Sirius XM Holdings Inc (SIRI) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Sirius XM first quarter 2025 earnings call. (Operator Instructions)

問候。歡迎參加 Sirius XM 2025 年第一季財報電話會議。（操作員指示）

It is now my pleasure to introduce Hooper Stevens, Senior Vice President of Investor Relations and Finance. Thank you, Hooper. You may begin.

現在我很高興介紹投資者關係和財務高級副總裁胡珀史蒂文斯 (Hooper Stevens)。謝謝你，胡珀。你可以開始了。

Thank you, and good morning, everyone. Welcome to Sirius XM's first quarter 2025 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; and Wayne Thorson, our Executive Vice President and Chief Operating Officer, will join Jennifer and Tom to take your question during Q&A portion of this call. .

謝謝大家，早安。歡迎參加 Sirius XM 2025 年第一季財報電話會議。今天，我們將準備執行長 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長 Scott Greenstein；我們的執行副總裁兼首席營運長 Wayne Thorson 將與 Jennifer 和 Tom 一起在本次電話會議的問答環節回答您的問題。。

I would like to remind everyone that certain statements made during the call might be forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. These and all forward-looking statements are based upon management's current beliefs and expectations and necessarily depend upon assumptions, data or methods that may be incorrect or imprecise. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

我想提醒大家，電話會議中所做的某些陳述可能是前瞻性陳述，因為這個術語在 1995 年《私人證券訴訟改革法案》中有定義。這些和所有前瞻性聲明均基於管理層當前的信念和期望，並且必然取決於可能不正確或不精確的假設、數據或方法。此類前瞻性陳述受風險和不確定性的影響，可能導致實際結果大不相同。

For more information about those risks and uncertainties, please view Sirius XM'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. 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. Additionally, we have posted a supplementary presentation on our Investor Relations website for your convenience.

有關這些風險和不確定性的更多信息，請查看 Sirius XM 的 SEC 文件和今天的收益報告。我們建議聽眾不要過度依賴前瞻性陳述，並且不承擔更新這些陳述的任何意圖或義務。首先，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。所有調整後經營績效的討論均不包括股票薪酬的影響。此外，為了您的方便，我們在投資者關係網站上發布了補充介紹。

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

說完，我會把電話交給珍妮佛。

Thanks, Hooper, and good day, everyone. Thank you for joining us today. Q1 marked our first full quarter since unveiling our new strategic direction and sharpened focus on super serving our core in-car audience at SiriusXM. We are already seeing early benefits from these efforts. As reflected in our quarter results.

謝謝，胡珀，大家好。感謝您今天加入我們。自從我們公佈新的策略方向並更加重視為 SiriusXM 的核心車載觀眾提供超級服務以來，第一季是我們的第一個完整季度。我們已經看到了這些努力的早期效益。正如我們的季度業績所反映的那樣。

Given our momentum and despite broadening economic uncertainty, we're pleased to confidently reiterate our full year guidance today. Across the business, we were vacated to our three key pillars: enhancing our subscription business with a keen eye toward our in-car leadership, leveraging the strength of our advertising business of our portfolio and optimizing efficiencies to deliver both cost reductions and higher returns.

鑑於我們的發展勢頭，儘管經濟不確定性不斷擴大，我們今天仍然很高興地重申我們的全年預期。在整個業務中，我們專注於三大支柱：加強訂閱業務，密切關注車載領導地位，利用我們產品組合中廣告業務的優勢，優化效率，以降低成本並提高回報。

Diving into the first quarter, our subscription business delivered strong results with solid year-over-year improvement in self-pay net adds driven by positive trends within our in-car business, which offset an expected reduction in streaming net adds. We saw reduced in-car churn largely due to lower cancel demand and nonpay despite the full price rate increase we implemented in early March and signs of declining US consumer confidence.

進入第一季度，我們的訂閱業務取得了強勁的業績，受車載業務積極趨勢的推動，自付費淨增值額同比穩步增長，抵消了流媒體淨增值額的預期減少。儘管我們在 3 月初實施了全額提價，並且有跡象表明美國消費者信心下降，但我們發現車內客戶流失率有所下降，這主要是因為取消需求和未付款的情況減少。

Even in the face of economic uncertainty, our business remains resilient, buoyed by our industry-leading customer satisfaction and the essential nature of service to our core subscriber base. Underpinning everything we do is the unique live and human-curated content we offer our subscribers, which fuels fandom and the must-hear moments that happen on our air every day. Our coverage of and print at every major sporting event from the Super Bowl to March Madness and our exclusive music channels, including top curated by the biggest artists such as Lady Gaga, bring fans closer to what they love.

即使面臨經濟不確定性，我們的業務仍然保持彈性，這得益於我們行業領先的客戶滿意度以及針對核心用戶群的服務本質。我們所做的一切的基礎是我們為訂閱者提供的獨特的現場直播和人工策劃的內容，這激發了粉絲的熱情，也為我們每天播出的必聽時刻增添了活力。我們對從超級盃到瘋狂三月的每場重大體育賽事進行報導和印刷，我們的獨家音樂頻道（包括由 Lady Gaga 等頂級藝術家策劃的頂級音樂）讓粉絲更接近他們所愛的事物。

Additionally, our wide variety of news and pole programming, where we are seeing double-digit listenership growth and our new talk programming, including the launch of shows featuring Alex Cooper's Unwell and Page 6 and deliver value to our subscribers that they simply cannot get on any other service. We will continue to leverage the power of our extensive live and on-demand catalog as we look to both showcase our value turn subscribers and introduce new listeners to our portfolio.

此外，我們還提供種類繁多的新聞和專欄節目，聽眾人數正在以兩位數的速度增長，我們還推出了新的談話節目，包括推出 Alex Cooper 的《Unwell》和《Page 6》等節目，為我們的訂閱者提供其他服務無法提供的價值。我們將繼續利用我們廣泛的直播和點播目錄的力量，既向訂閱者展示我們的價值，又向我們的產品組合介紹新的聽眾。

Our efforts to add more value across our packages are paying off. Many of our subscribers are now enjoying the additional channels and programming newly included in their plan. and time spent listening in our app, where we offer more content has increased year-over-year among in-car customers. We believe this led to the better than reaction to our rate increase, which impacted virtually all full price plans as we experienced minimal churn impact.

我們為增加產品包裝價值所做的努力正在獲得回報。我們的許多訂戶現在正在享受其計劃中新包含的附加頻道和節目。我們在應用程式中提供更多內容，車載客戶在使用我們的應用程式收聽節目的時間也逐年增加。我們相信，這導致了我們對加價的反應更好，加價幾乎影響了所有全價計劃，因為我們受到的客戶流失影響極小。

We have also made progress rolling out our new in-car pricing and patting structure. This strategy, along with additional actions in last year has reduced our reliance on discounted promotional pricing at acquisition, while improving price transparency, building brand trust and driving our highest quarterly customer section on record.

我們在推出新的車載定價和拍拍結構方面也取得了進展。這項策略以及去年採取的其他措施減少了我們對收購折扣促銷價格的依賴，同時提高了價格透明度，建立了品牌信任，並推動了我們創紀錄的最高季度客戶份額。

New programs launched in the past several months, including Tesla, enhancements to our used car owner data and our multi OEM subscriptions, which continue to expand, launching in model year 2026 Ford and Lincoln vehicles later this year also led to improved in-car acquisition in the first quarter compared to last year.

過去幾個月推出的新計劃，包括特斯拉、二手車主數據的增強以及我們的多 OEM 訂閱，這些計劃將繼續擴大，並將於今年晚些時候推出 2026 年福特和林肯汽車，這也導致第一季度的車內購買量與去年相比有所提高。

These programs give us confidence our strategy is working as we continue to unlock opportunities to grow with our core audio segments. We are committed to ensuring we provide the right earnings for our customers and are focused on both enhancing the value of our higher tiers and introducing additional options for more price-conscious listeners. This includes the launch of an ad-supported section featuring a compelling subset of our music and talk programming, which will open a new persistently lower priced option in almost 100 million cars already on the road.

這些計劃讓我們相信我們的策略是有效的，因為我們將繼續發掘核心音訊領域成長的機會。我們致力於確保為客戶提供合適的收入，並致力於提高更高層級的價值，並為更注重價格的聽眾提供更多選擇。其中包括推出一個廣告支援版塊，其中包含我們音樂和談話節目中引人注目的一部分，這將為目前上路的近 1 億輛汽車提供一個持續低價的新選擇。

The new tier allows us to leverage the strength of our advertising business without putting our more premium tiers at risk. The opportunity here also grows as our fleet becomes increasingly IP-enabled. We remain on track to have more than have new SiriusXM-equipped cars featuring our 360L product this year, allowing us to further customize offerings for our subscription across content, marketing and advertising. We plan to begin testing iterations of this new subscription in the coming months, enabling us to hone the offering and bring to market the strongest package.

新的層級使我們能夠充分利用廣告業務的優勢，而不會危及我們更高級的層級。隨著我們的車隊越來越 IP 化，這裡的機會也隨之成長。我們今年仍有望在超過 輛配備 SiriusXM 的新車上推出我們的 360L 產品，這使我們能夠在內容、行銷和廣告方面進一步客製化我們的訂閱產品。我們計劃在未來幾個月內開始測試此新訂閱服務的迭代，以便我們可以完善產品並將最強大的套餐推向市場。

Another way we are working to showcase the value of our service to potential building upon the work we've done to date with both free access, which continues to expand and our free-to-air events, which in the Chis Stapleton radio broadcasting free to all SiriusXM's radios throughout February.

我們正在努力透過另一種方式向潛在用戶展示我們服務的價值，這種展示基於我們迄今為止所做的工作，即免費訪問（將繼續擴大）和免費播放活動，其中 Chis Stapleton 電台在整個二月份向所有 SiriusXM 電台免費播放。

On the topic of advertising, ad revenue was mostly flat compared to the same quarter in 2024. While we are closely watching day-to-day changes in the marketplace, the flexibility and broad reach of our offering just to meet the evolving needs of today's advertisers. This is best represented by the launch of our Creator Connect solution, which allows marketers to tap into creators audiences across audio, video and social.

在廣告方面，與 2024 年同期相比，廣告收入基本持平。我們密切關注市場日復一日的變化，同時不斷提高產品的靈活性和廣泛性，以滿足當今廣告商不斷變化的需求。我們推出的 Creator Connect 解決方案就是最好的體現，它允許行銷人員挖掘音訊、視訊和社交領域的創作者受眾。

In the first quarter alone, we have already outpaced our full year 2024 bookings for social and video and see this as a continued growth driver. In Q1, our podcasting revenue was up 33% year-over-year. Our podcast network clocked close to 1 billion download across audio and video in the first quarter, and we now reach an audience of 70 million monthly podcast listeners.

僅在第一季度，我們的社交和影片預訂量就已經超過了 2024 年全年的預訂量，並將此視為持續的成長動力。第一季度，我們的播客營收年增 33%。我們的播客網路在第一季的音訊和視訊下載量接近 10 億次，目前每月播客聽眾已達 7,000 萬。

Our expertise in monetizing digital ad-supported views within Pandora provides a strong basis for the opportunity ahead as we look to expand SiriusXM advertising. The ability to deliver audiences across broadcast, streaming and podcast inclusive of video and social makes us a unique one-stop shop for marketers, and we are continuing to invest in ad tech solutions to make it easier for advertisers to buy, plan and measure across all three.

我們在 Pandora 中將數位廣告支援的觀看次數貨幣化的專業知識為我們尋求擴大 SiriusXM 廣告的未來機會提供了堅實的基礎。我們能夠透過廣播、串流媒體和播客（包括影片和社交）吸引觀眾，這使我們成為行銷人員獨特的一站式商店，並且我們將繼續投資廣告技術解決方案，以使廣告商更輕鬆地在這三者之間進行購買、規劃和衡量。

At a corporate level, we remain committed to optimizing the business and driving efficiencies. In addition to ongoing cost actions, we are testing a variety of new initiatives, things and growth. We continue to see strong potential in areas such as AI and where we are leveraging the latest technologies to improve the customer experience, our marketing and our admit. In closing, while we are watching the shifting economic forces closely, we are pleased with our first quarter results and continue to have confidence in our full year guidance today as well as our ability to deliver meaningful value to consumers across our business in the quarter come.

在公司層面，我們仍然致力於優化業務和提高效率。除了正在進行的成本行動外，我們還在測試各種新措施、新事物和新發展。我們繼續看到人工智慧等領域的巨大潛力，我們正在利用最新技術來改善客戶體驗、我們的行銷和我們的承認。最後，雖然我們正密切關注經濟力量的變化，但我們對第一季的業績感到滿意，並繼續對我們今天的全年指引以及我們在未來季度為整個業務的消費者提供有意義的價值的能力充滿信心。

With that, I'll pass it over to Tom.

說完這些，我就把它交給湯姆。

Thank you, Jennifer, and good morning, everyone. As Jen mentioned, we entered 2025 with clear parties. Our first quarter performance flex our disciplined execution and steady products across the business. Despite the headline driven market uncertainty, delivered strong margins, return capital to our shareholders and advanced our strategic initiatives that will pose us for a strong 2025.

謝謝你，詹妮弗，大家早安。正如 Jen 所提到的，我們帶著明確的立場進入了 2025 年。我們第一季的業績反映了我們整個業務的嚴謹執行和穩定的產品。儘管市場充滿不確定性，我們仍實現了強勁的利潤率，為股東帶來了資本回報，並推進了我們的策略舉措，這將為我們在 2025 年取得強勁發展奠定基礎。

Before I dive into the quarter, let me address some of the uncertainties surrounding new autos impact on our business. Big picture, we sleep well at. We have multiple scenarios, and we do not expect any material tariff-related impact to our subscriber results this year. Thanks to our robust recurring revenue model increase penetration in the used car market and enhance trial capture rates compared to past auto sales downturns, we believe we have built a resilient buffer against any potential reduction in newer sales.

在深入探討本季之前，我先來談談新車對我們業務的影響的一些不確定因素。整體來說，我們睡得很好。我們有多種情況，我們預計今年的資費相關影響不會對我們的用戶結果產生任何重大影響。由於我們強勁的經常性收入模式增加了二手車市場的滲透率，並且與過去的汽車銷售低迷時期相比提高了試用捕獲率，我們相信我們已經建立了一個有彈性的緩衝來應對任何潛在的新車銷售減少。

Looking at OpEx on the equip side, we do not manufacture hardware for automakers. Any tariff exposure is largely indirect and only the components sourced by automakers or their suppliers. So far, the act on our OpEx has been negligible, though we continue to monitor the broader supply chain. And of course, we are watching overall consumer health and its impact on discretionary spending.

從設備方面的營運支出來看，我們不為汽車製造商生產硬體。任何關稅風險很大程度上都是間接的，並且僅限於汽車製造商或其供應商採購的零件。到目前為止，儘管我們繼續監控更廣泛的供應鏈，但我們的營運支出所受的影響微乎其微。當然，我們正在關注整體消費者健康狀況及其對可自由支配支出的影響。

To date, our strong churn performance suggests no meaningful change in consumer behavior in vigilant and tracking trends closely. Looking at the first quarter, total revenue was $2.07 billion, down 4% from a year ago, reflecting modest subscriber declines as we lap our fifth ARPU comp of the year. along with softer advertising trends across both of our segments.

到目前為止，我們強勁的客戶流失表現表明，在警覺和密切追蹤趨勢方面，消費者行為沒有發生任何有意義的變化。縱觀第一季度，總營收為 20.7 億美元，比去年同期下降 4%，反映出隨著我們實現今年第五次 ARPU 比較，用戶數量略有下降。以及我們兩個部門的廣告趨勢疲軟。

Net income was $204 million and adjusted EBITDA totaled $629 million, down 3% from prior year with margins consistent year-over-year at 30%. Free cash flow was $56 million come from $88 million in the prior year period, primarily driven by timing payments, lower cash receipts and higher capital expenditures, partially offset by the elimination of Liberty related deal costs.

淨收入為 2.04 億美元，調整後 EBITDA 總計 6.29 億美元，較前一年下降 3%，利潤率與前一年持平，為 30%。自由現金流為 5,600 萬美元，而去年同期為 8,800 萬美元，主要受定時付款、較低的現金收入和較高的資本支出推動，但因消除了 Liberty 相關交易成本而部分抵銷。

On the cost side, we began the year focused on achieving a $200 million run rate savings target by the end of 2025. So far, we reduced costs by over $30 million, contributing to lower expenses across marketing, product and tech, transmission, customer service G&A Sales and marketing expenses were down 19%, driven by more streamlined media mix and tighter campaign execution. Product and technology expenses declined 15% and G&A decreased 3%, all reflecting our continued emphasis on operational efficiency and disciplined cost management.

在成本方面，我們年初就致力於實現到 2025 年底節省 2 億美元的運行率目標。到目前為止，我們已削減了 3,000 多萬美元的成本，有助於降低行銷、產品和技術、傳輸、客戶服務等各方面的費用。由於採用更精簡的媒體組合和更嚴格的活動執行，銷售和行銷費用下降了 19%。產品和技術費用下降了 15%，一般及行政費用下降了 3%，這都反映出我們持續重視營運效率和嚴格的成本管理。

Turning to the segments. In the SiriusXM segment, we generated $1.6 billion in revenue, a 5% decline year-over-year primarily driven by lower subscriber equipment revenue. Subscriber revenue declined 5%, reflecting a smaller average self-pay base and lower ARPU and and equipment revenue fell 18%, driven by changes in chipset costs and OEM production schedules. In this segment, gross profit was $937 million, representing a strong 59%, down modestly from 60% last year.

轉向各個部分。在 SiriusXM 領域，我們的營收為 16 億美元，年減 5%，主要原因是用戶設備收入下降。用戶收入下降 5%，反映出平均自付費用基數較小和 ARPU 較低，而設備收入下降 18%，原因是晶片組成本和 OEM 生產計劃的變化。該部門毛利為 9.37 億美元，年增 59%，較去年的 60% 略有下降。

Self-pay net subscriber losses totaled 303,000, reflecting a 16% year-over-year improvement. Churn improved 18 basis points rounding to 1.6% in the first quarter and was a key contributor to our improved subscriber results. We saw improvements in all three broad categories we track, vehicle-related non-pay and voluntary churn. We have successfully managed the recent price increases across virtually all of our low price plans with minimal churn impact thus far and are continuing to reshape our pricing structure to satisfy demand at various price points.

自付費淨用戶流失總數為 303,000 人，較去年同期成長 16%。第一季度，客戶流失率改善了 18 個基點，達到 1.6%，這是我們用戶業績改善的關鍵因素。我們看到，我們所追蹤的三大類別，即與車輛相關的拒付和自願流失，都有所改善。到目前為止，我們已成功管理幾乎所有低價計劃的近期價格上漲，且客戶流失影響極小，並且正在繼續調整我們的定價結構，以滿足不同價位的需求。

We continue to anticipate a slightly improving trend in our core in-car net additions for the full year. But as discussed on our last earnings call, our full year results will likely include a couple of hundred thousand of additional drag from reduced streaming-only marketing, churn pull forward the implementation of click to cancel and shorter introductory self-pay promotional plans.

我們持續預期全年核心車載淨增量將呈現略微改善的趨勢。但正如我們在上次收益電話會議上所討論的那樣，我們的全年業績可能會包括數十萬的額外拖累，這些拖累來自減少串流媒體行銷、提前實施點擊取消和縮短介紹性自付費促銷計劃。

ARPU in the quarter was $14.86 and while down 3% year-over-year, we expect year-over-year comparisons to become more favorable as the year progresses. Subscriber acquisition costs were $100 million, up 11% over previous year's quarter, driven by contractual change certain automakers focused on improving penetration rates and higher chipset costs.

本季的 ARPU 為 14.86 美元，雖然年減 3%，但我們預計隨著時間的推移，年比情況會變得更加有利。用戶獲取成本為 1 億美元，比去年同期增長 11%，這是由於某些汽車製造商專注於提高滲透率和提高晶片組成本而導致的合約變更。

SAC per installation was $18.86, further increased by the timing-related pullback in modern production. Turning to the Pandoran off-platform segment. Revenue declined 2% year-over-year to $487 million, reflecting macro pressure in the digital ad market. Advertising totaled $355 million, down 2% on that pressure, partly offset by continued growth in pod canalization and revenue.

每次安裝的 SAC 為 18.86 美元，由於現代生產中與時間相關的回調，SAC 進一步增加。轉向 Pandoran 平台外部分。營收年減 2% 至 4.87 億美元，反映出數位廣告市場的宏觀壓力。廣告總額為 3.55 億美元，受此壓力而下降 2%，但部分被廣告艙通路和收入的持續成長所抵銷。

To provide more color on the advertising business, we're seeing the most softness in the travel, auto and retail sectors. categories that tend to be early indicators of shifts in consumer sentiment. Broader economic uncertainty, including concerns about tariffs has been more spending towards short-term performance-driven marketing channels. At the same time, we're seeing pockets of strength in sectors like pharma and telco, which have helped offset some of the broader weakness.

為了提供廣告業務更多的色彩，我們發現旅遊、汽車和零售業最為疲軟。這些類別往往是消費者情緒轉變的早期指標。更廣泛的經濟不確定性，包括對關稅的擔憂，導致對短期績效驅動的行銷管道的支出增加。同時，我們看到製藥和電信等產業表現強勁，有助於抵消部分整體疲軟的影響。

Picture, we continue to see strong opportunities to invest in our ads business particularly across high-growth areas like podcasting, programmatic capabilities and emerging video plants. Subscription revenue in the Pandora and off platform segment remained relatively flat in the segment's gross profit totaled $139 million for the quarter, maintaining a 29% margin consistent with last year's first quarter.

想像一下，我們繼續看到投資廣告業務的強大機會，特別是在播客、程式化功能和新興影片工廠等高成長領域。Pandora 及平台外部門的訂閱收入保持相對平穩，該部門本季毛利總計 1.39 億美元，利潤率為 29%，與去年第一季持平。

Looking at CapEx spending for the quarter totaled $189 million. As previously communicated, we continue to expect non setbacks to remain in the $450 million to $500 million range for 2025. And by repeater and broadcast infrastructure replacements and partially offset by lower IT spending. Lastly, during the quarter, we returned $116 million to stockholders, including $91 million in dividends and $25 million through share repurchases.

本季的資本支出總計 1.89 億美元。如同先前所傳達的，我們仍然預計到 2025 年非挫折金額將維持在 4.5 億美元至 5 億美元的範圍內。透過更換中繼器和廣播基礎設施，並降低 IT 支出，部分抵消了這種影響。最後，在本季度，我們向股東返還了 1.16 億美元，其中包括 9,100 萬美元的股息和 2,500 萬美元的股票回購。

We ended the first quarter with a trailing net debt to adjusted EBITDA ratio of approximately 3.8 times and continue to prioritize a balanced approach to capital allocation. Our long-term leverage ratio target remains in the low to mid-3 times range. We remain focused on maintaining financial flexibility and taking a smart consistent approach to capital deployment.

我們第一季結束時的淨負債與調整後 EBITDA 比率約為 3.8 倍，並繼續優先考慮平衡的資本配置方法。我們的長期槓桿率目標仍維持在3倍以下至3倍的中段範圍。我們仍然致力於保持財務靈活性並採取明智一致的方法進行資本配置。

Finally, we are reaffirming our 2025 full year guidance, approximately $8.5 billion in revenue, $2.6 billion in adjusted in EBITDA and and $1.15 billion in free cash flow. This reflects the company's continued confidence in our strong operational execution and cost management, backed by robust free cash flow, continued operational efficiencies and is strategic investments we feel great about our ability to generate long-term sustainable revenue for shareholders across a variety of economic environments.

最後，我們重申 2025 年全年預期，即營收約 85 億美元，調整後 EBITDA 為 26 億美元，自由現金流為 11.5 億美元。這反映了公司對我們強大的營運執行力和成本管理的持續信心，並以強勁的自由現金流、持續的營運效率和策略性投資為後盾，我們對在各種經濟環境下為股東創造長期可持續收入的能力感到非常滿意。

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

說完這些，我將把問題交給操作員進行問答。

Thank you. We'll now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Sebastiano Petti, JP Morgan.

摩根大通的塞巴斯蒂亞諾·佩蒂。

Hi, thank you for taking the question. Just thinking about the full year guide, Tom, sounded pretty confident in the levers in the business, cost-cutting opportunity, but just help us think about -- there's no tariff impact, as you guys mentioned on the call. The price increase is now fully baked, ARPU comps are getting easier for the year and cost efforts are beginning to scale. Margins in the first quarter were flat year-over-year, the guide implies 140 basis contraction. Why isn't there upside to the 2025 EBITDA guide? What are we missing here?

您好，感謝您回答這個問題。僅考慮全年指南，湯姆聽起來對業務槓桿、削減成本的機會非常有信心，但請幫助我們思考 - 正如你們在電話中提到的那樣，沒有關稅影響。價格上漲現已完全成熟，今年的 ARPU 比較變得更加容易，成本努力也開始擴大。第一季的利潤率與去年同期持平，暗示收縮140個基點。為什麼 2025 年 EBITDA 指南沒有上漲空間？我們這裡遺漏了什麼？

And then as we're thinking about the impact of digital, you reiterated a couple of hundred thousand impacts from click to cancel as well as the turn off of the digital dialing back marketing efforts there. Can you perhaps maybe size the quantum of the digital loss within the first quarter as we're kind of thinking about it? Because I think previous comments were first half is perhaps weaker year-over-year before improving in the back half of the year in terms of the self-pay net add cadence. I just wanted to make sure if that is still the right way to think about it. Thank you again.

然後，當我們考慮數位化的影響時，您重申了從點擊到取消的幾十萬種影響，以及關閉那裡的數位回撥行銷工作。我們正在考慮這個問題，您能否估算一下第一季的數位損失量？因為我認為先前的評論是，就自付淨增加節奏而言，上半年可能同比較弱，而下半年則會有所改善。我只是想確定這是否仍然是正確的思考方式。再次感謝您。

Tom, do you want to pick up the EBITDA?

湯姆，你想了解一下 EBITDA 嗎？

Yeah. So Sebastiano, when you look at the overall EBITDA, we've had a lot of moving pieces in there. There's obviously when you look at the revenue side and against the cost savings initiatives, we're on course. And in Q1, I think we've done pretty well as far as where we positioned the business. And I think the cost savings will continue along the line, and we're obviously heavily focused on maintaining the margin for the full year. So when you look at the numbers, I think we feel comfortable with how the numbers roll up right now.

是的。因此，塞巴斯蒂亞諾，當你查看整體 EBITDA 時，我們會發現其中有很多變化。顯然，從收入方面和成本節約措施來看，我們正在朝著正確的方向發展。就第一季而言，我認為我們的業務定位做得相當不錯。我認為成本節約將會持續下去，而且我們顯然非常注重維持全年的利潤率。因此，當你看到這些數字時，我想我們對目前的數位變化感到滿意。

And I think there's not a lot of changes. We have some things moving back and forth. The cost savings are on target, like I said in the script, so I think we feel pretty good as far as where EBITDA is positioned right now.

我認為變化不大。我們有一些事情在反覆進行。正如我在腳本中所說的那樣，成本節省已經達到了目標，因此我認為就目前的 EBITDA 狀況而言，我們感覺相當不錯。

Yeah. I think the guidance was designed very, as you can imagine, to take into account trends on subs revenue and cost savings. And as Tom mentioned, there is going to be continued improvement on the cost side heading towards this $200 million run rate exiting 2025 savings number. We also had some impacts in the first quarter of lower sales and marketing that we may choose to reinvest later in the year. We did discuss in earlier comments about the launch of low cost of ads.

是的。我認為，正如您所想像的，該指南的設計充分考慮了訂閱收入和成本節約的趨勢。正如湯姆所提到的，成本方面將會繼續改善，朝著 2025 年節省 2 億美元的運行率邁進。第一季的銷售和行銷下滑也為我們帶來了一些影響，我們可能會選擇在今年稍後重新投資。我們之前的評論中確實討論過推出低成本廣告的問題。

And so there could be some reinvestment of some of those savings later in the year. But the biggest opportunity for upside relative to the guidance likely is in costs overall.

因此，今年稍後可能會將部分儲蓄進行再投資。但相對於預期而言，最大的上漲機會可能在於整體成本。

And then on your question about click to cancel. So that doesn't go into place across the US until two weeks from now. We do have it implemented across a number of states, and so we have some expectation about the impact of that. That's been, that's embedded in our current numbers. And obviously, we had very strong churn performance in the first quarter, and it's included in that. And we do think that rolling it across the US will have incremental impact on churn. This year, it's one of the three things we highlighted is having an impact on net adds this year beyond what's going on in the core.

然後回答您關於點擊取消的問題。因此，該措施要到兩週後才會在全美實施。我們確實已經在多個州實施了這項計劃，因此我們對其影響有一定的預期。這已經包含在我們目前的數字中了。顯然，我們在第一季的客戶流失率表現非常強勁，這也包含在內。我們確實認為，在美國推廣這項措施將對客戶流失產生漸進的影響。今年，我們重點強調的三件事之一就是它對今年淨增值的影響超出了核心的影響。

In the core, we would expect net adds to actually improve year-over-year, but for these three impacts of click to cancel, the streaming net add reduction and the pull forward from using shorter-term promotions post conversion in trial in-car. So the first quarter, we did say, if your question is really about streaming net adds, the first quarter streaming net adds were negative and that was offset by better lower losses on the in-car side of the business. And again, we feel really good about the subscriber trend line that we've talked about an overall guidance for the year.

在核心方面，我們預期淨增額實際上會比去年同期有所改善，但對於點擊取消、串流淨增額減少以及在試駕車轉換後使用短期促銷帶來的提前效應這三個影響而言。因此，我們確實說過，如果您的問題確實是關於串流淨增值，那麼第一季的串流淨增值是負的，但這被車載業務方面更好的較低損失所抵消。再次，我們對用戶趨勢線感到非常滿意，我們已經討論了今年的整體指導。

Thank you.

謝謝。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Good morning and thanks for taking the questions. SiriusXM subscriber results showed quite a healthy improvement compared to last year. I think churn specifically is very encouraging. And what stood up to me was that non-pay and voluntary were both lower year-over-year and that there's been minimal impact so far following the recent price ups. I'm not sure what more you can say, but any additional color would be much appreciated because of all the concerns around the macro and competitive backdrops and how we should be thinking about the trend going forward? Thank you.

早上好，感謝您回答問題。與去年相比，SiriusXM 的用戶結果顯示出相當健康的改善。我認為客戶流失率特別令人鼓舞。對我來說，無薪和自願的工資同比都有所下降，而且在最近的價格上漲之後，影響迄今為止微乎其微。我不知道您還能說什麼，但是由於人們對宏觀和競爭背景以及我們應該如何看待未來趨勢感到擔憂，因此任何補充說明都將不勝感激。謝謝。

Sure. We are very encouraged by our first quarter results and just how the metrics have trended even more recently Obviously, we're watching things like cancel demand, cancel rate on the voluntary side, non-pay entry rates, cure rates and demand metrics. And we really haven't seen anything to give us any pause.

當然。我們對第一季的業績感到非常鼓舞，而且最近各項指標的趨勢顯然我們正在關注取消需求、自願取消率、非付費入職率、治癒率和需求指標等。我們確實沒有看到任何讓我們停下來思考的事情。

And I think a lot of it has to do with just our loyal core long-term subscriber base, where we have been seeing higher satisfaction and value even than ever before and consistently low churn. And I think that just decreases some of the potential impact from economics uncertainty on our subscription business.

我認為這在很大程度上與我們忠實的長期核心用戶群有關，我們的用戶滿意度和價值比以往任何時候都高，而且流失率一直很低。我認為這減少了經濟不確定性對我們的訂閱業務的一些潛在影響。

Just internal and external research, both confirm very high satisfaction and engagement with our service, among our subscribers we see strength also in our engagement data, which we have more and more of, obviously, with 360L and listening outside the car through the app where we saw a very healthy engagement in the first quarter.

內部和外部研究均證實了我們對服務的極高滿意度和參與度，在我們的用戶中，我們也看到了參與度數據的優勢，顯然，透過 360L 和透過應用程式在車外監聽，我們在第一季度看到了非常健康的參與度。

And then again we just monitor the metrics, but we really haven't seen anything of concern. And this is, of course, even or despite the rate increase that we implemented across the price packages in the first quarter. So we really feel good about where we are on the subscription side of the business.

然後我們再次監控指標，但我們確實沒有看到任何值得擔憂的事情。當然，這是在我們第一季對所有價格方案實施漲價的情況下發生的。因此，我們對業務訂閱方面的現況感到非常滿意。

That's great thank you so much.

太好了，非常感謝。

(Operator Instructions)

（操作員指示）

Steven Cahall, Wells Fargo.

富國銀行的史蒂文·卡霍爾 (Steven Cahall)。

Thanks, Jennifer, I was wondering if you could give us some more color on your new ad supported tier. So is the subscriber acquisition process there? Any different versus your current paid tier. And is there any price in how the COGS work for that in terms of like revenue share and royalties? I guess what I'm trying to get at is it sounds like this should be EBITDA accretive. Is it margin neutral? Is it margin accretive or something different? And how significant maybe could that be this year and next as you start to lean into it a little more.

謝謝，詹妮弗，我想知道您是否可以向我們詳細介紹您的新廣告支援層。那麼訂戶獲取流程在那裡嗎？與您目前的付費等級相比有何不同。那麼，就收入分成和特許權使用費而言，COGS 的運作方式是否有任何價格？我想我想表達的是，這聽起來應該是 EBITDA 增值。它的利潤率是中性的嗎？它能增加利潤嗎？還是有什麼不同？當你開始更加關注它時，今年和明年它會有多麼重要。

And then maybe just another one on the self-pay net add outlook. Is there any way to just think about how we tie up all the things that are not related to in-car core trends? So between click to cancel the promo impact and the streaming-only impact? Are we talking kind of single-digit hundreds of thousands of subs? Is it bigger or smaller than that? We just kind of love to understand that. And is that pretty much done after this year? And then we don't have to worry about those things from '26 on or how do those linger?

然後也許只是自付淨增加前景的另一個。有沒有辦法只考慮我們如何將所有與車載核心趨勢無關的事物連結起來？那麼點擊取消促銷影響和僅串流媒體影響之間有什麼區別？我們談論的是幾十萬個訂閱者嗎？它比那大還是小？我們只是有點想了解這一點。今年之後就基本完成了嗎？然後我們就不必再擔心 26 年以後的事情了，或者這些事情會如何持續下去？

I'll start with your second question, Steven, on just the three things. So the way we've been talking about it is that just without them, it would be -- we would be better year-over-year in terms of self-pay net adds. But 3 things we've highlighted that you mentioned result in about a couple of hundred thousand incremental negative net ads this year.

史蒂文，我先從你的第二個問題開始，只討論三件事。因此，我們一直在談論的是，如果沒有他們，我們的自付淨增額將會比去年同期更好。但是，您提到的我們強調的三件事導致今年增加了數十萬個負面淨廣告。

Some of those we would expect to roll into next year, but clearly something like short-term promotions pull forward some churn. So that gets better when you look at year-over-year comps in '26. And then we believe we have a number of initiatives in place to help improve the trend line. That's certainly our goal for '26, including things like low cost of ads.

我們預計其中一些活動將在明年推出，但顯然短期促銷等活動會提前帶來部分客戶流失。因此，當你查看 26 年的同比情況時，情況會變得更好。然後我們相信我們已經採取了一些措施來幫助改善趨勢線。這當然是我們 26 年的目標，包括降低廣告成本等。

And I'll let Wayne comment more on it. He's been key to kind of getting this off the ground. But I'm really excited about how the team has rallied around this initiative as we focus on opportunities to really super serve our core in-car audience. I mean as you know, the time set listening in-car, 80% of that for 35 years old and us is AM/FM and SiriusXM.

我會讓韋恩對此發表更多評論。他是讓這件事順利進行的關鍵人物。但我對團隊如何團結起來推動這項舉措感到非常興奮，因為我們專注於尋找機會真正為我們的核心車載觀眾提供優質服務。我的意思是，如你所知，對於我們 35 歲的人來說，在車內收聽電台的時間 80% 是 AM/FM 和 SiriusXM。

So we have a real opportunity here to take share from AM/FM with the right price points and packages. So Wayne, do you want to talk more about that.

因此，我們擁有真正的機會，透過合適的價格和套餐從 AM/FM 手中奪取市場份額。那麼韋恩，你想進一步談談這個問題嗎？

Yeah. Thanks. And as you can tell, we are really excited about this addition to our business. Our plan is to roll this out in the coming months, but in a very targeted way, so while at the same time testing a few different prices and packages, we're expecting to land in the high single digits. In terms of price and as Jennifer noted, this is going to be available from the beginning in almost 100 million vehicles and available to all new car trailers.

是的。謝謝。正如您所知，我們對業務的這一成長感到非常興奮。我們的計劃是在未來幾個月內推出這項服務，但會以非常有針對性的方式進行，因此在測試一些不同的價格和套餐的同時，我們預計收入將達到較高的個位數。就價格而言，正如珍妮佛所說，這項技術從一開始就會在近 1 億輛汽車上應用，並適用於所有新車拖車。

So the addressable opportunity is quite large, but we're going to be using our new marketing capabilities to target in a very thoughtful way on how this is offered into whom. So the goal here is to offer this to cohorts so we've identified you do not convert as well or who are generally more price sensitive. And so the goal here overall is to increase yield in our overall funnel and looking forward to reporting back as we made a little bit more progress.

因此，潛在的機會相當大，但我們將利用我們新的行銷能力，以非常周到的方式確定如何向誰提供這一機會。因此，這裡的目標是向同類群體提供這項服務，以便我們發現您的轉換率不太高，或者通常對價格更敏感。因此，這裡的總體目標是提高我們整體管道的收益，並期待在取得更多進展後報告結果。

Yeah. And then just to your margin question, yes, our margins are very high, as you know, our variable margins across all of our packages, and I don't see this as being any different. I would expect it to have more impact next year than this year because we're still in test phase and ramping up later this year.

是的。然後回答您的利潤問題，是的，我們的利潤率非常高，如您所知，我們所有套餐的利潤率都是可變的，我認為這沒有什麼不同。我預計它明年的影響會比今年更大，因為我們仍處於測試階段，並將在今年稍後加強。

Thank you.

謝謝。

Jessica Reif Ehrlich, Bank of America.

美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

Okay. So sorry about that. So two things. One, advertising is clearly going to become a more important component of revenue. What changes are you making, if any, to your sales approach, whether it's direct sales, programmatic, et cetera? And then the second thing is just in podcasting you've made an investment. Can you just talk about how you are monetizing across different platforms, your business talent that you have? And how much bigger do you hope or plan to figure out?

好的。對此我深感抱歉。所以有兩件事。首先，廣告顯然將成為收入中更重要的組成部分。如果有的話，您對銷售方式做了哪些改變，無論是直接銷售、程序化銷售還是其他？第二件事就是你在播客方面進行了投資。您能否談談您如何在不同平台上實現盈利以及您擁有的商業才能？您希望或計劃將其擴大到多少？

Sure. I'll start, Jessica. First on podcasting, it's one of the larger investments we've made over the last few years, and I'm really pleased with how we have executed here. As you know, it supports certainly the ad side of our business, but we also have exclusive content on the SiriusXM side of the business, and we've launched the podcast Plus subscription, which is distributed across multiple other channels.

當然。我先開始，潔西卡。首先是播客，這是我們過去幾年較大的投資之一，我對我們的表現非常滿意。如您所知，它當然支援我們業務的廣告方面，但我們在 SiriusXM 業務方面也有獨家內容，並且我們已經推出了播客 Plus 訂閱，該訂閱分佈在多個其他管道中。

But on the ads business, it has the largest impact and you saw the numbers in the first quarter, revenue was up 33%. So we feel really good about the trend line here. And a lot of that does have to do with selling across channels where creators are pushing their content. So whether that's audio podcasts, video podcasts, video clips or social. We've been able to offer packages to advertisers to extend their reach alongside the creators that they respect and value and ultimately improve their campaign performance.

但對廣告業務而言，它的影響最大，正如你在第一季看到的數據，收入增加了 33%。所以我們對這裡的趨勢線感到非常滿意。這在很大程度上與創作者透過各種管道推銷其內容有關。無論是音訊播客、視訊播客、視訊剪輯還是社交。我們已經能夠向廣告商提供套餐，以擴大他們的影響力以及他們尊重和重視的創作者，並最終提高他們的廣告活動成效。

So we've had really strong interest in that among marketers. I don't see that dampening at all given the general environment, which is maybe impacting other parts of the ads business more than podcasting. There's just a very strong trend line there. There's, of course, always more we can do in terms of bringing more self-serve solutions and better bringing targeting and measurement into our portfolio so that advertisers can really buy across the portfolio.

因此，我們行銷人員對此非常感興趣。考慮到整體環境，我根本不認為會出現這種抑制，這可能對廣告業務的其他部分的影響比播客更大。那裡有一條非常強勁的趨勢線。當然，我們還可以做更多的事情，例如提供更多的自助服務解決方案，並更好地將定位和測量功能納入我們的產品組合，以便廣告商能夠真正地在整個產品組合中進行購買。

So going to your first question about our sales approach, directed still a very significant effort for us. And I think the programmatic we've had long-term success with and continue to see strong demand there. It's especially helpful to have the capabilities there and environment where marketers might be sort of waiting to deploy budgets.

因此，回到您關於我們的銷售方法的第一個問題，這對我們來說仍然是一個非常重大的努力。我認為程序化廣告已經為我們帶來了長期的成功，並將繼續保持強勁的需求。擁有這樣的能力和環境對於行銷人員等待部署預算來說尤其有幫助。

And we certainly saw that at the end of the first quarter where programmatic started to rise towards the end of the quarter and continue to see sort of late bookings. So having those capabilities in place is incredibly helpful. But again, there's more we can do to build out self-serve capabilities so that we can be more appealing to a broader set of marketers.

我們確實看到，在第一季末，程序化廣告開始上升，並且繼續出現延遲預訂的情況。因此，擁有這些能力是非常有幫助的。但同樣，我們還可以做更多的事情來建立自助服務能力，以便我們能夠吸引更廣泛的行銷人員。

Thank you.

謝謝。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Hey, great, thanks for taking the questions, Jennifer, maybe on pricing. I'm curious if you talk a little bit more about the receptivity you're seeing to some of the pricing increases. It sounds like the value exchange that you pushed down late last year, early this year has really been helping on just curious on the back of that, how perhaps you should think about the pacing of pricing increases and ARPU throughout the year.

嘿，太好了，謝謝你回答問題，詹妮弗，也許是關於定價的問題。我很好奇，您是否能再多談談您對某些價格上漲的接受程度。聽起來，您在去年年底、今年年初推行的價值交換確實起了幫助作用，只是我很好奇，您或許應該如何考慮全年價格上漲的節奏和 ARPU 值。

And then just to double-click on advertising on more of a real-time basis. Curious what you're hearing from your advertising partners as they settle in here past the first few weeks of tariff volatility, how it trends early into the second quarter compared to what you saw coming out of the first quarter? Thank you.

然後只需即時雙擊廣告即可。好奇的是，在經歷了最初幾週的關稅波動後，您的廣告夥伴們都聽到了什麼消息？與第一季的情況相比，第二季初的趨勢如何？謝謝。

Sure. The rate increase went into place in early March and across our full price packages. And it was anywhere from $1 to $2, depending upon the package is we wanted to align prices with our all-in pricing we put in place the middle of last year. So fairly significant for us. And we've seen very little negative impact. Of course, it's still early. But we do have a majority of our subscribers on monthly plans, so it is pretty fully rolled out as we go into the next few months.

當然。此次漲價已於三月初生效，適用於我們的全價套餐。根據套餐的不同，價格從 1 美元到 2 美元不等，我們希望將價格與去年年中製定的全包定價保持一致。所以這對我們來說相當重要。我們幾乎沒有看到負面影響。當然，現在還早。但我們確實有大多數訂戶採用的是月度計劃，因此在接下來的幾個月裡，這項服務將全面推出。

I think a lot of times we see the reaction when we send the notices out about the rate increase as opposed to when the increase actually goes into effect. And so we have a pretty good read on consumer response. And it is exactly what you mentioned, I believe, that has helped us through this, which is we push a lot of value down to those packages in the fall. And we actually saw a lot of engagement with that newly added content among those subscribers.

我認為很多時候我們看到的是我們在發出加息通知時的反應，而不是升息實際生效時的反應。因此，我們對消費者的反應有相當好的了解。我相信，您提到的這一點幫助我們解決了這個問題，即我們在秋季將大量價值提升到了這些套餐上。我們確實看到訂閱者對新添加的內容有很大的參與。

So again, feel really good about this. I think in terms of the ARPU comps and as we've said, first quarter was tough as it just went into place late in the quarter, but we would expect the trend line to get better as we go throughout the year. And then on the ad side, I'll let Tom talk about the categories. But I would just say it's hard to get a read on it.

所以再次強調，對此我感到非常高興。我認為就 ARPU 比較而言，正如我們所說，第一季很艱難，因為它是在季度末才開始的，但我們預計，隨著全年的推移，趨勢線會變得更好。然後在廣告方面，我會讓湯姆談談類別。但我只能說，很難讀懂它。

Clearly, the news changes every day, every week. I think we're just pleased with the portfolio we have to be able to optimize across broadcast streaming and podcasting and certainly kind of dynamics and podcasting make us very attractive to marketers overall. Do you want to talk about the categories, Tom?

顯然，新聞每天、每週都在變化。我認為，我們對能夠在廣播串流媒體和播客方面進行優化的產品組合感到滿意，而且這種動態和播客無疑使我們對行銷人員非常有吸引力。湯姆，你想討論一下類別嗎？

Good morning, Stephen. So looking at the categories, when you look at where we are at sales, Jennifer, articulated appropriately. I mean, I think the -- we're seeing -- we're cautious, but you look at the -- we had a fairly solid quarter in Q1. We're seeing a little bit of pullback on the travel and the auto and some levels of retail. So we're seeing some softness on that side, but we are also seeing strength on the telco side and pharma. So we have a broad portfolio. We are obviously in this period of tariffs and volatility. Our sales team is working hard in trying to react to the market space. So it will be ongoing and we'll continue to press it.

早安，史蒂芬。因此，當您查看類別並查看我們的銷售情況時，Jennifer 的表達非常恰當。我的意思是，我認為——我們看到——我們很謹慎，但你看——我們在第一季表現相當穩健。我們看到旅遊業、汽車業和某些零售業出現了一些回落。因此，我們看到該方面的一些疲軟，但我們也看到電信和製藥的強勢。因此我們擁有廣泛的產品組合。我們顯然正處於關稅和波動時期。我們的銷售團隊正在努力對市場空間做出反應。因此，這項工作將會持續進行，我們將繼續推動這項工作。

Great thank you both.

非常感謝你們兩位。

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特（Barton Crockett），羅森布拉特證券公司。

Okay. I was wondering if you could maybe elaborate a little bit more on the statement that you don't see real kind of risk from tariff impacts on the car market? I understand the confidence, but I'm just wondering if you could unpack you said you looked at a lot of some scenarios if you could unpack the scenarios you look at and how you came to that conclusion. And also, I think you were very particular in your verbage, you don't see an impact this year as part of this that with your long kind of trials at some of the impact would be pushed into next year. Is that part of it, if you could explain that would be helpful.

好的。我想知道您是否可以更詳細地解釋一下您認為關稅不會為汽車市場帶來真正的風險？我理解這種信心，但我只是想知道您是否可以解釋一下您說的您研究了很多場景，您是否可以解釋一下您所看到的場景以及您是如何得出這個結論的。而且，我認為您的措辭非常特別，您認為今年不會產生影響，而由於您進行了長期試驗，部分影響將推遲到明年。這是其中的一部分嗎？如果您能解釋一下，那將會很有幫助。

Sure. I'll start on this one. So I think certainly, as we've seen in the past, with a reduction in car sales, the near-term impact is generally less vehicle-related churn, right? As our subscribers are not trading in cars, and therefore canceling their subscription and going on a trial.

當然。我先從這個開始。因此我認為，正如我們過去所看到的那樣，隨著汽車銷售的減少，短期影響通常是與汽車相關的客戶流失減少，對嗎？由於我們的訂閱者不進行汽車交易，因此取消訂閱並進行試用。

So that's what we would expect in the near term. And then the question is really how to lower auto sales if that's truly what happens, continue in the future years, right? So what's the trend line and if there was a very long-term notable reduction in auto sales, then I would be more concerned for the business. But our expectation is that new car sales if there is a reduction, it will be in part off that by used car sales. We have a very strong representation of used car sales in our funnel.

這就是我們近期的預期。那麼真正的問題是，如果這種情況真的發生，並且在未來幾年繼續下去，汽車銷售將如何下降？那麼趨勢線是什麼呢？如果汽車銷量長期顯著下降，那麼我會更擔心業務。但我們的預期是，如果新車銷售下降，那麼部分原因將是由二手車銷售所致。我們的銷售通路中二手車銷售佔比非常高。

We've added data partners to help us identify when those cars trade hands, and we're able to increasingly offer trials and we've seen that materialize kind of in better growth adds essentially in our business. And so I think from a subscriber standpoint, there could be some near-term positives and then maybe some slight longer-term negative financially without the SAC, it will be positive. But in general, we believe that the new car sales reduction would be in part offset by use even without that, we still have high confidence in the financial and subscriber metrics for this year and likely next year as well.

我們增加了數據合作夥伴來幫助我們識別這些汽車何時易手，並且我們能夠越來越多地提供試用，並且我們已經看到這在我們的業務中實現了更好的成長。因此，我認為從使用者的角度來看，如果沒有 SAC，短期內可能會有一些正面影響，但長期來看可能會有一些輕微的負面影響，但從財務角度來看，這將是正面的。但總的來說，我們認為新車銷售的減少將部分被使用量所抵消，即使沒有這種情況，我們仍然對今年以及明年的財務和用戶指標充滿信心。

Okay. And if I could just follow up, I'm just curious. If you could elaborate a little bit more on what you're hearing right now from your automaker partners in terms of things are very fluid. If you could give us any more recent update on what you're hearing from them in terms of their applications for new car sales and a possibility of an offset from used car offsetting some of the new car pressure potentially?

好的。如果我可以跟進的話，我只是很好奇。如果您可以更詳細地說明您現在從汽車製造商合作夥伴那裡聽到的情況，那麼事情是非常不穩定的。您能否向我們提供一些最新情況，說明您從他們那裡聽到的關於新車銷售申請以及二手車可能抵消部分新車壓力的可能性？

I mean we're hearing, I think what you're hearing just the public statements and obviously, the, I guess, April SAAR will come out later today, I believe, but March was very strong. There's been a lot of pull forward in terms of consumers buying ahead of an expectation of perhaps price increases. So I think we're watching the public news as much as you are in and obviously, it continues to evolve. But again, I think some pull forward also offsets any potential negative that might happen over the course of the year.

我的意思是，我們聽到的，我想你聽到的只是公開聲明，顯然，我想，四月份的 SAAR 將在今天晚些時候公佈，但三月份的表現非常強勁。由於預期價格可能會上漲，消費者提前購買的現像已經很普遍。所以我認為我們和你一樣關注公共新聞，而且顯然它在不斷發展。但我再次認為，一些提前行動也能抵消今年可能發生的任何負面因素。

Okay, that's very helpful. Thank you.

好的，這非常有幫助。謝謝。

Cameron Mansson-Perrone, Morgan Stanley.

摩根士丹利的卡梅倫·曼森-佩羅內。

Thank you, one follow-up just on the price hike. Pretty encouraging churn result in conjunction with that. Jennifer, I'd be curious to hear should we expect looking beyond 2025, should we expect still that you continue kind of in every other year cadence to price taking? Or does the response among the subscriber base this quarter recently changed the way you're thinking about kind of the broader pricing philosophy longer term?

謝謝，我想問一下關於價格上漲的問題。與此結合，客戶流失率結果相當令人鼓舞。珍妮佛，我很好奇，我們是否應該預期，展望 2025 年以後，我們是否仍然預期您會繼續以每隔一年的節奏進行價格調整？或者本季用戶群體的反應是否改變了您對長期更廣泛的定價理念的看法？

And then for Tom, you're pretty clear the tariffs, you don't expect to have any impact on the OpEx base subs, but I'd be curious, I'm assuming for your satellite contracts, those are largely contracted, but for the non-sat CapEx, any thoughts on risk or not to any tariff impacts there?

然後對於湯姆，你很清楚關稅，你預計它不會對 OpEx 基本潛艇產生任何影響，但我很好奇，我假設對於你的衛星合約來說，那些大部分都是合同，但對於非衛星資本支出，對關稅影響的風險有什麼看法？

So I'll start on pricing. Our goal is kind of every other year, and we will continue to evaluate that. There may be opportunities to take price on certain packages, but not all of them, so that there is some form of a price increase every year. But we haven't established what we're going to do going into next year. We're watching obviously reaction really closely.

因此我將開始討論定價。我們的目標是每隔一年進行一次，並且我們將繼續評估這一點。可能有機會對某些套餐進行降價，但不是全部，因此每年都會出現某種形式的價格上漲。但我們還沒確定明年要做什麼。我們顯然正在密切關注反應。

While I have a lot of confidence in the loyal nature of our subscriber base. I think we want to be mindful of the economic environment, clearly. And I think part of what we're doing is, as you can tell, increasing the breadth of the pricing and the packages that we have in market so that we have the flexibility to offer consumers who might be more price sensitive.

儘管我對我們的用戶群的忠誠度很有信心。我認為我們顯然要關注經濟環境。我認為，正如您所看到的，我們正在做的工作之一就是擴大我們在市場上的定價範圍和套餐，以便我們能夠靈活地為對價格更敏感的消費者提供服務。

One of those lower-priced packages that is on an ongoing rate as opposed to a short-term promotional discount. So again, building out this broader pricing and packaging structure, I think, helps us meet demand and help with retention across a number of different segments.

這些低價套餐之一，採用持續費率，而非短期促銷折扣。因此，我認為，建立這種更廣泛的定價和包裝結構有助於我們滿足需求，並有助於在多個不同領域實現保留。

Tom, do you want to address CapEx?

湯姆，你想解決資本支出問題嗎？

Yeah, sure. Yes, Cameron. So looking at CapEx, on the satellite side, you're right, the satellite infrastructure and IT systems are principally US sourced. So we don't see a lot of risk there from a tariff standpoint. Some of the terrestrial repeaters are actually come from Canada, but for the most part, we feel limited, very limited exposure on the sat side. The non-sat side is a lot of labor and other components and I think in the last 6 months as and arrive. We spent a lot of time going through non-sat CapEx, and we feel that we've stress tested the components of it, and we feel very comfortable with the tariff impact.

是的，當然。是的，卡梅倫。因此，從衛星方面的資本支出來看，您說得對，衛星基礎設施和 IT 系統主要來自美國。因此，從關稅的角度來看，我們認為風險並不大。一些地面中繼器實際上來自加拿大，但大多數情況下，我們感覺衛星的曝光非常有限。非週六方面需要大量的勞動力和其他組成部分，我認為在過去 6 個月內將會實現。我們花了很多時間研究非衛星資本支出，我們覺得我們已經對其各個組成部分進行了壓力測試，並且我們對關稅影響感到非常滿意。

Thanks, everybody, for participating today, and we look forward to speaking to you soon. Take care.

感謝大家今天的參與，我們期待很快與您交談。小心。