Netflix (NFLX) Financials

$149.8 B

Mkt cap, 23-May-2018

$3.7 B

Revenue Q1, 2018
Gross profit (Q1, 2018)1.5 B
Gross profit margin (Q1, 2018), %40.7%
Net income (Q1, 2018)290.1 M
EBIT (Q1, 2018)446.6 M
Cash, 31-Mar-20182.6 B
EV153.8 B

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

4.4 b5.5 b6.8 b8.8 b11.7 b

Revenue growth, %

26%23%30%32%

Cost of goods sold

3.1 b3.8 b4.6 b6 b7.7 b

Gross profit

1.3 b1.8 b2.2 b2.8 b4 b

Gross profit Margin, %

30%32%32%32%34%

Sales and marketing expense

503.9 m607.2 m824.1 m991.1 m1.3 b

R&D expense

378.8 m472.3 m650.8 m852.1 m1.1 b

General and administrative expense

180.3 m269.7 m407.3 m577.8 m863.6 m

Operating expense total

1.1 b1.3 b1.9 b2.4 b3.2 b

EBIT

228.3 m402.6 m305.8 m379.8 m838.7 m

EBIT margin, %

5%7%5%4%7%

Interest expense

29.1 m50.2 m132.7 m150.1 m238.2 m

Interest income

3 m3.1 m31.2 m30.8 m115.2 m

Pre tax profit

171.1 m349.4 m141.9 m260.5 m485.3 m

Income tax expense

58.7 m82.6 m19.2 m73.8 m(73.6 m)

Net Income

112.4 m266.8 m122.6 m186.7 m558.9 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

605 m1.1 b1.8 b1.5 b2.8 b

Current Assets

3.1 b3.9 b5.4 b5.7 b7.7 b

PP&E

133.6 m149.9 m173.4 m250.4 m319.4 m

Total Assets

5.4 b7.1 b10.2 b13.6 b19 b

Accounts Payable

108.4 m201.6 m253.5 m312.8 m359.6 m

Current Liabilities

2.2 b2.7 b3.5 b4.6 b5.5 b

Long-term debt

500 m900 m2.4 b3.4 b6.5 b

Total Debt

500 m900 m2.4 b3.4 b6.5 b

Total Liabilities

4.1 b5.2 b8 b10.9 b15.4 b

Additional Paid-in Capital

777.4 m1 b

Retained Earnings

552.5 m819.3 m941.9 m1.1 b1.7 b

Total Equity

1.3 b1.9 b2.2 b2.7 b3.6 b

Debt to Equity Ratio

0.4 x0.5 x1.1 x1.3 x1.8 x

Debt to Assets Ratio

0.1 x0.1 x0.2 x0.2 x0.3 x

Financial Leverage

4.1 x3.8 x4.6 x5.1 x5.3 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

112.4 m266.8 m122.6 m186.7 m558.9 m

Depreciation and Amortization

48.4 m54 m62.3 m57.5 m71.9 m

Accounts Payable

18.4 m83.8 m51.6 m32.2 m74.6 m

Cash From Operating Activities

97.8 m16.5 m(749.4 m)(1.5 b)(1.8 b)

Purchases of PP&E

(54.1 m)(69.7 m)(91.2 m)(107.7 m)(173.3 m)

Cash From Investing Activities

(256 m)(42.9 m)(179.2 m)49.8 m34.3 m

Cash From Financing Activities

476.3 m541.7 m1.6 b1.1 b3.1 b

Net Change in Cash

314.7 m508.6 m695.7 m(341.8 m)1.4 b

Interest Paid

19.1 m41.1 m111.8 m138.6 m213.3 m

Income Taxes Paid

7.5 m50.6 m27.7 m26.8 m113.6 m

Ratios

USDY, 2018

EV/EBIT

344.4 x

EV/CFO

-649.6 x

Debt/Equity

1.6 x

Debt/Assets

0.3 x

Financial Leverage

5 x
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Operating Metrics

Netflix's Customers was reported to be 125 m in Q1, 2018.
FY, 2013Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017Q3, 2017FY, 2017Q1, 2018

Customers

44.35 m48.36 m50.05 m53.06 m57.39 m62.27 m65.55 m69.17 m74.76 m81.50 m83.18 m86.74 m93.80 m98.75 m103.95 m109.25 m117.58 m125 m

Paying Customers

41.43 m46.13 m47.99 m50.65 m54.48 m59.62 m62.71 m66.02 m70.84 m77.71 m79.90 m83.28 m89.09 m94.36 m99.04 m104.02 m110.64 m125 m

Customers (US)

33.42 m35.67 m36.24 m37.22 m39.11 m41.40 m42.30 m43.18 m44.74 m46.97 m47.13 m47.50 m49.43 m50.85 m51.92 m52.77 m54.75 m56.71 m

Paying Customers (US)

31.71 m34.38 m35.24 m36.27 m37.70 m40.32 m41.06 m42.07 m43.40 m45.71 m46 m46.48 m47.91 m49.38 m50.32 m51.35 m52.81 m55.09 m

Customers (International)

10.93 m12.68 m13.80 m15.84 m18.23 m20.88 m23.25 m25.99 m30.02 m34.53 m36.05 m39.25 m44.37 m47.89 m52.03 m56.48 m62.83 m68.29 m

Paying Customers (International)

9.72 m11.76 m12.91 m14.39 m16.78 m19.30 m21.65 m23.95 m27.44 m31.99 m33.89 m36.80 m41.19 m44.99 m48.71 m52.68 m57.83 m63.82 m

Customers (DVD Segment, US)

6.93 m6.65 m6.26 m5.99 m5.77 m5.56 m5.21 m5.06 m4.90 m4.74 m4.53 m4.27 m4.11 m3.94 m3.76 m3.57 m3.38 m3.17 m

Paying Customers (DVD Segment, US)

6.77 m6.51 m6.17 m5.90 m5.67 m5.47 m5.22 m4.97 m4.79 m4.65 m4.44 m4.19 m4.03 m3.87 m3.69 m3.52 m3.33 m3.14 m

Average Monthly Revenue per Subscriber

$8.10 $8.20 $8.18 $8.07 $8.19 $8.15 $8.14 $8.32 $8.82 $8.61 $9.14 $9.21 $9.44 $9.43 $10.46

Average Monthly Revenue per Subscriber (DVD)

$10.25 $10.26 $10.24 $10.31 $10.29 $10.37 $10.23 $10.31 $10.30 $10.23 $10.18 $10.23 $10.22 $10.16 $10.12 $10.19 $10.17 $10.18

Countries

40 40 40 50 50 50 50 50 190 190 190 190 190 190 190 190 190 190

Daily Video Watch Time, hours

100 m100 m100 m125 m125 m125 m125 m125 m125 m125 m125 m140 m140 m
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