Sirius XM Holdings Inc (SIRI) 2025 Q4 法說會逐字稿

Greetings. Welcome to the Sirius XM fourth-quarter and full year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Sirius XM 2025 年第四季及全年業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to introduce Maggie Mitchell, Senior Vice President, Corporate Communications. Thank you, Maggie.

現在我榮幸地向大家介紹企業傳播資深副總裁瑪姬·米切爾。謝謝你，瑪吉。

You may begin.

你可以開始了。

Thank you, and good morning, everyone. Welcome to Sirius XM's fourth-quarter and full year 2025 earnings conference call Today, we will have prepared remarks from Jennifer Witz, our Chief Executive Officer; and Zach Coughlin, our Chief Financial Officer. Scott Greenstein, our President and Chief Content Officer; as well as Wayne Thorson, Executive Vice President and Chief Operating Officer, will join Jennifer and Zach to take your questions during the Q&A portion of this call.

謝謝大家，大家早安。歡迎參加 Sirius XM 2025 年第四季及全年財報電話會議。今天，我們的執行長 Jennifer Witz 和財務長 Zach Coughlin 將發表演說。我們的總裁兼首席內容長 Scott Greenstein 以及執行副總裁兼營運長 Wayne Thorson 將與 Jennifer 和 Zach 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，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」。這些以及所有前瞻性陳述均基於管理層當前的信念和預期，並且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 Sirius XM's SEC filings and today's earnings release.

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 Sirius XM 向美國證券交易委員會提交的文件和今天的收益報告。

We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. As we begin, I'd like to remind our listeners that today's call will include discussions about both actual results and adjusted results. All discussions of adjusted operating results exclude the effects of stock-based compensation. Additionally, we have posted supplementary presentation on our Investor Relations website for your convenience.

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。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，我們已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。

Good morning, everyone. Thank you for joining us today. In 2025, we delivered on our commitments and finished the year with strong Q4 results, exceeding our guidance and growing free cash flow year-over-year. We achieved this by strengthening our subscription offering, growing our advertising business and leveraging the power of our broader portfolio to drive meaningful efficiencies and harness new opportunities.

各位早安。感謝您今天蒞臨。2025 年，我們履行了承諾，並以強勁的第四季度業績結束了這一年，超出了我們的預期，自由現金流同比增長。我們透過加強訂閱服務、發展廣告業務以及利用更廣泛的產品組合來提高效率並抓住新機遇，從而實現了這一目標。

Following the refocused strategy we laid out at the end of December 2024, we have remained laser-focused on bolstering our core Sirius XM in car audience and expanding the reach of our ad network. As a result, we've exceeded our revised guidance, achieving $8.56 billion in revenue, $2.67 billion in adjusted EBITDA and $1.26 billion in free cash flow with a clear path to our target of $1.5 billion in free cash flow in 2027.

根據我們在 2024 年 12 月底制定的重新調整後的策略，我們一直專注於加強 Sirius XM 車載用戶群的核心地位，並擴大廣告網路的覆蓋範圍。因此，我們超額完成了修訂後的預期，實現了 85.6 億美元的收入、26.7 億美元的調整後 EBITDA 和 12.6 億美元的自由現金流，並朝著 2027 年自由現金流達到 15 億美元的目標邁出了清晰的步伐。

Now let's dive into our subscription business. Throughout the year, we continued to deliver unique programming that drives connection and passion with our subscribers. First, we signed a new three-year agreement with the King of all media, Howard Stern. Our long-standing relationship with Howard helped to define Sirius XM in its early days. And today, he's more relevant than ever, achieving 32% year-over-year increase in earned media with A-list interviews and must-hear moments.

現在讓我們深入了解我們的訂閱業務。在過去的一年中，我們持續推出獨特的節目，以增強與訂閱用戶的聯繫和熱情。首先，我們與媒體之王霍華德·斯特恩簽署了一份新的三年協議。我們與霍華德的長期合作關係，對 Sirius XM 的早期發展起到了決定性作用。如今，他比以往任何時候都更具影響力，憑藉一線明星的採訪和不容錯過的精彩瞬間，他的媒體曝光率比去年同期增長了 32%。

With this new agreement, we've cemented Howard's Place in our lineup for years to come. Simultaneously, we've continued to grow and strengthen our bench of influential voices across music, sports, news, culture and more. We super serve passionate fan bases with dedicated league and artist channels, intimate live events and the ability to interact directly with on-air host, ranging from beloved personalities on daily formats such as the morning mash-up to industry heavyweights, including John Mayer, Mad Dog and many more.

透過這項新協議，我們已將霍華德餐廳納入我們未來多年的合作陣容。同時，我們在音樂、體育、新聞、文化等領域不斷壯大和加強我們的影響力團隊。我們為熱情洋溢的粉絲群提供專屬的聯賽和藝人頻道、私密的現場活動，以及與電台主持人直接互動的機會，從每日節目（如早間混音節目）中深受喜愛的主持人到行業重量級人物，包括約翰·梅爾、瘋狗等等。

Our new Metallica channel is commanding a strong audience outperforming our benchmarks. Additionally, we're seeing very positive engagement and passion from fans listening to our unwell music channel with Alex Cooper, part of our broader deal with the Call Her Daddy host. We also closed out the year with our fan favorite slate of holiday channels with even more time spent listening to these channels than last year.

我們新推出的 Metallica 頻道擁有大量觀眾，表現優於我們的預期目標。此外，我們看到粉絲們對我們與 Alex Cooper 合作的「生病音樂頻道」表現出了非常積極的參與和熱情，這是我們與《Call Her Daddy》主持人 Alex Cooper 合作的一部分。今年年底，我們也推出了深受粉絲喜愛的節慶頻道，粉絲們收聽這些頻道的時間甚至比去年還要多。

Our unrivaled offering of sports audio content remains a key differentiator for us. With agreements with every major North American sports league and rights to more than 100 college teams, Sirius XM gives sports fans access to more live games and events than any other single media outlet or service.

我們無與倫比的體育音訊內容仍然是我們的關鍵差異化優勢。Sirius XM 與北美所有主要體育聯盟達成協議，並擁有 100 多支大學球隊的轉播權，讓體育迷能夠觀看比任何其他單一媒體或服務更多的現場比賽和賽事。

Sports listening is up year-over-year both in car and on streaming with audience gains in areas including NFL, NHL and NBA play by play. In Q4, we extended our agreement with the NBA and launched new shows covering everything from the business of basketball to Italy's top soccer league. As we look ahead, we will continue to build programming around major events and milestones, including the Super Bowl and the World Cup.

體育賽事收聽量同比上升，無論是在車內還是透過串流媒體平台，NFL、NHL 和 NBA 的比賽直播等領域的聽眾人數均有所增長。第四季度，我們延長了與 NBA 的合作協議，並推出了涵蓋籃球商業運作到義大利頂級足球聯賽等方方面面的新節目。展望未來，我們將繼續圍繞重大事件和里程碑事件製定節目計劃，包括超級盃和世界盃。

And Sirius XM has always offered a broad set of perspectives across political lines. In Q4, we launched a full-time Megan Kelly channel and to help kick off 2026 Chris Como has joined our lineup with an exclusive daily political show on the Potash channel.

Sirius XM 一直以來都提供超越政治界線的廣泛觀點。第四季度，我們推出了梅根凱利 (Megan Kelly) 的全時頻道；為了迎接 2026 年的到來，克里斯科莫 (Chris Como) 也加入了我們的節目陣容，在 Potash 頻道主持一檔獨家每日政治節目。

From a product and service perspective, our focus has been on enhancing what we do best. In the fourth quarter, we launched our new automotive Pandora app with a select set of partners, including GM, which builds the music streaming platform more directly into the vehicle where we have a leading position. 360L penetration further expands each year now in more than half of new Sirius XM-enabled vehicle sales and representing an increasing portion of our self-pay subscribers and the $180 million enabled fleet on the road today.

從產品和服務的角度來看，我們的重點一直是加強我們最擅長的方面。第四季度，我們與包括通用汽車在內的一些合作夥伴推出了新的汽車版 Pandora 應用，該應用程式將音樂串流平台更直接地整合到我們處於領先地位的汽車中。360L 的滲透率每年都在進一​​步擴大，目前已占到 Sirius XM 新車銷售總量的一半以上，並且在我們自費用戶和目前在路上行駛的價值 1.8 億美元的已啟用車隊中所佔比例越來越高。

This year will continue to grow with this next-generation platform now available in all new Volvos standard, on enabled Audis and debuting in the 2026 Toyota RAV4. 360L, combined with our streaming platform, provides increased observability across listening, content and product usage with measurable insights allowing us to improve personalization and drive deeper engagement, leading to increased customer satisfaction.

今年，這款新一代平台將繼續發展壯大，目前已在所有新款沃爾沃車型中作為標準配置，並已應用於奧迪車型，並將於 2026 年在豐田 RAV4 上首次亮相。360L 與我們的串流平台結合，能夠更有效地觀察收聽、內容和產品使用情況，並提供可衡量的洞察，從而幫助我們改進個人化服務，推動更深入的互動，最終提高客戶滿意度。

We've also made major strides in simplifying the overall customer experience and driving value. In Q4, we launched continuous service, a new capability, which reduces the friction subscribers experience when changing vehicles as part of our efforts to remain consumer-centric. This functionality maintains the customer's listening history, account credentials and other attributes and also keeps their streaming service active, giving them the ability to continue enjoying the service while they move between vehicles.

我們在簡化整體客戶體驗和提升價值方面也取得了重大進展。第四季度，我們推出了持續服務，這是一項新功能，旨在減少用戶在更換車輛時遇到的摩擦，這是我們為保持以消費者為中心的努力的一部分。此功能可保留客戶的收聽歷史記錄、帳戶憑證和其他屬性，並保持其串流服務處於活動狀態，使他們能夠在車輛之間移動時繼續享受該服務。

We expect this will have benefits in customer satisfaction and retention while also laying the groundwork for future enhancements that make the process even easier, solving a pain point for many of our dedicated listeners.

我們預計這將有利於提高客戶滿意度和留存率，同時為未來的改進奠定基礎，使流程更加簡便，解決我們許多忠實聽眾的痛點。

This quarter, we also introduced companion subscriptions as we continually improve the value of our plans and packages and provide greater differentiation between tiers. Our version of the family plan companion subscriptions allow our most loyal full-price customers to add a vehicle or streaming log in at no additional cost. This is another step towards offering a suite of family plans that make it easier than ever for our loyal customers to share what they love across their households.

本季度，我們也推出了配套訂閱服務，不斷提升我們的計畫和套餐的價值，並在不同層級之間提供更大的差異化。我們推出的家庭計劃伴侶訂閱版本允許我們最忠實的全價客戶免費添加車輛或串流媒體登入。這是朝著提供一系列家庭套餐邁出的又一步，這些套餐將使我們的忠實客戶比以往任何時候都更容易與家人分享他們所喜愛的事物。

We've also seen positive growth in our newer tailored package offerings. Our multiyear automotive dealer subscription program, which first launched in 2024 is now in more than 15 brands across North America. We've also continued the thoughtful rollout of play, which is now being expanded to a broader set of our new trialers. We are seeing positive indicators that it is driving conversion interest and subscriptions across all packages, widening the top of the funnel. Additionally, our podcasts subscription has scaled. It now includes new shows and is available for purchase across Apple, Spotify and more.

我們新推出的客製化套餐服務也取得了正面的成長。我們於 2024 年首次推出的多年汽車經銷商訂閱計劃，目前已覆蓋北美 15 個以上的品牌。我們也繼續推進遊戲的精心推廣，現在正將其擴展到更廣泛的新試用者群體。我們看到積極的跡象表明，它正在推動所有套餐的轉換興趣和訂閱量，拓寬銷售漏斗的頂部。此外，我們的播客訂閱用戶數量也增加了。現在新增了節目，可透過 Apple、Spotify 等平台購買收聽。

Moving to the topic of advertising. 2025 was the year we secured our leadership position in digital audio advertising across a scaled audience of 170 million listeners. Throughout the year, we continued to deepen our podcast bench with disciplined investments in top shows and creators.

接下來談談廣告方面。 2025年是我們鞏固在數位音訊廣告領域領先地位的一年，我們的受眾規模達到了1.7億。在過去的一年中，我們透過對頂級節目和創作者的有節制投資，不斷深化我們的播客陣容。

We are now the number one podcast network in the nation and proudly had half of the nominees in the first ever best podcast category at the Golden Globes last month. Our podcasting ad revenue grew 41% for the full year, on top of double-digit growth in 2024, a testament to all the work we've done to extend our lead in this arena.

我們現在是全國排名第一的播客網絡，並且很自豪地宣布，在上個月的金球獎首屆最佳播客獎項中，我們獲得了一半的提名。我們的播客廣告收入全年成長了 41%，2024 年也實現了兩位數的成長，證明了我們為擴大在該領域的領先地位所做的一切努力。

Additionally, podcast programmatic demand has continued to grow, up more than 92% over Q4 2024 as digital buyers recognize the channel's reach. Beyond our digital audio ad sales business, our advertising technology capabilities are expanding, offering services to major audio players around the world.

此外，隨著數位買家認識到播客管道的覆蓋範圍，播客程序化需求持續增長，比 2024 年第四季增長超過 92%。除了數位音訊廣告銷售業務外，我們的廣告技術能力也在不斷擴展，為世界各地的主要音訊用戶提供服務。

Additionally, our cross-platform sales strategy incorporating social and video components from top creators such as Mr. Balan continued to scale with video and social revenue up 4 times year-over-year. As audiences increasingly engaged with podcasts through video and social platforms, we are able to effectively monetize this shift with our omnichannel capabilities, allowing us to tap into brand budgets beyond audio.

此外，我們融合了社群和影片元素的跨平台銷售策略，包括巴蘭先生等頂尖創作者的社群和影片內容，持續擴大規模，影片和社群收入年增 4 倍。隨著聽眾越來越多地透過視訊和社交平台參與播客，我們可以利用全通路能力有效地將這種轉變貨幣化，從而讓我們能夠利用音訊以外的品牌預算。

As we look ahead to 2026, we are maintaining our sharpened focus and our commitment to strengthening our business and our leadership in audio. Our guidance anticipates mostly flat revenue on slightly lower subscribers, alongside stable adjusted EBITDA for the first time in three years with further growth in free cash flow.

展望 2026 年，我們將繼續保持專注，致力於加強我們在音訊領域的業務和領導地位。我們的預測是，在用戶數量略有下降的情況下，收入將基本持平，同時調整後的 EBITDA 將三年來首次保持穩定，自由現金流將進一步增長。

We are continuing to explore and capitalize on opportunities to leverage our assets moving forward, including our talent agreements, our ad sales expertise and ad tech, our 180 million vehicles in operation and our 35 megahertz of contiguous spectrum.

我們將繼續探索和利用各種機會，以更好地發揮我們的資產優勢，包括我們的人才協議、廣告銷售專業知識和廣告技術、我們運營的 1.8 億輛汽車以及我們 35 兆赫茲的連續頻譜。

Overall, 2025 was a successful year where we were able to achieve both immediate impact and lay the groundwork for long-term results across the business. We delivered exceptional listener experiences and meaningful value to marketers, exceeded our cost savings target, maintained our dividend, strengthened our balance sheet and drove disciplined execution that improve free cash flow and positions us for continued momentum, enabling us to maintain our financial rigor and achieve our goals for 2026 as our new Chief Financial Officer, Zach Coughlin.

整體而言，2025 年是成功的一年，我們既取得了立竿見影的效果，也為整個業務的長期發展奠定了基礎。我們為聽眾提供了卓越的體驗，為行銷人員創造了有意義的價值，超額完成了成本節約目標，維持了股息，增強了資產負債表，並推動了嚴格的執行，從而改善了自由現金流，使我們得以繼續保持發展勢頭，使我們能夠保持財務嚴謹性，並在新任首席財務官 Zach Coughlin 的領導下實現 2026 年的目標。

Zach brings significant experience driving sustainable, profitable growth at a variety of public companies, and we're thrilled to have him leading our finance function here at Sirius XM. He has already hit the ground running and is focused on maintaining a strong balance sheet, driving margins and optimizing our cash flows, all with the goal of increasing shareholder value.

Zach 在推動多家上市公司實現永續獲利成長方面擁有豐富的經驗，我們很高興他能領導 Sirius XM 的財務工作。他上任後立即投入工作，專注於保持強勁的資產負債表、提高利潤率和優化現金流，所有這些都是為了增加股東價值。

With that, I'll turn it over to Zach for more on the financial results.

接下來，我將把發言權交給札克，讓他繼續介紹財務表現。

Thank you, Jennifer, and good morning, everyone. Before I dive into the numbers, I wanted to start by saying how excited I am to be here speaking with you today on my first earnings call as Sirius XM's CFO. I officially joined on January 1 and I've been incredibly impressed by the depth of the team, the durability of this business and the passion behind our brands.

謝謝你，珍妮弗，大家早安。在深入探討具體數字之前，我想先表達一下我的激動之情，今天能以 Sirius XM 財務長的身份在這裡與大家進行我的第一次財報電話會議。我於1月1日正式加入公司，團隊的實力、業務的持久性以及我們品牌背後的熱情都給我留下了深刻的印象。

I look forward to getting to know many of you in the analyst and investor community in the weeks and months ahead. I also want to extend a sincere thank you to Tom Barry for his leadership, partnership and for ensuring a thoughtful and seamless transition. Tom leaves this company in a position of strength, and I'm grateful for the foundation he and the rest of the finance team helped to build.

我期待在接下來的幾週和幾個月裡結識分析師和投資者界的各位朋友。我還要衷心感謝湯姆·巴里先生的領導、合作以及為確保平穩過渡所做的周全努力。湯姆離開公司時，公司實力雄厚，我非常感謝他和財務團隊其他成員為公司打下的堅實基礎。

Turning to the business. We closed out 2025 with solid execution against our financial and strategic priorities. We sustained healthy margins, generated strong and growing free cash flow, continue to make disciplined investments in our platform and distribution and delivered another year of meaningful cost efficiencies. At the same time, we sharpened our focus on subscriber profitability and higher return marketing and technology initiatives.

轉入正題。我們在2025年末穩定地推動各項財務和策略重點工作。我們保持了健康的利潤率，產生了強勁且不斷增長的自由現金流，繼續對我們的平台和分銷渠道進行有紀律的投資，並實現了另一年的顯著成本效益。同時，我們更著重於提升用戶獲利能力，並推行回報更高的行銷和科技措施。

For the full year, we delivered revenue of $8.56 billion, modestly ahead of our raised revenue guidance, which we had increased on our third quarter call. Total subscription revenue was $6.49 billion, down 2% year-over-year. Results reflected the benefit of our March rate increase, offset by a slightly smaller average self-pay subscriber base.

全年營收達到 85.6 億美元，略高於我們上調後的營收預期（我們在第三季財報電話會議上提高了這一預期）。訂閱總收入為 64.9 億美元，年減 2%。結果反映了我們 3 月漲價帶來的好處，但被平均自費用戶數量略有減少所抵消。

Advertising revenue was $1.77 billion, roughly flat year-over-year, driven primarily by strength in podcasting and improving programmatic demand late in the year, offsetting ongoing weakness in streaming music advertising.

廣告收入為 17.7 億美元，與去年同期基本持平，主要得益於播客的強勁表現和年底程序化需求的改善，抵消了串流音樂廣告的持續疲軟。

Full year adjusted EBITDA was $2.67 billion, resulting in a margin of 31% and modestly ahead of our most recent guidance, which we also increased during the third quarter call. Net income was $805 million, marking a significant increase from prior year's negative $2.1 billion, driven by the impairment charge associated with the Liberty Media transaction. Earnings per diluted share was $2.23, also significantly up from negative $6.14 in the prior year.

全年調整後 EBITDA 為 26.7 億美元，利潤率為 31%，略高於我們最近的預期，我們在第三季電話會議上也提高了預期。淨利潤為 8.05 億美元，較上年虧損 21 億美元大幅成長，主要得益於與 Liberty Media 交易相關的減損支出。稀釋後每股收益為 2.23 美元，也比前一年的負 6.14 美元大幅成長。

In the fourth quarter, we delivered $2.19 billion in total revenue, largely flat year-over-year. Subscription revenue totaled $1.63 billion, down slightly year-over-year, while advertising revenue was $491 million, up 3% compared to 2024's fourth quarter reflecting strong growth on top of elevated political spending last year.

第四季度，我們的總營收為 21.9 億美元，與去年同期基本持平。訂閱收入總計 16.3 億美元，年比略有下降；廣告收入為 4.91 億美元，比 2024 年第四季增長 3%，反映出去年政治支出增加的基礎上實現了強勁增長。

Overall, growth was driven by continued strength in podcasting and improving demand trends late in the quarter. Adjusted EBITDA for the quarter was $691 million, up slightly year-over-year from $688 million in 2024.

整體而言，成長主要得益於播客的持續強勁發展以及本季末需求趨勢的改善。本季調整後 EBITDA 為 6.91 億美元，較 2024 年的 6.88 億美元略有成長。

As expected, free cash flow remained heavily back weighted. Fourth quarter free cash flow was $541 million, a Q4 record and up 5% year-over-year, bringing full year free cash flow to $1.26 billion. This means we finished ahead of our original $1.15 billion guidance by over $100 million, reflecting continued operating discipline, lower cash taxes and lower capital spend following the completion of our two most recent satellites. Our full year free cash flow conversion was 47%, reflecting improved cash efficiency relative to the prior year, which included Liberty transaction-related impacts.

正如預期，自由現金流仍然嚴重滯後。第四季自由現金流為 5.41 億美元，創第四季紀錄，較去年同期成長 5%，使全年自由現金流達到 12.6 億美元。這意味著我們最終的業績比最初設定的 11.5 億美元目標高出 1 億美元以上，這反映了我們持續的營運紀律、較低的現金稅收以及在完成最近兩顆衛星項目後較低的資本支出。我們全年的自由現金流轉換率為 47%，反映出與前一年相比現金效率有所提高，其中包括 Liberty 交易相關的影響。

Turning to the segments. In the Sirius XM segment, we generated $1.61 billion of revenue in Q4 and $6.42 billion for the full year, including $5.96 billion of subscriber revenue. Full year revenue declined by 2% as the benefit of the March REIT increase was more than offset by a slightly lower average self-pay subscriber base and planned mix changes within our base. Segment gross profit for the fourth quarter was $955 million and $3.82 billion for the full year, both representing a gross margin of 59%, close to last year's 60% for Q4 and full year.

接下來進入分段部分。在 Sirius XM 業務板塊，我們在第四季度創造了 16.1 億美元的收入，全年創造了 64.2 億美元的收入，其中包括 59.6 億美元的用戶收入。由於 3 月份 REIT 成長帶來的收益被略微下降的平均自費用戶數量以及我們用戶群體內部計劃進行的組合變化所抵消，全年收入下降了 2%。第四季分部毛利為 9.55 億美元，全年毛利為 38.2 億美元，毛利率均為 59%，與去年第四季和全年的 60% 接近。

On subscriber metrics, fourth quarter self-pay net adds were a positive 110,000. That reflects contributions from the continuous service initiative that Jennifer mentioned earlier, as well as the earlier-than-planned introduction of companion subscriptions, which contributed approximately 80,000 incremental self-pay net adds during the quarter.

從用戶指標來看，第四季自費用戶淨增加 11 萬。這反映了珍妮佛之前提到的持續服務計劃的貢獻，以及比計劃提前推出的配套訂閱服務，該服務在本季度帶來了約 80,000 個新增自費用戶。

These benefits were more than offset by the expected reductions in streaming subscribers and lower conversion rates, resulting in net adds this quarter that were approximately $39,000 lower than last year's fourth quarter.

這些收益被預期中的串流訂閱用戶減少和轉換率下降所抵消，導致本季淨新增用戶比去年第四季減少了約 39,000 美元。

Our core subscriber base remained stable as reflected in full year churn of 1.5%, one of the lowest levels in our history and an improvement from 1.6% last year supported by a durable subscriber base with over half of our subscribers having been with Sirius XM for more than 10 years. We view our strong churn performance as a key result of improving our value proposition and overall customer satisfaction. And looking forward, we expect it to remain in the 1.5% to 1.6% range.

我們的核心用戶群保持穩定，全年流失率僅 1.5%，這是我們歷史上最低的流失率之一，比去年的 1.6% 有所改善。這得歸功於我們穩定的用戶群，超過一半的用戶已使用 Sirius XM 超過 10 年。我們認為，我們優秀的客戶流失率表現，是提升產品價值主張和整體客戶滿意度的關鍵成果。展望未來，我們預計這一數字將保持在 1.5% 至 1.6% 的範圍內。

From an ARPU perspective, fourth quarter ARPU was up $0.06 to $15.17 as rate increases rolled through the base, partially offset by an increase in subscribers on promotional plans. For the full year, ARPU was $15.11, down $0.10 from last year.

從 ARPU 的角度來看，第四季度 ARPU 增長了 0.06 美元，達到 15.17 美元，這是因為費率上漲逐步覆蓋了基數，但促銷計劃用戶數量的增加部分抵消了這一增長。全年平均每位用戶收入為 15.11 美元，比前一年下降 0.10 美元。

Turning to the Pandora and off-platform segment. Fourth quarter revenue was $582 million and full year revenue totaled $2.14 billion. Advertising revenue continued to show momentum during the year, growing 1% year-over-year driven by strong podcasting and programmatic growth. As Jennifer mentioned, podcast revenue grew 41% in 2025. Segment gross profit in Q4 was $208 million, reflecting a gross margin of approximately 36% compared to last year's 34%. For the full year, gross profit was $670 million, a margin of around 31%, representing a slight decline from last year's 33%.

接下來我們來看看 Pandora 和其他平台以外的音樂服務。第四季營收為 5.82 億美元，全年營收總計 21.4 億美元。年內廣告收入持續維持成長勢頭，較去年同期成長 1%，這主要得益於播客和程式化廣告的強勁成長。正如詹妮弗所提到的那樣，播客收入在 2025 年增長了 41%。第四季該部門毛利為 2.08 億美元，毛利率約為 36%，去年同期為 34%。全年毛利為 6.7 億美元，利潤率約為 31%，比去年的 33% 略有下降。

For 2025, we also achieved approximately $250 million of incremental gross cost savings, significantly exceeding our $200 million in-year cost savings target. Sales and marketing expenses declined 16% year-over-year as we reduced streaming marketing and leaned further into an ROI-based subscriber acquisition strategy, and we tightly controlled product and technology spending, which decreased 9% year-over-year, driven by lower hosting and labor costs.

2025 年，我們也實現了約 2.5 億美元的增量毛成本節約，遠遠超過了我們當年 2 億美元的成本節約目標。由於我們減少了串流媒體行銷，並進一步轉向基於投資回報率的訂閱用戶獲取策略，銷售和行銷費用比去年同期下降了 16%；同時，由於託管和人工成本降低，我們嚴格控制了產品和技術支出，比去年同期下降了 9%。

These savings not only establish a solid cost foundation heading into 2026, but also create additional capacity for reinvestment. In 2025 and continuing into 2026, we have continued to deploy capital selectively in key areas such as the in-car customer experience, platform technology and ad monetization tools.

這些節省不僅為 2026 年奠定了堅實的成本基礎，而且還創造了額外的再投資能力。2025 年及以後的 2026 年，我們持續選擇性地將資金投入關鍵領域，例如車載客戶體驗、平台技術和廣告變現工具。

As part of our ongoing efforts to simplify the business and show up on our focus on higher return initiatives, we recorded $436 million of year-to-date impairment, restructuring and other charges, including $272 million in the fourth quarter driven largely by noncash impairment charges related to certain content-related agreements and terminated software projects. We also continue to actively manage our balance sheet and return capital to shareholders.

作為我們不斷努力簡化業務並展現我們對更高回報舉措的關注的一部分，我們提列了 4.36 億美元的年初至今減值、重組和其他費用，其中包括第四季度的 2.72 億美元，這主要是由於與某些內容相關協議和終止的軟體專案相關的非現金減損費用所致。我們將繼續積極管理資產負債表，並向股東返還資本。

During 2025, we returned $501 million to shareholders, including $365 million in dividends and $136 million in share repurchases. We reduced total debt by $669 million during the year, including nearly $371 million in the fourth quarter. We ended 2025 with a net debt to adjusted EBITDA ratio of approximately 3.6 times continuing our path towards our long-term target range of low to mid 3 times, which we expect to reach by late this year. Liquidity remains strong with continued access to our $2 billion revolving credit facility, which remains largely undrawn.

2025 年，我們向股東返還了 5.01 億美元，其中包括 3.65 億美元的股息和 1.36 億美元的股票回購。本年度我們減少了6.69億美元的債務，其中第四季減少了近3.71億美元。截至 2025 年底，我們的淨債務與調整後 EBITDA 比率約為 3.6 倍，繼續朝著 3 倍低至中段的長期目標區間邁進，我們預計將在今年年底前實現該目標。由於我們仍可繼續使用 20 億美元的循環信貸額度，流動性依然強勁，而且該額度目前大部分尚未動用。

Looking ahead to 2026, based on current trends, we are introducing the following outlook. We expect revenue of approximately $8.5 billion and adjusted EBITDA of approximately $2.6 billion, both largely flat to last year, and we are expecting to grow our free cash flow to approximately $1.35 billion as we take another important step towards our target of $1.5 billion in 2027.

展望 2026 年，根據目前的趨勢，我們提出以下展望。我們預計營收約 85 億美元，調整後 EBITDA 約為 26 億美元，兩者均與去年基本持平。我們預計自由現金流將成長至約 13.5 億美元，朝著 2027 年 15 億美元的目標又邁出了重要一步。

We also expect to capture an additional $100 million of gross cost savings exiting 2026 for a cumulative run rate impact of $350 million, driven by continued platform efficiencies, customer service automation and G&A rationalization.

我們還預計，到 2026 年底，將額外節省 1 億美元的毛成本，累計運行率影響將達到 3.5 億美元，這主要得益於平台效率的持續提高、客戶服務的自動化以及一般及行政費用的合理化。

Separately, while we're not providing specific guidance on self-pay net adds, we do expect reported self-pay net adds to be modestly lower than 2025, primarily reflecting the timing impact of the earlier-than-planned introduction of companion subscriptions, which contributed approximately 80,000 incremental net adds in the fourth quarter of 2025. As always, we will remain disciplined in balancing shareholder returns, deleveraging and investments that drive sustainable long-term cash flow.

另外，雖然我們沒有提供關於自費淨新增用戶的具體指導，但我們預計報告的自費淨新增用戶將略低於 2025 年，這主要反映了提前推出配套訂閱服務的時機影響，該服務在 2025 年第四季度貢獻了約 80,000 個新增淨用戶。我們將一如既往地保持嚴謹，在股東回報、去槓桿化和能夠帶來可持續長期現金流的投資之間取得平衡。

In closing, I'm incredibly excited about the opportunity ahead at Sirius XM. This is a business with strong competitive positioning, durable cash flow and a clear road map for continued efficiency and profitability. I look forward to working with this talented team and engaging with all of you as we execute on that strategy.

最後，我對 Sirius XM 的未來發展機會感到無比興奮。這是一家擁有強大競爭優勢、穩定現金流和清晰持續提高效率和獲利能力路線圖的企業。我期待與這支才華洋溢的團隊合作，並在執行策略的過程中與大家積極互動。

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

這樣，我就把問題交還給接線生進行問答環節。感謝各位的參與。

Thank you. We'll now be conducting a question-and-answer session.

謝謝。接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

Cameron Mansson-Perrone, Morgan Stanley.

卡梅倫‧曼森-佩羅內，摩根士丹利。

Morning and thanks for taking the questions. Jennifer, encouraging to see the positive sub growth in the period. Taking a step back, just wondering if you could elaborate on where you think Sirius XM sits competitively today. And where we are really in the evolution to provide your customers with more pricing and packaging flexibility?

早上好，感謝您回答問題。珍妮弗，看到這段時期訂閱用戶數量出現正面成長，令人鼓舞。退一步說，我想問您能否詳細說明一下您認為 Sirius XM 目前在競爭中處於什麼地位。那麼，我們在為客戶提供更靈活的定價和包裝方案方面究竟處於什麼階段呢？

Sure. Thanks, Cam. We're really pleased with the fourth quarter results just to start off. We added 110,000 in net adds. And this is a reflection of not only continued low churn, but contribution from our new acquisition programs and the benefit of continuous service and companion plans that we launched in the fourth quarter.

當然。謝謝你，卡姆。首先，我們對第四季的業績非常滿意。我們新增了 11 萬淨增用戶。這不僅反映了我們持續較低的客戶流失率，也反映了我們新的客戶獲取計畫的貢獻，以及我們在第四季度推出的持續服務和配套計畫帶來的益處。

But so going forward, our competitive positioning, I think, is incredibly strong as complementary to the music streaming services, especially because we have a unique position in the car. And remember, the vast majority of listening in the car is still to AM, FM. And we are opening up new packages, including music only at $9.99 and low cost of ads at $7, that goes squarely against that AM, FM listening, and we think we have more opportunities to take share there. So we're really well competitively positioned against the DSPs to be complementary and against AM, FM in the car, which is our primary point of leverage.

但展望未來，我認為，作為音樂串流服務的補充，我們的競爭地位非常強大，尤其是在汽車領域，我們擁有獨特的地位。請記住，絕大多數人在車上收聽的仍然是 AM 或 FM 廣播。我們正在推出新的套餐，包括僅音樂套餐（9.99 美元）和低成本廣告套餐（7 美元），這與 AM、FM 收聽方式完全相反，我們認為我們在那裡有更多機會獲得市場份額。因此，我們在與數位訊號處理商（DSP）的競爭中佔據了非常有利的地位，可以起到互補作用；同時，我們在與車載調幅廣播（AM、FM）的競爭中也佔據了優勢，這是我們的主要優勢點。

Thanks. And if I could follow up on churn just for a second. I think Zach mentioned an expectation for it to be in the 1.5 to 1.6 range in '26. As we think about that within the one-fourth kind of record low churn in the fourth quarter. What drove the 4Q? You talked about it a little bit, but maybe elaborate on what drove the outperformance in 4Q? And then why you expect that to kind of edge back a little bit as we look forward into '26?

謝謝。如果我能再補充一下關於客戶流失的問題，那就太好了。我認為 Zach 曾提到預計 2026 年的數值會在 1.5 到 1.6 之間。考慮到第四季客戶流失率創歷史新低，我們對此深有體會。第四季業績的驅動因素是什麼？您剛才稍微提到了這一點，但能否詳細說明一下是什麼因素推動了第四季度的出色表現？那麼，為什麼你認為隨著我們展望 2026 年，這種情況會略有改善呢？

Yeah. We did have a onetime benefit from continuous service in Q4, which reduced our vehicle-related churn. And this program allows our subscribers to continue their service while they're moving between vehicles. It removes a lot of friction in the process. This has been one of the points of leakage in terms of managing those vehicle changes and we have more functionality coming likely later this year to make that even easier.

是的。第四季度，我們確實從持續服務中獲得了一次性收益，這降低了我們與車輛相關的客戶流失率。這項計劃允許我們的用戶在換乘車輛時繼續享受服務。它能減少過程中的許多摩擦。在管理這些車輛變更方面，這一直是資訊外洩的點之一，我們可能會在今年稍後推出更多功能，使其更加容易。

So I do think we could continue to see some tailwinds in churn related to that functionality and expanding it. But otherwise, we've seen strong nonpay results. Our voluntary churn has been was flat year-over-year. Even though we did a rate increase last year. So we're just, we're being cautiously optimistic.

所以我認為，隨著該功能及其擴展，我們可能會繼續看到客戶流失率的一些利好因素。但除此之外，我們看到了強勁的非薪資業績。我們的自願離職率與去年同期持平。儘管我們去年確實提高了費率。所以我們目前持謹慎樂觀的態度。

We think there's a lot more we can do with the data and the capabilities we're building on the marketing side to put the right content in front of the right customers, not only to build demand, but also to enhance retention as well.

我們認為，利用我們在行銷方面正在建立的數據和能力，我們可以做更多的事情，將正確的內容呈現給正確的客戶，不僅可以創造需求，還可以提高客戶留存率。

That's all helpful. Thanks, Jennifer.

這些都很有幫助。謝謝你，珍妮弗。

Steven Cahill, Wells Fargo.

史蒂文‧卡希爾，富國銀行。

Thank you. Good morning, Jennifer. I was just wondering if you could, and Zach elaborate on the outlook for self-pay net adds in 2026. I think you said that you expect those to be modestly lower than 2025 due to the introduction of companion, and I think companion was additive in the fourth quarter. So it sounds like it's more of a drag in 2026. So maybe you can just help us understand kind of how that flows in. And also, does it contribute to any trade down at the household level? Or is it additive at the household level.

謝謝。早上好，珍妮佛。我想請您和 Zach 詳細闡述 2026 年自費淨新增人數的前景。我認為您曾表示，由於引入了 Companion，預計這些數字將略低於 2025 年，而且我認為 Companion 在第四季度起到了促進作用。聽起來2026年情況會更糟。所以，或許您可以幫我們理解它是如何運作的。而且，它是否促進了家庭層面的貿易往來？或者說，這是家庭層面的累加效應？

And then second, just wanted to ask about the go-to-market strategy with the OEM dealers. Can you talk about what that does for churn? I imagine it's pretty positive. And do you have any meaningful SAC related to those subscribers as well? Thanks.

其次，我想問一下與 OEM 經銷商的市場推廣策略。能談談這對降低客戶流失率有什麼作用嗎？我想結果應該相當不錯。您是否也有與這些訂閱用戶相關的有意義的SAC？謝謝。

Sure. Thanks, Steven. So in terms of self-pay net adds for 2026, we have guided a modestly lower companion subscriptions launched a bit earlier than we expected in December, which has been very successful, and I would expect to continue to drive solid performance there going into and through this year. That is adding value for our most loyal subscribers and positions us well for a rate increase this year.

當然。謝謝你，史蒂文。因此，就 2026 年的自付費淨新增用戶而言，我們預計配套訂閱用戶數量將略低於預期，這些用戶在 12 月比我們預期的要早一些推出，而且非常成功，我預計今年將繼續保持穩健的業績。這為我們最忠實的訂戶增加了價值，也為我們今年提價做好了充分準備。

So we've seen nice results there and better than we would expect. But because we pulled it forward, it actually delivered better-than-expected performance on self-pay net adds in the fourth quarter and for 2025.

所以，我們在那裡看到了不錯的結果，比我們預期的還要好。但由於我們提前實施了該計劃，其在第四季度和 2025 年的自費淨新增用戶方面實際上取得了比預期更好的業績。

So I think, look, we understand the importance of subscribers. We're very focused on improving the trends. We believe we have a number of initiatives that will enable us to do so. But I would say that even if we don't, we have incredibly strong and growing free cash flow generation for years to come.

所以我覺得，我們都明白訂閱用戶的重要性。我們非常注重改善這些趨勢。我們相信，我們有一些措施能夠幫助我們實現這一目標。但我認為，即使我們未能實現這一目標，未來幾年我們仍將擁有非常強勁且不斷增長的自由現金流。

And we're being very disciplined about the interaction between subs and free cash flow. But just turning back to more specifically on 2026, we also are guiding for relatively stable revenue which in the face of slightly lower subs obviously indicates that we believe we have more room in ARPU and pricing.

我們對子公司和自由現金流之間的互動採取了非常嚴格的管理方式。但回到 2026 年的具體情況，我們也預期收入將相對穩定，這在用戶數量略有下降的情況下顯然表明，我們認為我們在 ARPU 和定價方面還有更大的空間。

So again, we have a number of initiatives in flight. Hopefully, we'll talk more about those this morning. Some of them we highlighted on the prepared remarks, but we are continuing to expand demand through our broader pricing and packaging and personalization and marketing.

所以，我們目前有很多專案正在進行中。希望今天上午我們能多討論這些問題。我們在準備好的演講稿中重點介紹了一些，但我們將繼續透過更廣泛的定價和包裝、個人化和行銷來擴大需求。

And we are launching with more and more OEMs are dealer, three-year subscription program, as you mentioned. And we expect to see more demand there where dealers are ordering Sirius XM and customers get the benefit of that three-year subscription in their vehicles at point of purchase. And we are already in 15 brands, and we expect to continue to expand in new and this year.

正如您所提到的，我們正在與越來越多的原始設備製造商和經銷商合作，推出為期三年的訂閱計畫。我們預計，經銷商訂購 Sirius XM 後，顧客在購車時即可享有三年訂閱服務，屆時市場需求將會更大。我們目前已與 15 個品牌合作，並預計今年將繼續拓展新的合作領域。

Kutgun Maral, Evercore ISI.

Kutgun Maral，Evercore ISI。

Good morning and thanks for taking the questions. First, Jennifer, have you just touched on ARPU and pricing in response to Steve's question. So can you help unpack your ARPU expectations for 2026 in a bit more detail? And then on spectrum, I appreciate that it's difficult to get too granular on any process. But is there anything you can share on whether you're still actively engaged in evaluating the portfolio and how you see the opportunity set ahead for at least parts of the 35 megahertz. Thanks.

早安，感謝各位回答問題。首先，Jennifer，你剛才是不是在回答Steve的問題時提到了ARPU和定價？那麼，您能否更詳細地闡述一下您對 2026 年 ARPU 的預期呢？至於頻譜方面，我明白很難對任何過程進行過於細緻的分析。但是，您能否透露一下您是否仍在積極評估該投資組合，以及您如何看待至少部分 35 兆赫茲頻段的未來機會？謝謝。

Okay. Great. Thanks, Kutgun. Maybe I'll take the first one on ARPU. I think ARPU is a great story for us. In the fourth quarter, we were up $0.06 to $15.17 driven by the flow-through of the pricing we had taken earlier in the year.

好的。偉大的。謝謝，Kutgun。也許我會選擇第一個基於ARPU的選項。我認為ARPU對我們來說是一個非常值得關注的故事。第四季度，由於年初採取的定價策略的傳導效應，我們的股價上漲了 0.06 美元，達到 15.17 美元。

And importantly, I think beyond just the fourth quarter, if you pull back a little bit, it's our third straight quarter of sequential improvement when comparing to last year and our second straight quarter higher than 2024. So as we look forward to 2026, that momentum, we do see as carrying forward into the year and expect to see strong ARPU performance in 2026 as well.

而且更重要的是，我認為除了第四季度之外，如果稍微回顧一下，這是我們連續第三個季度比去年同期有所改善，也是連續第二個季度高於 2024 年的水平。展望 2026 年，我們認為這種勢頭將延續到這一年，並預計 2026 年 ARPU 也將表現強勁。

Thanks Kutgun, And just as a reminder, the total 35 megahertz of contiguous spectrum with the 25 megahertz is currently used for our core broadcast operations. And then we have five on either side for 10 megahertz of the recently acquired spectrum, which is the WCS licenses. And so as a reminder, we noted last quarter that we are evaluating multiple approaches to creating value with these assets, including new products or enhancements to our services, either our sales or with partners and building on core strengths in particular in the car.

謝謝 Kutgun，另外提醒一下，目前我們核心廣播業務使用的連續頻譜為 35 兆赫茲，其中 25 兆赫茲為 35 兆赫茲。然後，我們在最近獲得的頻譜（即 WCS 許可證）的兩側各有 5 個，總計 10 兆赫茲。因此，再次提醒大家，我們在上個季度曾指出，我們正在評估多種利用這些資產創造價值的方法，包括新產品或改進我們的服務，無論是透過我們的銷售還是與合作夥伴的合作，以及鞏固我們在汽車領域的核心優勢。

This has been a key focus for us overall and with a bit more attention being paid to the CMD licenses within WCS, that's where the most near-term opportunities are, and we're looking forward to talking more as we, as our thinking and the opportunities evolve.

這一直是我們的重點領域，隨著我們對 WCS 內部 CMD 授權的關注度提高，近期機會也越來越多，我們期待著隨著我們的想法和機會的演變，進行更多討論。

Thank you both.

謝謝你們兩位。

[Rafe Jadrosich], Bank of America Securities.

[Rafe Jadrosich]，美國銀行證券。

Good morning. I have two topics, I guess. First on the podcasting advertising growth has been phenomenal, really strong. And Zach said you're seeing improving air trends later in the quarter. I mean it would be great to get some color on what would you see in the overall advertising market, and will '26 be driven maybe by the market or more a function of specific pockets, inventory, you're onboarding.

早安.我大概有兩個話題。首先，播客廣告的成長非常驚人，勢頭強勁。扎克說，本季後期空氣品質趨勢有所改善。我的意思是，如果您能了解您對整體廣告市場的看法就太好了，2026 年的市場走向是受市場驅動，還是更多地取決於特定領域、庫存以及您正在進行的業務。

And then on that topic podcast profitability, I don't think you've ever said what it is. Can you talk about, if you don't want to give a number, like how should we think about the swing factor on that? And then I have another question.

至於播客獲利能力這個話題，我想你從來沒有說過它是多少。如果您不想給出具體數字，能否談談我們應該如何看待其中的波動因素？我還有一個問題。

Sure. I'll take that, Jessica. So we did see really strong growth in podcasting in Q4 and last year in total. And Q4, in particular, was incredibly strong based on improvement in metrics across the board. So higher podcast audio RPM driven by really record sell-through, higher CPMs and a significant uptick in programmatic as well as growth in our Creator Connect product, which allows us to sell video and social. also. So we think there's continued tailwinds here in the industry, not only because of listening trends and our particular portfolio, but our ability to continue to improve monetization.

當然。我接受，潔西卡。因此，我們看到播客在第四季度和去年全年都實現了非常強勁的成長。尤其是第四季度，各項指標全面提升，表現非常強勁。因此，播客音訊 RPM 的提高得益於創紀錄的銷售轉換率、更高的 CPM 和程序化購買的顯著增長，以及我們 Creator Connect 產品（允許我們銷售視訊和社交媒體內容）的增長。因此，我們認為這個行業將繼續保持順風，這不僅是因為聽眾的喜好和我們特定的產品組合，還因為我們有能力不斷提高獲利能力。

We have incredibly high RPMs here, well above what we see on the music streaming side. And I think there continues to be room for growth. We have great relationships with talent. We had half of the Golden Globe nominees, the first time they've had a best podcast category. And Scott and his team continue to actively discuss relationships with new talent there. So we feel really well positioned in the podcast business.

我們這裡的轉速非常高，遠高於我們在音樂串流媒體領域看到的轉速。我認為仍有發展空間。我們與人才保持著良好的關係。我們獲得了金球獎一半的提名，這是金球獎首次設立最佳播客獎項。史考特和他的團隊繼續積極探討與當地新人才建立合作關係。因此，我們感覺自己在播客行業中佔據了非常有利的地位。

And just to touch on profitability. So this is a good business for us. It stands on its own. The margin has increased over time, and we think that the industry dynamics are in our favor here. And we also get added value from what we do on Sirius XM, not only with things like the unwell music channel or coming to Brian's channel, but working with the creators, we've been able to define exclusive content for our Sirius XM subscribers as well.

最後再簡單談談獲利能力。所以這對我們來說是一筆不錯的生意。它本身就是一個完整的整體。隨著時間的推移，利潤率有所提高，我們認為產業動態對我們有利。此外，我們在 Sirius XM 上所做的一切也為我們帶來了額外的價值，不僅包括像 Unchurch 音樂頻道或 Brian 的頻道這樣的內容，而且透過與創作者的合作，我們還能夠為 Sirius XM 的訂閱用戶定義獨家內容。

Thanks. Any commentary on advertising, and then I'll go to the next question.

謝謝。關於廣告的任何評論，之後我再進入下一個問題。

Sure. Yes. So we're cautiously optimistic for 2026, and the year has started out solid. I think it has a lot to do with our trends in podcasting, but there's a few areas where we see sort of unique opportunity. Our events business, we are building great packages around things like the Super Bowl with our NeoCon event tonight or the World Cup, and we also have a broader set of programmatic DSPs.

當然。是的。因此，我們對 2026 年持謹慎樂觀態度，而且今年開局良好。我認為這與播客的發展趨勢有很大關係，但我們也看到了一些獨特的機會。在我們的活動業務中，我們正在圍繞超級盃（例如今晚的 NeoCon 活動）或世界盃等賽事打造精彩的套餐，我們也擁有更廣泛的程式化 DSP 平台。

We launched Amazon and we're seeing a nice uptick there. And just in terms of the categories, I mean, it's recent, but what we're seeing is tech is up the most financial services and pharma have been strong as well as CPG and then where we're seeing some pressure is on retail, QSR and education.

我們推出了亞馬遜平台，目前來看成長動能良好。就各個類別而言，雖然這是最近才出現的現象，但我們看到科技業成長最多，金融服務業和製藥業表現強勁，消費品業也表現良好，而零售業、速食業和教育業則面臨一些壓力。

Great. I'm not sure if you said, Scott, is on the call on us. So I don't have this for Scott or Jennifer for you, but you did just Scott, you just resigned Howard Stern for an additional three years. How should we think about the '26, '27 content renewal calendar and the puts and takes, the content expense growth? Like where do you feel your negotiating leverage? Where do you think you should invest more to protect your franchise?

偉大的。我不確定你有沒有說過，史考特正在跟我們通話。所以我沒有關於斯科特或珍妮佛的消息要告訴你，但是斯科特，你剛剛和霍華德·斯特恩續約了三年。我們該如何看待 2026 年和 2027 年的內容更新計畫、投入與削減以及內容支出成長？你覺得自己談判的優勢在哪裡？您認為為了保護您的特許經營權，應該在哪些方面加大投資？

So that's a moving target as our lineup shifts due to many factors, people could go on to other parts of careers, the economic and business models may not make sense. So it's really a shifting target. So we look at it, we feel really good where the lineup is right now, both on Sirius and for sure in podcasting. But we're opportunistic where we need to be, but we're also conservative if the podcast market or anything else gets too frothy and we're not going to get into that, especially with the lineup we have right now.

所以這是一個不斷變化的目標，因為我們的陣容會因多種因素而改變，人們可能會轉向職業生涯的其他領域，經濟和商業模式可能不再合理。所以這確實是一個不斷變化的目標。所以我們看到，我們對目前的節目陣容感到非常滿意，無論是在 Sirius 上還是在播客領域。但我們會抓住機會，但如果播客市場或其他任何領域變得過於火爆，我們也會保持保守，不會涉足其中，尤其是在我們目前擁有如此強大的陣容的情況下。

The place that I'm most pleased where we stand right now is in sports, live lot sports rights because we're the only place where all the league rights and college and many other sports are under one roof. So down the road, sure, there could be pressure on that. But we're in a pretty good spot right now where our deals stand on that

目前我們所取得的成就讓我最滿意的領域是體育，特別是現場體育賽事版權，因為我們是唯一一家將所有聯賽版權、大學體育賽事版權以及其他許多體育賽事版權集中在一個地方的公司。所以從長遠來看，這方面當然可能會面臨壓力。但就目前而言，我們的交易情況相當不錯。

And I'd just say, Jessica, we have so much more data than we've ever had before. So we can make better decisions about what's in the portfolio based on that data in terms of engagement, but also how we're increasingly using it in marketing for acquisition and retention because the real objective is to get the right content in front of the right customers. And that kind of data and analytics will be supported clearly by perceived value as well

我只想說，傑西卡，我們現在擁有的數據比以往任何時候都多得多。因此，我們可以根據這些數據，在互動方面，更好地決定產品組合的內容，同時也可以更好地利用這些數據進行行銷，以實現客戶獲取和留存，因為真正的目標是將正確的內容呈現在正確的客戶面前。而且，這類數據和分析顯然也會得到感知價值的支持。

Great. Thank you.

偉大的。謝謝。

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特，羅森布拉特證券。

Okay, great. Thank you for taking the question. I was curious about, if you could talk a little bit about how you think about what seems to be a little bit of a new development in the podcasting sector, and that is the idea of doing deals with another party like a Netflix to give kind of an expanded kind of presence for your podcast spot's got a deal there in iHeart that's new.

好的，太好了。感謝您回答這個問題。我很好奇，您能否談談您對播客領域似乎正在興起的一種新發展的看法，那就是與 Netflix 等其他公司達成協議，從而擴大播客的影響力。 iHeart 也達成了一項新的協議。

I was wondering if you could talk a little bit, Jennifer, about how you guys think about that in terms of the opportunity to do something like that and how important that could be specifically? And then maybe segue into the idea of bundling.

珍妮弗，我想請你談談你們是如何看待做這類事情的機會，以及這件事具體來說有多重要？然後或許可以過渡到捆綁銷售的想法。

I mean, it would seem that one of the things that's been very prominent in like video streaming is guys coming up with bundled deals with other services like Disney+, HBO Max and that working. We don't see so much of that in audio and certainly maybe less comminatly with you guys. So can you talk about partnerships bundling, podcast, that would be interesting.

我的意思是，視訊串流媒體領域一個非常突出的現像似乎是，一些公司與其他服務（如 Disney+、HBO Max）推出捆綁銷售協議，而且這種做法很有效。我們在音訊領域不太能看到這種情況，當然，在你們的交流中可能更難看到。那麼，您能談談合作關係、捆綁銷售、播客之類的話題嗎？那會很有趣。

Thanks. I'll take the first part on that. So our podcast network reaches one and two podcast listeners in the US, and we're number one in Edison, and it's been well documented about how dominant we are in that position. So it's been written about. It's no secret that any company looking to have our podcast, we're open for business. It's just we like our position where we are.

謝謝。我來回答第一部分。因此，我們的播客網絡在美國擁有一到兩位播客聽眾，在愛迪生排名第一，我們在該領域的統治地位已得到充分證實。所以已經有文章報導了。眾所周知，任何想要與我們合作推出播客節目的公司，我們都樂意合作。我們只是喜歡我們目前所處的位置。

We're able to maximize a lot of money for curators and us going wide with what we're doing. If they become another platform that we can monetize on, we're always open to that. If it becomes narrower or more exclusive, the economics have to dictate that for both us and the creator. So it's a work in progress, but it's something we pay attention to regularly.

我們能夠為策展人爭取盡可能多的資金，並且我們正在擴大我們的影響力。如果他們能成為我們可以獲利的另一個平台，我們始終持開放態度。如果它變得更窄或更排他，那麼對我們和創作者來說，經濟因素都必須做出決定。所以這項工作還在進行中，但我們會定期關注。

Thanks, This is Wayne. And on the partnership side, think the key work that we've been doing to do things such as fixing our identity stack, we're key in order to do more effective distribution partnerships such as hard bundles, because when we, when the main identity ends up being the vehicle versus the customer gets very clunky to put together a partnership where you have a hard bundle in the two services are joined.

謝謝，我是韋恩。在合作關係方面，我們一直在努力改進身分堆疊等關鍵工作，這對於建立更有效的分銷合作關係（例如硬捆綁）至關重要，因為當主要身分最終成為載體而不是客戶時，要建立一個包含兩個服務的硬捆綁合作關係就會變得非常笨拙。

The other piece that we really needed, of course, was to have a lower overall persistent price point so that we weren't swapping our partners when we're putting together these joined-up offerings. And so now that these are in place, there's a lot of discussions that are of course, being evaluated and underway. So more to talk through in the coming months.

當然，我們真正需要的另一點是降低整體的持續價格，這樣我們在推出這些聯合產品時就不必更換合作夥伴了。因此，既然這些措施已經到位，當然，目前正在進行大量的討論，並對其進行評估。所以未來幾個月還有很多問題需要討論。

Okay, that's great. Thank you.

好的，太好了。謝謝。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛集團。

Hey, great, thanks for taking the questions. Two, if I could, maybe first for a combination of Jennifer and Wayne, you've seen some nice execution on the cost savings program this past year. I'm curious if you could talk a little bit more about the opportunity you see to take costs out of the business here over the next year or so? And then within that, some of the high ROI investments you're making with reallocating resources within the business where you see the most opportunity on that front?

嘿，太好了，謝謝你回答這些問題。第二，如果可以的話，也許首先是詹妮弗和韋恩的合作，你們已經看到了過去一年成本節約計劃的一些不錯的執行情況。我想請您再詳細談談您認為在未來一年左右的時間裡，公司有哪些機會可以降低成本？然後，在此基礎上，您是否在企業內部重新分配資源，以實現一些高投資回報率的投資，從而在他們認為最有發展機會的領域實現這些投資？

And then second, for Zach, I'm curious just with this being your first earnings call, I would love to get your thoughts around leverage and capital allocation, maybe here over the next year or so, but also to, over the longer term, what gives you confidence in the low to mid 3 times leverage ratio. And then how should investors expect capital allocation to evolve from here?

其次，Zach，我很好奇，因為這是你第一次參加財報電話會議，我很想聽聽你對槓桿和資本配置的看法，也許是未來一年左右的情況，但從長遠來看，是什麼讓你對3倍左右的低槓桿率充滿信心。那麼，投資人應該預期資本配置將如何演變呢？

Okay. So just on high ROI investments. I think Wayne's team has been doing a fantastic job to rationalizing our product and tech spend and focusing on where we have the most opportunity. So on our in-car subscription business and our ads business. So I'll let Wayne talk a little bit about that and then Zach can address the others.

好的。所以只關注高投資報酬率的投資。我認為韋恩的團隊在合理化我們的產品和技術支出，並將重點放在我們最具發展潛力的領域方面做得非常出色。所以，關於我們的車載訂閱業務和廣告業務。那我就讓韋恩先簡單談談這件事，然後札克再跟其他人說。

There's three main areas we're focused on. As you can see, this is where some of the identity work comes in, things like companion, it's really improving the overall go-to-market. The second is, of course, improving the experience in the car and all of these are all tied to the sharpened focus from December of 2024.

我們主要關註三個領域。正如你所看到的，這就是一些身分識別工作發揮作用的地方，例如伴侶關係，它確實改善了整體的市場推廣。第二點當然是改善車內體驗，而這一切都與 2024 年 12 月開始的重點工作密切相關。

And then I'd say the third big area that where we're continuing to make a lot of investments is improving the way we merchandise the breadth of our content. So that's search, that's recommendation. And in other ways, we're going to push out recommendations and let people know all the wonderful things we have, which we have a huge opportunity to improve on. And of course, that helps with churn and conversion through trial

然後，我認為我們正在持續投入大量資金的第三個重要領域是改善我們推廣內容的方式。這就是搜索，這就是推薦。此外，我們還將透過各種方式提出建議，讓人們了解我們擁有的所有美好事物，而這些事物還有很大的改進空間。當然，這也有助於降低客戶流失率，並透過試用期提高轉換率。

Yes. And Stephen, maybe I'll sort of reorder the question just a little bit to dovetail a day. I think we're really clear on our capital return strategy. As Wayne said, we're first focused on investing in those initiatives that drive our strategy. We've got plenty of opportunities for that. That's, we'll feed that first.

是的。史蒂芬，或許我可以稍微調整一下問題的順序，讓它與今天的主題相契合。我認為我們對資本回報策略非常清楚。正如韋恩所說，我們首先專注於投資那些能夠推動我們策略發展的措施。我們有很多這樣的機會。也就是說，我們先餵牠。

I think the good news is that with the OpEx efficiency work we're doing, which I'll talk about in a moment, we're able to create the capacity to both invest and improve free cash flow. So that's well underway. So on the deleveraging piece, we made significant progress in 2025, going down to 3.6 times and we do expect to get into our guided range of low to mid-3s by later this year.

我認為好消息是，透過我們正在進行的營運效率提升工作（我稍後會談到），我們​​能夠創造投資和改善自由現金流的能力。這項工作進展順利。因此，在去槓桿化方面，我們在 2025 年取得了重大進展，槓桿率降至 3.6 倍，我們預計到今年稍後將達到我們預期的 3 倍左右的水平。

And so then if you sort of walk all the way down from there, the third return is to shareholders. Today, that's been more heavily weighted toward dividends and that will remain important to us. And so as we achieve our target leverage later this year, that will open up additional opportunities for us. So then just to talk a little bit about cost reductions.

因此，如果你從那裡一路往下看，第三項回報是給股東的。如今，股息的權重更高，而且股息對我們來說仍然很重要。因此，當我們在今年稍後實現目標槓桿率時，這將為我們帶來更多機會。那麼接下來就簡單談談降低成本的問題。

And I think, first and foremost, obviously, it helps us to create that capacity to invest the things that Wayne had talked about. And we're really focused on reducing complexity, getting more agile. We'll call it getting lighter.

而且我認為，首先，也是最重要的，顯然，這有助於我們培養投資韋恩所談到的事情的能力。我們真正關注的是降低複雜性，提高敏捷性。我們就稱之為變輕吧。

There's always opportunities to do that. The most obvious piece we see is in satellite CapEx we've talked about. But even inside of One example is the significant work in modernizing the tech stack that Wayne and the team are leading. And here, we expect to be able to reduce OpEx and deliver more for our customers. So I think we see that as a win-win.

總是有機會這樣做。最明顯的部分就是我們之前討論過的衛星資本支出。但即使在內部，一個例子就是 Wayne 和他的團隊正在領導的現代化技術棧的重大工作。我們期望能夠降低營運成本，並為客戶提供更多服務。所以我認為這對雙方都有好處。

That's great, thank you very much.

太好了，非常感謝。

David Joyce, Seaport Research.

David Joyce，Seaport Research。

Thank you. Could you please update us on the early learnings from your Amazon DSP relationship? Anything that contributed in the quarter? What do you think that can do for you in 2026. Thanks.

謝謝。能否請您介紹一下您與亞馬遜DSP合作的早期經驗？本季有哪些貢獻因素？你認為這在2026年能帶給你什麼好處？謝謝。

Sure. So we're really pleased, by the way, with our programmatic partnerships. We've had a long-standing relationship with the Trade Desk, but we also have a significant business with DV360, Yahoo!, Verizon and growing with Amazon.

當然。順便說一句，我們對我們的程序化合作關係非常滿意。我們與 Trade Desk 有著長期的合作關係，同時我們也與 DV360、雅虎、Verizon 等公司建立了重要的業務關係，並且與亞馬遜的業務也不斷發展壯大。

So the diversification is really important, certain brands work with certain platforms for various reasons. So we are seeing an expansion of marketers as we work with Amazon, and we've seen really nice growth there in the fourth quarter and continuing into the first quarter.

所以多元化真的非常重要，某些品牌會因為各種原因與某些平台合作。因此，隨著我們與亞馬遜的合作，我們看到行銷人員的數量增加，並且在第四季度以及延續到第一季度，我們看到了非常好的成長。

So I think it will be a nice contribution to our overall programmatic business. And again, we have a lot of runway here because as you know, is sort of CTV or video programmatic represents a healthy share of overall ad revenue. And for us, on the streaming side of our business, it's been a long-standing component, but we're just starting to build on the podcasting side. So I think there's a lot of room to continue to invest and see returns there.

所以我認為這將對我們的整體程序化業務做出很好的貢獻。而且，我們在這方面還有很大的發展空間，因為如你所知，CTV 或影片程式化廣告在整體廣告收入中佔據了相當大的份額。對我們來說，在串流媒體業務方面，它一直是一個長期存在的組成部分，但我們才剛開始在播客方面發展。所以我認為這方面還有很大的投資空間，而且會有回報。

All right. Thank you.

好的。謝謝。

Bryan Kraft, Deutsche Bank.

Bryan Kraft，德意志銀行。

Oh, hi. Thanks. Good morning. I was wondering if you could comment on where conversion rates have been running for both new and used vehicles. And as well, if you could talk about how they compare between 360L and non-360L, 360L helping there.

哦，你好。謝謝。早安.我想請您談談新車和二手車的轉換率目前的情況。另外，如果您能談談 360L 和非 360L 之間的比較，360L 在這方面會有所幫助。

And then separately, I was wondering if you could just talk about the trends you're seeing in used car trials. Are they still growing? Are there macro pressures? Would they be growing but for macro pressures? Any color you could provide there would be really helpful. Thank you.

另外，我還想請您談談您在二手車測試中觀察到的趨勢。它們還在生長嗎？是否存在宏觀壓力？如果沒有宏觀壓力，它們還會成長嗎？如果您能提供任何顏色訊息，那就太好了。謝謝。

Sure. So I'll start with the first one. obviously, a healthy trial funnel is great for the business. And we saw that throughout last year. I think there is some pull forward perhaps because of tariffs and just general consumer demand.

當然。那我就從第一個問題開始。顯然，一個健康的試用管道對企業來說非常重要。我們在去年一年中也看到了這一點。我認為這可能是由於關稅和一般消費者需求等因素所推動的。

In '26, there does look to be perhaps the first year of reductions in consumer purchases of new vehicles, at least from the third-party estimates, the first time since 2022. So we may be facing a bit of a headwind there. But again, expansion of penetration rates and expansion of 360L are helping offset that to some extent, and I'll come back around to that.

2026 年，消費者購買新車的數量似乎可能會下降，至少從第三方估計來看是這樣，這是自 2022 年以來的第一次。所以，我們可能要面臨一些阻力。但是，滲透率的提高和 360L 的擴張在一定程度上抵消了這種情況，我稍後會再談到這一點。

On the used car side, organically, obviously, penetration rates continue to grow there. We're at about 60% and we have really strong relationships across our dealer network to be able to make sure that when a customer gets into their new used car that the radio is working for them. So we continue to invest in those programs to ensure that they can have the best consumer experience on the used car side. Say, overall, we're not quite at 50, 50 in terms of trial starts across new and used, but it's getting closer as used grows.

二手車市場方面，顯然，其滲透率正在自然增長。我們目前的完成率約為 60%，我們與經銷商網路建立了非常牢固的關係，以確保當客戶購買二手車時，車內的收音機能夠正常運作。因此，我們將繼續投資這些項目，以確保他們在二手車領域能夠獲得最佳的消費者體驗。總的來說，新車和二手車的試駕啟動率還沒有達到 50:50，但隨著二手車市場的成長，這個比例逐漸接近。

So on conversion rates, we're seeing some similar trends that we've seen in the past. We have really strong programs and initiatives in place to, as Wayne even address to, address demand through the trial funnel. And those include things like the expansion of the pricing and packaging that we put in place, whether it's low cost of ad or music only at $9.99. We're seeing healthy take rates on when we put those price points in front of customers on our full price packages. So again, it's opening the top of the funnel and getting people on the best package for them.

因此，在轉換率方面，我們看到了一些與過去類似的趨勢。我們已經制定了非常強有力的計劃和舉措，正如韋恩所提到的那樣，透過試用管道來滿足需求。這些措施包括我們推出的定價和套餐組合的擴展，例如低價廣告或僅音樂套餐，價格為 9.99 美元。我們發現，當我們在全價套餐中向客戶展示這些價格點時，獲得了不錯的市場接受度。所以，關鍵在於打開銷售漏斗的頂端，讓人們找到最適合他們的套餐。

But what's even more important is getting the right content in front of the right customers. So we have an incredible portfolio, but it's extensive. And we need to make sure our customers can find the content they love. When we've tested this in smaller ways, we see meaningful lift in conversion. So it's really about the capabilities that Wayne's team has been building.

但更重要的是，要將正確的內容呈現在正確的客戶面前。所以我們擁有令人難以置信的作品集，但作品集非常龐大。我們需要確保我們的客戶能夠找到他們喜歡的內容。我們在小規模測試中發現，轉換率有了顯著提升。所以，關鍵在於韋恩的團隊一直在培養的能力。

This is taking our, it's taken longer than I would like. admittedly. We've been on this path for two or three years, but a lot of things are coming over the finish line this year that I believe will help us to really drive personalization in marketing.

這確實耗費了我們大量時間，比我預想的還要長。我們在這條路上已經走了兩三年，但我相信今年很多事情都會接近尾聲，這將幫助我們真正推動行銷個人化。

And we do see, because with 360L, we get that data back on listening, even if you are listening or aren't listening and how much you're listening and what you're listening to. And we can design our marketing and even in some cases, product recommendation to address that.

我們確實看到了這一點，因為有了 360L，我們就能獲得有關收聽的數據，即使你正在收聽或沒有收聽，以及你收聽了多少內容和你在收聽什麼內容。我們可以設計我們的行銷策略，甚至在某些情況下，還可以設計產品推薦策略來解決這個問題。

So that's really core. We see 360L conversion rates better than non-360L. We even see it's pretty early, but we launched 360L and AAOS, which is a platform that we can more easily update and come at launch fully featured. So we even see better conversion rates there. So we know there's something here to unlock. It's just about getting some of these capabilities across the finish line this year to support it.

所以這才是核心所在。我們發現 360L 的轉換率比非 360L 的轉換率更高。我們甚至認為現在還為時過早，但我們已經推出了 360L 和 AAOS，這是一個我們可以更輕鬆地進行更新的平台，並且在發佈時功能齊全。因此，我們看到那裡的轉換率甚至更高。所以我們知道這裡面有東西要發掘。今年要做的就是盡快完成其中一些功能的開發，以支持這項計劃。

Thank you.

謝謝。

Okay. And so with that is the last question. I want to thank everybody for joining, and as we're wrapped up 2025 and report out there, I think just to close by thanking the Sirius XM employees all around the world, it was a good year, and that was obviously driven by the contribution of all of you and off to a good start in 2026 as well. So thank you.

好的。那麼，這就是最後一個問題了。我要感謝大家的參與，在2025年即將結束並向大家報告之際，我想最後感謝Sirius XM在全球的所有員工，這是美好的一年，這顯然要歸功於大家的貢獻，而且2026年也開局良好。所以，謝謝你。