Sirius XM Holdings Inc (SIRI) 2025 Q2 法說會逐字稿

Greetings. Welcome to the SiriusXM second quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 SiriusXM 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Hooper Stevens, Senior Vice President, Investor Relations and Finance. Thank you, Hooper. You may now 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。現在你可以開始了。

Thank you, and good morning, everyone. Welcome to SiriusXM's second 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 Thorsen, our Executive Vice President and Chief Operating Officer, will join Jennifer and Tom to take your questions during the Q&A portion of this call.

謝謝大家，早安。歡迎參加 SiriusXM 2025 年第二季財報電話會議。今天，我們將準備執行長 Jennifer Witz 和財務長 Tom Barry 的演講。我們的總裁兼首席內容長 Scott Greenstein、我們的執行副總裁兼營運長 Wayne Thorsen 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.

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。

Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. For more information about these risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them.

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。有關這些風險和不確定性的更多信息，請查看 SiriusXM 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。

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 IR website for your convenience.

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 IR 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。

Thank you, Hooper. Good morning, everyone. The second quarter was a period of great progress as we continued to deliver meaningful value to our subscribers, listeners and advertising partners and optimize our organization through the lens of our renewed strategic focus. From deeper engagement with our loyal listeners to early momentum associated with our operational improvements and continued strong results across key performance indicators, we are confident we are on the right path for the long-term success of the business.

謝謝你，胡珀。大家早安。第二季我們取得了巨大進步，我們繼續為我們的訂閱者、聽眾和廣告合作夥伴提供有意義的價值，並透過新的策略重點優化我們的組織。從與忠實聽眾的更深入互動，到與營運改善相關的早期動力，以及關鍵績效指標的持續強勁表現，我們相信我們正走在實現業務長期成功的正確道路上。

Beginning with content, it's been an exciting few months as we announced new talent and programming, produced one-of-a-kind subscriber events and tapped into the full power of our platform with major moments in news and culture. One of the highlights of the quarter included our new agreement with Stephen A.

從內容開始，過去的幾個月令人興奮，我們宣布了新的人才和節目，製作了獨一無二的訂閱者活動，並充分利用了我們平台的力量，報道新聞和文化領域的重大事件。本季的亮點之一是我們與 Stephen A 達成的新協議。

Smith, who will be joining us this fall. SiriusXM offers multifaceted personalities and creators a place to connect deeply with their fans on many topics. This deal, for example, has Stephen A helming both a live daily sports show on Mad Dog Sports Radio and a political and culture program expected to air on the POTUS channel and then run as a broadly distributed podcast.

史密斯將於今年秋天加入我們。SiriusXM 為多面人物和創作者提供了一個與粉絲就許多話題進行深入交流的場所。例如，這筆交易讓史蒂芬·A 負責 Mad Dog Sports Radio 上的一檔每日直播體育節目，以及一檔預計將在 POTUS 頻道播出的政治和文化節目，然後作為廣泛傳播的播客播放。

The collaboration with Stephen A leans into many of our strengths, including our leadership in sports audio, live coverage, real-time fan interaction and effective monetization of listeners across both subscription and advertising supported audio. These are the types of thoughtful content investments we will continue to make moving forward.

與 Stephen A 的合作充分發揮了我們的許多優勢，包括我們在體育音頻、現場報道、實時粉絲互動以及通過訂閱和廣告支持音頻有效實現聽眾貨幣化方面的領導地位。這些都是我們未來將繼續進行的深思熟慮的內容投資。

Within our SiriusXM subscription business, we're pleased to deliver year-over-year improvement in self-pay net adds for the fifth quarter in a row, which in Q2 improved by 32,000 over the same quarter last year. This quarter's results were primarily driven by the expansion and positive impact of new acquisition initiatives, combined with continued low churn.

在我們的 SiriusXM 訂閱業務中，我們很高興看到自付費淨增用戶連續第五個季度同比增長，第二季度比去年同期增加了 32,000 人。本季的業績主要得益於新收購措施的擴張和正面影響，以及持續的低客戶流失率。

These initiatives include our automotive dealer three-year subscription program, which earlier this month kicked off with Audi, our eighth OEM partner, enhancements to our used car owner data, our EV expansion and Podcast plus package.

這些舉措包括我們的汽車經銷商三年訂閱計劃，該計劃於本月初與我們的第八家 OEM 合作夥伴奧迪一起啟動，增強了我們的二手車主數據、擴展了我們的電動汽車並增加了 Podcast plus 套餐。

We still anticipate the headwinds we highlighted heading into 2025, particularly our intentional pullback of streaming marketing spend to impact comparisons in the back half of the year. But while our full year subscriber expectations remain unchanged, the first half of 2025 underscores the success of these acquisition efforts and the strength, health and resilience of our core subscriber base. We are committed to delivering even greater value to our dedicated customers. After successfully incorporating additional content

我們仍然預計，2025 年仍將面臨我們強調的不利因素，尤其是我們有意削減串流行銷支出，以影響下半年的比較。儘管我們對全年用戶數量的預期保持不變，但 2025 年上半年的表現凸顯了這些收購努力的成功以及我們核心用戶群的實力、健康和彈性。我們致力於為忠實的客戶提供更大的價值。成功整合附加內容後

into various packages last fall, we are pursuing further value adds as well as continuous enhancements to our in-app experience as a complement to in-car listening.

去年秋天，我們將這些功能融入各種軟體包中，並不斷追求增值，不斷增強我們的應用程式內體驗，作為車載收聽的補充。

This quarter, we launched a new call in button, which appears on live talk programming in the app as the phone lines open up for listeners, making it as easy as one tap to chat live with favorite hosts. This is just one of the ways we are super serving our core audience, deepening their connection with our content through the timeliness of our service. We are also seeing increased usage of our streaming offering more broadly, with in-app time spent listening up year-over-year in both listening hours and days for our self-pay subscribers.

本季度，我們推出了一個新的呼叫按鈕，當電話線路向聽眾開放時，該按鈕就會出現在應用程式中的即時談話節目中，只需輕輕一按即可與最喜歡的主持人進行即時聊天。這只是我們為核心受眾提供優質服務的方式之一，透過我們服務的及時性加深他們與我們內容的連結。我們還發現，我們的串流媒體服務的使用範圍正在擴大，自付費用戶在應用程式內收聽的時間（無論是收聽小時數還是收聽天數）都與去年同期相比有所增加。

Additionally, consumption of our streaming extra channels and artist stations continues to increase both in car and in app. Building engagement across content types and devices has been a major factor in sustaining our incredibly high customer satisfaction and low churn.

此外，我們的串流額外頻道和藝術家電台的消費量在汽車和應用程式中都持續增加。建立跨內容類型和裝置的參與度是我們維持極高的客戶滿意度和低客戶流失率的主要因素。

As we look to highlight our unique differentiators to new potential customers and thoughtfully grow our subscriber base, we are building additional packages to meet their needs. Earlier this month, we began rolling out SiriusXM play, our new in-car and in-app ad-supported subscription plan, featuring a compelling subset of our music and talk programming available at a low monthly price, we expect play to be available in almost 100 million vehicles by the end of this year.

我們希望向新的潛在客戶突出我們的獨特優勢，並深思熟慮地擴大我們的用戶群，因此我們正在建立額外的套餐來滿足他們的需求。本月初，我們開始推出 SiriusXM play，這是我們新的車載和應用程式內廣告支援訂閱計劃，該計劃以低廉的月費提供我們引人注目的音樂和談話節目，我們預計到今年年底，play 將在近 1 億輛汽車上推出。

Play presents a logical solution for price-sensitive customers with SiriusXM already built into their vehicles who are looking to complement their on-demand audio platform of choice with a more curated, live and connected experience with the same ease of traditional radio. The introduction of Play rounds out our broader pricing and packaging work, which now includes a variety of plans and price points suited to different types of listeners.

對於價格敏感的客戶來說，Play 提供了一個合理的解決方案，他們已經在車輛中內建了 SiriusXM，他們希望透過更精心策劃、即時和互聯的體驗來補充他們選擇的點播音訊平台，同時又能享受到與傳統收音機相同的便捷性。Play 的推出完善了我們更廣泛的定價和打包工作，現在包括適合不同類型聽眾的各種計劃和價格點。

While we believe Play has a potential to contribute to improved subscriber results, we are scaling this new solution at a thoughtful rate, leveraging the marketing investments we've made to target the right potential customers with the right content and package. Play also introduces opportunities into our portfolio of advertising solutions, taking advantage of the continuous improvements we are making to our ad tech stack.

雖然我們相信 Play 有潛力提高訂閱用戶的結果，但我們正在以謹慎的速度擴展這項新解決方案，利用我們所做的行銷投資，以合適的內容和套餐瞄準合適的潛在客戶。Play 也為我們的廣告解決方案組合帶來了機遇，充分利用了我們對廣告科技堆疊的持續改進。

This includes the addition of ad replacement capabilities on 360L vehicles toward the end of this year, and updates, which will make it easier for marketers to seamlessly purchase across satellite broadcast, streaming and podcasting in a single order.

其中包括在今年年底前在 360L 車輛上增加廣告替換功能以及更新，這將使行銷人員更容易透過單一訂單無縫購買衛星廣播、串流媒體和播客。

This quarter, we announced an agreement to improve audio's representation within media mix models, an important step forward in the measurement landscape. We also launched a new capability, which allows advertisers to leverage AI voice replicas and audio ad creative to quickly launch more scalable campaigns at a lower cost. Each of these advancements is part of our larger goal of getting audio in every media plan by addressing many of the complexities in creative, planning, buying, measuring and targeting that have traditionally held marketers back.

本季度，我們宣布了一項協議，旨在改善音訊在媒體組合模型中的代表性，這是測量領域向前邁出的重要一步。我們還推出了一項新功能，使廣告主能夠利用 AI 語音複製品和音訊廣告創意以更低的成本快速推出更具可擴展性的廣告活動。這些進步都是我們更大目標的一部分，即透過解決創意、規劃、購買、衡量和定位等方面的許多複雜問題，將音訊融入每個媒體計劃中，而這些複雜問題傳統上阻礙了行銷人員的發展。

We continue to see challenges in the ad market due to economic, consumer and tariff uncertainty, ranging from budget pullbacks to dollars shifting to lower funnel channels to drive short-term sales with categories such as retail more adversely impacted. Additionally, we are seeing pricing pressure in streaming from an excess of CTV inventory and audio competitors reacting.

由於經濟、消費者和關稅的不確定性，我們繼續看到廣告市場面臨挑戰，從預算縮減到資金轉移到較低的管道以推動短期銷售，零售等類別受到的影響更大。此外，我們看到由於 CTV 庫存過剩和音頻競爭對手的反應，串流媒體的定價面臨壓力。

Podcasting, however, remains a bright spot, while overall advertising was down approximately 2% from Q2 2024, podcast ad revenue climbed almost 50% year-over-year. The investments we've made in the podcast space, new content, significantly expanded video and social inventory and ongoing measurement and technology enhancements are paying off for both our creators and our business. This week, we announced an agreement with one of the top true crime podcast, Morbid.

然而，播客仍然是一個亮點，雖然整體廣告收入較 2024 年第二季度下降了約 2%，但播客廣告收入比去年同期增長了近 50%。我們在播客領域、新內容、顯著擴展的影片和社交庫存以及持續的測量和技術改進方面所做的投資正在為我們的創作者和我們的業務帶來回報。本週，我們宣布與頂級真實犯罪播客之一 Morbid 達成協議。

And in Q2, we signed a deal with Comedian Trevor Noah, which brought his show, What Now, to our network this month. When a creator's reach suddenly expands, such as Mel Robbins show, which is up more than 500% year-over-year or Conan O'Brien adding full-length podcast video on YouTube, we are able to quickly and effectively monetize that growth.

在第二季度，我們與喜劇演員特雷弗諾亞 (Trevor Noah) 簽署了一項協議，本月他的節目《What Now》將來到我們的電視網。當創作者的影響力突然擴大時，例如梅爾·羅賓斯 (Mel Robbins) 的節目同比增長超過 500%，或者柯南·奧布萊恩 (Conan O’Brien) 在 YouTube 上添加完整的播客視頻，我們就能夠快速有效地將這種增長貨幣化。

This quarter, we also hosted a variety of live events, including John Mayer joining SmartLess Live in Los Angeles, which provide both subscriber exclusives and opportunities for deeper brand integrations.

本季度，我們還舉辦了各種現場活動，包括約翰·梅爾 (John Mayer) 加入洛杉磯的 SmartLess Live，這些活動既為訂閱者提供了獨家服務，也為更深入的品牌整合提供了機會。

Overall, we've made strong progress across many of our key initiatives in the quarter with disciplined investments that will enhance experiences for our subscribers and advertisers to support the future growth in our business. At the same time, we continue to drive efficiencies across our organization, and we remain focused on delivering on our guidance for the year.

總體而言，本季度我們透過嚴謹的投資在許多關鍵舉措上取得了長足的進展，這將提升我們的訂閱者和廣告商的體驗，從而支持我們業務的未來成長。同時，我們持續提高整個組織的效率，並繼續專注於實現今年的指導目標。

And now I'll turn it over to Tom for details on the quarter's financial results.

現在我將把本季財務表現的詳細資料交給湯姆。

Thank you, Jennifer, and good morning, everyone. In the second quarter, we executed a strong financial discipline, delivering results that highlight the strength of our model and the consistency of our strategy. We maintained healthy margins, accelerated our cost savings program and generated substantial free cash flow, all while continuing to invest in what matters for long-term success.

謝謝你，詹妮弗，大家早安。在第二季度，我們執行了嚴格的財務紀律，所取得的成果凸顯了我們模式的優勢和策略的一致性。我們保持了健康的利潤率，加快了成本節約計劃，並產生了大量自由現金流，同時繼續投資於對長期成功至關重要的事項。

With that, let's jump into the results. Revenue for the quarter totaled $2.14 billion, down 2% compared to the second quarter last year with similar results across our subscription and advertising revenue streams. Adjusted EBITDA in the quarter was $668 million, down 5% on a year-over-year basis, reflecting a healthy margin of 31%.

有了這些，我們來看看結果吧。本季總營收為 21.4 億美元，與去年第二季相比下降 2%，訂閱和廣告收入流的結果也類似。本季調整後的 EBITDA 為 6.68 億美元，年減 5%，利潤率達 31%。

Free cash flow rose 27% to $402 million, driven by timing of payments, lower capital expenditures and the elimination of Liberty level overhead in prior year. On the topic of costs, we had previously articulated a $200 million run rate cost savings goal across OpEx and CapEx exiting this year.

自由現金流成長 27% 至 4.02 億美元，這得益於付款時間、資本支出降低以及上一年自由級開銷的消除。在成本問題上，我們先前曾明確提出今年營運支出和資本支出的營運成本節約目標為 2 億美元。

Thanks to early action, we now expect to achieve approximately $200 million of gross savings in period this year. While the majority of this is in OpEx, we also now expect to land near the lower end of our previously articulated non-satellite CapEx range of $450 million to $500 million this year.

由於採取了早期行動，我們預計今年期間將實現約 2 億美元的總節省。雖然其中大部分是營運支出，但我們現在預計今年的非衛星資本支出將接近我們先前提出的 4.5 億美元至 5 億美元的低端。

We expect non-satellite CapEx to decline to approximately $400 million next year in addition to the significant decline we will see in satellite CapEx. The success of our cost program reflects continued strong discipline and execution across our business.

我們預計，除了衛星資本支出大幅下降之外，明年非衛星資本支出也將下降至約 4 億美元。我們成本計劃的成功反映了我們整個業務持續嚴格的紀律和執行力。

In the quarter, sales and marketing expense declined 20% year-over-year benefiting from a more efficient campaign mix and the timing of planned brand and in-car initiatives. That said, we do expect some reinvestment in the second half as we reaccelerate select campaigns and of course, we begin to lap lower spending quarters from late last year.

本季度，銷售和行銷費用年減 20%，這得益於更有效的行銷活動組合以及計畫中的品牌和車載計畫的時機。話雖如此，我們確實預計下半年會有一些再投資，因為我們重新加速了精選活動的開展，當然，我們從去年年底開始就已開始克服支出較低的季度。

Product and technology costs fell by 20% in the quarter to $48 million, driven by ongoing optimization of vendor contracts and cloud infrastructure. Gross cost savings were partially offset by several anticipated items. G&A was $124 million an increase of 23%, reflecting higher legal expenses against a positive insurance recovery in the prior year period.

由於供應商合約和雲端基礎設施的持續優化，本季產品和技術成本下降了 20%，至 4,800 萬美元。總成本節省被幾項預期項目部分抵銷。一般及行政費用為 1.24 億美元，成長 23%，反映出法律費用的增加，而去年同期的保險回收率為正。

During the quarter, we took decisive steps to sharpen our organizational and product focus with a comprehensive technology and workforce realignment. This included a noncash write-off of approximately $100 million in capitalized software assets that are no longer aligned with our streamlined road map.

在本季度，我們採取了果斷措施，透過全面的技術和勞動力調整來加強我們的組織和產品重點。其中包括以非現金方式註銷約 1 億美元的資本化軟體資產，這些資產不再符合我們的精簡路線圖。

We also reduced our product and tech workforce by 20% among contractors and 10% among full-time employees. These changes position us to operate more nimbly and with greater use of AI-enhanced development in the future, enabling stronger execution of our core mission.

我們也將產品和技術員工中的承包商減少了 20%，全職員工減少了 10%。這些變化使我們能夠更靈活地運營，並在未來更多地利用人工智慧增強開發，從而更有力地執行我們的核心使命。

Subscriber acquisition costs were $107 million in the quarter, up 16% year-over-year. This rise reflects continued investment in high- quality subscriber acquisition channels, including contractual changes with select automakers. SAC per installation was about $18, reflecting our focus on expanding penetration and encouraging adoption of SiriusXM 360L in the latest generation of our chipset in vehicles. These investments are part of our broader strategy to optimize expenses across revenue share, data costs and marketing.

本季用戶獲取成本為 1.07 億美元，較去年同期成長 16%。這一成長反映了對高品質用戶獲取管道的持續投資，包括與特定汽車製造商的合約變更。每次安裝的 SAC 約為 18 美元，這反映了我們專注於擴大滲透率並鼓勵在最新一代車輛晶片組中採用 SiriusXM 360L。這些投資是我們更廣泛策略的一部分，旨在優化收入份額、數據成本和行銷方面的支出。

Looking at the segments, SiriusXM revenue was $1.61 billion, down 2% from prior year, driven by a smaller self-pay subscriber base. ARPU is essentially flat at $15.22, improving our recent trends as the impact of the March rate increase continued to roll through. Segment gross profit was $966 million, with a gross margin of 60%. The Subscriber performance improved meaningfully year-over- year, driven by strength in gross adds and continued strength in self-pay retention.

從細分市場來看，SiriusXM 的營收為 16.1 億美元，較前一年下降 2%，原因是自付費用戶群規模較小。ARPU 基本持平於 15.22 美元，隨著 3 月利率上調的影響持續顯現，我們近期的趨勢有所改善。分部毛利為9.66億美元，毛利率為60%。受新增用戶數量強勁和自付費用保留率持續走強的推動，訂戶業績較去年同期大幅提升。

Self-pay net sub additions were negative $68,000 in the second quarter, an improvement of $32,000 compared to the prior year. This improvement reflects meaningful contributions from our new acquisition programs paired with continued low churn rate of 1.5%, with strong performance across canceled demand, nonpay and vehicle-related deactivations.

第二季自付淨額增加為負 68,000 美元，與前一年相比改善了 32,000 美元。這項改善反映了我們新的收購計畫帶來的有意義的貢獻，加上持續 1.5% 的低流失率，以及在取消需求、未付款和與車輛相關的停用方面表現強勁。

In our Pandora and off-platform segment, revenue was $524 million, down 3% on a year-over-year basis. Subscriber revenue declined 6%, driven by a smaller average subscriber base, while advertising revenue fell 2%, reflecting reduced advertiser demand in streaming music and broader competitive pressures.

在我們的 Pandora 和非平台部門，營收為 5.24 億美元，年減 3%。由於平均用戶群規模縮小，用戶收入下降 6%，而廣告收入下降 2%，反映出串流音樂的廣告商需求減少以及更廣泛的競爭壓力。

These trends were partially offset by growth in podcast monetization with podcast advertising revenue increasing substantially year-over-year at close to 50%. We also saw expanded reach through video and social platforms, including contributions from new creator partnerships.

這些趨勢被播客貨幣化的成長部分抵消，播客廣告收入較去年同期大幅成長近 50%。我們也看到了透過影片和社群平台擴大的覆蓋範圍，包括來自新創作者合作夥伴的貢獻。

Segment gross profit was $154 million with a 29% margin. Our capital structure remains healthy and flexible. We ended the quarter with a net debt to adjusted EBITDA ratio of 3.8 times. We returned approximately $137 million to shareholders in the quarter via $92 million in dividends and $45 million in share buybacks.

該部門毛利為 1.54 億美元，利潤率為 29%。我們的資本結構保持健康和靈活。本季末，我們的淨負債與調整後 EBITDA 比率為 3.8 倍。本季度，我們透過 9,200 萬美元的股息和 4,500 萬美元的股票回購向股東返還了約 1.37 億美元。

Finally, we are reaffirming our full year 2025 guidance. Approximately $8.5 billion in total revenue, $2.6 billion in adjusted EBITDA and $1.15 billion in free cash flow, reflecting continued confidence in our strategy and execution.

最後，我們重申 2025 年全年指引。總收入約為 85 億美元，調整後 EBITDA 為 26 億美元，自由現金流為 11.5 億美元，反映出我們對我們的策略和執行力的持續信心。

While the advertising environment remains the largest risk to our outlook, the company is closely monitoring the related macroeconomic trends. At the same time, we see potential upside to our free cash flow guidance given potential tax-related benefits from recent legislation and some degree of lower CapEx. We plan to update you in the fall.

雖然廣告環境仍然是我們前景面臨的最大風險，但公司正在密切關注相關的宏觀經濟趨勢。同時，考慮到最近的立法帶來的潛在稅收相關優惠以及一定程度的資本支出降低，我們認為我們的自由現金流指引具有潛在的上升空間。我們計劃在秋季向您更新資訊。

To close, we remain confident in our strategic priorities and our ability to deliver on our financial targets. Strong cash generation and ongoing focus on cost efficiency positions us well to navigate near-term headwinds. At the same time, we're investing in what matters. Our core subscription business, enhanced in-car experiences and growing off-platform monetization. We are optimistic about our future and committed to driving meaningful value to our listeners and shareholders.

最後，我們對我們的策略重點和實現財務目標的能力仍然充滿信心。強勁的現金產生能力和對成本效率的持續關注使我們能夠很好地應對短期阻力。同時，我們也在對重要的事情進行投資。我們的核心訂閱業務是增強的車載體驗和不斷增長的平台外貨幣化。我們對未來充滿樂觀，並致力於為聽眾和股東創造有意義的價值。

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。

(Operator Instructions)

（操作員指示）

Jessica Reif Cohen with Bank of America.

美國銀行的傑西卡·賴夫·科恩 (Jessica Reif Cohen)。

Oh thank you. Good morning, everyone quickly a question on maybe what Tom just two questions, about what Tom just mentioned, on the guidance for free cash flow, you said you may you'll revisit maybe because of tax and CapEx, but it was a huge beat in the second quarter. I'm just wondering why not the flow through for the full year?

噢，謝謝。早安，大家快問一個問題，也許湯姆只是兩個問題，關於湯姆剛才提到的關於自由現金流的指導，你說你可能會重新審視，可能是因為稅收和資本支出，但第二季度的業績大幅超出預期。我只是想知道為什麼全年的流量都不到位？

And then a question for Scott. You've been consistently introducing new content. How are you thinking now about like trying to skew younger? And particularly when that's maybe more challenged from a subscription level, it seemed like it would be more like advertising supported. So any commentary on that would be great.

然後問斯科特一個問題。您一直在不斷推出新內容。現在您想如何嘗試讓產品變得更年輕化？尤其是當從訂閱層面來看這可能更具挑戰性時，它似乎更像是由廣告支持的。因此，對此的任何評論都很好。

So Jessica, it's Tom. So to address the first one as it relates to free cash flow. Yes, we did have a sizable beat on free cash flow year- over-year in the quarter. Some of it was timing. And as you look at the first quarter, we are a little bit behind as far as where we are looking number-wise year-over-year. So year-to-date, we think we're in pretty good shape when we look at the timing of the payments going into the full year. We do have two things that have been going on.

潔西卡，我是湯姆。因此，要解決第一個問題，因為它與自由現金流有關。是的，本季我們的自由現金流確實比去年同期大幅成長。其中一些是時機問題。從第一季來看，我們的數字與去年同期相比略有落後。因此，從年初至今的情況來看，從全年付款的時間來看，我們認為我們的狀況相當良好。我們確實有兩件事正在發生。

The team has been working on the cost structure and continuing to focus on CapEx and the optimization of CapEx. And honestly, the new Tax Act, we're just looking through the final strokes of it just to make sure that we got the spread of it between multiple years because you can actually spread it over '25 and '26, the benefit. And so we're just working through that. We should have an update on that in this fall time frame.

團隊一直致力於成本結構，並繼續關注資本支出及其優化。老實說，我們正在對新稅法的最後幾部分進行審查，以確保我們能夠在多個年份之間分攤其收益，因為您實際上可以將其分攤到 25 年和 26 年，從而獲得收益。所以我們正在努力解決這個問題。我們應該在今年秋季對此進行更新。

Great. And on the question about getting younger, a couple of things. One, obviously, the podcast market has been ripe for us to look at that and still monetize heavily in that. When you look at Alex Cooper's SmartLess, Even Mel Robbins and Rotten Mango, those are younger than our core. And even Stephen A. Smith, which is in radio and podcasting is a little younger than our core. So with that, we have the ability to see how that works.

偉大的。關於變得更年輕，有幾件事。首先，顯然播客市場已經成熟，我們可以關注它，並從中大量獲利。如果你看一下 Alex Cooper 的 SmartLess、Even Mel Robbins 和 Rotten Mango，你會發現他們比我們的核心還要年輕。甚至從事廣播和播客的 Stephen A. Smith 也比我們的核心成員年輕一些。因此，我們能夠了解其工作原理。

Now Alex Cooper's music channel on Sirius is doing really well, and that's obviously geared to a younger audience. So we're going to look at where that calibration is and start to see where something might be younger, but yet ripe for subscription. And while we're weighting that out, we're going to continue to monetize heavily younger content in the podcast market.

現在，亞歷克斯·庫珀 (Alex Cooper) 在 Sirius 上的音樂頻道表現得非常好，而且顯然是針對年輕觀眾的。因此，我們將研究校準的位置，並開始尋找可能更年輕但已成熟可供訂閱的東西。在我們權衡這一點的同時，我們將繼續在播客市場上大力推廣年輕人的內容。

Yeah, I'd just add on to that, Jessica. We just heard this week that with Edison's new Q2 report, we're going to be the number 1 podcast network in monthly listener reach for audiences 18 and up. So as you highlighted, we've got a much broader audience with our podcast content, and that does give us the opportunity that Scott outlined to perhaps bring more of those younger listeners into SiriusXM. But as you know, we're being very disciplined in focusing on our core audience there.

是的，我只是想補充一點，潔西卡。我們本週剛獲悉，根據愛迪生最新的第二季報告，我們將成為 18 歲及以上受眾每月聽眾覆蓋率第一的播客網絡。正如您所強調的，我們的播客內容擁有更廣泛的受眾，這確實為我們提供了斯科特所概述的機會，或許可以將更多的年輕聽眾吸引到 SiriusXM。但如你所知，我們非常自律地關注那裡的核心受眾。

Thank you.

謝謝。

Barton Crockett with Rosenblat Securities.

羅森布拉特證券公司的巴頓·克羅克特（Barton Crockett）。

Thanks for taking the question. I wanted to maybe lean in a little bit more on what you're doing with podcasting in the digital side of advertising. And I guess a couple of things. One is, if you could give us just some type of sense of how to think about podcast in the mix. It was up 50%, just to get trying to get a sense of when that's going to be large enough to really move the needle on the overall kind of ad line?

感謝您回答這個問題。我想進一步了解您在播客領域在廣告數位化方面所做的事情。我想有幾件事。一是，如果您能為我們講講如何看待播客。它上漲了 50%，只是想了解什麼時候這個漲幅會大到足以真正推動整個廣告系列的發展？

And then secondarily, I know that there's some development, some efforts on your side and also some others in the sector on more fulsomely developing the digital kind of programmatic ad tech capabilities. And I was just wondering if you could update us on where you guys are with that. And how you think that could contribute over time to that ad revenue line for you?

其次，我知道你們以及該領域的其他人在更全面地開發數位程式化廣告技術能力方面取得了一些進展和努力。我只是想知道你們是否可以告訴我們您們的進展。您認為這會隨著時間的推移為您的廣告收入帶來什麼貢獻？

Yes. Thanks, Barton. We are really pleased with our broadcast offering. It's we were up nearly 50% in the quarter. We continue to see strong growth going forward there. In terms of the mix, so I think we've said in the past that Pandora represents about 55% to 60% of our total advertising revenue. So that gives you some indication.

是的。謝謝，巴頓。我們對我們的廣播服務非常滿意。本季我們的成長了近 50%。我們將繼續看到那裡的強勁成長。就組合而言，我想我們過去曾說過，Pandora 約占我們總廣告收入的 55% 至 60%。這給了你一些提示。

The rest is obviously, SiriusXM, Pandora or SiriusXM podcasting and other off platform. But we do think there's room for this to continue to grow as a portion of our total ad revenue. We have a lot of opportunities, not only just given the talent.

其餘的顯然是 SiriusXM、Pandora 或 SiriusXM 播客和其他非平台。但我們確實認為，這部分收入在我們的總廣告收入中所佔比例還有持續成長的空間。我們有很多機會，不僅僅是憑藉天賦。

And as Scott mentioned, sort of creators coming to us because of our industry-leading monetization and how we've approached sort of cross-platform distribution more broadly. We've worked really well in terms of distribution with YouTube and others to take advantage of the massive growth in video podcasting as well as monetizing through social.

正如斯科特所提到的，創作者之所以選擇我們，是因為我們擁有領先業界的獲利能力，並且能夠更廣泛地實現跨平台分發。我們在發行方面與 YouTube 和其他公司進行了良好的合作，充分利用了視訊播客的巨大成長，並透過社交實現了盈利。

So I think on the programmatic side or maybe just speak a little bit more broadly about the advertising revenue outside of podcasting on music streaming and other digital audio. Our biggest opportunity there, so Pandora RPM was down in the quarter.

因此，我認為從程序化方面來說，或者只是更廣泛地談論音樂串流媒體和其他數位音訊播客之外的廣告收入。我們最大的機會就在那裡，所以 Pandora 的每千次展示收入在本季度有所下降。

And we continue to see challenges with really the macroeconomic backdrop and the flood of inventory from CTV. And what we need to better do is to make sure audio isn't competing with CTV, but is increasingly seen as a way to extend reach.

我們繼續看到宏觀經濟背景和 CTV 庫存氾濫帶來的挑戰。我們需要做的更好的是確保音訊不會與 CTV 競爭，而是越來越多地被視為一種擴大覆蓋範圍的方式。

And we've talked about this before, audio is significantly undermonetized relative to other media. One of the ways to unlock that is through things like better targeting and measurement. We did announce a deal with Innovid to improve our integration with MMM models.

我們之前討論過這個問題，與其他媒體相比，音訊的貨幣化程度明顯較低。實現這一目標的方法之一是透過更好的定位和測量等方式。我們確實宣布與 Innovid 達成協議，以改善我們與 MMM 模型的整合。

We'll have more of those to come, but we are seeing some nice take-up by advertisers there and it really does help extend the value of audio and prove the ROI, where in this environment, obviously, advertisers are really focused on making sure that they're seeing those specific returns.

我們將會推出更多這樣的產品，但我們看到一些廣告商對此反應良好，這確實有助於擴大音訊的價值並證明投資回報率，在這種環境下，顯然，廣告商真正關注的是確保他們看到這些特定的回報。

Okay. That's great thank you.

好的。太好了，謝謝。

Steven Cahall with Wells Fargo.

富國銀行的 Steven Cahall。

So Jennifer, I think you all have done a lot of simplifying of the in-car plans. I think the most notable one is your all-music plan. I think prior to this, music has always had a bit of a tiering structure to it. So can you just update us a little bit on that strategy and like what kind of customer benefits or churn benefits you're seeing as you step into these new simplified plans. And what does it mean for ARPU over the medium term? Should we still expect growth in the second half of the year?

所以詹妮弗，我認為你們都對車載計劃做了很多簡化。我認為最引人注目的是你的全音樂計劃。我認為在此之前，音樂一直具有一定的層次結構。那麼，您能否向我們稍微介紹一下該策略，以及當您實施這些新的簡化計劃時，您看到了什麼樣的客戶利益或客戶流失利益。從中期來看，這對 ARPU 意味著什麼？我們是否還應該期待下半年的成長？

And then just on net adds, historically, Q4, I think, has been your best quarter for net adds. This is kind of an abnormal year given all the tariff impacts on the auto market. So how do we think about net add trends as we get through the year. And should we still expect that year-on-year improvement in net adds, excluding the impact from streaming?

然後就淨增值而言，從歷史上看，我認為第四季是淨增值最好的季度。考慮到關稅對汽車市場的影響，今年可以說是不正常的一年。那我們該如何看待這一年的淨增趨勢呢？並且，排除串流媒體的影響後，我們是否仍應預期淨增人數將年增？

Sure. Thanks, Steven. So first, on pricing and packaging, I'm really pleased with the progress we've made here. We continue to focus on three primary efforts. One is enhancing value of our full-price subscription plans. As you know, we did a rate increase in March and we were really well positioned, I think, to manage through that because of the content we provided to more subscribers last fall. And that is going to be sort of an operating model for the future.

當然。謝謝，史蒂文。首先，在定價和包裝方面，我對我們所取得的進展感到非常滿意。我們將繼續專注於三項主要工作。一是提高我們的全價訂閱方案的價值。如你所知，我們在三月提高了費率，我認為，由於去年秋天我們為更多訂閱者提供了內容，我們完全有能力應對這一情況。這將成為未來的一種營運模式。

In our in-car modular pricing and packaging with the $9.99 price point you mentioned, we're rolling this out slowly to new customers only in trial first with alongside shorter-term promos, which means they roll to the full price packages more quickly.

在我們的車載模組化定價和包裝中，價格為 9.99 美元，我們會先向新客戶緩慢推出試用版，同時進行短期促銷，這意味著他們可以更快地轉為全價套餐。

So we have a number of different price points there, as you alluded to, with $9.99 being kind of the entry-level price point all the way up to $25. The vast majority of customers coming through those marketing campaigns are choosing the $25 package. And the real benefit of this is that we see stronger retention ultimately on these full priced packages.

因此，正如您所提到的，我們有許多不同的價格點，其中 9.99 美元是入門價格點，最高可達 25 美元。透過這些行銷活動獲得的絕大多數客戶都選擇了 25 美元的套餐。而這樣做的真正好處是，我們最終會看到這些全價套餐的保留率更高。

So we not only get off of these longer-term discounts we've been using in acquisitions more quickly, but we also retain customers on these full-price packages. We think that has a lot to do with the enhanced transparency there.

因此，我們不僅可以更快地擺脫在收購中使用的長期折扣，還可以留住這些全價套餐的客戶。我們認為這與那裡透明度的提高有很大關係。

And I'll turn to Wayne in a minute to talk a little bit about the introduction of Play, which is part of the good, better, best packaging structure we've put in place. But I really feel good about the balance of demand and retention in terms of this full packaging structure. And I think we've said in the past and we still believe that ARPU trends will continue to improve as we go out through this year generally because of the roll through of the rate increase we did in March.

稍後我將與韋恩討論 Play 的推出，它是我們實施的良好、更好、最佳包裝結構的一部分。但我確實對這種完整包裝結構中需求和保留的平衡感到滿意。我想我們過去曾說過，我們仍然相信，隨著我們在今年年底前實施的加價政策，ARPU 趨勢將持續改善。

And then I'll come back to net adds after Wayne comments on Play.

然後，在 Wayne 對 Play 發表評論後，我會回到網路上添加。

Yeah, And thanks. As Jennifer said, I mean, this is priced play, which we just launched about two weeks ago is in the US and Canada. It's priced below our lowest music-only offering, which you're noting. And it does extend our good, better, best pricing strategy, which we're getting much more disciplined with.

是的，謝謝。正如珍妮佛所說，我的意思是，這是有價遊戲，我們大約兩週前才在美國和加拿大推出。它的定價低於我們最低的純音樂產品價格，這一點您已經注意到了。它確實擴展了我們的「好、更好、最佳」定價策略，我們對該策略的執行也變得更加嚴格。

And the goal here is to reach these new price-sensitive audiences but still preserving the ARPU that we have through a balanced mix of subscription and, of course, advertising revenue and very similar to what we've seen become quite standard with SVODs. So we're still testing price points as we're moving through, but we expect it to stay under $7 for the MSRP to the user, of course, with the advertising revenue on top of that.

我們的目標是涵蓋這些對價格敏感的新受眾，但仍透過平衡的訂閱和廣告收入來維持我們現有的 ARPU，這與我們所看到的 SVOD 的標準非常相似。因此，我們仍在測試價格點，但我們預計用戶的建議零售價將保持在 7 美元以下，當然，還要加上廣告收入。

And as noted in the last call and as noted elsewhere, a big part of this is being thoughtfully as we thoughtfully roll this out and being guided by some of the investments that we've made in our Martech stack to be able to target to people who we found in the past or we have targeted and modeled as much more price sensitive or in the past have been guided towards other plans or deep discounts from the beginning.

正如上次電話會議和其他地方所指出的，其中很大一部分是我們在深思熟慮地推出這項服務時，會認真考慮，並受到我們在 Martech 堆棧中所做的一些投資的指導，以便能夠針對我們過去發現的人群，或者我們已經瞄準並模擬的對價格更敏感的人群，或者在過去從一開始就被引導選擇其他計劃或大幅折扣的人群。

Yeah, so back to net adds and the trend line. I do expect to see some change in seasonality this year relative to years past. And some of that has to do with the year-over-year comps and the fact that we had a relatively strong quarter in the fourth quarter last year on streaming. So just maybe to give you a bit more color on that.

是的，回到淨增值和趨勢線。我確實預計今年的季節性與過去幾年相比會有一些變化。這在一定程度上與年比表現有關，也與去年第四季串流業務表現相對強勁有關。所以也許可以給你更多有關這一點的信息。

Obviously, with the suspension of the federal regulation on click to cancel, we should see a slightly better outcome as a result of not having that in place, although it is rolling out in several states. So we continue to watch that. But on the streaming side, we would expect about a reduction of 300,000 net adds this year on streaming subs. So that gives you some sense as to when we talk a bit about that we would be better year-over-year, absent some of these onetime items or pull-forward impacts it gives you a better sense as to how that looks.

顯然，隨著聯邦關於點擊取消的監管的暫停，我們應該看到比沒有該監管措施更好的結果，儘管該監管措施正在多個州推行。因此我們將繼續關注此事。但在串流媒體方面，我們預計今年串流訂閱用戶淨增數量將減少約 30 萬。因此，當我們談論我們的業績會比去年同期更好時，您會感覺到，如果沒有一些一次性項目或前瞻影響，您會更好地了解情況會是怎樣的。

On the in-car side of the business, I feel really good about what we've been delivering. We are really focused on executing against the strategy reset we did in December, focusing on our in-car business. We have a number of acquisition programs that are delivering better demand ultimately. And we continue to see a very impressively low churn and that has a lot to do with increased engagement, and I think we have more to come there.

在車載業務方面，我對我們一直以來提供的產品感到非常滿意。我們真正專注於執行去年 12 月制定的策略，並專注於我們的車載業務。我們有許多收購計劃，最終將帶來更好的需求。我們繼續看到令人印象深刻的低客戶流失率，這在很大程度上與參與度的提高有關，我認為我們還有更多工作要做。

David Joyce with Seaport Research Partners.

海港研究夥伴公司的戴維‧喬伊斯 (David Joyce)。

Thank you a couple of things. I was wondering about the expenses in G&A and what was driving the legal expenses? And was any of that kind of non-recurring?

有幾件事要感謝你。我想知道一般及行政費用以及法律費用的驅動因素是什麼？這類情況有不會再發生嗎？

And then secondly, a little bit more detail, please, on the strength in podcasting ad revenue. Are you seeing greater marketer adoption? Like are there more marketers coming to the platform? Or are they allocating more or is the or is it a volume the trend of adding more content or monetizing more of that content, just pricing and volume kind of concept. If you could provide some more color there.

其次，請更詳細地介紹一下播客廣告收入的實力。您是否看到行銷人員的採用率有所提升？例如，是否有更多行銷人員加入該平台？或者他們是否分配了更多內容，或者這是增加更多內容或將更多內容貨幣化的趨勢，只是定價和數量的概念。如果您可以提供更多顏色的話。

David, it's Tom. To answer the first part of your question as it relates to expenses, in G&A, we have a legal settlement for about $28 million in this year. So that skewed the expense on the G&A side. And also, just as background, last year, we had an insurance recovery of legal expenses, which was $10 million benefit last year. So that closes the broader differential as it relates to G&A. And overall, SG&A is slightly down because of the reduction we've done in sales and marketing in the quarter.

大衛，我是湯姆。回答您問題的第一部分，因為它與費用有關，在一般及行政費用方面，我們今年有大約 2800 萬美元的法律和解金。因此，這扭曲了 G&A 方面的支出。另外，作為背景，去年我們透過保險追償了法律費用，去年的收益為 1,000 萬美元。這樣就消除了與 G&A 相關的更廣泛的差異。整體而言，由於本季我們減少了銷售和行銷支出，因此銷售、一般及行政開支略有下降。

Yeah, and on podcasting, it's really all of the above. We continue to attract more creators to our sales and tech platforms. We are distributing broadly, of course, their podcasts and including video distribution in many cases.

是的，對於播客來說，確實就是以上全部。我們繼續吸引更多的創作者加入我們的銷售和技術平台。當然，我們正在廣泛分發他們的播客，並且在許多情況下包括視訊分發。

We're helping monetize across audio, video and social with our Creator Connect products. And we've seen both improvements in pricing. We're taking advantage of the strong demand by including more inventory units in the podcast in certain cases, and I think advertisers generally want to be

我們正在利用 Creator Connect 產品來幫助音訊、視訊和社交領域實現盈利。我們已經看到了價格方面的改善。我們正在利用強勁的需求，在某些情況下在播客中增加更多庫存單元，我認為廣告商通常希望

associated with this great talent. So there's a real opportunity to continue to expand on that demand and add to their buying, their media plans, a broader set of our inventory across satellite broadcast and streaming especially as we bring more measurement capabilities.

與這偉大天賦相關。因此，我們確實有機會繼續擴大這一需求，並增加他們的購買量、媒體計劃以及衛星廣播和串流媒體領域的更廣泛的庫存，特別是當我們帶來更多的測量能力時。

And this includes on the satellite broadcast side, bringing more visibility into 360L with ad replacement capabilities that we think will be coming online towards the end of the year.

這包括衛星廣播方面，透過廣告替換功能為 360L 帶來更多可見性，我們認為該功能將於今年年底上線。

Great thank you very.

非常好，非常感謝。

Kutgun Maral with Evercore ISI.

Kutgun Maral 與 Evercore ISI。

Great, good morning and thanks for taking the questions. Maybe following up on Steve question on net adds. You mentioned that the full year subscriber outlook hasn't changed despite the encouraging strength in the quarter, given the expected headwinds you've previously called out dragging the back half. So I was hoping you could unpack the Q2 trends a bit more and talk about the forward outlook.

太好了，早安，謝謝您回答問題。也許可以跟進史蒂夫關於網絡添加的問題。您提到，儘管本季表現令人鼓舞，但考慮到您之前提到的拖累下半年的預期阻力，全年用戶前景並未改變。所以我希望您能進一步闡述第二季的趨勢並談談未來前景。

Thinking about Q2, I'm not sure how much you can share, but how should we think about the mix of the upside in terms of core trends being better than expected from the benefits from the new acquisition initiatives.

考慮到第二季度，我不確定您能分享多少，但我們應該如何看待核心趨勢的優勢組合，以及新收購措施帶來的好處是否比預期更好。

And continued execution on churn as opposed to maybe some of the timing shifts on the one-off headwinds. And longer term, maybe thinking about the new acquisition initiatives, can you maybe expand on the uptick you're seeing from what you have in place today? And what the pipeline of initiatives looks like longer term, whether that's in the back half of this year or even 2026, just in terms of giving us better confidence on the trajectory of sustainability of improvement in core net adds?

並繼續執行客戶流失處理，而不是根據一次性逆風調整時間。從長遠來看，也許考慮新的收購計劃，您能否進一步闡述您目前所看到的上升趨勢？那麼，長期來看，無論是在今年下半年還是 2026 年，一系列舉措是什麼樣的，只是為了讓我們對核心淨增值業務的可持續性改善軌跡更有信心？

Sure. So I'd say on net adds for the quarter, we saw year-over-year improvements on both the acquisition side and the retention side. So very low churn, strong performance across cancel demand, nonpay, vehicle related and came in sort of slightly better, absent the rounding on the churn rate. So we feel really good about that, especially again, with the rate increase having gone in place in March.

當然。因此我想說，就本季的淨增額而言，我們看到收購方面和保留方面都比去年同期有所改善。因此，客戶流失率非常低，在取消需求、非付款、車輛相關方面表現強勁，且情況略有好轉，沒有對客戶流失率進行四捨五入。因此，我們對此感到非常高興，尤其是在三月利率已經上調的情況下。

And then on the acquisition side, it had a lot to do with the new programs we've been putting in place over the last, say, 12 to 15 months. And these include the three-year OEM programs where dealers are ordering three years of SiriusXM with their vehicle orders, and we continue to roll that out to more and more OEMs. We announced that we added Ford, and that will be launching later this year.

在收購方面，這與我們過去 12 到 15 個月內實施的新計劃有很大關係。其中包括三年的 OEM 計劃，經銷商在訂購車輛時會同時訂購三年的 SiriusXM，我們將繼續向越來越多的 OEM 推出該計劃。我們宣布增加了福特，並將於今年稍後推出。

So I think we'll continue to see strong performance there. And then we have things like enhancement of data in our used car funnel, which is just adding volume to our opportunities of subscribers coming through on the used car side of the business. We have our podcast plus, and we have, of course, the EV launches that we've put in place.

所以我認為我們將繼續看到那裡的強勁表現。然後，我們又對二手車頻道中的數據進行了增強，這增加了我們二手車業務訂戶的機會。我們有播客加，當然，我們還有已經實施的電動車發表會。

So I would expect some of those to continue to contribute and perhaps on a larger level. And of course, we've got a number of initiatives in place as Wayne discussed, with Play and the rollout of our broader pricing and packaging structure, we're selectively adding content like Stephen A. We are continuing our 360L rollouts and adding features there.

因此我希望他們中的一些人能夠繼續做出貢獻，甚至做出更大的貢獻。當然，正如韋恩所討論的，我們已經採取了許多舉措，透過 Play 和更廣泛的定價和包裝結構的推出，我們正在有選擇地添加像 Stephen A 這樣的內容。我們將繼續推出 360L 並在那裡添加功能。

We're improving our marketing capabilities. And all of these things are going to take time. But I'm pleased with the execution we have on these various initiatives. We've kind of talked about these acquisition programs as helping improve the business while we get some of these bigger capabilities online. And I think those are the ones that are ultimately going to help move us to a place where we are stabilizing subscribers and revenue and setting ourselves up for future growth.

我們正在提高我們的行銷能力。所有這些事情都需要時間。但我對我們這些措施的執行感到滿意。我們曾討論過這些收購計劃，認為它們有助於改善業務，同時讓我們獲得一些更強大的線上功能。我認為這些最終將幫助我們穩定用戶數量和收入，並為未來的成長做好準備。

And Kutgun, I'd only add that this is the fifth quarter that we've beaten year-over-year self-pay net adds, which we've got a good trend. And we as Jennifer outlined, a lot of these initiatives are starting to click.

庫特根，我只想補充一點，這是我們第五個季度的自付費用淨增額超過去年同期，這說明我們有一個好的趨勢。正如詹妮弗所概述的，許多此類舉措已開始奏效。

That's perfect thank you both.

太好了，謝謝你們。

Cameron Perrone with Morgan Stanley.

摩根士丹利的 Cameron Perrone。

Thanks. Good morning a couple if I can. First, for Jennifer, maybe Wayne can weigh in. You called out leveraging AI to generate approved voice creation in the release in your comments. I was wondering if you could speak a little more on how you envision leveraging AI, GenAI, whatever you want however you want to term it by going forward, both in advertising, but also more broadly across the business

謝謝。如果可以的話，請問兩位早安。首先，對珍妮佛來說，也許韋恩可以參與其中。您在評論中呼籲利用人工智慧來產生版本中認可的語音創作。我想知道您是否可以進一步談談您如何設想利用人工智慧、GenAI，無論您想如何稱呼它，無論是在廣告領域，還是在更廣泛的商業領域

going forward. And then one for Tom on capital allocation. You were a little bit more active this quarter in terms of share repurchase activity. Could you talk a little bit about how your thinking is evolving and how you weigh balancing moving towards your target leverage range, but also buying back stock?

繼續前進。然後是湯姆關於資本配置的問題。就股票回購活動而言，本季你們更加活躍了。您能否稍微談談您的想法是如何演變的，以及如何在朝目標槓桿範圍邁進和回購股票之間取得平衡？

Yes. thanks, Cameron. So on AI, we've talked a lot about how we've used conversational AI with Sierra to help on the customer service side at SiriusXM, and we're really pleased with the results we're seeing there. We continue to see strong business metrics, good and solid customer response and lower cost, of course.

是的，謝謝，卡梅倫。因此，在人工智慧方面，我們已經討論了很多關於如何使用 Sierra 的對話式人工智慧來幫助 SiriusXM 的客戶服務方面，我們對所看到的結果感到非常滿意。當然，我們繼續看到強勁的業務指標、良好且穩定的客戶反應以及更低的成本。

And we are containing a significant amount of our chat messages through Sierra, and we're starting to ramp up the capabilities in voice as well, and there's a lot more to come in terms of better building out an engine to offer the right packages to the right customers based on listening data and other data. So we're just getting started there.

我們透過 Sierra 保存了大量的聊天訊息，我們也開始增強語音功能，並且在更好地構建引擎以便根據收聽數據和其他數據向合適的客戶提供合適的套餐方面還有很多工作要做。所以我們才剛開始。

On the agreement with narrative. So this is really about using synthetic voices, so but their actual sorry, it's actually using real talent voices and approved by the talent to be able to create versioning, and we'll be working closely with our ad maker tool with Studio Resonate to be able to deliver this.

關於與敘述的一致性。所以這實際上是關於使用合成聲音，但實際上很抱歉，它實際上是使用真實人才的聲音，並得到人才的批准才能創建版本，我們將與我們的廣告製作工具和 Studio Resonate 密切合作以實現這一點。

And it just provides an opportunity for advertisers to scale their campaigns much more significantly and allows us to work with a broader set of advertisers. And then, Wayne, do you want to touch on some other areas for AI opportunities?

它為廣告商提供了一個擴大其廣告活動規模的機會，並使我們能夠與更廣泛的廣告商合作。然後，韋恩，您想談談人工智慧機會的其他一些領域嗎？

Yeah, for sure. I mean outside of Sierra, which we've had so much success, there's other places where we've been using it. It's maybe a little bit less visible, such as in search and adding to our capabilities in Symantec and relational search as an example, where we're seeing much, much better results than we had before for users, but at the same time, our costs have been taken down to a fraction of where they were before.

是的，當然。我的意思是，除了我們在 Sierra 取得的巨大成功之外，我們還在其他地方使用它。它可能不那麼明顯，例如在搜尋方面，並增加了我們在賽門鐵克和關係搜尋方面的功能，我們看到用戶獲得的結果比以前好得多，但與此同時，我們的成本已降至以前的一小部分。

We have a lot of our new marketing initiatives that are, of course, being driven by what we're able to do with AI, everything from being able to use some of these capabilities of Salesforce to some of the targeting capabilities that are making our rollout of play so carefully targeted to avoid trade downs. We have other things that we hope to announce soon in things like tagging and improving our search abilities for our broader corpus across all of our content.

當然，我們有很多新的行銷計劃，這些計劃都是由我們利用人工智慧所能做的事情所驅動的，從能夠使用 Salesforce 的一些功能到一些定位功能，這些功能使我們推出的遊戲更加有針對性，以避免交易失敗。我們也希望很快宣布其他一些事情，例如標記和改進我們在所有內容中更廣泛的語料庫的搜尋能力。

And Cameron, just to close down, I mean I would step back for a second and say, we're very happy as we outlined in the release of where we are on our cost savings initiatives. We're focused on, obviously, optimizing the cost structure, optimizing our CapEx. We've made a lot of progress. I think there's a lot of initiatives we have going on. We're very happy with that.

卡梅倫，最後我想說的是，我們對新聞稿中概述的成本節約舉措的進展感到非常高興。顯然，我們專注於優化成本結構，優化我們的資本支出。我們已經取得了很大進步。我認為我們正在進行很多舉措。我們對此感到非常高興。

So looking broadly at generating our our free cash flow. We continue to be focused in that area. As far as the capital allocation, we continually hold to our previous format or premises. We're reinvesting in the business, which we've done in the instances of Stephen A.

因此，從廣義上看，我們可以產生自由現金流。我們將繼續關注該領域。就資本配置而言，我們將繼續堅持先前的格式或前提。我們正在對該業務進行再投資，就像我們在 Stephen A 的例子中所做的那樣。

Smith, and some of the other things that we've invested more deeply, and we're maintaining our dividend at the current level right now at 4.5% yield approximately. We're delevering in the quarter, we did delever and pay down some of the term loan A, so that is our third priority. And then buybacks, which came in at $45 million for the quarter, was a little higher, but obviously, it's dependent on the stock price.

史密斯，以及我們更深入投資的其他一些事情，我們目前的股息殖利率維持在當前水平，約為 4.5%。我們在本季去槓桿，我們確實去槓桿並償還了部分定期貸款 A，所以這是我們的第三要務。然後，本季的回購金額為 4500 萬美元，略高一些，但顯然，這取決於股價。

But we're staying to the same structure that we've had on capital allocation. We're happy with the way it's structured, and we're going to continue to work on free cash flow and continue to work on paying down our debt and leaning towards the back half of next year more focused on buyback.

但我們仍將維持與資本配置相同的結構。我們對其結構方式感到滿意，我們將繼續致力於自由現金流，繼續努力償還債務，並傾向於在明年下半年更加專注於回購。

That's all really helpful thank you all.

這些真的很有幫助，謝謝大家。

Stephen Laszczyk with Goldman Sachs.

高盛的 Stephen Laszczyk。

Hey, great, thanks for taking the questions. Maybe one on the ad-supported subscription plan. Jennifer, Wayne. I'm curious, you called out the $100 million customer opportunity over the long term. Just curious if you can talk a little bit more about the pace of that rollout? And what's kind of governing the pace of that product rollout over the next couple of years?

嘿，太好了，謝謝你回答這些問題。也許是廣告支援的訂閱方案之一。珍妮佛、韋恩。我很好奇，您提到了長期 1 億美元的客戶機會。我只是好奇，您是否可以再多談談推出的速度？那麼，未來幾年內，哪些因素將決定該產品推出的速度呢？

How much of it is supply demand driven on the ad market side with creating a marketplace for advertising versus maybe something on the technological or the way you plan to fit this product in amongst the different tiers?

在創建廣告市場時，廣告市場方面的供需驅動力有多大，還是技術方面或您計劃將該產品納入不同層級的方式方面？

And then second, on conversion trends, Jennifer, just to be curious, if you could update us on the conversion trends you're seeing across the base, new versus used, high-end versus low end? Any certain demos that are standing out to you or that have changed meaningfully over the last couple of quarters for better or for worse?

其次，關於轉換趨勢，Jennifer，我有點好奇，您能否向我們介紹您所看到的整個基礎上的轉化趨勢，新品與二手貨、高端與低端貨？有沒有哪些演示讓您印象深刻，或者在過去幾個季度中發生了顯著變化，無論是好是壞？

I appreciate the question. And so the way I would think about the rollout for first, as we're moving through this is we're following the plan we had talked a little bit about last quarter where we're selecting in the very beginning cohorts across new and used in a very targeted way. Their focus on people where in the past, we have had not had the same success from a conversion perspective.

我很感謝你提出這個問題。因此，我認為首先要考慮的是，隨著我們推進這項工作，我們會遵循上個季度討論過的計劃，即在最初階段，我們會以非常有針對性的方式在新的和使用過的用戶中進行選擇。他們關注的是人，而過去，從轉變的角度來看，我們並沒有取得同樣的成功。

So we've selected an initial group and launched that in about two weeks ago. And so right now, what we're going to do is we're going to continue to build the number of cohorts we're targeting with this. And then also, as we select those cohorts, as you know, every day, those volumes fill then in those cohorts. So we're going to continue to build the number of people who this is available to.

因此，我們選擇了一個初始小組，並在大約兩週前啟動了該小組。所以現在，我們要做的就是繼續擴大我們的目標群體數量。而且，如您所知，當我們選擇這些群體時，每天這些數量都會填充到這些群體中。因此，我們將繼續擴大可以使用該服務的人數。

And then as we're going forward, in addition to that, inside the actual package itself, we're adding more ad-supported channels. So that as we're doing that, then we also add ad replacement and then that improves overall in addition to the things that Jennifer said in the prepared remarks, the advertising and monetization opportunities.

然後，隨著我們不斷前進，除此之外，在實際的套餐本身中，我們還添加了更多廣告支援的頻道。因此，當我們這樣做的時候，我們還會添加廣告替換，這樣除了珍妮佛在準備好的評論中提到的內容之外，還可以整體改善廣告和貨幣化機會。

So as we get more subscribers, we also get more ad slots and then those ad slots, of course, are we're able to monetize that more effectively with new tools. So and then between now and the end of the year, we are ramping the number of cars where this is available.

因此，隨著我們獲得更多訂閱者，我們也會獲得更多廣告位，然後我們當然能夠利用新工具更有效地將這些廣告位貨幣化。因此，從現在到年底，我們將增加提供這項服務的汽車數量。

So it is the target is to get to about 100 million cars by the end of the year and more as we move forward. So and then as we're moving through in Canada, we're here, we're using this for initial trials in Canada, we're trying we're launching it with saves, and we're going to thoughtfully extend where we're testing and launching through saves, winbacks, not just trialers.

因此，我們的目標是到今年年底汽車保有量達到約 1 億輛，隨著時間的推移，保有量還會進一步增加。因此，當我們在加拿大開展業務時，我們會在這裡，在加拿大進行初步試驗，我們正在嘗試透過保存來啟動它，並且我們將透過保存、贏回（而不僅僅是試用者）來深思熟慮地擴展我們測試和啟動的範圍。

Yes. So I think we'll get a lot more information over the next through the rest of the year, and we would expect this to contribute more in 2026 to results. Just on conversion rates. So we are seeing the rate of decline, at least on the new car side, slowing a bit, and I think it has a lot to do with 360L penetration and our improved results there.

是的。因此，我認為我們將在接下來的一年中獲得更多的信息，我們預計這些資訊將對 2026 年的業績做出更多貢獻。僅關注轉換率。因此，我們看到下降速度，至少在新車方面，有所放緩，我認為這與 360L 滲透率以及我們在那裡的業績改善有很大關係。

Of course, the new car side, we're at about 50% of new car sales that have 360L, and that will continue to grow with the launch of some bigger programs in the early part of next year. So the conversion rates on new, again, the rate of decline is slowing a bit.

當然，在新車方面，我們約有 50% 的新車銷售配備了 360L，隨著明年年初一些更大項目的推出，這一比例還將繼續增長。因此，新產品的轉換率再次下降，下降速度放緩。

We're seeing a little less of that on used as we continue to expand. I think penetration now is at about 60% on the used car side. But what I would just note is that we've brought a lot of these other acquisition programs to market, adjusting how adjusting our availability and distribution really based on our two core strengths, our in-car availability and our content offering.

隨著我們不斷擴張，我們發現這種使用情況有所減少。我認為現在二手車的滲透率大約是60%。但我想指出的是，我們已經將許多其他收購計劃推向市場，並根據我們的兩個核心優勢，即車載可用性和內容提供，調整我們的可用性和分銷方式。

So you see that come through in the three-year programs with OEMs, the enhanced data that we have with Lexis Nexus, our EV launches. And this all takes advantage of what we have in terms of unmatched distribution in the car. But then on the content side, we've taken advantage of the great podcast portfolio we have.

因此，您可以看到，我們在與 OEM 合作的三年計劃、Lexis Nexus 獲得的增強數據以及我們的電動車發布中都實現了這一點。這一切都充分利用了我們在汽車領域無與倫比的分銷優勢。但在內容方面，我們利用了我們擁有的優秀播客組合。

We've launched Podcast Plus, a subscription available through Apple and everywhere else through supporting cast. And these are just unique opportunities that we have given the strength that we have on the in-car side and our content offering.

我們推出了 Podcast Plus，您可以透過 Apple 和其他任何地方的支援人員訂閱。這些都是我們利用車載和內容產品優勢所獲得的獨特機會。

And those are not necessarily going to show up in conversion rates. So while we watch conversion rates very closely as a mechanism to assess demand, it really goes beyond that in terms of looking at demand through these other programs.

而這些並不一定會反映在轉換率上。因此，雖然我們密切關注轉換率作為評估需求的機制，但從透過這些其他程序觀察需求的角度來看，它的作用實際上超越了這一點。

Great thank you very much, everybody, for your participation in today's call.

非常感謝大家參加今天的電話會議。