Netflix 20Q4 results
- Shareholder letter
- Presentation
- Global paying subs 204m, net additions 8.5m
- ARM USD 11.02 (-0.4%)
- Revenue USD 6.64b (+21.5%)
- Operating income USD 954 million (+108%), margin 14.4%
- Net income USD 542 million (-7.6%)
- Delta cash USD -183m
- Cash & equivalents at end USD 8.24b
- Cash spent on streaming content USD 3.85b (TTM USD 12.5b)
Targets
- 2021 oper margin 20% (raised from 19%), to grow margin average 3 pp/yr
- 2021 FCF around break-even (raised from between -1b and break-even)
- "We believe we are very close to being sustainably FCF positive"
- "We believe we no longer have a need to raise external financing for our day-to-day operations"
- To repay 210201 bond maturing out of cash, to maintain $10-15b in gross debt
- Plans SBB (as in 2007-11)
Viewing stats first 4 weeks
- The Midnight Sky 72m
- Over the Moon 43m
- We Can Be Heroes 53m
- Holidate 68m
- The Christmas Chronicles: Part Two 61m
- Just Another Christmas 26m
- Barbarians 37m
- Sweet Home 22m
- Selena: The Series 25m
- Alice in Borderland 18m
- Lupin expected 70m
- The Queen’s Gambit 62m
Other
- Currently >500 titles in post-production or launch preparation
- To provide update on LT stock performance in each Q4 report
- Share price after close +13% to USD 565, market cap USD 249b