Item 2.02 Results of Operations and Financial Condition.
On October 23, 2012, Netflix, Inc. (the "Company") announced its financial
results for the quarter ended September 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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