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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number: 001-35727
Netflix, Inc.
(Exact name of Registrant as specified in its charter)
Delaware77-0467272
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
121 Albright Way,Los Gatos,California95032
(Address of principal executive offices)(Zip Code)
(408) 540-3700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per shareNFLXNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No     
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).    Yes      No  
As of June 30, 2024, there were 429,164,615 shares of the registrant’s common stock, par value $0.001, outstanding.



Table of Contents
 

2


NETFLIX, INC.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)

Three Months EndedSix Months Ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Revenues
$9,559,310 $8,187,301 $18,929,750 $16,348,804 
Cost of revenues
5,174,143 4,673,470 10,151,216 9,477,095 
Marketing
644,084 627,168 1,298,424 1,182,530 
Technology and development
711,254 657,983 1,413,727 1,345,258 
General and administrative
426,992 401,497 831,012 802,421 
Operating income
2,602,837 1,827,183 5,235,371 3,541,500 
Other income (expense):
Interest expense
(167,986)(174,812)(341,300)(349,051)
Interest and other income (expense)
79,005 26,961 234,364 (44,243)
Income before income taxes
2,513,856 1,679,332 5,128,435 3,148,206 
Provision for income taxes(366,550)(191,722)(648,920)(355,476)
Net income
$2,147,306 $1,487,610 $4,479,515 $2,792,730 
Earnings per share:
Basic
$4.99 $3.35 $10.39 $6.28 
Diluted
$4.88 $3.29 $10.16 $6.18 
Weighted-average shares of common stock outstanding:
Basic
430,065 443,881 431,078 444,559 
Diluted
439,739 451,572 440,697 451,990 










See accompanying notes to the consolidated financial statements.
3

NETFLIX, INC.
Consolidated Statements of Comprehensive Income
(unaudited)
(in thousands)
Three Months EndedSix Months Ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Net income$2,147,306 $1,487,610 $4,479,515 $2,792,730 
Other comprehensive income:
Foreign currency translation adjustments
(75,246)52,429 (148,298)78,040 
Cash flow hedges:
Net unrealized gains123,733  300,337  
Reclassification of net gains included in net income(25,722) (17,208) 
Net change, net of income tax expense of $29 million, $0, $84 million, and $0, respectively
98,011  283,129  
Total other comprehensive income22,765 52,429 134,831 78,040 
Comprehensive income$2,170,071 $1,540,039 $4,614,346 $2,870,770 























See accompanying notes to the consolidated financial statements.
4

NETFLIX, INC.

Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
   
Three Months EndedSix Months Ended
   
June 30,
2024
June 30,
2023
June 30,
2024
June 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 assets3,769,690 3,410,021 7,440,495 6,870,005 
Depreciation and amortization of property, equipment and intangibles81,227 89,385 168,461 179,720 
Stock-based compensation expense68,766 78,030 145,111 177,129 
Foreign currency remeasurement loss (gain) on debt(42,692)28,952 (173,493)109,603 
Other non-cash items138,588 121,483 235,769 241,491 
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 revenue4,236 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 activities1,290,847 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 (303,228) (504,862)
Proceeds from maturities of short-term investments 501,937  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  (400,000) 
Proceeds from issuance of common stock118,750 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) (3,708) 
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 




See accompanying notes to the consolidated financial statements.
5

NETFLIX, INC.
Consolidated Balance Sheets
(in thousands, except share and par value data)

As of
   
June 30,
2024
December 31,
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$6,624,939 $7,116,913 
Short-term investments30,973 20,973 
Other current assets
2,959,641 2,780,247 
Total current assets
9,615,553 9,918,133 
Content assets, net
31,927,355 31,658,056 
Property and equipment, net
1,510,958 1,491,444 
Other non-current assets
6,045,029 5,664,359 
Total assets
$49,098,895 $48,731,992 
Liabilities and Stockholders’ Equity
Current liabilities:
Current content liabilities
$4,391,437 $4,466,470 
Accounts payable
598,557 747,412 
Accrued expenses and other liabilities
1,876,244 1,803,960 
Deferred revenue
1,473,720 1,442,969 
Short-term debt
1,800,041 399,844 
Total current liabilities
10,139,999 8,860,655 
Non-current content liabilities
2,028,782 2,578,173 
Long-term debt
12,180,024 14,143,417 
Other non-current liabilities
2,637,397 2,561,434 
Total liabilities
26,986,202 28,143,679 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.001 par value; 4,990,000,000 shares authorized at June 30, 2024 and December 31, 2023; 429,164,615 and 432,759,584 issued and outstanding at June 30, 2024 and December 31, 2023, respectively
5,680,061 5,145,172 
Treasury stock at cost (22,229,834 and 16,078,268 shares at June 30, 2024 and December 31, 2023, respectively)
(10,547,055)(6,922,200)
Accumulated other comprehensive loss(89,114)(223,945)
Retained earnings
27,068,801 22,589,286 
Total stockholders’ equity
22,112,693 20,588,313 
Total liabilities and stockholders’ equity
$49,098,895 $48,731,992 




See accompanying notes to the consolidated financial statements.
6

NETFLIX, INC.
Consolidated Statements of Stockholders’ Equity
(unaudited)
(in thousands)
Three Months EndedSix Months Ended
 June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
Total stockholders' equity, beginning balances$21,365,410 $21,828,196 $20,588,313 $20,777,401 
Common stock and additional paid-in capital:
Beginning balances
$5,489,850 $4,762,395 $5,145,172 $4,637,601 
Issuance of common stock121,445 33,783 389,778 59,478 
Stock-based compensation expense68,766 78,030 145,111 177,129 
Ending balances$5,680,061 $4,874,208 $5,680,061 $4,874,208 
Treasury stock:
Beginning balances
$(8,934,056)$(1,228,920)$(6,922,200)$(824,190)
Repurchases of common stock to be held as treasury stock(1,612,999)(647,833)(3,624,855)(1,052,563)
Ending balances$(10,547,055)$(1,876,753)$(10,547,055)$(1,876,753)
Accumulated other comprehensive loss:
Beginning balances
$(111,879)$(191,695)$(223,945)$(217,306)
Other comprehensive income22,765 52,429 134,831 78,040 
Ending balances$(89,114)$(139,266)$(89,114)$(139,266)
Retained earnings:
Beginning balances$24,921,495 $18,486,416 $22,589,286 $17,181,296 
Net income
2,147,306 1,487,610 4,479,515 2,792,730 
Ending balances$27,068,801 $19,974,026 $27,068,801 $19,974,026 
Total stockholders' equity, ending balances
$22,112,693 $22,832,215 $22,112,693 $22,832,215 





















See accompanying notes to the consolidated financial statements.
7

NETFLIX, INC.
Notes to Consolidated Financial Statements
(unaudited)

1. 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, 2023 filed with the Securities and Exchange Commission (the “SEC”) on January 26, 2024. 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, 2023. 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, 2023.

Derivative Financial Instruments and Hedging Activities
The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.
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.
Cash flow hedges
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 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 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.
Net investment hedges
The Company designates a portion of its foreign currency-denominated debt as net investment hedges to manage the foreign exchange risk on its investment in certain foreign subsidiaries. These hedges 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 gains or losses on these non-derivative instruments are reported as a component of AOCI as part of the cumulative translation adjustment on the Company’s Consolidated Balance Sheets. The accumulated gains and losses remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.

8

Derivative instruments not designated as hedging instruments
The Company enters into forward contracts to manage the foreign exchange risk on intercompany transactions and monetary assets and liabilities that are not denominated in the functional currencies of the Company and its subsidiaries. These derivative instruments are not designated as hedging instruments and may reduce, but do not entirely eliminate, the effect of foreign currency exchange movements. The gain or loss on derivative instruments not designated as hedging instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. Cash flows related to these derivative instruments are classified within "Net cash provided by operating activities" on the Consolidated Statements of Cash Flows.
See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial instruments.
Stock-based Compensation
The Company grants non-qualified stock options to its employees on a monthly basis. For certain executive officers, the Company grants restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Stock-based compensation expense is based on the fair value of the stock awards at the grant date and is recognized, net of forfeitures, over the requisite service period. See Note 9 Stockholders' Equity to the consolidated financial statements for further information regarding stock-based compensation.
Recently issued accounting pronouncements not yet adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.


2. Revenue Recognition
The following tables summarize streaming revenues, paid net membership additions, and ending paid memberships by region for the three and six months ended June 30, 2024 and June 30, 2023, respectively. Hedging gains and losses are included in “Streaming revenues” for the three and six months ended June 30, 2024. No hedge gains and losses were recognized as “Streaming revenues” in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities for further information.

United States and Canada (UCAN)
As of/Three Months EndedAs of/Six Months Ended
 June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
 (in thousands)
Streaming revenues$4,295,560 $3,599,448 $8,519,875 $7,208,093 
Paid net membership additions1,451 1,173 3,981 1,275 
Paid memberships at end of period (1)84,109 75,571 84,109 75,571 

Europe, Middle East, and Africa (EMEA)
9

As of/Three Months EndedAs of/Six Months Ended
 June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
 (in thousands)
Streaming revenues$3,007,772 $2,562,170 $5,965,965 $5,079,811 
Paid net membership additions2,235 2,434 5,151 3,078 
Paid memberships at end of period (1)93,964 79,807 93,964 79,807 

Latin America (LATAM)
As of/Three Months EndedAs of/Six Months Ended
 June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
 (in thousands)
Streaming revenues$1,204,145 $1,077,435 $2,369,153 $2,147,627 
Paid net membership additions1,530 1,217 3,253 767 
Paid memberships at end of period (1)49,250 42,466 49,250 42,466 

Asia-Pacific (APAC)
As of/Three Months EndedAs of/Six Months Ended
 June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
 (in thousands)
Streaming revenues$1,051,833 $919,273 $2,074,757 $1,852,796 
Paid net membership additions2,829 1,068 4,986 2,523 
Paid memberships at end of period (1)50,324 40,546 50,324 40,546 
(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.
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 June 30, 2024, total deferred revenue was $1,474 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 $31 million increase in deferred revenue as compared to the balance of $1,443 million as of December 31, 2023 is a result of the increase in membership fees billed due to increased memberships and price increases.

10


3. 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 are calculated using the treasury-stock method and consist of incremental shares issuable upon the assumed exercise of stock options and vesting of time-based and performance-based restricted stock units. The computation of earnings per share is as follows:
Three Months EndedSix Months Ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
(in thousands, except per share data)
Basic earnings per share:
Net income
$2,147,306 $1,487,610 $4,479,515 $2,792,730 
Shares used in computation:
Weighted-average shares of common stock outstanding430,065 443,881 431,078 444,559 
Basic earnings per share$4.99 $3.35 $10.39 $6.28 
Diluted earnings per share:
Net income
$2,147,306 $1,487,610 $4,479,515 $2,792,730 
Shares used in computation:
Weighted-average shares of common stock outstanding430,065 443,881 431,078 444,559 
Effect of dilutive stock-based awards9,674 7,691 9,619 7,431 
Weighted-average number of shares439,739 451,572 440,697 451,990 
Diluted earnings per share$4.88 $3.29 $10.16 $6.18 

The following table summarizes the potential shares of common stock excluded from the diluted calculation as their inclusion would have been anti-dilutive:
Three Months EndedSix Months Ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
(in thousands)
Stock-based awards118 4,348 402 5,097 
11


4. Cash, Cash Equivalents, Restricted Cash, and Short-term Investments
The Company classifies short-term investments, which consist of marketable securities with original maturities in excess of 90 days as available-for-sale. 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 June 30, 2024 and December 31, 2023:

 As of June 30, 2024
 Cash and cash equivalentsShort-term investmentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$6,005,440 $ $1,973 $77 $6,007,490 
Level 1 securities:
Money market funds356,346   56 356,402 
Level 2 securities:
Time Deposits (1)263,153 30,973   294,126 
$6,624,939 $30,973 $1,973 $133 $6,658,018 


 As of December 31, 2023
 Cash and cash equivalentsShort-term investmentsOther Current AssetsNon-current AssetsTotal
 (in thousands)
Cash$5,986,629 $ $1,466 $81 $5,988,176 
Level 1 securities:
Money market funds925,652   55 925,707 
Level 2 securities:
Time Deposits (1)204,632 20,973   225,605 
$7,116,913 $20,973 $1,466 $136 $7,139,488 
(1) The majority of the Company's time deposits are international deposits, which mature within one year.
Other current assets include restricted cash for deposits related to self-insurance. 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 and Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the fair value of the Company’s senior notes and derivative financial instruments.

12



5. Balance Sheet Components

Content Assets, Net
Content assets consisted of the following:
As of
June 30,
2024
December 31,
2023
(in thousands)
Licensed content, net
$12,358,540 $12,722,701 
Produced content, net
Released, less amortization
10,033,753 9,843,150 
In production
8,810,544 8,247,578 
In development and pre-production
724,518 844,627 
19,568,815 18,935,355 

Content assets, net
$31,927,355 $31,658,056 
As of June 30, 2024, the amount of accrued participations and residuals was not material.
The following table represents the amortization of content assets:
Three Months EndedSix Months Ended
 June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
(in thousands)
Licensed content$1,884,491 $1,779,321 $3,719,608 $3,502,999 
Produced content1,885,199 1,630,700 3,720,887 3,367,006 
Total$3,769,690 $3,410,021 $7,440,495 $6,870,005 
Property and Equipment, Net
Property and equipment and accumulated depreciation consisted of the following:
As of
June 30,
2024
December 31,
2023
Estimated Useful Lives
(in thousands)
Land
$85,000 $85,000 
Buildings and improvements
384,312 154,165 30 years
Leasehold improvements
1,048,874 1,032,492 Over life of lease
Furniture and fixtures
144,030 144,737 
3 years
Information technology
411,448 414,092 3 years
Corporate aircraft
99,175 99,175 
8-10 years
Machinery and equipment
11,572 10,334 
3-5 years
Capital work-in-progress
241,274 406,492 
Property and equipment, gross
2,425,685 2,346,487 
Less: Accumulated depreciation
(914,727)(855,043)
Property and equipment, net
$1,510,958 $1,491,444 
    


13


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:
Three Months EndedSix Months Ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
(in thousands)
Cash paid for operating lease liabilities$130,104 $114,760 $255,410 $228,167 
Right-of-use assets obtained in exchange for new operating lease obligations160,812 91,572 344,774 112,466 
As of
June 30,
2024
December 31,
2023
(in thousands)
Operating lease right-of-use assets, net$2,223,261 $2,076,899 
Current operating lease liabilities417,009 383,312 
Non-current operating lease liabilities2,127,120 2,046,801 
Total operating lease liabilities$2,544,129 $2,430,113 

Other Current Assets
Other current assets consisted of the following:
As of
June 30,
2024
December 31,
2023
(in thousands)
Trade receivables
$1,276,359 $1,287,054 
Prepaid expenses
445,622 408,936 
Other
1,237,660 1,084,257 
Total other current assets
$2,959,641 $2,780,247 

14


6. Debt
As of June 30, 2024, the Company had aggregate outstanding notes of $13,980 million, net of $58 million of issuance costs, with varying maturities (the "Notes"). Of the outstanding balance, $1,800 million, net of issuance costs, is classified as short-term debt on the Consolidated Balance Sheets. As of December 31, 2023, the Company had aggregate outstanding notes of $14,543 million, net of $65 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 $43 million and $173 million, respectively, for the three and six months ended June 30, 2024). As of June 30, 2024, approximately $1 billion of the Company’s euro–denominated Senior Notes was designated as a hedge of the foreign exchange risk of the Company’s net investment in certain foreign subsidiaries. In the three and six months ended June 30, 2024, a pre-tax loss of $3 million on the Company’s euro-denominated Senior Notes designated as net investment hedges was recorded in AOCI. No amount of the Company’s euro-denominated Senior Notes was designated as a net investment hedge as of December 31, 2023 or in the comparative prior year periods. See Note 7 Derivative Financial Instruments and Hedging Activities to the consolidated financial statements for further information regarding the Company’s derivative and non-derivative financial 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 June 30, 2024 and December 31, 2023:
Principal Amount at ParLevel 2 Fair Value as of
June 30,
2024
December 31,
2023
Issuance DateMaturityJune 30,
2024
December 31,
2023
(in millions)(in millions)
5.750% Senior Notes
$ $400 February 2014March 2024$ $400 
5.875% Senior Notes
800 800 February 2015February 2025801 807 
3.000% Senior Notes (1)
503 519 April 2020June 2025501 516 
3.625% Senior Notes
500 500 April 2020June 2025491 491 
4.375% Senior Notes
1,000 1,000 October 2016November 2026982 996 
3.625% Senior Notes (1)
1,394 1,434 May 2017May 20271,399 1,454 
4.875% Senior Notes
1,600 1,600 October 2017April 20281,591 1,621 
5.875% Senior Notes
1,900 1,900 April 2018November 20281,959 2,009 
4.625% Senior Notes (1)
1,178 1,215 October 2018May 20291,233 1,300 
6.375% Senior Notes
800 800 October 2018May 2029843 872 
3.875% Senior Notes (1)
1,285 1,325 April 2019November 20291,303 1,372 
5.375% Senior Notes
900 900 April 2019November 2029909 931 
3.625% Senior Notes (1)
1,178 1,215 October 2019June 20301,176 1,237 
4.875% Senior Notes
1,000 1,000 October 2019June 2030985 1,012 
$14,038 $14,608 $14,173 $15,018 
(1) The following Senior Notes have a principal amount denominated in euros: 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.
In the six months ended June 30, 2024, the Company repaid upon maturity the $400 million aggregate principal amount of its 5.750% Senior Notes.
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 June 30, 2024 and December 31, 2023, the Company was in compliance with all related covenants.

15

Revolving Credit Facility
On April 12, 2024, the Company entered into a five-year, $3 billion unsecured revolving credit facility that matures on April 12, 2029 (the “Revolving Credit Agreement”), to replace its previous $1 billion unsecured revolving credit facility. As of June 30, 2024, 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 per annum equal to a base rate (the “Alternate Base Rate”) plus an applicable margin or (ii) a per annum rate equal to an adjusted term SOFR rate (the “Adjusted Term SOFR Rate”) plus an applicable margin. The applicable margin for Alternate Base Rate loans will range from 0.00% to 0.25%, and the applicable margin for Adjusted Term SOFR Rate loans will range from 0.75% to 1.25%, each based on the Company’s credit ratings.
The Revolving Credit Agreement contains customary affirmative covenants and negative covenants (and customary baskets and exceptions with respect thereto) for a credit facility of this size and type and requires the Company to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0 as of the last day of each fiscal quarter. As of June 30, 2024 and December 31, 2023, the Company was in compliance with all related covenants and ratios.


7. Derivative Financial Instruments and Hedging Activities
The Company uses derivative and non-derivative instruments to manage foreign exchange risk related to its ongoing business operations with the primary objective of reducing earnings and cash flow volatility associated with fluctuations in foreign exchange rates.

Notional Amount of Derivative Contracts
The net notional amounts of the Company’s outstanding derivative instruments were as follows:
As of 
June 30,
2024
December 31,
2023
(in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts
Cash flow hedges
$9,549,472 $8,783,273 
Derivatives not designated as hedging instruments:
Foreign exchange contracts808,357  
Total
$10,357,829 $8,783,273 

Fair Value of Derivative Contracts
The fair value of the Company’s outstanding derivative instruments was as follows:

 As of June 30, 2024
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$197,119 $41,085 $26,586 $3,176 
Derivatives not designated as hedging instruments:
Foreign exchange contracts2,625  2,371  
Total$199,744 $41,085 $28,957 $3,176 
16

 As of December 31, 2023
Derivative AssetsDerivative Liabilities
 Other current assetsOther non-current assetsAccrued expenses and other liabilitiesOther non-current liabilities
 (in thousands)
Derivatives designated as hedging instruments:
Foreign exchange contracts$26,416 $4,518 $140,089 $46,575 
Derivatives not designated as hedging instruments:
Foreign exchange contracts    
Total$26,416 $4,518 $140,089 $46,575 
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 June 30, 2024, 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 $174 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 June 30, 2024 and December 31, 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:

 As of June 30, 2024
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$240,829 $ $240,829 $(32,133)$ $208,696 
Derivative liabilities32,133  32,133 (32,133)  

 As of December 31, 2023
Gross Amount Not Offset in the Consolidated Balance Sheets
 Gross Amount Recognized in the Consolidated Balance SheetsGross Amount Offset in the Consolidated Balance SheetsNet Amount Presented in the Consolidated Balance SheetsFinancial InstrumentsCollateral Received and PostedNet Amount
 (in thousands)
Derivative assets$30,934 $ $30,934 $(27,246)$ $3,688 
Derivative liabilities186,664  186,664 (27,246) 159,418 

Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements
The pre-tax gains (losses) on the Company’s cash flow hedges and net investment hedges recognized in AOCI were as follows:
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Three Months EndedSix Months Ended
June 30,
2024
June 30,
2023
June 30,
2024
June 30,
2023
(in thousands)
Cash flow hedges:
Foreign exchange contracts (1)
Amount included in the assessment of effectiveness$160,544 $ $389,688 $ 
Net investment hedges:
Foreign currency-denominated debt(3,400) (3,400) 
Total$157,144 $ $386,288 $ 

(1) No amounts were excluded from the assessment of effectiveness.
The gains on derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
June 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$9,559,310 $5,174,143 $79,005 
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI33,301 73  
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts  9,797 
Six Months Ended
June 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$18,929,750 $10,151,216 $234,364 
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI22,060 267  
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts  14,063 
No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three and six months ended June 30, 2023.


8. Commitments and Contingencies

Content
As of June 30, 2024, the Company had $23.3 billion of obligations comprised of $4.4 billion included in "Current content liabilities" and $2.0 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $16.9 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
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As of December 31, 2023, the Company had $21.7 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $2.6 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $14.6 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:
As of 
June 30,
2024
December 31,
2023
(in thousands)
Less than one year
$11,456,834 $10,328,923 
Due after one year and through three years
8,592,237 8,784,302 
Due after three years and through five years
2,528,545 2,016,358 
Due after five years
731,986 583,766 
Total content obligations
$23,309,602 $21,713,349 
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.
Non-Income Taxes
The Company is routinely under audit by various tax authorities with regard to non-income tax matters. The subject matter of non-income tax audits primarily arises from disputes on the tax treatment and tax rate applied to our revenue in certain jurisdictions. We accrue non-income taxes that may result from examinations by, or any negotiated agreements with, these tax authorities when a loss is probable and reasonably estimable.
Similar to other U.S. companies doing business in Brazil, the Company is involved in a number of matters with Brazilian tax authorities regarding non-income tax assessments. Although the Company believes it has meritorious defenses to these matters, there is inherent complexity and uncertainty with respect to these matters, and the final outcome may be materially different from our expectations. The current potential exposure with respect to the various issues with Brazilian tax authorities regarding non-income tax assessments is estimated to be approximately $300 million, which is expected to increase over time.
Guarantees— Indemnification Obligations
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
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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.

9. Stockholders’ Equity
Equity Incentive Plans
The Netflix, Inc. 2020 Stock Plan is a stockholder-approved plan that 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.
Stock Option Activity
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 activities related to the Company’s stock options:
Options Outstanding
Number of
Shares
Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202319,695,109 $268.86 
Granted
337,121 555.69
Exercised
(2,543,267)153.25 
Expired
(3,171)53.41 
Balances as of June 30, 202417,485,792 $291.25 
Vested and expected to vest as of June 30, 202417,485,792 $291.25 
Exercisable as of June 30, 202417,352,136 $290.14 

Restricted Stock Unit Activity
The Company grants time-based restricted stock unit (“RSU”) awards and performance-based restricted stock unit (“PSU”) awards to certain executive officers. RSU awards vest quarterly over a three-year period subject to the executive’s continued employment or service with the Company through the vesting date. PSU awards have performance periods ranging from one to three years and vest depending on the Company’s achievement of predetermined market-based performance targets.
The following table summarizes the activities related to the Company’s unvested RSUs and PSUs:
Unvested Restricted Stock Units
Number of
Shares
Weighted-
Average
Grant-Date Fair Value
(per share)
Balances as of December 31, 2023 $ 
Granted
159,978 686.36
Vested
(13,330)562.00 
Forfeited
  
Balances as of June 30, 2024146,648 $697.66 
Stock-based Compensation
Total stock-based compensation expense was $69 million and $145 million for the three and six months ended June 30, 2024, respectively, and $78 million and $177 million for the three and six months ended June 30, 2023, respectively.
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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 six months ended June 30, 2024, the Company repurchased 2,578,104 and 6,145,069 shares, respectively, for an aggregate amount of $1.6 billion and $3.6 billion, respectively. As of June 30, 2024, $4.8 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of June 30, 2024, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.
Accumulated Other Comprehensive Income (Loss)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2024:
Foreign Currency Translation
Adjustments
Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesTax (Expense) Benefit on Cash Flow HedgesTax (Expense) Benefit on Net Investment HedgesTotal
(in thousands)
Balances as of March 31, 2024$(176,974)$ $84,461 $(19,366)$ $(111,879)
Other comprehensive income (loss) before reclassifications
(72,626)(3,400)160,544 (36,811)780 48,487 
Amounts reclassified from accumulated other comprehensive income (loss)
  (33,374)7,652  (25,722)
Net change in accumulated other comprehensive income (loss)
(72,626)(3,400)127,170 (29,159)780 22,765 
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $(48,525)$780 $(89,114)

Foreign Currency Translation
Adjustments
Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesTax (Expense) Benefit on Cash Flow HedgesTax (Expense) Benefit on Net Investment HedgesTotal
(in thousands)
Balances as of December 31, 2023$(103,922)$ $(155,730)$35,707 $ $(223,945)
Other comprehensive income (loss) before reclassifications
(145,678)(3,400)389,688 (89,351)780 152,039 
Amounts reclassified from accumulated other comprehensive income (loss)
  (22,327)5,119  (17,208)
Net change in accumulated other comprehensive income (loss)
(145,678)(3,400)367,361 (84,232)780 134,831 
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $(48,525)$780 $(89,114)





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The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and six months ended June 30, 2023:
Foreign Currency Translation
Adjustments
Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow Hedges