NFLX被低估；互动增长缓慢反映的是战略选择（直播活动）而非疲软，各业务板块收入增长强劲。
逐段跳播
例如，Netflix 的销售表现可观。该股却持续下跌。他说 Netflix 的增长速度没有他希望的那样快。这是彭博社到处发布的标题。
For example, Netflix has seen significant sales. The stock continues to decline. He said that Netflix is not growing as fast as he would like . This is the headline that Bloomberg is publishing everywhere.
这是一家在我的现金流折现分析中再次显示被低估的公司。事实上，根据我的内部分析，它是我投资组合中被低估最严重的公司。它就是 Netflix。
It's a company that has appeared in my discounted cash flow analysis as undervalued again. In fact, it's the most undervalued company in my portfolio based on my internal analysis. It's Netflix.
我们这里有一段最近的视频片段。这段视频是Netflix首席执行官Ted Sarandos在回应外界对该公司的一些担忧。他首先被问及参与度水平。参与度只是另一个指标。但当时我们那样说的时候，我认为我们在谈论参与度的方式上非常天真。
我的意思是，在那个世界里，所有收入都是平等的，所有利润都是平等的，所有参与度也都是平等的。但并非所有参与度都是平等的。所以，首先也是最重要的，我们的参与度在增长。我们基于2000亿小时的观看时长实现增长。
在最近一次公布中，我们增长了2%。2%并不是人们对你所期望的，对吧？他们习惯了两位数的增长。至少在收入上肯定如此，在某种程度上甚至观看量上也是如此，他们期待更多。这就是我关于整体增长的观点。
是的，总体而言，我们的增长速度没有我希望的那么快。我们正在努力让它加快。
We have a recent clip here. This clip is of Ted Sarandos, the CEO of Netflix, addressing some concerns about the company. He was first asked about the level of engagement. Ah, engagement is just another metric.
But at the time we said that , I think We were very naive in how we talked about engagement. I mean, in that world, all revenue is equal, all profits are equal, and all engagement is equal.
But not all engagement is equal. So , first and foremost, we're growing engagement. Ah, we're growing based on 200 billion hours of watch time. We grew by 2% in, you know, our last announcement. 2% isn't what people expect from you, is it ?
They're used to double- digit growth. At least certainly in revenue, and to some extent even in viewership, they were expecting more. That's my point about growth in general. Yes, in general, we're not growing as fast as I'd like us to. And we're working to make that move faster.
我刚才说的最后一句话，即我们的增长速度没有我们希望的那样快，是今天发表的许多文章的标题。那是主要文章的标题。但文章还接着解释了这一增长背后的具体因素，以及其中有多少实际上具有误导性。
我们也在做一些给这个数字制造大量障碍的事情。我的意思是，当我们在Netflix上做直播节目时——这是相对较新的——我们把大约5%的内容预算花在直播活动上。而它们只带来大约1%的观看时长。
所以Netflix选择故意损害自己的观看时长，这是大多数公司不会做的事。
That last sentence I just said, that we're not growing as fast as we'd like, is the headline of many articles published today. That's the headline of the main article. But it also goes on to explain the specific factors behind this growth and how much of it is actually misleading.
We're also doing things that create a lot of hurdles to that number. I mean, when we do live shows on Netflix, which is relatively new, We spend about 5% of our content budget on live events.
And they generate about 1% of our watch time. So Netflix has chosen to deliberately harm its watch time, which is something most companies wouldn't do.
现在，他们做的工作和我做的完全不同。大量订阅。它们在广告方面非常有效。订阅、订阅用户留存、广告——所有这些他们做的事情——但它们在如何针对参与度投入方面制造了一道障碍。
Now, they do a completely different job than I do . A lot of subscriptions. They're really effective for advertising. Subscriptions, subscriber retention , ads—all those things they do— but they create a barrier to engagement in how they invest against it.
投资者担心的事情实际上是一项优势。参与度不应该以与收入相同的速度增长。因为如果收入增长受制于参与度增长，那么Netflix的总收入就受制于观看小时数。也就是说，他们会有显著的定价限制。
人们通常按他们花在观看上的时间成比例地付费。但人们为内容付费并不是这样。世界杯门票仅凭一小时或一个半小时的纯粹娱乐就能卖到数千美元。那是因为它是一个重大而重要的赛事。这就是内容产业的本质。
如果那段时间确实令人愉快，人们愿意为很短的时间支付很多钱。每一个细分板块都至少增长10%。公司整体累计增长了16%。当你的公司创造出人们喜欢的参与度时，这不是一个坏迹象。他们愿意为此支付更多。
他们在以前并不重要的地区实现全球增长。而且在每个地区，他们的增长都超过10%。这不是一家陷入困境的公司的故事。事实上，Netflix做得非常好。
Investors are worried about something that's actually a strength. Engagement shouldn't grow at the same rate as revenue. Because if revenue growth is constrained by engagement growth, then Netflix's total revenue is constrained by the number of hours watched.
Meaning, they'll have significant pricing constraints. People usually pay proportionally to the time they spend watching. But that's not how people pay for content. World Cup tickets sell for thousands of dollars for just an hour or an hour and a half of pure entertainment.
That's because it was a big, important event. And that's the essence of the content industry. People will pay a lot of money even for a short amount of time if that time is truly enjoyable .
Every single segment is growing by at least 10%. The company as a whole has grown cumulatively by 16%. That's not a bad sign when your company creates an engagement that people enjoy.
They're willing to pay more for it. They're growing globally in regions where they weren't previously significant . And in every region, they're growing by more than 10%. That's not a story of a struggling company. In fact, Netflix is doing very well.
这个频道对 $NFLX 的历次判断
Joseph Carlson After Hours 在这只股票上共 4 条判断，这里只列相邻的几条。