Netflix (NFLX) 21 Jan 252024 Q4 Earnings call transcript

Company Profile

Participants

Spencer Wang	executive
Theodore Sarandos	executive
Gregory Peters	executive
Spencer Neumann	executive

Call transcript

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Spencer Wang

Good afternoon, and welcome to the Netflix Q4 2024 Earnings Interview. I'm Spencer Wang, Vice President of Finance, IR and Corporate Development.

Joining me today are Co-CEO, Ted Sarandos and Greg Peters; and CFO, Spence Neumann.

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

We will now take questions submitted by the analyst community.

Spencer Wang

with Research. question begin of Dan will Street New we our from first Salmon And given need any asks, If on and L.A.-based Dan this the owing so, crews, of and productions content quantify has cast can well-being year's you there the the cash been to disruption please your to to wildfires? ensure impact safety spending?

Theodore Sarandos

Dan. Thanks a lot, and thanks,

lot this Let a really a by for California. Southern saying is of start in me time people difficult

were around deeply our the very in industry, day. Altadena, folks employees, below line the fires. of including people above Malibu with by many And single the impacted our who hardest these So these fires, Pacific are areas work hit we populated every and the heavily areas Palisades, with

can the with getting help meaningful doing and So people's directly, relief back work. To lives. we of we're folks impact those the very meaningful in your everything delivery projects in we're no the to 'XX, disruption question can but who cash meaningful no to in and delays to

our loss this through this. everything really fires, safely, the in folks tough cases, of now mindful of with of and life to on need been the including, keep goal time is be who the work and starting years, COVID, some schedule industry through So has home. But strikes, of to challenges into couple a going

to direct deliverable, here. make cash These are to these the really we want still extremely delay But that right that nothing and in XXXX try sure our heroes important on to are it's real try responders stay meaningful. question, first to are impact grateful who So we I safe. not now. and jobs flames that no add firefighters to answer definitely But anything your or the fighting

Spencer Wang

Paul the to subscriber that I Day We'll in came guess, how post normal take the And versus retention, from XX Christmas question Is football Day levels? of million the next the Oppenheimer. additions assume Christmas the the and most Ted. games? post-holiday it of Jake Jason was our from or Helfstein fair upside games attrition Thanks,

Gregory Peters

no. regions. entire Short level, broad all acquisition seen it to a At throughout We've across strength majority question no Yes. And seen the seen content across our across that as we've engagement. categories, of single the answer really we've history, year. our title or consistently drives is high

in X, in one We incredible an an even games. titles had all huge quarter NFL fight, biggest events, are So amazing of successful we we had where very events we Season X Squid X Game about. series ever and our live TV had thrilled that

a Our by those minority estimates combined represent in for total quarter. adds driven member our small titles acquisition subscriber of the

really quarter. half majority the portfolio Ted, globally. that our up driven pick adds service vast want last whole that? our were by of to that the net So The saw And delivered maybe upside for that's it's this slate we working the broad of in our you

Theodore Sarandos

And we business across variety genres. focus year having members. our across We Yes, really really some a around very built that. just on regions, of color of and programming strong have that round quality countries, slate the for across putting

Six like they in games. And and a encouraging of for big been for things Black folks we're and new all really special. games, titles. and look what's and and come comedy after other and for who weeks who've after lot most retention Carry-On behavior really for Triple the well the all events those some our All continue the is folks in some in for and folks fight fight stuck in the and to folks in So come the for in those the Eight Game for quarter that came new that thrilled of days Squid the but Doves those did came for performed around

very swings growth I big meaningfully, product, would advertising. to the All working to that be all everything well year. we across teams, the has that to to revenue just so those execution pricing throughout really and the great these throughout be the it's the things working, add And quarter, marketing, in that got into board able quarter but have the worked the strong translate saw and have well, the be

Spencer Wang

and Greg. Ted Thanks,

best stronger. probably is The hedge the think your last is movements, can dollar best you. question you currency has next dollar U.S. strengthened tend Wells the and of Spence, ways net Fargo, impact to this of Steven underperform results, the are you you from Cahall and Our do XXXX? margin handled that estimate your from And targets you'll is since by What what FX successfully hedging? volatility when in out to said

Spencer Neumann

Sure, Spencer. will one. that I take

of XX% roughly dollar that to is So try at amount, non-U.S. we way XX-month XX% it in look, the hedge roughly And rolling on forward our basis. currencies. we look of revenue think is as it a of

So stress view medium-term that as at short- of a best. solution I to hedging want to we sort

manage focus natural can, and cost pricing we of underlying been plus over structure to results where has the operating hedges Our always time. through the company

FX, can to program the big we near-term both avoid so the our and for the hedge short appropriately moves, and a long So invest swings business to short-term that program price smooth just volatility term. really the of FX the averaging reduce is impact from

Spencer Wang

advertising next hurdles The quickly for base almost Thanks, XXXX? and BMO Capital. Spence. and What tech Brian are monetization advertising year. ramping been has a biggest of in is question The Pitz growing your from user ad perhaps your for comes learnings

Gregory Peters

First goals, which to get in enjoy sufficient people most of got popular. the for have been it to accessibility. we It's proving our ads is point that scale. a more That's us growing That offer ads ads priority consumers. and we've It allows to that that up because choice, our we've and goals, price driving range our successful lower we that sign offer. be good that ads to plan also reason obviously foremost, can to entertainment a means we love primary in first had were more

seen across plan this quarters of of increase the of quarter. ads significant growth ads top membership XX% top sign-ups that. the plan quarter last quarter-over-quarter We've ads on countries. So represented our on before, That XX% about before was those XX% over on QX,

as remains So seen members you since Maybe launch, which point out, we've the more about. about those engagement significant excited of that we're excited the growth ads even healthy. fact

plan view country, plan excited which member that to marker ads is on about. engagement really our a non-ads our on we're ads hours in good So similar standard per the is

advertisers our that that increasingly, means done been And attention for scale work, monetization growing of the So that making would progress able next several years, going in increase years I the This 'XX. more part inventory. to to we've say, remain shift map priority the focus, already. more better we're after advertisers to we've come our making to and to on is offering a of meet of goals solid our likely for at least of that. But for our road

last For get. exceeded our ads revenue in We've year-over-year we milestone an ads example, target revenue to our was QX, doubled year. which exciting

this for we're that but sure, mentioned double hurdles sense see of we're so other it We don't a work. of as considerable solid that slope growth question we work in specific give making There we you think just expect than monetization progress. the that the on. of the year of again And us you doing is broadly, should this to ahead

we've So revenue. relatively And think significant continue confident straightforward. to is we that runway path our we're got to a grow

Spencer Wang

tools of Reif question have a move the advertising follow-up And have Ehrlich phase? need you scale you do from advertising, Jessica tech significantly walk on Great. and up Bank crawl the from to to America. On we of and all

Gregory Peters

Yes.

activation to transition quickly A that in is And that big our and ads using ad is as testing, XX XXXX initial I of standing course, prepare buyer rest the have ads of part April. the more across that of our with in well. in advertisers, seeing starting think the ways stack. transacting crawl Canada we just growth overall that's of We're drive the We in already fewer you that Netflix. And those the is then to walk. of server benefits to from And done can more experience. U.S. just the say we're meant biggest impact enabling own up flexibility, buying revenue our hurdles, roll out learning XXXX the launched of own for with to year us the we is benefit we offer ease of and increased sales in that countries, we're Canada. improving that

they So that's exciting us to from improves them first-party the capabilities around ad deliver really over critical tech then time, it. more hear advertisers that our we allows optimism need. platform that to And and

more sources, programmatic availability. leveraging targeting, more talking measurement, studies. reporting, enhanced data We're incrementality So more more we're more

higher advertiser-facing our futures. But those So stack members. experience benefit it enables tech creates all features, the big other own a for quality is our being on advertising just

it That's So them. It's everybody good It's good for good ecosystem us. good increases essentially. for It's the advertisers. relevance. in for for

ad to earn I several to us. of just and Just straightforward, so places. And of you've other over and spend. map while for a to billion got at a feel We're ahead grow mentioned as least many is years we've The confident in of continue before, in work, innovation road do we piece got building many that years we revenue iterative the clear. reiterate, at and next seen CTV we've can pace the $XX as committed path advertising fairly tons we're is growing of solid us

Spencer Wang

Greg. now from analysts. couple I'll Awesome. questions content-related a Thanks, of shift to

for He Swinburne Or Morgan more for first season full NFL you games Netflix? viewing rights sports The Ben Stanley. interested unattractive is as numbers Ted, the from rights sports of still see generally season do full in asks for leave the do strong Netflix? you

Theodore Sarandos

The for shows audience set Super Well, those XX which the in-season with NFL for streamed million. there And also phenomenal. XX were million minute the It's and future me they are games NFL a the halftime and start let games very viewing games, Bowl. average games bar X ever. Beyoncé even are of high most the for

viewing. thrilled are constantly live it. All is and programming, trying said, So sports our and of with those to thrilled really the being those we're is everything things about We're one events with we broaden live of that events. part

sports underlying say, do it being League but really look -- I this doesn't of and when full-season extremely fantastic thing, at is a the challenging. we So this Big really change economics but

where explore. believe there that events live part was very both us we a that we is But work League, where that important expansion. a and is of be actually we certainly we for want it sports right the make to but the can business is path of if and a part economics So now, the would really

Spencer Wang

Thanks, Ted. process Raw UFC? the on your fight and a similar rights Has And Rich question. decision follow-up has influenced Greenfield from like additional WWE LightShed results the

Theodore Sarandos

UFC, the to like WWE specifically anything start. comment is great to off going but not I'm Well, Yes. a

first we how Pretty the week, modeled million for drew which Night we X about views, consistent Raw was is getting hoped we linear league. it, about how with Our Xx Monday that audience build the to the audience television. in

the saw big markets. XX% by the this grew viewing viewing that also Canada, so mostly outside new zones, U.S. We non-live in live U.K., Mexico, is time day Australia, so our event, in in the the particularly viewing, the after of Brazil,

really has to how Raw years. been the Monday going our as big viewing we're Raw In that's U.S., So thrilled Night Monday X as viewing so see the was in of far. Night

be where and thrilled line. work. to hard repetitive full Big that mindful but really that out. Again, bottom we're important that's work sports those do the season just we're how are make are it's not -- to and economics be not economics League overly And super very the of So we to going coming that's going

a able WWE bring -- And where have for to be than sport basically date like NFL, we to bring in the to were with audience linear so has the that but to as we well. television, audience, the too, a to but us, a we want audience, like deal big but value have to with be global reflected young we certainly, able more

Spencer Wang

to attractive? elaborate Women's Cup you to our it Vikram FIFA features the and for in last on World round strategy this that's the sports? XXXX? from broader segue it rights decision to live Ted. out the how the made to your acquire of good of Baird. Thanks, XXXX fit sports What on And does were And into Could event question a that

Theodore Sarandos

drama We're a event, the these world. thrilled fits XXXX we've what TV And do bunch real have more and the other since. time it with into think the our strategy. we're set to These in in only I become popular World to interesting It's to is documentaries. stories we're of viewing those here. athletes greatest starting the with telling have of with sports by records some a women's and trying and in month-long filled XXXX, more the Women's for well thrilled played done athletes and Cup these a matches sports games totally event consistent of series be our in like to start the XXXX. home so teams -- with perfectly

Spencer Wang

Great.

from and across the viewership. this high a film and Was buzz the months, social Rich unusually generated an Partners. theatrical film that than on of level Carry-On surpass up Carry-On without or movies was is Box racked has question through marketing Greenfield well did less Did Netflix? of set significant spend build buzz and media there can hours, Bird to for organically view million X break Another LightShed reviewed release? In XXX prove

Theodore Sarandos

when members, a culture, spend attention audience born on fact, movie one movie?" it to like movie that with billion to called I movie definitely on debate, "Is lot break keep tell feels is our Christmas is love. a tons and typically me buzz. which of producers actually the a the for me zeitgeist, was and draws own the can of going. that to we we're which into over can on debate new enormous have channels The they them is premiered members the X the then was our that theaters, thing example, that tell promote have our movie what movie, Carry-On exactly an a to a I they're And over Netflix I had drawing injected new Diehard, we This how age-old And where great to generate -- hear. a of of audience Netflix is in conversation the a in talk how platform got this think and the big to are, in very even the a modest it think, to great actually do. And powerful social a Diehard a marketing the which in that is great we Netflix going to subscribers like about Netflix big

be that strong point a it's So well. on big a and of really think be I hit born a proof center culture can as movie the Netflix

Spencer Wang

and Carry-On Thanks, both are Ted. And the for record, Christmas movies. think I do Diehard

Theodore Sarandos

be To continued. To be continued.

Spencer Wang

agreement from And Doug suggest segue your a XXXX great Ted, shift the to theater I JPMorgan. in think Narnia to in any in that's overall question Anmuth's strategy? does the theatrical

Theodore Sarandos

to change No at all our theatrical strategy.

bit. members to special to release tactic. Our qualify of IMAX before prime couple pump it's core -- first-run strategy on exclusive for Narnia -- awards requirements a is a case movies The and to release weeks meet a for We give movies before a is release the the our routinely theaters to publicity Narnia, In X-week of Netflix. and festival event.

is project. incredible I home it I simplifies it's say so excited mostly, doubt screens screen runs and so IMAX think director many how because we've kind to can on be at We're of with other it to an with more it it's differentiated is screen want consumer experience. But releases into this incredibly these from is release differentiated exciting working She's done times anyone of this production an excited as of movie to big Greta as kind But really about doing variants IMAX than greatly movie. on so well. our get as a process this great I a super talk which we I'm very has a and

Spencer Wang

Great.

How in question next largest your cadence plans going and those plans? to it's approach the markets? decisions are the do price across inform comes regions plan magnitude signals that particularly the increases from Baird different pricing. you forward, of What from about and Our Vikram and and

Gregory Peters

I can take this one.

for philosophy much years. changed. the about last It's as pricing hasn't pretty same Our talked several we've the

entertainment value. And course, we members. to quality We of look wisely listen signals then provide seeking value and invest Of more And to to we for variety members, those the continue our There's to done our like we've increase to to offering. listen more going. we've all them virtuous cycle then us increase a as that acquisition. achieved to pay when we in to retention, that, when to more that keep engagement, secondary bit well, signals tell ask

take most up and and LatAm quarters and over APAC of including ads, You've the of in price a us EMEA changes plans last couple seen across number those And smoothly. markets across gone too. have

You that standard and for that for highly those worth see it's noting in an we starting value certainly it's U.S., can point. entry latest in Canada CAD accessible our incredible $X.XX We in it's reiterating same XX.XX results. with changes. And entertainment I price, believe expect our think ads the and a is the these

the feel earn, currently revenue X% of as about our serve. every we right deliver good that quality as and segments to be on we improving gradually And we the in the slate, now, offering year. believe opportunity increase progressively continue share we'll film variety, to the We ultimately, able really content and opportunity. long-term that types, expand So long the we newer of with monetization countries only TV our we

Theodore Sarandos

on back can have just have a ask goods and Greg, make engagement up. you're better in the I the that. you, it If XXXX what going And is price when going increase, sure like chime just we feel into I to you to for you

got Monday seasons there, shows Christmas night the Monday Baumbach, from the Football, Toro, Ryan live, like Raw Borderland and new Murphy's We X, SAG have got few a ever, Night Noah film. Knives the film surprises too. every of from Monster, new Gilmore Awards Happy to Night the we've Drive we've side, Bigelow, a on returning biggest Crime Russo Game, seasons Japan, Delhi Day Wednesday, new movies and Del month, Allison, Stranger Oscar winners brothers' next You, film, Squid from Kathryn Survive. And of our Things, obviously, Agent, Guillermo India, And Out new

feel strength So slate I the of better. definitely like never been has

Spencer Wang

going on a engagement. turn I'm Great. few questions to now to

our Netflix? is X from from on first stable growth comes third-party for data So priority a of engagement Is panels. Research. Engagement Peter Wolfe -- in Supino based strategic

Theodore Sarandos

everybody of pushing think of they we into are the where her look you at every breadth moments and language getting every world. It's for are sticking and moments entertain people in team for say people of programming around of and I things And we're do and now measure they're mood, something quality and last part the and have streaming right every Absolutely. is hours that what and world, spend who job people that And night of they every and of they how work them, something the billion out that in finding this over but love. programming doing the about to for those trying kind to of meet year. winning tough trying those really or play are, at for cut XXX

average Our hours watching member a is X about day. for

still that, plenty work we've do that's is on. got So very what to focused highly the and of team grow to

Spencer Wang

ahead, Greg. Go Sorry.

Gregory Peters

would business I surprisingly, say are engagement see that drivers cetera. -- correlated drives obviously retention with that key improvements so the engagement and other acquisition, we Not et in it consistently we have,

Spence? excited continued that and we're forward more of that. and so look growth And engagement to we've seen

Spencer Neumann

a day engagement in flywheel about numbers we going of with will on, release, points same forward, we letter, of the X all Well, than as profit, QX. on just a revenue, -- reminder it talked kind twice you drives the engagement. the our I Engagement, report, note hit you flywheel. think, other the it. hit starts earnings the of talked about that starting to our rest a And as maybe we fact year with the It started is now, that other lot

a steady include engagement our July, also with will in a emphasize to earnings our report, with So drumbeat kind just and our performance. earnings of report

Theodore Sarandos

granular, so month. to sooner, next get engagement going our is report And even a the publish little in February next more to it's

Spencer Wang

our bit more with What KeyBanc. on Patterson is competing platforms broader. for from It's Great. steps Justin And to of engagement? question short-form little then engagement are a key the video second

Theodore Sarandos

be may Our content. all younger goal disproportionately audiences who including here more is to watching short-form audiences, entertain

love all Now the beauty TV as shows well. is film that and those folks

constantly they the excited the talk So get media into stick about social shows. accounts they do them projects They play, tributes with entertaining so shows. them to They we're and that that push around. go

see you're tributes to out, social You new see many get when with the how you the when see work. comes going platforms season this media Wednesday flooded -- to all

in -- and a for for is also core them new pulled to I do breeding storytelling, that's get as business. the kind of are places, as storytellers. longer-form and enduring Our services as very that eyeballs again, into well. want there short-form find other But we pulled professional definitely ground big great get be a things

have successful a now Netflix, excited Phil, super game we're season. which Netflix. Rachel Cocomelon too. places on bring got and excited to projects in and history of to see this we other over on up them is about are be you finding So things shooting having Kai, Somebody its eighth rich that, Parents the very Cobra and Feed But also like

to So do. do work we programming Heartstopper, had have with -- I Ginnie the Georgia, Outer win over to and audiences Things they with That's Stranger feel we love what or to Banks. is like there that those

have outcompete We truth. moments entertainment of for to those

Gregory Peters

a in on ecosystem. see that ourselves specific as expanding role we I with I think playing think differentiated consistent and and it, just

those want that it's to mentioned movies the spot around that's and like enjoy experience need from stories have whether someone participate or which that YouTube that. We interface investing whether other in life. to graduate share great is a to in in shows, theater specifically know being a inherent in from. creative they TV can our to can So We that know and user user Ted risk bringing a those or designed partners place to, great that it's where the that consumers place storytellers any come places those

fandoms, loved, those be a audiences, Outer shows double younger and supporting continue the to want down have we of to that Banks ecosystem, like viewing on especially that place we make or huge and enjoyed. found, sure Heartstopper, Things Wednesday Stranger with which So to part and to want have or

Spencer Wang

thank you. Great,

Loop game been? Our the video do have Capital. of Alan comes anticipate on or retention? have progress your in Gould you How from next an assess video impact subscriber do How will you When space? the games question engagement growth trends

Gregory Peters

Squid linear that interactive ultimately stands I'd already reinforces we which of course, validates learned games not bit a bunch of mediums, a some so things engagement between today terms games. Theft story only a II and big both where can also surface based side. drove of which We, with there. virtuous got Selling some them, of game offerings. And game in of enabling we've fan synergy made like just and Certainly, we IP, launched launched the release, Okay, our that downloads. how Hot think but to on do highlights, is what say quite creates acclaimed Game we the to Grand Unleashed, the universe a are with this we tens Too Netflix But simultaneous cycle formula, out. this scratching and we early Sunset, latest since Netflix Auto, a content favorites really millions good see OXENFREE We've extends space. lot Handle, progress and approach in and Emily in amongst critically audience's the Paris, we've the the our noninteractive

the These continue party on the We'll the consistent are we're a and on we've game of couch this game the co-op introducing focusing games to learnings show based a games with and used an also favorites on family of evolution or leadership to delivered as we there. We refine be lot be what library think going successor Netflix and based So night fan of be. to strategy. And of those to IP. board TV in on cloud. more got work to on from TV our under all narrative

whether well included we're no have forward So of titles just experiences a Game #X excited more licensed to It's some to like is Squid about titles, in going stores space. We'll licensed we IP titles Unleashed, space games in GTA deliver of Game downloaded to payments. based XXX that reached reiterate, those kids. I'll Unleashed in-app which ads, as is come and your in recognizable mainstream as titles with This the safe looking do countries. we're course, no game. big Squid our And on delivering for games pace more homegrown to become It's subscription. app want for cool on like action we're that that in just most our kids to

about on And subscriber impacts your and play already question to impacts side, so retention game from the our in we see positive acquisition members.

but And we're stay Now those our and see as that relatively member to frankly, games budget. going about content are small so benefits. in our is continued investment scaling disciplined relative overall to effects scaling currently, investment we

more and in even spend ex in into ad the we're to category, space, China, billion not try ex this So breaking to consumer plenty the including revenue. and but new a summarize, there's $XXX Russia whole content do approximately which, by way, drives

our every to are we bigger games So showing bigger play forward look games, year. we're discover to that place and iteratively continuing to and we launch a and members

Spencer Wang

Thanks, Greg.

those questions of with questions. analysts late-breaking Helfstein on This Jason wrap Oppenheimer. from have of We have a couple forecast of X submitted up I'll comes so the that

cash think in You inflation? billion equilibrium spend $XX will in spent increase billion spending about you beyond don't on about spend roughly How content to where reach $XX levels? and should need where XXXX. a XXXX Is long-term point there you investors an spending

Spencer Neumann

Want me to take that?

Theodore Sarandos

Sure.

Spencer Neumann

take Sure, that I'll one.

long think we're equilibrium. from way a I

the of $XX connected penetrated you to year in of share small billion. from than As terms this into less view cash we're spend everywhere households. That's our context billion up we're around and or XX% estimated penetration in say, content $XX taking world the

market. You we're estimated our revenue Greg of heard about X% from that capturing only

It's work way. put then the have we most next So beyond a where to about way long the in we billion that grow. really do $X to and impactful

I that Over think each TV areas also more and series, build We're more as scripted build the we continuing grew original the from We're so, Ted. kind impactful continuing heard And kind you programming and next like of in big into our build from our see regions live. world there. to of year of to seeing opportunities. out you'll or to continuing around in out licensing

seen a of So our we long a for we minus as P&L ratio runs highest there's which X.X margin our the cash and slower kind through can impact. spend allocate growth our amortization way growing we opportunity, kind runs or So set flow, a you've the disciplined growth. revenue the think to which way, it targets both and right? that roughly, between cash do growth cash grow. We continue spend, And are and and responsible do runway the our on sort to where the then in than plus of our us business in amort, a across I is cash our top our content and line of based content

So think world. engagement more grow that us and to the and continuing in to foreseeable we see way future more for more, as should you the hopefully, continue audience growing grow and around I more

Spencer Wang

guidance? that? leverage And Thanks, the our you margins you biggest Cowen. about Spence, margin last driving question operating the John are of please your Blackledge raising XXXX do higher Spence. points What comes year? take talk want to drivers of Can from of TD this

Spencer Neumann

Yes, sure.

strategic balance always revenue that we've we're kind we well our with balanced the and business, So looking year. think of growth this investment to into

to XX% guided line we see You top revenue XX% to growth.

out cash it terms the can plus implied expense expect on and you the our live timing again, build and build to high single-digit on priorities. are content bit good sort the our titles our enhance of into If expected the growth expected We're growth do capabilities. And minus $XX plus that mid, break X% the investing down, support below our discovery. ads that's interface what then sales in to releases, out investing on estimate. And line, of of of our digits, also single guidance, a teams growth, our read-through of margin that low but as into and that, sales games we're or on content side a XXXX. And user organization sort and you growing product for engineering of high so roughly kind and still new revenue and margin digits. We're based or and expense around our heavily of and go-to-market terms we beyond our and we areas based product of see billion minus if we're so investing sales amort pretty expecting growth high moves growth, also spend capabilities mostly pretty some would you single-digit ads of there, kind amortization in single marketing in sort based

a board, for So think the we're that appropriate the across way investing margin growth. for into is improvement driving part, while the business our in we most

Spencer Wang

thank and for joining speaking you Spence, call. to And much. we for you, Thanks earnings all Thank look QX with us next you our Great. very forward quarter. all

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