Netflix (Neutral, TP: $333) NFLX 1Q23 Quick Take
Results were mixed, and paid sharing/advertising strategies are being tweaked, so the negative after-hours reaction is understandable. But with near-term results expected to have been volatile, we don’t really see a material change in trajectory (or our thesis) and highlight a bump to $3.5B+ of FCF this year (vs. at least $3B previously helped by lower cash content spend) and the expectation for accelerating share repurchases through 2023 as key positive takeaways.Netflix is engaged in subscription streaming entertainment service including TV series, documentaries and feature films across a variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, without commercials. Additionally, several members in the United States subscribe to the company's DVD-by-mail service. The company improves its streaming content with a focus on a programming mix of content. The company's members can download a selection of titles for offline viewing. The company operates its business as a global operating segment.
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