More positives from Netflix conference call for credit investors

On M&A; " We try to be very responsible in terms of our capital allocation philosophy. You know, we hold a modest amount of debt. We're currently holding $10 billion to $15 billion of gross debt. We fully fund our business and new initiatives...we're not interested in some of the big linear assets that may or may not be available."

On Leverage; will continue buybacks "roughly $6 billion [this years FCF] is what we're projecting at current FX rates for 2024, you can expect that we'll continue to return excess cash to shareholders through the buyback....We continue to grow into that investment grade balance sheet, but we were pretty intentionally under leveraged."

It has $8.4b under remaining buyback authorisation and disclosed will pay down in cash the $400m senior notes maturing in Q1 (only '24 maturity).

Seems like no drastic change in strategy re. WWE licensing agreement (which was flagged as concern by some analyst yesterday); "And in terms of the deal itself, it has options and it has the protections that we seek in our general licencing deals and with economics that we're super happy with globally. So I would not look at this as a signal of any other change or any change to our sports strategy."

Equity analyst takes overwhelmingly positive on both reported 4Q & outlook vs. estimates {NSN S7R80GDWX2PS <GO>}