Netflix 22Q2 results:
- $150m restructuring charge (charge $70m for severance costs of lay-offs, $80m impairment for real estate leases)
- Acquires Animal Logic (animation studio, 800 employees), all-cash, to close 2022
- Plans AVOD tier early 2023 (may lack some content that was not renegotiated for ads)
- Outlook 2022: oper margin 19-20% (excl $150 restructuring in 22Q2; to disclose YTD oper margin at beginning of each year), FCF +$1b (substantial growth in 2023), cash content spend-to-content amortisation 1.2-1.3x (peaked at 1.6 in 2019), content budget to remain 17b $/yr (through 2023); to maintain minimum cash of 2 months of rev, excess cash to be returned as SBB
- "Reaccelerating our revenue growth is a big challenge"
- Expects end of linear TV in 5-10 yr
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