Sirius XM Holdings Inc. (SIRI) Presents at Goldman Sachs Communacopia + Technology Conference 2026 Transcript

Great. Maybe you could start off high level. You talked a good bit over the last couple of quarters on a few different vectors. First, improving subscriber trends; second, executing against some cost savings, some growth opportunities in the advertising business of yours as well as some possible execution against spectrum value, which I know has been much discussed. And maybe just as you take a step back, I'd be curious from your perspective, what's changed in the story over the last year? And then as you look ahead over the next couple of years, what do you think the biggest drivers of value creation will be for the business?

Sure. So I guess it starts with the strategy reset we did in late 2024, where we outlined the 3 priorities you highlighted, strengthening our subscription business by enhancing our in-car listening experience, growing our ads business and really leveraging the scale of our portfolio to drive efficiencies and also unlock new monetization opportunities to enhance shareholder value. And the