Sirius XM Holdings Inc. (SIRI) 2026 Q3 法說會逐字稿

Greetings. Welcome to Sirius XM third-quarter 2026 earnings call. (Operator Instructions) Please note that this conference is being recorded.

問候各位。歡迎參加 Sirius XM 2026 年第三季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

It is now my pleasure to introduce Jennifer DiGrazia, Senior Vice President of Investor Relations.

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 Sirius XM's third-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.

謝謝，各位早安。歡迎參加 Sirius XM 2026 年第三季財報電話會議。今天的討論將包含我們執行長 Jennifer Witz 與財務長 Zac Coughlin 的預先準備發言。在他們發言後，我們將開放提問。

Joining us for the Q&A portion are Scott Greenstein, our President and Chief Content Officer; and Scott Walker, our Chief Advertising Revenue Officer.

與我們一同參與問答環節的還有總裁兼首席內容長 Scott Greenstein，以及首席廣告營收長 Scott Walker。

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

我想提醒各位，本次電話會議中所作的某些陳述可能構成前瞻性陳述，其定義見 1995 年《私人證券訴訟改革法》。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。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。

For more information about those risks and uncertainties, please view Sirius XM's SEC filings and today's earnings release. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them.

關於上述風險與不確定性的更多資訊，請參閱 Sirius XM 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，並聲明我們無意亦無義務更新該等陳述。

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.

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。

Additionally, we have posted a supplementary earnings presentation and trending schedule on our Investor Relations website for your convenience.

此外，為方便各位，我們已在投資人關係網站上提供補充的財報簡報與趨勢明細表。

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.

為了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 enter the final quarter of 2026, Sirius XM continues to make meaningful progress against the priorities we established nearly two years ago. Strengthening our subscription business through exceptional in-car listening experiences, accelerating advertising and off-platform monetization and leveraging our scale to drive greater efficiency and long-term shareholder value.

各位早安，感謝今天加入我們。在邁入 2026 年最後一季之際，Sirius XM 持續在我們近兩年前所確立的優先事項上取得實質進展。包括透過卓越的車載收聽體驗強化訂閱業務、加速廣告與站外變現，以及運用規模優勢提升效率並創造長期股東價值。

We're seeing tangible results across all three areas. Subscriber trends remain stable, engagement is growing and our advertising reach and inventory are expanding, while disciplined execution continues to drive stronger profitability and cash flow.

我們在這三個面向都看到了具體成果。訂戶趨勢維持穩定、互動參與度持續提升，我們的廣告觸及與庫存也在擴大；同時，嚴謹的執行持續推動更強的獲利能力與現金流。

Our third-quarter performance reinforces that progress. We delivered positive self-pay net additions, improved churn year over year and maintained stable ARPU, reflecting continued stabilization in our subscription business.

我們第三季的表現進一步印證了這些進展。我們實現了正向的自付費淨新增訂戶、年對年流失率改善，並維持 ARPU 穩定，反映我們訂閱業務持續趨於穩定。

In advertising, we delivered double-digit growth in podcasting and programmatic, underscoring the strength of our expanding digital audio business.

在廣告方面，我們的播客與程式化廣告實現兩位數成長，凸顯我們不斷擴張的數位音訊業務之強勁動能。

Adjusted EBITDA grew 3%, with margins expanding 1 percentage point while free cash flow increased 14%, demonstrating the strength of our business model and our ability to drive greater profitability and cash generation.

調整後 EBITDA 成長 3%，利潤率擴大 1 個百分點；同時自由現金流增加 14%，展現我們商業模式的韌性，以及提升獲利與現金創造能力的實力。

Reflecting our performance through the first nine months, we're again raising all three full year financial guidance metrics by $25 million. We now expect approximately $8.55 billion in revenue, $2.65 billion in adjusted EBITDA and $1.4 billion of free cash flow for 2026.

反映我們前九個月的表現，我們再次將全年三項財務指引指標各上調 2,500 萬美元。我們目前預期 2026 年營收約 85.5 億美元、調整後 EBITDA 26.5 億美元，以及自由現金流 14 億美元。

Before Zac reviews our financial results, I'd like to highlight several areas of momentum.

在 Zac 回顧我們的財務結果之前，我想先強調幾個動能領域。

Starting with our subscription business, we delivered 5,000 positive self-pay net additions, an improvement of nearly 45,000 year over year and ahead of our expectations. Companion plans, extended duration dealer programs and continuous service, together with improved churn helped offset lower conversion rates and support greater subscriber stability.

先從訂閱業務談起，我們實現 5,000 名正向自付費淨新增訂戶，年對年改善近 45,000 名，且優於我們的預期。伴隨方案、延長期間的經銷商方案與連續服務，加上流失率改善，共同抵消較低的轉換率，並支撐更高的訂戶穩定性。

Central to our strategy is increasing subscription value through differentiated content, broader access and enhanced listening experiences. In late 2024, we expanded access to premium programming, including Howard Stern, sports play-by-play and our artist station feature. That investment continues to deliver results, generating more than 2 million incremental monthly unique listeners in September, representing approximately 10% of subscribers who gained access.

我們策略的核心，是透過差異化內容、更廣泛的存取與更佳的收聽體驗來提升訂閱價值。在 2024 年底，我們擴大了高級節目的存取範圍，包括 Howard Stern、體育賽事實況轉播，以及我們的藝人電台功能。這項投資持續帶來成果，9 月新增超過 200 萬名每月不重複聽眾，約占獲得存取權之訂戶的 10%。

Companion plans build on that foundation by extending Sirius XM beyond the primary vehicle to more devices and household members. Approximately half are shared with a spouse, 25% are used in a second vehicle, and the remaining 25% extend access to other family members, primarily children. By bringing Sirius XM into more parts of our subscribers' lives, we're broadening household engagement and increasing the value of their subscriptions.

伴隨方案在此基礎上，將 Sirius XM 從主要車輛延伸至更多裝置與家庭成員。約有一半與配偶共享，25% 用於第二輛車，其餘 25% 則將存取權延伸給其他家庭成員，主要是孩子。透過讓 Sirius XM 融入訂戶生活的更多面向，我們正在擴大家庭層級的互動參與，並提升其訂閱價值。

Our research reinforces this opportunity. As we shared last quarter, more than 80% of surveyed companion plan users say the offering increases their subscription's value, while approximately 3/4 indicate they're more likely to remain subscribers.

我們的研究也強化了這個機會。如同我們上季分享的，超過 80% 受訪的伴隨方案用戶表示該方案提升了其訂閱價值，而約 3/4 表示他們更可能繼續成為訂戶。

As a result, we're seeing encouraging retention benefits, and we continue to optimize the program to maximize incremental value and manage cannibalization and ARPU dilution. While we look for opportunities to thoughtfully expand the companion subscription program, this fall, we also broadened our sports offering to include local sports programming from 24 markets, now available to tens of millions of subscribers nationwide.

因此，我們看到令人鼓舞的留存效益，並持續優化該方案，以最大化增量價值，同時管理自我侵蝕（cannibalization）與 ARPU 稀釋。在尋找機會審慎擴大伴隨訂閱方案之際，今年秋季我們也擴充了體育內容，納入來自 24 個市場的在地體育節目，現已向全國數千萬訂戶提供。

Early engagement is encouraging with approximately 22% of our 360L sports audience already tuning in and more than 80% of listeners outside the channel's home markets. I'll touch more on this later, but it is clear that our differentiated sports offering, including newly added local content is contributing meaningfully to enhancing our subscription value.

初期互動表現令人鼓舞，約有 22% 的 360L 體育受眾已開始收聽，且超過 80% 的聽眾來自該頻道本地市場以外。我稍後會再多談一些，但很明顯，我們差異化的體育內容（包括新加入的在地內容）正對提升訂閱價值做出實質貢獻。

Extended duration dealer programs are also gaining traction, with sales increasing more than 80% year over year, supported by two new automotive partners in 2026. These programs generate more than twice as many monthly active listeners per car sold as our traditional trial funnel, demonstrating the power of extended access to deepen listening habits.

延長期間的經銷商方案也正逐步獲得動能，在 2026 年新增兩家汽車合作夥伴的支持下，銷售年對年成長超過 80%。相較於我們傳統的試用漏斗，這些方案每售出一輛車所帶來的每月活躍聽眾數超過兩倍，展現延長存取對深化收聽習慣的強大效果。

Together, these initiatives are broadening subscription access, strengthening retention and supporting customer lifetime value and our ability to implement price increases over time. Looking ahead, we anticipate a more challenging fourth quarter for self-pay subscriber trends as we anniversary the initial benefits of continuous service, navigate ongoing conversion pressures and increase discipline around promotional acquisition.

綜合而言，這些舉措正在擴大訂閱存取、強化留存，並支撐客戶終身價值，以及我們隨時間推進價格調升的能力。展望未來，隨著我們進入連續服務初期效益的周年期、面對持續的轉換壓力，並在促銷式獲客上提高紀律，我們預期第四季自付費訂戶趨勢將更具挑戰。

However, stronger-than-expected performance through September supports our improved full-year subscriber outlook, with self-pay net additions now expected to be approximately flat to 2025. Our priority remains building a more engaged, loyal and economically valuable subscriber base rather than maximizing near-term additions. That means investing in differentiated content, particularly in the car, while deepening fandom through live events, participatory listening and closer connections to the artists and personalities our subscribers love. We're seeing encouraging evidence this strategy is working.

然而，截至 9 月的表現優於預期，支持我們上調全年訂戶展望：目前預期自付費淨新增訂戶相較 2025 年約為持平。我們的優先事項仍是建立更高參與度、更忠誠且在經濟上更具價值的訂戶基礎，而非最大化短期新增。這意味著投資於差異化內容，特別是在車內場景，同時透過現場活動、參與式收聽，以及與訂戶喜愛的藝人與名人建立更緊密連結，來深化粉絲黏著度。我們看到令人鼓舞的證據，顯示這項策略正在奏效。

Third-quarter average listening time increased 5% year over year, with growth across every subscriber tenure group, demonstrating deeper engagement among newer and long-standing customers. Importantly, this growth reflects both content discovery and deeper engagement with familiar favorites. Among existing subscribers, 55% of incremental listening came from discovering new channels, with Morgan Wallen Radio alone contributing approximately 20% of the overall increase.

第三季平均收聽時間年增 5%，且各個訂戶使用年限族群皆呈現成長，顯示新客與長期客戶的參與度更深。重要的是，這項成長同時反映了內容探索與對熟悉最愛內容的更深投入。在既有訂戶中，55% 的增量收聽來自於發掘新頻道，其中僅 Morgan Wallen Radio 就約貢獻整體增幅的 20%。

The remaining 45% came from spending more time with channels they already enjoy. Together, these trends demonstrate how we're expanding listening while also strengthening existing habits. We're seeing that deeper engagement across our programming lineup including a 6% year-over-year increase in average listening time for our original news and issues content.

其餘 45% 則來自於在他們原本就喜愛的頻道上花更多時間。綜合來看，這些趨勢顯示我們在擴大收聽的同時，也在強化既有的收聽習慣。我們也看到整體節目陣容的參與度加深，其中我們原創新聞與議題內容的平均收聽時間年增 6%。

Our technology platforms, including 360L and the SiriusXM app, are making this content easier to access and discover. Year to date, SiriusXM app trends put us on pace for the highest average listening time and most active days per listener since the new app launched in late 2023. But while technology enables discovery, our distinctive programming and talent relationships create the emotional connections at the heart of being a home for fandom.

我們的技術平台（包括 360L 與 SiriusXM App）讓這些內容更容易被存取與發現。截至目前，SiriusXM App 的趨勢顯示，自 2023 年底新版 App 上線以來，我們正朝著每位聽眾最高的平均收聽時間與最多的活躍天數邁進。但儘管科技促進探索，真正建立「粉絲歸屬之家」核心情感連結的，是我們獨特的節目內容與人才合作關係。

We're bringing fans closer to the artists they love through distinctive programming and extraordinary experiences. Our Dolly Parton Tribute Channel became our most listened to artist pop-up channel of 2026 demonstrating the power of timely curated content to connect with passionate audiences.

我們透過獨特的節目與非凡體驗，讓粉絲更貼近他們喜愛的藝人。我們的 Dolly Parton 致敬頻道成為 2026 年收聽量最高的藝人快閃頻道，展現即時且精選策劃內容連結熱情受眾的力量。

From intimate performances with Shania Twain and John Mayer to special programming featuring Billy Joel and Talking Heads, we're creating moments that extend beyond listening. More than 110,000 people entered for a chance to attend John Mayer's performance at the Stephen Talkhouse, while Life with John Mayer has become our number one streamed artist channel.

從與 Shania Twain、John Mayer 的私密演出，到以 Billy Joel 與 Talking Heads 為主題的特別節目，我們正在創造超越「收聽」本身的時刻。超過 11 萬人報名爭取參加 John Mayer 在 Stephen Talkhouse 的演出，而《Life with John Mayer》也已成為我們串流播放量第一的藝人頻道。

These experiences transform listening into participation, deepen fan connections and strengthen loyalty. Sports is another powerful driver of fandom, uniting passionate communities around live programming and hometown teams.

這些體驗把收聽轉化為參與，加深粉絲連結並強化忠誠度。體育也是推動粉絲文化的另一股強大動能，透過直播節目與家鄉球隊凝聚熱情社群。

Listening to WWE Radio has grown nearly 20% since its July launch and rebrand, while monthly active sports listeners increased 4% year over year across our connected car and streaming platforms. Among 360L subscribers, average time spent listening to sports grew 7% year over year, demonstrating deeper engagement.

自 7 月推出並更名以來，WWE Radio 的收聽量成長近 20%；同時，我們在車聯網與串流平台上的每月活躍體育聽眾年增 4%。在 360L 訂戶中，用於收聽體育的平均時間年增 7%，顯示參與度更深。

These third-quarter gains came ahead of the NBA and NHL seasons, reinforcing the year-round appeal of our sports offering. At a time when sports viewing is increasingly fragmented, SiriusXM offers something distinctive for our subscribers, a comprehensive curated experience, connecting fans to all the games, analysis and conversations surrounding their favorite teams together in one place.

這些第三季的成長發生在 NBA 與 NHL 賽季開始之前，進一步凸顯我們體育內容全年無休的吸引力。在體育觀賽日益碎片化的時代，SiriusXM 為訂戶提供獨具特色的服務：一個全面且精選策劃的體驗，把所有比賽、分析與圍繞喜愛球隊的討論集中在同一處，讓粉絲一次到位。

Nearly 40% of our subscribers consider live sports play-by-play important to their decision to subscribe, reinforcing its value in driving acquisition and retention. Take Philadelphia, for example. Whether following the Eagles Phillies, 76ers or Flyers, SiriusXM connects fans to their hometown teams and familiar local voices wherever they live. For out-of-market fans, that connection extends beyond game day with year-round, 24/7 access to local sports coverage.

近 40% 的訂戶認為現場體育逐球轉播（play-by-play）對其訂閱決策很重要，凸顯其在拉新與留存上的價值。以費城為例。無論追隨 Eagles、Phillies、76ers 或 Flyers，SiriusXM 都能讓粉絲無論身在何處，都能連結到家鄉球隊與熟悉的在地聲音。對於外地球迷而言，這種連結不只在比賽日，還能全年 24/7 取得在地體育報導。

The early response is encouraging. Collectively, our 24 local sports channels would rank as our third largest sports destination by number of listeners behind only NFL Radio and ESPN Radio. We're making that experience accessible to even more fans with the launch of SiriusXM Sports Pass, an affordable subscription, bringing together live play-by-play, national coverage and trusted local voices across all four major professional leagues and more.

初期回饋令人鼓舞。整體而言，我們的 24 個在地體育頻道若以聽眾數計算，將可成為我們第三大的體育目的地，僅次於 NFL Radio 與 ESPN Radio。我們也透過推出 SiriusXM Sports Pass（價格親民的訂閱方案）讓更多粉絲能使用此體驗，整合現場逐球轉播、全國性報導與值得信賴的在地聲音，涵蓋四大主要職業聯盟及更多內容。

This creates another entry point into SiriusXM, expands our addressable market and opens opportunities for new partnerships.

這為 SiriusXM 創造了另一個切入點，擴大我們可觸及的市場，並開啟新的合作夥伴機會。

We're also extending our content's reach beyond our own platforms. Howard Stern's expansion to HBO Max introduces his show to new audiences while preserving the exclusive live experience for SiriusXM subscribers.

我們也在自有平台之外延伸內容觸及。Howard Stern 擴展至 HBO Max，讓其節目接觸到新受眾，同時仍為 SiriusXM 訂戶保留獨家的現場收聽體驗。

At the same time, we're strengthening our industry-leading podcast portfolio with the addition of Giggly Squad, Serialously and The Bald and the Beautiful, joining top-ranked shows, including Call Her Daddy, SmartLess, Dateline NBC, Mr. Ballen and Conan O'Brien Needs a Friend.

同時，我們也透過新增 Giggly Squad、Serialously 與 The Bald and the Beautiful，強化我們業界領先的 Podcast 內容組合，並與多個排名頂尖的節目並列，包括 Call Her Daddy、SmartLess、Dateline NBC、Mr. Ballen 以及 Conan O'Brien Needs a Friend。

Giggly Squad exemplifies our ability to attract culturally influential creators with its rapidly growing fan base and sold out multi-night run at Madison Square Garden, demonstrating the reach of its creators beyond podcasting. These partnerships expand our ability to monetize premium content across audio, video and live experiences. That combination of premium content and expanding reach are central to our advertising strategy.

Giggly Squad 展現了我們吸引具文化影響力創作者的能力：其粉絲基礎快速成長，並在麥迪遜廣場花園連續多晚演出場場售罄，顯示其創作者的影響力已超越 Podcast 領域。這些合作夥伴關係擴大了我們在音訊、影音與現場體驗等面向變現高端內容的能力。高端內容與觸及範圍擴張的結合，是我們廣告策略的核心。

With YouTube Audio, SiriusXM Media now reaches approximately 255 million unduplicated monthly listeners, up from 170 million a year ago, representing nearly 90% of Americans ages 13 and older. Early commercialization is encouraging. Initial campaigns have increased advertisers' unique reach by as much as 91%, demonstrating the incremental value of combining YouTube scale alongside our existing advertising capabilities and portfolio.

透過 YouTube Audio，SiriusXM Media 目前每月可觸及約 2.55 億名不重複聽眾，高於一年前的 1.70 億，約涵蓋 13 歲以上美國人口的近 90%。初期商業化進展令人鼓舞。初始投放活動已使廣告主的獨特觸及人數最高提升達 91%，顯示在既有廣告能力與內容組合之外，結合 YouTube 規模所帶來的增量價值。

As expected, most early bookings are coming from existing advertisers expanding their commitments to include YouTube Audio. We're also strengthening the technology powering our broader advertising business. At our recent Built with Audio event, we highlighted AdsWizz, which powers one in four audio advertisements across the global open ecosystem, helping advertisers target audiences, optimize campaigns and measure performance.

如預期，多數早期訂單來自既有廣告主，擴大其承諾並納入 YouTube Audio。我們也在強化支撐更廣泛廣告業務的技術。在近期的 Built with Audio 活動中，我們重點介紹了 AdsWizz；它在全球開放生態系中支援每四則音訊廣告就有一則，協助廣告主鎖定受眾、優化活動並衡量成效。

Together, our growing audience scale, premium content and advertising technology position SiriusXM Media to deepen advertiser relationships, attract new advertising dollars and capture more of advertisers' spend across all budgets. We expect YouTube Audio and our broader off-platform strategy to become increasingly meaningful contributors to growth in the second half of 2027 and beyond.

綜合而言，我們不斷擴大的受眾規模、高端內容與廣告技術，使 SiriusXM Media 能深化與廣告主的關係、吸引新的廣告預算，並在各種預算規模中爭取更多廣告主支出。我們預期，YouTube Audio 與更廣泛的站外策略，將在 2027 年下半年及其後，成為愈來愈重要的成長貢獻來源。

As we look ahead, we're encouraged by stabilizing subscriber trends, broadening engagement, expanding advertising opportunities and continued operating discipline. Our focus remains on translating that progress into sustained profitability, substantial free cash flow and disciplined capital allocation. With improving fundamentals, differentiated content and a clear focus on execution, we believe SiriusXM is well positioned to deliver meaningful long-term shareholder value.

展望未來，我們對訂戶趨勢趨於穩定、參與度擴大、廣告機會增加以及持續的營運紀律感到鼓舞。我們的重點仍是把這些進展轉化為可持續的獲利能力、可觀的自由現金流，以及有紀律的資本配置。在基本面改善、內容具差異化且明確聚焦執行力的情況下，我們相信 SiriusXM 已具備良好條件，為股東創造具意義的長期價值。

With that, I'll turn it over to Zac.

接下來我把時間交給 Zac。

Thanks, Jennifer, and good morning, everyone.

謝謝你，Jennifer，各位早安。

Our third-quarter results demonstrate continued financial progress as the structural improvements to our business translate into stronger profitability, higher earnings and substantial free cash flow. Our subscription and advertising businesses remained resilient, while disciplined cost management drove margin expansion and strengthened our financial position and capacity to return capital to shareholders.

我們第三季的業績顯示財務表現持續進步，因為我們對業務結構的改善正轉化為更強的獲利能力、更高的盈餘以及可觀的自由現金流。我們的訂閱與廣告業務維持韌性，而有紀律的成本管理推動利潤率擴張，並強化我們的財務狀況與回饋股東資本的能力。

Turning to the quarter. Consolidated revenue was approximately $2.2 billion, essentially unchanged year over year, as stable subscription and advertising revenue offset a $7 million decline in equipment revenue attributable to higher memory costs.

接著看本季表現。合併營收約為 22 億美元，年比基本持平；穩定的訂閱與廣告營收抵銷了設備營收因記憶體成本上升而減少的 700 萬美元。

Subscription revenue increased modestly to $1.6 billion, with the benefit of our February pricing actions offsetting mix dynamics. Advertising revenue edged higher to $456 million as growth in podcasting, programmatic and technology fees balanced softer demand across streaming music and satellite advertising.

訂閱營收小幅增加至 16 億美元，2 月的調價措施帶來的效益抵銷了組合變動的影響。廣告營收小幅上升至 4.56 億美元，Podcast、程式化（programmatic）與技術費用的成長，平衡了串流音樂與衛星廣告需求較疲弱的情況。

Importantly, adjusted EBITDA increased 3% to $694 million, with margins expanding 1 percentage point to 32%, reflecting the benefits of our cost transformation and disciplined spending.

重要的是，調整後 EBITDA 成長 3% 至 6.94 億美元，利潤率擴大 1 個百分點至 32%，反映出我們成本轉型與嚴格支出控管所帶來的效益。

Total operating expenses declined approximately $24 million, or 2% year over year with savings across programming, customer service, sales and marketing and general and administrative expenses.

總營業費用年減約 2,400 萬美元（約 2%），節省主要來自節目內容、客戶服務、銷售與行銷，以及一般與行政費用。

These improvements reflect favorable contract renewals, increased automation, lower call volumes and more targeted acquisition spending, more than offsetting higher revenue sharing expenses associated with our growing podcasting and off-platform businesses, as well as certain royalty costs.

這些改善反映了有利的合約續約、更多自動化、較低的來電量，以及更精準的獲客支出；上述效益不僅抵銷了因播客與站外業務成長而增加的收入分成費用，也抵銷了部分權利金成本。

Importantly, these savings are largely structural, creating a more efficient operating model and a foundation for sustainable margin expansion.

重要的是，這些節省多屬結構性，打造更高效率的營運模式，並為可持續的利潤率擴張奠定基礎。

We remain on track to deliver approximately $100 million in incremental gross cost savings in 2026, having realized $96 million through September, including $64 million in operating expenses and $32 million in capital expenditures. These efficiencies support sustainable margin improvement while providing flexibility to reinvest in growth.

我們仍按計畫在 2026 年實現約 1 億美元的新增毛成本節省；截至 9 月已實現 9,600 萬美元，其中包括 6,400 萬美元的營業費用與 3,200 萬美元的資本支出。這些效率提升在支持可持續的利潤率改善的同時，也提供再投資成長的彈性。

Net income increased 7% to $317 million. Free cash flow grew 14% to $293 million in the quarter, bringing year-to-date free cash flow to approximately $1.1 billion, up 48% year over year, reflecting improved profitability, lower capital expenditures, favorable working capital, reduced cash taxes and interest expense, as well as the timing of cash flow compared to last year.

淨利成長 7% 至 3.17 億美元。本季自由現金流成長 14% 至 2.93 億美元，使年初至今自由現金流約達 11 億美元，年增 48%；主要反映獲利能力提升、資本支出下降、有利的營運資金、現金稅與利息費用降低，以及相較去年現金流入時點的差異。

Turning to our segment results. Sirius XM revenue was approximately $1.6 billion, essentially unchanged from a year ago. Subscriber revenue was $1.5 billion, with pricing benefits offset by subscriber mix. SiriusXM advertising revenue was approximately $37 million, down $2 million year over year, reflecting softer demand across news programming and direct-to-consumer advertising, partially offset by continued strength in sports.

接著看各事業部門表現。Sirius XM 營收約 16 億美元，與去年同期基本持平。訂戶營收為 15 億美元，價格效益被訂戶組合所抵銷。SiriusXM 廣告營收約 3,700 萬美元，年減 200 萬美元，反映新聞節目與直面消費者（DTC）廣告需求轉弱，但部分被體育內容持續強勁所抵銷。

Equipment revenue declined 16% to $36 million, primarily due to elevated memory costs associated with our hardware modules. These pressures reflect broader semiconductor industry conditions and remain a headwind to equipment revenue and margins.

設備營收下滑 16% 至 3,600 萬美元，主要因硬體模組相關的記憶體成本上升。這些壓力反映更廣泛的半導體產業狀況，並持續對設備營收與利潤率構成逆風。

Despite these challenges, Sirius XM gross profit increased 1% to $963 million, with gross margin expanding 1 percentage point to 60%, supported by lower programming, customer service and transmission costs.

儘管面臨這些挑戰，Sirius XM 毛利仍成長 1% 至 9.63 億美元，毛利率擴大 1 個百分點至 60%，主要受惠於節目內容、客戶服務與傳輸成本下降。

Turning to subscribers. We delivered 5,000 self-pay net additions, an improvement of roughly 45,000 year over year. Self-pay churn improved to approximately 1.5%, while ARPU remained relatively stable at $15.18, benefiting from rate increases and improved discount mix as we transition customers from deeply discounted promotional offers to more sustainable pricing within our modular content packages.

接著看訂戶。我們實現自付費（self-pay）淨新增 5,000 戶，較去年同期改善約 45,000 戶。自付費流失率改善至約 1.5%，而 ARPU 仍相對穩定於 15.18 美元；受惠於費率調升與折扣組合改善，因我們正將客戶從大幅折扣的促銷方案，轉移至模組化內容套裝中更可持續的定價。

These gains were partially offset by the growing mix of more affordable and value-add offerings designed to broaden access and strengthen long-term retention.

上述成長部分被更平價與加值型方案占比提高所抵銷；這些方案旨在擴大觸及並強化長期留存。

Our subscriber initiatives continue to support performance, including approximately 107,000 net additions from companion plans this quarter, alongside benefits from continuous service and extended duration dealer programs. While conversion rates continue to decline gradually, the underlying trend remains unchanged.

我們的訂戶策略持續支撐表現，包括本季伴隨方案（companion plans）帶來約 107,000 戶淨新增，同時也受惠於連續服務（continuous service）與延長期間的經銷商方案。雖然轉換率仍在逐步下滑，但整體趨勢並未改變。

As Jennifer discussed, we anticipate a more challenging fourth quarter for self-pay net additions, reflecting tougher year-over-year comparisons as we anniversary the initial benefits of continuous service, continued conversion pressures and a disciplined approach to promotional acquisition. Nevertheless, stronger-than-expected performance through September supports an improved full year outlook with self-pay net additions now expected to be approximately in line with 2025.

如 Jennifer 所述，我們預期第四季自付費淨新增將更具挑戰，原因包括：去年同期比較基期更嚴峻（連續服務初期效益進入周年比較）、轉換壓力持續，以及對促銷獲客採取更嚴謹的策略。儘管如此，截至 9 月的表現優於預期，支持我們上調全年展望，目前預期自付費淨新增約與 2025 年大致持平。

Turning to Pandora and Off-Platform. Segment revenue was approximately $549 million, modestly higher year over year. Advertising revenue increased 1% to $419 million, driven by 20% growth in podcasting, 21% growth in programmatic advertising and 11% growth in technology fees, partially offset by a decline in streaming music advertising, reflecting lower listening hours.

接著看 Pandora 與站外（Off-Platform）。該部門營收約 5.49 億美元，年增幅度不大。廣告營收成長 1% 至 4.19 億美元，主要由播客成長 20%、程式化廣告成長 21% 與技術費用成長 11% 所帶動；部分被串流音樂廣告下滑所抵銷，反映收聽時數下降。

Podcasting continues to benefit from strong advertiser demand, larger deal sizes, and expanding creator and omnichannel offerings. Strong sell-through has reduced available inventory, constraining growth in the third quarter, partially offset by improving monetization rates. We're addressing this in the fourth quarter by expanding our premium creator portfolio, including new partnerships with Giggly Squad, Serialously and The Bald and the Beautiful, bringing additional inventory and highly engaged audiences to our network.

播客業務持續受惠於強勁的廣告主需求、更大的交易規模，以及創作者與全通路（omnichannel）產品的擴張。強勁的售罄率降低了可用庫存，限制第三季成長，但部分被變現率改善所抵銷。我們將在第四季透過擴充高端創作者組合來因應，包括與 Giggly Squad、Serialously 以及 The Bald and the Beautiful 的新合作，為我們的網路帶來更多庫存與高度投入的受眾。

We're also capitalizing on the shift toward video consumption, with video and social podcast advertising sales more than doubling year over year for the third consecutive quarter. The launch of Apple HLS further expands our video capabilities, creating new inventory and monetization opportunities across formats.

我們也把握消費轉向影音的趨勢，影音與社群播客廣告銷售已連續第三個季度年增逾一倍。Apple HLS 的推出進一步擴展我們的影音能力，於各種格式創造新的庫存與變現機會。

Specifically, looking at the fourth quarter, advertising trends are encouraging, with continued strength in podcasting and programmatic supporting modest year-over-year growth despite a tougher comparison to a strong fourth quarter last year. Our expanding advertising capabilities, including YouTube Audio, create opportunities to attract new advertisers and deepen existing relationships.

具體來看第四季，廣告趨勢令人鼓舞；在去年第四季基期較強的情況下，播客與程式化廣告的持續強勁仍支撐溫和的年增成長。我們不斷擴大的廣告能力（包括 YouTube Audio）帶來吸引新廣告主並深化既有合作關係的機會。

As we previously communicated, we're taking a measured approach to commercialization with a modest contribution expected in 2026 and a more meaningful impact in the second half of 2027.

如先前所溝通，我們將以審慎方式推進商業化，預期 2026 年貢獻有限，而在 2027 年下半年帶來更顯著的影響。

Pandora and Off-Platform gross profit increased approximately 2% to $173 million, with gross margin expanding to 32%. Our focus remains on expanding premium inventory, capturing advertiser demand and translating stronger monetization into sustained revenue growth and profitability.

Pandora 與站外（Off-Platform）毛利約成長 2% 至 1.73 億美元，毛利率擴大至 32%。我們仍聚焦於擴大高端庫存、掌握廣告主需求，並將更強的變現能力轉化為可持續的營收成長與獲利能力。

Turning to capital expenditures. Total spending was $166 million during the quarter, compared with $175 million a year ago. We're progressing toward completion of our current satellite investment cycle, with SXM-12 expected to launch in 2027.

接著看資本支出。本季總支出為 1.66 億美元，去年同期為 1.75 億美元。我們正推進目前的衛星投資週期接近完成，SXM-12 預計於 2027 年發射。

For non-satellite CapEx, we continue to expect spending of approximately $400 million to $415 million this year, with targeted investments in product modernization, technology infrastructure and advertising capabilities. As satellite spending moderates, we expect stronger cash conversion, further enhancing free cash flow and financial flexibility.

就非衛星資本支出（CapEx）而言，我們仍預期今年支出約 4.00 億至 4.15 億美元，重點投資於產品現代化、技術基礎設施與廣告能力。隨著衛星支出趨緩，我們預期現金轉換率將更強，進一步提升自由現金流與財務彈性。

Our substantial cash generation continues to support disciplined capital allocation. During the quarter, we reduced total debt by $100 million while returning $124 million to shareholders through dividends and share repurchases. We ended the quarter with net leverage of 3.3 times adjusted EBITDA within our long-term target range of low to mid-3 times and approximately $1 billion remaining under our existing repurchase authorization.

我們可觀的現金創造能力持續支持嚴謹的資本配置。本季我們將總債務降低 1 億美元，同時透過股利與庫藏股回購向股東返還 1.24 億美元。本季末我們的淨槓桿為調整後 EBITDA 的 3.3 倍，位於我們長期目標區間（低至中 3 倍）之內，且在既有回購授權下仍有約 10 億美元額度可用。

Our capital allocation priorities remain focused on investing in the business to drive attractive long-term returns, maintaining a strong balance sheet and returning excess capital to shareholders. We'll remain opportunistic in pursuing both organic and inorganic growth opportunities where we see compelling strategic and financial returns.

我們的資本配置優先順序仍聚焦於：投資業務以驅動具吸引力的長期報酬、維持強健的資產負債表，以及將多餘資本返還股東。在我們看到具吸引力的策略與財務回報之處，將持續把握機會，追求有機與無機的成長機會。

At the same time, we believe our current share price represents a compelling investment opportunity and see potential to meaningfully accelerate share repurchases in 2027, while maintaining our dividend and operating within our established leverage framework.

同時，我們認為目前股價代表具吸引力的投資機會，並看見在 2027 年有望在維持股利、且於既定槓桿框架內運作的前提下，顯著加速股票回購的潛力。

Turning to our outlook. As Jennifer highlighted, our strong performance through the first nine months supports another $25 million increase across all three of our full year financial guidance metrics.

接著談談我們的展望。如 Jennifer 所強調，我們在前九個月的強勁表現，支持我們在全年三項財務指引指標上再上調 2,500 萬美元。

We now expect revenue of approximately $8.55 billion, adjusted EBITDA of $2.65 billion and free cash flow of $1.4 billion for 2026. Our increased outlook reflects improving subscriber performance, continued operating efficiencies and strong cash generation, more than offsetting the impact of elevated memory chip costs.

我們目前預期 2026 年營收約為 85.5 億美元、調整後 EBITDA 為 26.5 億美元，自由現金流為 14 億美元。我們上調展望反映訂戶表現改善、營運效率持續提升以及強勁的現金創造能力，足以抵銷記憶體晶片成本上升的影響。

Looking ahead, the resilience of our subscription business, strengthening advertising momentum and continued operating discipline position us to sustain strong profitability, generate substantial free cash flow and increase capital return to shareholders. We remain focused on translating our financial strength into meaningful long-term shareholder value.

展望未來，我們訂閱業務的韌性、廣告動能的增強以及持續的營運紀律，使我們得以維持強勁獲利能力、產生可觀的自由現金流，並提高對股東的資本回饋。我們仍專注於將財務實力轉化為具意義的長期股東價值。

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

接下來，我把時間交回給主持人進行問答。

(Operator Instructions) Sebastiano Petti, JPMorgan.

(主持人指示) JPMorgan 的 Sebastiano Petti。

I just wanted to ask about the strategy shift towards higher lifetime value subscribers. Just trying to understand, why is now the right decision or the right time to kind of make that pivot, moving away from deep discounting, full-price trials. And I guess, how do you -- how should we think about defining success within that context? Is it a more smaller base but more profitable? Just help us kind of contextualize that would be great.

我想問一下策略轉向更高終身價值（LTV）訂戶的部分。我想了解的是，為什麼現在是做出這個決策、或說現在是進行這種轉向的合適時點，也就是從大幅折扣、全價試用的做法轉開。另外，我想問，我們應該如何在這個脈絡下定義成功？是訂戶基礎更小但更有利潤嗎？如果能幫我們把這件事放在情境中理解就太好了。

And just a quick follow-up. I mean, the subscriber guidance -- just what are you -- what is the number we should be anchoring to that you say will be similar? Is it flat subscribers year over year? Is it down 300,000? It's a little bit unclear from the outside looking in and trying to listen to messaging?

再快速追問一下。我的意思是，關於訂戶指引——你們說會「類似」，那我們應該以哪個數字作為錨點？是訂戶數年對年持平嗎？還是減少 30 萬？從外部角度看、再加上聽你們的訊息，這點有點不太清楚。

Sure. Thanks, Sebastiano. So first, on customer lifetime value, the strategy we put in place two years ago is working. The core subscription business continues to improve. Our subscriber trends are improving and we are focused on building a higher quality and more durable overall subscription business. And we're really pleased to be improving our outlook for self-pay net adds for this year, so last year, we were down about 300,000.

好的。謝謝你，Sebastiano。先談客戶終身價值（CLV），我們兩年前制定的策略正在奏效。核心訂閱業務持續改善。我們的訂戶趨勢正在改善，我們也專注於打造更高品質、且更具持久性的整體訂閱業務。我們也很高興能上調今年自付費（self-pay）淨新增的展望；去年我們約減少了 30 萬。

So this year, we now are saying that we expect to be in line with that self-pay net add performance which is better than we've been guiding previously because we thought we might be slightly worse. And that's primarily because of the take-up we've seen in companion plans and to a certain extent, our extended duration plans as well.

因此今年我們現在表示，預期自付費淨新增表現將與去年相當；這比我們先前給的指引更好，因為我們原本認為可能會略差一些。這主要是因為我們在 companion 方案的採用率提升，以及在某種程度上，我們延長期間方案的採用也有所助益。

But our primary focus over the last two years has been on improving engagement and ensuring that our core in-car customers feel that we provide them with strong value in their subscriptions. So that -- you see that manifesting in strong customer satisfaction, retention and low churn.

但過去兩年我們的主要重點，是提升互動參與度，並確保我們的核心車載（in-car）客戶感受到我們的訂閱提供了很強的價值。因此——你會看到這反映在高客戶滿意度、留存率，以及低流失率上。

And we have -- in addition, as you know, launched multiple acquisition-oriented initiatives, helping to build new demand outside of our traditional in-car conversion funnel. And these are things like the EDP, extended duration program, and our companion plans, which are both driving new demand through new engagement across the household and reinforcing subscription value as well.

此外，如你所知，我們也推出了多項以獲客為導向的計畫，協助在傳統車載轉換漏斗之外建立新的需求。這些包括 EDP（延長期間計畫，extended duration program）以及我們的 companion 方案；兩者都透過家庭內的新互動來帶動新需求，同時也強化訂閱價值。

So this strategy also flows through to pricing and packaging, right? So we've been more disciplined as we've been talking about by focusing on driving improved CLV and we're doing this by creating more package differentiation, reducing this reliance on unpublished discounts and opening up these new demand at lower price points.

因此，這個策略也延伸到定價與方案組合，對吧？所以如我們所談到的，我們更有紀律地專注於推動 CLV 的提升；我們透過創造更多方案差異化、降低對未公開折扣的依賴，並以較低的價格帶開啟新的需求。

But primarily adding value to these top-tier full-price packages to improve engagement across content types and devices and household members because this will allow us to support ongoing rate increases. So you asked what is the ultimate goal? Success is that we have stable to slightly improving subscription revenue overall, and this is the first year we will achieve that in four years.

但主要是為這些頂級全價方案增加價值，以提升在不同內容類型、裝置與家庭成員之間的互動參與度，因為這將使我們能夠支持持續的費率上調。所以你問最終目標是什麼？成功的定義是：整體訂閱營收維持穩定到略有改善，而這將是我們四年來首次達成。

Bryan Kraft, Deutsche Bank.

德意志銀行（Deutsche Bank）的 Bryan Kraft。

I had a few on the YouTube relationship. And then I had, I guess, a follow-up on net adds. Maybe just ask the net adds first.

我有幾個關於與 YouTube 合作關係的問題。然後我想還有一個關於淨新增的追問。也許先問淨新增。

On the companion subscriptions going forward, are you continuing to assume a contribution in the fourth quarter? It seems like maybe you're not, given the implied net adds for 4Q based on the guidance and then on the YouTube relationship, I am wondering if you expect there to be a benefit to CPMs and/or fill rates for your own inventory as you roll out the YouTube partnership just given the increase in audience size and scale?

關於未來的 companion 訂閱，你們是否仍假設第四季會有貢獻？從指引推算出的第四季隱含淨新增來看，感覺你們可能沒有這樣假設；另外關於與 YouTube 的合作，我想知道當你們推出 YouTube 合作夥伴關係時，隨著受眾規模與量體增加，你們是否預期自有庫存的 CPM 和／或填充率（fill rates）會受益？

Are you seeing it bring the relationship as you launch it, bring new advertisers to the platform? And any interest yet from other audio streaming services in partnering with you just given the leadership that you're showing in this area?

你們在推出合作時，是否看到它為平台帶來新的廣告主？另外，鑑於你們在這個領域展現的領先地位，是否已經有其他音訊串流服務對與你們合作表達興趣？

Thanks, Bryan. So I'll let Scott cover YouTube in a minute. Just on net adds, we do still expect a contribution from companion in the fourth quarter and into next year. By the way, there are opportunities for us to continue to expand that program. Plus, we just see ongoing take rates among those that are eligible today.

謝謝，Bryan。我先讓 Scott 等一下談 YouTube。就淨新增而言，我們仍預期 companion 在第四季以及明年都會有貢獻。順帶一提，我們也有機會持續擴大這個計畫。此外，我們也看到目前符合資格的用戶持續有採用率。

And again, we believe this is a really strong program for us because it does open up engagement across the household and reinforce that value.

再說一次，我們認為這對我們是個非常強的計畫，因為它確實能在家庭內打開互動參與度，並強化價值感。

So in the fourth quarter, we've talked about the dynamics a little bit about continuous service. We launched it last year in the fourth quarter that had a meaningful contribution this year, we're starting to stabilize in terms of the net impact of continuous service, and so it will have less of a contribution in the fourth quarter. That's the primary dynamic.

至於第四季，我們之前稍微談過「連續服務」（continuous service）的動態。我們去年第四季推出它，並在今年帶來了顯著貢獻；目前我們在連續服務的淨影響方面開始趨於穩定，因此它在第四季的貢獻會較少。這是主要的動態因素。

So Scott, you want to address YouTube?

Scott，你要回應一下 YouTube 嗎？

Yes, absolutely. So look, the basis of the question is a really interesting one because it's exactly how we're going to market with YouTube, not as a stand-alone platform, but as an aggregated audience play that includes streaming music inventory on Pandora, SoundCloud, and the broader podcast network. So there is an opportunity as we bring this massive incremental reach that we talked about.

是的，當然。你這個問題的出發點非常有意思，因為這正是我們將如何與 YouTube 一起推向市場：不是把它當作單一獨立的平台，而是作為一個「聚合受眾」的方案，其中包含 Pandora、SoundCloud 的串流音樂庫存，以及更廣泛的 Podcast 網路。因此，當我們帶來我們所談到的龐大增量觸及（incremental reach）時，就存在機會。

And in our early campaigns, we're seeing that incremental reach across our existing portfolio is up to 90-plus percent, as Jennifer mentioned in the prepared remarks. So that allows us to tap into new advertisers targeting new audiences and aggregate that through an audience-based buy alongside our existing inventory and that will bring more sell-through and pricing opportunity as we bring this aggregated solution to market.

在我們早期的行銷活動中，我們看到在既有產品組合上的增量觸及最高可達 90% 以上，如 Jennifer 在事先準備的發言中提到的。因此，這讓我們能觸及鎖定新受眾的新廣告主，並透過以受眾為基礎的採買（audience-based buy）與我們既有庫存一起聚合；當我們把這個聚合解決方案推向市場時，將帶來更高的售出率（sell-through）與定價機會。

In terms of the advertisers that are currently investing and testing right now with YouTube, it's very early, a lot of the advertisers are existing advertisers, as Jennifer mentioned, they're in test and learn mode right now. This is exactly what we would expect. Our trusted relationships that we've established for years are those that are going to invest first.

至於目前正在透過 YouTube 投放與測試的廣告主，就目前而言仍非常早期；如 Jennifer 所提到，許多廣告主是既有廣告主，他們目前處於測試與學習（test and learn）模式。這正是我們所預期的。我們多年來建立的可信賴關係，會是最先投入的對象。

And there are a number of measures that we're paying attention to, whether that's the mix of new versus existing repeat buys, how much they're investing against this new inventory but it will take time. Audio is not a channel where you have a click through to a purchase like you have on social or search or some of these other channels.

我們正在關注多項衡量指標，包括新客與既有客重複購買的組合、他們在這批新庫存上的投入程度等，但這需要時間。音訊並不是像社群或搜尋或其他一些渠道那樣，可以透過點擊直接導向購買的渠道。

So you have to have patience and set up the right measurement infrastructure and the right testing methodology to see the real halo effect across these other channels, which is why we've been so focused on getting that measurement infrastructure in place and why we expect to see the ramp really in second half next year.

因此你必須有耐心，並建立正確的衡量基礎設施與正確的測試方法，才能看見跨其他渠道真正的光環效應（halo effect）。這也是為什麼我們一直非常專注於把衡量基礎設施建置到位，以及為什麼我們預期真正的加速成長會出現在明年下半年。

Steven Cahall, Wells Fargo.

Steven Cahall，富國銀行。

So Jennifer, we're backing into Sirius XM self-pay gross adds maybe down around double digit for the last couple of quarters, excluding companion. And then churn is also improving really nicely year on year. So I was wondering if you could just talk us through how you think about what you're seeing at the top of the funnel and what you're looking to drive at the top of the funnel?

所以 Jennifer，我們倒推 Sirius XM 的自付費（self-pay）總新增用戶（gross adds）在過去幾個季度可能下降到約雙位數百分比（不含 companion）。同時，流失率（churn）也在年對年顯著改善。所以我想請你談談，你如何看待你在漏斗頂端（top of the funnel）所看到的情況，以及你希望在漏斗頂端推動什麼？

And then how should we expect churn to continue on that trend line. And then just a housekeeping one. You've been talking about the auto dealer duration plans for a few quarters now. Can you just quantify what those are contributing to 2026 self-pay net adds? And how do we think about the engagement or conversion that you're seeing with those customers?

另外，我們應該如何預期流失率會沿著這條趨勢線持續發展？再來一個行政性問題。你們已經談到汽車經銷商延長期間方案（auto dealer duration plans）好幾個季度了。你能否量化一下，這些方案對 2026 年自付費淨新增（self-pay net adds）的貢獻是多少？以及我們該如何看待這些客戶的互動度或轉換情況？

Yes, we talked a little bit about the Extended Duration Program in terms of engagement in the prepared remarks that we look at it as a metric based on kind of a new car trial start or an enabled vehicle. And at the end of a typical trial, which is usually about three months compared to an EDP, which is three years, we see more active customers per car.

是的，我們在事先準備的發言中，已稍微談到延長期間計畫（Extended Duration Program, EDP）在互動度方面的情況；我們把它視為一項指標，基於例如新車試用（trial）開始或已啟用車輛（enabled vehicle）等。在一般試用期結束時（通常約三個月），相較於 EDP 的三年，我們看到每輛車的活躍客戶數更多。

So ultimately, we're building stronger engagement across a broader set of customers through that program. And it's been very helpful in terms of not just leveraging but also building and deepening our relationships with automakers and dealers. So it's a win for all of us, the OEMs, the dealers, our customers and the business for SiriusXM. So we're very pleased with that program.

因此，最終我們透過該計畫在更廣泛的客群中建立更強的互動度。而且它在不僅是運用、也在建立並深化我們與車廠與經銷商關係方面非常有幫助。所以這對我們所有人——OEM 車廠、經銷商、客戶，以及 SiriusXM 的業務——都是雙贏。因此我們對這個計畫非常滿意。

You mentioned companion shows up in both in-car ads and streaming ads, and we believe that there are still opportunities to expand that going forward. And again, it's driving incremental demand that support -- and retention that supports ongoing rate increases as well. I think if you look at the funnel going forward, we've been developing new opportunities outside of this traditional in-car funnel and the conversion process after a three-month trial.

你提到 companion 同時出現在車內廣告與串流廣告中，而我們相信未來仍有機會擴大這部分。而且它正在帶動增量需求（incremental demand）——以及留存（retention），也支持我們持續調升費率。我認為若看未來的漏斗，我們一直在傳統車內漏斗之外，以及三個月試用後的轉換流程之外，開發新的機會。

And this is just opening up demand into new areas. And so there are a number of areas that I think we can continue to explore there. Part of it is in pricing and packaging with things like Sports Pass, which we just launched, and so it's early days, but at a much more compelling price point of $5 for a reduced content set, but honestly, the best sports package out there, whether it's audio or video is an incredibly powerful opportunity for us to open up the addressable market, but also to pursue additional bundles and partnerships, there's been a fair amount of interest.

這正在把需求開拓到新的領域。因此我認為我們還有多個領域可以持續探索。其中一部分在於定價與方案組合，例如我們剛推出的 Sports Pass；目前仍在早期階段，但以更具吸引力的 5 美元價格、提供較精簡的內容組合；但坦白說，這是市面上最好的運動套裝之一，不論是音訊或影音。這對我們而言是非常強大的機會，既能擴大可觸及市場（addressable market），也能推進更多加值綑綁與合作夥伴關係，市場興趣相當高。

So far, we're using it in select ways with the Verizon Shine program in Yahoo Sports and building more awareness for this package. You might imagine we've just announced a growth in our relationship with T-Mobile. We're incorporated in their new T-MX wireless plan. So there are a lot of opportunities for us to pursue additional bundles and partnerships given that we have these new packages that will likely be more content focused at more compelling price points.

到目前為止，我們在 Verizon Shine 計畫、Yahoo Sports 等以選擇性的方式使用它，並提升這個方案的知名度。你也可以想像，我們剛宣布與 T-Mobile 的合作關係成長。我們已被納入他們新的 T-MX 無線方案中。因此，鑑於我們有這些新的方案，未來可能會以更聚焦內容、且更具吸引力的價格點推出，我們有很多機會去推進更多綑綁與合作夥伴關係。

We're also continuing to remove friction. I know you've highlighted our extremely low churn. I believe we have continued opportunities to improve upon this because we're just getting started using all the data that we're getting back from 360L. And again, the objective there is to make sure that customers feel that their subscriptions have high value because they are expanding engagement across content types, devices and additional members of the household.

我們也持續降低摩擦（remove friction）。我知道你提到我們極低的流失率。我相信我們仍有機會進一步改善，因為我們才剛開始運用從 360L 回傳的所有數據。再次強調，目標是確保客戶感受到其訂閱具有高價值，因為他們在不同內容類型、裝置，以及家庭中更多成員之間的互動正在擴大。

I think that's incredibly important, and we're just getting started in those areas. So again, we continue to find new ways to better serve our core in-car customers as well as opening up new channels of demand.

我認為這非常重要，而我們在這些領域也才剛起步。所以我們會持續找到新的方式，更好地服務我們核心的車內客戶，同時也開拓新的需求渠道。

Barton Crockett, Rosenblatt Securities.

Barton Crockett，Rosenblatt Securities。

Okay. Great. I was curious to talk a little bit about spectrum. In this regard, I know that you guys are going through kind of a long-term process to evaluate options and maximize value.

好的，很好。我想稍微談一下頻譜（spectrum）。就這點而言，我知道你們正在進行一個偏長期的流程，用來評估選項並最大化價值。

But I'm just wondering given that there's so much dynamism in the technology, right, with Elon Musk talking up his ambitions in satellite-to- device and carriers kind of responding, if there could be some environment where there could be some early kind of testing deals that precede kind of a broader engagement in terms of how you guys are looking at the environment?

但我想問的是，鑑於技術變化非常快速，對吧，像 Elon Musk 正在大談他在衛星直連裝置（satellite-to-device）方面的企圖，而電信業者也在回應；是否可能存在某種環境，讓你們在更廣泛的合作投入之前，先進行一些較早期的測試性合作案，以反映你們如何看待這個環境？

And if there's a possibility of something like that for a perhaps nearer term and ahead of kind of the longer-term kind of technology commitment. So that's one question.

以及在較長期的技術承諾之前，是否有可能在更接近的時間點出現類似的事情。這是第一個問題。

And then the other question is just to look at kind of the subscriber trends and just how to think about the fourth quarter number which is a different trajectory than we've seen through the first three months in terms of the numbers you reported impacted obviously by the companion plans. But to what degree is the fourth quarter kind of a bogey that suggests how we should think about next year or not, just some puts and takes around that?

第二個問題是關於訂戶趨勢，以及該如何看待第四季的數字；就你們所報告的數字而言，這與前三個月的走勢不同，顯然受到 companion 方案的影響。但第四季在多大程度上是一個基準（bogey），會提示我們該如何看待明年，或不該如此解讀？能否談談其中的利多與利空因素（puts and takes）？

Yes. Let us start on the fourth quarter, Barton. We don't see this as necessarily indicating a different trend. We've been certainly not that focused on the quarters. We are focused on building a healthier subscriber base. And while this particular quarter may look different than prior fourth quarters. We've looked at the year in total, and we feel really good about the progress we're making.

好的。Barton，我們先從第四季開始。我們不認為這必然代表不同的趨勢。我們當然沒有那麼聚焦在單一季度。我們專注於建立更健康的訂戶基礎。雖然這一季看起來可能與過去的第四季不同，但我們看的是全年整體，我們對正在取得的進展感到非常滿意。

And again, our goal is to stabilize the subscriber base, but really focused on subscription revenue and not just subscribers.

再次強調，我們的目標是穩定訂戶基礎，但更聚焦於訂閱營收，而不只是訂戶數。

So back to your question on Spectrum. I mean, just to take a step back, certainly, the technology innovation, including in launch capabilities and satellite designs, supporting new entrants in the last several years in especially direct-to-device. And that, combined with more recent increases in industry transactions and just commentary, as you mentioned, and regulatory developments all help reinforce the value of Spectrum and particularly our spectrum as a scarce strategic asset we believe that all these developments are constructive to our portfolio.

回到你關於頻譜的問題。我的意思是，先退一步來看，技術創新——包括發射能力與衛星設計——在過去幾年支持了新進者，特別是在直連裝置（direct-to-device）方面。再加上你提到的，近期產業交易增加以及相關評論、以及監管發展，都進一步強化了頻譜的價值，尤其是我們的頻譜；我們認為這是一項稀缺且具策略性的資產。這些發展我們相信都對我們的資產組合具有建設性。

On your specific question about testing, we have done some work, of course, to understand impacts of interference from different technologies. And we have a very strong understanding as to how that might manifest but there is growing interest in different commercial applications and those discussions are certainly informing our evaluation of potential opportunities and partners and different types of transaction structures and we remain open to a range of alternatives, of course, and look forward to sharing more when we have more information.

就您關於測試的具體問題而言，我們當然已做了一些工作，以了解不同技術所造成的干擾影響。而且我們對這些影響可能如何呈現有非常深入的理解；但目前對不同商業應用的興趣正在升溫，這些討論也確實在影響我們對潛在機會、合作夥伴以及不同交易結構類型的評估。我們當然也對各種替代方案保持開放，並期待在掌握更多資訊後與大家分享。

Cameron Mansson-Perrone, Morgan Stanley.

Cameron Mansson-Perrone，摩根士丹利。

Two, if I could. First, there's obviously been a lot of development around AI-enabled agents. It doesn't appear from the results today, like there was much of an impact in 3Q, but I'd be curious Jennifer on your thoughts regarding -- as we look forward, how you see these agents becoming more sophisticated interacting with you as a subscription product and any impact that you might foresee in the future?

我有兩個問題，如果可以的話。第一，顯然圍繞 AI 賦能的代理（agents）已經有很多發展。從今天的結果看起來，第三季似乎沒有太大的影響，但我想請教 Jennifer，展望未來，您如何看待這些代理變得更成熟、以訂閱產品的形式與你們互動，以及您預期未來可能帶來的任何影響？

And then on the expense side, there's been a nice benefit this year from -- on the programming expense front. I'd be interested in any color there? I know you highlighted contract renewals in the release, but just any color around kind of the sustainability or how you see program expense trending over time?

然後在費用端，今年在節目編排（programming）費用方面帶來了不錯的效益。我想了解一下這方面是否能提供更多說明？我知道你們在新聞稿中提到合約續約，但想請你們談談其可持續性，或你們如何看待節目編排費用隨時間的走勢？

Zac will take the cost piece first.

Zac 會先回答成本的部分。

Let me start on the cost piece. Thanks, Cam, for the question.

我先從成本的部分開始。謝謝你，Cam，提出這個問題。

I think overall, we've had a good year on cost. We talked about the $100 million at the beginning of the year for gross cost savings we've delivered $96 million, so essentially all of that through three quarters of the year. And I think what really -- what makes us happy about that is there's no single silver bullet inside of there.

我認為整體而言，我們今年在成本控制上表現不錯。我們在年初談到要達成 1 億美元的總成本節省，目前已實現 9,600 萬美元，也就是說在前三季基本上已完成幾乎全部目標。而我認為真正讓我們感到高興的是，這裡面並沒有單一的「靈丹妙藥」。

Obviously, you mentioned programming savings, and we saw that in the third quarter and throughout the year. We've seen it in customer service. We've seen it in marketing. We've seen it in G&A. And I think it's a signal of the widespread work that the organization is doing to deploy a combination of tools and technology and new ways of working to engineer structural cost savings out of the business.

顯然，你提到了節目編排的節省，我們在第三季以及全年都看到了。我們也在客服上看到了。在行銷上也看到了。在一般及行政（G&A）上也看到了。我認為這顯示出整個組織正在廣泛推動相關工作，透過工具與技術的組合，以及新的工作方式，從業務中打造出結構性的成本節省。

So I think that's -- as we see what that is it gives us confidence that will build into next year as well.

因此，我認為——當我們看到這些成果時，也讓我們有信心這些效益會延續到明年。

To the specifics on programming exactly, I think that I would say, similar to the work we've done otherwise across the other pieces of the portfolio. Programming at its core is an investment. We're working on making sure that we're utilizing sort of more insightful ROI trade-offs of cost of benefits. I think that's proven successful in programming across a number of the other parts of the portfolio.

至於節目編排的具體部分，我想我會說，這與我們在投資組合其他部分所做的工作類似。節目編排在本質上是一項投資。我們正在努力確保能以更具洞察力的投資報酬（ROI）取捨，來衡量成本與效益。我認為這已在節目編排以及投資組合其他多個部分證明是成功的。

So we're able to get both improved outcomes, and we're able to see the financial benefits from a cost perspective fall out the bottom as well.

因此，我們既能取得更好的成果，也能在成本面看到財務效益最終反映在底線上。

Yes. I'd say Scott and his team have done a great job at looking at the data, combined with the research on perceived value to understand exactly what we believe we get from various programming contracts and internally developed content as well. So feel really good about our opportunities there going forward also. Back on the AI agents, look, we're taking a broad perspective here.

是的。我會說 Scott 和他的團隊在檢視數據、並結合對「感知價值」的研究方面做得非常好，讓我們能精準理解我們認為從各種節目合約以及內部開發內容中究竟獲得了什麼。所以對於未來在這方面的機會，我們也感到非常樂觀。回到 AI 代理的問題，我們在這裡採取的是更廣泛的視角。

These AI agents, obviously have the potential to change how customers are discovering and evaluating and managing their subscriptions, and we're looking at all of these areas. The subscription management side, as you mentioned, has gotten a lot of attention lately. We don't see that as fundamentally changing the value that customers receive from Sirius XM based on our differentiated content and experiences that just can't be replicated by other providers.

這些 AI 代理顯然有潛力改變客戶如何發現、評估以及管理他們的訂閱，我們正在檢視所有這些面向。你提到的訂閱管理面向，最近確實受到很多關注。但我們不認為這會從根本上改變客戶從 Sirius XM 所獲得的價值，因為我們提供的是差異化的內容與體驗，這些是其他供應商無法複製的。

But if I think about it, I look at this as really having two potential impacts. There could be higher cancel demand, which is a volume impact or there could be higher cancel rate or trade downs, which is a rate impact more.

但如果我進一步思考，我認為這可能帶來兩種影響。一種是取消需求增加，這屬於量的影響；另一種是取消率提高或降級（trade-down）增加，這更偏向比率的影響。

And on the former, we don't see any volume of note. Obviously, we're watching it closely, and we believe we can identify these agents. Just overall, I might highlight that we're not even seeing an increase in customer interactions in terms of cancel demand overall. In fact, they've continued to decline year over year, which is one of the things that's manifesting in our lower churn.

就前者而言，我們沒有看到任何值得注意的量的變化。當然，我們正密切關注，而且我們相信我們能辨識出這些代理。整體來說，我可能要強調的是，我們甚至沒有看到客戶互動在取消需求方面有增加。事實上，這些互動年對年持續下降，這也是我們較低流失率（churn）所呈現的其中一個現象。

On the latter, we've been working with Sierra as we've been discussing for over two years, and we have a significant percentage of our interactions today across chat and voice already handled by AI agents. And these automated interactions have higher levels of CSAT because of lower level of effort. They have better business results, and they're generally at a lower cost.

至於後者，我們與 Sierra 的合作已如我們所討論的持續超過兩年，而目前我們在聊天與語音的互動中，已有相當高比例是由 AI 代理處理。這些自動化互動因為客戶付出的努力更少，因此客戶滿意度（CSAT）更高。它們帶來更好的業務成果，而且通常成本更低。

And we're working closely with Sierra, their agent protocol, and I think we'll learn more as they start to release that in the coming weeks. And we just -- we keep improving our results by adding additional customer listening and engagement data to the models we use to address customers if they do call to negotiate and that's going to be important, whether it's a personal agent contacting us on behalf of the customer or the customer themselves.

我們也正與 Sierra 密切合作，針對他們的代理協定（agent protocol），我想在接下來幾週他們開始釋出相關內容後，我們會了解更多。而我們——我們會持續透過把更多客戶聆聽與互動數據加入我們用來應對客戶的模型中，來改善成果；如果客戶來電協商，這點會很重要——不論是由個人代理代表客戶聯繫我們，或是客戶本人。

So we're already doing this work. And I believe that AI is going to be obviously a potential for disruption, but it also is an opportunity for us to continue to improve customer experience, whether it in our customer interactions or more broadly across our business.

所以我們已經在做這些工作。我相信 AI 顯然可能帶來顛覆，但同時也為我們提供機會，持續改善客戶體驗——不論是在客戶互動上，或更廣泛地在我們的業務各個面向。

Jessica Reif, Bank of America.

Jessica Reif，美國銀行。

Two questions. Engagement was up -- or listening time was up 5% in the quarter, but advertising was down 5%. Can you talk about like what's going on there? Are there things that we should be thinking about for Q4? Because your Q4 guidance implies like significant margin contraction. So just wondering where it's coming from and what's going on with advertising?

兩個問題。本季互動度上升——或者說收聽時間上升了 5%，但廣告卻下降了 5%。你們能談談這裡發生了什麼嗎？對於第四季，我們是否需要考量一些因素？因為你們對第四季的指引意味著利潤率會明顯收縮。所以我想了解這是從哪裡來的，以及廣告方面到底發生了什麼？

And then the second question, going back to YouTube, advertiser budgets are pretty much set for '27 at this point. Can you give us a framework for the revenue that you guys will retain an incremental EBITDA contribution at scale from the YouTube relationship? And what are the measurable milestones over the next two or three quarters that would tell us this ramp is on track for second half scaling?

第二個問題回到 YouTube。廣告主的預算在此時基本上已經為 2027 年定下來了。你們能否提供一個框架，說明在 YouTube 合作關係達到規模後，你們將保留多少收入，以及增量 EBITDA 的貢獻會是什麼樣子？另外，在接下來兩到三個季度，有哪些可衡量的里程碑能告訴我們，這個爬坡（ramp）正按計畫進行，以便在下半年開始規模化？

Okay. Scott, do you want to start on YouTube?

好的。Scott，你要先談 YouTube 嗎？

Yes, I will. Jessica, thanks for the question. You mentioned that the budgets are set for 2027. We actually don't see that as being the case. We're in early discussions with all the major holding companies locking commercial terms around the potential opportunity to expand our investment with their clients not just existing advertisers, but net new advertisers targeting this younger demo and the incremental reach.

好的，我來。Jessica，謝謝你的提問。你提到預算已經為 2027 年定下來了。但我們其實不認為情況是如此。我們正與所有主要控股公司進行初步討論，鎖定商業條款，圍繞擴大我們與其客戶的投資這個潛在機會——不僅是現有廣告主，也包括鎖定更年輕族群與增量觸及（incremental reach）的全新廣告主。

So I think that's still yet to be determined, we see a lot of interest, like I mentioned earlier, and we're in a test and learn mode through the balance of the year. As we start to get to feature parity with both what we deliver on the SiriusXM Media side in terms of content filtering, targeting, measurement capabilities, but also the YouTube video side, because these advertisers are very sophisticated.

所以我認為這仍有待觀察；如我先前提到的，我們看到很多興趣，而我們在今年剩餘時間將以「測試並學習」的模式推進。隨著我們在功能上逐步達到一致性——一方面是我們在 SiriusXM Media 端所提供的內容篩選、定向投放、衡量能力，另一方面也包括 YouTube 影片端——因為這些廣告主都非常成熟。

They have expectations that we've both businesses have said we see a real opportunity and a lot of runway heading into '27 in the upfront, but also in the scatter market as we start to evangelize and start to demonstrate the halo effect of bringing YouTube into the fold. So that's the answer on the YouTube front.

他們有其期待；我們兩個業務都表示，我們在預售（upfront）市場一路到 2027 年都看到真正的機會與很長的成長跑道，同時當我們開始宣導並展示把 YouTube 納入體系所帶來的光環效應（halo effect）時，在零售/即期（scatter）市場也同樣如此。以上就是關於 YouTube 方面的回答。

Yes. And maybe, Jessica, a couple of things on the advertising revenue. I think overall, for the third quarter, total advertising for us was quite stable versus last year. You mentioned the SiriusXM specific advertising revenue. I think that's a small part of the broader SiriusXM portfolio.

是的。另外，Jessica，關於廣告營收我補充幾點。整體而言，就第三季來看，我們的總廣告收入相較去年相當穩定。你提到 SiriusXM 特定的廣告收入。我認為那只是更廣泛的 SiriusXM 組合中的一小部分。

I think if we look forward more broadly about the fourth quarter, we commented in the scripts earlier that we feel really good about where early signals are for fourth quarter advertising revenue and where bookings are coming in. So maybe I'll just talk a little bit about more broadly the Q4, the implied outlook.

如果更宏觀地看向第四季，我們先前在講稿中也提到，我們對第四季廣告收入的早期訊號以及目前進來的預訂（bookings）狀況感到非常樂觀。所以我想更廣泛地談一下第四季、也就是從指引中可推導出的展望。

As you know, we don't give quarterly guidance, but obviously, a lot can be implied in the fourth quarter from the guidance we've given. So maybe I'll spend a little more time talking about the quarter itself than we typically would. For both subscription and advertising revenue, we expect to see consistent trends in the first three quarters, good stability on subscription revenue.

如你所知，我們不提供季度指引，但顯然，從我們給出的指引中可以推導出第四季的很多資訊。因此我可能會比平常花更多時間談第四季本身。在訂閱與廣告收入兩方面，我們預期會延續前三季一致的趨勢：訂閱收入維持良好穩定。

And as I just mentioned, Q4 advertising trends look encouraging. Inside of the rest of revenue though, we do expect to see growing headwinds from equipment revenue tied to memory costs. This is probably the most impactful element shaping that implied fourth quarter outlook.

而如我剛提到的，第四季的廣告趨勢看起來令人鼓舞。不過在其他收入（rest of revenue）方面，我們確實預期會看到與記憶體成本相關的設備收入帶來更大的逆風。這可能是形塑第四季隱含展望中影響最大的因素。

For the rest of the P&L, we've done a really good job this year of delivering on the cost efficiency targets that we talked about a moment ago. As we transition to the fourth quarter, we are looking to lean back into some targeted investments with a focus on building momentum into 2027.

至於損益表（P&L）的其餘部分，我們今年在達成剛才提到的成本效率目標方面做得非常好。進入第四季之際，我們希望重新加大一些有針對性的投資，重點是為 2027 年建立動能。

Probably the most specific on that would be some marketing spending. We've done a lot of work this year on sharpening our targeting and improving ROIs and the spending there in the fourth quarter does give us some confidence to spend a bit more and see that impact building into 2027. So just a little more on the Q4 outlook.

其中最具體的可能是部分行銷支出。我們今年在強化定向與提升投資報酬率（ROI）方面做了大量工作，而第四季在這方面的支出，讓我們更有信心可以多投入一些，並看到其影響一路累積到 2027 年。以上是對第四季展望的補充。

Jason Bazinet, Citi.

Jason Bazinet，花旗（Citi）。

I just had one question on companion plans. I think in your prepared remarks, you talked about thoughtfully expanding that to sort of improve the value but keep an eye on ARPU dilution. Can you just describe today how you're sort of expanding companion plans and how that might change over the next few years like what could change?

我只有一個關於伴隨方案（companion plans）的问题。我記得在你們的事先準備發言中，你們提到會審慎地擴大這項方案，以提升價值，同時留意 ARPU 稀釋。你能否描述一下你們目前是如何擴大伴隨方案的，以及未來幾年可能會如何變化、可能改變什麼？

Yes. I'll pick up the program and then Zac can touch on ARPU briefly, but what we've seen is that our most loyal customers on full price packages are taking advantage of this and providing the incremental, whether it's a car in certain cases, depending upon the package you have or streaming log in to another member of the household, right? Whether that's an adult child or perhaps a partner.

好的。我先說明這個方案，然後 Zac 可以簡要談一下 ARPU。就我們觀察到的情況，我們最忠誠、購買全價方案的客戶正在利用這項方案，提供額外的使用權——在某些情況下可能是另一台車（取決於你擁有的方案），或是把串流登入提供給同一家庭的另一位成員，對吧？可能是成年子女，或是伴侶。

And so for us, it's really about how deep we should go in our customer base in terms of providing that opportunity or how broadly, we might go in terms of adding incremental opportunities beyond. Right now, if you have an in-car subscription, you automatically get a streaming log in, but we don't count the extra streaming log in, in that case as a subscriber.

因此對我們而言，重點在於：在客戶基礎中，我們應該把這個機會提供到多深的滲透程度；或是我們要在廣度上走多遠，去增加更多額外的機會。目前，如果你有車載訂閱，你會自動獲得一個串流登入，但在這種情況下，我們不會把額外的串流登入計為一位訂閱戶。

But if you add another one, that's an incremental subscriber, and we could provide another one or two to some of our most valuable households. So we continue to look for those opportunities. It has delivered beyond our expectations this year, and that's why we think that there is more to do here. But of course, we want to be mindful of any potential cannibalization of paying subscribers. And it is not material today, but that's the watch out we're looking to manage.

但如果你再加購另一個，那就是新增的一位訂閱戶；而我們也可以為一些最有價值的家庭再提供一個或兩個。所以我們會持續尋找這些機會。今年的表現超出我們的預期，這也是我們認為這裡還有更多可做之處的原因。但當然，我們也要留意對付費訂閱戶可能造成的任何蠶食效應（cannibalization）。目前影響並不重大，但這是我們要管理的風險點。

Yes. Thanks, Jason, for the question. I think speaking specifically about ARPU for a moment, remained relatively stable to last year at $15.18. That number reflects a number of components. Obviously, it has another rate impact -- the impact of the rate increases on self-pay plans earlier this year. That's been a strong tailwind all year.

是的，謝謝你的問題，Jason。我先具體談一下 ARPU：相較去年仍相對穩定，為 15.18 美元。這個數字反映了多個組成因素。很明顯，其中包含費率影響——也就是今年稍早對自付（self-pay）方案調漲價格的影響。這一整年都是強勁的順風。

It also reflects the improved discount mix as we've transitioned customers away from those deeply discounted packages that Jennifer has talked about and the progress on that over the last couple of years for the third quarter, those benefits are being offset by the growing mix of sort of value-adding companion subscribers and more affordable offerings designed to broaden access and support long-term retention.

它也反映了折扣組合的改善：我們已將客戶從 Jennifer 提到的那些大幅折扣方案中逐步轉移，且過去幾年在這方面持續取得進展；在第三季，這些效益被另一股因素所抵銷——也就是增加了能提升價值的伴隨訂閱戶占比，以及更親民的產品供給，目的是擴大可及性並支持長期留存。

The net result of that picture is an increasingly stable subscriber base, low churn, increasing engagement, higher customer satisfaction and strong ARPU. So we feel good about how we've been managing that balance so far this year, and I think we'd expect to continue to do so into '27.

整體結果是：訂閱戶基礎愈來愈穩定、流失率（churn）低、互動度提升、客戶滿意度更高，且 ARPU 依然強勁。因此我們對今年迄今在這種平衡上的管理方式感到滿意，也預期會一路延續到 2027 年。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

I just wanted to drill down a bit more on your comment that you're taking a measured approach to driving advertising. Is it due more to the back-end technological work that's still requires including standing up the YouTube ad rep opportunity? Or is there more that you're still doing on the 360L side?

我想更深入追問你提到你們在推動廣告方面採取審慎（measured）的做法。這主要是因為後端技術工作仍需要完成，包括建立 YouTube 廣告代理（ad rep）機會嗎？還是你們在 360L 端還有更多工作要做？

Or do you -- or is it more that you're still working on adding to your premium inventory, such as these new podcast content relationships?

或者——是否更多是因為你們仍在擴充高端庫存（premium inventory），例如這些新的 Podcast 內容合作關係？

I can start, and then I'll let Scott add on it. I think the in-car opportunity is still ahead of us. And I think that may be something that we can focus a bit more on next year. Of course, our main priority is YouTube. But we do believe there is an opportunity for us to open up more targeted advertising in car. I think we've talked about that before, David.

我可以先回答，然後再讓 Scott 補充。我認為車載端的機會仍在前方。我想這可能是我們明年可以更著力的方向。當然，我們的首要優先事項是 YouTube。但我們確實相信，在車內開放更多定向廣告方面，我們有機會可做。David，我想我們之前也談過這點。

And certainly, there's opportunities to work more closely with the OEMs on that as well. And I think it is something they're interested in.

而且，與 OEM（原始設備製造商）在這方面更緊密合作也確實存在機會。我認為這也是他們感興趣的方向。

But Scott, maybe you want to pick up on the rest?

不過 Scott，也許你想接著談談其餘部分？

Sure. David, thanks for the question. In terms of our measured outlook on Q4, there are a few things that stand out. I'd say we're encouraged by early bookings relative to last year. Still early in the dynamic there. But programmatic continues to grow.

當然。David，謝謝你的提問。就我們對第四季（Q4）的審慎展望而言，有幾點特別突出。我會說，相較去年，我們對早期預訂表現感到鼓舞。目前在這個動態中仍屬早期階段。但程式化（programmatic）仍持續成長。

Podcasting continues to grow year over year as well. We've added podcast supply, where we've had some supply constraints as Zac mentioned, Giggly Squad, Serialously, The Bald and the Beautiful, our Apple HLS video opportunity allows us to continue to invest in omnichannel solutions, including video and social and live events.

Podcasting 也持續年增成長。我們新增了 Podcast 供給；如 Zac 所提到，我們先前在供給端有一些限制，包括 Giggly Squad、Serialously、The Bald and the Beautiful；我們的 Apple HLS 影音機會也讓我們能持續投資全通路（omnichannel）解決方案，包括影音、社群以及現場活動。

We've launched a new shorts product with a really popular basketball podcast called The Deep 3, which is one example of a podcaster and creator that has more reach on the short-form content than their long-form content and just another example of how we're diversifying our product offering there.

我們推出了一個新的短影音（shorts）產品，合作對象是一個非常受歡迎的籃球 Podcast《The Deep 3》。這是一個例子，說明某些 Podcaster 與創作者在短內容上的觸及（reach）甚至高於長內容；也再次展現我們如何在那裡多元化我們的產品供給。

That said, I think -- and of course, and I can't forget that YouTube continues to be a focus, and we're refining that offering.

話雖如此，我認為——當然，我也不能忘記 YouTube 仍然是重點，我們正在精進那項產品／方案。

One of the big learnings that we've validated early on is that these advertisers have expectations around targeting and measurement and reach frequency relative to YouTube video relative to Sirius XM. And so we're systematically working through those. That will have a modest impact in Q4, but certainly growing in 2027.

我們早期驗證到的一個重要學習是：這些廣告主對於定向（targeting）、衡量（measurement）以及觸及頻次（reach frequency）有其期待——相較於 YouTube 影音、相較於 Sirius XM。因此我們正有系統地逐一處理這些議題。

I would say as far as why we're a bit cautious, there are those categories that are a bit more careful with their spending. QSR retail, we've talked about a few of those given the underlying macro environment. And with a political cycle around the corner, that can often lead to dollars coming in and out. Programmatic is something that can have some volatility to it, which is why we're being measured in our outlook there.

至於我們為何稍微保守，我會說有些類別在支出上更為謹慎。速食餐飲（QSR）、零售等——考量整體宏觀環境，我們已談過其中幾個。而政治選舉週期即將到來，往往會導致資金進出波動。程式化（programmatic）本身也可能具有一定波動性，這也是我們在展望上採取審慎態度的原因。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Zac, on leverage and buybacks, I was curious if you could speak a little bit more about the opportunity to meaningfully accelerate share repurchases next year. Maybe give us your latest thoughts on leverage and some of the determining factors that will govern the pace of buybacks as we look ahead to next year.

Zac，關於槓桿與庫藏股回購（buybacks），我想請你多談一點：明年是否有機會實質加速股票回購？也請分享你對槓桿的最新看法，以及展望明年時，哪些關鍵因素將決定回購的節奏。

Thank you, Stephen, for the question. We're really happy to be able to talk about capital allocation. reaching our target leverage range last quarter was an important milestone. It gives us a lot more flexibility to deploy that substantial free cash flow we have. I do want to pause for just a moment and talk about free cash flow, though.

謝謝你，Stephen，謝謝你的提問。我們很高興能談資本配置。上季達到我們的目標槓桿區間是一個重要里程碑。這讓我們在運用我們可觀的自由現金流方面有更大的彈性。不過，我想先暫停一下，談談自由現金流。

We had another strong quarter. Free cash flow of almost $300 million up 14% versus last year. That brings us year to date to $1.1 billion, which is up almost 50%. So we have been planning all year for some different seasonality. So we will not see that percent carry through to the full year. We do expect to land cash flow with a strong number this year reflects our increased guidance of $1.4 billion and really strong confidence in delivering our $1.5 billion next year.

我們又交出一個強勁的季度。自由現金流接近 3 億美元，較去年成長 14%。使得我們年初至今達到 11 億美元，成長接近 50%。因此，我們今年一直在規劃不同的季節性。所以這個成長百分比不會一路延續到全年。我們預期今年的現金流將以強勁數字落地，反映我們上調後的 14 億美元指引，並且對明年達成 15 億美元充滿信心。

So now specifically back to capital allocation, our priorities remain consistent. First and foremost, investing in the business for attractive long-term returns. And this is through a combination of ROI positive organic investment, which we have talked a little bit about earlier, and making sure we have the flexibility to be opportunistic around inorganic activity where it makes sense.

回到資本配置本身，我們的優先順序仍然一致。第一且最重要的是，投資於業務以取得具吸引力的長期報酬。這將透過兩者的組合來達成：我們先前稍早提到的、投資報酬率（ROI）為正的有機投資，以及確保我們具備彈性，在合理之處把握外生成長（inorganic）機會。

Beyond that, our low to mid-3 times leverage range remains unchanged, and we believe that's the right place to give us the flexibility. So then it does land with capital to shareholders. So we remain committed to the dividend.

除此之外，我們的低到中 3 倍槓桿區間維持不變，我們相信這是能提供彈性的合適水位。因此，接下來就會回到對股東的資本回饋。我們仍致力於股利政策。

And with that being said, now we believe a little bit this quarter and then especially into next year, the chance to increasingly direct capital towards share repurchases. So I think we'll remain opportunistic in the timing and pace of that, balancing all those priorities. But I do think at the end of the day, we believe that, that will point towards meaningful increases compared to what we've done over the last couple of years, starting next year.

在此基礎上，我們認為本季會有一些，而更重要的是進入明年，將有機會逐步把更多資本導向股票回購。我想我們會在時點與節奏上保持機動，並在上述各項優先事項之間取得平衡。但總體而言，我們相信從明年開始，回購規模將相較過去兩年出現有意義的提升。

Great. Just to wrap up, we are very proud of our team as we continue to make substantial progress in executing against our 2024 strategy reset, and we're excited about the prospects for our business as we see improving subscriber economics, accelerating advertising growth, expanding free cash flow and capital returns and meaningful long-term strategic value related to our spectrum licenses, and I thank you all for joining us this morning.

很好。最後做個總結：我們為團隊感到非常自豪，因為我們持續在執行 2024 年策略重置上取得顯著進展；隨著我們看到訂戶經濟性改善、廣告成長加速、自由現金流擴張與資本回饋提升，以及與我們頻譜執照相關的具意義長期策略價值，我們對業務前景感到振奮。感謝各位今天早上加入我們。

This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與，祝您有美好的一天。