2025-07-31 Sirius XM Holdings Inc. (SIRI) Q2 2025 Earnings Call Transcript
Sirius XM Holdings Inc. (NASDAQ:SIRI) Q2 2025 Earnings Conference Call July 31, 2025 8:00 AM ET
Company Participants
Hooper Stevens - Senior Vice President & Head of Investor Relations
Jennifer C. Witz - CEO & Director
Scott A. Greenstein - President & Chief Content Officer
Thomas D. Barry - EVP & Chief Financial Officer
Wayne D. Thorsen - Executive VP & COO
Conference Call Participants
Barton Evans Crockett - Rosenblatt Securities Inc., Research Division
Cameron Mansson-Perrone - Morgan Stanley, Research Division
David Carl Joyce - Seaport Research Partners
Jessica Jean Reif Ehrlich Cohen - BofA Securities, Research Division
Kutgun Maral - Evercore ISI Institutional Equities, Research Division
Stephen Neild Laszczyk - Goldman Sachs Group, Inc., Research Division
Steven Lee Cahall - Wells Fargo Securities, LLC, Research Division
Operator
主持人
Greetings. Welcome to the SiriusXM Second Quarter 2025 Earnings Call. \[Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Hooper Stevens, Senior Vice President, Investor Relations and Finance. Thank you, Hooper. You may now begin.
大家好，欢迎参加 SiriusXM 2025 年第二季度财报电话会议。\[操作提示] 提醒各位，本次会议正在录音。现在我很高兴为大家介绍 SiriusXM 投资者关系与财务高级副总裁 Hooper Stevens。谢谢你，Hooper，请开始。
Hooper Stevens
Thank you, and good morning, everyone. Welcome to SiriusXM's Second Quarter 2025 Earnings Conference Call. Today, we will have prepared remarks from Jennifer Witz, our Chief Executive Officer; and Tom Barry, our Chief Financial Officer. Scott Greenstein, our President and Chief Content Officer; and Wayne Thorsen, our Executive Vice President and Chief Operating Officer, will join Jennifer and Tom to take your questions during the Q\&A portion of this call.
谢谢大家，早上好。欢迎参加 SiriusXM 2025 年第二季度财报电话会议。今天，首先由我们的首席执行官 Jennifer Witz 和首席财务官 Tom Barry 进行准备发言。随后，我们的总裁兼首席内容官 Scott Greenstein，以及执行副总裁兼首席运营官 Wayne Thorsen，将与 Jennifer 和 Tom 一起在问答环节回答大家的问题。
I would like to remind everyone that certain statements made during the call might be forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. These and all forward-looking statements are based upon management's current beliefs and expectations and necessarily depend upon assumptions, data or methods that may be incorrect or imprecise. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. For more information about these risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them.
我想提醒大家，本次电话会议中的部分发言可能包含《1995年私人证券诉讼改革法》定义的前瞻性声明。这些前瞻性声明基于管理层当前的信念和预期，但依赖的假设、数据或方法可能存在错误或不精确。这些前瞻性声明存在风险和不确定性，可能导致实际结果与预期有重大差异。有关这些风险和不确定性的更多信息，请参阅 SiriusXM 向美国证监会（SEC）提交的文件以及今日的财报公告。我们建议听众不要过度依赖这些前瞻性声明，并声明无意或义务对其进行更新。
As we begin, I'd like to remind our listeners that today's call will include discussions about both actual results and adjusted results. All discussions of adjusted operating results exclude the effects of stock-based compensation. Additionally, we have posted a supplementary presentation on our IR website for your convenience. With that, I'll hand the call over to Jennifer.
在会议开始之前，我还想提醒各位，今天的电话会议将涵盖实际业绩和调整后业绩的讨论。所有关于调整后运营结果的讨论均不包括基于股票的薪酬影响。此外，我们已在投资者关系网站上发布了一份补充演示文稿，供大家参考。接下来，我将把话筒交给 Jennifer。
Jennifer C. Witz
Thank you, Hooper. Good morning, everyone. The second quarter was a period of great progress as we continued to deliver meaningful value to our subscribers, listeners and advertising partners and optimize our organization through the lens of our renewed strategic focus. From deeper engagement with our loyal listeners to early momentum associated with our operational improvements and continued strong results across key performance indicators, we are confident we are on the right path for the long-term success of the business.
谢谢你，Hooper。大家早上好。第二季度对我们来说是一个进展显著的时期，我们持续为订阅用户、听众和广告合作伙伴创造有意义的价值，并通过新的战略聚焦优化公司。从与忠实听众更深入的互动，到运营改进带来的早期动力，再到关键绩效指标的持续强劲表现，我们有信心正在走在通向长期成功的正确道路上。
Beginning with content, it's been an exciting few months as we announced new talent and programming, produced one-of-a-kind subscriber events and tapped into the full power of our platform with major moments in news and culture. One of the highlights of the quarter included our new agreement with Stephen A. Smith, who will be joining us this fall. SiriusXM offers multifaceted personalities and creators a place to connect deeply with their fans on many topics. This deal, for example, has Stephen A helming both a live daily sports show on Mad Dog Sports Radio and a political and culture program expected to air on the POTUS channel and then run as a broadly distributed podcast.
从内容方面来看，过去几个月令人振奋。我们宣布了新的人才和节目，策划了独一无二的订阅用户活动，并在重大新闻和文化时刻充分发挥了平台的力量。本季度的亮点之一是我们与 Stephen A. Smith 签署的新协议，他将在今年秋季加入我们。SiriusXM 为多元化的公众人物和创作者提供了一个与粉丝深入互动的平台。例如，该协议安排 Stephen A 主持 Mad Dog Sports Radio 的每日体育直播节目，同时还将主持一档预计在 POTUS 频道播出的政治与文化节目，并随后以广泛发行的播客形式推出。
The collaboration with Stephen A leans into many of our strengths, including our leadership in sports audio, live coverage, real-time fan interaction and effective monetization of listeners across both subscription and advertising supported audio. These are the types of thoughtful content investments we will continue to make moving forward.
与 Stephen A 的合作充分体现了我们的多项优势，包括我们在体育音频、现场直播、实时粉丝互动方面的领先地位，以及我们在订阅与广告支持音频上的高效变现能力。这类深思熟虑的内容投资将是我们未来持续推进的重点。
Within our SiriusXM subscription business, we're pleased to deliver year-over-year improvement in self-pay net adds for the fifth quarter in a row, which in Q2 improved by 32,000 over the same quarter last year. This quarter's results were primarily driven by the expansion and positive impact of new acquisition initiatives, combined with continued low churn. These initiatives include our automotive dealer 3-year subscription program, which earlier this month kicked off with Audi, our eighth OEM partner, enhancements to our used car owner data, our EV expansion and Podcast plus package.
在 SiriusXM 的订阅业务方面，我们很高兴连续第五个季度实现自付用户净增长的同比提升，其中第二季度比去年同期增加了32,000名用户。本季度的业绩主要得益于新获客举措的扩展和积极影响，同时结合了持续低流失率。这些举措包括我们的汽车经销商三年订阅计划，该计划本月初已与第八家OEM合作伙伴奥迪启动；同时还有二手车主数据的优化、电动车领域的扩展，以及 Podcast Plus 套餐的推出。
We still anticipate the headwinds we highlighted heading into 2025, particularly our intentional pullback of streaming marketing spend to impact comparisons in the back half of the year. But while our full year subscriber expectations remain unchanged, the first half of 2025 underscores the success of these acquisition efforts and the strength, health and resilience of our core subscriber base. We are committed to delivering even greater value to our dedicated customers. After successfully incorporating additional content
我们仍然预计在进入2025年时会面临一些阻力，尤其是我们有意缩减流媒体营销支出，这将在下半年影响同比表现。但尽管如此，我们对全年订户的预期保持不变。2025年上半年的表现凸显了这些获客举措的成功，以及我们核心订户群体的实力、健康和韧性。我们致力于为忠实客户提供更大的价值。在去年秋季成功将更多内容纳入不同套餐后，
into various packages last fall, we are pursuing further value adds as well as continuous enhancements to our in-app experience as a complement to in-car listening.
我们正在寻求进一步的增值内容，并持续改进应用内体验，以补充车载收听场景。
This quarter, we launched a new call in button, which appears on live talk programming in the app as the phone lines open up for listeners, making it as easy as one tap to chat live with favorite hosts. This is just one of the ways we are super serving our core audience, deepening their connection with our content through the timeliness of our service. We are also seeing increased usage of our streaming offering more broadly, with in-app time spent listening up year-over-year in both listening hours and days for our self-pay subscribers.
本季度，我们在应用内的直播谈话节目中推出了新的“呼入按钮”。当电话线路为听众开放时，该按钮会自动出现，用户只需轻轻一点就能与喜爱的主持人实时互动。这是我们为核心用户提供更优质服务的方式之一，通过服务的实时性加深他们与内容的联系。我们还观察到用户对流媒体服务的使用总体上在增加，自付订阅用户的应用内收听时长和收听天数均实现了同比增长。
不错的设计。
Additionally, consumption of our streaming extra channels and artist stations continues to increase both in car and in app. Building engagement across content types and devices has been a major factor in sustaining our incredibly high customer satisfaction and low churn.
此外，我们的流媒体附加频道和艺人电台的消费量在车载端和应用端均持续增长。推动跨内容类型和跨设备的互动，是我们维持极高客户满意度和低流失率的关键因素之一。
As we look to highlight our unique differentiators to new potential customers and thoughtfully grow our subscriber base, we are building additional packages to meet their needs. Earlier this month, we began rolling out SiriusXM Play, our new in-car and in-app ad-supported subscription plan, featuring a compelling subset of our music and talk programming available at a low monthly price. We expect Play to be available in almost 100 million vehicles by the end of this year. Play presents a logical solution for price-sensitive customers with SiriusXM already built into their vehicles who are looking to complement their on-demand audio platform of choice with a more curated, live and connected experience with the same ease of traditional radio. The introduction of Play rounds out our broader pricing and packaging work, which now includes a variety of plans and price points suited to different types of listeners.
当我们着眼于向潜在新客户展示自身独特优势并有序扩展订阅用户群时，我们正在打造更多差异化套餐以满足他们的需求。本月初，我们开始推出 SiriusXM Play，这是一种支持广告的车载和应用订阅计划，精选部分音乐和谈话类节目，以较低的月费提供。我们预计到今年年底，Play 将覆盖近1亿辆汽车。对于那些车辆内已预装 SiriusXM、但价格敏感、并希望在点播音频平台之外获得更精心策划的实时互动体验的客户而言，Play 是一个合乎逻辑的解决方案。Play 的推出补充了我们更广泛的定价和产品组合体系，目前已涵盖多种套餐和价位，满足不同类型听众的需求。
While we believe Play has a potential to contribute to improved subscriber results, we are scaling this new solution at a thoughtful rate, leveraging the marketing investments we've made to target the right potential customers with the right content and package. Play also introduces opportunities into our portfolio of advertising solutions, taking advantage of the continuous improvements we are making to our ad tech stack. This includes the addition of ad replacement capabilities on 360L vehicles toward the end of this year, and updates, which will make it easier for marketers to seamlessly purchase across satellite broadcast, streaming and podcasting in a single order.
虽然我们认为 Play 有潜力改善订阅用户表现，但我们会以审慎的速度推进这项新方案，利用已有的市场投入来将合适的内容和套餐精准匹配给目标客户。Play 也为我们的广告解决方案组合带来了新机会，可以利用我们在广告技术堆栈方面持续改进的成果。这包括计划在今年年底为 360L 车型增加广告替换功能，以及进行相关升级，使广告主能够更方便地在卫星广播、流媒体和播客三大渠道中实现一次性无缝购买。
This quarter, we announced an agreement to improve audio's representation within media mix models, an important step forward in the measurement landscape. We also launched a new capability, which allows advertisers to leverage AI voice replicas and audio ad creative to quickly launch more scalable campaigns at a lower cost. Each of these advancements is part of our larger goal of getting audio in every media plan by addressing many of the complexities in creative, planning, buying, measuring and targeting that have traditionally held marketers back.
本季度，我们宣布了一项协议，旨在提升音频在媒体组合模型中的代表性，这是衡量体系的重要进展。我们还推出了一项新功能，使广告主能够利用AI语音复制和音频广告创意，以更低成本快速发起更具规模的广告活动。这些进展都是我们实现宏大目标的一部分，即将音频纳入每一个媒体计划中，并解决在创意、规划、购买、衡量和定位方面长期困扰广告主的复杂问题。
We continue to see challenges in the ad market due to economic, consumer and tariff uncertainty, ranging from budget pullbacks to dollars shifting to lower funnel channels to drive short-term sales with categories such as retail more adversely impacted. Additionally, we are seeing pricing pressure in streaming from an excess of CTV inventory and audio competitors reacting.
由于经济、消费及关税方面的不确定性，我们在广告市场仍面临挑战。这些因素导致预算削减、资金转向低漏斗渠道以推动短期销售，其中零售等品类受到更大影响。此外，我们还观察到流媒体领域存在因CTV库存过剩及音频竞争加剧带来的定价压力。
Podcasting, however, remains a bright spot, while overall advertising was down approximately 2% from Q2 2024, podcast ad revenue climbed almost 50% year-over-year. The investments we've made in the podcast space, new content, significantly expanded video and social inventory and ongoing measurement and technology enhancements are paying off for both our creators and our business. This week, we announced an agreement with one of the top true crime podcast, Morbid. And in Q2, we signed a deal with Comedian Trevor Noah, which brought his show, *What Now*, to our network this month. When a creator's reach suddenly expands, such as Mel Robbins show, which is up more than 500% year-over-year or Conan O'Brien adding full-length podcast video on YouTube, we are able to quickly and effectively monetize that growth.
不过，播客仍然是一个亮点。虽然整体广告收入较2024年第二季度下降约2%，但播客广告收入同比增长近50%。我们在播客领域的投资，包括新内容、大幅扩展的视频和社交资源，以及持续推进的衡量和技术改进，正在为创作者和公司双双带来成效。本周，我们宣布与顶级真实犯罪类播客《Morbid》达成合作。而在第二季度，我们与喜剧演员 Trevor Noah 签署协议，将他的节目《What Now》于本月引入我们的网络。当创作者的影响力突然扩大时，例如 Mel Robbins 的节目同比增长超过500%，或 Conan O'Brien 在YouTube上线完整版播客视频，我们能够快速且有效地将这种增长实现变现。
This quarter, we also hosted a variety of live events, including John Mayer joining *SmartLess Live* in Los Angeles, which provide both subscriber exclusives and opportunities for deeper brand integrations.
本季度，我们还举办了多场现场活动，包括 John Mayer 参加在洛杉矶举行的 *SmartLess Live*。这些活动既为订阅用户提供了专属体验，也创造了更深层次的品牌整合机会。
Overall, we've made strong progress across many of our key initiatives in the quarter with disciplined investments that will enhance experiences for our subscribers and advertisers to support the future growth in our business. At the same time, we continue to drive efficiencies across our organization, and we remain focused on delivering on our guidance for the year. And now I'll turn it over to Tom for details on the quarter's financial results.
总体而言，本季度我们在许多关键举措上都取得了强劲进展，并通过有纪律的投资来提升订阅用户和广告客户的体验，从而支持未来的业务增长。同时，我们也在持续提升组织效率，并始终专注于实现全年业绩指引。接下来，我将把话筒交给 Tom，由他为大家详细介绍本季度的财务结果。
YouTube、Meta都是竞争对手。
Thomas D. Barry
Thank you, Jennifer, and good morning, everyone. In the second quarter, we executed a strong financial discipline, delivering results that highlight the strength of our model and the consistency of our strategy. We maintained healthy margins, accelerated our cost savings program and generated substantial free cash flow, all while continuing to invest in what matters for long-term success.
谢谢你，Jennifer。大家早上好。在第二季度，我们展现了强有力的财务纪律，交出了突显我们商业模式韧性和战略一致性的成绩单。在保持健康利润率的同时，我们加快了成本节约计划，并产生了可观的自由现金流，同时继续在关乎长期成功的领域进行投资。
With that, let's jump into the results. Revenue for the quarter totaled \$2.14 billion, down 2% compared to the second quarter last year with similar results across our subscription and advertising revenue streams. Adjusted EBITDA in the quarter was \$668 million, down 5% on a year-over-year basis, reflecting a healthy margin of 31%. Free cash flow rose 27% to \$402 million, driven by timing of payments, lower capital expenditures and the elimination of Liberty level overhead in prior year. On the topic of costs, we had previously articulated a \$200 million run rate cost savings goal across OpEx and CapEx exiting this year.
下面我来介绍财务业绩。本季度营收总额为21.4亿美元，同比下降2%，其中订阅和广告收入的表现相似。本季度调整后EBITDA为6.68亿美元，同比下降5%，利润率保持在健康的31%。自由现金流增长27%至4.02亿美元，主要得益于付款时点、资本开支减少，以及去年已剔除的Liberty层级的管理费用。关于成本，我们此前提出的全年运营开支（OpEx）和资本开支（CapEx）总计节省2亿美元的目标，目前进展顺利。
Thanks to early action, we now expect to achieve approximately \$200 million of gross savings in period this year. While the majority of this is in OpEx, we also now expect to land near the lower end of our previously articulated non-satellite CapEx range of \$450 million to \$500 million this year. We expect non-satellite CapEx to decline to approximately \$400 million next year in addition to the significant decline we will see in satellite CapEx. The success of our cost program reflects continued strong discipline and execution across our business.
由于早期采取的措施，我们预计今年将实现大约2亿美元的总节省，其中大部分来自OpEx。同时，我们预计今年非卫星资本开支将接近此前提出的4.5亿至5亿美元区间的下限。明年，非卫星CapEx预计将下降至约4亿美元，同时卫星CapEx也将显著下降。该成本节约计划的成功体现了我们在整个业务中的持续纪律性和执行力。
In the quarter, sales and marketing expense declined 20% year-over-year benefiting from a more efficient campaign mix and the timing of planned brand and in-car initiatives. That said, we do expect some reinvestment in the second half as we reaccelerate select campaigns and of course, we begin to lap lower spending quarters from late last year.
本季度，销售与营销费用同比下降20%，受益于更高效的活动组合和品牌及车载计划的时点安排。不过，我们预计在下半年会有部分再投资，因为我们将重新加快部分市场活动，同时去年第四季度的低支出基数也会影响同比比较。
Product and technology costs fell by 20% in the quarter to \$48 million, driven by ongoing optimization of vendor contracts and cloud infrastructure. Gross cost savings were partially offset by several anticipated items. G\&A was \$124 million an increase of 23%, reflecting higher legal expenses against a positive insurance recovery in the prior year period.
产品与技术成本在本季度下降20%至4800万美元，主要得益于供应商合同和云基础设施的持续优化。总成本节约部分被若干预期项目抵消。一般及行政费用（G\&A）为1.24亿美元，同比上升23%，主要反映了法律费用的增加，而去年同期有保险赔付的积极影响。
During the quarter, we took decisive steps to sharpen our organizational and product focus with a comprehensive technology and workforce realignment. This included a noncash write-off of approximately \$100 million in capitalized software assets that are no longer aligned with our streamlined road map.
在本季度，我们果断采取措施，通过全面的技术与人力资源调整，进一步聚焦组织和产品方向。这其中包括约1亿美元的资本化软件资产的非现金冲销，这些资产已不再符合我们精简后的发展路线图。
We also reduced our product and tech workforce by 20% among contractors and 10% among full-time employees. These changes position us to operate more nimbly and with greater use of AI-enhanced development in the future, enabling stronger execution of our core mission.
此外，我们将产品和技术人员的规模缩减：合同工减少20%，全职员工减少10%。这些调整使我们未来能够更灵活地运作，并更大程度地利用AI增强开发，从而更有力地执行我们的核心使命。
Subscriber acquisition costs were \$107 million in the quarter, up 16% year-over-year. This rise reflects continued investment in high-quality subscriber acquisition channels, including contractual changes with select automakers. SAC per installation was about \$18, reflecting our focus on expanding penetration and encouraging adoption of SiriusXM 360L in the latest generation of our chipset in vehicles. These investments are part of our broader strategy to optimize expenses across revenue share, data costs and marketing.
本季度用户获取成本（SAC）为1.07亿美元，同比增长16%。这一增长反映了我们在高质量用户获取渠道上的持续投资，包括与部分汽车制造商的合同调整。单次安装SAC约为18美元，体现了我们着力扩大渗透率，并推动在车辆最新一代芯片中采用 SiriusXM 360L 的战略。这些投资是我们在收入分成、数据成本和市场营销等方面优化开支的整体战略的一部分。
Looking at the segments, SiriusXM revenue was \$1.61 billion, down 2% from prior year, driven by a smaller self-pay subscriber base. ARPU is essentially flat at \$15.22, improving our recent trends as the impact of the March rate increase continued to roll through. Segment gross profit was \$966 million, with a gross margin of 60%. The Subscriber performance improved meaningfully year-over-year, driven by strength in gross adds and continued strength in self-pay retention. Self-pay net sub additions were negative \$68,000 in the second quarter, an improvement of \$32,000 compared to the prior year. This improvement reflects meaningful contributions from our new acquisition programs paired with continued low churn rate of 1.5%, with strong performance across canceled demand, nonpay and vehicle-related deactivations.
分业务来看，SiriusXM 收入为16.1亿美元，同比下降2%，主要由于自付订阅用户基数缩小。每用户平均收入（ARPU）基本持平，为15.22美元，受3月提价影响的持续反映推动近期趋势改善。该业务的毛利润为9.66亿美元，毛利率为60%。订阅用户表现同比有显著改善，受益于新增订阅强劲和自付订阅留存率的持续稳健。第二季度自付净增用户为-6.8万，较去年同期改善3.2万。这一改善反映了新获客计划的显著贡献以及1.5%的低流失率，同时在取消需求、未支付和与车辆相关的停用方面表现良好。
In our Pandora and off-platform segment, revenue was \$524 million, down 3% on a year-over-year basis. Subscriber revenue declined 6%, driven by a smaller average subscriber base, while advertising revenue fell 2%, reflecting reduced advertiser demand in streaming music and broader competitive pressures. These trends were partially offset by growth in podcast monetization with podcast advertising revenue increasing substantially year-over-year at close to 50%. We also saw expanded reach through video and social platforms, including contributions from new creator partnerships.
在 Pandora 和平台外业务方面，收入为5.24亿美元，同比下降3%。订阅收入下降6%，主要由于平均订阅用户基数缩小；广告收入下降2%，反映了流媒体音乐广告主需求减少及更广泛的竞争压力。这些趋势部分被播客变现的增长所抵消，播客广告收入同比大幅增长近50%。我们还通过视频和社交平台扩大了覆盖范围，其中包括新创作者合作伙伴关系的贡献。
Segment gross profit was \$154 million with a 29% margin. Our capital structure remains healthy and flexible. We ended the quarter with a net debt to adjusted EBITDA ratio of 3.8x. We returned approximately \$137 million to shareholders in the quarter via \$92 million in dividends and \$45 million in share buybacks.
该业务的毛利润为1.54亿美元，毛利率为29%。我们的资本结构保持健康和灵活。本季度末净债务与调整后EBITDA的比率为3.8倍。本季度我们向股东返还约1.37亿美元，其中9200万美元通过分红，4500万美元通过股票回购。
Finally, we are reaffirming our full year 2025 guidance. Approximately \$8.5 billion in total revenue, \$2.6 billion in adjusted EBITDA and \$1.15 billion in free cash flow, reflecting continued confidence in our strategy and execution.
最后，我们重申2025年全年指引：总收入约85亿美元，调整后EBITDA约26亿美元，自由现金流约11.5亿美元。这体现了我们对战略和执行力的持续信心。
While the advertising environment remains the largest risk to our outlook, the company is closely monitoring the related macroeconomic trends. At the same time, we see potential upside to our free cash flow guidance given potential tax-related benefits from recent legislation and some degree of lower CapEx. We plan to update you in the fall. To close, we remain confident in our strategic priorities and our ability to deliver on our financial targets. Strong cash generation and ongoing focus on cost efficiency positions us well to navigate near-term headwinds. At the same time, we're investing in what matters. Our core subscription business, enhanced in-car experiences and growing off-platform monetization. We are optimistic about our future and committed to driving meaningful value to our listeners and shareholders. With that, I'll turn it over to the operator for Q\&A.
尽管广告环境仍然是我们前景的最大风险，公司正密切关注相关的宏观经济趋势。同时，考虑到近期立法带来的潜在税收优惠以及一定程度的CapEx下降，我们认为自由现金流指引可能存在上行空间，我们计划在秋季更新相关情况。最后总结，我们对战略重点和实现财务目标的能力保持信心。强劲的现金创造能力和持续关注成本效率，使我们有能力应对短期逆风。同时，我们也在投资最关键的领域：核心订阅业务、增强的车载体验以及不断增长的平台外变现。我们对未来保持乐观，并致力于为听众和股东创造有意义的价值。接下来，我将把话筒交还给主持人进入问答环节。
Question-and-Answer Session
问答环节
Operator
主持人
\[Operator Instructions] And the first question today comes from the line of Jessica Reif Ehrlich with Bank of America.
\[操作提示] 今天的第一个问题来自美国银行的 Jessica Reif Ehrlich。
Jessica Jean Reif Ehrlich Cohen
Quickly a question on maybe what Tom just -- two questions, about what Tom just mentioned, on the guidance for free cash flow, you said you may -- you'll revisit maybe because of tax and CapEx, but it was a huge beat in the second quarter. I'm just wondering why not the flow through for the full year? And then a question for Scott. You've been consistently introducing new content. How are you thinking now about like trying to skew younger? And particularly when that's maybe more challenged from a subscription level, it seemed like it would be more like advertising supported. So any commentary on that would be great.
我有两个简短的问题。第一个是关于Tom刚才提到的自由现金流指引。你说可能会因为税收和CapEx的因素在未来重新评估，但第二季度的自由现金流大幅超预期。为什么不将这种表现延续到全年呢？第二个问题是给Scott的。你们一直在不断推出新内容，现在你们是如何考虑吸引更年轻的用户群体的？尤其是在订阅方面可能更具挑战性的情况下，似乎会更多依赖广告支持。能否谈谈这方面的想法？
Thomas D. Barry
So Jessica, it's Tom. So to address the first one as it relates to free cash flow. Yes, we did have a sizable beat on free cash flow year-over-year in the quarter. Some of it was timing. And as you look at the first quarter, we are a little bit behind as far as where we are looking number-wise year-over-year. So year-to-date, we think we're in pretty good shape when we look at the timing of the payments going into the full year. We do have two things that have been going on. The team has been working on the cost structure and continuing to focus on CapEx and the optimization of CapEx. And honestly, the new Tax Act, we're just looking through the final strokes of it just to make sure that we got the spread of it between multiple years because you can actually spread it over '25 and '26, the benefit. And so we're just working through that. We should have an update on that in this fall time frame.
Jessica，这里是Tom。先回答你关于自由现金流的问题。是的，本季度我们的自由现金流同比大幅超出预期，其中一部分是由于时点因素。而如果看第一季度的话，我们在同比数字上其实是略微落后的。所以从年初至今来看，结合全年付款时点，我们认为整体情况良好。目前主要有两方面因素：一是团队在持续优化成本结构和CapEx；二是关于新的税法，我们正在进行最后的分析，以确保优惠能在2025和2026两年间分摊，因为确实可以跨年度使用该优惠。所以我们仍在评估中，预计会在今年秋季更新相关情况。
Scott A. Greenstein
Great. And on the question about getting younger, a couple of things. One, obviously, the podcast market has been ripe for us to look at that and still monetize heavily in that. When you look at Alex Cooper's SmartLess, Even Mel Robbins and Rotten Mango, those are younger than our core. And even Stephen A. Smith, which is in radio and podcasting is a little younger than our core. So with that, we have the ability to see how that works.
好的，关于如何吸引更年轻用户，有几点要说。首先，播客市场显然是一个我们重点切入的领域，并且在这个领域我们仍能实现可观的变现。例如，Alex Cooper 的 *SmartLess*、Mel Robbins 的节目以及 *Rotten Mango*，这些受众群体都比我们的核心用户更年轻。即使是 Stephen A. Smith，他在广播和播客中的受众群体也比我们的核心用户年轻一些。所以我们能够借此观察并验证相关效果。
Now Alex Cooper's music channel on Sirius is doing really well, and that's obviously geared to a younger audience. So we're going to look at where that calibration is and start to see where something might be younger, but yet ripe for subscription. And while we're weighting that out, we're going to continue to monetize heavily younger content in the podcast market.
此外，Alex Cooper 在 Sirius 上的音乐频道表现非常出色，这显然是面向更年轻的受众。因此，我们会研究其中的平衡点，看看哪些年轻向的内容不仅适合广告支持，也有望转化为订阅。在此过程中，我们会继续在播客市场大力变现年轻受众相关的内容。
Jennifer C. Witz
Yes, I'd just add on to that, Jessica. We just heard this week that with Edison's new Q2 report, we're going to be the #1 podcast network in monthly listener reach for audiences 18 and up. So as you highlighted, we've got a much broader audience with our podcast content, and that does give us the opportunity that Scott outlined to perhaps bring more of those younger listeners into SiriusXM. But as you know, we're being very disciplined in focusing on our core audience there.
是的，Jessica，我补充一点。本周我们刚听到Edison发布的第二季度报告，显示我们将在18岁以上用户的月度播客触达中位居第一。因此，正如你所强调的，我们的播客内容拥有更广泛的受众群体，这确实为我们提供了Scott提到的机会，即将更多年轻用户引入SiriusXM。但正如你所了解的，我们在这方面会非常有纪律，继续专注于核心受众群体。
Operator
主持人
Our next questions come from the line of Barton Crockett with Rosenblat Securities.
接下来是 Rosenblat Securities 的 Barton Crockett 提问。
Barton Evans Crockett
I wanted to maybe lean in a little bit more on what you're doing with podcasting in the digital side of advertising. And I guess a couple of things. One is, if you could give us just some type of sense of how to think about podcast in the mix. It was up 50%, just to get -- trying to get a sense of when that's going to be large enough to really move the needle on the overall kind of ad line?
我想更深入了解一下你们在播客以及数字广告方面的进展。有两个问题：第一，能否帮我们理解一下播客在整体广告收入中的占比情况？本季度播客广告收入增长了50%，但我们想知道它什么时候会大到足以显著推动整体广告收入的增长？
And then secondarily, I know that there's some development, some efforts on your side and also some others in the sector on more fulsomely developing the digital kind of programmatic ad tech capabilities. And I was just wondering if you could update us on where you guys are with that. And how you think that could contribute over time to that ad revenue line for you?
第二，我知道你们以及行业内的其他公司正在大力发展数字化程序化广告技术能力。能否更新一下你们在这方面的进展，以及你们认为这些投入将如何在长期推动广告收入？
Jennifer C. Witz
Yes. Thanks, Barton. We are really pleased with our broadcast offering. It's -- we were up nearly 50% in the quarter. We continue to see strong growth going forward there. In terms of the mix, so I think we've said in the past that Pandora represents about 55% to 60% of our total advertising revenue. So that gives you some indication. The rest is obviously, SiriusXM, Pandora or SiriusXM podcasting and other off platform. But we do think there's room for this to continue to grow as a portion of our total ad revenue. We have a lot of opportunities, not only just given the talent. And as Scott mentioned, sort of creators coming to us because of our industry-leading monetization and how we've approached sort of cross-platform distribution more broadly. We've worked really well in terms of distribution with YouTube and others to take advantage of the massive growth in video podcasting as well as monetizing through social.
好的，谢谢你，Barton。我们对播客业务的表现非常满意，本季度收入增长接近50%，我们预计未来仍将保持强劲增长。从结构上看，我们之前提到过，Pandora 占我们整体广告收入的55%到60%左右，这可以作为一个参考指标。其余部分来自 SiriusXM、本身的播客业务以及其他平台外的广告。我们认为播客在整体广告收入中的占比仍有很大的提升空间。我们有很多机会，不仅来自创作者人才的加入，正如 Scott 提到的，创作者选择我们，是因为我们在行业领先的变现能力以及跨平台分发策略上具有优势。我们与 YouTube 等平台合作良好，充分利用视频播客的快速增长，并通过社交渠道实现变现。
So I think on the programmatic side or maybe just speak a little bit more broadly about the advertising revenue outside of podcasting on music streaming and other digital audio. Our biggest opportunity there, so Pandora RPM was down in the quarter. And we continue to see challenges with really the macroeconomic backdrop and the flood of inventory from CTV. And what we need to better do is to make sure audio isn't competing with CTV, but is increasingly seen as a way to extend reach.
至于程序化广告，或者更广泛地说，播客之外的音乐流媒体和其他数字音频广告收入，我们认为最大的机会在于如何提升变现效率。本季度 Pandora 的 RPM 出现下滑。宏观经济环境和CTV（联网电视）库存过剩给我们带来了挑战。我们需要做得更好的一点是，确保音频广告不再被视为与CTV直接竞争，而是作为延伸覆盖面的方式被越来越多广告主认可。
And we've talked about this before, audio is significantly undermonetized relative to other media. One of the ways to unlock that is through things like better targeting and measurement. We did announce a deal with Innovid to improve our integration with MMM models. We'll have more of those to come, but we are seeing some nice take-up by advertisers there and it really does help extend the value of audio and prove the ROI, where in this environment, obviously, advertisers are really focused on making sure that they're seeing those specific returns.
我们之前也谈过，相比其他媒体，音频的变现水平仍严重不足。解决这一问题的方式之一是通过更精准的定向和更完善的衡量体系。本季度我们宣布与 Innovid 达成合作，以提升我们与MMM（媒体组合模型）的整合。未来会有更多类似的合作。目前我们已看到广告主的积极采用，这确实有助于扩大音频广告的价值并证明其投资回报率。在当前环境下，广告主显然非常注重看到具体可衡量的回报。
难以互动，AI或许有助于互动。
Operator
主持人
Our next question comes from the line of Steven Cahall with Wells Fargo.
接下来是来自富国银行的 Steven Cahall 提问。
Steven Lee Cahall
So Jennifer, I think you all have done a lot of simplifying of the in-car plans. I think the most notable one is your all-music plan. I think prior to this, music has always had a bit of a tiering structure to it. So can you just update us a little bit on that strategy and like what kind of customer benefits or churn benefits you're seeing as you step into these new simplified plans. And what does it mean for ARPU over the medium term? Should we still expect growth in the second half of the year?
Jennifer，我觉得你们对车载订阅套餐进行了很多简化，其中最显著的就是全音乐套餐。在此之前，音乐类订阅一直都有一定的分层结构。能否请你更新一下这一策略？在推出这些简化的套餐后，你们看到的客户收益或流失率改善情况如何？这对中期的ARPU意味着什么？我们是否仍应预计下半年ARPU会增长？
And then just on net adds, historically, Q4, I think, has been your best quarter for net adds. This is kind of an abnormal year given all the tariff impacts on the auto market. So how do we think about net add trends as we get through the year. And should we still expect that year-on-year improvement in net adds, excluding the impact from streaming?
另外关于净新增用户，历史上第四季度通常是你们净新增用户表现最好的季度。但今年由于关税对汽车市场的影响比较异常，那么我们该如何看待今年的净新增用户趋势？如果排除流媒体的影响，我们是否仍应预计净新增用户同比改善？
Jennifer C. Witz
Sure. Thanks, Steven. So first, on pricing and packaging, I'm really pleased with the progress we've made here. We continue to focus on three primary efforts. One is enhancing value of our full-price subscription plans. As you know, we did a rate increase in March and we were really well positioned, I think, to manage through that because of the content we provided to more subscribers last fall. And that is going to be sort of an operating model for the future.
当然，谢谢你，Steven。首先关于定价和套餐方面，我对我们取得的进展感到很满意。我们继续专注于三方面的工作：第一是提升全价订阅计划的价值。如你所知，我们在三月进行了提价，我认为我们很好地应对了这一变化，因为去年秋季我们为更多订阅用户提供了更多内容。这将成为我们未来的一种运营模式。
In our in-car modular pricing and packaging with the \$9.99 price point you mentioned, we're rolling this out slowly to new customers only in trial first with alongside shorter-term promos, which means they roll to the full price packages more quickly. So we have a number of different price points there, as you alluded to, with \$9.99 being kind of the entry-level price point all the way up to \$25. The vast majority of customers coming through those marketing campaigns are choosing the \$25 package. And the real benefit of this is that we see stronger retention ultimately on these full priced packages. So we not only get off of these longer-term discounts we've been using in acquisitions more quickly, but we also retain customers on these full-price packages. We think that has a lot to do with the enhanced transparency there.
在车载的模块化定价和套餐方面，我们推出了你提到的9.99美元价位。这一价位目前仅针对新客户进行试用，并配合更短期的促销活动，这意味着他们会更快地过渡到全价套餐。因此，我们的定价体系涵盖多个档位，从9.99美元到25美元不等。而通过这些营销活动进来的客户，绝大多数都选择了25美元的套餐。真正的好处在于，我们在全价套餐上的客户留存率更高。因此，我们不仅能更快地摆脱以往在获客中使用的长期折扣，还能让客户更长期地留在全价套餐上。我们认为这与定价和价值的透明度提升有很大关系。
And I'll turn to Wayne in a minute to talk a little bit about the introduction of Play, which is part of the good, better, best packaging structure we've put in place. But I really feel good about the balance of demand and retention in terms of this full packaging structure. And I think we've said in the past and we still believe that ARPU trends will continue to improve as we go out through this year generally because of the roll through of the rate increase we did in March. And then I'll come back to net adds after Wayne comments on Play.
稍后我会让 Wayne 来介绍一下 Play 的推出情况，它是我们“优-更优-最佳”套餐结构的一部分。但总体上，我对当前的定价体系在需求与留存之间的平衡感到很有信心。我认为我们之前提过，而且现在依然相信，ARPU趋势会在今年持续改善，主要是因为三月的提价仍在逐步传导。之后，我会在 Wayne 讲完 Play 之后再回到净新增用户的问题。
Wayne D. Thorsen
Yes. And thanks. As Jennifer said, I mean, this is priced play, which we just launched about 2 weeks ago is in the U.S. and Canada. It's priced below our lowest music-only offering, which you're noting. And it does extend our good, better, best pricing strategy, which we're getting much more disciplined with. And the goal here is to reach these new price-sensitive audiences but still preserving the ARPU that we have through a balanced mix of subscription and, of course, advertising revenue and very similar to what we've seen become quite standard with SVODs. So we're still testing price points as we're moving through, but we expect it to stay under \$7 for the MSRP to the user, of course, with the advertising revenue on top of that.
是的，谢谢。正如 Jennifer 提到的，我们大约两周前在美国和加拿大刚刚推出了 Play。这一产品的定价低于我们目前最低的纯音乐套餐，也就是你所提到的。它拓展了我们的“优-更优-最佳”定价策略，并且我们在这方面正变得更加有纪律性。目标是触达更多价格敏感的用户群体，同时通过订阅收入与广告收入的平衡组合保持现有的ARPU水平。这与SVOD（视频流媒体订阅服务）市场已经相当普遍的模式非常类似。目前我们还在测试不同的价位，但预计最终会将用户端的建议零售价保持在7美元以下，当然，这还会叠加广告收入。
And as noted in the last call and as noted elsewhere, a big part of this is being thoughtfully -- as we thoughtfully roll this out and being guided by some of the investments that we've made in our Martech stack to be able to target to people who we found in the past or we have targeted and modeled as much more price sensitive or in the past have been guided towards other plans or deep discounts from the beginning.
正如我们在上次电话会议和其他场合提到的，这个产品的推出将会非常谨慎，同时受到我们在营销技术栈方面投资的引导。这样我们就能更精准地定位那些过去已经识别出的、或通过建模发现的价格敏感型用户群体。这些用户在过去可能会被引导至其他方案，或者一开始就享受了深度折扣。
Jennifer C. Witz
Yes. So back to net adds and the trend line. I do expect to see some change in seasonality this year relative to years past. And some of that has to do with the year-over-year comps and the fact that we had a relatively strong quarter in the fourth quarter last year on streaming. So just maybe to give you a bit more color on that. Obviously, with the suspension of the federal regulation on click to cancel, we should see a slightly better outcome as a result of not having that in place, although it is rolling out in several states. So we continue to watch that. But on the streaming side, we would expect about a reduction of 300,000 net adds this year on streaming subs. So that gives you some sense as to when we talk a bit about that we would be better year-over-year, absent some of these onetime items or pull-forward impacts it gives you a better sense as to how that looks.
好的，回到净新增用户和趋势问题。今年的季节性表现预计会和往年有所不同，部分原因是同比基数效应，以及去年第四季度流媒体业务的表现相对较强。补充一些细节：由于联邦层面“点击取消”法规的暂停实施，我们在没有该规定的情况下应会看到略微改善的结果，尽管这一规定已在一些州开始落地，我们仍在持续关注。但在流媒体方面，今年我们预计净新增订阅用户将减少大约30万。因此，当我们谈到若剔除这些一次性因素或提前透支的影响，业绩表现会更好的时候，这为你提供了一个更清晰的参考。
On the in-car side of the business, I feel really good about what we've been delivering. We are really focused on executing against the strategy reset we did in December, focusing on our in-car business. We have a number of acquisition programs that are delivering better demand ultimately. And we continue to see a very impressively low churn and that has a lot to do with increased engagement, and I think we have more to come there.
至于车载业务方面，我对我们目前取得的成果非常满意。我们正专注于执行去年12月战略重置后确立的目标，聚焦车载订阅业务。我们推出的多个获客项目正在带来更强劲的需求。同时，我们的客户流失率依然保持在令人印象深刻的低位，这与用户参与度的提升有很大关系。我认为在这一领域，我们还有更多潜力可释放。
Operator
The next question is from the line of David Joyce with Seaport Research Partners.
下一个问题来自 Seaport Research Partners 的 David Joyce。
David Carl Joyce
A couple of things. I was wondering about the expenses in G\&A and what was driving the legal expenses? And was any of that kind of non-recurring?
有几个问题。我想请问一下管理和行政（G\&A）费用的情况，尤其是法律费用上升的原因？其中是否有一次性因素？
And then secondly, a little bit more detail, please, on the strength in podcasting ad revenue. Are you seeing greater marketer adoption? Like are there more marketers coming to the platform? Or are they allocating more or is the -- or is it a volume -- the trend of adding more content or monetizing more of that content, just pricing and volume kind of concept. If you could provide some more color there.
其次，请详细谈谈播客广告收入强劲增长的原因。是因为有更多广告主加入平台吗？还是广告主增加了投放预算？或者说是更多内容被加入和货币化了？能否再解释一下，这是否是一个关于价格和数量的综合因素？
Thomas D. Barry
David, it's Tom. To answer the first part of your question as it relates to expenses, in G\&A, we have a legal settlement for about \$28 million in this year. So that skewed the expense on the G\&A side. And also, just as background, last year, we had an insurance recovery of legal expenses, which was \$10 million benefit last year. So that closes the broader differential as it relates to G\&A. And overall, SG\&A is slightly down because of the reduction we've done in sales and marketing in the quarter.
David，我是 Tom。关于你第一个问题，今年我们的管理和行政（G\&A）费用中包含了一笔大约2800万美元的法律和解费用，这使得G\&A费用出现了偏高。同时，补充一点，去年我们获得了一笔法律费用相关的保险理赔，大约1000万美元，所以去年在这部分有收益。因此这两个因素放在一起，就解释了G\&A同比的差异。总体来说，SG\&A（销售、一般和管理费用）是略有下降的，因为本季度我们在销售和营销方面减少了支出。
Jennifer C. Witz
Yes. And on podcasting, it's really all of the above. We continue to attract more creators to our sales and tech platforms. We are distributing broadly, of course, their podcasts and including video distribution in many cases. We're helping monetize across audio, video and social with our Creator Connect products. And we've seen both improvements in pricing. We're taking advantage of the strong demand by including more inventory units in the podcast in certain cases, and I think advertisers generally want to be associated with this great talent. So there's a real opportunity to continue to expand on that demand and add to their buying, their media plans, a broader set of our inventory across satellite broadcast and streaming especially as we bring more measurement capabilities. And this includes on the satellite broadcast side, bringing more visibility into 360L with ad replacement capabilities that we think will be coming online towards the end of the year.
是的，关于播客收入，其实是多方面因素共同推动的。我们持续吸引更多创作者加入我们的销售和技术平台，同时广泛分发他们的播客，其中很多还包括视频分发。通过 Creator Connect 产品，我们帮助创作者在音频、视频和社交媒体上实现变现。我们也看到价格方面的改善，并且在某些情况下，我们通过增加播客中的广告库存单元来满足强劲的需求。我认为广告主普遍希望与这些优秀的创作者建立联系。这样我们就有真正的机会进一步扩大需求，把更多的广告库存纳入广告主的媒介计划中，涵盖卫星广播和流媒体，尤其是在我们不断提升测量能力的情况下。这其中还包括卫星广播端的360L系统广告替换功能，我们预计将在今年年底上线，为广告主带来更多可见性。
Operator
Our next question is from the line of Kutgun Maral with Evercore ISI.
下一个问题来自 Evercore ISI 的 Kutgun Maral。
Kutgun Maral
Maybe following up on Steve’s question on net adds. You mentioned that the full year subscriber outlook hasn’t changed despite the encouraging strength in the quarter, given the expected headwinds you’ve previously called out dragging the back half. So I was hoping you could unpack the Q2 trends a bit more and talk about the forward outlook. Thinking about Q2, I’m not sure how much you can share, but how should we think about the mix of the upside in terms of core trends being better than expected from the benefits from the new acquisition initiatives.
我想接着 Steve 的问题再问一下关于净新增用户的情况。你们提到尽管本季度表现强劲，但全年用户指引并未改变，因为你们之前提到的逆风预计会影响下半年。所以能否更详细地拆解一下第二季度的趋势，并谈谈未来的展望？从Q2来看，我们应该如何理解这次超预期的改善：是更多来自于核心趋势（如新增举措带来的收获和更低的流失率），还是说更多来自一些一次性因素的时间错配？
And continued execution on churn as opposed to maybe some of the timing shifts on the one-off headwinds. And longer term, maybe thinking about the new acquisition initiatives, can you maybe expand on the uptick you’re seeing from what you have in place today? And what the pipeline of initiatives looks like longer term, whether that’s in the back half of this year or even 2026, just in terms of giving us better confidence on the trajectory of sustainability of improvement in core net adds?
以及，就流失控制而言，是持续执行的结果，还是受一些一次性逆风因素时间错配的影响？另外从长期来看，能否再展开讲一下当前新增用户计划的效果？未来的举措管线会是什么样子？无论是今年下半年还是到2026年，能否让我们更有信心认为核心净新增用户的改善趋势可以持续？
Jennifer C. Witz
Sure. So I’d say on net adds for the quarter, we saw year-over-year improvements on both the acquisition side and the retention side. So very low churn, strong performance across cancel demand, nonpay, vehicle-related and came in sort of slightly better, absent the rounding on the churn rate. So we feel really good about that, especially again, with the rate increase having gone in place in March.
好的。就净新增用户而言，这一季度我们在新增和留存两方面都有同比改善。流失率保持在非常低的水平，在取消需求、欠费、车辆相关流失等方面表现都很强劲，最终的流失率甚至略优于预期。这让我们感觉非常有信心，特别是在三月份加价之后还能保持这样的表现。
And then on the acquisition side, it had a lot to do with the new programs we’ve been putting in place over the last, say, 12 to 15 months. And these include the 3-year OEM programs where dealers are ordering 3 years of SiriusXM with their vehicle orders, and we continue to roll that out to more and more OEMs. We announced that we added Ford, and that will be launching later this year. So I think we’ll continue to see strong performance there. And then we have things like enhancement of data in our used car funnel, which is just adding volume to our opportunities of subscribers coming through on the used car side of the business. We have our Podcast Plus, and we have, of course, the EV launches that we’ve put in place.
在新增方面，主要得益于我们过去12到15个月内推出的新项目。这包括三年期OEM计划——经销商在订车时直接订购三年的SiriusXM服务，我们正将这一计划扩展到越来越多的汽车制造商。本季度我们宣布新增了福特，该计划将在今年晚些时候上线，所以我预计这里会继续带来强劲贡献。我们还优化了二手车用户数据管道，这为二手车市场带来了更多新增机会。除此之外，我们有 Podcast Plus，以及已经推出的电动车（EV）合作项目。
So I would expect some of those to continue to contribute and perhaps on a larger level. And of course, we’ve got a number of initiatives in place as Wayne discussed, with Play and the rollout of our broader pricing and packaging structure, we’re selectively adding content like Stephen A. We are continuing our 360L rollouts and adding features there. We’re improving our marketing capabilities. And all of these things are going to take time. But I’m pleased with the execution we have on these various initiatives. We’ve kind of talked about these acquisition programs as helping improve the business while we get some of these bigger capabilities online. And I think those are the ones that are ultimately going to help move us to a place where we are stabilizing subscribers and revenue and setting ourselves up for future growth.
我预计这些举措未来仍会带来贡献，甚至可能更大。同时，如 Wayne 刚才所提，我们还在推进 Play 及更广泛的定价和套餐体系；我们有针对性的引入内容（如 Stephen A.），持续推进360L的部署和新功能上线，并提升我们的营销能力。这些举措需要时间，但我对目前的执行情况感到满意。总体来说，这些新增项目帮助我们在等待更大能力上线的同时提升业务表现。我认为这些最终会帮助我们稳定用户和收入，并为未来增长打下基础。
Thomas D. Barry
And Kutgun, I’d only add that this is the fifth quarter that we’ve beaten year-over-year self-pay net adds, which we’ve got a good trend. And we – as Jennifer outlined, a lot of these initiatives are starting to click.
Kutgun，我补充一点。这已经是我们连续第五个季度实现自付费用户净新增同比改善了，趋势很好。正如 Jennifer 所说，很多新举措正在逐步发挥作用。
Operator
The next question comes from the line of Cameron Perrone with Morgan Stanley.
下一个问题来自摩根士丹利的 Cameron Perrone。
Cameron Mansson-Perrone
A couple if I can. First, for Jennifer, maybe Wayne can weigh in. You called out leveraging AI to generate approved voice creation in the release in your comments. I was wondering if you could speak a little more on how you envision leveraging AI, GenAI, whatever you want — however you want to term it — going forward, both in advertising, but also more broadly across the business going forward.
我有两个问题。第一个想请教 Jennifer，也许 Wayne 也能补充。你们在发布中提到利用 AI 来生成经过授权的语音。我想了解一下，你们如何设想未来利用 AI 或者生成式 AI（无论你们怎么称呼）？不仅是在广告领域，还包括更广泛的业务中。
And then one for Tom on capital allocation. You were a little bit more active this quarter in terms of share repurchase activity. Could you talk a little bit about how your thinking is evolving and how you weigh balancing moving towards your target leverage range, but also buying back stock?
第二个问题是给 Tom 的，关于资本配置。本季度你们在回购股票方面更为积极。能否谈谈你们的思路是如何演变的？你们如何在实现目标杠杆区间与回购股票之间做平衡？
Jennifer C. Witz
Yes. Thanks, Cameron. So on AI, we’ve talked a lot about how we’ve used conversational AI with Sierra to help on the customer service side at SiriusXM, and we’re really pleased with the results we’re seeing there. We continue to see strong business metrics, good and solid customer response and lower cost, of course. And we are containing a significant amount of our chat messages through Sierra, and we’re starting to ramp up the capabilities in voice as well. And there’s a lot more to come in terms of better building out an engine to offer the right packages to the right customers based on listening data and other data. So we’re just getting started there.
好的，谢谢 Cameron。关于AI，我们之前已经多次提到在客服环节引入了对话式AI “Sierra”，效果让我们非常满意。在业务指标、客户反馈以及成本下降方面都表现不错。目前，我们的大量聊天消息已经通过 Sierra 处理，并且正在逐步扩展到语音能力。未来我们将进一步打造一个智能引擎，结合用户收听数据和其他数据，向客户推荐最合适的套餐。这里我们才刚刚开始。
On the agreement with narrative. So this is really about using synthetic voices, so — but they’re actual — sorry, it’s actually using real talent voices and approved by the talent to be able to create versioning, and we’ll be working closely with our ad maker tool with Studio Resonate to be able to deliver this. And it just provides an opportunity for advertisers to scale their campaigns much more significantly and allows us to work with a broader set of advertisers. And then, Wayne, do you want to touch on some other areas for AI opportunities?
至于和 Narrative 的合作，这实际上是关于合成语音，但准确地说，是使用真实艺人的声音，并且经过艺人授权，来实现广告版本化制作。我们会将这一能力与 Studio Resonate 的广告生成工具结合，帮助广告主显著提升广告投放规模，同时也能让我们与更多广告主展开合作。Wayne，要不要你来补充一下其他AI机会？
Wayne D. Thorsen
Yes, for sure. I mean outside of Sierra, which we’ve had so much success, there’s other places where we’ve been using it. It’s maybe a little bit less visible, such as in search and adding to our capabilities in semantic and relational search as an example, where we’re seeing much, much better results than we had before for users, but at the same time, our costs have been taken down to a fraction of where they were before.
是的，当然。除了我们在 Sierra 上已经取得很大成功之外，还有其他领域在应用 AI。可能不那么显眼，比如搜索领域。我们在语义和关系型搜索方面增强了能力，用户体验比以前好得多，同时我们的成本也降到了原来的很小一部分。
We have a lot of our new marketing initiatives that are, of course, being driven by what we’re able to do with AI, everything from being able to use some of these capabilities of Salesforce to some of the targeting capabilities that are making our rollout of Play so carefully targeted to avoid trade downs. We have other things that we hope to announce soon in things like tagging and improving our search abilities for our broader corpus across all of our content.
我们很多新的市场推广举措，当然也是由 AI 能力驱动的。从借助 Salesforce 的某些功能，到精准定位能力，这让我们在 Play 的推广过程中能够非常精确地锁定目标，避免用户降级。除此之外，我们还希望很快能在标签化、以及提升我们在更广泛内容库中的搜索能力等方面有新进展并对外公布。
这些是Google、Meta的优势，看不出为什么Google、Meta的产品不能在汽车上使用。
Thomas D. Barry
And Cameron, just to close down, I mean I would step back for a second and say, we’re very happy as we outlined in the release of where we are on our cost savings initiatives. We’re focused on, obviously, optimizing the cost structure, optimizing our CapEx. We’ve made a lot of progress. I think there’s a lot of initiatives we have going on. We’re very happy with that.
Cameron，最后总结一下。我想说，我们对成本节约举措的进展非常满意，就像在发布材料中提到的那样。我们主要关注于优化成本结构、优化资本开支，并且已经取得了很多进展。总体上，我们对现有的举措很满意。
So looking broadly at generating our free cash flow. We continue to be focused in that area. As far as the capital allocation, we continually hold to our previous format or premises. We’re reinvesting in the business, which we’ve done in the instances of Stephen A. Smith, and some of the other things that we’ve invested more deeply, and we’re maintaining our dividend at the current level right now at 4.5% yield approximately. We’re delevering in the quarter, we did delever and pay down some of the term loan A, so that is our third priority. And then buybacks, which came in at \$45 million for the quarter, was a little higher, but obviously, it’s dependent on the stock price. But we’re staying to the same structure that we’ve had on capital allocation. We’re happy with the way it’s structured, and we’re going to continue to work on free cash flow and continue to work on paying down our debt and leaning towards the back half of next year more focused on buyback.
从整体来看，我们仍然专注于提升自由现金流。在资本配置方面，我们仍然坚持既定框架：首先再投资业务，比如我们在 Stephen A. Smith 项目上的投入以及其他一些深度投资；其次维持股息，目前股息率约 4.5%；第三是去杠杆化，本季度我们确实偿还了一部分 A 类定期贷款。最后是股票回购，本季度为 4,500 万美元，比之前稍高，但这当然取决于股价水平。总体上，我们会继续沿用这个资本配置框架，继续专注于自由现金流的生成、偿债，并在明年下半年更多倾向于加大回购力度。
Operator
Our next and final question is from the line of Stephen Laszczyk with Goldman Sachs.
接下来最后一个问题来自高盛的 Stephen Laszczyk。
Stephen Neild Laszczyk
Maybe 1 on the ad-supported subscription plan. Jennifer, Wayne. I'm curious, you called out the \$100 million customer opportunity over the long term. Just curious if you can talk a little bit more about the pace of that rollout? And what's kind of governing the pace of that product rollout over the next couple of years? How much of it is supply demand driven on the ad market side with creating a marketplace for advertising versus maybe something on the technological or the way you plan to fit this product in amongst the different tiers?
第一个问题是关于广告支持的订阅计划。Jennifer，Wayne，你们提到长期来看有 1 亿用户的潜在机会。我想了解一下，这个产品推出的节奏是怎样的？未来几年推进速度的关键因素是什么？它有多少是由广告市场的供需推动，建立广告交易市场？有多少是由技术因素或你们计划将该产品放入不同层级体系的方式所决定的？
And then second, on conversion trends, Jennifer, just to be curious, if you could update us on the conversion trends you're seeing across the base, new versus used, high-end versus low end? Any certain demos that are standing out to you or that have changed meaningfully over the last couple of quarters for better or for worse?
第二个问题是关于转化率趋势的。Jennifer，能否更新一下你们在不同基础用户群体中的转化率表现？新车与二手车，高端与低端？过去几个季度有没有某些特定群体表现明显改善或恶化？
Wayne D. Thorsen
I appreciate the question. And so the way I would think about the rollout for -- first, as we’re moving through this is we’re following the plan we had talked a little bit about last quarter where we’re selecting in the very beginning cohorts across new and used in a very targeted way. Their focus on people where in the past, we have had -- not had the same success from a conversion perspective.
谢谢你的提问。关于推出节奏，我们正按照上季度提到的计划推进。最开始我们在新车和二手车市场中挑选一些高度针对性的用户群体。这些群体过去在转化率上表现不佳，所以我们特别聚焦在他们身上。
So we’ve selected an initial group and launched that in about 2 weeks ago. And so right now, what we’re going to do is we’re going to continue to build the number of cohorts we’re targeting with this. And then also, as we select those cohorts, as you know, every day, those volumes fill then in those cohorts. So we’re going to continue to build the number of people who this is available to. And then as we’re going forward, in addition to that, inside the actual package itself, we’re adding more ad-supported channels. So that as we’re doing that, then we also add ad replacement and then that improves overall in addition to the things that Jennifer said in the prepared remarks, the advertising and monetization opportunities.
我们大约两周前已经针对一部分初始用户群启动了该计划。接下来我们会持续增加目标群体的数量，并不断扩大覆盖人数。同时，在套餐本身，我们会逐步增加更多广告支持频道，并引入广告替换机制。这将进一步改善广告和变现机会，叠加 Jennifer 在发言稿里提到的其他举措。
So as we get more subscribers, we also get more ad slots and then those ad slots, of course, are -- we’re able to monetize that more effectively with new tools. So -- and then between now and the end of the year, we are ramping the number of cars where this is available. So it is -- the target is to get to about 100 million cars by the end of the year and more as we move forward. So -- and then as we’re moving through in Canada, we’re -- here, we’re using this for initial trials in Canada, we’re trying -- we’re launching it with saves, and we’re going to thoughtfully extend where we’re testing and launching through saves, winbacks, not just trialers.
随着订阅用户增加，我们也会获得更多广告位，并借助新工具更有效地变现。从现在到年底，我们计划大幅增加该服务可用的车辆数量，目标是到年底覆盖约 1 亿辆车，未来会更多。同时在加拿大，我们正在进行初步试点，结合促销、挽回流失用户等方式，而不仅仅是依靠试用用户。
Jennifer C. Witz
Yes. So I think we’ll get a lot more information over the next -- through the rest of the year, and we would expect this to contribute more in 2026 to results. Just on conversion rates. So we are seeing the rate of decline, at least on the new car side, slowing a bit, and I think it has a lot to do with 360L penetration and our improved results there. Of course, the new car side, we’re at about 50% of new car sales that have 360L, and that will continue to grow with the launch of some bigger programs in the early part of next year. So the conversion rates on new, again, the rate of decline is slowing a bit.
是的。我认为在今年余下的时间里，我们会获得更多信息，并预计这将在 2026 年对业绩贡献更多。关于转化率，我们看到新车端的转化率下降趋势有所放缓，这主要得益于 360L 的渗透率提升和表现改善。目前约 50% 的新车销售配备了 360L，随着明年初更大规模项目的启动，这个比例将继续增长。因此，新车端的转化率下降趋势正在减缓。
We’re seeing a little less of that on used as we continue to expand. I think penetration now is at about 60% on the used car side. But what I would just note is that we’ve brought a lot of these other acquisition programs to market, adjusting how -- adjusting our availability and distribution really based on our 2 core strengths, our in-car availability and our content offering.
在二手车市场，这种改善趋势较弱。目前二手车端的渗透率约为 60%。不过我想强调的是，我们已经推出了许多新的用户获取项目，调整了可用性和分销方式，这些都是基于我们两个核心优势：车载覆盖和内容供给。
So you see that come through in the 3-year programs with OEMs, the enhanced data that we have with Lexis Nexus, our EV launches. And this all takes advantage of what we have in terms of unmatched distribution in the car. But then on the content side, we’ve taken advantage of the great podcast portfolio we have. We’ve launched Podcast Plus, a subscription available through Apple and everywhere else through supporting cast. And these are just unique opportunities that we have given the strength that we have on the in-car side and our content offering. And -- those are not necessarily going to show up in conversion rates. So while we watch conversion rates very closely as a mechanism to assess demand, it really goes beyond that in terms of looking at demand through these other programs.
比如与 OEM 合作的三年套餐、与 Lexis Nexus 的数据增强项目、电动车相关的产品发布，这些都充分利用了我们无与伦比的车载分销优势。在内容方面，我们也发挥了强大的播客资源，推出了 Podcast Plus 订阅服务（通过 Apple 和 Supporting Cast 等平台提供）。这些都是基于我们车载覆盖和内容优势的独特机会，但它们未必会直接反映在转化率上。所以，虽然我们非常关注转化率并将其作为评估需求的重要指标，但需求其实还体现在这些其他项目中。
Operator
Thank you very much, everybody, for your participation in today’s call.
非常感谢大家参加今天的电话会议。
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