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2006 Annual Report

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2006 Annual Report Netfl ix, Inc. 2006 Annual Report Netflix, Inc. • 100 Winchester Circle • Los Gatos, CA 95032 • www.netflix.com 2006 Annual Report CORPORATE DIRECTORY BOARD OF DIRECTORS CORPORATE HEADQUARTERS Reed Hastings Netfl ix, Inc. Chief Executive Offi cer, President, 100 Winchester Circle Chairman of the Board and Co-founder, Los Gatos, CA 95032 Netfl ix, Inc. Phone: (408) 540-3700 www.netfl ix.com Richard N. Barton3 Chief Executive Offi cer and TRANSFER AGENT Chairman of the Board, Computer Trust Company, N.A. <SbTZWfS\RSR $eWbV$![WZZW]\ Zillow, Inc. P.O. Box 43023 acPaQ`WPS`aOaSdS\gSO`Q][^]c\RO\\cOZ A. George (Skip) Battle Providence, RI 02940-3023 Former Executive Chairman, Ask Jeeves, Inc. Phone: (781) 575-2879 U`]ebV`ObS]T%'★ #&]TCAV]caSV]ZRaO`S www.computershare.com Timothy M. Haley1,2 Managing Director, Redpoint Ventures <SbTZWfacPaQ`WPS`a★ <SbTZWfVOaO^^`]fW[ObSZg ANNUAL MEETING %PWZZW]\[]dWS`ObW\UaT`][Wba[S[PS`a★ Jay Hoag2,3 The Annual Meeting of Shareholders will be held General Partner, May 17, 2007 at 3:00 PM <SbTZWf[S[PS`a`ObSOP]cb [WZZW]\[]dWSaOROg Technology Crossover Ventures at Netfl ix headquarters 100 Winchester Circle Michael N. Schuh1 ★ /^^`]fW[ObSZg$]T<SbTZWfacPaQ`WPS`aaSZSQb Los Gatos, CA 95032 Managing Member, Foundation Capital bVSW`[]dWSaPOaSR]\<SbTZWf`SQ][[S\RObW]\a★ Greg Stanger1 STOCK LISTING ;S[PS`aUWdS<SbTZWf`SQ][[S\RObW]\a"abO`a]dS` Venture Partner, Netfl ix, Inc. common stock trades on the Technology Crossover Ventures Nasdaq Stock Market under the symbol NFLX. %]TbVSbW[S★ 1][PW\SR<SbTZWfacPaQ`WPS`aORR 1 Audit Committee INVESTOR RELATIONS [WZZW]\[]dWSab]bVSW`_cScSaSdS`gROg★ <SbTZWfVOa 2 Compensation Committee 3 Nominating and Governance Committee For additional copies of this report or other aVW^^SR]dS`PWZZW]\2D2a★ =dS`']TOZZbWbZSaW\bVS fi nancial information: <SbTZWfZWP`O`gO`S`S\bSRSOQV_cO`bS`★ =\O\gUWdS\ SENIOR MANAGEMENT Email: ir@netfl ix.com Reed Hastings Investor Relations ROgOP]cb Chief Executive Offi cer, President, Netfl ix, Inc. "]TbVS Chairman of the Board and Co-founder 100 Winchester Circle Neil Hunt Los Gatos, CA 95032 %#bWbZSa Chief Product Offi cer Phone: (408) 540-3639 OdOWZOPZSOb Leslie Kilgore LEGAL COUNSEL Chief Marketing Offi cer <SbTZWfO`SW\ Wilson Sonsini Goodrich and Rosati Barry McCarthy Palo Alto, CA 94304 RWab`WPcbW]\ Chief Financial Offi cer INDEPENDENT AUDITORS Patty McCord ★ !]TOZZ KPMG LLP Chief Talent Offi cer Mountain View, CA 94043 perich.com <SbTZWf Ted Sarandos `S\bOZaSOQV Ltd. Chief Content Offi cer _cO`bS`O`S Partners, POQYQObOZ]U + Q]\bS\b Perich Design: LETTER TO SHAREHOLDERS NETFLIX 2006 ANNUAL REPORT DEAR FELLOW SHAREHOLDERS: 2006 was a noteworthy year for Netflix. We added a record number of new subscribers, invested in the development of our Internet delivery feature, and signifi cantly exceeded our goals for earnings. And for the second consecutive year we were independently ranked number one in online retail customer satisfaction by Foresee Results. We also faced the challenges of a renewed offensive from a determined online competitor as well as a rapidly changing array of alternatives for accessing video content online. We take these challenges very seriously. But we believe our achievements in 2006, together with the outstanding growth potential of our market and the strength of our business model, leave us well positioned to reach our long-term objective of leading the online subscription movie rental business. 2006 RESULTS In 2006, aggressive investment in growth enabled us to increase our subscriber base 51 percent, from 4.2 million to 6.3 million subscribers. We achieved 15.7 percent household penetration in the San Francisco Bay Area market, our fi rst overnight market, and penetration in our newer markets continues to follow the Bay Area growth curve. Churn, a measure of subscriber turnover, was lower in each quarter of 2006 than it had been in the comparable quarter in 2005 and declined to a record- low 3.9 percent in the fourth quarter. The scale effi ciencies made possible by our large subscriber base allowed us to invest in growth and product enhancements at the same time that we exceeded our profi t goals, with pretax profi ts up from $8.3 million in 2005 to $80.3 million in 2006 and GAAP net income increasing to $49.1 million or $0.71 per diluted share. LETTER TO SHAREHOLDERS NETFLIX 2006 ANNUAL REPORT ACHIEVING ONLINE MOVIE RENTAL LEADERSHIP Throughout our history, the growth potential of online rental has attracted strong competitors. Most recently, we face a renewed challenge from a competitor with a compelling and aggressively marketed offering. The fact that the product offering may not be fi nancially sustainable in its current form does not lessen its potential near-term impact on our subscriber growth rate. At the same time, there is a growing array of services offering Internet delivery of movies, although none has effectively addressed the two major barriers to broad consumer adoption of online delivery—limited content availability and the technology to deliver that content to the TV. In the face of these challenges, our strategy for achieving online movie rental leadership is to continue to aggressively grow our DVD subscription business and to transition these subscribers to Internet video delivery as part of their Netfl ix subscription offering. To begin that transition, in January 2007 we introduced our “instant viewing” feature that enables subscribers to watch movies on their PCs. Our large and committed subscriber base is important both because it gives us an enormous head start in the transition to Internet delivery and because it creates a signifi cant competitive advantage for us during this transition period. During the early years of Internet delivery when content is limited, the combination of our DVD by mail and Internet delivery service will offer a breadth of title selection unmatched by stand-alone Internet-only competitors. Underlying our strategy is the understanding that the ultimate winners in Internet- based movie rental will be the companies that provide consumers the most engaging experience and an intuitive and personalized way to narrow the enormous number of entertainment choices—we offer more than 75,000 titles—to the titles each individual subscriber will love. And that’s what we do best. LETTER TO SHAREHOLDERS NETFLIX 2006 ANNUAL REPORT CONTINUING THE MOMENTUM IN 2007 In 2007 we will make the best online movie rental service even better by enhancing our Web site, extending the reach of our overnight delivery infrastructure, and applying new inventory management software. We will also invest at least $40 million in continued improvement of Internet delivery, with a focus on content availability and delivery to the TV. We have set ambitious goals, but the commitment, skill, and vision of our employees have enabled Netfl ix to reach 6.3 million subscribers and $1 billion in revenues in the seven years since we invented online subscription DVD rental in 1999. With our intense focus on the current and emerging needs of our customers, we are building a great entertainment company of enduring value. Sincerely, Reed Hastings Chief Executive Offi cer, President and Co-founder PERFORMANCE NETFLIX 202006 0 6 AANNUAL N N UA L RREPORT E P O RT Subscribers 6,316 (in thousands) 4,179 2,610 1,487 ’03 ’04 ’05 ’06 Revenue $997 (in millions) $682 $501 $270 ’03 ’04 ’05 ’06 Net Income $49 (in millions) $42 $22 $7 ’03 ’04 ’05* ’06 *2005 Net Income includes the benefi t of realized deferred tax assets of $34.9 million. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Í ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2006 OR ‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-49802 Netflix, Inc. (Exact name of Registrant as specified in its charter) Delaware 77-0467272 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 100 Winchester Circle Los Gatos, California 95032 (Address and zip code of principal executive offices) (408) 540-3700 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of Exchange on which registered Common stock, $0.001 par value The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None (Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes Í No ‘ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No Í Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes Í No ‘ Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Í Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.
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