Netflix (NFLX)

Financing Activities

Our financing activities consisted primarily of the issuance of common stock and repurchases of our common stock. Cash used in financing activities decreased by $64.9 million for the three months ended March 31, 2009 as compared to the same prior-year period primarily due to a decrease in stock repurchases of $57.2 million coupled with an increase in the proceeds from the issuance of common stock of $5.0 million.

Financing Activities

Our financing activities consist primarily of repurchases of our common stock, issuance of common stock, and the excess tax benefit from stock-based compensation. Cash used by financing activities increased by $112.2 million in 2008 as compared to 2007 primarily due to an increase in stock repurchases of $100.0 million in 2008 as compared to 2007. In addition, the excess tax benefits from stock-based compensation decreased by $21.0 million in 2008, as the Company utilized the remaining benefits from its net operating losses. This use of cash was offset by an increase in proceeds from the issuance of our common stock of $9.3 million.

Cash provided by financing activities decreased by $190.2 million in 2007 as compared to 2006 primarily due to stock repurchases of $99.9 million in 2007 and a decrease of $103.4 million in issuances of common stock as we had raised $101.1 million in a secondary offering in 2006. We did not have any stock repurchases during 2006. This use of cash was offset by the excess tax benefits from stock-based compensation of $26.2 million.

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Financing Activities

Our financing activities consist primarily of repurchases of our common stock, issuance of common stock, and the excess tax benefit from stock-based compensation. Cash used by financing activities increased by $112.2 million in 2008 as compared to 2007 primarily due to an increase in stock repurchases of $100.0 million in 2008 as compared to 2007. In addition, the excess tax benefits from stock-based compensation decreased by $21.0 million in 2008, as the Company utilized the remaining benefits from its net operating losses. This use of cash was offset by an increase in proceeds from the issuance of our common stock of $9.3 million.

Cash provided by financing activities decreased by $190.2 million in 2007 as compared to 2006 primarily due to stock repurchases of $99.9 million in 2007 and a decrease of $103.4 million in issuances of common stock as we had raised $101.1 million in a secondary offering in 2006. We did not have any stock repurchases during 2006. This use of cash was offset by the excess tax benefits from stock-based compensation of $26.2 million.

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Financing Activities

During the three months ended September 30, 2008, our financing activities consisted primarily of repurchases of common stock. Cash used in financing activities increased $56.7 million during the three months ended September 30, 2008 as compared to the same prior-year period primarily due to an increase in stock repurchases of $54.7 million.

During the nine months ended September 30, 2008, our financing activities consisted primarily of repurchases of common stock. Cash used in financing activities increased by $129.7 million during the nine months ended September 30, 2008 as compared to the same prior-year period primarily due to an increase in stock repurchases of $124.4 million. On April 17, 2007, our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $100 million of our common stock through the end of 2007. Under this program, we repurchased 4,733,788 shares of common stock at an average price of approximately $21 per share for an aggregate amount of $100 million. On January 31, 2008, our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $100 million of our common stock through the end of 2008. Under this program, we repurchased 3,847,062 shares of common stock at an average price of approximately $26 per share for an aggregate amount of approximately $100 million. On March 5, 2008, our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $150 million of our common stock through the end of 2008. Under this program, we repurchased 2,991,684 shares of common stock at an average price of approximately $30 per share for an aggregate amount of $90 million during the nine months ended September 30, 2008.

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Financing Activities

During the three months ended June 30, 2008, our financing activities consisted primarily of the issuance of common stock. Cash provided by financing activities was $6.8 million during the three months ended June 30, 2008 as compared to cash used in financing activities of $15.6 for the three months ended June 30, 2007. This was primarily because we did not repurchase common stock through our stock repurchase program during the quarter ended June 30, 2008.

During the six months ended June 30, 2008, our financing activities consisted of the issuance of common stock, repurchases of our common stock and the excess tax benefit from stock-based compensation. Cash used in financing activities increased by $72.9 million during the six months ended June 30, 2008 primarily due to an increase in stock repurchases of $69.7 million. On January 31, 2008, our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $100.0 million of our common

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stock through the end of 2008. Under this program, we repurchased 3,847,062 shares of common stock at an average price of $25.96 per share for an aggregate amount of $99.9 million, net of expenses. On March 5, 2008, our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $150.0 million of our common stock through the end of 2008. No shares were repurchased under this program during the six months ended June 30, 2008. Stock repurchases during the first quarter of 2007 were approximately $30.2 million.

Financing Activities

Our financing activities consisted primarily of the issuance of common stock and repurchases of our common stock. Cash used in financing activities decreased by $95.4 million for the three months ended March 31, 2008 as compared to the same prior-year period primarily due to stock repurchases of $99.9 million. On January 31, 2008, our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $100.0 million of our common stock through the end of 2008. Under this program, we repurchased 3,847,062 shares of common stock at an average price of $25.96 per share for an aggregate amount of $99.9 million, net of expenses. On March 5, 2008 our Board of Directors authorized a stock repurchase program allowing us to repurchase up to $150.0 million of our common stock through the end of 2008. Under this program, no shares were repurchased during the three months ended March 31, 2008. We did not have any stock repurchases during the first quarter of 2007. This decrease was offset by a $7.8 million increase in proceeds from the issuance of common stock.

Financing Activities

Our financing activities consisted primarily of issuance of common stock, repurchases of our common stock and the excess tax benefit from stock-based compensation. Cash provided by financing activities decreased by $190.2 million in 2007 as compared to 2006 primarily due to stock repurchases of $99.9 million in 2007 and a decrease of $103.4 million in issuances of common stock as we had raised $101.1 million in a secondary offering in 2006. On April 18, 2007, we announced a stock repurchase program allowing us to repurchase up to $100.0 million of our common stock through the end of 2007. As of November 2007, we completed our stock repurchase program. We did not have any stock repurchases during 2006. This use of cash was offset by the excess tax benefits from stock-based compensation of $26.2 million.

Cash provided by financing activities increased $112.9 million in 2006 as compared to 2005 primarily due to the proceeds of $101.1 million from the secondary public offering of our common stock in May 2006, as well as $13.2 million of tax benefits from stock-based compensation.

Financing Activities

Financing activities

Cash used in financing activities during the three and nine months ended September 30, 2007 primarily consisted of stock repurchases of $ 35.3 million and $65.5 million, respectively. This use of cash was offset by an excess tax benefits from stock-based compensation of $5.2 million and $21.3 million, respectively, for the three and nine months ended September 30, 2007.

Financing activities

Net cash used in financing activities for the three and six months ended June 30, 2007 was $15.5 million and $10.7 million, respectively. Cash used in financing activities during the three and six months ended June 30, 2007 primarily consisted of stock repurchases of $30.2 million. This use of cash was offset by an increase in the excess tax benefits from stock-based compensation of $12.0 million and $16.1 million, respectively, for the three and six months ended June 30, 2007.

Financing activities

Net cash provided by financing activities for the three months ended March 31, 2007 increased by $1.0 million as compared to the same prior-year period primarily due to an increase in the excess tax benefits from stock-based compensation partially offset by a decrease in proceeds from the exercise of stock options.