Netflix Inc (NFLX) 2020 Q1 法說會逐字稿

Good afternoon, and welcome to the Netflix Q1 2020 Earnings Interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are CEO, Reed Hastings; CFO, Spence Neumann; Chief Content Officer, Ted Sarandos; and Chief Product Officer, Greg Peters. Our Interviewer this quarter is Mike Morris from Guggenheim.

下午好，歡迎來到 Netflix 2020 年第一季財報採訪。我是 Spencer Wang，IR 和企業發展副總裁。今天加入我的是執行長 Reed Hastings；財務長史賓塞‧諾依曼；首席內容官 Ted Sarandos；首席產品長 Greg Peters。本季我們的訪談者是來自古根漢的麥克莫里斯。

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 for his first question.

接下來，讓我把第一個問題轉交給麥克。

Thank you, Spencer, and good afternoon. Glad to see you all safe and healthy and take this opportunity to extend my best wishes to our viewers.

謝謝你，史賓塞，下午好。很高興看到你們都平安健康，並藉此機會向我們的觀眾致以最美好的祝愿。

Your letter had a lot of detail about the impact of the environment, but I'd like to hear directly from you some key thoughts, and then we can dig in more deeply into a few topics. So if we'd just start with the impact of COVID, the changing consumer behavior. Reed, your thoughts on both the sort of sustained, strategic impact of the change and change of behavior. And then maybe for each of you, if you could highlight the most significant thing that's changed for you, and how you're thinking about permanence or how to work through that in the coming weeks and months.

你的信中有很多關於環境影響的細節，但我想直接聽聽你的一些關鍵想法，然後我們可以更深入地探討一些主題。因此，如果我們從新冠疫情的影響開始，也就是消費者行為的改變。里德，您對變革的持續性、策略性影響和行為變化的看法。然後，也許對你們每個人來說，如果你能強調對你來說最重要的改變，以及你如何思考持久性或如何在未來幾週和幾個月內解決這個問題。

Sure, Mike. I mean it's an incredible tragedy for the world. Everyone is wrestling with the implications, both on health, on hunger, poverty. And we, too, are really unsure of what the future brings. It's super hard to say if there's strategic long-term implications because we've just been scrambling to keep our servers running well, keep the content, get our postproduction done. Our small contribution in these difficult times is to make home confinement a little more bearable. And where you take that seriously, we're working super hard on that. And in a couple of months, we'll all be able to grapple with the long-term implications. But right now, we're just focused on getting our content out, getting it dubbed, and I'll let the other team members talk.

當然，麥克。我的意思是，這對世界來說是一場令人難以置信的悲劇。每個人都在努力應對其對健康、飢餓和貧窮的影響。我們也確實不確定未來會發生什麼事。很難說是否具有策略性的長期影響，因為我們一直在努力保持伺服器良好運行，保留內容，完成後製。在這些困難時期，我們小小的貢獻就是讓家庭隔離變得更容易忍受。如果您認真對待這一點，我們正在為此付出極大的努力。幾個月後，我們都將能夠應對其長期影響。但現在，我們只專注於發布我們的內容，為其配音，我會讓其他團隊成員發言。

Sure. I don't know if -- maybe we'll go to Greg first and then to Ted, just hear your high-level thoughts, please?

當然。我不知道——也許我們會先去找格雷格，然後去找特德，請聽聽你的高層想法，好嗎？

Yes. It's been humbling to be a place that people around the world in a time like this turn to for some entertainment for escape. And I think just reiterating what Reed was saying, our real focus at this point in time has just been to keep our service operating at as high quality as possible and available when our members need us and turn to us.

是的。在這樣的時刻，成為世界各地的人們尋求娛樂以逃避現實的地方，真是令人感到謙卑。我想重申一下里德所說的，我們目前真正的重點是保持我們的服務盡可能高品質地運行，並在我們的會員需要我們並向我們求助時提供服務。

Yes. Echoing the same, which is the -- what's been really amazing is the role that Netflix has played in all of this, which is to keep people connected. Keep people -- some people around the world who are incredibly lonely connected through storytelling on Netflix, certainly a distraction and certainly a big source of entertainment with your second home. So it's really a tough work, mostly getting a lot of folks doing work they've never done before from places they've never done it before.

是的。與此相呼應的是，真正令人驚訝的是 Netflix 在這一切中所扮演的角色，也就是讓人們保持聯繫。透過在 Netflix 上講故事，讓世界各地的一些極其孤獨的人保持聯繫，這無疑是一種分散注意力的方式，同時也是您與第二個家的一大娛樂來源。所以這確實是一項艱鉅的工作，主要是讓很多人從他們以前從未做過的地方做他們以前從未做過的工作。

So our productions, our postproductions, our offices are now distributed into people's living rooms and bedrooms and kitchens around the world. And it's just an incredible testimony to the innovation that within a few -- literally within a few hours, but within -- certainly within a few days of the shutdowns, we had production up and running remotely, postproduction up and running remotely, animation up and running remotely, pitch meetings happening virtually, writers' rooms assembling virtually. It's been really a remarkable thing to watch the creative community come together to entertain the world through Netflix.

因此，我們的製作、後製和辦公室現在分佈在世界各地人們的客廳、臥室和廚房。這只是對創新的一個令人難以置信的證明，在幾個小時內——實際上是在幾個小時內，但在——當然是在關閉後的幾天內，我們就實現了遠程製作和運行，後期製作和遠端運行，動畫製作完成遠端運行，虛擬的推廣會議，虛擬的編劇室。看到創意社群齊聚一堂，透過 Netflix 娛樂世界，真是一件了不起的事。

Great. And Spencer, from the financial side, anything significant right now, that's top of mind for you relative to where we were this time last quarter?

偉大的。史賓塞，從財務方面來看，相對於我們上個季度此時的情況，目前有什麼重要的事情是您最關心的？

Yes. I think I'd echo what Reed and Greg and Ted said, in that so much of what we're focused on right now is just taking care of our business, ensuring that it runs smoothly, being fortunate that it is running smoothly and making sure as best we can that our employees and production crews are safe and healthy and taken care of. So that's been our primary focus. I think the long term is impossible to predict in terms of what this -- what the impact of this to our business, but we suspect that the long-term trends we've sort of talked about for many quarters now in terms of the shift from linear to streaming on-demand entertainment is consistent. So there may be some timing impacts here. But overall, that long-term trend is really unchanged.

是的。我想我會同意里德、格雷格和特德所說的，因為我們現在關注的大部分內容只是照顧我們的業務，確保它順利運行，幸運的是它運行順利並使得我們盡最大努力確保我們的員工和生產人員安全、健康並得到照顧。這就是我們的首要關注。我認為從長遠來看，不可能預測這對我們的業務有何影響，但我們懷疑我們已經在許多季度中討論過的長期趨勢發生了轉變從線性到串流媒體點播娛樂是一致的。所以這裡可能會有一些時間影響。但整體而言，長期趨勢確實沒有改變。

So what we're really trying to do is, as Ted and others said, is trying to make something that looks relatively easy and smooth operating. But in reality, it's a really hard work for a lot of folks, thousands of employees and a lot of challenges throughout our company that we're doing our best to do that well for our members and for our community.

因此，正如 Ted 和其他人所說，我們真正想做的是嘗試製作一些看起來相對簡單且操作流暢的東西。但實際上，這對許多人、數千名員工來說是一項非常艱苦的工作，整個公司面臨著許多挑戰，我們正在盡最大努力為我們的會員和社區做好這件事。

And for me, Mike, speaking specifically for the finance department, I'd say we're just trying to work hard to really support the other business units like Ted's organization, Greg's organization, the marketing team, to get through this process as easily as possible.

對我來說，麥克，專門代表財務部門發言，我想說，我們只是努力工作，真正支持其他業務部門，如 Ted 的組織、Greg 的組織、行銷團隊，以便輕鬆地完成這個過程。

And understanding that it's very difficult to predict what's going to happen. I am curious, Reed, if you could share anything that you look at as sort of key indicators externally as you try to plan for the business going forward. And also, I'm curious if there are any internal data points given that you do have, that relationship with your consumers that could help you with the planning process and how to progress from here.

並且要明白預測將要發生的事情是非常困難的。我很好奇，里德，當您嘗試規劃未來的業務時，您是否可以分享您在外部看到的任何關鍵指標。而且，我很好奇是否有任何內部數據點，您確實擁有，與消費者的關係可以幫助您進行規劃過程以及如何從這裡取得進展。

I think have a planning model, you have to have a model of COVID and when are certain treatments coming online, how broadly are they distributed, when are vaccines coming online, how quickly can they be manufactured. And we don't know any more than anybody else on those big elements, and that is the most significant aspect. So think about it as we're in the same uncertainty that everyone else is.

我認為有一個規劃模型，你必須有一個新冠病毒模型，某些治療方法何時上線，它們的分發範圍有多大，疫苗何時上線，生產速度有多快。我們對這些大要素的了解並不比任何人多，這是最重要的一環。因此，請考慮一下，因為我們和其他人一樣處於不確定性之中。

The things we are certain of is the Internet is growing. It's a bigger part of people's lives, thankfully. And the people want entertainment. They want to be able to escape and connect, whether times are difficult or joyous. That's pulling up. We've had an increase in subscriber growth in March. It's essentially a pull forward of the rest of the year. So our guess is that subs will be light in Q3 and Q4 relative to prior years because of that. But we don't use the words guess and guesswork lightly. We use them because it's a bunch of us feeling the wind, and it's hard to say. But again, will Internet entertainment be more and more important over the next 5 years? Nothing has changed in that.

我們可以肯定的是，互聯網正在不斷發展。值得慶幸的是，它是人們生活中更重要的一部分。人們想要娛樂。他們希望能夠逃離並聯繫，無論是困難時期還是歡樂時期。就這樣拉起來了三月我們的訂戶成長有所增加。這本質上是今年剩餘時間的拉動。因此，我們猜測，與前幾年相比，第三季和第四季的潛艇數量將會較少。但我們不會輕易使用猜測和猜測這兩個字。我們使用它們是因為我們一群人感受到了風，這很難說。但話又說回來，未來5年網路娛樂會變得越來越重要嗎？這一切都沒有改變。

Great. So we have had a number of questions about the member growth and the topic of pull forward that you just referenced, Reed. And I guess to the extent we could understand anything about the composition of that influx of subscribers that came, or we can see the geographic split, which is of course very helpful, and I think there's a pretty fair conclusion that I'd be interested and you're sort of addressing, which is that clearly the hardest hit markets by COVID were those that saw the greatest change in subscribers. Beyond that, I'm curious if you could talk at all about the sort of composition, even in the UCAN region, of whether it's a multiperson households or whether it's a different income strata or anything like that, that you feel that could give some insight into who's part of that ramp in members.

偉大的。因此，我們有很多關於會員增長和您剛才提到的拉動主題的問題，里德。我想在某種程度上我們可以了解有關湧入的訂閱者的構成的任何信息，或者我們可以看到地理分佈，這當然非常有幫助，而且我認為有一個相當公平的結論，我會感興趣您要解決的問題是，受新冠疫情打擊最嚴重的市場顯然是那些訂閱者數量變化最大的市場。除此之外，我很好奇你是否能談談這種構成，即使是在 UCAN 地區，是否是一個多人家庭，或者是否是一個不同的收入階層或類似的東西，你認為這可以給一些深入了解誰是會員成長的一部分。

Sure. It's really more of the same. There's nothing that separates the people just joining from anybody else. And then our job is to do the same things we've been doing to retain them, that is have incredible shows, make it very easy to choose, help the recommendations, all the things we do that make the experience so wonderful. So again, in terms of usage, in terms of viewing patterns, it's all pretty consistent with the families that have been members for a long or short time.

當然。確實更相似。沒有任何事物可以將剛加入的人和其他人分開。然後我們的工作就是做我們一直在做的事情來留住他們，那就是提供令人難以置信的表演，讓選擇變得非常容易，幫助推薦，我們所做的所有事情都讓體驗如此美妙。再說一次，就使用情況而言，就觀看模式而言，這與長期或短期成為會員的家庭非常一致。

And there are some questions on the pricing side that, well, sort of predate this, right? This is all intertwined at this point. But we have lapped or we're getting close to lapping some of the significant prices you did, especially in the U.S. market last year. We had subscriber impact. So I guess I'll put this question to Greg, but also more broadly, number one, how do you feel, in the absence of the COVID situation, with the way that process played out? I know we saw some elevated churn. How was that progressing? And if you look at the sort of end result, are there things that you would have tweaked about it? And then I think there's a follow-up question just about the economic sensitivity perhaps going forward, but let's just start with that pricing question.

定價方面有一些問題，嗯，有點早於這，對吧？這一切在這一點上都是交織在一起的。但我們已經超越或即將超越你們所做的一些重要價格，特別是去年在美國市場。我們對訂戶產生了影響。所以我想我會向格雷格提出這個問題，但更廣泛地說，第一，在沒有新冠疫情的情況下，您對這一過程的進展有何感受？我知道我們看到客戶流失率上升。進展如何？如果你看看最終的結果，是否有一些你會調整的地方？然後我認為還有一個關於未來經濟敏感性的後續問題，但讓我們從定價問題開始。

Yes. I would say just 1 comment, which is in January and February, we were seeing in UCAN a return to pretty much normal pre-price change churn levels. But really, at this point, we're not even thinking about price increases. Obviously, what's going on around the world is dominating our thoughts and our considerations. And we just want to stay super focused at this point in time and making sure that we're continuing to be there, have a great service, make sure that we're able to provide entertainment and escape for our members around the world. So we'll really just focus on that for this period.

是的。我只想說一條評論，即在一月和二月，我們看到 UCAN 恢復到了幾乎正常的價格變化之前的流失水平。但實際上，目前我們甚至還沒有考慮價格上漲。顯然，世界各地正在發生的事情正在主導我們的思想和考慮。我們只想在此時保持高度專注，並確保我們繼續在那裡，提供優質的服務，確保我們能夠為世界各地的會員提供娛樂和休閒。所以我們這段時間只會關注這一點。

This has the potential to be the first time we've seen a more significant global economic impact, similar to what we saw 12 years ago perhaps. I'm not an economist per se, but there is some sensitivity there. And I guess my question is, when you think about pricing and pricing levers and packages, how do you think about approaching perhaps a weaker global consumer spend environment? Where do you see your price point and your value proposition as very attractive in a potentially softer consumer environment?

這有可能是我們第一次看到更重大的全球經濟影響，也許與 12 年前類似。我本身不是經濟學家，但這裡有一些敏感性。我想我的問題是，當您考慮定價、定價槓桿和套餐時，您如何考慮應對可能疲軟的全球消費者支出環境？在潛在疲軟的消費環境中，您認為您的價格點和價值主張在哪些方面非常有吸引力？

Spencer, do you want to take that one?

史賓塞，你想拿那個嗎？

I mean it really builds on what Greg said. Right now, we're really not thinking about -- it's not really a time for us to be thinking about [price] changes. So when we think about recessionary impact, it's so hard to -- Reed even said it. I mean this is a little bit of guesswork right now in terms of what the future looks like. Obviously, past recessions, folks tend to spend more time at home and with home entertainment. It's why they watch their budget in those times, and pay-TV over decades has been more resilient and a bit countercyclical in that way. And even Netflix in recent history has been more resilient.

我的意思是它確實建立在格雷格所說的基礎上。現在，我們確實沒有考慮到──現在還不是我們考慮[價格]變動的時候。因此，當我們考慮經濟衰退的影響時，里德甚至說過，這是非常困難的。我的意思是，就未來而言，現在還只是一些猜測。顯然，在過去的經濟衰退中，人們傾向於花更多的時間在家裡和家庭娛樂上。這就是為什麼他們在那個時候會關注自己的預算，而幾十年來付費電視一直更具彈性，並且在這方面有點反週期。甚至近代以來的 Netflix 也更具彈性。

But this is very different. We haven't lived through anything like this. So it's so hard to tell. And the one thing we can control, which we talk about here, is we can control the quality of the service that we provide to our members. And so we're just -- we're really just prioritizing that, number one, is improving the product, improving the content, making sure we have a steady stream of titles. And we don't take it for granted that we are providing this entertainment in people's homes and they're choosing us. We want to lead with that value. And we have price points that started $9 in the U.S., as you know, and in other parts of the world as low as $3 for mobile. So we're focused on maintaining that accessibility, but really delivering value.

但這是非常不同的。我們沒有經歷過這樣的事。所以很難說。我們可以控制的一件事，也就是我們在這裡討論的，是我們可以控制我們為會員提供的服務的品質。所以我們只是——我們真的只是優先考慮，第一，改進產品，改進內容，確保我們擁有穩定的遊戲流。我們不認為我們在人們家中提供這種娛樂並且他們選擇了我們。我們希望以這種價值觀為主導。如您所知，我們的移動價格在美國起價為 9 美元，而在世界其他地區則低至 3 美元。因此，我們專注於保持可訪問性，但真正提供價值。

That's a good segue on the content side into some of the things that are happening on the pipeline. You spoke -- Ted, you gave us a little bit of an overview. You also spoke in the letter, but maybe can you talk about how the production stoppage will impact the release schedule? Let's just start with that. And within that is how much content is in the pipeline? That's a lot of the question and how you might strategize spacing that or not spacing that in the future.

這是從內容方面很好地延續到管道中正在發生的一些事情的一個很好的方法。你講話了——特德，你給我們做了一些概述。您在信中也談到了，但也許您能談談停產將如何影響發佈時間表嗎？我們就從這個開始吧。其中有多少內容正在醞釀？這是一個很多問題，以及您將來如何制定間隔或不間隔的策略。

Yes. Well, the one thing that's maybe not widely understood is we work really far out relative to the industry because we launch our shows all episodes at once. And we're working far out all over the world. So our 2020 slate of series and films are largely shot and are in postproduction remotely in locations all over the world. So -- and we're actually pretty deep into our 2021 slate. So we're not -- we aren't anticipating any moving -- moving things around. And to give you some examples, The Crown, in its fourth season; our big fourth quarter animated release, Over the Moon. These are shot productions in our -- in the finishing stages right now to release later this year as planned. So we don't anticipate moving the schedule around much and certainly not in 2020.

是的。好吧，可能沒有被廣泛理解的一件事是，我們的工作相對於行業來說確實很遠，因為我們一次推出所有劇集。我們正在世界各地開展工作。因此，我們 2020 年的劇集和電影大部分是在世界各地遠端拍攝和後期製作的。所以，我們其實已經非常深入地了解 2021 年的計畫了。所以我們不會——我們預計不會有任何移動——移動東西。舉幾個例子，《王冠》第四季；我們的第四季動畫大片《Over the Moon》。這些是我們的拍攝作品，目前正處於收尾階段，並將於今年稍後按計劃發布。因此，我們預計日程安排不會有太大變動，尤其是 2020 年。

Okay. I think that answers this question, but we did have it come back up. I asked it a couple of quarters ago, whether this impacts your interest in revisiting perhaps a more spacing of releases versus a pretty consistent stacked-at-once strategy that you've employed so far here?

好的。我認為這回答了這個問題，但我們確實把它重新提到了。幾個季度前我問過這個問題，這是否會影響您重新審視可能更大的發布間隔而不是迄今為止您所採用的相當一致的一次性堆疊策略的興趣？

You mean the episode spacing?

你是說劇集間隔嗎？

Correct.

正確的。

We've experimented and we continue to experiment with all kinds of different release strategies. And our -- by way of example, on our competition shows, we had an enormous success last quarter with Love is Blind with staggered release. And then we just released Too Hot to Handle, which are on track to be probably our biggest competition show ever, and it was released all at once. So I think it's -- consumers, I think, are -- we're trying to -- we believe that consumers like the control of all-at-once, and they could watch at their own pace. But we keep testing it to see how people -- if it impacts the viewing one way or another or, more importantly, the satisfaction one way or another. And customers have spoken loud and clear that they really like the options of the all-at-once model for us. So I don't see us moving away from that meaningfully.

我們已經嘗試並將繼續嘗試各種不同的發布策略。舉個例子，在我們的競賽節目中，我們上個季度的《Love is Blind》取得了巨大成功，並交錯發布。然後我們剛剛發布了《Too Hot to Handle》，這可能是我們有史以來最大的競賽節目，而且是一次性發布的。所以我認為消費者，我認為，我們正在努力，我們相信消費者喜歡一次性控制一切，他們可以按照自己的步調觀看。但我們一直在測試它，看看人們如何——它是否以某種方式影響觀看，或者更重要的是，以某種方式影響滿意度。客戶大聲明確表示，他們非常喜歡我們的一次性模型選項。所以我認為我們不會有意義地擺脫這一點。

And so the process of getting back to production -- it's very helpful to understand what your pipeline looks like right now. What are some of the key milestones in getting back to production? And the different genres or different sort of intensities of productions, are they going to vary as we look forward?

因此，在恢復生產的過程中，了解您的管道現在的情況非常有幫助。恢復生產有哪些關鍵里程碑？不同的類型或不同類型的製作強度，它們會隨著我們的期望而改變嗎？

Yes. It will vary by geography. It will vary by type of production certainly. First and foremost, we want to make sure that it is an unbelievably safe working environment. We've always been focused on workplace safety on our sets and our offices, and we definitely want to -- we will definitely keep focused on that. A series of things have to happen before we get into production anywhere, including the kind of the shelter-at-home orders being relaxed. But even in that environment, we're going to make sure that there's testing that has to be able to be done. We have to be able to look our employees and our cast and crews in the eye and say that this is a safe place to work before we do that. And we're going to be working very closely with our production partners, with local governments to make sure that we can do that.

是的。它會因地理位置而異。它肯定會因生產類型而異。首先也是最重要的，我們希望確保這是一個令人難以置信的安全工作環境。我們一直關注我們的片場和辦公室的工作場所安全，我們絕對希望——我們肯定會繼續關注這一點。在我們在任何地方投入生產之前，必須發生一系列事情，包括放鬆居家隔離令。但即使在這種環境下，我們也將確保必須能夠完成測試。在我們這樣做之前，我們必須能夠直視我們的員工、演員和工作人​​員的眼睛，並說這是一個安全的工作場所。我們將與我們的生產合作夥伴和地方政府密切合作，以確保我們能夠做到這一點。

We're currently in production in Iceland and in Korea, and we're taking some of those key learnings about how we run those productions today and applying that to our plans to start our productions around the world.

我們目前正在冰島和韓國進行製作，我們正在吸收一些關於我們今天如何運行這些製作的重要經驗，並將其應用到我們在世界各地開始製作的計劃中。

Any specific highlights of those 2 markets that you could share?

您可以分享這兩個市場的任何具體亮點嗎？

Not, not very much. It's very fluid. So we're just taking -- we're taking the learnings as learnings and on face value now and seeing how they scale out. But it's very important, those are 2 countries that were very aggressive about testing and tracking early. So I think it probably lays out a good framework for future rollouts.

不，不是很多。它非常流暢。因此，我們現在只是將所學到的知識作為學習和表面價值，看看它們如何擴展。但這非常重要，這兩個國家在早期就非常積極地進行測試和追蹤。所以我認為它可能為未來的推出奠定了一個很好的框架。

Okay. I definitely want to talk about unscripted, which is a big story in the quarter. But before we do, Spence, I want to ask you about the financial implications of what's going on with the production process right now, how to think about sort of the cash flow. You talked about it in the letter, but maybe if you could lay that out for us a bit. And then also, if -- the amortization schedule, does that change at all as a result of more viewing and more consumption? Or should we think of that as a pretty consistent process?

好的。我絕對想談談即興表演，這是本季的一個大故事。但在我們開始之前，斯彭斯，我想問你目前生產流程的財務影響，以及如何考慮現金流。您在信中談到了這一點，但也許您可以為我們介紹一下。然後，如果——攤銷時間表，是否會因為更多的觀看和更多的消費而改變？或者我們應該將其視為一個非常一致的過程？

Sure. So in terms of cash flow, first, as you saw, we are positive free cash flow in the quarter. That wasn't COVID-related. To be clear, I mean, we would have been positive free cash flow without the recent COVID events. So there was some cushioning of spend in Q1, but most of what we talk about in terms of the impact of kind of slower kind of cash spend in the year, some push content spending is really kind of a full year impact than a Q1 impact. When we think about the full year, there is -- as you've heard, because of paused productions, there's going to be some pushing of that spend.

當然。因此，就現金流而言，首先，正如您所看到的，我們本季的自由現金流為正。這與新冠病毒無關。需要明確的是，如果沒有最近的新冠事件，我們的自由現金流將會是正值。因此，第一季的支出有所緩衝，但我們談論的大部分內容是今年現金支出較慢的影響，一些推送內容支出實際上是全年的影響，而不是第一季的影響。當我們考慮全年時，正如您所聽到的，由於製作暫停，支出將會增加。

It's -- we talked about the fact that we planned previously to have about negative $2.5 billion of free cash flow in the year. And now we've said it's less than $1 billion. So you can do the math on that. But I think it's important to highlight that on a roughly $15 billion cash content spend, that's a minority of our spend. It's also a minority of our titles, a small minority of our titles that's pushing. So we'll actually have more branded Netflix Originals on our service this year than we had last year, even with what's planned for push spend.

我們談到了這樣一個事實，即我們之前計劃今年的自由現金流約為負 25 億美元。現在我們說它不到 10 億美元。所以你可以對此進行數學計算。但我認為重要的是要強調，在大約 150 億美元的現金內容支出中，這僅占我們支出的一小部分。這也是我們的少數遊戲，一小部分具有推動力的遊戲。因此，即使考慮到推動支出的計劃，今年我們的服務上實際上會提供比去年更多的品牌 Netflix 原創作品。

So we will be, obviously, a much improved free cash flow profile this year. As productions ramp, that cash spend will increase again. So as we talked about in the letter, it's still a multiyear path to sustained free cash flow positive. It's just going to be a little bit choppier getting there. And 2019 will still be our maximum negative year.

因此，顯然，今年我們的自由現金流狀況將大大改善。隨著產量的增加，現金支出將再次增加。因此，正如我們在信中談到的那樣，實現持續的自由現金流為正值仍然是一個多年的道路。只是到那裡的時候會有點波濤洶湧。而2019年仍將是我們負值最大的一年。

That's very helpful. So Ted, coming back to the topic of unscripted, we've talked about film a lot over the last several years actually, and that's been really the key incremental topic. But unscripted hit a huge stride here, I think, at least in the public view. So Tiger King, can I just first ask about that? I mean were you surprised by the public reception of Tiger King? Like at what point did you know that, that was the hit that it ended up being?

這非常有幫助。特德，回到無劇本的話題，實際上，我們在過去幾年裡談論了很多電影，這確實是關鍵的增量話題。但我認為，即興表演在這裡取得了巨大的進步，至少在公眾看來是如此。那麼虎王，我可以先問一下嗎？我的意思是，你對《虎王》受到大眾的歡迎感到驚訝嗎？就像你在什麼時候知道這就是它最終的成功？

We've had a lot of kind of buzzy unscripted and nonfiction shows on Netflix. And they feel like it's kind of building on the heat that started way back with, no pun intended, with the Fyre documentary that kind of exploded at the level that we've seen with Tiger King. And we knew kind of right out of the gate, and you could feel it in the social media excitement. And it turned out just to be such an unbelievably well-timed distraction for what was happening in the world that gave some -- people something to talk about that wasn't necessarily in the headlines, which was really great. And I think that team has just been exceptional at tapping into the zeitgeist and coming -- and making shows like Tiger King.

Netflix 上有很多熱鬧的無劇本和紀實節目。他們覺得這是一種建立在很久以前的熱度之上，沒有雙關語的意思，Fyre 紀錄片的爆發程度達到了我們在《虎王》中看到的水平。我們一開始就知道這一點，你可以從社群媒體的興奮中感受到這一點。事實證明，這對世界上正在發生的事情來說是一個令人難以置信的適時的消遣，給一些人一些不一定會出現在頭條新聞中的話題，這真的很棒。我認為該團隊在利用時代精神和未來以及製作像《虎王》這樣的節目方面表現出色。

And as you look at where you've kind of cut through the clutter, I think, really, really excel, we've had these competition shows, as you refer to them, we've had some of these true crime shows. I think those are 2 of the areas that really kind of stand out in people's minds.

當你看看你在哪些地方從雜亂中脫穎而出時，我認為，真的，真的很出色，我們已經有了這些競賽節目，正如你所提到的，我們已經有了一些真正的犯罪節目。我認為這是在人們心目中真正突出的兩個領域。

[Underhand] most recently and the true crime space was phenomenal as well, yes.

[暗地]最近，真正的犯罪空間也非常驚人，是的。

Exactly. Are there other -- as you think about that progress, there are other -- when you think about unscripted, there is some actual breadth to the type -- the different genres, subgenres within there. Are there other areas that you feel that are important to push into? I don't know if there's like more lifestyle, travel, those types of things. There's sports, and I want to talk about The Last Dance in a moment. But how are you thinking about sort of the breadth of push into that area?

確切地。是否還有其他的——當你考慮這種進步時，還有其他的——當你考慮無劇本時，這種類型有一些實際的廣度——其中有不同的流派、子流派。您認為還有其他值得推動的領域嗎？我不知道是否有更多的生活方式、旅行之類的事情。有體育運動，我想稍後談談《最後之舞》。但您如何考慮推動該領域的廣度？

Our goal is that we want to make your favorite show. For some people, that's high -- that's big pedigree drama. And for other people, that's home improvement shows. And we want to make your favorite version of that. So we've been pushing out into each of those verticals beyond the true crime space and the competition space. We've done cooking shows like with Nailed It! and Chef's Table, and we're now pushing into more of the kind of into the home improvement and real estate space, which is also quite popular with our members, and continue to push out that as well.

我們的目標是製作您最喜歡的節目。對某些人來說，這太高了——這是一部偉大的血統劇。對其他人來說，這就是家居裝修表演。我們想製作您最喜歡的版本。因此，我們一直在向真正的犯罪領域和競爭領域之外的各個垂直領域推進。我們做過像《Nailed It!》這樣的烹飪節目。和廚師的餐桌，我們現在正在向家居裝修和房地產領域推進更多此類業務，這也很受我們的會員歡迎，並將繼續推出。

So I think you should think about the full complement of unscripted programming as we keep expanding into it. And similarly, how we pushed out into film and previously into animated series and animated feature film as well, just as a continuing expansion of trying to get to your favorite show. And if your house is anything like mine, then it is not the same show for any 2 people, let alone, the whole world. So it does keep us on our toes, and it keeps it kind of a -- we kind of feel like we're in a state of perpetual improvement in each of these new content areas, and we've been really happy with the progress.

因此，我認為當我們不斷擴展無腳本編程時，您應該考慮它的完整補充。同樣，我們如何進軍電影領域，之前也進軍動畫系列片和動畫長片，就像不斷擴展試圖觀看您最喜歡的節目一樣。如果你的房子和我的房子一樣，那麼對任何兩個人來說，這都不是同一場演出，更不用說對整個世界了。所以它確實讓我們保持警惕，而且它讓我們感覺到我們在每個新內容領域都處於永久改進的狀態，我們對進展感到非常滿意。

Okay. I want to ask you about The Last Dance, which is Michael Jordan, Chicago Bulls documentary that came out on ESPN over the weekend, started with the first 2 episodes, very well received from a linear ratings perspective. I know it's something that you have partnered or have partnered with them on. So can you remind us what your relationship is there in terms of ownership and rights? And kind of how you think about -- I think that, that was established several years ago when perhaps your business models were a bit more complementary versus competitive. So maybe you can address that as well.

好的。我想問你關於《最後之舞》的事，這是邁克爾喬丹的芝加哥公牛隊紀錄片，週末在 ESPN 上播出，從前兩集開始，從線性收視率來看非常受歡迎。我知道這是您已經合作或已經與他們合作的事情。那麼你能提醒我們一下你們在所有權和權利方面的關係嗎？我認為，這是幾年前建立的，當時你們的商業模式可能更具互補性而不是競爭性。所以也許你也可以解決這個問題。

Yes. There's still -- it was the -- Michael Jordan and the creative team behind the film were very excited for it to have Netflix involved in it and encouraged ESPN to open those conversations up with us, which we were happy to do. ESPN has been a great partner on this project. We've been working on it for years. In fact, it was 2 years ago at the All-Star Game that Jimmy and I got up with Adam Silver and introduced the first look at the doc together. And so they premiered the film over the weekend on ESPN, and we premiered the film on Netflix, the same 2 episodes. And we similarly saw enormous viewing around the world on the first 2 episodes of The Last Dance.

是的。麥可喬丹和電影背後的創意團隊仍然對 Netflix 參與其中感到非常興奮，並鼓勵 ESPN 與我們展開這些對話，我們很高興這樣做。 ESPN 是這個計畫的重要合作夥伴。我們多年來一直致力於此。事實上，兩年前的全明星賽上，吉米和我與亞當蕭華一起第一次看到了這部紀錄片。所以他們週末在 ESPN 上首映了這部電影，我們也在 Netflix 上首映了這部電影，同樣是兩集。同樣，我們在《最後之舞》的前兩集中也看到了全世界巨大的收視率。

So it's been a win-win for us and ESPN and a great win for basketball fans who've been very hungry for new programming. And the show, the doc itself is just phenomenal. And because of the unique connection between the NBA and ESPN and the complexity of the rights and the footage, it would have been very difficult for either of us to do without each other.

因此，這對我們和 ESPN 來說是雙贏，對渴望新節目的籃球迷來說也是一場偉大的勝利。這部劇，這部紀錄片本身就非常出色。由於 NBA 和 ESPN 之間的獨特聯繫以及版權和錄影的複雜性，我們中的任何一個人都很難離開彼此。

Okay. A question for either Greg or you, Ted, with respect to the top 10 list, which really kind of took hold this quarter. And how -- again, I know everything is a little bit upside down because of circumstances, but how impactful or influential do you think that has been in sort of keeping members on board, keeping members streaming and that sort of thing? Can you talk about that?

好的。關於前 10 名名單，無論是格雷格還是你泰德，都有一個問題，這個問題在本季度確實佔據了主導地位。再說一次，我知道由於環境的原因，一切都有點顛倒，但你認為這對於保持會員參與、保持會員直播之類的事情有多大影響力或影響力？你能談談嗎？

Look, I feel like we're constantly trying to help people find things they're going to love. Greg and his team do an amazing job doing that on the site. One of the things that people use as -- to pick what to watch is popularity. We don't think it's the only thing, and we don't -- and we give them lots of tools to choose with. But one of them is popularity. So it's very helpful for people to want to be part of the conversation or part of the zeitgeist, again, with what are the things that other people are watching and using that as a thing to help them make decisions. So we looked at it, the top 10 list, as adding a new decision-making tool for people who are looking for something great to watch. And Greg, would you add anything?

聽著，我覺得我們一直在努力幫助人們找到他們會喜歡的東西。格雷格和他的團隊在網站上做得非常好。人們用來選擇觀看內容的因素之一就是受歡迎程度。我們不認為這是唯一的事情，我們也不是——我們為他們提供了很多工具可供選擇。但其中之一是受歡迎程度。因此，對於人們來說，想要成為對話的一部分或時代精神的一部分是非常有幫助的，再次強調，其他人正在觀看什麼，並利用這些來幫助他們做出決定。因此，我們查看了前 10 名列表，認為它為那些正在尋找精彩內容的人們添加了一個新的決策工具。格雷格，你能補充點什麼嗎？

I think that covers it well. I mean just it's -- some folks are very, very interested in being part of that social conversation that happens around these titles. And this is just a really nice shortcut to help people choose what to watch based on what's buzzing in the social conversation.

我認為這很好地涵蓋了它。我的意思是，有些人非常非常有興趣參與圍繞這些遊戲的社交對話。這是一個非常好的捷徑，可以幫助人們根據社交對話中的熱門內容選擇觀看內容。

Okay. A couple more on content, just it's such a huge focus, and I'll throw that to either Reed or Ted here, and that's really about how you're viewing third-party content, where clearly we had seen a shift, as you've been very clear about, in terms of your focus on your owned content versus license. But in the current environment, there are a number of factors that could perhaps play into that dynamic changing, right? One being the ability to acquire more content if production is shut down on a prolonged period. Also, some of the studio companies perhaps are struggling themselves under the same circumstances and would be more willing to be sellers of content. I'm curious if you could talk about what you're seeing in that environment and whether your view there has changed at all.

好的。關於內容的更多內容，這是一個巨大的焦點，我將在這裡將其交給里德或泰德，這實際上是關於您如何查看第三方內容，顯然我們已經看到了轉變，因為您就您對自己擁有的內容與許可證的關注而言，我們已經非常明確了。但在當前環境下，有許多因素可能會影響這種動態變化，對吧？其中之一是，如果生產長時間關閉，則能夠獲取更多內容。此外，一些工作室公司可能在同樣的情況下也在苦苦掙扎，並且更願意成為內容銷售商。我很好奇你能否談談你在那個環境中看到的情況以及你的觀點是否改變了。

Well, actually, one of the things you mentioned in the top 10, which kind of gives you the first kind of snapshot into how prevalent our original-branded programming has become on Netflix, and so that's continuing to push into that, both because we believe that our core suppliers will increasingly become competitors and not be as anxious to sell us content as they used to be long term. But to your point, there are some things in the short-term dynamics.

嗯，實際上，你在前 10 名中提到的其中一件事，讓你第一時間了解我們的原創品牌節目在 Netflix 上的流行程度，因此這將繼續推動這一趨勢，因為我們相信我們的核心供應商將越來越成為競爭對手，並且不會像以前那樣急於向我們出售內容。但就你的觀點而言，短期動態中存在一些問題。

But when we look at that and look at our 2020 and our 2021 slate, and we're really happy and thrilled with it. And we can look to work with some of our partners to enhance that a little bit with things like, can we put in the letter, licensing Lovebirds and Enola Holmes and this big film from Korea called Time to Hunt, that's coming out this week. That we're -- so we've been able to do that and enhance that in the short term. In the long term, we think our push into the programming that people love is what we're trying to do, and we're trying to make that more frequently than we buy it. And so that's kind of an ongoing trajectory towards owned original.

但當我們審視這一點並審視 2020 年和 2021 年的計劃時，我們真的感到非常高興和興奮。我們可以與我們的一些合作夥伴合作，透過一些事情來加強這一點，例如我們可以在信中加入《Lovebirds》和《Enola Holmes》的授權，以及本週即將上映的韓國大片《狩獵時刻》。我們已經能夠做到這一點，並在短期內加強這一點。從長遠來看，我們認為推動人們喜愛的節目是我們正在努力做的事情，我們正在努力讓這種節目比我們購買節目的頻率更高。因此，這是一種走向擁有原創的持續軌跡。

But at the same time, we're still doing a lot of license -- third-party licensing, which you see pop up in the top 10 list, things this week, like the Green Hornet, Despicable Me, both pop up in the U.S. top 10 list.

但同時，我們仍在做大量許可——第三方許可，你會看到它們出現在前10 名列表中，本週的作品，比如《青蜂俠》、《卑鄙的我》，都出現在了美國前10名名單。

And my last question on this has to do with the feature film side, especially given the disruption in the theatrical part of the business. At the risk of something opportunistic on the situation, but still understanding that there has been a secular shift in terms of people's behavior, is this something you can lean into a bit more in terms of your own spending and investment in films, just given that this might accelerate that consumer behavior and just sort of capital flow?

我的最後一個問題與長片方面有關，特別是考慮到戲劇部分業務的中斷。冒著在這種情況下投機取巧的風險，但仍然了解人們的行為發生了長期的轉變，你是否可以在自己的電影支出和投資方面更多地依靠這一點，只要考慮到這一點這可能會加速消費者行為與資本流動？

Just to reiterate, Mike, we're really thrilled with our slate in this year. So what's the things that are coming up, we're looking at them, every one of them, but we're looking at it with the same discipline that we do all of our other licensing and original opportunities.

麥克，重申一下，我們對今年的名單感到非常興奮。那麼接下來會發生什麼，我們正在關注它們，每一個，但我們正在以與我們處理所有其他許可和原創機會相同的紀律來看待它。

Okay. Great. I want to talk a bit about some of the product and distribution strategy. And Greg, a couple of changes, I believe, took place in the quarter having to do with both free trials in particular markets, how you're onboarding folks and maybe reducing the number of markets you have free trials available, and also your mobile plan, which I think expanded to a couple of new markets during the quarter as well. So can you talk about both of those decisions? And again, trying to isolate maybe the core trend versus the COVID-driven trend, if that's at all possible, to understand how that's impacting the business.

好的。偉大的。我想談談一些產品和分銷策略。格雷格，我相信，本季度發生了一些變化，這些變化與特定市場的免費試用、您如何引導人員以及可能減少可用免費試用的市場數量以及您的行動裝置有關。計劃，我認為該計劃在本季度也擴展到了幾個新市場。您能談談這兩個決定嗎？再次，如果可能的話，嘗試將核心趨勢與新冠驅動的趨勢區分開來，以了解其對業務的影響。

Sure. On your first point, we have a whole range of marketing promotions that we sort of use in different ways, in different countries, in different times. And like most things we do on the service, we're constantly trying to improve those and figure out new and better ways to introduce the service to new members, to give them an easy on-ramp. And we're just going to continue to seek to test and refine and improve that range of sort of promotional strategies.

當然。關於你的第一點，我們有一系列的行銷促銷活動，我們在不同的國家、不同的時間以不同的方式使用這些促銷活動。就像我們在服務上所做的大多數事情一樣，我們不斷嘗試改進這些服務，並找出新的、更好的方法來向新會員介紹服務，為他們提供一個輕鬆的入門通道。我們將繼續尋求測試、完善和改進一系列促銷策略。

And then on mobile, it's a plan that we've tested for a while. We've rolled it out now in a bunch of countries, India, Malaysia, Indonesia, Thailand, Philippines. And it's consistent with sort of this broad theme and a broad goal that we have, which is we're seeking effective ways to make the Netflix service more accessible to more and more people around the world. And it certainly has been performing the way that we've sort of seen and expected, which is that it is a significant increase and acceleration and being able to add new members, which is great. But also that it's doing it at a way which is, from a revenue perspective, neutral to positive, which we think is a really great position to be in the long term for the business.

然後在行動裝置上，這是我們已經測試了一段時間的計劃。我們現在已經在印度、馬來西亞、印尼、泰國、菲律賓等許多國家推出了它。這與我們的廣泛主題和廣泛目標是一致的，即我們正在尋找有效的方法，讓世界各地越來越多的人更容易使用 Netflix 服務。它的表現確實符合我們所看到和預期的方式，即它是顯著的成長和加速，並且能夠添加新成員，這很棒。但從收入的角度來看，它的做法是中性到積極的，我們認為從長遠來看，這對業務來說是一個非常好的位置。

You referenced India. We talked about that a bit on every call because of the size of the market, of course. And I guess 2 questions there was just, one, can you speak at all about whether that market has behaved perhaps typically, if you will, and -- with respect to the unique situation we're in right now? And then secondly, Disney+ did launch in the market, and their partnership with Hotstar clearly gave them a great advantage in ramping the business. Can you talk about the competition there with that service and their ability to partner with a service that's already established, has a live offering? How does that competitive dynamic play out for you?

你提到了印度。當然，由於市場的規模，我們在每次通話中都會討論這一點。我想有兩個問題，第一，如果你願意的話，你能否談談該市場的表現是否典型，以及－－關於我們現在所處的獨特情況？其次，Disney+ 確實在市場上推出了，他們與 Hotstar 的合作顯然為他們帶來了擴大業務的巨大優勢。您能談談該服務的競爭情況以及他們與已經建立的即時服務合作的能力嗎？這種競爭動力對你來說如何？

Yes. I would say, first of all, I wouldn't draw any strong contrast between India and other countries around the world. So fairly similar in that regard. And we have been working really, really hard to do a lot to try and make our offering in India more competitive, more attractive to members and members-to-be, and there's a bunch of different product features we've been doing, partnerships and payments integrations. And obviously, this mobile plan is a recent one. And I think, Ted, I'll throw to you too on a bunch of work we've been doing on the content side there as well.

是的。我想說，首先，我不會將印度與世界其他國家有強烈對比。在這方面非常相似。我們一直在非常努力地工作，努力讓我們在印度的產品更具競爭力，對會員和準會員更具吸引力，我們一直在做很多不同的產品功能、合作夥伴關係和支付整合。顯然，這個移動計劃是最近推出的。我想，泰德，我也會向您介紹我們在內容方面所做的一系列工作。

Yes. We've been -- we've seen big growth in viewing in India and have had great success on our local originals there as well, most recently with She and Guilty and a few others, that have really been driving a lot of engagement in local content on our India service. And they also are big fans of our global original content. La Casa de Papel was a huge hit in India for us as well as most of our other originals out of the U.S. So we're growing the business, licensed, original, international, domestic, across the board in terms of content and content taste.

是的。我們已經看到印度的收視率大幅增長，並且我們的本地原創作品也取得了巨大成功，最近的《她》和《罪》以及其他一些影片確實推動了印度的大量參與。我們的印度服務上的本地內容。他們也是我們全球原創內容的忠實粉絲。 La Casa de Papel 在印度以及我們在美國以外的大多數其他原創作品中都大受歡迎。因此，我們正在全面發展業務，包括授權、原創、國際、國內，在內容和內容品味方面全面發展。

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

麥克，我們還有時間再問一兩個問題。

Okay. Let's hit 2 more questions then. I'd like to go back to the topic of competition, which has clearly taken a backseat during this quarter. But I do want to bring it back up again, I think it's important. So I'd direct it to Reed, a fairly open-ended question, right, but this concept of streaming wars, is at all-time high intensity, especially in the U.S. But what have you learned sort of over the last 3 to 6 months, if anything, and perhaps it's as you expected, but -- and what would you point to, if anything, that should be more evident to investors and the public about how this process of migration to streaming consumption is playing out?

好的。那我們再問 2 個問題。我想回到競爭的話題，這個話題在本季顯然已經退居次要地位。但我確實想再次提起它，我認為這很重要。所以我會把它引向里德，這是一個相當開放式的問題，對吧，但是串流媒體戰爭的概念空前激烈，尤其是在美國。但是在過去的三到六年裡你學到了什麼幾個月，如果有的話，也許正如你所預期的那樣，但是- 如果有的話，你會指出什麼應該讓投資者和公眾更清楚地了解向串流媒體消費的遷移過程是如何進行的？

Yes. I've been so impressed with the Disney+ execution. Over 20 years of watching different businesses, incumbents, like Blockbuster and Walmart and all these companies, I've never seen such a good execution of the incumbent learning the new way and mastering it. And then to have them achieve over 50 million in 6 months, it's stunning. So to see both the execution and the numbers line up, my hats off to them. Are we taking up our kids and family content and animation? You bet. And we're both going to do great work. But it's awesome to see.

是的。 Disney+ 的執行給我留下了深刻的印象。 20多年來，我觀察了不同的企業、現有企業，如百視達和沃爾瑪以及所有這些公司，我從未見過現有企業學習新方法並掌握它的執行力如此之好。然後他們在 6 個月內實現了超過 5000 萬的銷量，這真是令人驚嘆。因此，看到執行和數字都一致，我向他們致敬。我們是否正在處理我們的孩子和家庭內容和動畫？你打賭。我們都會做得很好。但看到它真是太棒了。

We have a bunch of -- so I would say the lesson out of that is great execution, clarity around brand and focus really makes a difference. And then there's a bunch more services coming to market. I think it's great obviously for the consumer to be able to have all these options. There's nothing we can do about any of them nor about video gaming nor about YouTube or any of the other competitors for time. So what we do is just try to figure out how do we have the best service we can kind of steady every day, solid execution, and then we'll get part of consumers' viewing. No one's going to get it all. And it's working out very well for us.

我們有很多——所以我想說，從中得到的教訓是出色的執行力、品牌和重點的清晰性確實會產生影響。然後還有更多服務進入市場。我認為對於消費者來說能夠擁有所有這些選擇顯然是很棒的。我們對其中任何一個、視頻遊戲、YouTube 或任何其他時間競爭對手都無能為力。因此，我們所做的只是嘗試找出如何每天穩定地提供最好的服務，可靠的執行力，然後我們才能獲得部分消費者的觀看。沒有人會得到這一切。這對我們來說效果很好。

So honestly, internally, we mostly say don't focus on the competitors, focus on our service, how do we make it better and better. And that served us very well.

所以說實話，在內部，我們大多說不要關注競爭對手，關注我們的服務，我們如何讓它變得越來越好。這對我們很有幫助。

Great. So let's wrap it up, as I'd like to do, asking each of you a question. At this time, I really want to focus on the content coming out given that many of us are doing a lot more streaming, and we always love recommendations. So we're going to come to the fore, and so I'd like up to 2 recommendations, one would be something new coming out. I'd love to hear what you are most excited to seeing and having me and the rest of the world see that we haven't seen yet. And the second would be something already on the service that you've really enjoyed that maybe hasn't quite hit that popularity graphs that you think it deserves that we should be diving back into.

偉大的。所以，讓我們總結一下，就像我想做的那樣，問你們每個人一個問題。目前，我真的很想專注於發布的內容，因為我們中的許多人都在進行更多的串流媒體播放，而且我們總是喜歡推薦。所以我們會脫穎而出，所以我想要最多 2 個建議，其中一個是新推出的東西。我很想聽聽你最興奮看到的是什麼，以及讓我和世界其他人看到我們還沒看到的東西。第二個可能是您真正喜歡的服務中已有的內容，但可能還沒有達到您認為值得我們重新深入探討的受歡迎程度。

So I'll start with Spencer, as I'd like to do, and then Spence, you've been grandfathered into going second.

所以我將從斯賓塞開始，正如我想做的那樣，然後是斯賓塞，你已經獲得了第二名。

Awesome. Well, I would say for me, I'll take 2 shots at this. Number one, I've had a chance to get an early preview of Extraction, which is our new action film coming out later this week with Chris Hemsworth, and I think it really delivers for people who love that genre, super exciting with great action sequences. Number two, I will say, I have really enjoyed the first 3 episodes of Too Hot to Handle. So that would be my second recommendation.

驚人的。好吧，我想說，對我來說，我會對此進行兩次嘗試。第一，我有機會搶先預覽《驚天營救》，這是我們本週晚些時候與克里斯漢斯沃合作的新動作片，我認為它確實適合喜歡該類型的人，超級令人興奮的精彩動作片序列。第二，我要說的是，我真的很喜歡《Too Hot to Handle》的前三集。這將是我的第二個建議。

Oh, boy. Okay. Me next. Let's see. So I will say in terms of things that I've watched recently, I thought Unorthodox was a terrific story and one that I really enjoyed and just shed light on a whole kind of culture that I didn't really have a whole lot of visibility into. So thought that was a real treat and special. And I'd say, in terms of things I'm looking forward to, there's a whole bunch. I just started watching #blackAF, which I just think is just brilliant and fresh and new. And then I'm really looking forward to the end of the year with things like Over the Moon and just the next big chapter in our kind of animation journey.

好傢伙。好的。接下來是我。讓我們來看看。所以我想說的是，就我最近看過的事情而言，我認為《非正統》是一個很棒的故事，我真的很喜歡這個故事，它揭示了一種我並沒有真正了解的文化。進入。所以我認為這是一種真正的享受和特別的享受。我想說，就我期待的事情而言，有很多。我剛開始觀看#blackAF，我認為它非常精彩、新鮮。然後我真的很期待今年年底的《Over the Moon》之類的作品，以及我們動畫之旅的下一個重要篇章。

Well, this shows why Spence and I get along so well, is Unorthodox and #blackAF were also my picks. But an obscure little one is our Indian film Yeh Ballet, that's just a great little film with some street dancers at Mumbai trying to make it into the world of ballet.

好吧，這說明了為什麼 Spence 和我相處得這麼好，is Unorthodox 和 #blackAF 也是我的選擇。但一部不起眼的小電影是我們的印度電影《Yeh Ballet》，這是一部很棒的小電影，講述了孟買的一些街舞者試圖進入芭蕾舞世界的故事。

I can't allow you to hold me to 2. It has all kinds of relationship implications if I pick 2. So I'm going to give you a longish list since people are looking for things to watch of things that are coming up in the quarter. Spence mentioned Extraction. It's a phenomenal action movie with Chris Hemsworth. The writer, director, producing, stunt coordination team from the Avengers movies and Deadpool 2 and -- have come together with this movie, that really, really delivers. This week, we have a big animated feature for the whole family called The Willoughbys. We have a movie from Adam Sandler's production company called The Wrong Missy coming up, starring David Spade. It's really fun. The big Korean movie called Time to Hunt; and then Greg Daniels', from The Office, new show, and Space Force with Steve Carell; the second season of After Life; the second season of Dead to Me; new season of 13 Reasons Why; a third season of Dark from Germany; the finale of Cable Girls from Spain; and Ghost in the Shell from Japan, a new anime series launching next week.

我不能允許你讓我堅持 2。如果我選擇 2，它會產生各種各樣的關係影響。所以我會給你一個很長的清單，因為人們正在尋找即將出現的事情來觀察。該季度。斯賓塞提到了萃取。這是克里斯漢斯沃主演的一部非凡的動作片。來自《復仇者聯盟》系列電影和《死侍 2》的編劇、導演、製作、特技協調團隊齊心協力，打造了這部電影，真的非常非常出色。本週，我們有一部適合全家觀賞的大型動畫長片，名為《威洛比一家》。亞當山德勒的製作公司即將推出一部由大衛史佩德主演的電影《錯誤的小姐》。真的很有趣。韓國大片《狩獵時刻》；接著是格雷格·丹尼爾斯（Greg Daniels）的《辦公室》新劇，以及與史蒂夫·卡瑞爾（Steve Carell）合作的《太空部隊》； 《來世》第二季； 《我死了》第二季；新一季《十三個原因》；來自德國的《黑暗》第三季；來自西班牙的有線電視女孩的結局；日本的新動畫影集《攻殼機動隊》將於下週推出。

Greg, good luck having anything to talk about.

格雷格，祝你好運，有話要說。

Yes. I mean you guys have stolen everything. I would say I'll just double it on -- I'm super excited about Extraction. Ghost in the Shell, amazing definitely that for lovers of anime, you got to check that out. And then I would say Unorthodox, I was blown away by just an incredible story. And the one that hasn't been mentioned, which is certainly known, but I was, again, just really impressive storytelling is Ozark, and man, that last episode, wow. I don't even know what to say.

是的。我的意思是你們已經偷走了一切。我想說我會加倍——我對《萃取》感到非常興奮。攻殼機動隊，絕對令人驚嘆，對於動漫愛好者來說，你一定要看看。然後我會說非正統，我被一個令人難以置信的故事震驚。還有一個沒有提到的，當然是眾所周知的，但我再一次，只是非常令人印象深刻的講故事是《黑錢勝地》，夥計，最後一集，哇。我甚至不知道該說什麼。

And if you're thinking of 1 tonight, Outer Banks is -- as you see how it's tearing up the top 10 list, it's a nice breakout this quarter.

如果你今晚想到的是外灘群島——正如你所看到的，它是如何躋身前十名的，這是本季度的一個不錯的突破。

Thanks, Mike, for doing this from your home and look forward to talking with all of you investors over the quarter. Thank you very much.

麥克，謝謝您在家中完成這項工作，並期待在本季與所有投資者進行交談。非常感謝。