Netflix 23Q1 results:
- current AVOD tier ARM (subscr + ads) > Standard tier ARM, to expand features of AVOD tier (currently in 12 countries): 1080p, 2 streams (first in Canada, Spain)
- to expand paid-sharing to US etc 23Q2 (delayed from late Q1), to block devices attempting access without properly paying (already in Chile, Costa Rica, Peru and Canada, New Zealand, Portugal, Spain)
- to close DVD-by-Mail 230929 (last day of shipping)
- forecast 23Q2: paid net adds simialr to 23Q1, slight increase for forex-neutral ARM, rev $8.242b (+3.4%), oper inc $1.565b (margin 19.0%), net inc $1.283b (EPS $2.84)
- targets 2023: rev growth to accelerate in H2, oper margin 18-20%, FCF $3.5b (raised from 3.0b on lower content spend), cash content to content amortization ratio closer to 1.0x, SBB to accelerate
- target 2024: content spend $17b
- long-term financial objectives unchanged: sustain double digit revenue growth, expand operating margin, deliver growing positive free cash flow, gross debt range $10-15b, maintain minimum cash equivalent to roughly 2 months of revenue
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