Netflix, the dominant player in streaming, is expected to announce its first-quarter results on Thursday after enjoying months as a Wall Street darling.

But much of the company’s past growth and success, analysts say, has come from its old, well-established business model. In recent months, Netflix has made moves to expand and even radically reinvent its business.

While streaming competitors like Disney+, Hulu, Max (owned by CNN’s parent company Warner Bros. Discovery) and Peacock work to draw in subscribers with original programming, Netflix has made big bets lately in live sports, video games, and in deals to license other providers’ content — all while transitioning from an advertising-free subscription service to a full-blown ad-supported juggernaut.

Last year, Netflix made a particularly risky bet by pushing users who share passwords to create their own accounts — but that paid off. In January, the company announced it had a record number of subscribers. The stock is up 31% so far this year, outperforming its competitors.