What we wouldn't have given to be a fly on the wall at this White House party!

The first episode of David Letterman's new Netflix talk show, called My Next Guest Needs No Introduction, features former president Barack Obama, and during their candid conversation, the 70-year-old comedian recounted the first time he met Malia Obama. Spoiler alert: the story is hilarious.

"We were at a function at the White House, and I had never met either of your daughters before," Letterman explained. "I see Malia, and I think, 'I just want to say hello.'"

"I go over, and I say, 'You don't know who I am. I know your mother and father. My name is Dave Letterman and I am very happy to be here at the party, and thank you for inviting me to the party,'" he continued.

To which Malia replied, "Yeah, you look like a guy who really knows how to party." Who knew Malia was so funny!

Her dad totally approved, replying, "That's a pretty good line. She's a riot."

"I'm telling you, I loved it," Letterman said. "It was absolutely delightful."

In the interview, Obama also recounts the emotional day when the family dropped Malia off at Harvard.

It's must-watch TV, if we do say so ourselves.