Netflix, Inc.

good afternoon and welcome to the netflix q4 2022 earnings interview i'm spencer wong vp of finance ir and corporate development joining me today are executive chairman reid hastings co-ceos ted sarandos and greg peters and cfo spence newman our interviewer this quarter is jessica reef ehrlich from bank of america as a reminder we'll be making forward-looking statements and actual results may vary with that jessica over to you for your first question

Thank you, and thank you so much for having me today. So, Reed, the big announcement about the management changes. Could you give us some more color on the process and how you came to this decision?

You know, Jessica, it feels like yesterday was our IPO. We were covered in red envelopes. We IPO'd at about a dollar. Hopefully some of you have held the stock the full 21 years. And when I think of the evolution, the three of us and so many other incredible Netflix employees, to go from DVD service to streaming leader in films and television and emerging player in games, and now to have over 230 million members. It's just, well, Jim Collins probably said it best. He calls it a good start. We've had a good start. But, you know, honestly, we dream of the whole world finding their favorite entertainment on Netflix. And we shorthand that as entertain the world. And the three of us have been working together for 15 years now trying to figure out how do we get through this issue, that issue? How do we grow? And I couldn't be happier to complete our succession process. It really started about 10 years ago with the board trying to think through how could this work. They both have such amazing talents and gifts. And to find a platform where they've been able to contribute is fantastic. About two and a half years ago, we took a partial step. Ted is co-CEO. Greg is COO. We continue to just make super progress. And frankly, more and more, they've been leading the company. And this is acknowledging really in formal terms how we've been operating for at least the last few quarters. You know, it's just a great feeling. And when I think about the stock appreciation over the last decade, I know that they want to beat that record. And I'm all for that. I'll be executive chairman helping them everywhere I can. But it's really theirs to lead and to do that energy and hustle and intensity that we've been doing. They're very ready. That's what's driving the timing. And so I could not be happier. So back over to you.