Look at Netflix's cash flow statement Look at a minimum of two years What are the major sources of cash in operating, investing, and financing How about the major uses Operating Activities Fiscal year is January December All values USD millions 2012 2013 2014 2015 2016 5 year trend Net Income before Extraordinaries 17 15M 112 4M 266 8M 122 64M 186 68M Depreciation, Depletion Amortization 1 7B 2 24B 2 78B 3 55B 4 92B Depreciation and Depletion Amortization of Intangible Assets Deferred Taxes Investment Tax Credit (30 07M) (22 04M) (30 06M) (58 66M) (46 85M) Deferred Taxes (30 07M) (22 04M) (30 06M) (58 66M) (46 85M) Investment Tax Credit Other Funds (1 69B) (2 35B) (3 14B) (4 53B) (6 73B) Funds from Operations (3 24M) (22 04M) (120 62M) (922 33M) (1 67B) Extraordinaries Changes in Working Capital 26 01M 119 87M 137 1M 172 89M 192 38M Receivables Accounts Payable (3 76M) 18 37M 83 81M 51 62M 32 25M Other Assets Liabilities 19 96M 99 55M (2 35M) 72 46M 91 43M Net Operating Cash Flow 22 77M 97 83M 16 48M (749 44M) (1 47B) Investing Activities 2012 2013 2014 2015 2016 5 year trend Capital Expenditures (89 73M) (120 07M) (144 52M) (171 12M) (185 77M) Capital Expenditures (Fixed Assets) (41 46M) (54 14M) (69 73M) (91 25M) (107 65M) Capital Expenditures (Other Assets) (48 28M) (65 93M) (74 79M) (79 87M) (78 12M) Net Assets from Acquisitions Sale of Fixed Assets Businesses Purchase Sale of Investments (165M) (141 84M) 100 32M (8 07M) 235 54M Purchase of Investments (477 32M) (550 26M) (426 93M) (371 92M) (187 19M) Sale Maturity of Investments 312 32M 408 43M 527 25M 363 84M 422 73M Other Uses Other Sources 8 82M 5 94M 1 33M Net Investing Cash Flow (245 92M) (255 97M) (42 87M) (179 19M) 49 77M Financing Activities 2012 2013 2014 2015 2016 5 year trend Cash Dividends Paid Total Common Dividends Preferred Dividends Change in Capital Stock 3 66M 124 56M 60 54M 77 98M 36 98M Repurchase of Common Preferred Stk (464,000) Sale of Common Preferred Stock 4 12M 124 56M 60 54M 77 98M 36 98M Proceeds from Stock Options 4 12M 124 56M 60 54M 77 98M 36 98M Other Proceeds from Sale of Stock Issuance Reduction of Debt, Net (2 61M) 270 04M 391 83M 1 48B 989 3M Change in Current Debt Change in Long Term Debt (2 61M) 270 04M 391 83M 1 48B 989 3M Issuance of Long Term Debt 490 59M 392 92M 1 48B 989 3M Reduction in Long Term Debt (2 61M) (220 54M) (1 09M) (545,000) Other Funds 4 54M 81 66M 89 34M 80 47M 65 35M Other Uses Other Sources 4 54M 81 66M 89 34M 80 47M 65 35M Net Financing Cash Flow 5 59M 476 26M 541 71M 1 64B 1 09B Exchange Rate Effect (197,000) (3 45M) (6 69M) (15 92M) (9 17M) Miscellaneous Funds 0 0 0 0 0 Net Change in Cash (217 76M) 314 67M 508 64M 695 72M (341 75M) Free Cash Flow (18 69M) 43 69M (53 24M) (840 69M) (1 58B

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Question: Look at Netflix's cash flow statement. Look at a minimum of two years. What are the major sources of cash in operating, investing, and financing?

Look at Netflix's cash flow statement. Look at a minimum of two years. What are the major sources of cash in operating, investing, and financing? How about the major uses?

Operating Activities

Fiscal year is January-December. All values USD millions.	2012	2013	2014	2015	2016
Net Income before Extraordinaries	17.15M	112.4M	266.8M	122.64M	186.68M
Depreciation, Depletion & Amortization	1.7B	2.24B	2.78B	3.55B	4.92B
Depreciation and Depletion	-	-	-	-	-
Amortization of Intangible Assets	-	-	-	-	-
Deferred Taxes & Investment Tax Credit	(30.07M)	(22.04M)	(30.06M)	(58.66M)	(46.85M)
Deferred Taxes	(30.07M)	(22.04M)	(30.06M)	(58.66M)	(46.85M)
Investment Tax Credit	-	-	-	-	-
Other Funds	(1.69B)	(2.35B)	(3.14B)	(4.53B)	(6.73B)
Funds from Operations	(3.24M)	(22.04M)	(120.62M)	(922.33M)	(1.67B)
Extraordinaries	-	-	-	-	-
Changes in Working Capital	26.01M	119.87M	137.1M	172.89M	192.38M
Receivables	-	-	-	-	-
Accounts Payable	(3.76M)	18.37M	83.81M	51.62M	32.25M
Other Assets/Liabilities	19.96M	99.55M	(2.35M)	72.46M	91.43M
Net Operating Cash Flow	22.77M	97.83M	16.48M	(749.44M)	(1.47B)

Investing Activities

	2012	2013	2014	2015	2016
Capital Expenditures	(89.73M)	(120.07M)	(144.52M)	(171.12M)	(185.77M)
Capital Expenditures (Fixed Assets)	(41.46M)	(54.14M)	(69.73M)	(91.25M)	(107.65M)
Capital Expenditures (Other Assets)	(48.28M)	(65.93M)	(74.79M)	(79.87M)	(78.12M)
Net Assets from Acquisitions	-	-	-	-	-
Sale of Fixed Assets & Businesses	-	-	-	-	-
Purchase/Sale of Investments	(165M)	(141.84M)	100.32M	(8.07M)	235.54M
Purchase of Investments	(477.32M)	(550.26M)	(426.93M)	(371.92M)	(187.19M)
Sale/Maturity of Investments	312.32M	408.43M	527.25M	363.84M	422.73M
Other Uses	-	-	-	-	-
Other Sources	8.82M	5.94M	1.33M	-	-
Net Investing Cash Flow	(245.92M)	(255.97M)	(42.87M)	(179.19M)	49.77M

Financing Activities

	2012	2013	2014	2015	2016
Cash Dividends Paid - Total	-	-	-	-	-
Common Dividends	-	-	-	-	-
Preferred Dividends	-	-	-	-	-
Change in Capital Stock	3.66M	124.56M	60.54M	77.98M	36.98M
Repurchase of Common & Preferred Stk.	(464,000)	-	-	-	-
Sale of Common & Preferred Stock	4.12M	124.56M	60.54M	77.98M	36.98M
Proceeds from Stock Options	4.12M	124.56M	60.54M	77.98M	36.98M
Other Proceeds from Sale of Stock	-	-	-	-	-
Issuance/Reduction of Debt, Net	(2.61M)	270.04M	391.83M	1.48B	989.3M
Change in Current Debt	-	-	-	-	-
Change in Long-Term Debt	(2.61M)	270.04M	391.83M	1.48B	989.3M
Issuance of Long-Term Debt	-	490.59M	392.92M	1.48B	989.3M
Reduction in Long-Term Debt	(2.61M)	(220.54M)	(1.09M)	(545,000)	-
Other Funds	4.54M	81.66M	89.34M	80.47M	65.35M
Other Uses	-	-	-	-	-
Other Sources	4.54M	81.66M	89.34M	80.47M	65.35M
Net Financing Cash Flow	5.59M	476.26M	541.71M	1.64B	1.09B
Exchange Rate Effect	(197,000)	(3.45M)	(6.69M)	(15.92M)	(9.17M)
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	(217.76M)	314.67M	508.64M	695.72M	(341.75M)
Free Cash Flow	(18.69M)	43.69M	(53.24M)	(840.69M)	(1.58B

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