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					Netflix, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
                                                                                             Three Months Ended              Twelve Months Ended         Three Months Ended                    Twelve Months Ended Three Months Ended
                                                                            March 31,    June 30, September 30, December 31,    December 31,     March 31, June 30, September 30, December 31,    December 31,           March 31,
                                                                             2009          2009        2009         2009            2009          2010        2010        2010        2010            2010                2011
Cash flows from operating activities:
 Net income                                                                 $ 22,363 $ 32,443 $         30,141 $     30,913 $           115,860 $    32,272 $ 43,519 $      37,967 $     47,095 $          160,853 $            60,233
 Adjustments to reconcile net income to net cash
   provided by operating activities:
     Acquisition of streaming content library                                 (22,091)    (9,343)       (9,998)     (22,785)            (64,217)     (50,475)   (66,157)   (115,149)    (174,429)          (406,210)          (192,307)
     Amortization of content library                                           49,304     53,235        56,690       60,261             219,490       62,292     65,143      77,146       96,015            300,596            112,927
     Depreciation and amortization of property, equipment and intangibles       9,175      9,013         9,618       10,238              38,044       10,859      9,309       8,678        9,253             38,099              9,826
     Stock-based compensation expense                                           3,132      3,278         3,232        2,976              12,618        5,502      6,928       7,296        8,270             27,996             12,264
     Excess tax benefits from stock-based compensation                         (3,684)    (3,815)       (1,600)      (3,584)            (12,683)      (7,424)   (11,182)    (16,093)     (27,515)           (62,214)           (15,654)
     Gain on sale of business                                                     -          -             -         (1,783)             (1,783)         -          -           -            -                  -                  -
     Other non-cash items                                                      (2,267)      (176)       (3,349)      (1,369)             (7,161)      (3,160)    (2,900)     (1,754)      (1,314)            (9,128)              (925)
     Deferred taxes                                                            (1,344)     5,898           (15)       1,789               6,328       (2,761)    (3,394)      3,194        1,999               (962)            (4,982)
     Changes in operating assets and liabilities:
       Prepaid content                                                         4,098      (1,613)          107       (8,235)             (5,643)     (4,963)    (2,133)     (25,485)     (2,895)           (35,476)           (12,380)
       Other current assets                                                   (4,489)     (7,232)        7,518       (1,155)             (5,358)        548     (9,211)      (3,374)     (9,726)           (21,763)             9,084
       Accounts payable                                                        8,572      (6,549)      (13,173)       9,961              (1,189)     17,340     19,706       41,692      61,245            139,983             77,963
       Accrued expenses                                                        2,945         (34)        2,752        7,506              13,169      13,746      7,917       18,003      27,543             67,209             22,670
       Deferred revenue                                                       (2,504)       (128)       (1,372)      20,974              16,970          12      1,310        1,567      24,197             27,086             15,862
       Other non-current assets and liabilities                                2,423         325        (2,240)         110                 618       3,417      1,397        8,539      36,979             50,332             21,742
           Net cash provided by operating activities                          65,633      75,302        78,311      105,817             325,063      77,205     60,252       42,227      96,717            276,401            116,323
Cash flows from investing activities:
 Acquisitions of DVD content library                                          (46,499)   (43,224)      (46,273)     (57,048)            (193,044)    (36,902)   (24,191)    (29,900)     (32,908)          (123,901)           (22,119)
 Purchases of short-term investments                                          (52,384)   (28,769)      (21,006)    (125,841)            (228,000)    (35,995)   (21,795)    (15,379)     (34,193)          (107,362)           (52,266)
 Proceeds from sale of short-term investments                                  36,933      7,832        85,904       36,037              166,706      30,770     32,055      42,238       15,794            120,857             14,961
 Proceeds from maturities of short-term investments                             1,330     26,175         3,480        4,688               35,673       4,013      4,310       1,995        5,500             15,818                650
 Purchases of property and equipment                                           (6,572)    (6,933)       (9,994)     (22,433)             (45,932)     (6,393)    (5,671)     (7,342)     (14,431)           (33,837)           (16,320)
 Proceeds from sale of business                                                   -          -             -          7,483                7,483         -          -           -            -                  -                  -
 Other assets                                                                   2,524      1,170         3,479        3,862               11,035       3,682      3,825       2,782        2,055             12,344              1,419
           Net cash (used in) provided by investing activities                (64,668)   (43,749)       15,590     (153,252)            (246,079)    (40,825)   (11,467)     (5,606)     (58,183)          (116,081)           (73,675)
Cash flows from financing activities:
 Principal payments of lease financing obligations                               (269)      (295)         (294)        (300)              (1,158)       (361)      (465)       (470)       (480)             (1,776)              (501)
 Proceeds from issuance of common stock                                        13,589      9,778         2,725        9,182               35,274       9,918     13,109      10,927      15,822              49,776              6,762
 Excess tax benefits from stock-based compensation                              3,684      3,815         1,600        3,584               12,683       7,424     11,182      16,093      27,515              62,214             15,654
 Borrowings on line of credit, net of issuance costs                              -          -             -         18,978               18,978         -          -           -           -                   -
 Payments on line of credit                                                       -          -             -        (20,000)             (20,000)        -          -           -           -                   -
 Proceeds from issuance of debt, net of issuance costs                            -          -             -        193,917              193,917         -          -           -           -                   -
 Repurchases of common stock                                                  (42,719)   (72,511)     (129,686)     (79,419)            (324,335)   (107,724)   (45,145)    (57,390)        -              (210,259)          (108,643)
           Net cash provided by (used in) financing activities                (25,715)   (59,213)     (125,655)     125,942              (84,641)    (90,743)   (21,319)    (30,840)     42,857            (100,045)           (86,728)

Net increase (decrease) in cash and cash equivalents                          (24,750) (27,660)        (31,754)      78,507              (5,657)  (54,363)  27,466           5,781       81,391             60,275            (44,080)
Cash and cash equivalents, beginning of period                                139,881 115,131           87,471       55,717             139,881  134,224    79,861         107,327      113,108            134,224            194,499
Cash and cash equivalents, end of period                                    $ 115,131 $ 87,471 $        55,717 $    134,224 $           134,224 $ 79,861 $ 107,327 $       113,108 $    194,499 $          194,499 $          150,419

Non-GAAP free cash flow reconciliation:
 Net cash provided by operating activities                                  $ 65,633 $ 75,302 $         78,311 $    105,817 $            325,063 $ 77,205 $ 60,252 $         42,227 $     96,717 $          276,401 $          116,323
 Acquisitions of DVD content library                                          (46,499) (43,224)        (46,273)     (57,048)            (193,044)  (36,902) (24,191)        (29,900)     (32,908)          (123,901)           (22,119)
 Purchases of property and equipment                                           (6,572)  (6,933)         (9,994)     (22,433)             (45,932)   (6,393)  (5,671)         (7,342)     (14,431)           (33,837)           (16,320)
 Other assets                                                                   2,524    1,170           3,479        3,862               11,035     3,682    3,825           2,782        2,055             12,344              1,419
 Non-GAAP free cash flow                                                    $ 15,086 $ 26,315 $         25,523 $     30,198 $             97,122 $ 37,592 $ 34,215 $          7,767 $     51,433 $          131,007 $           79,303

				
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