Netflix (NFLX) Amends 10-Q; Says LatAm, U.K. Launches Increased Content Expenses 348%, Not 14%
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Netflix, Inc. (Nasdaq: NFLX) is filing this Amendment No. 1 to its Quarterly Report on Form 10-Q for the three months ended September 30, 2012, as filed with the Securities and Exchange Commission on October 29, 2012, to correct a typographical error in “Management's Discussion and Analysis of Financial Condition and Results of Operations.”
The Company disclosed the sequential change of 14% in International content expense and incorrectly repeated this 14% as the change in International content expense year over year. Specifically, page 24 of the initial filing included the following sentence: “Additionally, the launches in Latin America and the U.K. and Ireland have contributed to a 14% increase in our content expenses in the International segment.” The sentence has been amended to state the following: “Additionally, the launches in Latin America and the U.K. and Ireland have contributed to a 348% increase in our content expenses in the International segment.” Other than the change to the percentage increase in content expenses in the International segment set forth above, all information included in the initial filing is unchanged.
The Company disclosed the sequential change of 14% in International content expense and incorrectly repeated this 14% as the change in International content expense year over year. Specifically, page 24 of the initial filing included the following sentence: “Additionally, the launches in Latin America and the U.K. and Ireland have contributed to a 14% increase in our content expenses in the International segment.” The sentence has been amended to state the following: “Additionally, the launches in Latin America and the U.K. and Ireland have contributed to a 348% increase in our content expenses in the International segment.” Other than the change to the percentage increase in content expenses in the International segment set forth above, all information included in the initial filing is unchanged.
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