Netflix, Inc.

Good afternoon and welcome to the Netflix Q2 2019 earnings interview. I'm Spencer Wong, VP of IR and Corporate Development. Joining me today are CEO Reed Hastings, CFO Spence Newman, Chief Content Officer Ted Sarandos, and Chief Product Officer Greg Peters. Our interviewer this quarter is Mike Morris from Guggenheim. As a reminder, we'll be making forward-looking statements and actual results may vary. With that, let me turn it over to Mike for his first question.

Thank you, Spencer. Good afternoon. Let's jump right into the results and the member variants from guidance in particular. What changed during the quarter versus the outlook that you provided that made such a significant impact this quarter? And you did mention the content being perhaps a factor. I think that's really something we haven't focused on in the past in terms of driving the cyclicality, so maybe if you could talk about those things.

You know, when we're forecasting, Mike, in the beginning of the quarter, we make our best estimate. And as you can see over the past three years, sometimes we forecast high, sometimes we forecast low. This is one where we forecasted high. There was no one thing. And if I think about three years ago, we were also light. And, you know, we never really were confident of the explanation. Then we were $2 billion in quarterly revenue. Now we're going $5 billion. And so, it's easy to over-interpret the quarter membership ads, which are a bit noisy. So, for the most part, we're just executing forward and trying to do the best forecasts we can. Do you want to add anything to that, Spence? Yeah.