Item 2.02 Results of Operations and Financial Condition.
On July 24, 2012, Netflix, Inc. (the "Company") announced its financial results
for the quarter ended June 30, 2012. The Letter to Shareholders, which is
attached hereto as Exhibit 99.1 and is incorporated herein by reference,
discloses a certain financial measure that may be considered a non-GAAP
financial measure. Generally, a non-GAAP financial measure is a numerical
measure of a company's performance, financial position, or cash flows that
either excludes or includes amounts that are not normally excluded or included
in the most directly comparable measure calculated and presented in accordance
with generally accepted accounting principles in the United States. Management
believes that free cash flow is an important liquidity metric because it
measures, during a given period, the amount of cash generated that is available
to repay debt obligations, make investments, repurchase stock and for certain
other activities. However, this non-GAAP measure should be considered in
addition to, not as a substitute for or superior to, net income, operating
income and net cash provided by operating activities, or other financial
measures prepared in accordance with GAAP. The non-GAAP information is presented
using consistent methodology from quarter-to-quarter and year-to-year.
The information in this report shall not be treated as "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed
incorporated by reference into any registration statement or other document
pursuant to the Securities Act of 1933 or the Securities Exchange Act of 1934,
except as expressly stated by specific reference in such filing.
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