Entering text into the input field will update the search result below

Netflix 20Q4: Better Than Expected, No More Need For Fund Raising, Market Cap Approaching USD 250b

Jan. 19, 2021 7:01 PM ETNetflix, Inc. (NFLX)
Tim Poulus profile picture
Tim Poulus's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.


  • Better than expected results.
  • Outlook raised, no more need for raising debt, pondering share buy-back.
  • Market cap approaches USD 250 billion.

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)


  • 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


  • 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

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.