2025-05-13 Sirius XM Holdings Inc. (SIRI) Presents at J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference (Transcript)

2025-05-13 Sirius XM Holdings Inc. (SIRI) Presents at J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference (Transcript)

Sirius XM Holdings Inc. (NASDAQ:SIRI) J.P. Morgan 53rd Annual Global Technology, Media, and Communications Conference May 13, 2025 10:10 AM ET

Company Participants

Jennifer Witz - CEO

Conference Call Participants

Sebastiano Petti - JPMorgan

Sebastiano Petti

Good morning, everyone. I am Sebastiano Petti, I cover the cable, telecom and satellite space at JPMorgan. I want to introduce Jennifer Witz, CEO of Sirius XM since January of 2021. Jennifer, thanks for joining us today.
大家早上好，我是 Sebastiano Petti，负责摩根大通关于有线电视、电信和卫星领域的研究。今天我很高兴邀请到 Sirius XM 的首席执行官 Jennifer Witz，她自 2021 年 1 月起担任 CEO。Jennifer，欢迎你的到来。

Jennifer Witz

Thank you for having me, Sebastiano. Nice to be here.
谢谢你的邀请，Sebastiano。很高兴来到这里。

Q - Sebastiano Petti

So, it's been a little over five months since you pivoted the business towards super serving your core in-car audience. You talked about seeing some early benefits of the strategic shift on the 1Q call. What gives you confidence that this is the right long-term growth strategy for SIRI?
从你们将业务战略转向“深度服务核心车载用户”以来已经过去了五个多月。在第一季度财报电话会上你曾提到这一转变已经初见成效。是什么让你坚信这是 Sirius XM 实现长期增长的正确战略方向？

Jennifer Witz

It's a good place to start. So, we entered this year with a very clear focus on what we do best, which is super serving our core audience segments with our unmatched distribution in the car and our very unique content offering focused on live, exclusive and human curated content that we are seeing real proof points, and I am confident we're on the right path and there's a number of examples of this.
这个问题问得好。今年年初我们明确聚焦于自身最擅长的领域：通过我们在车载终端的无可匹敌的分发能力，以及以直播、独家和人工策划为特色的独特内容，深度服务我们的核心受众。从目前取得的实质性进展来看，我非常有信心我们正走在正确的道路上，接下来我举几个例子。

So, our first quarter churn was incredibly low, down 18 basis points year-over-year. And that is despite a rate increase that we rolled through on much of our full-price packages and just the general uncertainty in the macro environment.
首先，我们第一季度的流失率降到了非常低的水平，同比下降了18个基点——这还是在我们对大多数标准套餐提价、以及宏观环境不确定性依然存在的背景下实现的。

We're also continuing to see meaningful contribution to our metrics from our 360L rollout, right? The advanced personalization that we have in 360L is driving better engagement and we continue to roll out across OEMs with that new interface. And we've had a number of other programs focused on the car, where we do best.
我们还在继续从 360L 的推广中获得强劲支持。这个平台的先进个性化体验正在提升用户互动水平，而且我们正与更多 OEM 推广这套新界面。此外，我们在车载场景中还有其他多个专注项目，这是我们最擅长的领域。

So, filling in the data gaps for the used car distribution, making sure that we can target customers that are buying their new used car at the point of sale, our three-year OEM subscriptions as well as our rollouts in Tesla and Rivian.
比如我们正在填补二手车销售中的数据空白，确保在车辆售出时就能够精准触达这部分新用户。此外，我们与 OEM 合作提供三年订阅服务，也已经在 Tesla 和 Rivian 等品牌中成功部署了服务。

So, a number of areas where on the product and distribution side, we've made strides focused on our core automotive business. And then outside of that, we'll talk more, I think, about pricing and packaging and the flexible packaging structure we're putting into market and how I believe that's going to continue to support our ability to drive improvements in demand and retention across our customer base, opening us up for more opportunities within price-sensitive customer segments that are focused on an automotive experience.
所以在产品和分发层面，我们围绕核心车载业务已经取得了显著进展。除此之外，我们还会进一步谈到定价和产品包方面的策略——包括我们推出的灵活套餐结构，我相信这将帮助我们在提升整体需求和客户留存方面发挥关键作用，特别是能够覆盖那些对价格敏感、但依然追求车载音频体验的用户群体。

So, all of these are, I think, great examples of how leaning into our in-car business will drive future opportunities for us to stabilize and hopefully grow our revenue and deliver long-term value.
我认为上述这些例子都很好地说明了，聚焦车载业务不仅能让我们的营收更加稳健，也将为我们带来持续增长机会，从而实现长期价值的提升。

Sebastiano Petti

Great. And then on the tariff front, on the call, Tom noted that he not only continues to sleep well at night, which is good, but he also--
太好了。接下来关于关税方面的问题。在财报电话会上，Tom 提到他最近晚上睡得很好——这是好事——而且他还——

Jennifer Witz

Good for health, right?
对健康有好处，对吧？

Sebastiano Petti

Yes, yes. But does also expect subscriber results -- does not expect subscriber results or CapEx to be impacted by the recent tariff announcements. Obviously, things have changed a little bit here.
是的，是的。不过他当时也说，他不认为最近宣布的关税措施会对用户增长或资本支出产生影响。当然，现在情况略有一些变化。

But as we look out just last week, Manheim used car index rose to the highest level since October of 2023. SAR, while down a little bit month-over-month in April, still remains at elevated levels. Any update in terms of those -- versus those expectations for the years on the tariff side?
但上周我们看到 Manheim 二手车价格指数升至自2023年10月以来的最高点。虽然4月的季调年化汽车销售率（SAR）环比略有下降，但仍处于较高水平。在关税影响方面，你们对全年预期有任何更新吗？

Jennifer Witz

I think we largely feel the same as we did when we talked about it on the call. We continue to monitor the auto landscape closely, as you might expect, and no direct impacts, right, that our cost structure, we don't believe will be impacted generally at all.
我们的看法基本与财报电话会上保持一致。我们仍在密切关注汽车行业的发展，这是意料之中的。目前还没有看到直接影响，我们也不认为我们的成本结构会受到什么实质性影响。

Any sort of increased costs through the supply chain seem to be -- if they are happening, seem to be mitigated in some way. And then clearly, on the subscriber side, as Tom said, so no material impact on subscriber or financial metrics, certainly this year.
即使供应链中确实出现了一些成本上升的情况，也似乎得到了某种程度的缓解。就用户端而言，正如 Tom 所说，我们认为这些变化在今年不会对订阅用户数量或整体财务指标造成实质性影响。

I do feel good about April -- March and April SAR. A lot of that is probably pull forward of demand, and we may see some reductions in the coming months as people are probably close to those purchase decisions.
我对3月和4月的SAR数据感到满意。这部分增长可能是需求提前释放的结果，接下来的几个月我们可能会看到一些回落，因为很多人可能已经完成了购车决策。

And April sales, just if you look at USLV, we were up 11%. So, even though down a little bit from March, still very robust. And I think one of the things that gives us a very solid feeling in sort of an insurance policy is just the used car penetration that has grown over time.
如果你看一下我们在USLV（美国轻型车销量）方面的表现，4月我们同比增长了11%。虽然环比3月略有下滑，但整体仍然强劲。我觉得对我们而言最具保障性的一点是我们在二手车市场的渗透率持续上升。

And again, our ability to kind of fill in the data gaps for where we don't have dealer programs or there's private sales has really helped us find those new owners of those used cars and offer them trials.
此外，我们在无法依赖经销商合作或面对私人交易时，依然有能力弥补数据缺口，识别出二手车的新车主，并向他们提供试听服务，这也非常关键。

So, again, I feel really good about our differentiated trial funnel, the progress we've made there. And then just overall, our strong customer metrics and subscriber metrics. And generally, in the face of macroeconomic pressures, we're really not seeing anything that would give me concern at this point.
总的来说，我对我们差异化的试听转化渠道感到非常满意，过去取得的进展令人鼓舞。而就整体而言，我们的客户指标和订阅数据都很强劲。即便在当前的宏观经济压力下，目前我还没有看到任何值得担忧的迹象。

Sebastiano Petti

Great. Okay. Now, thinking about churn and engagement, some of the stuff you kind of talked about was encouraging on the call. And you highlighted that Siri saw the highest quarterly customer satisfaction ever, which was the driver of the strong churn performance that you just did touch on with churn down across all three categories, which I think is notable.
太好了。现在我们谈谈客户流失和用户参与度的问题。你在财报电话会上提到了一些令人鼓舞的内容，尤其指出 Sirius XM 实现了历史最高的季度客户满意度，这也是刚才你提到三大客户群流失率全面下降背后的主要原因，这一点非常值得关注。

So, what are the contributors to that improved CSAT? I mean, is it strictly a function of engagement? Is it just the enhanced listening experience? You talked about 360L, other maybe out of car trials and products initiatives. Well, content, pricing and packaging, what's the silver bullet there?
那么，客户满意度（CSAT）上升的驱动因素有哪些？是不是主要靠提升用户参与度？是否纯粹来自更优的收听体验？你提到过 360L，以及车外试听或其他产品创新。内容、定价、产品结构等等，哪个才是真正的“杀手锏”？

Jennifer Witz

It's really all three of those and I think that's going to structurally support our business going forward as well. But improvements we've made in the product, both in car through 360L and out of the car through the streaming app, just again, providing more discovery opportunities, more control features.
其实三方面都有贡献，我认为这也将构成我们未来业务的结构性支撑。我们在产品上的改进——无论是通过 360L 实现的车内体验，还是通过流媒体应用带来的车外体验——都提供了更多的内容探索机会和操控功能。

We've seen a lot more engagement across a broader set of content as a result, improvements in our content lineup. We're constantly adding more to our content portfolio.
这带来了用户参与度的提升，覆盖内容范围也更广。与此同时，我们不断丰富内容阵容，持续拓展我们的内容资产组合。

And in the fall of last year ahead of the rate increase, we actually made much of our, sort of, exclusive talk and sports content more widely available across some of those packages ahead of the rate increase, which I think was part of the reason that we were more successful in terms of rolling out that rate increase, and it's a model for us going forward as well.
在去年秋季提价之前，我们将大量原本为高端套餐保留的脱口秀和体育类独家内容，提前向更多基础套餐用户开放。我认为这也是我们提价能顺利推行的原因之一。这一做法也成为我们未来的运营模型。

And then again, our broader pricing and packaging structure, I think, is going to give us a lot more flexibility and improve engagement over time as well. But it really comes back to the content. And I think the differentiated content that we have, if we look at the satisfaction results from the survey, it really is across the board.
另外，我们更灵活的定价和产品包结构，也将长期提升用户参与度。但归根结底，核心还是内容。如果你看我们的客户满意度调查，几乎所有维度的满意度都很高，关键在于我们内容的差异化。

So, customers continue to cite that we have music channels and content that they can't find anywhere else. So, it's how we package and offer that content through human curation that's really important to our subscribers, and we'll continue to invest in that.
很多客户持续反馈说，他们在其他任何平台上都找不到我们拥有的音乐频道和节目。关键在于我们如何通过人工策划来包装和呈现这些内容，这对我们的订阅用户非常重要。我们会持续在这方面加大投入。
Warning
瞎扯。
And then the breadth of what we have outside of music is really core to retention as well. So, customers take advantage of, say, the Catholic channel, right, when we're selecting the new pope or we've really seen an increase generally on news and political channels as customers are sort of experiencing the news cycle that we've all seen over the last several months.
此外，音乐以外的内容广度也是我们客户留存的核心驱动力之一。比如在选举新教皇时，很多用户会收听我们的天主教频道。在过去几个月，随着新闻周期高频波动，我们在新闻和政治类频道的收听率也有显著上升。

So, what's really critical to the value proposition is the broad variety of content we have and that human curation across the board. And that's what's really driven overall satisfaction to highest levels that we've seen.
因此，我们真正的价值主张在于广泛多样的内容，以及贯穿始终的人工策划机制。这正是我们能够实现史上最高客户满意度的核心原因。
Idea
车载的差异性在于用户没有选择在灵活性，注意力在开车。
Sebastiano Petti

And so it seems as though you expect these churn tailwinds to continue as you -- particularly as you move away from the churn from the rate event.
听起来你们预期客户流失率的正面趋势将会持续，特别是在提价影响逐渐淡化的情况下。

Jennifer Witz

Yes, I think the first quarter was a nice surprise, I think, in terms of what we saw. We do have some impacts coming throughout the year that could change that trajectory a little bit. That's incorporated in our general guidance for subscribers this year, where we do think there will be a couple of hundred thousand of impact from some of these more onetime items.
是的，我认为第一季度的表现是一个令人惊喜的开局。当然我们预期全年还是会面临一些因素的影响，可能会稍微改变这个流失改善的轨迹。这些都已被纳入我们今年的用户增长指引中，我们预计大约会有几十万用户受一些一次性项目的影响。

So, click to cancel, I think we'll talk more about that. There are reduction in streaming, acquisition marketing and the pull forward that we're seeing by using shorter post-trial promotions.
比如“点击取消”功能——我们之后还会详细说。此外，还有流媒体业务缩减、获客营销活动减少，以及通过更短的试听促销期带来的需求提前释放，这些都可能成为因素。

All -- a couple of those could have an impact on our churn rates later this year. But fundamentally, I feel really good about the changes we've made, again, product, pricing and packaging and content to support ongoing future low churn rates.
上述这些因素中的某些可能会在下半年对我们的流失率造成一定影响。但从根本上讲，我对我们在产品、定价、内容和套餐结构上的一系列调整感到非常有信心，这些都将有助于我们未来继续保持低流失水平。

Sebastiano Petti

Got it. And then the improved engagement, I would imagine that's coming from your established core base more so than the modular tiers as that's just kind of rolled out, right? It's just--
明白了。那关于你们用户参与度的提升，我猜你们现有的核心客户群是主要贡献者，对吧？因为模块化套餐刚推出不久——

Jennifer Witz

Yes. We just started rolling those modular packages out. So, starting with the $9.99 in-car music-only package and $5 add-ons on top of that. That started rolling out late last year. And so we're just seeing some of those customers roll on to post trial, post promotion onto those full price packages.
对，模块化套餐是在去年年底才开始推出的。我们从9.99美元的“车载音乐专享包”开始，客户还可以根据需要叠加5美元的附加服务。现在我们才刚刚开始看到这些客户从试听期和促销期逐步转向全价套餐。

So, the engagement was really across the broader base of subscribers and particularly with those -- the full-price subscribers where we did make more content accessible across those packages, and we saw customers take advantage of that pretty quickly.
所以这波参与度提升其实来自我们整体的订阅用户群，尤其是那些全价订阅用户。我们在这些套餐中放开了更多内容访问权限，客户也迅速开始使用这些新增内容。

Sebastiano Petti

Got it. And then -- so with the new modular tiers and Sirius efforts to broaden the TAM. So you're focused on this broadening the portfolio of offers to meet the more price-sensitive younger demos in the market. I guess what gives you confidence that the $9.99 plan will, in fact, broaden your TAM?
明白了。现在 Sirius XM 正在通过推出新的模块化套餐努力扩大可服务市场（TAM）。你们显然正在拓展产品组合，以覆盖更注重价格的年轻用户群体。那么，你为什么有信心认为 $9.99 的套餐真的可以扩大你们的市场？

And I guess the main concern we hear from investors is perhaps the "unintended consequences" perhaps of down tiering within the base. So, I guess, how do you manage that?
我们听到很多投资者最担心的一点是客户“降级”（从高价套餐跳到低价套餐）带来的“意外后果”。你们会如何应对这种情况？

Jennifer Witz

Yes, I can come back to sort of the down tiering or cannibalization that I know investors and analysts seem to be concerned about. But overall, this is about fundamentally changing our pricing and packaging structure to create a much more logical sort of good, better, best structure to our pricing.
是的，我理解投资者和分析师都非常关注“降级”或“内部蚕食”的问题。我想说的是，我们此举的本质是彻底重塑我们的定价和产品结构，让我们的套餐体系更具逻辑性，从而形成“好—更好—最好”的清晰层次。

So, as you know, we have a lot of premium packages at the $25 and up range, and we have a lot of very loyal customers paying those rates.
目前我们有很多价格在 $25 及以上的高端套餐，也有一大批忠诚客户在持续订阅这些服务。

And we just really don't see customers downgrading from those tiers as they want to take advantage of the full set of content. There's that idea that I might want to listen to the NFL game or I might want to tune into the Catholic channel or whatever it is. So they want the full set of content.
我们实际上并没有看到这部分客户会主动降级，因为他们希望享受完整内容体验。他们可能想听 NFL 比赛，也可能想收听天主教频道等等，所以他们需要的是“全套内容”。

We'll then have a series of packages between $10 and $20 that have reduced content, music only at $9.99, and then you can stack on top of that news talk sports for $5 each. That's the modular packaging you're talking about.
然后我们将提供一系列定价在 $10 到 $20 之间的套餐，内容略有精简。比如 $9.99 的音乐专属套餐，然后用户可以按需添加新闻、脱口秀或体育模块，每项 $5。这就是你提到的“模块化套餐”。

And then below that, we expect to have this low cost with ads subscription tier launching later this year at a price point that's somewhere between $5 and $10.
此外，在此之下，我们还计划在今年晚些时候推出一个带广告的低价订阅层，价格介于 $5 到 $10 之间。

And again, has some reduced content, but also more ads, especially across the music channels. And we'll have more opportunity to increase ad load over time. But this is key to really opening up demand for more price-sensitive customers.
当然，该套餐的内容会有所精简，广告也会更多，特别是在音乐频道上。我们未来还有空间继续增加广告加载率。但这个层级的关键在于它能够激发那些对价格敏感但有收听需求的用户的购买意愿。

So, if you look at listening in the car for audio, 80% of consumption for 35-year-olds and up is to AM/FM or SiriusXM. So it's a radio-based experience. And this is 35 and up.
如果你观察35岁以上人群的车内音频收听行为，你会发现他们80%的收听时间花在了 AM/FM 或 SiriusXM 上。这说明他们更偏好广播型音频体验。

So, we have a lot of opportunity with packages sub-$10 to go after those listening to AM/FM who might not have considered SiriusXM in the past. So, it is about opening up demand within our trial funnels.
所以，我们通过低于 $10 的套餐，有机会吸引那些过去只听 AM/FM、从未考虑过 SiriusXM 的用户。这也是我们拓展试听转化漏斗的关键一步。

And on the cannibalization front, I think we're going to be very prescriptive about and targeted about how we use these lower-priced packages. We have a lot more capabilities in marketing to be able to do that. We can better target through the funnel.
至于“内部蚕食”的问题，我们会非常有针对性和策略性地部署这些低价套餐。我们的营销能力已经更强大，我们可以更精准地在转化漏斗中触达合适的用户。

We know in a much broader way what customers are listening to and what they're not listening to. And we have conversational AI that has been really incredibly powerful in terms of the customer interaction points and being able to get customers into the right packages.
我们现在可以更广泛地洞察客户收听什么、不收听什么。同时，我们也在使用非常强大的对话式 AI，在客户互动中引导他们匹配最适合自己的套餐。

So, I'm not concerned about cannibalization. But of course, we have to continue to share metrics to prove it to all of you as we roll these packages out.
因此，我并不担心套餐之间的互相蚕食。当然，随着我们逐步推出这些新套餐，也会持续向大家披露相关指标，用数据来验证这些策略的有效性。

Sebastiano Petti

And any learnings from the rollout of the modular tier?
你们在模块化套餐推出过程中有没有获得什么新经验或新洞见？

Jennifer Witz

Yes. The -- so we did a lot of testing on it last year before we rolled it out. And our experience so far, again, it's only with new customers coming through the trial funnel. So, existing customers is another area where we don't -- we won't expect to see cannibalization because we're targeting these new customers who haven't chosen to take on SiriusXM in a trial before. And what we're seeing is that they're choosing the highest price packages in most cases.
有的。其实在正式推出之前，我们去年已经做了大量测试。目前我们主要是将这个模块化套餐推广给首次体验 SiriusXM 的新客户群体，因此现有客户这一块我们不担心会出现“套餐降级”或“内部蚕食”。从目前观察来看，新用户中大多数最终选择的是我们价格最高的套餐。

So, there's $10, $15, $20, and $25, and most customers are actually choosing $25 during that initial -- they take a promotion and then they roll to that full price package. And then once they roll to the packages, they tend to stay at a much higher rate. Retention is much better.
目前套餐价格梯度是 $10、$15、$20 和 $25，大部分新客户在体验期结束后选择的是 $25 的全价套餐。这些客户在转为正式付费后，其留存率明显更高。

And so this is all about longer term, improving the overall health of the subscription business, trying to get ourselves off of some of these persistent customers that sort of persistently call to get a lower price discounted package for the full set of content getting them into the package that's right for them very early on in the trial. It's going to take time. But ultimately, this is a much better way to support future revenue growth.
从长期来看，这一策略的核心是改善我们的订阅业务质量。我们希望逐步减少那些反复拨打客服要求内容全包+大幅折扣的“固执型”客户，而是让新客户在试听期就快速匹配最适合他们的套餐。这当然需要时间来转变，但最终这会成为推动我们未来收入增长的更可持续、更高质量的方式。

Sebastiano Petti

Okay. And lastly, as we kind of wrap-up on the broadening of the TAM, share some similar -- the strategy does share some similarities with the push into digital and streaming over the last couple of years. Does the in-car centric modular strategy, though, does that inevitably pit you against some of the same competitors that you kind of faced on the digital side?
好的，最后，随着我们逐步结束关于可服务总市场（TAM）拓展的讨论，这一策略确实与过去几年我们在数字和流媒体领域的推进有些相似之处。但以车载为中心的模块化战略，是否不可避免地会让你们面对和数字领域同样的竞争对手？

I mean, is the modular tier intended to be, I guess, complementary to DSP services? That was kind of the digital strategy. And so maybe what are the key areas of differentiation we should be thinking?
我的意思是，这种模块化的层级设计是不是也打算与DSP服务形成互补？这基本上就是之前数字战略的做法。那么我们应该关注的主要差异化领域有哪些？

Jennifer Witz

Yes. I mean we've always been complementary, right? And other than maybe our older customers who haven't taken music streaming services and are still listening to their music collections in other ways. The vast majority of our subscribers already listen to other DSPs, right, and probably more than one and primarily outside of the car, right?
是的。我们的定位一直是互补的，对吧？除了也许是我们一些年纪较大的客户还没有使用音乐流媒体服务，仍然通过其他方式聆听自己的音乐收藏外，我们的大多数订阅用户已经在使用其他DSP服务了，对吧？而且可能不止一个，主要是在车外使用。

And again, you see that in that 80% statistic. Our core audience segments are 35 and up or 45 and up, and those customers are listening to AM/FM and SiriusXM in the car.
这一点你可以从那个80%的统计数据中看出来。我们的核心受众群是35岁以上、或者说45岁以上的客户，而这些客户在车内主要收听的是AM/FM和SiriusXM。

It's just a fundamentally different experience when you come into the car. Most people want linear content, right, a lean back experience, and we make that very easy with the broad set of content we have available. And we're clearly much more competitive against AM/FM, and that's what we're going after.
车内的收听体验从根本上说是不同的。大多数人希望获得线性内容，也就是那种“放松式”的体验，而我们拥有广泛的内容组合，使这一点变得非常轻松。而且我们在与AM/FM的竞争中显然更具优势，这也是我们正在努力争取的市场。

So, we're positioning ourselves as complementary to the DSPs. We think there's room for both among our customer sets. And it's really, again, about opening up demand with these packages for more price-sensitive customers to experience SiriusXM.
所以我们把自己的定位还是DSP服务的互补者。我们认为在我们的客户群体中，两者是可以共存的。归根到底，还是要通过这些套餐来释放更多价格敏感型用户的需求，让他们也能体验SiriusXM。

Sebastiano Petti

Got it. And so management expects core in-car net adds to improve in 2025, excluding the one timers you did talk about a couple of hundred thousand there. But based upon first quarter results and investor feedback, it seems that the guide for the year could be perhaps somewhat conservative.
明白了。所以管理层预计2025年核心车载净新增用户将有所改善，不包括你们提到的那几十万的一次性因素。但根据第一季度的业绩和投资者的反馈来看，今年的指引似乎可能略显保守。

I guess what should we be thinking about there as you -- for the trajectory over the course of the year in terms of net adds? Is it just maybe the unknowns that may be coming with the click to cancel? Is that what's driving that?
我想我们在思考全年净新增用户走势时，应该重点关注哪些因素？是不是主要是“点击取消”（click to cancel）机制带来的不确定性在驱动这种保守的预期？

Jennifer Witz

We haven't -- so we have started the rationalization of our streaming marketing spend. That's one of the biggest changes year-over-year. And we'll continue to see impacts of that throughout the year. We had a very strong second half in terms of streaming adds to the overall business last year.
我们已经开始对流媒体市场推广费用进行理性化调整。这是同比来看最重大的变化之一。我们将在全年继续看到这种调整的影响。去年下半年，我们在流媒体带动的整体新增方面表现非常强劲。

And so the comparables year-over-year will get tougher as we go throughout this year, in part because of that, the streaming reduction, but also because click to cancel, which now isn't going into effect until July.
因此，随着今年的推进，和去年的同比比较会越来越具挑战性，部分原因是流媒体投放的缩减，另一个原因是“点击取消”功能要到7月才会生效。

And look, we have this in place in several states today, including New York and California. So, we have some idea as to what the impact will be. But broader knowledge of the existence of it and the way we're rolling it out, it's going to take time to mitigate some of those impacts. But again, that will go into place in the second half. That's when we'll see the impact of that.
事实上，这项机制目前已经在包括纽约和加利福尼亚在内的几个州实施了。因此我们对其可能带来的影响有一定了解。但从更广泛的市场认知度以及我们推广的方式来看，要缓解其中的一些影响仍需要时间。而且这项机制将在下半年正式实施，我们也将在那时真正看到它带来的影响。

And then we're anticipating and have started to see some pull forward in churn related to the fact that we're using shorter-term promotions post trial. And again, that's one-time, and we wouldn't see that in the year-over-year impacts as we go into 2026.
此外，我们预期并已经开始观察到，由于我们在试用期之后采用了更短期的促销方案，导致一些用户提前流失。这仍然属于一次性因素，在进入2026年时的同比对比中将不再体现。

But it does mean all these things are sort of stacking in the second half. And while I think the comparisons might be tougher in the quarters for the rest of this year, it's really going to set us up well for improvements in the comparisons on net adds as we go into 2026.
但这意味着所有这些因素都会在今年下半年集中显现。尽管我认为今年剩余几个季度的同比比较会更加困难，但这实际上会为我们在进入2026年时在净新增用户方面的同比改善打下良好基础。

Sebastiano Petti

Okay. And -- so -- but you are confident that this couple of hundred thousand losses is still perhaps right level?
好的，那——所以你仍然有信心认为这几十万的净流失仍是合理的水平？

Jennifer Witz

I am confident that's the right level. And I still very much believe that absent those impacts that we would be better year-over-year, particularly on the in-car side of our business.
我很有信心那是一个正确的预估水平。而且我仍然坚信，如果排除那些一次性因素，我们的同比表现会更好，尤其是在车载业务方面。

Sebastiano Petti

Got it. And then obviously, notwithstanding what might occur in terms of -- well, at this point, I guess, the SAR and auto sales are kind of almost fully baked as we are sitting here in May, given your trial funnel.
明白了。那么很显然，不管接下来会发生什么——从现在这个时间点来看，考虑到你们的试用转化漏斗，汽车年化销售率（SAR）和整车销量的情况基本上已经基本定型了，对吧？

Jennifer Witz

Yes, I think we feel pretty good about if new car sales start to decline, typically, what we see earlier on is fewer customers trading in those cars and so less vehicle-related churn.
是的，我认为我们对此感觉还是比较乐观的。如果新车销量开始下降，我们通常最先看到的现象是，客户换车的频率减少，因此与车辆更换相关的流失也会减少。

So, it actually might be slightly positive this year. Hopefully, we'll see some impact on used car. I mean used car sales have been very strong. It's just a matter of inventory levels, I think, at this point.
所以今年这可能反而会带来一些轻微的正面影响。希望我们在二手车方面也能看到一些效果。我是说，二手车销量一直非常强劲，现在关键只是库存水平的问题。

Sebastiano Petti

Great. And then with ARPU expectations, maybe help us think about how to -- the cadence of ARPU in terms of 2025, particularly as we think about -- in the second quarter here, we'll have a full quarter of the recent rate event. You also have the efforts towards the rollout of the module tier and improving the sell-in there of the add-on packages.
太好了。那么关于每用户平均收入（ARPU）的预期，也许你能帮我们理解一下2025年ARPU的节奏，尤其是在考虑到——本季度（第二季度）将是最近一次提价事件完整反映的第一个完整季度。同时你们还在推进模块化层级的推出，并改善附加套餐的销售渗透。

And then you have easier comps in the second half as well. And so maybe help us think about the trajectory there? And do you still expect to return to ARPU growth in the second half?
此外，下半年的同比基数也更容易。那么你能否帮我们展望一下未来的走势？你们是否仍预期在下半年恢复ARPU的增长？

Jennifer Witz

Yes. So, the first quarter was down about 3%, which was generally in line with our expectations. The rate increase went into effect in early March. So we only saw a partial impact of that in the quarter.
是的，第一季度的ARPU同比下降了约3%，这大致符合我们的预期。提价是在3月初生效的，因此在第一季度我们只看到了部分影响。

So, that will roll out over the course of the year. Most of our subscribers are on monthly plans, but we still have subscribers that will experience that rate increase that are on longer-term plans over the course of the rest of the year.
所以，这项价格调整将在全年逐步体现出来。我们的多数用户是按月付费的，但仍有一些采用长期套餐的用户将在今年剩余时间里陆续经历这次涨价。

So, the comparable -- the comps versus last year will get better, particularly in the second half. And look, we do have an opportunity to open up demand at lower price points, and we also have an opportunity for continual rate increases. Again, we've proven, I think, if we can add value appropriately for our customers that we do have opportunities to increase prices on our full price packages.
因此，和去年的同比会越来越有利，尤其是在下半年。同时，我们确实有机会通过较低价格点打开更多需求，也有机会继续进行提价。我认为我们已经证明，只要能为客户提供足够的价值，我们在全价套餐上仍有提价空间。

So, it's a balance of those things, right, that there's more opportunity at the top. Customers are increasingly choosing those \$25 packages in our modular pricing and packaging rollout. And so we see real strength in the top end of that pricing and packaging strategy.
因此，这一切需要平衡，对吧？在高价层我们还有更多机会。越来越多的客户在我们的模块化定价和包装计划中选择了25美元的套餐。因此我们在高端价格和包装策略中看到了真正的增长动力。

But ultimately, I think we all agree that we'd probably even take a bit of a reduction in ARPU if we could really drive volume, right? It's about revenue maximization. I don't know that we're going to have to make that trade ultimately because we have room at the top. But I think the opportunity for us is to open up more demand with these lower-priced packages, including low cost with ads.
但归根到底，我认为我们都同意，如果真的能够显著提升用户数量，我们甚至可以接受一些ARPU的下降，对吧？关键是最大化总营收。我不确定我们最终是否需要做出这种权衡，因为我们在高价层还有增长空间。但我认为我们的机会在于通过这些更低价格的套餐（包括带广告的低价方案）进一步释放需求。

Sebastiano Petti

Okay. So it seems as though the sell-in of add-ons is pretty -- is moving along nicely if you're--
好的。所以看起来附加服务的销售渗透情况还挺不错的，如果你们现在——

Jennifer Witz

Been effective.
确实非常有效。

Sebastiano Petti

Given you're seeing higher demand at the top end of that. But as you think about that and revenue maximization, is the biggest swing factor? Is it more rate -- how do we think about that on a rate versus volume perspective in terms of the trend at the top line in the subscription side, maybe in 2025 and in 2026? Is it getting the sell-in, the add-on tier, right? Is that getting that right? Is that the key benefit? Or is it more volume-based or just maybe the key priorities that you get?
考虑到你们在高价套餐层级上看到了更强的需求，那从收入最大化的角度来看，最大的变量是什么？是价格还是用户数量？我们应该如何从价格增长和用户增长的角度来看订阅收入在2025年和2026年的趋势？是把附加层级的销售做对了才是关键所在吗？或者说它是核心的增长引擎？还是更多依赖于用户数量的扩张？你们在这里的首要目标到底是什么？

Jennifer Witz

Yes, I guess it's probably three areas. It's continuing to set ourselves up for increases in rates on full-price packages in future years and making sure that we're adding that value and upselling, right, for customers that's not been an active process for us. But again, with more marketing capabilities and be able to improve our ability to upsell customers who are on these lower-priced packages into the full content tiers.
是的，我想可以归结为三个方面。首先是为未来几年在全价套餐上的提价打好基础，并确保我们能够为客户提供足够的价值，并有效地进行升级销售。过去我们在这方面并没有做得很主动。但现在随着我们市场营销能力的提升，我们能更好地将使用低价套餐的客户引导升级至完整内容层级。

It's managing that modular pricing, \$999 music and then the add-ons and continuing to get people into those higher-priced packages. At the same time, making sure that we're maximizing demand for more price-sensitive customers at that \$999 price point.
第二是管理模块化定价，比如9.99美元的音乐基础套餐加上附加内容，并持续推动用户转向更高价格的套餐。同时也要确保我们在9.99美元这个价格点上尽可能地满足那些价格敏感型客户的需求。

And then it's rolling out low cost with ads, which, of course, will have ad ARPU on top of it. But at a sub-\$10 price point, really having an attractive option in market for those price-sensitive customers that are really looking for an in-car solution.
第三是推出带广告的低价套餐，当然这种方案还会有广告带来的ARPU收入。在10美元以下的价格点，我们将为那些真正寻求车载音频解决方案且价格敏感的客户提供一个非常有吸引力的选择。

So, it's going to be a balance, again, of rate and volume. And I think we'll have a lot more as we roll out low cost with ads later this year to say on how we're doing on targeting and bringing new subscribers into the base.
所以，归根到底这仍然是价格和用户数量之间的平衡问题。我认为，随着我们今年晚些时候正式推出带广告的低价套餐，我们将有更多的数据可以说明我们在目标用户获取和新增用户增长方面的表现。

Sebastiano Petti

Any details perhaps about the ad supported subscription timing and rollout?
关于带广告的订阅服务，有没有更多关于上线时点和推广节奏的细节可以分享？

Jennifer Witz

So, we're going to start testing early in the second half. And again, it's about making sure that we have the right go-to-market strategy, the right price point and that we are building out that -- those capabilities in, I'd say, the third quarter and then hopefully launching more broadly in the fourth quarter and starting to see sort of real traction in terms of how we gain momentum on subscribers, but also building more capabilities on the ad side alongside that.
我们将在下半年初开始测试。我们重点是确保具备正确的市场推广策略、合适的定价，并在第三季度完善相关功能建设，然后希望能在第四季度更大范围地推出该服务，开始看到我们在订阅用户增长方面取得实质性进展，同时在广告端也同步增强能力建设。

So, everything we're doing to support the low cost of ad subscription will also benefit the broader advertising business on the SiriusXM side. So, there is opportunity to unlock that as we introduce more IP-targeted ads and better monetize our inventory in the car. We're really the only provider that can actually do that in the embedded in-car experience. So, there's more to come that will start slowly towards the end of the year and ramp as we go into next year.
我们在支持带广告的低价订阅服务方面所做的所有投入，也将反过来推动SiriusXM整体广告业务的发展。随着我们引入更多基于IP定位的广告技术，并在车内更好地变现广告库存，这方面的潜力有望被进一步释放。实际上，我们是唯一能够在车载原生系统中实现这一体验的服务商。所以从今年年底开始，这一战略会缓慢启动，并在明年逐步提速。

Sebastiano Petti

Great. And great segue because as we kind of think about advertising in the first quarter, maybe a bit better than feared following Tom's update in mid-March. You cited some pockets of weakness perhaps in travel, autos and retails, offset by strength in pharma and telco. Any update on ad trends since the call in terms of what you're seeing out there?
太好了。这也自然过渡到广告业务的表现。我们回顾第一季度的广告情况，可能比3月中旬Tom更新时担忧的情况要好一些。你们提到旅游、汽车和零售行业表现疲软，而医药和电信则表现强劲。自上次电话会议以来，关于广告趋势你们还有什么最新观察吗？

Jennifer Witz

Not really much that's new. I think we're still seeing some mixed results in retail and I think CPG. And on the auto side, there's been some areas of opportunity in the short term, I think, as automakers are taking advantage of the demand. And then real strength in telco and pharmaceuticals and even some in financial services as well.
其实没有太多新的变化。我认为零售和日用消费品（CPG）仍呈现出不均衡的结果。在汽车方面，短期内还是存在一些机会，车企正在抓住当前的需求。同时，电信和医药行业的表现依然非常强劲，甚至金融服务领域也有些亮点。

But I think the trend line is probably going to be more similar in terms of bookings in this Q2 as it was for the first quarter where there were a lot of late bookings. And I'm really pleased with our programmatic offering because it does allow advertisers to kind of come into market late in the quarter and take advantage of our offerings, especially across streaming and podcasting. So, we continue to monitor it. But right now, still very consistent with what we said on the call.
但我认为，从广告预订的节奏来看，第二季度的趋势可能会和第一季度类似，仍会有大量的临近季度末的“晚预订”。我对我们的程序化广告产品感到非常满意，因为它让广告主即使在季度末才入场，也能很好地利用我们的资源，特别是在流媒体和播客方面。我们会持续关注市场动态，但目前为止情况仍与电话会议中所述保持一致。

Sebastiano Petti

Awesome. Okay. And you did cite in terms of -- on the call, you touched on it a little bit there in terms of the late bookings, but your broad portfolio of ad solutions across broadcast, streaming and podcasts as well as your reach, this is an area of differentiation in the market for Siri. I guess tell us more about why is Siri well-positioned to get benefit from this shift towards short-term performance marketing.
太好了。那么在电话会议中你们也稍微提到了“晚预订”这一点，但SiriusXM在广播、流媒体和播客等多个渠道上拥有广泛的广告解决方案和覆盖面，这是它在市场中的差异化优势所在。我想请你进一步谈谈：在市场向短期效果导向营销（short-term performance marketing）转变的趋势下，SiriusXM为何具备良好受益的条件？

Jennifer Witz

Yes. I think we have great solutions across the board for marketers as they look at their full funnel of marketing opportunities. And this has a lot to do with the fact that we have a really broad offering across audio that we have expansive reach across our platforms and on third-party platforms, and we have incredible strength in our content offering. So, we have a number of solutions for advertisers, both on the performance side and in brand building.
是的。我认为我们为营销人员在整个营销漏斗的各个阶段都提供了非常出色的解决方案。这很大程度上得益于我们在音频领域提供了极为广泛的产品组合，不仅涵盖自有平台，还包括第三方平台，且我们在内容方面也有极强的竞争力。因此，无论是效果营销还是品牌建设，我们都能为广告主提供多样化的解决方案。

Audio has really been about brand building. And part of that is because there's not an opportunity to sort of click to take an action. But also advertisers can reach customers in a much broader set of locations and situations with audio that can add value to their overall reach if they're buying in video and other platforms.
音频传统上更偏向于品牌建设，这部分是因为用户无法通过点击直接进行转化。但另一方面，广告主可以通过音频在更广泛的场景和地点触达用户，如果他们已经在视频和其他渠道投放广告，那么音频能显著提升整体触达的价值。

So, it's where you don't have a screen in front of you, where we can really ad reach to their overall media buy. So, I feel really good about the opportunity to continue to serve advertisers on the brand side. And then from a performance standpoint, it's about building better capabilities in targeting and measurement.
所以，在用户没有屏幕在眼前的场景中，我们可以真正为广告主的整体媒体投放增添触达能力。因此我对我们持续为品牌型广告主提供服务的机会非常有信心。而从效果营销的角度来看，关键是我们要提升在“受众定位”和“效果衡量”方面的能力。

So, that's identity solutions, clean room activations, MMM model integrations. And we're doing all that to take advantage of those opportunities to serve marketers so that they can better prove ROI on their investments in audio when they expand reach.
这包括身份识别解决方案、Clean Room激活（数据安全共享环境）以及MMM（市场混合建模）模型的整合。我们在这些方面持续推进，以便帮助广告主更好地衡量在音频广告上的投资回报率，尤其是在扩展受众触达的同时。

So, ultimately, it's really about the content we have as well. And maybe we'll talk a little bit about Creator Connect and the growth we've seen there, which has been really strong.
归根结底，这也离不开我们所拥有的内容优势。或许我们可以稍后再谈谈“Creator Connect”（创作者互联）计划，以及我们在这方面看到的非常强劲的增长表现。

Sebastiano Petti

Yes. Tell us a little bit more about the Creator Connect solution you guys roll out.
好的，请你们多介绍一下你们推出的 Creator Connect（创作者互联）解决方案。

Jennifer Witz

Yes. So, we -- I mean, if you look at our podcast portfolio, we're really well positioned, whether it's Ashley Flowers or Alex Cooper, *Call Her Daddy*, Mel Robbins or the *SmartLess* team, Conan O'Brien.
好的。如果你看看我们的播客组合，我们的定位非常有优势，包括Ashley Flowers、Alex Cooper（*Call Her Daddy*）、Mel Robbins、*SmartLess*团队，还有Conan O'Brien。

And many of these creators are increasingly leveraging video. I mean you see the explosive growth really in YouTube and video podcasting. And I think you'll see that across other platforms as well. And this is about us working closely with these creators to make sure that they're able to monetize wherever they are.
这些创作者现在越来越多地开始利用视频形式。比如在YouTube和视频播客领域，你可以看到非常爆炸式的增长。我认为这种趋势会在其他平台上也越来越明显。而我们要做的，就是与这些创作者紧密合作，确保他们无论在哪个平台都能实现内容变现。

So, it starts with audio, but we're increasingly monetizing across video podcast and then extending into their social channels as well. So, it's about advertisers being able to align with these creators and the talent and broaden their campaigns across all these channels. So, we think it's a great way also to capture video budgets and social budgets and extend beyond the audio market.
我们的起点是音频，但我们现在也在逐步实现视频播客和社交媒体渠道上的变现。因此，这项计划可以让广告主与这些创作者及其影响力深度绑定，在多个渠道上开展整合式的广告活动。我们认为这是一个很好的方式，可以争取到更多视频和社交平台的广告预算，同时拓展我们在音频之外的市场。

Sebastiano Petti

Great. And I think as we wrap-up here, thinking about just the 2025 target program of \$200 million of run rate savings by year-end. A big focus for the team. You achieved \$30 million of those savings in the first quarter. But unlike cost programs in 2023 and 2024, most of these savings are expected to fall to the bottom-line.
太好了。那在总结时，我们再来看一下2025年的重点节约计划：你们设定的目标是到年底实现2亿美元的年化节约。这是团队非常关注的一项工作。你们第一季度已经实现了3000万美元的节约。但与2023年和2024年的成本控制计划不同，这一次的大多数节约预计会直接体现在净利润上。

However, guidance does imply margin contraction year-over-year. And so maybe help us think about the main factors driving that. What are the levers to return the business back to margin expansion?
不过你们的指引中却显示出同比利润率有所下滑。那么是否可以帮我们分析一下背后的主要驱动因素？另外，未来有哪些杠杆可以用来推动业务利润率重新回到扩张轨道上？

Jennifer Witz

Yes, I think we'll see a good trend line on EBITDA margin over the course of this year. I mean remember, we have incredibly healthy variable margins on our subscription revenue. And as we've seen some declines in the last couple of years on subscription revenue, that's fallen through and pressured EBITDA.
是的，我认为我们今年的EBITDA利润率将呈现出良好的趋势。要知道，我们的订阅收入具有非常健康的边际利润。过去几年订阅收入出现了一定程度的下滑，而这部分下滑直接传导到了EBITDA上，形成了压力。

And so we've had a very active program in managing costs, as you know, and there are certainly more opportunities there. As we look at this year, those revolve around things like removing duplicative systems, we've been going through a platform migration at SiriusXM.
因此，正如你所知道的，我们一直在积极推进成本管理项目，而且这里面仍有很大潜力。今年的重点包括消除冗余系统，我们目前正在推进SiriusXM的系统平台迁移。

And so reducing software licenses, development resources and the support for those software licenses as well. And then better optimizing and being more efficient in targeting with our marketing. And then conversational AI and generative AI that we're using and leveraging very significantly across customer interactions on the SiriusXM side and to build out better self-serve solution in the advertising side as well.
我们正在减少软件许可、开发资源及其支持服务的相关支出，同时也在优化我们的市场营销资源投放，使其更加精准高效。此外，我们在SiriusXM的客户交互环节大量应用会话式AI和生成式AI，也在广告侧构建更完善的自助服务解决方案。

So, a number of cost opportunities, both on the operating expense side and CapEx that I think will continue to support the business in terms of reducing the cost structure going forward. But ultimately, it's really about getting subscription revenue back to stabilization and growth going forward because of the strong margins we have there.
因此，在运营费用和资本支出两个层面，我们都有多个降本的机会，这些都会继续支持我们优化整体成本结构。但归根结底，关键还是要让订阅收入恢复稳定并重新进入增长轨道，因为那部分的利润率最为强劲。

Sebastiano Petti

Got it. And then I think I asked this on the call as well, but strong EBITDA out the gate, guidance maintained, no impact from the tariffs. There may be was a little bit of a benefit perhaps as you think about the spend of some timing spend and some easier comps.
明白了。我记得我在电话会议上也提过这个问题——今年开局EBITDA表现强劲，业绩指引维持不变，也没有受到关税的影响。从某些角度看，支出时点安排以及较低的同比基数也许对你们稍有利。

But guidance, some would argue, appears somewhat conservative given your cost momentum and the better subs in the first quarter. Obviously, back half of the year, some impacts on the subscriber side. But help us think about why the conservatism from the team? And could we see upside to guidance if visibility were to improve on the advertising side?
但也有人会认为，在成本控制持续改善、第一季度订阅用户数据强于预期的背景下，这样的指引显得有些保守。当然，下半年订阅用户方面会面临一些挑战。但是否可以帮我们理解一下，团队为何选择保持保守态度？如果广告业务的可见性提升，是否有可能上调业绩指引？

Jennifer Witz

Yes, I think -- look, the advertising market is definitely a little choppy, and we're just being cautious, right? I mean we set our guidance late last year before some of this macro uncertainty sort of came to light.
是的，我认为——看，广告市场的确有些波动不定，我们现在只是采取了相对谨慎的态度。毕竟我们的业绩指引是在去年年底制定的，当时一些宏观不确定性尚未显现。

And so I think we just want to be really cautious about providing any updates. And we feel very confident about our guidance on revenue, EBITDA and free cash flow and sort of the general parameters we've given around subs. But it's just too early, I think, to change anything.
因此，我们现在对是否更新指引保持非常谨慎。但我们对现有的营收、EBITDA和自由现金流指引仍然非常有信心，对用户增长的整体预期也一样。我认为现在还为时过早，不适合做出调整。

We have, I think, a very robust cost reduction program in place. But to the extent ads don't materialize in the way that we would expect, we need a little bit of cushion there on overall EBITDA. But again, I feel really good about where we are today and confident in our overall guidance.
我们的降本计划执行得非常坚决。如果广告收入未能达到预期，那我们也需要在EBITDA方面预留一些缓冲。但整体而言，我对当前的业务状态感到很满意，并对我们的整体指引保持信心。

Sebastiano Petti

And in terms of leverage, help us think about the management team's views on, I guess, just the glide path to returning your target leverage back to the low to mid-3 times range. We forecast net leverage of 3.3x exiting 2026, which definitionally gets you to the low to midpoint of the range. But just help us think about how you're balancing the deleveraging opportunities versus opportunistic share repurchases given valuation?
那在杠杆方面，请你帮我们理解一下管理团队的思路——你们是如何规划逐步回归目标杠杆区间（净债务/EBITDA 低至中3倍水平）的？我们预测你们到2026年底的净杠杆比将达到3.3倍，这已经处于该目标区间的低到中端。那如何平衡去杠杆的机会与当前估值下的回购机会？

Jennifer Witz

Yes. We've had just a modest share repurchase program in place to take advantage of any real disruptions. And with that in place, I still believe that we'll get to kind of just above the top end of that range by the end of this year, which, again, our target leverage ratio being low to mid-3 times net debt-to-EBITDA.
是的。我们目前实施的是相对温和的股票回购计划，目的是在市场出现真正扰动时抓住机会。即便如此，我仍然认为我们到今年年底的杠杆率会略高于目标区间的上限（净债务/EBITDA目标是3到3.5倍之间）。

And look, going forward, as we get into 2026 and 2027 and we get into that target leverage ratio. And also we've provided our target free cash flow of \$1.5 billion in 2027, that really opens up a lot more opportunities for us on the capital return side.
展望未来，到了2026和2027年，当我们杠杆水平进入目标区间，加上我们设定的2027年15亿美元自由现金流目标，那将为我们在资本回报方面带来更大空间。

We have a very healthy dividend. We'll continue to maintain that and look at that. But ultimately, it probably creates opportunities for us to be a bit more aggressive on the share repurchase side as we get into those higher free cash flow levels.
我们目前的股息非常健康，并会持续维持下去。但从长远来看，随着自由现金流的增长，我们在股票回购方面也许能采取更积极的态度。

And we have a fair amount of certainty there, right, given the guidance we provided around satellite CapEx and how that's going to decline in the next few years.
而且我们对这一路径的确定性是相当高的，因为我们已经明确了卫星资本支出的指引，并预计在未来几年该项支出将显著下降。

Sebastiano Petti

Well, a good segue. And I think you did kind of touch upon maybe there's additional opportunities on the CapEx and OpEx side. But as we think about longer-term reductions in perhaps non-satellite CapEx, Tom commented on the call that he and Wayne are scrutinizing non-satellite CapEx spend.
很好的过渡。我记得你刚才也提到了一些在资本支出（CapEx）和运营支出（OpEx）方面的额外优化空间。那么如果我们展望未来在非卫星类CapEx上的长期节约潜力，Tom在电话会议中提到他和Wayne正在深入审查这部分开支。

But just help us think about the near-term pressures in the non-satellite CapEx side. When will those ameliorate? And then what are some other potential non-satellite CapEx efficiencies you can squeeze out of the business? Any color there?
你能否帮我们理解一下非卫星类CapEx在短期内所面临的压力？这种压力大概什么时候会缓解？此外，是否还有其他潜在的节省空间可以从这部分业务中进一步释放出来？有没有可以分享的更多细节？

Jennifer Witz

Yes, Wayne Thorsen, our COO, has taken a very aggressive approach at looking at all our development costs across operating expense and capital. And I absolutely see a path for reductions as we go into next year as he evaluates that.
是的，我们的首席运营官Wayne Thorsen在审视我们所有与开发相关的运营支出和资本支出方面采取了非常积极的做法。在他进行评估的过程中，我非常清楚地看到我们在明年有进一步降低支出的路径。

And we really are much more disciplined about where we're spending and what we're spending that on. So, there's a much more detailed focus on ROI for those investments. We've talked about our focus around in-car subscription and building our ads business.
我们现在在开支的方向和用途上更加严格，所有投资都更加聚焦在投资回报率（ROI）上。我们之前也提到，我们重点聚焦在车载订阅服务的构建，以及广告业务的发展上。

And he's also developing a lot of capabilities for us to continue to reduce costs as well. So, the thing we're experiencing this year is some investments in our ground repeaters and broadcast infrastructure which should largely be done by the end of this year and put us on a path to get closer to that \$400 million mark or maybe slightly below on non-satellite CapEx as we go into next year.
他也在为我们开发很多能力，以便持续推动降本。今年我们面临的主要压力来自对地面中继设备和广播基础设施的一些投入，这些项目大致将在年底完成。进入明年后，我们的非卫星类CapEx有望降到接近或略低于4亿美元的水平。

Sebastiano Petti

Just so as of next year as you kind of think about that level of spend on non-satellite.
所以从明年起，你们在非卫星资本支出方面的预算就是大致维持在这个水平上？

Jennifer Witz

Non-satellite. Yes.
对的，非卫星部分是这样。

Sebastiano Petti

Awesome. All right. Well, Jennifer, thank you so much for being here and joining us today, and thanks, everyone. Enjoy the rest of your day.
太棒了。好的，Jennifer，非常感谢你今天的参与，也感谢在场的各位。祝大家接下来的时光愉快。

Jennifer Witz

Thank you, Sebastiano.
谢谢你，Sebastiano。

Sebastiano Petti

Thank you.
谢谢。

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