Here’s there exchange: Letterman said: “Here’s the mistake I made. I stayed on television way too long…” DeGeneres: “That’s not true.” Letterman: “Yes, it is true and I’ll tell you what happened. Turns out nobody had the guts to fire me. I should have left 10 years ago.”

Letterman then heaped praise on DeGeneres “energy” for life and projects outside of her TV. “All I cared about was myself, and then the show was gone and I had to realize, ‘Oh, I’ve been looking through the wrong end of the telescope. There’s more to life than, ‘So tell me about your pet beaver.'”

Letterman can next be seen in Netflix’s My Next Guest Needs No Introduction with David Letterman, which consists of interviews with one high-profile guest per hour-long episode. DeGeneres will appear as a guest in season 2. The premiere date of the second season has not yet been announced.