Exhibit 3C Netflix Consolidated Statements of Cash Flows (in thousands) Cash flows from operating activities: Net...

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Exhibit 3C Netflix Consolidated Statements of Cash Flows (in thousands) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Year Ended December 31, 2009 2008 2007 $ 115,860 $ 83,026 $ 66,608 309 Case 21: Netflix Depreciation of property, equipment and intangibles 38,044 Amortization of content library 219,490 32,454 209,757 Amortization of discounts and premiums on investments 607 625 22,219 203,415 24 Amortization of debt issuance costs 1,124 - Stock-based compensation expense 12,618 Excess tax benefits from stock-based compensation (12,683) 12,264 (5,220) 11,976 (26,248) Loss (gain) on disposal of property and equipment 254 101 Gain on sale of short-term investments (1,509) Gain on disposal of DVDs (7,637) (3,130) (13,350) (14,637) 142 (687) Gain on sale of investment in business (1,783) - Deferred taxes 6,328 (5,905) (893) Changes in operating assets and liabilities: Prepaid expenses and other current assets (11,001) (4,181) (3,893) Content library (64,217) (48,290) (34,821) Accounts payable (2,256) 7,111 16,555 Accrued expenses.. 13,169 (1,824) 32,809 Deferred revenue 16,970 11,462 1,987 Other assets and liabilities 1,685 9,137 2,868 Net cash provided by operating activities 325,063 284,037 277,424 Cash flows from investing activities: Purchases of short-term investments (228,000) (256,959) (405,340) Proceeds from sale of short-term investments 166,706 304,163 200,832 Proceeds from maturities of short-term investments 35,673 Purchases of property and equipment (45,932) 3,170 (43,790) (44,256) Acquisition of intangible asset (200) Acquisitions of content library (193,044) (1,062) (162,849) (550) (208,647) Proceeds from sale of DVDs 11,164 18,368 21,640 Investment in business (6,000) Proceeds from sale of investment in business 7,483 Other assets 71 (1) Net cash used in investing activities (246,079) (144,960) 297 (436,024) Cash flows from financing activities: Principal payments of lease financing obligations Proceeds from issuance of common stock (1,158) (823) 35,274 18,872 Excess tax benefits from stock-based compensation 12,683 5,220 (390) 9,609 26,248 Borrowings on line of credit, net of issuance costs 18,978 Payments on line of credit (20,000) Proceeds from issuance of debt, net of issuance costs 193,917 Repurchases of common stock (324,335) (199,904) (99,858) Net cash used by financing activities (84,641) (176,635) (64,391) Net decrease in cash and cash equivalents (5,657) (37,558) (222,991) Cash and cash equivalents, beginning of year 139,881 Cash and cash equivalents, end of year $134,224 177,439 $139,881 400,430 $177,439 Supplemental disclosure: Income taxes paid Interest paid $58,770 3,878 $ 40,494 2,458 $ 15,775 1,188 Source: Netflix 10-K Sling for year ended December 31, 2010. SEC.gov. Revenues: Income (loss) before reorganization items and income taxes Reorganization items, net Provision for income taxes Equity in income (loss) of non-debtor subsidiaries, net of tax Income (loss) from continuing operations Income (loss) from discontinued operations, net of tax Net income (loss) Source: Blockbuster 10-K filing for year ended January 2, 2011. SEC.gov. 311 (215.8) (9.7) (2.2) (20.9) (248.6) (19.4) $ (268.0) Case 21: Netflix Exhibit 3C Netflix Consolidated Statements of Cash Flows (in thousands) Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash provided by operating activities: Year Ended December 31, 2009 2008 2007 $ 115,860 $ 83,026 $ 66,608 309 Case 21: Netflix Depreciation of property, equipment and intangibles 38,044 Amortization of content library 219,490 32,454 209,757 Amortization of discounts and premiums on investments 607 625 22,219 203,415 24 Amortization of debt issuance costs 1,124 - Stock-based compensation expense 12,618 Excess tax benefits from stock-based compensation (12,683) 12,264 (5,220) 11,976 (26,248) Loss (gain) on disposal of property and equipment 254 101 Gain on sale of short-term investments (1,509) Gain on disposal of DVDs (7,637) (3,130) (13,350) (14,637) 142 (687) Gain on sale of investment in business (1,783) - Deferred taxes 6,328 (5,905) (893) Changes in operating assets and liabilities: Prepaid expenses and other current assets (11,001) (4,181) (3,893) Content library (64,217) (48,290) (34,821) Accounts payable (2,256) 7,111 16,555 Accrued expenses.. 13,169 (1,824) 32,809 Deferred revenue 16,970 11,462 1,987 Other assets and liabilities 1,685 9,137 2,868 Net cash provided by operating activities 325,063 284,037 277,424 Cash flows from investing activities: Purchases of short-term investments (228,000) (256,959) (405,340) Proceeds from sale of short-term investments 166,706 304,163 200,832 Proceeds from maturities of short-term investments 35,673 Purchases of property and equipment (45,932) 3,170 (43,790) (44,256) Acquisition of intangible asset (200) Acquisitions of content library (193,044) (1,062) (162,849) (550) (208,647) Proceeds from sale of DVDs 11,164 18,368 21,640 Investment in business (6,000) Proceeds from sale of investment in business 7,483 Other assets 71 (1) Net cash used in investing activities (246,079) (144,960) 297 (436,024) Cash flows from financing activities: Principal payments of lease financing obligations Proceeds from issuance of common stock (1,158) (823) 35,274 18,872 Excess tax benefits from stock-based compensation 12,683 5,220 (390) 9,609 26,248 Borrowings on line of credit, net of issuance costs 18,978 Payments on line of credit (20,000) Proceeds from issuance of debt, net of issuance costs 193,917 Repurchases of common stock (324,335) (199,904) (99,858) Net cash used by financing activities (84,641) (176,635) (64,391) Net decrease in cash and cash equivalents (5,657) (37,558) (222,991) Cash and cash equivalents, beginning of year 139,881 Cash and cash equivalents, end of year $134,224 177,439 $139,881 400,430 $177,439 Supplemental disclosure: Income taxes paid Interest paid $58,770 3,878 $ 40,494 2,458 $ 15,775 1,188 Source: Netflix 10-K Sling for year ended December 31, 2010. SEC.gov. Revenues: Income (loss) before reorganization items and income taxes Reorganization items, net Provision for income taxes Equity in income (loss) of non-debtor subsidiaries, net of tax Income (loss) from continuing operations Income (loss) from discontinued operations, net of tax Net income (loss) Source: Blockbuster 10-K filing for year ended January 2, 2011. SEC.gov. 311 (215.8) (9.7) (2.2) (20.9) (248.6) (19.4) $ (268.0) Case 21: Netflix