Netflix raises FY23 free cash flow view to ‘at least’ $3.5B

Netflix said in its quarterly letter: "Net cash generated by operating activities in Q1 was $2.2B vs. $0.9B in the prior year period. Free cash flow, or FCF, in Q1 totaled $2.1B compared with $0.8B in last Q1. Assuming no material swings in F/X, we now expect at least $3.5B of FCF for the full year 2023, up from our prior expectation of at least $3.0B. This reflects lower cash spend on content than we originally forecasted, resulting in a year over year decrease in cash content spend, bringing our 2023 cash content to content amortization ratio closer to 1.0x in 2023. For 2024, we still expect our cash content spend to be in the range of roughly $17B, consistent with our prior expectations for the 2022-2024 period."