$NFLX Q3 2023 Earnings Recap

- Added 9 million paid subscribers, bringing total membership to 247 million
- Operating margin increased to 22.4%
- Free cash flow of $6.5 billion, beating forecast of $5 billion
- Increased share buyback by $10 billion (6% of market cap)
- Ads plan membership up 70% vs. previous quarter, now accounts for 30% of all new sign-ups
- Average revenue per membership (ARM) decreased 1% year-over-year due to higher percentage of membership growth from lower ARM countries
- Operating income of $1.9 billion, up 25% year-over-year
- 70% of members are now outside the US, growing due to numerous successful local original series and movies
- 60% of revenue is non-USD, so a foreign exchange risk management program is being started for 2024
- Beat competition with the most watched original series for 37 out of 38 weeks of 2023, according to Nielsen
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