Sirius XM Holdings Inc (SIRI) 2023 Q1 法說會逐字稿

Greetings. Welcome to SiriusXM's First Quarter 2023 Operating and Financial Results Conference Call.

問候。歡迎參加 SiriusXM 2023 年第一季營運和財務業績電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

At this time, I'll turn the conference over to Hooper Stevens, Senior Vice President of Investor Relations and Finance. Mr. Stevens, you may now begin.

這次，我將把會議交給投資者關係和財務高級副總裁胡珀史蒂文斯 (Hooper Stevens)。史蒂文斯先生，您現在可以開始了。

Thank you, and good morning, everyone. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. Today, we'll have prepared remarks from Jennifer Witz, our Chief Executive Officer; Sean Sullivan, our Chief Financial Officer; and Tom Barry, who will assume the position of CFO tomorrow. Scott Greenstein, our President and Chief Content Officer, will join Jennifer, Sean and Tom to take your questions during the Q&A portion of the call.

謝謝大家，大家早安。歡迎參加 SiriusXM 2023 年第一季財報電話會議。今天，我們將準備我們執行長 Jennifer Witz 的演講；肖恩·沙利文，我們的財務長；湯姆·巴里 (Tom Barry) 將於明天就任財務長。我們的總裁兼首席內容官 Scott Greenstein 將與珍妮佛、肖恩和湯姆一起在電話問答部分回答您的問題。

I would like to remind everyone that certain statements made during the call might be forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. These and all forward-looking statements are based upon management's current beliefs and expectations and necessarily depend upon assumptions, data or methods that may be incorrect or imprecise. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. For more information about those risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them.

我想提醒大家，電話會議期間所做的某些陳述可能是前瞻性陳述，該術語的定義見1995 年《私人證券訴訟改革法案》。 ，以及必然依賴可能不正確或不精確的假設、數據或方法。此類前瞻性陳述存在風險和不確定性，可能導致實際結果出現重大差異。有關這些風險和不確定性的更多信息，請查看 SiriusXM 向 SEC 提交的文件和今天的財報。我們建議聽眾不要過度依賴前瞻性陳述，並否認任何更新這些陳述的意圖或義務。

As we begin, I'd like to remind our listeners that today's call will include discussions about both actual results and adjusted results. All discussions of adjusted operating results exclude the effects of stock-based compensation. With that, I'll hand the call over to Jennifer.

在我們開始時，我想提醒我們的聽眾，今天的電話會議將包括有關實際結果和調整後結果的討論。所有對調整後經營績效的討論均排除了股票薪酬的影響。這樣，我就把電話轉給詹妮弗。

Thanks, Hooper, and good morning, everyone. Thank you for joining us. Before jumping into the quarter's results, I'd like to welcome Tom Barry as our incoming Chief Financial Officer. With more than a decade's experience working closely together, I know that Tom's deep institutional knowledge and broad finance experience will be invaluable as we drive growth across the business and continue our commitments to customers, employees and shareholders. I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition.

謝謝胡珀，大家早安。感謝您加入我們。在進入本季度業績之前，我謹歡迎湯姆·巴里 (Tom Barry) 擔任我們即將上任的財務長。憑藉著十多年的密切合作經驗，我知道湯姆深厚的機構知識和廣泛的財務經驗對於我們推動整個業務的成長並繼續履行對客戶、員工和股東的承諾將是非常寶貴的。我還要感謝 Sean 在過去幾年中做出的許多貢獻並確保了平穩過渡。

In the first quarter, we outperformed our initial financial expectations, putting us in a strong position to increase our full year guidance for adjusted EBITDA and free cash flow. We also delivered better than expected ad revenue partly due to our leading self-service and programmatic solutions that are allowing us to capture close-end bookings, and I will address this more in a few minutes.

第一季度，我們的表現超越了最初的財務預期，這使我們有能力提高調整後 EBITDA 和自由現金流的全年指引。我們還實現了好於預期的廣告收入，部分原因是我們領先的自助服務和程序化解決方案使我們能夠捕獲封閉式預訂，我將在幾分鐘內詳細討論這一點。

As previously discussed, we reduced marketing spend, particularly around streaming in anticipation of product improvements we are launching later this year. This contributed to the expected negative subscriber growth in the quarter. On the positive side, however, our test and learn strategy will enable us to improve streaming subscriber results sequentially throughout the remainder of the year, even with a lower baseline of spend.

正如前面所討論的，我們減少了行銷支出，特別是在串流媒體方面，因為我們預計將在今年稍後推出產品改進。這導致了本季預期的訂戶負成長。然而，從積極的一面來看，我們的測試和學習策略將使我們能夠在今年剩餘時間內連續改善串流媒體訂閱者的結果，即使支出基線較低。

While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. The fourth quarter's trial starts declined sequentially by 3% and 7% for new and used vehicles, respectively, and this reduced conversion opportunities for us in the first quarter. And once again, we saw the seasonally higher churn we tend to see in Q1.

雖然我們繼續看到更大的純串流媒體業務的機會，但汽車銷售仍將是我們訂戶管道的主要驅動力。第四季新車和二手車的試運行量分別較上季下降了 3% 和 7%，這減少了我們第一季的轉換機會。我們再一次看到了第一季通常出現的季節性較高的客戶流失率。

We believe our overall subscriber performance should also trend better quarter-over-quarter as the year progresses. Supporting this, first quarter vehicle trial starts were up 7% overall compared to the fourth quarter, including a 3% rebound in new vehicle trials and an 11% rebound in used vehicle trials.

我們相信，隨著時間的推移，我們的整體用戶表現也應逐季度有所改善。與第四季相比，第一季車輛試車總數整體成長了 7%，其中新車試車數量反彈 3%，二手車試車數量反彈 11%，這也證明了這一點。

SiriusXM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. We have a service with very high satisfaction, low churn and one of the leading ARPUs across direct-to-consumer media, not just audio. It continues to be supported by the millions of trial starts we generate each quarter through our robust and long-term OEM partnerships.

SiriusXM 如今擁有令人難以置信的穩健、盈利的業務，受益於忠實的用戶群和令人羨慕的利潤。我們的服務滿意度非常高、流失率低，並且是直接面向消費者的媒體（而不僅僅是音訊）中領先的 ARPU 之一。透過我們強大且長期的 OEM 合作夥伴關係，我們每季產生的數以百萬計的試用啟動繼續為它提供支援。

Our strong distribution, investment in new product offerings and our unmatched content offering that provided a foundation for future growth. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery.

我們強大的分銷、對新產品的投資以及無與倫比的內容提供為未來的成長奠定了基礎。然而，為了滿足不斷變化的消費者期望，特別是年輕受眾群體的期望，我們必須解決定價、控制和內容發現等障礙。

We plan to tackle these issues with a new data-driven platform launching later this year that allows for more control of the listener experience and improve discovery, fully utilizing our unmatched content lineup. And as we have always said, business models really do matter. We intend to make prudent decisions to remain a very profitable business that continues to serve as a primary audio subscription service for certain audience segments while being complementary to interactive services for others.

我們計劃透過今年稍後推出的新數據驅動平台來解決這些問題，該平台可以更好地控制聽眾體驗並改善發現，充分利用我們無與倫比的內容陣容。正如我們一直所說，商業模式確實很重要。我們打算做出謹慎的決定，以保持一項非常盈利的業務，繼續作為某些受眾群體的主要音訊訂閱服務，同時作為其他受眾群體互動服務的補充。

Our new platform will streamline purchasing and usage in and out of the car, and enhance the value of SiriusXM, making our service worth the premium for a wider range of audience segments. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts.

我們的新平台將簡化車內和車外的購買和使用，並提高 SiriusXM 的價值，使我們的服務對更廣泛的受眾群體來說值得溢價。此外，我們正在增強我們的行銷技術能力，以更好地利用我們豐富的內容，在我們的行銷工作中提供更個人化的資訊。

Transitioning from a one-size-fits-all approach to a dynamic multichannel individualized approach, we'll promote only heard here moments and exclusive talent to drive subscriber conversions among their fans, no matter how or where they want to listen.

從一刀切的方法轉變為動態的多通路個人化方法，我們將推廣只在這裡聽到的時刻和獨家人才，以推動粉絲的訂戶轉化，無論他們想如何或在哪裡收聽。

As we approach the launch of our next-generation SiriusXM experience, we are confident that the upgrades will boost engagement and customer satisfaction for in-car and streaming-only customers alike. This will have positive implications to ARPU, conversion, retention and subscriber growth in 2024 and beyond.

隨著我們即將推出下一代 SiriusXM 體驗，我們相信這些升級將提高車內客戶和僅串流媒體客戶的參與度和客戶滿意度。這將對 2024 年及以後的 ARPU、轉換、保留和用戶成長產生正面影響。

We'll share progress on future quarterly calls, but the first months of 2023 has already brought several exciting product iterations and consumer offers, providing valuable insights for the full platform relaunch later this year. For example, we introduced a new in-app onboarding experience for users to select genres, allowing faster, more efficient access to the most relevant content. This feature drives listener engagement that leads to higher retention. We're increasingly flexible and even agnostic in how we add subscribers and accommodate listening preferences.

我們將在未來的季度電話會議上分享進展情況，但2023 年前幾個月已經帶來了一些令人興奮的產品迭代和消費者優惠，為今年稍後的完整平台重新推出提供了寶貴的見解。例如，我們引入了新的應用程式內引導體驗，供使用者選擇類型，從而更快、更有效率地存取最相關的內容。此功能可提高聽眾的參與度，從而提高保留率。我們在如何添加訂閱者和適應收聽偏好方面變得越來越靈活，甚至不可知。

This past quarter, we introduced a first of its kind 6-month trial offer for Walmart Plus members, giving them the choice of in-car or streaming-only packages. Additionally, we debuted our first-ever integrated billing with T-Mobile, expanding upon our existing 6-month SiriusXM streaming offer and adding a Pandora Premium 4-month trial offer making it even easier for trialers to transition into paying subscribers.

上個季度，我們為 Walmart Plus 會員推出了首個 6 個月試用優惠，讓他們可以選擇車載套餐或純串流套餐。此外，我們首次推出了與T-Mobile 的整合計費服務，擴展了我們現有的6 個月SiriusXM 串流媒體服務，並添加了Pandora Premium 4 個月試用服務，使試用者更容易轉變為付費用戶。

These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. We are making significant progress in rolling out our 360L platform, and expect to exit 2023 with nearly 40% of new car trials, including 360L. Over the next few years, 360L will continue to expand across OEMs, including on select Mercedes-Benz models as part of an agreement that will increase the installation of SiriusXM to make it a standard feature on all Mercedes-Benz models available in the United States.

這些合作體現了我們邀請人們以最適合他們的方式體驗 SiriusXM 的策略。我們在推出 360L 平台方面取得了重大進展，預計到 2023 年，將有近 40% 的新車試驗，其中包括 360L。未來幾年，360L 將繼續在OEM 廠商中擴展，包括在部分梅賽德斯-奔馳車型上，作為協議的一部分，該協議將增加SiriusXM 的安裝，使其成為在美國銷售的所有梅賽德斯-賓士車型的標準功能。

We will also begin to see 360L capable vehicles in our used car trial starts as well. We are very encouraged by the conversion lift we see in vehicles with 360L today, and we are just getting started. We see significant in-car conversion improvements when trialers engage with features that enable more control in discovery, including our more targeted extra channels, Pandora artist stations and enhanced recommendations.

我們也將開始在我們的二手車測試中看到 360L 能力的車輛。今天我們在 360L 車輛上看到的改裝提升讓我們深受鼓舞，而我們才剛剛開始。當試用者使用能夠更好地控制發現的功能時，包括我們更有針對性的額外頻道、潘朵拉藝術家電台和增強的推薦，我們看到車內轉換率顯著提高。

While this is a great indicator of what's to come, these features are currently only available in a limited number of 360L-enabled vehicles and awareness of these features is still low. We expect to see more rapid feature adoption tied to automakers incorporation of the Android Automotive Operating System with our 360L platform beginning later this year. AAOS will roll out in small volumes initially but should grow materially to become the dominant OEM operating system, improving 360L adoption and feature parity along the way.

雖然這是未來發展的一個很好的指標，但這些功能目前僅在有限數量的支援 360L 的車輛中提供，而且人們對這些功能的認知度仍然很低。我們預計，從今年稍後開始，汽車製造商將 Android 汽車作業系統與我們的 360L 平台結合起來，功能將得到更快速的採用。 AAOS 最初將小批量推出，但應該會大幅成長，成為主導的 OEM 作業系統，從而提高 360L 的採用率和功能對等性。

Turning to our content. Given the strong engagement we continue to see with our extra channels in and out of the car, in the first quarter, we expanded our focus here and launched several new Hip Hop and R&B channels. We have seen the percentage of listeners consuming these genres more than double versus a year ago, driven by younger audiences who value the more controlled listening experience.

轉向我們的內容。鑑於我們在車內和車外的額外頻道上繼續看到強勁的參與度，在第一季度，我們擴大了重點，推出了幾個新的嘻哈和 R&B 頻道。我們發現，在重視更受控制的聆聽體驗的年輕觀眾的推動下，消費這些類型音樂的聽眾比例比一年前增加了一倍多。

Against the splintering of sports rights in the video space, we offer incredible value as the one-stop audio home for all major sports, and it's powering record engagement of this content. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come.

面對視訊領域體育版權的分裂，我們作為所有主要體育賽事的一站式音頻之家提供了令人難以置信的價值，並且它推動了這些內容的記錄參與度。我們與 NHL 和 NASCAR 續簽了協議，確保我們的訂閱者在未來幾年能夠繼續訪問。

SiriusXM Super Bowl broadcast this year was the most listened to in our history and strong engagement continued during March Madness, particularly with NCAA women's basketball. We increased the number of women's games we deliver to our subscribers to almost 800 broadcasts, doubling from the previous season.

今年的 SiriusXM 超級盃轉播是我們歷史上收視率最高的一次，並且在瘋狂三月期間繼續保持強烈的參與度，尤其是 NCAA 女子籃球。我們向訂閱者提供的女子比賽轉播次數增加到近 800 場，比上一季增加了一倍。

As we develop our new SiriusXM platform, we are rethinking how we surface and deliver talk content and see opportunities to better combine live shows with on-demand podcasts to serve the diverse preferences of listeners. With strong similarities between talk radio and podcast, we can do more to seamlessly integrate them across our service and provide more control and discoverability for our subscribers.

在開發新的 SiriusXM 平台時，我們正在重新思考如何呈現和提供對話內容，並尋找機會更好地將現場節目與點播播客結合起來，以滿足聽眾的不同喜好。由於談話廣播和播客之間有很強的相似性，我們可以採取更多措施將它們無縫整合到我們的服務中，並為我們的訂閱者提供更多的控制和發現能力。

This past quarter, we combined SiriusXM's podcast group and comedy and entertainment group into one unit. Our extensive portfolio includes chart tapping podcast by EarWolf and Team Cocoa and exclusive channels featuring A-list talent like Andy Cohen, (inaudible) and Conan O'Brien. Our varied distribution models, subscription and ad-supported reach audiences wherever and however they want to listen and bring value to the SiriusXM subscription as exemplified by recent deals with Kevin Hart, Kelly Ripa and Tom Brady.

上個季度，我們將 SiriusXM 的播客組和喜劇和娛樂組合併為一個單元。我們廣泛的產品組合包括由EarWolf 和Team Cocoa 製作的排行榜播客，以及由安迪·科恩(Andy Cohen)（聽不清）和柯南·奧布萊恩(Conan O’Brien) 等一線明星主播的獨家頻道。我們多樣化的發行模式、訂閱和廣告支援可以隨時隨地吸引受眾，讓他們能夠以任何方式聆聽並為 SiriusXM 訂閱帶來價值，最近與 Kevin Hart、Kelly Ripa 和 Tom Brady 的交易就是例證。

Listeners can hear Kevin show Gold Minds on all major podcast platforms with extended episodes available early to subscribers on his Laugh Out Loud radio channel only on SiriusXM. Kelly's new hit, Let's Talk Off Camera, is first released widely as a podcast, but also errors on Radio Andy. And returning this fall, Let's Go hosted by Tom Brady, Larry Fitzgerald and Jim Gray will be available first to our subscribers, then on demand exclusively in our app.

聽眾可以在所有主要播客平台上收聽 Kevin 的《Gold Minds》節目，並且訂閱者可以提前在 SiriusXM 上的 Laugh Out Loud 廣播頻道上觀看擴展劇集。凱利的新熱門歌曲《Let's Talk Off Camera》首次以播客形式廣泛發布，但在安迪電台也出現了錯誤。今年秋天，由 Tom Brady、Larry Fitzgerald 和 Jim Gray 主持的 Let's Go 將首先向我們的訂閱者開放，然後在我們的應用程式中專門按需提供。

All of this is a testament to our leading position in talk audio, and we will continue to leverage our world-class content to draw in new SiriusXM subscribers while also giving ad-supported listeners access to our high-quality programming. Our advertising business operated under the unified SXM Media banner delivered solid first quarter results, bolstered by growth in podcast and programmatic sales.

所有這些都證明了我們在談話音頻領域的領先地位，我們將繼續利用我們的世界一流內容來吸引新的 SiriusXM 訂閱者，同時也讓受廣告支持的聽眾訪問我們的高品質節目。在播客和程式化銷售成長的推動下，我們在統一的 SXM Media 旗幟下經營的廣告業務在第一季取得了穩健的表現。

At the intersection of the 2, our programmatic podcast sales doubled year-over-year, albeit off a small base and contributed to overall podcast ad revenue growth of 34%. And our ad technology business continues to be extremely profitable, growing about 20% year-over-year and partially offsetting broader headwinds during the first quarter.

在這兩者的交叉點，我們的程序化播客銷售額同比翻了一番，儘管基數較小，並為整體播客廣告收入增長了 34%。我們的廣告科技業務持續保持極高的獲利能力，年增約 20%，部分抵銷了第一季更廣泛的不利因素。

We help resolve pain points facing marketers by using greater automation and making buying more efficient. Alongside our ad tech success, this quarter, we renewed U.S. and international sales agreements with SoundCloud and our advertising relationship with the own podcast network.

我們透過使用更高的自動化程度和提高購買效率來幫助解決行銷人員面臨的痛點。除了廣告科技的成功之外，本季我們還與 SoundCloud 續簽了美國和國際銷售協議，並與自己的播客網絡建立了廣告關係。

We also launched Fluency, a cultural practice, helping brands connect with young, diverse audiences in audio by providing insights to support campaigns and creative strategy. Our ad-supported portfolio from Pandora to the SiriusXM Podcast Network, which also includes 2 of the largest Hispanic podcast networks with Pitaya and reVolver offers opportunities for advertisers to reach large and diverse audiences in audio.

我們也推出了 Fluency，一種文化實踐，透過提供支持活動和創意策略的見解，幫助品牌透過音訊與年輕、多樣化的受眾建立聯繫。我們的廣告支援產品組合從 Pandora 到 SiriusXM 播客網絡，其中還包括 2 個最大的西班牙裔播客網絡（Pitaya 和 reVolver），為廣告商提供了透過音訊接觸大量不同受眾的機會。

In short, I am pleased with our financial performance this quarter, and I'm confident in our opportunity to expand our subscriber base as auto sales recover and relaunch the next-generation SiriusXM experience later this year. This new experience will emphasize simplicity and elegance provide more control and discoverability and drive greater consistency between in-car and streaming experiences better catering to our subscribers as they increasingly listen across devices.

簡而言之，我對本季度的財務業績感到滿意，並且我對隨著汽車銷售復甦而擴大用戶群的機會以及在今年晚些時候重新推出下一代 SiriusXM 體驗充滿信心。這種新的體驗將強調簡單和優雅，提供更多的控制和可發現性，並推動車內和串流體驗之間更大的一致性，更好地滿足我們的訂閱者，因為他們越來越多跨裝置收聽。

I will now turn the call over to Sean for some brief remarks, and then Tom will go through the financials in more detail.

我現在將把電話轉給肖恩，讓他做一些簡短的評論，然後湯姆將更詳細地介紹財務狀況。

Thank you, Jennifer. And please let me add my welcome to Tom Barry, who may be new to this call, but is a veteran of SiriusXM and its finance organization since 2009. It has been a real pleasure to serve this company, its talented employees and our shareholders as CFO these past 2.5 years.

謝謝你，詹妮弗。請允許我對Tom Barry 表示歡迎，他可能是第一次參加本次電話會議，但自2009 年以來，他一直是SiriusXM 及其財務組織的資深人士。我們的股東提供服務，我感到非常高興。

In this past month, we have all worked together to ensure a smooth transition. I am confident that Tom's perspective, diligence, financial expertise and history with SiriusXM will serve him well as he steps into the CFO role. Tom, take it away.

在過去的一個月裡，我們大家共同努力，確保順利過渡。我相信 Tom 的遠見、勤奮、財務專業知識和 SiriusXM 的歷史將為他擔任財務長一職提供良好幫助。湯姆，把它拿走。

Thank you, Sean, and thank you, Jennifer. Good morning, everyone. I'm truly excited about this opportunity and join the conversation with investors and analysts and meet many of you in the coming weeks.

謝謝你，肖恩，謝謝你，珍妮佛。大家早安。我對這個機會感到非常興奮，並加入與投資者和分析師的對話，並在未來幾週內與你們中的許多人見面。

I look forward to leveraging my experience of leading the SiriusXM controllers team to more broadly work with operations and the leadership team who shape the company's long-term direction.

我期待利用我領導 SiriusXM 控制器團隊的經驗，與塑造公司長期方向的營運和領導團隊進行更廣泛的合作。

I think you'll see continuity as I lead our talented finance team and continued our disciplined approach to financial decision making.

我認為，當我領導我們才華橫溢的財務團隊並繼續我們嚴格的財務決策方法時，您會看到連續性。

So with that, let's jump right into it. As Jennifer noted, the first quarter played out as we expected, albeit with a bit stronger finish to our advertising revenue performance and gradually improving trial starts. With these trends and more targeted cost control initiatives, we're now able to increase our full year guidance for adjusted EBITDA from $2.7 billion to approximately $2.75 billion, and our free cash flow expectations from $1.05 billion to approximately $1.1 billion.

那麼，讓我們直接進入正題。正如珍妮佛所指出的那樣，第一季的表現符合我們的預期，儘管我們的廣告收入表現有所增強，試用開始情況逐漸改善。憑藉這些趨勢和更有針對性的成本控制舉措，我們現在能夠將調整後EBITDA 的全年指引從27 億美元提高到約27.5 億美元，並將自由現金流預期從10.5 億美元提高到約11 億美元。

In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior year period. The SiriusXM segment delivered $1.7 billion in revenue, which was down 2%, principally due to lower OEM paid promotional trial revenue reflected in our ARPU of $15.29 and declining subscriber revenue at Connected Vehicle, partially offset by a weighted average subscriber base that was up 1% year-over-year.

本季度，我們錄得 21.4 億美元的收入，與去年同期相比小幅下降 2%。 SiriusXM 部門實現了17 億美元的收入，下降了2%，主要是由於OEM 付費促銷試用收入較低（反映在我們的ARPU 為15.29 美元）以及聯網車輛用戶收入下降（部分被加權平均用戶基數增長1 ）所抵消。

Self-Pay net adds declined by 347,000 in the quarter consistent with our expectations given lower fourth quarter vehicle and streaming trial starts, combined with seasonally higher churn in the first quarter. We do expect to see future quarter-over-quarter progress in self-pay net adds but we still anticipate being modestly negative for the full year in aggregate.

鑑於第四季度車輛和串流試用啟動率較低，加上第一季季節性較高的客戶流失率，本季自助付費淨增加量下降了 347,000 人，與我們的預期一致。我們確實預計未來自付淨增加額將出現季度環比增長，但我們仍然預計全年總體將出現小幅負增長。

Our total new and used car penetration rate was 80% and 55%, respectively and our enabled fleet stands at about 154 million vehicles. In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. Advertising revenue of $334 million decreased slightly by 1% in the first quarter.

我們的新車和二手車總滲透率分別為 80% 和 55%，我們的可用車輛數量約為 1.54 億輛。在 Pandora 和平台外業務領域，總收入為 4.62 億美元，與前一年幾乎持平。第一季廣告收入為 3.34 億美元，小幅下降 1%。

Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. Pandora's ad hours were 2.59 billion, declining just 4% year-over-year as hours per active users climbed 4.5% to 21 hours per month.

儘管我們繼續對整體廣告銷售市場持謹慎態度，但我們仍然看到播客的順風車。 Pandora 的廣告時長為 25.9 億小時，年比僅下降 4%，而每位活躍用戶的廣告時間則成長 4.5%，達到每月 21 小時。

Gross profit in the SiriusXM segment declined 5% to $1.02 billion, representing a margin of 61%, down slightly from 2022 due to higher royalties. The change in royalties was driven by the expiration of the discounted rates on pre-1972 music as of the end of 2022 and a CRB announced 9% CPI inflator on webcasting performance rights and programming and content expenses climbed 6% due to increased licensing fee and production costs.

由於特許權使用費增加，SiriusXM 部門的毛利下降 5%，至 10.2 億美元，利潤率為 61%，較 2022 年略有下降。版稅變化的原因是 1972 年之前的音樂折扣率將於 2022 年底到期，CRB 宣布網絡廣播表演權的 CPI 上漲 9%，而由於許可費增加和節目和內容費用攀升 6%。

Gross profit in the Pandora and Off-Platform segment was $111 million, down 19% and representing a margin of 24%. Here, you're seeing the normal effects of seasonally light ad revenue in the first quarter, combined with recent ad headwinds plus the CPI inflator to web streaming royalties. We expect this margin to trend favorably for the remainder of the year.

Pandora 和平台外業務的毛利為 1.11 億美元，下降 19%，利潤率為 24%。在這裡，您可以看到第一季季節性清淡廣告收入的正常影響，再加上最近的廣告逆風以及消費者物價指數 (CPI) 上漲對網路串流版稅的影響。我們預計這一利潤率在今年剩餘時間內將呈現有利趨勢。

At the corporate level, G&A was up 21%, with the majority of the increase driven by litigation expenses and investment asset adjustments on our employee deferred comp plan. Sales and marketing expenses are lower by 17% as discussed, while engineering, design and development expenses were up 15% on the back of new product investments.

在公司層面，G&A 成長了 21%，其中大部分成長是由訴訟費用和員工遞延薪酬計畫的投資資產調整所推動的。如所討論的，銷售和行銷費用降低了 17%，而由於新產品投資，工程、設計和開發費用增加了 15%。

Putting all this together, adjusted EBITDA of $625 million was down 9% over the prior year. We are already beginning to see benefits from cost reductions implemented in Q1 across every element of our business. Seasonality in advertising revenue and the strategic cost-saving measures should deliver ramping EBITDA in the second, third and fourth quarter.

總而言之，調整後 EBITDA 為 6.25 億美元，比上年下降 9%。我們已經開始看到第一季在我們業務的各個方面實施的成本削減帶來的好處。廣告收入的季節性和策略性成本節約措施應在第二、第三和第四季實現 EBITDA 的大幅成長。

During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. This decline of $114 million is principally the result of increased satellite CapEx of $103 million as we invested the construction of SXM-11 and 12 and a onetime severance payment of approximately $15 million related to our cost optimization strategy.

第一季度，我們產生了 1.44 億美元的自由現金流，低於前一年的 2.58 億美元。減少 1.14 億美元主要是由於我們投資了 SXM-11 和 12 的建設，衛星資本支出增加了 1.03 億美元，以及與我們的成本優化策略相關的一次性遣散費約為 1500 萬美元。

As we previously discussed, CapEx should increase by some $200 million for the full year 2023 as we ramp SXM-11 and 12 on top of ongoing preparation for SXM-9 and 10. This satellite CapEx spending will be in the $300 million range per year in 2023 and 2024, before declining to approximately $175 million in 2025, approximately $80 million in 2026 and approximately $20 million in 2027.

正如我們先前所討論的，隨著我們在SXM-9 和10 的持續準備基礎上增加SXM-11 和12，2023 年全年資本支出應增加約2 億美元。美元範圍內2023 年及 2024 年將下降至約 1.75 億美元，2026 年下降至約 8,000 萬美元，2027 年下降至約 2,000 萬美元。

While the exact timing of construction milestone payments can inevitably shift, this gives us a general idea of the trajectory and the scope of spending. The investments we are making now will support our remaining valuable low-band customers for several years to come, but we will eventually provide new revenue opportunities.

雖然建設里程碑付款的確切時間不可避免地會發生變化，但這讓我們對支出的軌跡和範圍有一個總體了解。我們現在正在進行的投資將在未來幾年內為我們剩餘的有價值的低頻段客戶提供支持，但我們最終將提供新的收入機會。

Following this build cycle, we do not anticipate any spending on satellites for many years. Because this typical seasonality of our business in terms of receipts versus expenditures, combined with the timing of our capital expenditures we expect to produce a meaningful portion of 2023's free cash flow later in the year.

在這個建造週期之後，我們預計很多年都不會在衛星上有任何支出。由於我們的業務在收入與支出方面具有典型的季節性，再加上我們的資本支出的時間安排，我們預計將在今年稍後產生 2023 年自由現金流的重要部分。

Looking at the capital allocation for first quarter of 2023, we returned $160 million to the shareholders comprised of $94 million of dividends and $67 million of stock repurchase, as we reentered the market following our fourth quarter results. We ended the quarter with a leverage at 3.4x, which is within our targeted range of low to mid-3s.

從 2023 年第一季的資本配置來看，我們在第四季業績公佈後重新進入市場，向股東返還了 1.6 億美元，其中包括 9,400 萬美元的股息和 6,700 萬美元的股票回購。本季結束時，我們的槓桿率為 3.4 倍，處於我們 3 倍中低水平的目標範圍內。

Moving forward, we value a strong balance sheet that provides us with flexibility to navigate a variety of future environments. And our goal, of course, is to continue a disciplined and thoughtful approach to capital return. Despite market and business challenges, I'm proud of our good start to the year.

展望未來，我們重視強大的資產負債表，它為我們提供了應對各種未來環境的靈活性。當然，我們的目標是繼續採取嚴格、深思熟慮的資本回報方法。儘管面臨市場和業務挑戰，但我對今年的良好開局感到自豪。

Our team is working diligently to position us for success in the second half of 2023 and beyond, and I'm excited to see how this year shapes up. In closing, I would also like to thank Sean for making this transition as seamless as possible.

我們的團隊正在努力工作，以確保我們在 2023 年下半年及以後取得成功，我很高興看到今年的進展。最後，我還要感謝 Sean 讓這項過渡盡可能順利。

With that, I'll turn it over to the operator for Q&A.

這樣，我會將其轉交給接線員進行問答。

(Operator Instructions) And our first question is from the line of James Ratcliffe with Evercore ISI.

（操作員說明）我們的第一個問題來自 Evercore ISI 的 James Ratcliffe。

First of all, Sean, thanks very much. Pleasure working with you and good luck on the next gig, keep them in the fairway.

首先，肖恩，非常感謝。很高興與您合作，祝您下一場演出好運，讓他們保持在球道上。

And on that note, Tom, if you could just give us an idea, your key priorities coming into the role, sort of what's at the top of the bullet point list on the whiteboard in your office? And secondly, regarding the satellite radio side, GM has announced that they are planning on dropping Apple CarPlay.

湯姆，關於這一點，如果您能給我們一個想法，您在該職位中的關鍵優先事項，例如您辦公室白板上的要點列表頂部是什麼？其次，關於衛星廣播方面，通用汽車已經宣布他們計劃放棄Apple CarPlay。

What are you guys seeing among OEMs in terms of their positioning around third-party interfaces on the DASH versus their own? And how does that affect the placement and role of the SiriusXM product?

對於 OEM 廠商在 DASH 上的第三方介面與他們自己的介面的定位，你們有何看法？這對 SiriusXM 產品的定位與作用有何影響？

Okay. James, I'll go first. Just to talk about my whiteboard, what we're focused on. I'm focused on in the early days is a lot of what you'll see in raising our guidance in some of the other areas is we're investing a lot of time in our cost structure and ensuring that our spending and our cost optimization is headed the right direction with it in an effective manner.

好的。詹姆斯，我先走了。只是談談我的白板，我們關注的焦點。我在早期關注的很多內容是，在提高我們在其他一些領域的指導時，您會看到我們在成本結構上投入了大量時間，並確保我們的支出和成本優化正在以有效的方式朝著正確的方向前進。

We're investing in our future. We're investing in the new platforms. We're investing in satellites. So -- and obviously, we'll continue to carry forward with our capital return plan to shareholders. But my overall view is to work on obviously optimizing the business, support the growth of the business and position us for the year ahead.

我們正在投資我們的未來。我們正在投資新平台。我們正在投資衛星。因此，顯然，我們將繼續推進對股東的資本回報計畫。但我的總體觀點是致力於明顯優化業務，支持業務成長並為我們未來的一年做好準備。

Great. And James, to your second question, so we'll see how this -- how the OEMs navigate kind of the integration of CarPlay and Android Auto, I think GM seems to be somewhat unique in that path.

偉大的。詹姆斯，關於你的第二個問題，我們將看看原始設備製造商如何引導 CarPlay 和 Android Auto 的集成，我認為通用汽車在這條道路上似乎有些獨特。

But we are well positioned to make sure that our incorporation sustains through whatever model the OEMs choose to pursue. And right now, we're certainly seeing significant take-up in Android Automotive operating system, the integrated software from Google. And we're working closely with the OEMs and with Google is that rolls out, the majority of OEMs have either announced or in process of moving toward that operating system.

但我們處於有利地位，可以確保我們的公司能夠透過原始設備製造商選擇採用的任何模式得以維持。現在，我們確實看到了 Android Automotive 作業系統（Google的整合軟體）的大量使用。我們正在與原始設備製造商密切合作，並與Google合作推出該作業系統，大多數原始設備製造商已經宣布或正在轉向該作業系統。

And I think we're very well positioned to deliver our service through AAOS. It allows us, like many other services to update much more frequently our feature set, but we also have a unique setup because we will continue to maintain preferential treatment in terms of display.

我認為我們完全有能力透過 AAOS 提供服務。它允許我們像許多其他服務一樣更頻繁地更新我們的功能集，但我們也有一個獨特的設置，因為我們將繼續在顯示方面保持優惠。

And whereas other services, you need to sign up for a data plan, we cover the data costs ourselves. So we believe no matter what path the OEM chooses we'll be really well positioned there.

與其他服務不同，您需要註冊資料計劃，而我們則自行承擔資料費用。因此，我們相信，無論 OEM 選擇什麼路徑，我們都將處於有利位置。

Our next question is coming from the line of Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Welcome, Tom. Jennifer, could you talk a little bit about the subscriber outlook for the rest of the year? In particular, what are the things that are going to allow for the streaming-only subscriber losses sort of moderate? Could you give us a little bit of color on sort of the puts and takes there and how the new next-generation SiriusXM experience will help improve that over the course of 2023.

歡迎，湯姆。 Jennifer，您能談談今年剩餘時間的訂戶前景嗎？特別是，哪些因素可以讓純串流媒體訂閱用戶的損失適度？您能否為我們提供一些有關看跌期權和看跌期權的信息，以及新一代 SiriusXM 體驗將如何幫助我們在 2023 年期間改善這一狀況。

And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. Do you have -- you usually you guys have a pretty good line of sight on that. Just help us think about bridging the Q1 losses towards better numbers in the back half between those 2 subscriber bases, if you would.

然後也許對車載業務也有同樣的問題，我認為試驗開始正在開始改善。你們有嗎——你們通常對此有很好的視野。如果您願意的話，請幫助我們考慮彌補第一季的損失，從而在這兩個用戶群的後半部分實現更好的數字。

Sure. Thank you, Ben. So the number in Q1 was anticipated, right? We expected Q1 to be a low point in terms of net ads. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. And the trends that we saw in Q1 in large part are reversing as we go through the year.

當然。謝謝你，本。那麼第一季的數字是預期的，對嗎？我們預計第一季將是淨廣告量的最低點。正如湯姆之前提到的，我們也預計未來每季都會比上一季更好。隨著全年的發展，我們在第一季看到的趨勢在很大程度上正在逆轉。

So Q1 was impacted, as we said, by lower fourth quarter trials and then third quarter, but Q1 trials have been stronger -- were stronger than Q4. So that sets us up well for the in-car funnel. And we do expect auto sales to continue to grow. I just saw a stat the other day that we watch quite frequently about intent to buy, and it's at one of the highest levels we've seen over the last couple of years.

因此，正如我們所說，第一季受到第四季和第三季試驗下降的影響，但第一季的試驗更強——比第四季更強。這為我們的車內通路做好了準備。我們確實預計汽車銷售將繼續成長。前幾天我剛看到一個統計數據，我們經常看到有關購買意願的統計數據，這是我們過去幾年看到的最高水平之一。

So I think there is a case to be made for demand to start coming back, maybe some of the pent-up demand to be released and auto sales to slowly but incrementally improve over the course of the year. And of course, that helps with the funnel there.

因此，我認為需求有理由開始回升，也許一些被壓抑的需求將會被釋放，汽車銷售將在一年內緩慢但逐步改善。當然，這有助於那裡的漏斗。

On the churn side, in car, Q1 is always seasonally soft for us, and we anticipate that to be true for this year as well. well, we're still very strongly positioned with turn at just over 1.6%. And CSAT is at an all time -- our satisfaction is at an all-time high since 2009. And it's driven a lot by the programming additions that we've made and the streaming access.

在汽車產業，第一季對我們來說總是季節性疲軟，我們預計今年也是如此。好吧，我們仍然處於非常有利的位置，週轉率略高於 1.6%。自 2009 年以來，CSAT 的滿意度一直處於歷史最高水平。

And then to your question on streaming net ads, we did -- to some extent, we've gone through this hurdle of the reduced marketing spend we had in the fourth quarter, and now we're operating at a much more efficient level. And the cost to acquire trials has gone down. Some of that's market conditions and some of that is more efficiently buying and specific channels. And we will continue to be active in generating trials.

關於你關於串流網路廣告的問題，我們確實做到了——在某種程度上，我們已經克服了第四季度行銷支出減少的障礙，現在我們的營運效率要高得多。而且獲得試驗的成本已經下降。其中一些是市場條件，另一些是更有效的購買和特定管道。我們將繼續積極進行試驗。

But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. So I wouldn't expect to see major changes in our streaming net ads until after that. They will improve over the course of the year as will overall total net ads. But we're still waiting to launch a lot of these underlying capabilities and functionality to be able to support the streaming business, not only for streaming-only subscribers, but also as it continues to support our in-car business through customers listening outside of the car and 360L in the car.

但實際上，我們基本上一直在推遲，直到第四季度推出新平台。因此，在那之後我預計我們的串流媒體網路廣告不會發生重大變化。他們將在這一年中有所改善，淨廣告總量也將有所改善。但我們仍在等待推出許多這些底層功能和功能，以便能夠支援串流媒體業務，不僅針對僅串流媒體訂閱者，而且還因為它繼續透過客戶在車外收聽來支援我們的車內業務。有360L。

That's very helpful. And Sean, best of luck in your new opportunity.

這非常有幫助。肖恩，祝你在新機會中好運。

Our next question comes from the line of Barton Crockett with Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的 Barton Crockett。

And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. So I think you were saying on the last quarter call that you weren't formally guiding for a number for subs for this year.

我想我想問的只是這裡訂閱者進展的後續情況。因此，我認為您在上個季度的電話會議上表示，您沒有正式指導今年的替補人數。

Generally, the expectation was modestly negative. Here you've come in and you've updated financial guidance. I was just wondering if you could give us an update on that subscriber kind of loose commentary. Is that still what you see? Or is there anything different that you can talk to at this point?

整體而言，預期是適度負面的。您已經進來並更新了財務指導。我只是想知道您是否可以向我們提供有關訂閱者鬆散評論的最新資訊。這還是你看到的嗎？或者此時您可以談論什麼不同的事情嗎？

Yes, Barton. We haven't changed the guidance on subscribers, so still expecting modestly negative for the year. Clearly, with negative 347,000 this quarter, we are expecting, as we said, improvements quarter-over-quarter.

是的，巴頓。我們沒有改變對訂戶的指導，因此仍然預計今年會出現適度的負面影響。顯然，正如我們所說，本季的負數為 347,000，我們預計季度將比去年同期有所改善。

I would expect the second half to be positive and that sort of nets us out to the modestly negative. And we're really focused, again, heads down on investing in this new platform and making sure that, that positions us for growth going forward.

我預計下半年會是正面的，這會讓我們陷入適度的負面影響。我們再次真正專注於投資這個新平台，並確保這為我們未來的成長奠定了基礎。

But we are continuing to see progress in advance of that on 360L. And I highlighted some of these metrics earlier, but we are seeing definitive increases in conversion rates for trialers, particularly younger trialers are using the features, but also just have 360L capable vehicles. And that is because we're addressing these pain points.

但我們繼續看到 360L 的進展。我之前強調了其中一些指標，但我們看到試用者的轉換率明顯增加，特別是年輕的試用者正在使用這些功能，但也只有 360L 功能的車輛。那是因為我們正在解決這些痛點。

And I believe that is a very strong proof point for what we can continue to drive and see when we launch this new platform that is going to support 360L, but also drive cross listening in and out of the car and provide much more personalized listening experiences.

我相信，當我們推出這個新平台時，我們可以繼續駕駛和看到什麼，這是一個非常有力的證據，該平台將支援360L，還可以推動車內車外的交叉聆聽，並提供更個性化的聆聽體驗。

Okay. And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions? I mean what portion are coming in on that platform? And how is that progressing over the course of this year in your view?

好的。關於 360L，您能否讓我們了解一下 360L 目前對您的用戶獲取有何重要意義？我的意思是該平台上有哪些部分？您認為今年的進度如何？

Yes. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. We're in about -- I think it's about 1/3 of our new car trial starts have 360L currently, that will increase to about 40% by the end of the year. We'll start seeing it actually come through used car trial starts as well as some of those early cars turn over and then over time, in the years to come, it will get to 80% of our trial starts. So it's rolling out.

是的。所以關鍵是推出，這已經是很長一段時間了，360L 的承諾現在正在兌現。我認為目前我們開始試用的新車中大約有 1/3 是 360L，到今年年底這一比例將增加到 40% 左右。我們將開始看到它實際上是透過二手車試運行以及一些早期汽車的周轉而實現的，然後隨著時間的推移，在未來的幾年裡，它將達到我們試運行的 80%。所以它正在推出。

We announced this morning that Mercedes has a plan to roll out and we are very eager to see it continue to move through our OEM partners. And it's key to not only lift and conversion, but also improved retention. And I think ultimately, ARPU as well because we can deliver even more content and features to our subscribers.

今天早上我們宣布梅賽德斯有一項推出計劃，我們非常渴望看到它繼續透過我們的 OEM 合作夥伴進行推廣。這不僅是提升和轉換的關鍵，也是提高留任率的關鍵。我認為最終，ARPU 也是如此，因為我們可以為我們的訂閱者提供更多的內容和功能。

Our next question is from the line of Steven Cahall with Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

Jennifer, maybe just a follow-up on that line of discussion. I was wondering if you talk a little bit to conversion rates. So your commentary on the intent to buy and the improving funnel sounds constructive.

詹妮弗，也許只是該討論的後續。我想知道您是否談一下轉換率。因此，您對購買意圖和改進漏斗的評論聽起來很有建設性。

I know pen rates are higher now, competition is maybe a bit higher now, 360L mix is also sounds like tracking up nicely. So how do you think about conversion rates on new car trials today versus where you were historically, I think, in that sort of mid-30s range?

我知道現在鋼筆價格更高，競爭可能更激烈，360L 混合聽起來也很好。那麼，我認為，與歷史上 30 多歲左右的轉換率相比，您如何看待今天新車試驗的轉換率？

And then relatedly, I was just wondering if you could speak to what's going on in the used car market? Any commentary on how those are contributing to either the modest decline or the growing funnel and what we should expect for used car activity this year?

與此相關的是，我只是想知道您是否可以談談二手車市場的情況？對於這些因素如何導致二手車小幅下降或漏斗不斷增長以及我們今年對二手車活動的預期有何評論？

Sure. Thanks, Steven. On the used car market, just to start with that, the used car sales were actually pretty strong in the first couple of months of the year. And in March, we started to see that tail off a little bit.

當然。謝謝，史蒂文。首先，在二手車市場上，今年前幾個月的二手車銷售實際上相當強勁。三月份，我們開始看到這種趨勢減弱。

As you know, it is a big part of our funnel, but we have seen used car trial starts did increase in Q1 versus Q4, which sets us up well. The dynamics are tough in the market because many buyers as new car prices start to come down, may migrate from used cars to new cars, and inventories are still pretty tight on the used car side. But we're not seeing any major changes in the market that I would highlight.

如您所知，這是我們漏斗的重要組成部分，但我們看到第一季的二手車測試開始量確實比第四季度有所增加，這為我們做好了準備。市場動態很嚴峻，因為隨著新車價格開始下降，許多買家可能會從二手車轉向新車，而二手車的庫存仍然相當緊張。但我們沒有看到市場發生任何我要強調的重大變化。

On conversion rate, so I talked a bit about this on the last call, but just to add some more color, Conversion rates are continuing to trend in the low 30s for new car in the low 20s for used. And is it really the downward pressure we've seen over the last few years had a lot to do with the dramatic increase we saw in pen rates over that time period. And we're up about 9 points from 2019 to 2022. And we've settled in at this sort of range in the low 80s that I think is the optimal place for us going forward. So that pressure will abate to some extent.

關於轉換率，我在上次電話會議上對此進行了一些討論，但只是為了添加更多色彩，新車的轉換率繼續保持在30 多歲以下的趨勢，二手車的轉換率則在20 多歲以下。過去幾年我們看到的下行壓力真的與我們在這段時間內看到的筆費率的急劇上升有很大關係嗎？從 2019 年到 2022 年，我們上升了約 9 個百分點。這樣壓力就會在一定程度上減輕。

And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. And while that growth will continue, it's actually come down to more normalized level at this point. And the competitive challenges we have are easily solved with 360L and the new platform that we're launching, and we are starting to see that already in some of our numbers.

在過去的幾年裡，尤其是在新冠疫情期間，千禧世代購買汽車的比例大幅上升。雖然這種增長仍將持續，但目前實際上已降至更正常化的水平。我們面臨的競爭挑戰可以透過 360L 和我們推出的新平台輕鬆解決，我們已經開始在一些數據中看到這一點。

So younger generations, in particular, are looking for more opportunities to control is nay experience. They're looking for more opportunities to more easily navigate the service and 360L brings a lot of those features to life, and we are seeing even better conversion rates among younger trialers who have 360L relative to older generations and particularly our core audiences who know our service and are used to navigating it.

因此，尤其是年輕一代，正在尋找更多機會來控制非經驗。他們正在尋找更多機會來更輕鬆地瀏覽服務，而360L 帶來了許多這些功能，我們發現，與老一代相比，擁有360L 的年輕試用者的轉換率更高，尤其是了解我們的核心受眾。

Our next question is from the line of David Joyce with Seaport.

我們的下一個問題來自 David Joyce 和 Seaport 的對話。

First, Sean, good luck. You'll be missed. I'm glad you extended your tenure in the media industry here. And to Tom, congratulations. Look forward to working with you.

首先，肖恩，祝你好運。你會被想念的。我很高興您在這裡延長了您在媒體行業的任期。湯姆，恭喜你。期待與您合作。

Question on the new trends. Given the new Mercedes-Benz deal and some recent price increases, what are the impacts on ARPU in the near term? Like how should we think about the cadence of ARPU from here this year as well as what would the longer-term impacts be from any of the newer auto deals since we saw some of the promo numbers increase here.

關於新趨勢的問題。鑑於梅賽德斯-奔馳的新交易以及最近的一些價格上漲，短期內對 ARPU 有何影響？就像我們應該如何考慮今年 ARPU 的節奏，以及自從我們看到一些促銷數量增加以來，任何新的汽車交易都會產生什麼長期影響。

Sure. Thanks, David. The OEM paid promotional revenue has been trending down over the last few years. And it's really just one piece of the puzzle as we look at our economics with our OEM partners. So some OEMs will choose to pay for the trial and receive a higher subsidy and obviously, there's the impact of revenue share as well.

當然。謝謝，大衛。 OEM 付費促銷收入在過去幾年中一直呈下降趨勢。當我們審視我們與 OEM 合作夥伴的經濟狀況時，這實際上只是難題的一小部分。因此，一些原始設備製造商會選擇支付試用費用並獲得更高的補貼，顯然，這也會產生收入分成的影響。

And we're constantly navigating because the interaction of those 3 economic levers with increasing penetration rates where it makes sense. So I think the impact of OEM prepaid revenue should slow down in terms of how it's flowing through ARPU over time. On the self-pay side, I would continue to expect improvement in year-over-year comps as we roll out the rate increase. It will be less impactful than the last time we did the rate increase because we focused primarily on full price plans, and that has a lot to do with maintaining our promotional plans and market our discounted plans to be able to better onboard and retain our subscriber base where it makes sense.

我們一直在不斷探索，因為這 3 個經濟槓桿的相互作用與滲透率的不斷提高是有意義的。因此，我認為，隨著時間的推移，OEM 預付費收入對 ARPU 的影響應該會放緩。在自費方面，隨著我們推出升息，我將繼續預計同比業績會有所改善。與我們上次升息相比，這次加息的影響要小一些，因為我們主要關注全價計劃，這與維持我們的促銷計劃和營銷我們的折扣計劃有很大關係，以便能夠更好地吸引和留住我們的訂戶有意義的基礎。

But positioning for the future, we have had a long history since we launched annual average increases in ARPU of about 3%. And that may be at the top end of the range, but I still think there's opportunity. I just don't want to focus on ARPU solely because I do think there's demand at lower price points, and we are looking at more flexible pricing structures that we will likely implement when we launch the new platform.

但面向未來，自從我們推出 ARPU 年均成長約 3% 以來，我們已經有很長的歷史了。這可能是這個範圍的上限，但我仍然認為有機會。我只是不想只關注 ARPU，因為我確實認為較低的價格點有需求，而且我們正在考慮更靈活的定價結構，我們可能會在推出新平台時實施這些結構。

Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs.

我們的下一個問題來自高盛的 Stephen Laszczyk。

Maybe for Jennifer on distribution. You called out the partnership with Walmart Plus announced in the quarter. I was hoping you can maybe talk a little bit more about the third-party distribution strategy? How sizable of a trial acquisition funnel you think that could become over the next few years? And maybe how you see that fitting into the broader digital strategy later this year.

也許是為了詹妮弗的發行。您提到了本季宣布的與 Walmart Plus 的合作夥伴關係。我希望您能多談談第三方分銷策略嗎？您認為未來幾年試驗採購漏斗的規模有多大？也許您認為這與今年稍後更廣泛的數位策略相適應。

Sure. So Stephen, the Walmart and T-Mobile have been great partners, and I'm very pleased that we've been able to launch with them and test out different trial offers. And in particular, with Walmart, we're testing an offer that allows consumers to choose, do they want satellite trial or in-car trial or a streaming trial.

當然。因此，史蒂芬、沃爾瑪和 T-Mobile 一直是很好的合作夥伴，我很高興我們能夠與他們一起推出並測試不同的試用優惠。特別是，我們正在與沃爾瑪一起測試一項優惠，允許消費者選擇，他們想要衛星試用、車內試用還是串流試用。

And we're just in the phase of really testing and learning on these rollouts and we'll be much better positioned when we build out some of the capabilities in the new platform in terms of easier sales flows, better onboarding, more personalized recommendations to take advantage of these partnerships going forward.

我們正處於對這些推出進行真正測試和學習的階段，當我們在新平台中建立一些功能時，我們將處於更好的位置，這些功能包括更輕鬆的銷售流程、更好的入職培訓、更個性化的建議未來充分利用這些夥伴關係。

The majority of our trial funnel as you would expect, is represented by the millions of trial starts that we do every year through our automotive partners. But the streaming trial funnel, our challenge has not been trial generation, and we've put very distinct guardrails in place in how we're active and Performance Media in bringing trials into the funnel. Partnership is sort of an untapped opportunity. And I believe as we launch this platform, we will have more and more opportunities to better execute on that.

正如您所期望的，我們的大部分試用管道是我們每年透過汽車合作夥伴進行的數百萬次試用。但在串流媒體試驗漏斗中，我們的挑戰並不是試驗生成​​，我們在如何積極將試驗引入漏斗中的方式和績效媒體方面設置了非常明顯的護欄。合作夥伴關係是一種尚未開發的機會。我相信，隨著我們推出這個平台，我們將有越來越多的機會更好地執行該平台。

Great. And then maybe just one for Tom. Just since it's your first call as CFO, a follow-up to James' question. It'd be great to maybe hear how you're thinking more broadly about leveraging capital allocation. What do you see as the right leverage profile, the right mix of capital returns? Anything different here going forward that we should be mindful of relative to that we thought about it in the past?

偉大的。然後也許只給湯姆一份。這是您作為財務長第一次打電話，這是對詹姆斯問題的跟進。如果您能聽到您如何更廣泛地思考如何利用資本配置，那就太好了。您認為什麼是正確的槓桿配置、正確的資本回報組合？與我們過去的想法相比，未來我們應該注意哪些不同之處？

Great. Thanks, Stephen. So we look at this probably more often than not, but we spent a lot of time looking at this. We'll continue our current process of being cautious and disciplined. Obviously, as we said at the year-end call that a lot of our free cash flow and a lot of our numbers will be coming in the second half of the year, but we're going to continue with our disciplined approach, as we've used over the last couple of years.

偉大的。謝謝，史蒂芬。所以我們可能經常看這個，但我們花了很多時間看這個。我們將繼續目前的謹慎和紀律流程。顯然，正如我們在年終電話會議上所說，我們的大量自由現金流和大量數據將在今年下半年出現，但我們將繼續採取嚴格的方法，因為我們過去幾年一直在使用。

We'll target leverage in the low to mid-3s in light of the macroeconomic factors. And as we noted, our Q1 was at 3.4x, and we returned $161 million to shareholders in the first quarter, and we'll continue to be opportunistic for the remainder of the year.

根據宏觀經濟因素，我們將槓桿目標控制在 3 左右。正如我們所指出的，我們第一季的回報率為 3.4 倍，第一季我們向股東返還了 1.61 億美元，我們將在今年剩餘時間內繼續投機取巧。

Our final question is from the line of Matthew Harrigan with The Benchmark Company.

我們的最後一個問題來自 The Benchmark Company 的 Matthew Harrigan。

Firstly, could you talk a little bit more about what was maybe a little bit better than expected audio number. I mean the economy, we just had a soft GDP number, a couple of minutes ago. Are you seeing any flex in terms of the categories that are participating or just kind of tailwinds for audio advertising or even irrespective of the economy?

首先，您能多談談什麼可能比預期的音訊數字好一點嗎？我指的是經濟，幾分鐘前我們剛公佈了疲軟的 GDP 數據。您是否看到參與的類別有任何靈活性，或者只是音頻廣告的順風，甚至與經濟無關？

And then secondly, it's a bit of a more depressed question than an analyst question. It probably definitely falls into the diverse preferences of listeners buckets, but you just have 2 rather polarizing TV news personalities becoming available, albeit some bad actor issues that Tucker Carlson, Don Lemon, you certainly have been very tolerant view on all sides of the spectrum. But are there any circumstances where if I was Tucker or Don Lemon, why would I certainly want to be with you on the linear and podcasting side rather than Newsmax or OEM, but is that just 2 friends for you. And I kind of apologize for the question, but I can't resist.

其次，這是一個比分析師問題更令人沮喪的問題。它可能肯定屬於聽眾的不同喜好，但你只有兩個相當兩極分化的電視新聞人物可供選擇，儘管塔克·卡爾森、唐·萊蒙等一些壞演員問題，你當然對各個方面都非常寬容。但是，在某些情況下，如果我是 Tucker 或 Don Lemon，為什麼我肯定想和你們一起從事線性和播客方面的工作，而不是 Newsmax 或 OEM，但這對你們來說只是兩個朋友嗎？我對這個問題表示歉意，但我無法抗拒。

Thanks, Matt. I will start on advertising and hand it over to Scott on your second question. Our Q1 results were better than we expected, certainly based on where trends were heading in December or January, we had a really solid quarter with ad revenue down just 2%. And I believe that's because we were really well positioned to capture late in-quarter demand that came in as advertisers started to open up their budgets because we have these programmatic solutions across music streaming and podcasting.

謝謝，馬特。我將從廣告開始，然後將你的第二個問題交給斯科特。我們第一季的業績好於我們的預期，當然基於 12 月或 1 月的趨勢，我們的季度表現非常強勁，廣告收入僅下降了 2%。我相信這是因為我們確實處於有利位置，可以捕捉廣告商開始開放預算時出現的季度末需求，因為我們在音樂串流媒體和播客方面擁有這些程式化解決方案。

And podcasting continues to be a bright spot. Podcasting ad revenue was up 34% year-over-year in the quarter, and that's due to the great content relationships we have on the representation side, our ability to bring brands into podcasting. It's traditionally been much more D2C and D2C has been soft in the first quarter.

播客仍然是一個亮點。本季播客廣告營收年增 34%，這要歸功於我們在代理商方面擁有的良好內容關係以及我們將品牌引入播客的能力。傳統上更多的是 D2C，而 D2C 在第一季表現疲軟。

And then we just have these solutions in market for advertisers to come in and either buy across our network on an audience basis or by show level and even custom integrations. And so we're really well positioned on the podcasting side. Certainly, there's still uncertainty in the second half, I think, but we are hopeful that the market will continue to recover and the great thing about our guidance is that even the cost reductions we put in place, we're really well positioned even if the market trends a little softer going forward.

然後，我們在市場上提供這些解決方案，供廣告商進入，並根據觀眾或節目級別甚至定制整合在我們的網路上進行購買。因此，我們在播客方面確實處於有利地位。當然，我認為下半年仍然存在不確定性，但我們對市場將繼續復甦抱有希望，我們的指導的偉大之處在於，即使我們實施了成本削減，我們也確實處於有利地位，即使未來市場趨勢將趨於疲軟。

And just on the categories, it's been continued improvement in travel, restaurants, casino, even automotive is coming back more, which makes sense and then softness in telecom and financial services. Scott, you want to...

僅就類別而言，旅遊、餐飲、賭場持續改善，甚至汽車也更回歸，這是有道理的，然後是電信和金融服務的疲軟。史考特，你想...

Great. Thanks, Matt. So one of the things we're most proud of is what you alluded to, the true diversity of voices we have on the platform, and basically letting our subscribers and listeners and trialers decide what they want to listen to at any given moment.

偉大的。謝謝，馬特。因此，我們最引以為傲的事情之一就是您提到的，我們在平台上擁有真正多樣化的聲音，基本上讓我們的訂閱者、聽眾和試用者決定他們在任何特定時刻想听什麼。

And while we may, in fact, be a potential or a logical home for anybody that fits into those voices. One, we don't comment on anything we're looking at directly. And secondly, we look at the totality of the package between the talent, the issues that allowed them to be free to negotiate and other things. So it's like anything else. People find our way to our door, and we consider a lot of factors before we make any decisions.

事實上，對於任何符合這些聲音的人來說，我們可能是一個潛在的或合乎邏輯的家。第一，我們不會對我們直接關注的任何內容發表評論。其次，我們著眼於人才、允許他們自由談判的問題和其他事情之間的整體。所以它就像其他任何事情一樣。人們找到我們的門，我們在做出任何決定之前會考慮很多因素。

Thanks, Matt. Thanks, everybody, for participating today. Thanks, operator. Rob. Talk to you later. Bye-bye.

謝謝，馬特。謝謝大家今天的參與。謝謝，接線生。搶。我們回聊。再見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。