Cash flows from operating activities: Net income NETFLIX, INC. (in thousands) Adjustments to reconcile net income to net cash provided by operating activities: Additions to content assets Change in content liabilities Amortization of content assets Depreciation and amortization of property, equipment and intangibles Stock-based compensation expense Foreign currency remeasurement loss (gain) on debt Other non-cash items Deferred income taxes Changes in operating assets and liabilities: Other current assets Accounts payable Accrued expenses and other liabilities Deferred revenue Other non-current assets and liabilities Net cash provided by operating activities Cash flows from investing activities: Purchases of property and equipment Change in other assets Acquisitions Purchases of short-term investments Proceeds from maturities of short-term investments Net cash provided by (used in) investing activities Cash flows from financing activities: Repayments of debt Proceeds from issuance of common stock Repurchases of common stock Taxes paid related to net share settlement of equity awards Other financing activities Net cash used in financing activities Effect of exchange rate changes on cash, cash equivalents and restricted cash Net increase (decrease) in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of year Cash, cash equivalents and restricted cash, end of year Supplemental disclosure: Income taxes paid Interest paid CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2023 2022 2021 S 5407990 S 4,491,924 S 5,116,228 (12,554,703) (16,839,038) (17,702,202) (585,602) 179,310 232,898 14,197,437 14,026,132 12,230,367 356,947 336,682 208,412 339,368 575,452 403,220 176,296 (353,111) (430,661) 512,075 533,543 376,777 (459,359) (166,550) 199,548 (181,003) (353,834) (369,681) 93,502 (158,543) 145,115 103,565 (55,513) 180,338 178,708 27,356 91,350 (310,920) (217,553) (289,099) 7274301 2026257 392,610 (348,552) (407,729) (524,585) _ (26,919) (757,387) (788,349) (504,862) (911,276) 1,395,165 541,751 (2,076,392) (1,339,853) (700,000) (500,000) 169,990 35,746 174.414 (6,045,347) _ (600,022) _ (224,168) (75,446) _ _ (5,950,803) (664,254) (1,149,776) 82,684 (170,140) (86,740) 1,947,933 (884,529) (2,183,759) 5,170,582 6,055,111 8,238,870 S 7,118515 5,170,582 6,055,111 $ 1,154973 811,720 $ 509,265 684,504 701,693 763,432 See accompanying notes to consolidated financial statements