“So I'm reasonably optimistic and hopeful that we will be improving our margins in this business significantly over the next few years.”

In context

“rspective that grows engagement with our customers, for instance, recommendation engines would be one example of that, that have the ability to improve performance or obviously grow consumption. So I would say that -- and I obviously have to -- I can't emphasize enough the time that we spent and the effort that we spent on managing costs. We've done a tremendous job in a very, very short period of time of exceeding the cost reductions that we said we were going to achieve and that's obviously a major step in the direction of improving our margins. Pricing, as we've talked about earlier on this call and in our comments, is another way to do that. Password sharing is another way to do that. Getting the technology in place to grow engagement, the advertising side of this business is another. So I'm reasonably optimistic and hopeful that we will be improving our margins in this business significantly over the next few years. But I'm not going to make any further predictions in that except -- the good news is that we know how much work we have to do. We know the work that we have to do as well. Kevin Lansberry: And Steven, I'll answer the question with respect to Hulu put. So I'll remind everyone that the floor to that put is about $9.2 billion. We're very comfortable with our current liquidity position. We've got about $11.5 billion of cash on our balance sheet, got about $10.5 billion worth of revolving credit facilities and commercial paper. And so we -- and we're going to have plenty of future cash flow to help fund all of this going forward. I would also like to note that from a balance sheet perspective, we've got a strong single A credit rating that reflects the strength that we see in our balance sheet”