Netflix, Inc. (NASDAQ:NFLX) Morgan Stanley Technology, Media & Telecom Conference March 5, 2025 4:50 PM ET
Company Participants
Spence Neumann – CFO
Conference Call Participants
Ben Swinburne – Morgan Stanley
Ben Swinburne
Okay. For important disclosures, please see the Morgan Stanley Research Disclosure website. I’m Ben Swinburne, Morgan Stanley’s Media & Telecom Analyst. And I’m really excited to welcome back to the conference, Spence Neumann, CFO of Netflix. Spence, thanks for coming.
Spence Neumann
Thanks, man. Good to see you, Ben.
Ben Swinburne
Good to see you. Thanks for making a flight up the coast.
Spence Neumann
Yes, easy flight. That’s pretty easy for us. We’ll take it. We’re up here all the time.
Question-and-Answer Session
Q – Ben Swinburne
We’re just talking about how many years you’ve been coming to the conference. And I think 2 years ago, 2023, the business was growing sort of like mid-single-digits, and the mood was pretty glum out there. If you look at 2024, you guys reported certainly the fourth quarter, almost 20% top-line growth. You added 6 points of margin. So I mean, a lot of hard work to really accelerate the business. Why don’t we start kind of high level and sort of talk about what’s allowed the business at your scale, really accelerate in that level this quickly.
Spence Neumann
Sure. I’ll jump right into that. I’m not going to go back to the 2020 conference that was the first one we did when I was at Netflix, which was just the start of COVID, and it was a pretty weird conference.
So we’re not going to go to that. We’ll go to what you talked about. So the reacceleration of growth, it is something we’ve been very focused on. When we kind of slowed down, there were two things we looked at as kind
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