Problem
Since going into the streaming business (and reducing the DVD business), Netflix regularly had negative cash flow (until 2020) from operations, yet during the years (2017-2020) the stock returned 55%, 39%, 21% and 67% annually. Is operating cash flow always important to a businesses' success? In what situations (company-specific, economic) is it not that important? Use Netflix as an example, or other public companies. What other companies when operating cash flow may not be very important.