Netflix Inc. Consolidated Statements Of Cash Flows (in millions) Cash flows from operating activities: Net income 12 Months Ended Dec. 31, 2020 Dec. 31, 2019 Dec. 31, 2018 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Additions to content assets 2,761,395 1,866,916 1,211,242 (11,779,284) (13,916,683) (13,043,437) Change in content liabilities (757,433) (694,011) Amortization of content assets 10,806,912 9,216,247 999,880 7,532,088 Depreciation and amortization of property, equipment and intangibles 115,710 103,579 83,157 Stock-based compensation expense 415,180 405,376 320,657 Foreign currency remeasurement loss (gain) on debt 533,278 (45,576) (73,953) Other non-cash items 293,126 228,230 81,640 Deferred income taxes 70,066 (94,443) (85,520) Changes in operating assets and liabilities: Other current assets Accounts payable (187,623) (252,113) (200,192) (41,605) 96,063 199,198 Accrued expenses and other liabilities 198,183 157,778 150,422 Deferred revenue 193,247 163,846 142,277 Other non-current assets and liabilities (194,075) (122,531) 2,062 Net cash provided by (used in) operating activities 2,427,077 (2,887,322) (2,680,479) Cash flows from investing activities: Purchases of property and equipment Change in other assets Net cash used in investing activities Cash flows from financing activities: Proceeds from issuance of debt Debt issuance costs (497,923) (253,035) (173,946) (7,431) (134,029) (165,174) (505,354) (387,064) (339,120) Proceeds from issuance of common stock Other financing activities Net cash provided by financing activities Effect of exchange rate changes on cash, cash equivalents and restricted ca 36,050 469 (39,682) Net increase 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 8,238,870 5,043,786 3,195,084 1,231,745 989,246 5,043,786 3,812,041 2,822,795 3,812,041 1,009,464 4,469,306 3,961,852 (7,559) (36,134) (35,871) 235,406 72,490 124,502 (1,956) 1,237,311 4,505,662 4,048,527