Netflix, Inc.

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	10,431.3	8,711.6	5,408	4,491.9	5,116.2	2,761.4	1,866.9	1,211.2	558.9	186.7	122.6
Net Income
Depreciation & Amortization	326.9	328.9	356.9	336.7	208.4	115.7	103.6	83.2	71.9	136.5	141.7
Amortization of Intangible Assets
Amortization of DVD Content Assets
Depreciation and Amortization of Property, Equipment and Intangibles
Stock Based Compensation	295.7	272.6	339.4	575.5	403.2	415.2	405.4	320.7	182.2	173.7	124.7
Stock-Based Compensation Expense
Other Adjustments	16,004.3	15,084.1	14,426.4	14,040	12,376	11,703.4	9,304.5	7,454.3	6,247.8	4,717.4	3,297.9
Amortization of Discounts and Premiums on Investments
Non-Cash Interest Expense
Excess Tax Benefits from Stock-Based Compensation
Gain on Disposal of Property and Equipment
Gain on Sale of Short-Term Investments
Gain on Disposal of DVDs
Foreign Currency Remeasurement Gain on Debt
Other Non-Cash Items
Gain on Extinguishment of Debt
Deferred Income Taxes
Gain on Sale of Business
Amortization of Content Assets
Changes in Accounts Payable	129.5	121.4	93.5	-158.5	145.1	-41.6	96.1	199.2	74.6	32.2	51.6
Accounts Payable
Changes in Accrued Expenses	621.7	191.9	103.6	-55.5	180.3	198.2	157.8	150.4	114.3	68.7	48.8
Accrued Expenses and Other Liabilities
Changes in Unearned Revenue	211.6	77.8	178.7	27.4	91.4	193.2	163.8	142.3	178	96.8	72.1
Deferred Revenue
Changes in Other Operating Activities	-18,446.5	-17,426.9	-13,632.2	-17,231.1	-18,128.1	-12,918.4	-14,985.3	-12,241.7	-9,213.7	-6,886	-4,608.9
Additions to Content Assets
Change in Content Liabilities
Prepaid Expenses and Other Current Assets
Content Library
Prepaid Content
Other Current Assets
Other Assets and Liabilities
Other Non-Current Assets and Liabilities
Cash from Operating Activities	9,574.5	7,361.4	7,274.3	2,026.3	392.6	2,427.1	-2,887.3	-2,680.5	-1,785.9	-1,474	-749.4
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-607.6	-439.5	-348.6	-407.7	-524.6	-497.9	-253	-173.9	-173.3	-107.7	-91.2
Purchases of Property and Equipment
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of DVDs
Purchases of Intangible Assets	—	—	—	—	—	—	—	—	—	-77.2	-78
Acquisition of DVD Content Assets
Acquisitions of Intangible Assets
Acquisitions of Content Library
Purchases of Investments	-161.5	-1,742.2	-504.9	-911.3	—	—	—	—	-74.8	-187.2	-371.9
Purchases of Investments
Proceeds from Sale of Investments	1,908.6	—	1,395.2	—	—	—	—	—	342.9	422.7	363.8
Proceeds from Maturities of Short-Term Investments
Proceeds from Maturities and Sales of Investments
Payments for Business Acquisitions	—	—	—	-757.4	-788.3	—	—	—	—	—	—
Acquisitions
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Business
Other Investing Activities	—	—	—	—	-26.9	-7.4	-134	-165.2	-60.4	-0.9	-1.9
Change in Other Assets
Cash from Investing Activities	1,139.5	-2,181.8	541.8	-2,076.4	-1,339.9	-505.4	-387.1	-339.1	34.3	49.8	-179.2
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Borrowings on Line of Credit, Net of Issuance Costs
Repayments of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Payments on Line of Credit
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—	—	—	—	—	—
Issuance of Long-Term Debt	—	1,794.5	—	—	—	1,009.5	4,469.3	3,961.9	3,020.5	1,000	1,500
Proceeds from Issuance of Debt
Repayments of Long-Term Debt	-1,833.5	-400	—	-700	-500	—	—	—	—	—	—
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	-1,833.5	1,394.5	—	-700	-500	1,009.5	4,469.3	3,961.9	3,020.5	1,000	1,500
Issuance of Common Shares	892.9	832.9	170	35.7	174.4	235.4	72.5	124.5	88.4	37	78
Proceeds from Issuance of Common Stock
Proceeds from Public Offering of Common Stock, Net of Issuance Costs
Repurchases of Common Shares	-8,011.4	-6,263.7	-6,045.3	—	-600	—	—	—	—	—	—
Repurchases of Common Stock
Net Issuance / (Repurchases) of Common Shares	-7,118.5	-5,430.9	-5,875.4	35.7	-425.6	235.4	72.5	124.5	88.4	37	78
Other Financing Activities	5	-38	-75.4	—	-224.2	-7.6	-36.1	-37.8	-31.9	54.7	62.3
Debt Issuance Costs
Excess Tax Benefits from Stock-Based Compensation
Principal Payments of Lease Financing Obligations
Taxes Paid Related to Net Share Settlement of Equity Awards
Other Financing Activities
Cash from Financing Activities	-8,946.9	-4,074.4	-5,950.8	-664.3	-1,149.8	1,237.3	4,505.7	4,048.5	3,077	1,091.6	1,640.3
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	8,967	6,921.8	6,925.7	1,618.5	-132	1,929.2	-3,140.4	-2,854.4	-1,959.3	-1,581.6	-840.7
NOPAT	10,909	9,106.7	6,060.4	4,806.7	5,426.7	3,957.6	2,357.6	1,585.3	965.9	272.2	264.3
Levered Free Cash Flow	-9,166.5	-7,040.4	-7,840.1	-13,696.9	-13,411.2	-9,179.9	-8,380.9	-6,667.5	-5,368.7	-5,472.8	-2,763.3
Unlevered Free Cash Flow	-6,855.3	-8,039.7	-7,187.7	-12,682.1	-12,600.7	-8,993.2	-12,359.5	-10,255.3	-7,982.3	-6,387.3	-4,121.6
Net Change in Cash	1,767.2	1,105.2	1,865.2	-714.4	-2,097	3,159	1,231.3	1,028.9	1,325.4	-332.6	711.6