NetFlix 2011 Annual Report Download - page 22

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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
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 2010
High Low High Low
First quarter ................................... $247.55 $173.50 $ 75.65 $ 48.52
Second quarter ................................. 277.70 224.41 127.96 73.62
Third quarter .................................. 304.79 107.63 174.40 95.33
Fourth quarter ................................. 128.50 62.37 209.24 147.35
As of January 31, 2012, there were approximately 198 stockholders of record of our common stock,
although there is a significantly larger number of beneficial owners of our common stock.
We have not declared or paid any cash dividends, and we have no present intention of paying any cash
dividends in the foreseeable future. The indenture we entered into in connection with the issuance in November
2011 of our zero coupon senior convertible notes due 2018 contains a covenant restricting our ability to pay cash
dividends or to repurchase shares of common stock, subject to certain exceptions.
On November 28, 2011, we sold to one or more investment funds affiliated with Technology Crossover
Ventures, or TCV, $200 million aggregate principal amount of zero coupon senior convertible notes due
2018. There were no underwriting discounts or commissions paid in connection with the issuance of the
notes. The initial conversion rate for the notes is 11.6553 shares of our common stock, per $1,000 principal
amount of notes. This is equivalent to an initial conversion price of approximately $85.80 per share of common
stock. Holders may surrender their notes for conversion at any time prior to the close of business on the business
day immediately preceding the maturity date for the notes on December 1, 2018. We offered and sold the Notes
to TCV in reliance on the exemption from registration provided by Section 4(2) of the Securities Act. We relied
on the exemption from registration based in part on representations made by TCV.
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