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    Spencer Wang

    Research Analyst at HSBC

    Spencer Wang is an equity research analyst at HSBC, with a specialization in the technology and media sectors, notably covering companies such as Netflix Inc. Wang’s analytical work includes direct engagement as evidenced by earnings call participation and targeted coverage, though detailed third-party performance metrics or rankings are limited. His professional background features prior experience as an award-winning equity research analyst with major investment banks on Wall Street before transitioning to HSBC, with his career spanning at least sixteen years in financial research and analysis. Wang possesses professional research credentials and maintains active involvement in industry conversations, underscored by his participation in earnings calls and ongoing analysis of high-profile media companies.

    Spencer Wang's questions to NETFLIX (NFLX) leadership

    Spencer Wang's questions to NETFLIX (NFLX) leadership • Q4 2024

    Question

    Spencer Wang of HSBC asked about the operational impact of the California fires, the company's foreign exchange hedging strategy, the long-term view on content spending, and 2025 expense drivers.

    Answer

    Theodore Sarandos (Co-CEO) confirmed that while the California fires caused meaningful disruption to employees' lives, there would be no meaningful delays to project delivery or impact on 2025 cash flow. Spencer Neumann (CFO) then explained that Netflix hedges about 50% of its non-USD revenue to smooth FX volatility. He stated the company is far from a content spending 'equilibrium,' with cash content spend rising to ~$18B in 2025, and detailed that expense growth is projected in the high single digits, below revenue growth, driven by strategic investments.

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