Results Answer Concern; Domestic Penetration Healthy and Int’l a Blow-out

Internet: Applications and Media | Rob Sanderson, Managing Director | January 21st, 2015 (Read Report)

NFLX reported a solid Q4, answering concerns that the Bull case is troubled. Domestic subscribers
were about 50k higher than consensus with Q1 guide about 50k below. International was a blowout,
with both subscriber results and guidance materially above the street.

New assumptions for International investment

Given commentary on completing global deployment over the next two-years, we are stepping
up our assumptions for international investment. (Read more)