Key Developments For Netflix Inc
Netflix Inc (NFLX.O) (Nasdaq)
Netflix, Inc. Announces Pricing of $200.0 Million of Its 8.50% Senior Notes Due 2017
Netflix, Inc. announced that it has priced its offering of $200.0 million aggregate principal amount of its 8.50% Senior Notes due 2017 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The offering is expected to close on November 6, 2009. The notes will be senior unsecured obligations of Netflix. Interest will be payable semi-annually at a rate of 8.50% per annum on May 15 and November 15 of each year, commencing on May 15, 2010. Netflix intends to use the net proceeds of the offering to repay all outstanding amounts under, and terminate, its Credit Agreement, dated as of September 16, 2009, and for possible future stock repurchases and general corporate purposes, including capital expenditures, working capital and potential acquisitions and strategic transactions.
Netflix, Inc. Proposes To Offer $200.0 Million Senior Notes due 2017
Netflix, Inc. announced that it proposes to offer $200.0 million aggregate principal amount of senior notes, subject to market conditions and other factors. The notes would be due in 2017 and are to be offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The notes will be senior unsecured obligations of Netflix. Interest will be payable semi-annually. The interest rate, offering price and other terms will be determined at the time of pricing of the offering. Netflix intends to use the net proceeds of the offering to repay all outstanding amounts under, and terminate, its Credit Agreement, dated as of September 16, 2009, and for possible future stock repurchases and general corporate purposes, including capital expenditures, working capital and potential acquisitions and strategic transactions.
Netflix, Inc. Raises Q4 2009 Revenue And EPS Guidance; Reaffirms Q4 2009 Net Profit Guidance; Raises FY 2009 Guidance
Netflix, Inc. announced that for fourth quarter of 2009, it expects revenue to be in the range of $440-$446 million, up from $431-$445 million, GAAP net income of $21-$26 million, unchanged from prior guidance and GAAP earnings per share (EPS) of $0.38-$0.47 per diluted share, up from $0.36-$0.44 per diluted share. For fiscal 2009, it expects revenue to be in the range of $1.666-$1.672 billion, up from $1.65-$1.67 billion, GAAP net income of $106-$111 million, up from $99-$109 million and GAAP EPS of $1.82-$1.90 per diluted share, up from $1.65-$1.82 per diluted share. According to Reuters Estimates, analysts were expecting the Company to report revenue of $442 million, GAAP net profit of $25.21 million and GAAP EPS of $0.43 for fourth quarter of 2009; revenue of $1.667 billion, GAAP net income of $107 million and GAAP EPS of $1.79 for fiscal 2009.
Netflix, Inc. Announces Authorization Of New $300 Million Stock Buyback
Netflix, Inc. announced that its Board of Directors has authorized a stock repurchase program that enables the Company to purchase up to $300 million of its common stock through the end of 2010. This repurchase program is in addition to the authorization announced in January. Stock repurchases under this program may be made through any manner, including open market transactions, accelerated share repurchase agreements, or privately negotiated transactions with third parties, and in such amounts as management deems appropriate. The timing and actual number of shares repurchased, if any, will depend on a variety of factors including price, corporate and regulatory requirements, alternative investment opportunities and other market conditions. The Company expects to finance the repurchase program through any or a combination of working capital, cash flows from operating activities and if available on terms satisfactory to the Company, debt financing.
Netflix, Inc. Issues Q3, Q4 2009 Guidance In Line With Analysts' Estimates; Raises FY 2009 Earnings Guidance; Raises Low End of Prior FY 2009 Revenue Guidance
Netflix, Inc. announced that for third quarter of 2009, it expects revenue of 416-$422 million, GAAP net income of $23-$28 million and GAAP earnings per share (EPS) of $0.39-$0.47 per diluted share. For fourth quarter of 2009, it expects revenue of $431-$445 million, GAAP net income of $21-$26 million and GAAP EPS of $0.36-$0.44 per diluted share. For fiscal 2009, it expects revenue of $1.65-$1.67 billion, up from $1.63-$1.67 billion, GAAP net income of $99-$109 million, up from $96-$106 million and GAAP EPS of $1.65-$1.82 per diluted share, up from $1.56-$1.72 per diluted share. According to Reuters Estimates, analysts were expecting the Company to report revenue of $418 million, net income of $27 million and GAAP EPS of $0.45 for third quarter of 2009; revenue of $437 million, net income of $23 million and GAAP EPS of $0.39 for fourth quarter of 2009; revenue of $1.66 billion, net income of $103 million and GAAP EPS of $1.71 for fiscal 2009.
