Assistant Quickstart
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Export
1. Install the Python SDK
[1]
2. Connect to Pinecone
You need an API key to make calls to your assistant.
Use the widget below to generate a key. If you don't have a Pinecone account, the widget will sign you up for the free Starter plan.
[2]
Save your API key to use throughout the notebook:
[3]
3. Create assistant
[4]
3. Upload data
For this quickstart, download a sample 10-k filing file to your local device. Then, upload it to the notebook's local files.
[5]
File uploaded.
4. View files
[6]
[FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
status='Available',
percent_done=1.0,
signed_url=None,
error_message=None,
size=1073470.0)]
5. Chat with assistant
[8]
ChatResponse(id='000000000000000017c8786a14e6d89d',
model='gpt-4o-2024-11-20',
usage=Usage(prompt_tokens=11622,
completion_tokens=42,
total_tokens=11664),
message=Message(content="Netflix's Co-Chief Executive Officers "
'(CEOs) are Ted Sarandos and Greg Peters, '
'and the Chief Financial Officer (CFO) is '
'Spencer Neumann.',
role='assistant'),
finish_reason='stop',
citations=[Citation(position=135,
references=[Reference(file=FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
status='Available',
percent_done=1.0,
signed_url='https://storage.googleapis.com/knowledge-prod-files/bf0dcf22-6809-43de-9015-fafff9b29142%2Ffdb722ed-2dd8-417a-8f5e-c9cca6a089b7%2Ff6cedaee-96e4-49c4-bc72-bbd62b62434a.pdf?X-Goog-Algorithm=GOOG4-RSA-SHA256&X-Goog-Credential=ke-prod-1%40pc-knowledge-prod.iam.gserviceaccount.com%2F20250220%2Fauto%2Fstorage%2Fgoog4_request&X-Goog-Date=20250220T183837Z&X-Goog-Expires=3600&X-Goog-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&X-Goog-Signature=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',
error_message=None,
size=1073470.0),
pages=[79],
highlight=None),
Reference(file=FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
status='Available',
percent_done=1.0,
signed_url='https://storage.googleapis.com/knowledge-prod-files/bf0dcf22-6809-43de-9015-fafff9b29142%2Ffdb722ed-2dd8-417a-8f5e-c9cca6a089b7%2Ff6cedaee-96e4-49c4-bc72-bbd62b62434a.pdf?X-Goog-Algorithm=GOOG4-RSA-SHA256&X-Goog-Credential=ke-prod-1%40pc-knowledge-prod.iam.gserviceaccount.com%2F20250220%2Fauto%2Fstorage%2Fgoog4_request&X-Goog-Date=20250220T183837Z&X-Goog-Expires=3600&X-Goog-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&X-Goog-Signature=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',
error_message=None,
size=1073470.0),
pages=[72],
highlight=None)])])
6. Evaluate the answer
Evaluate the correctness and completeness of a response from an assistant. For more information, refer to Understanding evaluation.
[12]
('{"metrics":{"correctness":1.0,"completeness":1.0,"alignment":1.0},"reasoning":{"evaluated_facts":[{"fact":{"content":"Ted '
'Sarandos is a co-CEO of '
'Netflix."},"entailment":"entailed"},{"fact":{"content":"Greg Peters is a '
'co-CEO of Netflix."},"entailment":"entailed"},{"fact":{"content":"Spencer '
'Neumann is the CFO of '
'Netflix."},"entailment":"entailed"}]},"usage":{"prompt_tokens":1249,"completion_tokens":55,"total_tokens":1304}}')
7. Retrieve context snippets
You can retrieve the context snippets that Pinecone Assistant uses to generate its responses. This data includes relevant chunks, relevancy scores, and references. For more information, refer to Understanding context snippets.
[13]
Snippet(type='text',
content='EXHIBIT 31.3\n'
'CERTIFICATION OF CHIEF FINANCIAL OFFICER\n'
'PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002\n'
'I, Spencer Neumann, certify that:\n'
'1. I have reviewed this Annual Report on Form 10-K of '
'Netflix, Inc.;\n'
'2. Based on my knowledge, this report does not contain any '
'untrue statement of a material fact or omit to state a '
'material fact necessary to make the\n'
'statements made, in light of the circumstances under which '
'such statements were made, not misleading with respect to the '
'period covered by this\n'
'report;\n'
'3. Based on my knowledge, the financial statements, and other '
'financial information included in this report, fairly present '
'in all material respects the\n'
'financial condition, results of operations and cash flows of '
'the registrant as of, and for, the periods presented in this '
'report;\n'
'4. The registrant’s other certifying officers and I are '
'responsible for establishing and maintaining disclosure '
'controls and procedures (as defined in\n'
'Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal '
'control over financial reporting (as defined in Exchange Act '
'Rules 13a-15(f) and 15d-\n'
'15(f)) for the registrant and have:\n'
'a) designed such disclosure controls and procedures, or '
'caused such disclosure controls and procedures to be designed '
'under our supervision, to\n'
'ensure that material information relating to the registrant, '
'including its consolidated subsidiaries, is made known to us '
'by others within those\n'
'entities, particularly during the period in which this report '
'is being prepared;\n'
'b) designed such internal control over financial reporting, '
'or caused such internal control over financial reporting to '
'be designed under our\n'
'supervision, to provide reasonable assurance regarding the '
'reliability of financial reporting and the preparation of '
'financial statements for\n'
'external purposes in accordance with generally accepted '
'accounting principles;\n'
'c) evaluated the effectiveness of the registrant’s disclosure '
'controls and procedures and presented in this report our '
'conclusions about the\n'
'effectiveness of the disclosure controls and procedures, as '
'of the end of the period covered by this report based on such '
'evaluation; and\n'
'd) disclosed in this report any change in the registrant’s '
'internal control over financial reporting that occurred '
'during the registrant’s most recent\n'
'fiscal quarter (the registrant’s fourth fiscal quarter in the '
'case of an annual report) that has materially affected, or is '
'reasonably likely to\n'
'materially affect, the registrant’s internal control over '
'financial reporting; and\n'
'5. The registrant’s other certifying officers and I have '
'disclosed, based on our most recent evaluation of internal '
'control over financial reporting, to the\n'
'registrant’s auditors and the audit committee of registrant’s '
'board of directors (or persons performing the equivalent '
'function):\n'
'a) all significant deficiencies and material weaknesses in '
'the design or operation of internal control over financial '
'reporting which are\n'
'reasonably likely to adversely affect the registrant’s '
'ability to record, process, summarize and report financial '
'information; and\n'
'b) any fraud, whether or not material, that involves '
'management or other employees who have a significant role in '
'the registrant’s internal\n'
'control over financial reporting.\n'
' \n'
'Dated: January 26, 2024 By: /S/ SPENCER NEUMANN\n'
' Spencer Neumann\n'
' Chief Financial Officer',
score=0.8616433,
reference=PdfReference(type='pdf',
pages=[78],
file=FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
status='Available',
percent_done=1.0,
signed_url='https://storage.googleapis.com/knowledge-prod-files/bf0dcf22-6809-43de-9015-fafff9b29142%2Ffdb722ed-2dd8-417a-8f5e-c9cca6a089b7%2Ff6cedaee-96e4-49c4-bc72-bbd62b62434a.pdf?X-Goog-Algorithm=GOOG4-RSA-SHA256&X-Goog-Credential=ke-prod-1%40pc-knowledge-prod.iam.gserviceaccount.com%2F20250220%2Fauto%2Fstorage%2Fgoog4_request&X-Goog-Date=20250220T184012Z&X-Goog-Expires=3600&X-Goog-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&X-Goog-Signature=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',
error_message=None,
size=1073470)))
Snippet(type='text',
content='EXHIBIT 32.1\n'
'CERTIFICATIONS OF CO-CHIEF EXECUTIVE OFFICERS AND CHIEF '
'FINANCIAL OFFICER\n'
'PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002\n'
'I, Ted Sarandos, certify, pursuant to 18 U.S.C. Section 1350, '
'as adopted pursuant to Section 906 of the Sarbanes-Oxley Act '
'of 2002, that the Annual\n'
'Report on Form 10-K of Netflix, Inc. for the year ended '
'December 31, 2023 fully complies with the requirements of '
'Section 13(a) or 15(d) of the Securities\n'
'Exchange Act of 1934 and that information contained in such '
'report fairly presents, in all material respects, the '
'financial condition and results of operations of\n'
'Netflix, Inc.\n'
'Dated: January 26, 2024 By: /S/ TED SARANDOS\n'
' Ted Sarandos\n'
' Co-Chief Executive Officer\n'
'I, Greg Peters, certify, pursuant to 18 U.S.C. Section 1350, '
'as adopted pursuant to Section 906 of the Sarbanes-Oxley Act '
'of 2002, that the Annual Report\n'
'on Form 10-K of Netflix, Inc. for the year ended December 31, '
'2023 fully complies with the requirements of Section 13(a) or '
'15(d) of the Securities Exchange\n'
'Act of 1934 and that information contained in such report '
'fairly presents, in all material respects, the financial '
'condition and results of operations of Netflix,\n'
'Inc.\n'
'Dated: January 26, 2024 By: /S/ GREG PETERS\n'
' Greg Peters\n'
' Co-Chief Executive Officer\n'
'I, Spencer Neumann, certify, pursuant to 18 U.S.C. Section '
'1350, as adopted pursuant to Section 906 of the '
'Sarbanes-Oxley Act of 2002, that the Annual\n'
'Report on Form 10-K of Netflix, Inc. for the year ended '
'December 31, 2023 fully complies with the requirements of '
'Section 13(a) or 15(d) of the Securities\n'
'Exchange Act of 1934 and that information contained in such '
'report fairly presents, in all material respects, the '
'financial condition and results of operations of\n'
'Netflix, Inc.\n'
'Dated: January 26, 2024 By: /S/ SPENCER NEUMANN\n'
' Spencer Neumann\n'
' Chief Financial Officer',
score=0.8533396,
reference=PdfReference(type='pdf',
pages=[79],
file=FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
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percent_done=1.0,
signed_url='https://storage.googleapis.com/knowledge-prod-files/bf0dcf22-6809-43de-9015-fafff9b29142%2Ffdb722ed-2dd8-417a-8f5e-c9cca6a089b7%2Ff6cedaee-96e4-49c4-bc72-bbd62b62434a.pdf?X-Goog-Algorithm=GOOG4-RSA-SHA256&X-Goog-Credential=ke-prod-1%40pc-knowledge-prod.iam.gserviceaccount.com%2F20250220%2Fauto%2Fstorage%2Fgoog4_request&X-Goog-Date=20250220T184012Z&X-Goog-Expires=3600&X-Goog-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&X-Goog-Signature=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',
error_message=None,
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Snippet(type='text',
content='EXHIBIT 31.1\n'
'CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER\n'
'PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002\n'
'I, Ted Sarandos, certify that:\n'
'1. I have reviewed this Annual Report on Form 10-K of '
'Netflix, Inc.;\n'
'2. Based on my knowledge, this report does not contain any '
'untrue statement of a material fact or omit to state a '
'material fact necessary to make the\n'
'statements made, in light of the circumstances under which '
'such statements were made, not misleading with respect to the '
'period covered by this\n'
'report;\n'
'3. Based on my knowledge, the financial statements, and other '
'financial information included in this report, fairly present '
'in all material respects the\n'
'financial condition, results of operations and cash flows of '
'the registrant as of, and for, the periods presented in this '
'report;\n'
'4. The registrant’s other certifying officers and I are '
'responsible for establishing and maintaining disclosure '
'controls and procedures (as defined in\n'
'Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal '
'control over financial reporting (as defined in Exchange Act '
'Rules 13a-15(f) and 15d-\n'
'15(f)) for the registrant and have:\n'
'a) designed such disclosure controls and procedures, or '
'caused such disclosure controls and procedures to be designed '
'under our supervision, to\n'
'ensure that material information relating to the registrant, '
'including its consolidated subsidiaries, is made known to us '
'by others within those\n'
'entities, particularly during the period in which this report '
'is being prepared;\n'
'b) designed such internal control over financial reporting, '
'or caused such internal control over financial reporting to '
'be designed under our\n'
'supervision, to provide reasonable assurance regarding the '
'reliability of financial reporting and the preparation of '
'financial statements for\n'
'external purposes in accordance with generally accepted '
'accounting principles;\n'
'c) evaluated the effectiveness of the registrant’s disclosure '
'controls and procedures and presented in this report our '
'conclusions about the\n'
'effectiveness of the disclosure controls and procedures, as '
'of the end of the period covered by this report based on such '
'evaluation; and\n'
'd) disclosed in this report any change in the registrant’s '
'internal control over financial reporting that occurred '
'during the registrant’s most recent\n'
'fiscal quarter (the registrant’s fourth fiscal quarter in the '
'case of an annual report) that has materially affected, or is '
'reasonably likely to\n'
'materially affect, the registrant’s internal control over '
'financial reporting; and\n'
'5. The registrant’s other certifying officers and I have '
'disclosed, based on our most recent evaluation of internal '
'control over financial reporting, to the\n'
'registrant’s auditors and the audit committee of registrant’s '
'board of directors (or persons performing the equivalent '
'function):\n'
'a) all significant deficiencies and material weaknesses in '
'the design or operation of internal control over financial '
'reporting which are\n'
'reasonably likely to adversely affect the registrant’s '
'ability to record, process, summarize and report financial '
'information; and\n'
'b) any fraud, whether or not material, that involves '
'management or other employees who have a significant role in '
'the registrant’s internal\n'
'control over financial reporting.\n'
' \n'
'Dated: January 26, 2024 By: /S/ TED SARANDOS\n'
' Ted Sarandos\n'
' Co-Chief Executive Officer',
score=0.8266142,
reference=PdfReference(type='pdf',
pages=[76],
file=FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
status='Available',
percent_done=1.0,
signed_url='https://storage.googleapis.com/knowledge-prod-files/bf0dcf22-6809-43de-9015-fafff9b29142%2Ffdb722ed-2dd8-417a-8f5e-c9cca6a089b7%2Ff6cedaee-96e4-49c4-bc72-bbd62b62434a.pdf?X-Goog-Algorithm=GOOG4-RSA-SHA256&X-Goog-Credential=ke-prod-1%40pc-knowledge-prod.iam.gserviceaccount.com%2F20250220%2Fauto%2Fstorage%2Fgoog4_request&X-Goog-Date=20250220T184012Z&X-Goog-Expires=3600&X-Goog-SignedHeaders=host&response-content-disposition=inline&response-content-type=application%2Fpdf&X-Goog-Signature=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',
error_message=None,
size=1073470)))
Snippet(type='text',
content='Table of Contents\n'
'POWER OF ATTORNEY\n'
'KNOWN ALL PERSONS BY THESE PRESENTS, that each person whose '
'signature appears below constitutes and appoints Ted '
'Sarandos, Greg Peters,\n'
'and Spencer Neumann, and each of them, as his true and lawful '
'attorneys-in-fact and agents, with full power of substitution '
'and resubstitution, for him and in\n'
'his name, place, and stead, in any and all capacities, to '
'sign any and all amendments to this Report, and to file the '
'same, with all exhibits thereto, and other\n'
'documents in connection therewith, with the Securities and '
'Exchange Commission, granting unto said attorneys-in-fact and '
'agents, and each of them, full\n'
'power and authority to do and perform each and every act and '
'thing requisite and necessary to be done in connection '
'therewith, as fully to all intents and\n'
'purposes as he might or could do in person, hereby ratifying '
'and confirming that all said attorneys-in-fact and agents, or '
'any of them or their or his substitute or\n'
'substituted, may lawfully do or cause to be done by virtue '
'thereof.\n'
'Pursuant to the requirements of the Securities and Exchange '
'Act of 1934, this report has been signed below by the '
'following persons on behalf of the\n'
'registrant and in the capacities and on the dates indicated.\n'
' \n'
'Signature Title Date\n'
'/S/ TED SARANDOS Co-Chief Executive Officer and Director '
'(principal executiveofficer) January 26, 2024Ted Sarandos\n'
'/S/ GREG PETERS Co-Chief Executive Officer and Director '
'(principal executiveofficer) January 26, 2024Greg Peters\n'
'/S/ SPENCER NEUMANN\n'
'Chief Financial Officer (principal financial officer) January '
'26, 2024Spencer Neumann\n'
'/S/ JEFFREY KARBOWSKI\n'
'Chief Accounting Officer (principal accounting officer) '
'January 26, 2024Jeffrey Karbowski\n'
'/S/ REED HASTINGS\n'
'Executive Chairman and Director January 26, 2024Reed '
'Hastings\n'
'/S/ RICHARD BARTON\n'
'Director January 26, 2024Richard Barton\n'
'/S/ MATHIAS DÖPFNER\n'
'Director January 26, 2024Mathias Döpfner\n'
'/S/ TIMOTHY M. HALEY\n'
'Director January 26, 2024Timothy M. Haley\n'
'/S/ JAY C. HOAG\n'
'Director January 26, 2024Jay C. Hoag\n'
'/S/ LESLIE J. KILGORE\n'
'Director January 26, 2024Leslie J. Kilgore\n'
'/S/ STRIVE MASIYIWA\n'
'Director January 26, 2024Strive Masiyiwa\n'
'/S/ ANN MATHER\n'
'Director January 26, 2024Ann Mather\n'
'69',
score=0.81665546,
reference=PdfReference(type='pdf',
pages=[72],
file=FileModel(name='Netflix-10-K-01262024.pdf',
id='f6cedaee-96e4-49c4-bc72-bbd62b62434a',
metadata={'medium': 'filing'},
created_on='2025-02-20T18:37:03.338791010Z',
updated_on='2025-02-20T18:37:48.013250637Z',
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'CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER\n'
'PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002\n'
'I, Greg Peters, certify that:\n'
'1. I have reviewed this Annual Report on Form 10-K of '
'Netflix, Inc.;\n'
'2. Based on my knowledge, this report does not contain any '
'untrue statement of a material fact or omit to state a '
'material fact necessary to make the\n'
'statements made, in light of the circumstances under which '
'such statements were made, not misleading with respect to the '
'period covered by this\n'
'report;\n'
'3. Based on my knowledge, the financial statements, and other '
'financial information included in this report, fairly present '
'in all material respects the\n'
'financial condition, results of operations and cash flows of '
'the registrant as of, and for, the periods presented in this '
'report;\n'
'4. The registrant’s other certifying officers and I are '
'responsible for establishing and maintaining disclosure '
'controls and procedures (as defined in\n'
'Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal '
'control over financial reporting (as defined in Exchange Act '
'Rules 13a-15(f) and 15d-\n'
'15(f)) for the registrant and have:\n'
'a) designed such disclosure controls and procedures, or '
'caused such disclosure controls and procedures to be designed '
'under our supervision, to\n'
'ensure that material information relating to the registrant, '
'including its consolidated subsidiaries, is made known to us '
'by others within those\n'
'entities, particularly during the period in which this report '
'is being prepared;\n'
'b) designed such internal control over financial reporting, '
'or caused such internal control over financial reporting to '
'be designed under our\n'
'supervision, to provide reasonable assurance regarding the '
'reliability of financial reporting and the preparation of '
'financial statements for\n'
'external purposes in accordance with generally accepted '
'accounting principles;\n'
'c) evaluated the effectiveness of the registrant’s disclosure '
'controls and procedures and presented in this report our '
'conclusions about the\n'
'effectiveness of the disclosure controls and procedures, as '
'of the end of the period covered by this report based on such '
'evaluation; and\n'
'd) disclosed in this report any change in the registrant’s '
'internal control over financial reporting that occurred '
'during the registrant’s most recent\n'
'fiscal quarter (the registrant’s fourth fiscal quarter in the '
'case of an annual report) that has materially affected, or is '
'reasonably likely to\n'
'materially affect, the registrant’s internal control over '
'financial reporting; and\n'
'5. The registrant’s other certifying officers and I have '
'disclosed, based on our most recent evaluation of internal '
'control over financial reporting, to the\n'
'registrant’s auditors and the audit committee of registrant’s '
'board of directors (or persons performing the equivalent '
'function):\n'
'a) all significant deficiencies and material weaknesses in '
'the design or operation of internal control over financial '
'reporting which are\n'
'reasonably likely to adversely affect the registrant’s '
'ability to record, process, summarize and report financial '
'information; and\n'
'b) any fraud, whether or not material, that involves '
'management or other employees who have a significant role in '
'the registrant’s internal\n'
'control over financial reporting.\n'
' \n'
'Dated: January 26, 2024 By: /S/ GREG PETERS\n'
' Greg Peters\n'
' Co-Chief Executive Officer',
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'SIGNATURES\n'
'Pursuant to the requirements of Section 13 or 15(d) of the '
'Securities Exchange Act of 1934, the registrant has duly '
'caused this report to be signed on its\n'
'behalf by the undersigned, thereunto duly authorized.\n'
' \n'
' Netflix, Inc.\n'
'Dated: January 26, 2024 By: /S/ TED SARANDOS\n'
' \n'
'Ted SarandosCo-Chief Executive Officer(principal executive '
'officer)\n'
'Dated: January 26, 2024 By: /S/ GREG PETERS\n'
'Greg PetersCo-Chief Executive Officer(principal executive '
'officer)\n'
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'Item 9A. Controls and Procedures\n'
'(a) Evaluation of Disclosure Controls and Procedures\n'
'Our management, with the participation of our co-Chief '
'Executive Officers and Chief Financial Officer, evaluated the '
'effectiveness of our disclosure\n'
'controls and procedures (as defined in Rules 13a-15(e) and '
'15d-15(e) under the Exchange Act) as of the end of the period '
'covered by this Annual Report on\n'
'Form 10-K. Based on that evaluation, our co-Chief Executive '
'Officers and Chief Financial Officer concluded that our '
'disclosure controls and procedures as of\n'
'the end of the period covered by this Annual Report on Form '
'10-K were effective in providing reasonable assurance that '
'information required to be disclosed\n'
'by us in reports that we file or submit under the Exchange '
'Act, is recorded, processed, summarized and reported within '
'the time periods specified in the\n'
'Securities and Exchange Commission’s rules and forms, and '
'that such information is accumulated and communicated to our '
'management, including our co-\n'
'Chief Executive Officers and Chief Financial Officer, as '
'appropriate, to allow timely decisions regarding required '
'disclosures.\n'
'Our management, including our co-Chief Executive Officers and '
'Chief Financial Officer, does not expect that our disclosure '
'controls and procedures or\n'
'our internal controls will prevent all error and all fraud. A '
'control system, no matter how well conceived and operated, '
'can provide only reasonable, not\n'
'absolute, assurance that the objectives of the control system '
'are met. Further, the design of a control system must reflect '
'the fact that there are resource\n'
'constraints, and the benefits of controls must be considered '
'relative to their costs. Because of the inherent limitations '
'in all control systems, no evaluation of\n'
'controls can provide absolute assurance that all control '
'issues and instances of fraud, if any, within Netflix have '
'been detected.\n'
' \n'
'(b) Management’s Annual Report on Internal Control Over '
'Financial Reporting\n'
'Our management is responsible for establishing and '
'maintaining adequate internal control over financial '
'reporting (as defined in Rule 13a-15(f) of the\n'
'Exchange Act). Our management assessed the effectiveness of '
'our internal control over financial reporting as of December '
'31, 2023. In making this\n'
'assessment, our management used the criteria set forth by the '
'Committee of Sponsoring Organizations of the Treadway '
'Commission (“COSO”) in Internal\n'
'Control—Integrated Framework (2013 framework). Based on our '
'assessment under the framework in Internal Control—Integrated '
'Framework (2013\n'
'framework), our management concluded that our internal '
'control over financial reporting was effective as of December '
'31, 2023. The effectiveness of our\n'
'internal control over financial reporting as of December 31, '
'2023 has been audited by Ernst & Young LLP, an independent '
'registered public accounting firm, as\n'
'stated in their report that is included herein.\n'
' \n'
'(c) Changes in Internal Control Over Financial Reporting\n'
'There was no change in our internal control over financial '
'reporting that occurred during the quarter ended December 31, '
'2023 that has materially\n'
'affected, or is reasonably likely to materially affect, our '
'internal control over financial reporting.\n'
' \n'
'31',
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'PART I\n'
'Forward-Looking Statements\n'
'This Annual Report on Form 10-K contains forward-looking '
'statements within the meaning of the federal securities laws. '
'These forward-looking\n'
'statements include, but are not limited to, statements '
'regarding: our core strategy; our ability to improve our '
'content offerings and service; our future financial\n'
'performance, including expectations regarding revenues, '
'deferred revenue, operating income and margin, net income, '
'expenses, and profitability; liquidity,\n'
'including the sufficiency of our capital resources, net cash '
'provided by (used in) operating activities, access to '
'financing sources, and free cash flows; capital\n'
'allocation strategies, including any stock repurchases or '
'repurchase programs; seasonality; stock price volatility; '
'impact of foreign exchange rate fluctuations,\n'
'including on net income, revenues and average revenues per '
'paying member; impact of interest rate fluctuations; adequacy '
'of existing facilities; future\n'
'regulatory changes and their impact on our business; '
'intellectual property; price changes and testing; accounting '
'treatment for changes related to content\n'
'assets; acquisitions; actions by competitors; membership '
'growth, including impact of content and pricing changes on '
'membership growth; partnerships;\n'
'advertising; multi-household usage; member viewing patterns; '
'dividends; future contractual obligations, including unknown '
'content obligations and timing of\n'
'payments; our global content and marketing investments, '
'including investments in original programming; impact of work '
'stoppages; content amortization;\n'
'resolutions of tax examinations; tax expense; unrecognized '
'tax benefits; deferred tax assets; our ability to effectively '
'manage change and growth; our company\n'
'culture; and our ability to attract and retain qualified '
'employees and key personnel. These forward-looking statements '
'are subject to risks and uncertainties\n'
'that could cause actual results and events to differ. A '
'detailed discussion of these and other risks and '
'uncertainties that could cause actual results and events to\n'
'differ materially from such forward-looking statements is '
'included throughout this filing and particularly in Item 1A: '
'"Risk Factors" section set forth in this\n'
'Annual Report on Form 10-K. All forward-looking statements '
'included in this document are based on information available '
'to us on the date hereof, and we\n'
'assume no obligation to revise or publicly release any '
'revision to any such forward-looking statement, except as may '
'otherwise be required by law.\n'
' \n'
'Item 1. Business\n'
'ABOUT US\n'
'Netflix, Inc. (“Netflix”, “the Company”, “registrant”, “we”, '
'or “us”) is one of the world’s leading entertainment services '
'with over 260 million paid\n'
'memberships in over 190 countries enjoying TV series, films '
'and games across a wide variety of genres and languages. '
'Members can play, pause and resume\n'
'watching as much as they want, anytime, anywhere, and can '
'change their plans at any time.\n'
'Our core strategy is to grow our business globally within the '
'parameters of our operating margin target. We strive to '
"continuously improve our members'\n"
'experience by offering compelling content that delights them '
'and attracts new members. We seek to drive conversation '
'around our content to further enhance\n'
'member joy, and we are continuously enhancing our user '
'interface to help our members more easily choose content that '
'they will find enjoyable.\n'
'BUSINESS SEGMENTS\n'
'We operate as one operating segment. Our revenues are '
'primarily derived from monthly membership fees for services '
'related to streaming content to our\n'
'members. See Note 12, Segment and Geographic Information, in '
'the accompanying notes to our consolidated financial '
'statements for further detail.\n'
'COMPETITION\n'
'The market for entertainment video is intensely competitive '
'and subject to rapid change. We compete with a broad set of '
'activities for consumers’ leisure\n'
'time, including other entertainment video providers, such as '
'linear TV, streaming entertainment providers (including those '
'that provide pirated content), video\n'
'gaming providers and more broadly against other sources of '
'entertainment, like social media, that our members could '
'choose in their moments of free time. We\n'
'also compete against entertainment video providers and '
'content producers in obtaining content for our service, both '
'for licensed content and for original\n'
'content projects.\n'
'While consumers may maintain simultaneous relationships with '
'multiple entertainment sources, we strive for consumers to '
'choose us in their moments of\n'
'free time. We have often referred to this choice as our '
'objective of "winning moments of truth." In attempting to win '
'these moments of truth with our members,\n'
'we seek to continually improve our service, including both '
'our technology and our content offerings.\n'
'SEASONALITY\n'
'1',
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'ExhibitNumber Exhibit Description\n'
'Incorporated by Reference FiledHerewithForm File No. Exhibit '
'Filing Date\n'
'31.2 Certification of Co-Chief Executive Officer Pursuant '
'toSection 302 of the Sarbanes-Oxley Act of 2002 X\n'
'31.3 Certification of Chief Financial Officer Pursuant '
'toSection 302 of the Sarbanes-Oxley Act of 2002 X\n'
'32.1* Certifications of Co-Chief Executive Officers and '
'ChiefFinancial Officer Pursuant to Section 906 of the '
'Sarbanes-Oxley Act of 2002 X\n'
'97.1 Netflix, Inc. Clawback Policy X\n'
'101 The following financial statements from the '
"Company'sAnnual Report on Form 10-K for the year "
'endedDecember 31, 2023, formatted in Inline XBRL: '
'(i)Consolidated Statements of Operations, (ii) '
'ConsolidatedStatements of Comprehensive Income, (iii) '
'ConsolidatedStatements of Cash Flows, (iv) Consolidated '
'BalanceSheets, (v) Consolidated Statements of '
"Stockholders'Equity and (vi) Notes to Consolidated "
'FinancialStatements, tagged as blocks of text and including '
'detailedtags X\n'
"104 The cover page from the Company's Annual Report onForm "
'10-K for the year ended December 31, 2023,formatted in Inline '
'XBRL X\n'
'* These certifications are not deemed filed by the SEC and '
'are not to be incorporated by reference in any filing we make '
'under the Securities Act of 1933 or the\n'
'Securities Exchange Act of 1934, irrespective of any general '
'incorporation language in any filings.\n'
'† Indicates a management contract or compensatory plan\n'
'67',
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'• censorship requirements that cause us to remove or edit '
'popular content, leading to consumer disappointment, brand '
'tarnishment or dissatisfaction\n'
'with our service;\n'
'• low usage and/or penetration of internet-connected consumer '
'electronic devices;\n'
'• different and more stringent user protection, data '
'protection, privacy and other laws, including data '
'localization and/or restrictions on data export, and\n'
'local ownership requirements;\n'
'• availability of reliable broadband connectivity and wide '
'area networks in targeted areas for expansion;\n'
'• differing laws and consumer understanding/attitudes '
'regarding the illegality of piracy;\n'
'• negative impacts from trade disputes; and\n'
'• implementation of regulations designed to stimulate the '
'local production of film and TV series in order to promote '
'and preserve local culture and\n'
'economic activity, including local content quotas, investment '
'obligations, and levies to support local film funds. For '
'example, the European Union\n'
'revised its Audio Visual Media Services Directive in 2018 to '
'require that European works comprise at least thirty percent '
'(30%) of media service\n'
'providers’ catalogs, and to require prominence of those '
'works.\n'
'These and other factors may cause us to adjust our business '
'plans, including expanding or ceasing certain operations in '
'certain countries, and the\n'
'execution of our strategies. Our failure to manage any of '
'these risks successfully could harm our international '
'operations and our overall business, and results\n'
'of our operations.\n'
'We are subject to taxation related risks in multiple '
'jurisdictions.\n'
'We are a U.S.-based multinational company subject to tax in '
'multiple U.S. and foreign tax jurisdictions. Significant '
'judgment is required in determining\n'
'our global provision for income taxes, deferred taxes and '
'other tax liabilities and receivables, and in evaluating our '
'tax positions and other tax attributes on a\n'
'worldwide basis. We are subject to the periodic examination '
'of our domestic and foreign tax returns by the IRS, state, '
'local, and foreign tax authorities, some of\n'
'whom are challenging our tax positions. We regularly assess '
'the likelihood of adverse outcomes from these examinations in '
'determining the adequacy of our\n'
'provision for income taxes and other tax liabilities. We '
'consider many factors when evaluating and estimating our tax '
'positions and tax benefits, which may\n'
'require periodic adjustments and may not accurately forecast '
'actual tax audit outcomes. If the ultimate determination of '
'income and other tax liabilities differ\n'
'from the amounts recorded or accrued, our business, financial '
'condition or results of operations may be adversely '
'impacted.\n'
'Tax laws are regularly being re-examined and evaluated '
'globally. New laws and interpretations of the law are taken '
'into account for financial statement\n'
'purposes in the quarter or year that they become applicable. '
'Tax authorities are increasingly scrutinizing the tax '
'positions of companies and we have tax audits\n'
'pending in several jurisdictions. The U.S. federal and state '
'governments, countries in the European Union, as well as a '
'number of other countries and\n'
'organizations such as the Organization for Economic '
'Cooperation and Development, are actively considering changes '
'to existing tax laws that, if enacted,\n'
'could increase our tax obligations in jurisdictions where we '
'do business. If U.S. or other tax authorities change '
'applicable tax laws or successfully challenge\n'
'how or where our profits are currently recognized, our '
'overall taxes could increase, and our business, financial '
'condition or results of operations may be\n'
'adversely impacted.\n'
'Risks Related to Human Resources\n'
'We may lose key employees or may be unable to hire qualified '
'employees, and the failure to maintain and improve our '
'company culture may\n'
'adversely affect our business.\n'
'We rely on the continued service of our senior management, '
'including our Co-Chief Executive Officers, Ted Sarandos and '
'Greg Peters, our Executive\n'
'Chairman, Reed Hastings, members of our executive team and '
'other key employees. In our industry, there is substantial '
'and continuous competition for highly-\n'
'skilled business, product development, technical, creative '
'and other personnel. If we experience high executive '
'turnover, fail to adapt our business practices to\n'
'industry expectations, fail to implement succession plans for '
'key employees, encounter difficulties associated with the '
'transition of members of our\n'
'management team, are not successful in recruiting new '
'personnel or in retaining and motivating existing personnel, '
'in instilling our culture in new employees,\n'
'or maintaining and improving our culture as we grow, our '
'operations may be disrupted, which could adversely affect our '
'results of operations.\n'
'Labor disputes may have an adverse effect on the Company’s '
'business.\n'
'We and our partners, suppliers, and vendors engage writers, '
'directors, actors, other talent, trade employees and others '
'who are subject to collective\n'
'bargaining agreements in the motion picture industry, both in '
'the U.S. and internationally. Expiring collective bargaining '
'agreements may be renewed on terms\n'
'that are unfavorable to us. If expiring collective bargaining '
'agreements cannot be renewed, affected unions have, and could '
'in the future, take action in the form\n'
'of strikes or work stoppages. For example, the Writers Guild '
'(“WGA”) and Screen Actors Guild (“SAG-AFTRA”) collective '
'bargaining\n'
'14',
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'Liquidity and Capital Resources\n'
'As of December 31, Change\n'
'2023 2022 2023 vs. 2022\n'
'(in thousands, except percentages)\n'
'Cash, cash equivalents, restricted cash and short-term '
'investments $ 7,139,488 $ 6,081,858 $ 1,057,630 17 %\n'
'Short-term and long-term debt 14,543,261 14,353,076 190,185 1 '
'%\n'
'Cash, cash equivalents, restricted cash and short-term '
'investments increased $1,058 million in the year ended '
'December 31, 2023 primarily due to cash\n'
'provided by operations, partially offset by the repurchase of '
'stock.\n'
'Debt, net of debt issuance costs, increased $190 million '
'primarily due to the remeasurement of our euro-denominated '
'notes. The amount of principal and\n'
'interest due in the next twelve months is $1,077 million. The '
'amount of principal and interest due beyond the next twelve '
'months is $16,662 million. As\n'
'of December 31, 2023, no amounts had been borrowed under our '
'$1 billion Revolving Credit Agreement. See Note 6 Debt in the '
'accompanying notes to our\n'
'consolidated financial statements.\n'
'We anticipate that our future capital needs from the debt '
'market will be more limited compared to prior years. Our '
'ability to obtain this or any additional\n'
'financing that we may choose or need, including for potential '
'strategic acquisitions and investments, will depend on, among '
'other things, our development\n'
'efforts, business plans, operating performance, and the '
'condition of the capital markets at the time we seek '
'financing. We may not be able to obtain such\n'
'financing on terms acceptable to us or at all. If we raise '
'additional funds through the issuance of equity or debt '
'securities, those securities may have rights,\n'
'preferences or privileges senior to the rights of our common '
'stock, and our stockholders may experience dilution.\n'
'In March 2021, our Board of Directors authorized the '
'repurchase of up to $5 billion of our common stock, with no '
'expiration date, and in September\n'
'2023, the Board of Directors increased the share repurchase '
'authorization by an additional $10 billion, also with no '
'expiration date. Stock repurchases may be\n'
'effected through open market repurchases in compliance with '
'Rule 10b-18 under the Exchange Act, including through the use '
'of trading plans intended to\n'
'qualify under Rule 10b5-1 under the Exchange Act, '
'privately-negotiated transactions, accelerated stock '
'repurchase plans, block purchases, or other similar\n'
'purchase techniques and in such amounts as management deems '
'appropriate. We are not obligated to repurchase any specific '
'number of shares, and the timing\n'
'and actual number of shares repurchased will depend on a '
'variety of factors, including our stock price, general '
'economic, business and market conditions, and\n'
'alternative investment opportunities. We may discontinue any '
'repurchases of our common stock at any time without prior '
'notice. In the fiscal year ended\n'
'December 31, 2023, the Company repurchased 14,513,790 shares '
'of common stock for an aggregate amount of $6,045 million. As '
'of December 31, 2023,\n'
'$8.4 billion remains available for repurchases.\n'
'Our primary uses of cash include the acquisition, licensing '
'and production of content, marketing programs, streaming '
'delivery and personnel-related\n'
'costs, as well as strategic acquisitions and investments. '
'Cash payment terms for non-original content have historically '
'been in line with the amortization period.\n'
'Investments in original content, and in particular content '
'that we produce and own, require more cash upfront relative '
'to licensed content. For example,\n'
'production costs are paid as the content is created, well in '
'advance of when the content is available on the service and '
'amortized. We expect to continue to\n'
'significantly invest in global content, particularly in '
'original content, which will impact our liquidity. We '
'currently anticipate that cash flows from operations,\n'
'available funds and access to financing sources, including '
'our revolving credit facility, will continue to be sufficient '
'to meet our cash needs for the next twelve\n'
'months and beyond.\n'
'Our material cash requirements from known contractual and '
'other obligations primarily relate to our content, debt and '
'lease obligations. As of December\n'
'31, 2023, the expected timing of those payments are as '
'follows:\n'
'Contractual obligations (in thousands): Total Next 12 Months '
'Beyond 12 Months\n'
'Content obligations (1) $ 21,713,349 $ 10,328,923 $ '
'11,384,426 \n'
'Debt (2) 17,739,159 1,077,261 16,661,898 \n'
'Operating lease obligations (3) 3,088,899 513,506 2,575,393 \n'
'Total $ 42,541,407 $ 11,919,690 $ 30,621,717 \n'
' \n'
'(1) As of December 31, 2023, content obligations were '
'comprised of $4.5 billion included in "Current content '
'liabilities" and $2.6 billion of "Non-current\n'
'content liabilities" on the Consolidated Balance Sheets and '
'$14.6 billion of obligations that are not reflected on the '
'Consolidated Balance Sheets as they\n'
'did not then meet the criteria for recognition.\n'
'26',
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'Net cash provided by operating activities increased $5,248 '
'million from the year ended December 31, 2022 to $7,274 '
'million for the year ended\n'
'December 31, 2023. The increase in net cash provided by '
'operating activities was primarily driven by a decrease in '
'payments for content assets, coupled with a\n'
'$916 million or 20% increase in net income and favorable '
'changes in working capital. The payments for content assets '
'decreased $3,519 million, from $16,660\n'
'million to $13,140 million, or 21%.\n'
'Net cash provided by (used in) investing activities increased '
'$2,618 million from the year ended December 31, 2022 to $542 '
'million for the year ended\n'
'December 31, 2023. The increase in net cash provided by (used '
'in) investing activities is primarily due to proceeds from '
'the maturities of short-term\n'
'investments, net of purchases, and there being no '
'acquisitions in the year ended December 31, 2023, as compared '
'to acquisitions for an aggregate amount of\n'
'$757 million in the year ended December 31, 2022.\n'
'Net cash used in financing activities increased $5,287 '
'million from the year ended December 31, 2022 to $5,951 '
'million for the year ended December 31,\n'
'2023. The increase in net cash used in financing activities '
'is primarily due to repurchases of common stock for an '
'aggregate amount of $6,045 million in the\n'
'year ended December 31, 2023, as compared to no repurchases '
'of common stock in the year ended December 31, 2022, '
'partially offset by the absence of debt\n'
'maturities in the year ended December 31, 2023 as compared to '
'the repayment upon maturity of the $700 million aggregate '
'principal amount of our 5.500%\n'
'Senior Notes in February 2022.\n'
'Free cash flow was $1,518 million higher than net income for '
'the year ended December 31, 2023 primarily due to $1,057 '
'million of amortization expense\n'
'exceeding cash payments for content assets, $339 million of '
'non-cash stock-based compensation expense, $176 million of '
'non-cash remeasurement loss on our\n'
'euro-denominated debt, and $47 million in other favorable '
'working capital differences, partially offset by $101 million '
'of property and equipment purchases\n'
'exceeding depreciation expense.\n'
'Indemnifications\n'
'The information set forth under Note 8 Commitments and '
'Contingencies in the accompanying notes to our consolidated '
'financial statements included in\n'
'Part II, Item 8, "Financial Statements and Supplementary '
'Data" of this Annual Report on Form 10-K is incorporated '
'herein by reference.\n'
'Critical Accounting Estimates\n'
'The preparation of consolidated financial statements in '
'conformity with accounting principles generally accepted in '
'the United States of America requires\n'
'management to make estimates and assumptions that affect the '
'reported amounts of assets and liabilities, disclosures of '
'contingent assets and liabilities at the\n'
'date of the financial statements, and the reported amounts of '
'revenues and expenses during the reported periods. The '
'Securities and Exchange Commission\n'
'("SEC") has defined a company’s critical accounting policies '
'as the ones that are most important to the portrayal of a '
'company’s financial condition and results\n'
'of operations, and which require a company to make its most '
'difficult and subjective judgments. Based on this definition, '
'we have identified the critical\n'
'accounting policies and judgments addressed below. We base '
'our estimates on historical experience and on various other '
'assumptions that we believe to be\n'
'reasonable under the circumstances. Actual results may differ '
'from these estimates.\n'
'Content\n'
'We acquire, license and produce content, including original '
'programming, in order to offer our members unlimited viewing '
'of video entertainment. The\n'
'content licenses are for a fixed fee and specific windows of '
'availability. Payment terms for certain content licenses and '
'the production of content require more\n'
'upfront cash payments relative to the amortization expense. '
'Payments for content, including additions to content assets '
'and the changes in related liabilities, are\n'
'classified within "Net cash provided by operating activities" '
'on the Consolidated Statements of Cash Flows.\n'
'We recognize content assets (licensed and produced) as '
'"Content assets, net" on the Consolidated Balance Sheets. For '
'licensed content, we capitalize the\n'
'fee per title and record a corresponding liability at the '
'gross amount of the liability when the license period begins, '
'the cost of the title is known and the title is\n'
'accepted and available for streaming. For produced content, '
'we capitalize costs associated with the production, including '
'development costs, direct costs and\n'
'production overhead. Participations and residuals are '
'expensed in line with the amortization of production costs.\n'
'Based on factors including historical and estimated viewing '
'patterns, we amortize the content assets (licensed and '
'produced) in “Cost of revenues” on the\n'
'Consolidated Statements of Operations over the shorter of '
"each title's contractual window of availability or estimated "
'period of use or ten years, beginning with\n'
'the month of first availability. The amortization is on an '
'accelerated basis, as we typically expect more upfront '
'viewing, and film amortization is more\n'
'accelerated than TV series amortization. On average, over 90% '
'of a licensed or produced content asset is expected to be '
'amortized within four years\n'
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'presented net of the taxes that are collected from members '
'and remitted to governmental authorities. The Company is the '
'principal in all its relationships where\n'
'partners, including consumer electronics ("CE") '
'manufacturers, multichannel video programming distributors '
'("MVPDs"), mobile operators and internet\n'
'service providers ("ISPs"), provide access to the service as '
'the Company retains control over service delivery to its '
'members. In circumstances in which the\n'
'price that the member pays is established by a partner and '
'there is no standalone price for the Netflix service (for '
'instance, in a bundle), the net amount\n'
'collected from the partner is recognized as revenue.\n'
'The Company also earns revenue from advertisements presented '
'on its streaming service, consumer products and various other '
'sources. Revenues earned\n'
'from sources other than monthly membership fees were not '
'material for the years ended December 31, 2023, 2022, and '
'2021. See Note 2 Revenue Recognition\n'
'to the consolidated financial statements for further '
'information regarding revenues.\n'
'Marketing\n'
'Marketing expenses consist primarily of advertising expenses '
'and certain payments made to the Company’s partners, '
'including CE manufacturers,\n'
'MVPDs, mobile operators and ISPs. Marketing expenses also '
'include payroll, stock-based compensation, facilities, and '
'other related expenses for personnel\n'
"that support the Company's sales and marketing activities. "
'Advertising expenses include promotional activities such as '
'digital and television advertising.\n'
'Advertising costs are expensed as incurred. Advertising '
'expenses were $1,732 million, $1,586 million and $1,669 '
'million for the years ended December 31,\n'
'2023, 2022 and 2021, respectively.\n'
'Income Taxes\n'
'The Company records a provision for income taxes for the '
'anticipated tax consequences of the reported results of '
'operations using the asset and liability\n'
'method. Deferred income taxes are recognized by applying '
'enacted statutory tax rates applicable to future years to '
'differences between the financial statement\n'
'carrying amounts of existing assets and liabilities and their '
'respective tax bases as well as net operating loss and tax '
'credit carryforwards. The effect on\n'
'deferred tax assets and liabilities of a change in tax rates '
'is recognized in income in the period that includes the '
'enactment date. The measurement of deferred\n'
'tax assets is reduced, if necessary, by a valuation allowance '
'for any tax benefits for which future realization is '
'uncertain. We account for the tax effects of\n'
'global intangible low tax income as a current period '
'expense.\n'
'The Company does not recognize certain tax benefits from '
'uncertain tax positions within the provision for income '
'taxes. The Company may recognize a\n'
'tax benefit only if it is more likely than not the tax '
'position will be sustained on examination by the taxing '
'authorities, based on the technical merits of the\n'
'position. The tax benefits recognized in the financial '
'statements from such positions are then measured based on the '
'largest benefit that has a greater than 50%\n'
'likelihood of being realized upon settlement. The Company '
'recognizes interest and penalties related to uncertain tax '
'positions in income tax expense. See Note\n'
'10 Income Taxes to the consolidated financial statements for '
'further information regarding income taxes.\n'
'Foreign Currency\n'
"The functional currency for the Company's subsidiaries is "
'determined based on the primary economic environment in which '
'the subsidiary operates. The\n'
'Company translates the assets and liabilities of its non-U.S. '
'dollar functional currency subsidiaries into U.S. dollars '
'using exchange rates in effect at the end of\n'
'each period. Revenues and expenses for these subsidiaries are '
'translated using rates that approximate those in effect '
'during the period. Gains and losses from\n'
'these translations are recognized in cumulative translation '
'adjustment included in "Accumulated other comprehensive '
'income" in Stockholders’ equity on the\n'
'Consolidated Balance Sheets.\n'
'The Company remeasures monetary assets and liabilities that '
'are not denominated in the functional currency at exchange '
'rates in effect at the end of each\n'
'period. Gains and losses from these remeasurements are '
'recognized in "Interest and other income (expense)" in the '
'Consolidated Statements of Operations.\n'
'Foreign currency transactions resulted in a loss of $293 '
'million, a gain of $282 million, and a gain of $403 million '
'for the years ended December 31, 2023,\n'
'2022, and 2021, respectively. These gains and losses were '
'primarily due to the non-cash remeasurement of our Senior '
'Notes denominated in euros and the\n'
'remeasurement of cash and content liability positions '
'denominated in currencies other than functional currencies.\n'
'Derivative Financial Instruments\n'
'The Company uses derivative instruments to manage foreign '
'exchange risk related to its ongoing business operations with '
'the primary objective of\n'
'reducing operating income and cash flow volatility associated '
'with fluctuations in foreign exchange rates.\n'
'The Company enters into forward contracts to manage the '
'foreign exchange risk on forecasted revenue transactions '
'denominated in currencies other than\n'
'the U.S. dollar, as well as the foreign exchange risk on '
'forecasted transactions and firm commitments related to the '
'licensing and production of foreign\n'
'currency-denominated content assets. These forward contracts\n'
'46',
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'Item 7. Management’s Discussion and Analysis of Financial '
'Condition and Results of Operations\n'
'This section of this Form 10-K generally discusses 2023 and '
'2022 items and year-to-year comparisons between 2023 and '
'2022. Discussions of 2021\n'
'items and year-to-year comparisons between 2022 and 2021 that '
'are not included in this Form 10-K can be found in '
'"Management\'s Discussion and Analysis of\n'
'Financial Condition and Results of Operations" in Part II, '
"Item 7 of the Company's Annual Report on Form 10-K for the "
'fiscal year ended December 31, 2022.\n'
'Results of Operations\n'
'The following represents our consolidated performance '
'highlights:\n'
'As of/Year Ended December 31, Change\n'
' 2023 2022 2021 2023 vs. 2022\n'
' (in thousands, except revenue per membership and '
'percentages)\n'
'Financial Results:\n'
'Streaming revenues $ 33,640,458 $ 31,469,852 $ 29,515,496 7 '
'%\n'
'DVD revenues (1) 82,839 145,698 182,348 (43)%\n'
'Total revenues $ 33,723,297 $ 31,615,550 $ 29,697,844 7 %\n'
'Operating income $ 6,954,003 $ 5,632,831 $ 6,194,509 23 %\n'
'Operating margin 21 % 18 % 21 %\n'
'Global Streaming Memberships:\n'
'Paid net membership additions 29,529 8,903 18,181 232 %\n'
'Paid memberships at end of period 260,276 230,747 221,844 13 '
'%\n'
'Average paying memberships 240,889 222,924 210,784 8 %\n'
'Average monthly revenue per paying membership $ 11.64 $ 11.76 '
'$ 11.67 (1)%\n'
'(1) In April 2023, we announced our plans to discontinue our '
'DVD-by-mail service, and we ceased providing our mailing '
'services to customers on September 29, 2023. The\n'
'discontinuance of our DVD business had an immaterial impact '
'on our operations and financial results.\n'
'Consolidated revenues for the year ended December 31, 2023 '
'increased 7% as compared to the year ended December 31, 2022. '
'Operating margin for the\n'
'year ended December 31, 2023 increased three percentage '
'points, primarily due to revenues growing at a faster rate as '
'compared to the growth in cost of\n'
'revenues and marketing and decreased technology and '
'development expenses, partially offset by higher growth in '
'general and administrative expenses as\n'
'compared to the growth in revenues.\n'
'Streaming Revenues\n'
' \n'
'We primarily derive revenues from monthly membership fees for '
'services related to streaming content to our members. We '
'offer a variety of streaming\n'
'membership plans, the price of which varies by country and '
'the features of the plan. As of December 31, 2023, pricing on '
'our paid plans ranged from the U.S.\n'
'dollar equivalent of $1 to $28 per month, and pricing on our '
'extra member sub accounts ranged from the U.S. dollar '
'equivalent of $2 to $8 per month. We\n'
'expect that from time to time the prices of our membership '
'plans in each country may change and we may test other plan '
'and price variations.\n'
'We also earn revenue from advertisements presented on our '
'streaming service, consumer products and various other '
'sources. Revenues earned from\n'
'sources other than monthly membership fees were not material '
'for the years ended December 31, 2023, 2022, and 2021.\n'
'Year Ended December 31, Change\n'
' 2023 2022 2021 2023 vs. 2022\n'
' (in thousands, except percentages)\n'
'Streaming revenues $ 33,640,458 $ 31,469,852 $ 29,515,496 $ '
'2,170,606 7 %\n'
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'Streaming revenues for the year ended December 31, 2023 '
'increased 7% as compared to the year ended December 31, 2022, '
'primarily due to the 8%\n'
'growth in average paying memberships, partially offset by a '
'1% decrease in average monthly revenue per paying membership. '
'The decrease in average\n'
'monthly revenue per paying membership was primarily due to '
'changes in plan mix, higher membership growth in regions with '
'lower average monthly revenue\n'
'per paying membership, partially offset by limited price '
'increases. Additionally, streaming revenues for the year '
'ended December 31, 2023 were further\n'
'impacted by unfavorable fluctuations in foreign exchange '
'rates.\n'
'The following tables summarize streaming revenue and other '
'streaming membership information by region for the years '
'ended December 31, 2023, 2022\n'
'and 2021.\n'
'United States and Canada (UCAN)\n'
'As of/Year Ended December 31, Change\n'
' 2023 2022 2021 2023 vs. 2022\n'
' (in thousands, except revenue per membership and '
'percentages)\n'
'Revenues $ 14,873,783 $ 14,084,643 $ 12,972,100 $ 789,140 6 '
'%\n'
'Paid net membership additions (losses) 5,832 (919) 1,279 '
'6,751 735 %\n'
'Paid memberships at end of period (1) 80,128 74,296 75,215 '
'5,832 8 %\n'
'Average paying memberships 76,126 74,001 74,234 2,125 3 %\n'
'Average monthly revenue per paying membership $ 16.28 $ 15.86 '
'$ 14.56 $ 0.42 3 %\n'
'Constant currency change (2) 3 %\n'
'Europe, Middle East, and Africa (EMEA)\n'
'As of/Year Ended December 31, Change\n'
' 2023 2022 2021 2023 vs. 2022\n'
' (in thousands, except revenue per membership and '
'percentages)\n'
'Revenues $ 10,556,487 $ 9,745,015 $ 9,699,819 $ 811,472 8 %\n'
'Paid net membership additions 12,084 2,693 7,338 9,391 349 %\n'
'Paid memberships at end of period (1) 88,813 76,729 74,036 '
'12,084 16 %\n'
'Average paying memberships 80,928 73,904 69,518 7,024 10 %\n'
'Average monthly revenue per paying membership $ 10.87 $ 10.99 '
'$ 11.63 $ (0.12) (1)%\n'
'Constant currency change (2) (1)%\n'
'Latin America (LATAM)\n'
'As of/Year Ended December 31, Change\n'
' 2023 2022 2021 2023 vs. 2022\n'
' (in thousands, except revenue per membership and '
'percentages)\n'
'Revenues $ 4,446,461 $ 4,069,973 $ 3,576,976 $ 376,488 9 %\n'
'Paid net membership additions 4,298 1,738 2,424 2,560 147 %\n'
'Paid memberships at end of period (1) 45,997 41,699 39,961 '
'4,298 10 %\n'
'Average paying memberships 42,802 40,000 38,573 2,802 7 %\n'
'Average monthly revenue per paying membership $ 8.66 $ 8.48 $ '
'7.73 $ 0.18 2 %\n'
'Constant currency change (2) 10 %\n'
'Asia-Pacific (APAC)\n'
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8. Clean up
When you no longer need the quickstart-assistant, delete the it:
[ ]