July 16, 2020
Fellow shareholders,
We live in uncertain times with restrictions on what we can do socially and many people are turning to
entertainment for relaxation, connection, comfort and stimulation. In Q1 and Q2, we saw significant
pull-forward of our underlying adoption leading to huge growth in the first half of this year (26 million
paid net adds vs. prior year of 12 million). As a result, we expect less growth for the second half of 2020
compared to the prior year. As we navigate these turbulent circumstances, we’re focused on our
members by continuing to improve the quality of our service and bringing new films and shows to
people's screens. Our Q2 summary results and forecast for Q3 are in the table below.