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Netflix Beats On Op Income & Subs; Indicates Departure From Debt & Cash Policy

TECHNOLOGY


  • Q1 revenue was 1% ahead of BBG consensus at +15% YoY (vs. +13% guidance) while operating income was 8% ahead at +54% YoY (vs. +41% guidance). Subscriber additions were far ahead of expectations at +9.3mn against BBG consensus of +4.8mn.
  • Q2 revenues seen at +16% YoY, in line with consensus. FY24 op margin guidance increased to 25% from 24% (against 24% BBG consensus). FY revenue seen at +13-15% against +14% BBG consensus.
  • FCF in line with Q123 with FY FCF guidance confirmed. RCF increased from USD 1bn to USD 3bn. Commentary outlines expectation to refinance upcoming maturities; no expectation to lever up for buybacks, instead focusing on BS flexibility though management comments indicate a departure from anchors of USD 10-15bn gross debt and cash equivalent to two months of revenue though still expect to hold several billion of cash.
  • Subscription and average revenue figures won’t be released from Q125 which may reduce visibility; typically the most closely watched metrics.
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