provided by operating activities:        
Additions to content assets (4,048,852) (3,683,007) (7,777,819) (6,141,673)
Change in content liabilities (366,572) 46,119 (556,013) (308,672)
Amortization of content assets 3,769,690 3,410,021 7,440,495 6,870,005
Depreciation and amortization of property, equipment and intangibles 81,227 89,385 168,461 179,720
Stock-based compensation expense 68,766 78,030 145,111 177,129
Foreign currency remeasurement loss (gain) on debt (42,692) 28,952 (173,493) 109,603
Other non-cash items 138,588 121,483 235,769 241,491
Deferred income taxes (209,387) (103,172) (316,464) (201,954)
Changes in operating assets and liabilities:        
Other current assets (28,959) (183,049) 9,090 (271,571)
Accounts payable (19,358) 38,332 (164,623) (51,336)
Accrued expenses and other liabilities (114,303) 177,831 137,479 363,130
Deferred revenue 4,236 49,647 30,751 47,257
Other non-current assets and liabilities (88,843) (117,950) (154,890) (186,887)
Net cash provided by operating activities 1,290,847 1,440,232 3,503,369 3,618,972
Cash flows from investing activities:        
Purchases of property and equipment (78,287) (100,972) (154,001) (162,991)
Purchases of short-term investments 0 (303,228) 0 (504,862)
Proceeds from maturities of short-term investments 0 501,937 0 501,937
Net cash provided by (used in) investing activities (78,287) 97,737 (154,001) (165,916)
Cash flows from financing activities:        
Repayments of debt 0 0 (400,000) 0
Proceeds from issuance of common stock 118,750 34,717 387,631 60,745
Repurchases of common stock (1,599,998) (645,146) (3,599,998) (1,045,247)
Taxes paid related to net share settlement of equity awards (1,883) 0 (3,708) 0
Other financing activities (6,250) (38,920) (6,250) (38,920)
Net cash used in financing activities (1,489,381) (649,349) (3,622,325) (1,023,422)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (122,723) 39,626 (218,513) 66,049
Net increase (decrease) in cash, cash equivalents and restricted cash (399,544) 928,246 (491,470) 2,495,683
Cash, cash equivalents and restricted cash at beginning of period 7,026,589 6,738,019 7,118,515 5,170,582
Cash, cash equivalents and restricted cash at end of period $ 6,627,045 $ 7,666,265 $ 6,627,045 $ 7,666,265