EXHIBIT B-1 Thomas Weisel Partners MERCHANT BANKIN G Champions of Growth June 17; 2002 Media & Broadcasting NETFLIX, INC .1'2-BUY Gordon Hodge THE POSTMAN ALWAYS RINGS TWICE . . .WITH YOUR 415 .364 .2575 Netflix Penetration of U .S . TV Households : 1999-2006E 3000 - - 3.00 % 2500 2.50% Current Bay Area penetration : 2.8%- 0 2000 - 2.00% O 1500-, 1 .50 , QI 5 1000 1 .00% Fj w I 0 500 } 0 .50 % i 0 0 .00 % 1999 2000 2001 2002E 2003E 2004E 2005E 2006E ti Ending subs (000s) --* - Penetration of TV household s Source: Adams Media Research, Company reports and Thomas Weisel Partne rs LLC est¢rtate s FINANCIAL MODEL ASSUMPTION S Revenue Drivers Revenues are driven by the number of paving subscribers and the average subscrip ti on fees per subscriber . Paying subsc ri bers are simply net subscribers less those enjoying a 10- to 14-day free trial . In 2001, revenue per average paving subscriber was $20 .08, slightly above the standard subscription rate of $19 .95 given some heavy user subscri bers in the m ix . In 1Q02, we estimate the average fee increased to $21 .00 . Going forward, we assume an average of $19 .95/ month per paying subsc ri ber . Subscribers and Chu m The company ended 1 Q02 with 603,000 total subscribers after adding 312,000 during the quarter on a gross basis and 147,000 on a net basis . Reported churn was 7 .2% a month calculated as churned subscribers of 165,000 divided by the sum of beginning subscribers of 456,000 and gross adds of 312,000, divided by three months . (We also calculate churn on a compounded basis, which equates to 7 .7% per month.) Reported churn was 10 .2% in the year-earlier period, 1Q0I . (We believe there may be seasonal variance in churn so we look at it on a year/year basis rather than a sequential basis .) We look for chum to improve slightly from 8% in 2001 to 7 .4'% in, 2002 and 7 .0% in 2003 as the company benefits from the opening of nine low-cost, regional hub distribution centers, which . improve delivery speed and are expected to increase customer satisfaction levels Gordon Hodge 415.364 .2575 6 Thomas Weisel Partners LLC M«fp . Inc. 007000 Motlge (415) 351-2575 IRO0• sl•I.m«Ir p. 472 $09777 Lln (415) 364-7775 . ...c01 Os rw « FSt f ILsm J1 1- p0 416 Q26 2M 9M Y. 916 S]IE Off 4F xw alE ME 07E 93E X.. B U.S 1vWrm7Ml O U.S.NMUSSIwIps (rtvy d1 1051 IdB td0 +0l.0 1439 td9 Id9 101.} F-77-71 101 ! 1011 1112 1701 1701 pr~ 11.5.]700OVDIw0• Mpa lmnl ]3 ] 297 215 ,2D b9 218 Sly BI] N] e1 1 U. S. 5.41op OVD IwrMOF (mnl 12.6 151 lei 3t! 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