Netflix Inc (NFLX) 2019 Q4 法說會逐字稿

Good afternoon, and welcome to Netflix Q4 2019 Earnings Interview.

下午好，歡迎來到 Netflix 2019 年第四季度收益採訪。

I'm Spencer Wang, VP of IR and Corporate Development.

我是 IR 和企業發展副總裁 Spencer Wang。

Joining me today are CEO, Reed Hastings; CFO, Spence Neumann; Chief Content Officer, Ted Sarandos; and Chief Product Officer, Greg Peters.

今天加入我的是首席執行官里德黑斯廷斯；首席財務官斯賓塞·諾伊曼；首席內容官，泰德·薩蘭多斯；和首席產品官 Greg Peters。

Our interviewer this quarter is Mike Morris from Guggenheim.

本季度我們的採訪者是來自古根海姆的 Mike Morris。

As a reminder, we'll be making forward-looking statements, and actual results may vary.

提醒一下，我們將做出前瞻性陳述，實際結果可能會有所不同。

With that, let me turn it over to Mike now for his first question.

有了這個，現在讓我把它交給邁克來回答他的第一個問題。

Great.

偉大的。

Thank you, Spencer, and good afternoon.

謝謝你，斯賓塞，下午好。

Before we dive into some of the details that you provided in this quarter's letter, I'd love to have Reed provide some strategic thoughts as we head into the new year, the new decade.

在我們深入探討您在本季度信中提供的一些細節之前，我希望 Reed 在我們進入新的一年、新的十年時提供一些戰略思想。

Perhaps we can start with just what were the most important strategic accomplishments in your mind of 2019?

也許我們可以從您認為 2019 年最重要的戰略成就開始？

And as you look forward, what do you hope to accomplish this year?

展望未來，您希望今年完成什麼？

We've had the same strategy basically for 20 years, which is please our members and they help us grow, and we've done that in a variety of ways.

20 年來，我們基本上採用了相同的策略，即取悅我們的會員，他們幫助我們成長，我們以多種方式做到了這一點。

Of course, initially just with DVD by mail, then the combination.

當然，最初只是通過郵寄DVD，然後是組合。

And if you look at what we've done in expanding film and making that a really strong aspect of Netflix, we've had a lot of continuous progress.

如果你看看我們在擴展電影方面所做的工作，並使其成為 Netflix 的一個真正強大的方面，我們已經取得了很多持續的進步。

But it's the same strategy we've always done, how do we learn how to please our members, whether that's on the product side, marketing side or content side.

但這是我們一直採用的相同策略，我們如何學習如何取悅我們的會員，無論是在產品方面、營銷方面還是內容方面。

In the next decade, we anticipate the same, how do we use the great resources that we have to do even better.

在接下來的十年中，我們也有同樣的預期，我們將如何利用我們必須做得更好的大量資源。

Now let's talk a little bit about some of the key specifics from the letter today.

現在讓我們談談今天這封信中的一些關鍵細節。

The first, of course, is the guidance on your member growth for the coming quarter.

首先，當然是對下一季度會員增長的指導。

We had a very strong fourth quarter compared to your guide.

與您的指南相比，我們的第四季度表現非常強勁。

The first quarter is lighter than it was in the prior year.

第一季度比上年輕。

You talk about some of the potential for timing between the first and second quarter.

你談到了第一季度和第二季度之間的一些時間安排的可能性。

I think the key question on investors' minds is how to think about the full year.

我認為投資者心中的關鍵問題是如何考慮全年。

2019 looked very similar to 2018 with the strong fourth quarter.

2019 年與 2018 年非常相似，第四季度表現強勁。

How should we think about the coming year in that regard?

在這方面，我們應該如何看待來年？

Want me to take this one?

要我拿這個嗎？

Sure.

當然。

I'll take this one, Mike.

我要這個，邁克。

So first, I should say, Mike, our opportunity, we view our opportunity -- our long-term opportunity as big and unchanged.

所以首先，我應該說，邁克，我們的機會，我們認為我們的機會——我們的長期機會是巨大且不變的。

So we should be clear about that.

所以我們應該清楚這一點。

We're not providing full year guidance, but when you think about Q1, again, it's comping off of the all-time biggest quarter we've ever had in Q1 of last year.

我們沒有提供全年指導，但是當您再次考慮第一季度時，它會彌補我們去年第一季度有史以來最大的季度。

We guided to 7 million paid net adds in 2020.

我們在 2020 年指導了 700 萬付費淨增加。

So when you look at that Q1 2020 number of 7 million, that's still a big growth.

因此，當您查看 2020 年第一季度 700 萬的數字時，這仍然是一個很大的增長。

That's -- we've only had 4 quarters in our history where we've grown more than 7 million in paid net adds.

那就是——在我們的歷史上，我們只有 4 個季度的付費淨增加量超過 700 萬。

And the number specifically, it reflects, first, there is primarily a U.S. story there, in that we have seen, and we talked about in the letter, some elevated churn in the U.S. from a combination of pricing and competition.

具體來說，這個數字反映了，首先，那裡主要有一個美國的故事，我們已經看到，我們在信中談到，由於定價和競爭的結合，美國的客戶流失率有所增加。

We've kind of rolled that through into Q1, including a full quarter of competition in Q1 versus a partial quarter in Q4.

我們已經將其推廣到第一季度，包括第一季度的一個完整季度與第四季度的部分季度競爭。

We also anticipate that competition rolling out globally throughout the year.

我們還預計，比賽將在全年在全球範圍內展開。

So we're trying to be prudent of thinking about that impact throughout the business.

因此，我們正努力謹慎地考慮對整個業務的影響。

And then what we talked about as well is when we think about the seasonality, the arc between Q1 and Q2, the first half of the year, we think it's likely to be more balanced because of the timing of the price changes we took that rolled through Q2 of 2019.

然後我們還談到的是，當我們考慮季節性、第一季度和第二季度之間的弧線、上半年時，我們認為它可能會更加平衡，因為我們採取的價格變化時間到 2019 年第二季度。

So we think that our seasonality is going to look more like 2018 than 2019 when you think about the first half of the year.

因此，當您考慮今年上半年時，我們認為我們的季節性看起來更像 2018 年而不是 2019 年。

Okay.

好的。

And when we talk about competition, you've mentioned churn a couple of times with respect to the potential impact.

當我們談論競爭時，您已經多次提到潛在影響的流失。

Can you talk about competition on both gross adds and engagement as well?

你能談談總增加量和參與度的競爭嗎？

Especially in engagement, I know it's early, but clearly, the Disney+ product has a very heavy kids and family focus to it.

尤其是在參與方面，我知道現在還為時過早，但很明顯，迪士尼+ 產品非常重視孩子和家庭。

Have you seen any specific engagement change on your content in that genre?

您是否在該類型的內容中看到任何特定的參與度變化？

Sure.

當然。

Well, I'll chip in.

嗯，我會插隊的。

Others can -- we actually alluded to this in the letter, Mike.

其他人可以——我們實際上在信中提到了這一點，邁克。

The great thing is, first off, we're growing in Q4, including in the U.S., even with some of this noise from competitive launches.

最棒的是，首先，我們在第四季度（包括在美國）都在增長，即使競爭性發布帶來了一些噪音。

And ultimately, what drives our business is increasing member satisfaction and viewing.

最終，推動我們業務發展的是提高會員滿意度和收視率。

And what you also see in the U.S., what we saw across the board is that our viewing, our per membership viewing grew, not just globally, but in the U.S. through Q4 and continues.

您還可以在美國看到，我們全面看到的是，我們的觀看次數、每位會員的觀看次數都在增長，不僅在全球範圍內，而且在美國直到第四季度並繼續增長。

So that bodes well for our long-term opportunity as long as we keep getting better.

因此，只要我們不斷變得更好，這對我們的長期機會來說是個好兆頭。

And Mike, think of it that Disney product, Disney+ has a lot of great catalog product and one big new show, Mandalorian, and it primarily is going to take away from linear TV and takes away a little bit from us.

邁克，想想迪士尼產品，Disney+ 有很多很棒的目錄產品和一個大的新節目，曼達洛人，它主要是要從線性電視中奪走一點，從我們身上奪走一點。

But again, most of the growth in the future is coming out of linear TV.

但同樣，未來的大部分增長來自線性電視。

It draws down by a variety of people because they were so broadly distributed prior to the launch.

它吸引了各種各樣的人，因為他們在發布之前分佈得非常廣泛。

Okay.

好的。

And I guess the last thing on this particular topic is the behavior outside the U.S. as compared to the inside.

我想關於這個特定主題的最後一件事是與美國國內相比，美國以外的行為。

Clearly, within the U.S., a more mature market, and that's where the products were primarily focused in the fourth quarter, their launches.

顯然，在美國，一個更成熟的市場，這也是產品在第四季度主要集中在的地方，它們的發布。

We do have some more expanded international rollout, particularly Disney talked about or announced a broader European rollout at the end of the first quarter.

我們確實有一些更廣泛的國際推廣，特別是迪士尼在第一季度末談到或宣布了更廣泛的歐洲推廣。

Any thoughts specific to that?

有什麼具體的想法嗎？

Is that factored in?

有沒有考慮在內？

Is it one of many things?

它是許多事情之一嗎？

What's your thought there?

你的想法是什麼？

It's one of many.

這是眾多之一。

I mean Disney is going to be a global service quite quickly.

我的意思是迪士尼將很快成為一項全球服務。

And there are many other global services.

還有許多其他的全球服務。

Remember that we compete a lot for time with YouTube, and it's not dollars because that's ad supported.

請記住，我們與 YouTube 競爭時間很多，這不是金錢，因為那是廣告支持的。

But we compete very broadly for viewing.

但是我們在觀看方面的競爭非常廣泛。

And as Spence mentioned, our viewing on a per-member basis is up.

正如 Spence 所提到的，我們基於每個成員的收視率上升了。

And that's because our content is getting better, our service is getting better, and that's all coming out of linear TV.

那是因為我們的內容越來越好，我們的服務越來越好，而這一切都來自線性電視。

And I would say that their brands are definitely global brands, but they are no -- with the exception of China, they're not more popular than they are in the U.S. anywhere else in the world.

我想說他們的品牌絕對是全球品牌，但他們不是——除了中國，他們在美國的受歡迎程度並不比世界其他任何地方都高。

Okay.

好的。

And so Greg, a question on pricing.

所以格雷格，關於定價的問題。

Greg, when we spoke last quarter, you felt that these competitive launches would not have an impact on your pricing.

格雷格，當我們上個季度發言時，您認為這些具有競爭力的發布不會對您的定價產生影響。

So I guess the first question is now that you have this quarter under your belt, any update on that point in particular?

所以我想第一個問題是現在你已經掌握了這個季度，特別是關於這一點的任何更新？

Yes.

是的。

I think it's useful to start with just noticing that our revenue in the United States is up 23% year-over-year in Q4.

我認為首先註意到我們在美國的收入在第四季度同比增長 23% 是很有用的。

So we're still seeing pretty significant growth there.

因此，我們仍然看到那裡的增長非常顯著。

And we're not seeing anything that fundamentally contradicts our core model or suggests that it's changed in a material way.

而且我們沒有看到任何從根本上與我們的核心模型相矛盾的東西，或者表明它已經發生了實質性的變化。

That model is, if we do a good job of judiciously investing the money that our members give us every month in great stories and better product experiences, creating more value for them, then we occasionally earn the ability to come back to them and ask them for a little bit more money to keep that virtuous cycle of improvements going.

這種模式是，如果我們做得很好，明智地將會員每月給我們的錢投資在精彩的故事和更好的產品體驗上，為他們創造更多價值，那麼我們偶爾就有能力回到他們身邊並詢問他們多花一點錢來保持這種改善的良性循環。

And everything we're seeing continues to support that core model is intact.

我們所看到的一切都繼續支持該核心模型完好無損。

So that's our job.

這就是我們的工作。

Okay.

好的。

Great.

偉大的。

And to go down that path a little bit further.

並沿著這條路走得更遠一點。

Historically, you have done some sizable price increases, at least on a percentage basis, on a somewhat spread out time frame.

從歷史上看，你已經在一個分散的時間範圍內進行了一些相當大的價格上漲，至少按百分比計算。

How do you think about possibly doing perhaps a single annual price increase in a more mature market at a more modest rate?

您如何看待可能在一個更成熟的市場以更溫和的速度進行一次年度價格上漲？

I hate to say this, but maybe somewhat more similar to what people have experienced with their cable bill or something to that effect.

我不想這麼說，但可能更類似於人們在有線電視賬單上的經歷或類似的事情。

We don't have a fixed model that we're coming in and saying, this is the right approach.

我們沒有固定的模型，我們會說，這是正確的方法。

So I think our job is to actually listen to our members, give -- the signals that they're giving us in terms of the engagement, that we're seeing that engagement growth that you heard we're going after.

所以我認為我們的工作是真正傾聽我們的成員，給出他們在參與度方面給我們的信號，我們看到你聽到我們正在追求的參與度增長。

And we'll really use that as a mechanism to guide us towards when have we earned that opportunity to come back and ask for more.

我們真的會用它作為一種機制來指導我們何時獲得機會回來並要求更多。

So we're not really coming in with just a fixed model that we're going to shift to or anything like that.

所以我們並沒有真正進入一個我們將要轉向的固定模型或類似的東西。

And if we're putting hits on the Board and we can see that in the terms of watching and engagement and subscriber growth and growth in the zeitgeist around our projects, then the more you could do that, the more frequently you can go back.

如果我們在董事會上取得成功，我們可以看到，在觀看和參與以及訂戶增長以及圍繞我們項目的時代精神的增長方面，那麼你可以做的越多，你就可以越頻繁地回去。

So we have to -- we have -- we're in this great model where we have to prove ourselves to our members literally every month.

所以我們必須——我們已經——我們處於這個偉大的模式中，我們必須每個月都向我們的成員證明自己。

So it's a really -- it does hold us to a very high bar and keeps us coming back and doing more and topping ourselves if we need to.

所以這真的是——它確實把我們帶到了一個非常高的標準，讓我們回來做更多的事情，如果我們需要的話，我們會超越自己。

One last question on this is around premium plan subscribers versus your standard plan subscribers, which largest -- you've mentioned in the past, clearly, the largest group.

最後一個問題是關於高級計劃訂閱者與您的標準計劃訂閱者的對比，後者是最大的——您過去明確提到過，最大的群體。

What has been the trend with respect to your subscribers moving to the premium plan?

您的訂戶轉向高級計劃的趨勢是什麼？

And is there a way to further incentivize them to almost have a self-opted price increase, but also clearly getting an improved product as well?

有沒有辦法進一步激勵他們幾乎自行選擇價格上漲，但也明顯獲得改進的產品？

I think we're, again, constantly evaluating the right balance of what features, what prices at those various different tiers.

我認為我們再次在不斷地評估這些不同層級的哪些功能、哪些價格之間的正確平衡。

But we haven't seen a significant shift in that, and we see a healthy take rate across all of our plan options, which is a really good sign, I think, that we're providing a range of options at a range of price points that allow consumers in the markets that we serve to sort of select into the right model.

但是我們還沒有看到這方面的重大轉變，我們看到所有計劃選項的接受率都很健康，我認為這是一個非常好的跡象，表明我們正在以不同的價格提供一系列選項允許我們服務的市場中的消費者選擇正確模型的點。

Again, we want to be innovative about that, and we'll look for ways to create more value across all of our tiers.

同樣，我們希望對此有所創新，我們將尋找在我們所有層級中創造更多價值的方法。

But right now, that blend is pretty healthy, we think.

但現在，我們認為這種混合非常健康。

And Mike, I would just add that in terms of plan mix, you have, over the years, seen a slight migration towards the higher price point plan.

邁克，我只想補充一點，就計劃組合而言，多年來，您已經看到向更高價格點計劃的輕微遷移。

That is something that we have seen, but it's quite gradual.

這是我們已經看到的，但它是漸進的。

So there's no sort of big jump in any sort of given quarter, but quite a gradual increase in that, which I think maps to the growth in smart TVs and high-definition TVs.

因此，在任何特定季度都沒有大幅增長，而是逐漸增加，我認為這與智能電視和高清電視的增長有關。

Okay.

好的。

I'd like to switch to a few questions on content and content strategy.

我想切換到關於內容和內容策略的幾個問題。

So Ted, the ramp in feature film product, in particular, both development, release, big step forward for you in 2019.

所以泰德，故事片產品的斜坡，特別是在2019年，無論是開發、發行，都為你向前邁出了一大步。

As you look into 2020, what are you most excited about either from a content perspective or an overall thematic perspective?

展望 2020 年，從內容角度或整體主題角度來看，您最興奮的是什麼？

There's a healthy amount of information on some key titles in the letter but would appreciate you highlighting the things that are most important to you.

信中的一些關鍵標題包含大量信息，但如果您強調對您來說最重要的事情，我們將不勝感激。

Well, looking forward to next year, we get the opportunity to do some things that we know have worked and come back with some sequels.

好吧，期待明年，我們有機會做一些我們知道已經奏效的事情，並帶著一些續集回來。

In our super popular YA genres, we've got these rom-coms, To All the Boys I've Loved Before and Kissing Booth, coming back with sequels in Q1 and Q2.

在我們超級流行的 YA 類型中，我們有這些 rom-coms，致所有我以前愛過的男孩和 Kissing Booth，在第一季度和第二季度推出續集。

We have big, big-ticket action films with Mark Wahlberg and Charlize Theron and Chris Hemsworth, more like the things you've seen coming -- in Q4 and trying to program our movies like we do our series, for every taste, every mood, every region of the world.

我們有馬克·沃爾伯格、查理茲·塞隆和克里斯·海姆斯沃斯主演的大型動作片，更像是你所看到的——在第四季度，並嘗試像我們製作系列一樣對我們的電影進行編程，滿足每一種口味，每一種心情, 世界每個地區。

So it's not trying to make one-size-fits-all programming, that's why we have so much of it.

所以它不是試圖製作一刀切的編程，這就是我們擁有這麼多編程的原因。

We just wanted -- we all -- we're going to hold it all to a very high entertainment bar.

我們只是想要——我們所有人——我們要把這一切都放在一個非常高的娛樂酒吧里。

So you're going to see us working across all genres, like we did in Q4, and still continuing to kind of press up the production quality and the production investment in these films.

所以你會看到我們在所有類型的電影中工作，就像我們在第四季度所做的那樣，並且仍在繼續提高這些電影的製作質量和製作投資。

And those are all coming out in Q1 and Q2 of this year and some in Q3, Q4.

這些都在今年第一季度和第二季度推出，一些在第三季度和第四季度推出。

So we just got a tremendous slate this year.

所以我們今年剛剛得到了一個巨大的石板。

Yes.

是的。

And I think the one thing we have put out in the letter, it's exciting that we end up with being the most nominated studio at the Oscars this year with our films, but the most exciting thing is those films are all incredibly popular with our members as well.

我認為我們在信中提到的一件事是，令人興奮的是，我們最終憑藉我們的電影成為今年奧斯卡提名次數最多的製片廠，但最令人興奮的是這些電影都非常受我們會員的歡迎也是。

So that leads into another question, which is as you have sort of shifted and increased this focus on film, Ted, in particular, you've highlighted a couple of reasons for that and benefits of members.

所以這就引出了另一個問題，因為你已經轉移並增加了對電影的關注，特別是特德，你已經強調了這樣做的幾個原因和成員的好處。

Those have included some comparison with respect to the value proposition, right?

這些包括一些關於價值主張的比較，對吧？

You can compare it to a film?

你能把它比作電影嗎？

Yes, you know what a movie ticket costs, so sure.

是的，你知道電影票的價格，所以當然。

Exactly.

確切地。

I think we've also talked about the ability for film content to travel, there's sort of a -- perhaps a broader global base of interest.

我認為我們還討論了電影內容傳播的能力，有一種——也許是更廣泛的全球興趣基礎。

Anything else that you would highlight or remind us of for why this shift in investment -- or maybe not shift, but expansion is important?

您還有什麼要強調或提醒我們的，為什麼投資會發生這種轉變——或者可能不會發生轉變，但擴張很重要？

And also now we have another year under our belt with a pretty robust slate, so have things been progressing as you would have expected given those objectives?

而且現在我們又迎來了一個非常強勁的一年，那麼考慮到這些目標，事情進展是否如您所期望的那樣？

Yes.

是的。

I'd say, look, when I look back at Q4, I look back and say I'm glad we decided to do this about 1.5 years ago because that's about the time it takes to secure the deals and obviously do the production and get through post and get everything delivered at the level of quality that we are able to.

我會說，看，當我回顧第四季度時，我回顧並說我很高興我們在大約 1.5 年前決定這樣做，因為那是確保交易並顯然進行生產和獲得所需的時間通過郵寄並以我們能夠提供的質量水平交付所有內容。

And so now we have all of that kind of ramp-up behind us, and we'll have a steady flow of projects like you've seen in Q4.

因此，現在我們已經完成了所有這些增長，我們將擁有穩定的項目流，就像你在第四季度看到的那樣。

Similarly, with feature animation, when I see where we're at today with access to programming and all those other issues, we've been ramping up our feature animation for almost 3 years and really hit the ground with our first project, with Klaus in Q4.

同樣，對於專題動畫，當我看到我們今天在訪問編程和所有其他問題方面所處的位置時，我們已經在近 3 年的時間裡不斷提升我們的專題動畫，並在我們的第一個項目中真正落地，與 Klaus在第四季度。

That was a complete audience pleaser and an Oscar nominee for Best Animated Feature.

那是一個完整的觀眾取悅和奧斯卡最佳動畫長片提名。

And that will keep a steady drumbeat going there as well.

這也將保持穩定的鼓聲。

In Q2, we have an animated feature called The Willoughbys, and in Q4, we have Over the Moon, which is a -- from Glen Keane, who did Little Mermaid and Beauty and the Beast.

在第 2 季度，我們有一部名為 The Willoughbys 的動畫長片，在第 4 季度，我們有 Over the Moon，這是由 Glen Keane 製作的，他製作了《小美人魚》和《美女與野獸》。

So these are big theatrical-scale animated features and big-scale feature films that would be competitive with anything you'd see in the box office.

因此，這些是大型影院級動畫長片和大型故事片，它們將與您在票房中看到的任何東西競爭。

And I think people really do value them.

我認為人們真的很重視它們。

And to your point, they do travel much more predictably than TV series do.

就你而言，他們的旅行確實比電視劇更可預測。

One of the things you just mentioned and clearly has been very widely reported and seen is the critical acclaim that you've achieved and you've had growth in Golden Globes, now at this point, Oscar nominations.

你剛才提到的一件事顯然已經被廣泛報導和看到，那就是你在金球獎上獲得了廣泛的讚譽，現在是奧斯卡提名。

My question is around the business benefit of that and the cost of achieving it as well.

我的問題是圍繞這樣做的商業利益以及實現它的成本。

Maybe it's a somewhat open-ended question, but how much is it costing you at this point to have those films in a place that they can be considered for that?

也許這是一個有點開放式的問題，但是在這一點上，將這些電影放在一個可以考慮的地方要花多少錢？

And what does the time frame for the benefit that the business look like for that?

企業從中受益的時間框架是什麼？

Well, you've seen the expansion just last year within the confines of our existing content budget.

好吧，您已經在我們現有的內容預算範圍內看到了去年的擴展。

So we're growing -- it's how we're choosing to bring the incremental spending to the table in terms of the bigger breadth and scale of films, but not taking it away from our growth in series, which is also growing, and particularly in our local language series, which we've reported before that we're growing by 130 seasons of local language series around the world as well.

所以我們正在成長——這就是我們選擇在更大的電影廣度和規模方面將增量支出帶到桌面上的方式，但不會將其從我們也在增長的系列增長中拿走，尤其是在我們之前報導過的本地語言系列中，我們也在全球範圍內增加了 130 季本地語言系列。

So to me, I look at it as the growth -- the benefit to the business is the growth that you're seeing.

所以對我來說，我把它看作是增長——對業務的好處是你所看到的增長。

And I would just add to that.

我只想補充一點。

So you'll see that if we further our reputation for doing well for content -- sorry, for talent by being one of the best in the world at winning awards for our talent, then the business benefit is that we will win deals that we wouldn't have otherwise won for incredibly entertaining content.

所以你會看到，如果我們在內容方面做得很好——對不起，對於人才來說，通過成為世界上最擅長為我們的人才贏得獎項的人之一來提升我們的聲譽，那麼商業利益就是我們將贏得我們的交易否則不會因為令人難以置信的娛樂內容而獲勝。

So think of all of our awards work as a really smart way to make us the best home for talents in the world.

因此，將我們所有的獎項視為一種非常聰明的方式，可以讓我們成為世界上人才的最佳家園。

And I think it's also worth noting that there is a consumer component to this, too.

而且我認為還值得注意的是，這也有一個消費者組件。

I mean some of our members around the world use the awards pieces as a sign of what they wanted to watch.

我的意思是，我們在世界各地的一些成員將獲獎作品作為他們想要觀看的節目的標誌。

So that when we present those -- that information to them, we actually see them respond to that.

因此，當我們向他們展示這些信息時，我們實際上會看到他們對此做出反應。

So there's an immediate benefit there as well.

所以那裡也有立竿見影的好處。

And I just want to point one more time that there is a -- typically, there seems to be a big gap between critical acclaim and award-winning and popular.

我只想再指出一次——通常情況下，在評論界的讚譽與獲獎和流行之間似乎存在很大差距。

And we are really trying to do, and we have in the past quarter, achieved both, meaning we are bringing popular film to the market and at such a high quality that's also being recognized by the critics and by the awards groups.

我們真的在努力，在過去的一個季度，我們兩者都實現了，這意味著我們正在將受歡迎的電影推向市場，而且質量如此之高，也得到了評論家和獎項團體的認可。

Sorry, Mike, and I just want to chime in, just to that point, it is working already.

抱歉，邁克，我只是想插話，就在那一點上，它已經開始工作了。

The model is working in terms of seeing the return to our business.

該模型正在為我們的業務帶來回報。

I mean that programming at that level of diversity and quality across such a broad member base ultimately is driving member satisfaction.

我的意思是，在如此廣泛的會員群中以這種多樣性和質量水平進行編程最終會提高會員滿意度。

It's growing our member base.

它正在擴大我們的會員基礎。

It's growing our revenues.

它正在增加我們的收入。

If you've seen, roughly 30% revenue growth this year.

如果你已經看到，今年大約 30% 的收入增長。

We're growing our profits, both our profit margin and up to $2.6 billion of operating profit this year.

我們正在增加我們的利潤，包括我們的利潤率和今年高達 26 億美元的營業利潤。

We're delivering on our cash flow objectives, including on a path to improve our cash flow profile next year, as you saw in the letter, a material improvement from negative $3.3 billion this year to roughly negative $2.5 billion next year on that path to cash flow positive over the coming years.

我們正在實現我們的現金流目標，包括在明年改善我們的現金流狀況的道路上，正如你在信中看到的那樣，在這條道路上從今年的負 33 億美元到明年大約負 25 億美元的實質性改善未來幾年現金流為正。

So you're seeing it play out in the business model already.

所以你已經看到它在商業模式中發揮作用。

And to that point, Spence, my next question for you was really around your cash investment on content in the coming year.

到那時，Spence，我要問你的下一個問題實際上是關於你在未來一年對內容的現金投資。

Can you share a specific in terms of the growth that you're anticipating there?

你能分享一下你預期的增長嗎？

And then also can you help us with the modeling side, which is the amortization of that content, the relationship between that amortization and the cash investment?

然後你能在建模方面幫助我們嗎，即內容的攤銷，攤銷與現金投資之間的關係？

Yes, sure.

是的，當然。

So we'll continue to increase our content investment across the board next year because, as I just said, we're seeing a great return on that in terms of our business model.

因此，明年我們將繼續全面增加內容投資，因為正如我剛才所說，就我們的商業模式而言，我們看到了巨大的回報。

Our content amort is just a little under $10 billion this past year in 2019.

2019 年，我們的內容攤銷僅略低於 100 億美元。

You should expect to see, without specific guidance, a similar level of growth, and that kind of -- it grew, I'd say, roughly in that 20% range this past year.

在沒有具體指導的情況下，您應該期望看到類似的增長水平，而且我會說，它在過去一年中大約增長了 20%。

And you should assume we'll continue to invest at those types of levels this year.

你應該假設我們今年將繼續在這些類型的水平上進行投資。

The conversion -- or the relationship between our cash spend and our -- on our amortization, that ratio was about 1.6, meaning 1.6x the cash investment relative to our amortization is about $15 billion of cash investment this past year in 2019.

轉換——或者我們的現金支出與我們的攤銷之間的關係——這個比率約為 1.6，這意味著相對於我們的攤銷的現金投資的 1.6 倍是 2019 年過去一年的現金投資約 150 億美元。

I think you should see that ratio continue to come down a little bit, again, without a specific number, but we're scaling into the business.

我認為你應該看到這個比例繼續下降一點，再次沒有具體數字，但我們正在擴大業務。

So we've moved a long way in this business model transition from what was once an all licensed content business to now the well over 50% of our cash spend is on originals.

因此，我們在這種商業模式轉變中已經走了很長一段路，從曾經的全許可內容業務到現在，我們超過 50% 的現金支出用於原創。

The future of our business is mostly originals.

我們業務的未來主要是原創的。

And we've very much transitioned there.

我們已經在那裡過渡了很多。

So that puts less sort of pressure on our working capital.

因此，這對我們的營運資金施加的壓力較小。

So that's playing out in the numbers as well.

所以這也在數字上發揮作用。

So similar growth rate in amortization, but it's getting closer in terms of our cash versus amort, and you're seeing that in terms of the improvement in the cash flow trajectory next year.

攤銷的增長率如此相似，但就我們的現金與攤銷而言，它越來越接近，你會看到明年現金流軌蹟的改善。

And Mike, I'm sure you realized it, but it is a huge milestone in our growth of last year being peak negative free cash flow.

邁克，我相信你已經意識到了這一點，但這是我們去年增長的一個巨大里程碑，即負自由現金流峰值。

And so we're on the glide path slowly towards positive free cash flow.

因此，我們正緩慢地朝著正自由現金流的方向前進。

We're excited about that, but that's not coming from shrinking back our content spending.

我們對此感到興奮，但這並不是因為我們縮減了內容支出。

That's coming from the increase in revenue and the operating income.

這是來自收入和營業收入的增加。

Right.

對。

Great.

偉大的。

So let's pull it back a little bit and talk about some of the -- a couple of additional content issues or topics, if you will.

因此，讓我們稍微回顧一下，討論一些其他內容問題或主題，如果您願意的話。

Friends, a big title.

朋友，一個大標題。

I believe one of your more popular titles came off the service at the end of 2019.

我相信你們更受歡迎的遊戲之一是在 2019 年底推出的。

I realize we're only 3 weeks in, but you do see the data real time.

我意識到我們只有 3 週的時間，但您確實可以實時看到數據。

Has this content being moved off the platform impacted your consumer engagement, your member engagement at all?

將這些內容移出平台是否影響了您的消費者參與度，您的會員參與度？

Nothing that we've seen or can measure.

我們沒有看到或無法測量。

Okay.

好的。

So let's also talk about viewership then.

那麼我們也來談談收視率。

A couple of things.

有幾件事。

I had a question here, and then you gave us an entire page of viewership metrics in the letter.

我在這裡有一個問題，然後你在信中給了我們一整頁的收視率指標。

Mike, I should probably put a little more color on that simple answer.

邁克，我可能應該在這個簡單的答案上多加一點顏色。

That's just to say, we've had, over the years, incredible popular product come on and off the service and expires.

這只是說，多年來，我們已經有令人難以置信的流行產品在服務上下班和過期。

And typically, what happens is our members, through our incredible personalization, deep library and broad library, are able to find their next favorite show.

通常情況下，我們的會員通過我們令人難以置信的個性化、深度庫和廣泛的庫，能夠找到他們下一個最喜歡的節目。

And that's -- it will happen with Friends fans, and some of them will find it elsewhere, and some of them will find their next favorite show.

這就是——它會發生在老友記的粉絲身上，他們中的一些人會在別處找到它，他們中的一些人會找到他們下一個最喜歡的節目。

Mike, just about 10 years ago, we dropped -- we had to drop all the Disney content, not phased out like we are, but all the ones we added to the Starz deal.

邁克，大約 10 年前，我們放棄了——我們不得不放棄所有迪士尼內容，不是像我們現在那樣逐步淘汰，而是我們添加到 Starz 交易中的所有內容。

And we were all worried about the big impact.

我們都擔心巨大的影響。

And instead, people came back, the magic of the personalized service, and they're able to find other things to watch, and viewing growth just kept rising.

相反，人們回來了，個性化服務的魔力，他們能夠找到其他可以觀看的東西，並且觀看增長一直在上升。

Yes.

是的。

And we've seen that phenomenon over and over again, even in -- one that's maybe even more dramatic than that was all of the Nickelodeon content when they came off and was completely displaced by other kids watching overnight.

我們一遍又一遍地看到這種現象，甚至可能比這更戲劇化的是尼克國際兒童頻道的所有內容，當他們離開並被其他通宵觀看的孩子完全取代時。

I should say, all equally good content, just people had the ability to find something new.

我應該說，所有同樣好的內容，只是人們有能力找到新的東西。

Sure.

當然。

Understood.

明白了。

And so within that, what I was coming to is the viewership metrics that you provided in the letter for a number of your programs.

因此，在此範圍內，我要談到的是您在信中為您的許多節目提供的收視率指標。

I'd be curious if you wanted to highlight something that stood out to you, but I'll tell you something that stood out to me is the information you provided around -- about The Crown.

如果你想強調一些對你來說很突出的東西，我會很好奇，但我會告訴你一些對我來說很突出的是你提供的信息——關於皇冠。

Okay.

好的。

So in particular, season 3 saw growth in early season viewing.

因此，特別是第 3 季的早期收視率有所增長。

And yet it's still, I think, by the metric, 21 million households through the first 4 weeks of season 3 compared to 73 million households worldwide for the series overall.

然而，我認為，在第 3 季的前 4 週內，仍然有 2100 萬個家庭，而整個系列的全球有 7300 萬個家庭。

And I guess what strikes me is that your members have enough content that even though that was important, the 73 million, and 21 million was a big step-up, there's still 52 million yet to watch it so...

我想讓我印象深刻的是，你的會員有足夠的內容，即使這很重要，7300 萬和 2100 萬是一個很大的進步，還有 5200 萬還沒有觀看，所以......

Correct.

正確的。

But that metric -- what that first 28 days doesn't capture also are things like brand-new viewers to season 1 that just started in the ramp-up to season 3. The show has been incredibly durable in the U.K. and the U.S. and around the world.

但是這個指標——前 28 天沒有捕捉到的還有第一季的全新觀眾，這些觀眾剛剛開始進入第 3 季。該節目在英國和美國非常持久。世界各地。

How does that compare to other key shows, right?

這與其他主要節目相比如何，對吧？

I understand that every show doesn't behave like The Crown.

我知道每場演出都不像《王冠》。

But is that viewership pattern something that -- somewhat similar for a show like, let's say, Stranger Things that has 3 seasons and people...

但是，這種收視率模式是否有點類似於一個節目，比如說，有 3 個季節和人物的怪奇物語……

It's so unique.

它是如此獨特。

Sometimes a show can enter the zeitgeist in such a loud way like Stranger Things season 3 around the Fourth of July phenomenon, everything that happened that a lot of that viewing pops like that.

有時一個節目可以以如此響亮的方式進入時代精神，比如 Stranger Things 第 3 季圍繞 7 月 4 日的現象，發生的所有事情都讓很多觀眾都像這樣。

Something similar we saw with a huge launch for Witcher, which was kind of pent-up demand for known IP.

我們在 Witcher 的大規模發布中看到了類似的情況，這是對已知 IP 的一種被壓抑的需求。

But man, the show delivered for people and delivered viewing hours for us.

但是，伙計，這個節目是為人們提供的，也為我們提供了觀看時間。

And people loved it right out of the gate.

人們從一開始就喜歡它。

Other shows come out and they pop, and they're dependable and they build, and people are going to watch it as soon as they finish what they're watching right now.

其他節目一上映就流行起來，它們很可靠，而且很成功，人們一看完他們現在正在看的東西就會去看它。

So it's very different from show to show.

所以從節目到節目有很大的不同。

I think you could see that in that list of how those shows will perform.

我想你可以在這些節目的表現列表中看到這一點。

And sometimes, that is a really great indicator of its full year performance.

有時，這是其全年業績的一個非常好的指標。

And sometimes it's -- those shows will continue to build on their positive word-of-mouth and become even bigger over time.

有時它是 - 這些節目將繼續建立在他們積極的口碑基礎上，並隨著時間的推移變得更大。

I'd like to ask a couple of questions about product and distribution.

我想問幾個關於產品和分銷的問題。

So Greg, I'd like to come back to the topic of pricing.

Greg，我想回到定價這個話題。

We spoke a little bit about the U.S., but you have expanded your mobile-only plans, I believe, during the quarter.

我們談到了一些關於美國的事情，但我相信，你們在本季度擴大了僅限移動設備的計劃。

Can you talk about where that is now?

能說說現在在哪裡嗎？

I think it's India, Indonesia, I believe Malaysia.

我認為是印度，印度尼西亞，我相信是馬來西亞。

But maybe the balance between what has become a more permanent part of your offering, what's still being tested and how we should think about that mix going forward?

但是，也許在您的產品中更永久的部分、仍在測試的部分以及我們應該如何考慮未來的組合之間取得平衡？

Yes.

是的。

And you've got the 3 countries correct.

而且您已經正確地了解了 3 個國家/地區。

And we've seen in the performance across those 3 countries is that because we've added this price at a lower price point, this tier at a lower price point, we've been able to add incremental subscribers, which is great.

我們在這 3 個國家/地區的表現中看到的是，因為我們以較低的價格點添加了這個價格，以較低的價格點添加了這一層，我們已經能夠增加增量訂閱者，這很棒。

We've seen an increase in retention, not only at that mobile plan, but in other plans as well.

我們已經看到留存率的提高，不僅在該移動計劃中，而且在其他計劃中也是如此。

And net, that's a revenue-positive action for us.

淨，這對我們來說是一個積極的收入行動。

And so we're super excited about that.

所以我們對此感到非常興奮。

We think that that's a pretty good indicator that there might be other countries around the world where that kind of offering will work as well.

我們認為這是一個很好的指標，表明世界上可能還有其他國家也可以提供這種產品。

So we're going to continue to test both that in different countries and see how that goes.

因此，我們將繼續在不同的國家/地區進行測試，看看效果如何。

We're also -- we've got a bunch of different, other approaches that we're going to try out, and we'll really try and be active and innovative in that area to try and improve the accessibility of the service for more and more people around the world, but in a way which we think is long-term revenue optimizing as well.

我們還 - 我們將嘗試一系列不同的其他方法，我們將在該領域真正嘗試並積極創新，以嘗試改善服務的可訪問性世界各地越來越多的人，但我們認為這也是長期收入優化的方式。

Can you expand on that as well in terms of expanding that availability?

您能否在擴展可用性方面也對此進行擴展？

I mean really, I'd say that we anticipate that we'll do more testing of the mobile plan in more territories.

我的意思是，我想說的是，我們預計我們將在更多地區對移動計劃進行更多測試。

That's probably the one to talk about at this point, and then we'll sort of see what else works through our testing as we go.

這可能是目前要討論的問題，然後我們將通過我們的測試來看看還有什麼其他工作。

Okay.

好的。

Great.

偉大的。

And then over the weekend, I believe it came out on Sunday, an expanded, I think, you referred to as even strengthened partnership with Sky.

然後在周末，我相信它是在周日發布的，我認為你提到了與 Sky 的進一步加強的合作夥伴關係。

What -- how did that become a stronger partnership?

什麼——這如何成為更強大的伙伴關係？

I think what we are seeing is there's more and more opportunity that we're finding through, whether it's mobile operators, pay-TV operators, ISPs, to reach out to a customer segment that while we're probably growing with, in general, we can actually accelerate that growth.

我認為我們所看到的是，我們正在尋找越來越多的機會，無論是移動運營商、付費電視運營商還是互聯網服務提供商，都可以接觸到我們可能正在成長的客戶群，總的來說，我們實際上可以加速這種增長。

And so it starts by being available on the set-top box or the device that they're using to watch TV, and we can put Netflix there and make it easy to see the service and to potentially sign up there.

因此，它首先可以在機頂盒或他們用來觀看電視的設備上使用，我們可以將 Netflix 放在那裡，以便輕鬆查看服務並可能在那裡註冊。

But increasingly now with bundles, we've removed yet another point of friction.

但是現在越來越多地使用捆綁包，我們已經消除了另一個摩擦點。

So that's just a part of their offering, and they can just -- we can do a call to action, like right in front of them like Stranger Things, it's launching right now, watch.

所以這只是他們提供的一部分，他們可以——我們可以呼籲採取行動，就像在他們面前一樣，就像 Stranger Things 一樣，它現在正在發布，觀看。

And that's a very effective way to introduce people to the service.

這是向人們介紹服務的一種非常有效的方式。

But also we're finding now with co-marketing programs and other things that we're getting more sophisticated at, we can actually do a more effective job of reaching out to more of those members to be around the world.

但我們現在也發現，通過聯合營銷計劃和其他我們越來越複雜的事情，我們實際上可以更有效地接觸到更多的成員，讓他們遍布世界各地。

You brought up the topic of bundling.

你提出了捆綁的話題。

Two kind of questions with respect to bundling or different pricing packages.

關於捆綁或不同定價包的兩種問題。

The first is a question of the need for consumers for this reaggregation of these multiple services.

首先是消費者需要重新聚合這些多種服務的問題。

And if that is the case, perhaps a third-party would like to or should be taking some portion of the payment for adding value.

如果是這種情況，也許第三方願意或應該收取部分付款以增加價值。

I guess my question is your position on the need for some sort of aggregation of these multiple services.

我想我的問題是您對需要對這些多種服務進行某種聚合的立場。

My second question is around annual pricing versus monthly pricing and perhaps a discount for consumers who choose to take an annual plan.

我的第二個問題是關於年度定價與月度定價的對比，也許是對選擇年度計劃的消費者的折扣。

Either of those -- how do either of those factor into your thoughts here?

這些中的任何一個 - 這些中的任何一個如何影響您的想法？

Yes.

是的。

I think we'll see sort of what the right solution is for consumers as we shift to this online streaming world.

我認為隨著我們轉向這個在線流媒體世界，我們將看到適合消費者的正確解決方案。

And I anticipate that there are models that make sense where they will bundle multiple content services together and make it more sort of easier for consumers to access that.

我預計會有一些有意義的模型將多個內容服務捆綁在一起，讓消費者更容易訪問這些服務。

And that might be the effect that we're seeing.

這可能就是我們所看到的效果。

But really, most of the bundles that we have are either connecting to an existing pay-TV, sort of legacy pay-TV service, or they are connecting to things like your mobile plan or your Internet plan.

但實際上，我們擁有的大多數捆綁包要么連接到現有的付費電視，某種傳統的付費電視服務，要么連接到您的移動計劃或互聯網計劃之類的東西。

So I think there's multiple different opportunities to find the right mix where we're able to introduce Netflix as part of a set of offerings that just make it simple for people to sign up, and it's logical and it's intuitive for them to go do so.

所以我認為有多種不同的機會可以找到合適的組合，我們可以將 Netflix 作為一系列產品的一部分，讓人們註冊變得簡單，而且他們這樣做是合乎邏輯和直觀的.

And the likelihood is that we have your favorite show or your favorite movie raises the chances that you're going to figure out how to get to us as well.

很可能我們有你最喜歡的節目或你最喜歡的電影，這增加了你想辦法找到我們的機會。

That's right.

這是正確的。

And then you also -- you mentioned, I think, an annual -- a question on annual.

然後你還 - 我認為你提到了年度 - 關於年度的問題。

That's right.

這是正確的。

Yes.

是的。

So I think it's an interesting model.

所以我認為這是一個有趣的模型。

And certainly, we see some -- there's -- on legacy plans, there are sort of some instances of that.

當然，我們看到一些 - 有 - 在遺留計劃中，有一些這樣的例子。

There are certain countries around the world where that's a more common standard, right?

世界上某些國家/地區的標準更為普遍，對吧？

So we want to experiment with that and test that out and understand if that's a more effective way for our members to access us.

因此，我們想對此進行試驗並進行測試，並了解這是否是我們的會員訪問我們的更有效方式。

So we'll go do that, and we'll sort of hear from them, if that's something that's more effective or not.

所以我們會去做，我們會聽取他們的意見，如果這是否更有效。

We don't know yet.

我們還不知道。

Okay.

好的。

I'd like to revisit the topic of advertising as a source of revenue or a means for your members to pay you for access to the service.

我想重新討論將廣告作為收入來源或您的會員為訪問服務而向您付費的方式這一話題。

Remind us -- we talk about it a lot.

提醒我們——我們經常談論它。

Every quarter, the topic comes up again.

每個季度，這個話題都會再次出現。

So remind us why advertising is not a right option, given that you do have a focus on providing your members with some optionality in terms of their way to enjoy the service.

所以提醒我們為什麼廣告不是一個正確的選擇，因為您確實專注於為您的會員提供一些可選擇的方式來享受服務。

Yes, Mike, I think we addressed this last quarter in the letter, but I'll go over it again, which is Google and Facebook and Amazon are tremendously powerful at online advertising because they're integrating so much data from so many sources.

是的，邁克，我想我們在上個季度的信中談到了這個問題，但我會再過一遍，谷歌、Facebook 和亞馬遜在在線廣告方面非常強大，因為它們整合了來自眾多來源的大量數據。

And there's a business cost to that, but it makes the advertising more targeted and effective.

這會產生商業成本，但它會使廣告更有針對性和有效性。

And so I think those 3 are going to get most of the online advertising business.

所以我認為這三個人將獲得大部分在線廣告業務。

And then to grow $5 billion or $10 billion advertising business, you have to rip that away from other advertisers.

然後要增長 50 億美元或 100 億美元的廣告業務，你必須從其他廣告商那裡剝離。

In this case, say -- or other providers, Amazon, Google and Facebook, which is quite challenging.

在這種情況下，比如說——或者其他供應商，亞馬遜、谷歌和 Facebook，這非常具有挑戰性。

So don't think of that as -- in the long term, there's not easy money there.

所以不要認為那是——從長遠來看，那裡不容易賺錢。

And instead, we think if we don't have exposure to that, the positive side is we're a much safer place.

相反，我們認為如果我們沒有接觸到，積極的一面是我們是一個更安全的地方。

We're not integrating everybody's data.

我們沒有整合每個人的數據。

We're not controversial that way.

那樣我們沒有爭議。

We've got a much simpler business model, which is just focused on streaming and customer pleasure.

我們有一個更簡單的商業模式，它只專注於流媒體和客戶的樂趣。

So we think with our model that we'll actually get to a larger revenue, larger profits, larger market cap because we don't have the exposure to something that we're strategically disadvantaged at which is online advertising against those big 3, which, over the next 10 years, are just going to integrate incredible amounts of data about everybody that we won't and we're not trying to have access to.

因此，我們認為，通過我們的模型，我們實際上會獲得更大的收入、更大的利潤、更大的市值，因為我們沒有接觸到我們在戰略上處於不利地位的東西，即在線廣告對抗那些三大巨頭， ，在接下來的 10 年中，我們將整合關於每個人的大量數據，我們不會也不會嘗試訪問這些數據。

So that's why we're really pretty confident that the best business model is this way certainly in the long term.

所以這就是為什麼我們非常有信心最好的商業模式肯定是長期的。

I do think that that last point is something we do hear people lose sight of sometimes, which is you are not aggregating an immense amount of data about your viewers.

我確實認為最後一點是我們確實聽到人們有時會忽略的一點，那就是您沒有匯總有關觀眾的大量數據。

You have viewership habits.

你有收視習慣。

But beyond that, I think correct me if I'm wrong, you don't collect a significant amount of personal data that will be used to target advertising.

但除此之外，如果我錯了，我想請糾正我，您不會收集大量用於定向廣告的個人數據。

Is that accurate?

那準確嗎？

We don't collect anything.

我們不收集任何東西。

We're really focused on just making our members happy, and we're not tied up with all that controversy around advertising.

我們真的專注於讓我們的會員開心，我們不會被所有關於廣告的爭議所束縛。

And again, if you wanted to succeed in online advertising, you can't just have a little data.

再說一次，如果你想在在線廣告方面取得成功，你不能只擁有一點數據。

To keep up with those giants, you've got to spend very heavily on that and track locations and all kinds of other things that we're not interested in doing.

為了跟上這些巨頭的步伐，您必須在這方面投入大量資金並跟踪位置以及我們不感興趣的各種其他事情。

We want to be the safe respite where you can explore, you can get stimulated, have fun, enjoy relax and have none of the controversy around exploiting users with advertising.

我們希望成為您可以探索、獲得刺激、獲得樂趣、享受放鬆的安全休憩之地，並且沒有關於利用廣告剝削用戶的爭議。

Now one of the biggest changes that you guys have made in a while with respect to what you shared with us is the geographic breakdown that you're providing now with respect to your actual.

現在，你們在與我們分享的內容方面所做的最大變化之一是您現在提供的與實際情況相關的地理細分。

So maybe just briefly, can you remind us the reason that you made this change?

所以也許只是簡單地說，你能提醒我們你做出這個改變的原因嗎？

We have had some questions whether it was somewhat suggested or required of you.

我們有一些問題，無論是對您提出建議還是要求。

So why did you make the change?

那你為什麼要做出改變？

And then I do have a couple of specific questions about the markets, if I could.

如果可以的話，我確實有幾個關於市場的具體問題。

Spencer, you want to handle that?

斯賓塞，你想處理嗎？

Sure.

當然。

So to answer your question, Mike, no, this was not a required change.

所以要回答你的問題，邁克，不，這不是必需的更改。

This was a change that we made.

這是我們做出的改變。

And as we talked about, it was to -- we always evolve our view of our business as our business changes.

正如我們所說，這是為了 - 隨著業務的變化，我們總是會發展我們對業務的看法。

And with our launch of rest of the world in 2016, we're basically a fully global company ex China.

隨著我們在 2016 年在世界其他地區推出，我們基本上是一家完全全球化的公司，除了中國。

So we have increasingly been looking at the business internally along these 4 regions.

因此，我們越來越多地關注這四個地區的內部業務。

So we want to map our external reporting and align it with how we look at it internally.

因此，我們希望映射我們的外部報告並將其與我們內部看待它的方式保持一致。

So it was not a requirement, but our choice.

所以這不是一個要求，而是我們的選擇。

So we worked hard internally to not be U.S. and international.

因此，我們在內部努力工作，以免成為美國和國際公司。

There's no such thing as international.

沒有國際化的東西。

There's a bunch of nuance of every market around the world.

世界各地的每個市場都有很多細微差別。

And part of our development from -- and originally, just domestic companies to lose those kinds of distinctions and instead think of it as 4 equal regions, and we're growing all of them, and we're sophisticated about all of them.

我們發展的一部分 - 最初只是國內公司失去這些區別，而是將其視為 4 個平等的地區，我們正在發展所有這些地區，我們對所有這些地區都很成熟。

And that's why we look at it in that 4-region way internally, which, of course, drives the external reporting.

這就是為什麼我們在內部以 4 個區域的方式看待它，這當然會推動外部報告。

It's been a great internal discipline for everybody to think about the business more that way, for sure.

當然，對於每個人來說，更多地以這種方式思考業務是一個很好的內部紀律。

Well, that's a great segue into some questions specifically about the nuances in these regions.

好吧，這很好地解決了一些關於這些地區細微差別的問題。

Perhaps we can start with Latin America, which was your first broad international launch in 2011.

或許我們可以從拉丁美洲開始，這是你們在 2011 年的第一次廣泛的國際發布。

And so what we noticed, and of course, this quarter, you had record member growth in each of the regions, but it does look like Latin America is perhaps closer to being mature with respect to its growth trajectory.

因此，我們注意到，當然，在本季度，每個地區的會員增長都創紀錄，但看起來拉丁美洲在增長軌跡方面可能更接近成熟。

At the same time, we would look at the data and say, it's still -- the penetration level of broadband households is still very low in that region.

同時，我們會查看數據並說，該地區的寬帶家庭普及率仍然很低。

Can you characterize for us where you think we are in the life cycle of member growth in that region?

您能否為我們描述您認為我們在該地區成員增長的生命週期中所處的位置？

Spence, do you want to take that?

斯賓塞，你想拿那個嗎？

Yes, sure.

是的，當然。

I would say across the board, we're still early days, right?

我會全面地說，我們還處於早期階段，對吧？

So even with the roughly 167 million members across the globe and big membership in Latin America, you can see what -- we're still roughly kind of in that 30% penetration.

因此，即使在全球約有 1.67 億會員和拉丁美洲的大量會員，您也可以看到 - 我們仍然大致處於 30% 的滲透率中。

We think as pay-TV households -- you've seen around the world, whether it's pay-TV or broadband households, we don't see why we can't get into all of those households over time.

我們認為，作為付費電視家庭——你已經在世界各地看到，無論是付費電視家庭還是寬帶家庭，我們不明白為什麼我們不能隨著時間的推移進入所有這些家庭。

So yes, we're a bit more mature in Latin America than perhaps we are in APAC and in some specific countries, but we're continuing to grow.

所以，是的，我們在拉丁美洲可能比在亞太地區和某些特定國家更成熟，但我們正在繼續發展。

It happens to be a region where, similar to the U.S., our price increases were a bit more significant than in other parts of the world.

它恰好是一個與美國類似的地區，我們的價格上漲幅度比世界其他地區要大一些。

So I think that may have been a bit of a headwind as well.

所以我認為這可能也有點逆風。

We had foreign exchange working against us more meaningfully in Latin America.

在拉丁美洲，我們的外匯對我們產生了更有意義的影響。

But I'd say, in general, very long runway.

但我想說，總的來說，跑道很長。

We continue to see both global content and local content work really well in that region.

我們繼續看到全球內容和本地內容在該地區運作良好。

So we'll -- I think you'll see continued healthy growth on the horizon.

所以我們會 - 我認為你會看到持續的健康增長。

And then you just -- Spence, you just mentioned APAC, and there's a couple of questions here.

然後你只是-- Spence，你剛剛提到了亞太地區，這裡有幾個問題。

One is because this region has both Australia, New Zealand, so larger English-speaking markets and a large emerging market population, the first question is can you share at all the sort of balance of subscriptions in that market between those 2. And I would think there's still a relatively high ASP there, which would imply some mix to higher-priced markets.

一個是因為這個地區既有澳大利亞、新西蘭，也有更大的英語市場和龐大的新興市場人口，第一個問題是你能否在這兩個市場之間分享該市場的訂閱平衡。我會認為那裡的平均售價仍然相對較高，這意味著對高價市場的一些組合。

But first, the mix there.

但首先，那裡的混合。

And then also should we expect that ASP to come down based on what you're seeing now with respect to adoption of the lower-priced mobile plans?

然後我們是否應該根據您現在看到的關於採用低價移動計劃的情況預期 ASP 會下降？

I'd say in terms of the mix, and others can jump in as well, but we don't break it down specifically by country.

我想說的是組合，其他人也可以加入，但我們不會按國家/地區具體細分。

I think your takeaway should be, though, that we're seeing healthy growth in all of these markets.

不過，我認為您的收穫應該是，我們看到所有這些市場都在健康增長。

So across Japan, Korea, India, I mean all of these markets, we're increasing that content market fit, we're getting much smarter about the markets in both the -- as I say, the content we offer as well as the pricing and packaging, bundling and distribution to our members and payment methods for our members.

所以在日本、韓國、印度，我的意思是所有這些市場，我們正在增加內容市場的契合度，我們對兩個市場都變得更加聰明——正如我所說，我們提供的內容以及定價和包裝、捆綁和分發給我們的會員以及我們的會員的付款方式。

So I think we're getting better literally every quarter, every year, and that's playing out in terms of very healthy growth across those markets.

因此，我認為我們實際上每個季度、每年都在變得更好，並且在這些市場的非常健康的增長方面正在發揮作用。

And then with respect to pricing, certainly, the pricing is different in every country around the world.

然後在定價方面，當然，世界上每個國家的定價都是不同的。

But we don't -- we're not managing to ARPU.

但我們沒有——我們沒有達到 ARPU。

We're managing to revenue maximization, as we talked about earlier.

正如我們之前談到的，我們正在努力實現收入最大化。

So we're not going to provide a long-term forecast.

因此，我們不會提供長期預測。

Obviously, as we have lower-priced mobile offers, that's going to bring down a blended ARPU in a country or in a market.

顯然，由於我們提供價格較低的移動服務，這將降低一個國家或市場的混合 ARPU。

But if we're doing that in a revenue-accretive way, we think that's great for our long-term business.

但如果我們以增加收入的方式做到這一點，我們認為這對我們的長期業務非常有利。

We're growing subscribers, and we're growing revenue.

我們正在增加訂閱者，我們正在增加收入。

And our local content, our original content in Japan and Korea, by way of example, are becoming much more sophisticated about what is super impactful in those countries, plays pan regionally and occasionally plays globally.

我們的本地內容，例如我們在日本和韓國的原創內容，對於在這些國家/地區具有超級影響力的內容變得更加複雜，在區域範圍內播放，偶爾在全球範圍內播放。

So those investments are paying up in the form of things like The Naked Director, which was a big, big hit for us in Japan, and Kingdom, which has a second season coming up out of Korea, that's been a big global hit for us.

因此，這些投資以諸如 The Naked Director 之類的形式得到回報，這在日本對我們來說是一個巨大的打擊，以及在韓國推出第二季的 Kingdom，這對我們來說是一個全球性的打擊.

And as you think about the exciting things that happened in the content space, a movie like Parasite coming out of Korea, that's done $140 million globally, $100 million in Korea and about $40 million outside, and the expansion of people finding stories from around the world is going to only make the opportunity bigger and bigger.

當你想到內容空間中發生的令人興奮的事情時，像寄生蟲這樣的電影在韓國上映，全球票房 1.4 億美元，韓國 1 億美元，國外約 4000 萬美元，以及從各地尋找故事的人的擴張世界只會讓機會越來越大。

Mike, we have time for 1 or 2 more questions, please?

邁克，我們有時間再回答 1 或 2 個問題，好嗎？

Okay.

好的。

Let me hit on EMEA, and then I'll get a wrap-up question here.

讓我談談 EMEA，然後我會在這裡得到一個總結性問題。

I think in that European, Middle East and Africa market, it's somewhat similar in terms of some mature markets and some emerging markets and opportunities there.

我認為在歐洲、中東和非洲市場，在一些成熟市場和一些新興市場和那裡的機會方面有點相似。

So as you think about that market growth opportunity, is the answer similar to the same as the question about Asia?

因此，當您考慮市場增長機會時，答案是否與關於亞洲的問題相似？

And I think the question is a little bit rooted in we do have some specific mobile-only lower-price plans in Asia that we've been focused on, but should we think about that EMEA market as perhaps following a similar pattern?

而且我認為這個問題有點根源於我們確實在亞洲有一些特定的移動低價計劃，我們一直關注這些計劃，但我們是否應該認為歐洲、中東和非洲市場可能遵循類似的模式？

Greg, do you want to take that pricing?

格雷格，你想接受那個定價嗎？

I would say, in terms of the opportunity, we see a huge opportunity in EMEA.

我想說，就機會而言，我們在 EMEA 看到了巨大的機會。

It's a multiple of the number of addressable, their pay-TV or broadband households, as you see, for example, in the UCAN or U.S. and Canada region.

這是可尋址的付費電視或寬帶家庭數量的倍數，例如，在 UCAN 或美國和加拿大地區。

We're less than 20% penetrated in the market.

我們在市場上的滲透率不到 20%。

You've seen it's driving more than 50% of our paid member additions in recent quarters or roughly 50%.

您已經看到它在最近幾個季度推動了超過 50% 的付費會員增加，或大約 50%。

So we're low penetrated, and we're growing in a very healthy clip in that market.

所以我們的滲透率很低，我們在這個市場上的增長非常健康。

I'll turn to Greg though in terms of pricing strategy.

不過，在定價策略方面，我將求助於 Greg。

Yes.

是的。

In the pricing and plans approach, again, that region, much like APAC, has both sort of very affluent, very mature markets as well as less affluent markets.

同樣，在定價和計劃方法中，該地區與亞太地區非常相似，既有非常富裕、非常成熟的市場，也有不太富裕的市場。

And so I anticipate that what we'll find is that we'll have a mix of plans and approaches that will spread across that region, that again will be different price points, but it will be looking to sort of maximize revenue through that mix across the entire region.

所以我預計我們會發現，我們將有一系列計劃和方法，這些計劃和方法將遍布該地區，價格點也會不同，但它會尋求通過這種組合來最大化收入遍及整個地區。

Great.

偉大的。

So I'd like to conclude, again, as we did last time with a little bit of a 5-for-1 question.

所以我想再次總結一下，就像我們上次所做的那樣，提出了一個 5 比 1 的問題。

Last quarter, we talked about each of your -- something each of you was excited about in the coming quarter.

上個季度，我們談到了你們每個人——你們每個人都在下個季度感到興奮。

This time, I'd like to ask -- you read press analyst reports, et cetera, about your company.

這一次，我想問一下——您閱讀了有關您公司的新聞分析師報告等。

I'd love to hear your take on what you think is most misunderstood about the company or least well appreciated about the company.

我很想听聽您對您認為對公司最誤解或對公司最不滿意的地方的看法。

So last -- as with last quarter, I'll start with Spencer and go from there.

最後——和上個季度一樣，我將從斯賓塞開始，然後從那裡開始。

Sure.

當然。

I honestly don't think that there's that much that's misunderstood.

老實說，我不認為有那麼多被誤解的地方。

We're a single product company.

我們是一家單一產品公司。

And I think we're pretty straightforward I think for most investors to understand.

而且我認為我們非常簡單，我認為大多數投資者都可以理解。

I think if I had to think about one thing, I personally think there's probably a bit of an overfocus on the streaming wars sort of notion, and I know it's exciting for folks to talk about the Clash of the Titans and all that kind of stuff.

我想如果我不得不考慮一件事，我個人認為可能有點過度關注流媒體戰爭的概念，我知道人們談論泰坦之戰和所有類似的東西是令人興奮的.

But I think really, the big thing that's going on is this transition from linear entertainment to streaming on-demand entertainment, which is really, really big and very similar to that transition the industry went through from broadcast to cable.

但我真的認為，正在發生的大事是從線性娛樂到流媒體點播娛樂的轉變，這真的非常非常大，與行業從廣播到有線電視的轉變非常相似。

And there, what you saw was a lot of those new cable networks didn't really take much share from each other but really grew together as broadcasting sort of became smaller over time.

在那裡，你看到的是，很多新的有線網絡並沒有真正從彼此那裡獲得太多份額，而是隨著廣播隨著時間的推移變得越來越小而真正一起成長。

And I think that's what's really the big thing that is happening that's probably less well understood.

而且我認為這才是真正發生的大事，可能不太為人所知。

Thanks, Spencer.

謝謝，斯賓塞。

What about you, Spence?

你呢，斯賓塞？

I didn't think you're going to pick on me because I got the order wrong last quarter.

我不認為你會選擇我，因為我上季度的訂單有誤。

Okay.

好的。

Yes.

是的。

I'll say I think what's most misunderstood is the business model and what you see in our cash flow generally and folks thinking that we are losing money, if you will, when we -- what we've shown is that we're increasing our profitability, both growing and growing our profit margins.

我會說，我認為最被誤解的是商業模式以及您在我們的現金流中看到的普遍情況以及人們認為我們正在虧損，如果您願意的話，當我們 - 我們所展示的是我們正在增加我們的盈利能力，增長和增長我們的利潤率。

And what you've seen over the last few years is foreign investment as we've been going through a really kind of pretty significant transition of our business model from licensed content or you pay basically ratably for content you receive over the time that it's on the network to original content, not just licensed originals, but self-produced originals, where oftentimes we're investing many years before that content's on the service.

在過去幾年中，您看到的是外國投資，因為我們的商業模式已經從許可內容經歷了非常重大的轉變，或者您在播放期間為您收到的內容支付了基本上可觀的費用網絡到原創內容，不僅是授權的原創，還有自製的原創，我們經常在這些內容投入服務之前投入很多年。

And we moved, as they say, well along the curve there, where the bulk of our cash spend is now on original content.

正如他們所說，我們沿著曲線很好地移動了那裡，我們的大部分現金支出現在都花在了原創內容上。

So as we've gotten bigger, as we move towards originals, it just -- it fundamentally changes that cash flow profile over time.

因此，隨著我們的規模越來越大，隨著我們向原創邁進，它只是 - 隨著時間的推移從根本上改變了現金流狀況。

And we're a very profitable business and one that will ultimately, over the years, become meaningfully self-funding.

而且我們是一家非常有利可圖的企業，並且最終將在多年後成為有意義的自籌資金。

Thanks, Spence.

謝謝，斯賓塞。

Greg, how about you?

格雷格，你呢？

Yes.

是的。

Spence actually took mine.

斯賓塞實際上拿走了我的。

It's my favorite sort of gap between external and internal worldview.

這是我最喜歡的外部世界觀和內部世界觀之間的差距。

So I'm very excited to be turning the corner on the free cash flow issue so that we can sort of put that behind us and really focus on growing the business ahead.

所以我很高興能在自由現金流問題上扭轉局面，這樣我們就可以把它拋在腦後，真正專注於發展未來的業務。

Great.

偉大的。

And Ted?

還有泰德？

In terms of misunderstood, I think I have to use this notion you hear every once in a while of where there's so much stuff on Netflix, everything gets lost.

就誤解而言，我認為我必須使用你偶爾聽到的這個概念，即 Netflix 上有這麼多東西，一切都丟失了。

And I think that the opposite is true, which you'll see in that -- in those numbers that we released to you in the letter.

而且我認為情況正好相反，你會在其中看到 - 在我們在信中發布給你的那些數字中。

The -- our ability to launch new brands and sustain brands over multiple seasons or multiple sequels and at a very high volume from all over the world has been unparalleled.

- 我們在多個季節或多個續集中推出新品牌和維持品牌的能力，以及來自世界各地的高產量，這是無與倫比的。

And the idea that we can create brands out of thin air over and over again, sometimes multiple times in a week, like this past week, is something that I'm super proud of.

我們可以一次又一次地憑空創造品牌的想法，有時一周內多次，就像過去的一周，是我非常自豪的事情。

I think it gets lost on people because they think all this content is for them.

我認為人們會迷失它，因為他們認為所有這些內容都是為他們準備的。

It isn't.

它不是。

It's just meant to be your favorite show and your favorite movie, and that's going to be something for everybody.

它只是為了成為你最喜歡的節目和你最喜歡的電影，這將是每個人的東西。

And for me, it's really, we keep doing these amazing numbers, doing 8.8 in Q4 is just amazing.

對我來說，真的，我們一直在做這些驚人的數字，在第四季度達到 8.8 真是太棒了。

So happy with that.

很高興。

And with The Witcher performance, ending the year on a high note of a massive new franchise that will develop season after season.

隨著《巫師》的表演，這一年以一個龐大的新系列高調結束，該系列將一季又一季地發展。

So if you think about the next couple of years, it's really the rate of improvement.

因此，如果您考慮未來幾年，這確實是改進的速度。

That's the big thing, how much we're learning, and we're doing so many shows, our learning is higher, doing so many product tests, our learning is higher.

這是最重要的，我們學習了多少，我們做了這麼多節目，我們的學習水平更高，做了這麼多的產品測試，我們的學習水平更高。

And the quality of our service 2 or 3 years from now will be so much higher than it is today.

從現在起兩三年後，我們的服務質量將比今天高得多。

That's the thing that's not well understood.

這是不太明白的事情。

Everyone focuses on how does the current service look as opposed to how good we're going to be in 3 years.

每個人都關注當前的服務看起來如何，而不是我們在 3 年後會變得多好。

Thank you, Mike.

謝謝你，邁克。

Great job, and look forward to talking with all of our investors and everyone over the quarter.

幹得好，期待在本季度與我們所有的投資者和每個人交談。