Sirius XM Holdings Inc (SIRI) 2024 Q2 法說會逐字稿

Greetings. Welcome to SiriusXM's second-quarter 2024 earnings conference call. (Operator Instructions)

問候。歡迎參加 SiriusXM 2024 年第二季財報電話會議。（操作員說明）

Please note this conference is being recorded. I'll now turn the conference over to Hooper Stevens, Senior Vice President of Investor Relations and Finance. Mr.

請注意，本次會議正在錄製中。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)。先生。

Stevens, you may now begin your presentation.

史蒂文斯，你現在可以開始你的演講了。

Thank you, and good morning, everyone. Welcome to SiriusXM's second-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 your questions during the Q&A portion of the call.

謝謝大家，大家早安。歡迎參加 SiriusXM 2024 年第二季財報電話會議。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 Scott Greenstein（Scott Greenstein）將與珍妮佛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.

我想提醒大家，根據 1995 年《私人證券訴訟改革法案》的定義，電話會議期間所做的某些陳述可能屬於前瞻性陳述。這些和所有前瞻性聲明均基於管理層當前的信念和期望，並且必然依賴可能不正確或不精確的假設、數據或方法。

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.

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。

Thank you, Hooper, and good morning, all. Thank you for joining us today. SiriusXM's financial position remains robust as we steadily enhance our business and establish a sustainable foundation for growth. We grew adjusted EBITDA 8% sequentially in the second quarter of 2024 and saw our margin improve by 1 point year over year. With these solid margins and declining capital expenditures, we anticipate converting more of the strong EBITDA into growing free cash flow in the coming years.

謝謝你，胡珀，大家早安。感謝您今天加入我們。隨著我們穩步增強業務並建立可持續的成長基礎，SiriusXM 的財務狀況仍然強勁。2024 年第二季度，我們的調整後 EBITDA 較上季成長 8%，利潤率較去年同期提高 1 個百分點。憑藉這些穩健的利潤率和不斷下降的資本支出，我們預計未來幾年將更多強勁的 EBITDA 轉化為不斷增長的自由現金流。

In our subscription business, self-pay net additions saw a sequential and year-over-year improvement largely due to strong retention, and we still expect to see slightly better self-pay net adds this year compared to last. Our advertising business remains a key focus, and we see an opportunity for growth as the year progresses.

在我們的訂閱業務中，自付費用淨增加量環比和同比都有所改善，這主要是由於強勁的保留率，我們仍然預計今年的自付費用淨增加量將略好於去年。我們的廣告業務仍然是重點，隨著時間的推移，我們看到了成長的機會。

Assuming all closing conditions are met, we expect to complete our transaction with Liberty Media after the market close on Monday, September 9, and we are reiterating all of our full-year 2024 financial guidance. Our leading content portfolio and differentiated position in the audio industry remained core to our business.

假設所有成交條件均已滿足，我們預計將在 9 月 9 日星期一收盤後完成與 Liberty Media 的交易，並且我們重申 2024 年全年財務指引。我們領先的內容組合和在音訊行業的差異化地位仍然是我們業務的核心。

And we are leveraging these strengths by focusing on three strategic priorities: enhancing our subscription business, driving advertising growth, and maintaining our financial success through continued optimization across every aspect of our business. We are confident these areas of focus will lead to improvements over the medium to long term.

我們透過專注於三個策略重點來利用這些優勢：增強我們的訂閱業務、推動廣告成長以及透過持續優化業務的各個方面來維持我們的財務成功。我們相信這些重點領域將帶來中長期的改善。

Let's delve into each of these key pillars, starting with our ongoing efforts to enhance our subscription business. To drive demand and retention, we are updating our subscription packages with options for every listener. Our new package structure will feature clear, all-in pricing, tiered plans based on interest, a unified offer strategy, and simplified transaction experiences. While these adjustments may cause some short-term impact, we are confident they will be net positive to our customers and our business as we build greater trust, confidence, and interest in our brand and services.

讓我們從我們為增強訂閱業務所做的持續努力開始，深入研究每個關鍵支柱。為了推動需求和保留，我們正在更新我們的訂閱包，為每個聽眾提供選項。我們的新套餐結構將具有清晰、全面的定價、基於興趣的分層計劃、統一的報價策略和簡化的交易體驗。雖然這些調整可能會造成一些短期影響，但我們相信，隨著我們對我們的品牌和服務建立更大的信任、信心和興趣，它們將對我們的客戶和我們的業務產生淨正面影響。

Additionally, we recently announced two new subscription bundles, starting next week, a SiriusXM Podcast+ subscription will be available on Apple podcast, offering super fans access to benefits such as new episodes ad-free, early releases, and exclusive content from select podcasts and shows, including SmartLess. Many of these features will also be available within our core SiriusXM subscription as we look to further support podcast listening on platform, which has increased since the launch of our revamped app.

此外，我們最近宣布了兩個新的訂閱捆綁包，從下週開始，Apple 播客將提供SiriusXM Podcast+ 訂閱，讓超級粉絲能夠享受新劇集、無廣告廣告、提前發布以及精選播客和節目的獨家內容等福利，包括 SmartLess。其中許多功能也將在我們的核心 SiriusXM 訂閱中提供，因為我們希望進一步支援平台上的播客收聽，自從我們改進的應用程式推出以來，該平台的播客收聽量有所增加。

We are also introducing a new way for automakers to present SiriusXM to their customers, which enables General Motors, Mercedes-Benz, Volkswagen, and more to include a three-year SiriusXM subscription with the purchase of select new vehicles. These packages highlight SiriusXM's unique position from our expansive podcast network to our strong relationships with automakers and dealers, showcasing the value of SiriusXM to a wide range of listeners.

我們還為汽車製造商推出了一種向客戶展示 SiriusXM 的新方式，讓通用汽車、梅賽德斯-奔馳、大眾汽車等公司在購買精選新車時可以享受為期三年的 SiriusXM 訂閱服務。這些套餐突顯了 SiriusXM 的獨特地位，從我們廣泛的播客網絡到我們與汽車製造商和經銷商的牢固關係，向廣大聽眾展示了 SiriusXM 的價值。

We continue to enhance the overall customer experience in car and in app, making it easier to discover and engage with our extensive content offering. We are launching new features and updates to our streaming app each month and we are seeing positive momentum with overall user satisfaction on the rise and strong results from the initial rollout of our improved customer journeys.

我們不斷增強汽車和應用程式中的整體客戶體驗，使其更容易發現和參與我們廣泛的內容產品。我們每個月都會為我們的串流應用程式推出新功能和更新，我們看到整體用戶滿意度不斷上升的積極勢頭，以及我們改進的客戶旅程的初步推出帶來的強勁成果。

In car, where we will have even more opportunity following the start of our broader migration to the new back-end tech platform beginning in 2025, we are leveraging the flexibility of 360L, which shows improved conversion and retention rates in vehicle to launch new features and cars already on the road. This quarter, we introduced SiriusXM Free Access, our first ever free ad-supported version of SiriusXM, now available in select vehicles.

在汽車領域，從2025 年開始更廣泛地遷移到新的後端技術平台後，我們將擁有更多機會，我們正在利用360L 的靈活性，這表明車輛的轉換率和保留率有所提高，可以推出新功能和已經在路上的汽車。本季度，我們推出了 SiriusXM Free Access，這是我們第一個免費的 SiriusXM 廣告支援版本，現已在部分車輛中提供。

Free Access allows us to engage potential customers who do not immediately convert post trial with an offering of a limited number of music and talk channels with ads. Although small in scale at the outset, Free Access is expected to grow in future years, providing us an opportunity to increase trials, win back listeners, and explore the potential for a broader ad-supported tier of SiriusXM.

免費訪問使我們能夠透過提供有限數量的廣告的音樂和談話頻道來吸引那些在試用後沒有立即轉換的潛在客戶。儘管免費訪問一開始規模較小，但預計未來幾年將會成長，為我們提供了增加試用、贏回聽眾並探索 SiriusXM 更廣泛的廣告支援層的潛力的機會。

Continuing on the topic of advertising, we saw growth in a variety of categories, including political and pharma, offsetting ongoing headwinds in other industries. Programmatic remains a strong growth channel for us, up 10% overall from the second quarter of 2023 and up nearly 60% in podcasting. With the adoption of industry identity solution Unified ID 2.0 with the Trade Desk this quarter, we are unlocking even more programmatic capabilities. This reflects the broader trend towards greater automation and data-driven advertising, where we have established a leading position.

繼續討論廣告主題，我們看到了包括政治和製藥在內的各種類別的成長，抵消了其他行業持續存在的不利因素。程序化交易仍是我們強勁的成長管道，較 2023 年第二季整體成長 10%，播客成長近 60%。隨著 Trade Desk 在本季採用業界身分解決方案 Unified ID 2.0，我們將釋放更多程式功能。這反映了更廣泛的自動化和數據驅動廣告的趨勢，我們在這方面已經確立了領先地位。

In podcasting, we continue to sign exclusive monetization agreements with major players, expanding our offering recent deals with Dale Earnhardt Jr.'s Dirty Mo announced this quarter and SmartLess launching this month are garnering a great deal of excitement from the ad-buying communities. Our depth of content, paired with our technology and expertise has attracted new spend into the space with a slew of brands spending over $1 million on our podcast offerings year-to-date.

在播客方面，我們繼續與主要參與者簽署獨家貨幣化協議，擴大了我們的產品範圍，最近與Dale Earnhardt Jr. 的Dirty Mo 達成了本季度宣布的協議，並且本月推出的SmartLess 引起了廣告購買社區的極大關注。我們的內容深度，加上我們的技術和專業知識，吸引了新的支出進入該領域，今年迄今為止，許多品牌在我們的播客產品上花費了超過 100 萬美元。

Regarding business optimization, we are focused on driving efficiencies to help us maintain our strong financial position long term, which Tom will discuss in more detail. Moving forward, we see additional opportunities, especially in the strategic use of AI, which continues to deliver strong results in our early rollouts in customer support and self-serve audio advertising creative development.

關於業務優化，我們專注於提高效率，以幫助我們長期保持強勁的財務狀況，湯姆將對此進行更詳細的討論。展望未來，我們看到了更多機會，特別是在人工智慧的策略使用方面，人工智慧在我們早期推出的客戶支援和自助音訊廣告創意開發中繼續取得強勁成果。

Across each of these initiatives, we are bolstering our business and doubling down on our strengths, which are rooted in our exclusive content offering. In May, we opened a state-of-the-art broadcast studio in Las Vegas, providing a premier venue for live broadcast and exclusive shows. This quarter, we also launched a full-time Chris Stapleton channel, delivering more to our dedicated country fans and capitalizing on the massive growth within this genre.

在每項舉措中，我們都在加強我們的業務並加倍增強我們的優勢，這些優勢植根於我們提供的獨家內容。五月，我們在拉斯維加斯開設了一家最先進的廣播工作室，為現場直播和獨家表演提供了一流的場所。本季度，我們還推出了一個全職 Chris Stapleton 頻道，為我們忠實的鄉村音樂迷提供更多內容，並充分利用這一類型的巨大增長。

Additionally, we announced new channels, podcasts, and shows from Ted Danson with Woody Harrelson; Andy Richter; actress and activist, Yara Shahidi; EDM Artist, Avicii; comedian, Yamaneika Saunders; [Media i], the National Baseball Hall of Fame and Museum and more. This wide range of content and perspectives aims to both super serve our core audience and provide engaging programming for our target growth segment.

此外，我們還宣布了由泰德丹森 (Ted Danson) 和伍迪哈里森 (Woody Harrelson) 主演的新頻道、播客和節目；安迪‧里克特；女演員兼活動家 Yara Shahidi； EDM 藝術家，Avicii；喜劇演員亞馬內卡桑德斯； [Media i]、國家棒球名人堂和博物館等。如此廣泛的內容和觀點旨在為我們的核心受眾提供超級服務，並為我們的目標成長細分市場提供引人入勝的節目。

Additionally, our 24/7 live programming offers a platform for subscribers to get up-to-the-minute news and analysis on a variety of topics in ways podcast cannot match. Our political channels are seeing increased engagement following key moments such as the presidential debate from listeners who trust and lean into our coverage from both sides of the aisle. And there's much more to come as later this month, we'll officially welcome SmartLess into SiriusXM with an exclusive subscriber event featuring special guest Howard Stern.

此外，我們的 24/7 直播節目為訂閱者提供了一個平台，以播客無法比擬的方式獲取有關各種主題的最新新聞和分析。在總統辯論等關鍵時刻之後，我們的政治頻道的參與度不斷增加，來自兩黨的聽眾信任並傾向於我們的報導。本月晚些時候，我們還將舉辦更多活動，以特別嘉賓霍華德·斯特恩 (Howard Stern) 為主角的獨家訂戶活動，正式歡迎 SmartLess 加入 SiriusXM。

To conclude, I want to reiterate my confidence in our business both today and long term from our industry-leading profitability, strong retention, and customer satisfaction rates to the vast potential ahead. Our business remains uniquely positioned to capture demand and is on a path to future growth. We look forward to sharing more updates with you in the coming months.

最後，我想重申我對我們目前和長期業務的信心，從我們行業領先的盈利能力、強大的保留率和客戶滿意度到未來的巨大潛力。我們的業務仍然處於捕捉需求的獨特地位，並正走在未來成長的道路上。我們期待在未來幾個月與您分享更多更新。

With that, I will pass it over to Tom to walk you through the financials.

接下來，我將把它交給湯姆，讓他帶您了解財務狀況。

Thank you, Jennifer, and good morning, everyone. Today, I will provide an overview of our second quarter financial performance, discuss key operational highlights, and share our outlook for the remainder of the year. Jennifer and I will then open the line for Q&A. As Jennifer mentioned, we are pleased to reaffirm all of our full-year financial guidance, and we anticipate the Liberty transaction to close after market on Monday, September 9.

謝謝你，詹妮弗，大家早安。今天，我將概述我們第二季的財務業績，討論關鍵的營運亮點，並分享我們對今年剩餘時間的展望。然後，珍妮佛和我將開通問答熱線。正如 Jennifer 所提到的，我們很高興重申我們所有的全年財務指引，我們預計 Liberty 交易將於 9 月 9 日星期一盤後結束。

Before we delve into the details, I want to reiterate our strategic focus for the year. Our primary objectives are to continue to invest in our subscription business through enhanced consumer experiences, expand advertising opportunities, and deliver healthy margins and robust cash flow. We are committed to delivering our financial guidance and executing our strategic plan with precision and discipline.

在我們深入探討細節之前，我想重申我們今年的戰略重點。我們的主要目標是透過增強消費者體驗、擴大廣告機會並提供健康的利潤和強勁的現金流來繼續投資我們的訂閱業務。我們致力於提供我們的財務指導並精確而嚴格地執行我們的策略計劃。

With that, let's jump into the financials. In the second quarter, SiriusXM reported consolidated revenue of $2.18 billion, a decrease of 3% compared to the same period last year, primarily driven by a 5% drop in SiriusXM subscriber revenue, which totaled $1.52 billion. Self-pay subscribers declined by 100,000 this quarter, reflecting an improvement compared to the same quarter last year. And we remain optimistic that full-year 2024 will see a slight improvement compared to 2023.

說到這裡，讓我們開始了解財務狀況。SiriusXM第二季綜合營收為21.8億美元，較去年同期下降3%，主要是由於SiriusXM用戶營收（總計15.2億美元）下降5%。自費本季訂戶數量減少了 10 萬，與去年同期相比有所改善。我們仍然樂觀地認為 2024 年全年將比 2023 年略有改善。

The progress during the second quarter was primarily due to a reduction in voluntary churn. Paid promotional subscribers during the quarter decreased by 73,000 as some automakers shifted from paid promotional subscriptions to unpaid.

第二季度的進展主要是由於自願流失的減少。由於一些汽車製造商從付費促銷訂閱轉向免費訂閱，本季付費促銷訂閱用戶減少了 73,000 名。

Moving on to Advertising revenue. Total ad revenue in the quarter remained flat year over year at $443 million. Our advertising business remains a strategic focus area as we leverage advanced technologies to drive market-leading solutions to capitalize on our unique content and distribution channels.

接下來是廣告收入。該季度廣告總收入與去年同期持平，為 4.43 億美元。我們的廣告業務仍然是一個策略重點領域，因為我們利用先進技術來推動市場領先的解決方案，以利用我們獨特的內容和分銷管道。

Despite some softness in total revenue, our overall financial performance remains resilient. Adjusted EBITDA for the quarter remained flat year over year at $702 million, an increase by 8% from the first quarter of 2024. This stability was achieved through effective cost management, including lower cost of services, personnel-related costs, and general and administrative expenses.

儘管總收入有所疲軟，但我們的整體財務表現仍保持彈性。該季度調整後 EBITDA 與去年同期持平，為 7.02 億美元，較 2024 年第一季成長 8%。這種穩定性是透過有效的成本管理來實現的，包括降低服務成本、人員相關成本以及一般和管理費用。

These savings offset the impact of lower subscriber revenue and higher sales and marketing costs, resulting in an adjusted EBITDA margin of 32%. Our strategic optimization efforts yielded approximately $50 million in savings in the second quarter as we work toward our full-year target of approximately $200 million.

這些節省抵消了訂戶收入下降以及銷售和行銷成本上升的影響，調整後的 EBITDA 利潤率為 32%。在我們努力實現約 2 億美元的全年目標的同時，我們的策略優化工作在第二季節省了約 5,000 萬美元。

These savings resulted primarily from workforce streamlining and company-wide cost optimization initiatives. The majority of these savings will be reinvested into the business to maintain our EBITDA margin and support ongoing transformation initiatives.

這些節省主要來自勞動力精簡和全公司成本優化措施。這些節省的大部分將重新投資到業務中，以維持我們的 EBITDA 利潤率並支持正在進行的轉型計劃。

Let's dive deeper into the performance of our segments. Starting with the SiriusXM segment, total revenue for the quarter was $1.64 billion. This includes subscriber revenue, which declined 5%; advertising revenue, which dropped 4%; and the equipment revenue, which stayed flat compared to the same period last year.

讓我們更深入地了解我們細分市場的表現。從 SiriusXM 部門開始，該季度的總收入為 16.4 億美元。其中包括訂閱者收入，下降了 5%；廣告收入下降4%；設備收入與去年同期持平。

Our total ARPU decreased by $0.42, bringing it to $15.24 versus $15.66 last year. This dip is due to more subscribers on promotional rates and streaming-only self-pay plans. Our primary goal is long-term revenue growth and we have always sought to balance rate and volume. And by continuously enhancing the value of our subscription packages in every aspect of the consumer experience, we have typically been able to sustain modest price increases every other year. We currently don't expect to change to that historical cadence, but we are also differentiating our packages with a variety of price points and offerings, as Jennifer discussed.

我們的總 ARPU 下降了 0.42 美元，從去年的 15.66 美元降至 15.24 美元。這種下降是由於更多的訂閱者使用促銷價格和僅限串流媒體的自付費方案。我們的主要目標是長期收入成長，並且我們始終尋求平衡速度和數量。透過不斷提高訂閱套餐在消費者體驗各個方面的價值，我們通常能夠每隔一年維持適度的價格上漲。我們目前不希望改變這種歷史節奏，但正如珍妮佛所討論的那樣，我們也透過各種價位和產品來區分我們的套餐。

Gross profit in the SiriusXM segment reached $986 million, a 6% decline from the previous year. This brought our margin down to 60%, a 1 percentage point drop. Subscriber acquisition costs remained essentially flat at $92 million compared to $93 million in the same period last year.

SiriusXM部門的毛利達到9.86億美元，比上年下降6%。這使我們的利潤率下降至 60%，下降了 1 個百分點。訂戶取得成本基本持平，為 9,200 萬美元，而去年同期為 9,300 萬美元。

Shifting to Pandora and off-platform segment. We saw a total revenue increase by 2% to $538 million, an increase of approximately 9% from the first quarter of 2024. This growth was driven by an 8% year-over-year increase in subscriber revenue tied to rate increases on our Pandora Premium and Plus subscriptions.

轉向潘朵拉和平台外部分。我們看到總收入成長了 2%，達到 5.38 億美元，比 2024 年第一季成長了約 9%。這一成長的推動因素是與 Pandora Premium 和 Plus 訂閱費率上漲相關的訂閱者收入年增 8%。

Advertising revenue in this segment remained flat at $400 million year over year. Pandora ad hours totaled $2.6 billion, a 5% decline year over year while the average monthly listening hours per ad-supported user remained stable year over year at 21.7 hours. Gross profit in the Pandora and off-platform segment was $180 million, an increase of 18% year over year, reflecting a gross margin of 33%. The increase was driven by the higher revenue, coupled with a roughly 5% drop in total cost of services.

該細分市場的廣告收入與去年同期持平，為 4 億美元。Pandora 廣告長度總計 26 億美元，年減 5%，而每位廣告支援用戶的平均每月收聽時長則較去年同期穩定在 21.7 小時。Pandora 及平台外業務毛利為 1.8 億美元，較去年同期成長 18%，毛利率為 33%。這一增長是由收入增加以及總服務成本下降約 5% 推動的。

Looking more broadly across the business, we remain dedicated to our transformation efforts, optimizing our cost structure, making strategic investments in our product and content, and leveraging technology and automation to enhance our interaction with listeners and streamline our business processes. These initiatives are already yielding positive results.

縱觀整個業務，我們仍然致力於轉型工作，優化成本結構，對產品和內容進行策略性投資，並利用技術和自動化來增強與聽眾的互動並簡化我們的業務流程。這些措施已經取得了積極成果。

We have successfully reduced expenses across various departments while simultaneously improving the customer experience. In addition, in the second half of 2024, we'll be opening a European tech hub allowing us to continue our technology and product investments in a tax-efficient manner.

我們成功地減少了各部門的開支，同時改善了客戶體驗。此外，在 2024 年下半年，我們將開設一個歐洲技術中心，使我們能夠以節稅的方式繼續進行技術和產品投資。

We generated $343 million of free cash flow during the quarter, up 6% from the second quarter of 2023. The increase was mainly due to lower cash taxes paid resulting from the benefits of our tax equity investments and the timing of other payments, partially offset by higher capital expenditures and lower cash receipts.

本季我們產生了 3.43 億美元的自由現金流，比 2023 年第二季成長 6%。這一增長主要是由於我們的稅務股權投資的收益和其他付款的時間表所帶來的現金稅減少，但部分被資本支出增加和現金收入減少所抵消。

During the second quarter, SiriusXM paid $103 million to stockholders through our dividend and ended the quarter with net debt to adjusted EBITDA of 3.2x. Following the Liberty transaction, we plan to delever back to our long-term leverage target in the low to mid 3x adjusted EBITDA, while still evaluating additional opportunities to return capital to shareholders efficiently.

第二季度，SiriusXM 透過股息向股東支付了 1.03 億美元，本季末淨債務與調整後 EBITDA 比率為 3.2 倍。在 Liberty 交易之後，我們計劃將長期槓桿率降低到 3 倍調整後 EBITDA 的中低水平，同時仍在評估其他向股東有效返還資本的機會。

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) Steven Cahall, Wells Fargo.

（操作員說明）Steven Cahall，富國銀行。

Thank you. A couple of related questions. Maybe just first on conversion. Could you just dig a little deeper into what you're seeing in the conversion rates, Jennifer? It seems like that's really kind of the north star as a company right now to get net adds back on track. So can you dig a little deeper into what you're seeing in new car conversion? Have you seen any change in the way different age cohorts are reacting to the new technologies, streaming applications, et cetera? And where do you expect new car conversion to go over the next couple of years?

謝謝。幾個相關的問題。也許只是先進行轉換。詹妮弗，您能更深入地了解一下您在轉換率中看到的情況嗎？作為一家公司，這似乎是目前讓淨增加重回正軌的北極星。那麼您能更深入了解一下您在新車改裝中看到的情況嗎？您是否發現不同年齡層的人對新技術、串流應用程式等的反應方式有任何變化？您預計未來幾年新車改裝將走向何方？

And then also on the ARPU side of things, what can we expect from SiriusXM, really subscription ARPU? Do you feel like you have any pricing power at this point? Churn has remained low, but I know you're trying to drive that conversion piece as well. So I would love to just help on how we can think about ARPU for the medium term. Thank you.

然後在 ARPU 方面，我們對 SiriusXM 能有什麼期望，真正的訂閱 ARPU？您覺得現在您有定價權嗎？客戶流失率仍然很低，但我知道您也在努力推動轉型。因此，我很樂意為我們如何考慮中期 ARPU 提供協助。謝謝。

Sure. Thanks, Steven. Our conversion rates continue to be challenged, but we have seen some stabilization among our first-time trialers, which do tend to be younger. And as they come into the funnel, we have been able to influence early engagement through some behavior-based marketing journeys we put in place largely in 360L earlier this year. So a lot of that was manual. And we are eager to ramp up more personalized journeys for our customers across our in-car trialers over the course of the rest of the year.

當然。謝謝，史蒂文。我們的轉換率持續受到挑戰，但我們看到首次試用者的情況有所穩定，而且他們確實往往更年輕。當他們進入漏斗時，我們已經能夠透過今年早些時候在 360L 中主要實施的一些基於行為的營銷旅程來影響早期參與。所以很多都是手動的。我們渴望在今年剩下的時間裡透過我們的車內試用車為客戶提供更個人化的旅程。

As you know, 360L is trending at about 40% of our new car trial starts and we're seeing the real benefit of that coming through in these rich listening data sets, but we are just starting to roll out these truly personalized one-to-one journeys for the in-car trialers this month. And it's starting with slow volumes, small volumes, but it will ramp over the course of the year. And we'd expect to have the vast majority of our trialers on these personalized marketing journeys in -- as we exit the year and go into next year.

如您所知，大約 40% 的新車試用開始時，360L 是趨勢，我們在這些豐富的聆聽數據集中看到了 360L 的真正好處，但我們才剛開始推出這些真正個性化的一對一- 本月車載試用者的一次旅程。剛開始的時候，銷量會很慢，銷量很小，但會在一年中逐漸增加。我們預計，當我們今年結束並進入明年時，我們的絕大多數試用者都會參與這些個人化行銷之旅。

So like I said, positive results with younger first-time trialers, seeing listening rates improve early in trial and translating through to improved conversion rates post trial. And as you said, that's really the opportunity to unlock to put us on a path to growth.

正如我所說，年輕的首次試用者獲得了積極的結果，在試用初期看到收聽率有所提高，並轉化為試用後轉換率的提高。正如您所說，這確實是一個讓我們走上成長之路的機會。

As you know, we do something about 20 million, 25 million trial start a year on the in-car side of the business. And so it doesn't take much. Point of conversion is 200,000 to 250,000 subs. So we are very focused on leverage the learnings that we're getting from streaming and bringing them over to the in-car side of the business as well.

如您所知，我們每年在車載業務方面進行約 2,000 萬、2,500 萬次試用。所以這並不需要太多。轉換點為 200,000 至 250,000 個訂閱者。因此，我們非常注重利用從串流媒體中獲得的經驗教訓，並將其應用到汽車業務方面。

And then just shifting to ARPU. Really, this is all about creating value across our subscription packages, right? And bringing enhanced value through more exclusive content, improving the discovery features we have in place so consumers can better find it and improving the control features we have in place so consumers can better navigate it. So we are continuing to provide enhanced value to our subscription packages in a way that we believe will continue to support future rate increases.

然後轉向 ARPU。確實，這都是為了在我們的訂閱套餐中創造價值，對嗎？透過更多獨家內容帶來更高的價值，改進我們現有的發現功能，以便消費者可以更好地找到它，並改進我們現有的控制功能，以便消費者可以更好地導航它。因此，我們將繼續為我們的訂閱套餐提供更高的價值，我們相信這將繼續支持未來的費率上漲。

As Tom mentioned, we are planning to stay on the every other year cadence for rate increases going forward. But we're also taking steps to capture demand across a broader set of audiences. So we are confident that this will set us up. The combination of these two areas of focus will set us up to drive overall revenue growth in the long term.

正如湯姆所提到的，我們計劃繼續保持每隔一年升息一次的節奏。但我們也在採取措施來捕捉更廣大受眾的需求。因此，我們有信心這將為我們奠定基礎。這兩個重點領域的結合將使我們能夠長期推動整體收入成長。

Jessica Reif Ehrlich, Bank of America Securities.

傑西卡·雷夫·埃利希，美國銀行證券公司。

Thanks. Two topics. First, on advertising, you've mentioned several times, both of you that that's a big opportunity for growth. Just wondering if you could talk a little bit about the drivers. What gives you confidence second half will pick up? What are you seeing in the market? And then talk about some of the new tools like programmatic, does that really tap into a new pool of advertisers?

謝謝。兩個話題。首先，關於廣告，你們多次提到，這是一個巨大的成長機會。只是想知道您是否可以談談驅動程式。是什麼讓您有信心下半年會好轉？您在市場上看到了什麼？然後談論一些新工具，例如程序化，這真的能吸引新的廣告商嗎？

And then the second question, all three pillars of growth, subscribers, advertising, financial, they seem to depend on content. So maybe you could talk about -- you have multiple levers, whether it's podcasting live, different genres, where do you see the most opportunity to really make a difference?

然後是第二個問題，成長的三大支柱：訂閱者、廣告、財務，它們似乎都依賴內容。所以也許你可以談談——你有多種槓桿，無論是現場播客還是不同的流派，你認為哪裡最有機會真正發揮作用？

Okay. I'll take the first one. So we are expecting to see improvements in ad revenue in the second half. There is some uncertainty clearly tied to the general concern among brands about consumer personal spending.

好的。我就拿第一個。因此，我們預計下半年廣告收入將有所改善。一些不確定性顯然與品牌對消費者個人支出的普遍擔憂有關。

We did even see some recent cancellations. And obviously, we're watching the tone of the earnings calls really carefully. But I think -- and Tom can talk a little bit about categories.

我們甚至看到最近有一些取消。顯然，我們正在非常仔細地關注財報電話會議的基調。但我認為——湯姆可以談談類別。

But in podcasting, we continue to see strong demand. That translated into higher sell-through despite the iOS 17 changes to download. And as you know, there's a lot of supply out there given the trends with the SVODs, but we believe in audio buy is complementary and appeals to many brands as audio is available to consumers in places, obviously, that video is not.

但在播客方面，我們仍然看到強勁的需求。儘管 iOS 17 改變了下載方式，但這仍轉化為更高的銷售量。如您所知，考慮到 SVOD 的趨勢，那裡有很多供應，但我們相信音訊購買是互補的，並且對許多品牌有吸引力，因為音訊可以提供給消費者，而視訊則不能。

And so I'm very pleased with our position in podcasting and programmatic as we're capitalizing on these broader industry trends where advertisers are eager to self-serve and use better targeting and measurement tools to action their plans. And especially in a time of general uncertainty, programmatic just provides much more scaled opportunities to come into the market for advertisers and especially late in the quarter as budgets free up.

因此，我對我們在播客和程序化方面的地位感到非常滿意，因為我們正在利用這些更廣泛的行業趨勢，廣告商渴望自助服務並使用更好的定位和衡量工具來實施他們的計劃。尤其是在普遍不確定的時期，程序化交易為廣告商提供了更大規模的進入市場的機會，尤其是在本季度末，隨著預算的釋放。

So we continue to leverage the tools that we have, AI driven, synthetic voices, and measurement targeting tools, just the relationship with Trade Desk on UID 2.0. So we are very invested in the space, and I think there'll be more opportunities to come.

因此，我們繼續利用我們擁有的工具、人工智慧驅動、合成聲音和測量目標工具，以及 UID 2.0 上與 Trade Desk 的關係。所以我們在這個領域投入了大量資金，我認為還會有更多機會。

Do you want to comment just on categories?

您只想對類別發表評論嗎？

Yes. I mean I would say, looking across the podcasting side, we're seeing a higher network demand, which has benefited us to date, and we see that continuing higher tech fees continue to grow as we look out in the remainder of the year.

是的。我的意思是，我想說，縱觀播客方面，我們看到了更高的網路需求，這使我們迄今為止受益匪淺，而且我們看到，隨著我們在今年剩餘時間裡的展望，持續上漲的技術費用將持續成長。

And programmatic, as Jennifer said in her script, is growing 10% in the second quarter. I would also say, as we look into the back half of the year, we will see political ads that will start playing in as we get in the next few months. And we also look to see the benefit of a reorganization of our sales organization that we did in Q1 and is starting to settle down. And we see the back half of the year that will get benefit from the realignment.

正如 Jennifer 在劇本中所說，程序化在第二季度增長了 10%。我還想說，當我們展望今年下半年時，我們將看到政治廣告將在接下來的幾個月內開始播放。我們也希望看到我們在第一季對銷售組織進行重組並開始穩定下來的好處。我們預計今年下半年將受益於調整。

Jessica, on the -- where I see the most growth, and it's in two areas. One, obviously, is in podcasting. As you have heard me mention before, our belief in that original -- the original principles of the Howard model of where is there, a, large free audience that ultimately is passionate enough to go behind the paywall; and, b, something that can grow and really accelerate our talk business, that model works then. And now it's morphed into a different version.

傑西卡，我看到成長最快的地方有兩個領域。顯然，其中之一是播客。正如你之前聽我提到的，我們對原始的信念——霍華德模型的原始原則，即那裡有大量的免費觀眾，最終有足夠的熱情去付費牆後面； b，一些可以成長並真正加速我們的談話業務的東西，那麼這個模型就起作用了。現在它已經變成了一個不同的版本。

With podcasting, as you know, we have 3 of the top 10 podcasts in Crime Junkie, Dateline and now SmartLess and always looking at others. And with that, we're constantly testing on one side, where will people pay for that and come out of the free area, like we are with the new Podcast+ with Apple as well as getting exclusive content out of those relationships behind the paywall.

如您所知，對於播客，我們在 Crime Junkie、Dateline 和現在的 SmartLess 中擁有排名前 10 的播客中的 3 個，並且一直在關注其他播客。為此，我們不斷地一方面進行測試，人們會在哪裡付費並走出免費領域，就像我們與蘋果合作推出新的 Podcast+ 一樣，以及從付費專區背後的這些關係中獲取獨家內容。

And ultimately, we're going to keep testing and fine-tuning and that data will ultimately lead us somewhere down the road to a decision to see what will go behind the paywall and reignite that model, and I'm confident that will happen.

最終，我們將繼續測試和微調，這些數據最終將引導我們做出決定，看看付費專區背後會發生什麼，並重新點燃該模式，我相信這將會發生。

The other place is live. When you look at how things move in culture and pop culture politics, whether it's podcasting or virtually any of our competitors, there's no live component. So when there's anything from a debate and assassination attempt, a movie to promote or anything, that becomes timely or tied to a date. We're able to do it on virtually any manner we can do.

另一個地方正在直播。當你觀察文化和流行文化政治中的事物如何發展時，無論是播客還是我們幾乎所有的競爭對手，都沒有現場成分。因此，當發生辯論和暗殺企圖、要宣傳的電影或其他任何事情時，就會變得及時或與日期相關。我們幾乎可以用任何我們能做的方式來做到這一點。

And lastly, as you've seen recently with the NBA and others, the dispersion of live sports rights are all over the place in video. And we have a firm grip on all live sports and audio under one roof. So the combination of those two areas, I feel pretty optimistic there will be content growth tied to subscriber growth in the future.

最後，正如您最近在 NBA 和其他組織中看到的那樣，現場體育賽事轉播權在影片中隨處可見。我們在同一屋簷下牢牢掌控所有體育賽事直播和音訊。因此，結合這兩個領域，我非常樂觀地認為，未來內容的成長將與訂閱者的成長掛鉤。

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特，羅森布拉特證券公司。

Okay. Thank you for taking the question. I was curious about the discussion about new packages coming and if there's a way to give us a little bit better sense of how we're going to feel that hit the P&L and when we kind of feel that hit the P&L?

好的。感謝您提出問題。我很好奇關於即將推出的新套餐的討論，以及是否有一種方法可以讓我們更好地了解我們將如何感受到影響損益以及我們何時感覺到影響損益？

I understand that there's some details to come, but is this going to drive maybe a decrease in ARPU or an increase? And does it kind of slowly filter and as you roll these out? Or is it kind of a big bang of that? A little bit more color would be helpful.

我知道有一些細節即將公佈，但這是否會導致 ARPU 下降或增加？當你推出這些產品時，它是否會慢慢過濾？或者這是一個大爆炸？多一點顏色會有所幫助。

So with the pricing and packaging efforts we're undertaking, we're really trying to solve for three things simultaneously, which is why we've been so deliberate about the testing we're doing here. We want to drive more demand because we know that our premium prices have been a barrier to bringing in some new audiences into our products.

因此，透過我們正在進行的定價和包裝工作，我們確實試圖同時解決三件事，這就是為什麼我們如此深思熟慮地進行測試。我們希望推動更多需求，因為我們知道我們的高價一直是吸引新受眾使用我們產品的障礙。

We want to make sure that we're preserving our full price base and opportunities to drive rate increases there in the future. And we want to create opportunities to reduce our reliance on promotional plans used in acquisition and retention.

我們希望確保我們保留完整的價格基礎以及未來推動利率上漲的機會。我們希望創造機會，減少對用於獲取和保留促銷計劃的依賴。

So we've been -- as you know, we launched with streaming at $9.99 late last year. And that we are confident will attract a different audience and incremental to what we're doing in the car. And in-car side of the business, the early results in our testing have been encouraging. It shows that we're getting consumers into the right packages for them. We've built a $9.99 music-only package with add-ons for top news and sports.

如您所知，我們在去年年底推出了串流媒體服務，價格為 9.99 美元。我們有信心吸引不同的受眾，並不斷完善我們在汽車領域所做的事情。在汽車業務方面，我們測試的早期結果令人鼓舞。這表明我們正在為消費者提供適合他們的套餐。我們推出了 9.99 美元的純音樂套餐，其中包含熱門新聞和體育的附加內容。

And in our testing, we're seeing better longer-term retention on full price plans after the first trial offer period expires. So we believe that alongside the recent move to all-in pricing, these actions are ultimately providing more value and more transparency for consumers across our packages.

在我們的測試中，我們發現在第一個試用期到期後，全價計畫的長期保留率更高。因此，我們相信，除了最近全面定價的舉措外，這些行動最終將為我們的套餐中的消費者提供更多價值和更高透明度。

So there will be impacts on our metrics as we start to roll this out later in the year. We have everything captured in guidance and just the general trajectory we've talked about on self-pay net adds. And as we start to roll this out, we'll have more to share in terms of the impacts going forward.

因此，當我們在今年稍後開始推出這項功能時，將對我們的指標產生影響。我們在指導中捕獲了所有內容，並且只是我們在自付費網添加中討論的一般軌跡。當我們開始推出這項專案時，我們將分享更多關於未來影響的資訊。

Okay. And then if I could just ask one other quick follow-up. You guys are reiterating guidance for an improvement in paid net add trends this year versus last year. I just want to understand, is improvement less negative or positive or TBD?

好的。然後我是否可以詢問其他人快速跟進。你們重申了今年付費淨增加趨勢與去年相比有所改善的指導。我只是想了解，改善是減少負面還是正面還是待定？

Yes. I mean improvement is less negative. And we expect that to be true for the full year. We had a very strong quarter in the second quarter. And I think we are being a little cautious given the outlook on new and used car sales.

是的。我的意思是改善不是那麼負面。我們預計全年都是如此。第二季我們的季度表現非常強勁。我認為考慮到新車和二手車銷售的前景，我們有點謹慎。

In the second quarter, there was some disruption because of the CDK issues. But there's certainly some concern among third-party analysts and commentary generally about consumer softness and demand for new and used cars. So our trial funnel obviously, is a big portion of our subscriber net adds. So that uncertainty plays into our commentary.

第二季度，由於 CDK 問題出現了一些中斷。但第三方分析師和評論普遍對消費者疲軟以及對新車和二手車的需求表示擔憂。因此，我們的試用管道顯然是我們用戶淨增加的很大一部分。因此，這種不確定性影響了我們的評論。

And then I'd say on the other side, we've had really strong performance in churn. In the second quarter, we had 1.5%, rounding, but it was slightly better than last year. And that's a function of fewer customers calling to cancel. So we feel really good about our retention and the loyalty among our subscribers and interest in our content offering. And we see definitely improvements in overall retention associated with in-car customers streaming more, right, and exploring more of our content and very high satisfaction though.

另一方面，我想說，我們在客戶流失方面的表現非常出色。第二季度，我們有 1.5%，四捨五入，但比去年略好。這是打電話取消訂單的顧客減少的結果。因此，我們對訂戶的保留率和忠誠度以及對我們提供的內容的興趣感到非常滿意。我們看到，與車內客戶更多地串流媒體、探索更多我們的內容和非常高的滿意度相關的整體保留率明顯提高。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Great. Good morning. Two, if I could. First, Jennifer, you called out some of the positive momentum you're seeing on the new streaming experience. Could you maybe talk a little bit more about some of the positive proof points you saw in the second quarter? And then maybe your goals around scaling that strategy into the back half of the year and into 2025.

偉大的。早安.兩個，如果可以的話。首先，詹妮弗，您提到了在新的串流媒體體驗中看到的一些積極勢頭。您能否多談談您在第二季度看到的一些正面證據？然後，也許您的目標是將策略擴展到今年下半年和 2025 年。

And then for Tom, on profitability, could you unpack some of the drivers of a nice cost performance in the quarter? G&A looked like it was down a good deal year over year. Is there anything aside from the cost efficiency plan that we should keep in mind as we model the cost structure going forward? Thank you.

然後，對於湯姆來說，關於盈利能力，您能否解釋本季良好性價比的一些驅動因素？G&A 看起來比去年同期大幅下降。在我們對未來的成本結構進行建模時，除了成本效率計劃之外，還有什麼是我們應該記住的嗎？謝謝。

Yes. Thanks, Stephen. So on streaming, I want to take a step back and just talk about the overall objective. We're building a next-generation streaming platform, which is incredibly important to the future of our business. And that is because it supports 360L, supports our streaming-only implementations in-car, and our millions of in-car subscribers who stream.

是的。謝謝，史蒂芬。所以關於直播，我想退後一步，談談整體目標。我們正在建立下一代串流媒體平台，這對我們業務的未來非常重要。這是因為它支援 360L，支援我們僅在車內實現串流媒體，以及我們數以百萬計的車內串流訂閱者。

And of course, there is a cohort of listeners that want to experience our service through the mobile app or in-home connected devices, and we're building better capabilities for them, too. Ultimately, we want customers to be able to listen on the device of their choice. So we are repositioning our business for the future. And yes, we're not ramping as quickly as we thought in streaming-only but we are implementing a lot of changes.

當然，有一群聽眾希望透過行動應用程式或家庭連接設備體驗我們的服務，我們也在為他們建立更好的功能。最終，我們希望客戶能夠在他們選擇的設備上收聽。因此，我們正在為未來重新定位我們的業務。是的，我們在純串流媒體方面的發展速度並不像我們想像的那麼快，但我們正在實施很多改變。

And what we're seeing does give us confidence in the future of our offering. We're seeing our streaming and 360L customers, exploring a broader set of our content, in part because of the personalized product features, which helps with content discovery.

我們所看到的確實讓我們對我們產品的未來充滿信心。我們看到我們的串流媒體和 360L 客戶正在探索更廣泛的內容，部分原因是個人化的產品功能有助於內容發現。

So our streaming metrics are getting better quarter over quarter. We're iterating with personalized marketing journeys there now, and we're going to leverage these journeys and these learnings as we're just starting to ramp up, as I mentioned earlier, the multichannel marketing for in-car trialers and expect to have much more of that in place by the end of the year.

因此，我們的串流指標逐季變得更好。我們現在正在迭代個人化行銷旅程，我們將利用這些旅程和這些經驗教訓，正如我之前提到的，我們剛開始加強針對車內試用者的多通路行銷，並期望到年底還有更多的工作到位。

So this is the key, right? If we can scale the learnings we have on the streaming side to the in-car side of the business, then we get a significant impact on future growth. And just as it relates to metrics, specifically, what we're watching are the early in-trial engagement metrics, whether it's days listening or percentage of people listening or the breadth of the content, the hours they're listening as these are the predictors of improving post trial conversion for both streaming and the in-car side of the business.

所以這就是關鍵，對嗎？如果我們能夠將串流媒體方面的經驗擴展到車內業務，那麼我們將對未來的成長產生重大影響。正如它與指標相關一樣，具體而言，我們關注的是早期試用參與度指標，無論是收聽天數、收聽人數百分比還是內容的廣度、他們收聽的時間，因為這些是提高串流媒體和車載業務的試用後轉化率的預測因子。

Tom, do you want to take the cost side?

湯姆，你想考慮成本方面的問題嗎？

Yes. Thanks, Stephen. So if you look at the cost, it's -- a lot of it is our cost optimization, as you noted. And I think our program approached $50 million worth of savings in Q2. A lot of the initiatives that we're working on touch across a lot of the areas, as you saw, I think, customer service and billings favorable because of some initiatives we did there.

是的。謝謝，史蒂芬。因此，如果你看看成本，你會發現，正如你所指出的，其中很大一部分是我們的成本優化。我認為我們的計劃在第二季度節省了價值 5000 萬美元的資金。我們正在進行的許多舉措涉及許多領域，正如您所看到的，我認為，由於我們在那裡採取的一些舉措，客戶服務和帳單是有利的。

G&A is favorable and R&D is favorable. When you look across all of them, there is one portion of it, which is the human capital favorability as far as some optimization that we've done in the structure and the team, some of it is just along the lines of the sales force realignment that we've talked about on the ad sales side.

G&A 有利，研發也有利。綜合來看，有一部分就是人力資本的好感度，我們在架構和團隊上做了一些優化，有些就是沿著銷售團隊的路線。

So we have a bunch of different initiatives that we're working on. Some are in earlier phases and some of them are -- as you look at it, some of our initiatives are a little bit delayed. And so some of the savings will continue onward.

因此，我們正在進行一系列不同的舉措。有些處於早期階段，有些處於早期階段——正如你所看到的，我們的一些舉措有點延遲。因此，部分節省將繼續下去。

We expect it for right now. But the reality is I think all of the projects that we are embarking on have been successful at date and continue to work against that.

我們現在就期待它。但現實情況是，我認為我們正在進行的所有專案迄今為止都取得了成功，並將繼續為此努力。

Great. Thank you.

偉大的。謝謝。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

Thanks. In terms of the free ad supporter plans you're trying to roll out, are these going to be totally separate channels? Or are they going to be based on some of the existing stream content or the kind of that involved post? And what sort of cannibalization risk do you perceive if you have such plans available and existing subscribers look to tap into them?

謝謝。就您嘗試推出的免費廣告支持者計畫而言，這些是完全獨立的管道嗎？或者它們將基於一些現有的流內容或涉及的帖子類型？如果您有此類計劃並且現有訂戶希望利用它們，您認為會面臨什麼樣的蠶食風險？

Sure. I don't expect a lot of cannibalization because it's a reduced content set. So we have, I believe, about 40 channels. They are existing channels that we have on the service with ads inserted. And right now, it's pretty low volumes, but it's a great way for us to better understand what kind of demand we might see for the free service.

當然。我預計不會有太多的蠶食，因為它的內容集有所減少。我相信我們有大約 40 個頻道。它們是我們在服務上插入廣告的現有管道。目前，它的數量相當低，但這是我們更好地了解免費服務可能出現的需求類型的好方法。

It's also really important for us to be able to maintain the activation of that radio so that customers post trial, if they choose not to convert, are still able to experience SiriusXM content for some time. And we have an opportunity to continue to try to upsell them with that in place.

對我們來說，能夠維持該無線電的啟動也非常重要，以便客戶在試用後選擇不轉換時，仍然能夠在一段時間內體驗 SiriusXM 內容。我們有機會繼續嘗試向他們追加銷售。

So we could have launched this without 360L. It is critical to be able to provide the capabilities on both the ad side and the flexibility in terms of providing a different channel set. And we have the opportunity to adjust, right? To the extent that we thought there was going to be cannibalization, then we could reduce the channel set or we could increase the ad load over time. We're launching with broadcast ads to start.

所以我們可以在沒有 360L 的情況下推出這款產品。能夠同時提供廣告方面的功能以及提供不同管道集的靈活性至關重要。我們還有調整的機會，對嗎？在我們認為將會出現蠶食的情況下，我們可以減少頻道集，或隨著時間的推移增加廣告負載。我們將從廣播廣告開始。

But over time, we'll be able to replace those ads with more targeted IP delivered ads because of the 360L platform. So there are a lot of the learnings we're going to get here, I think, are going to help us better determine what does free look like in the car.

但隨著時間的推移，借助 360L 平台，我們將能夠以更具針對性的 IP 投放廣告來取代這些廣告。因此，我認為我們在這裡學到的許多知識將幫助我們更好地確定汽車中的自由是什麼樣子。

And you should expect us to look at opportunities to extend some of this to our streaming products as well. And we're going to get started with some limited content sampling functionality on our site and then eventually in the app as well to remove some of the friction. This is all about getting broader audiences exposure to SiriusXM content with an opportunity ultimately to get them into our subscription packages.

您應該期待我們尋找機會將其中的一些內容擴展到我們的串流媒體產品。我們將開始在我們的網站上使用一些有限的內容採樣功能，然後最終在應用程式中消除一些摩擦。這一切都是為了讓更廣泛的受眾接觸 SiriusXM 內容，並最終有機會讓他們加入我們的訂閱方案。

Okay. Maybe a follow-up. Do you think this will give you a lot greater benefit in terms of the ad sales in the core SiriusXM service that -- where your advertising has been a lot more on the Pandora side? Do you think that will be a significantly greater revenue category for you?

好的。也許是後續行動。您認為這會為您帶來更大的好處嗎？您認為這對您來說會是一個顯著增加的收入類別嗎？

I think over time, yes, it's going to be years as we build up the volume in 360L in car with the free access package. But even broader than that, given IP targeted ads, we're going to be able to leverage those in the core service, right, not just in free, but in paid subscriptions where we do have ads on the non-music side of the business. And so we think over time, as we introduce that ad replacement technology, we'll be able to improve with better targeting, higher CPMs and ultimately improved ad revenue.

我認為隨著時間的推移，是的，我們需要數年時間才能透過免費使用套餐來增加汽車中 360 公升的容量。但更廣泛的是，考慮到 IP 定向廣告，我們將能夠利用核心服務中的這些廣告，對吧，不僅是免費的，而且是在付費訂閱中，我們確實在非音樂方面有廣告。因此，我們認為，隨著時間的推移，當我們引入廣告替換技術時，我們將能夠透過更好的定位、更高的每千次曝光費用並最終提高廣告收入來改進。

Maybe one last one. International sales opportunity with -- since you can do programming without satellites. Is that going to be a significant component of your business?

也許是最後一張。國際銷售機會—因為您可以在沒有衛星的情況下進行節目。這會成為您業務的重要組成部分嗎？

We have some international advertising sales today through third parties, the broader opportunity in terms of SiriusXM distribution outside of the US and Canada, we have a limited opportunity, I think, with the Apple Podcast+ subscription. That will be global.

今天，我們透過第三方進行了一些國際廣告銷售，在美國和加拿大以外的 SiriusXM 分銷方面，我們有更廣泛的機會，我認為，透過 Apple Podcast+ 訂閱，我們的機會有限。這將是全球性的。

I think if we were to explore something international, it likely would be with a partner, perhaps one of our OEMs. We have really strong relationships there, as you know. And there could be a way for us to launch streaming service in another part of the world in conjunction with an OEM.

我認為，如果我們要探索國際化的東西，很可能會與合作夥伴合作，也許是我們的原始設備製造商之一。如您所知，我們在那裡有著非常牢固的關係。我們可能有辦法與 OEM 合作在世界另一個地方推出串流媒體服務。

Cameron Mansson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

Thank you for taking the questions. Morning, everyone. On the self-pay outlook, should we expect to move back to a point estimate for self-pay guidance anytime soon? I know a lot changing in terms of product and packaging, et cetera. But just any color on where the primary areas of uncertainty are today in your minds that make more specificity there a challenge?

感謝您提出問題。大家早安。關於自費前景，我們是否應該期望很快回到自費指導的點估計？我知道產品和包裝等方面發生了很多變化。但是，在您看來，今天主要的不確定性領域有哪些顏色可以使更具體的問題成為挑戰？

And then on OEM agreements, the continuing shift to unpaid trials. Is that driven by new agreements? Or is that kind of balance shifting under existing agreements? And when do you expect that underlying shift in terms of trial mix to stabilize?

然後在 OEM 協議上，繼續轉向無償試用。這是由新協議推動的嗎？或者說，這種平衡是否會根據現有協議而改變？您預期試驗組合方面的根本轉變何時會穩定下來？

Sure. Thanks, Cam, for the question. I stick with the same sort of general commentary we've provided on subs. And we expect again the net adds to be better year over year. And of course, as we get into next year, we'll be able to communicate that later this year or early next year as we would typically.

當然。謝謝卡姆提出的問題。我堅持我們對潛艇提供的同樣的一般評論。我們再次預期淨增量將比去年同期更好。當然，隨著明年的到來，我們將能夠像往常一樣在今年晚些時候或明年初進行溝通。

On our OEM agreements, this has been a longer-term shift. We have different arrangements, as you know, with the individual OEMs where there are a number of factors that are negotiated, including the length of the trial, whether it's paid or unpaid, subsidy arrangements, revenue share and, most importantly, penetration rates.

根據我們的 OEM 協議，這是一個長期的轉變。如您所知，我們與各個原始設備製造商有不同的安排，其中有許多因素需要協商，包括試用時間長短、是否付費、補貼安排、收入分成，以及最重要的滲透率。

SO it is kind of an overall view as to the economic terms. And of course, we look to make improvements as we extend those agreements over time. So it's not necessarily new agreements with new OEMs. It's just as we shift those agreements over time, some of the individual terms adjust in favor of, I think, economically supportable increases in penetration rates.

所以這是對經濟術語的總體看法。當然，隨著時間的推移，我們希望在延長這些協議的過程中做出改進。因此，這不一定是與新原始設備製造商簽訂的新協議。正如我們隨著時間的推移改變這些協議一樣，我認為一些單獨的條款也會進行調整，以支持經濟上可支持的滲透率成長。

Thank you, everybody, for participating in today's call. We will speak to some of you offline and in the coming weeks.

謝謝大家參加今天的電話會議。我們將在未來幾週內與你們中的一些人進行線下交談。

Have a good summer. Thank you.

祝你有個愉快的夏天。謝謝。

Thank you.

謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and we 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，我們感謝您的參與。