Netflix : Q3 2022 Financial Statements (2025)

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Netflix : Q4 2022 Financial Statements

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October 18, 2022 at 04:03 pm EDT

Income Statement

Netflix, Inc.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended	Twelve Months Ended	Three Months Ended	Twelve Months Ended	Three Months Ended	Nine Months Ended
March 31,	June 30,	September 30,	December 31,	December 31,	March 31,	June 30,	September 30,	December 31,	December 31,	March 31,	June 30,	September 30,	September 30,
2020	2020	2020	2020	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022
Revenues	$ 5,767,691	$ 6,148,286	$ 6,435,637	$ 6,644,442	$ 24,996,056	$ 7,163,282	$ 7,341,777	$ 7,483,467	$ 7,709,318	$ 29,697,844	$ 7,867,767	$ 7,970,141	$ 7,925,589	$ 23,763,497
Cost of revenues	3,599,701	3,643,707	3,867,751	4,165,160	15,276,319	3,868,511	4,018,008	4,206,589	5,239,575	17,332,683	4,284,705	4,690,755	4,788,665	13,764,125
Marketing	503,830	434,370	527,597	762,565	2,228,362	512,512	603,973	635,948	792,713	2,545,146	555,978	574,960	567,954	1,698,892
Technology and development	453,817	435,045	453,802	486,936	1,829,600	525,207	537,321	563,887	647,470	2,273,885	657,530	716,846	662,739	2,037,115
General and administrative	252,087	277,236	271,624	275,539	1,076,486	297,196	334,845	321,790	397,790	1,351,621	397,928	409,297	373,213	1,180,438
Operating income	958,256	1,357,928	1,314,863	954,242	4,585,289	1,959,856	1,847,630	1,755,253	631,770	6,194,509	1,971,626	1,578,283	1,533,018	5,082,927
Other income (expense):
Interest expense	(184,083)	(189,151)	(197,079)	(197,186)	(767,499)	(194,440)	(191,322)	(190,429)	(189,429)	(765,620)	(187,579)	(175,455)	(172,575)	(535,609)
Interest and other income (expense)	21,697	(133,175)	(256,324)	(250,639)	(618,441)	269,086	(62,519)	96,135	108,512	411,214	195,645	220,226	261,404	677,275
Income before income taxes	795,870	1,035,602	861,460	506,417	3,199,349	2,034,502	1,593,789	1,660,959	550,853	5,840,103	1,979,692	1,623,054	1,621,847	5,224,593
Benefit from (provision for) income taxes	(86,803)	(315,406)	(71,484)	35,739	(437,954)	(327,787)	(240,776)	(211,888)	56,576	(723,875)	(382,245)	(182,103)	(223,605)	(787,953)
Net income	$ 709,067	$ 720,196	$ 789,976	$ 542,156	$ 2,761,395	$ 1,706,715	$ 1,353,013	$ 1,449,071	$ 607,429	$ 5,116,228	$ 1,597,447	$ 1,440,951	$ 1,398,242	$ 4,436,640
Earnings per share:
Basic	$ 1.61	$ 1.63	$ 1.79	$ 1.23	$ 6.26	$ 3.85	$ 3.05	$ 3.27	$ 1.37	$ 11.55	$ 3.60	$ 3.24	$ 3.14	$ 9.98
Diluted	$ 1.57	$ 1.59	$ 1.74	$ 1.19	$ 6.08	$ 3.75	$ 2.97	$ 3.19	$ 1.33	$ 11.24	$ 3.53	$ 3.20	$ 3.10	$ 9.83
Weighted-average shares of common stock outstanding:
Basic	439,352	440,569	441,526	442,220	440,922	443,224	443,159	442,778	443,462	443,155	444,146	444,557	444,878	444,529
Diluted	452,494	453,945	455,088	455,283	454,208	455,641	455,129	454,925	455,795	455,372	452,984	450,169	450,344	451,168

Balance Sheet

Netflix, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands)
March 31,	June 30,	September 30,	December 31,	March 31,	June 30,	September 30,	December 31,	March 31,	June 30,	September 30,
2020	2020	2020	2020	2021	2021	2021	2021	2022	2022	2022
Assets
Current assets:
Cash and cash equivalents	$ 5,151,884	$ 7,153,248	$ 8,392,391	$ 8,205,550	$ 8,403,705	$ 7,777,530	$ 7,526,681	$ 6,027,804	$ 6,008,946	$ 5,819,449	$ 6,113,733
Other current assets	1,295,897	1,410,891	1,434,089	1,556,030	1,703,803	1,826,746	1,889,106	2,042,021	2,089,069	2,021,329	2,703,170
Total current assets	6,447,781	8,564,139	9,826,480	9,761,580	10,107,508	9,604,276	9,415,787	8,069,825	8,098,015	7,840,778	8,816,903
Content assets, net	25,266,889	25,155,117	25,067,633	25,383,950	26,043,991	27,291,640	28,974,045	30,919,539	31,191,920	32,533,199	32,777,340
Property and equipment, net	650,455	751,941	828,118	960,183	1,015,419	1,107,437	1,220,114	1,323,453	1,383,763	1,361,920	1,372,754
Other non-current assets	2,694,785	2,704,084	2,900,312	3,174,646	2,956,096	2,967,616	3,129,911	4,271,846	4,657,206	4,615,038	4,595,190
Total assets	$ 35,059,910	$ 37,175,281	$ 38,622,543	$ 39,280,359	$ 40,123,014	$ 40,970,969	$ 42,739,857	$ 44,584,663	$ 45,330,904	$ 46,350,935	$ 47,562,187
Liabilities and Stockholders' Equity
Current liabilities:
Current content liabilities	$ 4,761,585	$ 4,664,733	$ 4,599,654	$ 4,429,536	$ 4,297,957	$ 4,197,874	$ 4,110,962	$ 4,292,967	$ 4,066,289	$ 4,174,966	$ 4,225,890
Accounts payable	545,488	446,668	541,298	656,183	532,942	622,931	643,059	837,483	617,202	504,278	560,156
Accrued expenses and other liabilities	1,061,090	986,595	1,259,124	1,102,196	1,291,812	1,125,591	1,413,120	1,449,351	1,817,117	1,596,035	1,803,555
Deferred revenue	986,753	1,029,261	1,040,202	1,117,992	1,140,271	1,187,364	1,182,632	1,209,342	1,239,048	1,224,743	1,176,323
Short-term debt	498,809	499,161	499,517	499,878	698,788	699,128	699,473	699,823	- 0	- 0	- 0
Total current liabilities	7,853,725	7,626,418	7,939,795	7,805,785	7,961,770	7,832,888	8,049,246	8,488,966	7,739,656	7,500,022	7,765,924
Non-current content liabilities	3,206,051	3,208,164	2,926,574	2,618,084	2,465,626	2,265,286	2,301,026	3,094,213	2,945,221	2,989,961	2,955,368
Long-term debt	14,170,692	15,294,998	15,547,616	15,809,095	14,860,552	14,926,889	14,793,691	14,693,072	14,534,561	14,233,303	13,888,117
Other non-current liabilities	1,420,148	1,710,948	1,875,235	1,982,155	1,950,986	2,082,035	2,281,277	2,459,164	2,567,427	2,551,675	2,424,637
Total liabilities	26,650,616	27,840,528	28,289,220	28,215,119	27,238,934	27,107,098	27,425,240	28,735,415	27,786,865	27,274,961	27,034,046
Stockholders' equity:
Common stock	2,935,532	3,127,813	3,303,482	3,447,698	3,600,084	3,721,246	3,852,531	4,024,561	4,155,580	4,316,870	4,473,962
Treasury stock at cost	- 0	- 0	- 0	- 0	- 0	(500,022)	(600,022)	(824,190)	(824,190)	(824,190)	(824,190)
Accumulated other comprehensive income (loss)	(47,054)	(34,072)	(1,147)	44,398	4,137	9,775	(19,835)	(40,495)	(74,170)	(144,476)	(247,643)
Retained earnings	5,520,816	6,241,012	7,030,988	7,573,144	9,279,859	10,632,872	12,081,943	12,689,372	14,286,819	15,727,770	17,126,012
Total stockholders' equity	8,409,294	9,334,753	10,333,323	11,065,240	12,884,080	13,863,871	15,314,617	15,849,248	17,544,039	19,075,974	20,528,141
Total liabilities and stockholders' equity	$ 35,059,910	$ 37,175,281	$ 38,622,543	$ 39,280,359	$ 40,123,014	$ 40,970,969	$ 42,739,857	$ 44,584,663	$ 45,330,904	$ 46,350,935	$ 47,562,187

Cashflow

Netflix, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Three Months Ended	Twelve Months Ended	Three Months Ended	Twelve Months Ended	Three Months Ended	Nine Months Ended
March 31,	June 30,	September 30,	December 31,	December 31,	March 31,	June 30,	September 30,	December 31,	December 31,	March 31,	June 30,	September 30,	September 30,
2020	2020	2020	2020	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022
Cash flows from operating activities:
Net income	$ 709,067	$ 720,196	$ 789,976	$ 542,156	$ 2,761,395	$ 1,706,715	$ 1,353,013	$ 1,449,071	$ 607,429	$ 5,116,228	$ 1,597,447	$ 1,440,951	$ 1,398,242	$ 4,436,640
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Additions to content assets	(3,294,275)	(2,510,782)	(2,653,886)	(3,320,341)	(11,779,284)	(3,284,576)	(4,096,750)	(4,666,237)	(5,654,639)	(17,702,202)	(3,584,164)	(4,687,011)	(4,582,671)	(12,853,846)
Change in content liabilities	258,945	(108,432)	(379,458)	(528,488)	(757,433)	(266,040)	(312,208)	(29,246)	840,392	232,898	(347,149)	191,228	60,867	(95,054)
Amortization of content assets	2,483,385	2,607,159	2,733,743	2,982,625	10,806,912	2,719,196	2,806,803	2,963,051	3,741,317	12,230,367	3,166,365	3,261,348	3,653,592	10,081,305
Depreciation and amortization of property, equipment and intangibles	28,517	26,661	28,589	31,943	115,710	35,741	38,434	70,253	63,984	208,412	74,602	83,505	85,188	243,295
Stock-based compensation expense	97,019	104,210	106,357	107,594	415,180	107,230	101,583	95,078	99,329	403,220	119,209	150,392	152,062	421,663
Foreign currency remeasurement loss (gain) on debt	(93,060)	119,161	249,194	257,983	533,278	(253,330)	63,074	(136,488)	(103,917)	(430,661)	(161,821)	(304,513)	(348,458)	(814,792)
Other non-cash items	65,448	70,301	83,851	73,526	293,126	72,657	108,103	102,211	93,806	376,777	101,968	205,374	102,513	409,855
Deferred income taxes	46,619	223,308	(40,277)	(159,584)	70,066	159,733	51,127	50,967	(62,279)	199,548	(68,906)	(115,820)	(57,797)	(242,523)
Changes in operating assets and liabilities:
Other current assets	(127,353)	3,066	(22,974)	(40,362)	(187,623)	(221,555)	(52,373)	(95,145)	(608)	(369,681)	41,157	123,399	(120,071)	44,485
Accounts payable	(149,153)	(112,027)	111,677	107,898	(41,605)	(137,313)	72,313	24,836	185,279	145,115	(215,444)	(122,048)	53,875	(283,617)
Accrued expenses and other liabilities	214,191	(105,450)	266,027	(176,585)	198,183	177,897	(171,430)	269,774	(95,903)	180,338	350,763	(238,719)	212,072	324,116
Deferred revenue	62,008	42,508	10,941	77,790	193,247	22,279	47,093	(4,732)	26,710	91,350	16,743	(10,376)	(48,420)	(42,053)
Other non-current assets and liabilities	(41,446)	(38,803)	(19,999)	(93,827)	(194,075)	(61,368)	(72,543)	(11,014)	(144,174)	(289,099)	(167,931)	125,040	(4,184)	(47,075)
Net cash provided by (used in) operating activities	259,912	1,041,076	1,263,761	(137,672)	2,427,077	777,266	(63,761)	82,379	(403,274)	392,610	922,839	102,750	556,810	1,582,399
Cash flows from investing activities:
Purchases of property and equipment	(98,015)	(141,741)	(109,811)	(148,356)	(497,923)	(81,001)	(110,278)	(167,327)	(165,979)	(524,585)	(121,158)	(90,018)	(84,960)	(296,136)
Change in other assets	(288)	(260)	(8,840)	1,957	(7,431)	(4,615)	(1,000)	(21,304)	- 0	(26,919)	- 0	- 0	- 0	- 0
Acquisitions	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(788,349)	(788,349)	(124,521)	(68,876)	- 0	(193,397)
Net cash used in investing activities	(98,303)	(142,001)	(118,651)	(146,399)	(505,354)	(85,616)	(111,278)	(188,631)	(954,328)	(1,339,853)	(245,679)	(158,894)	(84,960)	(489,533)
Cash flows from financing activities:
Proceeds from issuance of debt	- 0	1,009,464	- 0	- 0	1,009,464	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Debt issuance costs	- 0	(7,559)	- 0	- 0	(7,559)	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0
Repayments of debt	- 0	- 0	- 0	- 0	- 0	(500,000)	- 0	- 0	- 0	(500,000)	(700,000)	- 0	- 0	(700,000)
Proceeds from issuance of common stock	43,694	89,060	68,665	33,987	235,406	48,071	19,749	18,445	88,149	174,414	13,678	11,250	4,113	29,041
Repurchases of common stock	- 0	- 0	- 0	- 0	- 0	- 0	(500,022)	(100,000)	- 0	(600,022)	- 0	- 0	- 0	- 0
Taxes paid related to net share settlement of equity awards	- 0	- 0	- 0	- 0	- 0	- 0	- 0	- 0	(224,168)	(224,168)	- 0	- 0	- 0	- 0
Net cash provided by (used in) financing activities	43,694	1,090,965	68,665	33,987	1,237,311	(451,929)	(480,273)	(81,555)	(136,019)	(1,149,776)	(686,322)	11,250	4,113	(670,959)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(70,902)	11,819	28,459	66,674	36,050	(42,138)	23,477	(63,843)	(4,236)	(86,740)	(11,448)	(145,198)	(180,058)	(336,704)
Net increase (decrease) in cash, cash equivalents, and restricted cash	134,401	2,001,859	1,242,234	(183,410)	3,195,084	197,583	(631,835)	(251,650)	(1,497,857)	(2,183,759)	(20,610)	(190,092)	295,905	85,203
Cash, cash equivalents, and restricted cash beginning of period	5,043,786	5,178,187	7,180,046	8,422,280	5,043,786	8,238,870	8,436,453	7,804,618	7,552,968	8,238,870	6,055,111	6,034,501	5,844,409	6,055,111
Cash, cash equivalents, and restricted cash end of period	$ 5,178,187	$ 7,180,046	$ 8,422,280	$ 8,238,870	$ 8,238,870	$ 8,436,453	$ 7,804,618	$ 7,552,968	$ 6,055,111	$ 6,055,111	$ 6,034,501	$ 5,844,409	$ 6,140,314	$ 6,140,314
Non-GAAP free cash flow reconciliation:
Net cash provided by (used in) operating activities	$ 259,912	$ 1,041,076	$ 1,263,761	$ (137,672)	$ 2,427,077	$ 777,266	$ (63,761)	$ 82,379	$ (403,274)	$ 392,610	$ 922,839	$ 102,750	$ 556,810	$ 1,582,399
Purchases of property and equipment	(98,015)	(141,741)	(109,811)	(148,356)	(497,923)	(81,001)	(110,278)	(167,327)	(165,979)	(524,585)	(121,158)	(90,018)	(84,960)	$ (296,136)
Change in other assets	(288)	(260)	(8,840)	1,957	(7,431)	(4,615)	(1,000)	(21,304)	- 0	(26,919)	- 0	- 0	- 0	- 0
Non-GAAP free cash flow	$ 161,609	$ 899,075	$ 1,145,110	$ (284,071)	$ 1,921,723	$ 691,650	$ (175,039)	$ (106,252)	$ (569,253)	$ (158,894)	$ 801,681	$ 12,732	$ 471,850	$ 1,286,263

Regional Information

Netflix, Inc.
Streaming Revenue and Membership Information by Region
(unaudited)
(in thousands, except for average revenue per membership and percentages)
As of / Three Months Ended	As of / Year Ended	As of / Three Months Ended	As of / Year Ended	As of / Three Months Ended	As of / Nine Months Ended
March 31,	June 30,	September 30,	December 31,	December 31,	March 31,	June 30,	September 30,	December 31,	December 31,	March 31,	June 30,	September 30,	September 30,
2020	2020	2020	2020	2020	2021	2021	2021	2021	2021	2022	2022	2022	2022
United States and Canada (UCAN)
Revenues (1)	$ 2,702,776	$ 2,839,670	$ 2,933,445	$ 2,979,505	$ 11,455,396	$ 3,170,972	$ 3,234,643	$ 3,257,697	$ 3,308,788	$ 12,972,100	$ 3,350,424	$ 3,537,863	$ 3,601,565	$ 10,489,852
Paid net membership additions (losses)	2,307	2,935	177	855	6,274	448	(433)	73	1,191	1,279	(636)	(1,296)	104	(1,828)
Paid memberships at end of period	69,969	72,904	73,081	73,936	73,936	74,384	73,951	74,024	75,215	75,215	74,579	73,283	73,387	73,387
Average paying memberships	68,816	71,437	72,993	73,509	71,689	74,160	74,168	73,988	74,620	74,234	74,897	73,931	73,335	74,054
Average revenue per membership (2)	$13.09	$13.25	$13.40	$13.51	$13.32	$14.25	$14.54	$14.68	$14.78	$14.56	$14.91	$15.95	$16.37	$15.74
% change as compared to prior-year period	14%	6%	2%	2%	6%	9%	10%	10%	9%	9%	5%	10%	12%	9%
Constant currency % change as compared to prior-year period*	14%	6%	3%	2%	6%	9%	9%	9%	9%	9%	5%	10%	12%	9%
Europe, Middle East and Africa (EMEA)
Revenues	$ 1,723,474	$ 1,892,537	$ 2,019,083	$ 2,137,158	$ 7,772,252	$ 2,343,674	$ 2,400,480	$ 2,432,239	$ 2,523,426	$ 9,699,819	$ 2,561,831	$ 2,457,235	$ 2,375,814	$ 7,394,880
Paid net membership additions (losses)	6,956	2,749	759	4,456	14,920	1,810	188	1,804	3,536	7,338	(303)	(767)	568	(502)
Paid memberships at end of period	58,734	61,483	62,242	66,698	66,698	68,508	68,696	70,500	74,036	74,036	73,733	72,966	73,534	73,534
Average paying memberships	55,256	60,109	61,863	64,470	60,425	67,603	68,602	69,598	72,268	69,518	73,885	73,350	73,250	73,495
Average revenue per membership (2)	$10.40	$10.50	$10.88	$11.05	$10.72	$11.56	$11.66	$11.65	$11.64	$11.63	$11.56	$11.17	$10.81	$11.18
% change as compared to prior-year period	2%	4%	5%	5%	4%	11%	11%	7%	5%	8%	0%	-4%	-7%	-4%
Constant currency % change as compared to prior-year period*	4%	8%	3%	0%	3%	4%	2%	3%	6%	4%	6%	6%	7%	7%
Latin America (LATAM)
Revenues	$ 793,453	$ 785,368	$ 789,384	$ 788,522	$ 3,156,727	$ 836,647	$ 860,882	$ 915,297	$ 964,150	$ 3,576,976	$ 998,948	$ 1,030,234	$ 1,023,945	$ 3,053,127
Paid net membership additions (losses)	2,901	1,750	256	1,213	6,120	357	764	330	973	2,424	(351)	14	312	(25)
Paid memberships at end of period	34,318	36,068	36,324	37,537	37,537	37,894	38,658	38,988	39,961	39,961	39,610	39,624	39,936	39,936
Average paying memberships	32,868	35,193	36,196	36,931	35,297	37,716	38,276	38,823	39,475	38,573	39,786	39,617	39,780	39,728
Average revenue per membership (2)	$8.05	$7.44	$7.27	$7.12	$7.45	$7.39	$7.50	$7.86	$8.14	$7.73	$8.37	$8.67	$8.58	$8.54
% change as compared to prior-year period	3%	-9%	-16%	-13%	-9%	-8%	1%	8%	14%	4%	13%	16%	9%	13%
Constant currency % change as compared to prior-year period*	12%	13%	5%	4%	8%	5%	2%	8%	17%	8%	20%	15%	16%	17%
Asia-Pacific (APAC)
Revenues	$ 483,660	$ 569,140	$ 634,891	$ 684,609	$ 2,372,300	$ 762,414	$ 799,480	$ 834,002	$ 870,705	$ 3,266,601	$ 916,754	$ 907,719	$ 889,037	$ 2,713,510
Paid net membership additions	3,602	2,657	1,012	1,988	9,259	1,361	1,022	2,176	2,581	7,140	1,087	1,080	1,429	3,596
Paid memberships at end of period	19,835	22,492	23,504	25,492	25,492	26,853	27,875	30,051	32,632	32,632	33,719	34,799	36,228	36,228
Average paying memberships	18,034	21,164	22,998	24,498	21,674	26,173	27,364	28,963	31,342	28,461	33,176	34,259	35,514	34,316
Average revenue per membership (2)	$8.94	$8.96	$9.20	$9.32	$9.12	$9.71	$9.74	$9.60	$9.26	$9.56	$9.21	$8.83	$8.34	$8.79
% change as compared to prior-year period	-5%	-4%	-1%	3%	-1%	9%	9%	4%	-1%	5%	-5%	-9%	-13%	-9%
Constant currency % change as compared to prior-year period*	-3%	1%	-1%	0%	-1%	3%	1%	2%	2%	2%	1%	-2%	-3%	-1%
(1) Excludes DVD revenues of $239 million, $182 million, $35 million and $112 million for the years ended December 31, 2020, 2021, and the three and nine months ended September 30, 2022, respectively. Total US revenues for the years ended December 31, 2020, 2021, and the three and nine months ended September 30, 2022 were $10.8 billion, $12.1 billion, $3.3 billion and $9.7 billion, respectively.
(2) Average revenue per membership (ARM) is defined as streaming revenue divided by the average number of streaming paid memberships divided by the number of months in the period. These figures do not include sales taxes or VAT.
* The company believes that constant currency information is useful in analyzing the underlying trends in average revenue per membership. In order to exclude the effect of foreign currency rate fluctuations on average revenue per membership, the Company estimates the 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.

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Netflix Inc. published this content on 18 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 October 2022 20:02:02 UTC.

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Netflix, Inc. specializes in on-line broadcasting services for films and television series provided continuously by subscription. Members pay a monthly fee for access to unlimited on-demand content on their computers (PC and MAC), portable telephones, televisions, or other devices (Xbox 360, PS3, Wii, Blu-Ray, etc.) connected to the Internet. The group is also involved in DVD and Blu-ray leasing by mail. Net sales break down by type of revenue as follows:- streaming subscriptions revenues (99.8%);- DVD subscriptions revenues (0.2%).At the end of 2023, Netflix, Inc. had over 260 million subscribers.Net sales are distributed geographically as follows: the United States and Canada (44.1%), Europe/Middle East/Africa (31.3%), Latin America (13.3%) and Asia/Pacific (11.3%).

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13,000

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Internet Services

Calendar

2024-10-17 - Q3 2024 Earnings Release

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Netflix : Q3 2022 Financial Statements (6)

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D+

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OUTPERFORM

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714.72USD

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+1.24%

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Netflix : Q3 2022 Financial Statements (2025)

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