10/17/2024 | Press release | Distributed by Public on 10/17/2024 14:01
Netflix, Inc. | ||||||||||||||
Consolidated Statements of Operations | ||||||||||||||
(unaudited) | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Nine Months Ended | |||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | June 30, | September 30, | September 30, | |
2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | |
Revenues | $ 7,867,767 | $ 7,970,141 | $ 7,925,589 | $ 7,852,053 | $ 31,615,550 | $ 8,161,503 | $ 8,187,301 | $ 8,541,668 | $ 8,832,825 | $ 33,723,297 | $ 9,370,440 | $ 9,559,310 | $ 9,824,703 | $ 28,754,453 |
Cost of revenues | 4,284,705 | 4,690,755 | 4,788,665 | 5,404,160 | 19,168,285 | 4,803,625 | 4,673,470 | 4,930,788 | 5,307,485 | 19,715,368 | 4,977,073 | 5,174,143 | 5,119,884 | 15,271,100 |
Marketing | 555,978 | 574,960 | 567,954 | 831,610 | 2,530,502 | 555,362 | 627,168 | 558,736 | 916,617 | 2,657,883 | 654,340 | 644,084 | 642,926 | 1,941,350 |
Technology and development | 657,530 | 716,846 | 662,739 | 673,926 | 2,711,041 | 687,275 | 657,983 | 657,159 | 673,341 | 2,675,758 | 702,473 | 711,254 | 735,063 | 2,148,790 |
General and administrative | 397,928 | 409,297 | 373,213 | 392,453 | 1,572,891 | 400,924 | 401,497 | 478,591 | 439,273 | 1,720,285 | 404,020 | 426,992 | 417,353 | 1,248,365 |
Operating income | 1,971,626 | 1,578,283 | 1,533,018 | 549,904 | 5,632,831 | 1,714,317 | 1,827,183 | 1,916,394 | 1,496,109 | 6,954,003 | 2,632,534 | 2,602,837 | 2,909,477 | 8,144,848 |
Other income (expense): | ||||||||||||||
Interest expense | (187,579) | (175,455) | (172,575) | (170,603) | (706,212) | (174,239) | (174,812) | (175,563) | (175,212) | (699,826) | (173,314) | (167,986) | (184,830) | (526,130) |
Interest and other income (expense) | 195,645 | 220,226 | 261,404 | (339,965) | 337,310 | (71,204) | 26,961 | 168,218 | (172,747) | (48,772) | 155,359 | 79,005 | (21,693) | 212,671 |
Income before income taxes | 1,979,692 | 1,623,054 | 1,621,847 | 39,336 | 5,263,929 | 1,468,874 | 1,679,332 | 1,909,049 | 1,148,150 | 6,205,405 | 2,614,579 | 2,513,856 | 2,702,954 | 7,831,389 |
Benefit from (provision for) income taxes | (382,245) | (182,103) | (223,605) | 15,948 | (772,005) | (163,754) | (191,722) | (231,627) | (210,312) | (797,415) | (282,370) | (366,550) | (339,445) | (988,365) |
Net income | $ 1,597,447 | $ 1,440,951 | $ 1,398,242 | $ 55,284 | $ 4,491,924 | $ 1,305,120 | $ 1,487,610 | $ 1,677,422 | $ 937,838 | $ 5,407,990 | $ 2,332,209 | $ 2,147,306 | $ 2,363,509 | $ 6,843,024 |
Earnings per share: | ||||||||||||||
Basic | $ 3.60 | $ 3.24 | $ 3.14 | $ 0.12 | $ 10.10 | $ 2.93 | $ 3.35 | $ 3.80 | $ 2.15 | $ 12.25 | $ 5.40 | $ 4.99 | $ 5.52 | $ 15.91 |
Diluted | $ 3.53 | $ 3.20 | $ 3.10 | $ 0.12 | $ 9.95 | $ 2.88 | $ 3.29 | $ 3.73 | $ 2.11 | $ 12.03 | $ 5.28 | $ 4.88 | $ 5.40 | $ 15.56 |
Weighted-average shares of common stock outstanding: | ||||||||||||||
Basic | 444,146 | 444,557 | 444,878 | 445,200 | 444,698 | 445,244 | 443,881 | 441,537 | 435,923 | 441,571 | 432,090 | 430,065 | 428,239 | 430,125 |
Diluted | 452,984 | 450,169 | 450,344 | 451,649 | 451,290 | 452,417 | 451,572 | 450,011 | 444,292 | 449,498 | 441,654 | 439,739 | 437,898 | 439,757 |
Netflix, Inc. | |||||||||||
Consolidated Balance Sheets | |||||||||||
(unaudited) | |||||||||||
(in thousands) | |||||||||||
March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | |
2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | |
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ 6,008,946 | $ 5,819,449 | $ 6,113,733 | $ 5,147,176 | $ 6,714,594 | $ 7,662,788 | $ 7,353,245 | $ 7,116,913 | $ 7,024,766 | $ 6,624,939 | $ 7,457,025 |
Short-term investments | - 0 | - 0 | - 0 | 911,276 | 1,112,910 | 914,201 | 514,201 | 20,973 | 20,973 | 30,973 | 1,766,902 |
Other current assets | 2,089,069 | 2,021,329 | 2,703,170 | 3,208,021 | 2,655,119 | 2,929,347 | 2,912,028 | 2,780,247 | 2,875,574 | 2,959,641 | 2,905,172 |
Total current assets | 8,098,015 | 7,840,778 | 8,816,903 | 9,266,473 | 10,482,623 | 11,506,336 | 10,779,474 | 9,918,133 | 9,921,313 | 9,615,553 | 12,129,099 |
Content assets, net | 31,191,920 | 32,533,199 | 32,777,340 | 32,736,713 | 32,349,184 | 32,520,774 | 31,749,861 | 31,658,056 | 31,662,100 | 31,927,355 | 32,175,382 |
Property and equipment, net | 1,383,763 | 1,361,920 | 1,372,754 | 1,398,257 | 1,413,094 | 1,471,968 | 1,498,391 | 1,491,444 | 1,501,168 | 1,510,958 | 1,568,212 |
Other non-current assets | 4,657,206 | 4,615,038 | 4,595,190 | 5,193,325 | 5,245,444 | 5,318,395 | 5,474,060 | 5,664,359 | 5,743,140 | 6,045,029 | 6,409,151 |
Total assets | $ 45,330,904 | $ 46,350,935 | $ 47,562,187 | $ 48,594,768 | $ 49,490,345 | $ 50,817,473 | $ 49,501,786 | $ 48,731,992 | $ 48,827,721 | $ 49,098,895 | $ 52,281,844 |
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Current content liabilities | $ 4,066,289 | $ 4,174,966 | $ 4,225,890 | $ 4,480,150 | $ 4,344,580 | $ 4,440,412 | $ 4,259,582 | $ 4,466,470 | $ 4,436,021 | $ 4,391,437 | $ 4,489,971 |
Accounts payable | 617,202 | 504,278 | 560,156 | 671,513 | 591,987 | 615,374 | 534,429 | 747,412 | 607,348 | 598,557 | 641,953 |
Accrued expenses and other liabilities | 1,817,117 | 1,596,035 | 1,803,555 | 1,514,650 | 1,718,069 | 1,908,714 | 1,838,908 | 1,803,960 | 1,977,428 | 1,876,244 | 2,241,758 |
Deferred revenue | 1,239,048 | 1,224,743 | 1,176,323 | 1,264,661 | 1,262,271 | 1,311,918 | 1,306,185 | 1,442,969 | 1,469,484 | 1,473,720 | 1,513,048 |
Short-term debt | - 0 | - 0 | - 0 | - 0 | 399,163 | 399,387 | 399,614 | 399,844 | 798,936 | 1,800,041 | 1,820,396 |
Total current liabilities | 7,739,656 | 7,500,022 | 7,765,924 | 7,930,974 | 8,316,070 | 8,675,805 | 8,338,718 | 8,860,655 | 9,289,217 | 10,139,999 | 10,707,126 |
Non-current content liabilities | 2,945,221 | 2,989,961 | 2,955,368 | 3,081,277 | 2,908,029 | 2,849,387 | 2,668,472 | 2,578,173 | 2,370,692 | 2,028,782 | 1,918,089 |
Long-term debt | 14,534,561 | 14,233,303 | 13,888,117 | 14,353,076 | 14,037,965 | 14,070,151 | 13,900,754 | 14,143,417 | 13,217,038 | 12,180,024 | 14,160,932 |
Other non-current liabilities | 2,567,427 | 2,551,675 | 2,424,637 | 2,452,040 | 2,400,085 | 2,389,915 | 2,486,215 | 2,561,434 | 2,585,364 | 2,637,397 | 2,774,961 |
Total liabilities | 27,786,865 | 27,274,961 | 27,034,046 | 27,817,367 | 27,662,149 | 27,985,258 | 27,394,159 | 28,143,679 | 27,462,311 | 26,986,202 | 29,561,108 |
Stockholders' equity: | |||||||||||
Common stock | 4,155,580 | 4,316,870 | 4,473,962 | 4,637,601 | 4,762,395 | 4,874,208 | 5,011,427 | 5,145,172 | 5,489,850 | 5,680,061 | 5,887,903 |
Treasury stock at cost | (824,190) | (824,190) | (824,190) | (824,190) | (1,228,920) | (1,876,753) | (4,399,677) | (6,922,200) | (8,934,056) | (10,547,055) | (12,254,855) |
Accumulated other comprehensive loss | (74,170) | (144,476) | (247,643) | (217,306) | (191,695) | (139,266) | (155,571) | (223,945) | (111,879) | (89,114) | (344,622) |
Retained earnings | 14,286,819 | 15,727,770 | 17,126,012 | 17,181,296 | 18,486,416 | 19,974,026 | 21,651,448 | 22,589,286 | 24,921,495 | 27,068,801 | 29,432,310 |
Total stockholders' equity | 17,544,039 | 19,075,974 | 20,528,141 | 20,777,401 | 21,828,196 | 22,832,215 | 22,107,627 | 20,588,313 | 21,365,410 | 22,112,693 | 22,720,736 |
Total liabilities and stockholders' equity | $ 45,330,904 | $ 46,350,935 | $ 47,562,187 | $ 48,594,768 | $ 49,490,345 | $ 50,817,473 | $ 49,501,786 | $ 48,731,992 | $ 48,827,721 | $ 49,098,895 | $ 52,281,844 |
Netflix, Inc. | ||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||
(unaudited) | ||||||||||||||
(in thousands) | ||||||||||||||
Three Months Ended | Twelve Months Ended | Three Months Ended | Twelve Months Ended | Three Months Ended | Nine Months Ended | |||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | June 30, | September 30, | September 30, | |
2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | |
Cash flows from operating activities: | ||||||||||||||
Net income | $ 1,597,447 | $ 1,440,951 | $ 1,398,242 | $ 55,284 | $ 4,491,924 | $ 1,305,120 | $ 1,487,610 | $ 1,677,422 | $ 937,838 | $ 5,407,990 | $ 2,332,209 | $ 2,147,306 | $ 2,363,509 | $ 6,843,024 |
Adjustments to reconcile net income to net cash | ||||||||||||||
provided by operating activities: | ||||||||||||||
Additions to content assets | (3,584,164) | (4,687,011) | (4,582,671) | (3,985,192) | (16,839,038) | (2,458,666) | (3,683,007) | (2,883,839) | (3,529,191) | (12,554,703) | (3,728,967) | (4,048,852) | (4,016,396) | (11,794,215) |
Change in content liabilities | (347,149) | 191,228 | 60,867 | 274,364 | 179,310 | (354,791) | 46,119 | (325,989) | 49,059 | (585,602) | (189,441) | (366,572) | (83,585) | (639,598) |
Amortization of content assets | 3,166,365 | 3,261,348 | 3,653,592 | 3,944,827 | 14,026,132 | 3,459,984 | 3,410,021 | 3,573,353 | 3,754,079 | 14,197,437 | 3,670,805 | 3,769,690 | 3,699,521 | 11,140,016 |
Depreciation and amortization of property, equipment and intangibles | 74,602 | 83,505 | 85,188 | 93,387 | 336,682 | 90,335 | 89,385 | 90,660 | 86,567 | 356,947 | 87,234 | 81,227 | 80,914 | 249,375 |
Stock-based compensation expense | 119,209 | 150,392 | 152,062 | 153,789 | 575,452 | 99,099 | 78,030 | 79,720 | 82,519 | 339,368 | 76,345 | 68,766 | 65,650 | 210,761 |
Foreign currency remeasurement loss (gain) on debt | (161,821) | (304,513) | (348,458) | 461,681 | (353,111) | 80,651 | 28,952 | (172,678) | 239,371 | 176,296 | (130,801) | (42,692) | 104,809 | (68,684) |
Other non-cash items | 101,968 | 205,374 | 102,513 | 123,688 | 533,543 | 120,008 | 121,483 | 115,688 | 154,896 | 512,075 | 97,181 | 138,588 | 128,082 | 363,851 |
Deferred income taxes | (68,906) | (115,820) | (57,797) | 75,973 | (166,550) | (98,782) | (103,172) | (86,277) | (171,128) | (459,359) | (107,077) | (209,387) | (200,982) | (517,446) |
Changes in operating assets and liabilities: | ||||||||||||||
Other current assets | 41,157 | 123,399 | (120,071) | (398,319) | (353,834) | (88,522) | (183,049) | 103,766 | (13,198) | (181,003) | 38,049 | (28,959) | 54,956 | 64,046 |
Accounts payable | (215,444) | (122,048) | 53,875 | 125,074 | (158,543) | (89,668) | 38,332 | (68,390) | 213,228 | 93,502 | (145,265) | (19,358) | 30,597 | (134,026) |
Accrued expenses and other liabilities | 350,763 | (238,719) | 212,072 | (379,629) | (55,513) | 185,299 | 177,831 | (65,029) | (194,536) | 103,565 | 251,782 | (114,303) | 179,011 | 316,490 |
Deferred revenue | 16,743 | (10,376) | (48,420) | 69,409 | 27,356 | (2,390) | 49,647 | (5,733) | 137,184 | 178,708 | 26,515 | 4,236 | 39,328 | 70,079 |
Other non-current assets and liabilities | (167,931) | 125,040 | (4,184) | (170,478) | (217,553) | (68,937) | (117,950) | (40,359) | (83,674) | (310,920) | (66,047) | (88,843) | (124,313) | (279,203) |
Net cash provided by operating activities | 922,839 | 102,750 | 556,810 | 443,858 | 2,026,257 | 2,178,740 | 1,440,232 | 1,992,315 | 1,663,014 | 7,274,301 | 2,212,522 | 1,290,847 | 2,321,101 | 5,824,470 |
Cash flows from investing activities: | ||||||||||||||
Purchases of property and equipment | (121,158) | (90,018) | (84,960) | (111,593) | (407,729) | (62,019) | (100,972) | (103,929) | (81,632) | (348,552) | (75,714) | (78,287) | (126,863) | (280,864) |
Acquisitions | (124,521) | (68,876) | - 0 | (563,990) | (757,387) | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 |
Purchases of investments | - 0 | - 0 | - 0 | (911,276) | (911,276) | (201,634) | (303,228) | - 0 | - 0 | (504,862) | - 0 | - 0 | (1,742,246) | (1,742,246) |
Proceeds from maturities of investments | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 501,937 | 400,000 | 493,228 | 1,395,165 | - 0 | - 0 | - 0 | - 0 |
Net cash provided by (used in) investing activities | (245,679) | (158,894) | (84,960) | (1,586,859) | (2,076,392) | (263,653) | 97,737 | 296,071 | 411,596 | 541,751 | (75,714) | (78,287) | (1,869,109) | (2,023,110) |
Cash flows from financing activities: | ||||||||||||||
Proceeds from issuance of debt | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | 1,794,460 | 1,794,460 |
Repayments of debt | (700,000) | - 0 | - 0 | - 0 | (700,000) | - 0 | - 0 | - 0 | - 0 | - 0 | (400,000) | - 0 | - 0 | (400,000) |
Proceeds from issuance of common stock | 13,678 | 11,250 | 4,113 | 6,705 | 35,746 | 26,028 | 34,717 | 57,818 | 51,427 | 169,990 | 268,881 | 118,750 | 143,244 | 530,875 |
Repurchases of common stock | - 0 | - 0 | - 0 | - 0 | - 0 | (400,101) | (645,146) | (2,500,100) | (2,500,000) | (6,045,347) | (2,000,000) | (1,599,998) | (1,700,000) | (5,299,998) |
Taxes paid related to net share settlement of equity awards | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (1,825) | (1,883) | (2,024) | (5,732) |
Other financing activities | - 0 | - 0 | - 0 | - 0 | - 0 | - 0 | (38,920) | (32,826) | (3,700) | (75,446) | - 0 | (6,250) | (9,084) | (15,334) |
Net cash provided by (used in) financing activities | (686,322) | 11,250 | 4,113 | 6,705 | (664,254) | (374,073) | (649,349) | (2,475,108) | (2,452,273) | (5,950,803) | (2,132,944) | (1,489,381) | 226,596 | (3,395,729) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (11,448) | (145,198) | (180,058) | 166,564 | (170,140) | 26,423 | 39,626 | (122,707) | 139,342 | 82,684 | (95,790) | (122,723) | 153,452 | (65,061) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (20,610) | (190,092) | 295,905 | (969,732) | (884,529) | 1,567,437 | 928,246 | (309,429) | (238,321) | 1,947,933 | (91,926) | (399,544) | 832,040 | 340,570 |
Cash, cash equivalents, and restricted cash beginning of period | 6,055,111 | 6,034,501 | 5,844,409 | 6,140,314 | 6,055,111 | 5,170,582 | 6,738,019 | 7,666,265 | 7,356,836 | 5,170,582 | 7,118,515 | 7,026,589 | 6,627,045 | 7,118,515 |
Cash, cash equivalents, and restricted cash end of period | $ 6,034,501 | $ 5,844,409 | $ 6,140,314 | $ 5,170,582 | $ 5,170,582 | $ 6,738,019 | $ 7,666,265 | $ 7,356,836 | $ 7,118,515 | $ 7,118,515 | $ 7,026,589 | $ 6,627,045 | $ 7,459,085 | $ 7,459,085 |
Non-GAAP free cash flow reconciliation: | ||||||||||||||
Net cash provided by operating activities | $ 922,839 | $ 102,750 | $ 556,810 | $ 443,858 | $ 2,026,257 | $ 2,178,740 | $ 1,440,232 | $ 1,992,315 | $ 1,663,014 | $ 7,274,301 | $ 2,212,522 | $ 1,290,847 | $ 2,321,101 | $ 5,824,470 |
Purchases of property and equipment | (121,158) | (90,018) | (84,960) | (111,593) | (407,729) | (62,019) | (100,972) | (103,929) | (81,632) | (348,552) | (75,714) | (78,287) | (126,863) | (280,864) |
Non-GAAP free cash flow | $ 801,681 | $ 12,732 | $ 471,850 | $ 332,265 | $ 1,618,528 | $ 2,116,721 | $ 1,339,260 | $ 1,888,386 | $ 1,581,382 | $ 6,925,749 | $ 2,136,808 | $ 1,212,560 | $ 2,194,238 | $ 5,543,606 |
Netflix, Inc. | ||||||||||||||
Streaming Revenue and Membership Information by Region | ||||||||||||||
(unaudited) | ||||||||||||||
(in thousands, except for average revenue per membership and percentages) | ||||||||||||||
As of / Three Months Ended | As of / Year Ended | As of / Three Months Ended | As of / Year Ended | As of / Three Months Ended | As of / Nine Months Ended | |||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | June 30, | September 30, | December 31, | December 31, | March 31, | June 30, | September 30, | September 30, | |
2022 | 2022 | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | |
United States and Canada (UCAN) | ||||||||||||||
Revenues (1) | $ 3,350,424 | $ 3,537,863 | $ 3,601,565 | $ 3,594,791 | $ 14,084,643 | $ 3,608,645 | $ 3,599,448 | $ 3,735,133 | $ 3,930,557 | $ 14,873,783 | $ 4,224,315 | $ 4,295,560 | $ 4,322,476 | $ 12,842,351 |
Paid net membership additions (losses) | (636) | (1,296) | 104 | 909 | (919) | 102 | 1,173 | 1,750 | 2,807 | 5,832 | 2,530 | 1,451 | 694 | 4,675 |
Paid memberships at end of period | 74,579 | 73,283 | 73,387 | 74,296 | 74,296 | 74,398 | 75,571 | 77,321 | 80,128 | 80,128 | 82,658 | 84,109 | 84,803 | 84,803 |
Average paying memberships | 74,897 | 73,931 | 73,335 | 73,842 | 74,001 | 74,347 | 74,985 | 76,446 | 78,725 | 76,126 | 81,393 | 83,384 | 84,456 | 83,078 |
Average revenue per membership (2) | $14.91 | $15.95 | $16.37 | $16.23 | $15.86 | $16.18 | $16.00 | $16.29 | $16.64 | $16.28 | $17.30 | $17.17 | $17.06 | $17.18 |
% change as compared to prior-year period | 5% | 10% | 12% | 10% | 9% | 9% | 0% | 0% | 3% | 3% | 7% | 7% | 5% | 6% |
Constant currency % change as compared to prior-year period* | 5% | 10% | 12% | 10% | 9% | 9% | 1% | 0% | 3% | 3% | 7% | 7% | 5% | 6% |
Europe, Middle East and Africa (EMEA) | ||||||||||||||
Revenues | $ 2,561,831 | $ 2,457,235 | $ 2,375,814 | $ 2,350,135 | $ 9,745,015 | $ 2,517,641 | $ 2,562,170 | $ 2,693,146 | $ 2,783,530 | $ 10,556,487 | $ 2,958,193 | $ 3,007,772 | $ 3,133,466 | $ 9,099,431 |
Paid net membership additions (losses) | (303) | (767) | 568 | 3,195 | 2,693 | 644 | 2,434 | 3,953 | 5,053 | 12,084 | 2,916 | 2,235 | 2,167 | 7,318 |
Paid memberships at end of period | 73,733 | 72,966 | 73,534 | 76,729 | 76,729 | 77,373 | 79,807 | 83,760 | 88,813 | 88,813 | 91,729 | 93,964 | 96,131 | 96,131 |
Average paying memberships | 73,885 | 73,350 | 73,250 | 75,132 | 73,904 | 77,051 | 78,590 | 81,784 | 86,287 | 80,928 | 90,271 | 92,847 | 95,048 | 92,722 |
Average revenue per membership (2) | $11.56 | $11.17 | $10.81 | $10.43 | $10.99 | $10.89 | $10.87 | $10.98 | $10.75 | $10.87 | $10.92 | $10.80 | $10.99 | $10.90 |
% change as compared to prior-year period | 0% | -4% | -7% | -10% | -6% | -6% | -3% | 2% | 3% | -1% | 0% | -1% | 0% | 0% |
Constant currency % change as compared to prior-year period* | 6% | 6% | 7% | 5% | 6% | 1% | -1% | -2% | -1% | -1% | 0% | 1% | 1% | 1% |
Latin America (LATAM) | ||||||||||||||
Revenues | $ 998,948 | $ 1,030,234 | $ 1,023,945 | $ 1,016,846 | $ 4,069,973 | $ 1,070,192 | $ 1,077,435 | $ 1,142,811 | $ 1,156,023 | $ 4,446,461 | $ 1,165,008 | $ 1,204,145 | $ 1,240,892 | $ 3,610,045 |
Paid net membership additions (losses) | (351) | 14 | 312 | 1,763 | 1,738 | (450) | 1,217 | 1,179 | 2,352 | 4,298 | 1,723 | 1,530 | (68) | 3,185 |
Paid memberships at end of period | 39,610 | 39,624 | 39,936 | 41,699 | 41,699 | 41,249 | 42,466 | 43,645 | 45,997 | 45,997 | 47,720 | 49,250 | 49,182 | 49,182 |
Average paying memberships | 39,786 | 39,617 | 39,780 | 40,818 | 40,000 | 41,474 | 41,858 | 43,056 | 44,821 | 42,802 | 46,859 | 48,485 | 49,216 | 48,187 |
Average revenue per membership (2) | $8.37 | $8.67 | $8.58 | $8.30 | $8.48 | $8.60 | $8.58 | $8.85 | $8.60 | $8.66 | $8.29 | $8.28 | $8.40 | $8.32 |
% change as compared to prior-year period | 13% | 16% | 9% | 2% | 10% | 3% | -1% | 3% | 4% | 2% | -4% | -3% | -5% | -4% |
Constant currency % change as compared to prior-year period* | 20% | 15% | 16% | 7% | 14% | 8% | 8% | 8% | 16% | 10% | 16% | 24% | 27% | 23% |
Asia-Pacific (APAC) | ||||||||||||||
Revenues | $ 916,754 | $ 907,719 | $ 889,037 | $ 856,711 | $ 3,570,221 | $ 933,523 | $ 919,273 | $ 948,216 | $ 962,715 | $ 3,763,727 | $ 1,022,924 | $ 1,051,833 | $ 1,127,869 | $ 3,202,626 |
Paid net membership additions | 1,087 | 1,080 | 1,429 | 1,795 | 5,391 | 1,455 | 1,068 | 1,881 | 2,911 | 7,315 | 2,157 | 2,829 | 2,280 | 7,266 |
Paid memberships at end of period | 33,719 | 34,799 | 36,228 | 38,023 | 38,023 | 39,478 | 40,546 | 42,427 | 45,338 | 45,338 | 47,495 | 50,324 | 52,604 | 52,604 |
Average paying memberships | 33,176 | 34,259 | 35,514 | 37,126 | 35,019 | 38,751 | 40,012 | 41,487 | 43,883 | 41,033 | 46,417 | 48,910 | 51,464 | 48,930 |
Average revenue per membership (2) | $9.21 | $8.83 | $8.34 | $7.69 | $8.50 | $8.03 | $7.66 | $7.62 | $7.31 | $7.64 | $7.35 | $7.17 | $7.31 | $7.27 |
% change as compared to prior-year period | -5% | -9% | -13% | -17% | -11% | -13% | -13% | -9% | -5% | -10% | -8% | -6% | -4% | -6% |
Constant currency % change as compared to prior-year period* | 1% | -2% | -3% | -4% | -2% | -6% | -7% | -6% | -4% | -6% | -4% | -3% | -2% | -3% |
(1) Excludes DVD revenues of $146 million and $83 million for the years ended December 31, 2022 and 2023, respectively. Total US revenues for the years ended December 31, 2022, 2023, and the three and nine months ended September 30, 2024 were $13.0 billion, $13.8 billion, $4.0 billion and $11.9 billion, respectively. | ||||||||||||||
(2) Average revenue per membership (ARM) is defined as streaming revenue divided by the average number of streaming paid memberships divided by the number of months in the period. These figures do not include sales taxes or VAT. | ||||||||||||||
* The Company believes the non-GAAP financial measure of constant currency revenue is useful in analyzing the underlying trends in ARM absent foreign currency fluctuations. However, this non-GAAP financial measure should be considered in addition to, not as a substitute for, or superior to other financial measures prepared in accordance with GAAP. In order to exclude the effect of foreign currency rate fluctuations on ARM, we calculate current period revenue assuming foreign exchange rates had remained constant with foreign exchange rates from each of the corresponding months of the prior-year period and exclude the impact of hedging gains or losses realized as revenues. Constant currency percentage change in ARM is calculated as the percentage change between current period constant currency ARM and the prior comparative period ARM. The impact of hedging gains or losses is excluded from both the current and prior periods. |