Netflix Inc (NFLX) 2024 Q3 法說會逐字稿

I'm Spencer Wang, VP of Finance, IR and Corporate Development. Joining me today are Co-CEOs, Ted Sarandos and Greg Peters; and CFO, Spence Neumann. As a reminder, we will be making forward-looking statements, and actual results may vary.

我是 Spencer Wang，財務、投資人關係與企業發展副總裁。今天加入我的還有聯合執行長 Ted Sarandos 和 Greg Peters；和財務長斯賓塞·諾伊曼。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。

We will now take questions submitted by the analyst community, and we'll begin with questions about our Q4 results and our outlook. The first question comes from Eric Sheridan of Goldman Sachs. Can you please frame your key investment priorities for 2025 and beyond? And how have they evolved in the past 12 to 18 months?

我們現在將回答分析師社群提交的問題，我們將從有關第四季度業績和前景的問題開始。第一個問題來自高盛的艾瑞克·謝裡登。您能否規劃一下 2025 年及以後的主要投資重點？在過去 12 到 18 個月裡它們發生了怎樣的變化？

Thanks a lot, Spencer. Let's start with looking into 2025. We're feeling really good about the business. We had a plan to reaccelerate growth and we delivered on that plan. You can see that in our 2024 financials. We expect to deliver 15% revenue growth and 6-percentage-points of operating margin improvement and engagement, which we view as our best proxy for member happiness because when people watch more, they stick around longer.

非常感謝，史賓塞。讓我們從展望 2025 年開始。我們有一個重新加速成長的計劃，並且我們實現了該計劃。您可以在我們 2024 年的財務報告中看到這一點。我們預期營收成長 15%，營業利潤率和參與度提高 6 個百分點，我們認為這是衡量會員幸福感的最佳指標，因為當人們觀看的次數越多，他們就會停留更長時間。

So that's retention. They talk more about Netflix, which drives acquisition. And they place a higher value on their Netflix subscription. This year, we've maintained very healthy engagement, about two hours of viewing per member per day, and engagement on a per owner household is up to the first three quarters of 2024.

這就是保留。他們更多地談論推動收購的 Netflix。他們對 Netflix 訂閱評價更高。今年，我們保持了非常健康的參與度，每位會員每天觀看約兩個小時，每個業主家庭的參與度持續到 2024 年前三個季度。

So if you look at where we're sitting now, we finished Q3 with some big hits. Perfect Couple, Monsters: The Lyle and Erik Menendez Story, Nobody Wants This. And we're really excited about our Q4 slate because it's filled with great big titles from the US, from Brazil, from Korea, from the UK, from Germany. And we also have got some really amazing live events coming up.

因此，如果你看看我們現在所處的位置，你會發現我們在第三季取得了一些重大成果。完美情侶，怪物：萊爾和艾瑞克梅南德斯的故事，沒有人想要這個。我們對第四季的名單感到非常興奮，因為其中充滿了來自美國、巴西、韓國、英國和德國的精彩大作。我們還將舉辦一些非常精彩的現場活動。

So when we look forward into 2025 and beyond, we want to build on that success. We plan to build on that success. And we've been making original programming now for more than a decade. And the core has become very strong. We have a team of people who are the best creative talent around the world. We have a culture and an operating model that allows us to create stories in more than 50 countries and thrill audiences of more than 600 million people all over the world.

因此，當我們展望 2025 年及以後時，我們希望在這一成功的基礎上再接再厲。我們計劃在此成功的基礎上再接再厲。我們製作原創節目已有十多年了。而且核心也變得非常強大。我們擁有一支由世界各地最優秀的創意人才組成的團隊。我們的文化和營運模式使我們能夠在 50 多個國家創作故事，讓全世界 6 億多觀眾興奮不已。

So our 2025 slate, I look at that as another ambitious step towards this push to make us even greater for our members. So it really showcases the scale and the ambition and reflects the investment that we've made and the steady cadence of programming.

因此，我認為我們的 2025 年計劃是朝著讓我們的會員更偉大的目標邁出的又一個雄心勃勃的一步。因此，它確實展示了我們的規模和雄心，並反映了我們所做的投資和穩定的程式節奏。

So looking into 2025, you've got new seasons of our biggest shows. Wednesday, Squid Games, Stranger Things, on top of new shows from Shonda Rhimes and Ryan Murphy, a new Knives Out film from Rian Johnson, Guillermo del Toro's, Frankenstein, even the return of Happy Gilmore. So we could not be more excited about where we sit right now and where we're heading.

展望 2025 年，我們將推出新一季的大型節目。週三，《魷魚遊戲》、《怪奇物語》、珊達·萊姆斯和瑞安·墨菲的新劇、萊恩·約翰遜的新《利刃出鞘》電影、吉列爾莫·德爾·托羅的《科學怪人》，甚至還有《快樂吉爾摩》的回歸。因此，我們對我們現在的處境和前進的方向感到非常興奮。

Just jumping on that, we've always been focused on trying to constantly improve every aspect of our service. It served us quite well for the last 1.5 decades. We hope and expect it will serve us well for decades to come. And then the question I may mention priorities, too. And our top priority is really bringing that mindset to improving our core film and series offering.

就這一點而言，我們一直致力於不斷改進我們服務的各個方面。在過去的 1.5 年裡，它為我們提供了很好的服務。我們希望並期望它在未來幾十年為我們提供良好的服務。然後我也可能會提到優先事項。我們的首要任務是真正將這種心態帶到改善我們的核心電影和劇集產品。

I think just to double down on what Ted was saying, we've seen really good progress on that front and on our plan. One of the things that I like the most is increasingly seeing a steady drumbeat of hit titles from countries around the world.

我認為，為了強調特德所說的話，我們在這方面和我們的計劃上都看到了非常好的進展。我最喜歡的事情之一就是越來越多地看到來自世界各國的熱門遊戲不斷湧現。

Ted mentioned a bunch, but you've got Japan, you've got Korea, you've got Thailand, you got India. This represents, again, that decade-plus investment in those creative communities, working with local storytellers there and making sure that they have the capability to tell their stories in a compelling way. So that's super exciting and we expect to see more of that.

特德提到了很多，但有日本、韓國、泰國、印度。這再次代表了對這些創意社區十多年的投資，與當地的故事講述者合作，並確保他們有能力以引人注目的方式講述自己的故事。所以這非常令人興奮，我們希望看到更多這樣的事。

Also improving the product experience. We tested a new more intuitive version of our TV homepage. We're excited about the progress that we've seen there, so we're polishing it up and we're excited to bring that to our subscribers around the world.

也提升了產品體驗。我們測試了電視主頁的新的更直覺版本。我們對在那裡看到的進展感到興奮，因此我們正在對其進行完善，並且很高興將其帶給世界各地的訂閱者。

Our second set of priorities are about planting seeds, these investments and new initiatives that help us expand and strengthen our entertainment offering and that we believe will be incremental levers for growth in the coming years. We've got initiatives like games. We're excited about games based on Netflix IPs. We got a Squid Game coming. We've got a Virgin River Christmas. We've got The Ultimatum.

我們的第二組優先事項是播下種子，這些投資和新措施有助於我們擴大和加強我們的娛樂產品，我們相信這將成為未來幾年成長的漸進槓桿。我們有像遊戲這樣的舉措。我們對基於 Netflix IP 的遊戲感到非常興奮。我們即將推出魷魚遊戲。我們度過了維爾京河聖誕節。我們已經下了最後通牒。

We've got games based on storied game classics like Monument Valley 3 that's coming out. We're also expanding into live. We've got the Tyson-Paul fight NFL in December. We got 52 weeks of WWE coming in January. John Mulaney and more and more. And then we're also growing advertising as the principal goal here is the more effective way to give members and members to be a lower-priced plan to access all of that great entertainment.

我們已經推出了基於傳奇遊戲經典的遊戲，例如即將推出的《紀念碑谷 3》。我們也正在擴展到現場。 12 月我們將迎來 NFL 泰森-保羅之戰。一月份我們將迎來為期 52 週的 WWE。約翰·穆拉尼等等。然後我們也在增加廣告，因為這裡的主要目標是為會員和會員提供更有效的方式來以較低的價格訪問所有這些精彩的娛樂。

I think it's worth noting, it takes time to build these new initiatives to the point where they're significant, given that we already have a fairly large core business. And ads is a great example of how we approach growing these seeds. It takes a lot of work but we know the path, and we're hustling to move down that path as quickly as possible. And you can sort of see some of the benefits that we're getting. We're roughly doubling revenue each year but it's off a small base.

我認為值得注意的是，考慮到我們已經擁有相當大的核心業務，將這些新措施建立到其重要程度需要時間。廣告是我們如何種植這些種子的一個很好的例子。這需要做很多工作，但我們知道這條路，我們正在努力盡快沿著這條路走下去。您可以看到我們獲得的一些好處。我們每年的收入大約翻一番，但基數很小。

So it starts to become a material contributor of revenue over the next several years. But if you step back and you think about this opportunity ahead of us, over $600 billion in consumer spend in the areas and countries that we operate. We're only capturing roughly 6% to 7% of that today. That's a tremendous upside if we can just stay focused on that continuous improvement and drive to that future.

因此，它開始成為未來幾年收入的重要貢獻者。但如果你退後一步，想想我們面前的這個機會，我們經營的地區和國家的消費者支出超過 6000 億美元。今天我們只捕獲了其中的大約 6% 到 7%。如果我們能夠專注於持續改進並推動未來，那將是一個巨大的優勢。

Thank you, Ted, and Greg. Our next question on our outlook comes from Jessica Reif Ehrlich of Bank of America. At a high level, when we think about the Netflix revenue growth algorithm, can you please provide some color on the pieces moving forward between organic membership growth, ARM increases and advertising? Spence, maybe you can take that one?

謝謝你，泰德和格雷格。關於我們前景的下一個問題來自美國銀行的傑西卡·雷夫·埃利希。從較高的層面來看，當我們考慮 Netflix 的收入成長演算法時，您能否提供一些關於有機會員成長、ARM 成長和廣告之間的進展的資訊？ Spence，也許你可以拿走那個？

Sure. I'll try that on, Jessica. So really, those investment priorities and that focus that Greg and Ted just talked about really are the engine that kind of drives that growth equation. But if you look at our 2025 guide as a proxy for that evolving mix or components of our growth over time, I'll walk through that a bit as an indicator. So we expect to deliver roughly $43 billion to $44 billion of revenue next year based on FX rates at the end of Q3.

當然。我會嘗試一下，傑西卡。事實上，格雷格和泰德剛才談到的那些投資優先事項和重點確實是推動成長方程式的引擎。但是，如果您將我們的 2025 年指南視為我們隨著時間的推移不斷發展的組合或增長組成部分的代理，我將作為一個指標稍微介紹一下。因此，根據第三季末的匯率，我們預計明年將實現約 430 億至 440 億美元的收入。

That represents about $4 billion to $5 billion of incremental revenue over our kind of 2024 expected landing where think of it as about 11% to 13% growth. And that's from a combination of membership and ARM growth. The majority of growth next year, we expect to be a membership-driven growth from the full year impact of this year's strong net adds plus solid pay net adds expected next year.

這意味著與我們 2024 年的預期目標相比，營收將增加約 40 億至 50 億美元，預計將成長約 11% 至 13%。這是會員資格和 ARM 成長共同作用的結果。明年的大部分成長，我們預計將是會員驅動的成長，這是由於今年強勁的淨增加加上明年預計的穩定薪資淨增加的全年影響。

We still have hundreds of millions of households that aren't members, and we'll grow into that opportunity, thanks to a great '25 slate and our improvements in converting consumer demand. And we will have ARM growth. ARM's a combination of continued plan evolution and pricing, building off the actions we've been taking this year and growing our ads revenue, as Greg just talked about, not yet a primary growth driver but to be a more meaningful contributor in '25.

我們仍然有數億家庭不是會員，我們將抓住這個機會，這要歸功於 25 年的出色表現以及我們在轉化消費者需求方面的改進。我們將會看到 ARM 的成長。 ARM 是持續計劃演變和定價的結合，以我們今年採取的行動為基礎，並增加了我們的廣告收入，正如Greg 剛才談到的那樣，它還不是主要的增長動力，但將在25 年成為更有意義的貢獻者。

So overall, healthy double-digit revenue growth, more balanced across multiple drivers and strong outlook.

因此，總體而言，收入實現了兩位數的健康成長，多個驅動因素更加平衡，前景強勁。

Thank you, Spence. Building on that question from Justin Patterson at KeyBanc, given what appears to be a moderating competitive environment, how are you thinking about the puts and takes around operating margins going forward?

謝謝你，史賓塞。基於 KeyBanc 的 Justin Patterson 提出的問題，考慮到競爭環境似乎有所緩和，您如何看待未來營運利潤率的看跌期權和賣出期權？

Sure, I'll take it again. So as we said in the letter, we see plenty of room to increase our margins over the long term. And we feel great about what we're delivering in '24. We expect to be up 6-percentage-points, as Ted mentioned, and our approach to margin is unchanged.

當然，我會再次接受。因此，正如我們在信中所說，從長遠來看，我們認為利潤率還有很大的提升空間。我們對 24 年所交付的成果感到非常滿意。正如 Ted 所提到的，我們預計將成長 6 個百分點，並且我們對利潤率的態度保持不變。

We believe we built a stronger and more lasting business by gradually increasing margins as we grow. We set margin targets, and so we do that by investing to improve our service while making trade-offs and prioritizing like growing our costs slower than revenue and operating like owners.

我們相信，隨著我們的發展，我們可以透過逐步提高利潤來建立更強大、更持久的業務。我們設定了利潤目標，因此我們透過投資改善我們的服務來實現這一目標，同時進行權衡和優先考慮，例如成本成長速度慢於收入成長以及像所有者一樣運作。

The amount of margin growth each year, it will bounce around a bit based on the strategic opportunities in a given year, FX moves, and things like that, but we'll aim to increase each year. And what you see in our '25 guide is consistent with that approach. So coming off such a big year of margin expansion in '24, which exceeded our target, we want to be sure we're actively investing to deliver more value to our members and strengthen and grow our business.

每年的利潤成長量，會根據特定年份的策略機會、外匯走勢等因素略有反彈，但我們的目標是每年都增加。您在我們的 25 年指南中看到的內容與這種方法是一致的。因此，在 24 年利潤率擴張如此重要的一年中，超出了我們的目標，我們希望確保我們積極投資，為我們的會員提供更多價值，並加強和發展我們的業務。

So the things you just heard about from Greg and Ted, further investing in our core film and TV offering, improving product discovery, expanding into new areas like live and ads and games. So we think this strikes the right balance for our '25 kind of planning with lots of room to grow profit margin and absolute margin dollars for many, many years to come.

因此，您剛從格雷格和泰德那裡聽到的事情是，進一步投資我們的核心電影和電視產品，改善產品發現，擴展到直播、廣告和遊戲等新領域。因此，我們認為這為我們的 25 年規劃實現了適當的平衡，在未來許多年裡，利潤率和絕對利潤率都有很大的成長空間。

Thank you, Spence. We have a specific question on our Q4 results that I think is worth touching on from John Blackledge of TD Cowen. Perhaps Spence and Ted, you could tag team on this one. Could you please discuss the dynamics that drove the slight LatAm member net loss in Q3 and provide further color on drivers of the pickup in LatAm early in Q4?

謝謝你，史賓塞。我們對第四季度的業績有一個具體問題，我認為 TD Cowen 的 John Blackledge 值得一提。也許 Spence 和 Ted，你可以在這一個上標記團隊。您能否討論一下導致第三季拉丁美洲會員淨虧損輕微的動態，並為第四季度初拉丁美洲皮卡司機提供進一步的資訊？

Sure, Ted. I can start off if you like.

當然，泰德。如果你願意的話我可以開始。

Yes, sure.

是的，當然。

Okay. Overall, the underlying business trends in LatAm are healthy. Q3 revenue, which is our primary kind of north star for top line growth, was up 9% year-over-year. Year-to-date, it's up 10% on a reported basis. That's in line with our 2023 growth of 9% and we've got much more significant currency headwinds in '24 relative to '23.

好的。整體而言，拉丁美洲的基本商業趨勢是健康的。第三季營收年增 9%，這是我們營收成長的主要指標。據報道，今年迄今為止，該價格上漲了 10%。這與我們 2023 年 9% 的成長率相符，而且與 23 年相比，24 年我們面臨的貨幣阻力要大得多。

So actually, growth at the local level is much accelerated in '24 relative to a year ago. On Q3 membership specifically, the slight decrease you saw was primarily due to some recent price changes in some of our bigger LatAm markets, which always dampens near-term member growth.

因此，實際上，與一年前相比，24 年地方層級的成長速度大大加快。具體到第三季會員資格，您看到的輕微下降主要是由於我們一些較大的拉丁美洲市場最近的一些價格變化，這總是抑制近期會員成長。

But the good news is we're already seeing a nice rebound so far in Q4. LatAm memberships are growing nicely in the fourth quarter, early in the fourth quarter. And fun fact, if the quarter lasted one more day, net adds would have been up instead of down so overall, we feel good. And maybe, I don't know, Ted, if you want to speak to it a bit more.

但好消息是，到目前為止，我們已經看到第四季出現了良好的反彈。拉丁美洲的會員數量在第四季及第四季初增長良好。有趣的是，如果本季再持續一天，淨增加將會上升而不是下降，所以總的來說，我們感覺很好。也許，我不知道，泰德，你是否想多談一點。

No, I'd just say we obviously don't time those things for quarter ends. The thing that's really, really excited about in Q4 in Latin America is this incredible slate upcoming. They've got Senna from Brazil, which is going to be - we think it's going to be a large hit around the world, but most importantly, loved in Brazil.

不，我只是想說，我們顯然不會將這些事情安排在季度末。拉丁美洲第四季真正令人興奮的是即將推出的令人難以置信的名單。他們有來自巴西的塞納，我們認為它將在世界各地大受歡迎，但最重要的是在巴西受到喜愛。

A Hundred Years of Solitude from Colombia. Rodrigo Prieto is making his directorial debut on a new film for us in Mexico called Pedro Páramo, which is an epic book in Mexico that's being adapted. So we're really thrilled with the creative output in Latin America. And as Spence alluded to here, we're also thrilled with the underlying business climate too.

來自哥倫比亞的一百年孤寂。羅德里戈·普列托(Rodrigo Prieto) 正在為我們在墨西哥拍攝一部新電影《佩德羅·帕拉莫》(Pedro Páramo)，這是他的導演處女作，這是一部正在改編的墨西哥史詩小說。因此，我們對拉丁美洲的創意產出感到非常興奮。正如斯賓塞在這裡提到的，我們也對潛在的商業環境感到興奮。

Great. I'll now move us on to a series of questions about advertising, and we'll begin with a question from Steve Cahall of Wells Fargo. Can you please discuss the levers that will move advertising to a more --to a primary contributor to growth after 2025?

偉大的。現在我將討論一系列有關廣告的問題，我們將從富國銀行的史蒂夫·卡霍爾提出的問題開始。您能否討論一下將廣告轉變為 2025 年後成長的主要貢獻者的槓桿？

How is ad tier engagement tracking versus ad-free? What kind of CPMs are you attaining in the US market? And how should we think about improvements in terms of your ability to monetize your advertising inventory?

廣告層參與度追蹤與無廣告相比如何？您在美國市場獲得的每千次曝光費用是多少？我們該如何考慮提高廣告庫存貨幣化能力？

Okay, there's a lot there. We'll see if we can't take them all on. I would say the most important part is we've been carrying two top-level priorities when we think about our ads business. Priority number one was we have to grow our ad tier membership so that we can get to sufficient scale, to be relevant in each market for advertisers. And the big priority number two was we have to improve our capabilities and attractiveness to advertisers and therefore, the monetization of all that inventory.

好吧，那裡有很多。我們會看看我們是否能接受他們所有人。我想說，最重要的是，當我們考慮我們的廣告業務時，我們一直在考慮兩個首要任務。第一要務是我們必須擴大我們的廣告層級會員數量，以便我們能夠達到足夠的規模，從而在每個市場中與廣告商保持相關性。第二大優先事項是我們必須提高我們的能力和對廣告商的吸引力，從而提高所有庫存的貨幣化。

So on that first one, we've made some really solid progress. Q3, we mentioned in the letter, ads plan accounted for over 50% of sign-ups in our ads countries. That's a leading indicator about how you think about sort of ads membership there. Our ads plan membership base was up 35% quarter-over-quarter. That's over probably four quarters of really significant growth as well, so that's growing nicely.

因此，在第一個方面，我們已經取得了一些非常紮實的進展。第三季度，我們在信中提到，廣告計劃占我們廣告國家註冊人數的 50% 以上。這是一個領先指標，表明您如何看待那裡的廣告會員資格。我們的廣告計劃會員基數較上季成長了 35%。這也超過了真正顯著增長的四個季度，所以增長得很好。

As we said last quarter, we expect to be at critical scale as our advertising partners tell us they need us to be in each of our 12 ads countries in 2025. An engagement that was mentioned, that remains healthy. Our ads plan members are watching similar amount of view hours and similar titles, too, which is probably interesting to note relative to comparable non-ads plan members. So this was our top area of improvement. I'm incredibly proud of the significant progress that our teams have been able to deliver on that front.

正如我們上季度所說，我們預計將達到臨界規模，因為我們的廣告合作夥伴告訴我們，他們需要我們在 2025 年進入我們的 12 個廣告國家。我們的廣告計劃成員也觀看了相似的觀看時間和相似的標題，相對於可比較的非廣告計劃成員，這可能很有趣。所以這是我們需要改進的首要領域。我對我們的團隊在這方面取得的重大進展感到非常自豪。

And because they've been able to do that, that allows us to turn more attention to our second priority, and that's effectively monetizing all that growing inventory. I think it's worth noting we've got a lot of work still ahead of us to achieve that goal, to make our offering better for advertisers.

因為他們已經能夠做到這一點，所以我們可以將更多的注意力轉向我們的第二要務，這可以有效地將所有不斷增長的庫存貨幣化。我認為值得注意的是，為了實現這一目標，讓我們為廣告商提供更好的服務，我們還有很多工作要做。

It's going to be a priority for us for several years coming but we're moving. Our first-party ad server, which is a key component of unlocking value in the space, that's on track to launch in Canada this quarter, and then the rest of our ad markets in 2025. We've got our partnerships with Trade Desk and Google Live and those are going well.

這將是我們未來幾年的首要任務，但我們正在採取行動。我們的第一方廣告伺服器是釋放該領域價值的關鍵組成部分，預計將於本季在加拿大推出，然後在 2025 年在我們的其他廣告市場推出。等進展順利。

We've got a road map for more formats, for more features, for more measurement, that's all coming. So while we've got lots of work to do, we are very confident in our ability to execute and grow our ad business much like we did with the paid sharing initiative.

我們已經制定了更多格式、更多功能、更多測量的路線圖，這一切都即將到來。因此，雖然我們還有很多工作要做，但我們對執行和發展廣告業務的能力非常有信心，就像我們在付費共享計劃中所做的那樣。

Thank you. Could I just follow up on Greg for a second? Obviously, the teams are making great progress. We have a ton of work to do. And it's seemingly new to us, but what's great about it really is that it calls on all of our deepest skill sets, both technologically and creatively. It depends heavily on thrilling engagement, which is true for both of our subscription business and our ad business.

謝謝。我可以跟進一下格雷格嗎？顯然，球隊正在取得巨大進步。我們有大量工作要做。它對我們來說似乎是新的，但它的偉大之處在於它需要我們所有最深厚的技能，無論是技術上還是創造性上。這在很大程度上取決於令人興奮的參與度，這對於我們的訂閱業務和廣告業務都是如此。

So what advertisers want to do is they want to be close to the stories that people are watching, the stories that people are talking about, the events that people are gathering to be part of. That's all part of the exact same equation. So when we have a Nobody Wants This or a Perfect Couple, that fandom, that buzz, that's what advertisers want to be close to, and that's why I'm excited about what we're doing here.

因此，廣告商想要做的就是貼近人們正在觀看的故事、人們正在談論的故事以及人們聚集在一起參與的活動。這些都是完全相同的等式的一部分。因此，當我們有「無人想要這個」或「完美情侶」時，那種粉絲群、那種嗡嗡聲，就是廣告商想要接近的，這就是為什麼我對我們在這裡所做的事情感到興奮。

Yes, and I think that's right. And stepping back and sort of just putting that into broader context, our goal over the next 5 or 10 years is to combine the best of digital advertising. So this is all the things that we know from that targeting, personalization relevance with the best of TV advertising. So this is an elevated creative format. We've got highly engaged viewers and positioned against those culture-defining shows and films that Ted mentioned.

是的，我認為這是對的。退後一步，將其置於更廣泛的背景下，我們未來 5 到 10 年的目標是結合最好的數位廣告。這就是我們從最佳電視廣告的定位、個人化相關性中所了解的所有資訊。所以這是一種提升的創意形式。我們擁有高度參與的觀眾，並反對那些特德提到的那些定義文化的節目和電影。

And so that's really the north star. We see ads revenue growth on a good trajectory. We've got healthy CPMs at the high end of that premium CTV ad market. That's where we want to be positioned. And while ads won't be a primary driver of revenue in 2025, because we're still scaling that audience and that inventory faster than our ability to monetize it, we definitely see already the momentum growth in the monetization and our opportunity to close that gap.

所以那確實是北極星。我們看到廣告收入成長勢頭良好。我們在優質 CTV 廣告市場的高端擁有健康的每千次曝光費用。這就是我們想要定位的地方。雖然廣告不會成為 2025 年收入的主要驅動力，因為我們擴大受眾和庫存的速度仍然快於我們貨幣化的能力，但我們肯定已經看到了貨幣化的勢頭增長以及我們實現這一目標的機會差距。

So for 2025, we expect that ads revenue will roughly double year-over-year, albeit off a small base, but just as a confidence point in that, this year's US upfront, we're seeing 150% -- over 150% increase in our ads sales commitments.

因此，到 2025 年，我們預計廣告收入將同比增長約一倍，儘管基數較小，但作為一個信心點，今年美國的前期收入將增長 150%——超過 150%在我們的廣告銷售承諾中。

So I think it's also worth noting that like ads against premium video, it's a proven model. So if we take the potential size of that opportunity, the growth trajectories that we are seeing, that's what makes us so excited about ads being able to be one of those growing levers to support our sustaining healthy revenue and profit growth in the years to come.

因此，我認為還值得注意的是，就像針對優質影片的廣告一樣，這是一個經過驗證的模型。因此，如果我們考慮到這個機會的潛在規模，我們所看到的成長軌跡，這就是讓我們如此興奮的原因，因為廣告能夠成為支持我們在未來幾年保持健康的收入和利潤成長的成長槓桿之一。

Great. Thank you, Ted, and Greg. We do have some questions about ad tech probably in two parts. First, from Justin Patterson at KeyBanc. What are your initial learnings from your partnerships with The Trade Desk and DV360?

偉大的。謝謝你們，泰德和格雷格。我們確實有一些關於廣告技術的問題，可能分為兩個部分。首先是來自 KeyBanc 的 Justin Patterson。您從與 The Trade Desk 和 DV360 的合作中初步學到了什麼？

And secondly, from Rich Greenfield. Netflix has decided to use Trade Desk to build demand. But longer term, how important do you see partnerships like Trade Desk versus building your own walled garden?

其次，來自里奇·格林菲爾德。 Netflix 決定使用 Trade Desk 來創造需求。但從長遠來看，與建立自己的圍牆花園相比，您認為 Trade Desk 等合作關係有多重要？

A couple of parts there, so I'd say these partnerships are going well. We're live both with one-to-one private marketplaces in UCAN and LatAm. We've got some always-on agency deals in the US and Australia. We're going to be adding more programmatic capabilities, next month in UCAN and LatAm. And just sort of building from there. So that sort of gives you a sense of the roadmap.

那裡有幾個部分，所以我想說這些夥伴關係進展順利。我們在 UCAN 和拉丁美洲都有一對一的私人市場。我們在美國和澳洲有一些永遠在線的代理協議。下個月，我們將在 UCAN 和拉丁美洲添加更多編程功能。就從那裡開始建造。這樣您就可以了解路線圖。

What have we learned? I'd say, not surprisingly, that more demand creates positive pressure on CPMs. More channels mean it's easier for more clients to buy. So we're learning, I think, what you'd expect to learn. As we mentioned previously, just this last question, we're seeing a solid trajectory on ads revenue growth, and this is going to be part of how we build that trajectory over time.

我們學到了什麼？我想說，更多的需求會對每千次曝光費用帶來正面的壓力，這並不奇怪。更多管道意味著更多客戶更容易購買。所以我認為我們正在學習你期望學到的東西。正如我們之前提到的，就最後一個問題而言，我們看到了廣告收入成長的堅實軌跡，這將成為我們隨著時間的推移建立該軌跡的一部分。

But it's going to take us a while to catch up to that significant inventory expansion, we've been able to drive. But I really see that as growth potential that we're building in, right. So, we're going to progressively work our way into that inventory, and effective monetization of that inventory over the next several years. And the good news is like, we've got a long roadmap of things that we know, will make our ads more valuable.

但我們需要一段時間才能趕上我們已經能夠推動的庫存大幅擴張。但我確實認為這是我們正在建立的成長潛力，對吧。因此，我們將在未來幾年內逐步進入該庫存，並有效地貨幣化該庫存。好消息是，我們已經制定了一個漫長的路線圖，我們知道這將使我們的廣告更有價值。

So, we're excited about that. As to Rich's walled garden question, I would say we've learned, not to be too rigid in our position. So, we're going to always evaluate and we'll evolve based on, how our business is evolving and frankly, how the ecosystem is evolving around us. But we believe these partnerships are very positive for us.

所以，我們對此感到興奮。至於里奇的圍牆花園問題，我想說我們已經學會了，不要太僵化我們的立場。因此，我們將始終根據我們的業務如何發展以及坦率地說，我們周圍的生態系統如何發展來評估和發展。但我們相信這些合作關係對我們來說非常積極。

Thank you, Greg. I will move us on now to a few questions, on content and engagement from Ben Swinburne of Morgan Stanley. And this is for Ted. How did last year's Hollywood strikes impact your 2024 slate, and ultimately engagement and retention? And did it disproportionately impact UCAN, given a shutdown production here in the states? At what point, if not already, will you be back to a more normalized slate with no lingering effects of the strikes?

謝謝你，格雷格。現在我將向我們提出幾個問題，涉及摩根士丹利的 Ben Swinburne 的內容和參與度。這是給特德的。去年的好萊塢罷工對您 2024 年的日程以及最終的參與度和保留率有何影響？考慮到美國各州的生產停工，這是否對 UCAN 造成了不成比例的影響？在什麼時候（如果還沒有的話）你會回到更正常化的狀態，而不會受到罷工的揮之不去的影響？

Thanks, Ben. Look, our aim here, is to always have a very steady drumbeat of great new TV shows, and films, and games for our members to watch throughout the year. So a drumbeat so steady that, when you're watching the last episode of whatever you're watching, you start expecting the next thing to be great, too. So however, in the first half of this year, our lineup was much lumpier than we liked, and it was, and that was primarily, because of the work stoppage.

謝謝，本。看，我們的目標是始終穩定地提供精彩的新電視節目、電影和遊戲供我們的會員全年觀看。如此穩定的鼓聲，當你觀看你正在觀看的最後一集時，你開始期待下一集也很棒。然而，今年上半年，我們的陣容比我們想像的要混亂得多，而且確實如此，這主要是因為停工。

It did hit UCAN the hardest, but there were some effects of that felt in production, around the world. We're moving closer and closer, to a more normalized output schedule now, series a little more on track than film, but neither fully-fully recovered. We've had returning favourites like Bridgerton that managed to get into the first half of the year, but many of our other high profile returning hits like Cobra Kai, Emily in Paris, Outer Banks.

它確實對 UCAN 造成了最嚴重的打擊，但在世界各地的生產中也感受到了一些影響。現在，我們正越來越接近更加標準化的輸出時間表，劇集比電影更步入正軌，但都沒有完全恢復。我們有像 Bridgerton 這樣的回歸熱門歌曲成功進入了今年上半年，但我們還有許多其他備受矚目的回歸熱門歌曲，如 Cobra Kai、Emily in Paris、Outer Banks。

And even our new shows like Perfect Couple and Nobody Wants This, were scheduled for much earlier in the year, and got in kind of a late in Q3. And that delay was again, because of the strike and its impact on the UCAN slate. By the end of the Q3, a lot more normalized as you see, Perfect Couple, Monsters, Nobody Wants This accident that, nice steady drumbeat that we keep, we're trying to hit on all the time.

甚至我們的新節目，如《完美情侶》和《沒人想要這個》，也原定於今年早些時候播出，並在第三季晚些時候播出。由於罷工及其對 UCAN 名單的影響，這次延誤再次出現。到第三季末，正如你所看到的，更加正常化，完美的情侶，怪物，沒有人想要這個意外，我們保持良好穩定的鼓點，我們一直在努力擊中。

Our film slate obviously was impacted as well, and it's getting back to normal. We also had a change in the leadership there, which changed the cadence of release a bit. We have a really strong Q4 lineup, coming up with Carry-On, Piano Lesson, Spellbound, Six Triple Eight, Emilia Pérez, and things are getting much steadier. In 2025, we're largely back to normal, I mentioned earlier.

我們的電影板顯然也受到了影響，並且正在恢復正常。我們的領導層也發生了變化，這稍微改變了發布的節奏。我們有一個非常強大的第四季陣容，推出了 Carry-On、鋼琴課、Spellbound、六三八、艾米莉亞·佩雷斯，而且事情正在變得更加穩定。我之前提到過，到 2025 年，我們將基本上恢復正常。

But a new Knives Out film, Guillermo del Toro's Frankenstein, Happy Gilmore 2, a new film from the Russo Brothers with Millie Bobby Brown, Electric State, I mean, a lot of - and plenty more on top of that, but largely back to normal starting in '25.

但一部新的《利刃出鞘》電影，吉爾莫·德爾·托羅的《科學怪人》，《快樂吉爾摩2》，羅素兄弟與米莉·博比·布朗主演的新電影，《電力州》，我的意思是，很多——還有更多，但主要還是回到了25年開始正常。

Awesome. Thank you, Ted. The next question comes from John Hodulik of UBS. The Nielsen gauge indicates that US engagement for Netflix, has been stable recently that's his nice way of saying flat I think. With page sharing now in the run rate, when can US engagement begin to grow again? Do you see expansion into live programming as a major driver?

驚人的。謝謝你，泰德。下一個問題來自瑞銀集團的約翰‧霍杜里克。尼爾森指標顯示 Netflix 在美國的參與度最近一直穩定，我認為這是他表達平淡的好方法。隨著頁面共享現已進入運行狀態，美國的參與度何時才能再次開始成長？您認為直播節目的擴展是主要驅動力嗎？

Well, look total hours up roughly 1% in the first half of the year, compared to the same period last year. Engagement is super healthy, I mentioned earlier two hours per day, per member and then owner household engagement, which is much more of an apples-to-apples comparison of pre-account sharing is up, and we're very happy with that. The contribution from live, you have to think about it this way.

嗯，與去年同期相比，今年上半年的總工時增加了約 1%。參與度非常健康，我之前提到每個成員每天兩個小時，然後是業主家庭參與度，這更像是帳戶前共享的同類比較，我們對此非常滿意。 live的貢獻，你得這樣想。

We have about 200 billion hour every year on Netflix. Very few of them are actually live, but they all promise to be extremely high value. So the excitement of the Tyson Paul fight, which is growing every day and certainly Christmas Day NFL football, is going to be a blast all day on Netflix. So we're really excited that we're going to be capturing, even more of the excitement that comes when the whole world gets together to watch something, and that's really fun part of live.

我們每年在 Netflix 上觀看的時間約為 2000 億小時。其中很少有真正上線的，但它們都承諾具有極高的價值。因此，泰森保羅之戰的精彩程度與日俱增，當然聖誕節當天的 NFL 橄欖球比賽也將在 Netflix 上全天掀起熱潮。所以我們真的很興奮，因為我們將捕捉到，甚至更多的是當全世界聚集在一起觀看某些東西時所帶來的興奮，這是現場直播中非常有趣的一部分。

The contributor to growing engagement is going to be across the board on our scripted and unscripted or documentary programming, all the kind of things that people love, including now the addition of some live hours. Greg mentioned earlier, but weekly live with WWE and the new John Mulaney show upcoming, but then at a steady cadence of exciting events more and more upcoming. But pretty hard to swamp the on-demand hours, which I said are over 200 billion. But thankfully, all hours are not created equal.

提高參與度的貢獻者將全面參與我們的有腳本、無腳本或紀錄片節目，所有人們喜歡的事情，包括現在增加一些直播時間。格雷格之前提到過，WWE 的每週現場直播和新的約翰木蘭尼秀即將推出，但隨後以穩定的節奏，令人興奮的活動越來越多即將到來。但要淹沒點播時間是相當困難的，我說的點播時間超過 2000 億。但值得慶幸的是，並非所有時間都是平等的。

Thank you, Ted. From Rich Greenfield we have the perennial question on theatrical, which is, is it possible for films to pierce the cultural zeitgeist without a theatrical release? So over to you, Ted.

謝謝你，泰德。里奇格林菲爾德向我們提出了一個關於影院的長期問題，那就是，電影是否有可能在不影院上映的情況下穿透文化時代精神？現在就交給你了，泰德。

Thanks again for that question again, Rich. Hi, look guys, I'm just going to reiterate. We are in the subscription entertainment business, and you can see in our results it's a pretty good business, and it appeals to a very large segment of consumers and fans. Our top 10 films that premiere on Netflix, all have over 100 million views, among the most watched films in the world.

再次感謝你再次提出這個問題，里奇。嗨，大家好，我只是要重申。我們從事訂閱娛樂業務，從我們的業績中你可以看到這是一項相當不錯的業務，它吸引了很大一部分消費者和粉絲。我們在 Netflix 首映的十大電影的觀看次數均超過 1 億次，躋身全球觀看次數最多的電影之列。

It's our desire to kind of keep adding value to our consumers, for their subscription dollar. We believe that not making them wait for months, to watch the movie that everyone's talking about, adds that value. So what we do for filmmakers, is we bring them the biggest audience in the world for their films, and then we help them make the best films of their life.

我們希望持續為我們的消費者增加訂閱費用的價值。我們相信，不讓他們等待幾個月來觀看每個人都在談論的電影，會增加這種價值。因此，我們為電影製作人所做的就是為他們的電影帶來世界上最大的觀眾，然後幫助他們製作他們一生中最好的電影。

That could be any one of the nine best picture nominee films that we've released so far, or it could be any of those top 10 films that are as big as $1 billion box office movies. So I'm sure that we can continue to pierce the zeitgeist, and have those moments in the culture, even when those moments begin on Netflix.

這可能是我們迄今為止發布的九部最佳影片提名電影中的任何一部，也可能是票房收入高達 10 億美元的前 10 部電影中的任何一部。因此，我確信我們可以繼續洞悉時代精神，並在文化中擁有這些時刻，即使這些時刻是在 Netflix 上開始的。

Thank you, Ted. Last question on content from Alan Gould of Loop Capital, which is -- are you planning to change the talent compensation structure to pay less upfront, and more on the backend based on success?

謝謝你，泰德。關於 Loop Capital 的 Alan Gould 內容的最後一個問題是——您是否計劃改變人才薪酬結構，減少前期支付，並根據成功情況在後端支付更多費用？

Thank you for that. Look, we like our model, and talent likes our model. It's so much more impactful for our business if we can make our films, our shows, just a little bit better, so much more impactful than making them a little bit cheaper. Bela said this very clearly a couple of weeks ago, to all the talent agencies. We're not changing our compensation structure.

謝謝你。看，我們喜歡我們的模型，人才也喜歡我們的模型。如果我們能讓我們的電影、我們的節目變得更好一點，比讓它們更便宜一點，對我們的業務產生的影響要大得多。幾週前，貝拉向所有經紀公司明確表示了這一點。我們不會改變我們的薪酬結構。

Paying upfront, something that Netflix actually pioneered benefits creators, and it benefits Netflix. So for creators, Netflix takes all the financial risks so that they can focus on making the best possible version of what they're working on. And for Netflix, that model enables us to attract the best talent in the world.

Netflix 首創的預付費方式其實有利於創作者，也有利於 Netflix。因此，對於創作者來說，Netflix 承擔了所有的財務風險，以便他們能夠專注於製作他們正在製作的內容的最佳版本。對 Netflix 來說，這種模式使我們能夠吸引世界上最優秀的人才。

Now, with all that said, we have been and we continue to be, and we are open to more bespoke deals where talent is interested. Now, they rarely happen, because typically the talent chooses the upfront model. So we think that we have - the right model, and we are not looking to change it.

現在，話雖如此，我們過去是，而且將繼續是，並且我們對人才感興趣的更多客製化交易持開放態度。現在，這種情況很少發生，因為人才通常會選擇前期模型。所以我們認為我們擁有正確的模式，並且我們不打算改變它。

Thank you, Ted. I'll now move us along to the next topic, which is around pricing and plans. This one comes from Rich Greenfield of LightShed. And the question is, what is holding you back from raising price into one of the strongest content periods in recent memory, starting in late Q4 of this year and into 2025? Greg, did you want to take that one?

謝謝你，泰德。現在我將帶我們進入下一個主題，即定價和計劃。這個來自 LightShed 的 Rich Greenfield。問題是，是什麼阻礙您在近期記憶中最強勁的內容時期之一（從今年第四季末開始一直到 2025 年）提高價格？格雷格，你想拿那個嗎？

Sure. We're going to invite Rich to join our pricing committee. I think it's worth starting by just noting that our approach towards pricing, it's been remarkably consistent over many, many years. And our core theory is that we got to work really, really hard to make sure that we are delivering more value to members every quarter. And then we sort of assess, based on how that's going, metrics like engagement, like acquisition, retention.

當然。我們將邀請 Rich 加入我們的定價委員會。我認為值得首先指出的是，我們的定價方法多年來一直非常一致。我們的核心理論是，我們必須非常非常努力地工作，以確保我們每個季度都能為會員提供更多價值。然後我們根據進展評估參與度、獲取率、保留率等指標。

Did we do a good job there? How we actually delivered on that promise of more value? And when we do, then we occasionally ask members to pay a bit more, so we can invest that forward and keep that whole process going. So you've seen us do that, this past quarter in a couple of countries. We did it in Europe, in several countries. We did it in Scandinavia, we did in Japan.

我們在那裡做得好嗎？我們如何真正兌現更多價值的承諾？當我們這樣做時，我們偶爾會要求會員多付一點錢，這樣我們就可以向前投資並讓整個過程繼續下去。所以你已經看到我們上個季度在幾個國家/地區這樣做了。我們在歐洲的幾個國家做到了這一點。我們在斯堪的納維亞半島這樣做了，我們在日本也這樣做了。

I'd say those changes that we've done have been going well. The results have been in line with expectations. You saw in the letter that we announced that we're doing it in Spain, Italy as well. And of course, we'll continue to evaluate that. We'll look at those signals and we'll figure out where and when we think it's appropriate to ask those members to pay a little bit more as well.

我想說我們所做的這些改變進展順利。結果符合預期。你在信中看到我們宣布我們也在西班牙和義大利這樣做。當然，我們將繼續評估這一點。我們將研究這些訊號，並找出我們認為適當的地點和時間，要求這些會員多付一點錢。

And I would say, just stepping back, we look at the long-term monetization opportunity, and we feel that there's a tremendous amount of potential there. As long as we can continue to deliver on improving, the variety and quality of our TV and film slate. You've heard a lot about that, and what we're excited about over the next year to come, as well as expand our offering into new areas.

我想說的是，退一步來說，我們著眼於長期的貨幣化機會，我們認為那裡有巨大的潛力。只要我們能夠繼續改進電視和電影的多樣性和品質。您已經聽說過很多相關內容，以及我們對未來一年感到興奮的事情，以及將我們的產品擴展到新領域。

We've got the live events, Tyson Paul, Christmas Day, NFL, those should be exciting things. And then games. So if we do a good job there, then we feel like we can continue to keep that long-term monetization cycle flowing.

我們有現場活動，泰森保羅、聖誕節、NFL，這些應該是令人興奮的事情。然後是遊戲。因此，如果我們在這方面做得很好，那麼我們覺得我們可以繼續保持長期的貨幣化週期的流動。

Thanks Greg. From Robert Fishman of MoffettNathanson. You've increased prices for your non-ads plans, but have kept the ad tier at the same lower price, while other streaming services have been increasing prices on both. How do you think about the right spread, between the ad tier and the non-ad tiers?

謝謝格雷格。來自 MoffettNathanson 的羅伯特·菲什曼 (Robert Fishman)。您提高了非廣告計劃的價格，但將廣告層的價格保持在相同的較低價格，而其他串流媒體服務則一直在提高這兩個計劃的價格。您如何看待廣告圖層和非廣告層之間的正確分佈？

Yes, we try to think about our pricing mostly not in relationship to competitors, but from the value that we're delivering to members. So, we want to have a range of price points. We think that that's healthy. We want to have that range of price points, be able to deliver different features, for different consumers. While also making sure that, we're not adding too much complexity, or too much choice tax, which we think is a real thing.

是的，我們在考慮定價時主要考慮的不是與競爭對手的關係，而是我們為會員提供的價值。因此，我們希望有一個價格點範圍。我們認為這是健康的。我們希望擁有這樣的價格範圍，能夠為不同的消費者提供不同的功能。在確保這一點的同時，我們不會增加太多的複雜性，或太多的選擇稅，我們認為這是真的。

So and the other thing that I think is important to note here, is that our North Star through this process is optimizing long-term revenue rather than ARM. We look at a variety of signals, to sort of help assess how we're doing in that regard. An important one is the relative balance of sign-up mix across these various options. That's sort of an indicator of healthy offering.

因此，我認為在此需要注意的另一件事是，我們的北極星透過這個過程正在優化長期收入，而不是 ARM。我們會查看各種訊號，以幫助評估我們在這方面的表現。一個重要的因素是這些不同選項的註冊組合的相對平衡。這是健康產品的一個指標。

I think it's also important to say that, we love the low price point and increased accessibility that comes with our ad plan. If you take the US, just as an example, $6.99, I think it represents an incredible value. You get an amazing offering of TV shows, films, and games, two streams, HD plus downloads. That's an exciting part of that plan.

我認為同樣重要的是，我們喜歡我們的廣告計劃帶來的低價點和更高的可訪問性。如果你以美國為例，6.99 美元，我認為這是一個令人難以置信的價值。您可以獲得令人驚嘆的電視節目、電影和遊戲、兩種串流媒體、高清和下載。這是該計劃中令人興奮的部分。

So I'd say with all of that in mind, we'll continue to evaluate based on those factors. We'll continually try to offer consumers a spread of plan choices, the right features at the right price point, and evaluate that and evolve it based on what we think works.

因此，我想說，考慮到所有這些，我們將繼續根據這些因素進行評估。我們將持續嘗試為消費者提供多種計劃選擇、以合適的價格提供合適的功能，並根據我們認為有效的方案進行評估和改進。

Thanks, Greg. From Doug Anmuth of JPMorgan. He's asking about the phasing out of the Basic Plan across the UK, Canada, US, and France. Are there any sort of learnings you can share there? And any expectations to phase out Basic in other ad markets going forward?

謝謝，格雷格。來自摩根大通的道格安姆斯 (Doug Anmuth)。他詢問英國、加拿大、美國和法國逐步取消基本計畫的情況。您可以在那裡分享一些經驗教訓嗎？未來是否有在其他廣告市場逐步淘汰 Basic 的預期？

Yes. I think it's a good example of what I just mentioned before, how we sort of continue to evolve plans and pricing, thinking about expanding that range, especially the low end on our ads plan, but also keeping the number of choices manageable. And I think of this as that every plan has to earn its spot on the roster, right? It has to deliver enough value to consumers in that offering. Otherwise, it just sort of adds to the complexity and choice tax.

是的。我認為這是我之前提到的一個很好的例子，我們如何繼續發展計劃和定價，考慮擴大這個範圍，特別是我們廣告計劃的低端，但同時保持選擇數量的可控性。我認為每個計劃都必須在名冊上贏得一席之地，對嗎？它必須在該產品中為消費者提供足夠的價值。否則，它只會增加複雜性和選擇稅。

I think what we've done in this regard, is also a good example about how we generally try out changes, and judged by how consumers react, whether or not that change makes sense for the business. So I'll let our actions speak for themselves. The change has gone well in line with our expectations. We announced one more country. We'll do that in the letter, and then nothing more to say on it beyond that.

我認為我們在這方面所做的也是一個很好的例子，說明我們通常如何嘗試變革，並根據消費者的反應來判斷變革是否對業務有意義。所以我會讓我們的行動來說話。這項變化非常符合我們的預期。我們又宣布了一個國家。我們將在信中做到這一點，然後除此之外就沒有更多可說的了。

Thanks, Greg. Spence has been a bit quiet, so I'll now ask him a question from Ben Swinburne of Morgan Stanley on capital allocation. Spence, the company looks poised to generate tens of billions in free cash flow over the next several years. What are the possible uses of all this capital? Will you look to maintain a minimum net leverage level?

謝謝，格雷格。史賓塞有點安靜，所以我現在向他詢問摩根士丹利的本·斯溫伯恩（Ben Swinburne）關於資本配置的問題。在斯彭斯看來，該公司預計在未來幾年內產生數百億美元的自由現金流。所有這些資本的可能用途是什麼？您會希望維持最低淨槓桿水準嗎？

Sure, I'll get into it. I was actually just - I was quite reflecting on getting off the pricing committee so that Rich could get on it, but I think the team would welcome that. In terms of kind of future free cash flow, well that future of throwing off tens of billions of free cash flow that will be a great future. It would be a nice challenge to have. But no change to our capital allocation policy.

當然，我會參與其中。事實上，我只是在思考如何擺脫定價委員會，以便 Rich 能夠加入其中，但我認為團隊會對此表示歡迎。就未來的自由現金流而言，丟掉數百億自由現金流的未來將是一個美好的未來。這將是一個很好的挑戰。但我們的資本配置政策並沒有改變。

We prioritize profitable growth by reinvesting in our business, maintain ample liquidity, second priority. And then we return excess cash to shareholders beyond several billion dollars of minimum cash that we have on our balance sheet and then any that we use for selective M&A. But beyond that, we return to shareholders through share repurchase. We have made some tactical moves recently, consistent with our policy.

我們優先考慮透過對業務進行再投資來實現獲利成長，保持充足的流動性是第二要務。然後，我們向股東返還超出資產負債表上數十億美元最低現金的多餘現金，然後再用於選擇性併購。但除此之外，我們也透過股票回購來回報股東。我們最近採取了一些符合我們政策的戰術措施。

We upsized our revolver to $3 billion for additional liquidity if we need it on a rainy day. And we raised $1.8 billion of investment-grade debt earlier in the quarter to refinance upcoming '25 maturities. But no plans to increase leverage to buy back stock or to issue a dividend. We put a real premium on balance sheet flexibility. So in other words, to be clear, no minimum leverage targets.

我們將左輪手槍規模擴大到 30 億美元，以備不時之需，以提供額外的流動性。我們在本季稍早籌集了 18 億美元的投資等級債務，為即將到期的 25 年債務進行再融資。但沒有計劃增加槓桿來回購股票或發放股利。我們非常重視資產負債表的彈性。換句話說，需要明確的是，沒有最低槓桿目標。

Thank you, Spence. Now the next question comes from John Hodulik of UBS. It's regarding YouTube. Do you see YouTube's growing share of TV consumption as friend or foe? Is user-generated content via AI a threat to your business?

謝謝你，史賓塞。現在下一個問題來自瑞銀集團的約翰‧霍杜利克。這是關於 YouTube 的。您認為 YouTube 在電視消費中所佔份額的成長是朋友還是敵人？用戶透過人工智慧產生的內容會對您的業務構成威脅嗎？

Let me take AI. We'll take the second one first on the AI side. Lots of hype, good and bad, about how AI is going to impact or transform the entertainment industry. I think that the history has been that entertainment and technology have worked hand-in-hand throughout the history of time. And it's very important, I think, for creators to be very curious about what these new tools are and what they could do.

讓我來談談人工智慧。我們將首先討論人工智慧方面的第二個。關於人工智慧將如何影響或改變娛樂業，有很多炒作，無論好壞。我認為歷史上娛樂和科技在整個歷史中一直是攜手並進的。我認為，對於創作者來說，對這些新工具是什麼以及它們可以做什麼非常好奇，這一點非常重要。

But AI needs to pass a very important test. Actually, can it help make better shows and better films? That is the test and that's what they got to figure out. But I've said this before and I will say it again, we benefit greatly from improving the quality of the movies and the shows, much more so than we do from making them a little cheaper. So any tool that can go to enhance the quality, making them better is something that is going to, actually help the industry a great deal.

但人工智慧需要通過一個非常重要的測試。實際上，它可以幫助製作更好的節目和更好的電影嗎？這就是測試，這就是他們必須弄清楚的。但我之前已經說過，我會再說一遍，我們從提高電影和電視劇的品質中受益匪淺，比我們從降低電影和電視劇的價格中獲得的好處要多得多。因此，任何可以提高品質、使品質變得更好的工具實際上都會對行業有很大幫助。

When I look at YouTube specifically, I'd say look, we compete directly with YouTube for people's time, for the time they spend on that TV screen. But we have very different strengths. And we continue to invest in ambitious premium content to grow our share of engagement. We think that Netflix is the best place for premium stories, because we're the home to the best storytellers.

當我特別關注 YouTube 時，我會說，看，我們直接與 YouTube 競爭人們的時間，爭奪他們花在電視螢幕上的時間。但我們有非常不同的優勢。我們繼續投資於雄心勃勃的優質內容，以提高我們的參與度。我們認為 Netflix 是優質故事的最佳場所，因為我們是最優秀故事講述者的家園。

We have an enormous reach, 600 million watchers. We assume the financial risk when you're making your content. Our subscription model generates higher returns for creators. Those higher returns let them make more ambitious investments in their next projects. So Netflix and YouTube, while we do compete for that time, we're interestingly complementary as well.

我們擁有巨大的影響力，有 6 億觀眾。當您製作內容時，我們承擔財務風險。我們的訂閱模式為創作者帶來更高的回報。更高的回報讓他們能夠在下一個項目中進行更雄心勃勃的投資。因此，Netflix 和 YouTube 雖然我們確實在爭奪時間，但有趣的是，我們也具有互補性。

So we put up our trailers on YouTube and they get -- a lot of viewing, which is great because it drives a lot of viewing on Netflix. So we think among those advantages that we have here, is that streaming is the future. It's what consumers want. We give that to consumers. We give them choice and control. We have that enormous reach that we talked about.

因此，我們將預告片發佈到 YouTube 上，並獲得了大量觀看，這很棒，因為它帶動了 Netflix 上的大量觀看。因此，我們認為我們擁有的優勢之一是串流媒體是未來。這就是消費者想要的。我們將其提供給消費者。我們給他們選擇和控制權。我們擁有我們所談論的巨大影響力。

So you're looking at really incredible watching, incredible fandom. We continue to lead the industry in engagement. And the other investment we have is benefits for consumers because it brings a great deal of value for money. Creators get big audiences on both platforms. But when you look at it and say, how do you do all this and how do I get the best return?

所以你看到的是令人難以置信的觀看次數和令人難以置信的粉絲群。我們在參與度方面繼續引領業界。我們的另一項投資是為消費者帶來好處，因為它帶來了巨大的物有所值。創作者在這兩個平台上都獲得了大量觀眾。但當你看到它並說，你如何做到這一切以及我如何獲得最好的回報？

We like what we said. And we think it also brings great value to shareholders, because you get higher revenue and profit. Greg, do you want to jump in on either of those or both?

我們喜歡我們所說的。我們認為這也為股東帶來了巨大的價值，因為你可以獲得更高的收入和利潤。格雷格，你想加入其中一個還是兩者都參與？

Yes, maybe just to reiterate, I think the core message. I think that Netflix fulfils an important and different role, for both consumers who want these great movies and TV shows, but also for creators who want partners that can share in the risk that's, inherent to bring those stories to life. And if you think about some of the titles we'll launch this quarter, you mentioned a couple Squid Game, Outer Banks, Black Doves.

是的，也許只是重申我認為的核心訊息。我認為 Netflix 扮演著一個重要且不同的角色，無論是對於想要這些精彩電影和電視節目的消費者，還是對於希望合作夥伴能夠分擔將這些故事變為現實所固有的風險的創作者來說。如果您想到我們本季將推出的一些遊戲，您提到了 Squid Game、Outer Banks、Black Doves 等幾款遊戲。

You mentioned A Hundred Years of Solitude, Senna, both coming from Latin America, which are huge, ambitious projects. It's hard to imagine how those kind of big creative bets would be possible with YouTube's model. So while it's certainly a competitive environment, that's absolutely true.

你提到了《百年孤寂》和《賽納》，兩者都來自拉丁美洲，這是一個巨大而雄心勃勃的計畫。很難想像 YouTube 的模式如何能夠實現如此巨大的創意投入。因此，雖然這確實是一個競爭環境，但這絕對是事實。

But we feel our focus and our model, which is the best storytellers, ambitious premium storytelling, those work well for consumers and for creators while also generating significant operating margin for the business, too.

但我們覺得我們的重點和模式是最好的說故事者、雄心勃勃的優質說故事，這些對消費者和創作者來說都很有效，同時也為企業帶來了可觀的營業利潤。

Yes. And like we said last quarter as well, we are really focused on the 80% of watching that happens not on YouTube or Netflix yet. So we got a lot of -- we still got plenty of work to do.

是的。正如我們上季度所說，我們真正關注的是 80% 的觀看內容還不是在 YouTube 或 Netflix 上發生的。所以我們還有很多工作要做。

Thank you, Ted, and Greg. We have time for one last question, and this one comes from Michael Morris of Guggenheim. His question is Netflix doesn't need to bundle with other streaming services, but could there be an opportunity to leverage your industry-leading global member base, be it offering a bundle with a less scaled streamer, potentially one or more services with complementary content like live sports, and in exchange for a share of subscription economics, or advertising inventory?

謝謝你，泰德和格雷格。我們還有時間回答最後一個問題，這個問題來自古根漢的麥可莫里斯。他的問題是，Netflix 不需要與其他串流媒體服務捆綁，但是否有機會利用業界領先的全球會員基礎，無論是提供規模較小的串流媒體捆綁服務，還是可能提供一項或多項具有補充內容的服務例如體育直播，並換取訂閱經濟或廣告庫存的份額？

Yes. So look, we're seeing a lot of our competitors use bundles to find growth in their businesses, and I get that. It's a comfortable business model for legacy media companies. And kind of given the narrow scope of the libraries on these services, and the fairly limited engagement, it makes sense for them to kind of replicate some of the older media models, of kind of creating these bundles.

是的。所以看，我們看到很多競爭對手使用捆綁包來尋求業務成長，我明白了。對於傳統媒體公司來說，這是一種舒適的商業模式。考慮到圖書館在這些服務上的範圍很窄，而且參與度相當有限，他們複製一些舊的媒體模型，創建這些捆綁包是有意義的。

But what we're focused on, is adding more and more value to this package, amazing series, and films and now games at a remarkably low price, all in one place. We have first-run films. We have a variety of original series from all over the world that, are the most watched and the most talked-about shows. And you don't have to go anywhere else if you also want unscripted shows, and competition shows and great animated series and great animated films.

但我們關注的是，以非常低的價格為這個包、精彩的系列、電影和遊戲增加越來越多的價值，所有這些都在一個地方。我們有首映電影。我們有來自世界各地的各種原創劇集，這些節目是觀看次數最多和談論最多的節目。如果您還想觀看無劇本節目、競賽節目以及精彩的動畫系列片和精彩的動畫電影，那麼您不必去其他任何地方。

The best of stand-up comedy and increasingly, buzziest live events on TV, things like the Brady Roast or the Tyson-Paul Fighter, NFL football on Christmas Day or next year with the WWE. So, we are really betting on our ability to reach consumers, and our ability to continue to grow value of this package.

最好的單口喜劇和越來越多、最熱鬧的電視現場活動，例如布雷迪烤肉大賽或泰森-保羅拳擊賽、聖誕節的 NFL 橄欖球比賽或明年的 WWE。因此，我們確實押注於我們接觸消費者的能力，以及我們繼續增加該套餐價值的能力。

Yes, I think that's right. And it's worth noting that our share of viewership in even our biggest countries is still less than 10% of TV time. So we look at this as there's a huge opportunity to grow that share, by doing what Ted said, invest more in our slate, continue to improve the variety and quality of our offering. I think it's also worth noting that we've got a lot on our plate right now.

是的，我認為這是對的。值得注意的是，即使在我們最大的國家，我們的收視率仍然低於電視時間的 10%。因此，我們認為這是一個擴大份額的巨大機會，透過按照特德所說的去做，對我們的產品進行更多投資，繼續提高我們產品的品種和品質。我認為還值得注意的是，我們現在有很多事情要做。

We've got a lot of hard work building new capabilities. We're building ads, we're building games, we're building live. Those all expand that offering. They deliver more value to members. So we want to focus on building those capabilities. And before we're taking on anything new, let's take care of that.

我們在建立新功能方面付出了很多努力。我們正在製作廣告、正在製作遊戲、我們正在製作直播。這些都擴展了該產品。他們為會員提供更多價值。因此，我們希望專注於建立這些能力。在我們開始任何新的事情之前，讓我們先解決這個問題。

And I think, we believe strongly based on our history that if we can just keep focusing on that, be a little bit better every day at delivering more entertainment value to our members, we're going to have an incredible business. So let's stay focused there.

我認為，基於我們的歷史，我們堅信，如果我們能夠繼續專注於此，每天更好地為我們的會員提供更多娛樂價值，我們將擁有令人難以置信的業務。所以讓我們把注意力集中在那裡。

Great. Thank you, Ted and Greg and Spence for your answers on this call. Thank you, analysts, for your questions, and we thank all the listeners for tuning into our quarterly earnings call. And we look forward to speaking with you all next quarter. Thanks again.

偉大的。感謝特德、格雷格和斯彭斯在本次電話會議上的回覆。感謝分析師提出的問題，我們感謝所有聽眾收聽我們的季度財報電話會議。我們期待下個季度與大家交談。再次感謝。