Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Netflix Inc. (NASDAQ:NFLX)

Adjustments to Financial Statements

Advanced level

Adjustments to Total Assets

Netflix Inc., adjusted total assets

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total assets 33,975,712  25,974,400  19,012,742  13,586,610  10,202,871 
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 —  1,277,439  599,664  489,272  393,865 
Less: Deferred tax assets (classified as Other non-current assets)2 658,206  564,425  478,266  227,248  180,573 
After Adjustment
Adjusted total assets 33,317,506  26,687,414  19,134,140  13,848,634  10,416,163 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Deferred tax assets (classified as Other non-current assets). See details »


Adjustments to Current Liabilities

Netflix Inc., adjusted current liabilities

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Current liabilities 6,855,696  6,487,320  5,466,312  4,586,657  3,529,624 
Adjustments
Less: Current deferred revenue 924,745  760,899  618,622  443,472  346,721 
After Adjustment
Adjusted current liabilities 5,930,951  5,726,421  4,847,690  4,143,185  3,182,903 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).


Adjustments to Total Liabilities

Netflix Inc., adjusted total liabilities

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Total liabilities 26,393,555  20,735,635  15,430,786  10,906,810  7,979,445 
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  1,277,439  599,664  489,272  393,865 
Less: Deferred revenue 924,745  760,899  618,622  443,472  346,721 
After Adjustment
Adjusted total liabilities 25,468,810  21,252,175  15,411,828  10,952,610  8,026,589 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).

1 Operating lease liability (before adoption of FASB Topic 842). See details »


Adjustments to Stockholders’ Equity

Netflix Inc., adjusted stockholders’ equity

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Stockholders’ equity 7,582,157  5,238,765  3,581,956  2,679,800  2,223,426 
Adjustments
Less: Net deferred tax assets (liabilities)1 658,206  564,425  478,266  227,248  180,573 
Add: Deferred revenue 924,745  760,899  618,622  443,472  346,721 
After Adjustment
Adjusted stockholders’ equity 7,848,696  5,435,239  3,722,312  2,896,024  2,389,574 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).

1 Net deferred tax assets (liabilities). See details »


Adjustments to Capitalization Table

Netflix Inc., adjusted capitalization table

US$ in thousands

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Long-term debt 14,759,260  10,360,058  6,499,432  3,364,311  2,371,362 
Total reported debt 14,759,260  10,360,058  6,499,432  3,364,311  2,371,362 
Stockholders’ equity 7,582,157  5,238,765  3,581,956  2,679,800  2,223,426 
Total reported capital 22,341,417  15,598,823  10,081,388  6,044,111  4,594,788 
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1 —  1,277,439  599,664  489,272  393,865 
Add: Current operating lease liabilities2 190,622  —  —  —  — 
Add: Non-current operating lease liabilities3 1,422,612  —  —  —  — 
Adjusted total debt 16,372,494  11,637,497  7,099,096  3,853,583  2,765,227 
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4 658,206  564,425  478,266  227,248  180,573 
Add: Deferred revenue 924,745  760,899  618,622  443,472  346,721 
Adjusted stockholders’ equity 7,848,696  5,435,239  3,722,312  2,896,024  2,389,574 
After Adjustment
Adjusted total capital 24,221,190  17,072,736  10,821,408  6,749,607  5,154,801 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Current operating lease liabilities. See details »

3 Non-current operating lease liabilities. See details »

4 Net deferred tax assets (liabilities). See details »


Adjustments to Revenues

Netflix Inc., adjusted revenues

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Revenues 20,156,447  15,794,341  11,692,713  8,830,669  6,779,511 
Adjustment
Add: Increase (decrease) in deferred revenue 163,846  142,277  175,150  96,751  72,135 
After Adjustment
Adjusted revenues 20,320,293  15,936,618  11,867,863  8,927,420  6,851,646 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).


Adjustments to Reported Income

Netflix Inc., adjusted net income

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Net income 1,866,916  1,211,242  558,929  186,678  122,641 
Adjustments
Add: Deferred income tax expense (benefit)1 (94,739) (85,520) (208,688) (46,847) (58,655)
Add: Increase (decrease) in deferred revenue 163,846  142,277  175,150  96,751  72,135 
Add: Other comprehensive income (loss) (3,939) 975  28,008  (5,257) (38,862)
After Adjustment
Adjusted net income 1,932,084  1,268,974  553,399  231,325  97,259 

Based on: 10-K (filing date: 2020-01-29), 10-K (filing date: 2019-01-29), 10-K (filing date: 2018-01-29), 10-K (filing date: 2017-01-27), 10-K (filing date: 2016-01-28).

1 Deferred income tax expense (benefit). See details »