Netflix is glowing. “We had a beautiful Q4,” the company preened in its letter to
shareholders. It isn’t wrong.
The streaming service reported earnings per share of 41 cents, up from 15 cents a year ago, and
revenue of $3.29 billion, slightly beating analysts’ estimates of $3.28 billion. Most impressively,
it added 8.3 million subscribers globally—the highest in the company’s history—even as it
raised its subscription price to $11 a month. That is an 18% year-over-year increase, exceeding
the company’s own forecast of 6.3 million subscribers. Shares shot up 9% in after hours trading.
Legacy media, says Rich Greenfield of BTIG Research, should “be afraid, be very afraid.” With
hit content like “Stranger Things” and “The Crown,” Netflix has created a virtuous cycle:
Subscribers keep joining at higher price points, allowing the company to spend more on
content, which in turn allows them to draw in and retain more subscribers.
Of the over 8 million new subscribers, 6.36 million came from international markets. They have
finally made Netflix’s global segments profitable, delivering earnings of $227 million in 2017.
With an eye on competition, the company is accelerating its investments for 2018. It will raise
marketing spending to $2 billion and spend $7.5 billion to $8 billion on new content, including
30 international original series in places like Poland, India, and Japan.
DOW JONES, A NEWS CORP COMPANY
Stoxx 600 369.07 -0.49% ▼ Nikkei 21319.55 0.13% ▲ U.S. 10 Yr 1/32 Yield 2.776% ▲ Crude Oil 63.26 -0.39% ▼ Euro 1.2264 -0.06% ▼ DJIA
MARKETS HEARD ON THE STREET
Netflix Says Catch Me if You Can
Of the over 8 million new subscribers in its latest quarter, 6.36 million came from international markets
|
Netflix added 8.3 million global subscribers in its latest period. PHOTO: MIKE BLAKE/REUTERS
Jan. 22, 2018 7:26 p.m. ET
By Elizabeth Winkler
NFLX 1.21% ▲
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“This is a land grab opportunity,” says Mr. Greenfield. “They see Disney , Apple , Amazon
coming, and they’re trying to extend their lead as far as possible before the competition gets
going.”
Netflix is slated to have a long lead indeed. Disney, which hopes to break into international
markets with its acquisition of assets from 21st Century Fox , will find that Netflix has already
beaten them there. It also plans to launch its own Disney-branded streaming service. Yet this
likely won’t happen before late 2019. Meanwhile, Hulu, in which Disney will have a 60% stake
after the Fox deal, has added far fewer subscribers than Netflix even though it maintains a
lower price.
Hit shows from HBO and Amazon will dr.
Gannett held a third quarter earnings conference call and webcast on October 17, 2007. During the call, Craig Dubow, Chairman and CEO, reported that Gannett earned $1.01 per share from continuing operations for the third quarter. Gracia Martore, CFO, provided additional details on the quarterly results, noting challenges from a tough advertising environment and the housing slowdown impacting certain markets. While expenses were down, revenues declined in newspaper publishing and broadcasting segments due to lower advertising. The call included a question from an analyst about whether Gannett had any inclination to split off its TV group, as other media companies had recently done. Craig Dubow responded that given the relative sizes of G
- Gannett reported its fourth quarter and full year 2007 earnings. Revenue was impacted by soft advertising demand late in the quarter and a lack of political advertising compared to 2006. Expenses were lowered through restructuring efforts.
- Digital revenues continued to grow, reaching over $460 million for the year. Traffic and unique visitors increased across Gannett's digital properties.
- Gannett will benefit from anticipated political advertising in 2008 and revenue from the Beijing Olympics, but results will not be evenly spread across quarters. The company remains focused on its digital transformation and content expansion.
The document summarizes the Q3 2015 results for PICR Fund III, a real estate investment fund managed by Pintar Investment Company. It reports that the fund acquired 68 new assets, including 37 rental properties and 31 flip properties, during Q3. As a result of these acquisitions and leveraging of existing assets, the fund realized over $404k in profits and distributed these to investors. The value of the fund's investments also increased by over $307k during the quarter. For the year-to-date period, the fund has delivered a total return to investors of approximately 10.63%.
This document provides a summary of Nielsen's 4th quarter and full year 2017 results:
- Total revenue for 2017 increased 4.2% to $6.57 billion. Net income decreased 14.5% to $429 million.
- Watch segment revenue grew 14.8% to $913 million in Q4 2017, driven by growth in audience measurement and marketing effectiveness. Adjusted EBITDA margin was 45.5%.
- Buy segment revenue declined 5.3% to $848 million in Q4 2017. The segment is facing challenges in the US but emerging markets saw growth.
- For 2018, Nielsen expects total revenue growth of approximately 3% in constant currency. Adjusted EBIT
This report analyzes Netflix's current financial position and provides recommendations to lower its high debt-to-asset ratio of 80% over the next 5 years. The report finds that Netflix's debt mainly stems from increasing original content creation and licensing. It recommends capping the amount of original content produced each year to gradually decrease debt by 10% annually and make the company more profitable for investors. Currently, Netflix earns $9.44 billion in annual revenue but spends heavily on original content, hiding its true financial situation from surface-level analyses. Reducing debt over 5 years would create a more sustainable path for Netflix's continued growth.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
- eBay reported record Q3 net revenues of $1.106 billion, up 37% year-over-year, and GAAP diluted EPS of $0.18 and pro forma diluted EPS of $0.20, meeting or exceeding guidance.
- Key metrics like active users, new listings, GMV and TPV all increased over 30% year-over-year, demonstrating strong growth across the business.
- The company raised full-year 2005 guidance for net revenues and EPS and provided initial guidance for 2006, projecting continued revenue growth.
Citigroup reported strong 4th quarter and full-year 2000 earnings. 4th quarter core income was $3.33 billion, an 11% increase, and full-year core income was a record $14.14 billion, up 25%. All of Citigroup's major business segments saw growth in the 4th quarter, led by the Global Consumer Group at 25% growth. For the full year, net income was $13.52 billion. Chairman and CEO Sanford Weill cited the company's global strength and leadership across business lines. Citigroup continued investments in growing markets and internet capabilities.
Gannett held a third quarter earnings conference call and webcast on October 17, 2007. During the call, Craig Dubow, Chairman and CEO, reported that Gannett earned $1.01 per share from continuing operations for the third quarter. Gracia Martore, CFO, provided additional details on the quarterly results, noting challenges from a tough advertising environment and the housing slowdown impacting certain markets. While expenses were down, revenues declined in newspaper publishing and broadcasting segments due to lower advertising. The call included a question from an analyst about whether Gannett had any inclination to split off its TV group, as other media companies had recently done. Craig Dubow responded that given the relative sizes of G
- Gannett reported its fourth quarter and full year 2007 earnings. Revenue was impacted by soft advertising demand late in the quarter and a lack of political advertising compared to 2006. Expenses were lowered through restructuring efforts.
- Digital revenues continued to grow, reaching over $460 million for the year. Traffic and unique visitors increased across Gannett's digital properties.
- Gannett will benefit from anticipated political advertising in 2008 and revenue from the Beijing Olympics, but results will not be evenly spread across quarters. The company remains focused on its digital transformation and content expansion.
The document summarizes the Q3 2015 results for PICR Fund III, a real estate investment fund managed by Pintar Investment Company. It reports that the fund acquired 68 new assets, including 37 rental properties and 31 flip properties, during Q3. As a result of these acquisitions and leveraging of existing assets, the fund realized over $404k in profits and distributed these to investors. The value of the fund's investments also increased by over $307k during the quarter. For the year-to-date period, the fund has delivered a total return to investors of approximately 10.63%.
This document provides a summary of Nielsen's 4th quarter and full year 2017 results:
- Total revenue for 2017 increased 4.2% to $6.57 billion. Net income decreased 14.5% to $429 million.
- Watch segment revenue grew 14.8% to $913 million in Q4 2017, driven by growth in audience measurement and marketing effectiveness. Adjusted EBITDA margin was 45.5%.
- Buy segment revenue declined 5.3% to $848 million in Q4 2017. The segment is facing challenges in the US but emerging markets saw growth.
- For 2018, Nielsen expects total revenue growth of approximately 3% in constant currency. Adjusted EBIT
This report analyzes Netflix's current financial position and provides recommendations to lower its high debt-to-asset ratio of 80% over the next 5 years. The report finds that Netflix's debt mainly stems from increasing original content creation and licensing. It recommends capping the amount of original content produced each year to gradually decrease debt by 10% annually and make the company more profitable for investors. Currently, Netflix earns $9.44 billion in annual revenue but spends heavily on original content, hiding its true financial situation from surface-level analyses. Reducing debt over 5 years would create a more sustainable path for Netflix's continued growth.
At the end of the year, we often reflect on the current state of the venture market in technology. We are sharing it with our broader community in the hope that someone will find it informative, interesting or at least entertaining.
- eBay reported record Q3 net revenues of $1.106 billion, up 37% year-over-year, and GAAP diluted EPS of $0.18 and pro forma diluted EPS of $0.20, meeting or exceeding guidance.
- Key metrics like active users, new listings, GMV and TPV all increased over 30% year-over-year, demonstrating strong growth across the business.
- The company raised full-year 2005 guidance for net revenues and EPS and provided initial guidance for 2006, projecting continued revenue growth.
Citigroup reported strong 4th quarter and full-year 2000 earnings. 4th quarter core income was $3.33 billion, an 11% increase, and full-year core income was a record $14.14 billion, up 25%. All of Citigroup's major business segments saw growth in the 4th quarter, led by the Global Consumer Group at 25% growth. For the full year, net income was $13.52 billion. Chairman and CEO Sanford Weill cited the company's global strength and leadership across business lines. Citigroup continued investments in growing markets and internet capabilities.
This report provides a valuation of Netflix using three methods: comparable companies analysis, precedent transactions analysis, and discounted cash flow analysis. The comparable companies method yielded a valuation range of $1.62 billion to $13.97 billion. The precedent transactions method, using acquisitions of other media companies, produced a much lower range of $234.41 million to $379.52 million. However, this method was deemed not representative of Netflix's fair value. The discounted cash flow analysis valued Netflix at $11.96 billion, using projections through 2020 and a weighted average cost of capital of 12.07%.
- The document is the transcript from 3M's Q1 2006 earnings conference call.
- 3M had strong sales growth of 8.3% in Q1 2006, with all six business segments growing. Operating income grew 18.8%.
- Geographic growth was strong, with Asia Pacific growing 12.0% and Europe growing 7.9% in local currency.
This document provides the transcript from Gannett Co., Inc.'s third quarter 2005 conference call and webcast on October 11, 2005.
Gracia Martore, Gannett's CFO, discusses the significant impacts of two transactions on the company's financial reporting for the quarter. She explains the accounting treatment of the asset exchange with Knight Ridder and the reorganization of the Detroit Newspaper Agency. Martore also provides pro forma financial results to allow for better year-over-year comparisons.
Craig Dubow, Gannett's President and CEO, discusses the company's third quarter performance. He notes challenges from tough comparisons and weak economies impacting results. Dubow highlights strength in U
Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
Morgan Stanley reported third quarter results, with earnings per share of $1.38, down from $1.50 in the previous year. Net revenues increased 13% to $8 billion, though expenses also rose 18%. For the first nine months of the year, the company achieved record net revenues and earnings per share. While most business lines performed well, losses from credit products and quantitative trading strategies reduced profits.
This document is a press release from Merrill Lynch announcing record third quarter and year-to-date 2006 earnings. Some key points:
- Third quarter net earnings were $3.0 billion, or $3.17 per diluted share, up significantly from third quarter 2005. Excluding a one-time gain from the BlackRock merger, EPS was $2.00, up 43% from third quarter 2005.
- Year-to-date net earnings and EPS were also records at $5.2 billion and $5.19 respectively, up 38% from the same period in 2005. Excluding one-time items, year-to-date EPS was $5.27, up 40% from 2005
Magna Global - Advertising Forecasts - Global Advertising Market | 08/26/2014Lamia Mosbah
1. A report from Magna Global forecasts that US ad spending will increase 4.9% in 2015, the highest growth rate in 10 years, bringing total spending to $172 billion.
2. US ad spending increased 3.2% in the first half of 2014 but growth slowed from 4.6% in Q1 to 2% in Q2, partly due to some advertisers shifting budgets from Q2 to Q1 for the Winter Olympics.
3. Television was particularly impacted by the slowdown in Q2, with network TV sales down 9% due to soft ratings and budgets shifting to cable, digital, and Spanish-language TV. However, the report predicts the dip was partly circumstantial and
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
This investor presentation by Zillow Group discusses the company's strategic priorities and financial performance. It contains forward-looking statements about future financial performance that involve risks and uncertainties. Zillow Group operates the largest online real estate network and its brands reach over 195 million unique users monthly. The company generates revenue primarily from Premier Agent and Mortgage products and services that help real estate professionals with marketing and growing their businesses. Zillow Group aims to grow its audience, create better consumer experiences, evolve revenue models, and attract top talent to leverage its culture of innovation.
This investor presentation summarizes Zillow Group's business and financial performance. It discusses Zillow Group's mission to build the largest home marketplace, its portfolio of consumer and business brands including Zillow, Trulia, StreetEasy, and RealEstate.com. It provides an overview of Zillow Group's audience size, revenue streams from Premier Agent and other advertising programs, and its strategic focus on growing its audience and aligning revenue models with transactions. The presentation also highlights Zillow Group's leadership in mobile, its total addressable market opportunity in real estate advertising and transactions, and financial metrics including steady revenue growth and expanding profit margins.
- 20-20 Technologies reported its second quarter results, with revenues up 13.2% to $17.2 million compared to the previous year. EBITDA also increased to $2.7 million, up from $2.3 million last year.
- Net income was $273,000 for the quarter, impacted by foreign exchange losses. The company maintained a strong balance sheet with $22.7 million in cash and cash equivalents.
- The CEO commented that while the second quarter showed positive signs, the company remains cautiously optimistic due to the situation in Europe and continued focus on smaller clients. The home sector growth is expected to continue with signs of recovery in manufacturing.
This document brings together a set of latest data points and publicly available information relevant for Retail & Consumer Goods Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
I-Bytes Telecommunication, Media and Technology IndustryEGBG Services
This document brings together a set of latest data points and publicly available information relevant for Telecommunication, media and Technology Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Lkq corporations first quarter 2018 earnings call presentation v2 4.27.18corporationlkq
- The company reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services.
- Net income from continuing operations attributable to stockholders was $153 million for Q1 2018, up 8.6% from $141 million in Q1 2017.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from $290 million in Q1 2017, with margins of 10.9% compared to 12.4% in Q1 2017.
- Gannett reported second quarter earnings of $1.30 per share, at the high end of guidance and a new record. Revenues increased nearly 10% driven by strong newspaper revenue growth and political spending.
- Local advertising rose almost 6% led by a 23.3% increase in employment classifieds. National advertising at USA Today was up 15.5%. Non-daily publications and online revenues continued double-digit growth.
- Gannett authorized an additional $1 billion for share repurchases, believing the stock is very attractive at current price levels. Management expects to opportunistically execute on the $1.7 billion authorization.
PAX Global held its 2019 earnings call on March 31, 2020. The company reported record highs in revenue, net profit, and proposed final dividend for 2019. It also saw strong growth in its overseas business and Android products. However, PAX remains cautious about the impact of COVID-19 on its supply chain and customer orders in 2020. PAX outlined its key strategies going forward around branding, software focus, global partnerships, market penetration, R&D investment, and M&A. Its financial targets for 2020 call for flat revenue growth and profit margins over 15% and 39% despite COVID-19 uncertainty.
Lkq corporations first quarter 2018 earnings call presentationcorporationlkq
- LKQ reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services. Net income was $153 million.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from Q1 2017. Diluted EPS was $0.49 per share, up 8.9% from Q1 2017.
- Revenue growth was driven by acquisitions in Europe and organic growth in North America. Margins declined due to mix shift to Europe and higher costs.
- Libbey Inc. held its Q3 2018 earnings call on November 6, 2018 to discuss financial results and business updates.
- Net sales for Q3 2018 increased 1.8% year-over-year to $190.8 million, while Adjusted EBITDA declined 19.6% to $16.1 million.
- New products launched in the quarter drove 8.3% of sales, and e-commerce sales grew 46% year-over-year to represent 12% of U.S. and Canada retail sales.
This document brings together a set
of latest data points and publicly
available information relevant for
Telecommunication & Media
Industry. We are very excited to share
this content and believe that readers
will benefit from this periodic
publication immensely.
Citigroup reported record earnings for the first quarter of 2000, with core income rising 49% to $3.6 billion compared to the same period last year. Several of Citigroup's business lines saw double-digit earnings growth, including Global Consumer (up 23%), Global Corporate and Investment Bank (up 36%), and Global Investment Management (up 26%). Strong performance across all regions and business segments was driven by favorable global market conditions. Return on equity was 30% and the company repurchased $1.2 billion in stock during the quarter.
Not all countries have moved through all 4 phases of the demographic.docxdarwinming1
Not all countries have moved through all 4 phases of the demographic transition. You are a consultant for a developing country that is not yet in phase IV of demographic transition.
Prepare a PowerPoint presentation of 10-12 slides (not including the Title and Reference slides) and include a minimum of 3 images. Produce a presentation on the following:
Define
demographic transition
with a brief history of its development.
Describe the 4 phases of demographic transition, including if the population is stable, growing, or declining in each.
According to demographers, what factors lead to a decline in the crude birth rates (CBR) and crude death rates (CDR) in the epidemiologic and fertility phases of the demographic transition?
Briefly describe 3 living conditions or environmental impacts in developed countries that have reached phase IV, and contrast them with these conditions or impacts in developing countries that remain in earlier phases.
Assuming that the demographic transition phase IV is a goal for developing countries, what 2 programs or initiatives would you suggest to assist them in progress toward this goal?
.
NOTE I need just 150-200 words answer with 1-2 references in APA. M.docxdarwinming1
NOTE: I need just 150-200 words answer with 1-2 references in APA. Must be 100% Original.
Escherichia coli but not Pyrolobus fumarii will grow at 40C, while P. fumarii but not E. coli will grow at 110C. How would you describe these microbes in terms of their temperature requirements? Name two cell components that would be affected by these changes in nonpermissive temperature, and explain what is happening in each case to prevent the microbe from growing?
.
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Similar to Netflix is glowing. We had a beautiful Q4,” the company preen.docx
This report provides a valuation of Netflix using three methods: comparable companies analysis, precedent transactions analysis, and discounted cash flow analysis. The comparable companies method yielded a valuation range of $1.62 billion to $13.97 billion. The precedent transactions method, using acquisitions of other media companies, produced a much lower range of $234.41 million to $379.52 million. However, this method was deemed not representative of Netflix's fair value. The discounted cash flow analysis valued Netflix at $11.96 billion, using projections through 2020 and a weighted average cost of capital of 12.07%.
- The document is the transcript from 3M's Q1 2006 earnings conference call.
- 3M had strong sales growth of 8.3% in Q1 2006, with all six business segments growing. Operating income grew 18.8%.
- Geographic growth was strong, with Asia Pacific growing 12.0% and Europe growing 7.9% in local currency.
This document provides the transcript from Gannett Co., Inc.'s third quarter 2005 conference call and webcast on October 11, 2005.
Gracia Martore, Gannett's CFO, discusses the significant impacts of two transactions on the company's financial reporting for the quarter. She explains the accounting treatment of the asset exchange with Knight Ridder and the reorganization of the Detroit Newspaper Agency. Martore also provides pro forma financial results to allow for better year-over-year comparisons.
Craig Dubow, Gannett's President and CEO, discusses the company's third quarter performance. He notes challenges from tough comparisons and weak economies impacting results. Dubow highlights strength in U
Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
Morgan Stanley reported third quarter results, with earnings per share of $1.38, down from $1.50 in the previous year. Net revenues increased 13% to $8 billion, though expenses also rose 18%. For the first nine months of the year, the company achieved record net revenues and earnings per share. While most business lines performed well, losses from credit products and quantitative trading strategies reduced profits.
This document is a press release from Merrill Lynch announcing record third quarter and year-to-date 2006 earnings. Some key points:
- Third quarter net earnings were $3.0 billion, or $3.17 per diluted share, up significantly from third quarter 2005. Excluding a one-time gain from the BlackRock merger, EPS was $2.00, up 43% from third quarter 2005.
- Year-to-date net earnings and EPS were also records at $5.2 billion and $5.19 respectively, up 38% from the same period in 2005. Excluding one-time items, year-to-date EPS was $5.27, up 40% from 2005
Magna Global - Advertising Forecasts - Global Advertising Market | 08/26/2014Lamia Mosbah
1. A report from Magna Global forecasts that US ad spending will increase 4.9% in 2015, the highest growth rate in 10 years, bringing total spending to $172 billion.
2. US ad spending increased 3.2% in the first half of 2014 but growth slowed from 4.6% in Q1 to 2% in Q2, partly due to some advertisers shifting budgets from Q2 to Q1 for the Winter Olympics.
3. Television was particularly impacted by the slowdown in Q2, with network TV sales down 9% due to soft ratings and budgets shifting to cable, digital, and Spanish-language TV. However, the report predicts the dip was partly circumstantial and
Morgan Stanley reported $837 million in net income for Q3 2004, down 34% from Q3 2003 and 32% from Q2 2004. Net revenues were up 3% over Q3 2003 but down 18% from Q2 2004. While investment banking divisions performed well, completing large deals, reduced trading revenues resulted in lower quarterly earnings. For the first nine months of 2004, net income was $3.286 billion, an 18% increase over the same period in 2003.
This investor presentation by Zillow Group discusses the company's strategic priorities and financial performance. It contains forward-looking statements about future financial performance that involve risks and uncertainties. Zillow Group operates the largest online real estate network and its brands reach over 195 million unique users monthly. The company generates revenue primarily from Premier Agent and Mortgage products and services that help real estate professionals with marketing and growing their businesses. Zillow Group aims to grow its audience, create better consumer experiences, evolve revenue models, and attract top talent to leverage its culture of innovation.
This investor presentation summarizes Zillow Group's business and financial performance. It discusses Zillow Group's mission to build the largest home marketplace, its portfolio of consumer and business brands including Zillow, Trulia, StreetEasy, and RealEstate.com. It provides an overview of Zillow Group's audience size, revenue streams from Premier Agent and other advertising programs, and its strategic focus on growing its audience and aligning revenue models with transactions. The presentation also highlights Zillow Group's leadership in mobile, its total addressable market opportunity in real estate advertising and transactions, and financial metrics including steady revenue growth and expanding profit margins.
- 20-20 Technologies reported its second quarter results, with revenues up 13.2% to $17.2 million compared to the previous year. EBITDA also increased to $2.7 million, up from $2.3 million last year.
- Net income was $273,000 for the quarter, impacted by foreign exchange losses. The company maintained a strong balance sheet with $22.7 million in cash and cash equivalents.
- The CEO commented that while the second quarter showed positive signs, the company remains cautiously optimistic due to the situation in Europe and continued focus on smaller clients. The home sector growth is expected to continue with signs of recovery in manufacturing.
This document brings together a set of latest data points and publicly available information relevant for Retail & Consumer Goods Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
I-Bytes Telecommunication, Media and Technology IndustryEGBG Services
This document brings together a set of latest data points and publicly available information relevant for Telecommunication, media and Technology Industry. We are very excited to share this content and believe that readers will benefit immensely from this periodic publication immensely.
Lkq corporations first quarter 2018 earnings call presentation v2 4.27.18corporationlkq
- The company reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services.
- Net income from continuing operations attributable to stockholders was $153 million for Q1 2018, up 8.6% from $141 million in Q1 2017.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from $290 million in Q1 2017, with margins of 10.9% compared to 12.4% in Q1 2017.
- Gannett reported second quarter earnings of $1.30 per share, at the high end of guidance and a new record. Revenues increased nearly 10% driven by strong newspaper revenue growth and political spending.
- Local advertising rose almost 6% led by a 23.3% increase in employment classifieds. National advertising at USA Today was up 15.5%. Non-daily publications and online revenues continued double-digit growth.
- Gannett authorized an additional $1 billion for share repurchases, believing the stock is very attractive at current price levels. Management expects to opportunistically execute on the $1.7 billion authorization.
PAX Global held its 2019 earnings call on March 31, 2020. The company reported record highs in revenue, net profit, and proposed final dividend for 2019. It also saw strong growth in its overseas business and Android products. However, PAX remains cautious about the impact of COVID-19 on its supply chain and customer orders in 2020. PAX outlined its key strategies going forward around branding, software focus, global partnerships, market penetration, R&D investment, and M&A. Its financial targets for 2020 call for flat revenue growth and profit margins over 15% and 39% despite COVID-19 uncertainty.
Lkq corporations first quarter 2018 earnings call presentationcorporationlkq
- LKQ reported revenue of $2.721 billion for Q1 2018, up 16.1% from Q1 2017, with organic revenue growth of 3.7% for parts and services. Net income was $153 million.
- Segment EBITDA was $295 million for Q1 2018, up 1.7% from Q1 2017. Diluted EPS was $0.49 per share, up 8.9% from Q1 2017.
- Revenue growth was driven by acquisitions in Europe and organic growth in North America. Margins declined due to mix shift to Europe and higher costs.
- Libbey Inc. held its Q3 2018 earnings call on November 6, 2018 to discuss financial results and business updates.
- Net sales for Q3 2018 increased 1.8% year-over-year to $190.8 million, while Adjusted EBITDA declined 19.6% to $16.1 million.
- New products launched in the quarter drove 8.3% of sales, and e-commerce sales grew 46% year-over-year to represent 12% of U.S. and Canada retail sales.
This document brings together a set
of latest data points and publicly
available information relevant for
Telecommunication & Media
Industry. We are very excited to share
this content and believe that readers
will benefit from this periodic
publication immensely.
Citigroup reported record earnings for the first quarter of 2000, with core income rising 49% to $3.6 billion compared to the same period last year. Several of Citigroup's business lines saw double-digit earnings growth, including Global Consumer (up 23%), Global Corporate and Investment Bank (up 36%), and Global Investment Management (up 26%). Strong performance across all regions and business segments was driven by favorable global market conditions. Return on equity was 30% and the company repurchased $1.2 billion in stock during the quarter.
Similar to Netflix is glowing. We had a beautiful Q4,” the company preen.docx (20)
Not all countries have moved through all 4 phases of the demographic.docxdarwinming1
Not all countries have moved through all 4 phases of the demographic transition. You are a consultant for a developing country that is not yet in phase IV of demographic transition.
Prepare a PowerPoint presentation of 10-12 slides (not including the Title and Reference slides) and include a minimum of 3 images. Produce a presentation on the following:
Define
demographic transition
with a brief history of its development.
Describe the 4 phases of demographic transition, including if the population is stable, growing, or declining in each.
According to demographers, what factors lead to a decline in the crude birth rates (CBR) and crude death rates (CDR) in the epidemiologic and fertility phases of the demographic transition?
Briefly describe 3 living conditions or environmental impacts in developed countries that have reached phase IV, and contrast them with these conditions or impacts in developing countries that remain in earlier phases.
Assuming that the demographic transition phase IV is a goal for developing countries, what 2 programs or initiatives would you suggest to assist them in progress toward this goal?
.
NOTE I need just 150-200 words answer with 1-2 references in APA. M.docxdarwinming1
NOTE: I need just 150-200 words answer with 1-2 references in APA. Must be 100% Original.
Escherichia coli but not Pyrolobus fumarii will grow at 40C, while P. fumarii but not E. coli will grow at 110C. How would you describe these microbes in terms of their temperature requirements? Name two cell components that would be affected by these changes in nonpermissive temperature, and explain what is happening in each case to prevent the microbe from growing?
.
Note I need 2 pages paper addressing the provided details. Please.docxdarwinming1
Note:
I need 2 pages paper addressing the provided details. Please make sure you deliver me 100% original solution that must pass
"turnitin" software
used to detect unoriginality by instructor.
Assignment Instructions:
You are the Partner‐in‐Charge of a large metropolitan office of a regional public accounting firm. Two members of your professional staff have come to you to discuss problems that may affect the firm’s independence. Neither of these situations has been specifically answered by the AICPA Professional Ethics Division. Therefore, you must reach your own conclusions as to what to advise your staff members, and what actions, if any, are to be taken by the firm.
For each of the following two cases, answer the following questions:
a.
Set forth arguments indicating that the firm’s independence has not been impaired.
b.
Set forth arguments indicating that the firm’s independence has been impaired.
c.
Express your personal opinion. Identify those arguments from part (a) or part (b) that you found most persuasive. If you believe that the firm’s independence has been impaired, make suggestions about how the problem might be resolved.
Case1:
Don Moore, a partner in the firm, has recently moved into a condominium which he shares with his girlfriend, Joan Scott. Don owns the condominium and pays all the expenses relating to its maintenance. Otherwise, the two are self‐supporting. Joan is a stockbroker, and recently she has started acquiring shares in one of the audit clients of this office of the public accounting firm. The shares are held in her (Joan’s) name. At present, the shares are not material in relation to her net worth.
Case2:
Mary Reed, a new staff auditor with the firm, has recently separated from her husband. Mary has filed for divorce, but the divorce cannot become final for at least five months. The property settlement is being bitterly contested. Mary’s husband has always resented her professional career and has just used community property to acquire one share of common stock in each of the publicly owned companies audited by the office in which Mary works.
.
Not-for-profit organizations are using social media to redefine how .docxdarwinming1
Not-for-profit organizations are using social media to redefine how they can get funding for their missions. There are even a few that exist totally online. Check out
www.donorschoose.org
and
www.kiva.org
. Both of these depend on crowds (called crowdfunding) to either fund educational projects (Donors Choose) or lend money to support projects all over the world (Kiva) using the microfinancing model.
Take a minute to explore these sites and view some of the projects up for funding. Pick one project that interests you. How is it organized? Do you think the model is effective? Why or why not?
.
North, South and West Please respond to the following (Note Pl.docxdarwinming1
"North, South and West"
Please respond to the following: (Note: Please make a substantive comment to peer post below)
https://blackboard.strayer.edu/bbcswebdav/institution/HIS/105/1138/Week3/Scenario/story.html
From the scenario, examine the impact of immigration on the need for post-Reconstruction period legislators to create policies. Provide at least two (2) reasons why white politicians saw other minority groups as a threat and acted to limit their freedoms. Provide a rationale for your response
RESPOND PEER POST:
White politicians saw other minority groups as a threat and acted to limit their freedoms.
During the Reconstruction era, blacks constituted absolute majorities of the populations in Mississippi and South Carolina equal to the white population in Louisiana, and represented more than 40% of the population in four other former Confederate states. Southern whites, fearing black domination, resisted the Freedmen’s exercise of political power.
In 1867, black men voted for the first time. By the 1868, Texas, Mississippi, and Virginia had still not been re-admitted to the Union. Radical Republican Civil War General Ulysses S. Grant was elected president thanks to 700,000 black voters. In February 1870, the Fifteenth Amendment was ratified; it was designed to protect blacks' right to vote from infringement by the states.
White supremacist paramilitary organizations, allied with Southern Democrats, used intimidation, violence and assassinations to repress blacks and prevent them from exercising their civil rights in elections from 1868 until the mid-1870s. The insurgent Ku Klux Klan (KKK) was formed in 1865 in Tennessee (as a backlash to defeat in the war) and quickly became a powerful secret vigilant group, with chapters across the South. The Klan initiated a campaign of intimidation directed against blacks and sympathetic whites. Their violence included vandalism and destruction of property, physical attacks and assassinations, and lynching’s. Teachers who came from the North to teach freedmen were sometimes attacked or intimidated as well. Under the Force Acts of 1870, the KKK was suppressed by federal prosecution.
.
North, South and West Please respond to the following (Note Plea.docxdarwinming1
"North, South and West" Please respond to the following: (Note: Please make a substantive comment to one (1) of your classmates.)
From the scenario, examine the impact of immigration on the need for post-Reconstruction period legislators to create policies. Provide at least two (2) reasons why white politicians saw other minority groups as a threat and acted to limit their freedoms. Provide a rationale for your response.
.
No unread replies.88 replies.Go to httpwww.eagles.orgvu-.docxdarwinming1
The document discusses threats to bald eagle survival from DDT and the effects of banning it in the US. It provides links to external sites about how DDT affected bald eagles and what happened to bald eagle populations after DDT was banned in the US. The document contains no unread replies and has 8 total replies.
Not only are people born into a specific culture, they also are soci.docxdarwinming1
Not only are people born into a specific culture, they also are socialized into specific gender roles. “Cross cultural studies of gender are concerned with both the degree to which psychological processes and behaviors are relatively invariant across cultures and how they vary systematically with cultural influences,” according to Best and Williams (Matsumoto (Ed.), 2001, p. 197). Cultures often differ in the emphasis placed on social roles assigned to males and females; appropriate gender relations based on sexual role ideologies; gender stereotypes; and the incorporation of masculinity and femininity into self-concept and self-perception. Children are socialized into these gender roles through multiple agents, such as parents, siblings, peers, teachers, religious institutions, and various forms of media.
For this Discussion,
consider various socialization agents and their influence on gender role development related to behaviors, attitudes, or expectations. Use Japanese culture and Arabic culture. Select two socialization agents to use in this Discussion.
With these thoughts in mind:
Write
a description of the two socialization agents you selected and explain how these agents influence gender role development across two different cultures. Then, describe two socialization agents that influenced your own gender role development and explain how. Finally, explain how your gender role development might have been affected if you were raised in a different culture.
Support your response using current literature. No more than 4 paragraph and in APA format.
.
NOTE I am very particular about my papers. Please do not respond if.docxdarwinming1
NOTE: I am very particular about my papers. Please do not respond if you cannot provide a well written researched paper. I will research your paper and resources.
COMPANY: DIRECTV
Must use the pending merger with AT&T
Write
a draft of no more than 1,800 words of the strategic plan for your organization, including the following:
Implementation plan
Objectives
Functional tactics
Action items
Milestones and a deadline
Tasks and task ownership
Resource allocation
Any required organizational change management strategies that would enhance successful implementation
Key success factors, budget, and forecasted financials, including a break-even chart
Risk management plan, including contingency plans for identified risks
.
Note Be sure to review the examples and hints provided with e.docxdarwinming1
Note:
Be sure to review the examples and hints provided with each step! Your answers should be similar to the examples.
Step 1: Select Your Research Question
3. How does fast food contribute to obesity in children?
How will Step 1 be graded?
Step 1 will not receive a grade.
Step 2: Select Your Search Terms
A. Identifying Key Concepts
List the three key concepts (words, phrases, or both) that best describe the main concepts of your selected research question from Step 1.
Key Concept 1
Key Concept 2
Key Concept 3
Fast food
Obesity
Children
Example:
For the research question "How can marketing on the Internet be effective for a small business?" the key concepts are:
marketing, Internet, small business
Hint:
Refer to module 1 for key concepts.
Instructor Comments
Great job picking out the three key concepts!
Additional Comments
B. Brainstorming Alternative/Related Terms
Review the key concepts you listed in each of the boxes above (Step 2, Part A) and identify alternative terms/synonyms or related terms for each key concept in the appropriate box below.
Key Concept 1
Alternative/Related Terms
Key Concept 2
Alternative/Related Terms
Key Concept 3
Alternative/Related Terms
nourishment, nutrients, diet, reckless, loose
fatness, heaviness, size
kids, families, youngsters
Example:
For the research question example in Step 2, Part A:
Key Concept 1: marketing
Key Concept 1 Alternative/Related Terms: branding, advertising, promotion
Hint:
Refer to module 1 for a review of identifying alternative/related terms (keywords) for key concepts.
How will Step 2 be graded?
Unsatisfactory (0 points): Does not demonstrate an understanding of the key concepts of the research question or identify any relevant alternative/related terms or synonyms.
Satisfactory (1–4 points): Does not correctly list the three key concepts from the research question in Part A and identifies only one relevant alternative/related term or synonym for each key concept listed in Part B.
Excellent (5 points): Accurately lists three key concepts of the research question, thus demonstrating an understanding of the research question, and identifies two or more relevant alternative/related terms for each key concept, indicating some creative brainstorming.
Instructor Comments
You did not correctly identify alternative/related terms for all the key concepts. Please review identifying related terms (keywords) in week 1.
Additional Comments
Some alternate keywords for fast food: junk food, fried foods, convenience foods
Try to become more detail-oriented by correctly identifying the keywords in a research question and then alternate keywords for them. Stay on track.
Step 2 Grade
4.5
Step 3: Create a Search Statement
Using all of the key concepts you identified in Step 2, Part A and some of the keywords (alternative/related terms) you identified in Step 2, Part B, create a search statement that effectively uses Boolean operators and advanced searching techniques (nesting, truncation, phrase.
NOTE A Power point presentation is also required along side this.docxdarwinming1
NOTE**** A Power point presentation is also required along side this paper/
100% Original Work
Zero Plagiarism
Graduate Level Writing Required.
DUE
: Saturday, May 15, 2021 by 5pm Eastern Standard
BACKGROUND
: You will be working on the Criminal Justice Program Proposal throughout this course. This is a cumulative assignment, this is a follow up on the previous assignment.
This Project will be based on the following subject:
Information Sharing (SEE ATTACHED CASE STUDY) <-----Very Important
Complete
the last portion of your proposal by addressing the following maintenance and change-process elements:
Describe communication processes among key personnel.
Describe the importance of cyclical evaluation to identify future problems and program development changes.
Describe the system you will use to continuously collect stakeholder concerns and recommendations.
Identify quality control criteria.
Describe monitoring strategies to evaluate personnel performance and program operations.
Reassess the entire program from start to finish and update any inconsistencies, contradictions, or inadequacies.
Finalize
your Criminal Justice Program Proposal by compiling Parts I through VI into one cohesive 5500- to 7,000-word cumulative proposal.
Include a table of contents and any appendices as needed in the final version submitted to your instructor.
ADDITIONALLY:
Create
a 10- to 15-slide Microsoft® PowerPoint® presentation that captures all sections of your proposal. Your presentation must represent your proposed program in its entirety.
Include
detailed speaker notes in the presentation. Use complete sentences, with correct grammar and punctuation, to fully explain each slide as if you were giving an in-person presentation.
Format
your proposal consistent with APA guidelines.
PLEASE NOTE: There needs to be at least three different peer reviewed literature references
Wikipedia, dictionaries, and encyclopedias are not peer reviewed literature references.
.
No plagiarismBetween 10 and 15 relevant academic journals with H.docxdarwinming1
No plagiarism
Between 10 and 15 relevant academic journals with Harvard referencing.
Look into what Mario Draghi and the IMF what they have said about this subject.
What are the macroprudential tools? Explain.
The structure of the assignment should be like this.
Introduction
Abstract
Theory here show (how macroprudential policies effect financial risk)
Literature review (this should be half of the paper over 1700 words)
Perspective of regulators
Analysis what have you learnt
Conclusion
References Harvard style
Do not exceed 3000 words
.
No plagirism , please I need this on time due 41715 no work cited .docxdarwinming1
No plagirism , please I need this on time due 4/17/15 no work cited from wikipedia
Option #2: Weather Disasters
Like earthquakes and volcano eruptions, major hurricanes and tornadoes have occurred long before there were humans on Earth. Choose one hurricane or tornado that significantly impacted humans and report on it. Be sure to cover how it affected the Earth, the damages and death tolls, the economic impact, and any permanent consequences.
Your paper should meet the following requirements:
Be 3-4 pages in length
Cite 1-2 outside sources
.
no need outside source expect for Durkheims on suicideFor the t.docxdarwinming1
no need outside source expect for Durkheim's on suicide
For the two following quotes from Durkheim provide a “translation” into your own words (rewriting and explaining the original) as well as commentary/ discussion about its meaning in relation to the whole of Durkheim’s book.
Quotation P.213 (On Suicide)
“It is not without reason, therefore, that man feels himself to be double: he actually is double… In brief, this duality corresponds to the double existence that we lead concurrently; the one purely individual and rooted in our organisms, the other social and nothing but an extensions of society.”
Quotation 2.
“A social fact is identifiable through the power of external coercion which it exerts or is capable of exerting upon individuals.”
Limited: no more than two pages.
.
No matter where I worked or what job I held, it was my interpersona.docxdarwinming1
Joni Norby attributes her success in various jobs and workplaces to her strong interpersonal communication skills and effective project management abilities. In a 2012 professional questionnaire, Norby reflected on how these soft skills helped her thrive in different roles over her career.
no more than 1,250 words. A strategic plan for ESPN, including the f.docxdarwinming1
no more than 1,250 words. A strategic plan for ESPN, including the following:
Implementation plan
Objectives
Functional tactics
Action items
Milestones and a deadline
Tasks and task ownership
Resource allocation
Any required organizational change management strategies that would enhance successful implementation
Key success factors, budget, and forecasted financials, including a break-even chart
Risk management plan, including contingency plans for identified risks
.
No other country in the world has a health care system like that of .docxdarwinming1
No other country in the world has a health care system like that of the United States. For this Discussion Board assignment, complete the following:
Choose a developed country and discuss how its model of health care (e.g., national health insurance, national health system, or socialized health insurance) differs from that of the United States.
Discuss some of the strengthens and weaknesses of that model in comparison to what is offered in the United States.
.
NO PLAGARISM IF YOU CANNOT DO ORIGINAL AND GOOD QUALITY WORK, THE.docxdarwinming1
NO
PLAGARISM: IF YOU CANNOT DO ORIGINAL AND GOOD QUALITY WORK, THEN PLEASE DO NOT DO NOT SEND A HANDSHAKE*********
REFERENCES AND APA FORMAT( DOES NOT HAVE TO BE DOUBLE SPACED)
This task relates to previous work that have already been done.
Project Risks WBS and Budget Updates (1, 000 WORDS)
Identify the additional tasks that are associated with planning, monitoring, and controlling risks.
Put this in a WBS structure so that they can be added to an existing plan.
Determine a contingency budget to mitigate the risks that are most likely to occur.
Determine additions to the project plan budget to monitor and control risks.
Project Risks Communications Plan (1,000 WORDS)
Identify the stakeholders that communications should go to.
Determine the frequency of communications.
Construct the types of reports and how they will be delivered.
Discuss how this might be integrated into the change management process.
Define who has the final authority for sign-off to extract from the contingency budget to mitigate risks.
.
New Opportunities in Community SettingsCommunity based nursing h.docxdarwinming1
New Opportunities in Community Settings
Community based nursing has new opportunities in community settings. The rationale for these opportunities is the change in demographics, change in disease patterns, increase in the chronic illness and reform in the health financing system. Now various health communities play an important role in representing the new and advanced way of providing community nursing to a large group of population.
On the basis of your reading, answer the following questions:
The conceptual frameworks applied to community-oriented nursing practice expand the scope of nursing care by addressing non-medical aspects of health. Those who are not familiar with healthcare perceive nurses as providers of hands-on care only. Suggest ways to change this perception.
What makes nursing case management special? Is it appropriate for everyone? Give reasons.
Populations can be defined by inclusion or exclusion criteria, using one or many of either type. Using factors in addition to medical tests, diagnoses, and so forth, prioritize the characteristics you think are important in defining a population for community health nursing.
Health care Community Services
Identify four organizations in your community that deliver primary health care. Based on the objective material that you can obtain, determine whom each organization serves; what services each provides; and where each organization gets its funding from. Also evaluate the relative value of each organization's services to individuals and families in the community.
.
Nine-year-old Wandas teacher notices that for the past few weeks, W.docxdarwinming1
Nine-year-old Wanda's teacher notices that for the past few weeks, Wanda has not been talking to her friends and is always sitting alone in a corner. After talking to Wanda's friends, the teacher finds out that Wanda's sixteen-year-old brother was killed in a gang fight two months ago and her parents have since separated. The teacher talks to her friend Daphne, a counselor, to see if there is anything she can do about Wanda. She wants to know if there is any way in which children and families affected by exposure to violence can be assisted with emotional impact of these events. The teacher also asks Daphne, in the role of a counselor, to call Wanda's parents to see if they would be willing to talk with her about the death of their son, their separation, and Wanda's behavior at school. Daphne is not employed or affiliated with the school.
What would be Daphne's role, as a counselor, in helping the teacher?
What do you see as important roles of a counselor working in a community?
What are the ethical responsibilities that counselors and human services professionals hold toward the community? When answering this question identify the ethical code number and definition, using your own words, of the ethical responsibilities of these professionals.
Briefly speak how you, as an ethical counselor, would respond to the teacher's request for you to speak with Wanda and her family.
Short answer, 300 to 500 words APA format
.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
This presentation was provided by Rebecca Benner, Ph.D., of the American Society of Anesthesiologists, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
A Visual Guide to 1 Samuel | A Tale of Two HeartsSteve Thomason
These slides walk through the story of 1 Samuel. Samuel is the last judge of Israel. The people reject God and want a king. Saul is anointed as the first king, but he is not a good king. David, the shepherd boy is anointed and Saul is envious of him. David shows honor while Saul continues to self destruct.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
The chapter Lifelines of National Economy in Class 10 Geography focuses on the various modes of transportation and communication that play a vital role in the economic development of a country. These lifelines are crucial for the movement of goods, services, and people, thereby connecting different regions and promoting economic activities.
This presentation was provided by Racquel Jemison, Ph.D., Christina MacLaughlin, Ph.D., and Paulomi Majumder. Ph.D., all of the American Chemical Society, for the second session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session Two: 'Expanding Pathways to Publishing Careers,' was held June 13, 2024.
Netflix is glowing. We had a beautiful Q4,” the company preen.docx
1. Netflix is glowing. “We had a beautiful Q4,” the company
preened in its letter to
shareholders. It isn’t wrong.
The streaming service reported earnings per share of 41 cents,
up from 15 cents a year ago, and
revenue of $3.29 billion, slightly beating analysts’ estimates of
$3.28 billion. Most impressively,
it added 8.3 million subscribers globally—the highest in the
company’s history—even as it
raised its subscription price to $11 a month. That is an 18%
year-over-year increase, exceeding
the company’s own forecast of 6.3 million subscribers. Shares
shot up 9% in after hours trading.
Legacy media, says Rich Greenfield of BTIG Research, should
“be afraid, be very afraid.” With
hit content like “Stranger Things” and “The Crown,” Netflix has
created a virtuous cycle:
Subscribers keep joining at higher price points, allowing the
company to spend more on
content, which in turn allows them to draw in and retain more
subscribers.
Of the over 8 million new subscribers, 6.36 million came from
international markets. They have
finally made Netflix’s global segments profitable, delivering
earnings of $227 million in 2017.
With an eye on competition, the company is accelerating its
investments for 2018. It will raise
marketing spending to $2 billion and spend $7.5 billion to $8
2. billion on new content, including
30 international original series in places like Poland, India, and
Japan.
DOW JONES, A NEWS CORP COMPANY
Stoxx 600 369.07 -0.49% ▼ Nikkei 21319.55 0.13% ▲ U.S. 10
Yr 1/32 Yield 2.776% ▲ Crude Oil 63.26 -0.39% ▼ Euro
1.2264 -0.06% ▼ DJIA
MARKETS HEARD ON THE STREET
Netflix Says Catch Me if You Can
Of the over 8 million new subscribers in its latest quarter, 6.36
million came from international markets
|
Netflix added 8.3 million global subscribers in its latest period.
PHOTO: MIKE BLAKE/REUTERS
Jan. 22, 2018 7:26 p.m. ET
By Elizabeth Winkler
NFLX 1.21% ▲
http://quotes.wsj.com/NFLX
http://quotes.wsj.com/index/XX/SXXP
http://quotes.wsj.com/index/JP/NIK
http://quotes.wsj.com/bond/BX/TMUBMUSD10Y
http://quotes.wsj.com/futures/Crude%20Oil%20-%20Electronic
http://quotes.wsj.com/fx/EURUSD
http://quotes.wsj.com/index/DJIA
https://www.wsj.com/news/markets
https://www.wsj.com/news/heard-on-the-street
3. http://quotes.wsj.com/NFLX?mod=chiclets
“This is a land grab opportunity,” says Mr. Greenfield. “They
see Disney , Apple , Amazon
coming, and they’re trying to extend their lead as far as possible
before the competition gets
going.”
Netflix is slated to have a long lead indeed. Disney, which
hopes to break into international
markets with its acquisition of assets from 21st Century Fox ,
will find that Netflix has already
beaten them there. It also plans to launch its own Disney-
branded streaming service. Yet this
likely won’t happen before late 2019. Meanwhile, Hulu, in
which Disney will have a 60% stake
after the Fox deal, has added far fewer subscribers than Netflix
even though it maintains a
lower price.
Hit shows from HBO and Amazon will draw viewers. But
content is unique, meaning streaming
services can coexist comfortably. As long as Netflix continues
producing such popular content,
viewers will keep watching, and recently they are watching even
more. In 2017, streaming hours
per membership grew by 9% year-over-year.
Netflix’s already ugly balance sheet will look even worse next
year with negative free cash flow
of $3 billion to $4 billion. The company expects to sell more
high-yield bonds. None of that has
mattered so far to its soaring stock price—its market cap hit
$100 billion—or to its bonds. The
company’s letter offers words of comfort to worried investors.
5. January 22, 2018
Fellow shareholders,
We had a beautiful Q4, completing a great year as internet TV
expands globally. In 2017, we grew
streaming revenue 36% to over $11 billion, added 24 million
new memberships (compared to 19 million
in 2016), achieved for the first time a full-year positive
international contribution profit, and more than
doubled global operating income.
.
1
Q4 Results
Average paid streaming memberships rose 25% year over year
in Q4. Combined with a 9% increase in
ASP, global streaming revenue growth amounted to 35%.
Operating income of $245 million (7.5%
margin) vs. $154 million prior year (6.2% margin) was slightly
above our $238 million forecast. Operating
margin for FY17 was 7.2%, on target with our goal at the
6. beginning of this year.
EPS was $0.41 vs. $0.15 last year and met our forecast of $0.41.
There were several below the line items
that affected net income, including a pre-tax $26 million non-
cash unrealized loss from F/X
remeasurement on our Eurobond. Our tax rate was helped by a
$66 million foreign tax benefit, which
partially offset a revaluation of our deferred tax assets and the
impact from the mandatory deemed
repatriation of accumulated foreign earnings related to the
recent US tax reform.
In Q4, we registered global net adds of 8.3 million, the highest
quarter in our history and up 18% vs. last
year’s record 7.05 million net adds. This exceeded our 6.3m
forecast due primarily to stronger than
expected acquisition fueled by our original content slate and the
ongoing global adoption of internet
entertainment. Geographically, the outperformance vs. guidance
was broad-based.
In the US, memberships rose by 2.0 million (vs. forecast of
1.25m) bringing total FY17 net adds to 5.3
million. ASP rose 5% year-over-year. Domestic contribution
profit increased 5% year-over-year although
contribution margin of 34.4% declined both on a year-over-year
7. and sequential basis due to the
marketing spend we noted in last quarter’s investor letter.
Internationally, we added 6.36 million memberships (compared
with guidance of 5.05m), a new record
for quarterly net adds for this segment. Excluding a F/X impact
of +$43 million, international revenue
and ASP grew 59% and 12% year over year, respectively. The
increase in ASP reflects price adjustments
in a wide variety of our markets over the course of 2017. With
contribution profit of $227 million in 2017
(4.5% contribution margin), the international segment delivered
its first full year of positive contribution
profit in our history.
We took a $39m non-cash charge in Q4 for unreleased content
we’ve decided not to move forward
with. This charge was recognized in content expense in cost of
revenues. Despite this unexpected
expense, we slightly exceeded our contribution profit and
operating income forecast due to our stronger
than expected member growth and the timing of international
content spend.
Forecast
The guidance we provide is our internal forecast at the time we
report. For Q1, we project global net
8. adds of 6.35 million (vs. 5.0m in the year ago quarter), with
1.45m in the US and 4.90m internationally.
As we wrote last quarter, our primary profit metric is operating
margin and we are targeting a full year
2018 target of 10%, up about 300 basis points year over year, as
in the prior year.
We believe our big investments in content are paying off. In
2017, average streaming hours per
membership grew by 9% year-over-year. With greater than
expected member growth (resulting in more
revenue), we now plan to spend $7.5-$8.0 billion on content on
a P&L basis in 2018.
2
Big hits like 13 Reasons Why, Stranger Things and Bright result
from a combination of great content and
great marketing. We’re taking marketing spend up a little faster
than revenue for this year (from about
$1.3B to approximately $2B) because our testing results
indicate this is wise. We want great content,
and we want the budget to make the hits we have really big, to
drive our membership growth. We’ll
grow our technology & development investment to roughly $1.3
billion in 2018.
9. Content
Q4 capped an amazing year for Netflix original content with
returning seasons of The Crown and Black
Mirror as well as Stranger Things, which cemented its place as
a global phenomenon. In the quarter, we
also successfully launched new titles like the limited series
Godless, Marvel’s The Punisher and
Mindhunter (from director David Fincher), the latter two of
which are renewed for a second season. It’s
amazing to think that in only 5 years since launching our first
original series, Netflix had three of the Top
5 most searched TV shows globally for the second year in a
row.
Our largest investment in original films to date, Bright, a
fantasy action movie starring Will Smith, was a
major success and drove a notable lift in acquisition. In its first
month, Bright has become one of our
most viewed original titles ever. We’re thrilled with this
performance and are planning a sequel as well
as additional investment in original films.
We’re finding continued success with international originals
and in Q4 we released: season 3 of Club de
Cuervos as well as The Day I Met El Chapo, both of which are
from Mexico; Suburra from Italy; and an
unscripted series from the UK, Jack Whitehall: Travels with My
Father. We also debuted Dark, our first
German original drama series. High-quality content can travel
globally, irrespective of language; for
instance, Dark, in addition to being well-received in its home
country, has also been viewed by millions
of members in the US and has outsized watching throughout
10. Europe and Latin America. Combined with
attractive economics and a positive impact on our business in
local markets, we will expand this
initiative with over 30 international original series this year,
including projects from France, Poland,
India, Korea and Japan.
We are increasingly self-producing our original content. As part
of this initiative, in Q4 we signed overall
deals with Stranger Things producer Shawn Levy and Orange is
the New Black and GLOW creator Jenji
Kohan. Our goal is to work directly with the best talent to bring
amazing stories to our members all over
the world.
Product and Partnerships
We are partnering with a growing number of MVPDs and ISPs
across the world to the benefit of our
mutual customers. These partnerships make it easier for
consumers to sign up, enjoy and pay for Netflix,
while our service allows our partners to deepen their
relationships with these subscribers. Examples of
these types of partnerships that we struck in Q4 include an
expanded global partnership with Deutsche
Telekom and with Cox Communications and Verizon
Communications in the US. As expected, the FCC
11. removed the US net neutrality rules. We believe that a strong
internet should have enforceable net
3
https://trends.google.com/trends/yis/2017/GLOBAL/
https://trends.google.com/trends/yis/2017/GLOBAL/
https://www.nytimes.com/2017/12/05/arts/television/review-
with-dark-netflix-delivers-science-fiction-with-european-
roots.html
neutrality rules, so we and other internet firms are backing the
Internet Association’s challenge to the
FCC’s action.
Competition
We have been talking about the transition from linear to
streaming for the past 10 years. As this trend
becomes increasingly evident, more companies are entering the
market for premium video content. On
the commercial-free tech side, Amazon Studios is likely to
bring in a strong new leader given their large
content budgets, and Apple is growing its programming, which
we presume will either be bundled with
Apple Music or with iOS.
Facebook and YouTube are expanding and competing in free ad-
supported video content. With their
multi-billion global audiences, free ad-supported internet video
12. is a big force in the market for
entertainment time, as well as a great advertising vehicle for
Netflix.
Traditional media companies are also expanding into streaming.
Disney is in the process of acquiring
most of 21st Century Fox and plans to launch a direct-to-
consumer service in 2019 with a beloved brand
and great franchises. The market for entertainment time is vast
and can support many successful
services. In addition, entertainment services are often
complementary given their unique content
offerings. We believe this is largely why both we and Hulu have
been able to succeed and grow.
Free Cash Flow and Capital Structure
In Q4, free cash flow amounted to -$524 million, bringing full
year 2017 FCF to -$2.0 billion, at the lower
end of the -$2.0 to -$2.5 billion range we had previously
indicated. This was largely due to the timing of
content payments, which will now occur in 2018.
Our operating margins and income are rising, and our only
material cash-ahead-of-P&L-expense is
content. When we develop a title like Bright, the cash spend is
1-3 years before the viewing, associated
membership growth, and P&L expense. Thus, the faster we grow
our originals budget (particularly for
13. self-produced content), the more cash we consume. We are
increasing operating margins and expect
that in the future, a combination of rising operating profits and
slowing growth in original content spend
will turn our business FCF positive.
In the near term, however, membership, revenue and original
content spend are booming. We’re
growing faster than we expected, which allows us to invest
more in original content than we had
planned, so our FCF will be around negative $3B-$4B in 2018.
Given our track record of content
investments helping to increase growth, we are excited about
the growth in future years from the
increased investments we are making in original content this
year.
We anticipate continuing to raise capital in the high yield
market. The new limitation on deductibility of
interest costs is not expected to affect us. We are striving to
make the right choices and investments to
grow the value of the firm, and that is what also ultimately
secures our debt. High yield has rarely seen
an equity cushion so thick.
4
14. Board of Directors
We are pleased to add Rodolphe Belmer to our board of
directors. Rodolphe is the former CEO of Canal+
Group in France, and is currently CEO of Eutelsat, a global
satellite business. A large and growing
percentage of our members are European, and we are fortunate
to have a leader like Rodolphe join our
board.
Summary
Our goal is to entertain people. We are thrilled to be able to do
that at great scale.
For quick reference, our eight most recent investor letters are:
October 2017, July 2017, April 2017,
January 2017, October 2016, July 2016, April 2016, January,
2016.
January 22, 2018 Earnings Interview, 3pm PST
Our video interview with Todd Juenger of Bernstein will be on
youtube/netflixir at 3pm PST today.
Questions that investors would like Todd to ask should be sent
to [email protected]. Reed
Hastings, CEO, David Wells, CFO, Ted Sarandos, Chief Content
Officer, Greg Peters, Chief Product Officer
and Spencer Wang, VP of IR/Corporate Development will be
answering Todd’s questions.
15. IR Contact:
Spencer Wang
Vice President, Finance/IR & Corporate Development
408 809-5360
PR Contact:
Jonathan Friedland
Chief Communications Officer
310 734-2958
Use of Non-GAAP Measures
This shareholder letter and its attachments include reference to
the non-GAAP financial measure of free
cash flow and EBITDA. Management believes that free cash
flow and EBITDA are important liquidity
metrics because they measure, during a given period, the
amount of cash generated that is available to
repay debt obligations, make investments and for certain other
activities or the amount of cash used in
operations, including investments in global streaming content.
However, these non-GAAP measures
should be considered in addition to, not as a substitute for or
16. superior to, net income, operating income,
diluted earnings per share and net cash provided by operating
activities, or other financial measures
prepared in accordance with GAAP. Reconciliation to the GAAP
equivalent of these non-GAAP measures
are contained in tabular form on the attached unaudited
financial statements.
Forward-Looking Statements
This shareholder letter contains certain forward-looking
statements within the meaning of the federal
securities laws, including statements regarding our investments
in marketing, technology and
5
http://www.eutelsat.com/en/group/company-structure/executive-
committee/rodolphe-belmer.html
http://files.shareholder.com/downloads/NFLX/3639218336x0x9
59841/8E7F87AB-2E5C-41DB-862B-
E872EF39B039/Q3_17_Shareholder_Letter_COMBINED.pdf
http://files.shareholder.com/downloads/NFLX/3639218336x0x9
49716/CFB029CB-65E5-43D3-A87D-
998FEFAA64C0/Q2_17_Shareholder_Letter.pdf
http://files.shareholder.com/downloads/NFLX/3639218336x0x9
37576/7DAD8A22-F8FE-4339-A534-
4A851A5C68E5/Q117ShareholderLetterV2FINAL.pdf
http://files.shareholder.com/downloads/NFLX/3639218336x0x9
24415/A5ACACF9-9C17-44E6-B74A-
628CE049C1B0/Q416ShareholderLetter.pdf
18. statements in this letter are subject to risks and uncertainties
that could cause actual results and events
to differ, including, without limitation: our ability to attract
new members and retain existing members;
our ability to compete effectively; maintenance and expansion
of device platforms for streaming;
fluctuations in consumer usage of our service; service
disruptions; production risks; actions of Internet
Service Providers; and, competition, including consumer
adoption of different modes of viewing
in-home filmed entertainment. A detailed discussion of these
and other risks and uncertainties that
could cause actual results and events to differ materially from
such forward-looking statements is
included in our filings with the Securities and Exchange
Commission, including our Annual Report on
Form 10-K filed with the Securities and Exchange Commission
on January 27, 2017. The Company
provides internal forecast numbers. Investors should anticipate
that actual performance will vary from
these forecast numbers based on risks and uncertainties
discussed above and in our Annual Report on
Form 10-K. We undertake no obligation to update forward-
looking statements to reflect events or
19. circumstances occurring after the date of this shareholder letter.
6
7
Netflix, Inc.
Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31,
2017
September 30,
2017
December 31,
2016
December 31,
2017
December 31,
2016
Revenues $ 3,285,755 $ 2,984,859 $ 2,477,541 $ 11,692,713 $
20. 8,830,669
Cost of revenues 2,107,354 1,992,980 1,654,419 7,659,666
6,029,901
Marketing 419,939 312,490 284,996 1,278,022 991,078
Technology and development 273,351 255,236 225,191
1,052,778 852,098
General and administrative 239,808 215,526 159,001 863,568
577,799
Operating income 245,303 208,627 153,934 838,679 379,793
Other income (expense):
Interest expense (75,292) (60,688) (43,586) (238,204) (150,114)
Interest and other income (expense) (38,681) (31,702) (20,079)
(115,154) 30,828
Income before income taxes 131,330 116,237 90,269 485,321
260,507
Provision for (benefit from) income taxes (54,187) (13,353)
23,521 (73,608) 73,829
Net income $ 185,517 $ 129,590 $ 66,748 $ 558,929 $ 186,678
Earnings per share:
Basic $ 0.43 $ 0.30 $ 0.16 $ 1.29 $ 0.44
Diluted $ 0.41 $ 0.29 $ 0.15 $ 1.25 $ 0.43
21. Weighted-average common shares outstanding:
Basic 433,108 432,404 429,738 431,885 428,822
Diluted 448,142 447,362 440,063 446,814 438,652
8
Netflix, Inc.
Consolidated Balance Sheets
(unaudited)
(in thousands, except share and par value data)
As of
December 31,
2017
December 31,
2016
Assets
Current assets:
Cash and cash equivalents $ 2,822,795 $ 1,467,576
Short-term investments — 266,206
Current content assets, net 4,310,934 3,726,307
22. Other current assets 536,245 260,202
Total current assets 7,669,974 5,720,291
Non-current content assets, net 10,371,055 7,274,501
Property and equipment, net 319,404 250,395
Other non-current assets 652,309 341,423
Total assets $ 19,012,742 $ 13,586,610
Liabilities and Stockholders' Equity
Current liabilities:
Current content liabilities $ 4,173,041 $ 3,632,711
Accounts payable 359,555 312,842
Accrued expenses 315,094 197,632
Deferred revenue 618,622 443,472
Total current liabilities 5,466,312 4,586,657
Non-current content liabilities 3,329,796 2,894,654
Long-term debt 6,499,432 3,364,311
Other non-current liabilities 135,246 61,188
Total liabilities 15,430,786 10,906,810
Stockholders' equity:
23. Common stock 1,871,396 1,599,762
Accumulated other comprehensive loss (20,557) (48,565)
Retained earnings 1,731,117 1,128,603
Total stockholders' equity 3,581,956 2,679,800
Total liabilities and stockholders' equity $ 19,012,742 $
13,586,610
9
Netflix, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
Three Months Ended Twelve Months Ended
December 31,
2017
September 30,
2017
December 31,
2016
December 31,
24. 2017
December 31,
2016
Cash flows from operating activities:
Net income $ 185,517 $ 129,590 $ 66,748 $ 558,929 $ 186,678
Adjustments to reconcile net income to net cash used in
operating
activities:
Additions to streaming content assets (2,477,659) (2,315,017)
(2,102,841) (9,805,763) (8,653,286)
Change in streaming content liabilities 53,446 (34,587) 98,525
900,006 1,772,650
Amortization of streaming content assets 1,713,863 1,627,477
1,330,508 6,197,817 4,788,498
Amortization of DVD content assets 12,289 13,259 19,206
60,657 78,952
Depreciation and amortization of property, equipment and
intangibles 19,073 19,238 14,189 71,911 57,528
Stock-based compensation expense 48,530 44,763 43,646
182,209 173,675
Excess tax benefits from stock-based compensation — —
(27,720) — (65,121)
Other non-cash items 14,126 9,896 9,430 57,207 40,909
25. Foreign currency remeasurement loss on long-term debt 25,740
50,830 — 140,790 —
Deferred taxes (104,132) (57,090) (26,706) (208,688) (46,847)
Changes in operating assets and liabilities:
Other current assets (87,090) (41,399) (1,679) (234,090) 46,970
Accounts payable 63,969 34,029 15,540 74,559 32,247
Accrued expenses (5,169) 74,006 (3,582) 114,337 68,706
Deferred revenue 83,197 32,947 16,266 177,974 96,751
Other non-current assets and liabilities (33,657) (7,549) (8,690)
(73,803) (52,294)
Net cash used in operating activities (487,957) (419,607)
(557,160) (1,785,948) (1,473,984)
Cash flows from investing activities:
Acquisitions of DVD content assets (10,507) (10,217) (18,797)
(53,720) (77,177)
Purchases of property and equipment (21,585) (33,963) (61,048)
(173,302) (107,653)
Change in other assets (3,749) (1,107) (1,617) (6,689) (941)
Purchases of short-term investments — (2,799) (5,603) (74,819)
(187,193)
Proceeds from sale of short-term investments — 250,278 83,797
320,154 282,484
26. Proceeds from maturities of short-term investments — —
27,690 22,705 140,245
Net cash provided by (used in) investing activities (35,841)
202,192 24,422 34,329 49,765
Cash flows from financing activities:
Proceeds from issuance of debt 1,600,000 — 1,000,000
3,020,510 1,000,000
Issuance costs (16,828) (312) (10,700) (32,153) (10,700)
Proceeds from issuance of common stock 14,705 34,669 25,392
88,378 36,979
Excess tax benefits from stock-based compensation — —
27,720 — 65,121
Other financing activities 66 65 60 255 230
Net cash provided by financing activities 1,597,943 34,422
1,042,472 3,076,990 1,091,630
Effect of exchange rate changes on cash and cash equivalents
2,181 10,685 (11,316) 29,848 (9,165)
Net increase (decrease) in cash and cash equivalents 1,076,326
(172,308) 498,418 1,355,219 (341,754)
Cash and cash equivalents, beginning of period 1,746,469
1,918,777 969,158 1,467,576 1,809,330
Cash and cash equivalents, end of period $ 2,822,795 $
1,746,469 $ 1,467,576 $ 2,822,795 $ 1,467,576
27. Three Months Ended Twelve Months Ended
December 31,
2017
September 30,
2017
December 31,
2016
December 31,
2017
December 31,
2016
Non-GAAP free cash flow reconciliation:
Net cash used in operating activities $ (487,957) $ (419,607) $
(557,160) $ (1,785,948) $ (1,473,984)
Acquisitions of DVD content assets (10,507) (10,217) (18,797)
(53,720) (77,177)
Purchases of property and equipment (21,585) (33,963) (61,048)
(173,302) (107,653)
Change in other assets (3,749) (1,107) (1,617) (6,689) (941)
Non-GAAP free cash flow $ (523,798) $ (464,894) $ (638,622)
$ (2,019,659) $ (1,659,755)
28. 10
Netflix, Inc.
Segment Information
(unaudited)
(in thousands)
As of / Three Months Ended As of/ Twelve Months Ended
December 31,
2017
September 30,
2017
December 31,
2016
December 31,
2017
December 31,
2016
Domestic Streaming
Total memberships at end of period 54,750 52,772 49,431
54,750 49,431
Paid memberships at end of period 52,810 51,345 47,905 52,810
47,905
Revenues $ 1,630,274 $ 1,547,210 $ 1,403,462 $ 6,153,025 $
5,077,307
29. Cost of revenues 873,372 864,408 761,479 3,319,230 2,855,789
Marketing 195,784 128,901 105,589 553,331 382,832
Contribution profit 561,118 553,901 536,394 2,280,464
1,838,686
International Streaming
Total memberships at end of period 62,832 56,476 44,365
62,832 44,365
Paid memberships at end of period 57,834 52,678 41,185 57,834
41,185
Revenues $ 1,550,329 $ 1,327,435 $ 947,666 $ 5,089,191 $
3,211,095
Cost of revenues 1,191,497 1,081,485 834,794 4,137,911
2,911,370
Marketing 224,155 183,589 179,407 724,691 608,246
Contribution profit (loss) 134,677 62,361 (66,535) 226,589
(308,521)
Domestic DVD
Total memberships at end of period 3,383 3,569 4,114 3,383
4,114
Paid memberships at end of period 3,330 3,520 4,029 3,330
4,029
Revenues $ 105,152 $ 110,214 $ 126,413 $ 450,497 $ 542,267
30. Cost of revenues 42,485 47,087 58,146 202,525 262,742
Contribution profit 62,667 63,127 68,267 247,972 279,525
Consolidated
Revenues $ 3,285,755 $ 2,984,859 $ 2,477,541 $ 11,692,713 $
8,830,669
Cost of revenues 2,107,354 1,992,980 1,654,419 7,659,666
6,029,901
Marketing 419,939 312,490 284,996 1,278,022 991,078
Contribution profit 758,462 679,389 538,126 2,755,025
1,809,690
Other operating expenses 513,159 470,762 384,192 1,916,346
1,429,897
Operating income 245,303 208,627 153,934 838,679 379,793
Other expense (113,973) (92,390) (63,665) (353,358) (119,286)
Provision for (benefit from) income taxes (54,187) (13,353)
23,521 (73,608) 73,829
Net income $ 185,517 $ 129,590 $ 66,748 $ 558,929 $ 186,678
11
Netflix, Inc.
31. Non-GAAP Information
(unaudited)
(in thousands)
December 31,
2016
March 31,
2017
June 30,
2017
September 30,
2017
December 31,
2017
Non-GAAP Adjusted EBITDA reconciliation:
GAAP net income $ 66,748 $ 178,222 $ 65,600 $ 129,590 $
185,517
Add:
Interest and other (income) expense 63,665 33,150 113,845
92,390 113,973
Provision for (benefit from) income taxes 23,521 45,570
(51,638) (13,353) (54,187)
Depreciation and amortization of property,
equipment and intangibles 14,189 15,049 18,551 19,238 19,073
Stock-based compensation expense 43,646 44,888 44,028
32. 44,763 48,530
Adjusted EBITDA $ 211,769 $ 316,879 $ 190,386 $ 272,628 $
312,906
Q4 17 Shareholder Letter V2 FINALExhibit 99.1
TablesConsolidated Statements of OperationsConsolidated
Balance SheetsConsolidated Statements of Cash FlowsSegment
InformationNon-GAAP Recon
Refer to Netflix's letter to shareholders (Which is attached for
you) and this WSJ article (Which is attached for you), discuss
the problems that Netflix may have that are related to
international accounting.