CNN: Netflix is burning through cash. This can't last forever

To pay for blockbuster original hits like "Bird Box," "House of Cards" and "Ozark," Netflix (NFLX) burned through $3 billion in 2018. Negative free cash flow accelerated to $1.3 billion in the fourth quarter, more than double the year before. It's not a onetime phenomenon. Netflix said on Thursday it expects to go through another $3 billion in 2019 to fund more content and splashy marketing aimed at luring in even more subscribers, especially overseas.

Wall Street doesn't seem to mind. Netflix keeps rapidly adding customers and revenue continues to climb sharply. By spending gobs of money and borrowing aggressively, Netflix has built a formidable moat around its business that will make it harder for new and existing rivals to catch up.

But Netflix can't burn that kind of cash forever, especially if market turbulence limits the ability of debt-laden companies to tap the junk bond market. "It's not sustainable," Neil Begley, Moody's senior vice president, told CNN Business.

https://www.cnn.com/2019/01/18/investing/netflix-cash-burn-stock/index.html