Sirius XM Holdings Inc (SIRI) 2024 Q3 法說會逐字稿

Greetings. Welcome to SiriusXM's third-quarter 2024 operating and financial results conference call. (Operator Instructions) Please note that this conference is being recorded.

問候。歡迎參加 SiriusXM 2024 年第三季營運與財務績效電話會議。（操作員說明）請注意，本次會議正在錄製中。

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

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

Thank you, and good morning, everyone. Welcome to SiriusXM's third-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 this call.

謝謝大家，大家早安。歡迎參加 SiriusXM 2024 年第三季財報電話會議。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 and the Liberty Media transaction. Additionally, we have posted a supplementary presentation on our Investor Relations website for your convenience.

在我們開始時，我想提醒我們的聽眾，今天的電話會議將包括有關實際結果和調整後結果的討論。所有有關調整後經營績效的討論均排除了以股票為基礎的薪酬和 Liberty Media 交易的影響。此外，為了您的方便，我們也在投資者關係網站上發布了補充說明。

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 thank you all for joining us this morning. It was a milestone quarter for us at SiriusXM as we completed our transaction with Liberty Media and emerged as a fully independent public company. We are excited to reintroduce our business to the market, showcasing the actions we are taking to stem and reverse recent subscriber declines and enhance free cash flow generation, driving toward our long-term targets of 50 million subscribers and $1.8 billion in free cash flow.

謝謝胡珀，也謝謝大家今天早上加入我們。對於 SiriusXM 來說，這是一個具有里程碑意義的季度，因為我們完成了與 Liberty Media 的交易，並成為一家完全獨立的上市公司。我們很高興將我們的業務重新推向市場，展示我們為阻止和扭轉近期用戶下降以及增強自由現金流生成而採取的行動，推動我們實現 5000 萬用戶和 18 億美元自由現金流的長期目標。

To achieve these goals, we expect to leverage the power of our full portfolio to grow our core business through the expansion of a free ad-supported tier of SiriusXM and the introduction of a premium interactive bundle, both in-car and in-app. With each of these initiatives, we will be building upon the broader tech replatforming we began last year as well as the insights we've gained from Pandora and our other business units to deliver more value to our customers across an expanded set of offerings, drive discovery of our exclusive content and give subscribers the control they crave.

為了實現這些目標，我們希望透過擴展 SiriusXM 的免費廣告支援層以及推出車內和應用程式內優質互動捆綁包，利用我們完整產品組合的力量來發展我們的核心業務。透過每項舉措，我們將基於去年開始的更廣泛的技術重組以及從 Pandora 和其他業務部門獲得的見解，透過一系列擴展的產品為客戶提供更多價值，推動發現我們的獨家內容並為訂閱者提供他們渴望的控制權。

As we continue making progress in the evolution of our business, we will share key updates to illustrate how we are measuring against each of our objectives from enhancing our subscription business across content, technology and price to building our advertising business and maintaining our financial strength with ongoing business optimizations.

隨著我們在業務發展中不斷取得進展，我們將分享關鍵更新，以說明我們如何衡量我們的每一個目標，從加強內容、技術和價格方面的訂閱業務到建立我們的廣告業務並保持我們的財務實力持續的業務優化。

Jumping into the third quarter, we are pleased to have delivered 14,000 self-pay net additions, an improvement of 110,000 from last year's third quarter, and we still expect our full year subscriber performance to be slightly better than last year's. Our advertising revenue was softer than expected, with lower demand due to a flood of new CTV supply entering the market, advertisers spend shifting towards performance products, a truncated election cycle and lower-than-expected podcast inventory. We expect this shift to also impact fourth quarter ad revenue. And as a result, we are lowering our revenue guidance by $75 million.

進入第三季度，我們很高興實現了 14,000 名自付費用戶淨增，比去年第三季度增加了 110,000 名，我們仍然預計全年用戶表現將略好於去年。我們的廣告收入低於預期，由於大量新的 CTV 供應進入市場、廣告商支出轉向績效產品、選舉週期縮短以及播客庫存低於預期，導致需求下降。我們預計這一轉變也會影響第四季的廣告收入。因此，我們將收入指導下調了 7500 萬美元。

While we aren't happy with these near-term numbers, I want to reiterate our confidence in our advertising business and the long-term potential it has to support growth of the company. One of the biggest announcements from the past few months was our new exclusive agreement with Alex Cooper's Unwell.

雖然我們對這些近期數字並不滿意，但我想重申我們對廣告業務及其支持公司成長的長期潛力的信心。過去幾個月最重要的公告之一是我們與 Alex Cooper 的 Unwell 簽訂了新的獨家協議。

The podcast network including its flagship, Call Her Daddy, had strong resonance among millennials and Gen Z. We see enormous opportunity here to both bolster our ad offering, where we are already seeing positive momentum in the market with presenting sponsorship selling out quickly, and drive subscribers to SiriusXM with exclusive new programming from Alex and the entire Unwell network coming early next year.

包括其旗艦產品Call Her Daddy 在內的播客網絡在千禧一代和Z 世代中引起了強烈反響。快就賣完了，並且透過明年初推出的 Alex 和整個 Unwell 網路的獨家新節目，吸引 SiriusXM 訂閱者。

We're proud to be home to so many powerful voices like Alex and a platform for important conversations across every topic and fandom. In the past six months, the sitting President as well as both presidential candidates and their vice presidential nominees appeared on SiriusXM talk and podcast programming for exclusive in-depth conversations, showcasing the power of our platform and the impact of our audience.

我們很自豪能夠成為像 Alex 這樣眾多強大聲音的家園，並為每個主題和粉絲群提供重要對話的平台。在過去的六個月中，現任總統以及總統候選人及其副總統提名人出現在 SiriusXM 談話和播客節目中進行獨家深入對話，展示了我們平台的力量和觀眾的影響力。

News, politics and sports are areas where live up-to-the-minute content is critical, and we are the go-to audio destination for listeners who don't want to miss a moment. We are seeing double-digit percentage increases in news and politics programming, both in terms of the number of listeners and hours listened. This quarter, we launched new shows from former UN Ambassador, Nikki Haley, and rising political voice for Gen Z, Dylan Douglas, providing perspectives from both sides of the aisle.

新聞、政治和體育是即時直播內容至關重要的領域，我們是不想錯過任何精彩時刻的聽眾的首選音訊目的地。我們看到新聞和政治節目的聽眾數量和收聽時間都出現了兩位數的百分比增長。本季度，我們推出了前聯合國大使 Nikki Haley 和 Z 世代政治聲音不斷上升的 Dylan Douglas 的新節目，提供了兩黨的觀點。

And with sports listenership rising quarter over quarter and the football season now underway, we've introduced new expert commentators into our lineup, including legendary football coaches, Jimbo Fisher and Bill Belichick. As podcastings role across our business continues to expand, this quarter, we released a series of updates to our app, focused on improving the podcast listener experience and enhancing discovery.

隨著體育節目聽眾人數逐季上升以及足球賽季的開始，我們在陣容中引入了新的專家評論員，其中包括傳奇足球教練 Jimbo Fisher 和 Bill Belichick。隨著播客在我們業務中的作用不斷擴大，本季度，我們發布了一系列應用程式更新，重點是改善播客聽眾體驗和增強發現。

These features allow us to better serve our current and future customers as we continue to see upticks in podcast listenership across both our core and growth audience segments. We also launched a new feature, which makes it seamless for in-car subscribers to download and sign into our app from the vehicle display, allowing them to easily access even more content and features such as on demand.

這些功能使我們能夠更好地為當前和未來的客戶提供服務，因為我們的核心和成長受眾群體的播客聽眾數量不斷增加。我們還推出了一項新功能，使車內訂閱者可以從車輛顯示器無縫下載並登入我們的應用程序，從而使他們能夠輕鬆訪問更多內容和功能，例如點播。

Over the last few weeks, we began scaling our new personalized customer journeys to the majority of our new and used car trialers. Initial results show these journeys are leading customers to listen at higher rates early in trial. In addition, our streaming journeys continue to evolve and are driving an increase in the number of days active in the first month for some key cohorts.

在過去的幾周里，我們開始將新的個人化客戶旅程擴展到大多數新車和二手車試用者。初步結果顯示，這些旅程正在引導客戶在試用初期以更高的頻率收聽。此外，我們的串流旅程不斷發展，並推動一些關鍵群體第一個月的活躍天數增加。

All of these are key leading indicators for the business and it will be critical for us to scale and sustain these increases throughout the trial and self-pay life cycle in order to drive improvements in conversion, retention and overall customer satisfaction. This quarter, we continued to expand our wholesale 3-year subscription program with the addition of Toyota, and we now have 9 OEMs participating.

所有這些都是業務的關鍵領先指標，對於我們來說，在整個試用和自付費用生命週期中擴大和維持這些成長至關重要，以推動轉換率、保留率和整體客戶滿意度的提高。本季度，我們繼續擴大批發 3 年訂閱計劃，加入了豐田，現在有 9 家 OEM 參與。

Early results for this initiative are encouraging, as dealers are showing interest in ordering vehicles with this added-value feature. This program and additional automotive initiatives such as expanded used car programs that help us identify and provide trials to new owners at point-of-sale are driving subscriber performance while some of our bigger picture initiatives ramp up. The same can be said of our Podcasts+ subscription in relation to our streaming subscribers, where positive momentum contributed to our sub growth this quarter.

這項措施的早期結果令人鼓舞，因為經銷商對訂購具有此增值功能的車輛表現出了興趣。該計劃和其他汽車計劃（例如幫助我們在銷售點識別新車主並提供試用的擴大二手車計劃）正在推動訂戶績效，同時我們的一些更大的計劃計劃也在不斷增加。我們的播客+訂閱與串流媒體訂閱者的關係也是如此，積極的勢頭推動了我們本季的次成長。

As we look to build value with new customers, earlier this month, we began to roll out our new in-car pricing and packaging structure. Now pricing for both streaming only and in-car begins at $9.99, a compelling price that makes SiriusXM competitive with other audio subscriptions and a strong complementary service for audio enthusiasts.

當我們希望為新客戶創造價值時，本月早些時候，我們開始推出新的車內定價和包裝結構。現在，純串流媒體和車內的定價均為 9.99 美元起，這一極具吸引力的價格使 SiriusXM 與其他音訊訂閱相比具有競爭力，並為音訊愛好者提供了強大的補充服務。

For in-car subscribers, the $9.99 price point offers access to every one of our incredible music channels in the car and on the app with the ability to purchase add-ons for sports, talk and news providing subscribers with more flexibility than ever before.

對於車內訂閱者來說，9.99 美元的價格點可以讓他們在車內和應用程式上訪問我們每一個令人難以置信的音樂頻道，並能夠購買體育、談話和新聞的附加節目，為訂閱者提供了比以往更大的靈活性。

We believe this will both attract listeners who may have been left behind by our premium price packages and allow us to move away from discounted pricing by enabling price-conscious subscribers to tailor the package to their interest and budget instead of relying on short-term promotional packages. We've also been pushing more features and content into our plans, which help drive broader demand, reduce churn and support future price adjustments.

我們相信，這既能吸引那些可能被我們的溢價套餐拋在後面的聽眾，又能讓對價格敏感的訂閱者能夠根據自己的興趣和預​​算定制套餐，而不是依賴短期促銷，從而擺脫折扣定價。包。我們也一直在計劃中加入更多功能和內容，這有助於推動更廣泛的需求、減少客戶流失並支持未來的價格調整。

These updates provide expanded content, additional features and greater accessibility across our most popular offerings. This includes access for all our subscribers to artist stations allowing for greater personalization to be enjoyed by all and the ability for platinum subscribers to stream on up to three devices simultaneously, which should help introduce new listeners within families as younger generations take advantage of their parent subscription and become fans themselves.

這些更新為我們最受歡迎的產品提供了擴展的內容、附加功能和更好的可訪問性。這包括我們的所有訂閱者都可以訪問藝術家電台，讓所有人都能享受到更大的個性化服務，以及白金訂閱者可以同時在最多三台設備上進行流媒體播放，這將有助於在年輕一代利用父母的優勢時在家庭中引入新的聽眾訂閱並成為粉絲。

And in an effort to continue providing even more value to our platinum customers as well as win back subscribers who did not convert, we launched the next phase of our Walmart collaboration this quarter, giving six months of their Walmart+ service to our customers at no cost. Walmart will also be providing extended trials of SiriusXM to their customers. And this month, we announced a new agreement with ESPN+ to provide extended trials of each service, highlighting the sports prowess of both brands to dedicated fans.

為了繼續為我們的白金客戶提供更多價值並贏回未轉換的訂戶，我們在本季度啟動了沃爾瑪合作的下一階段，免費為我們的客戶提供六個月的 Walmart+ 服務。沃爾瑪也將向其客戶提供 SiriusXM 的擴展試用。本月，我們宣布與 ESPN+ 達成新協議，為每項服務提供擴展試用，向忠實粉絲強調兩個品牌的運動實力。

Switching gears to our advertising business. As noted, several factors are impacting our digital audio ad business in the second half. We are responding by investing in our ad tech stack and pursuing collaborations with industry leaders, where we can offer better targeting and measurement such as our new agreement with LiveRamp, which enable the first-to-market data clean room for audio for GroupM clients. And within podcasting, recent agreements with Unwell and SmartLess are opening up new opportunities and inventory. Across the board, we are committed to maintaining our financial strength with ongoing business optimization.

轉向我們的廣告業務。如前所述，有幾個因素正在影響我們下半年的數位音訊廣告業務。我們的應對措施是投資廣告技術堆疊並尋求與行業領導者的合作，從而提供更好的定位和衡量，例如我們與 LiveRamp 的新協議，為群邑客戶提供首個上市的音頻數據潔淨室。在播客領域，最近與 Unwell 和 SmartLess 達成的協議正在開闢新的機會和庫存。全面而言，我們致力於透過持續的業務優化來維持我們的財務實力。

We are advancing scalable AI and automation tools across our business and our AI customer agent work is already exceeding our expectations. Additionally, this quarter, we opened our Irish technology center, which will allow us to manage our product and technology investments in a tax-efficient business-minded way.

我們正在整個業務中推進可擴展的人工智慧和自動化工具，我們的人工智慧客戶代理工作已經超出了我們的預期。此外，本季度，我們開設了愛爾蘭技術中心，這將使我們能夠以節稅的商業方式管理我們的產品和技術投資。

In closing, we remain focused and disciplined in our approach to continuing our long-term financial success and putting ourselves on a path for both subscriber and free cash flow growth. We are spearheading rapid initiatives each quarter to capture demand and retain our base. Simultaneously, we are building long-term solutions to enhance our value and drive sustainable growth, with subscriber growth for the quarter, consumer excitement around our exclusive programming and new features and pricing now in market, we are excited about the opportunity ahead.

最後，我們仍然專注並嚴格遵守我們的方法，以繼續我們的長期財務成功，並使我們自己走上訂戶和自由現金流增長的道路。我們每季都會帶頭採取快速舉措，以抓住需求並保持我們的基礎。同時，我們正在建立長期解決方案，以提高我們的價值並推動永續成長，隨著本季用戶的成長、消費者對我們的獨家節目以及目前市場上的新功能和定價的興奮，我們對未來的機會感到興奮。

And now I will pass the call over to Tom to share more on the financials.

現在我將把電話轉給湯姆，分享更多有關財務的資訊。

Thank you, Jennifer, and good morning, everyone. Today, I'm excited to walk you through our third quarter financial performance, highlight some key operational milestones and share more details on our outlook. Afterwards, Jennifer and I will be happy to take your questions.

謝謝你，詹妮弗，大家早安。今天，我很高興向您介紹我們第三季的財務業績，重點介紹一些關鍵的營運里程碑，並分享有關我們前景的更多詳細資訊。之後，珍妮佛和我將很樂意回答您的問題。

In the third quarter, SiriusXM delivered revenue of $2.17 billion, a decrease of 4% compared to the same period last year, primarily driven by a 5% drop in subscriber revenue to $1.65 billion, and a 2% decline in advertising revenue to $450 million. Self-pay SiriusXM subscribers increased by 14,000 this quarter, a notable improvement compared to the same quarter last year, driven primarily by lower churn. Additionally, we saw an expected decline in paid promotional subscribers as new agreements with certain OEMs move new car trials from paid to free. These changes will benefit the company over the lifetime of the vehicle by maximizing profitability of subscribers coming from those OEMs.

第三季度，SiriusXM 營收 21.7 億美元，較去年同期下降 4%，主要是因為訂戶收入下降 5% 至 16.5 億美元，廣告收入下降 2% 至 4.5 億美元。本季自付費用 SiriusXM 訂戶增加了 14,000 名，與去年同期相比顯著改善，主要是由於客戶流失率下降。此外，由於與某些原始設備製造商簽訂的新協議將新車試用從付費改為免費，我們預計付費促銷訂戶將下降。這些變化將最大限度地提高來自原始設備製造商的訂戶的獲利能力，從而使公司在車輛的整個生命週期中受益。

Turning to advertising revenue. We saw a modest $10 million decline year over year to finish the quarter at $450 million. As Jennifer highlighted, the decline was due to softer market conditions, increased competition, a shorter election cycle and lower podcast inventory. However, we are actively investing in technology and distribution arrangements to position our advertising business for positive momentum in the years ahead. We saw a 6% increase in podcast revenue with demand outpacing supply, including the fourth quarter launch of Unwell on the SiriusXM podcast network.

轉向廣告收入。我們發現本季末的營收年減 1,000 萬美元，為 4.5 億美元。正如珍妮佛所強調的那樣，下降的原因是市場狀況疲軟、競爭加劇、選舉週期縮短和播客庫存減少。然而，我們正在積極投資技術和分銷安排，以使我們的廣告業務在未來幾年保持積極勢頭。我們看到播客收入成長了 6%，需求超過供應，包括第四季度在 SiriusXM 播客網路上推出 Unwell。

Looking ahead, we see a significant opportunity to capture a larger share of nonaudio ad dollars by expanding our 360-degree marketing solutions, integrating social and video to drive growth.

展望未來，我們看到了一個重大機會，可以透過擴展我們的 360 度行銷解決方案、整合社交和視訊來推動成長，從而獲得更大份額的非音訊廣告收入。

Adjusted EBITDA for the quarter of $693 million decreased by 7% year over year, driven by softer subscriber revenue, offset by savings in cost of services, personnel-related and certain G&A expenses. This produced a relatively stable adjusted EBITDA margin of 32%. We are maintaining a disciplined financial culture and remain firmly on track to achieve our $200 million cost savings target for the full year 2024. Most of these savings are being reinvested in the business to fuel our transformation and longer-term strategic goals.

由於用戶收入疲軟，本季調整後 EBITDA 為 6.93 億美元，年減 7%，但被服務成本、人員相關費用和某些一般管理費用節省所抵銷。這產生了 32% 的相對穩定的調整後 EBITDA 利潤率。我們正在保持嚴格的財務文化，並堅定地朝著實現 2024 年全年 2 億美元成本節約的目標前進。這些節省的大部分資金將重新投資於業務，以推動我們的轉型和長期策略目標。

Let's dive deeper into our segments. Starting with the SiriusXM segment, which generated $1.63 billion in revenue in the quarter. This includes subscriber revenue of $1.51 billion, a decline of 5% year over year and advertising revenue of $41 million, down 2%. In the third quarter of 2024, our total ARPU declined by $0.53 ending the quarter at $15.16 compared to $15.69 last year. This reflects an increase in subscribers on promotional rates and streaming-only self-pay plans.

讓我們更深入地了解我們的細分市場。首先是 SiriusXM 部門，該部門在本季創造了 16.3 億美元的收入。其中訂閱者收入為 15.1 億美元，年減 5%；廣告收入為 4,100 萬美元，較去年同期下降 2%。2024 年第三季度，我們的總 ARPU 下降了 0.53 美元，季度結束時為 15.16 美元，而去年為 15.69 美元。這反映了促銷價格和純串流媒體自付費方案訂閱者的增加。

As Jennifer mentioned, our long-term focus is on driving overall subscriber revenue and all of our efforts from new pricing and packaging options now being rolled out to the recent subscription value adds designed to improve demand and support future rate adjustments are in the furtherance of this goal.

正如珍妮佛所提到的，我們的長期重點是推動整體訂戶收入，我們所有的努力，從現在推出的新定價和包裝選項，到最近旨在改善需求和支持未來費率調整的訂閱增值，都是為了促進這個目標。

Gross profit in the SiriusXM segment reached $969 million, a 7% decline compared to the previous year. This brought our gross margin down to 60%, a 1 percentage point drop. Subscriber acquisition costs were $90 million compared to $87 million in the same period last year.

SiriusXM部門的毛利達到9.69億美元，比上年下降7%。這導致我們的毛利率下降至 60%，下降了 1 個百分點。訂戶取得成本為 9,000 萬美元，而去年同期為 8,700 萬美元。

Shifting to the Pandora and Off-platform segment, revenue remained relatively flat at $544 million. This was driven by a 2% year-over-year increase in sub revenue tied to rate increases on our Pandora subscriptions. Segment ad revenue declined by 2% to $409 million, Pandora ad hours totaled $2.47 billion, a 7% decline, while average monthly listening among ad-supported users remained stable at 21 hours.

轉向 Pandora 和非平台領域，營收保持相對平穩，為 5.44 億美元。這是由於與我們的 Pandora 訂閱費率上漲相關的子收入年增 2%。細分廣告收入下降 2%，至 4.09 億美元，Pandora 廣告時長總計 24.7 億美元，下降 7%，而廣告支援用戶的平均每月收聽時間穩定在 21 小時。

Gross profit in the Pandora and Off-platform segment was $187 million, an increase of 4% year over year, reflecting a point of improved gross margin at 34% as we get better at monetizing our podcast portfolio and seek to refine and improve upon existing deals. There are a couple of housekeeping items that I'd like to talk about that are related to the close of the Liberty Media transaction, including impairments and the transaction's impact on free cash flow.

Pandora 和平台外業務的毛利為1.87 億美元，年成長4%，反映出隨著我們更好地貨幣化我們的播客組合併尋求完善和改進現有的播客組合，毛利率已提高至34% 。我想談談一些與 Liberty Media 交易結束相關的內務事項，包括減損和交易對自由現金流的影響。

In connection with the Liberty transaction in the third quarter, prior to the close of transaction, Liberty completed an assessment of the fair value of the company's goodwill based on sustained lower share price as SiriusXM share price converged with those of the Liberty tracking stocks heading into the close. As a result, a noncash impairment charge of approximately $3.36 billion was recorded. This noncash charge does not impact the company's cash flow, ongoing operations or liquidity.

就第三季的 Liberty 交易而言，交易結束前，由於 SiriusXM 股價與 Liberty 追蹤股票的股價趨同，股價持續走低，Liberty 在交易結束前完成了對公司商譽公允價值的評估。因此，記錄了約 33.6 億美元的非現金減損費用。這項非現金費用不會影響公司的現金流、持續營運或流動性。

Additionally, following the transaction's close, we revised our guidance for free cash flow to approximately $1 billion. This adjustment incorporates an additional $215 million in deal-related cash costs, which includes transaction fees, year-to-date legacy Liberty operating and interest expenses allocated to the Sirius tracker, and post-close interest costs. Of this, approximately $180 million has been paid by September 30, with an additional $35 million expected in the fourth quarter.

此外，交易完成後，我們將自由現金流指引修訂為約 10 億美元。此次調整包括額外的 2.15 億美元與交易相關的現金成本，其中包括交易費用、年初至今分配給 Sirius 追蹤器的舊 Liberty 營運和利息支出，以及成交後利息成本。其中，約 1.8 億美元已於 9 月 30 日支付，預計第四季將額外支付 3,500 萬美元。

Free cash flow for the third quarter was $93 million. The decrease from last year was due to approximately $72 million increase in Liberty transaction-related costs, along with lower cash receipts, higher programming payments and elevated CapEx, partially offset by lower cash taxes paid.

第三季自由現金流為 9,300 萬美元。與去年相比下降的原因是 Liberty 交易相關成本增加了約 7,200 萬美元，以及現金收入減少、編程付款增加和資本支出增加，但部分被支付的現金稅減少所抵消。

Looking at CapEx on the non-satellite side, we continue to expect spending this year of about $450 million to $500 million. This will continue at a similar level next year driven by continued investments in our new tech platform and upgrades to our repeater and broadcast infrastructure.

從非衛星方面的資本支出來看，我們仍然預期今年的支出約為 4.5 億至 5 億美元。由於我們對新技術平台的持續投資以及對中繼器和廣播基礎設施的升級，明年這種情況將繼續保持類似水準。

Starting in 2026, we anticipate a decline in non-sat CapEx to below $400 million. We project satellite CapEx spending of approximately $300 million this year before seeing a steady reduction to near zero by 2028 and beyond. Along the way, we expect about $180 million in sat CapEx in 2025, $95 million in 2026, and $45 million in 2027.

從 2026 年開始，我們預計非 sat 資本支出將下降至 4 億美元以下。我們預計今年衛星資本支出約為 3 億美元，到 2028 年及以後將穩定減少到接近零。在此過程中，我們預計 2025 年的 SAT 資本支出約為 1.8 億美元，2026 年為 9,500 萬美元，2027 年為 4,500 萬美元。

Our capital allocation priorities remain consistent: first, investing in our business; second, returning to our long-term leverage target of low to mid-3 times adjusted EBITDA; and third, continuing our opportunistic capital return posture with priority on maintaining our regular quarterly dividend while we delever. And remember, economically, the Liberty transaction represented a leverage share shrink that reduced our shares outstanding by 12%.

我們的資本配置重點保持一致：首先，投資我們的業務；其次，回歸我們調整後 EBITDA 低至中 3 倍的長期槓桿目標；第三，繼續我們的機會主義資本回報態度，在去槓桿化的同時優先維持定期季度股息。請記住，從經濟角度來看，Liberty 交易代表了槓桿份額的縮減，使我們的流通股減少了 12%。

During the third quarter, SiriusXM paid $103 million to shareholders through our dividend, and we closed the quarter with a net debt to adjusted EBITDA ratio of 3.8 times. And as Jennifer mentioned, for the 2024 guidance, we are adjusting total revenue down by $75 million to approximately $8.675 billion on softer ad revenue. However, we are reiterating our guidance to adjusted EBITDA of approximately $2.7 billion and free cash flow of approximately $1 billion.

第三季度，SiriusXM 透過股息向股東支付了 1.03 億美元，本季結束時，我們的淨債務與調整後 EBITDA 的比率為 3.8 倍。正如 Jennifer 所提到的，在 2024 年指導中，由於廣告收入疲軟，我們將總收入下調 7,500 萬美元，至約 86.75 億美元。然而，我們重申調整後 EBITDA 約為 27 億美元，自由現金流約為 10 億美元的指引。

Lastly, we remain committed to enhancing communications with our shareholders. As Hooper noted, we added an earnings presentation to our IR site, which will continue to evolve as part of our effort to improve transparency. We are also exploring additional ways to further enhance our disclosures around operating performance and financials. More to come.

最後，我們仍然致力於加強與股東的溝通。正如胡珀所指出的，我們在 IR 網站上添加了收益演示，該網站將繼續發展，作為我們提高透明度的努力的一部分。我們也正在探索其他方法，以進一步加強我們對經營業績和財務狀況的揭露。未來還會有更多。

Operator, let's open the line, and Jennifer and I will be happy to take questions.

接線員，讓我們接通線路，珍妮佛和我很樂意回答問題。

(Operator Instructions) Kutgun Maral, Evercore ISI.

（操作員說明）Kutgun Maral，Evercore ISI。

Good morning and thanks for taking my question. Just one, it's certainly encouraging to see the efforts on the pricing and packaging side. I was hoping you could expand a bit more on how you're looking to balance the opportunity to expand your TAM and go after new subscribers versus the risk of pricing down your existing subscriber base over time?

早安，感謝您提出我的問題。只有一件事，看到定價和包裝方面的努力確實令人鼓舞。我希望您能詳細說明您希望如何平衡擴大 TAM 和追求新訂戶的機會與隨著時間的推移降低現有訂戶基數的風險？

Sure. Thank you, Kutgun. We actually have not seen a lot of the impact of the pricing and packaging strategy in the current numbers yet. We're just starting to roll out on the in-car side of the business, the $9.99 lead price point. And we're starting to roll that out and trial starts this quarter, which means that those trials will convert on a promotional plan but they will have selected the new price point, which starts at $9.99 for music-only plus streaming, but also we have a series of $5 add-ons on top of that.

當然。謝謝你，庫特貢。事實上，我們在目前的數據中還沒有看到定價和包裝策略的很大影響。我們剛開始推出車載業務，主導價格為 9.99 美元。我們開始推出這項服務，並在本季開始試用，這意味著這些試用將轉換為促銷計劃，但他們將選擇新的價格點，純音樂加串流媒體的起價為 9.99 美元，但我們也除此之外還有一系列5 美元的附加項目。

So that we'll start to see the impact of that going into next year, but we are very encouraged by the results we saw in initial testing, which shows that after that, post-trial promotion, retention is much higher because there's a lot more transparency and consumers value the persistent lower price point.

因此，我們將開始看到明年的影響，但我們對初步測試中看到的結果感到非常鼓舞，這表明在那之後，試用後升級，保留率要高得多，因為有很多透明度更高，消費者看重持續較低的價格點。

Now I don't expect it to have a lot of cannibalization impact as these are new subscribers rolling through on trials. But we do have a lot of levers to pull in order to manage that, whether it's value through enhanced content, access or features, and we've already started to roll that through our packages ahead of this new pricing going in place.

現在，我預計它不會產生很大的蠶食影響，因為這些都是正在嘗試的新訂閱者。但我們確實有很多槓桿可以用來管理這一點，無論是透過增強內容、存取還是功能來實現價值，而且我們已經開始在新定價實施之前透過我們的套餐來實現這一點。

So Tom and I mentioned some of this earlier, but adding -- putting our better programming around live sports and Howard, for instance, in our broader package, moving that down in the packaging stack as well as adding at the top more concurrency, so people with streaming log-ins can listen in multiple places at the same time.

湯姆和我之前提到了其中的一些內容，但是添加了- 例如，將我們更好的編程圍繞現場體育和霍華德放在我們更廣泛的包中，將其移到包裝堆棧中並在頂部添加更多並發性，所以串流登入的人可以同時在多個地方收聽。

So I do believe we'll be able to manage this very effectively. We also have a $10 streaming price plan market, as you know. And the audiences that are choosing streaming-only are very different than the in-car audiences. And I think we have the opportunity to continue to increase our overall revenue optimization by strategically focusing on those segments very differently.

所以我相信我們能夠非常有效地管理這個問題。如您所知，我們還有 10 美元的串流價格計劃市場。選擇純串流媒體的觀眾與車內觀眾有很大不同。我認為我們有機會透過以不同的方式策略性地關注這些細分市場來繼續提高整體收入優化。

Perfect. Thanks, Jennifer.

完美的。謝謝，珍妮佛。

Jessica Reif Ehrlich, Bank of America.

傑西卡·雷夫·埃利希，美國銀行。

Thank you. This one is for Scott. There's just a lot going on in content. And I just hope that you -- I mean you've added big name to podcasting talent, which you mentioned, but there's been several over the last few years. I think next year, Howard Stern's contract comes up. So could you just talk about your overall podcast strategy, how profitable can this division be?

謝謝。這是給斯科特的。內容上發生了很多事情。我只是希望你——我的意思是你已經為播客人才添加了大名鼎鼎的人才，正如你所提到的，但在過去的幾年裡已經出現了好幾個。我想明年，霍華德·斯特恩的合約就會到期。那麼您能談談您的整體播客策略嗎？

How quickly can you monetize Call Her Daddy? And then any preliminary thoughts on Howard's upcoming contract?

《Call Her Daddy》多快可以獲利？那麼對於霍華德即將到來的合約有什麼初步的想法嗎？

Okay. We'll take the podcasting first and then Howard part. So on the podcasting, as we mentioned earlier on, there was always a strategy of getting to a point of mass to supplement our ad sales business as digital advertising was shrinking and all that went with that. Podcast, we're the fastest-growing digital audio for advertising demand, and we've seen that as recently as the fourth quarter.

好的。我們將首先播放播客，然後播放霍華德部分。因此，在播客方面，正如我們之前提到的，隨著數位廣告的萎縮以及隨之而來的一切，總是有一種策略來達到一定的品質點來補充我們的廣告銷售業務。播客是廣告需求成長最快的數位音頻，我們在第四季度就看到了這一點。

So at the time, a lot of the bigger shows had not settled into ad rep deals. So the goal was to get those and have a critical mass, so the advertising business would fund it. I think we've done a pretty good job in showing that we can monetize podcasts as a company.

因此，當時許多大型節目還沒有達成廣告代表協議。所以我們的目標是獲得這些並擁有足夠的數量，這樣廣告業務就會為其提供資金。我認為我們在表明我們可以透過播客作為一家公司獲利方面做得非常好。

Then the next goal, as you've heard me mention on the calls was to look for talent, and other content that could come out of those podcast deals. So what we did was in each of the deals we built in, in increasing amounts, exclusive content to test at SiriusXM or in our micro subscription at Apple.

然後，正如您在電話中聽到我提到的那樣，下一個目標是尋找人才以及可能從這些播客交易中產生的其他內容。因此，我們所做的就是在每筆交易中加入越來越多的獨家內容，以便在 SiriusXM 或 Apple 的微訂閱中進行測試。

For instance, our Conan O'Brien channel now according to Edison has got much more listeners than it had even a month ago. Unwell, we'll launch two new channels in the first quarter. SmartLess has given us early access to content. And as you know, major subscriber events, starting with the interview of Howard earlier this year.

例如，根據愛迪生的說法，我們的柯南·奧布萊恩頻道現在的聽眾比一個月前多得多。不好了，我們將在第一季推出兩個新頻道。SmartLess 讓我們能夠儘早取得內容。如您所知，主要的訂戶活動，從今年早些時候霍華德的採訪開始。

Mel Robbins just resigned with a weekly live show. So we're going to continue to look at that with the goal of testing and using data to figure out at what point something might make sense to go behind the paywall, either in all or in part. And obviously, that shifts directly into our subscription business.

梅爾羅賓斯剛剛辭去每週一次的現場表演。因此，我們將繼續研究這個問題，目的是測試和使用數據來確定在何時某些東西可能會全部或部分進入付費專區。顯然，這直接轉移到我們的訂閱業務。

The last point, which I think can't be overlooked, one of the core competencies of the company is curation and podcasts continue to grow. They're all over the map, and it's very hard to sort them. Eventually, I think we'll be in a position on top of all of the above to be the definitive source of curating them into people's interest buckets and genres and other things. So I feel really good where we are. It's been consistent with what we've said all along and continuing to grow.

最後一點，我認為不能忽視，公司的核心能力之一是策展，播客不斷成長。它們遍布地圖上，很難對它們進行排序。最終，我認為我們將能夠超越上述所有內容，成為將它們納入人們的興趣範圍、流派和其他事物的最終來源。所以我對我們現在的處境感覺非常好。這與我們一直以來所說的一致，而且還在持續成長。

The monetization is clear. Unwell is already off to a great start. SmartLess is well ahead of our projections, and we feel really good where those will go. As for Howard, he's a singular talent. No one pretended when Johnny Carson or others retired that the new group would replace them. They were just simply filling in on those slots.

貨幣化是明確的。Unwell 已經有了一個好的開始。SmartLess 遠遠超出了我們的預測，我們對這些進展感到非常滿意。至於霍華德，他是個非凡的天才。當約翰尼·卡森或其他人退休時，沒有人假裝新的團隊將取代他們。他們只是簡單地填補這些空缺。

So Howard, we hope he continues forever. You heard last week is Bruce Springsteen interview. He continues to excel, get us awareness and everything else that goes with what he does. Having said that, there's many demos that he may not hit as strongly and whether it's Alex Cooper, SmartLess, Conan, Andy Cohen, Ashley Flowers, we have so much talent hitting the top level of audio and different demos. We feel really good where we stand on that.

所以霍華德，我們希望他永遠繼續下去。你上週聽說了布魯斯史普林斯汀的訪談。他繼續表現出色，讓我們認識到他所做的一切。話雖如此，有很多演示可能沒有他那麼強烈，無論是 Alex Cooper、SmartLess、Conan、Andy Cohen、Ashley Flowers，我們都有很多才華橫溢的音頻和不同演示的頂級水平。我們對此感覺非常好。

And we're always opportunistic looking at talent and the podcasting arena provides a lot for us to look at.

我們總是機會主義地尋找人才，而播客領域為我們提供了許多值得關注的東西。

Great. Thank you so much.

偉大的。太感謝了。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

Thank you. First, I was wondering if you could just give us any more color on the complexion of the self-pay net adds in the quarter. You talked about the promotional and the streaming subscriber additions. I think streaming total subscribers or net adds is something we're all focused on at this point. So I was wondering if you could just give us any more information on what those did as well as maybe how the engagement looks like with those customer cohorts?

謝謝。首先，我想知道您是否能為我們提供有關本季度自付費淨增加的更多資訊。您談到了促銷和串流媒體訂閱者的增加。我認為串流媒體總訂閱者或淨新增人數是我們目前關注的焦點。所以我想知道您是否可以向我們提供更多有關這些人所做的事情以及與這些客戶群體的互動情況的更多資訊？

And then Jennifer, as you continue to focus on the streaming audio product and you think about the competition in streaming audio, I was wondering if you think there's an opportunity to eventually ship that product to having some amount of on-demand music functionality. I know that would change the margins. But just wondering how you think about the evolution of the streaming-only experience as an addition to the in-car experience and what those tools might be? Thank you.

然後，珍妮佛，當您繼續關注串流音訊產品並考慮串流音訊領域的競爭時，我想知道您是否認為最終有機會將該產品提供一定數量的點播音樂功能。我知道這會改變利潤。但只是想知道您如何看待純串流媒體體驗的演變，作為車內體驗的補充，以及這些工具可能是什麼？謝謝。

Sure. Thanks, Steven. Starting with the third-quarter performance, we're really pleased with where we landed and still expect to be positive in the second half and better year over year on net adds in total. And I think the largest contributing factor in the third quarter was lower churn. We also saw higher automotive volumes, which helped offset the lower conversion rates we've seen year over year.

當然。謝謝，史蒂文。從第三季的業績開始，我們對我們所取得的成績感到非常滿意，並且仍然期望下半年能夠實現積極的業績，並且淨增長總額同比更好。我認為第三季最大的影響因素是客戶流失率降低。我們也看到了汽車銷售的增加，這有助於抵消我們逐年看到的較低的轉換率。

Our new car conversion rates have started to stabilize a bit. And on the streaming side, as you highlighted, we have grown subs this year, and I would expect that to continue. I think the key for the quarter because a lot of the bigger initiatives we're rolling out on pricing and packaging and personalized marketing are just starting to roll out, and we would expect those to take time to generate increased demand and improve retention.

我們的新車轉換率已經開始趨於穩定。在串流媒體方面，正如您所強調的，我們今年增加了訂閱者，我希望這種情況能夠繼續下去。我認為本季的關鍵是，因為我們在定價、包裝和個人化行銷方面推出的許多更大舉措才剛開始推出，我們預計這些舉措需要時間來產生更多需求並提高保留率。

But the key for the quarter was really a lot of different campaigns and initiatives that we launched because we're not waiting for these bigger initiatives to fall into place. So we have the Podcast+ subscription, as we've talked about. We've had win-back campaigns focused on older cars. We've had 3-year subscriptions with the OEMs and many others.

但本季的關鍵實際上是我們發起的許多不同的活動和舉措，因為我們不會等待這些更大的舉措落實到位。正如我們所討論的，我們有 Podcast+ 訂閱。我們針對舊車進行了贏回活動。我們已經與 OEM 和許多其他廠商簽訂了 3 年期訂閱。

So on your point on the engagement side, so we have, and I think in our earlier comments, you commented on what we're seeing in early in trial engagement, which, again, are the important leading indicators for improved retention and conversion in streaming and on the in-car side. And we continue to see consumption of content expanding, and that is one of the most important indicators for conversion. We know that when customers either in streaming or in-car listen to a broader set of content, including non-music content that we see ultimately better conversion of retention.

因此，就您在參與方面的觀點而言，我們有，而且我認為在我們之前的評論中，您評論了我們在試用參與的早期所看到的情況，這又是提高保留率和轉換率的重要領先指標串流媒體和車內。我們持續看到內容消費不斷擴大，這是轉換的最重要指標之一。我們知道，當客戶在串流媒體或車內收聽更廣泛的內容（包括非音樂內容）時，我們最終會看到更好的保留轉換。

So we're very pleased with what we're starting to see there. Obviously, the key is to make sure that we can sustain those improved early in trial engagement metrics and scale them across our trialers.

因此，我們對在那裡開始看到的情況感到非常滿意。顯然，關鍵是確保我們能夠維持早期試驗參與度指標的改進，並將其擴展到我們的試驗者。

And then your last question about streaming audio and on demand. So that's a big factor for us longer term. So the key for us is to make sure that we have launched and fully migrated our subscriber base to the new tech platform, which will give us a lot more capabilities not only in features and content delivery to subscribers and trialers both in streaming and in the car, but also in pricing and packaging flexibility and identity and things like that.

然後是關於串流音訊和點播的最後一個問題。所以從長遠來看，這對我們來說是一個重要因素。因此，我們的關鍵是確保我們已經啟動並完全將我們的訂戶群遷移到新技術平台，這將為我們提供更多的功能，不僅在功能和向訂閱者和試用者交付內容方面，無論是在串流媒體還是在汽車，還包括定價和包裝的靈活性以及身份等等。

And of that platform, we will then be able to look at an interactive bundle. So we believe that's key to growing subscribers over the long term, alongside an ad tier. And with an interactive bundle, we would expect to use basically the rights we have today with Pandora alongside the rights we have today with SiriusXM, emphasizing SiriusXM's very unique place for human-curated discovery of music alongside the choose a song, listen whatever you want of Pandora.

在該平台上，我們將能夠查看互動式捆綁包。因此，我們相信，從長遠來看，這與廣告層一樣是增加訂閱者的關鍵。透過互動式捆綁包，我們希望基本上使用我們今天在Pandora 上擁有的權利以及我們今天在SiriusXM 上擁有的權利，強調SiriusXM 在人類策劃的音樂發現以及選擇歌曲、聽任何你想听的內容方面具有非常獨特的地位潘朵拉。

What's key to the success there, obviously, is ensuring that those services are bundled and integrated in a way that removes the friction from the customer experience because clearly, we could co-sell them today, but the consumer experience needs to be such that it's very easy to listen to a song on SiriusXM, discover or rediscover something and then save it into a playlist on Pandora Premium.

顯然，成功的關鍵是確保以消除客戶體驗中的摩擦的方式捆綁和整合這些服務，因為顯然，我們今天可以共同銷售它們，但消費者體驗需要是這樣的在SiriusXM 上收聽歌曲、發現或重新發現某些內容，然後將其保存到Pandora Premium 上的播放清單中非常容易。

So that's our focus over the longer term, and we do think there's a real opportunity to unlock demand and retention there associated with are very affluent and, frankly, older base where streaming on-demand services have not effectively penetrated that to date.

因此，從長遠來看，這是我們的重點，我們確實認為，有一個真正的機會來釋放與非常富裕且坦率地說，較舊的基礎相關的需求和保留，其中串流媒體點播服務迄今為止尚未有效滲透。

Thank you.

謝謝。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Hey. Good morning. Thank you for taking the questions. Two, if I could. First, for Jennifer, just on the state of the ad market. Could you talk a little bit more about what you're hearing from your ad partners as we head into the fourth quarter. How much visibility do you feel like they have into ad budgets going into year-end and then perhaps even early 2025? And then within that, how much visibility do you feel like you have into your ad partners choosing premium audio?

嘿。早安.感謝您提出問題。兩個，如果可以的話。首先，對詹妮弗來說，關於廣告市場的狀況。當我們進入第四季度時，您能多談談您從廣告合作夥伴那裡聽到的情況嗎？您認為他們對年底甚至 2025 年初的廣告預算有多少了解？然後，您認為您對選擇優質音訊的廣告合作夥伴有多少了解？

I think you called out some of the competing ad inventory that's out there. Just curious if you could give us an update on that?

我認為您提到了一些現有的競爭廣告庫存。只是好奇您能否向我們提供最新情況？

And then secondly, just on the trade-off between churn and ARPU would appreciate any of your latest thoughts on how you're approaching balancing the two. Churn came in towards the lower end of the historical range this quarter, but at the same time, I think you called out some promotional pricing. Just curious how we should think about these two levers trending as you look to maximize revenue. Thank you.

其次，關於客戶流失率和 ARPU 之間的權衡，我們將不勝感激您關於如何平衡兩者的最新想法。本季度客戶流失率接近歷史範圍的下限，但同時，我認為您提出了一些促銷定價。只是好奇，當您尋求收入最大化時，我們應該如何看待這兩個槓桿的趨勢。謝謝。

Sure. I'll start off at ads and then I'll turn it over to Tom to add any other color. I think we provided some context for some of the headwinds we're seeing in our earlier comments, more certainly, there's been a flood of CTV supply and advertisers are shifting to more bottom of the funnel performance-based media opportunities as opposed to brand building. And then we've seen some impact on a shorter -- from a shorter political cycle and the iOS changes on podcast inventory.

當然。我將從廣告開始，然後將其交給湯姆添加任何其他顏色。我認為我們為我們在之前的評論中看到的一些逆風提供了一些背景，更確定的是，CTV 供應大量湧現，廣告商正在轉向更底層的基於績效的媒體機會，而不是品牌建設。然後我們看到了一些對較短的影響——較短的政治週期和 iOS 對播客庫存的變化。

So our focus is really on counteracting the trends, where we can, investing in where we see tailwinds. So our programmatic overall, was up 9% in the quarter, podcasting was up 6% and the real opportunity is in the intersection of those two, programmatic podcasting, which is really small to date, but has seen significant growth at about 50% in the quarter. So our areas of focus are content and technology here on the content side. Scott talked about some of the podcasting moves we've made. There's -- as Tom mentioned, I think an opportunity for us to pursue broader 360 solutions.

因此，我們的重點實際上是在力所能及的情況下抵制趨勢，在我們看到順風的地方進行投資。因此，我們的程序化整體在本季度增長了9%，播客增長了6%，真正的機會在於這兩者的交叉點，程序化播客，迄今為止規模很小，但在2019 年增長了約50 %。所以我們的重點領域是內容方面的內容和技術。斯科特談到了我們在播客方面採取的一些舉措。正如 Tom 所提到的，我認為我們有機會追求更廣泛的 360 度解決方案。

And then on the technology side, we have a number of efforts underway. We've mentioned, I think, on the call, the -- earlier in the call, what we've done recently with LiveRamp in terms of the clean room. It's all about better targeting and measurement, and we're working closely with the Trade Desk to continue to integrate with UID2. And there's a number of other technology implementations we're undertaking to just make buying easier for smaller businesses.

然後在技術方面，我們正在進行許多努力。我想，我們在電話會議中提到過，在電話會議的早些時候，我們最近在無塵室方面對 LiveRamp 所做的工作。這一切都是為了更好地定位和衡量，我們正在與 Trade Desk 密切合作，繼續與 UID2 整合。我們正在實施許多其他技術，以使小型企業的購買變得更容易。

So those are the areas we're focused on. I think as we go into next year, we'll reevaluate, of course, and provide guidance at that point in time. But we're certainly hoping and looking for a return for brands focused on brand building as opposed to just bottom of the funnel conversion. And I think, Tom --

這些都是我們關注的領域。我認為，當我們進入明年時，我們當然會重新評估，並在那時提供指導。但我們當然希望並尋找專注於品牌建立的品牌的回報，而不是只專注於漏斗底部的轉換。我認為，湯姆--

And Stephen, the only thing I would add on that is as we've looked the -- our talented ad sales group has been -- the headwinds that we outlined in the initial comments, we've been pivoting with our offering and being down 2% in Q3 wasn't terrible, but I think as we assess the full year, a lot of those factors is what drove down and caused us to adjust our revenue guidance. So that was -- there's multiple headwinds and factors in there, but I think the team is aggressively focused on trying to ensure that we can get the optimal package and the optimal offering to marketers.

史蒂芬，我唯一要補充的是，正如我們所看到的——我們才華橫溢的廣告銷售團隊——我們在最初的評論中概述的逆風，我們一直在調整我們的產品並下降第三季度2% 的成長並不可怕，但我認為，當我們評估全年時，許多因素導致了下降並導致我們調整了收入指引。因此，其中存在多種阻力和因素，但我認為團隊正在積極致力於確保我們能夠為行銷人員提供最佳的套餐和最佳的產品。

As far as ARPU, if you look at our churn, yes, our churn was very favorable at 1.6%. So we were very happy with that. ARPU is down $0.53 roughly. When you look at it overall, we continue to leverage across the board our promotional pricing plans. We use the promotional pricing plans to build out and maintain our subscriber base.

就 ARPU 而言，如果你看看我們的流失率，是的，我們的流失率為 1.6%，非常有利。所以我們對此感到非常高興。ARPU 大約下降了 0.53 美元。從整體來看，我們繼續全面利用我們的促銷定價計劃。我們使用促銷定價計劃來建立和維持我們的訂戶群。

And so it's attracting and retaining subscribers. And by doing that, I think it makes the health of our overall subscriber base stronger and gives us optionality in the later periods as far as pricing or expanding our offering or upgrading.

因此它吸引並留住了訂戶。透過這樣做，我認為它使我們整體用戶群的健康狀況變得更強，並在後期定價或擴大我們的產品或升級方面為我們提供了選擇權。

So we're really focused on the subscriber base. The ARPU is obviously an output. But overall, I would say, I think we're continuing to aggressively work on our subscriber numbers and our subscriber strategy.

所以我們真正關注的是訂戶群。ARPU顯然是一個輸出。但總的來說，我想說，我認為我們正在繼續積極致力於我們的訂閱者數量和訂閱者策略。

Yeah. And I think as we've talked about, because of what Tom highlighted in terms of the pressure of these promotional plans, we do have the opportunity with the $10 entry point to ensure that customers are getting on the right package from the start, and they're not getting on a much higher priced premium package with more content, frankly, but that may not meet their needs.

是的。我認為正如我們所討論的，由於 Tom 強調了這些促銷計劃的壓力，我們確實有機會以 10 美元的切入點來確保客戶從一開始就獲得正確的套餐，並且坦率地說，他們沒有獲得價格更高、內容更多的高級套餐，但這可能無法滿足他們的需求。

And so as opposed to having them call and try to cancel and get on a much lower discounted plan, we have the opportunity to leverage these more discrete price points and I think bring ARPU up for our subscribers on promotional plans.

因此，與讓他們打電話並嘗試取消並獲得更低折扣的計劃相反，我們有機會利用這些更離散的價格點，我認為在促銷計劃中為我們的訂戶提高 ARPU。

That's great. Thank you, both.

那太棒了。謝謝你們，兩位。

Thanks, Stephen.

謝謝，史蒂芬。

David Joyce, Seaport Research.

大衛喬伊斯，海港研究中心。

Thank you. Another question on advertising if I could. Looking at your various initiatives such as turning on the ads in-car for the non-subscribers and also working on replatforming. So all the streaming and satellite and 360 are all in the same platform. When do you expect these to start contributing and showing through and offsetting the broader ad market challenges that you've been discussing? Thanks.

謝謝。如果可以的話，還有一個關於廣告的問題。看看你們的各種舉措，例如為非訂閱者打開車內廣告，並致力於平台重組。所以所有的串流媒體和衛星以及360都在同一個平台。您預計這些何時開始做出貢獻並展示並抵消您一直在討論的更廣泛的廣告市場挑戰？謝謝。

We talked a little bit about free access last quarter, and we're still in a very select set of vehicles there and in test and learn mode. And we are seeing customers engage with the service post-trial if they had chosen not to convert, the numbers are small. I don't have any reason to believe that there's going to be a cannibalization impact there because the content set is small, it's about 40 channels.

上個季度我們討論了一些關於免費訪問的問題，並且我們仍然處於一組非常精選的車輛中，並且處於測試和學習模式。我們發現，如果客戶選擇不轉換，他們會在試用後參與該服務，但數量很少。我沒有任何理由相信那裡會產生蠶食影響，因為內容集很小，大約有 40 個頻道。

And of course, there's advertising in the music channels. So we'll continue to learn there. I think it's an opportunity for us to adjust content over time to different users. We're leveraging the 360L platform. Over time, we can use ad replacement technology to make sure that those ads are more targeted to the specific consumers listening, that's going to take time to build, right?

當然，音樂頻道裡也有廣告。所以我們會繼續在那裡學習。我認為這對我們來說是一個機會，可以隨著時間的推移調整內容以適應不同的用戶。我們正在利用 360L 平台。隨著時間的推移，我們可以使用廣告替換技術來確保這些廣告更有針對性地針對特定的消費者，這需要時間來構建，對吧？

We are at -- about probably 13 million cars on the road that are 360L enabled. We will have this year a total of 40% of our new car trial starts with 360L, that should ramp up next year to over 50%. And then key to that, really accelerating in the year following in '26 is the launch in one other major OEM.

目前，道路上大約有 1300 萬輛汽車配備了 360L 技術。今年我們將有 40% 的新車試驗從 360L 開始，明年這一比例應該會增加到 50% 以上。關鍵是，在 26 年接下來的一年中真正加速的是另一個主要 OEM 的推出。

So as we continue to roll that out and it starts to roll through used car trials, we'll have a much larger base in 360L where we can look to build scale for a more prominent ad offering in the car, not just in free access, but also with the ad replacement technology, providing IP-targeted ads in the subscription business as well, right? We do about I don't know, $180 million in SiriusXM ad revenue.

因此，當我們繼續推出該服務並開始進行二手車測試時，我們將在 360L 中擁有更大的基礎，我們可以在其中擴大規模，在汽車中提供更突出的廣告服務，而不僅僅是免費訪問，而且還借助廣告替換技術，在訂閱業務中提供IP定向廣告也是吧？我不知道，我們的 SiriusXM 廣告收入為 1.8 億美元。

So there is opportunity to continue to grow that in our subscription service as long as we can provide these more targeted opportunities. So it's going to take years to build up the scale here, but we're really excited about how that complements a future ad-supported offering on the streaming side in our apps as well.

因此，只要我們能夠提供這些更有針對性的機會，我們的訂閱服務就有機會繼續發展。因此，這裡需要數年時間才能擴大規模，但我們對於這如何補充我們應用程式中串流媒體方面未來廣告支援的產品感到非常興奮。

All right. Thank you, Jennifer.

好的。謝謝你，詹妮弗。

Cameron Mansson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

Thank you. Good morning. First, I wanted to follow up on ARPU. You guys in the past have talked about every other year philosophy or cadence of price increases. Is that still something we should expect heading into 2025? And just any color on how selective across the packages that any activity might be or whether we should expect anything more holistic on the satellite side?

謝謝。早安.首先，我想跟進 ARPU。你們過去曾談論過每隔一年漲價的理念或節奏。進入 2025 年，這仍然是我們應該期待的事情嗎？以及任何關於任何活動可能對包的選擇性的任何顏色，或者我們是否應該期望衛星方面有更全面的東西？

And then on the sales and marketing front, down nicely year over year even as you guys were able to drive improvement in net adds. So wondering if you could just comment on what's allowing you to find efficiency there while still driving nice funnel improvement and net adds improvement? Thanks.

然後在銷售和行銷方面，儘管你們能夠推動淨成長的改善，但同比仍大幅下降。所以想知道您是否可以評論一下是什麼讓您能夠在那裡找到效率，同時仍然推動良好的漏斗改進和淨增加改進？謝謝。

I'll take the pricing question and then Tom can comment on sales and marketing costs. We are on a every other year trajectory for rate increases and I want to withhold on any further guidance on how broad-based it will be, but we have recently as I mentioned earlier, added more value to our full-price packages so that customers can experience that at least for a few months before we might take a price action there.

我將回答定價問題，然後湯姆可以評論銷售和行銷成本。我們正處於每隔一年一次加息的軌道上，我想保留任何有關加息範圍的進一步指導，但正如我之前提到的，我們最近為我們的全價套餐增加了更多價值，以便客戶在我們可能採取價格行動之前，至少要經歷幾個月的時間。

And that's a series of things, including content and features as well as access. And so we are looking at that for early next year, and I think that will bode well for ARPU, we still face the same trends that we've seen in terms of promotional plans and the impact on acquisition and retention. So it will be a balance of how these things play out in terms of the ARPU trajectory. Tom?

這是一系列的事情，包括內容和功能以及訪問。因此，我們正在考慮明年初的情況，我認為這對 ARPU 來說是個好兆頭，我們仍然面臨著與我們在促銷計劃以及對獲取和保留的影響方面看到的相同趨勢。因此，這將是這些因素在 ARPU 軌跡方面如何發揮作用的平衡。湯姆？

I would say, Cameron, on the sales and marketing side, we have spent a fair amount of time of analyzing our cost on the sales and marketing side, reviewing the effectiveness of our marketing campaigns and sales campaigns. And I think whether it's on the Pandora side or on the Sirius side, the success that we've had on looking at costs is starting to bear more fruit.

我想說，卡梅倫，在銷售和行銷方面，我們花了相當多的時間來分析銷售和行銷方面的成本，審查我們的行銷活動和銷售活動的有效性。我認為無論是潘朵拉星球還是天狼星星球，我們在成本方面所取得的成功正在開始結出更多的果實。

And I think as we look at the year ahead, we're going to spend more time on as we get more data from our replatforming and we start getting more information, I think we'll have more effective use of our sales and marketing spend. So I think for right now, we're happy with the efficiency we're getting, but we're also looking for enhanced efficiency as we go forward.

我認為，當我們展望未來的一年時，我們將花更多的時間，因為我們從平台重組中獲得更多的數據，並且我們開始獲得更多的信息，我認為我們將更有效地利用我們的銷售和行銷支出。因此，我認為目前我們對所獲得的效率感到滿意，但我們也在尋求未來更高的效率。

Very helpful. Thank you, both.

非常有幫助。謝謝你們，兩位。

All right. Thanks, Cameron, and thanks, everybody, for participating in today's call. We'll speak to you soon.

好的。謝謝卡梅倫，也謝謝大家參加今天的電話會議。我們很快就會與您聯繫。

This will conclude today's conference. You may disconnect your lines at this time. 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。