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    Netflix Inc (NFLX)

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    Netflix, Inc. is a global entertainment company that provides streaming services to customers in over 190 countries. The company offers a wide variety of TV series, films, and games across multiple genres and languages, allowing members to watch content anytime, anywhere. Netflix focuses on delivering compelling content through both licensed agreements and original productions to attract and retain its growing membership base.

    1. Streaming Services - Offers a subscription-based platform for on-demand streaming of TV series, films, and games. Members can access content across various devices and enjoy features like pausing and resuming playback at their convenience.

    2. DVD-by-Mail (Discontinued) - Previously provided physical DVDs to customers through a mail-based rental service. This segment was discontinued in September 2023 after years of declining contribution to the business.

    NamePositionStart DateShort Bio
    Reed HastingsExecutive Chairman of the Board1997Reed Hastings is the co-founder of Netflix and served as co-CEO and President from 1999 until January 2023. He transitioned to Executive Chairman in January 2023 and has been a director and chairperson since 1997 .
    David HymanChief Legal Officer and Secretary2002David Hyman is responsible for all legal and public policy matters at Netflix. Before joining Netflix, he practiced law at Morrison & Foerster and Arent Fox. He holds a JD and Bachelor's degrees from the University of Virginia .
    Spencer NeumannChief Financial OfficerJanuary 2019Spencer Neumann has been the CFO of Netflix since January 2019. He has extensive experience in finance and strategy, having worked at The Walt Disney Company and private equity firms. He holds a B.A. and an M.B.A. from Harvard University .
    Greg Petersco-Chief Executive Officer and PresidentJanuary 2023Greg Peters has been with Netflix since 2008 and became co-CEO and President in January 2023. He has held roles such as COO and Chief Product Officer and was appointed to the Board of Directors in January 2023 .
    Ted Sarandosco-Chief Executive Officer and PresidentJuly 2020Ted Sarandos joined Netflix in 2000 as Chief Content Officer and became co-CEO in July 2020. He played a key role in Netflix's original content production, starting with series like "House of Cards" .
    1. Given that your share of viewership in your biggest countries is still less than 10% of TV time, what specific strategies are you implementing to significantly increase this share, and how do you plan to manage the risk of overextending with initiatives like ads, games, and live events?
    2. You mentioned no changes to your capital allocation policy despite recent tactical moves like upsizing your revolver to $3 billion and raising $1.8 billion of investment-grade debt. Can you elaborate on how these actions align with your priorities of profitable growth and balance sheet flexibility, and under what circumstances might you consider altering your capital allocation, such as initiating a dividend or increasing share repurchases?
    3. The first half of this year saw a lumpier content lineup due to the work stoppage impacting both series and films, particularly in UCAN. How confident are you that your content slate will fully recover by 2025, and what measures are you taking to mitigate any potential lingering effects on content delivery and subscriber engagement?
    4. With the expansion of your advertising-supported tier, you've noted significant progress in membership growth but acknowledge substantial work ahead to improve monetization and advertiser capabilities. What are the major challenges you face in scaling your ad business, and how do you plan to address them to ensure it becomes a significant revenue contributor in the coming years?
    5. As competitors leverage bundled offerings to drive growth, how do you assess the risk of consumers gravitating towards these bundles over standalone services like yours, and what strategies are you employing to maintain competitiveness and prevent potential subscriber churn in light of this industry trend?
    Program DetailsProgram 1Program 2
    Approval DateMarch 2021 September 2023
    End Date/DurationNo expiration date No expiration date
    Total additional amount$5 billion $10 billion
    Remaining authorization$0 (allocated)$3.1 billion
    DetailsGeneral repurchase programGeneral repurchase program

    Note: The total remaining authorization amount for all programs combined is $3.1 billion as of September 30, 2024. This amount is allocated to the newest program first, as per the instructions.

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$1,787 5.875%, 3.000%, 3.625% Notes5.875%, 3.000%, 3.625% 11.5% = (1,787 / 15,582.8) * 100
    2026$1,000 4.375% Senior Notes4.375% 6.4% = (1,000 / 15,582.8) * 100
    2027$1,346 3.625% Senior Notes3.625% 8.6% = (1,346 / 15,582.8) * 100
    2028$3,500 4.875%, 5.875% Notes4.875%, 5.875% 22.5% = (3,500 / 15,582.8) * 100
    2029$3,879 4.625%, 6.375%, 3.875%, 5.375% Notes4.625%, 6.375%, 3.875%, 5.375% 24.9% = (3,879 / 15,582.8) * 100
    2030$2,139 3.625%, 4.875% Notes3.625%, 4.875% 13.7% = (2,139 / 15,582.8) * 100
    2034$1,000 4.900% Senior Notes4.900% 6.4% = (1,000 / 15,582.8) * 100
    2054$800 5.400% Senior Notes5.400% 5.1% = (800 / 15,582.8) * 100

    Competitors mentioned in the company's latest 10K filing.

    • Traditional providers of entertainment video, including broadcasters and cable network operators .
    • Internet-based e-commerce or entertainment video providers .
    • Streaming entertainment providers, including those that provide pirated content .
    • Video gaming providers .
    • User-generated content platforms .
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2012 PresentCurrent auditor