Sirius XM Holdings Inc (SIRI) 2024 Q1 法說會逐字稿

Greetings. Welcome to SiriusXM's First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 SiriusXM 2024 年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

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

我現在將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，您現在可以開始您的演講了。

Thank you, and good morning, everyone. Welcome to SiriusXM's First Quarter 2024 Earnings Conference Call. Today, we will have prepared remarks from Jennifer Witz, our Chief Executive Officer; and Tom Barry, our Chief Financial Officer. Scott Greenstein, our President and Chief Content Officer, will join Jennifer and Tom to take questions during the Q&A portion of this call.

謝謝大家，大家早安。歡迎參加 SiriusXM 2024 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；以及我們的財務長湯姆·巴里 (Tom Barry)。我們的總裁兼首席內容官斯科特·格林斯坦（Scott Greenstein）將與詹妮弗和湯姆一起在本次電話會議的問答部分回答問題。

I would like to remind everyone that certain statements made during this 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 these 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，本次電話會議中所做的某些陳述可能是前瞻性陳述，該術語在1995 年《私人證券訴訟改革法案》中定義。和期望，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.

在我們開始之前，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。

With that, I'll hand the call over to Jennifer.

這樣，我就把電話轉給詹妮弗。

Thanks, Hooper, and good morning, everyone. Thank you for joining us today. We are encouraged by our first quarter financial performance, and we are on course to meet all of our full year guidance. Our growing addressable advertising audience and a strengthening ad market powered a 7% increase in our ad revenue year-over-year to a record level of over $400 million, offsetting a 1% drop in subscription revenue.

謝謝胡珀，大家早安。感謝您今天加入我們。我們對第一季的財務表現感到鼓舞，我們有望達到全年的所有指導目標。我們不斷增長的目標廣告受眾和不斷增強的廣告市場推動我們的廣告收入同比增長 7%，達到超過 4 億美元的創紀錄水平，抵消了訂閱收入 1% 的下降。

SiriusXM is an extremely profitable business, with adjusted EBITDA up 4% year-over-year and running at a margin of 30%, up 1 percentage point from last year. And we continue to forecast that 2024 will represent our peak year for capital expenditures. As these capital investments trend down over the next few years, we expect to convert even more of our EBITDA into free cash flow.

SiriusXM 是一家獲利能力極強的企業，調整後 EBITDA 年成長 4%，利潤率為 30%，比去年成長 1 個百分點。我們繼續預測 2024 年將是我們資本支出的高峰年。隨著這些資本投資在未來幾年呈現下降趨勢，我們預計將更多的 EBITDA 轉化為自由現金流。

We are continuing to evolve our strong business model and investing in future growth areas by striving to enhance our listening experience and consumer value proposition. At the end of last year, we launched the first step in a longer multiphase journey, deploying our new SiriusXM streaming app supported by a new digital infrastructure. We are confident this platform will enable us to innovate and deliver the best audio experiences, whether in car or on the go.

我們將繼續發展我們強大的商業模式，並透過努力增強我們的聆聽體驗和消費者價值主張來投資未來的成長領域。去年年底，我們邁出了更長的多階段旅程的第一步，部署了由新數位基礎設施支援的新 SiriusXM 串流應用程式。我們相信這個平台將使我們能夠創新並提供最佳的音訊體驗，無論是在車內還是在旅途中。

And we are focused on growing our audience base with a new brand campaign in market now, along with investments in recent [10 pole] channels and shows, such as Life with John Mayer, This Life of Mine with James Corden and our limited engagement exclusive channel with Taylor Swift.

我們現在專注於透過市場上的新品牌活動來擴大觀眾基礎，同時投資最近的[10 極] 頻道和節目，例如《Life with John Mayer》、《This Life of Mine with James Corden》以及我們的有限參與獨家節目泰勒絲的頻道。

While it's extremely early, given our 3-month trial structures, there are some promising engagement indicators among new users. Our SiriusXM app improves recommendations and search, broadens content discovery and includes a modernized user interface. It was built from the ground up to enable instrumentation and experimentation and with advanced capabilities in mind, such as MarTech.

雖然現在還為時過早，但考慮到我們為期 3 個月的試用結構，新用戶中存在一些有希望的參與度指標。我們的 SiriusXM 應用程式改進了推薦和搜索，擴大了內容發現範圍，並包含現代化的用戶介面。它是從頭開始建造的，旨在支援儀器和實驗，並考慮到先進的功能，例如 MarTech。

And in MarTech, we've only touched the surface of what is possible, such as customized multichannel marketing journeys. As we continue to iterate this year, we plan to enable sharing and content sampling to broaden access to our content, as well as enhance the in-app podcast listening experience. This will become more important as we begin to offer podcast windowing and exclusive library access for SiriusXM subscribers, that podcast listeners won't find on other platforms.

在 MarTech 中，我們只觸及了可能性的表面，例如客製化的多通路行銷旅程。隨著今年我們繼續迭代，我們計劃啟用共享和內容採樣，以擴大對我們內容的訪問，並增強應用程式內播客的收聽體驗。隨著我們開始為 SiriusXM 訂閱者提供播客窗口和獨家圖書館訪問權限，這一點將變得更加重要，這是播客聽眾在其他平台上找不到的。

For some of our long-time users, the change that came with a completely revamped SiriusXM app was disruptive. Fortunately, the all-new platform enables us to iterate and innovate at a much more rapid pace, one that would have been unimaginable under the constraints of our prior platform. We've diligently addressed user feedback and biweekly updates and we've driven significant positive change already this year.

對於我們的一些長期用戶來說，徹底改版的 SiriusXM 應用程式帶來的變化是顛覆性的。幸運的是，全新的平台使我們能夠以更快的速度進行迭代和創新，這在我們先前的平台的限制下是不可想像的。我們努力解決用戶回饋並每兩週更新一次，今年我們已經推動了重大的積極變革。

Our early engagement metrics and other consumer signals we are following from the new SiriusXM app are improving. We are confident that our app platform relaunch and the product improvements coming in the car are putting us on the right path.

我們從新的 SiriusXM 應用程式中追蹤的早期參與度指標和其他消費者訊號正在改善。我們相信，我們的應用程式平台的重新啟動和汽車產品的改進將使我們走上正確的道路。

Yesterday, we announced an expanded agreement with Hyundai and Genesis to integrate 360L, and we recently initiated the launch of our next-gen in-car platform with Mercedes-Benz and Subaru. The Subaru rollout is especially exciting as they also enabled a broader set of SiriusXM features in nearly 0.5 million vehicles already on the road via an over-the-air update.

昨天，我們宣布與現代和 Genesis 達成一項擴展協議，以整合 360L，最近我們還與梅賽德斯-奔馳和斯巴魯啟動了下一代車載平台的推出。斯巴魯的推出尤其令人興奮，因為他們還透過無線更新為已經上路的近 50 萬輛汽車啟用了更廣泛的 SiriusXM 功能。

Additionally, our SiriusXM 360L platform for the Android Automotive operating systems began rolling out in the popular Nissan Rogue and on the new Ford and Lincoln Digital experience, which debuted in the Lincoln Nautilus. AAOS allows us to more quickly deliver new features to vehicles, and we are working with several automakers to implement SiriusXM on AAOS as adoption of the platform continues to grow.

此外，我們適用於 Android 汽車作業系統的 SiriusXM 360L 平台開始在廣受歡迎的 Nissan Rogue 以及新的福特和林肯數位體驗中推出，該體驗首次在林肯 Nautilus 中亮相。 AAOS 使我們能夠更快地為車輛提供新功能，隨著該平台的採用不斷增長，我們正在與多家汽車製造商合作，在 AAOS 上實施 SiriusXM。

As our product and engineering team replatforms our automotive tech stack, 360L adoption will be key to unlocking the benefits of the platform for consumers across a variety of vehicles.

隨著我們的產品和工程團隊重新建構我們的汽車技術堆棧，360L 的採用將成為為各種車輛的消費者釋放該平台優勢的關鍵。

Another key tenet in our overall transformation beginning to bear fruit is the use of AI technologies to improve not only automation, but also the customer experience and business outcomes. Last quarter, we introduced a cutting-edge platform Sierra, founded by former Salesforce Co-CEO and OpenAI Board Chairman, Bret Taylor; and former Google Labs Vice President, Clay Bavor.

我們整體轉型開始取得成果的另一個關鍵原則是使用人工智慧技術不僅可以改善自動化，還可以改善客戶體驗和業務成果。上個季度，我們推出了尖端平台 Sierra，由前 Salesforce 聯合執行長兼 OpenAI 董事會主席 Bret Taylor 創立；以及前谷歌實驗室副總裁 Clay Bavor。

Sierra is a machine learning and generative AI platform that has been integrated into our customer service chat function. Sierra currently handles a portion of our chat-based support cases, and we plan to pilot the platform with voice later this year. With its highly developed conversational capabilities, we expect to see cost efficiencies and an improved customer experience. But a revamped tech stack is just one piece of a broader long-term transformation. To further our objective of reaching new audiences, we premiered our latest national brand campaign late in the first quarter, including a brand film, which ran during the Oscars and Taylor Swift's Eras concert on Disney+.

Sierra 是一個機器學習和生成式人工智慧平台，已整合到我們的客戶服務聊天功能中。 Sierra 目前處理部分基於聊天的支援案例，我們計劃在今年稍後透過語音試用平台。憑藉其高度發展的對話功能，我們期望看到成本效率和改善的客戶體驗。但改進後的技術堆疊只是更廣泛的長期轉型的一部分。為了進一步實現吸引新觀眾的目標，我們在第一季末首映了最新的全國品牌活動，其中包括一部品牌電影，該電影在奧斯卡頒獎典禮和泰勒·斯威夫特Eras 演唱會期間在Disney+ 上播放。

Early indicators suggest our campaign, including its focused out-of-home advertising, is effectively enhancing our connection with potential listeners and subscribers and even contributing to improved time spent listening in car for trialers. The foundation of that connection, however, will always be our content, and this is where we are beginning to see our improved data-driven tech platform, driving greater discovery and engagement.

早期指標表明，我們的活動，包括其重點關注的戶外廣告，正在有效地增強我們與潛在聽眾和訂閱者的聯繫，甚至有助於延長試用者在車內收聽的時間。然而，這種連結的基礎永遠是我們的內容，這就是我們開始看到我們改進的數據驅動技術平台，推動更大的發現和參與的地方。

The strong initial reach of our guest DJ campaign in January is one such example. We launched exclusive sets from more than 175 of the world's top artists, including Dua Lipa, Cardi B and Ed Sheeran, and drove strong reach among our Annapolis [inner] base.

我們一月份客座 DJ 活動的強大初步影響就是一個這樣的例子。我們推出了超過 175 位世界頂級藝術家的獨家作品，包括 Dua Lipa、Cardi B 和 Ed Sheeran，並在我們的安納波利斯[內部]基地中產生了強大的影響力。

Utilizing our app's new layout, we can now feature timely sports collections like one for March Madness, and our personalization engine further tailors content, offering leagues, games and expert analysis based on each user's behavior. We found that trial subscribers who engage with sports content are more likely to convert at higher rates, and existing subscribers who do so tend to stay longer.

利用我們應用程式的新佈局，我們現在可以提供及時的體育收藏，例如瘋狂三月的體育收藏，並且我們的個人化引擎進一步自訂內容，根據每個用戶的行為提供聯賽、比賽和專家分析。我們發現，參與體育內容的試用訂閱者更有可能以更高的速度進行轉化，而這樣做的現有訂閱者往往會停留更長時間。

But our content decisions will always involve an element of human connection, brought to our listeners by our deep entertainment industry relationships and supported by now 2 decades of experience in audio entertainment. In January, we launched our new exclusive series, This Life of Mine with James Corden, which has quickly become one of our top 3 on-demand talk shows. James's interviews with A-list celebrities such as Kim Kardashian, Dr. Dre and David Beckham, has kept the show at the forefront of cultural relevance, generating substantial media attention and underscoring the significance of our exclusive content as a distinguishing factor where we can excel.

但我們的內容決策將始終涉及人與人之間的聯繫，這是透過我們深厚的娛樂產業關係帶給聽眾的，並得到了我們在音頻娛樂領域 20 年經驗的支持。一月份，我們推出了新的獨家系列節目《我的這一生》與詹姆斯·柯登合作，該節目已迅速成為我們排名前三的點播脫口秀節目之一。詹姆斯對金卡戴珊(Kim Kardashian)、德雷博士(Dr. Dre) 和大衛貝克漢姆(David Beckham) 等一線名人的採訪，使該節目始終處於文化相關性的前沿，引起了媒體的廣泛關注，並強調了我們獨家內容的重要性，這是我們能夠脫穎而出的獨特因素。

To this end, just last Friday, Howard Stern demonstrated how he earned his reputation as an unparalleled interviewer at the center of culture, when President Biden joined him live from our New York studios for an extensive interview as the election season heats up. Moments like this really drive home the unique value SiriusXM brings to our listeners.

為此，就在上週五，隨著選舉季的升溫，拜登總統從我們的紐約工作室與霍華德·斯特恩一起進行了廣泛的採訪，展示了他如何贏得了作為文化中心無與倫比的採訪者的聲譽。這樣的時刻真正讓我們了解了 SiriusXM 為我們的聽眾帶來的獨特價值。

Our biggest incremental content investments are now in podcasting and in service of both growing our advertising-based audience reach and in delivering more value to SiriusXM subscribers. We now sell advertising that reaches about half the American population every month, and this audience is growing.

我們目前最大的增量內容投資是播客和服務，以擴大基於廣告的受眾範圍，並為 SiriusXM 訂閱者提供更多價值。現在，我們每個月銷售的廣告涵蓋了大約一半的美國人口，而且這個受眾群體正在不斷增長。

The SiriusXM Media portfolio highlights our broad network approach to advertising, and it's anchored by Pandora, SoundCloud, growing SiriusXM digital reach, and as I began to mention, the growth in our podcasting business. We believe we can effectively monetize and deliver broad reach to benefit podcast creators, while also carving out unique content experiences to drive interest and engagement to SiriusXM subscriptions in a true win-win.

SiriusXM 媒體產品組合突出了我們廣泛的網路廣告方法，它以 Pandora、SoundCloud、不斷增長的 SiriusXM 數位覆蓋範圍以及我們播客業務的成長為基礎。我們相信，我們可以有效地貨幣化並提供廣泛的影響力，使播客創作者受益，同時還可以創造獨特的內容體驗，以提高 SiriusXM 訂閱的興趣和參與度，實現真正的雙贏。

For example, just last week, we launched Crime Junkie Radio, a true crime focused channel led by Ashley Flowers, Founder of audiochuck and host of one of America's most popular podcast Crime Junkie. With this new channel, we are leveraging top-ranked podcasts, including Crime Junkie, The Deck and Counter Clock, to bring their audiences to SiriusXM by offering subscribers early access to an exclusive show from Ashley airing on the channel.

例如，就在上週，我們推出了 Crime Junkie Radio，這是一個真正關注犯罪的頻道，由 audiochuck 的創始人兼美國最受歡迎的播客 Crime Junkie 的主持人 Ashley Flowers 領導。透過這個新頻道，我們將利用包括 Crime Junkie、The Deck 和 Counter Clock 在內的頂級播客，為訂閱者提供提早觀看 Ashley 在頻道上播出的獨家節目的機會，從而將觀眾帶入 SiriusXM。

Combined with our recent deal with another chart topping podcast, SmartLess, we are well positioned to bring that engaged fan base and growing podcast listenership into our ecosystem.

結合我們最近與另一個排名第一的播客 SmartLess 達成的協議，我們已做好充分準備，將活躍的粉絲群和不斷增長的播客聽眾帶入我們的生態系統。

Throughout the year, we expect to continue to innovate on our podcast product features, including content preview functionality coming later this year, rolling out first with podcast.

在這一年中，我們預計將繼續對播客產品功能進行創新，包括今年稍後推出的內容預覽功能，首先在播客中推出。

Moving on to advertising. We are seeing increasing success by taking a network-first approach, allowing for greater flexibility and audience targeting for our advertisers. Overall, our podcast revenue is up 16% year-over-year. Buying across the SiriusXM podcast network allows marketers to target their audiences at scale and to reach dedicated fandom, and we're working to make this even easier.

繼續做廣告。透過採取網路優先的方法，我們看到了越來越多的成功，為我們的廣告商提供了更大的靈活性和受眾定位。總體而言，我們的播客收入較去年同期成長 16%。透過 SiriusXM 播客網路進行購買，行銷人員可以大規模瞄準受眾並吸引忠實粉絲，我們正在努力讓這一切變得更加容易。

This quarter, for example, we entered a new agreement with Locked On, a leading sports podcast publisher. And in the coming months, we will officially launch sports curated collections. This offering, enabled by our ad tech position, combines sports inventory from across our podcast portfolio and empowers advertisers to tap into audiences with similar interest and engagement through programmatic advise. This approach is anticipated to continue to bolster our programmatic podcast offering, which is up 90% versus the same quarter last year.

例如，本季度，我們與領先的體育播客出版商 Locked On 簽訂了新協議。在接下來的幾個月裡，我們將正式推出運動精選系列。這項服務由我們的廣告技術地位提供支持，結合了我們播客產品組合中的體育庫存，並使廣告商能夠透過程序化建議吸引具有相似興趣和參與度的受眾。預計這種方法將繼續增強我們的程序化播客產品，與去年同期相比成長了 90%。

Additionally, we continue to invest in ad tech solutions that open up new opportunities for us. This quarter, we launched Synthetic Voices, the first tool and AdsWizz's AI ad tools, a set of ad tech solutions powered by artificial intelligence. Synthetic Voices give small and midsized business owners an opportunity to continuously evolve their messaging and quickly record new content with a variety of different artificial voices categorized by tone. This industry-leading innovative suite of offerings is designed to deliver cost-effective and efficient solutions to advertisers, with an initial focus on lowering the barrier for entry into audio advertising for small businesses.

此外，我們持續投資廣告科技解決方案，為我們帶來新的機會。本季度，我們推出了第一個工具 Synthetic Voices 和 AdsWizz 的 AI 廣告工具，這是一套由人工智慧驅動的廣告技術解決方案。合成語音為中小型企業主提供了不斷發展訊息傳遞的機會，並使用按音調分類的各種不同的人工語音快速錄製新內容。這款業界領先的創新產品套件旨在為廣告主提供經濟高效的解決方案，最初的重點是降低小型企業進入音訊廣告的門檻。

In short, I remain very optimistic that we will see benefits in the business and in the consumer experience from our long-term investments. We are eager to be further along in this journey and to deliver improved subscriber results for our stockholders, and I believe we are on the right path to do so.

簡而言之，我仍然非常樂觀地認為，我們將從長期投資中看到業務和消費者體驗的好處。我們渴望在這趟旅程中走得更遠，並為我們的股東提供更好的訂閱結果，我相信我們正走在正確的道路上。

I'm proud of the financial results we achieved this quarter and grateful to the incredible team we have here at SiriusXM as we continue to progress in our transformation.

我對我們本季取得的財務業績感到自豪，並感謝 SiriusXM 令人難以置信的團隊，因為我們在轉型中不斷取得進展。

Before I pass the call over to Tom, I did want to share that yesterday, we announced that Joe Verbrugge will be stepping down from his position as Chief Commercial Officer this summer, retiring after 20 years at SiriusXM. We are in active conversations to fill this role and have a deep bench of talent internally across the commercial organization. We'd like to thank Joe for his long and impactful service to the company.

在我把電話轉給 Tom 之前，我昨天確實想分享這一點，我們宣布 Joe Verbrugge 將在今年夏天辭去首席商務官的職務，在 SiriusXM 工作 20 年後退休。我們正在積極對話以填補這一職位，並在整個商業組織內部擁有深厚的人才儲備。我們要感謝喬為公司提供的長期且富有影響力的服務。

And now to walk you through more detailed financials, I'll turn the call over to Tom.

現在，為了向您介紹更詳細的財務狀況，我將把電話轉給湯姆。

Thank you, Jennifer, and good morning, everyone, and thanks for joining us for our first quarter 2024 earnings call. Following Jennifer's lead, I want to acknowledge our steady start to what is a transformational year for the company. We are pleased to reiterate our full year financial guidance despite headwinds we see from the challenging subscriber environment. We are committed to and are executing on our strategic plan to transform and modernize the SiriusXM experience in the car and on the go. We remain focused on investing in our customer experience, enhancing our value proposition, expanding our ad business and seeking greater efficiencies across the organization. With that, let's dive into the quarter.

謝謝詹妮弗，大家早上好，謝謝您參加我們的 2024 年第一季財報電話會議。在珍妮佛的帶領下，我想感謝我們在公司轉型的一年中穩步開局。儘管我們看到充滿挑戰的用戶環境所帶來的阻力，但我們很高興重申我們的全年財務指引。我們致力於並正在執行我們的策略計劃，以改造和現代化車內和旅途中的 SiriusXM 體驗。我們仍然專注於投資客戶體驗、增強我們的價值主張、擴大我們的廣告業務並尋求整個組織的更高效率。接下來，讓我們深入了解該季度。

We recorded total revenue of $2.16 billion in Q1, up 1% year-over-year. The growth was driven by a 7% increase in advertising revenue to $402 million, with improving ad sales, particularly in podcast and via programmatic sales. In fact, podcasting revenue grew 16% compared to last year's first quarter.

第一季我們的總營收為 21.6 億美元，年增 1%。這一成長的推動因素是廣告收入成長了 7%，達到 4.02 億美元，同時廣告銷售（尤其是播客和程式化銷售）的成長也推動了這一成長。事實上，播客收入比去年第一季成長了 16%。

Subscription revenue dipped slightly, with a modestly lower average subscriber base offsetting a slightly higher ARPU. Delving a little deeper into the subscriber dynamics, an increase in vehicle sales this quarter contributed to slightly higher churn, as a greater number of new and used vehicle purchasers with existing subscriptions moved out of the self-pay base and into unpaid trials. We expect this to help grow trial conversions in the future quarters. We continue to expect our subscriber results to improve from 2023, and we should see similar seasonality in 2024 with better year-over-year subscriber performance beginning in the back half of the year.

訂閱收入略有下降，平均用戶基數小幅下降抵消了 ARPU 的略微上升。更深入研究訂戶動態，本季汽車銷售的成長導致客戶流失率略有上升，因為越來越多現有訂閱的新車和二手車購買者從自付費基礎轉向無付費試用。我們預計這將有助於提高未來幾季的試用轉換率。我們繼續預計我們的訂戶業績將從 2023 年開始有所改善，並且我們應該會在 2024 年看到類似的季節性，從今年下半年開始訂戶業績將同比有所改善。

Adjusted EBITDA was $650 million, a 4% year-over-year increase. The increase was boosted by greater advertising revenue and resulting gross profit as well as our cost optimization initiatives across the business, which also benefited from lower legal expenses.

調整後 EBITDA 為 6.5 億美元，年增 4%。這一增長得益於更大的廣告收入和由此產生的毛利，以及我們整個業務的成本優化舉措，這也得益於較低的法律費用。

In the first quarter of 2024, the company saved approximately $45 million through our cost optimization efforts and consolidations across this business. These gains were slightly tempered by the strategic investments in design and development, which support enhancements to our products and platforms.

2024 年第一季度，公司透過成本優化和業務整合節省了約 4,500 萬美元。這些收益因設計和開發方面的策略性投資而略有減弱，這些投資支持我們產品和平台的增強。

Our total cash operating expenses saw a very slight decrease year-over-year, reflecting our focus on enhancing efficiency even as we increase important investments in the business.

我們的現金營運支出總額較去年同期略有下降，反映出我們在增加對業務的重要投資的同時仍注重提高效率。

Turning to the segments. The SiriusXM segment delivered approximately $1.7 billion in revenue, down 1% year-over-year. SiriusXM's ARPU for the quarter was $15.36, up from $15.29 in last year's first quarter. The increase was driven by price increases in early 2023 to full price plans, partially offset by an increase in subscribers on our streaming only and self-pay promotional plans. ARPU was also impacted by reduced rates associated with paid trials from select automakers. SiriusXM reported $993 million gross profit during the quarter, representing a gross margin of about 60%.

轉向細分市場。 SiriusXM 部門的營收約 17 億美元，年減 1%。 SiriusXM 本季的 ARPU 為 15.36 美元，高於去年第一季的 15.29 美元。這一增長是由 2023 年初全價計劃價格上漲推動的，但部分被我們的串流媒體和自付費促銷計劃訂閱者的增加所抵消。 ARPU 也受到特定汽車製造商付費試用相關費率降低的影響。 SiriusXM報告該季毛利為9.93億美元，毛利率約60%。

Turning to the Pandora and off-platform segment reported total revenue of $495 million, an increase of 7%. Advertising revenue in the segment of $362 million increased 8% year-over-year, driven by a 5% growth in our streaming revenue and a 16% growth in our podcasting revenue. As Jennifer mentioned, programmatic sales have continued to thrive, up 29% across streaming and podcasting combined, as advertisers gravitate to the sufficient way of buying.

至於 Pandora 和平台外業務，總收入為 4.95 億美元，成長 7%。在串流媒體收入成長 5% 和播客收入成長 16% 的推動下，該部門的廣告收入為 3.62 億美元，年增 8%。正如 Jennifer 所提到的，隨著廣告商傾向於充分的購買方式，程序化銷售持續蓬勃發展，串流媒體和播客的銷售額合計增長了 29%。

Segment gross profit reached $143 million for the first quarter, representing a margin of 29%, up from 24% in the prior year's first quarter. Pandora ad hours were $2.49 billion, declining 4% year-over-year and average hours per ad active user increased slightly, and was about 21 hours per month. Advertising RPM saw a nice 7% lift to $91.

第一季該部門毛利達到 1.43 億美元，利潤率為 29%，高於去年第一季的 24%。 Pandora 廣告時長為 24.9 億美元，年減 4%，每位廣告活躍用戶的平均長度略有增加，約每月 21 小時。廣告每千次曝光收入 (RPM) 大幅提升 7%，達到 91 美元。

During the quarter, our free cash flow was $132 million, an 8% decrease from the $144 million realized in Q1 of 2023. The decrease can be attributed to new content spend and a timing of higher vendor payments during the quarter, partially offset by $31 million of lower capital expenditures for the quarter. In addition, during the quarter, we invested $187 million in our previous disclosed clean energy technology investments. We plan to fund approximately $50 million more in 2024.

本季度，我們的自由現金流為1.32 億美元，比2023 年第一季實現的1.44 億美元減少8%。 31 美元抵銷本季資本支出減少 100 萬美元。此外，在本季度，我們在先前揭露的清潔能源技術投資中投資了 1.87 億美元。我們計劃在 2024 年再資助約 5,000 萬美元。

As with any equity investments, these investments are outside of free cash flow. We have modeled that these investments will reduce our cash taxes by roughly $130 million this year. As we mentioned previously, the bulk of our roughly $250 million in net after-tax cash benefits will come in the later years of the investment cycle.

與任何股權投資一樣，這些投資不屬於自由現金流範圍。我們預測，這些投資將使我們今年的現金稅減少約 1.3 億美元。正如我們之前提到的，我們約 2.5 億美元的淨稅後現金福利中的大部分將來自投資週期的後期。

And lastly, a short update on our balance sheet and capital returns. During the first quarter, SiriusXM paid $102 million to stockholders through our dividend and ended the quarter with net debt to adjusted EBITDA of 3.3x.

最後，對我們的資產負債表和資本回報進行簡短更新。第一季度，SiriusXM 透過股息向股東支付了 1.02 億美元，本季末淨債務與調整後 EBITDA 的比值為 3.3 倍。

As we approach the closure of the Liberty Media transaction in the next couple of months, we remain committed to maintaining a strong and flexible balance sheet, with a leverage target in the low to mid-3x range.

隨著 Liberty Media 交易在未來幾個月內接近完成，我們仍致力於維持強勁且靈活的資產負債表，槓桿目標在 3 倍低至中的範圍內。

We will prioritize our substantial ongoing investments in the business and continuing our dividend, with excess discretionary cash flow primarily used to reduce our leverage to the targeted range by the back half of 2025. Additionally, we will look at share repurchases in an opportunistic manner following the close of the transaction.

我們將優先考慮對業務進行大量持續投資並繼續派息，多餘的可自由支配現金流主要用於在2025 年下半年之前將我們的槓桿率降低到目標範圍。考慮股票回購交易結束時。

Now I'll hand it over to the operator for Q&A.

現在我將其交給接線員進行問答。

(Operator Instructions) Our first question comes from the line of Sebastiano Petti with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的塞巴斯蒂亞諾·佩蒂（Sebastiano Petti）。

Just first quickly for Tom. Just in regards to self-pay guidance or commentary. You said you expect similar seasonality with improvements in the back half of the year on a year-over-year basis. Does that imply anything? Are you trying to say anything specific regarding the second quarter expectations?

湯姆先快點。只是關於自費指導或評論。您說您預計下半年會出現類似的季節性變化，年比有所改善。這是否意味著什麼？您想對第二季的預期說些什麼具體的內容嗎？

And then also on the vehicle-related churn side, obviously, this is favorable on a longer-term basis as you increase gross adds there. But any updates on what you're seeing now currently in voluntary and nonpay churn perhaps just as we're thinking about the balance of the year on the churn line?

然後，在與車輛相關的客戶流失方面，顯然，從長期來看，隨著總增加的增加，這也是有利的。但是，您現在所看到的自願和無薪流失情況是否有任何更新，也許就像我們正在考慮今年的流失情況一樣？

Yes. Sebastiano, I'll take that. So as we mentioned earlier in the earlier comments, we do believe we will see improvements year-over-year in the second half. I do think that we will have similar seasonality to last year in terms of the quarters. Obviously, we don't provide specific quarterly guidance, but that should give you some sense as to the movement over the course of the year.

是的。塞巴斯蒂亞諾，我會接受的。因此，正如我們在之前的評論中提到的，我們確實相信下半年我們會看到同比有所改善。我確實認為就季度而言，我們將具有與去年相似的季節性。顯然，我們不提供具體的季度指導，但這應該能讓您對全年的走勢有所了解。

And as it relates to vehicle-related churn. So in the first quarter, it was a single biggest driver of performance versus last year. We had 70,000 higher vehicle-related DX in Q1, mostly obviously on higher trial starts. And yes, to your point, that helps us grow the funnel and improve gross adds going forward. We did have higher conversions in the first quarter as well based on higher prior quarter trial starts and that was slightly offset by performance on the conversion side, which is still not where we want it to be.

因為它與車輛相關的流失有關。因此，在第一季度，與去年相比，這是業績的最大推動因素。我們在第一季度獲得了 70,000 個更高的車輛相關 DX，主要是在更高的試車啟動上。是的，就你的觀點而言，這有助於我們擴大通路並提高未來的總增加量。我們在第一季確實獲得了更高的轉換率，並且基於上一季較高的試用開始率，這被轉換方面的表現略有抵消，但這仍然不是我們想要的結果。

But churn overall, so outside of vehicle-related has still continued to be strong. So right about the 1% rate for nonpay and voluntary, which we've trended at for quite some time now. No indications of softness on the nonpay side, as a result of any change in sort of consumer behavior. So we feel really good about where we are on voluntary and nonpay.

但整體而言，汽車相關領域的客戶流失率仍持續強勁。因此，對於非付費和自願者來說，1% 的稅率是正確的，我們已經趨勢很長一段時間了。沒有跡象表明非付費方面因消費者行為的任何變化而出現疲軟。因此，我們對自願和無償的狀況感到非常滿意。

And yes, for the rest of the year, it's really going to be about, as always, the trend line on vehicle related as it relates to the strength in new and used car auto sales. Right now, we're certainly expecting that where the third-party analysts are to be at new car SAAR somewhere in the high 15s.

是的，在今年剩餘的時間裡，與往常一樣，這確實與車輛相關的趨勢線有關，因為它與新車和二手車銷售的實力有關。現在，我們當然預期第三方分析師對新車 SAAR 的評價將在 15 左右。

And then one other factor that, of course, plays into sort of the sequential improvements this year and year-over-year improvements in the back half. It's really the timing of what we're rolling out with the new app and marketing associated with that. We should see greater improvements in streaming as we move through the course of the year, with improvement in conversion really starting to come late in the year.

當然，還有另一個因素影響了今年的連續改進和後半段的年比改進。這實際上是我們推出新應用程式和與之相關的行銷的時機。隨著這一年的推移，我們應該會看到串流媒體的更大改進，而轉換率的改善實際上在今年稍後才開始出現。

Our next question is from the line of Jason Bazinet with Citi.

我們的下一個問題來自花旗銀行的 Jason Bazinet。

I just have one big picture question for you all. I think everyone on this call knows you have a great business, a lot of cash flow, great margins predictable. But the multiple seems to reflect a belief that there isn't sort of another leg of growth, another sort of initiative that could reaccelerate your top line.

我只想問大家一個大問題。我想參加這次電話會議的每個人都知道您擁有出色的業務，大量的現金流，可預測的巨大利潤。但倍數似乎反映了一種信念，即不存在另一條成長之路，也沒有另一項可以重新加速營收的舉措。

And so my question is, do you guys feel like you've explored a lot of other potential things and come up sort of empty and the best sort of course of action is to launch the app, deep engagement and just sort of keep generating significant free cash? Or is there the potential for something that might be a bit different that could really sort of get the market animated about top line acceleration?

所以我的問題是，你們是否覺得自己已經探索了很多其他潛在的事情，但結果卻有些空洞，最好的行動方案就是啟動應用程序，深度參與，並不斷產生重要的成果免費現金？或者是否有可能出現一些稍微不同的東西，真正讓市場對營收加速感到興奮？

Good. So Jason, I appreciate the question. So two things, I guess. We're still clearly working through the Liberty transaction, have no change in terms of the assumed timing, but really looking forward to a simplified equity structure that gives us the opportunity to approach a broader investor base and tell our story.

好的。傑森，我很欣賞這個問題。我想有兩件事。顯然，我們仍在完成 Liberty 交易，假設的時間表沒有變化，但我們確實期待簡化的股權結構，讓我們有機會接觸更廣泛的投資者基礎並講述我們的故事。

But on the business side, it's really about reinvigorating demand. And we have a number of reasons to believe that we can successfully execute on this. I would say it's probably taking longer than we'd hoped in terms of the rollout of the new platform and our ability to sort of capitalize on improvements in marketing, especially as we're just starting to get real end-to-end personalization into our streaming marketing flows.

但在商業方面，這其實是為了重振需求。我們有很多理由相信我們能夠成功執行這項任務。我想說，就新平台的推出以及我們利用行銷改進的能力而言，可能需要比我們希望的時間更長的時間，特別是當我們剛開始將真正的端到端個性化納入其中時我們的串流行銷流程。

But perhaps we've been talking about the key opportunities to build demand with growth audiences are clear across price, discovery and control, and we do have this multipronged effort underway to address these across our products, content marketing and pricing and packaging.

但也許我們一直在談論透過價格、發現和控制來建立成長受眾需求的關鍵機會，而我們確實正在採取多管齊下的努力來解決我們的產品、內容行銷以及定價和包裝方面的這些問題。

On the product side, we're going to have really fast improvements in the app now that we have a new platform in place. And also in car, but it's going to take longer, obviously, with the rollout of 360L and driving feature parity and awareness there.

在產品方面，既然我們有了新的平台，我們將在應用程式中進行非常快速的改進。在汽車領域也是如此，但顯然，隨著 360L 的推出以及駕駛功能的平等和認知度的提高，這將需要更長的時間。

But we're also, as you've seen, continue to bolster our content offering, which helps clearly with retention and also with acquisition as we have more and more exclusive content. And a lot of that ties to having real exclusivity in terms of content with key podcast talent.

但正如您所看到的，我們也在繼續加強我們的內容提供，這顯然有助於保留和獲取，因為我們擁有越來越多的獨家內容。這在很大程度上與關鍵播客人才在內容方面擁有真正的排他性有關。

And then we just launched a recent brand campaign. We're seeing some positive indicators there, that's really early.

然後我們剛剛推出了最近的品牌活動。我們看到了一些積極的跡象，這還為時過早。

And then on pricing and packaging, we've talked about the need to create a broader set of packages and capture demand potentially at lower price points with less content. But our early testing there, and it is early, is showing some lift with younger cohorts.

然後在定價和包裝方面，我們討論了創建更廣泛的包裝集並以較低的價格點和更少的內容捕獲潛在需求的必要性。但我們在那裡進行的早期測試顯示，年輕族群的健康狀況有所改善。

So we do have other future areas of exploration. It's still early, but there are opportunities, I think, to drive even more demand potentially with adding interactive capabilities, maybe to certain packages. And that, of course, could come with our Pandora product or otherwise.

所以我們未來確實還有其他的探索領域。現在還為時過早，但我認為，透過添加互動功能（也許是某些軟體包），有機會推動更多潛在需求。當然，這可以與我們的潘朵拉產品或其他產品一起提供。

And then looking at low cost or even free offerings potentially on the SiriusXM side which would obviously be ad supported. So I think those are things to look out for in the future as we get through the major pieces of this transformation this year.

然後考慮 SiriusXM 方面可能提供的低成本甚至免費產品，這顯然是由廣告支援的。因此，我認為當我們今年完成這項轉型的主要部分時，這些都是未來需要注意的事情。

Can I just ask one follow-up? In that proxy that you filed with Liberty that sort of laid out your financial forecast, just qualitatively, would you say a lot of the initiatives you just talked about are embedded in those numbers or not much?

我可以只問一個後續問題嗎？在您向 Liberty 提交的委託書中，從定性角度列出了您的財務預測，您是否會說您剛才談到的許多舉措都包含在這些數字中，或者沒有太多？

Yes. As we put together the forecast, we really anticipated the things that we've been talking about. Obviously, we haven't provided specific guidance for '25 yet, but they're certainly baked into our guidance for this year.

是的。當我們匯總預測時，我們確實預料到了我們一直在談論的事情。顯然，我們尚未提供 25 年的具體指導，但它們肯定已納入我們今年的指導中。

Okay. Yes. I mean -- I would just say, Jason, that when you look at it, I think when -- when you look at the numbers for 2025, we did it as a model at that point. We had a lot of these initiatives in there, and we're obviously building and changing as we transform this year. So they're directionally the right way, but we obviously got a lot of moving parts this year.

好的。是的。我的意思是 - 我只想說，傑森，當你看到它時，我想當你看到 2025 年的數字時，我們當時將其作為一個模型。我們有很多這樣的舉措，而且隨著今年的轉型，我們顯然正在建立和改變。所以它們的方向是正確的，但今年我們顯然有很多變化。

One other thing to add, what I'm excited about. When you look at just 5 of the podcasts we have, it's an audience of over 70 million U.S. monthly downloads. So business models matter, as you've heard Jennifer and others always say. We continue to look at where that fulcrum balancing point is between taking content behind the paywall. And we saw years ago what meant taking a large audience from Howard and then making behind the paywall.

還有一件事要補充，我很興奮。只要看看我們擁有的 5 個播客，就會發現美國每月的下載量超過 7000 萬。因此，正如珍妮佛和其他人常說的那樣，商業模式很重要。我們將繼續研究付費內容之間的支點平衡點在哪裡。幾年前我們就看到了從霍華德那裡奪走大量觀眾然後在付費專區背後製作意味著什麼。

So we're consistently analyzing where that balance is. But there is a large audience, a large younger audience out there in podcasting, and we have a leading position in that. And at any point, some of those large audiences could be behind the paywall. So it's just something we're monitoring and looking at down the road, but it is something to consider.

因此，我們一直在分析這種平衡在哪裡。但播客有大量的觀眾，大量的年輕觀眾，我們在這方面處於領先地位。在任何時候，這些大量觀眾中的一些可能都在付費牆後面。所以這只是我們正在監控和關注的事情，但也是值得考慮的事情。

Next question is from the line of Bryan Kraft with Deutsche Bank.

下一個問題來自德意志銀行的 Bryan Kraft。

I have two, if I could. I guess, first, you've obviously seen a nice rebound in advertising in Pandora and off platform. Can you talk a bit about more what you're seeing there in terms of industry category strength?

如果可以的話，我有兩個。我想，首先，您顯然已經看到 Pandora 和平台外的廣告出現了良好的反彈。您能否多談談您在行業類別實力方面所看到的情況？

And also in the press release, you mentioned Synthetic Voices and the value it brings to SMBs. Can you talk a bit more about your exposure to SMBs versus enterprise today in the business? And whether you see this and other potential AI tools as a way to expand in SMB in the future and whether that could be a meaningful opportunity for growth?

在新聞稿中，您也提到了合成語音及其為中小型企業帶來的價值。能多談談您對中小企業和企業的了解嗎？您是否認為該工具和其他潛在的人工智慧工具是未來中小企業擴張的一種方式？

And then my second question is for Tom. Tom, if investors wanted to look at your free cash flow, assuming a normalized CapEx level pulling out satellite CapEx and temporarily high non-satellite CapEx, what would that normalized CapEx level be as you see it today? And how much are we pulling out of the CapEx guidance for the year to get to that number?

我的第二個問題是問湯姆的。湯姆，如果投資者想了解您的自由現金流，假設標準化資本支出水準剔除了衛星資本支出和暫時較高的非衛星資本支出，那麼您今天看到的標準化資本支出水準會是多少？為了達到這個數字，我們需要從今年的資本支出指導中抽出多少資金？

Okay. So I'll start on the first one, just start touching on the advertising. So as we've said, the advertising for the quarter, we've always said over time that advertising is choppy. And first quarter, everything hit the cylinders, hit properly. We ended up, up 7% overall.

好的。所以我將從第一個開始，開始討論廣告。正如我們所說，本季的廣告，隨著時間的推移，我們總是說廣告是不穩定的。第一節，一切順利進行，一切順利。最終，我們整體上漲了 7%。

When you look at it, a couple of things contributed to us. Obviously, the investment and strategy on the podcast side. We had higher network demand on the podcast side by about 16%. And the streaming demand is up 5%, but a lot of it is because of our ability to leverage programmatic, which increased the demand across streaming and podcasting by about 29%. This has been a great advantage to us for the quarter, and it's also drove up our RPMs for the quarter.

當你看到它時，你會發現有幾件事對我們做出了貢獻。顯然，是播客方面的投資和策略。我們對播客方面的網路需求增加了約 16%。串流媒體需求增加了 5%，但這很大程度上是因為我們利用程式化的能力，這使得串流媒體和播客的需求增加了約 29%。這對我們本季來說是一個巨大的優勢，也提高了我們本季的每千次曝光收入。

So when you look at overall advertising, a lot of factors contributed positively. No new industries, I would say that changed significantly as far as who's advertising, but we continue to see positive signals out of the first quarter heading into the early part of the second quarter. So that's the advertising.

因此，當你觀察整體廣告時，會發現很多因素都做出了正面貢獻。我想說，沒有新的行業，就廣告投放者而言，情況發生了重大變化，但我們繼續看到從第一季到第二季初期的正面訊號。所以這就是廣告。

Is there anything I missed on advertising?

我在廣告方面有什麼遺漏的嗎？

Yes, I think the really interesting thing we've seen, Bryan, is just -- there's just been a fundamental shift in advertising, I think, over the last few years, just with more and more supply coming on with [SVODs] introducing ad-supported peers and more and more targeting available.

是的，布萊恩，我認為我們看到的真正有趣的事情是——我認為，在過去的幾年裡，廣告業發生了根本性的轉變，隨著[SVOD] 的推出，越來越多的供應出現廣告支持的同行和越來越多的可用定位。

And where we have played really well, as Tom mentioned, is in programmatic. And we're still at the earlier stages on the podcast side for programmatic, but we've had it in place on the music streaming side for quite some time. And these capabilities extend across the platform, and it really plays to what advertisers are looking to do in terms of buying later, later in the process, right?

正如湯姆所提到的，我們在程序化方面做得非常好。在播客方面，我們仍處於程序化的早期階段，但我們在音樂串流媒體方面已經實施了相當長一段時間了。這些功能擴展到整個平台，它確實滿足了廣告商在後期購買方面的需求，對吧？

There's fewer sort of upfront commitments and more buying based on last minute sort of consumer expectations. And we really fulfill that need incredibly well, especially relative to our other competitors in audio. And so I think you'll see a lot of those trends continuing.

預先的承諾越來越少，更多的是基於最後一刻消費者期望的購買。我們確實很好地滿足了這一需求，特別是相對於音訊領域的其他競爭對手。所以我認為你會看到很多這樣的趨勢仍在繼續。

And then as it relates to sort of SMB versus enterprise, we've always had sort of strong business on the SMB side. And I think now it's really about unlocking more solutions and get it kind of plays to what we've been able to do on programmatic, but offering more and more self-serve solutions that allow smaller advertisers to come into audio and scale and experiment and integrate on their campaigns without a lot of direct sales assistance. And so I think we do see opportunities to continue to grow in this area.

然後，由於它涉及中小企業與企業，我們在中小企業方面一直擁有強大的業務。我認為現在真正的問題是解鎖更多解決方案，並發揮我們在程式化方面的能力，但提供越來越多的自助解決方案，允許較小的廣告商進入音訊領域、進行規模化和實驗，無需大量直接銷售協助即可整合到他們的行銷活動中。因此，我認為我們確實看到了在這一領域繼續發展的機會。

And you want to touch on CapEx?

您想談談資本支出嗎？

Yes. So Bryan, on CapEx, as you look at first quarter, CapEx was lower principally because of timing of payments, lower on -- principally on the satellite CapEx side. So we were slightly lower on CapEx in Q1. We still expect to have our highest level of CapEx for 2024, and to look at the more broadly at the outer years of 2026, 2027, we believe that CapEx will be somewhere around $300 million.

是的。因此，布萊恩，關於資本支出，正如你所看到的第一季度，資本支出較低主要是因為付款時間，較低 - 主要是在衛星資本支出方面。因此，我們第一季的資本支出略低。我們仍然預計 2024 年的資本支出將達到最高水平，並且更廣泛地考慮 2026 年和 2027 年的外部年份，我們認為資本支出將在 3 億美元左右。

Probably more. Yes, it could be as high. I think -- look, the thing that we want to make sure that we do is maximize our opportunity to invest in the business on the non-satellite CapEx side. Obviously, we've got the cycle of satellite CapEx rolling through in the next few years as we get through those launches. But we do have other, I guess, for lack of a better phrase, end-of-life replacements we need to make on the terrestrial and broadcast side that will roll through in the non-satellite CapEx.

可能更多。是的，它可能一樣高。我認為 - 看，我們想要確保我們做的事情是最大化我們投資非衛星資本支出方面業務的機會。顯然，隨著我們完成這些發射，我們已經在未來幾年內經歷了衛星資本支出週期。但我想，由於缺乏更好的措辭，我們確實還有其他需要在地面和廣播方面進行的報廢替代品，這些替代品將在非衛星資本支出中滾動。

And then we are continuing to transform the business and making sure that we're migrating off legacy systems, and that's going to roll into next year. And so while we do expect, as Tom said, this to be kind of a high in terms of overall CapEx, we'll continue to see some higher levels in non-tech CapEx as we go into next year.

然後我們將繼續進行業務轉型，並確保我們正在遷移遺留系統，這將持續到明年。因此，正如湯姆所說，雖然我們確實預計整體資本支出將達到較高水平，但進入明年，我們將繼續看到非技術資本支出的更高水平。

Our next question is from the line of Jessica Reif Ehrlich with Bank of America.

我們的下一個問題來自美國銀行的 Jessica Reif Ehrlich。

I guess can we go back to advertisers. I have two questions. One on advertising and one on programming. Obviously, your programmatic efforts have really kicked in. Just wondering how you compare to other audio marketers in terms of share -- in terms of podcasting and also maybe digital more broadly? And how different is your set of tools?

我想我們可以回到廣告商那裡嗎？我有兩個問題。一篇關於廣告，一篇關於程式設計。顯然，您的程序化努力確實開始發揮作用。您的工具集有何不同？

And then on programming, it's (inaudible) have this question in a long time. But how you -- have you had initial conversations with Howard Stern returning at the end of his contract, which I think is next year? And if he doesn't come back, how are you thinking about replacement programming? And how would it impact your programming budget and plans?

然後在程式設計方面，很長一段時間以來（聽不清楚）都有這個問題。但是你——你是否與霍華德·斯特恩在合約結束時（我認為是明年）回歸進行了初步對話？如果他不回來，你如何考慮替代節目？它將如何影響您的節目預算和計劃？

Jessica, I'm going to let Scott cover your second question first.

傑西卡，我將讓斯科特先回答你的第二個問題。

Okay. So on Howard. First of all, Howard, as you know, is synonymous with the brand and as relevant as he's ever been as witnessed by not only the President Biden interview, but recently, whether it's Kelly Musgrave or Emily Blunt, actually his audience is getting younger and he's getting more younger talent to want to do it. So you never want to be a company without Howard. And if he decides to retire or do whatever he does, that's his choice, we would like him to be here.

好的。那麼霍華德。首先，如你所知，霍華德是這個品牌的代名詞，他的相關性不僅體現在拜登總統的採訪中，而且最近，無論是凱利·馬斯格雷夫還是艾米莉·布朗特，實際上他的觀眾越來越年輕，他正在吸引更多年輕的天才來做這件事。所以你永遠不想成為一家沒有霍華德的公司。如果他決定退休或做任何他想做的事，那是他的選擇，我們希望他留在這裡。

But as far as replacing. We've seen that there's certain singular talent that whether it's Johnny Carson retiring and somebody else comes in and all that, you don't replace someone. You come up with a strategy of what is your current demo and your target audience and you look at what would be best suited for that at any given time.

但就更換而言。我們已經看到，有一些獨特的人才，無論是約翰尼·卡森退休還是其他人加入等等，你都無法取代某人。您想出一個關於當前簡報和目標受眾的策略，然後考慮在任何給定時間最適合的策略。

And we love our bench. I mean, whether it's James Corden, Conan, Andy Cone and many others. They're not Howard replacements. They have their own distinct audience, style and demo that they go after. And so we feel pretty good where we stand on that front as we continue to evolve our content and go forward.

我們喜歡我們的板凳。我的意思是，無論是詹姆斯柯登、柯南、安迪科恩或其他許多人。他們不是霍華德的替代者。他們有自己獨特的受眾、風格和所追求的演示。因此，隨著我們繼續發展我們的內容並繼續前進，我們在這方面感覺非常好。

Yes. And just back on advertising, we do have an industry-leading set of solutions in programmatic. And I believe, certainly from our perspective, others have not emphasized these solutions quite as much as we have.

是的。回到廣告方面，我們確實擁有一套領先業界的程序化解決方案。我相信，當然從我們的角度來看，其他人並沒有像我們一樣強調這些解決方案。

Our AdsWizz platform has continued to release new technology and solutions to serve this. We remain pretty open in terms of the partnerships that we'll work with, whether it's measurement or targeting on the vendor side, and you really want to make sure that we continue to take that approach going forward as others look at maybe capitalizing on their walled garden.

我們的 AdsWizz 平台不斷發布新技術和解決方案來服務於此。我們在合作夥伴關係方面保持相當開放的態度，無論是衡量還是針對供應商方面，並且您確實希望確保我們繼續採取這種方法，因為其他人可能會利用他們的優勢有圍牆的花園。

So I think we continue to push for improvements to standards and industry certifications and that provides, I think, the industry overall with better measurement and targeting and certainly what advertisers are looking for. You've heard us talk about clearly Synthetic Voices, we'll have more AI tools there coming this year. We've brought more brand suitability and safety solutions as well. And so I just -- I think we are really well positioned here, Jessica. And it certainly contributed to podcast being up in the first quarter, as Tom mentioned.

因此，我認為我們將繼續推動標準和行業認證的改進，我認為這為整個行業提供了更好的衡量和定位，當然也是廣告商所尋求的。你已經聽過我們清楚地談論合成聲音，今年我們將有更多的人工智慧工具。我們也帶來了更多的品牌適用性和安全解決方案。所以我只是 - 我認為我們在這裡處於非常有利的位置，傑西卡。正如湯姆所提到的，這無疑對第一季播客的成長做出了貢獻。

We also have a lot of other sales solutions in place, like we just launched a relationship with Locked On, and we're building out a sports network offering. Because of the great sports content, we not only have on the podcasting side but on SiriusXM as well in terms of all the play-by-play and commentary we have across the leagues, because we're really the only audio service to bring all those leagues together in one place.

我們還制定了許多其他銷售解決方案，例如我們剛剛與 Locked On 建立了合作關係，並且我們正在建立體育網路產品。由於精彩的體育內容，我們不僅在播客方面擁有，而且在 SiriusXM 上也有我們在整個聯盟中擁有的所有比賽實況和評論，因為我們確實是唯一一家能夠將所有體育內容都提供給您的音頻服務。這些聯賽集中在一處。

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

我們的下一個問題來自 Seaport Research Partners 的 David Joyce。

And thinking about 360L and the advertising opportunity there, what would you say that what inning are you in, in terms of monetizing via advertisements there? Is this a year where you're more focused on driving up engagement because you've been rolling out the new functionality and then you would seek to monetize it later? Or do you have a view of like what the right ad load is there? Just if you could provide any color on what your marketing strategy there is in terms of pricing versus competitors that sort of thing.

考慮一下 360L 和那裡的廣告機會，就透過那裡的廣告獲利而言，您認為您處於哪一局？今年您是否更專注於提高參與度，因為您一直在推出新功能，然後您會尋求稍後將其貨幣化？或者您認為合適的廣告負載是多少？只要您能提供有關您的行銷策略在定價與競爭對手之類的方面的任何資訊。

Sure. It's really -- David, it's really early for targeted advertising and 360L. It's really still in its infancy. Of course, we have about little over 3 million self-pay customers on 360L and somewhere around 12 million vehicles on the road so far. And we haven't opened up anything in terms of a free offering or a true ad-supported offering in 360L to a broader audience.

當然。 David，對於定向廣告和 360L 來說，現在確實還為時過早。它確實還處於起步階段。當然，到目前為止，我們有大約超過 300 萬的 360L 自付費客戶以及大約 1200 萬輛汽車在路上行駛。我們還沒有向更廣泛的受眾開放任何 360L 中的免費產品或真正的廣告支援產品。

But it's certainly something we're looking at. We would want to build ideally more volume, but we are doing some testing this year on a reduced content offering, very limited in terms of the volumes. But that could give us some insights in terms of having fewer channels, but more ad-supported across music and talk.

但這肯定是我們正在關注的事情。理想情況下，我們希望增加數量，但今年我們正在對減少的內容提供進行一些測試，數量非常有限。但這可以為我們帶來一些見解，即減少頻道，但在音樂和談話方面提供更多的廣告支援。

But right now, it's just -- it's really early stages. I mean, I think we do have an opportunity here as the volumes grow to develop and implement more targeted advertising in the 360L platform. But today, it's mostly just broadcast ad.

但現在，這還處於早期階段。我的意思是，我認為隨著數量的增長，我們確實有機會在 360L 平台上開發和實施更有針對性的廣告。但今天，它主要只是廣播廣告。

So the real opportunity with 360L continues to be improving the customer experience in the car, providing more personalization opportunities, more control and discovery, just like we're doing in the app. And I'd say the 360L strategy overall is really three prongs, right? It's rolling out in more OEMs, and we continue to have more announcements there.

因此，360L 的真正機會仍然是改善汽車中的客戶體驗，提供更多個人化機會、更多控制和發現，就像我們在應用程式中所做的那樣。我想說，360L 策略總體上確實是三管齊下，對吧？它正在更多原始設備製造商中推出，我們將繼續在那裡發布更多公告。

Hopefully, as you've seen, as you've seen with Mercedes, Subaru, we have AAOS in market, which helps with the second piece, which is building feature parity, so that the implementations in market have a full set of features, including in-vehicle messaging, ignition on recommendations, which are really just starting to get in market and low volume. So we're really encouraged about what we can deliver there. And we've launched with AAOS in Ford, Volvo and Nissan and more to come.

希望，正如您所看到的，正如您在梅賽德斯、斯巴魯上看到的那樣，我們在市場上有AAOS，這有助於第二部分，即建立功能對等，以便市場上的實現具有全套功能，包括車載訊息傳遞、推薦點火，這些實際上剛開始進入市場，而且銷量還很小。因此，我們對在那裡能夠提供的服務感到非常鼓舞。我們已經在福特、沃爾沃和日產以及未來的更多汽車中推出了 AAOS。

And then the third part is really about expanding awareness, right? And because we know that the 360L conversion rates are higher than non-360L, but where people actually really understand what the features are and start to use them, they're significantly higher. And of course, the awareness is still pretty low.

第三部分其實是關於擴大意識，對嗎？因為我們知道 360L 的轉換率高於非 360L，但當人們真正了解這些功能並開始使用它們時，轉換率會明顯更高。當然，人們的認知度仍然很低。

And that's why building out better personalized marketing capabilities in car which will start to come really in the second half of this year is going to be key to improving that awareness on a personalized basis and then more generally across our marketing campaigns to our in-car customers.

這就是為什麼在汽車中建立更好的個人化行銷能力（這將在今年下半年開始真正實現）將成為在個人化基礎上提高這種意識的關鍵，然後更廣泛地在我們的車載行銷活動中提高這種意識。

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, I'd love to dig into conversion a little bit. So there's a lot going on in the trial funnels picking up, vehicle churns picking up a little bit. And then it sounds like you maybe have some early improving signs of conversion.

詹妮弗，我很想深入研究一下轉換。因此，試驗管道中發生了很多事情，車輛流失率也有所增加。然後聽起來你可能有一些早期轉變的改善跡象。

I guess my big question is, I think conversion is what you've been trying to solve for with the digital relaunch. What kind of conversion levels do you need on new car and used car to get back to self-pay net add growth over time? And can you give us an update on kind of where you're starting to track towards those target conversion levels? And within that, maybe what you're starting to see with younger first-time car buying cohorts?

我想我最大的問題是，我認為轉換是您一直試圖透過數位重新啟動來解決的問題。您需要什麼樣的新車和二手車轉換水準才能隨著時間的推移恢復自付淨增加成長？您能否向我們提供有關您開始追蹤這些目標轉換程度的最新資訊？在這之中，也許您開始在年輕的首次購車人群中看到什麼？

And then just secondly, on ARPU, are you comfortable raising price at this point for SiriusXM? And is there a meaningful headwind to ARPU from streaming-only subs? Or is that something we need to take too much into consideration for a bit?

其次，就 ARPU 而言，您現在是否願意提高 SiriusXM 的價格？純串流訂閱服務對每位使用者平均收入 (ARPU) 是否有重大阻力？還是我們需要過度考慮這一點？

Thanks, Steven. So on the first, there are really two pieces. There's conversion rates for our in-car trialers and then there's what I call conversion or post-trial retention for our streaming trialers. And so far this year, we've prioritized the launch of the new platform, which came obviously in December.

謝謝，史蒂文。所以在第一個方面，其實有兩個部分。我們的車載試用者有轉換率，然後還有我所說的串流試用者的轉換或試用後保留。今年到目前為止，我們優先推出新平台，顯然是在 12 月推出的。

And since then, we have made significant improvements to the experience, both on the side of current in-car subscribers who are streaming, which is, again, the largest part of our streaming MAUs. And we have had to make some adjustments there to solve for some gaps we had when we first launched, and we've done a series of releases over the last few months to solve many of those concerns on the part of customers and we're back to where we were before generally in terms of listening rates.

從那時起，我們對目前串流媒體車載訂閱用戶的體驗進行了重大改進，這也是我們串流媒體月活躍用戶的最大部分。我們必須進行一些調整，以解決我們首次推出時存在的一些差距，並且我們在過去幾個月中發布了一系列版本，以解決客戶的許多擔憂，我們正在就收聽率而言，回到了之前的水平。

But the second cohort there obviously is new streaming trialers. And it's a little too early to look at post-trial retention for those early streaming trialers that started in December and January. It's very similar to what we look for on the in-car side of the business where there's a 3-month trial and then there's kind of a maturing phase of a couple of months after to get to a more stable level of retention.

但第二批顯然是新的串流媒體試驗者。對於 12 月和 1 月開始的早期串流媒體試用者來說，現在評估試用後留存率還為時過早。這與我們在車內業務方面所尋求的非常相似，先進行 3 個月的試用，然後在幾個月後進入成熟階段，以達到更穩定的保留水平。

And on the streaming side, I'd say we're a couple of months behind. We're probably 2 to 3 months behind in terms of rolling out our fully personalized marketing efforts there. It's taken longer than we expected to sort of build out the full data flows and in that we have a lot of great leading indicators where we've been able to move engagement for low listening cohorts to higher listening levels. We've been able to work within the For You tab in the app to improve content engagement.

在串流媒體方面，我想說我們落後了幾個月。就在那裡推出完全個人化的行銷工作而言，我們可能落後了 2 到 3 個月。建立完整的數據流所花費的時間比我們預期的要長，因為我們有很多出色的領先指標，我們能夠將低聽力群體的參與度提高到更高的聽力水平。我們已經能夠在應用程式的「為您推薦」標籤中提高內容參與度。

And we're just starting to roll out real full personalization in the marketing flows, the journeys based on content listening and feature usage. And this is the real unlock. And look, it's going to take time, as you get these journeys rolled out even in the next couple of weeks, we need time to test and iterate and scale those solutions.

我們剛開始在行銷流程、基於內容聆聽和功能使用的旅程中推出真正的全面個人化。這才是真正的解鎖。看，這需要時間，即使在接下來的幾週內推出這些旅程，我們也需要時間來測試、迭代和擴展這些解決方案。

But again, there's a lot of leading indicators that give us real strong belief that we're on the right path. And now when we start building out these personalized marketing flows, we would expect to see improvements in early in-trial engagement, which is a great leading indicator for post-trial retention.

但同樣，有許多領先指標讓我們堅信自己正走在正確的道路上。現在，當我們開始建立這些個人化行銷流程時，我們預計會看到早期試驗參與度的改善，這是試驗後保留的一個重要領先指標。

And over the last few months, even without these full capabilities, we've seen sort of continued slow but steady improvement in these early engagement indicators, and we are above -- just starting to be above where we were late last year. So lots more to come on that. That is really key to growing clearly, our streaming only -- I'll let Tom talk about ARPU in a minute in terms of how we think about that impacting pricing and packaging and ARPU overall.

在過去的幾個月裡，即使沒有這些完整的能力，我們也看到這些早期參與指標持續緩慢但穩定的改善，而且我們剛開始高於去年年底的水平。還有很多事情要做。這對我們的串流媒體業務的清晰成長確實至關重要——我將讓 Tom 稍後談談 ARPU，我們如何看待它對定價、包裝以及整體 ARPU 的影響。

But on the in-car side, so conversion rates are, like I mentioned earlier, not really where we want them to be. We've seen some pressure there, certainly from younger generations. We may end up with trialers -- younger trialers having in-car trial taking a streaming product instead. But in that case, I would not have expected them to necessarily have signed up for the $19 a month in-car product.

但在車內方面，正如我之前提到的，轉換率並不是我們真正希望的那樣。我們在那裡看到了一些壓力，當然來自年輕一代。我們最終可能會出現試用者——年輕的試用者在車內試用串流媒體產品。但在這種情況下，我不會期望他們一定會訂閱每月 19 美元的車載產品。

But today, we don't really see any of that cannibalization. In fact, in more cases, we actually see customers coming into our streaming flows, being confused as to why it doesn't include the car. So I think there's a lot of opportunity to optimize those.

但今天，我們並沒有真正看到任何蠶食。事實上，在更多情況下，我們實際上看到客戶進入我們的串流媒體，並對為什麼其中不包括汽車感到困惑。所以我認為有很多機會來優化這些。

And I would expect that we ultimately probably have two strong segments. One is looking for a premium experience and integrated into the car, which includes streaming as well. And another, it's probably a lot of our growth audiences and tend to be younger may be more interested in the streaming-only product.

我預計我們最終可能會擁有兩個強大的細分市場。人們正在尋求一種整合到汽車中的優質體驗，其中也包括串流媒體。另一方面，我們的許多成長型觀眾可能更年輕，他們可能對純串流媒體產品更感興趣。

So just back to the in-car conversion rate. So both used and new car conversion rates are core to future growth. And all the things I talked about in terms of personalized marketing will not be in place for the in-car side of the business until the latter part of the year. And that's because we still need to build out those flows, and it takes -- it's going to just take longer to build them in the in-car side.

回到車內轉換率。因此，二手車和新車的轉換率都是未來成長的核心。我在個人化行銷方面談到的所有事情要到今年下半年才會在汽車業務方面落實到位。這是因為我們仍然需要建立這些流程，並且需要更長的時間才能在車內建造它們。

We are learning a lot in streaming. So I think we can get off the ground running once they're there. But we're definitely prioritizing marketing over some of the other parts of the migration of the in-car proprietary systems because we believe that gives us the most opportunity to impact business metrics. And so I wouldn't expect to see those kinds of improvements rolling through conversion rates until much later in the year.

我們在串流媒體方面學到了很多。所以我認為一旦他們到達，我們就可以立即開始運作。但我們肯定會優先考慮行銷，而不是車載專有系統遷移的其他部分，因為我們相信這為我們提供了影響業務指標的最大機會。因此，我預計要到今年稍後才能看到轉換率的此類改進。

And then Tom, around ARPU?

然後 Tom，ARPU 左右？

And so on ARPU. So basically in Q1, we had $15.36. We had year-over-year increase which is principally driven by last year. We're lapping a period where there was a price increase on the full price plans last March. So we're up a little bit year-over-year.

ARPU 等等。所以基本上在第一季度，我們有 15.36 美元。我們的年成長主要是由去年推動的。我們正經歷去年三月全價計畫價格上漲的時期。所以我們比去年同期有所上升。

But looking at the full year, we'll continue, obviously, through our pricing and packaging as well as a lot of the other initiatives we have going on. But we overall see ARPU to be slightly down for the year, but it will obviously depend on the streaming mix, the promotional mix and other factors contributing to the calculation.

但縱觀全年，我們顯然將繼續透過我們的定價和包裝以及我們正在進行的許多其他舉措。但我們總體認為今年的 ARPU 會略有下降，但這顯然取決於串流媒體組合、促銷組合和其他影響計算的因素。

Yes, that was all incorporated in our guidance, and we talked about that earlier this year. And we've also talked about the fact that this isn't a year where we're raising price and in car pricing and packages, sorry, and would expect to look at that as we go into next year as an opportunity.

是的，這些都已納入我們的指導中，我們在今年早些時候討論過這一點。我們還談到了這樣一個事實，即今年我們不會提高價格、汽車定價和套餐，抱歉，並希望在明年進入時將其視為一個機會。

But we continue to do a lot of testing on the pricing and packaging front for our in-car packages and believe -- continue to believe that there's opportunity to open up more demand at a broader set of prices in our packaging structure.

但我們繼續在車載包裝的定價和包裝方面進行大量測試，並相信——繼續相信，我們的包裝結構有機會以更廣泛的價格開拓更多需求。

The next question is from Stephen Laszczyk with Goldman Sachs.

下一個問題來自高盛的 Stephen Laszczyk。

Maybe one for Tom. You executed against $45 million in cost efficiencies in the quarter. Could you perhaps just update us on where you've been able to make the most progress so far? And then as you think about pacing the remaining cost savings coming into the next few quarters, how should we think about that?

也許是給湯姆的。本季您的成本效率為 4500 萬美元。您能否向我們介紹一下迄今為止您在哪些方面取得了最大進展？然後，當您考慮未來幾季剩餘成本節省的進度時，我們應該如何考慮？

And then secondly, just a housekeeping one. Is there anything more you can say about the progress or timing of the Liberty transaction closing? Any detail would be great.

其次，只是一個家事服務。關於 Liberty 交易完成的進度或時間，您還有什麼要說的嗎？任何細節都會很棒。

Yes. So Stephen, a couple of things. So on the -- yes, Q1, we had about $45 million of savings that we outlined in the script. It's principally been across a variety of areas. Really, what we've been focused on is trying to maintain our EBITDA margin. So we are investing some of the savings back in the business. But in Q1, we did have some optimization around head count and around some of our programming and podcast margins.

是的。史蒂芬，有幾件事。因此，是的，第一季度，我們在腳本中概述了大約 4500 萬美元的節省。它主要涉及各個領域。事實上，我們一直關注的是努力維持我們的 EBITDA 利潤率。因此，我們將部分節省下來的資金投入到業務中。但在第一季度，我們確實圍繞人員數量以及我們的一些節目和播客利潤進行了一些優化。

So the initiatives are continuing on our trend, as we said, $200 million worth of savings this year. We are continuing to reinvest. But net-net, we were happy with our margin being the 30% for Q1, and we're going to continue to look at the cost saving initiatives throughout the year. And as we've said, there's a lot of things going on between the optimization and the transformation we're going through. So that's broadly the $200 million.

因此，這些舉措正在繼續我們的趨勢，正如我們所說，今年節省了 2 億美元。我們正在繼續進行再投資。但總的來說，我們對第一季 30% 的利潤率感到滿意，我們將繼續關注全年的成本節約舉措。正如我們所說，我們正在經歷的優化和轉型之間發生了很多事情。這大致就是 2 億美元。

And then I would just say on the Liberty transaction, the Liberty transaction, I think, is still currently planned for early Q3. We have no update from Denver as far as any change in that. Obviously, there's a lot of moving pieces, but we are trying to get to close as soon as we can.

然後我只想說，關於 Liberty 交易，我認為 Liberty 交易目前仍計劃在第三季初進行。我們沒有收到來自丹佛的任何更新消息。顯然，有很多變化，但我們正在努力盡快完成。

Yes, I'd just say we're going to update for first quarter financials. So that's part of the process, obviously and factors into the timing. But as Tom said, still expect early Q3.

是的，我只想說我們將更新第一季的財務數據。顯然，這是流程的一部分，也是時間安排的因素。但正如湯姆所說，仍然期待第三季初。

Our next and final question is from the line of Cameron Mansson-Perrone with Morgan Stanley.

我們的下一個也是最後一個問題來自摩根士丹利的卡梅倫·曼森-佩羅內。

Yes, I wanted to ask on the margin trends at Pandora. Obviously, the strong ad growth helps there. But really, positive gross margin improvement year-over-year. Could you just touch on what's driving those trends, if anything beyond that performance and whether we should expect kind of that magnitude of year-over-year improvement to continue?

是的，我想問潘朵拉的利潤趨勢。顯然，強勁的廣告成長對此有所幫助。但實際上，毛利率較去年同期有所改善。您能談談推動這些趨勢的因素嗎？ 除了業績之外還有什麼因素嗎？

And then maybe more broadly, just how should we think about the unit economics between the music and off-net businesses today and what the opportunity for each of those is over time?

也許更廣泛地說，我們應該如何考慮當今音樂和網外業務之間的單位經濟效益，以及隨著時間的推移，這些業務的機會是什麼？

So Cameron, from the margin, not a lot has changed due to the improvement is us monetizing and leveraging different products out there and putting the ad demand against the corresponding products that would create the best benefit to SiriusXM. But overall, the optimization out there and the cost side is really what's providing the higher margin right now.

因此，卡梅倫（Cameron）從邊際角度來看，並沒有太大變化，因為我們透過貨幣化和利用不同的產品，並將廣告需求與相應的產品相結合，從而為 SiriusXM 創造最佳效益。但總體而言，目前的優化和成本方面確實提供了更高的利潤。

Yes. And I don't know that I'm prepared to really talk about margins for -- necessarily in terms of unit economics for on and off platform. But overall, in terms of how we monetize on the ad side of the business, we have very strong RPM on Pandora, which we reported at $91, Tom mentioned earlier, and continue to see really healthy rates there.

是的。我不知道我是否準備好真正談論利潤——必然是在平台內外的單位經濟效益方面。但總的來說，就我們如何在廣告方面實現盈利而言，我們在Pandora 上的每千次展示收入非常高，湯姆之前提到過，我們報告的每千次展示收入為91 美元，並且繼續看到非常健康的價格。

And I'd say even stronger on the podcasting side of the business as there's a lot of great growth dynamics there, and we continue to look for opportunities to improve sell-through, obviously, and programmatic solutions.

我想說的是，播客方面的業務更加強勁，因為那裡有很多巨大的成長動力，而且我們繼續尋找機會來提高銷售率和程序化解決方案。

Thanks, everybody, for participating today. We'll speak to you in the coming weeks, of course. Thank you.

謝謝大家今天的參與。當然，我們會在接下來的幾週內與您交談。謝謝。

This concludes today's conference. You may disconnect your lines at this time, and thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，感謝您的參與。