Yes, the Netflix CEO has been known to 'Netflix and chill'

Stephen Colbert wants to know: Does the CEO of Netflix like to "Netflix and chill?"

The host of "The Late Show" asked Netflix CEO Reed Hastings just that on Tuesday, prompting raucous laughter from the audience.

For the uninitiated, "Netflix and chill" is internet slang for, well, hooking up. As my colleague Nathan McAlone explained in September: "If you are going over to someone's house to 'Netflix and chill,' you might be doing just that, but you are certainly also going to get busy."

After a somewhat awkward pause - there's a great "uhhh" as Hastings looked down - Colbert rescues him, saying that, "it doesn't always mean you have to have sex, by the way... sometimes you can actually just chill."

And with that, Hastings admits that indeed, he likes to Netflix and chill.

"A lot," he said. "Whenever I can."

Check out the clip below - the "Netflix and chill" portion starts at 1:27.