The Netflix Earnings Release: A How-To Guide

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The
Netflix, Inc.NFLX
earnings release has been
a bit of a head-scratcher
for the last few quarters. Not the figures which indicate the company's performance over the last quarter -- the actual release itself. The release has been a cause for widespread confusion for both investor and the media recently. Below is a quick how-to guide on how investors can get to the most important numbers the fastest. (Of course, besides using
Benzinga's Pro platform
.)
1. Ignore the press release wires
- Netflix doesn't normally issue an after-hours press release offering all the important numbers in one place (Heaven forbid!). Instead, as a number of companies have recently adopted, the company releases results on its investor relations/media center page at
media.netflix.com/en/
.
2. Go to Netflix's Quarterly Earnings page
-
http://ir.netflix.com/results.cfm
. While Netflix's results weren't available to the public until about 4:20 p.m. EDT last quarter (Q4), the company normally reports immediately after the close bell, at about 4:01 p.m.
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3. Look for a .pdf entitled "Q1 16 letter to shareholders"
- Click it!
4. Scroll all the way to the very bottom of that .pdf
to find the adjusted, or non-GAAP figure -- the one analysts compare against. An important note here: unlike the rest of the company's financial statements, the periods in this table will be switched. In other words, most of the release has financial statements showing the just-reported quarter to the furthest left and the year-over-year comparison to the right of that.
The non-GAAP table shows last year's results furthest left and the just-reported figure to the right of that number.5. Scroll down to the first official-looking financial table, labeled "Consolidated Statements of Operations"
to find the comparable sales or revenue figure.
6. The guidance will be in the first table
, which should be just under the first paragraph of the .pdf - guidance will be labeled "Q2 '16 Forecast" and should be the furthest right column of the first table.
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Posted In: EarningsNewsEducationPreviewsTrading IdeasGeneral
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