Either Netflix can increase their content moat, repurchase more stock or both,” the analysts wrote. $17 billion guidance, leaving ~$17.5 billion of cash after $14.5 billion of buybacks. “This should then allow cash content spend of $19.5/$21 billion in 2025/2026 vs. That’s well above the estimate for 2023 for Ebitda of just $7.3 million. That would imply $4.8 billion in incremental Ebitda, or earnings before interest, taxes, depreciation and amortization, based on an assumption of an 80% margin. Read now: This one nugget from Netflix’s viewership numbers could be a bullish sign for its ad businessĪdvertising has “significant” incremental margins, the analysts said, with Oppenheimer now expecting $6 billion in ad revenue in 2025. ARM is defined by Netflix as streaming revenue divided by the average number of streaming paid memberships divided by the number of months in a period. The faster that Netflix reaches scale in advertising, the faster its ARM levels can reset higher, the analysts wrote. The Wall Street consensus is for 9 million-plus additions in the fourth quarter and 18 million-plus for 2024. It is expected to spend some 8 billion this year, mainly on. The pace of growth “suggests plenty of room for growth in 2024,” Helfstein said, as his team raised its fourth-quarter estimates for net additions to 10 million-plus from 9 million, and its 2024 estimate to 24 million-plus from 21 million-plus. Netflix will have roughly 700 new and original TV shows in 2018, the companys chief financial officer announced at a conference. “Near-term, the acceleration suggests fourth-quarter net additions above guidance/Street,” analysts led by Jason Helfstein wrote in a note to clients.
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