Analyze the cash flow and cash management of Netflix. Provide a review of return on invested capital and profitability should also be made using a variety of appropriate ratios and horizontal and/or vertical analysis.

NETFLIX INC (NFLX) Statement of CASH FLOW
Fiscal year ends in December. USD in millions except per share data.	2012-12	2013-12	2014-12	2015-12	2016-12	TTM
Cash Flows From Operating Activities
Net income	17	112	267	123	187	362
Depreciation & amortization	45	48	2782	62	58	62
Amortization of debt discount/premium and issuance costs	1657	2193		3485	4867	5485
Deferred income taxes	-30	-22	-30	-59	-47	-60
Stock based compensation	74	73	115	125	174	176
Prepaid expenses	-4
Accounts payable	-4	18	84	52	32	20
Accrued liabilities	10	2	56	49	69	71
Other working capital	24	100	-2	72	91	-41
Other non-cash items	-1766	-2427	-3254	-4658	-6905	-7972
Net cash provided by operating activities	23	98	16	-749	-1474	-1897
Cash Flows From Investing Activities
Investments in property, plant, and equipment	-41	-54	-70	-91	-108	-206
Purchases of investments	-477	-550	-427	-372	-187	-206
Sales/Maturities of investments	312	408	527	364	423	401
Purchases of intangibles			-75
Other investing activities	-39	-60	1	-80	-78	-72
Net cash used for investing activities	-246	-256	-43	-179	50	-84
Cash Flows From Financing Activities
Debt issued	0		400	1500	1000	2421
Debt repayment	-2	-221	-1	-1
Common stock issued	4	125	61	78	37	68
Excess tax benefit from stock based compensation	5	82	89	80	65	40
Other financing activities		491	-7	-18	-10	-25
Net cash provided by (used for) financing activities	6	476	542	1640	1092	2504
Effect of exchange rate changes	0	-3	-7	-16	-9	5
Net change in cash	-218	315	509	696	-342	528
Cash at beginning of period	508	290	605	1114	1809	1391
Cash at end of period	290	605	1114	1809	1468	1919
Free Cash Flow
Operating cash flow	23	98	16	-749	-1474	-1897
Capital expenditure	-41	-54	-145	-91	-108	-206
Free cash flow	-19	44	-128	-841	-1582	-2104