NetFlix 2003 Annual Report Download - page 11
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Netflix2003AnnualReport
Alsoduring2004,wewillbedevelopingsolutionsfordownloadingmoviestoconsumers
in2005andbeyond.OurcorestrategyhasbeenandremainstogrowaverylargeDVD
subscriptionbusinessandofferoursubscribersthechoiceunderonesubscriptionof
receivingtheirmoviesonDVDorbydownloading,whichevertheyprefer.Wearecurrently
a$100million-pluscustomerofthestudios,andtheyhavebeenreceptivetoourdesires
toexpandconsumers’movieviewingoptions.2005willbeearlyfordownloadingandwe
expectonlymodestconsumerinterestinitially.Butwepredictthismarketwillgrowsteadily
forusoverthenext10years.
LookingForward
With$135millionofcashandshortterminvestmentsatDecember31,2003,andsteady
cashflowfromoperations,webelieveNetflixiswellpositionedfinanciallytoachievethe
growthobjectiveswe’veestablishedforthebusiness.
OnbehalfoftheemployeesofNetflix,Iwanttothankyou,shareholdersandhappy
customersalike,foryourencouragementandsupportinhelpingtomake2003such
asuccessfulyearfortheCompany.Ilookforwardtoreportingagainonourprogress
12monthsfromnow.
Sincerely,
ReedHastings
ChiefExecutiveOfficer,PresidentandCo-Founder
LettertoShareholders