Netflix, Inc.

Good afternoon and welcome to the Netflix Q4 2024 earnings interview. I'm Spencer Wong, Vice President of Finance, IR, and Corporate Development. Joining me today are co-CEOs Ted Sarandos and Greg Peters and CFO Spence Newman. 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, and we will begin with our first question from Dan Salmon of New Street Research. Dan asks, given the need to ensure safety and well-being of cast and crews, has there been any disruption to your LA-based productions owing to the wildfires? If so, can you please quantify the impact on this year's cash content spending?

Thanks a lot. And thanks, Dan. Let me start by saying this is a really difficult time for a lot of people in Southern California. So many people in our industry, including our employees, were deeply impacted by these fires and the hardest hit areas of these fires. The areas around Pacific Palisades, Altadena, Malibu are very heavily populated with the folks above and below the line who we work with every single day. So we're doing everything we can to help with relief and we're getting those folks who can back to work. To your question directly, no meaningful delays in the delivery of the projects and no meaningful impact to the cash in 25, but very meaningful disruption in people's lives. So our goal is to keep everything on schedule safely, be mindful of folks who need time to work through the challenges of the fires, including in some cases, loss of life and home. But this industry has been through a really tough couple of years, starting with COVID, going into the strikes, and now this. So it's really important that we try not to delay anything and try to make sure that these jobs stay safe. I definitely want to add that we are extremely grateful to the firefighters and first responders who are still fighting flames right now. These are the real heroes here. But Dan, to your direct question, no impact in 2025 on cash or deliverable. Nothing meaningful.

Thanks, Ted. We'll take our next question from Jason Helfstein of Oppenheimer. Is it fair to assume that most of the upside in the 19 million subscriber additions came from the Jake Paul Christmas Day football games. And how was the attrition or retention, I guess post the Christmas Day games versus normal post holiday levels?