Netflix Inc (NFLX) 2016 Q4 法說會逐字稿

Welcome to the Netflix Q4 2016 earnings call.

歡迎參加 Netflix 2016 年第四季財報電話會議。

I am David Wells, the CFO.

我是財務長大衛威爾斯。

Joining me from the Company is Reed Hastings, our CEO, and Ted Sarandos, our Chief Content Officer.

與我一起從公司出來的還有我們的執行長里德·黑斯廷斯 (Reed Hastings) 和首席內容官特德·薩蘭多斯 (Ted Sarandos)。

Interviewing us on today's call, or interview, is Doug Mitchelson from UBS and Scott Devitt from Stifel Nicolaus.

在今天的電話會議或採訪中接受我們採訪的是瑞銀集團 (UBS) 的 Doug Mitchelson 和 Stifel Nicolaus 的 Scott Devitt。

A cautionary note that we will be making forward-looking statements; actual results may vary.

請注意，我們將做出前瞻性陳述；實際結果可能會有所不同。

Scott, I think you have the first question, so over to Scott.

史考特，我想你有第一個問題，所以請史考特回答。

Yes, thanks, David.

是的，謝謝，大衛。

First question for Reed.

第一個問題是問里德。

Just an outstanding quarter both domestically and internationally, relative to expectation from a subscriber standpoint.

相對於訂戶的預期而言，無論是國內還是國際，這個季度都表現出色。

And there is so much focus on international given the opportunity there to grow the Business, as well as the way you have built out the international business with some more mature markets that you have been in for quite some time.

鑑於國際業務發展的機會，以及您在一些已經進入相當長一段時間的更成熟市場中建立國際業務的方式，人們對國際業務非常關注。

Some newer markets like France and Germany that are starting to kick in, and the 130 that were added at the beginning of 2016.

法國和德國等一些較新的市場已開始發揮作用，2016 年初又新增了 130 個市場。

So was wondering if you could frame, potentially, the overperformance in the quarter and where you saw strength regionally?

那麼想知道您是否可以框架一下本季的潛在表現以及您在哪些地區看到的優勢？

You describe it as overperformance in the quarter, but if you look at it on a longer term basis, like over the last couple years, it smoothes it out.

你將其描述為本季度的超額表現，但如果你從長遠來看，例如過去幾年，它就會變得平滑。

So we are seeing some lumpiness in the quarters, depending on when we launch certain content, but the big picture is remarkably steady, and so we have a huge quarter like Q4.

因此，我們看到各個季度存在一些波動，具體取決於我們何時推出某些內容，但總體情況非常穩定，因此我們有一個像第四季度這樣的巨大季度。

This quarter, it is a little bit less, and so think of it, really, as this big adoption of Internet TV.

本季度，這一數字有所減少，因此，實際上，可以將其視為網路電視的大規模採用。

It has been somewhat influenced by the content in the short-term, and then you asked about the international expansion, which has been remarkably steady.

短期內受到了內容的一些影響，然後你問到國際擴張的情況，國際擴張一直非常穩定。

Again, if you do not look at it by the quarter, but you look at it by the year, what we have seen in Latin America, steady growth; Europe as a whole, has been really picking up momentum for us; and Asia, we are just getting started.

再說一次，如果你不按季度看，而是按年看，我們在拉丁美洲看到的是穩定成長；整個歐洲確實為我們帶來了動力；而亞洲，我們才剛開始。

And then secondly, possibly for David, you have got in the first quarter US contribution margin above the longer term, I think, target.

其次，可能對大衛來說，第一季美國的貢獻率高於長期目標，我認為。

Understanding that there is lumpiness in that, you are going to continue to invest in the Business.

了解其中存在的不穩定因素後，您將繼續投資該業務。

Is there any update on that longer term target, in terms of the contribution margin for the US market?

就美國市場的邊際貢獻而言，該長期目標是否有任何更新？

No, Scott, we did, as you correctly asked me, there is two pieces.

不，斯科特，我們做到了，正如你正確地問我的那樣，有兩塊。

One is the US contribution margin pops up in the first quarter, and we are indicating that that is we are going to continue to reinvest.

一個是美國第一季的邊際貢獻率突然出現，我們顯示我們將繼續進行再投資。

And then on the international line, we actually broke through into profitability for our consolidated international segment, and we will continue to invest and take that back down through the year.

然後在國際業務上，我們的綜合國際業務實際上已經實現了盈利，我們將繼續投資並在今年將其回落。

So I think that we do not talk about long-term targets, other than an operating margin target.

因此，我認為除了營業利潤率目標之外，我們不會談論長期目標。

We had mentioned before that we would produce meaningful operating profit in 2017 and beyond.

我們先前曾提到，我們將在 2017 年及以後產生有意義的營業利潤。

So we fleshed that out a little bit for you, the investor, now targeting a 7% operating margin for this year and steady growth afterward.

因此，我們為投資者充實了這一點，現在的目標是今年營業利潤率達到 7%，並在之後實現穩定成長。

And then we do not think anything structurally is at hand in terms of our international businesses.

然後，我們認為我們的國際業務在結構上沒有任何進展。

It really depends on the competitiveness of each market, but we think we can continue to grow the over at profitability.

這實際上取決於每個市場的競爭力，但我們認為我們可以繼續提高獲利能力。

So we will grow operating profit by continuing to grow US margin, and also reduce international losses, with respect to adding on more investment.

因此，我們將透過繼續增加美國利潤率來增加營業利潤，並透過增加更多投資來減少國際損失。

So I think long-term, we will reduce those losses and grow international margin, but we have not provided a specific target.

因此，我認為從長遠來看，我們將減少這些損失並增加國際利潤，但我們沒有提供具體目標。

Thank you.

謝謝。

I think on the fourth quarter results, so I am curious in the US, what content, specifically, drove the strong performance, relative to budgets?

我認為關於第四季度的業績，所以我很好奇在美國，相對於預算而言，具體是什麼內容推動了強勁的業績？

Well, we had a pretty powerful release in Q4, so you see particularly shows like Luke Cage, Narcos -- new seasons of Narcos, really travel really well around the world.

嗯，我們在第四季度發布了相當強大的版本，所以你會看到像《盧克凱奇》、《毒梟》這樣的特別節目——新一季的《毒梟》在世界各地傳播得非常好。

We know that they are exciting here, as consumers have television in America, but it has been fantastic to see how these shows are adopted around the world.

我們知道它們在這裡很令人興奮，因為美國消費者擁有電視，但看到這些節目如何在世界各地被採用真是太棒了。

Doug, I would just add to that that you are now seeing the benefit of Netflix having, in its third and fourth year of original slates, so we are now getting -- as Ted mentioned, Narcos season two comes out.

道格，我想補充一點，你現在看到了Netflix 在第三年和第四年推出原創節目的好處，所以我們現在正在得到——正如特德提到的，《毒梟》第二季即將上映。

But we have got new seasons, as well, so you are getting the benefit of shows that might take hold in their second or third season, but some new shows, as well.

但我們也有新的季節，所以你會受益於可能在第二季或第三季中出現的節目，但也有一些新節目。

Like Stranger Things did for us in the third quarter, and continued to be popular through the fourth quarter, as well.

就像《怪奇物語》在第三季為我們所做的那樣，並且在第四季也繼續流行。

A nice upside surprise is something like Gilmore Girls, where you would think would be incredibly domestic in its popularity, But we found it to be incredibly internationally popular, as well, particularly performing great in Europe.

一個不錯的驚喜是《吉爾摩女孩》，你可能會認為它在國內的受歡迎程度令人難以置信，但我們發現它在國際上也非常受歡迎，尤其是在歐洲表現出色。

This might seem relatively obvious, given comments so far, that content is drived through subscribers.

鑑於迄今為止的評論，這似乎相對明顯，即內容是透過訂閱者驅動的。

But in terms of your ability to measure how content is driving subscribers, and you talked last quarter about including new content into your subscriber growth guidance, and then you see this result this quarter.

但就您衡量內容如何推動訂閱者的能力而言，您在上個季度談到了將新內容納入訂閱者成長指導，然後您在本季度看到了這個結果。

Is it tangible title by title?

它是有形的標題嗎？

Are you making just an overall estimate based on spending or number of [inverals] released?

您只是根據支出或釋放的[整數]數量進行總體估算嗎？

Think of it as, it is a cumulative effect.

將其視為累積效應。

Very few people will join Netflix just because of a single title, but there is a tipping point.

很少有人會僅僅因為單一的作品而加入 Netflix，但有一個轉折點。

You have one more title that has great excitement, that you are hearing a lot about, and that triggers you to finally sign up for Netflix.

您又多了一部令人興奮的作品，您經常聽到它，並促使您最終註冊 Netflix。

So it is a cumulative effect of all of these, and again, you will see front loading pull forward, but the basic demand creation is increasing as people get more comfortable and more aware of the idea of Internet television.

因此，這是所有這些的累積效應，而且，您將再次看到前端加載向前推進，但隨著人們變得更加舒適並且更加了解互聯網電視的理念，基本需求的創造正在增加。

Where you do not get the commercial interruptions, where you just get to watch when and where you want.

在這裡您不會受到商業幹擾，您可以隨時隨地觀看。

So those are the big drivers.

所以這些都是主要的驅動因素。

And then the things that capture the demand are really these big launches that we are doing of particular title franchises.

然後，抓住需求的事情實際上是我們正在為特定的特許經營權所做的這些重大發布。

Just to feed off Doug's question, there is commentary in the letter regarding content being a driver for subscribers in the second half of 2017.

為了回應 Doug 的問題，信中評論了內容是 2017 年下半年訂閱者的驅動力。

Is that just looking at the slate in that period as a driver for their business, or is there something else to that comment?

這是否只是將那個時期的石板視為他們業務的驅動力，或者該評論還有其他內容嗎？

You should look at it, we have multiple seasons of our shows, and we see that the audience continues to build cumulatively.

你應該看看，我們的節目有多個季節，而且我們看到觀眾人數不斷增加。

And therefore, the excitement for the upcoming season builds, as well.

因此，人們對即將到來的賽季也感到興奮不已。

So in Q2 of this year, we have new seasons of a lot of our very popular shows like Orange is the New Black and Kimmy Schmidt, Bloodline, Sense8, Master of None, and we think that they should have a pretty nice impact on subscriber growth, as well.

因此，今年第二季度，我們推出了許多非常受歡迎的節目的新季，例如《女子監獄》、《Kimmy Schmidt》、《Bloodline》、《Sense8》、《Master of None》，我們認為它們應該會對訂閱者產生相當好的影響成長，也是如此。

And Doug, if I -- and Scott, if I can knit these comments together, Reed's comments, Ted's comments and your questions.

道格，如果我——還有斯科特，如果我能將這些評論、里德的評論、特德的評論和你的問題結合在一起。

There is a difference between -- so the baseline demand, as Reed said, is just the transition to Internet TV and the overwhelming convenience of it.

正如里德所說，基本需求只是向網路電視的過渡及其帶來的巨大便利，兩者之間是有區別的。

We get talking a lot about the quarter, inter-quarter, whether we hit above, or we expect it or not, based on some of how these shows perform.

我們對季度、季度間的情況進行了很多討論，無論我們是否達到了上述目標，或者我們是否預期會達到目標，這都取決於這些節目的一些表現。

And if they are brand new shows, they do not tend to -- if they are having to punch into the consciousness of the consumer, they do not tend to draw new subscribers in as great of numbers as some of our existing shows.

如果它們是全新的節目，它們就不會——如果它們必須打入消費者的意識，它們就不會像我們現有的一些節目那樣吸引大量的新訂閱者。

So what we were saying is in the first quarter, we have some great new shows like the OA, that are doing well, but they do not tend to draw numbers like House of Cards did last year.

所以我們所說的是，在第一季度，我們有一些很棒的新劇，像是《OA》，表現不錯，但它們並不像去年的《紙牌屋》那樣吸引觀眾。

In terms of we are lapping House of Cards, and for us, it was a surprise of Making a Murderer, as well.

就我們而言，我們正在欣賞《紙牌屋》，對我們來說，《製造殺人犯》也是一個驚喜。

So I think what Ted is saying is we have all these great shows coming in the back half of the year, and more of them are second season that tend to draw in more subscribers because they are better known shows.

所以我認為泰德所說的是，我們將在今年下半年推出所有這些精彩的節目，其中更多是第二季，往往會吸引更多訂閱者，因為它們是更知名的節目。

Second, third, fourth and fifth seasons, even.

甚至還有第二季、第三季、第四季、第五季。

And sorry to be so myopic around the more near-term subs, but one final question on that for me.

很抱歉對近期的潛艇如此短視，但我還有最後一個問題。

Is there was a -- I think a comment, as well, in terms of potentially being a pull forward in subscribers into Q4 from Q1 as part of the explanation for the Q1 sub guidance.

作為對第一季次級指導的解釋的一部分，我認為還有一個評論，即可能將訂戶從第一季提前到第四季度。

And can you flesh that just a bit, and what gives you that type of visibility?

能具體說明一下嗎？是什麼給了您這種可見度？

Sure, Reed or I could do that, but I will take a stab at it.

當然，里德或我可以做到這一點，但我會嘗試一下。

I think what we saw in 2016 around our un-grandfathering, our price change, was a lot of lumpiness in our subscribers in terms of we grew some in the first quarter, second and third, more modestly, and then building into the fourth quarter.

我認為我們在2016 年看到的圍繞我們的價格變化的取消政策，是我們的訂戶數量出現了很大的波動，因為我們在第一季、第二季和第三季（更溫和地）成長了一些，然後進入第四季。

And what we found was, we found a lot of rejoins coming back.

我們發現，我們發現很多人重新加入。

So yes, there was a reaction to the price change, but we got many of those subscribers back.

所以，是的，人們對價格變化做出了反應，但我們重新獲得了許多訂閱者。

And so I think what we are talking about in the first quarter or the fourth quarter is we got many of them back that may have come in the first quarter.

因此，我認為我們在第一季或第四季談論的是我們收回了許多可能在第一季就出現的資金。

We may have seen some of those folks in the first quarter, so we tend to look less at a specific quarter's performance, and we look over a 6- or 9- or 12-month period, in terms of what is the real trend here.

我們可能在第一季度見過其中一些人，所以我們傾向於較少關注特定季度的表現，而我們會關注6 個月、9 個月或12 個月的時間段，看看這裡的真正趨勢是什麼。

Not focusing too much on any specific quarter, because they do seem to have bleeds in terms of some folks joining in a quarter that they would have joined the former quarter.

不要過多關注任何特定季度，因為他們似乎確實在某些人加入本季度加入的人方面出現了出血，而他們本來會加入前一個季度。

Thank you.

謝謝。

Two more questions for me on near-term subscriber trends.

我還有兩個關於近期訂閱者趨勢的問題。

First, Reed, you said that Europe is really picking up, and I think when you launched those markets, you indicated it would take some time for them to work; Latin America, now that is happening.

首先，里德，你說歐洲確實正在復甦，我認為當你推出這些市場時，你表示它們需要一些時間才能發揮作用；拉丁美洲，現在這種情況正在發生。

But investors are still wondering, something specific that you have done differently or done recently that has been driving improvements, particularly in Germany and France?

但投資者仍然想知道，您是否採取了不同的做法或最近採取的一些具體措施推動了改進，特別是在德國和法國？

No, there is no specific like pricing, marketing tactic.

不，沒有具體的定價、行銷策略。

It is the cumulative effect of show after show being in market, just the steady work that we have done.

這是一場又一場的演出在市場上的累積效應，是我們所做的踏實的工作。

And this is what we also saw in Latin America, is there was no step function, there was just the steady discipline of staying on our game of great shows, great movies and the enjoyment continues to increase.

這也是我們在拉丁美洲看到的，沒有階梯功能，只有穩定的紀律，堅持我們的精彩節目、精彩電影的遊戲，樂趣不斷增加。

There is slightly incremental more partners that we have, but there is no real step function.

我們擁有的合作夥伴略有增加，但沒有真正的階梯功能。

Again, it is really the continued build up of momentum.

再說一次，這確實是勢頭的持續增強。

Yes, we are seeing as we are adding more and more global shows, that it is rising all boats across the world.

是的，隨著我們增加越來越多的全球演出，我們看到它正在世界各地崛起。

And I think we have talked about acquisition a lot near-term, when you think about churn management, investors are curious, both on -- did X1 integration have anything in the quarter?

我認為我們已經多次討論了近期的收購問題，當你想到客戶流失管理時，投資者都會好奇，X1 整合在本季有什麼進展嗎？

Did other bundling deals throughout the world, you certainly have done quite a bit for them, have any influence?

世界各地的其他捆綁交易（您當然為他們做了很多事情）是否有任何影響？

And as you think about churn trends, is there anything noticeable for investors assessment, and how should we think about that on a flow basis going forward?

當您考慮流失趨勢時，投資者評估有什麼值得注意的地方嗎？我們應該如何在未來的流量基礎上考慮這一點？

All the partnership deals, we really believe in; that is why we are doing more of them.

我們真正相信的所有合作夥伴交易；這就是為什麼我們正在做更多這樣的事情。

But you can see we had big out performance in international and in domestic, so it was not just a Comcast story; in which case, it would have been domestic only.

但你可以看到我們在國際和國內都有出色的表現，所以這不僅僅是康卡斯特的故事；這也是康卡斯特的故事。在這種情況下，它只能是國內的。

It is fundamentally a story of the broad acceptance of Internet TV and the content, and then on the margin, those partnership deals are good for the customers, good for us and good for the partner.

從根本上講，這是一個關於網路電視和內容被廣泛接受的故事，然後在邊際上，這些合作關係對客戶、對我們和合作夥伴都有好處。

The cable set top box deals, the -- I think John Malone was quoted recently at Lionsgate Analyst Day as saying that you had approached some operators in terms of being bundled into service, where carriers would cover it.

有線電視機上盒交易，我想約翰·馬龍最近在獅門影業分析師日上被引用，他說你們已經就捆綁到服務中與一些運營商接洽，運營商將覆蓋它。

And just interested in terms of the accuracy of the statement, is that something you are interested in, and what you think the benefit of that would be?

只是對陳述的準確性感興趣，這是您感興趣的事情嗎？您認為這樣做的好處是什麼？

We would not want to speculate on future deals in general around the world.

我們不想對全球範圍內的未來交易進行投機。

We have done extremely well focusing on our service as a discrete service, $7.99 a month, and incredible content.

我們做得非常好，專注於我們的獨立服務，每月 7.99 美元，以及令人難以置信的內容。

And so we are just going to keep pounding that drum as we expand around the world and also here in the US.

因此，當我們在世界各地和美國擴張時，我們將繼續敲響鼓。

And the X1 interface, which by the way, we have it at our house, are there -- I assume that there is interest in doing more integrations like that.

順便說一句，我們家裡就有 X1 介面——我認為人們有興趣進行更多這樣的整合。

Is there any reason other than simply being able to cut those deals, technology restriction standpoint with other providers, that would limit the ability to do deals with others?

除了簡單地能夠與其他提供者達成這些交易、技術限制的角度之外，是否還有其他原因會限制與其他提供者進行交易的能力？

Yes, the X1 is a very advanced set top, so not all MSOs in the US have such advanced, so they basically cannot do Internet apps or cannot do Netflix.

是的，X1是一個非常先進的機上盒，所以並不是美國所有的MSO都有這麼先進，所以他們基本上不能做網路應用程式或不能做Netflix。

So the X1 is very strong in that way, so is the Dish receiver, so we are able to operate on ones that are relatively modern and have other ID apps, also.

因此，X1 在這方面非常強大，Dish 接收器也是如此，因此我們能夠在相對現代且具有其他 ID 應用程式的接收器上進行操作。

Reed, I think you have had an advantage just because of the technology investment you have made over time, the scale that you have deployed.

里德，我認為您擁有優勢只是因為您隨著時間的推移所做的技術投資以及您所部署的規模。

Any concerns longer term that to the extent more and more of your competitors are bundled in on the same aggregating platforms, like X1, that you could lose a bit of technology edge as consumers access your content all through the same interface that they are accessing [in leaders]?

從長遠來看，如果越來越多的競爭對手捆綁在同一個聚合平台（例如 X1）上，您可能會失去一些技術優勢，因為消費者都透過他們訪問的相同介面存取您的內容 [在領導人]？

Well, when the consumer finds in the Comcast -- you watch some Netflix show, they click on that and it opens the Netflix app.

好吧，當消費者在 Comcast 中發現您正在觀看一些 Netflix 節目時，他們會點擊該節目，然後就會打開 Netflix 應用程式。

And then the consumers, in the Netflix app, they enjoy the show, and then we control after the show, the post play experience, which guides them into another show, another show.

然後消費者在 Netflix 應用程式中欣賞節目，然後我們在節目結束後控製播放後的體驗，引導他們進入另一個節目，另一個節目。

So we look at it as an entry ramp onto our application, and we are -- we feel that our application really is the best way to enjoy Netflix content.

因此，我們將其視為我們應用程式的入口，我們認為我們的應用程式確實是享受 Netflix 內容的最佳方式。

But that does not mean there should not be easy entry ramps from interfaces like the Comcast user interface, because that is very effective for customers.

但這並不意味著像康卡斯特使用者介面這樣的介面不應該有簡單的入口坡道，因為這對客戶來說非常有效。

Circling back to some of the subscriber trends, I am curious any learnings now that the global rollout is a full year behind you?

回到一些訂戶趨勢，我很好奇現在全球推出已經過去了一整年了，您有什麼收穫嗎？

When you look back, anything that is fine, anything different than expected, and when can we expect the next round of taking some of those skin markets like Poland and Turkey and turning them into market launches?

當你回顧過去時，一切都很好，有什麼與預期不同的地方，我們什麼時候可以期待下一輪佔領波蘭和土耳其等一些皮膚市場並將其轉變為市場推出？

We will continue with more Poland and Turkey light launches this year with several countries, so that will just be a steady process we are going through.

今年我們將繼續在波蘭和土耳其與幾個國家進行更多輕型發射，因此這將是我們正在經歷的一個穩定的過程。

We have really liked what we saw once we localized in Poland and Turkey in terms of increased viewing, increased membership growth.

我們非常喜歡在波蘭和土耳其進行在地化後所看到的觀看次數增加、會員成長增加的情況。

So we will just keep on that pattern.

所以我們將繼續保持這種模式。

So think of it, from a near term subscriber standpoint, it is a background influence, compared to the big established markets in Europe, Latam, and North America.

所以想一想，從近期訂閱者的角度來看，與歐洲、拉丁美洲和北美的大型成熟市場相比，這是一種背景影響。

And then of course, over time, they should be quite substantial.

當然，隨著時間的推移，它們應該是相當可觀的。

But they are long term plays.

但它們是長期的遊戲。

And Doug, from a financial standpoint, just keep in mind that when we talk about the investments in international, content is the big piece of that, localization is relatively modest compared to the content.

道格，從財務角度來看，請記住，當我們談論國際投資時，內容是其中的重要組成部分，與內容相比，在地化相對溫和。

Ted, I think the last time that you spoke publicly about the -- you were doing local language content in 10 different countries.

泰德（Ted），我想你上次公開談論——你正在 10 個不同的國家製作本地語言內容。

And I was wondering if you could talk about success or challenges of that, and that was tied to original comp.

我想知道你是否可以談談成功或挑戰，這與原始比賽有關。

And then also more broadly, local language in newer markets, as well as marketing campaigns, which was identified in 2016 as something that needed to be put in place to get some of the newer markets to begin to progress.

更廣泛地說，新市場中的本地語言以及行銷活動在 2016 年被確定為讓一些新市場開始發展所需採取的措施。

Well, so far, we have been really happy with the success of our local language productions in France and Mexico and Brazil, and as I mentioned last time, we have rolled it out to Germany, to Spain, to Italy.

到目前為止，我們對法國、墨西哥和巴西本地語言製作的成功感到非常高興，正如我上次提到的，我們已經將其推廣到德國、西班牙和義大利。

We are deep in production, we are entering into a couple of new productions in Asia.

我們正在深入製作，正在亞洲製作幾部新作品。

What we find is that it creates a lot of great excitement for Netflix in the market because it is a really elevated form of television, relative to what else is available in the market.

我們發現，它為 Netflix 在市場上帶來了極大的興奮，因為相對於市場上的其他電視形式，它是一種真正高級的電視形式。

And we love that we are working with local storytellers, local producers to make that content, and even more importantly, making it available around the world has been a huge differentiator for us.

我們喜歡與當地的故事講述者、當地製作人合作製作這些內容，更重要的是，在世界各地提供這些內容對我們來說是一個巨大的差異化因素。

So when I mentioned earlier about the Gilmore Girls being so popular globally, so if it was a little softer anywhere, it might have been in Brazil at about the same time we were launching a really great little science fiction show called the 3%, a local Portuguese language show that we shot in Brazil that was enormously popular in Brazil, and played to millions of subscribers around the world, including in the US.

因此，當我之前提到《吉爾摩女孩》在全球如此受歡迎時，如果任何地方的情況稍微溫和一些，那可能是在巴西，大約在同一時間我們推出了一個非常精彩的小型科幻節目，名為《3%》，我們在巴西拍攝的當地葡萄牙語節目在巴西非常受歡迎，並向包括美國在內的世界各地數百萬訂閱者播放。

So it has been a great way to find great new global storytellers and make Netflix feel a lot more local in those countries.

因此，這是一個尋找優秀的全球新故事講述者的好方法，並使 Netflix 在這些國家/地區感覺更加本土化。

And then I think you were also quoted as saying that 1,000 hours of content in 2017 seemed to be pretty conservative.

然後我想你也說過，2017 年 1000 小時的內容似乎相當保守。

Can you speak to that in terms of -- it was local language as a contributor to that, but also as genres and geographies, and what actually is going to be the makeup of those 1,000 hours?

您能否從以下方面來談談這一點：當地語言是其中的貢獻者，但也包括流派和地域，以及這 1,000 小時的實際組成是什麼？

I would like to focus a little less on the 1,000 hours and more on the quality of those 1,000 hours.

我想少關注這 1,000 個小時，而更多地關注這 1,000 個小時的品質。

About half of the most searched for shows on television around the world this year were Netflix original shows, and that is the kind of thing we are really proud of, a little bit -- even more so than the volume of it all.

今年全球搜尋次數最多的電視節目中約有一半是 Netflix 原創節目，這才是我們真正感到自豪的事情，甚至比其數量還要自豪。

It is interesting, and it is an artifact of fast growth and commitment, that it is so many hours, but this -- the rest of this quarter, we still have 42 original launches to launch the rest of this quarter.

有趣的是，它是快速成長和承諾的產物，需要花費如此多的時間，但是在本季度剩餘的時間裡，我們仍然有 42 個原創產品要在本季度剩餘的時間裡推出。

Including shows like Santa Clarita Diet with Drew Barrymore and Timothy Olyphant, a second season of Love, Iron Fist, our latest Marvel series, will be launching this quarter.

包括德魯巴里摩爾和提摩西奧利芬特主演的《聖塔克拉麗塔飲食》等節目，我們最新的漫威系列《愛、鐵拳》的第二季將於本季推出。

So I really want to focus you on, yes, it is a lot of volume, but it is also a ton of quality that consumers are falling in love with.

所以我真的很想讓你們關注，是的，它的銷售量很大，但它的品質也讓消費者愛上了。

Shifting over to strategies, I am just curious how -- Reed, David, did you learn anything about the pricing power of Netflix, and a bit about what investors should expect from your pricing strategies in 2017 and beyond, please?

轉向策略，我只是好奇，里德、大衛，你們是否了解 Netflix 的定價能力，以及投資者對 2017 年及以後的定價策略應該有什麼期望？

Well, you should expect us to continue to invest in the consumer experience, making the content incredible, and we do not have any plans for any near term changes.

好吧，您應該期望我們繼續投資於消費者體驗，使內容變得令人難以置信，並且我們沒有任何近期變化的計劃。

So I would just continue to look at us or model us as expanding membership base at these terrific rates.

因此，我會繼續關注我們，或以我們為榜樣，以如此驚人的速度擴大會員基礎。

I also think, Doug, in terms of nothing has changed in terms of our long term view of our belief and ability to continue to add great value.

道格，我還認為，就我們對繼續增加巨大價值的信念和能力的長期看法而言，沒有任何改變。

And slowly, steadily assume that value over time, so I do not think anything has changed in that respect.

隨著時間的推移，慢慢地、穩定地假設這個價值，所以我認為在這方面沒有任何改變。

I think along the lines of some of the things you have been saying, Reed, one of the questions we get from investors is why focus on earnings at all at Netflix?

我認為，正如你所說的，里德，我們從投資者那裡得到的問題之一是，為什麼要關注 Netflix 的盈利？

Shareholders have clearly rewarded the community for subscriber growth and revenue growth and leadership position in the marketplace.

股東顯然已經獎勵了社群的用戶成長、收入成長以及市場領導地位。

While Ted is ramping content pretty aggressively, I am sure Her is always asking for more money.

雖然 Ted 相當積極地增加內容，但我確信她總是要求更多的錢。

Why the philosophy around [kryland's] growth with delivering earnings?

為什麼 [kryland] 的理念是圍繞盈利實現成長？

Yes, we do not really believe in hockey stick kind of businesses, like suddenly, we will turn significantly profitable at 200 million members.

是的，我們並不真正相信曲棍球棒之類的業務，就像突然之間，我們將在擁有 2 億會員的情況下實現大幅盈利。

We think it is much smarter to grow into that bit by bit.

我們認為一點一滴成長是更明智的做法。

So expect us to modestly move up operating income and operating margins as we have from 4% to 7%, and to continue a slow and growing into that as we grow larger.

因此，預計我們將適度提高營業收入和營業利潤率，從 4% 提高到 7%，並隨著我們規模的擴大，繼續緩慢增長。

We will keep an eye on the investment levels that are necessary to protect the advantages that we have, so do not worry about that.

我們將密切關注保護我們所擁有的優勢所需的投資水平，所以不必擔心。

But I would say in general, you grow into the profitability as opposed to postponement forever, and then hope that you can change the business model to deliver on the profitability front later.

但我想說的是，總的來說，你會逐漸實現盈利，而不是永遠推遲，然後希望你可以改變業務模式，以便稍後實現盈利。

The only thing I would add to that, and Ted probably has his own answer, is a little bit of scarcity goes a long way in terms of efficiency, and just making sure that we continue to focus on quality.

我唯一要補充的是，泰德可能有他自己的答案，那就是一點點稀缺性對效率有很大幫助，並確保我們繼續專注於品質。

Well said.

說得好。

Ted, how did The Crown do?

特德，皇冠做得怎麼樣？

And did it -- it seemed like it would perform well in the UK.

並做到了——看起來它在英國會表現良好。

How did it travel throughout?

它是如何穿越整個過程的？

How did it perform in the US and other regions?

它在美國和其他地區的表現如何？

We are incredibly proud of it, for the -- both for the reasons you just mentioned, which is that it has been incredibly popular globally.

我們對此感到無比自豪，因為——出於您剛才提到的原因，即它在全球範圍內非常受歡迎。

There is an enormous interest in the royal family around the world, so in the UK, it was really celebrated as something that only the BBC could do, just a couple of years ago.

全世界都對王室抱有極大的興趣，因此在英國，就在幾年前，這確實被認為是只有 BBC 才能做到的事情。

And really beloved in the UK, in the US, but also even in countries throughout Asia, throughout Europe, obviously, where people just love that story, and more importantly, they loved how it was told.

在英國、美國，甚至在整個亞洲、整個歐洲國家，人們都很喜歡這個故事，更重要的是，他們喜歡它的敘述方式。

And we were thrilled that it won at the Golden Globes for Best Drama, it was our first Best Drama award there.

我們很高興它贏得了金球獎最佳劇情片獎，這是我們在那裡獲得的第一個最佳劇情片獎。

And we are excited -- we are deep into Season 2 now, and are excited to tell the rest of the story.

我們很興奮——我們現在已經進入第二季了，很高興能講述故事的其餘部分。

Great, thank you.

太好了謝謝。

And Reed, in the test market, your are one quarter away, I think you are going to be approaching 50 million US paying subscribers at the end of the first quarter.

Reed，在測試市場中，距離您還有四分之一的時間，我認為您將在第一季末接近 5000 萬美國付費用戶。

There is over 100 million households in the US that subscribe to cable and satellite cable.

美國有超過 1 億個家庭訂閱有線電視和衛星有線電視。

The price point and the value proposition, it really does not seem like there is any reason why, over time, with broadband speeds, that you should be able to address all households.

從價格點和價值主張來看，隨著時間的推移，寬頻速度似乎確實沒有任何理由能夠滿足所有家庭的需求。

When you look at the next 50 million in the US, where do you incur the friction points that are limiting you right now to getting to those [members] faster?

當你看到美國接下來的 5000 萬人口時，你會發現哪些摩擦點限制了你現在更快接觸到這些[成員]？

I think that it is really just this diffusion to the society as more and more people use Netflix, we have better and better shows and more of them.

我認為，隨著越來越多的人使用 Netflix，我們的節目越來越好，越來越多，這實際上只是向社會的擴散。

You just get the word of mouth, which is how you grow from the nearly 50 million to 60, and hopefully, we keep going.

你只需得到口碑，這就是你從近 5000 萬增長到 60 個的方式，希望我們能繼續前進。

In terms of getting to a full one-to-one tie ratio with today's cable, that includes a lot of sports, which we do not have and do not have plans for.

就與當今的電纜達到完全一對一的關係而言，其中包括許多體育運動，而我們沒有也沒有計劃。

So you will want to weight that a little bit.

所以你會想要稍微權衡一下。

But in terms of the next couple years, again, I think if you look back four or five years, it has been really pretty steady growth overall.

但就接下來的幾年而言，我認為如果你回顧四、五年，整體成長確實相當穩定。

And it is following this formula of just improving the value, improving the content and improving the service, like adding our offline viewing.

它遵循的是僅僅提高價值、改進內容和改進服務的公式，就像添加我們的離線觀看一樣。

It is really creating a big wave of customer joy, the video merchandising that you will see, where you get to choose content by looking at content.

它確實創造了一大波客戶喜悅，您將看到影片行銷，您可以透過查看內容來選擇內容。

So we are continuing to innovate on multiple fronts to just make it a better experience.

因此，我們將繼續在多個方面進行創新，以提供更好的體驗。

Two questions for me for David.

我有兩個問題要問大衛。

Just on some of the financial commentary in the letter, I think you gave 7% guidance for full year 2017.

就信中的一些財務評論而言，我認為您對 2017 年全年的預期為 7%。

I think it would help investors just to understand on the cost category, buying category, what the outlook might be for 2017.

我認為這將有助於投資者了解成本類別、購買類別以及 2017 年的前景。

So when you look at G&A, and Tech and Dev, and Marketing, if you could give us a sense of what the dynamics for each of those are this year, that would be helpful.

因此，當您關注 G&A、技術和開發以及行銷時，如果您能讓我們了解今年各個領域的動態，那將會很有幫助。

Sure, Doug, and we updated our long term letter a little bit in this respect, as well.

當然，道格，我們在這方面也更新了我們的長期信件。

So think about $6 billion in content, $1 billion in Tech and Dev, somewhere around $1 billion in G&A, to round out the operating profit expense lines, and that should get you there.

因此，請考慮 60 億美元的內容、10 億美元的技術和開發、大約 10 億美元的一般管理費用，以完善營業利潤支出線，這應該可以幫助您實現目標。

Will that work?

那行得通嗎？

And then also notable, free cash flow burn, $2 billion for this -- that was a bit higher than, I believe you suggested a few months ago, so what has changed?

然後還值得注意的是，自由現金流消耗了 20 億美元——這比我相信你幾個月前建議的要高一些，那麼發生了什麼變化呢？

Well, I think what we put in the October letter was that free cash flow might be similar to Q3; it was more than that.

嗯，我認為我們在 10 月的信中所說的是自由現金流可能與第三季相似；不僅如此。

We do think it is going to come down this quarter in Q1, but we wanted to give an indication that it is pretty lumpy right now.

我們確實認為第一季的情況會有所下降，但我們想表明目前情況相當不穩定。

Even my team has -- we do not really focus on trying to optimize a single quarter.

甚至我的團隊也有——我們並沒有真正專注於嘗試優化單季。

We are looking at sort of across four and eight quarters, and we think the run rate is around $500 million right now, in terms of a quarter as we continue to expand content.

我們正在考慮四個和八個季度的情況，隨著我們繼續擴展內容，我們認為目前每季的運行費用約為 5 億美元。

It is not too different from 2016.

與2016年並沒有太大不同。

We moved up to $1.7 billion in 2016, and so we are indicating it might be around $2 billion for this year, and we will go from there.

2016 年我們的資金增加到了 17 億美元，因此我們表示今年可能會達到 20 億美元左右，我們將以此為基礎。

I mean, I think what you will find is we will organically fund more and more of our own content expansion with the growth of our operating profit.

我的意思是，我認為你會發現隨著我們營業利潤的增長，我們將有機地為越來越多的我們自己的內容擴張提供資金。

And so more and more, as we transition over the next few years, our debt will be about content expansion, but it will also transition to being about optimization of cost of capital.

因此，隨著我們在未來幾年的轉型，我們的債務將越來越多地與內容擴展有關，但它也將轉變為與資本成本優化有關。

And to think -- I think you have said at one point in time, or possibly it was Reed, that if content was available, you would be willing to take on more leverage or take [eight] on versus otherwise letting it go because it does not fit into the P&L, currently.

想想看—我想你曾在某個時間說過，或者可能是里德說過，如果內容可用，你會願意承擔更多的槓桿作用或採取[八]而不是放棄它，因為它目前不符合損益表。

So with -- and I am paraphrasing there, but with where you are now and the $2 billion drag, but where content spend seems to me, it is beginning to normalize in terms of the outlay versus the P&L spend.

因此，我在這裡解釋一下，但考慮到你現在的處境和 20 億美元的拖累，但在我看來，內容支出在支出與損益支出方面開始正常化。

Is there visibility to when the business becomes self-funded based on the current trajectory?

根據目前的軌跡，是否可以了解企業何時可以自籌資金？

We have not provided that guidance, Scott.

斯科特，我們沒有提供該指導。

It really depends on how much we want to continue to expand content and the growth of the business itself.

這實際上取決於我們想要繼續擴展內容的程度以及業務本身的成長。

So we are a little bit guarded in terms of providing specifics because there is inner dependencies there, right?

因此，我們在提供細節方面有點謹慎，因為那裡存在內部依賴關係，對吧？

What I think and this is back to Doug's question prior, is part of the reason that our working capital needs have gone up a little bit is because we are owning more and more of our content.

我的想法是，這又回到了道格之前的問題，而我們的營運資金需求略有上升的部分原因是我們擁有越來越多的內容。

And I think that is a good thing for the investor and the shareholder.

我認為這對投資者和股東來說是一件好事。

We control more of the rights, more of the global advantages from being a platform that is increasingly having 90 million and beyond global subscribers, will be advantageous for us to own that content.

我們控制著更多的權利，成為一個擁有超過 9,000 萬甚至更多全球訂閱者的平台，從而獲得更多的全球優勢，這將有利於我們擁有這些內容。

So I think the slight step up from years past, a couple years to the $2 billion that we are talking about this year is inclusive of more owned content and increasingly more content categories, so I think you get both of those in there.

因此，我認為，與過去幾年相比，我們今年討論的 20 億美元略有上升，其中包括更多自有內容和越來越多的內容類別，所以我認為這兩者都包含在內。

And then secondly, as investors begin to look at the US market as a template for rest of world, this happens with businesses in the Internet when they grow globally.

其次，隨著投資者開始將美國市場視為世界其他地區的模板，網路企業在全球發展時也會發生這種情況。

Can you just talk about some takes in terms of what could lead to similar margin profile of markets outside the US versus higher or lower as the churn?

您能否談談什麼可能導緻美國以外市場的利潤率狀況與客戶流失時的更高或更低類似？

Sure, I think I will pitch it to Reed; I will say something, and Reed can follow on.

當然，我想我會把它推薦給里德；我會說些什麼，里德可以接著說。

But I would say it is competitiveness in those markets.

但我想說的是這些市場的競爭力。

Generally, overall, I would say there is nothing fundamental that we cannot get to margins equal or better in some places of the US.

總的來說，我想說的是，我們在美國某些地方沒有根本性的問題無法達到相同或更好的利潤率。

So then you think about an average across the globe, and it really is about -- determined somewhat by competitiveness, it is determined by the cost of that content.

那你想想全球的平均水平，它實際上是由競爭力決定的，它是由內容的成本決定的。

But the more we can grow and provide -- spread the cost of popular content that is engaging to a large portion of the world, the more advantage and scale advantage we see there in terms of being able to do that.

但是，我們越能發展和提供——分攤吸引世界大部分地區的流行內容的成本，我們在能夠做到這一點方面看到的優勢和規模優勢就越大。

So I would provide those comments and then see if Reed has anything he might want to add to that.

所以我會提供這些評論，然後看看里德是否有任何他可能想補充的內容。

I think that is perfect, David.

我認為這是完美的，大衛。

Our North star is providing an incredible value to consumers because upon that, you can build a very large and very profitable franchise.

我們的北極星為消費者提供了令人難以置信的價值，因為在此基礎上，您可以建立一個非常大且非常有利可圖的特許經營權。

But it starts with an amazing value to consumers, which is a great service and amazing content behind that.

但它首先為消費者帶來了驚人的價值，背後是優質的服務和令人驚嘆的內容。

Two questions for Ted.

有兩個問題要問特德。

Ted, anything new in terms of ROIs on your investment in content?

Ted，您在內容投資方面有什麼新的投資報酬率嗎？

You look at acquired versus originals, are the lines starting to cross in any way?

你看看收購的產品和原創產品，兩者之間的界線是否開始出現交叉？

And as part of that, are you willing to give us an update in hours consumed?

作為其中的一部分，您願意向我們提供最新的消耗時間嗎？

Globally, we have not had that number from you in awhile.

在全球範圍內，我們已經有一段時間沒有收到您的這個號碼了。

Well, stay tuned for those numbers; we do not have anything to report today.

好吧，請繼續關注這些數字；我們今天沒有任何要報告的。

But I will tell you, I think the -- as David had mentioned, while it is a bit more cash consumptive, owning our own content and including our original productions has a lot of big scale advantages to the business.

但我會告訴你，我認為 - 正如大衛所提到的，雖然它消耗更多的現金，但擁有我們自己的內容並包括我們的原創作品對業務有很多大規模優勢。

Probably the most meaningful one is removing the studio markup and overhead on those productions, and being able to put more of that on the screen.

也許最有意義的就是消除這些製作中的工作室標記和開銷，並能夠將更多內容放在螢幕上。

Owning the IP, as we expand into multiple seasons, having control over the windows.

擁有IP，隨著我們擴展到多個季節，控制視窗。

And so I lean into both original programming and owned original programming, but we are still a very active buyer of second window content from our studio partners.

因此，我傾向於原創節目和自有原創節目，但我們仍然非常積極地購買工作室合作夥伴的第二視窗內容。

We are increasingly co-producing some of that programming with networks and studios around the world.

我們越來越多地與世界各地的網路和工作室共同製作一些節目。

Where they will take one country and we will premier the show globally or -- at the same time, which takes off some of that risk, and also enhances our partnerships with those networks and studios.

他們將在一個國家首映該節目，或同時在全球首播，這可以消除一些風險，也可以增強我們與這些網路和工作室的合作夥伴關係。

But I do think there is a lot of value in owning the IP, and a lot of value in creating your own content.

但我確實認為擁有智慧財產權有很多價值，創造自己的內容也有很多價值。

But we need to have great programming for our members, and sometimes we do not have that, so we will have to go out and -- we are buying it elsewhere to enhance what we are doing.

但我們需要為我們的會員提供出色的節目，但有時我們沒有這樣的節目，所以我們必須走出去——我們在其他地方購買它來增強我們正在做的事情。

I think along those lines, any suggestions as to where the emphasis will be going forward?

我認為沿著這些思路，對於未來的重點將在哪裡有什麼建議？

I think there is still a feeling that this could use more movie content.

我覺得還是有種感覺，可以用更多的電影內容。

You made huge investments on the comedy side, which they -- if you want to talk about that.

你在喜劇方面做了巨額投資，如果你想談論這一點的話。

Particular genres that we should expect you to focus ongoing forward?

我們應該期望您持續關注哪些特定類型？

Well, you could look at those comedy investments as a good example of taking a category that we primarily bought second window from other people just a few years ago, and now are producing original programming that takes it from being just something people watch to something people really value Netflix for differentially.

好吧，你可以將這些喜劇投資視為一個很好的例子，我們幾年前主要從其他人那裡購買了第二個窗口，現在正在製作原創節目，將其從只是人們觀看的東西變成了人們的東西Netflix 確實具有與眾不同的價值。

The rest of this quarter, you are going to see stand up shows from Amy Schumer, Dave Chappelle, Trevor Noah, Jim Norton, like some of the top names in comedy.

在本季度剩餘的時間裡，您將看到艾米·舒默、戴夫·查佩爾、特雷弗·諾亞、吉姆·諾頓等喜劇界頂尖人物的單口喜劇表演。

And as you are -- going out, we already talked about Chris Rock and Jerry Seinfeld's recent deals.

當你出去時，我們已經討論了克里斯洛克和傑瑞宋飛最近的交易。

But that is a category, we took it from being kind of cheap, second window programming to something that really becomes an event and a subscriber acquisition driver for Netflix.

但這是一個類別，我們將其從廉價的第二窗口節目轉變為真正成為 Netflix 的活動和訂閱者獲取驅動力的東西。

Same thing with unscripted programming, with shows that we will be launching in -- even this quarter, like Ultimate Beastmaster and Abstract, which is a variant on Chef's Table, but about design.

無腳本程式設計也是如此，我們將在本季推出節目，例如《終極獸王》和《抽象》，這是《廚師餐桌》的變體，但與設計有關。

And it is all of that programming that we used to license in second window, that we are finding to be much more valuable to go ahead and produce originally for Netflix.

我們發現，我們過去在第二個視窗中獲得許可的所有節目，繼續為 Netflix 原創製作更有價值。

Scott and Doug, I think we have time for maybe one final question from either one of you, or one each?

斯科特和道格，我想我們有時間回答你們中的一個或每個人提出最後一個問題嗎？

I will go first.

我先走了。

The question that I had is -- squeeze in net neutrality edits, it is commented on the letter, but we could -- you know just the assumption of the new administration entitled to that neutrality is rolled back, what are the implications for Netflix?

我的問題是——在信中評論了網路中立性編輯，但我們可以——你知道新政府有權享有中立性的假設被撤銷了，這對 Netflix 有何影響？

I think we addressed that in the letter.

我想我們在信中談到了這一點。

I do not have really anything to add to that.

我對此沒有什麼要補充的。

I think from my end, last question, just curious for ultimate vision at this point.

我認為從最後一個問題來看，我只是對此時的最終願景感到好奇。

We are churning the new calendar year, I think, we have had a conversation in the past where you talked about to satisfy consumers, you have to give them all of the television shows they want for $25.

我們正在醞釀新的日曆年，我想，我們過去有過一次對話，你談到要滿足消費者，你必須以 25 美元的價格向他們提供他們想要的所有電視節目。

I am just curious as you talk about in the letter, your decade -- your next decade is going to be pretty exciting.

我只是很好奇，正如你在信中談到的那樣，你的十年——你的下一個十年將非常令人興奮。

What is your ultimate vision at this point for the services?

目前您對服務的最終願景是什麼？

You know, you never want to characterize something as an ultimate vision because when you get there, there is always more that you want to do.

你知道，你永遠不想將某件事描述為終極願景，因為當你到達那裡時，總是有更多你想做的事情。

And so we are taking it year by year, we are growing around the world, we are thrilled with our global expansion.

因此，我們年復一年地在世界範圍內成長，我們對我們的全球擴張感到興奮。

Ex- China, we ere really focused on all of the different markets; Asia; still doing work in Europe.

除中國外，我們真正關注的是所有不同的市場；亞洲;仍在歐洲工作。

We are building up our content production muscle; we are able to produce shows now in many countries around the world.

我們正在增強我們的內容製作能力；我們現在能夠在世界許多國家製作節目。

So think of us as just continuing to iterate on a basic cycle of more content, better product, that combines as a great service at a great price.

因此，我們只是繼續迭代更多內容、更好產品的基本循環，並將其結合為優質服務和優惠價格。

And hopefully, with that, we can attract many more people to join Netflix and then that fuels the whole cycle.

希望這樣我們就能吸引更多人加入 Netflix，進而推動整個週期。

So we are just going to lather, rinse, repeat again and again for the next couple years and expand that.

因此，我們將在接下來的幾年裡不斷地起泡、沖洗、重複並擴大這一範圍。

We have a long way to go when you think about how many movies and TV shows we don't have.

當你想到我們還沒有太多電影和電視節目時，我們還有很長的路要走。

We want to be able to just think about the great range of content that we have, and we are very ambitious about what we can do, especially around the world, so there is a lot for us to work on.

我們希望能夠思考我們擁有的大量內容，並且我們對我們能做的事情非常雄心勃勃，尤其是在世界各地，所以我們還有很多工作要做。

And then just the next six weeks, I am in Brazil, Europe, Asia; we are having a blast just spreading and evangelizing this vision of Internet TV where you get to control what you watch and you get incredible quality content.

接下來的六週，我會在巴西、歐洲、亞洲；我們正在大力傳播和宣傳網路電視的願景，在這種願景中，您可以控制自己觀看的內容，並獲得令人難以置信的優質內容。

We hope to land this quarter in a 99 million subscribers, which would be quite an achievement.

我們希望本季訂閱者數量達到 9,900 萬，這將是一個相當大的成就。

Thank you very much all for your support, and look forward to talking to you again in the quarter.

非常感謝大家的支持，並期待在本季再次與您交談。