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      "text": "This contrasts with Disney’s vaguely-defined “double digit” margin target with no timetable.",
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      "text": "Netflix continues to raise the bar in streaming profitability due to their relentless focus on driving engagement within a defined operating margin target. This contrasts with Disney’s vaguely-defined “double digit” margin target with no timetable.",
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      "text": "“Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we’ve been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023).”",
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      "text": "“Because when we delight our members, we can drive more engagement, revenue and profit than the competition...Our goals are to sustain healthy revenue growth, expand operating margin and deliver growing free cash flow... Since our global launch in 2016, we’ve been able to invest heavily in our slate...while steadily increasing our operating margins (up more than 5X, from 4% to 21% over the same period) and growing our free cash flow (from negative $3.3B in 2019 to positive $6.9B in 2023).” — Netflix Q4 2023 Letter to Shareholders",
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      "text": "Source: Company filings and transcripts, FactSet. Note: “Streaming Operating Margins” refer to EBIT margins for Netflix’s overall business and Disney’s Entertainment DTC segment. “24E” represents CY 2024 operating margin forecast guidance from Netflix management; Revenue forecasts represent consensus estimates.",
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