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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
ÍANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2011
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 000-49802
Netflix, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 77-0467272
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
100 Winchester Circle
Los Gatos, California 95032
(Address and zip code of principal executive offices)
(408) 540-3700
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of Exchange on which registered
Common stock, $0.001 par value The NASDAQ Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of Class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ÍNo
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Í
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes ÍNo
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes ÍNo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of
this Form 10-K or any amendment to this Form 10-K.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the
Exchange Act.
Large accelerated filer ÍAccelerated filer Non-accelerated filer Smaller reporting company
(do not check if smaller
reporting company)
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes No Í
As of June 30, 2011, the aggregate market value of voting stock held by non-affiliates of the registrant, based upon the closing sales
price for the registrant’s common stock, as reported in the NASDAQ Global Select Market System, was $13,428,994,404. Shares of
common stock beneficially owned by each executive officer and director of the Registrant and by each person known by the Registrant to
beneficially own 10% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates.
This determination of affiliate status is not necessarily a conclusive determination for any other purpose.
As of January 31, 2012, there were 55,418,632 shares of the registrant’s common stock, par value $0.001, outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Parts of the registrant’s Proxy Statement for Registrant’s 2012 Annual Meeting of Stockholders are incorporated by reference into
Part III of this Annual Report on Form 10-K.

Table of contents

  • Page 1
    ... year ended December 31, 2011 OR ' TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-49802 (Exact name of Registrant as specified in its charter) Netflix, Inc. 100 Winchester Circle Los Gatos...

  • Page 2
    ..., Related Stockholder Matters and Issuer Purchases of Equity Securities ...Selected Financial Data ...Management's Discussion and Analysis of Financial Condition and Results of Operations ...Quantitative and Qualitative Disclosures about Market Risk ...Financial Statements and Supplementary Data...

  • Page 3
    ... combined plans, making it necessary for subscribers who wish to receive both DVDs-by-mail and streaming content to have two separate subscription plans. This resulted in a price increase for our members who were taking a combination of our unlimited DVDs-by-mail and unlimited streaming services. We...

  • Page 4
    ...agreements, DVD direct purchases and DVD revenue sharing agreements. We market our service through various channels, including online advertising, broad-based media, such as television and radio, as well as various strategic partnerships. In connection with marketing the service, we offer free-trial...

  • Page 5
    ... portion of the Netflix Web site, in addition to following press releases, SEC filings and public conference calls and webcasts. We also make available, free of charge, on our investor relations Web site under "SEC Filings," our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current...

  • Page 6
    ... not use the service sufficiently, the need to cut household expenses, availability of content is limited, DVD delivery takes too long, competitive services provide a better value or experience and customer service issues are not satisfactorily resolved. We must continually add new subscribers both...

  • Page 7
    ... increasingly long-term and fixed-cost nature of our content acquisition licenses, will likely continue to have an adverse impact on our results of operations. While we have seen a return to growth in our core domestic streaming segment, we believe the process of repairing our brand will take time...

  • Page 8
    ...activities intrusive, which could affect our goodwill or brand. If the available marketing channels are curtailed, our ability to attract new subscribers may be adversely affected. The increasingly long-term and fixed-cost nature of our content acquisition licenses may adversely affect our financial...

  • Page 9
    ... a number of partners to offer instant streaming of content from Netflix to various devices. We currently offer subscribers the ability to receive streaming content through their PCs, Macs and other Internet-connected devices, including Blu-ray players and TVs, digital video players, game consoles...

  • Page 10
    ... limit the sale or distribution of their content in ways that try to limit the effects of the First Sale Doctrine, our business could be adversely affected. For example, we have entered into agreements with several studios to delay the availability of new release DVDs for rental for a period of time...

  • Page 11
    ... of DVD content and our subscribers' demand for DVD titles that could adversely affect our operations and financial performance. We obtain DVDs through a mix of revenue sharing agreements and direct purchases. The type of agreement we utilize to acquire DVD content depends on the economic terms we...

  • Page 12
    ... services in connection with our business operations. We also utilize third-party content delivery networks to help us stream TV shows and movies in high volume to Netflix subscribers over the Internet. Problems faced by our third-party Web hosting, cloud computing, or content delivery network...

  • Page 13
    ... new releases or other titles that cost us more to provide, and our margins may be adversely affected. We rely heavily on our proprietary technology to stream TV shows and movies and to manage other aspects of our operations, including processing delivery and return of our DVDs to our subscribers...

  • Page 14
    ... try to monetize access to their networks by data providers, we could incur greater operating expenses and our subscriber acquisition and retention could be negatively impacted. For example, in late 2010, Comcast informed Level 3 Communications that it would require Level 3 to pay for the ability...

  • Page 15
    ...be accessed by unauthorized persons. We maintain personal data regarding our subscribers, including names and, in many cases, mailing addresses. With respect to billing data, such as credit card numbers, we rely on licensed encryption and authentication technology to secure such information. We take...

  • Page 16
    ... claims against us could be costly and result in the loss of significant rights related to, among other things, our Web site, streaming technology, our recommendation and merchandising technology, title selection processes and marketing activities. Trademark, copyright, patent and other intellectual...

  • Page 17
    ...business operations and financial position. We could be subject to economic, political, regulatory and other risks arising from our international operations. We offer an unlimited streaming plan in Canada, Latin America and beginning in early 2012 we expanded our streaming service offering to the UK...

  • Page 18
    ... currency exchange rate risk; • profit repatriation and other restrictions on the transfer of funds; • differing processing systems as well as consumer use and acceptance of electronic payment methods, such as credit and debit cards; • new and different sources of competition; • low usage...

  • Page 19
    ... agreements. We may lose key employees or may be unable to hire qualified employees. We rely on the continued service of our senior management, including our Chief Executive Officer and co-founder Reed Hastings, members of our executive team and other key employees and the hiring of new qualified...

  • Page 20
    ... financial community; • announcements of developments affecting our business, systems or expansion plans by us or others; • competition, including the introduction of new competitors, their pricing strategies and services; • market volatility in general; • the level of demand for our stock...

  • Page 21
    ... Clara, California ...Beverly Hills, California ... 57,000 49,000 23,000 40,000 Domestic and International streaming corporate office, general and administrative, marketing and technology and development August 2016 Domestic DVD receiving and storage center, processing and shipping center for the...

  • Page 22
    ... Our common stock is traded on the NASDAQ Global Select Market under the symbol "NFLX". The following table sets forth the intraday high and low sales prices per share of our common stock for the periods indicated, as reported by the NASDAQ Global Select Market. 2011 High Low High 2010 Low First...

  • Page 23
    Stock Performance Graph Notwithstanding any statement to the contrary in any of our previous or future filings with the Securities and Exchange Commission, the following information relating to the price performance of our common stock shall not be deemed "filed" with the Commission or "soliciting ...

  • Page 24
    ... 7, Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8, Financial Statements and Supplementary Data. Consolidated Statements of Operations: 2011 Year ended December 31, 2010 2009 2008 (in thousands, except per share data) 2007 (1) Revenues ...Total cost...

  • Page 25
    ... combined plans, making it necessary for subscribers who wish to receive both DVDs-by-mail and streaming content to have two separate subscription plans. This resulted in a price increase for our members who were taking a combination of our unlimited DVDs-by-mail and unlimited streaming services. We...

  • Page 26
    ... both a DVD-by-mail subscription plan and a streaming subscription plan. Accordingly, beginning with the third quarter of 2011, management views the number of paid subscriptions as the key driver of revenues. The following metrics reflect these changes. As of /Year Ended December 31, 2011 2010 2009...

  • Page 27
    ... domestic DVD subscriptions coupled with the increasing investment in our International streaming segment, we expect to incur consolidated net losses for the year ended December 31, 2012. Free cash flow for the year ended December 31, 2011 increased as compared to the year ended December 31, 2010 to...

  • Page 28
    ... Item 8, Financial Statements and Supplementary Data of this Annual Report on Form 10-K. Year Ended December 31, 2011 2010 2009 Revenues ...Cost of revenues: Subscription ...Fulfillment expenses ...Total cost of revenues ...Operating expenses: Marketing ...Technology and development ...General and...

  • Page 29
    ... our service benefits. This increase was offset in part by an 8.3% decline in the domestic average monthly revenue per unique paying subscriber, resulting from the continued growth in our lower priced subscription plans. In the fourth quarter of 2010, when we introduced the unlimited streaming plan...

  • Page 30
    ... our content library. Fulfillment expenses also include operating and staffing our customer service centers and credit card fees. Year ended December 31, Change 2011 2010 2011 vs. 2010 (in thousands, except percentages) Cost of subscription ...Fulfillment expenses ...Total cost of revenues ...As...

  • Page 31
    ... increased due to higher costs associated with our use of third-party delivery networks resulting from an increase in the total number of hours of streaming content viewed by our subscribers. • Fulfillment costs associated with content processing and customer service centers expenses increased...

  • Page 32
    ... of devices on which subscribers can view Netflix content. The increase is also due to a $16.2 million increase in other marketing program spending, principally in TV and radio advertising to promote our service, offset by a decrease in direct mail and inserts. In addition, costs of free trials...

  • Page 33
    ...expect legal costs to continue at a high level for the foreseeable future as we defend these claims. Other miscellaneous expenses primarily related to the use of outside and professional services, taxes, and insurance increased by $13.3 million. Change Year ended December 31, 2010 2009 2010 vs. 2009...

  • Page 34
    ... tax rate for the year ended December 31, 2009. Liquidity and Capital Resources Our primary source of liquidity has been cash generated from operations. Additionally, in November 2011, we issued $200.0 million of our Convertible Notes and raised an additional $200.0 million through a public offering...

  • Page 35
    ... by increased payments for content acquisition and licensing other than DVD library of $766.3 million or 138.4%. Operating cash flows were further impacted by increases in payroll expenses and payments for advertising and affiliates transactions. Cash used in investing activities increased $149...

  • Page 36
    ...Because consumers use credit cards to buy from us, our receivables from customers settle quickly and deferred revenue is a source of cash flow. For streaming content, we typically enter into multi-year licenses with studios and other distributors that may result in an increase in content library and...

  • Page 37
    ... while content expenses increased $674.4 million. Year Ended December 31, 2010 2009 (in thousands) Non-GAAP free cash flow reconciliation: Net cash provided by operating activities ...Acquisition of DVD content library ...Purchases of property and equipment ...Other assets ...Non-GAAP free cash...

  • Page 38
    ...,022 $2,563,036 (1) Represents the lease financing obligations for our Los Gatos, California headquarters. (2) Streaming content obligations include agreements to acquire and license streaming content that represent long-term liabilities or that are not reflected on the Consolidated Balance Sheets...

  • Page 39
    ...DVD direct purchases and DVD revenue sharing agreements with studios, distributors and other suppliers. We obtain content distribution rights in order to stream TV shows and movies to subscribers' TVs, computers and mobile devices. Streaming content is generally licensed for a fixed-fee for the term...

  • Page 40
    ... 8, Financial Statements and Supplementary Data. We acquire DVD content for the purpose of renting such content to our subscribers and earning subscription rental revenues, and, as such, we consider our direct purchase DVD library to be a productive asset. Accordingly, we classify our DVD library in...

  • Page 41
    ... exercise factor of 10% would increase the total stock-based compensation expense by approximately $2.3 million. Income Taxes We record a provision for income taxes for the anticipated tax consequences of our reported results of operations using the asset and liability method. Deferred income...

  • Page 42
    ... exposure to interest rates. (in thousands) Due within one year ...Due within five years ...Due within ten years ...Due after ten years ...Total ... $108,382 180,373 - 1,003 $289,758 A sensitivity analysis was performed on our investment portfolio as of December 31, 2011. The analysis is based on...

  • Page 43
    ... recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate...

  • Page 44
    ... Owners and Management and Related Stockholder Matters Information required by this item is incorporated by reference from information contained under the sections "Security Ownership of Certain Beneficial Owners and Management" and "Equity Compensation Plan Information" in our Proxy Statement...

  • Page 45
    ... (1) Financial Statements: The financial statements are filed as part of this Annual Report on Form 10-K under "Item 8. Financial Statements and Supplementary Data." (2) Financial Statement Schedules: The financial statement schedules are omitted as they are either not applicable or the information...

  • Page 46
    ... File No. Exhibit Filing Date Filed Herewith 10.2†10.3†10.4†10.5 10.6†10.8†10.9†10.10†2002 Employee Stock Purchase Plan Amended and Restated 1997 Stock Plan Amended and Restated 2002 Stock Plan Amended and Restated Stockholders' Rights Agreement 2011 Stock Plan Description...

  • Page 47
    ... financial information from Netflix, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on February 10, 2012, formatted in XBRL includes: (i) Consolidated Balance Sheets as of December 31, 2011 and 2010, (ii) Consolidated Statements of Operations for the Years...

  • Page 48
    NETFLIX, INC. INDEX TO FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm ...Consolidated Balance Sheets as of December 31, 2011 and 2010 ...Consolidated Statements of Operations for the Years Ended December 31, 2011, 2010 and 2009 ...Consolidated Statements of ...

  • Page 49
    ... financial statements referred to above present fairly, in all material respects, the financial position of Netflix, Inc. and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2011...

  • Page 50
    NETFLIX, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) As of December 31, 2011 2010 Assets Current assets: Cash and cash equivalents ...Short-term investments ...Current content library, net ...Prepaid content ...Other current assets ...Total current assets ...Non...

  • Page 51
    NETFLIX, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) 2011 Year ended December 31, 2010 2009 Revenues ...Cost of revenues: Subscription ...Fulfillment expenses ...Total cost of revenues ...Gross profit ...Operating expenses: Marketing ...Technology and ...

  • Page 52
    ...of common stock under employee stock purchase plan ...46,112 Repurchases of common stock ...(2,606,309) Stock-based compensation expense ...- Excess stock option income tax benefits ...- Balances as of December 31, 2010 ...52,781,949 Net income ...- Unrealized losses on available-for-sale securities...

  • Page 53
    ... Deferred revenue ...21,613 27,086 16,970 Other non- current assets and liabilities ...2,883 645 1,906 Net cash provided by operating activities ...317,712 276,401 325,063 Cash flows from investing activities: Acquisition of DVD content library ...(85,154) (123,901) (193,044) Purchases of short-term...

  • Page 54
    ... subscription service streaming TV shows and movies. The Company's subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive DVDs delivered quickly to their homes. The Company...

  • Page 55
    ... streaming content license agreements, DVD direct purchases and DVD revenue sharing agreements with studios, distributors and other suppliers. The Company obtains content distribution rights in order to stream TV shows and movies to subscribers' TVs, computers and mobile devices. Streaming content...

  • Page 56
    ... Company acquires DVD content for the purpose of renting such content to its subscribers and earning subscription rental revenues, and, as such, the Company considers its direct purchase DVD library to be a productive asset. Accordingly, the Company classifies its DVD library in "Non-current content...

  • Page 57
    ...to the Company's affiliates and consumer electronics partners and payroll related expenses. Advertising expenses include promotional activities such as television and online advertising, as well as allocated costs of revenues relating to free trial periods. Advertising costs are expensed as incurred...

  • Page 58
    ... stock options, and for 2010 and 2009, shares that were purchasable pursuant to the Company's employee stock purchase plan ("ESPP"). The Company's ESPP was suspended in 2011 and there were no offerings in 2011. The computation of net income per share is as follows: Year ended December 31, 2011 2010...

  • Page 59
    ... Cost Estimated Fair Value Cash ...Level 1 securities (1): Money market funds ...Level 2 securities (3): Corporate debt securities ...Government and agency securities ...Asset and mortgage-backed securities ...Less: Restricted cash (1) ...Total cash, cash equivalents and short-term investments...

  • Page 60
    ... are not active; or other inputs that are observable, either directly or indirectly. These values were obtained from an independent pricing service and were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes...

  • Page 61
    ... extend over the term of the license agreement, which could range from six months to five years. As of December 31, 2011, content accounts payable and non-current content liabilities increased $1.45 billion, over December 31, 2010, as compared to an increase in total content library, net, of $1.60...

  • Page 62
    ... terms and conditions, limitations on the Company's ability to pay cash dividends or to repurchase shares of its common stock, subject to specified exceptions. At December 31, 2011, the Company was in compliance with these covenants. Based on quoted market prices of the Company's publicly traded...

  • Page 63
    ... (other than specified types of investments); or pay dividends, make distributions, or purchase or redeem the Company's equity interests (each subject to specified exceptions). At December 31, 2011 and 2010, the Company was in compliance with these covenants. Based on quoted market prices, the fair...

  • Page 64
    ... Ending December 31, 2012 ...2013 ...2014 ...2015 ...2016 ...Thereafter ...Total minimum payments ... $21,773 18,310 14,195 11,008 8,580 5,326 $79,192 Rent expense associated with the operating leases was $16.9 million, $14.9 million and $14.5 million for the years ended December 31, 2011, 2010...

  • Page 65
    ...agreement to divide the markets for sales and online rentals of DVDs in the United States, which resulted in higher Netflix subscription prices. A number of other cases had been filed in Federal and State courts by current or former subscribers to the online DVD rental service offered by Blockbuster...

  • Page 66
    ...at this time. The Company's view of the matters not listed may change in the future as the litigation and events related thereto ...terms to business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company's breach of such agreements...

  • Page 67
    ... in each particular agreement. No amount has been accrued in the accompanying financial statements with respect to these indemnification guarantees. 7. Stockholders' Equity On November 28, 2011, the Company issued 2.9 million shares of common stock upon the closing of a public offering for $200...

  • Page 68
    ...the 2002 Stock Plan and the large majority will expire in the first quarter of 2012. A summary of the activities related to the Company's options is as follows: Options Outstanding WeightedAverage Number of Exercise Shares Price WeightedAverage Remaining Contractual Term (in Years) Shares Available...

  • Page 69
    ...-month purchase period. As of December 31, 2011, there were 2,785,721 shares available for future issuance under the 2002 Employee Stock Purchase Plan. The Company's ESPP was suspended in 2011 and there were no offerings in 2011. During the years ended December 31, 2010 and 2009, employees purchased...

  • Page 70
    ...to low trade volume of its tradable forward call options in certain periods, there by precluding sole reliance on implied volatility. In valuing shares issued under the Company's employee stock option plans, the Company bases the risk-free interest rate on U.S. Treasury zero-coupon issues with terms...

  • Page 71
    ... expense, net of tax, related to stock option plans and employee stock purchases which were allocated as follows: Year Ended December 31, 2011 2010 2009 (in thousands) Fulfillment expenses ...Marketing ...Technology and development ...General and administrative ...Stock-based compensation expense...

  • Page 72
    ... deferred tax assets, the Company considered all available positive and negative evidence, including its past operating results and the forecast of future market growth, forecasted earnings, future taxable income, and prudent and feasible tax planning strategies. As of December 31, 2011 and 2010, it...

  • Page 73
    ... streaming content and DVD-by-mail operations were combined. Subscribers in the United States were able to receive both streaming content and DVDs under a single hybrid plan. Accordingly, revenues were generated and marketing expenses were incurred in connection with the subscription offerings...

  • Page 74
    ..., 2011 and 2010 based on the Company's segment reporting prior to the fourth quarter of 2011: As of/Year ended December 31, 2011 Domestic International Consolidated (in thousands) Total unique subscribers at end of period ...Revenues ...Cost of revenues and marketing expense ...Contribution profit...

  • Page 75
    ... months ended December 31, 2011 includes $9.0 million of expense related to a legal settlement and $9.5 million of expense related to termination benefits associated with the Company's retraction of plans to separate and rebrand the DVD-by-mail service. An additional $1.8 million of expense related...

  • Page 76
    ...to sign any and all amendments to this Report, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each...

  • Page 77
    Signature Title Date /S/ /S/ ANN MATHER Ann Mather Director Director Director Director February 10, 2012 February 10, 2012 February 10, 2012 February 10, 2012 CHARLES H. GIANCARLO Charles H. Giancarlo /S/ /S/ A. GEORGE BATTLE A. George Battle LESLIE J. KILGORE Leslie J. Kilgore 75

  • Page 78
    ... 28, 2011, by and among Netflix, Inc., TCV VII, L.P., TCV VII(A), L.P. and TCV Member Fund, L.P. Form of Indemnification Agreement entered into by the registrant with each of its executive officers and directors 2002 Employee Stock Purchase Plan Amended and Restated 1997 Stock Plan Amended and...

  • Page 79
    ... financial information from Netflix, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2011 filed with the SEC on February 10, 2012, formatted in XBRL includes: (i) Consolidated Balance Sheets as of December 31, 2011 and 2010, (ii) Consolidated Statements of Operations for the Years...

  • Page 80
    ... in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who...

  • Page 81
    ... in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who...

  • Page 82
    ...for the year ended December 31, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in such report fairly presents, in all material respects, the financial condition and results of operations of Netflix, Inc. Dated...