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Exhibit


Exhibit 99.1
April 16, 2018

Fellow shareholders,

We strive to entertain and to bring joy to people across the world through amazing stories. Our 125 million members provided us with $3.6 billion in streaming revenue in Q1. Our job is to spend this money wisely to increase our members’ delight.

 (in millions except per share data and Streaming Content Obligations)
Q1'17
Q2'17
Q3'17
Q4'17
Q1'18
Q2'18 Forecast
Total (Including DVD):
 
 
 
 
 
 
Revenue
$
2,637

$
2,785

$
2,985

$
3,286

$
3,701

$
3,934

Y/Y % Growth
34.7
%
32.3
 %
30.3
%
32.6
%
40.4
%
41.2
%
Operating Income
$
257

$
128

$
209

$
245

$
447

$
469

Operating Margin
9.7
%
4.6
 %
7.0
%
7.5
%
12.1
%
11.9
%
Net Income
$
178

$
66

$
130

$
186

$
290

$
358

Diluted EPS
$
0.40

$
0.15

$
0.29

$
0.41

$
0.64

$
0.79

 
 
 
 
 
 
 
Total Streaming:
 
 
 
 
 
 
Revenue
$
2,516

$
2,671

$
2,875

$
3,181

$
3,602

$
3,841

Y/Y % Growth
38.8
%
35.8
 %
33.2
%
35.3
%
43.2
%
43.8
%
Paid Memberships
94.36

99.04

104.02

110.64

118.90

125.00

Total Memberships
98.75

103.95

109.25

117.58

125.00

131.20

Net Additions
4.95

5.20

5.30

8.33

7.41

6.20

 
 
 
 
 
 
 
US Streaming:
 
 
 
 
 
 
Revenue
$
1,470

$
1,505

$
1,547

$
1,630

$
1,820

$
1,898

Contribution Profit
$
606

$
560

$
554

$
561

$
697

$
751

Contribution Margin
41.2
%
37.2
 %
35.8
%
34.4
%
38.3
%
39.6
%
Paid Memberships
49.38

50.32

51.35

52.81

55.09

56.29

Total Memberships
50.85

51.92

52.77

54.75

56.71

57.91

Net Additions
1.42

1.07

0.85

1.98

1.96

1.20

 
 
 
 
 
 
 
International Streaming:
 
 
 
 
 
 
Revenue
$
1,046

$
1,165

$
1,327

$
1,550

$
1,782

$
1,943

Contribution Profit (Loss)
$
43

$
(13
)
$
62

$
135

$
272

$
274

Contribution Margin
4.1
%
(1.1
)%
4.7
%
8.7
%
15.3
%
14.1
%
Paid Memberships
44.99

48.71

52.68

57.83

63.82

68.72

Total Memberships
47.89

52.03

56.48

62.83

68.29

73.29

Net Additions
3.53

4.14

4.45

6.36

5.46

5.00

 
 
 
 
 
 
 
Consolidated:
 
 
 
 
 
 
Net cash (used in) operating activities
$
(344
)
$
(535
)
$
(420
)
$
(488
)
$
(237
)
 
Free Cash Flow
$
(423
)
$
(608
)
$
(465
)
$
(524
)
$
(287
)
 
EBITDA
$
317

$
190

$
273

$
313

$
534

 
Shares (FD)
445.5

446.3

447.4

448.1

450.4

 
Streaming Content Obligations* ($B)
15.3

15.7

17.0

17.7

17.9

 
*Corresponds to our total known streaming content obligations as defined in our financial statements and related notes in our most recently filed SEC Form 10-K


nflxlogo2015a14.jpg
1


Q1 Results and Q2 Forecast

Revenue grew 43% year over year in Q1, the fastest pace in the history of our streaming business, due to a 25% increase in average paid streaming memberships and a 14% rise in ASP. Operating margin of 12% rose 232 bps year over year. This was higher than our beginning of quarter guidance, due primarily to the timing of content spend. Diluted EPS of $0.64 vs. $0.40 included a $41m non-cash unrealized loss from F/X remeasurement on our Eurobond.
Global net adds totaled a new Q1-record of 7.41m, up 50% year over year and ahead of our 6.35m forecast. The variance relative to our guidance was driven by continued strong acquisition trends across the globe which we attribute to the growing breadth of our content and the worldwide adoption of internet entertainment.
In the US, we added 1.96m memberships (compared with forecast of 1.45m). We completed our price adjustment during this past quarter, resulting in 12% ASP growth for the domestic segment. Outside of the US, membership grew by 5.46m (vs. forecast of 4.90m). Our international segment now accounts for 50% of revenue and 55% of memberships. Excluding a F/X impact of +$114 million, international revenue and ASP rose 59% and 13% year over year, respectively.
As a reminder, the quarterly guidance we provide is our internal forecast at the time we report. For Q2, we expect 6.2 million global net additions (1.2m in the US and 5.0m for the international segment) vs. 5.2 million in the year ago quarter. Q2 operating margin is expected to be 12%. We are now targeting a full year operating margin of 10%-11%. We continue to anticipate content and marketing spend to be weighted towards the second half of 2018.
Content

We’ll have $7.5-$8 billion of content expense (on a P&L basis) in 2018 across a wide variety of formats (series, films, unscripted, docs, comedy specials, non-English language) to serve the diverse tastes of our growing global membership base.
Q1 scripted original series debuts included the dark, coming of age story The End of the F***ing World and sci-fi thriller Altered Carbon as well as returning seasons of Marvel’s Jessica Jones, Grace and Frankie, Santa Clarita Diet and A Series of Unfortunate Events.
Last year, we expanded our efforts in original programming to unscripted shows across several genres. Our output in this area is now comparable to similarly-focused US domestic cable networks. Shows like Queer Eye1 and Nailed It 2 are great examples of our ambitions in this area: engaging, buzz-worthy shows that drive lots of enjoyment around the world.
Our investment in international production continued to increase with big, non-English originals like O Mecanismo (The Mechanism).3 Loosely inspired by real events and from Narcos creator José Padilha, this drama is tracking to be one of our most viewed originals in Brazil. We are also seeing more examples of non-English content transcending borders. This quarter, La Casa de Papel (Money Heist in English



___________________________________
1 https://www.theguardian.com/fashion/2018/feb/28/queer-eye-isnt-just-great-fashion-tv-its-the-best-show-of-the-year
2 https://www.pastemagazine.com/articles/2018/03/netflixs-nailed-it-is-the-anti-great-british-bakin.html
3 https://www.nytimes.com/2018/03/16/arts/television/mechanism-netflix-brazil-jose-padilha.html

nflxlogo2015a14.jpg
2


language territories), a Spanish language heist thriller, became the most watched non-English series on Netflix ever.
On Super Bowl Sunday, we surprise-announced and launched The Cloverfield Paradox, the third film in the Cloverfield franchise. Through tight coordination among our original film, product, marketing and PR teams, the event showcased how a big branded film can be marketed and delivered to consumers instantaneously across the globe without a wait for the theatrical window. Outside of North America, we premiered the Alex Garland-directed Annihilation, starring Natalie Portman, just weeks after its US theatrical debut and it has enjoyed large audiences in nearly every country for us. We also released a broad range of original films: from Benji for kids and families; to the Seth Rogen/Evan Goldberg produced comedy Game Over, Man; to the Sundance hip-hop biopic Roxanne, Roxanne.
We regret our films not being able to compete at this year’s Cannes film festival. The festival adopted a new rule that means if a film is in competition at Cannes, it can not be watched on Netflix in France for the following three years.4 We would never want to do that to our French members. We will continue to celebrate our films and filmmakers at other festivals around the world but unfortunately we will have to sit out Cannes for now so that our growing French membership can continue to enjoy our original films.
This past quarter, we signed an overall deal with Ryan Murphy, the prolific hit-maker behind American Crime Story: The People vs. OJ Simpson, Nip/Tuck, Glee, American Horror Story and many others. This comes on the heels of similar partnerships with Shonda Rhimes, Shawn Levy and Jenji Kohan. While these overall deals are a substantial investment for us, they allow us to work directly with prolific and talented creators with a proven track record of success. Instead of having to license their shows for a finite period from outside suppliers, we will own the projects we produce with them. This approach also allows us to reduce our reliance on third-party studios and forego the corresponding license premiums we’ve historically paid.
We were proud to celebrate our first feature Academy Award with Bryan Fogel and Dan Cogan, makers of our documentary Icarus. We’re thrilled when the creators with whom we partner are recognized for their exceptional work. The Oscar win helps to reinforce that Netflix is a great home for both documentary lovers and creators.
Marketing

We’re investing in more marketing of new original titles to create more density of viewing and conversation around each title (i.e bigger hit in a nation or demographic). We believe this density of viewing helps on both retention and acquisition, because it makes our original titles even less substitutable. Because we operate in so many countries, we are able to try different approaches in different markets, and continue to learn.










___________________________________
4 Specifically, the Cannes festival’s new rule is that a French theatrical opening is required of films in competition, and French law in essence requires that if a film is in French theatres, then it cannot be on an SVOD service in France for 36 months. While in other countries we can offer simultaneous exhibition in theatres and on Netflix, that is not permitted in France, so we have to be Netflix-only for our films in France.

nflxlogo2015a14.jpg
3


Product and Partnerships

Last year, we launched bundle offers with Proximus (in Belgium), SFR Altice (France) and T-Mobile (US). They have proven to be very successful and we are now adding similar bundle offers with additional MVPD partners. Recently, we announced that we are bundling the Netflix service with packages from Sky which will begin later this year and with Comcast in the US, which are currently being rolled out. These relationships allow our partners to attract more customers and to upsell existing subscribers to higher ARPU packages, while we benefit from more reach, awareness and often, less friction in the signup and payment process. We believe that the lower churn in these bundles offsets the lower Netflix ASP. We remain primarily a direct-to-consumer business, but we see our bundling initiative as an attractive supplemental channel.
In March, we rolled out additional features5 providing members with greater information and control over their Netflix viewing. While we had already offered PIN protection for all content at a certain maturity level, there is now a parental PIN control for individual movies and shows. These new features are part of our ongoing effort to give our members tools to manage how they and their families enjoy Netflix.
Free Cash Flow and Capital Structure

Free cash flow in Q1 was -$287 million (less negative than we expected due to content payment timing differences), compared with -$524 million in Q4’17. We continue to forecast free cash flow of -$3 to -$4 billion in 2018, and to be free cash flow negative for several more years as our original content spend rapidly grows.
We have about $2.6 billion in cash and we will continue to raise debt as needed to fund our increase in original content. Our debt levels are quite modest as a percentage of our enterprise value, and we believe the debt is lower cost of capital compared to equity.
Board of Directors

We’re pleased to add Ambassador Susan Rice6 to our board of directors. Susan is a former National Security Advisor and United States Ambassador to the United Nations. As a global company operating in over 190 countries, Susan’s expertise in international affairs will be valuable.








___________________________________
5 https://media.netflix.com/en/company-blog/introducing-pin-protection-and-other-enhancements-for-informed-viewing
6 https://media.netflix.com/en/press-releases/ambassador-susan-e-rice-appointed-to-netflix-board-of-directors


nflxlogo2015a14.jpg
4


Reference

For quick reference, our eight most recent investor letters are: January 2018,7 October 2017,8 July 2017,9 April 2017,10 January 2017,11 October 2016,12 July 2016,13 April 2016.14 
Earnings Video Interview, 3pm PST
Our video interview with Ben Swinburne of Morgan Stanley will be on youtube/netflixir at 3pm PST today. Questions that investors would like to see asked should be sent to benjamin.swinburne@morganstanley.com. Reed Hastings, CEO, David Wells, CFO, Ted Sarandos, Chief Content Officer, Greg Peters, Chief Product Officer and Spencer Wang, VP of IR/Corporate Development will all be on the video to answer Ben’s questions.
 
IR Contact: 
PR Contact: 
Spencer Wang
Jonathan Friedland
Vice President, Finance/IR & Corporate Development
Chief Communications Officer
408 809-5360
310 734-2958




















___________________________________
7 https://ir.netflix.com/static-files/0c060a3f-d903-4eb9-bde6-bf3e58761712
8 http://files.shareholder.com/downloads/NFLX/3639218336x0x959841/8E7F87AB-2E5C-41DB-862B-E872EF39B039/Q3_17_Shareholder_Letter_COMBINED.pdf
9 http://files.shareholder.com/downloads/NFLX/3639218336x0x949716/CFB029CB-65E5-43D3-A87D-998FEFAA64C0/Q2_17_Shareholder_Letter.pdf
10 http://files.shareholder.com/downloads/NFLX/3639218336x0x937576/7DAD8A22-F8FE-4339-A534-4A851A5C68E5/Q117ShareholderLetterV2FINAL.pdf
11 http://files.shareholder.com/downloads/NFLX/3639218336x0x924415/A5ACACF9-9C17-44E6-B74A-628CE049C1B0/Q416ShareholderLetter.pdf
12 http://files.shareholder.com/downloads/NFLX/2457496703x0x912075/700E14FD-12BE-4C3A-9283-9A975C7FE549/FINAL_Q3_Letter.pdf
13 http://files.shareholder.com/downloads/NFLX/2457496703x0x900152/4D4F0167-4BE2-4DC1-ACC7-759F1561CD59/Q216LettertoShareholders_FINAL_w_Tables.pdf
14 http://files.shareholder.com/downloads/NFLX/1662264494x0x886428/5FB5A3DF-F23A-4BB1-AC37-583BAEF2A1EE/Q116LettertoShareholders_W_TABLES_.pdf

nflxlogo2015a14.jpg
5



Use of Non-GAAP Measures

This shareholder letter and its attachments include reference to the non-GAAP financial measure of free cash flow and EBITDA. Management believes that free cash flow and EBITDA are important liquidity metrics because they measure, during a given period, the amount of cash generated that is available to repay debt obligations, make investments and for certain other activities or the amount of cash used in operations, including investments in global streaming content. However, these non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net income, operating income, diluted earnings per share and net cash provided by operating activities, or other financial measures prepared in accordance with GAAP. Reconciliation to the GAAP equivalent of these non-GAAP measures are contained in tabular form on the attached unaudited financial statements.

Forward-Looking Statements

This shareholder letter contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding content and marketing spend and strategy, including outside the US; content performance; future capital raises; domestic and international net, total and paid subscribers; revenue; contribution profit (loss) and contribution margin for both domestic international operations, as well as consolidated operating income, operating margin; net income, earnings per share and free cash flow. The forward-looking statements in this letter are subject to risks and uncertainties that could cause actual results and events to differ, including, without limitation: our ability to attract new members and retain existing members; our ability to compete effectively; maintenance and expansion of device platforms for streaming; fluctuations in consumer usage of our service; service disruptions; production risks; actions of Internet Service Providers; and, competition, including consumer adoption of different modes of viewing in-home filmed entertainment. A detailed discussion of these and other risks and uncertainties that could cause actual results and events to differ materially from such forward-looking statements is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, as amended by Form 10-K/A, filed with the Securities and Exchange Commission on February 5, 2018. The Company provides internal forecast numbers. Investors should anticipate that actual performance will vary from these forecast numbers based on risks and uncertainties discussed above and in our Annual Report on Form 10-K, as amended by Form 10-K/A. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this shareholder letter.




nflxlogo2015a14.jpg
6



Netflix, Inc.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
 
 
Three Months Ended
 
March 31,
2018
 
December 31,
2017
 
March 31,
2017
Revenues
$
3,700,856

 
$
3,285,755

 
$
2,636,635

Cost of revenues
2,196,075

 
2,107,354

 
1,657,024

Marketing
479,222

 
419,939

 
271,270

Technology and development
300,730

 
273,351

 
257,108

General and administrative
278,251

 
239,808

 
194,291

Operating income
446,578

 
245,303

 
256,942

Other income (expense):
 
 
 
 
 
Interest expense
(81,219
)
 
(75,292
)
 
(46,742
)
Interest and other income (expense)
(65,743
)
 
(38,681
)
 
13,592

Income before income taxes
299,616

 
131,330

 
223,792

Provision for (benefit from) income taxes
9,492

 
(54,187
)
 
45,570

Net income
$
290,124

 
$
185,517

 
$
178,222

Earnings per share:
 
 
 
 
 
Basic
$
0.67

 
$
0.43

 
$
0.41

Diluted
$
0.64

 
$
0.41

 
$
0.40

Weighted-average common shares outstanding:
 
 
 
 
 
Basic
434,174

 
433,108

 
430,600

Diluted
450,359

 
448,142

 
445,458




nflxlogo2015a14.jpg
7



Netflix, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)
 
 
As of
 
March 31,
2018
 
December 31,
2017
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
2,593,666

 
$
2,822,795

Current content assets, net
4,626,522

 
4,310,934

Other current assets
597,388

 
536,245

Total current assets
7,817,576

 
7,669,974

Non-current content assets, net
11,314,803

 
10,371,055

Property and equipment, net
341,932

 
319,404

Other non-current assets
678,486

 
652,309

Total assets
$
20,152,797

 
$
19,012,742

Liabilities and Stockholders' Equity
 
 
 
Current liabilities:
 
 
 
Current content liabilities
$
4,466,081

 
$
4,173,041

Accounts payable
436,183

 
359,555

Accrued expenses
429,431

 
315,094

Deferred revenue
673,892

 
618,622

Total current liabilities
6,005,587

 
5,466,312

Non-current content liabilities
3,444,476

 
3,329,796

Long-term debt
6,542,373

 
6,499,432

Other non-current liabilities
139,631

 
135,246

Total liabilities
16,132,067

 
15,430,786

Stockholders' equity:
 
 
 
Common stock
1,995,225

 
1,871,396

Accumulated other comprehensive income (loss)
4,264

 
(20,557
)
Retained earnings
2,021,241

 
1,731,117

Total stockholders' equity
4,020,730

 
3,581,956

Total liabilities and stockholders' equity
$
20,152,797

 
$
19,012,742

 


nflxlogo2015a14.jpg
8



Netflix, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
 
Three Months Ended
 
March 31,
2018

December 31,
2017

March 31,
2017
Cash flows from operating activities:
 
 
 
 
 
Net income
$
290,124

 
$
185,517

 
$
178,222

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
 
 
Additions to streaming content assets
(2,986,747
)
 
(2,477,659
)
 
(2,348,666
)
Change in streaming content liabilities
378,885

 
53,446

 
366,257

Amortization of streaming content assets
1,748,844

 
1,713,863

 
1,305,683

Amortization of DVD content assets
11,134

 
12,289

 
18,598

Depreciation and amortization of property, equipment and intangibles
19,041

 
19,073

 
15,049

Stock-based compensation expense
68,395

 
48,530

 
44,888

Other non-cash items
8,209

 
14,126

 
21,666

Foreign currency remeasurement loss on long-term debt
41,080

 
25,740

 

Deferred taxes
(22,049
)
 
(104,132
)
 
(26,764
)
Changes in operating assets and liabilities:
 
 
 
 
 
Other current assets
(55,905
)
 
(87,090
)
 
(25,402
)
Accounts payable
74,083

 
63,969

 
(11,000
)
Accrued expenses
119,049

 
(5,169
)
 
93,542

Deferred revenue
55,270

 
83,197

 
15,221

Other non-current assets and liabilities
13,830

 
(33,657
)
 
8,850

Net cash used in operating activities
(236,757
)
 
(487,957
)
 
(343,856
)
Cash flows from investing activities:
 
 
 
 
 
Acquisition of DVD content assets
(10,796
)
 
(10,507
)
 
(25,372
)
Purchases of property and equipment
(37,170
)
 
(21,585
)
 
(52,523
)
Change in other assets
(1,786
)
 
(3,749
)
 
(769
)
Purchases of short-term investments

 

 
(57,774
)
Proceeds from sale of short-term investments

 

 
55,748

Proceeds from maturities of short-term investments

 

 
5,100

Net cash used in investing activities
(49,752
)
 
(35,841
)
 
(75,590
)
Cash flows from financing activities:
 
 
 
 
 
Proceeds from issuance of common stock
56,335

 
14,705

 
24,178

Proceeds from issuance of debt

 
1,600,000

 

Issuance costs

 
(16,828
)
 

Other financing activities
(321
)
 
66

 
61

Net cash provided by financing activities
56,014

 
1,597,943

 
24,239

Effect of exchange rate changes on cash, cash equivalents, and restricted cash
7,177

 
2,181

 
5,455

Net decrease in cash, cash equivalents, and restricted cash
(223,318
)
 
1,076,326

 
(389,752
)
Cash, cash equivalents, and restricted cash at beginning of period
2,822,795

 
1,746,469

 
1,467,576

Cash, cash equivalents, and restricted cash at end of period
$
2,599,477

 
$
2,822,795

 
$
1,077,824

 
 
 
 
 
 
 
Three Months Ended
 
March 31,
2018
 
December 31,
2017
 
March 31,
2017
Non-GAAP free cash flow reconciliation:
 
 
 
 
 
Net cash used in operating activities
$
(236,757
)
 
$
(487,957
)
 
$
(343,856
)
Acquisition of DVD content assets
(10,796
)
 
(10,507
)
 
(25,372
)
Purchases of property and equipment
(37,170
)
 
(21,585
)
 
(52,523
)
Change in other assets
(1,786
)
 
(3,749
)
 
(769
)
Non-GAAP free cash flow
$
(286,509
)
 
$
(523,798
)
 
$
(422,520
)

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9



Netflix, Inc.
Segment Information
(unaudited)
(in thousands)
 
As of / Three Months Ended
 
March 31,
2018
 
December 31,
2017
 
March 31,
2017
Domestic Streaming
 
 
 
 
 
Total memberships at end of period
56,705

 
54,750

 
50,854

Paid memberships at end of period
55,087

 
52,810

 
49,375

 
 
 
 
 
 
Revenues
$
1,820,019

 
$
1,630,274

 
$
1,470,042

Cost of revenues
894,873

 
873,372

 
749,488

Marketing
228,022

 
195,784

 
115,038

Contribution profit
697,124

 
561,118

 
605,516

 
 
 
 
 
 
International Streaming
 
 
 
 
 
Total memberships at end of period
68,290

 
62,832

 
47,894

Paid memberships at end of period
63,815

 
57,834

 
44,988

 
 
 
 
 
 
Revenues
$
1,782,086

 
$
1,550,329

 
$
1,046,199

Cost of revenues
1,258,809

 
1,191,497

 
847,317

Marketing
251,200

 
224,155

 
156,232

Contribution profit
272,077

 
134,677

 
42,650

 
 
 
 
 
 
Domestic DVD
 
 
 
 
 
Total memberships at end of period
3,167

 
3,383

 
3,944

Paid memberships at end of period
3,138

 
3,330

 
3,867

 
 
 
 
 
 
Revenues
$
98,751

 
$
105,152

 
$
120,394

Cost of revenues
42,393

 
42,485

 
60,219

Contribution profit
56,358

 
62,667

 
60,175

 
 
 
 
 
 
Consolidated
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
3,700,856

 
$
3,285,755

 
$
2,636,635

Cost of revenues
2,196,075

 
2,107,354

 
1,657,024

Marketing
479,222

 
419,939

 
271,270

Contribution profit
1,025,559

 
758,462

 
708,341

Other operating expenses
578,981

 
513,159

 
451,399

Operating income
446,578

 
245,303

 
256,942

Other expense
(146,962
)
 
(113,973
)
 
(33,150
)
Provision for (benefit from) income taxes
9,492

 
(54,187
)
 
45,570

Net income
$
290,124

 
$
185,517

 
$
178,222







nflxlogo2015a14.jpg
10


Netflix, Inc.
Non-GAAP Information
(unaudited)
(in thousands)

 
 
 
March 31,
2017
 
June 30,
2017
 
September 30,
2017
 
December 31,
2017
 
March 31,
2018
Non-GAAP Adjusted EBITDA reconciliation:
 
 
 
 
 
 
 
 
 
GAAP net income
$
178,222

 
$
65,600

 
$
129,590

 
$
185,517

 
$
290,124

Add:
 
 
 
 
 
 
 
 
 
Other expense
33,150

 
113,845

 
92,390

 
113,973

 
146,962

Provision for (benefit from) income taxes
45,570

 
(51,638
)
 
(13,353
)
 
(54,187
)
 
9,492

Depreciation and amortization of property, equipment and intangibles
15,049

 
18,551

 
19,238

 
19,073

 
19,041

Stock-based compensation expense
44,888

 
44,028

 
44,763

 
48,530

 
68,395

Adjusted EBITDA
$
316,879

 
$
190,386

 
$
272,628

 
$
312,906

 
$
534,014










nflxlogo2015a14.jpg
11
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