Netflix — Jan 21, 2025 release

Our forecast assumes cash content spend of roughly $18B and an estimated $800M in cash outflows related to the timing of certain direct and indirect tax deposits, which is in addition to our typical annual tax obligations. During 2025, we expect to pay down $1.8B in bonds that mature during the year using the proceeds from our investment grade debt offering in 2024. Long Term Stock Price Performance In each January investor letter, we provide an update on our long term stock performance. We continue to manage our business for the long term and under the belief that pleasing our members will lead to strong value creation for our fellow shareholders. We thank our investors for their trust and for coming along with us on our journey to build one of the world’s leading entertainment companies. ___________________________________ 23 Defined as cash provided by operating activities less purchases of property and equipment and change in other assets. 24 Defined as total debt less cash and cash equivalents and short-term investments. Total debt consists of short-term and long-term debt, plus debt issuance costs and original issuance discount. 6 Reference For quick reference, our past investor letters can be found here 25 . ___________________________________ 25 https://ir.netflix.net/financials/quarterly-earnings/default.aspx 7 Regional Breakdown (in millions) Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 UCAN Streaming: Revenue $ 3,931  $ 4,224  $ 4,296  $ 4,322