Netflix (NFLX) 21 Apr 212021 Q1 Earnings call transcript

Good afternoon and welcome to the Netflix Q1 2021 Earnings Interview. I am Spencer Wang, VP of IR and Corporate Development.

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

Our interviewer this quarter is Nidhi Gupta from Fidelity.

As a reminder, we will be making forward-looking statements and actual results may vary. turn to me first for let question. that, it Nidhi over her With

you me. as the for with Spencer. this great all Thanks, Thank be to having the It’s thank on all for us over with you you Great for work all you great journey years. been shareholders. and be to

came XX you were in Any adds big QX really So let’s jump just a and net expectations with your additional on The right year below comping caused million with below that, this expectations. adds. this? quarter in. can Obviously, you Street’s what net last the provide color

Hey, see Nidhi, this can it. take will I it’s guess I you one first. Hopefully, Spence.

our it end. QX look, terms like of boils in really But it maybe little So, looks on it’s so performance, to a frozen COVID down frankly. frozen, it’s just

events at had trends a to know, COVID choppiness us, for that on you big As of in business. impact some just we in continue big of extraordinary world some on our business have kind the short-term impact a creates the of minimum, And the world. see have a the

paid launches and have end been title ramping back of year, the this into year it this And our global this in in much at adds of So but forward push of scale last XX production, which safely subscriber the in key net shutdown we XXXX. million into in additions, and – of year. had pull in did also some terms had nearly through near XXXX back particular, huge we a we kind

obviously quarterly us in some does noise. a of typical combination hard It’s kind this and super in particularly things the for environment. So, to subscribers hard quarter two forecast of create those

kind it’s forecast, biggest of of down, a Page on because are most and guide in past whether ever you our for forecast, the bigger And to or to miss It’s our past the which our In see, the years just we matter smaller forecast letter, these quarter. relative every subscribers. or going that our internal show over And of forecast our to COVID. misses. can to – misses are five was X is earnings actuals misses years, we fact, our of quarters relative those and X big in the either biggest quarters five up past of X the they

a healthy. forecast business. remains just it’s But key difficult So the time to is the the business

year-over-year engagement, Our our up per was household in QX. viewing

down was churn and is business year-over-year Our growing. the still

adds X COVID net you over XXX out have So, at to the about now. million members take X grown years look even paid X kind of ago at million and XXX if past million years, almost we from

and just line which X that’s years. the couple under in So of of nearly past about growth is an XX% each years, those over average XX% over with

So, and do but as in the to linear because streaming long-term you remains little noise entertainment remains But long-term business big a the from the priority. that of as healthy ever. that’s healthy of lot transition near-term, drivers kind and see this

That’s you. Thank helpful.

where Linear for we us with been is have just with XX what with in right there see years the always we we are Prime gives And been a It’s as those then Amazon And it’s little are silk of competitors I of regions at launched confidence a regions, just really XX which growing too. competition, relative intensely difference years. new very now. are our sure has Hulu we looking not XX cost competing competitive, had different growth been. Nidhi, it it’s that all launched. not in wait but second, wobbly competition. competitive a can’t years, for always are look are we those we because where well, – course, obviously, new data, lot smooth wondering And we and any mean, is through TV,

change can no the So that environment. competitive we high. real detect there high It’s in is and always remains been

was your QX and in announce in some and did down encouraging year-over-year actually markets. it’s price increases churn hear you Well, a to that QX few

So, maybe sort base the price how these well environment? increases or of just of about subscriber in talk the current is

Sure. Greg, go to do you want first?

Yes.

the So invest seen last the and we diversity years, variety which our are the quality in we we that that of world. are great the if do program, around country X similar which what in every seeing stories to wisely truck assiduously team very is have results we the and over increase Ted’s is and

easy in it that better also stores. those with invest product to make experiences and We connect more delightful

well, We and delivering that are just do a back them occasionally little our more that can going. to then we members. go to positive keep If ask bit to we cycle more pay value

incredible reiterate having out to think amazing to an offerings want so And that, just said competitive broadly. value entertainment the and our to still that want compared we I competitors remain we value. We are there are an

So we improve and on continue service, that people planet that through the want make accessible in that to we and got we mind the more process. even sure as are to we to more

And the Great. all what side. I we the just what specifically numbers of is would in in on Nidhi, see churn add only Greg with said just that just I terms thing the to very agree

below where levels of come some haven’t most actually way are in the newer the rapidly in adjusted they but getting pre-price back and already have and is we churn just all the U.S. markets ones Our there. the prices down, of change and

subscriber sort in is what but seeing in reopened you if are basis into you and sort Can that? of open markets you of there that great. expecting terms little versus your thinking world how less do more what about open bit That’s would a you anything you you talk the window about of are that growth as give a this, are

them the now countries real are tragically, many fortunately, Well, many closed we countries right over of in and now. right Nidhi, that have crisis, and have one not opened year got the U.S.

of growth since But a got point. U.S. that didn’t the then, lot large Christmas, and which every material there have any evidence opening surge viewing. the on initial COVID, was effect. of and over And in closing, really generate we including was quite So noticeable subscriber

don’t again, about intense I openings is there effect we unfortunately. are have been notice surges, because pretty closings any and material in future countries, to we think going So, through many

forward, that, And the is to question the similar latter year. saw half some into related a some soft Yes. it’s guess seasonally And I big a very what’s the Nidhi, what of still through to QX those bit we pull specific it’s titles is period only of working slate QX also, of in add of in I point the that through your thing would QX Reed’s to in on still working terms us. to the of reflected of for to pushed guide,

of trends. year start the strength out that that So, news to healthy and metrics we big clear those launch those of are the come good But forward, is are reacceleration core a and back catalyst to titles there of about the and all is very long-term slates of the as so pull towards playing underlying and good end into feeling it. this growth that

well really pull forward know Do you XX and when like subscribers it’s hard add over encapsulate that you to might are thinking of up QX shape of feel the expecting? maybe as behind how forward just million are course forecast about sort us? you But half year. the the QX additional second of last I the you how content with the some as pull quarters two

want forward. me to guys You take it? Go

out, and normally in X, that – week that week of the we one programming our love things out, shape keep that in to year years say And what is day of the to is have mind just year in determined I and members advance. of and do out gets day in kind value. X sometimes in we deliver and

have Rock much popular big some as little Notice shows most the half year go the have this So, you production and certainly Hemsworth, in we Witcher with movies projects and a we where market of our first delays of Gal of of out the planning got state in Reynolds QX, slower COVID from back event the to I a projects a year these get we Ryan of is had in tentpole and like to cycles. going the you of Spiderhead You And post-production that had got did back a come and than the steadier as the like we kind and smooth Gadot and high-profile content. production. Escape hoped, things. are pushed well some smaller lot passion cycles, get the will release we guess of earlier because hoped and to in The think High and all part what & with And Chris projects returning big happened, seasons delays came you Red pretty into those of Corporate And to

in a of uncertain uncertain. that said, of I And being more the every than little that think are the all shape content in of and quarter content is of in the we this impacts released long-term more years in we the a just timeframe in the mix year. shutdown half region the – previous the the Now become previous little in becoming is also quarter did then more first the of every quarter-by-quarter year, COVID

up have picture, Great. to Well, you the I big would love about quarter I to the shift now enough. that beaten

subscribers million the world. XXX So you at around are over

You years content into are X your strategy. original

you key ever you, be talk and see seem to And largest as maybe did see. to you coexisting we backdrop, years years them, to you are X you that. priorities can notice. the X really you view well next We self-funding, Maybe start possibly the with in just direct that just Reed. XXXX might You with about really for with competitor thank

was Probably TV. your TV time for Linear but our largest reference competitor is to viewing Disney,

And second mouth of of than drives time. our of considerably have which is is viewing that sort that growth. which Our in the focused middle we things considerably the is pack. word on, member but But YouTube, what terms it’s are we always in same retention, drives Netflix Disney we largest the is in on, our satisfaction, larger focus smaller, of

learning best those can you the just find more of we with, X on the it’s drives can the and are growth. more talk then quarter-by-quarter, for lessons is where each just we of compelling. So, that recommended the ultimately, the that is you we connect that which even story what what are stories which member things you about can our content improve are satisfaction, choosing, we where improves really have And incredibly where

in I companies well. of proud am say the how have would is, the been mind to world. as that content keep great think have Hollywood over we at really one I the And around exporting things years, I of media And done

from these from And in from coming reaching we world movies So, the from look we well audiences seasons have the Gift world, continuing like a done, we was from coming which content world. the this great world those offer up, hit stories it this as and French tell Elite one Spain, our enormous was all And Netflix they the what’s years It like was the million on like of is, with stories of was variety to play with the content world really are of because around been thing that new has as it over as DuPont local that are over you XXX been to over been that’s DuPont the the French really on the But we very couple a year, the the the about that Hollywood Waterdown series got popular creating was really Legacy the big to shows really of that have focused Japan, a Those Director show. the show. us, And show storytelling. quarter for an from But Propel as our all more anywhere skills not more authenticity the the Turkey. France. in are, been those very well. Bridgerton the likely Naked And thing great on biggest really as to the from in saw and authentically world have has from it world playing around all something sharpened over starters world. recognize last around world. have about like they new people is enormous

big really keep this do are scale and something the to at to the ability incredibly of, global those will over our world next able that to So proud a working be bring of is on around couple and audience stories years. we we

the our of generally companion increasingly I making our there. am it sure is sort that to around business the them about from what a with excited around that and I world. it also They that it’s audiences into in, it and have the in signed sure and And the and jump up in members service. have and right piece what present more actually have members they being them of the the more haven’t more present storytelling for natural of and to will make super to amazing able them. sort how diversity the we so country and payment world job planet. they story that find they to pick of what method, get all think from And constraints to that pay them aspect up, having are working understanding through. about a consumers unique to countries. that are just of in are the consumers’ of from they regardless we needs Whether and stories connect language we more unique that our a needs And up way feels service those expectations and way feels from is plenty to across what that are more learn what the about have we service, exists that of it or but sign content offer to the to to the comes – hoops through allows don’t the that realize that’s delightful

Yes.

is I is excited from much production, from our to us markets. about just mean add. the entertainment we it’s and our decision-making DVD, original velocity than little well, I global TV but just over bit in and future. this is, think content and it’s streaming less mail focus transition hit everyone to about to view XX-plus to streaming the I are share giant we super helped Nidhi, letter and where talked try the business from U.S. sitting here get streaming there by pretty years I entertainment is, served and we only our how last to of has now it, has biggest transitioned and licensed will what’s still are even in just a the our And XX%

is and there big So, a focused of getting runway growth if we just keep long stay better.

operational we continually getting the improving get excellence, a that just opportunity to velocity kind keep as And excellence maintaining – and our so love larger I creative I speed better, of company. as our and just even

standpoint. Ted sure finance support as side, standpoint. are broader on business allocating from my doing to And it as But make main a we well that on support, doing supporting you why what sure In from just that say the finance finance all are IR the strategic you is role, as make making units side, continue as expense what just Nidhi, I to I other and wisely would and sure happy my other shareholders. job we is understand are our think to then capital and that the and a continue we means are Greg possible

Great.

to So been congratulations. dig with love success you. a an feat. has deeper incredible little Oscar I Ted, bit Netflix, a for That’s would nominations, recent XX Bill

long-term, So, is, my think the can what and primary over films question to people or take it consume it that you if achieve? does do that dominant so, be way the

changing be to way audience a what the view of we And films films. dominant, of the that know really are it’s This kind make is people people way is films. where we not don’t for continually about I say the find we going but watch going. would I material way kind is

gone home, new in and cases, films, the many their can convenience timetable the theater the a you their of to of things watching comfort to are really they of they have but where they a the see of great out be of And enormous the in film enjoy scope in film. theater. it see, to competitive could kind certainly So the would kind

we also flavor that XX the these success, this different large-scale do the that can Oscar Oscar super same of. But at are proud of fact Most super being that the mentioned we for one You the that’s is are the of very certainly love action incredibly level which and movies theater. world year, had around that audiences films within produced exciting. we filmmaking nomination

more I home. So, meaningful of continue that, be more viewers that as think the to in do to how that’s percentage of see what or and that’s out going to the films to they

high to Do IMDb, successful different getting or film years, remote I look of really the have been a of you same kind over most share shows Google. So achieve to that fundamentally of at shows high do at you watched have shows, on top in search sounds? level TV share anything whether

just dissimilar diverse Yes. not people that have It’s and very taste.

to in. you kind So, of try to own really want

with kind and out you you you of your whoever always in. favorite favorite have are to We film, your set do are whatever show, are, mood wherever

So, that’s teams of why shelf media results companies, have I have those each why we focus where And had It’s are Tiger you unusual being do. specialized have a man we think go kind thing out that the you sitting but talking to things of angles. on on best-in-class most so very that different many from that’s very for about. we next of the King they those of how

more. think we would say want too, I And to would need Nidhi, we to spend

each kids, their in are goes we spend their experience when these and And have really the And we own of that more progressing So budget film. a series that series hits, on getting also right grows. are on curve about and what in film, lot we own animation, longer. at. what dialed also curve big have then grow And experience total it’s than the will also now but we more doing as been

deal, your more you? about Sony more the achieve Can is what for and get rationale doesn’t the it you – any I share specifically, what that details does the what for original guess you deal

what’s really to the an are incredible films Sony’s Yes. be development really IP That’s it’s from that opportunity, part that other exciting Netflix. slate domestic I subscribers we in – our a their over we our I that IP And in Pay Well, library prior about going years. several deals have it it’s over people we years. output to a next adds great producing access as but and global that, wouldn’t otherwise for taste, for X are complements strategy – part last deal is original the compete to deal that’s is well. thing, The programming years, with original also think we like that have. domestic said, and complements of big global think X and it’s And great this it. growing think have only great. that, through films over and do I And output the doesn’t to been adds There for X had diverse of their film

switching Greg, Great. gears to pricing.

the around U.S. is of in $X India pay, terms a the then range has is pay in you households But probably willing the there really years. that to pay price willingness that world month. in in And are than more reality households widened the Your $XX month. over can’t to a you

of different you price pay across these the over the assuming world, FXs So, sort revenue willingness do think points? distribution long-term can look your like around will to you what that match

spread has that, been I and of that out, think pointed Well, part wider as story. our growing you that’s

of a gigantic mobile at watching are types find with And and right kind plan their have some on TVs to set folks are the phones. trying home, really folks we folks know of some are features. – We

an the folks Some approaching are as service individual.

family. Some a folks approaching as are

is different there so needs out just many So there.

really we an making are we that. wide we at see we inevitably are right are try going at to feature to accessibility. sets important really means And And going to really price expansion folks. how an the that of broaden sort And that continually is those so that of that know that, do group that of of looking and match points we part sure

the service So, world’s for how to amazing stories that are we able price enjoy low the points to creating. and of population do more to bring that access be kind that the of in are more we enough

price countries have of with that You Asia. for us That plan, features we balance do example, out in seen rolling mobile and of find points. good sort a in several the

We which to the trajectory of is think our breadth a are of have with one price more offerings But going widening seen, broad that and and points of do more that. just you is associated I the the them.

– pretty investment ramped has Related in to significantly. your content Asia that, investment up

global series like Asia, to think of content I confidence Obviously, quarter, $XXX this million Korea, am and announced market invest teams? particularly giving curious the and what’s in to which sort pay below ramp. you I anime aggressively GDP is a premium for films Japanese India. willingness in XX in continues this new in you still share to India, of

Well, for. product is think fit – it’s remember, what we looking are the I market always

Now service we and the launching bit and original international the it with it’s as territories started are local local language no a trial out. in in now rolled investments to the in consumers And success more programming closer of to-date programming it. and of value markets. fit we and product And of producing Japan been territories India has with mature that the each have of we in we producers. the gets confidence closer love of error market Remember, beginning our have a And way us in that I in do world. the and Korea that our investment are corners and than most in think it at we

really attractive. desire. And I been we seen So, has Japanese to play the fact global really have of around in is originals each as we and they bring be creators global region our And well their occasionally, as the those and the they in audience could anime can and in very a very, that interest – Korean well country. do like think our what that in territories

France, guys rich you And, big like like Nidhi, Korea market. we and have it’s about developed had success to enough it for or a think Germany in South Japan

we out. still have figuring We are India, that wired. things got

takes every guts think investments are some a we content forward-looking. And and like better month investment just should really belief and But it. other little the exports of, on you rich European so countries well that getting just

Yes. as the of are And quarter the and – revenue the Nidhi I And and growth third clearly The we regional about you a because that member in Australia, – engagement of occasionally appreciating as and member. I we in happened in can this improve as we also are of delivering New kind average just we numbers Japan. up, numbers. is also to our what that released mentioned. of still growth, service we take as them. as And what and APAC healthy value per churn too was will the Greg including the can down, add members is that, see increases, on Zealand think that’s recently kind revenue part price are our region And

So, the business is scaling, scaling well.

helpful. That’s Yes.

able that the in these Reed, incomes ARPU work? will the market, eventually, play but long-term, or that will kind just or So math low rise the high-volume new to will is of ARPU be will sort is belief strategy and rise is the it over it markets, wear gut when comes kind these lower of to – ARPUs you or of

I that, still learning. are on think we

mostly done and we talk would India that I broader experiments getting Greg getting about. still fit have a are content We in content. pricing on say some And focused can

was did are that. speculative we investment say, But or we on hump again, which speculative than, So Korea say the I over those, okay. ago a when got is years Japan, have that’s why – one very would we more X that

still have of like really terrible in you producing We want this Jio content been COVID a that’s talk got new down. are to do lot or now, spike. again, great a we’re match. right any the that? we month, shut And we’ve outside of India, on super working are But great of exciting. and that, about things Greg, And currently

the many, there, And how yet we recognize learn of going next Yes. know a don’t to maybe to much many we’re we things years. Nidhi, over compared couple that – it a lot

job And push try and be so our innovative is really to an and experiment.

and in But on the and there terms successful us as whether seen to they at offering. quite demographic a a something then that low-cost so ranges also is us we well. that successful with bring course, service of existing pay. And have the to great we’ve and is expose and the a much price the it serve we’ve as to new more sachet the is consumers low ultimate to with to make service for plans really sort for that pretty to associated included are of is as that the easy markets then of of that world partner and well And Jio been pay sort the go-to-market multi-month like or of, relationships model have explore easy IPTV been them offering pushing more of of leveraging example mobile them who very offerings and actual very, the as a kind is around bundled all have doing with we’ve a of partners working way it’s just that home-based those been plans. And Netflix

push for trying that to engines those just in the on really constantly out. figure price right and consumers. the it’s the What way right is offering and right different So local all that point, members works

we’ve continue to results in I’d think challenge. tremendous to it. a opportunity just community we I we world worth as that opportunities. it’s investing and we’re think opportunity. seen offers India the other why we to with the a ahead like it’s learn and great more trying that’s And think more. those tremendous long it’s creative And places And audiences. kind add of journey, it. I for and that more It’s all And early of stay and connect will And in is the see be a Netflix able just a to enormous

and a a screws time of on Great. you in now why keep think content, consumer the maybe Can limiting sharing. that? to right run here, big Indian account talk tests I comment. some the Greg, so tightening you’ve start on started to about the Well, the U.S. I’m your kind the of ask size just of opportunity is and certain markets,

Yes.

members First us as providing And really we price the points our sure that approach the with features to we make right of all, entertainment needs positions set broad have again, recognize that of service. an different they meet we’re to needs. are different in from the are plans right sort that and those of flexible seeking

So going that. keep to we’re doing

a to that, want of on serve. that at accessibility that, we’re also we people We’re accessing the that Netflix about. of while. good do that’s necessarily of who the making all it not to that to across that this working countries are so. account thing. using testing line keep we been sort going a are is doing on ones authorized who And ensure we’re We’ve But new this doing a while working what are the for are sure that It’s

here it that there it’s up different ways, use. same but the see we may pop sort in framework of and You

inform the make think and iteratively the continuously I just test continually you’re use try we guide work. and so improving and better familiar and sort the which how that how We with and much results and of tests better. think we service, to of proceed about is we

kind has doing think said. makes roll consumers that of it. with many about the never would research It’s something feels test way they it to on And to feel to that And, Greg but Nidhi, that of will turning you we lot how been variants harmonize understand. a consumers as like the things, screws out try great got like we sense

subscriber Are user ratio or there was any markets high? the the particularly to particular where subscriber

the themselves different different, orient I just different think different from service of every see and is And is – market, every country. to how we people behavior. country I ranges to country think so

think is just that – I telling. that they So did want more working so how than natural or about forth, it’s they of how maybe sort connect with they the system we’re a an sharing about to they with stories love of they are or part think family service the extended how people how the

as might So too, well and the it’s within you it’s planet, countries, around expect. all different different

is more is pay the the of do account bigger it a [indiscernible] long the through start very revenue in people bigger the of like everyone opportunity XX think to sharing If revenue years gap takes kind limiting you sort this were closing however getting or which there opportunity to you is a your some close getting gap? or [indiscernible], more over pay could of that to that over long-term,

going exploration. I case of a we informing of we iterative most sort experiment the I figure What in right place way say really to the we approach. do optimal would a know is sort path members plan types, that revenue I models, way. opportunity, really is trying the a think say for the this what’s that it’s to land them serve would natural when is price the opportunity out best the And to innovation we’re and investigational right right to the – points, is work our down often That’s the do out priority. trying the our don’t our and optimal really figure as what of of then features why business

So unfold letting ideal mostly really members letting the and it’s process us to speak our for them. model what’s about that

gears Spence sense. That makes pushing you. to Great.

the fee balance cash. with more doesn’t fun your is, ask keep will all me can up that do excess night Now I anymore, you question, which much

You’ve of at the talk think of just the about great And to you billion do of over how orders is and particular been buyback. see. Maybe couple just which about years? payments philosophy $X next sort this

Nidhi. Sure, Yes.

corner. the we the as So that said We think corner we’ve flow of We know we’ve now, turned story. the that in last in letters turned cash couple we’ve on letter

be free and cash growing breakeven So sustainably thereafter. flow we expect year flow positive and then cash this about to

of And to bunch on balance a cash the and don’t sheet. excess intend so we up build –

a billion a level, maintain a in debt will We level gross debt down about $XX to million, $XX billion range. QX. in we principal in So paid $XXX

invest sheet for of also debt the us maintains prior are we balance then, one cash steward growth So Because a our to our down that is strategically return to to a excess foremost, business, our into responsible but the first of the share come shareholders. value but to flexibility priority and in of continue be And think level course, strategic. to is did a number of we way return quarter. that shareholders buybacks capital, to – from gross way

on of program. of a cash that you’ll maintaining goal months is And kind of X still our sheet. we’re share ease the So buyback into us revenue about balance see

this start it will So quarter.

I kind you’ll we $X share to authorized into will going I As And think repurchase, ease up us said, of this the program it. see and we’re billion of get year.

led but Great. to look thing, to has when you just very remember which Reed, XX in XXX But me you’ve call recently next a long high subscribers be remained like success lot million for is the incredibly the importance which a of you continue thing, Netflix. penetration. of million a a XX which I year, to of main the years. time, successful you’ll main well obviously years, adding, feels be focused XX the I years, the level over forward over keeping at telling it, subscribers realize I if

backdrop, continuing important how the business guess return. have let I it So to that focusing a sort of on versus to is second capital and with app mature

multibillion Facebook and are a those properties Internet Well, only and and YouTube the growing. is

So where those you going so we’re that hungry forward, going be referred there numbers to to to too. super get from to, fortunate we double to

China, So million households. think television of pay I XXX about peaked outside

that was it room, to years that grow. room peaked lots lots So several of ago and of

define We to And do We the thing. to So that. think about main like used stuck expand, DVDs. want thing. as main so entertainment didn’t it shipping thing we the get we that that is as didn’t with do define we luckily,

kids the into we and original us expanded they then series so then And into content. animation first, – and films it And unscripted. was expanded had and and original

we’re by adding And so bit category. bit,

will that. of we different continue to terms work of a of got production. entertainment do do terms of we’ve to of So lot work global A types that in in lot

very be service a shopping. second profit to category. bet by pool. I doing our and for don’t hopefully, the I end one, continue will improve sense members there think So Amazon then we with up like in act defensible the mean gigantic, you that in And hopefully, AWS that by expanding

the wouldn’t profits. support big I of profitable pool be bunch pools of can supporting for There’ll large title be consumer that So any like can brands. look secondary and both products a

an one. that’s obvious So

we And, questions. have last time Nidhi, for two

Great.

on just a came obviously ways or extension mean, often people up as as gaming to And still [indiscernible] you that within follow a sort category, That’s Netflix entertainment view gaming that that, kind from the natural tile what in is world? to you. I and of way of is there adjacency untrue the mentioned. do So for through or

Bandersnatch in we’re some basic and have we talk of because kind now interactive maybe things. But we a gaming there. Exactly. ways then very have and In Spence, Greg, little

some interactive Reed continues I’ll in I what And ties probably to in and that kind we’ve products. it Greg the would of dabbled mean, licensing kind it go. let as on our consumer learn. you through Well, well as said. mostly of what I merchandising of a just to say we’re business programming side already

so it’s been And has been far, good learning learning’s.

learn how with to want played we it’s if I happy And to hopefully, continue We’re from that? know, you Greg, to out. But kind of don’t here. add

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