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UNITED STATES
証券取引委員会
ワシントンDC20549
フォーム 10-Q
（表1）
☒ 証券取引法第13条または15(d)条に基づく四半期報告書
報告期間が終了した2023年6月30日をもって2024年9月30日
OR

☐ 移行期間：             から             まで
過渡期は                 から                 までです
報告書番号：001-35727
株式会社ネットフリックス
（登記簿に指定された正確な名称）
デラウェア77-0467272
（設立または組織の州またはその他の管轄区域）
（I.R.S.雇用者識別番号）		（I.R.S. 雇用主識別番号）
レキシントン、マサチューセッツ州02421
121 Albright Way,Los Gatos,カリフォルニア95032
(主要執行オフィスの住所)（郵便番号）
(408) 540-3700
（登録者の電話番号（市外局番を含む））

法第12条（b）に基づく登録証券
各クラスの名称取引シンボル登録されている各取引所の名称
普通株式、株価0.001ドルネットフリックスNASDAQグローバル・セレクト市場
登録者が次のすべての報告書を提出したことを示すチェックマークを付けます。 1934年証券取引所法の第13条または15（d）条によって前の12か月間に提出する必要のあるすべての報告書（または登録者がそのような報告書を提出する必要があったより短い期間）を満期し、（2）過去90日間以上、そのような提出要件に従わなければならなかった。はい  ☒    いいえ  ☐
登録者が、過去12カ月間に規制S-tの規則405に従い提出が求められたすべてのインタラクティブデータファイルを電子的に提出したかどうかをチェックマークで示してください（または、登録者がそのようなファイルを提出する必要があったより短い期間の場合）。はい  ☒いいえ☐  
申請者が大型加速装置、加速装置、ノンアクセル装置、小規模報告会社、または新興グロース会社である場合は、註記欄にチェックマークを付けてください。規則120億2に記載されている「大型加速装置」、「加速装置」、「小規模報告会社」、「新興グロース会社」の定義を参照してください。
大規模加速ファイラー☒加速度ファイラー
☐
非加速ファイラー
☐
小規模報告会社
☐
新興成長企業
☐
新興成長企業の場合は、証券取引法第13条（a）に基づく新しいまたは改訂された財務会計基準の遵守に対する延長移行期間を使用しないことを選択したかどうかにチェックマークをつけてください。 ☐
当該登録者が取引所法第120億2条で定義されるシェル企業であるかをチェックマークで示してください。はい☐    いいえ  ☒
2024年9月30日時点では、 427,458,114株式の時価総額は1株当たり0.001ドルです。


目次
 
ページ
第I部財務情報
アイテム 1.
アイテム 2.
アイテム 3.
アイテム 4.
第二部。その他の情報
アイテム 1.
アイテム 1A.
アイテム 2.
アイテム 5.
アイテム 6.

2
目次

NETFLIX, INC.
合算損益計算書
(未監査)
(株式データ以外は、千の数字で表示されます)

3 か月が終了9か月が終わりました
9月30日
2024		9月30日
2023		9月30日
2024		9月30日
2023
収入
$9,824,703 $8,541,668 $28,754,453 $24,890,472 
収益コスト
5,119,884 4,930,788 15,271,100 14,407,883 
マーケティング
642,926 558,736 1,941,350 1,741,266 
テクノロジーと開発
735,063 657,159 2,148,790 2,002,417 
一般と管理
417,353 478,591 1,248,365 1,281,012 
営業利益
2,909,477 1,916,394 8,144,848 5,457,894 
その他の収入 (費用):
支払利息
(184,830)(175,563)(526,130)(524,614)
利息およびその他の収入（費用）
(21,693)168,218 212,671 123,975 
税引前利益
2,702,954 1,909,049 7,831,389 5,057,255 
所得税引当金(339,445)(231,627)(988,365)(587,103)
純利益
$2,363,509 $1,677,422 $6,843,024 $4,470,152 
一株当たり利益:
ベーシック
$5.52 $3.80 $15.91 $10.08 
希釈しました
$5.40 $3.73 $15.56 $9.90 
発行済普通株式の加重平均株数：
ベーシック
428,239 441,537 430,125 443,540 
希釈しました
437,898 450,011 439,757 451,319 










連結財務諸表に付随する注記を参照して下さい。
3
目次
NETFLIX, INC.
連結包括利益計算書
(未監査)
（千米ドル単位）
3 か月が終了9か月が終わりました
9月30日
2024		9月30日
2023		9月30日
2024		9月30日
2023
純利益$2,363,509 $1,677,422 $6,843,024 $4,470,152 
その他の包括利益 (損失):
外貨換算調整額、所得税の優遇措置を差し引いた金額10 百万、$0, $10 百万、そして $0、それぞれ
63,432 (94,157)(84,866)(16,117)
売却可能有価証券の未実現利益の変動（所得税費用を差し引いたもの）1 百万、$0, $1 百万、そして $0、それぞれ
4,290 — 4,290 — 
キャッシュフローヘッジ:
純未実現利益 (損失)(285,013)77,852 15,324 77,852 
純利益に含まれる純利益の再分類(37,365)— (54,573)— 
純増額、所得税の優遇措置（費用）を差し引いた金額96百万、$ (23) 百万、$12 百万、そして $ (23) それぞれ 100 万
(322,378)77,852 (39,249)77,852 
公正価値ヘッジ:
有効性評価から除外された純未実現損失、所得税上の優遇措置を差し引いたもの0.3 百万、$0, $0.3 百万、そして $0、それぞれ
(852)— (852)— 
その他の包括利益 (損失) の合計(255,508)(16,305)(120,677)61,735 
包括利益$2,108,001 $1,661,117 $6,722,347 $4,531,887 


















連結財務諸表に付随する注記を参照して下さい。
4
目次
ネットフリックス株式会社

キャッシュ・フロー計算書（連結）
(未監査)
（千米ドル単位）
   
終了した三ヶ月間終了した9か月間
   
9月30日
2024		9月30日
2023		9月30日
2024		9月30日
2023
（千円単位）
当期純利益$2,363,509 $1,677,422 $6,843,024 $4,470,152 
当期純利益に調整するための項目:
コンテンツ資産の追加(4,016,396)(2,883,839)(11,794,215)(9,025,512)
コンテンツ負債の変動(83,585)(325,989)(639,598)(634,661)
コンテンツ資産の償却費3,699,521 3,573,353 11,140,016 10,443,358 
固定資産および無形固定資産の償却費80,914 90,660 249,375 270,380 
株式報酬費用 65,650 79,720 210,761 256,849 
債務に関する外貨再評価損失(利益)104,809 (172,678)(68,684)(63,075)
その他の非現金項目128,082 115,688 363,851 357,179 
繰延税金資産(200,982)(86,277)(517,446)(288,231)
営業資産および負債の変動:
その他の流動資産54,956 103,766 64,046 (167,805)
支払調整30,597 (68,390)(134,026)(119,726)
未払費用およびその他の負債179,011 (65,029)316,490 298,101 
前払収益39,328 (5,733)70,079 41,524 
その他の非流動資産および負債(124,313)(40,359)(279,203)(227,246)
営業活動によるキャッシュフロー2,321,101 1,992,315 5,824,470 5,611,287 
投資活動によるキャッシュフロー：
設備資産の購入(126,863)(103,929)(280,864)(266,920)
投資の購入(1,742,246)— (1,742,246)(504,862)
投資の満期による受取額— 400,000 — 901,937 
投資活動による純現金提供（使用）(1,869,109)296,071 (2,023,110)130,155 
財務活動からのキャッシュフロー:
借入金の発行益1,794,460 — 1,794,460 — 
借り入れの返済— — (400,000)— 
普通株式の発行による受取金額143,244 57,818 530,875 118,563 
普通株式の自己株式取得(1,700,000)(2,500,100)(5,299,998)(3,545,347)
株式報酬の実質配当の純額決済に伴う支払いの税金(2,024)— (5,732)— 
その他の融資活動(9,084)(32,826)(15,334)(71,746)
財務活動による純現金提供（使用）226,596 (2,475,108)(3,395,729)(3,498,530)
取引所レートの変動が現金及び現金同等物および制限付き現金に与える影響 153,452 (122,707)(65,061)(56,658)
現金、現金同等物及び拘束された現金の純増減832,040 (309,429)340,570 2,186,254 
期初の現金、現金同等物、制限付き現金 6,627,045 7,666,265 7,118,515 5,170,582 
期末の現金、現金同等物および制限された現金 $7,459,085 $7,356,836 $7,459,085 $7,356,836 



連結財務諸表に付随する注記を参照して下さい。
5
目次
NETFLIX, INC.
連結貸借対照表
（単位：千、シェアおよび普通株の数を除く）

2024年3月31日現在の
   
9月30日
2024		12月31日
2023
(未監査)
資産
流動資産:
現金及び現金同等物
$7,457,025 $7,116,913 
新規売投資1,766,902 20,973 
その他の流動資産
2,905,172 2,780,247 
流動資産合計
12,129,099 9,918,133 
純コンテンツ資産
32,175,382 31,658,056 
有形固定資産、正味額
1,568,212 1,491,444 
その他の固定資産
6,409,151 5,664,359 
総資産
$52,281,844 $48,731,992 
負債および株主資本
流動負債：
現在の負債
$4,489,971 $4,466,470 
支払調整
641,953 747,412 
未払費用およびその他の負債
2,241,758 1,803,960 
前払収益
1,513,048 1,442,969 
短期債務
1,820,396 399,844 
流動負債合計
10,707,126 8,860,655 
非流動 passiva
1,918,089 2,578,173 
新規買債務
14,160,932 14,143,417 
その他の長期負債
2,774,961 2,561,434 
負債合計
29,561,108 28,143,679 
約束事項および不確定事項（注8）
株主資本:
普通株式、1株当たり0.001ドルの割額株式、承認済み株式総数900,000,000株、発行済み株式577,806,659株、2023年12月31日時点での流通株式540,387,949株、発行済み株式577,805,623株、2023年3月31日時点での流通株式545,459,814株、追加資本金0.001の帳簿価額； 4,990,000,000 2024年9月30日と2023年12月31日に承認された株式数： 427,458,114 と 432,759,584 2024年9月30日と2023年12月31日時点で発行済み株式数
5,887,903 5,145,172 
自己株式（2024年3月31日および2023年12月31日の双方の株式)24,784,254 と 16,078,268 2024年9月30日と2023年12月31日時点での株式数
(12,254,855)(6,922,200)
その他の総合損失(344,622)(223,945)
留保利益
29,432,310 22,589,286 
純資産合計
22,720,736 20,588,313 
負債および純資産合計
$52,281,844 $48,731,992 




連結財務諸表に付随する注記を参照して下さい。
6
目次
NETFLIX, INC.
株主資本の包括利益計算書
(未監査)
（千米ドル単位）
終了した三ヶ月間終了した9か月間
 9月30日
2024		9月30日
2023		9月30日
2024		9月30日
2023
株主資本合計、前期残高$22,112,693 $22,832,215 $20,588,313 $20,777,401 
普通株式と追加取得資本：
自己株式取得に関連する消費税 期首残高
$5,680,061 $4,874,208 $5,145,172 $4,637,601 
普通株式の発行142,192 57,499 531,970 116,977 
株式報酬費用 65,650 79,720 210,761 256,849 
期首残高 期末残高$5,887,903 $5,011,427 $5,887,903 $5,011,427 
自己株式:
自己株式取得に関連する消費税 期首残高
$(10,547,055)$(1,876,753)$(6,922,200)$(824,190)
普通株式の買い戻しは自己株式として保有される(1,707,800)(2,522,924)(5,332,655)(3,575,487)
期首残高 期末残高$(12,254,855)$(4,399,677)$(12,254,855)$(4,399,677)
その他の包括損失合計:
自己株式取得に関連する消費税 期首残高
$(89,114)$(139,266)$(223,945)$(217,306)
その他包括利益（損失）(255,508)(16,305)(120,677)61,735 
期首残高 期末残高$(344,622)$(155,571)$(344,622)$(155,571)
留保利益:
自己株式取得に関連する消費税 期首残高$27,068,801 $19,974,026 $22,589,286 $17,181,296 
当期純利益
2,363,509 1,677,422 6,843,024 4,470,152 
期首残高 期末残高$29,432,310 $21,651,448 $29,432,310 $21,651,448 
総株主資本期末残高
$22,720,736 $22,107,627 $22,720,736 $22,107,627 





















連結財務諸表に付随する注記を参照して下さい。
7
目次
NETFLIX, INC.
連結財務諸表注記
(未監査)

1. 財務諸表の基礎および主要会計方針の概要
Netflix、Inc.およびその完全子会社（以下、「会社」という）の付属の中間連結財務諸表は、米国で一般に受け入れられている会計原則に従って準備され、2023年12月31日に証券取引委員会（SEC）に提出された10-Kフォームに記載されている年次報告書とすべての主要な点で一貫しています。2024年1月26日。 米国で一般に受け入れられている会計原則（GAAP）に準拠して連結財務諸表を準備するには、経営陣が見積もりと判断を行う必要があり、これは財務諸表と付随するノートに報告される金額に影響を与えます。このような見積もりや損益の認識および測定を行う際の重要なアイテムには、コンテンツ資産の償却および所得税資産および負債の認識と測定が含まれます。会社は、これらの見積もりを、歴史的経験およびさまざまな他の前提に基づいて合理的と考えている状況で行っています。定期的に、会社は前提、判断、および見積もりを評価しています。実際の結果はこれらの見積もりと異なる可能性があります。
四半期の財務情報は未監査ですが、ここに記載されている情報を適切に提示するのに必要な、管理側の意見によると全ての通常の継続的調整を反映しています。四半期連結財務諸表は、2023年12月31日を終了した年の企業の年次報告書の10-k形式に含まれる監査済み連結財務諸表および関連注記と併せて読むべきです。四半期の結果は、年間の結果を示すものではありません。
以下は、会社の財務諸表における重要な会計方針を更新するために提供されており、以前に会社の形式10-Kに記載されていたものです。2023年12月31日までの年度報告書

金融派生商品とヘッジ取引活動
会社は、為替レートの変動に伴う収益やキャッシュフローの変動を軽減することを主な目的として、外国為替リスクを管理するためにデリバティブおよび非デリバティブの取引を利用しています。
会社はデリバティブ取引を公正な価値で資産（「その他の流動資産」と「その他の非流動資産」に掲載）または負債（「支払未済費用およびその他の負債」および「その他の非流動負債」に掲載）として認識します。会社はデリバティブ取引を公平な価値の階層内のレベル2カテゴリに分類します。
キャッシュ・フロー・ヘッジ
当社は、予測される収入取引での外国為替リスクを管理するために先物契約を締結し、米ドル以外の通貨で表示される予測取引およびライセンスおよび外国通貨で表示されるコンテンツ資産の製作に関連する予測取引と確約に関連する外国為替リスクも管理しています。これらの先物契約は、外貨確約および予測取引のキャッシュフローヘッジとして指定されており、一般的に為替取引期間は〔空欄〕月以内です。ヘッジ契約は外国為替の動きの影響を軽減する場合がありますが、完全には除去しませんし、また、当社は特定のリスクをヘッジしないことも選択する可能性があります。 36 月以内の債務契約が締結されることがあります。ヘッジ契約により、外国為替の動きの影響を緩和できる場合がありますが、完全に除去することはできず、特定のリスクをヘッジしない選択肢もあります。
未来の外貨建ての売上高をキャッシュ・フロー・ヘッジとして指定されたデリバティブ・インストゥルメントの利益または損失は、当初は累積その他包括収益（"AOCI"）の構成要素として報告され、予測された取引が収益に影響を与える期間と同じ期間に、再分類されて「売上高」に。コンソリデーテッド業績計算書では相互作用する。ライセンシングおよびコンテンツ資産の製作に関連する確約された取引または予想される取引のキャッシュ・フロー・ヘッジとして指定されたデリバティブ・インストゥルメントの利益または損失は、初めにAOCIの構成要素として報告され、再分類されて、ヘッジされた取引が収益に影響を与える期間と同じ期間に、発生し、ヘッジ対象となるコンテンツ資産が償却される。ヘッジ活動からの現金流は、キャッシュ・フロー計算書の"運営活動による純現金の供給"に、ヘッジされている項目の現金流と同じカテゴリに分類される。
予測された基礎取引の発生確率が発生しないと確定した場合、関連するキャッシュフローヘッジの利益または損失は、解除時の連結損益計算書の「利益およびその他の収入（費用）」にAOCIから再分類されます。
公正価値ヘッジ
会社は、為替取引を公正価値ヘッジとして指定し、外貨建ての借入金にかかる外国為替リスクを管理しています。これらのヘッジは、外国通貨の為替変動の影響を軽減する可能性がありますが、完全に除外するわけではなく、会社は露出額の全額をヘッジしないことを選択する場合があります。「公正価値ヘッジとして指定されたデリバティブ取引の利益又は損失は、「利息その他（収益）」に認識され、その際には公正価値ヘッジ対象アイテムに対する外国為替の調整益または損失とオフセットされます。会社は、公正価値ヘッジ効果の評価からフォワード・ポイントを除外し、除外された部分の初期価値をヘッジインストゥルメントの寿命を通じて「利息その他（収益）」に認識します。除外された部分の公正価値の変動と収益に認識される金額の差額は、その差額を「その他の要素を含む」コンポーネントとして認識します。
8
目次
ヘッジ取引からのキャッシュフローは、ヘッジ対象となる基礎アイテムのキャッシュフローと同じカテゴリーに、「財務活動による純現金提供額（使用額）」に分類されます。 あります。財務活動による純現金提供額」の概要に記載されている。
純投資ヘッジ
企業は、一部の外貨建ての債務を純投資ヘッジとして指定し、特定の外国子会社への投資にかかる外国為替リスクを管理しています。これらのヘッジは外国通貨の為替変動の影響を軽減することができますが、完全に排除するわけではなく、企業は一部のリスクをヘッジしないことを選択することがあります。これらの派生でない金融商品による利益または損失は、企業の連結貸借対照表の累計翻訳調整の一部としてAOCIとして報告されます。ヘッジされた純投資が売却または清算されるまで、累計の利益および損失はAOCIに留まり、この時点でAOCIに認識された金額が収益に再分類されます。
ヘッジインストゥルメントとして指定されていない派生商品
当社は、関連会社取引や会社およびその子会社の機能通貨で表示されていない通貨で表示される金銭資産および負債に対する外国為替リスクを管理するために先物取引契約を結んでいます。これらの派生金融商品はヘッジの対象として指定されておらず、外国通貨為替変動の影響を緩和しますが、完全に排除するわけではありません。ヘッジの対象として指定されていない派生金融商品の損益は、貸借対照表に掲載される「利息およびその他の収益（費用）」で計上されます。これらの派生金融商品に関連するキャッシュフローは、貸借対照表で「営業活動による純現金提供額」内に分類されます。
「財務諸表の注7を参照してください。」 金融派生商品とヘッジ取引活動 会社のデリバティブおよび非デリバティブ金融商品に関する詳細情報については、連結財務諸表をご覧ください。.
報酬期間中に支払われる想定のサービス期間を基に、オプションの公正価額を決定する必要があります。
会社は従業員に対して、非適格ストックオプションを毎月付与します。特定の役員に対しては、会社は制限付株式ユニット（"RSU"）および業績ベースの制限付株式ユニット（"PSU"）を付与します。ストックベースの報酬費用は授与日における株式賞の公正価値に基づき、失効分を差し引いて、必要なサービス期間にわたり認識されます。 注9を参照してください 株主資本 ストックベースの報酬に関するさらなる情報は、連結財務諸表に記載されています。
まだ採用されていない最近発行された会計基準
『2023-07 会計基準の更新』を公表し、主に重要なセグメント費用に関する開示を強化し、報告対象セグメント開示の改善を図ることを意図しています。本ガイダンスは、2023年12月15日以降開始する会計年度および2024年12月15日以降開始する会計年度内の中間期に遡及的に適用する必要があります。ただし、早期採用が許可される。本社は、財務諸表の開示に対する本ガイダンスの影響を現在評価中です。 セグメント報告（トピック280）：報告上のセグメント開示の改善これにより、公開企業は報告義務のあるセグメントの重要な費用およびその他のセグメント項目について、中間期および年次報告書で情報を開示する必要があります。単一の報告義務のあるセグメントを持つ公開企業は、ASU 2023-07による開示要件およびASC 280の既存のセグメント開示および調整要件を中間期および年次報告書で適用する必要があります。ASU 2023-07は、2023年12月15日以降の会計年度および2024年12月15日以降の中間期から有効であり、早期採用も許可されています。現在、会社はASU 2023-07の採用の影響を評価しています。
2023年12月、FASBはASU 2023-09「所得税（課題740）：所得税開示の改善」を発行し、公開会社に対して、定量的閾値を超える調整項目の調整に対する追加情報を含む、有効税率調整の特定のカテゴリを開示することを要求することで、さらに拡大された開示を要求します。 ASU 2023-09は、2024年12月15日以降の会計年度に適用され、早期採用が許可されています。当社は、ASU 2023-09の採用が当社の連結財務諸表および関連する開示に与える影響を現在評価しています。所得税（トピック740）：所得税開示の改善公共機関は、特定のカテゴリーについてのレート調整の公開開示、および管轄地域別に分解された所得税の支払いの公開開示を、年次報告書で提供することが求められる、ASU 2023-09は、2024年12月15日以降の決算年度から有効で、早期採用が認められる。同社は現在、ASU 2023-09を採用した場合の影響を評価しています。


2. 収益認識
以下の表は、2024年9月30日および2023年9月30日に終了した各地域のストリーミング収益、支払いの正味会員数追加および有料会員数を要約しています。ヘッジ取引の利益は、2024年9月30日に終了した3か月および9か月の「ストリーミング収益」に含まれる。対比前年期には、「ストリーミング収益」にヘッジ取引の利益と損失は認識されていません。ノート7を参照してください。48百万ドルと$70百万ドルを「ストリーミング収益」に含むヘッジ取引の利益がそれぞれ2024年9月30日に終了した3か月および9か月に含まれています。過去の年度との比較では、ヘッジの利益と損失は「ストリーミング収益」として認識されていません。7章を参照してください。 金融派生商品とヘッジ取引活動その他

アメリカ合衆国とカナダ（UCAN）
9
目次
現在/3か月終了現在/終了9か月
 9月30日、
2024		9月30日、
2023		9月30日、
2024		9月30日、
2023
 (千単位)
ストリーミング収入$4,322,476 $3,735,133 $12,842,351 $10,943,226 
有料ネット会員の追加694 1,750 4,675 3,025 
期間終了時の有料会員 (1)84,803 77,321 84,803 77,321 

ヨーロッパ、中東、アフリカ（欧州）
現在/3か月終了現在/終了9か月
 9月30日、
2024		9月30日、
2023		9月30日、
2024		9月30日、
2023
 (千単位)
ストリーミング収入$3,133,466 $2,693,146 $9,099,431 $7,772,957 
有料ネット会員の追加2,167 3,953 7,318 7,031 
期間終了時の有料会員 (1)96,131 83,760 96,131 83,760 

ラテンアメリカ（LATAM）
現在/3か月終了現在/終了9か月
 9月30日、
2024		9月30日、
2023		9月30日、
2024		9月30日、
2023
 (千単位)
ストリーミング収入$1,240,892 $1,142,811 $3,610,045 $3,290,438 
有料の純会員追加（損失）(68)1,179 3,185 1,946 
期間終了時の有料会員 (1)49,182 43,645 49,182 43,645 

アジア太平洋地域（APAC）
現在/3か月終了現在/終了9か月
 9月30日、
2024		9月30日、
2023		9月30日、
2024		9月30日、
2023
 (千単位)
ストリーミング収入$1,127,869 $948,216 $3,202,626 $2,801,012 
有料ネット会員の追加2,280 1,881 7,266 4,404 
期間終了時の有料会員 (1)52,604 42,427 52,604 42,427 
(1) 有料会員（有料サブスクリプションとも呼ばれる）は、サインアップ後にネットフリックスサービスを受ける権利と支払い方法が提供される会員として定義され、無料トライアルや会社が新規または再加入メンバーに提供する特定のその他のプロモーションの一部ではないものです。特定のメンバーは、追加のメンバーサブアカウントを追加するオプションがあります。これらの追加メンバーサブアカウントは、有料会員には含まれません。会員はキャンセルされ、その結果、上記の指標に反映されなくなります。任意のキャンセルは一般的に前払いの会員期間の終了時に有効となります。お支払い方法の失敗による任意ではないキャンセルは、直ちに有効となります。会員は、会社の内部システムによって決定されるサインアップ時に使用される地理的位置に基づいて地域に割り当てられ、業種標準のテクノロジーを使用しています。
繰延収益は、認識されていない請求された会員費用と、未利用のギフトカード及びその他の前払会員数から構成されています。2024年9月30日現在、繰延収益の合計は$1,513 百万であり、その大部分は、今後1ヶ月以内に収益として認識されることが期待される請求された会員費用に関連しています。残りの繰延収益残高は、ギフトカード及びその他の前払会員数に関連しており、引き換え後のサービス期間にわたって収益として認識される予定であり、これは今後12ヶ月の間に行われると予想されています。$70 2022年12月31日時点の残高である$と比較して、未収収益は$増加しています。これは、増加した会費発生のために会費が請求されたためです。1,443 百万は、会員数の増加と価格の引き上げによって請求された会員費用の増加によるものです。

10
目次

3. １株当たり利益

普通株式の発行済株式数の加重平均数を使用して、1株当たりの基本利益を計算します。希薄化後1株当たりの利益は、発行済の普通株式の加重平均株数と、希薄化の場合は希薄化後の潜在的発行済株式数を使用して計算されます。普通株式の潜在株式は、自己株式法に従って計算され、株式オプションの想定行使および時間ベースとパフォーマンスベースの制約付き株式ユニットのベスティングによって発行される追加株式で構成されています。 一株当たり利益の計算は次のとおりです:
3か月が終わりました9か月が終わりました
9月30日、
2024		9月30日、
2023		9月30日、
2024		9月30日、
2023
（千単位、1株あたりのデータを除く）
1株当たりの基本利益
純利益
$2,363,509 $1,677,422 $6,843,024 $4,470,152 
計算に使用されたシェア：
発行済普通株式の加重平均株式428,239 441,537 430,125 443,540 
1株当たりの基本利益$5.52 $3.80 $15.91 $10.08 
希薄化後の1株当たり利益:
純利益
$2,363,509 $1,677,422 $6,843,024 $4,470,152 
計算に使用されたシェア：
発行済普通株式の加重平均株式428,239 441,537 430,125 443,540 
希薄化株式ベースの報奨の効果9,659 8,474 9,632 7,779 
加重平均株式数437,898 450,011 439,757 451,319 
希薄化後の1株当たり利益$5.40 $3.73 $15.56 $9.90 

以下の表は、普通株式の希薄化後計算から除外される可能性のある株を要約しており、それらを含めると逆希薄化になっていた可能性があります。
終了した3ヶ月九ヶ月の終了
9月30日,
2024		9月30日,
2023		9月30日,
2024		9月30日,
2023
(千単位で)
株式ベースの報酬159 3,147 321 4,447 
11
目次

4. 現金、現金同等物、制約付き現金、および短期投資
会社は、90日を超える償還期間を持つ売り出し可能な証券から構成される短期投資を、売り用（「AFS」）として分類しています。会社は、主に将来近い時期にそれらを売却する目的で証券を買い持ちしません。会社の方針は、資本、流動性、およびリターンの保全に焦点を当てています。時折、会社は一部の証券を売却する場合がありますが、その目的は一般的に短期価格差で利益を上げることではありません。
次の表は、2024年9月30日および2023年12月31日時点での会社の現金、現金同等物、制限付き現金、短期投資を要約したものです。

 2024年9月30日現在
 償却原価総未実現利益未実現損失目測公正価額現金及び現金同等物短期投資その他の流動資産非流動資産
 (千単位)
現金$4,809,569 $— $— $4,809,569 $4,807,566 $— $1,923 $80 
レベル1証券：
マネーマーケットファンド2,432,077 — — 2,432,077 2,432,020 — — 57 
レベル2証券：
定期預金（1）250,412 — — 250,412 217,439 32,973 — — 
政府証券 (2)1,728,363 5,566 — 1,733,929 — 1,733,929 — — 
$9,220,421 $5,566 $— $9,225,987 $7,457,025 $1,766,902 $1,923 $137 

 2023年12月31日現在
 償却費用未実現総利益未実現損失総額推定公正価値現金および現金同等物短期投資その他の流動資産非流動資産
 (千単位)
現金$5,988,176 $— $— $5,988,176 $5,986,629 $— $1,466 $81 
レベル1の証券：
マネーマーケットファンド925,707 — — 925,707 925,652 — — 55 
レベル2の証券：
定期預金 (1)225,605 — — 225,605 204,632 20,973 — — 
$7,139,488 $— $— $7,139,488 $7,116,913 $20,973 $1,466 $136 
(1) 会社の定期預金の大部分は国際預金であり、1年以内に満期となります。
(2) 会社の政府証券は1年以内に満期となります。
その他の流動資産には、自己保険に関連する預金のための制限付き現金が含まれています。非流動資産には、信用状契約に関連する制限付き現金が含まれています。売却可能証券、現金同等物および新規売のカテゴリに含まれる短期投資の公正価値は、測定日での類似資産の相場価格や、活発でない市場での相場価格、または直接的または間接的に観測可能なその他の入力に基づいています。
優先債に関する会社の財務諸表の注記6を参照してください。 負債 および注記7 デリバティブ金融商品およびヘッジ取引 連結財務諸表に、会社の優先債およびデリバティブ金融商品の公正価値に関するさらなる情報があります。



12


5. 貸借対照表の構成要素

コンテンツ資産、純額
コンテンツの資産は以下のように構成されています:
現在
9月30日、
2024		12月31日、
2023
(千単位)
ライセンスコンテンツ、ネット
$12,307,674 $12,722,701 
制作コンテンツ、ネット
リリース済み、償却額が少ない
10,025,304 9,843,150 
制作中
9,197,715 8,247,578 
開発中と試作中
644,689 844,627 
19,867,708 18,935,355 

コンテンツ資産、純額
$32,175,382 $31,658,056 
2024年9月30日現在、未払いの参加金および残高は重要ではありませんでした。
以下の表はコンテンツ資産の償却を表しています:
終了した3ヶ月九ヶ月の終了
 9月30日,
2024		9月30日,
2023		9月30日,
2024		9月30日,
2023
(千単位)
ライセンスされたコンテンツ$1,814,040 $1,777,701 $5,533,648 $5,280,700 
作成されたコンテンツ1,885,481 1,795,652 5,606,368 5,162,658 
合計$3,699,521 $3,573,353 $11,140,016 $10,443,358 
固定資産純額
有形固定資産および累計減価償却費は、以下の通りでした:
として
9月30日,
2024		12月31日、
2023		土地および建物1
(千単位)
土地
$85,000 $85,000 
建物および改修物
471,620 154,165 30 年
借地改良費
1,049,510 1,032,492 リース期間中
家具及び備品
137,468 144,737 
3 年
情報技術
432,078 414,092 3 年
企業用機
99,175 99,175 
8-10 年
機械及び設備
13,035 10,334 
3-5 年
資本的な進行中の作業
202,652 406,492 
不動産、工場・設備の総額
2,490,538 2,346,487 
減価償却累計額より
(922,326)(855,043)
有形固定資産
$1,568,212 $1,491,444 
    


13

リース
当社は主に不動産業の運営リース契約を締結しています。運営リースは、当社の連結財務諸表の「その他の非流動資産」に含まれており、リース期間中に基礎資産を使用する権利を表しています。当社がリース料を支払う義務は、当社の連結財務諸表の「未払費用およびその他の負債」および「その他の非流動負債」に含まれています。
会社の営業使用権資産および関連する営業リース債務に関連する情報は以下の通りです:
終了した3ヶ月九ヶ月の終了
9月30日,
2024		9月30日,
2023		9月30日,
2024		9月30日,
2023
(千単位)
運営リースの負債に対する支払いの現金$128,917 $110,959 $384,327 $339,126 
新しいオペレーティングリース債務に対する取得のために得られた使用権資産51,587 49,238 396,361 161,704 
として
9月30日,
2024		12月31日、
2023
(千単位)
使用中リース資産、正味額$2,214,458 $2,076,899 
流動リース負債432,661 383,312 
非流動リース負債2,094,659 2,046,801 
総オペレーティングリース債務$2,527,320 $2,430,113 

その他の流動資産
その他の流動資産は以下の通りです:
として
9月30日,
2024		12月31日、
2023
(千単位)
貿易債権
$1,217,659 $1,287,054 
前払費用
435,730 408,936 
その他
1,251,783 1,084,257 
その他の流動資産の合計
$2,905,172 $2,780,247 

14
目次

6. 負債
2024年9月30日時点で、当社は合計未払手形が$15,981 百万ドルを控除した純受取額を受け取りました。68 百万の発行費用と$6百万の割引、異なる満期で（以下「手形」と称します）。未払残高のうち、$1,820 百万は、発行費用を差し引いた後、連結貸借対照表において短期負債として分類されています。2023年12月31日時点で、当社は合計未払手形が$14,543 百万ドルを控除した純受取額を受け取りました。65 百万の発行費用を持っています。それぞれの手形は、当社のシニア無担保債務です。利息は固定金利で半年ごとに支払われます。
未払いの紙幣の一部は外貨建てです（ユーロで構成）5,170 百万）、各貸借対照表日に米ドルに再測定されます（ヘッジの影響を差し引いた再測定損失を含めて、合計$です）105 2024年9月30日に終了した3か月間の100万ドル、および再測定の利益、ヘッジの影響を差し引いた合計692024年9月30日に終了した9か月間は100万です）。注 7 を参照してください デリバティブ金融商品とヘッジ活動 当社のデリバティブおよび非デリバティブ金融商品に関する詳細については、連結財務諸表をご覧ください。
以下の表は、2024年9月30日および2023年12月31日時点での同社の未払債務と、流動性の低い市場における公正価値の要約を提供しています。
償還額は発行価格であるレベル2の公正価値は
9月30日,
2024		12月31日、
2023		発行日満期9月30日,
2024		12月31日、
2023
(百万単位)(百万単位)
5.750優先債/シニア債
$— $400 2014年2月2024年3月$— $400 
5.875優先債/シニア債
800 800 2015年2月2025年2月803 807 
3.000優先債（1）
523 519 2020年4月2025年6月522 516 
3.625優先債/シニア債
500 500 2020年4月2025年6月496 491 
4.375優先債/シニア債
1,000 1,000 October 20162026年11月1,008 996 
3.625優先債（1）
1,446 1,434 2017年5月2027年5月1,477 1,454 
4.875優先債/シニア債
1,600 1,600 2017年10月2028年4月1,639 1,621 
5.875優先債/シニア債
1,900 1,900 2018年4月2028年11月2,026 2,009 
4.625優先債（1）
1,225 1,215 2018年10月2029年5月1,314 1,300 
6.375優先債/シニア債
800 800 2018年10月2029年5月874 872 
3.875優先債（1）
1,336 1,325 2019年4月2029年11月1,393 1,372 
5.375優先債/シニア債
900 900 2019年4月2029年11月948 931 
3.625優先債（1）
1,225 1,215 2019年10月2030年6月1,263 1,237 
4.875優先債/シニア債
1,000 1,000 2019年10月2030年6月1,032 1,012 
4.900優先債/シニア債
1,000 — 2024年8月2034年8月1,035 — 
5.400優先債/シニア債
800 — 2024年8月2054年8月846 — 
$16,055 $14,608 $16,676 $15,018 
(1) 以下の優先債にはユーロ建ての元本金額があります: 3.000% 優先債/シニア債を€で470百万、3.625% 優先債/シニア債を€で1,300百万、4.625% 優先債/シニア債を€で1,100百万、3.875% 優先債/シニア債を€で1,200 3.625% 優先債/シニア債を€で1,100 百万ドルです。
2024年9月30日までの9ヶ月間において、会社は満期に優先債/シニア債の合計元本額である$400　百万を返済しました。 5.750%の優先債/シニア債。
発生した場合、全てのノートは資産保有者の選択により全額または一部を清算可能であり、キャッシュでの購入価格は元本の％プラス利息に等しい。 101元本の％に加え、未払いの利息。会社は、元本の額に未払いの利息及び適用されるプレミアムを加えた金額で、ノートを満期前に全額または一部を償還することができます。ノートは、その他の条件の一部として、会社が特定の担保権を創出、発生または許可する能力、及び会社とその子会社の資産の全てまたはほぼ全てを他の人に統合または合併する、又は譲渡、移転またはリースすることに対する制限を含みます。特定のノートは、さらに販売及びリースバック取引に入る能力及び特定の子会社の追加債務を創出、引き受け、発生させるまたは保証する能力を制限します。2024年9月30日及び2023年12月31日の時点で、会社はすべての関連する契約に準拠していました。

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回転型クレジット施設
2024年4月12日に、会社は 5年間, $3 億円の無担保の回転信用契約を締結しました。この契約は2029年4月12日に満期を迎えます（「与信契約」）、それにより以前の$1 億円の無担保の回転信用契約を置き換えました。2024年9月30日の時点で、 no 割り賦け与信契約に基づいて借入が行われました。
リボルビング与信契約に基づく借入金は、会社の選択により、(i) 基準金利（「代替基準金利」）に適用されるマージンを加えた浮動金利か、(ii) 調整後の期間SOFR金利（「調整後期間SOFR金利」）に適用されるマージンを加えた年率金利のいずれかで利息が発生します。 0.00% から 0.25代替基準金利のローンに適用されるマージンの範囲は、 0.75% から 1.25調整後の期間SOFR金利のローンに適用されるマージンの範囲は、
与信契約には、この規模およびタイプの信用施設に対して慣例的な肯定的な誓約と否定的な誓約（およびそれに関連する慣例的なバスケットと例外）が含まれ、連結EBITDAと連結利息費用の最低比率を維持するために会社に義務付けられています。 3.0 各財務四半期の最終日時点での基準を満たすこと、つまり、2024年9月30日および2023年12月31日時点で、会社は関連するすべての誓約と比率を遵守していました。


7. 金融派生商品とヘッジ取引活動
会社は、為替レートの変動に伴う収益やキャッシュフローの変動を軽減することを主な目的として、外国為替リスクを管理するためにデリバティブおよび非デリバティブの取引を利用しています。

デリバティブ契約の名義金額
会社の未承認デリバティブ取引の純額は以下の通りです：
現在時点で
9月30日,
2024		12月31日、
2023
(千単位)
ヘッジ取引として指定された派生金融商品:
外国為替契約
キャッシュフロー・ヘッジ
$17,786,210 $8,783,273 
公正価値ヘッジ
3,834,258 — 
$
外国為替契約1,033,077 — 
合計
$22,653,545 $8,783,273 
2024年9月30日時点で、会社のユーロ建ての優先債は約$1.1会社の一部の外国子会社への純投資の外国為替リスクのヘッジとして約10億ドルが指定されていました。 詳細については、6 負債 項を参照してください。会社の債務に関するさらなる情報について。

デリバティブ契約の公正な価値
会社の未決済のデリバティブ商品に関する公正価値は以下の通りでした：

 2024年9月30日現在
デリバティブ資産デリバティブ負債
 その他の流動資産その他の非流動資産未払費用およびその他の負債その他の非流動負債
 (千単位)
ヘッジング商品に指定されているデリバティブ:
外国為替契約$136,211 $5,080 $196,622 $120,764 
ヘッジ商品として指定されていないデリバティブ:
外国為替契約14,713 — 18,765 — 
合計$150,924 $5,080 $215,387 $120,764 
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 2023年12月31日現在
デリバティブ資産デリバティブ負債
 その他の流動資産その他の非流動資産未払費用およびその他の負債その他の非流動負債
 (千単位)
ヘッジング商品に指定されているデリバティブ:
外国為替契約$26,416 $4,518 $140,089 $46,575 
ヘッジ商品として指定されていないデリバティブ:
外国為替契約— — — — 
合計$26,416 $4,518 $140,089 $46,575 
会社は、派生商品を公正価値階層内のレベル2カテゴリーに分類しています。これらの商品は、業種標準の評価モデルを使用して評価され、利子率収益曲線、通貨の先物価格や現物価格などの観測可能な入力値を使用しています。
2024年9月30日現在、為替ヘッジに関する税引前純輸出累計損失は、合弁会社の貸借対照表に記載されるAOCIに含まれ、次の12か月以内に収益計上される見込みの金額は$です。135百万ドル。
マスターネッティング契約
対抗信用リスクを軽減するために、当社は外国為替取引契約に関して、一定の条件の下で当事者が金額をネットで決済できるように、対抗者とマスターネッティング契約を結んでいます。当社は連結貸借対照表において、派生資産と負債を総額で表示することを選択しています。
会社はカウンターパーティーとの担保セキュリティ取引にも参入し、契約の一定の閾値が満たされたときに当事者が現金担保を投稿する必要がある。2024年9月30日および2023年12月31日時点で、会社は現金担保を受領または投稿していない。
会社の派生資産および負債に対するオフセット効果は、マスターネッティング契約および担保セキュリティ契約により次のようになります:

 2024年9月30日現在
連結貸借対照表で相殺されていない総額
 連結貸借対照表に計上される総額連結貸借対照表の総額相殺連結貸借対照表に記載されている正味金額金融商品販促資料の受領と掲載正味金額
 (千単位)
デリバティブ資産$156,004 $— $156,004 $(155,428)$— $576 
デリバティブ負債336,151 — 336,151 (155,428)— 180,723 

 2023年12月31日現在
連結貸借対照表で相殺されていない総額
 連結貸借対照表に計上される総額連結貸借対照表の総額相殺連結貸借対照表に記載されている正味金額金融商品販促資料の受領と掲載正味金額
 (千単位)
デリバティブ資産$30,934 $— $30,934 $(27,246)$— $3,688 
デリバティブ負債186,664 — 186,664 (27,246)— 159,418 


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Effect of Derivative and Non-Derivative Instruments on Consolidated Financial Statements
The pre-tax gains (losses) on the Company’s cash flow hedges, fair value hedges, and net investment hedges recognized in AOCI were as follows:
Three Months EndedNine Months Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
(in thousands)
Cash flow hedges:
Foreign exchange contracts
Amount included in the assessment of effectiveness$(369,805)$101,169 $19,883 $101,169 
Fair value hedges:
Foreign exchange contracts
Amount excluded from the assessment of effectiveness(10,175)— (10,175)— 
Net investment hedges:
Foreign currency-denominated debt(42,000)— (45,400)— 
Total$(421,980)$101,169 $(35,692)$101,169 


The gains (losses) on hedged items and derivative instruments recognized in the Consolidated Statement of Operations were as follows:
Three Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$9,824,703 $5,119,884 $(21,693)
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI48,184 297 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (71,673)
Derivatives designated as hedging instruments— — 70,332 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)
Losses on derivatives not designated as hedging instruments
Foreign exchange contracts— — (1,296)
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Nine Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)
(in thousands)
Total amounts presented in the Consolidated Statements of Operations$28,754,453 $15,271,100 $212,671 
Gains on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains reclassified from AOCI70,244 564 — 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Hedged items— — (71,673)
Derivatives designated as hedging instruments— — 70,332 
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)
Gains on derivatives not designated as hedging instruments
Foreign exchange contracts— — 12,767 
No gains or losses on derivative instruments were recognized in the Consolidated Statements of Operations in the three and nine months ended September 30, 2023.


8. Commitments and Contingencies

Content
As of September 30, 2024, the Company had $22.7 billion of obligations comprised of $4.5 billion included in "Current content liabilities" and $1.9 billion of "Non-current content liabilities" on the Consolidated Balance Sheets and $16.3 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not yet meet the criteria for recognition.
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 
September 30,
2024		December 31,
2023
(in thousands)
Less than one year
$11,810,836 $10,328,923 
Due after one year and through three years
8,062,166 8,784,302 
Due after three years and through five years
2,277,918 2,016,358 
Due after five years
547,375 583,766 
Total content obligations
$22,698,295 $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
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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 $400 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 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:
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Options Outstanding
Number of
Shares		Weighted-
Average
Exercise Price
(per share)
Balances as of December 31, 202319,695,109 $268.86 
Granted
465,641 583.66
Exercised
(3,384,520)157.18 
Expired
(4,324)56.72 
Balances as of September 30, 202416,771,906 $300.20 
Vested and expected to vest as of September 30, 202416,771,906 $300.20 
Exercisable as of September 30, 202416,694,821 $299.59 

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
(19,996)562.00 
Forfeited
— — 
Balances as of September 30, 2024139,982 $704.12 
Stock-based Compensation
Total stock-based compensation expense was $66 million and $211 million for the three and nine months ended September 30, 2024, respectively, and $80 million and $257 million for the three and nine months ended September 30, 2023, respectively.
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 nine months ended September 30, 2024, the Company repurchased 2,551,039 and 8,696,108 shares, respectively, for an aggregate amount of $1.7 billion and $5.3 billion, respectively. As of September 30, 2024, $3.1 billion remains available for repurchases. Shares repurchased by the Company are accounted for when the transaction is settled. As of September 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 nine months ended September 30, 2024:

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Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2024$(249,600)$(3,400)$211,631 $— $— $(47,745)$(89,114)
Other comprehensive income (loss) before reclassifications
95,802 (42,000)(369,805)(10,175)5,566 95,479 (225,133)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (48,481)9,069 — 9,037 (30,375)
Net change in accumulated other comprehensive income (loss)
95,802 (42,000)(418,286)(1,106)5,566 104,516 (255,508)
Balances as of September 30, 2024$(153,798)$(45,400)$(206,655)$(1,106)$5,566 $56,771 $(344,622)
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2023$(103,922)$— $(155,730)$— $— $35,707 $(223,945)
Other comprehensive income (loss) before reclassifications
(49,876)(45,400)19,883 (10,175)5,566 6,908 (73,094)
Amounts reclassified from accumulated other comprehensive income (loss)
— — (70,808)9,069 — 14,156 (47,583)
Net change in accumulated other comprehensive income (loss)
(49,876)(45,400)(50,925)(1,106)5,566 21,064 (120,677)
Balances as of September 30, 2024$(153,798)$(45,400)$(206,655)$(1,106)$5,566 $56,771 $(344,622)
The following tables summarize the changes in accumulated balances of other comprehensive income (loss) for the three and nine months ended September 30, 2023:
Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of June 30, 2023$(139,266)$— $— $— $— $— $(139,266)
Other comprehensive income (loss) before reclassifications
(94,157)— 101,169 — — (23,317)(16,305)
Net change in accumulated other comprehensive income (loss)(94,157)— 101,169 — — (23,317)(16,305)
Balances as of September 30, 2023
$(233,423)$— $101,169 $— $— $(23,317)$(155,571)
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Foreign Currency Translation
Adjustments		Net Investment Hedge Gains (Losses)Change in Unrealized Gains (Losses) on Cash Flow HedgesChange in Unrealized Gains (Losses) on Excluded Component of Fair Value HedgesChange in Unrealized Gains (Losses)
on AFS Securities		Tax (Expense) BenefitTotal
(in thousands)
Balances as of December 31, 2022$(217,306)$— $— $— $— $— $(217,306)
Other comprehensive income (loss) before reclassifications
(16,117)— 101,169 — — (23,317)61,735 
Net change in accumulated other comprehensive income (loss)(16,117)— 101,169 — — (23,317)61,735 
Balances as of September 30, 2023
$(233,423)$— $101,169 $— $— $(23,317)$(155,571)
The following tables summarize the amounts reclassified from AOCI to the Consolidated Statement of Operations:
Three Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$48,184 $297 $— $(11,116)$37,365 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)2,079 (6,990)
Total$48,184 $297 $(9,069)$(9,037)$30,375 
Nine Months Ended
September 30, 2024
RevenuesCost of RevenuesInterest and other income (expense)Provision for Income TaxesTotal Reclassifications
(in thousands)
Gains (losses) on derivatives in cash flow hedging relationship
Foreign exchange contracts
Amount of gains (losses) reclassified from AOCI$70,244 $564 $— $(16,235)$54,573 
Gains (losses) on derivatives in fair value hedging relationship
Foreign exchange contracts
Amount excluded from assessment of effectiveness and recognized in earnings based on amortization approach— — (9,069)2,079 (6,990)
Total$70,244 $564 $(9,069)$(14,156)$47,583 
No amounts were reclassified from AOCI into the Consolidated Statements of Operations in the three and nine months ended September 30, 2023.

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10. Income Taxes
 Three Months EndedNine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (in thousands, except percentages)
Provision for income taxes$339,445 $231,627 $988,365 $587,103 
Effective tax rate13 %12 %13 %12 %

The effective tax rates for the three and nine months ended September 30, 2024 differed from the Federal statutory rate primarily due to the foreign-derived intangible income deduction and excess tax benefits on stock-based compensation.


11. Segment and Geographic Information

The Company operates as one operating segment. The Company's chief operating decision maker ("CODM") is its co-chief executive officers, who review financial information presented on a consolidated basis for the purposes of making operating decisions, assessing financial performance and allocating resources.
Total U.S. revenues were $4.0 billion and $11.9 billion, respectively, for the three and nine months ended September 30, 2024, and $3.5 billion and $10.1 billion, respectively, for the three and nine months ended September 30, 2023. See Note 2 Revenue Recognition for additional information about streaming revenue by region.
The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, were located as follows:
As of
September 30,
2024		December 31,
2023
(in thousands)
United States$2,756,275 $2,724,710 
International1,026,395 843,633 



Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding: our core strategy; our ability to improve our content offerings and service; our future financial performance, including expectations regarding revenues, deferred revenue, operating income and margin, net income, expenses, and profitability; liquidity, including the sufficiency of our capital resources, net cash provided by (used in) operating activities, and access to financing sources; capital allocation strategies, including any stock repurchases or repurchase programs; seasonality; impact of foreign exchange rate fluctuations, including on net income, revenues and average revenues per paying member; expectations regarding hedging activity; impact of interest rate fluctuations; adequacy of existing facilities; future regulatory changes and their impact on our business; intellectual property; price changes and testing; accounting treatment for changes related to content assets; acquisitions; membership growth, including impact of content and pricing changes on membership growth; member viewing patterns; future contractual obligations, including unknown content obligations and timing of payments; our global content and marketing investments, including investments in original programming; content amortization; resolution of tax examinations; tax expense; unrecognized tax benefits; deferred tax assets; and our ability to effectively manage change and growth. These forward-looking statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those included in forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”) on January 26, 2024, in particular the risk factors discussed under the heading “Risk Factors” in Part I, Item 1A. 
We assume no obligation to revise or publicly release any revision to any forward-looking statements contained in this Quarterly Report on Form 10-Q, unless required by law.
Investors and others should note that we announce material financial and other information to our investors using our investor relations website (ir.netflix.net), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs to communicate with our members and the public about our company, our services and other issues. It is possible that the information we
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post on social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media, and others interested in our company to review the information we post on the social media channels and blogs listed on our investor relations website.


Overview
We are one of the world’s leading entertainment services with approximately 283 million paid memberships in over 190 countries enjoying TV series, films and games across a wide variety of genres and languages. Members can play, pause and resume watching as much as they want, anytime, anywhere, and can change their plans at any time.
Our core strategy is to grow our business globally within the parameters of our operating margin target. We strive to continuously improve our members’ experience by offering compelling content that delights them and attracts new members. We seek to drive conversation around our content to further enhance member joy, and we are continuously enhancing our user interface to help our members more easily choose content that they will find enjoyable.
Our membership growth exhibits a seasonal pattern that reflects variations when consumers buy internet-connected screens and when they tend to increase their viewing. Historically, the fourth quarter represents our greatest streaming membership growth. In addition, our membership growth can be impacted by our content release schedule and changes to pricing and plans.

Results of Operations

The following represents our consolidated performance highlights:
As of/Three Months EndedChange
September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
(in thousands, except revenue per membership and percentages)
Financial Results:
Streaming revenues
$9,824,703 $8,519,306 $1,305,397 15 %
DVD revenues (1)— 22,362 (22,362)(100)%
Total revenues$9,824,703 $8,541,668 $1,283,035 15 %
Operating income$2,909,477 $1,916,394 $993,083 52 %
Operating margin29.6 %22.4 %7.2 %
Global Streaming Memberships:
Paid net membership additions5,073 8,763 (3,690)(42)%
Paid memberships at end of period282,720 247,153 35,567 14 %
Average paying memberships
280,184 242,772 37,412 15 %
Average monthly revenue per paying membership
$11.69 $11.70 $(0.01)— %
Constant currency change (2)5 %

(1) We discontinued our DVD-by-mail service in September 2023. The discontinuance of our DVD business had an immaterial impact on our operations and financial results.
(2) We believe the non-GAAP financial measure of constant currency revenue is useful in analyzing the underlying trends in average monthly revenue per paying membership (“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. For the three and nine months ended September 30, 2024, our revenues would have been approximately $476 million and $1,177 million higher, respectively, excluding the impact of hedging and had foreign currency exchange rates remained constant with those for the three and nine months ended September 30, 2023. The unfavorable foreign exchange rate impacts in the three and nine months ended September 30, 2024 were primarily driven by the devaluation of the Argentine peso relative to the U.S. dollar.
Operating margin for the three months ended September 30, 2024 increased seven percentage points as compared to the prior comparative period, primarily due to revenues growing at a faster rate as compared to the growth in cost of revenues and lower general and administrative expenses.
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Streaming Revenues
We primarily derive revenues from monthly membership fees for services related to streaming content to our members. We offer a variety of streaming membership plans, the price of which varies by country and the features of the plan. As of September 30, 2024, pricing on our paid plans ranged from the U.S. dollar equivalent of $1 to $33 per month, and pricing on our extra member sub accounts ranged from the U.S. dollar equivalent of $2 to $8 per month. We expect that from time to time the prices of our membership plans in each country may change and we may test other plan and price variations.
We also earn revenue from advertisements presented on our streaming service, consumer products, live events and various other sources. Revenues earned from sources other than monthly membership fees were not material for the three and nine months ended September 30, 2024 and September 30, 2023.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except percentages)
Streaming revenues
$9,824,703 $8,519,306 $1,305,397 15 %
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except percentages)
Streaming revenues
$28,754,453 $24,807,633 $3,946,820 16 %
Streaming revenues for the three and nine months ended September 30, 2024 increased 15% and 16% as compared to the three and nine months ended September 30, 2023, respectively, primarily due to the growth in average paying memberships and price increases, partially offset by unfavorable changes in foreign exchange rates.
The following tables summarize streaming revenue and other streaming membership information by region for the three and nine months ended September 30, 2024 and 2023. Hedging gains of $48 million and $70 million are included in “Streaming revenues” for the three and nine months ended September 30, 2024, respectively. No hedging gains and losses were recognized as “Streaming revenues” in the comparative prior year period. 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.

United States and Canada (UCAN)
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
As of/Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$4,322,476 $3,735,133 $587,343 16 %
Paid net membership additions694 1,750 (1,056)(60)%
Paid memberships at end of period84,803 77,321 7,482 10 %
Average paying memberships84,456 76,446 8,010 10 %
Average monthly revenue per paying membership$17.06 $16.29 $0.77 5 %
Constant currency change5 %
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Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
As of/Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$12,842,351 $10,943,226 $1,899,125 17 %
Paid net membership additions4,675 3,025 1,650 55 %
Paid memberships at end of period84,803 77,321 7,482 10 %
Average paying memberships83,078 75,259 7,819 10 %
Average monthly revenue per paying membership$17.18 $16.16 $1.02 6 %
Constant currency change6 %

Europe, Middle East, and Africa (EMEA)
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023

As of/Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$3,133,466 $2,693,146 $440,320 16 %
Paid net membership additions2,167 3,953 (1,786)(45)%
Paid memberships at end of period96,131 83,760 12,371 15 %
Average paying memberships95,048 81,784 13,264 16 %
Average monthly revenue per paying membership$10.99 $10.98 $0.01 — %
Constant currency change1 %
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
As of/Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$9,099,431 $7,772,957 $1,326,474 17 %
Paid net membership additions7,318 7,031 287 4 %
Paid memberships at end of period96,131 83,760 12,371 15 %
Average paying memberships92,722 79,142 13,580 17 %
Average monthly revenue per paying membership$10.90 $10.91 $(0.01)— %
Constant currency change1 %

Latin America (LATAM)
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
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As of/Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$1,240,892 $1,142,811 $98,081 9 %
Paid net membership additions (losses)(68)1,179 (1,247)(106)%
Paid memberships at end of period49,182 43,645 5,537 13 %
Average paying memberships49,216 43,056 6,160 14 %
Average monthly revenue per paying membership$8.40 $8.85 $(0.45)(5)%
Constant currency change27 %
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
As of/Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$3,610,045 $3,290,438 $319,607 10 %
Paid net membership additions3,185 1,946 1,239 64 %
Paid memberships at end of period49,182 43,645 5,537 13 %
Average paying memberships48,187 42,129 6,058 14 %
Average monthly revenue per paying membership$8.32 $8.68 $(0.36)(4)%
Constant currency change23 %

Asia-Pacific (APAC)
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
As of/Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$1,127,869 $948,216 $179,653 19 %
Paid net membership additions2,280 1,881 399 21 %
Paid memberships at end of period52,604 42,427 10,177 24 %
Average paying memberships51,464 41,487 9,977 24 %
Average monthly revenue per paying membership$7.31 $7.62 $(0.31)(4)%
Constant currency change(2)%
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
As of/Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except revenue per membership and percentages)
Streaming revenues$3,202,626 $2,801,012 $401,614 14 %
Paid net membership additions7,266 4,404 2,862 65 %
Paid memberships at end of period52,604 42,427 10,177 24 %
Average paying memberships48,930 40,083 8,847 22 %
Average monthly revenue per paying membership$7.27 $7.76 $(0.49)(6)%
Constant currency change(3)%
Cost of Revenues
Amortization of content assets makes up the majority of cost of revenues. Expenses associated with the acquisition, licensing and production of content (such as payroll, stock-based compensation, facilities, and other related personnel expenses, costs associated with
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obtaining rights to music included in our content, overall deals with talent, miscellaneous production related costs and participations and residuals), streaming delivery costs and other operations costs make up the remainder of cost of revenues. We have built our own global content delivery network (“Open Connect”) to help us efficiently stream a high volume of content to our members over the internet. Delivery expenses, therefore, include equipment costs related to Open Connect, payroll and related personnel expenses and all third-party costs, such as cloud computing costs, associated with delivering content over the internet. Other operations costs include customer service and payment processing fees, including those we pay to our integrated payment partners, as well as other costs incurred in making our content available to members.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
Three Months EndedChange
September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
(in thousands, except percentages)
Cost of revenues
$5,119,884$4,930,788$189,096 4 %
As a percentage of revenues
52 %58 %
The increase in cost of revenues was primarily due to a $126 million increase in content amortization relating to our existing and new content.
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
Nine Months EndedChange
September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
(in thousands, except percentages)
Cost of revenues
$15,271,100 $14,407,883$863,217 6 %
As a percentage of revenues
53 %58 %
The increase in cost of revenues was primarily due to a $697 million increase in content amortization relating to our existing and new content.
Marketing
Marketing expenses consist primarily of advertising expenses and certain payments made to our marketing and advertising sales partners, including consumer electronics (“CE”) manufacturers, multichannel video programming distributors (“MVPDs”), mobile operators, and internet service providers (“ISPs”). Advertising expenses include promotional activities such as digital and television advertising. Marketing expenses also include payroll, stock-based compensation, facilities, and other related expenses for personnel that support advertising sales and marketing activities.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
Three Months EndedChange
September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
(in thousands, except percentages)
Marketing
$642,926$558,736$84,190 15 %
As a percentage of revenues
7 %7 %
The increase in marketing expenses was primarily due to a $50 million increase in advertising expenses, largely driven by the timing of content releases. In addition, personnel-related costs increased $25 million, driven by the growth in advertising sales headcount.
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
Nine Months EndedChange
September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
(in thousands, except percentages)
Marketing
$1,941,350 $1,741,266$200,084 11 %
As a percentage of revenues
7 %7 %
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The increase in marketing expenses was primarily due to a $98 million increase in advertising expenses, largely driven the timing of content releases. In addition, personnel-related costs increased $79 million, driven by the growth in advertising sales headcount.
Technology and Development
Technology and development expenses consist primarily of payroll, stock-based compensation, facilities, and other related expenses for technology personnel responsible for making improvements to our service offerings, including testing, maintaining and modifying our user interface, our recommendations, merchandising and infrastructure. Technology and development expenses also include costs associated with general use computer hardware and software.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
Three Months EndedChange
September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
(in thousands, except percentages)
Technology and development
$735,063$657,159$77,904 12 %
As a percentage of revenues
7 %8 %
The increase in technology and development expenses was primarily due to a $70 million increase in personnel-related costs.
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
Nine Months EndedChange
September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
(in thousands, except percentages)
Technology and development
$2,148,790 $2,002,417$146,373 7 %
As a percentage of revenues
7 %8 %
The increase in technology and development expenses was primarily due to a $122 million increase in personnel-related costs.
General and Administrative
General and administrative expenses consist primarily of payroll, stock-based compensation, facilities, and other related expenses for corporate personnel. General and administrative expenses also include professional fees and other general corporate expenses.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
Three Months EndedChange
September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
(in thousands, except percentages)
General and administrative
$417,353$478,591$(61,238)(13)%
As a percentage of revenues
4 %6 %
The decrease in general and administrative expenses was primarily due to a $38 million decrease in personnel-related costs and a $24 million decrease in third-party expenses.
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
Nine Months EndedChange
September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
(in thousands, except percentages)
General and administrative
$1,248,365 $1,281,012$(32,647)(3)%
As a percentage of revenues
4 %5 %
The decrease in general and administrative expenses was primarily due to a $27 million decrease in personnel-related costs as well as decreased spend on third-party expenses.
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Interest Expense
Interest expense consists primarily of the interest associated with our outstanding debt obligations, including the amortization of debt issuance costs. See Note 6 Debt in the accompanying notes to our consolidated financial statements for further detail on our debt obligations.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
 Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except percentages)
Interest expense$184,830$175,563$9,2675 %
As a percentage of revenues2 %2 %
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023

 Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except percentages)
Interest expense$526,130 $524,614$1,516 — %
As a percentage of revenues2 %2 %
Interest expense primarily consists of interest on our Notes of $185 million and $526 million for the three and nine months ended September 30, 2024. The increase in interest expense for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 was due to the increase in debt. Interest expense for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 remained relatively flat.
Interest and Other Income (Expense)
Interest and other income (expense) consists primarily of foreign exchange gains and losses on foreign currency denominated balances, gains and losses on certain derivative instruments, and interest earned on cash, cash equivalents and short-term investments.
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
 Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except percentages)
Interest and other income (expense)$(21,693)$168,218$(189,911)(113)%
As a percentage of revenues— %2 %
Interest and other income (expense) decreased in the three months ended September 30, 2024 primarily due to foreign exchange losses of $91 million, net of the impacts of derivatives and hedging, compared to gains of $89 million for the corresponding period in 2023. In the three months ended September 30, 2024, the foreign exchange losses were primarily driven by the non-cash loss of $105 million from the remeasurement of our €5,170 million Senior Notes, net of hedging impacts, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the three months ended September 30, 2023, the foreign exchange gains were primarily driven by the non-cash gains from the remeasurement of our €5,170 million Senior Notes of $173 million, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies.
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
 Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except percentages)
Interest and other income$212,671 $123,975$88,696 72 %
As a percentage of revenues1 %— %


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Interest and other income increased in the nine months ended September 30, 2024 primarily due to foreign exchange gains of $24 million, net of the impacts of derivatives and hedging, compared to losses of $41 million for the corresponding period in 2023. In the nine months ended September 30, 2024, the foreign exchange gains were primarily driven by the non-cash gain of $69 million from the remeasurement of our €5,170 million Senior Notes, net of hedging impacts, partially offset by the remeasurement of cash and content liability positions in currencies other than the functional currencies. In the nine months ended September 30, 2023, the foreign exchange losses were primarily driven by the remeasurement of cash and content liability positions in currencies other than the functional currencies, partially offset by the non-cash gain from the remeasurement of our €5,170 million Senior Notes of $63 million.
Provision for Income Taxes
Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
 Three Months EndedChange
 September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
 (in thousands, except percentages)
Provision for income taxes$339,445 $231,627$107,818 47 %
Effective tax rate13 %12 %
Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
 Nine Months EndedChange
 September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
 (in thousands, except percentages)
Provision for income taxes$988,365 $587,103$401,262 68 %
Effective tax rate13 %12 %
The increase in the effective tax rate for the three and nine months ended September 30, 2024, as compared to the same periods in 2023, was primarily due to an increase in foreign taxes, partially offset by higher excess tax benefits on stock-based compensation.
Liquidity and Capital Resources
As ofChange
September 30,
2024		December 31,
2023		September 30, 2024 vs. December 31, 2023
(in thousands, except percentages)
Cash, cash equivalents, restricted cash and short-term investments$9,225,987 $7,139,488 $2,086,499 29 %
Short-term and long-term debt15,981,328 14,543,261 1,438,067 10 %

Cash, cash equivalents, restricted cash and short-term investments increased $2,086 million in the nine months ended September 30, 2024 primarily due to cash provided by operations, issuance of debt, and proceeds from issuance of common stock, partially offset by the repurchase of stock and repayment of debt.
Debt, net of debt issuance costs and discounts, increased $1,438 million primarily due to the issuance of debt and remeasurement of our euro-denominated notes, partially offset by the repayment upon maturity of the $400 million aggregate principal amount of our 5.750% Senior Notes in the nine months ended September 30, 2024. The amount of principal and interest on our outstanding notes due in the next twelve months is $2,579 million. As of September 30, 2024, no amounts had been borrowed under the $3 billion Revolving Credit Agreement. See Note 6 Debt in the accompanying notes to our consolidated financial statements.
We anticipate that we may periodically raise additional debt capital. Our ability to obtain this or any additional financing that we may choose or need, including for the refinancing of upcoming maturities or potential strategic acquisitions and investments, will depend on, among other things, our development efforts, business plans, operating performance and the condition of the capital markets at the time we seek financing. We may not be able to obtain such financing on terms acceptable to us or at all. If we raise additional funds through the issuance of equity or debt securities, those securities may have rights, preferences or privileges senior to the rights of our common stock, and our stockholders may experience dilution.
In March 2021, our Board of Directors authorized the repurchase of up to $5 billion of our 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.
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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. We are 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 our stock price, general economic, business and market conditions, and alternative investment opportunities. We may discontinue any repurchases of our common stock at any time without prior notice. During the nine months ended September 30, 2024, the Company repurchased 8,696,108 shares of common stock for an aggregate amount of $5.3 billion. As of September 30, 2024, $3.1 billion remains available for repurchases.
Our primary uses of cash include the acquisition, licensing and production of content, marketing programs, streaming delivery and personnel-related costs, as well as strategic acquisitions and investments. Cash payment terms for non-original content have historically been in line with the amortization period. Investments in original content, and in particular content that we produce and own, require more cash upfront relative to licensed content. For example, production costs are paid as the content is created, well in advance of when the content is available on the service and amortized. We expect to continue to significantly invest in global content, particularly in original content, which will impact our liquidity. We currently anticipate that cash flows from operations, available funds and access to financing sources, including our revolving credit facility, will continue to be sufficient to meet our cash needs for the next twelve months and beyond.
Our material cash requirements from known contractual and other obligations primarily relate to our content, debt and lease obligations. As of September 30, 2024, the expected timing of those payments are as follows:

Payments due by Period
Contractual obligations (in thousands):TotalNext 12 MonthsBeyond 12 Months
Content obligations (1)
$22,698,295 $11,810,836 $10,887,459 
Debt (2)
20,639,869 2,578,818 18,061,051 
Operating lease obligations (3)
2,912,299 515,614 2,396,685 
Total
$46,250,463 $14,905,268 $31,345,195 

(1)As of September 30, 2024, content obligations were comprised of $4.5 billion included in “Current content liabilities” and $1.9 billion of “Non-current content liabilities” on the Consolidated Balance Sheets and $16.3 billion of obligations that are not reflected on the Consolidated Balance Sheets as they did not then meet the criteria for recognition.
The material cash requirements above do not include any estimated obligation for the unknown future titles, payment for which could range from less than one year to more than five years. However, these unknown obligations are expected to be significant and we believe could include approximately $1 billion to $4 billion over the next three years, with the payments for the vast majority of such amounts expected to occur after the next twelve months. The foregoing range is based on considerable management judgments and the actual amounts may differ. Once we know the title that we will receive and the license fees, we include the amount in the contractual obligations table above.

(2)Debt obligations include our Notes consisting of principal and interest payments. See Note 6 Debt to the consolidated financial statements for further details.

(3)Operating lease obligations are comprised of operating lease liabilities included in "Accrued expenses and other liabilities" and "Other non-current liabilities" on the Consolidated Balance Sheets, inclusive of imputed interest. Operating lease obligations also include additional obligations that are not reflected on the Consolidated Balance Sheets as they did not meet the criteria for recognition. See Note 5 Balance Sheet Components in the accompanying notes to our consolidated financial statements for further details regarding leases.

Cash Flows
The following tables summarize our cash flows:
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Three months ended September 30, 2024 as compared to the three months ended September 30, 2023
Three Months EndedChange
September 30,
2024		September 30,
2023		Q3'24 vs. Q3'23
(in thousands, except percentages)
Net cash provided by operating activities
$2,321,101 $1,992,315 $328,786 17 %
Net cash provided by (used in) investing activities
(1,869,109)296,071 (2,165,180)(731)%
Net cash provided by (used in) financing activities
226,596 (2,475,108)2,701,704 109 %

Net cash provided by operating activities for the three months ended September 30, 2024 increased $329 million as compared to the corresponding period in 2023, primarily driven by a $686 million or 41% increase in net income, an increase in adjustments for non-cash expenses, and favorable changes in working capital, mainly due to the timing of payments for taxes. These cash inflows were partially offset by an increase in payments for content assets. The payments for content assets increased $890 million, from $3,210 million to $4,100 million, or 28%.
Net cash provided by (used in) investing activities for the three months ended September 30, 2024 decreased $2,165 million as compared to the corresponding period in 2023, primarily due to purchases of investments of $1.7 billion, coupled with there being no proceeds from maturities of investments in the three months ended September 30, 2024, as compared to proceeds from maturities of investments of $400 million in the three months ended September 30, 2023.
Net cash provided by (used in) financing activities for the three months ended September 30, 2024 increased $2,702 million as compared to the corresponding period in 2023, primarily due to proceeds from the issuance of debt of $1,794 million, coupled with an $800 million decrease in the repurchases of common stock from $2.5 billion in the three months ended September 30, 2023 to $1.7 billion in the three months ended September 30, 2024.

Nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023
Nine Months EndedChange
September 30,
2024		September 30,
2023		YTD'24 vs. YTD'23
(in thousands, except percentages)
Net cash provided by operating activities
$5,824,470 $5,611,287 $213,183 4 %
Net cash provided by (used in) investing activities
(2,023,110)130,155 (2,153,265)(1,654)%
Net cash used in financing activities
(3,395,729)(3,498,530)(102,801)(3)%

Net cash provided by operating activities for the nine months ended September 30, 2024 increased $213 million as compared to the corresponding period in 2023, primarily driven by a $2,373 million or 53% increase in net income, an increase in adjustments for non-cash expenses, and favorable changes in working capital, partially offset by an increase in payments for content assets. The payments for content assets increased $2,774 million, from $9,660 million to $12,434 million, or 29%.
Net cash provided by (used in) investing activities for the nine months ended September 30, 2024 decreased $2,153 million as compared to the corresponding period in 2023, primarily due to purchases of investments for an aggregate amount of $1.7 billion in the nine months ended September 30, 2024 as compared to purchases of investments for an aggregate amount of $505 million in the nine months ended September 30, 2023, coupled with there being no maturities of investments in the nine months ended September 30, 2024, as compared to maturities of investments of $902 million in the nine months ended September 30, 2023.
Net cash used in financing activities for the nine months ended September 30, 2024 decreased $103 million as compared to the corresponding period in 2023, primarily due to proceeds from the issuance of debt of $1,794 million in the nine months ended September 30, 2024 and a $412 million increase in the proceeds from the issuance of common stock from $119 million in the nine months ended September 30, 2023 to $531 million in the nine months ended September 30, 2024. These cash inflows were partially offset by a $1.8 billion increase in the repurchases of common stock from an aggregate amount of $3.5 billion of repurchases in the nine months ended September 30, 2023 to $5.3 billion in the nine months ended September 30, 2024, coupled with the repayment upon maturity of the $400 million aggregate principal amount of our 5.750% Senior Notes in the nine months ended September 30, 2024 as compared to no repayments of debt in the corresponding period in 2023.

Indemnification
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The information set forth under Note 8 Commitments and Contingencies to the consolidated financial statements under the caption “Indemnification” is incorporated herein by reference.

Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” of the Notes to consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023, describe the significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates included in our Annual Report on Form 10-K for the year ended December 31, 2023.
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Item 3.Quantitative and Qualitative Disclosures About Market Risk
For financial market risks related to changes in interest rates, reference is made to Item 7A “Quantitative and Qualitative Disclosures About Market Risk” contained in Part II of our Annual Report on Form 10-K for the year ended December 31, 2023. Our exposure to market risk has not changed significantly since December 31, 2023.
Interest Rate Risk
As of September 30, 2024, our cash equivalents were generally invested in money market funds and time deposits. Interest paid on such funds fluctuates with the prevailing interest rate. Our short-term investments are primarily comprised of investments in government securities. These securities are classified as available-for-sale and are recorded at fair value with unrealized gains and losses, net of tax, included in accumulated other comprehensive income (“AOCI”) within Stockholders' equity in the Consolidated Balance Sheets. Changes in interest rates could adversely affect the market value of these securities.
As of September 30, 2024, we had $16.1 billion of debt, consisting of fixed rate unsecured debt in fifteen tranches due between 2025 and 2054. Refer to Note 6 Debt to the consolidated financial statements for details about all issuances. The fair value of our debt will fluctuate with movements of interest rates, increasing in periods of declining rates of interest and declining in periods of increasing rates of interest. The fair value of our debt will also fluctuate based on changes in foreign currency rates, as discussed below.
Foreign Currency Risk
We operate our business globally and transact in multiple currencies. Currencies denominated in other than the U.S. dollar accounted for 56% of revenue and 30% of operating expenses for the nine months ended September 30, 2024. We therefore have foreign currency risk related to these currencies, which are primarily the euro, British pound, Brazilian real, Argentine peso, and the Mexican peso.
Accordingly, volatility in exchange rates, and in particular a weakening of foreign currencies relative to the U.S. dollar may negatively affect our revenue and operating income as expressed in U.S. dollars. Excluding the impact of hedging gains or losses realized as revenues, our revenues for the nine months ended September 30, 2024 would have been approximately $1,177 million higher had foreign currency exchange rates remained constant with those for the nine months ended September 30, 2023. The unfavorable foreign exchange rate impact in the nine months ended September 30, 2024 was primarily driven by the devaluation of the Argentine peso relative to the U.S. dollar. See Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for further information regarding our non-GAAP financial measure of constant currency.
We enter into foreign exchange forward contracts to mitigate fluctuations in forecasted U.S. dollar-equivalent revenues from changes in foreign currency exchange rates. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate these contracts as cash flow hedges of forecasted foreign currency revenue and initially record the gains or losses on these derivative instruments as a component of AOCI and reclassify the amounts into “Revenues” on the Consolidated Statements of Operations in the same period the forecasted transaction affects earnings. If the U.S. dollar weakened by 10% as of September 30, 2024 and December 31, 2023, the amounts recorded in AOCI related to our foreign exchange contracts, before taxes, would have been approximately $1.9 billion and $958 million lower, respectively. This adverse change in AOCI would be expected to offset a corresponding favorable foreign currency change in the underlying forecasted revenues when recognized in earnings.
We enter into foreign exchange forward contracts to mitigate fluctuations in forecasted and firmly committed U.S. dollar-equivalent transactions related to the licensing and production of content assets from changes in foreign currency exchange rates. These contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate these contracts as cash flow hedges and initially record the gains or losses on these derivative instruments as a component of AOCI and reclassify the amounts into “Cost of Revenues” to offset the hedged exposures as they affect earnings, which occurs as the underlying hedged content assets are amortized. If the U.S. dollar strengthened by 10% as of September 30, 2024 and December 31, 2023, the amounts recorded in AOCI related to our foreign exchange contracts, before taxes, would have been approximately $133 million and $71 million lower, respectively. This adverse change in AOCI would be expected to offset a corresponding favorable foreign currency change in the underlying exposures when recognized in earnings.
We use non-derivative instruments to mitigate foreign exchange risk related to our net investments in certain foreign subsidiaries. These non-derivative instruments may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. We designate a portion of our foreign currency-denominated Senior Notes in euros as net investment hedges and the gains or losses on these non-derivative instruments are reported as a component of AOCI and remain in AOCI until the hedged net investment is sold or liquidated, at which point the amounts recognized in AOCI are reclassified into earnings.
We have also experienced and will continue to experience fluctuations in our net income as a result of gains (losses) on the settlement and the remeasurement of monetary assets and liabilities denominated in currencies that are not the functional currency. In the nine months ended September 30, 2024, we began entering into foreign exchange forward contracts to mitigate 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 contracts may reduce, but do not entirely eliminate, the effect of foreign currency exchange fluctuations, and we may choose not to hedge certain exposures. Certain contracts are not designated as hedging instruments and the gains or losses on these derivative instruments are recorded in “Interest and other income (expense)” in the Consolidated Statements of Operations. We also designate certain contracts as fair
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value hedges to mitigate the foreign exchange risk on the remeasurement of our foreign-currency denominated debt. The gains or losses on these derivative instruments included in the assessment of hedge effectiveness are recorded in “Interest and other income (expense),” net with the offsetting foreign currency remeasurement gains and losses on the hedged items. If an adverse change in exchange rates of 10% was applied to our monetary assets and liabilities denominated in currencies other than the functional currencies as of September 30, 2024 and December 31, 2023, income before income taxes would have been approximately $22 million and $516 million lower, respectively, after considering the offsetting impact of the foreign currency exchange contracts and our net investment hedges. The decrease in the hypothetical adverse change in income before taxes from $516 million as of December 31, 2023 to $22 million as of September 30, 2024 is primarily driven by our use of non-derivative and derivative instruments to mitigate foreign exchange risk related to the remeasurement of foreign-currency denominated balances during the nine months ended September 30, 2024.

Item 4.Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our co-Chief Executive Officers and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, our co-Chief Executive Officers and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q were effective in providing reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our co-Chief Executive Officers and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Our management, including our co-Chief Executive Officers and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.
 
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.



PART II. OTHER INFORMATION
Item 1.Legal Proceedings
The information set forth under Note 8 Commitments and Contingencies in the notes to the consolidated financial statements under the caption “Legal Proceedings” is incorporated herein by reference.

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Item 1A.Risk Factors
There have been no material changes from the risk factors previously disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Company Purchases of Equity Securities
Stock repurchases during the three months ended September 30, 2024 were as follows:
PeriodTotal Number of Shares Purchased (1)Average Price Paid per Share (2)Total Number of Shares Purchased as Part of Publicly Announced Programs (1)Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
(in thousands)
July 1 - 31, 2024
943,075 $656.47 943,075 $4,135,755 
August 1 - 31, 2024
884,428 $655.59 884,428 $3,555,932 
September 1 - 30, 2024
723,536 $692.53 723,536 $3,054,860 
Total
2,551,039 2,551,039 
(1) 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. For further information regarding stock repurchase activity, see Note 9 Stockholders’ Equity to the consolidated financial statements in this Quarterly Report.
(2) Average price paid per share includes costs associated with the repurchases.

Item 5.Other Information
Rule 10b5-1 Trading Plans
The adoption or termination of contracts, instructions or written plans for the purchase or sale of our securities by our Section 16 officers and directors for the three months ended September 30, 2024, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (“Rule 10b5-1 Plan”), were as follows:
NameTitleActionDate AdoptedExpiration DateAggregate # of Securities to be Purchased/Sold
Richard Barton (1)
DirectorAdoption7/26/202412/31/202512,062
Timothy Haley (2)
DirectorAdoption8/6/202411/6/202511,737
(1) Richard Barton, a member of the Board of Directors, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on July 26, 2024. Mr. Barton's plan provides for the potential exercise of vested stock options and the associated sale of up to 12,062 shares of Netflix common stock. The plan expires on December 31, 2025, or upon the earlier completion of all authorized transactions under the plan.
(2) Timothy Haley, a member of the Board of Directors, trusts for which he serves as a trustee and a partnership for which he serves as the sole general partner and limited partner, entered into a pre-arranged stock trading plan pursuant to Rule 10b5-1 on August 6, 2024. The plan provides for the potential sale of up to 11,737 shares of Netflix common stock. The plan expires on November 6, 2025, or upon the earlier completion of all authorized transactions under the plan.
Other than those disclosed above, none of our directors or officers adopted or terminated a "non-Rule 10b5-1 trading arrangement" as defined in Item 408 of Regulation S-K.

Item 6.Exhibits
(a) Exhibits:

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NETFLIX, INC.
日付:2024年10月18日作成者:/s/ テッド・サランドス
テッド・サランドス
共同最高経営責任者
(最高経営責任者)
日付:2024年10月18日作成者:/s/ グレッグ・ピーターズ
グレッグ・ピーターズ
共同最高経営責任者
(主要な執行役員)
日付:2024年10月18日著者:/s/ ジェフリー・カーボウスキー
Jeffrey Karbowski
最高会計責任者
(主計責任者)
40