So it's definitely broadening the management team and helping us grow even faster over the next 10 years. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. And when we think about your margin guidance for next year in that context, you have been improving margins about 300 basis points every year, but it looks like there is incremental opportunity now, but the guidance for next year is consistent, more or less with the broader framework. And so we’re looking at qualitatively, just sort of understanding with that member journey is and working with those partners to make sure that that is positive, is friction free, as we possibly can. See you at the top! And normally, when you think about this, I mean it almost feels like the legacy cable network MVPD disputes of the past, where the aggregators are essentially becoming gatekeepers, how do you see this playing out, and is this a risk in the future for Netflix? You can keep doing it. Moving Average Convergence Divergence (MACD). The second expense item was interest expense, which obviously falls below operating income but obviously reduces free cash flow. But the motivation really is consumer love for the programming not marginal cost savings. That’s great. And of course, they're having problems with Amazon as well. Great. We've been lucky to be working, investing alongside, collaborating with a wide, wide range of device manufacturing partners around the world and really working together to create better Netflix experiences on those devices. But think of it as much more consistent with the past, than different. I’m Spencer Wang, VP of IR, and Corporate Development. It was a big hit for us when it came out, its first season in ’19 and growing right into a big high-octane action thriller, Project Power with Jamie Foxx and Joseph Gordon-Levitt. I’m talking about the forward trajectory of the release — of the content that’s coming your way. That's great, Spencer. So what are the kind of things you are thinking about in terms of improving the experience? And so we think both are great places to do that kind of partnership. Things seem to be — seem to be opening up, but now looks like things might go back again a little bit. I think that maybe, the one thing other than this sort of big structural engagement change, which was sort of really a result of people being in lockdown and in quarantine and turning to us for some escape. And obviously, some of your shows have become video games in some instances. When you say it’s better in ’21 versus ’20, are we talking about subscribers? Right. Netflix (NFLX) is set to report second quarter fiscal 2020 earnings results after the closing bell Thursday. And now to be really good in movies, to be really good in unscripted, emerging in animation, very strong in local language shows and series, I mean it's incredible the expansion that Ted's pulled off over the last five years. The streaming giant, which has seen its stock surge more than 15% over the past several sessions, has skyrocketed some 75% year to date, crushing all three major averages, including the 20% rise in the Nasdaq. Kannan, you might not know, but many years ago now, it feels I was able to spend a couple of years in Japan, launching the service there, and I got a chance to work with the local teams that we were hiring and growing there, as well as our global teams to really look at every aspect of the service and try and improve it for our Japanese members and grow our membership base there. And that, by the way, was a show that was super competitive three years ago when they brought it to market and we were devastated not to get it for good to start with. So we think both are great places to do that kind of partnership. So it's very broad-based, and you can see that these members are coming in from everywhere in the world, a few million each in APAC and EMEA and U.K. and then a couple of million in Lat Am. And some of it will turn out truly great and I’ll be so proud of it. I’d say, two things explain that variance. So how are you thinking about these wholesale distribution deals? So Netflix 2021 is going to be a much better service than Netflix 2020, which gives those newer members and existing members even more reason to stay highly engaged and stick around and also to entice future members to join. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Going forward, we do expect to turn cash flow negative again in 2021 and as our business and our production ramps up, but we're still on that multiyear path to being cash flow positive. But I think you're right that as a result, most of this is just consistent with our strategic shift, and some of it is some near-term, I guess, cost/benefit from what's happening in the world. And video games obviously have world-building aspect to them, but so do books and so do graphic novels and so do comic books and so does original IP. So we think that the growth opportunity is as big as ever, there is just that kind of near-term pull forward that you’re seeing. I mean it's been remarkable how nimble the teams have been to going from full-blown production to completely shut down to ramping back up all over the world in the space of a few months. That's great. Thanks for noticing the positive free cash flow margin, Kannan. I mean when we think about the guidance for Q3, we're not thinking about Q3 just in and of itself. Kannan, we have time for one or two more questions. So I do think that our ability to keep up with that has a lot to do with our kind of unique offer to the consumer that turned out to be a hidden benefit at a time when things would be shut down.

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