Sirius XM Holdings Inc Q2 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Sebastiano Carmine Petti - JPMorgan Chase & Co, Research Division - Analyst : I just wanted to clarify on the advertising front. Has your expectation for the second half changed relative to maybe what you had been messaging on the first quarter in terms of just the second half recovery, obviously, things are choppy, but I just wasn't sure if we now expect more of the year-on-year improvement or just benefits of the broader markets and being more weighted into '24? And then I have a quick follow-up as well.

Question: Sebastiano Carmine Petti - JPMorgan Chase & Co, Research Division - Analyst : That's helpful. And just zooming out real quick, if I could. I think, Jennifer, you described it as a strategic transition with the business and so, there are some onetime costs that Sirius wearing this year. You have the reduction in force. It sounds like there's an eye towards additional efficiencies in the business here. But how should we think about -- I guess, if you can provide some high-level thoughts on where -- the growth algorithm for the business on a go-forward basis, if we think out 12, 24 months from here, Sirius has a high-growth capital return story, free cash flow machine. I mean has the growth algorithm changed? How are you thinking about, I guess, the Ps and Q of the business and the free capital profile on the other side of this transition as you kind of attack these new cohorts and podcasting and advertising scale as a percentage of the business?