Sirius XM Holdings Inc (SIRI) 2025 Q3 法說會逐字稿

Greetings. Welcome to the SiriusXM's third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Hooper Stevens, Senior Vice President of Investor Relations and Finance. Thank you, Hooper. You may now begin.

問候。歡迎參加 SiriusXM 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我榮幸地向大家介紹投資者關係和財務高級副總裁胡珀·史蒂文斯。謝謝你，胡珀。現在你可以開始了。

Thank you, and good morning, everyone. Welcome to SiriusXM's third-quarter 2025 earnings conference call.

謝謝大家，大家早安。歡迎參加 SiriusXM 2025 年第三季財報電話會議。

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 questions during the Q&A portion of this call.

今天，我們的執行長詹妮弗·維茨和財務長湯姆·巴里將發表演說。我們的總裁兼首席內容長 Scott Greenstein 和執行副總裁兼營運長 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 are 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，本次電話會議中某些陳述可能屬於1995年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些都是前瞻性陳述，基於管理階層目前的信念和預期，必然依賴可能不正確或不準確的假設、數據或方法。

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

此類前瞻性陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。有關這些風險和不確定性的更多信息，請查看 SiriusXM 向美國證券交易委員會提交的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，並且我們不承擔任何更新這些陳述的意圖或義務。

As we begin, I would like to remind our listeners that today's call will include discussions about both actual results and adjusted results. All discussion of adjusted operating results exclude the effects of stock-based compensation. Additionally, we have posted a supplementary presentation to our IR website for your convenience.

首先，我想提醒各位聽眾，今天的電話會議將討論實際業績和調整後業績。所有關於調整後經營績效的討論均不包括股票選擇權激勵的影響。此外，為了方便您查閱，我們也在投資者關係網站上發布了補充簡報。

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

這樣，我就把電話交給詹妮弗了。

Thank you, Hooper, and thank you all for joining us this morning. As we enter the final months of the year, we remain committed to enhancing the subscriber experience, growing our ads supported offerings, and finding new opportunities to drive efficiencies and leverage our portfolio's strengths.

謝謝胡珀，也謝謝各位今天早上收看我們的節目。隨著今年進入最後幾個月，我們將繼續致力於提升用戶體驗，拓展廣告支援業務，並尋找新的機會來提高效率，發揮我們產品組合的優勢。

In the third quarter, we made good progress in each of these areas, delivering solid financial results and positive early indicators of our focused approach. With this backdrop, we are increasing our full-year 2025 guidance by $25 million across revenue, EBITDA, and free cash flow.

第三季度，我們在這些領域都取得了良好進展，實現了穩健的財務業績，並展現了我們專注方法的積極早期跡象。在此背景下，我們將 2025 年全年業績預期上調 2,500 萬美元，涵蓋營收、EBITDA 和自由現金流。

We are confident improvements in our business will drive continued growth and free cash flow towards our target of $1.5 billion by 2027 and beyond. In addition, we are actively exploring ways to unlock the long-term strategic value of our spectrum assets.

我們相信，業務的改善將推動公司持續成長，並實現自由現金流，最終在 2027 年及以後達到 15 億美元的目標。此外，我們正在積極探索釋放頻譜資產長期策略價值的方法。

We're seeing solid momentum in our new SiriusXM acquisition initiatives with ongoing expansion of our three-year automotive dealer subscription program and our podcast plus offering, as well as continued strength and retention as we provide more value to our subscribers. Subscribers for Q3 were in line with our expectations, with self-pay net ads down versus last year, almost entirely due to our pullback on streaming marketing spend.

我們看到，隨著我們不斷擴大三年汽車經銷商訂閱計劃和播客產品，以及為訂閱用戶提供更多價值，我們在 SiriusXM 新收購計劃方面取得了穩步進展，用戶數量和留存率也持續增長。第三季的訂閱用戶數量符合我們的預期，自付費廣告收入較去年下降，幾乎完全是由於我們減少了串流行銷支出。

Enhancing the subscriber experience begins with programming. We are consistently providing our core audience with new, relevant, and engaging content, and leveraging our unique platform and long-standing relationships to do even more with the voices driving culture today.

提升使用者體驗要從節目編排開始。我們持續為核心受眾提供新穎、相關且引人入勝的內容，並利用我們獨特的平台和長期合作關係，與當今引領文化的聲音進行更多互動。

Within music, the heart of our service, we hosted a variety of live events alongside channel launches. This included the return of Channel 13 to celebrate Taylor Swift's new album, a pop-up channel and small stage concert with Ed Sheeran, and an exclusive Metallica event to launch their new full-time channel, Maximum Metallica. The latter was announced with a special appearance on Howard Stern, who consistently books A-list guests.

在音樂這項我們服務的核心領域，我們舉辦了各種現場活動以及頻道上線活動。其中包括 Channel 13 回歸以慶祝泰勒絲的新專輯，艾德希蘭的快閃頻道和小型舞台演唱會，以及為推出新的全時頻道 Maximum Metallica 而舉辦的 Metallica 獨家活動。後者是透過霍華德·斯特恩的特別節目宣布的，霍華德·斯特恩經常邀請一線明星嘉賓。

Additionally, this quarter, we celebrated 10 years of Radio Andy and extended our agreement with Andy Cohen to keep the channel as our definitive home for pop culture. Howard and Andy are just two examples of the talent creating impact at SiriusXM. Stephen A. Smith is making a splash with his new political and sports programs, as well as the launch of the digital destination Get Serious with Stephen A., which gives fans a fresh way to interact with the host.

此外，本季我們慶祝了 Radio Andy 成立 10 週年，並與 Andy Cohen 續簽了協議，繼續將該頻道作為我們流行文化的權威平台。Howard 和 Andy 只是 SiriusXM 眾多優秀人才中的兩個例子。史蒂芬·A·史密斯憑藉其全新的政治和體育節目以及數位平台「與史蒂芬·A認真起來」（Get Serious with Stephen A.）的推出引起了轟動，該平台為粉絲提供了一種與主持人互動的新方式。

Earlier this month, we also announced the renewal of our agreement with Megyn Kelly, which has expanded to include the soon to be launched Megyn Kelly Channel. With each of these personalities, we are able to utilize our platform to elevate their voices and deliver exclusive programming to our listeners.

本月初，我們也宣布與梅根凱利續約協議，協議範圍擴大到即將推出的梅根凱利頻道。借助這些名人，我們能夠利用我們的平台來提升他們的聲音，並為我們的聽眾提供獨家節目。

Our efforts to include more content across package tiers is providing even more value to our dedicated subscribers. We've seen more than a 50% increase in NFL and MLB play-by-play listeners and almost triple the usage of our artist-seeded stations, reflecting the expanded access to our programming introduced late last year.

我們努力在各個套餐等級中增加更多內容，為我們的忠實訂閱用戶提供更多價值。我們看到 NFL 和 MLB 比賽實況解說的聽眾增加了 50% 以上，而我們藝術家推薦電台的使用率幾乎翻了三倍，這反映了去年底推出的擴大節目訪問範圍的舉措。

Initiatives such as these, which encourage our subscribers to engage with a wide range of content across devices and even introduce new members of the household to our service, not only results in higher satisfaction but also drive greater retention. Our programming is just one way we are delivering meaningful value to our subscribers.

諸如此類的舉措，鼓勵我們的用戶透過各種裝置存取各種內容，甚至將我們的服務介紹給家庭中的新成員，不僅可以提高用戶滿意度，還可以提高用戶留存率。我們的節目製作只是我們為訂閱用戶提供有意義價值的方式之一。

360L penetration continues to expand, launching in Toyota's new RAV4 as we announced this month. And we are always rolling out new updates to enhance the in-car experience. Features such as extra channels, for example, deliver listeners more 24/7 music both in-car and in-app, with significant increases in both usage and time spent listening.

360L 的滲透率持續擴大，正如我們本月宣布的那樣，它將在豐田新款 RAV4 中推出。我們一直在推出新的更新，以提升車內體驗。例如，額外的頻道等功能可以為聽眾提供更多全天候的音樂，無論是在車內還是在應用程式內，從而顯著提高使用率和收聽時間。

Streaming engagement has remained high across the board, showcasing how our service accompanies many subscribers throughout their day. In particular, subscribers with 360L who also stream listens almost daily, an average of 28 days a month.

串流互動率一直保持在高位，這表明我們的服務陪伴了許多訂閱用戶度過了他們的一天。特別是擁有 360L 且幾乎每天都收聽串流媒體的用戶，平均每月收聽 28 天。

Beyond product enhancements, we remain focused on improving the overall customer experience. This quarter, we began rolling out our new identity framework, which shifts subscriptions from vehicle-based to customer-based.

除了產品改進之外，我們始終致力於提升整體客戶體驗。本季度，我們開始推出新的身份框架，將訂閱模式從基於車輛轉變為基於客戶。

This change eliminates friction when customers add, replace, or exchange vehicles. For example, subscribers no longer need to cancel and resubscribe at the end of a trial when replacing a vehicle. This framework also lays the foundation for future initiatives that will simplify the sign-up experience for new customers. Together, these improvements are expected to drive stronger customer acquisition, higher retention, and sustained revenue growth.

這項變更消除了客戶在添加、更換或交換車輛時的摩擦。例如，使用者在更換車輛時，試用期結束後無需再取消訂閱並重新訂閱。該框架也為未來的措施奠定了基礎，這些措施將簡化新客戶的註冊體驗。這些改善措施有望共同推動更強勁的客戶獲取、更高的客戶留存率和持續的收入成長。

We've also made progress within our pricing and packaging. While we have been thoughtful in the rollout of play, our low-cost, ads-supported subscription tier, we are seeing positive early indicators from the limited targeted marketing efforts we've rolled out in tandem with the launch.

我們在定價和包裝方面也取得了進展。雖然我們在推出低成本、廣告支援的訂閱服務 Play 時一直非常謹慎，但我們從與該服務同步推出的有限的定向行銷活動中看到了積極的早期跡象。

There's no evidence of cannibalization of our existing full-price population with the introduction of this new tier. In fact, within the test population, we are driving interest and subscriptions across all our packages, effectively widening the top of the funnel.

沒有證據表明，推出這項新等級會蠶食我們現有的全價客戶群。事實上，在測試人群中，我們提高了大家對我們所有套餐的興趣和訂閱量，有效地拓寬了銷售漏斗的頂端。

This also gives us an additional solution to leverage as we gradually move away from unpublished discount offers in both acquisition and retention. While initial impacts are small, play is an important part of our broadened pricing and packaging structure, which we believe, alongside improvement in our content-led marketing efforts, will help drive improvements in future subscription trends.

隨著我們在客戶獲取和客戶留存方面逐步減少未公開的折扣優惠，這也為我們提供了一個可以利用的額外解決方案。雖然初步影響較小，但遊戲是我們擴大定價和包裝結構的重要組成部分，我們相信，這與我們以內容為主導的行銷工作的改進一起，將有助於推動未來訂閱趨勢的改善。

Switching to the topic of advertising, we saw another positive milestone in the third quarter. SiriusXM Media now reaches more than 170 million listeners a month, and our podcast network is now the largest in the nation per Edison Research. Ad revenue grew 1% year over year, and podcasting in particular continues to boom, once again, up almost 50%, offsetting declines in music streaming.

轉而談到廣告業務，我們在第三季又取得了另一個積極的里程碑。SiriusXM Media 目前每月覆蓋超過 1.7 億聽眾，根據 Edison Research 的數據，我們的播客網絡現在是全美最大的。廣告收入年增 1%，尤其是播客業務持續蓬勃發展，再次成長近 50%，抵銷了音樂串流媒體的下滑。

We're expanding our inventory to meet marketplace demand, with a variety of new shows launched over the last few months from our partnership with SmartLess Media and a new agreement announced this week with MrBallen. The latter deal in particular with a video first podcaster underscores our ability to support creators by growing podcast monetization across all platforms.

為了滿足市場需求，我們正在擴大節目庫，過去幾個月我們與 SmartLess Media 合作推出了一系列新節目，本週又與 MrBallen 宣布了一項新協議。尤其是與一位以影片為主的播客主播達成的這項協議，凸顯了我們透過在所有平台上發展播客獲利能力來支持創作者的能力。

We're seeing significant year-over-year and quarter-over-quarter expansion of our Creator Connect social and video offering where we are growing both our inventory and CPMs. We're also expanding monetization opportunities with new partnerships such as our integration of the Amazon DSP this quarter, which provides further runway for programmatic advertising, which was once again up year over year.

我們看到 Creator Connect 社交和視訊產品實現了顯著的同比增長和環比增長，我們的庫存和 CPM 都在增加。我們也透過新的合作關係擴大了獲利機會，例如本季我們整合了亞馬遜DSP，這為程式化廣告提供了進一步的發展空間，而程式化廣告的銷售額再次較去年同期成長。

Additionally, we are leveraging our broader network to take the podcasting tailwinds and help brands find their audiences across Pandora and SiriusXM, bringing more ad dollars to both platforms. We see even more opportunity to own the digital in-car ad experience across Pandora and SiriusXM through 360L as well as CarPlay and Android Auto, usage of which is up for both services this quarter.

此外，我們正在利用我們更廣泛的網絡，順應播客的發展趨勢，幫助品牌在 Pandora 和 SiriusXM 上找到他們的受眾，從而為這兩個平台帶來更多的廣告收入。我們看到，透過 360L 以及 CarPlay 和 Android Auto，在 Pandora 和 SiriusXM 上擁有更多掌控車載數位廣告體驗的機會，而且本季這兩項服務的使用量都有所上升。

And with our open ecosystem approach, we are utilizing our industry leading strengths in selling and monetizing audio ads to expand our streaming and podcast networks. Across the company, we are exploring further options to do more with the valuable assets we have within the broader business, whether that is with spectrum or by leveraging our ad capabilities with additional third parties.

憑藉我們開放的生態系統方法，我們正在利用我們在音頻廣告銷售和盈利方面的行業領先優勢，來擴展我們的串流媒體和播客網絡。公司上下都在探索如何更好地利用我們在更廣泛的業務範圍內擁有的寶貴資產，無論是頻譜資源，還是透過與第三方合作來發揮我們的廣告能力。

As we continue to drive profitability, achieve our target leverage ratio, and move towards our free cash flow target of $1.5 billion in 2027, we expect to have expanded opportunities for capital returns to drive long-term value creation for shareholders. With that, I'll turn it over to Tom for more on this quarter's financial results.

隨著我們不斷提高獲利能力，實現目標槓桿率，並朝著 2027 年 15 億美元的自由現金流目標邁進，我們預計將有更多機會獲得資本回報，從而為股東創造長期價值。接下來，我將把發言權交給湯姆，讓他繼續介紹本季的財務表現。

Thank you, Jennifer, and good morning, everyone. In the third quarter, we execute with strong discipline, sustaining healthy margins, delivering operating efficiencies, and allocating capital to initiatives with clear returns. At the same time, we leaned into new content and distribution initiatives that reinforce our long-term competitive position.

謝謝你，珍妮弗，大家早安。第三季度，我們以高度的紀律執行，維持健康的利潤率，提高營運效率，並將資金分配給明確回報的項目。同時，我們大力推動新的內容和分發計劃，以鞏固我們的長期競爭地位。

Looking at the financial results for the quarter, total revenue for the third quarter was $2.16 billion essentially flat year over year, down less than 1%. Subscriber revenue declined by $16 million to $1.63 billion while advertising revenue grew by $5 million to $455 million. Total cash operating expenses were $1.48 billion also flat compared to the prior year. Adjusted EBITDA was $676 million, down 2% year-over-year with a 31% margin.

從本季的財務表現來看，第三季總營收為 21.6 億美元，與去年同期基本持平，下降不到 1%。訂閱收入下降了 1,600 萬美元，至 16.3 億美元，而廣告收入增加了 500 萬美元，至 4.55 億美元。現金營運總支出為 14.8 億美元，與前一年持平。調整後 EBITDA 為 6.76 億美元，年減 2%，利潤率為 31%。

Net income for the quarter was $297 million and free cash flow was $257 million, up from $93 million in the third quarter of 2024. The year-over-year improvement in free cash flow was primarily driven by the absence of Liberty Media transaction-related costs recorded in the prior year period, as well as lower cash taxes paid, and reduced capital expenditures.

本季淨收入為 2.97 億美元，自由現金流為 2.57 億美元，高於 2024 年第三季的 9,300 萬美元。自由現金流量年改善主要得益於去年同期 Liberty Media 交易相關成本的減少、現金稅支付減少以及資本支出減少。

Turning to the segments, SiriusXM total revenue finished the quarter at $1.61 billion, down 1% year over year, primarily driven by lower subscriber revenue due to a modest decline in the average subscriber base. Advertising revenue remained steady, down $2 million to $39 million for the quarter. Average revenue per user rose slightly to $15.19 from $15.16 in the prior year period, benefiting from the March rate increase.

從各業務部門來看，SiriusXM 本季總營收為 16.1 億美元，年減 1%，主要原因是平均用戶數量略有下降，導致用戶收入減少。本季廣告收入維持穩定，下降200萬美元至3,900萬美元。由於 3 月的費率上漲，每位用戶的平均收入從去年同期的 15.16 美元略微上升至 15.19 美元。

Segment gross profit was $958 million, down 1% year over year, with a gross margin of 59%, a 1-point decline from the prior year. Churn remained healthy in the third quarter at 1.6%, improving slightly year over year, driven by declines in vehicle-related, non-pay, involuntary churn.

該部門毛利為 9.58 億美元，年減 1%，毛利率為 59%，較上年下降 1 個百分點。第三季客戶流失率維持在1.6%的健康水平，較上年同期略有改善，這主要得益於與車輛相關的非付費、非自願流失率的下降。

Self-pay net ads were negative 40,000, driven by consistently low churn, higher trial volumes, and continued progress in new acquisition initiatives. These were partially offset by lower conversion rates and softer streaming net editions. We continue to anticipate some headwinds in the fourth quarter from reduced streaming marketing and acquisition channels.

自付費淨廣告收入為負 40,000，這主要得益於持續較低的客戶流失率、較高的試用量以及新客戶獲取計畫的持續進展。這些不利因素部分被較低的轉換率和較為溫和的網路串流版本所抵消。我們預計第四季將面臨一些不利因素，例如串流行銷和獲客管道的減少。

Turning to the Pandora and Off-platform segment, total revenue was $548 million, up $4 million or 1% year over year. Subscriber revenue declined 2% to $132 million on a smaller sub-base, while advertising revenue grew 2% to $416 million.

再來看 Pandora 和站外平台部分，總收入為 5.48 億美元，年增 400 萬美元或 1%。由於用戶基數縮小，訂閱收入下降了 2%，至 1.32 億美元，而廣告收入增加了 2%，至 4.16 億美元。

We saw encouraging signs of increased spending late in the quarter with momentum building through September. Programmatic revenue continued to strengthen and podcast demand remained robust, driving nearly 50% year-over-year growth in podcast revenue.

我們看到本季末支出增加的令人鼓舞的跡象，而這一勢頭在9月份持續增強。程序化營收持續走強，播客需求依然強勁，推動播客營收年增近 50%。

During the quarter, we continue to see growth in advertisers buying across two or more of our platforms, reflecting the growing success of our multi-platform reach. As we roll out our unified buying capabilities next year, we expect this trend to strengthen further. Segment gross profit in the quarter decreased 9% to $170 million, reflecting a gross margin of 31%.

本季度，我們繼續看到廣告商在我們的兩個或多個平台上購買廣告的數量有所增長，這反映出我們多平台覆蓋範圍的日益成功。隨著我們明年推出統一採購功能，我們預計這一趨勢將進一步加強。該季度分部毛利下降 9% 至 1.7 億美元，毛利率為 31%。

Third-quarter operating expenses reflect the ongoing benefits of our cost savings initiatives. Sales and marketing expenses declined 15% to $176 million driven by reductions in brand and streaming marketing. Product and technology costs fell 5% to $54 million due to ongoing optimization efforts.

第三季營運費用反映了我們成本節約措施持續帶來的效益。受品牌行銷和串流媒體行銷支出減少的影響，銷售和行銷費用下降了 15%，至 1.76 億美元。由於持續的優化工作，產品和技術成本下降了 5%，至 5,400 萬美元。

G&A expenses increased 2% to $115 million, primarily due to higher software and telecom costs. Overall, for 2025, our cost savings program continues to outperform expectations, achieving our $200 million target in-year while we continue to reinvest selectively in areas that drive clear payback and engagement, ad monetization, and OEM distribution.

一般及行政費用增加 2% 至 1.15 億美元，主要原因是軟體和電信成本上漲。總體而言，到 2025 年，我們的成本節約計畫繼續超出預期，實現了 2 億美元的年度目標，同時我們繼續有選擇地將資金再投資於能夠帶來明顯回報和參與度、廣告貨幣化和 OEM 分銷的領域。

Subscriber acquisition costs totaled $107 million for the quarter, up from $90 million in the same period last year. This increase was driven by the expansion of our OEM programs, including broader adoption of 360L and ongoing migration to the wide-band chipset. These investments are expected to yield favorable economics and improved listener conversion over the life of the agreement.

本季用戶取得成本總計 1.07 億美元，高於去年同期的 9,000 萬美元。這一成長是由我們的 OEM 專案擴展所推動的，包括 360L 的更廣泛應用以及向寬頻晶片組的持續遷移。預計這些投資將在協議有效期內帶來良好的經濟效益和更高的聽眾轉換率。

During the quarter, we increased and extended our evolving credit facility to $2 billion with just $30 million drawn as of September 30, preserving significant liquidity and financial flexibility. We ended the quarter with a net debt-to-adjusted EBITDA ratio of 3.8 times, slightly above our long-term target in the low to mid-3s. Our strong and consistent cash generation continues to support our ability to delever and enhance capital returns over time.

本季度，我們不斷擴大信貸額度至 20 億美元，截至 9 月 30 日僅提取了 3,000 萬美元，從而保持了充足的流動性和財務靈活性。本季末，我們的淨負債與調整後 EBITDA 比率為 3.8 倍，略高於我們長期目標值約 3 倍。我們強勁且穩定的現金流持續支撐著我們降低槓桿率和提高資本回報的能力。

During the quarter, we reduced total debt by $120 million and we returned $111 million to shareholders, including $91 million in dividends and $20 million share repurchases. As we work towards our leveraged target by late next year, we remain committed to prudent investments in maintaining our dividend policy. We expect to have increased flexibility to enhance shareholder returns and pursue strategic opportunities.

本季度，我們減少了1.2億美元的總債務，並向股東返還了1.11億美元，其中包括9,100萬美元的股息和2,000萬美元的股票回購。在努力實現明年年底的槓桿目標的同時，我們將繼續秉持審慎的投資原則，維持我們的股利政策。我們期望擁有更大的靈活性，以提高股東回報並尋求策略機會。

Finally, we are increasing our guidance on revenue, adjusted EBITDA, and free cash flow by $25 million to approximately $8.525 billion in total revenue, $2.625 billion in adjusted EBITDA, and $1.225 billion in free cash flow. This is in addition to the $50 million free cash flow guidance increase we announced in September.

最後，我們將營收、調整後 EBITDA 和自由現金流的預期分別上調 2,500 萬美元，達到總營收約 85.25 億美元、調整後 EBITDA 約 26.25 億美元和自由現金流約 12.25 億美元。除此之外，我們9月也宣布將自由現金流預期提高5,000萬美元。

These increases reflect the continued strength of our operations and our disciplined execution. And we remain confident in our ability to close this year strong.

這些成長反映了我們營運的持續強勁和我們嚴謹的執行力。我們仍然有信心在今年年底取得強勁的收官成績。

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

這樣，我就把問題交還給接線生進行問答環節。

(Operator Instructions) Stephen Laszczyk, Goldman Sachs.

（操作說明）史蒂芬‧拉斯奇克，高盛。

Hey. Great. Good morning. Thanks for taking the questions. First, Jennifer, subscriber net ads continue to improve here in the third quarter. I know we've had some one-time impacts coming in and out of focus this year. You've had click to cancel some streaming only churn. I think Tom called out some factors in the fourth quarter to consider.

嘿。偉大的。早安.謝謝您回答問題。首先，Jennifer，第三季訂閱用戶淨廣告收入持續改善。我知道今年我們經歷了一些時而出現時而消失的一次性影響事件。您必須點擊取消某些僅限串流媒體播放的訂閱。我認為湯姆在第四季提出了一些需要考慮的因素。

But maybe I was curious if you just spent some time talking about where we stand on each of these factors, each of these moving parts as we close out the year and as we begin to look into 2026 on the net ad front and as some of the underlying momentum in the business might start to come through?

但我很好奇，您是否願意花些時間談談我們在這一年即將結束、展望 2026 年網絡廣告業務以及該業務的一些潛在發展勢頭可能開始顯現之際，在這些因素和各個動態方面所處的立場？

Sure. Thanks, Stephen. So as we came into the year, we said that we expected self-pay net adds to be better year-over-year, but for a few specific items, mostly, that's because of the streaming reduction as a result of the pullback in the marketing spend there. And the performance this year so far and our expectations for the fourth quarter has been consistent with our thoughts coming into the year.

當然。謝謝你，史蒂芬。所以，在年初的時候，我們曾表示預計自付費用戶淨增額將比上年有所增長，但就一些特定項目而言，這主要是由於串流媒體行銷支出減少導致串流媒體用戶減少所致。今年迄今的業績以及我們對第四季度的預期與我們年初的想法一致。

So we discussed on our last call that we would expect about a $300,000 net add reduction because of the streaming adjustment. And the biggest quarters of the impact for that are the first quarter and then the fourth quarter of this year in terms of the year-over-year impacts.

因此，我們在上次電話會議上討論過，由於串流媒體調整，我們預計淨新增收入將減少約 30 萬美元。就同​​比影響而言，今年第一季和第四季受到的影響最大。

But we still expect our in-car business to be better year-over-year as a result of many of these new acquisition programs that we've been talking about, including the three-year automotive dealer subscriptions, better used car data, EV implementations, and we continue to see nice movement there. So as we look at next year, of course, we'll provide better indications on the fourth quarter call.

但我們仍然預計，由於我們一直在討論的許多新的收購計劃，包括三年汽車經銷商訂閱、更好的二手車數據、電動車實施等，我們的車載業務將逐年好轉，而且我們繼續看到這方面取得良好的進展。所以展望明年，我們當然會在第四季財報電話會議上提供更明確的資訊。

But a number of positives that we continue to believe that we'll see contributions from these new acquisition initiatives. We would be through the bulk, obviously, of the streaming net add reduction this year. And we really believe we're going to see continued progress on -- as a result of the expanded pricing and packaging we put in place, better personalized and content-led marketing, leveraging 360L, other third-party data to really get the right content in front of the right customers.

但我們仍相信，這些新的收購措施將會帶來許多正面影響。顯然，今年串流淨新增用戶減少的大部分時期已經過去了。我們堅信，隨著我們擴大定價和包裝範圍、更好地個性化和內容主導的營銷、利用 360L 和其他第三方數據，我們將取得持續進展，真正將正確的內容呈現在正確的客戶面前。

And we talked a little bit about it in our prepared remarks, but continuous service should remove friction with our current subscribers, transferring vehicles, and we've got future opportunities in bundles and partnerships. So I'd say the one thing we're watching closely for next year is just what happens with auto sales, in general, just because of the ever-evolving tariff situation and potential impacts if that were to affect consumer demand. But otherwise, we feel good about the trends.

我們在事先準備好的演講稿中也稍微談到了這一點，但持續的服務應該可以消除我們現有用戶在車輛轉移方面的摩擦，而且我們在捆綁銷售和合作方面還有未來的機會。所以我覺得明年我們最關注的一件事就是汽車銷售的整體情況，因為關稅狀況不斷變化，如果關稅影響到消費者需求，可能會產生潛在影響。但除此之外，我們對這些趨勢感到滿意。

Great. That's helpful. And then on the ARPU side, I was curious if you could talk a little bit more about the receptivity you're seeing across the base to the rate increases earlier this year and then also to the pricing and packaging changes you made on the SXM side earlier in the year as well?

偉大的。那很有幫助。在 ARPU 方面，我很好奇您能否再詳細談談您觀察到的用戶群體對今年早些時候的費率上漲以及您今年早些時候在 SXM 方面做出的價格和套餐調整的接受程度？

I think we've seen ARPU trends improve throughout the year. Just curious how much more opportunity you see for them to continue to improve as you look into 4Q, maybe into 2026 as well, as we think about the balance of rate increases versus maybe some SiriusXM play subs coming into the base in a more meaningful way over the next couple of quarters?

我認為我們已經看到今年的ARPU（每位用戶平均收入）趨勢有所改善。我只是好奇，您認為他們在第四季度，甚至到 2026 年還有多少提升空間？因為我們需要考慮在接下來的幾個季度裡，SiriusXM Play 的一些訂閱用戶是否會以更有意義的方式加入到用戶基礎中，以及在價格上漲方面如何取得平衡。

Yeah. Again, we're on track on ARPU in terms of better year-over-year comparisons, as we said, as you go throughout this year. And yes, we've talked about introducing lower-priced packages like our $9.99 music only and adds on top of that and our low cost of ads or play subscription.

是的。正如我們之前所說，今年以來，我們在 ARPU 方面一直保持著良好的同比表現。是的，我們討論過推出價格較低的套餐，例如 9.99 美元的音樂套餐，以及額外的附加服務，還有價格低廉的廣告或播放訂閱服務。

And we think what we're seeing in both of those cases is that they are great headline prices, but that customers are typically taking higher-priced packages even with those used for promotion. So we do feel good about the mix on acquisition.

我們認為，在這兩種情況下，我們看到的都是，雖然標價很誘人，但顧客通常還是會選擇價格更高的套餐，即使是用於促銷的套餐。因此，我們對目前的收購組合感到滿意。

And I think we continue to have opportunities to add value to support future rate increases. And so I would expect that we have the opportunity to continue to improve ARPU over time. But of course, it really is about revenue maximization and balancing rate and volume.

我認為我們仍然有機會創造價值，以支持未來的利率上漲。因此，我認為我們有機會隨著時間的推移不斷提高每位用戶平均收入 (ARPU)。當然，歸根究底還是為了實現收益最大化，以及平衡成長率和銷量。

Cameron Mansson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

Thank you and good morning. First on -- a follow-up on pricing. I was just wondering if we should still think about you deploying a every other year philosophy? And then relatedly, how might pricing activity from peers influence those decisions around pricing near term?

謝謝，早安。首先——跟進定價問題。我只是想知道我們是否還應該考慮您採用隔年實施的理念？那麼，同業的定價行為又會如何影響近期定價決策呢？

Yeah. Thanks, Cameron. So I think we're open to looking at rate increases on a different frequency perhaps. We had a very strong execution against the rate increase earlier this year. We've developed a good model for how we execute those by delivering more value for our subscribers ahead of those rate increases.

是的。謝謝你，卡梅倫。所以我認為我們可以考慮調整升息頻率。今年早些時候，我們成功地遏制了利率上漲。我們已經建立了一個很好的模型，透過在漲價之前為訂閱用戶提供更多價值來執行這些漲價措施。

And we expect to continue to do that along a number of factors, right, with product features, with new content, and with things like service continuity, which just make it easier to transfer vehicles. And so I -- there's a possibility that we'll do it maybe more frequently or on a slightly -- maybe it's not exactly every other year, it's 18 months. But obviously, we're very, very watchful of the market in general.

我們預計會繼續從多個方面實現這一目標，對吧？例如產品功能、新內容以及服務連續性等，這些都能讓車輛移轉變得更容易。所以，我們有可能更頻繁地這樣做，或者稍微——也許不是每兩年一次，而是每 18 個月一次。但很顯然，我們對整個市場都非常密切關注。

As you mentioned, with other services, whether they be audio or video, we're seeing pretty consistent rate increases there. And I think that signals both an opportunity because we look well priced, but also, we need to be monitoring for potential subscription fatigue. We haven't seen any of that yet, but of course, those factors are the backdrop for how we'll make the decisions going forward.

正如您所提到的，其他服務，無論是音頻還是視頻，我們都看到費率持續上漲。我認為這既是一個機會，因為我們的定價看起來很合理，但同時，我們也需要關注潛在的訂閱疲勞問題。我們目前還沒有看到任何此類情況，但當然，這些因素是我們今後做出決策的背景。

That's helpful. Thanks. And then on advertising, some good sequential improvement in ad trends this quarter. You highlighted the strength of podcasting. I was wondering if you could help provide any help in terms of thinking how podcasting increased as a share of the overall ad business? And as part of that, just helping us frame the opportunity maybe for that outperformance to come through in total ad growth over the next few years?

那很有幫助。謝謝。廣告方面，本季廣告趨勢出現了一些不錯的環比改善。你強調了播客的優勢。我想請教您，能否就播客在整體廣告業務中所佔份額的成長原因提供一些見解？作為其中的一部分，這或許有助於我們把握機遇，在未來幾年內實現廣告總成長的超額收益？

Our podcasting performance has been very strong, again, another quarter where ad revenue in podcasting was up about 50%. And we're really pleased with the investments we've made here and the innovations that we've launched, including things like Creator Connect to sell across audio, video, and social. So it is representing a larger portion of our overall ad revenue, and we would expect that to continue.

我們的播客表現非常強勁，播客廣告收入再次成長了約 50%，這又是一個季度。我們對我們在這裡進行的投資和推出的創新感到非常滿意，包括 Creator Connect 等產品，以便跨音訊、視訊和社交媒體進行銷售。因此，它在我們整體廣告收入中所佔的比例越來越大，我們預計這種情況還會持續下去。

But we do have opportunities to improve on the streaming side and on the satellite side. As we bring things like, Tom mentioned in the prepared remarks, being able to sell better across our platforms. And we're just launching now a unified buying process for salespeople and marketers so that it's much easier to buy across all three platforms. So we'd expect to see some tailwinds there.

但我們在串流媒體和衛星傳輸方面還有改進的空間。正如湯姆在準備好的演講稿中提到的那樣，我們能夠更好地在我們的平台上進行銷售。我們現在正推出面向銷售人員和行銷人員的統一購買流程，以便他們能夠更輕鬆地在所有三個平台上進行購買。所以我們可以預期那裡會有一些順風。

And also as we launch ad replacement in the car, we've been talking about this for quite a while, but we are going to start that evolution early next year. And that will continue to progress to allow us really as the only provider of the ability to execute against addressable inventory in the car. So there are opportunities for us to continue to expand across the other aspects of our portfolio. But we're really pleased with where we are in podcasting and expect to see continued tailwinds there.

此外，隨著我們在車內推出廣告替換功能，我們已經討論這個問題很久了，但我們將在明年初開始這項變革。而這一進程將繼續推進，使我們真正成為唯一一家能夠針對車內可尋址庫存進行交易的供應商。因此，我們有機會繼續拓展我們投資組合的其他方面。但我們對播客領域的現狀非常滿意，並期待該領域能夠繼續保持成長勢頭。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Great. Good morning and thanks for taking the question. I wanted to ask about spectrum and see if there's any more you could share on how you're viewing the portfolio and scope for monetization? If you just take a look at recent market transactions, it certainly seems like this could be quite a significant opportunity for the company even if you take a big haircut to recent comps. And relatedly, it might be premature to ask, but how should we think about how you could look to allocate any potential proceeds, particularly since you're not too far off from your target leverage?

偉大的。早上好，感謝您回答這個問題。我想問一下關於頻譜的問題，看看您能否分享更多關於您如何看待投資組合和盈利前景方面的信息？如果只看最近的市場交易，即使與最近的同業比較相比大幅縮水，這似乎也確實是該公司一個相當大的機會。另外，現在問這個問題可能為時過早，但我們應該如何考慮如何分配任何潛在的收益，特別是考慮到您距離目標槓桿率並不遙遠？

Thanks, Ken. I'll take that. Just to level set, our spectrum holdings totaled about 35 megahertz right now of contiguous spectrum with 25 megahertz being used for our core broadcast operations and 10 megahertz of the recently acquired spectrum that are positioned to either side of the 25 megahertz. And those are the WCS licenses.

謝謝你，肯。我接受。為了便於理解，我們目前擁有的頻譜總量約為 35 兆赫茲的連續頻譜，其中 25 兆赫茲用於我們的核心廣播業務，另外 10 兆赫茲是最近收購的頻譜，位於這 25 兆赫茲的兩側。這些是WCS許可證。

So you're right, that does give us a lot of flexibility to create value in multiple ways and whether that's expanding or enhancing our service or building on core strengths in particular in the car. It also includes opportunities for new partnerships or services built potentially in conjunction with partners. So we are evaluating multiple approaches to creating value right now, and we'll share more as our thinking and the opportunities evolve.

所以你說得對，這確實給了我們很大的靈活性，可以透過多種方式創造價值，無論是擴展或增強我們的服務，還是鞏固我們在汽車領域的核心優勢。它還包括與合作夥伴共同建立新的合作關係或服務的機會。因此，我們目前正在評估多種創造價值的方法，隨著我們的想法和機會的發展，我們將分享更多資訊。

Yeah. I just say, Kutgun, on the last part of your question about proceeds, obviously, it's way too early to be thinking about that, but we have the usual approach in terms of capital returns, right? We want to make sure that, first and foremost, we're executing against opportunities.

是的。Kutgun，關於你問題的最後一部分，也就是收益，顯然現在考慮這個問題還為時過早，但我們在資本回報方面採取的是通常的做法，對吧？我們首先要確保的是，我們能夠抓住機會並有效執行。

We have to invest in the business organically with high ROI. We've been very disciplined about that. There's, of course, an ongoing evaluation of M&A opportunities. We don't believe there's anything near term that we need for the portfolio, but we're -- we continue to be open to that.

我們必須對業務進行有機成長投資，以獲得高投資報酬率。我們在這方面一直都非常自律。當然，我們一直持續評估併購機會。我們認為近期投資組合不需要任何投資，但我們—我們仍然對此持開放態度。

And clearly, the focus right now is on delevering. And as we've said, we're consistently measuring against our long-term leverage target of low- to mid-3 times EBITDA and expect to get there late next year. And beyond that, of course, there's opportunities for other capital returns to shareholders, whether that's dividends or share repurchases.

顯然，目前的重點是去槓桿化。正如我們所說，我們一直在衡量我們長期槓桿率目標（EBITDA 的 3 倍左右），並預計明年年底就能實現該目標。當然，除此之外，股東還有機會獲得其他資本回報，無論是分紅或股票回購。

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特，羅森布拉特證券。

Okay. Thanks for taking the question. I wanted to follow up a little bit on the spectrum question and just drill in a little bit, which is, part of the question was referring to the possibility of selling spectrum and the value that could come looking at comparable transactions.

好的。感謝您回答這個問題。我想就頻譜問題再追問一下，深入探討。問題的一部分涉及出售頻譜的可能性，以及透過比較類似交易可能獲得的價值。

I was wondering if you could comment on whether selling spectrum is something that would even be considered? And if so, a little bit of color on how you could think about licensing, given that your spectrum is licensed for a specific satellite radio use right now?

我想請問您能否就出售頻譜是否在考慮範圍之內發表一下看法？如果是這樣，鑑於您的頻譜目前已授權用於特定的衛星廣播用途，您能否簡要說明一下您會如何考慮頻譜許可問題？

And I think there's a lot of interest in other uses like potentially satellite connectivity to cell phones that's been in the background of some of these other transactions. And whether that specific use case is something that could be applicable to your spectrum. And whether there's any licensing steps that could be taken maybe would be best taken in this current FCC environment, if you could comment on that?

我認為人們對其他用途也有很多興趣，例如潛在的衛星連接手機，這在其他一些交易中也曾出現過。以及該具體用例是否適用於您的頻譜。在當前的 FCC 環境下，是否有任何許可措施可能是最佳選擇？您能否就此發表一下看法？

Yeah. Sure. Thanks, Barton. So Wayne mentioned how we're really approaching the process and I think there's a number of different use cases. I'm not sure that really is going to involve selling spectrum.

是的。當然。謝謝你，巴頓。韋恩提到了我們是如何著手處理這個過程的，我認為這裡有很多不同的應用場景。我不確定這是否真的會涉及到出售頻譜。

We do believe the FCC has been more open to different types of uses and transactions. But really, it's like what Wayne said, like let's find the best opportunity for our business given the strengths that we provide particularly in automotive. And perhaps there's a partnership that would let us better execute there. But that's really the main focus.

我們相信，FCC 對不同類型的用途和交易持更開放的態度。但實際上，就像韋恩說的那樣，我們要根據自身優勢，尤其是在汽車領域的優勢，找到最適合我們業務發展的機會。或許我們可以建立合作關係，以便更好地執行相關任務。但這才是真正的重點。

Okay. That's helpful. And then if I could just switch to another topic. On auto relationships, there's been some disclosures, I think, from automakers like GM of a desire to move to their own interface versus CarPlay and Android Auto.

好的。那很有幫助。然後，如果我能換個話題就好了。關於汽車產業關係，我認為，像通用汽車這樣的汽車製造商已經透露出一些意願，希望轉向使用自己的介面，而不是 CarPlay 和 Android Auto。

I was just wondering in this environment where GM might be doing that and others perhaps over time, is that potentially advantages those who are economic partners of the automakers who will have greater control over the interface if they do this, versus those who don't? So you guys are an economic partner. You pay them a split. Others like Spotify don't. Does that advantage you potentially in the interface?

我只是在想，在通用汽車可能正在這樣做，其他公司也可能隨著時間的推移這樣做的情況下，如果汽車製造商的經濟合作夥伴也這樣做，他們將對介面擁有更大的控制權，這是否會對那些不這樣做的人更有優勢？所以你們是我的經濟合作夥伴。你付給他們一部分錢。而像Spotify這樣的公司則不這麼做。這在介面方面對你是否有潛在優勢？

Thanks, Barton. It's Wayne. I'll take that. I think that as you probably know, over the course of the year, we've enhanced our abilities in CarPlay, which is why we're seeing some of the increased usage. So that's where a lot of our users like to consume a service, and so we want to be wherever our users are.

謝謝你，巴頓。是韋恩。我接受。我想您可能也知道，在過去一年中，我們提高了 CarPlay 的功能，這也是我們看到其使用量增加的原因。所以很多用戶都喜歡在這樣的平台上使用我們的服務，因此我們希望無論用戶在哪裡，我們都能出現。

And of course, we do partner deeply with the OEMs, and we want to be as deeply embedded as we can in their IVIs and create the best experience that they want for their consumers. And so we feel like we're really well positioned in both directions.

當然，我們與汽車製造商建立了深入的合作關係，我們希望盡可能深入地融入他們的車載資訊娛樂系統，並為他們的消費者創造他們想要的最佳體驗。因此，我們感覺我們在兩個方面都處於非常有利的地位。

It's a -- we've created a lot of deep relationships, both for the consumers and with both platforms and with OEMs. And so we're going to continue to develop in both directions, and we like direction -- we like both directions for us and for our consumers.

我們已經與消費者、平台和原始設備製造商建立了許多深厚的聯繫。因此，我們將繼續朝這兩個方向發展，我們喜歡方向——我們喜歡這兩個方向，這對我們自己和我們的消費者都有好處。

Matthew Harrigan, Benchmark Company.

馬修·哈里根，基準公司。

Thank you. I couldn't frame an OEM question more articulately than Barton, so I'll leave that one alone. But it's interesting on video, particularly with micro content on YouTube and other forms, it always feels to me like music video content has been under monetized. And certainly, you have marquee content or podcast content really embracing the entire political spectrum.

謝謝。我無法比巴頓更清楚地提出關於 OEM 的問題，所以我就不回答這個問題了。但有趣的是，在影片領域，尤其是在 YouTube 和其他平台上的微內容，我總覺得音樂影片內容的獲利能力不足。當然，也有一些主打內容或播客內容真正涵蓋了整個政治光譜。

But how significant an opportunity is that? And how does that -- and this is probably a little too early, but how does the potential ad tech on the video side -- ad tech stack on the video side compared to what you're doing in audio, clearly, you're a leader in audio, there's a lot of press on -- which is about everybody is doing on the video side these days in that regard. But it does feel like you've got a lot of room to grow in terms of monetizing on the video side to complement your audio leadership in the car?

但這究竟是多麼重要的機會呢？那麼，影片方面的潛在廣告技術——影片方面的廣告技術堆疊——與你們在音訊方面所做的相比如何呢？顯然，你們是音訊領域的領導者，有很多媒體報導——而這幾乎是目前每個人在視訊方面都在做的事情。但感覺你們在影片方面的獲利能力還有很大的提升空間，可以與你們在車載音響領域的領先地位形成互補？

Great. It's Scott. Thank you. So a couple of things. So as you pointed out, we're the number one podcast network now in terms of reach in audio in the US. So that lane is vibrant and growing, and we continue to be the leader there. In video, our YouTube partners that we have on there, whether it's Unwell in Alex Cooper or SmartLess or anything else, we're seeing enormous growth there.

偉大的。是斯科特。謝謝。有幾件事。正如你所指出的，就美國音訊領域的覆蓋範圍而言，我們現在是排名第一的播客網絡。所以這條道路充滿活力，不斷發展壯大，而我們將繼續保持領先地位。在影片方面，我們在 YouTube 上的合作夥伴，無論是 Unwell in Alex Cooper、SmartLess 或其他任何內容，我們都看到了巨大的成長。

As many of you read, you saw the Spotify announcement with Netflix and other things, with our lineup of content, there's no shortage of opportunity where we'll go in video. Right now, we like the way we're monetizing.

正如你們許多人所看到的，Spotify 與 Netflix 等公司宣布了合作，憑藉我們豐富的內容陣容，我們在影片領域擁有無限的發展機會。目前，我們對這種獲利方式感到滿意。

We're flexible. We can have video behind the paywall. We can have video with YouTube or any distribution partner. And with 11 of the top 25 podcasts, it feels like we're in a good position to see what's out there, field some offers, and decide what's best for the company.

我們很靈活。我們可以將影片放在付費牆後面。我們可以透過 YouTube 或任何其他分發合作夥伴發布影片。我們擁有排名前 25 名的播客中的 11 個，感覺我們處於一個有利的位置，可以了解市場上的情況，收到一些報價，並決定什麼對公司最有利。

Yeah. I'd just add on to that, I think the -- we are -- most of our engagement, of course, is in the car, right? And we believe we still have lots of opportunity with audio in the car, but that video is a great complement. And to the extent we can work, like Scott said with other partners, especially where we've seen success with YouTube, it gives us a real opportunity to build complementary engagement outside of the car and even promote back to SiriusXM content in audio in the car.

是的。我還要補充一點，我認為——我們——我們的大部分互動當然都是在車上進行的，對吧？我們相信車載音訊領域仍然有很多發展機會，但影片是一個很好的補充。正如史考特所說，如果我們能夠與其他合作夥伴合作，尤其是在 YouTube 上取得成功的情況下，這將給我們一個真正的機會，在車外建立互補的互動，甚至可以向車內的 SiriusXM 音訊內容進行推廣。

Steve Cahall, Wells Fargo.

史蒂夫卡哈爾，富國銀行。

This is Omar on for Steve. One quick one for me. Cost outs have been a major opportunity for Sirius over the last couple of years. And recently, you've talked to an improving outlook for non-satellite CapEx and obviously, you guys have hit your targets for the year.

這裡是奧馬爾替史蒂夫發言。我這邊就問一個問題。過去幾年，降低成本一直是 Sirius 的重要機會。最近，你們談到了非衛星資本支出前景的改善，顯然，你們已經實現了今年的目標。

Just curious, what inning are you in for cost reductions? And where have you been able to find the most efficiency in the operating model?

我只是好奇，你們的成本削減工作進行到第幾輪了？在營運模式中，您認為哪些方面效率最高？

Good morning, Omar. It's Tom. So just addressing that, when you look at our financials this year, we've had a lot of progress on sales and marketing and optimization, and we've worked our way through cutting back, obviously, some of the streaming marketing and some of the other direct marketing. So we've optimized more of the marketing side this year. We've had impact on product and tech.

早上好，奧馬爾。是湯姆。所以，就這一點而言，當你查看我們今年的財務狀況時，我們會發現我們在銷售、行銷和優化方面取得了很大的進展，而且我們已經逐步削減了一些串流媒體行銷和其他一些直接行銷方面的支出。所以今年我們對行銷方面進行了更多優化。我們對產品和技術都產生了影響。

But we are looking -- we continue to look at all of our initiatives, and we're continuing to look across the company. We've had success to date. We had also a lot of success on reducing CapEx, which we've talked about, I mean, you noted earlier.

但我們正在審視——我們將繼續審視我們所有的舉措，並繼續審視整個公司的情況。到目前為止，我們取得了成功。我們在降低資本支出方面也取得了很大的成功，我們之前也談到過這一點，我的意思是，你之前也提到過。

So I think we're looking at, across the board, we've hit our target for the year of being in excess of $200 million and we're not stopping there. A lot of these are structural changes, but a lot of them are also ongoing projects that we continue to work through in our overall cost structure.

所以我認為，總的來說，我們已經實現了今年超過 2 億美元的目標，而且我們不會止步於此。其中許多是結構性變化，但也有很多是我們正在逐步推進的項目，這些項目將納入我們的整體成本結構中。

Yeah. I'd just add on it. We've made great progress on the cost side. But really, it's about we're doing what we set out to do when we focused our strategy last December, and we're really pleased with our progress across the board.

是的。我只是想補充一點。我們在成本控制方面取得了巨大進展。但實際上，我們正​​在做去年 12 月制定策略時設定的目標，我們對各方面的進展都非常滿意。

So we've been enhancing the in-car experience, super serving our core audiences. We are driving our ad business, particularly, within podcasting, but even more broader, and we're driving profitability. So ultimately, we're focused on increasing free cash flow and driving future value creation for our shareholders. And I'm confident we're on the right path.

因此，我們一直在提升車內體驗，並更好地服務我們的核心受眾。我們正在大力發展廣告業務，尤其是在播客領域，但更廣泛地說，我們正在推動獲利能力的提升。因此，歸根結底，我們專注於增加自由現金流，並為股東創造未來的價值。我相信我們走在正確的道路上。

Thank you, everybody, for participating today, and we look forward to speaking to you offline in next quarter. Thank you.

感謝各位今日的參與，我們期待下個季度與大家線下交流。謝謝。