The company has also reiterated its commitment to original programming in its letter to shareholders, although it notes that commitment comes with some front-loaded expenses that will result in negative free cash flow for the next "several quarters" beginning with Q4.
And a company must not have a high level of debt, since a moderate business downturn can have a very negative affect on a company when it is stuck with a lot of interest-rate expenses.
So, if the percent is high, that could be a negative for a given stock, since a dip in revenues, or a spike in expenses (or any other myriad of combinations that lower net income) could make the dividend unsustainable.