Sirius XM Holdings Inc. (SIRI) 2026 Q2 法說會逐字稿

Greetings. Welcome to SiriusXM's second-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Jennifer DiGrazia, Senior Vice President of Investor Relations.

各位好。歡迎參加 SiriusXM 2026 年第二季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在我很榮幸介紹投資人關係資深副總裁 Jennifer DiGrazia。

Thank you, and good morning, everyone. Welcome to SiriusXM's second-quarter 2026 earnings call. Today's discussion will include prepared remarks from Jennifer Witz, our Chief Executive Officer; and Zac Coughlin, our Chief Financial Officer. Following their comments, we will open the call for questions. Joining us for the Q&A portion are Scott Greenstein, our President and Chief Content Officer; and Scott Walker, our Chief Advertising Revenue Officer.

謝謝，各位早安。歡迎參加 SiriusXM 2026 年第二季財報電話會議。今天的討論將包含我們執行長 Jennifer Witz 與財務長 Zac Coughlin 的事先準備發言。在他們的評論之後，我們將開放提問。參與問答環節的還有我們的總裁兼首席內容長 Scott Greenstein，以及首席廣告營收長 Scott Walker。

I would like to remind everyone that certain statements made during the call may 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.

我想提醒各位，本次電話會議中所作的某些陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些以及所有前瞻性陳述均基於管理層目前的信念與預期，並且必然依賴可能不正確或不精確的假設、資料或方法。

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.

此類前瞻性陳述受風險與不確定性影響，可能導致實際結果出現重大差異。關於這些風險與不確定性的更多資訊，請參閱 SiriusXM 向 SEC 提交的文件以及今日的財報新聞稿。我們建議聽眾不要過度依賴前瞻性陳述，並聲明無意亦無義務更新之。

As we begin, I'd like to remind our listeners that today's call will include discussions about both actual results and adjusted results. All discussions of adjusted operating results exclude the effects of stock-based compensation. Additionally, we have posted a supplementary earnings presentation and trending schedule on our Investor Relations website for your convenience and to provide an opportunity for as many analysts as possible to participate during the Q&A portion of the call, we ask that you please limit yourself to no more than two questions.

在開始之前，我想提醒各位聽眾，今天的電話會議將同時討論實際結果與調整後結果。所有對調整後營運結果的討論均排除以股份為基礎之薪酬的影響。此外，為方便各位，我們已在投資人關係網站上發布補充財報簡報與趨勢表；同時，為讓盡可能多的分析師能在問答環節參與，我們請各位將提問限制在不超過兩個問題。

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

接下來，我把電話交給 Jennifer。

Good morning, everyone, and thank you for joining us today. As we reach the midpoint of 2026, our strategy is clear and our solid execution is delivering results. We remain focused on advancing the three strategic priorities we established in December 2024, strengthening our subscription business through exceptional in-car listening experiences, accelerating the growth of our advertising business and leveraging the scale of the SiriusXM portfolio to drive greater efficiency and long-term shareholder value.

各位早安，感謝今天加入我們。隨著 2026 年進入年中，我們的策略清晰明確，而穩健的執行正在帶來成果。我們仍專注於推進 2024 年 12 月確立的三項策略重點：透過卓越的車載收聽體驗強化訂閱業務、加速廣告業務成長，以及運用 SiriusXM 產品組合的規模以提升效率並創造長期股東價值。

What gives us confidence today isn't simply the financial performance we delivered this quarter. It's that we're seeing tangible evidence our strategy is creating an even more durable business. We're building deeper subscriber relationships, expanding monetization opportunities, improving operating efficiency and reinforcing competitive advantages that we believe will support sustainable long-term growth.

讓我們今天有信心的，不僅是本季交出的財務表現。更重要的是，我們看到具體證據顯示，我們的策略正在打造更具韌性的業務。我們正在建立更深的訂戶關係、擴大變現機會、提升營運效率，並鞏固我們相信可支持長期可持續成長的競爭優勢。

In the second quarter, we returned to positive net subscriber additions, increased ARPU and achieved the lowest churn in SiriusXM's history supporting 1% growth in revenue. Our continued focus on efficiency also drove further margin expansion.

第二季，我們回到正的淨訂戶新增，ARPU 提升，並創下 SiriusXM 歷史最低流失率，帶動營收成長 1%。我們持續聚焦效率，也推動利潤率進一步擴張。

And as a result, adjusted EBITDA grew 3% and free cash flow increased 48% year-over-year, demonstrating our ability to convert disciplined execution into stronger financial performance. Reflecting the strength of our first half performance and our confidence in the business, we're raising our full year 2026 guidance for revenue, adjusted EBITDA and free cash flow by $25 million each.

因此，調整後 EBITDA 成長 3%，自由現金流年增 48%，展現我們能將紀律化執行轉化為更強的財務表現。反映上半年表現的強勁以及我們對業務的信心，我們將 2026 全年營收、調整後 EBITDA 與自由現金流的指引各上調 2,500 萬美元。

Before Zac reviews our financial results in more detail, I'd like to highlight a few areas where we are seeing solid execution. Starting with our subscription business. We delivered our strongest second quarter subscriber performance in four years, with self-pay net additions of 22,000. Companion plans, continuous service and extended duration automotive dealer programs all contributed meaningfully, helping offset slightly lower conversion rates.

在 Zac 更詳細檢視財務結果之前，我想先強調幾個我們看到執行穩健的領域。先從訂閱業務開始。我們交出四年來最強的第二季訂戶表現，自付費淨新增 22,000。伴隨方案（companion plans）、連續服務（continuous service）以及延長期間的汽車經銷商方案都做出重要貢獻，協助抵消略低的轉換率。

Our confidence in companion plans continues to grow, and we're thoughtfully expanding the program where we see the greatest strategic value. It's strengthening retention, customer satisfaction and revenue while incremental customer relationships continue to more than offset limited ARPU dilution and modest cannibalization.

我們對伴隨方案的信心持續提升，並正審慎地在我們認為最具策略價值的地方擴大該計畫。它正在強化留存、客戶滿意度與營收；同時，新增的客戶關係持續足以抵消有限的 ARPU 稀釋與溫和的自我侵蝕（cannibalization）。

At the same time, we're becoming more disciplined in promotional acquisition, reducing discounting to improve subscriber quality and strengthen long-term economics. While these actions may temper near-term net additions, they position us to generate higher lifetime value and more durable growth.

同時，我們在促銷獲客方面變得更有紀律，降低折扣力度，以提升訂戶品質並強化長期經濟效益。雖然這些作法可能抑制短期淨新增，但能讓我們創造更高的終身價值與更具韌性的成長。

Looking to the second half of the year, subscriber trends will reflect a different seasonal pattern than investors have historically seen. Beginning in the fourth quarter, the year-over-year benefit from continuous service will begin to normalize as we anniversary its rollout resulting in more challenging retention comparisons. Combined with our disciplined acquisition strategy, we continue to expect modestly lower full year self-pay net additions.

展望下半年，訂戶趨勢將呈現與投資人過往所見不同的季節性型態。自第四季開始，連續服務帶來的年對年效益將在其上線滿周年後開始正常化，導致留存比較基期更具挑戰。再加上我們有紀律的獲客策略，我們仍預期全年自付費淨新增將略低。

The benefits of this approach are already evident continuous service helped drive sulfate turn to approximately 1.4% during the quarter, while underlying churn also improved year-over-year independent of this initiative, driven by lower vehicle-related and non-pay churn. Combined with continued ARPU growth, these results demonstrate we're building a more resilient subscription business with pricing durability and higher long-term customer value.

這種作法的效益已經顯現：連續服務在本季協助推動 sulfate turn 約為 1.4%；同時，即使不考慮此項措施，在車輛相關流失與非付款流失降低的帶動下，基礎流失率也較去年改善。結合 ARPU 持續成長，這些結果顯示我們正在打造更具韌性的訂閱業務，具備更持久的定價能力與更高的長期客戶價值。

We remain focused on broadening how customers experience SiriusXM, connecting them with more of the music, sports, news, talk and entertainment that matters most to them across more devices, more listening moments and more members of their household to deliver a more personalized, engaging experience that strengthens retention and becomes increasingly essential over time.

我們仍專注於拓展客戶體驗 SiriusXM 的方式，讓他們在更多裝置、更多收聽情境，以及家中更多成員之間，連結到對他們最重要的音樂、體育、新聞、談話與娛樂內容，提供更個人化、更具互動性的體驗，以強化留存並隨時間推移變得愈發不可或缺。

Exclusive content and unforgettable live experiences have always set SiriusXM apart. And in the second quarter, we continued to build on that advantage. Every new channel, artist performance, live event and creator collaboration advances our vision for the future of audio, making SiriusXM a home for fandom.

獨家內容與令人難忘的現場體驗一直是 SiriusXM 的差異化所在。而在第二季，我們持續在這項優勢上加碼。每一個新頻道、藝人演出、現場活動與創作者合作，都在推進我們對音訊未來的願景，讓 SiriusXM 成為粉絲文化（fandom）的家。

In Q2, we expanded our artist-first programming with new full-time channels from Morgan Wallen and Green Day, alongside limited run offerings, including the Eagles, U2 and mild Davis radio. We also continued bringing fans closer to the artists they love through one-of-a-kind SiriusXM-only event, including performances by Kenny Chesney, Hillary Dust, the Black Pros and whiskey Myers, a live smart less taping and a special FIFA World Cup performance by Carlos

第二季，我們擴大以藝人為核心（artist-first）的節目編排，推出 Morgan Wallen 與 Green Day 的全時段新頻道，同時也提供限時內容，包括 Eagles、U2 以及 mild Davis radio。我們也持續透過獨一無二、僅限 SiriusXM 的活動，讓粉絲更貼近他們喜愛的藝人，包括 Kenny Chesney、Hillary Dust、the Black Pros 與 whiskey Myers 的演出、一場 SmartLess 的現場錄製，以及 Carlos 的一場 FIFA 世界盃特別演出。

Our front row series complemented these experiences by bringing audiences closer to the biggest moments in entertainment, with special conversations featuring the cast of the Delaware's product two and Toy Story 5, along with an intimate album preview with Olivia Rodrigo on HITS One.

我們的 Front Row 系列也為這些體驗相得益彰，透過特別對談讓觀眾更貼近娛樂圈最重要的時刻，來賓包括《the Delaware's product two》與《Toy Story 5》的演員陣容，並在 HITS One 上與 Olivia Rodrigo 進行一場私密的新專輯搶先聆聽。

Across news, talk and podcast, we're strengthening our portfolio of trusted voices and compelling storytelling. We expanded our partnership with ABC News by launching the ABC News Live and 2020 True Crime channels, while bringing this week with George Stephanopoulos and start weekend to We also welcome the John Kasikshow and hosted Vice President, J.D. Vance on the Megan Kelly Show, underscoring our commitment to thoughtful conversations and diverse perspectives across the political spectrum.

在新聞、談話與 Podcast 方面，我們正在強化由可信聲音與引人入勝敘事所構成的內容組合。我們透過推出 ABC News Live 與 2020 True Crime 頻道，擴大與 ABC News 的合作，同時把 This Week with George Stephanopoulos 和 start weekend 帶到 我們也歡迎 John Kasikshow，並在 Megan Kelly Show 邀請副總統 J.D. Vance 作客，凸顯我們致力於在政治光譜各端提供深思熟慮的對話與多元觀點。

In podcast, we renewed partnerships with Comedy Bang! Bang! and the School of Greatness and announced a history of the United States in 100 objects, a landmark original series produced with BBC Studios and the award-winning team behind 99% invisible.

在 Podcast 方面，我們續約了與 Comedy Bang!Bang!以及 School of Greatness 的合作，並宣布推出《美國史：100 件物品》（A History of the United States in 100 Objects），這是一個與 BBC Studios 及打造《99% Invisible》的獲獎團隊共同製作的里程碑式原創系列。

Sports remains one of SiriusXM's most significant competitive advantages and an increasingly important driver of engagement. More subscribers are tuning into sports than ever before with sports streaming up 14% year-over-year and growing across every platform, including our expanding 360L audience.

體育仍是 SiriusXM 最重要的競爭優勢之一，也是日益重要的互動參與驅動力。收聽體育內容的訂戶比以往任何時候都多，體育串流年增 14%，並在所有平台上成長，包括我們持續擴大的 360L 受眾。

During the quarter, we delivered comprehensive coverage of the Masters PGA Championship US open in every round of the NFL draft and NBA playoffs. We extended our long-standing NASCAR partnership, welcome Giants All-Star Logan Web to MLB Network Radio and Kenny Beecham to SiriusXM NBA radio and served as the audio home of the FIFA World Cup.

在本季度，我們在每一輪賽事中提供了對美國名人賽（Masters）、PGA 錦標賽、US Open，以及 NFL 選秀與 NBA 季後賽的全面報導。我們延長了與 NASCAR 長期以來的合作夥伴關係，歡迎巨人隊全明星 Logan Web 加入 MLB Network Radio、Kenny Beecham 加入 SiriusXM NBA radio，並擔任 FIFA 世界盃的音訊主場。

We're also expanding our presence in one of the world's most passionate fan communities with the launch of WWE radio. Together, these investments strengthen SiriusXM's position as the premier audio destination for sports fans.

我們也透過推出 WWE radio，擴大在全球最熱情的球迷社群之一中的布局。這些投資共同強化了 SiriusXM 作為體育迷首選音訊目的地的地位。

Building on that success, yesterday, we announced Sports Pass, a new subscription designed specifically for today's always on sports fan. It offers a simpler or flexible way to access our industry-leading sports programming at a compelling price point, making our unmatched sports offering accessible to even more fans.

在此成功基礎上，昨天我們宣布推出 Sports Pass，這是一項專為當今「隨時在線」的體育迷打造的新訂閱方案。它以更簡單或更具彈性的方式，讓用戶以具吸引力的價格取得我們業界領先的體育節目內容，使我們無可匹敵的體育內容能觸及更多球迷。

We're complementing the launch with a new agreement with Odyssey, adding leading local sports stations from 22 major markets across the country and giving listeners seamless access to both national coverage and the hometown voices they care about most, further strengthening the value of our sports opening and broader subscription portfolio.

我們也以與 Odyssey 的新協議為此次推出提供配套，新增全國 22 個主要市場的領先在地體育電台，讓聽眾可無縫收聽全國性報導與他們最在意的家鄉聲音，進一步強化我們體育內容供給以及更廣泛訂閱產品組合的價值。

Collectively, these initiatives represent far more than programming investments. They reflect our conviction that the future of media belongs to companies that create enduring relationships with audiences. Our approach is built around a powerful flywheel.

整體而言，這些舉措遠不只是節目內容投資。它們反映了我們的信念：媒體的未來屬於能與受眾建立長久關係的公司。我們的方法建立在一個強大的飛輪效應之上。

Exclusive access drives participation, participation builds community, community deepens loyalty, loyalty fuel growth and growth creates new opportunities to deliver even more exclusive content experiences and access. SiriusXM is uniquely positioned to lead because we combine premium talent, passionate fan communities, immersive live events, first-party audience intelligence and SiriusXM Media's unmatched cross-platform reach in ways few others can replicate.

獨家內容帶動參與，參與建立社群，社群深化忠誠，忠誠推動成長，而成長創造新的機會，讓我們提供更多獨家內容體驗與接觸。SiriusXM 具備獨特的領先優勢，因為我們以少有人能複製的方式，結合頂級人才、熱情的球迷社群、沉浸式現場活動、第一方受眾洞察，以及 SiriusXM Media 無可匹敵的跨平台觸及能力。

Ultimately, we're transforming listening into belonging. We're already seeing the strategy deliver measurable impact. This year, we'll produce more than 400 live events, generating over 2,000 hours of original programming and more than 3 million feet take entries for free access to these events and other major artist stores. 95% of those who attend our exclusive events say the experiences, increase the value of their SiriusXM subscription and perhaps more importantly, these experiences deep engagement well beyond those who attend.

最終，我們正把「收聽」轉化為「歸屬感」。我們已看到這項策略帶來可衡量的影響。今年我們將製作超過 400 場現場活動，產出超過 2,000 小時的原創節目內容，並提供超過 300 萬個名額可免費參與這些活動及其他大型藝人活動。參加我們獨家活動的人中，有 95% 表示這些體驗提升了他們的 SiriusXM 訂閱價值；更重要的是，這些體驗所帶來的深度互動，遠遠超出實際到場者本身。

That's the power of fandom. Bringing listeners closer to the people and moments they love while creating a stronger, more differentiated SiriusXM.

這就是粉絲文化的力量。讓聽眾更貼近他們所熱愛的人物與時刻，同時打造更強大、更具差異化的 SiriusXM。

Creating deeper fan connections isn't just about the content we offer. It's also about how we deliver it. As 360L expands across nearly every major OEM lineup, we're creating a more intelligent, personalized in-car experience that makes it easier for subscribers to discover and enjoy the content they love.

打造更深的粉絲連結不僅關乎我們提供的內容。也關乎我們如何交付內容。隨著 360L 擴展至幾乎所有主要 OEM 產品線，我們正在打造更智慧、個人化的車內體驗，讓訂閱用戶更容易發現並享受他們喜愛的內容。

We're seeing meaningful adoption of these capabilities. OEM subscribers now average approximately 24 hours of listening each month while those who also streamed through the SiriusXM app engage more than twice as much.

我們看到這些能力正被實質採用。OEM 訂閱用戶目前每月平均收聽約 24 小時，而同時透過 SiriusXM app 串流的用戶，其互動程度超過兩倍。

Discovery is also accelerating with listening through our personalized artist stations increasing 50% year-over-year. When you combine exclusive content, immersive experiences and a more intelligent product, you create a subscription service that's more valuable to customers, easier to monetize and better position for long-term growth.

內容探索也在加速，透過我們個人化藝人電台的收聽量年增 50%。當你把獨家內容、沉浸式體驗與更智慧的產品結合在一起，就能打造對客戶更有價值、更容易變現、且更有利於長期成長的訂閱服務。

The same strategy that's bringing fans closer to the content and creators they love is driving momentum across our advertising business, where revenue increased 5% year-over-year to $454 million. Our open ecosystem approach and strategic investments in advertising technology continue to cement our position as a leader in audio advertising.

同樣讓粉絲更貼近他們喜愛內容與創作者的策略，也正在推動我們廣告業務的動能；該業務營收年增 5% 至 4.54 億美元。我們的開放式生態系策略與對廣告技術的策略性投資，持續鞏固我們在音訊廣告領域的領導地位。

Partnerships with major players such as YouTube, Apple and Amazon significantly extend our addressable reach, increasing monetization opportunities and giving marketers access to premium inventory with the ease and targeting capabilities businesses need to invest with confidence.

與 YouTube、Apple、Amazon 等主要業者的合作，顯著擴大我們可觸及的受眾範圍，提升變現機會，並讓行銷人員能以所需的便利性與精準投放能力，取得優質廣告庫存，從而更有信心投入。

At the same time, our differentiated portfolio of podcasts, sports and live top programming continues to drive demand. Podcasting revenue grew 30% year-over-year, driven by rising CPMs, increased sell-through and an ongoing appetite for our culture-defining content.

同時，我們具差異化的播客、體育與現場頂級節目內容組合，持續帶動需求。播客營收年增 30%，主要受益於 CPM 上升、售罄率提升，以及市場對我們具文化指標性內容的持續偏好。

During the FIFA World Cup, for example, we leveraged our coverage across satellite streaming and podcast to create bespoke sponsorship packages for major brands, including Bank of America, Lowe's, Verizon, Xfinity and McDonald's, demonstrating how our premium audio lineup and cross-platform capabilities create value for both content partners and advertisers.

例如在 FIFA 世界盃期間，我們運用衛星、串流與播客的整合報導，為多個大型品牌打造客製化贊助方案，包括美國銀行（Bank of America）、Lowe's、Verizon、Xfinity 與麥當勞（McDonald's），展現我們的高端音訊內容陣容與跨平台能力如何為內容合作夥伴與廣告主共同創造價值。

Finally, the successful launch of SiriusXM-11 at the end of June advanced our next-generation satellite fleet and reinforce the long-term resilience of our network. Investments like these ensure we continue delivering the premium reliable in-car experience that remains a key competitive advantage for SiriusXM.

最後，6 月底 SiriusXM-11 的成功發射，推進了我們的下一代衛星機隊，並強化我們網路的長期韌性。此類投資確保我們能持續提供高品質、可靠的車內體驗，而這仍是 SiriusXM 的關鍵競爭優勢。

Taken together, these investments are creating a stronger SiriusXM, one with healthier subscription economics, a faster-growing advertising platform and durable competitive advantages that position us for long-term growth. We're encouraged by our execution confident in our strategy and focused on creating sustainable long-term value for our listeners, partners and shareholders.

綜合而言，這些投資正在打造更強大的 SiriusXM：具備更健康的訂閱經濟性、更快速成長的廣告平台，以及可持續的競爭優勢，使我們得以布局長期成長。我們對執行成果感到振奮，對策略充滿信心，並專注於為聽眾、合作夥伴與股東創造可持續的長期價值。

Before I turn the call over to Zac for more detail on our financial results, I'd like to acknowledge that we announced this morning that Wayne Thorsen has decided to leave the company. We appreciate Wayne's many contributions to SiriusXM and thank him for his service. We wish him all the best in his future endeavors.

在我把電話會議交給 Zac 更詳細說明財務結果之前，我想先提及我們今早宣布 Wayne Thorsen 已決定離開公司。我們感謝 Wayne 對 SiriusXM 的諸多貢獻，並感謝他的服務。祝福他未來一切順利。

Thanks, Jennifer, and thank you, everyone, for joining us today. Our first half results reflect disciplined execution and reinforce three key themes. First, we delivered revenue growth, supported by the durability of our subscription business and momentum across advertising; second, we expanded margins through disciplined cost management while continuing to invest in our strategic priorities; and third, we translated that performance into higher earnings and strong free cash flow.

謝謝你，Jennifer，也謝謝各位今天加入我們。我們上半年業績反映了嚴謹的執行力，並強化三個關鍵主題。第一，我們實現營收成長，受惠於訂閱業務的韌性與廣告動能；第二，我們在持續投資策略重點的同時，透過嚴格的成本管理擴大了利潤率；第三，我們將這些表現轉化為更高的獲利與強勁的自由現金流。

Turning to the quarter. Consolidated revenue increased 1% year-over-year to nearly $2.2 billion. Subscription revenue grew 1% to $1.6 billion, reflecting the benefit of our February pricing actions and the resilience of our subscription business. And advertising revenue increased 5% to $454 million driven by the continued momentum in podcasting, programmatic advertising and technology fees, underscoring the strength and diversification of our advertising platform. That momentum also translated into higher profitability.

接著看本季度。合併營收年增 1%，接近 22 億美元。訂閱營收成長 1% 至 16 億美元，反映我們 2 月調價措施的效益以及訂閱業務的韌性。廣告營收成長 5% 至 4.54 億美元，主要由播客、程式化廣告與技術費用的持續動能所帶動，凸顯我們廣告平台的實力與多元化。這股動能也轉化為更高的獲利能力。

Adjusted EBITDA increased 3% to $691 million, with margins expanding 1 percentage point to 32%. Higher subscription and advertising revenue, combined with disciplined expense management more than offset increased sales and marketing investment supporting the continued growth of our advertising business.

調整後 EBITDA 成長 3% 至 6.91 億美元，利潤率擴大 1 個百分點至 32%。更高的訂閱與廣告營收，加上嚴格的費用管理，足以抵銷為支持廣告業務持續成長而增加的銷售與行銷投資。

Our cost transformation initiatives also continue to progress as planned. Year-to-date, we've captured $74 million toward our target of delivering an incremental $100 million in gross cost savings this year, including $48 million in operating expense savings and $26 million in CapEx savings. Higher revenue, expanding margins and disciplined expense management also produced strong earnings and cash flow.

我們的成本轉型計畫也持續按計畫推進。截至目前，我們已實現 7,400 萬美元，朝今年新增 1 億美元總成本節省目標邁進，其中包括 4,800 萬美元的營運費用節省與 2,600 萬美元的資本支出（CapEx）節省。更高的營收、擴大的利潤率與嚴格的費用管理，也帶來強勁的獲利與現金流。

Net income increased 17% to $239 million while diluted earnings per share grew 23% to $0.70. And free cash flow increased 48% to $593 million, driven by higher adjusted EBITDA, lower cash taxes as well as favorable timing of vendor payments and capital expenditures.

淨利成長 17% 至 2.39 億美元，而稀釋後每股盈餘成長 23% 至 0.70 美元。自由現金流成長 48% 至 5.93 億美元，主要受益於更高的調整後 EBITDA、較低的現金稅負，以及供應商付款與資本支出時點的有利影響。

Turning to our segment results. SiriusXM revenue was $1.6 billion, slightly higher than the prior year period. SiriusXM subscriber revenue increased 1% to $1.5 billion, reflecting a 1% increase in ARPU to $15.32 following our February pricing actions.

接著看各事業部門表現。SiriusXM 營收為 16 億美元，較去年同期略高。SiriusXM 訂閱用戶營收成長 1% 至 15 億美元，反映在 2 月調價後 ARPU 成長 1% 至 15.32 美元。

SiriusXM Advertising segment revenue grew 8% to $41 million, supported by robust demand across sports programming, particularly around the FIFA World Cup 2026. More than 6% of both self-pay and trial streaming listeners tuned in the World Cup coverage during the tournament, the championship match attracting 11% of all streaming listeners.

SiriusXM 廣告業務分部營收成長 8% 至 4,100 萬美元，主要受惠於體育節目強勁需求，尤其是圍繞 2026 年 FIFA 世界盃。在賽事期間，自付費與試用的串流聽眾中，超過 6% 收聽了世界盃轉播；其中冠軍賽吸引了所有串流聽眾的 11%。

Equipment revenue declined 22% year-over-year to $36 million, reflecting higher memory costs associated with our hardware modules. While this continues to pressure equipment revenue and margins, it reflects a broader semiconductor market dynamic rather than anything specific to SiriusXM. Despite that headwind, SiriusXM gross profit increased 2% to $981 million with gross margin expanding 1 percentage point to 61%.

設備營收年減 22% 至 3,600 萬美元，反映我們硬體模組相關的記憶體成本上升。雖然這持續對設備營收與毛利率造成壓力，但這反映的是更廣泛的半導體市場動態，而非 SiriusXM 特有的因素。儘管面臨該逆風，SiriusXM 毛利仍成長 2% 至 9.81 億美元，毛利率擴大 1 個百分點至 61%。

Turning to subscriber trends. We delivered our strongest second quarter subscriber performance in four years. Self-pay net additions totaled 22,000, an improvement of [90,000] from the prior year period. Companion plans contributed 123,000 incremental self-pay net additions while continuous service and expanded dealer programs helped to offset slightly lower conversion rates.

接著談訂戶趨勢。我們交出四年來最強的第二季訂戶表現。自付費淨新增為 22,000 戶，較去年同期改善 [90,000] 戶。伴隨方案（companion plans）貢獻了 123,000 戶額外的自付費淨新增，而持續服務（continuous service）與擴大的經銷商計畫則有助於抵消略低的轉換率。

Our confidence in companion plans continues to grow. More than 80% of users say the offering increases the value of their subscription, and more than three-quarters say it makes them more likely to remain subscribers. Combined with the continued benefits of our continuous service initiative, these efforts help drive self-pay churn to approximately 1.4%, the lowest level in our history.

我們對伴隨方案的信心持續提升。超過 80% 的使用者表示該方案提高了其訂閱的價值，且超過四分之三表示這讓他們更可能維持訂閱。再加上我們持續服務計畫帶來的效益，這些努力使自付費流失率降至約 1.4%，為公司史上最低水準。

As Jennifer discussed, our subscriber outlook remains unchanged. We continue to expect modestly lower full year self-pay net additions than last year as we anniversary the rollout of continuous service and continue to reduce promotional acquisition offers and discounting. While these actions will moderate reported net additions, they support our strategy of improving subscriber quality, increasing lifetime value and building a stronger, more durable subscription business.

如 Jennifer 所提，我們對訂戶的展望維持不變。我們仍預期全年自付費淨新增將較去年略低，原因是持續服務的推行進入同比基期（anniversary），以及我們持續降低促銷獲客方案與折扣力度。雖然這些作法會使揭露的淨新增趨緩，但有助於支持我們提升訂戶品質、提高終身價值並打造更強健、更具韌性的訂閱型業務之策略。

Turning to Pandora and Off-Platform, we delivered another quarter of strong profitable growth. Segment revenue increased 4% to $543 million, while advertising revenue grew 5% to $413 million, driven by approximately 30% growth in podcasting, 29% growth in programmatic advertising and 20% growth in technology fees, partially offset by softer streaming music advertising. That momentum reflects the continued strength of our advertising platform and the investments we're making to expand its reach and capabilities.

接著談 Pandora 與 Off-Platform，我們再度交出強勁且具獲利性的成長季度。分部營收成長 4% 至 5.43 億美元，廣告營收成長 5% 至 4.13 億美元，主要由播客（podcasting）約 30% 成長、程式化廣告（programmatic advertising）29% 成長，以及技術費（technology fees）20% 成長所帶動，部分被較疲弱的串流音樂廣告所抵消。這股動能反映我們廣告平台的持續強勢，以及我們為擴大其觸及與能力所進行的投資。

Our Amazon demand-side platform integration is making our premium podcast inventory more accessible at advertisers, while more broadly, we're increasingly seeing advertisers buy across multiple platforms, underscoring the value of our integrated advertising offering and our ability to deliver scaled cross-platform campaigns. Looking ahead, we expect to begin the broader commercialization of YouTube audio later this year.

我們與 Amazon 需求方平台（DSP）的整合，正讓廣告主更容易取得我們的優質播客庫存；更廣泛而言，我們也愈來愈常看到廣告主跨多個平台採買，凸顯我們整合式廣告方案的價值，以及我們提供具規模的跨平台投放活動的能力。展望未來，我們預期將於今年稍晚開始更廣泛地商業化 YouTube Audio。

Early advertiser demand and live campaigns are helping us enhance measurements, refine execution and validate the offering ahead of a broader rollout that we believe will expand our audience, deepen advertiser engagement and create new monetization opportunities. This continued operating momentum drove segment gross profit up 6% to $163 million with gross margin expanding 1 percentage point to approximately 30%.

早期的廣告主需求與實際投放中的活動，正協助我們強化衡量指標、精進執行並在更大規模推出前驗證此方案；我們相信這將擴大受眾、加深廣告主互動並創造新的變現機會。這股持續的營運動能帶動分部毛利成長 6% 至 1.63 億美元，毛利率擴大 1 個百分點至約 30%。

Capital expenditures were $130 million, down from $145 million a year ago, primarily reflecting lower satellite investment as we continue to wind down our current satellite investment cycle following the successful launch of SXM-11.

資本支出為 1.30 億美元，低於去年同期的 1.45 億美元，主要反映衛星投資下降；在 SXM-11 成功發射後，我們持續逐步結束目前的衛星投資週期。

We continue to expect non-satellite capital expenditures of approximately $400 million to $415 million this year. With the planned launch of SXM-12 next year expected to complete our current satellite investment cycle, we anticipate capital expenditures will normalize, providing an additional tailwind to free cash flow over time.

我們仍預期今年非衛星資本支出約為 4.00 億至 4.15 億美元。隨著明年計畫發射的 SXM-12 預期將完成目前的衛星投資週期，我們預期資本支出將回歸常態，並隨時間推移為自由現金流帶來額外順風。

Our strong cash generation continues to support a disciplined capital allocation strategy. During the quarter, we reduced total debt by $292 million, including the early repayment of our term loan, while returning nearly $97 million to shareholders through dividends and share repurchases. We ended the quarter with net leverage of 3.4x adjusted EBITDA, reaching our long-term target range of low to mid 3x.

我們強勁的現金創造能力持續支持嚴謹的資本配置策略。本季我們將總負債降低 2.92 億美元，包括提前償還定期貸款，同時透過股利與庫藏股回購向股東返還近 9,700 萬美元。本季末我們的淨槓桿為調整後 EBITDA 的 3.4 倍，達到我們長期目標區間的低至中 3 倍水準。

Our capital allocation priorities remain consistent. We'll continue investing in the business where we see the highest long-term returns, maintain a strong balance sheet within our leverage target and return capital to shareholders through dividends and share repurchases.

我們的資本配置優先順序維持一致。我們將持續在可帶來最高長期報酬之處投資業務，在槓桿目標範圍內維持強健的資產負債表，並透過股利與庫藏股回購向股東返還資本。

We ended the quarter with approximately $996 million remaining under our existing repurchase authorization and continue to believe our shares represent an attractive long-term value. We'll also remain disciplined in evaluating opportunities to create additional shareholder value, moving through our spectrum assets and other strategic opportunities.

本季末在既有回購授權下仍有約 9.96 億美元可用額度，我們仍認為公司股票具備具吸引力的長期價值。我們也將持續以嚴謹態度評估創造額外股東價值的機會，包括推進我們的頻譜資產以及其他策略性機會。

Taken together, our first half performance gives the confidence to raise full year guidance by $25 million across revenue, adjusted EBITDA and free cash flow. We now expect approximately $8.525 billion of revenue, $2.625 billion of adjusted EBITDA and $1.375 billion of free cash flow for the year.

綜合而言，我們上半年表現讓我們有信心將全年指引在營收、調整後 EBITDA 與自由現金流三項上各上調 2,500 萬美元。我們目前預期全年營收約 85.25 億美元、調整後 EBITDA 26.25 億美元，以及自由現金流 13.75 億美元。

This increase reflects the strength of our underlying business, while continuing to absorb higher memory costs, which have increased several times this year and are partially offsetting the flow-through of our strong operating performance.

此次上調反映我們核心業務的強勁表現，同時我們仍在吸收較高的記憶體成本；該成本今年已多次上升，並部分抵消我們強勁營運表現所帶來的利潤傳導效益。

The durability of our subscription business, the momentum in advertising and the consistency of our cash generation continue to provide a strong financial foundation. We're confident in our outlook and remain focused on executing our strategy, allocating capital thoughtfully and delivering sustainable long-term shareholder value.

我們訂閱業務的韌性、廣告動能以及穩定的現金創造能力，持續提供堅實的財務基礎。我們對展望充滿信心，並將持續專注於落實策略、審慎配置資本，以及為股東創造可持續的長期價值。

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

接下來我把時間交回主持人，進行問答。

(Operator Instructions) Bryan Kraft, Deutsche Bank.

(主持人指示) Deutsche Bank 的 Bryan Kraft。

I was wondering if you could comment on any progress you've made towards finding a way to monetize a portion of your spectrum portfolio. And if you have any sense for the timing of reaching an agreement with a partner and what a partnership could look like, just given that you'll need to continue using that lower SARS band for much of the next five years?

我想請教你們在尋找將頻譜組合的一部分變現方面，有沒有任何進展可分享。另外，考量你們在未來五年多數時間仍需要持續使用較低的 SARS 頻段，你們是否對與合作夥伴達成協議的時程有任何概念，以及合作可能會是什麼樣貌？

And then secondly, now that you're at the Leverage Targets Act, what kind of pacing could we expect for share repurchases going forward?

第二個問題是，既然你們已達到槓桿目標區間，未來股票回購的節奏大概會是如何？

Thanks, Brian. We continue to see license spectrum as an added optionality and long-term value driver. As we've discussed in the past, we have 35 megahertz of contiguous spectrum. It serves as critical infrastructure in support of the business today, as you've noted, including supporting the delivery of our service to 35 million subscribers across the US and Canada.

謝謝，Bryan。我們仍將持照頻譜視為額外的選擇權與長期價值驅動因素。如同我們過去討論過的，我們擁有 35 兆赫（MHz）的連續頻譜。如你所指出，這是支撐當前業務的關鍵基礎設施之一，包括支援我們在美國與加拿大為 3,500 萬名訂戶提供服務。

So -- there's been a lot of activity in the market recently. So much more attention, obviously, on the value of spectrum. It's a scarce strategic asset, and we believe it provides us with meaningful long-term optionality.

所以——近期市場上有很多動態。顯然，市場對頻譜價值的關注度高了許多。頻譜是稀缺的策略性資產，我們相信它能為我們帶來具意義的長期選擇權。

The technology and regulatory landscapes continue to evolve. So we are taking a methodical approach at looking at opportunities that support our current business. Also preserve our flexibility and position us to deliver the highest value for shareholders.

技術與監管環境持續演進。因此，我們以有條不紊的方式評估能支持現有業務的機會，同時保留我們的彈性，並讓我們能為股東創造最高價值。

So our strategy hasn't changed here. We believe the most attractive path to value creation is through partnerships, incremental opportunities that will allow us to monetize spectrum while preserving there's flexibility going forward. So we've previously shared that we continue to have discussions with potential partners around a range of different opportunities.

因此，我們在這方面的策略沒有改變。我們認為最具吸引力的價值創造途徑是透過合作夥伴關係與增量機會，在保留未來彈性的同時，讓我們得以將頻譜變現。因此我們先前也分享過，我們仍持續與潛在合作夥伴就一系列不同機會進行討論。

Great. Thanks for the question, Bryan. Yes, just to sort of ground everybody. We ended the second quarter with net leverage of 3.4x. So reaching our target leverage range of low to mid-3s, we communicated previously.

很好。謝謝你的提問，Bryan。是的，先讓大家有個基準。我們在第二季結束時的淨槓桿為 3.4 倍。因此如我們先前所溝通的，我們已達到目標槓桿區間的低至中 3 倍水準。

So that's an important milestone for us as it gives us much greater flexibility in how we deploy our free cash flow. So now looking forward, our first priority remains the same as it has been investing in the business in order to deliver strategic and financial priorities. We continue to believe this has the highest ROI.

因此，這對我們而言是一個重要的里程碑，因為它讓我們在如何運用自由現金流方面擁有更大的彈性。展望未來，我們的首要優先事項仍與以往一致，也就是投資於業務，以交付策略與財務優先事項。我們仍然相信這具有最高的投資報酬率（ROI）。

Beyond that, though, with our balance sheet now in target range, our capital allocation priorities will shift toward returning capital to shareholders through dividend and share repurchases. So on the dividend side, remains an important component of our capital return framework and definitely reflects the durability of our subscription business, confidence in the outlook.

除此之外，隨著我們的資產負債表如今已落在目標區間內，我們的資本配置優先順序將轉向透過股利與股票回購向股東返還資本。在股利方面，股利仍是我們資本回饋架構中的重要組成，也確實反映了我們訂閱業務的韌性以及對前景的信心。

But we believe our current dividend is at the right level. So we, therefore, expect share repurchases to become an increasingly important use of excess cash flow. So we'll be disciplined in our execution and opportunistic, of course, based on valuation and the market conditions and, of course, within our broader capital allocation priorities.

但我們認為目前的股利水準是適當的。因此，我們預期股票回購將成為超額現金流日益重要的用途。我們在執行上會保持紀律，並且當然會視估值與市場狀況而把握機會，同時也會在我們更廣泛的資本配置優先順序之內進行。

So we ended the quarter, as we said on the call, with just about $1 billion in remaining authorization. And we think our shares are attractive long-term value. So I think you'll begin to see somewhat in the second half of the year an increase and then definitely the story for 2027 likely to move towards a much more significant share repurchases.

因此，如同我們在電話會議中所說，本季結束時我們仍有約10億美元的剩餘授權額度。而我們認為我們的股票具備長期吸引力的價值。因此，我想你們會在今年下半年開始看到回購有所增加，而到了2027年，故事很可能會朝向更大規模的股票回購。

So I think just to sort of land in the ordinary course of things, we do remain opportunistic, of course, in pursuing additional value creation, whether through strategic investment as potential spectrum opportunities, as Jennifer talked about, or other initiatives, but nothing is on our radar on the moment there. So I think what we're really happy about is our strong and consistent free cash flow gives us the flexibility to invest in growth while still meaningfully returning capital to shareholders now that we're inside the leverage range.

我想回到一般情況來說，我們當然仍會以機會主義的方式追求額外的價值創造，不論是透過策略性投資（例如 Jennifer 提到的潛在頻譜機會）或其他計畫，但目前沒有任何事項在我們的雷達上。因此，我們真正感到高興的是，我們強勁且穩定的自由現金流，讓我們在槓桿率落在區間內之後，仍能在投資成長的同時，有意義地向股東返還資本。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Jennifer, back on the guidance raise. I was curious if you could maybe talk a little bit more about the puts and takes for the raise this year, where do you see play out better than expected, either through the subscription business or the ad business?

Jennifer，回到上調指引這件事。我想請你再多談一些今年上調的利多與利空因素：你看到哪些表現優於預期，是來自訂閱業務還是廣告業務？

And then it sounds like on the expense side, there's some added expenses around technology. Just curious if you'd help size the impact there and how we should be thinking about that into the second half?

另外，聽起來在費用端有一些與科技相關的新增支出。想請你協助量化其影響，以及我們應該如何看待這對下半年的影響？

Of course. Thank you, Stephen, for the question. We're really pleased with our second quarter performance, following what was also a very strong first quarter. So revenue growth versus last year. And importantly, growth in both SiriusXM and on the advertising side.

當然。謝謝你，Stephen，提出這個問題。我們對第二季的表現非常滿意，延續第一季同樣非常強勁的表現。營收相較去年成長。更重要的是，SiriusXM 與廣告端都實現成長。

EBITDA growth combining that revenue improvement with disciplined cost management and strong free cash flows, cash flow up 48% versus last year in the second quarter. So it's a really strong base. The underlying metrics are also very strong, positive self-pay net adds we saw for the quarter, ARPU higher than last year, record low churn in our SiriusXM subscription business.

EBITDA 的成長來自於營收改善、嚴謹的成本管理，以及強勁的自由現金流；第二季現金流較去年同期成長48%。因此這是一個非常強的基礎。基本面指標也非常強勁：本季自付費（self-pay）淨新增為正，ARPU 高於去年，SiriusXM 訂閱業務的流失率（churn）創下歷史新低。

And on advertising strengthened both sell-through and CPMs. So as we look forward into the second half of the year, we see most of those strong trends continuing, which is what's allowing us to raise our guidance for revenue, EBITDA and cash flow.

而在廣告方面，銷售填充率（sell-through）與 CPM 都有所走強。因此，展望今年下半年，我們看到多數強勁趨勢將持續，這也是我們得以上調營收、EBITDA 與現金流指引的原因。

And that's despite a meaningful second half headwind from higher memory costs as the memory suppliers have raised prices multiple times over the last nine months, driven by that broader semiconductor market dynamic. That was a small impact in the first half, and we expect it to be more meaningful in the second half and such incorporated into the guidance in our outlook. But otherwise, the underlying business performance remains strong.

即便如此，下半年仍面臨一項顯著逆風：記憶體成本上升，因為記憶體供應商在過去九個月內多次調漲價格，背後是更廣泛的半導體市場動態所驅動。這在上半年影響較小，我們預期在下半年會更為明顯，並已納入我們的指引與展望之中。但除此之外，核心業務表現依然強勁。

And the only thing I'd add on related to subs, Stephen, is just -- we continue to be pleased with the performance and the strong take rate we've seen on companion subscriptions, our continuous service initiatives and contributions to our extended duration auto dealership programs.

另外，Stephen，關於訂閱（subs）我想補充的是——我們仍對表現感到滿意，尤其是我們在伴隨型訂閱（companion subscriptions）、我們的連續服務（continuous service）計畫，以及延長期間的汽車經銷商方案所帶來的貢獻與我們看到的強勁採用率（take rate）。

As we look at the rest of the year, the fourth quarter has a tough comp on when we launched continuous service. And so we're just being cautious as we set the context for subscriber performance this year.

展望今年剩餘時間，第四季在我們推出連續服務時的比較基期較高。因此，在設定今年訂戶表現的情境時，我們只是採取較為審慎的態度。

That's great. And then maybe just secondly, if I could ask on the YouTube inventory, it sounds like commercialization is set for later this year. I was just curious if you could talk a little bit more about what you've learned so far after having your hands on the YouTube inventory or sort of seeing under the hood behind the YouTube inventory and then any plans or working approaches to monetize that into the back half of the year when we could expect that to really start to scale in the financials?

很好。另外第二個問題，如果可以的話，關於 YouTube 庫存（inventory），聽起來商業化會在今年稍晚進行。我想請你談談：在你們開始接觸 YouTube 庫存、或更深入了解其運作之後，到目前為止學到了什麼；以及在下半年你們有哪些計畫或做法來將其變現？我們何時可以預期它在財務數字上真正開始放量？

So we are -- as you -- we've talked about, this is a test and learn period for us. We are in the early stages; we've literally had thousands of conversations about the YouTube opportunity with customers. And I think the early stages are really about validating this takeaway that YouTube is truly a listing opportunity. This multimodal behavior where listeners are engaging in visual engagement but also listening as well, that is something that I think is a takeaway that everyone is recognizing.

所以我們——如你所知——我們一直在談，這對我們而言是一段「測試並學習」（test and learn）的期間。我們仍在早期階段；我們確實已經就 YouTube 機會與客戶進行了數千次對話。我認為早期階段主要是在驗證一個結論：YouTube 確實是一個「收聽」（listening）機會。這種多模態行為——聽眾既有視覺互動，同時也在收聽——我認為這是大家都正在認可的一個重點。

And we're really in the early stages of product validation, understanding the measurement capabilities and really building the commercial pipeline, we remain confident that this is a tremendous opportunity for advertisers and to bring unparalleled reach.

我們也正處於產品驗證的早期階段，了解衡量（measurement）能力，並真正建立商業銷售管線；我們仍然有信心，這對廣告主而言是極大的機會，並能帶來無與倫比的觸及。

I mean we're now at the stage where we can claim 255 million monthly active users, 90% of the adults 13 plus, and that is something that I think is really resonating with the market, and we're excited to bring this to commercial readiness later this year.

我的意思是，我們現在已經到了可以宣稱每月活躍用戶（MAU）達2.55億的階段，涵蓋13歲以上成人的90%；我認為這點在市場上引起很大共鳴，我們也很期待在今年稍晚把它推進到可商業化的準備狀態。

I would just reiterate that we are in the Q4 buying cycle right now. So we are looking at this period as a test and learn phase. And really excited about the opportunity to bring this in the upfront discussions that we have with advertisers and agencies as they look ahead to 2027 planning.

我想再次強調，我們目前正處於第四季的採購週期（buying cycle）。因此，我們把這段期間視為測試並學習的階段。而且我們非常期待能在與廣告主與代理商的前期（upfront）討論中帶入這個機會，因為他們正在著眼於2027年的規劃。

Barton Crockett, Rosenblatt.

Barton Crockett，Rosenblatt。

Okay. Great. I just wanted to drill a little bit more deeply into the commentary about still expecting lesser kind of subscriber additions despite the growth that we had here in the second quarter. In particular, it sounds like you're expecting kind of maybe more kind of a headwind in the back half than maybe we were seeing before. I'm just wondering if that's the case, if there's been any change in kind of the pacing versus what you were expecting before?

好的。很好。我想更深入追問一下你們的說法：儘管第二季我們看到成長，你們仍預期訂戶新增會比較少。特別是，聽起來你們預期下半年可能會有比我們先前看到的更大的逆風。我想確認是否如此；如果是的話，這在節奏上相較你們先前的預期是否有任何改變？

And also, if you can kind of give us a sense of the size of the impacts of some of these things that we're comping from -- excuse me, some of the things that are impacting in terms of the continuous service and the companion if you could size the level of impact from that on the subs, that would be helpful.

另外，如果你們能讓我們了解一下這些因素影響的規模——也就是我們在比較基期中的一些因素——抱歉，我是說，連續服務與伴隨型（companion）等因素對訂戶（subs）的影響，如果你們能量化其影響程度，會很有幫助。

Thanks, Barton. So on companion, we provided some numbers over the last few quarters, 80,000 net adds in Q4; 124,000, I believe, on Q1; and 123,000 in Q2. And so we've been very pleased with the continued sort of solid take rates we're seeing there among our most loyal subscribers.

謝謝你，Barton。關於伴隨型（companion），我們在過去幾季提供過一些數字：第四季淨新增8萬；第一季我記得是12.4萬；第二季是12.3萬。因此，我們對於在最忠誠的訂戶族群中看到的持續穩健採用率（take rate）感到非常滿意。

And I just would expect that, that might slow down as some of the marketing matures there. We've mentioned that we are looking -- given the sort of metrics we're seeing around this, it's been very positive, I think, for the overall business in terms of increasing household engagement that we are looking at opportunities to potentially expand that.

而我確實預期，隨著那邊部分行銷逐漸成熟，這個速度可能會放緩。我們也提到過，基於我們在這方面看到的各項指標表現非常正面，我認為就提升家庭用戶參與度而言，對整體業務很有幫助，因此我們正在評估一些機會，可能會擴大這項做法。

But we have not solidified those yet. So I would expect, again, the contribution from companion to potentially decline over the course of the year. And then as we've talked about, with continuous service, we launched the initiative in the fourth quarter of last year, and we had a fairly meaningful contribution from that in terms of removing friction as customers move between vehicles.

但我們尚未把這些定案。所以我仍然預期，伴隨方案（companion）的貢獻在今年過程中可能會下滑。另外如同我們談到的，針對連續服務（continuous service），我們在去年第四季推出了這項計畫，而它在降低客戶於不同車輛之間切換時的摩擦方面，帶來了相當有意義的貢獻。

And that also will slow as we continue to progress through the year, and we're going to be seeing the anniversary of that, obviously, in the fourth quarter. So nothing's changed in our expectations for this year.

而隨著我們在今年持續推進，這部分也會放緩；而且很明顯地，我們會在第四季迎來它的周年。所以我們對今年的預期沒有任何改變。

As we reiterated, we still expect slightly lower self-pay net additions this year versus last year, and nothing's changed about our expectations, essentially for the quarters. But we are being cautious for some of those reasons about the timing of when the initiatives were launched.

如同我們重申的，我們仍預期今年自付費（self-pay）淨新增會比去年略低，而我們對各季度的預期基本上也沒有改變。但基於其中一些原因，我們對於各項計畫推出的時點保持審慎。

And also just generally about the auto market. So there is maybe some softness that the second quarter is actually pretty strong in terms of SAAR. But there is mixed messaging, I think, in the market in terms of consumer confidence. And so we just want to be cautious as we enter this third quarter where the trial starts will be a meaningful contribution to conversions in the fourth quarter.

另外也包括整體汽車市場的狀況。所以可能存在一些疲軟；雖然第二季就 SAAR（季調年率）而言其實相當強勁。但我認為市場對於消費者信心的訊息是好壞參半的。因此，當我們進入第三季時會更審慎，因為試用啟動（trial starts）將會對第四季的轉換帶來顯著貢獻。

Okay. And then if I could just also ask one other kind of drill deeper question on YouTube. Our understanding is that YouTube is going to dramatically increase your presence with younger audiences. And I was wondering if you could speak to that and speak to maybe some potential to elevate podcast in general and your position in podcast in the advertiser kind of mindset and budget allocation as we go into next year.

好的。另外我想再追問一個關於 YouTube、稍微更深入的問題。我們的理解是，YouTube 會大幅提升你們在年輕族群中的觸及。我想請你談談這點，以及隨著我們進入明年，是否有機會提升整體播客（podcast）以及你們在播客領域於廣告主心智與預算配置上的地位。

It's a really great point. We talked about the distribution of the audience in the last call. And one of the really amazing benefits here is just how much the younger generation under the age of 35 is using YouTube as a listening platform in addition to a visual platform, particularly with podcast, but also with music. And the increase in addressable reach against that younger demo, which is high demand and interest for a wide variety of advertisers is multiples higher than what we see today.

這點非常好。我們在上次電話會議談過受眾分布。而這裡一個非常驚人的好處是，35 歲以下的年輕世代除了把 YouTube 當作視覺平台，也大量把它當作收聽平台，特別是在播客上，但音樂也是如此。而針對這個年輕族群（廣告主高度需求且興趣濃厚的族群）可觸及的可定址觸及（addressable reach）提升幅度，將是我們目前所見的數倍。

And your second point about the podcasting component, we have a broad breadth of podcast content today. We have the largest podcast network in the US with the most shows in the top 20, and we're really focused on building that part of our business. But this YouTube component also has increased reach against podcast listening nearly half of the overall consumption that is happening on YouTube is the podcast content, which gives us increased breadth and scale.

至於你第二點關於播客的部分，我們目前擁有非常廣泛的播客內容。我們是美國最大的播客聯播網，在前 20 名中擁有最多節目，我們也非常專注於打造這一塊業務。但這個 YouTube 的組成也提升了播客收聽的觸及：在 YouTube 上發生的整體消費中，將近一半是播客內容，這讓我們的覆蓋廣度與規模都能提升。

So we see this as an opportunity to not only go deeper with advertisers across different categories who are targeting that younger demo, but also in other areas like multicultural, sports content, et cetera, which we're seeing increased demand for as well.

因此我們把這視為一個機會：不僅能在不同品類、鎖定年輕族群的廣告主上做得更深，也能在其他領域，例如多元文化（multicultural）、體育內容等方面拓展；我們也看到這些領域的需求正在增加。

Jessica Reif Ehrlich, Bank of America.

Jessica Reif Ehrlich，美國銀行（Bank of America）。

I wanted to dig a little bit deeper on advertising. And unfortunately, I'm going to go back, sorry, to YouTube, but you did say increasing opportunities. I just wanted to explore like first on YouTube, if you could give us some color on the economics, including possibly guarantees on your part.

我想更深入探討一下廣告業務。很抱歉我又要回到 YouTube，但你確實提到機會正在增加。我想先就 YouTube 請你們補充一些經濟性（economics）的細節，包括你們這邊是否可能提供保證（guarantees）。

But also like the content that's included, they just announced to deal with Peacock beginning next year. So obviously, podcast from music, but does it encompass that content, which will include NFL, SML, et cetera?

另外也想了解納入的內容範圍；他們剛宣布從明年開始與 Peacock 的合作。所以很明顯有播客與音樂，但是否也涵蓋那類內容，其中會包括 NFL、SML 等？

And then your press release talked about like news advertising declining. Is that -- do you think it's -- like is that a decline because it's too controversial. So really just more color, I guess, on advertising generally? And then second on content, you quickly Odyssey deal. Is that like for the stations that are just sports? Or is there other content included?

然後你們的新聞稿提到新聞類廣告下滑。你認為那是因為它太具爭議性而導致下滑嗎？所以我想整體上再多一些關於廣告的說明。第二個是內容方面，你很快提到 Odyssey 的交易。那是只針對體育類的電台嗎？還是也包含其他內容？

So Zac will start and then I'll go to Scott.

那我先請 Zac 開始，接著我會請 Scott 回答。

Yes, that sounds good. I think, Jessica, no apologies for asking us about YouTube. We're always happy to be talking about that particular one. Maybe I'll just cover the economics first and then hand over to Scott and Scott for the other pieces.

好的，沒問題。Jessica，完全不用為問我們 YouTube 道歉。我們一直很樂意談這一塊。我先談經濟性，然後把其他部分交給 Scott。

I think as Scott has talked about, everything we've seen over the last 90 days with the YouTube deal supports our perspective that we believe the YouTube agreement is going to be an important source of future growth.

我想如同 Scott 所說，我們在過去 90 天從 YouTube 這筆合作所看到的一切，都支持我們的看法：我們相信這份 YouTube 協議將會是未來成長的重要來源。

Now I think it's important though to note while we don't expect meaningful financial contribution for the first half -- for the rest of '26 or the first half of '27, we do believe this becomes much more significant in revenue and earnings opportunity in the second half of '27 as an advertiser adoption scales.

不過我認為也要注意：雖然我們不預期在 26 年剩餘期間或 27 年上半年會有顯著的財務貢獻，但我們確實相信，隨著廣告主採用規模擴大，這在 27 年下半年會在營收與獲利機會上變得更為重要。

So we haven't yet quantified the size of that opportunity, as Scott and the team are continuing to learn about the composition of that inventory, and we're 90 days into that. But we view this as a structural opportunity to increase our roughly 10% of the approximately $18 billion US audio advertising market.

因此我們尚未量化這個機會的規模；如同 Scott 與團隊仍在持續了解該庫存（inventory）的組成，而我們目前才進行 90 天。但我們把這視為一個結構性機會，可提升我們在約 180 億美元美國音訊廣告市場中約 10% 的市占。

And we expect the revenue generated through this partnership to carry healthy contribution margins. Because we are leveraging the existing sales organization, add technology and campaign operations that Scott leads today already. So maybe, Scott, I'll turn it over to you to answer some other pieces around the composition of ads.

而我們預期透過這項合作所產生的營收，將帶來健康的貢獻毛利率（contribution margins）。因為我們正利用既有的銷售組織、廣告技術（ad tech）以及由 Scott 目前負責的活動營運（campaign operations）。所以 Scott，我把時間交給你，回答一些關於廣告組成的其他問題。

Thanks, Jessica. So on the content, remember, the inventory that we have, the exclusive opportunity to bring to market is really any time, YouTube and Google identify that the user is primarily listing versus watching, that means across any content where that may be happening.

謝謝你，Jessica。在內容方面，請記得：我們所擁有、並且具有獨家對外銷售機會的庫存，基本上是任何時候只要 YouTube 和 Google 判定使用者主要是在「收聽」而非「觀看」，也就是在任何可能發生這種情況的內容上。

So your example of podcast content, music is intuitive. But beyond that, it could be a long-form interview. It could be sports programming.

所以你提到的播客內容、音樂是很直觀的例子。但除此之外，也可能是長篇訪談。也可能是體育節目。

It could be entertainment category content, like you mentioned, NFL, et cetera, any channel or any content where the listener might take their phone with them put it in the pocket on a commute and start listening where they were watching prior is an opportunity to deliver an audio ad to that consumer, which delivers better value for the advertiser because it's more natively connected into that experience, and it brings that additional opportunity for us to expand our capabilities as well. So hopefully, that answers your question.

也可能是娛樂類內容，例如你提到的 NFL 等等；任何頻道或任何內容，只要聽眾可能把手機帶著走、放進口袋通勤，從原本在觀看轉為開始收聽，這就是向該消費者投放音訊廣告的機會。這能為廣告主帶來更高價值，因為它更原生地融入那個體驗，同時也為我們擴展能力帶來額外機會。希望這回答了你的問題。

And then on the news front, news has always been somewhat controversial in terms of how advertisers want to be adjacent to that content. But there are advances in targeting and semantic understanding of the content itself that help news publishers and podcast content within the news category bring the brand-safe content within the news to bear and avoid any content adjacencies that advertisers want to stay away from, whether it's geopolitics or other things.

至於新聞方面，新聞在廣告主是否願意與該內容相鄰（adjacent）這件事上，一直都帶有一定爭議性。但在定向（targeting）與對內容本身的語意理解（semantic understanding）方面已有進展，能協助新聞出版商以及新聞類播客內容，將新聞中「品牌安全」（brand-safe）的內容呈現出來，並避開廣告主想要遠離的內容相鄰情境，不論是地緣政治或其他議題。

So we continue to invest. We have a lot of new partners on our platform, including NPR, New York Times, et cetera, and we continue to see that as an opportunity for advertisers if leverage in the right way.

所以我們會持續投資。我們的平台上也有很多新合作夥伴，包括 NPR、《紐約時報》等等；而如果以正確方式運用，我們仍然認為這對廣告主而言是一個機會。

Scott, to your just.

Scott，接著你剛才的話。

Sure. Quick. Jessica, one thing. As the video sports rights continue to get disaggregated, we have tried to curate and really consolidate as much sports rights as we can. And right now, we certainly have more than anybody else under one roof.

當然。很快。Jessica，有一點。隨著影音體育轉播權持續被拆分，我們一直嘗試策劃並真正把盡可能多的體育權利整合起來。而目前，我們確實是在同一屋簷下擁有的體育權利比任何人都多。

The Odyssey deal was to add a piece we were missing, which was local sports talk, while we have very strong national voices and Stephen A. Smith, Chris Madorusso and many others, in addition to the league talk channels that are 24/7.

Odyssey 這筆交易是為了補上我們缺少的一塊，也就是本地體育談話節目；同時我們擁有非常強的全國性聲音，包括 Stephen A. Smith、Chris Madorusso 以及許多其他人，另外還有全天候 24/7 的聯盟談話頻道。

We've now added 22 of the most passionate markets across the country for sports stock. So if someone misses their local team, that's just the play by play. Often, they miss the companion sports talk and local host, we'll have all of that now under it. So it really does complete our sports offering on that.

我們現在新增了全國 22 個對體育內容最熱情的市場。所以如果有人想念他們的在地球隊，那不只是逐球實況轉播。很多時候，他們也會想念搭配的體育談話節目與在地主持人；我們現在都能在這個平台之下提供。因此，這確實讓我們在體育內容供給上更完整。

But as part of the Odyssey deal, there are other channels that we can use and do and may, in the future, do that if there's passion for news channels or something like that. But really, the essence of that was to build sports fast into the definitive home for sports programming.

不過作為 Odyssey 交易的一部分，還有其他頻道我們可以運用、可以製作，而且未來也可能會做——如果對新聞頻道或類似內容有熱情的話。但這筆交易的核心，確實是要把體育快速打造為體育節目的權威主場。

Can I just ask one follow-up on news. My understanding is that the demographics of news or really very strong is that correct? Because that audience should be monetized?

我可以就新聞再追問一個問題嗎。我的理解是，新聞的受眾人口結構其實非常強，這是正確的嗎？因為那個受眾應該可以被變現？

But it is it is monetized on Sirius to news channels and anything that we will put up in news will be monetized. So that isn't an issue. And our demo is obviously very compatible with news programming that would come out of the

但在 Sirius 上，新聞頻道本來就已經在變現；而且我們在新聞上推出的任何內容都會被變現。所以這不是問題。而且我們的受眾結構顯然也非常適配將會推出的新聞節目——

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

On the YouTube deal, I was just wondering if you could go a little deeper into how you see the gross profit contribution sort of scaling up? I know you talked about it being more meaningful by the end of '27. I'm wondering if there's a minimum guarantee component to this and what you need to do on the hiring side to sort of scale into profitability? So I'd just love to understand that better.

關於 YouTube 的合作，我想請你們再深入一點談談，你們如何看待毛利貢獻的擴張曲線？我知道你們提到到 2027 年底會更有意義。我想了解這裡是否包含最低保證（minimum guarantee）條款，以及在人員招募方面你們需要做什麼，才能把規模擴到可獲利？所以我很希望能更清楚理解這一點。

And then on the spectrum opportunity, I think Wayne had previously said that you wouldn't intend to force migrate any subs off of the lower 12.5 megahertz band. I'm wondering if that's still in absolute. I know Wayne is not going to be with SiriusXM anymore.

另外在頻譜機會方面，我記得 Wayne 之前說過，你們不打算強制把任何訂戶從較低的 12.5 兆赫頻段遷移出去。我想知道這點是否仍然是絕對不變。我知道 Wayne 之後也不會再在 SiriusXM 了。

And it seems like spectrum valuations just could be getting bigger. I don't know if you have opportunities to do things like offer those sub streaming subscriptions. So just wondering if your thinking there has changed at all.

而且看起來頻譜估值可能只會越來越高。我不確定你們是否有機會做一些事情，例如提供那些訂戶串流訂閱。所以想問你們在這方面的想法是否有任何改變。

Yes. No, I'll take the start there. I think on the YouTube economics, overall, it's structured similar to other ad rep deals that we have. I think to the point on our ability to scale this, we're being again, cautious with the scaling of this in the first 12 months just to make sure that we can get our arms around this, we see the opportunity to still be sizable over time. And so we do see this as being important both from a revenue perspective and from a profitability side.

是的。不，我先從這裡開始回答。我認為 YouTube 的經濟條件整體上與我們其他廣告代理（ad rep）合作的結構相似。至於你提到我們擴張規模的能力，我們在前 12 個月會再次採取審慎的擴張方式，確保我們能把這件事掌握清楚；我們也看到這個機會隨時間推進仍可相當可觀。因此，我們確實認為這不僅在營收面重要，在獲利面也同樣重要。

To the question on required hiring, I think one of the important parts and I had mentioned with the 10% market share already, Scott and the team already lead a scaled audio advertising platform. And so that includes the organization, ad technology, campaign operations, all those.

至於需要招募的人力，我認為其中一個重點是——我提到我們已經有 10% 市占——Scott 和團隊已經在營運一個具規模的音訊廣告平台。因此那包含了組織、人員、廣告技術、投放作業（campaign operations）等等。

So will there be obviously supplementing those to make sure that we can support the new scale that we're building here? But I think one of the reasons we're so confident on the profitability of the deal also is because of that infrastructure that's already in place.

所以，當然我們會補強這些資源，以確保能支援我們在這裡建立的新規模。但我認為我們對這筆合作獲利能力如此有信心的原因之一，也正是因為這套基礎設施已經到位。

Scott, do you want to address hiring?

Scott，你要回應一下招募嗎？

Look, I would say the opportunity here to grow overall share of market to Zac's point, in terms of the overall existing audio market, but also to expand it is real. And we have an opportunity not just to retain and expand our existing relationships with brand advertisers, but open up to new categories. We talked about the younger demo.

我想我會說，這裡提升整體市占的機會——呼應 Zac 的觀點——不僅是在既有音訊市場中提升份額，也包括把市場做大，這是真實存在的。而且我們不只是有機會維繫並擴大與既有品牌廣告主的合作關係，也能開拓新的品類。我們談過更年輕的受眾。

We talked about the multicultural opportunity, but also to go down market to mid-market SMBs, et cetera, that allow us to tap that local opportunity, which is a large, if not majority percentage of the overall spend in traditional radio today. So we will hire to capture that market opportunity and expand our footprint in terms of coverage against those new advertiser sectors, but we will do so methodically and in the way that we have in the past.

我們談過多元文化的機會，同時也能往下延伸到中型市場的中小企業（SMB）等，讓我們能切入在地機會；而在傳統廣播電台的整體支出中，這是一個很大、甚至可能占多數比例的部分。因此我們會為了掌握這個市場機會而招募人力，並擴大我們在這些新廣告主領域的覆蓋足跡；但我們會以有步驟的方式進行，並延續我們過去一貫的方法。

Yes. And Steven, just on spectrum. So Look, I think the WCS that we have, the 5 megahertz on either side of our star spans is license spectrum that is a bit more actionable in the near term. It does -- again, it serves as guardian against potential adjacent terrestrial interference in our band.

是的。Steven，另外談到頻譜。所以你看，我們的 WCS，也就是在我們星狀頻段兩側各 5 兆赫的部分，是授權頻譜，在短期內更具可操作性。它也——再次強調——可作為防護，避免我們頻段可能受到相鄰地面訊號的干擾。

But we are evaluating multiple paths there, including the support that we must provide for public safety initiatives, but other new partnerships or in-house services and as well as longer-term strategic opportunities.

但我們正在評估多種路徑，包括我們必須為公共安全倡議提供的支援，以及其他新的合作夥伴關係或自建服務，還有更長期的策略性機會。

On the low band or the serious 12.5 megahertz that you referenced. I don't know, I mean, I guess, a scenario could emerge where we would force migrate. But as you know, those customers are moving over time to vehicles with high band or even wideband chipsets.

至於你提到的低頻段，也就是 Sirius 的 12.5 兆赫。我不知道——我的意思是，我想確實可能出現某種情境，讓我們會強制遷移。但如你所知，這些客戶會隨時間推進，逐步換到配備高頻段甚至寬頻晶片組的車輛。

And so I think we will have the opportunity to continue to follow that evolution and find the appropriate timing. I don't believe it restricts our ability to do anything because, of course, we could do something alongside that process.

因此我認為，我們會有機會持續跟隨這個演進，並找到合適的時點。我不認為這會限制我們做任何事情，因為當然，我們也可以在這個過程旁邊同步推進其他作法。

We're very conscious of being supportive to our customers and obviously want to continue to provide the service when -- however we can. And streaming is certainly an option there, but we'll be methodical about that decision.

我們非常重視對客戶的支持，也顯然希望能在——以任何可行方式——持續提供服務。而串流當然是一個選項，但我們會以審慎、有步驟的方式做出那個決定。

Clay Griffin, MoffettNathanson.

Clay Griffin，MoffettNathanson。

Jennifer, the capabilities that help you all enable continuous service. How are those manifesting in the win opportunity for folks that are not changing vehicles? And just curious of the YouTube arrangement conveys any data targeting rights that might help in that effort?

Jennifer，那些能幫助你們實現「連續服務」的能力，對於那些沒有換車的人，在贏回（win-back）機會上是如何體現的？另外也想問，YouTube 的安排是否帶來任何資料定向（data targeting）權利，能在這方面提供幫助？

Interesting question. Can you clarify that? I'm not sure I understand.

這問題很有意思。你可以再釐清一下嗎？我不太確定我理解了。

Well, just moving from sort of a vehicle-based subscription to a user base, a customer base over time, does that give you more capabilities to target folks for win-back opportunities to bring them back in as subscribers? That's sort of the premise.

我的意思是，隨著你們從以車輛為基礎的訂閱，逐步轉向以使用者、以客戶為基礎的模式，這是否會讓你們更有能力去鎖定那些人，做贏回行銷，把他們帶回來成為訂戶？這是我的前提。

Okay. I see. Yes. So with continuous service and just generally moving to an identity construct that is based on the consumer as opposed to the vehicle, it does give us a lot more opportunities. I mean just even in the sales flows.

好的。我明白了。是的。所以透過連續服務，以及更廣泛地轉向以消費者身分（identity）為核心、而不是以車輛為核心的架構，確實會帶給我們更多機會。我的意思是，即使只看銷售流程也是如此。

And we've talked a bit about this in the past, just removing the need to sort of immediately add a car I think we're capitalizing on the fact that customers can stream our service and are actively streaming our service across many different devices, and they can add a car, move a car when convenient or if they're trading in a car and moving to another car.

而且我們過去也談過一些：只要移除必須立刻新增一台車的需求，我認為我們正在善用一個事實——客戶可以串流我們的服務，而且確實正在透過許多不同裝置主動串流；他們也可以在方便的時候再新增一台車、移轉到另一台車，例如他們以舊換新、從一台車換到另一台車時。

So that kind of service continuity aspect is really important is we see a fair amount of leakage as customers leave on car and then to get a trial on a new car. So we actually expect to implement auto transfer capabilities for those where the matching very clear as early as later this year.

因此，這種服務連續性的面向非常重要，因為我們看到相當程度的流失：客戶在換車時離開，然後在新車上再去取得試用。所以，對於那些配對非常明確的情況，我們實際上預期最早在今年稍晚就會導入自動轉移功能。

So I think to your point about win back and better customer information, in general, we just have better customer information overall, obviously, on the SiriusXM side, we almost always have name and address and vehicle. And now increasingly, we have more listening data that we could employ to better use and win back campaigns.

所以我想就你提到的挽回（win-back）以及更好的客戶資訊而言，整體來說我們確實擁有更好的客戶資訊；很明顯地，在 SiriusXM 端，我們幾乎總是有姓名、地址與車輛資訊。而現在我們也愈來愈多地掌握收聽數據，可用來更有效地運用在挽回行銷活動上。

Jason Bazinet, Citigroup.

Jason Bazinet，花旗集團。

At risk of embarrassing myself, I'm going to ask this question. You said earlier, any time -- any sort of content YouTube has, if you think the consumer is listening versus watching is included in the ad inventory. Where I get confused is if I'm a YouTube customer, and I'm on my phone and I hit the right button to turn the video off, YouTube just sort of shuts down.

冒著讓自己出糗的風險，我想問這個問題。你先前說過，YouTube 上任何內容，只要你認為消費者是在「聽」而不是「看」，就會被納入廣告庫存。我困惑的是，如果我是 YouTube 用戶，我在手機上按了右邊那個按鈕把影片關掉，YouTube 就會直接停止。

If I'm a YouTube premium customer, and I don't get ads, I can hit that right button, and I can listen to YouTube an audio form. And so I don't quite understand how YouTube -- what am I missing? How does YouTube infer that you're listening as opposed to watching given that construct that exists on YouTube today?

如果我是 YouTube Premium 用戶，而且沒有廣告，我可以按右邊那個按鈕，然後用音訊形式收聽 YouTube。所以我不太理解 YouTube——我漏掉了什麼？在 YouTube 目前這種設計下，YouTube 要如何推斷你是在聽而不是在看？

So it's a great question. And honestly, it's one of the questions that we've been getting a lot as we've been educating the market on this opportunity because it's not intuitive to your point. There are a couple of use cases here that you may not seem like I said, intuitive, I'll give you a few examples.

這是個很好的問題。老實說，當我們在向市場教育這個機會時，這也是我們被問得很多的問題，因為正如你所說，這並不直覺。這裡有幾種使用情境，可能不像我說的那樣直覺，我舉幾個例子。

One, YouTube music is an obvious one. YouTube Music has no visual component. That inventory is included here. Two, YouTube on a smart speaker device happens more often than you think. There's also a variety of signals that Google is building into their algorithm to determine whether a user is primarily listening.

第一，YouTube Music 是最明顯的一個。YouTube Music 沒有視覺組件。那部分庫存也包含在這裡。第二，在智慧喇叭裝置上使用 YouTube 的情況比你想像得更常見。Google 也在其演算法中加入各種訊號，用來判斷使用者是否主要是在收聽。

And even in the car, users may not minimize or background the app they may swipe it to minimize the screen. They may leave it up while it's connected via Bluetooth or into their AUX jack in their car or they just might put it into their pocket without pausing and letting the audio play.

甚至在車內，使用者可能不會把 App 最小化或切到背景，他們可能只是滑動把畫面縮小。他們可能在透過藍牙或車上的 AUX 連接時讓畫面保持開著，或是乾脆不暫停就放進口袋，讓音訊繼續播放。

In all of those scenarios, it does make intuitive sense that an audio ad would be a better solution as opposed to a visual ad when the user is not engaging with the screen. So from a performance perspective and just from a user experience perspective, audio makes more sense, which is why there's a unique opportunity here.

在所有這些情境下，當使用者沒有在看螢幕時，相較於視覺廣告，音訊廣告作為解決方案更合理、也更直覺。因此，從成效角度以及使用者體驗角度來看，音訊更有意義，這也是為什麼這裡存在一個獨特的機會。

Sebastiano Petti, JPMorgan.

Sebastiano Petti，摩根大通。

I guess maybe just closing the loop on spectrum. I mean, could you just perhaps tell us or give us an update? I mean, have the conversations related to potential partnerships and opportunities picked up since the April, May time frame when you last updated us just kind of given to Stephen's question, just the activity in the market kind of seems to have picked up?

我想也許是把 spectrum 的問題收個尾。你們是否可以告訴我們或更新一下進度？也就是說，自從你們上次在 4、5 月更新之後，關於潛在合作夥伴關係與機會的對話是否有加速？就像回應 Stephen 的問題一樣，市場活動看起來確實更熱絡了。

And then another question, more strategically, I think you kind of have talked about in the past and today as well about the segmentation approach. As it pertains to the plate here, I mean, can you just kind of update us where you are in that?

另外一個問題，偏策略面：我想你們過去以及今天也談到分眾（segmentation）的方法。就這裡的 Play 而言，你們能否更新一下目前進展到哪裡？

I mean, is it any more or less exciting as you kind of think about the portfolio of opportunities or portfolio of content and packaging that you currently offer? And I guess could you help size how big is that based? Is it a meaningful contributor to net adds thus far since March?

也就是說，當你們思考目前提供的機會組合、內容組合與方案包裝時，它現在是更令人興奮還是沒那麼令人興奮？另外，你能否協助量化一下這個基礎有多大？自 3 月以來，它對淨新增（net adds）是否已是有意義的貢獻者？

Sure. Thanks, Sebastiano. I'll start with Play. So I think where we found the most benefit is just leveraging the lower price point to attract customers into the funnel in marketing with customers tending to take higher price packages. So it's not a meaningful number of subscribers.

當然。謝謝你，Sebastiano。我先從 Play 談起。我認為我們看到最大效益的地方，是利用較低的價格點把客戶吸引進行銷漏斗，而客戶往往會選擇更高價的方案。所以它的訂戶數並不算多。

We're also at testing where we could use it most beneficially in retention, so in phases. And I think that's one of the reasons to just some of the indicators we saw from play and just generally, other indicators around sports passion are some of the reasons that we look to launch the Sports Pass subscription.

我們也在測試如何在留存（retention）上最有利地使用它，會分階段進行。我想這也是原因之一：我們從 Play 以及整體上、還有一些與運動熱情相關的其他指標所看到的訊號，促使我們推出 Sports Pass 訂閱。

Because as you know, many of our subscription prices are well above $20 a month, and we do believe there is more demand to tap into at lower price points, but we don't want to rely on unpublished discounts for our full content set at less than $10. So we have sports path at $5. We have play at $7.

因為如你所知，我們許多訂閱價格都遠高於每月 20 美元，而我們確實相信在較低價格點仍有更多需求可以開發，但我們不想依賴未公開的折扣，讓完整內容組合以低於 10 美元的價格提供。所以我們有每月 5 美元的 Sports Pass。我們有每月 7 美元的 Play。

I think what we'd like to do is find more opportunities, really tapping into Fandom where we can uniquely deliver content that no one else can live alongside specialized, whether it's sports or other genres where we have really compelling content and tap into some of these audiences, whose needs may be met on the music side with other services. So I do think there is room for more demand creation, and we can also use them in retention.

我想我們希望做的是找到更多機會，真正切入粉絲熱情（Fandom）：在那裡我們能以獨特方式提供其他人無法提供的內容，並與更專門化的內容並行，不論是運動或其他類型——我們在這些領域有非常有吸引力的內容——並觸及一些受眾，他們在音樂面向的需求可能已被其他服務滿足。所以我確實認為還有創造更多需求的空間，而我們也可以把這些方案用在留存上。

So especially as we're getting more and more data as to what our customers are listening to. So that's kind of the path on play and other content-related subscriptions. And then back to spectrum. So conversations continue.

特別是當我們取得愈來愈多關於客戶在聽什麼的數據之後。這大致就是 Play 以及其他內容相關訂閱的路徑。再回到 spectrum。相關對話仍在持續。

And again, I think this is a long-term option, and we are looking to maximize the value for the company and shareholders alongside the different portions of our licensed spectrum and there's been just a lot of attention clearly in the market from a technology standpoint over the last several years, new entrants in direct-to-device and other sectors as well as now and obviously enhanced launch capabilities across the providers there.

而且我再次強調，我認為這是一個長期選項；我們正尋求在公司與股東價值最大化的前提下，結合我們已授權頻譜的不同部分來運用。過去幾年市場顯然從技術角度受到高度關注，直接到裝置（direct-to-device）與其他領域都有新進者加入；此外，供應商端的發射能力也明顯提升。

A lot of market activity, M&A, SpaceX IPO. And then on the regulatory side as well. We've just seen a number of moves by the FCC to support direct-to-device and other new use cases, including support for TT&C in our stars band, which were we again, we're very supportive of as well. And all of these trends give us confidence that our licensed spectrum, again, is this added optionality and long-term value creation for the company.

市場活動很多，包括併購、SpaceX IPO。另外在監管面也是如此。我們看到 FCC 採取了多項動作來支持 direct-to-device 與其他新的使用情境，包括支持在我們的星段（stars band）進行 TT&C；我們同樣也非常支持。所有這些趨勢都讓我們更有信心：我們的已授權頻譜再次提供了額外的選擇權（optionality），並能為公司創造長期價值。

Kutgun Maral, Evercore.

Kutgun Maral，Evercore。

Two, if I could. First, I wanted to -- Jennifer, you just mentioned Fantom, so I wanted to hone in on that if I could. And see if maybe you could expand on the broader Fantom strategy and live events. It seems like an untapped opportunity for digital audio players more broadly. And I know that the industry is very focused on it.

如果可以的話兩個問題。第一個，我想——Jennifer，你剛提到 Fandom，所以我想聚焦在這點上。看看你是否能延伸談談更廣泛的 Fandom 策略以及現場活動（live events）。對更廣泛的數位音訊業者而言，這看起來像是一個尚未被充分開發的機會。我也知道整個產業非常關注這一塊。

So any more color on the strategy here and what you hope to achieve would be appreciated.

因此，如果能提供更多關於這裡策略以及你們希望達成什麼的細節，將不勝感激。

And then second, just kind of going all the way back to self-pay net adds and asking more of a higher level question. It was great to see the momentum in the quarter, though I recognize as you talked about the comps get tougher in the fourth quarter. maybe stepping away from quarterly trends.

第二個問題，回到自付費（self-pay）淨新增（net adds），問一個更高層次的問題。很高興看到本季的動能，雖然我也理解如你所說，第四季的比較基期會更具挑戰。也許先跳脫季度趨勢來看。

I think I'm just trying to better understand underlying momentum in the business. When I go back over the past few years, it feels like there's been a constant wave of onetime or nonrecurring factors that had impacted subscriber trends. And some of this is due to the great initiatives that you had that have extended the durability of the business.

我想我只是想更好地理解業務的內在動能。當我回顧過去幾年時，感覺一直有一波又一波的一次性或非經常性因素影響了訂戶趨勢。而其中一部分也歸功於你們推動的出色舉措，延長了業務的耐久性。

But from the outside, it's just kind of hard to tell how much of any quarter's strength is structural versus initiatives driven and potentially likely to fade in next year's comps, for example. So I'm not looking for explicit guidance necessarily, but just your read on the multiyear trajectory once you strip out some of the puts and takes on the core business would be appreciated.

但從外部來看，確實有點難判斷每一季的強勁表現有多少是結構性的、又有多少是由舉措所驅動，並且例如在明年可比基期中可能會消退。所以我不一定是在尋求明確的指引，只是希望你們能分享一下：如果把核心業務的一些正負因素剔除後，你們對多年期走勢的看法。

Sure. Thanks, Kutgun. I think on the subscriber side, we have put a number of initiatives in place. And in some reason -- in some ways, that is an effort to find new acquisition opportunities outside of our traditional conversion funnel. And that those are things like our dealer -- expansion of our dealer programs, whether that's our extended duration plans or just adding more dealers to the network, bringing in more data as to ownership changes so we can widen the funnel.

當然。謝謝你，Kutgun。我認為在訂戶端，我們已經推出了多項舉措。而在某些方面，這是為了在我們傳統的轉換漏斗之外，尋找新的獲客機會。這些包括我們經銷商——擴大經銷商計畫，不論是延長期間方案，或只是把更多經銷商納入網路；同時引入更多關於車主變更的資料，以便我們擴大漏斗。

Also things like podcasts, where we're actually getting subscribers on other audio service platforms for our podcast content. So there are a number of initiatives that I think are helping us widen the acquisition opportunities. And then, of course, on the retention side, we had just record low churn, obviously, in the quarter at 1.4%.

也包括像播客這類做法，我們實際上透過其他音訊服務平台，讓播客內容帶來訂戶。因此我認為有多項舉措正在幫助我們擴大獲客機會。當然，在留存端，我們本季的流失率創下歷史新低，只有1.4%。

And I think the right sort of view there is that 1.4% to 1.6% is probably the right range for the longer term for the business. But even within that, I still see opportunities for us to improve engagement and retention, in part because we set much more data. And we just haven't really leveraged that in the past. We have about 20% of our self-pay subscribers now on 360L. Of course, more customers are streaming as well.

我認為較合理的看法是，從長期來看，1.4%到1.6%大概是這項業務的合適區間。但即便在這個區間內，我仍看到我們提升互動與留存的機會，部分原因是我們掌握了更多資料。而過去我們其實並沒有真正把這些資料運用起來。目前約有20%的自付費訂戶已使用360L。當然，也有更多客戶在進行串流收聽。

So we have that data. And that really plays into, I think, a bit your question on fandom, which I'll come back to in a minute. But so I think I understand your point on long-term trends, but we are focused not just on Delfino ads, we are focused on the overall economics of the business and creating better overall customer lifetime value.

所以我們擁有那些資料。而我認為這也呼應了你提到的「粉絲黏著度（fandom）」問題，我稍後會再回到這點。不過我理解你對長期趨勢的關切，但我們關注的不只是Delfino廣告，我們關注的是整體業務的經濟性，並創造更好的整體客戶終身價值。

And that may mean that we pulled back from discounts at low prices and that create a better quality subscriber base. So we're really focused on driving overall subscription revenue. And those are hopefully the metrics that you all will watch as we deliver on that.

這可能意味著我們會減少低價折扣，以建立更高品質的訂戶基礎。因此我們真正聚焦於推動整體訂閱收入。也希望你們會關注這些指標，並看到我們在這方面的交付成果。

So then on fandom, I think there are a number of things going on in the market. Consumers are facing decision fatigue and craving real community and live experiences, and you see this across so many different companies and there's just a massive proliferation of AI content, and we believe there's going to be a premium placed on human.

接著談到粉絲黏著度，我認為市場上有幾件事正在發生。消費者正面臨決策疲勞，渴望真正的社群與現場體驗；你在許多不同公司都看得到這種趨勢。同時AI內容大量增生，我們相信人類內容將會被賦予更高的溢價。

So fandom has always been core to the SiriusXM experience. And the way it sort of has manifested more recently. And I think we need to be better at communicating that to our subscribers, but it's exclusive content and merchandise, it's events and access to artists, talent and host and its fan participation and overall sense of community that I think, in some ways, we can uniquely capitalize on and has been core to our service for many, many years. And maybe I'll just ask Scott Greenstein to talk a little bit about even just Morgan Wallen as an example of that.

所以粉絲黏著度一直是SiriusXM體驗的核心。而它在近來的呈現方式是——我認為我們需要更好地向訂戶傳達——包括獨家內容與周邊商品、活動與接觸藝人/人才/主持人的機會、粉絲參與以及整體社群感；我認為在某些方面，這是我們可以獨特地加以發揮的優勢，而且多年來一直是我們服務的核心。也許我請Scott Greenstein以Morgan Wallen為例，談談這方面。

Sure. Thanks, Jennifer. So as we briefly mentioned, with sports, the fandom has clearly been there, our events with Noacon, Morgan Wallin, who will touch on in Nashville and Kenny Chesney and others. It's always been a core component and we're going to do more than 400 of those.

好的。謝謝你，Jennifer。如我們剛才簡要提到的，在體育方面，粉絲黏著度顯然一直都在；我們與Noacon、Morgan Wallin（我們會在納什維爾談到）、Kenny Chesney等人的活動也是如此。這一直是核心組成，我們將舉辦超過400場這類活動。

But the reason that Morgan Wallen is very unique, is he's currently certainly the biggest artist touring in America right now and in the handful of biggest artists in the country by a lot. So he is very few partnerships, and this is certainly his most significant one. And we launched it in April, early April.

但Morgan Wallen之所以非常獨特，是因為他目前無疑是美國巡演規模最大的藝人，而且在全國最頂尖的少數幾位藝人之中，領先幅度很大。因此他的合作夥伴非常少，而這次無疑是他最重要的一項合作。我們在4月、4月初推出了這項合作。

He did one of the few small shows he does at the Pinnacle and Nashville, and the channels continue to grow. It's our number one most listen to our partner channel, and it's big across all different kinds of demos.

他在納什維爾的Pinnacle舉辦了他少數幾場小型演出之一，而相關頻道持續成長。這是我們合作夥伴頻道中收聽量排名第一的，而且在各種不同族群中都很受歡迎。

It's probably the strongest artist channel we've launched this decade. And to give you an idea of the magnitude of it, since the launch of the channel, in car monthly listeners are up 21% to date from his first month of launch.

這可能是我們在本十年推出過最強的藝人頻道。為了讓你了解其規模，自該頻道上線以來，車內端的月度聽眾數截至目前較上線首月增加了21%。

And Morgan, who is not necessarily known to be doing a lot commercially has done things like Premier has new single been by now ahead of every other radio and service out there. He's got a stat on the channel. And even on these big, huge stadium shows, he's promoting a SiriusXM channel on the big screens at a stadium.

而Morgan——他並不一定以大量商業活動著稱——也做了像是把新單曲的首播放在我們這裡，時間點領先其他所有廣播與服務平台。他在頻道上有一個固定單元。甚至在那些大型、巨型的體育場演出中，他也會在體育場的大螢幕上宣傳一個SiriusXM頻道。

So again, our goal is to have fandom be more intense and have our listeners be touching it, but also our partners are bringing our version of fandom to their audiences, and it's feeding back and forth. So we're particularly excited about the growth in fandom.

所以再次強調，我們的目標是讓粉絲黏著度更強，讓我們的聽眾能更深度地參與；同時我們的合作夥伴也把我們版本的粉絲文化帶給他們的受眾，形成雙向的回饋循環。因此我們對粉絲黏著度的成長特別感到振奮。

So in closing, we're very pleased with the solid fundamentals underpinning our subscription business, the meaningful growth coming in our ads business and the significant long-term optionality we see with our license spectrum.

最後，我們對支撐訂閱業務的穩健基本面、廣告業務帶來的顯著成長，以及我們在授權頻譜方面看到的長期重大選擇權價值，都感到非常滿意。

And all of this is supported by strong and growing free cash flow. So we're confident in our ability to deliver on our newly raised 2026 guidance, and we're well positioned to drive sustainable long-term value for shareholders. So thank you all for joining us this morning.

而這一切都由強勁且持續成長的自由現金流所支撐。因此我們有信心達成我們最新上調的2026年指引，並且我們已做好準備，為股東創造可持續的長期價值。感謝各位今天早上加入我們。

Thank you.

謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。