Sirius XM Holdings Inc Q4 2021 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 follow up on the CapEx comments, Sean. I think in the past, we kind of talked about the baseline being about 300 for the underlying business and then some accelerated CapEx spend related to the satellite above and beyond that. And so it looks as though, I mean, is it -- based upon your comments, is it fair to say that between the launch in early '21 and maybe some late year spend at those -- the satellite-related portion of that kind of is equivalent year-on-year. I mean should we expect satellite spend? Like is it lumpy and should accelerate from 2022 levels? And then another question, just kind of thinking about shifting to the Pandora ad supported business. If you can give us any color on how to think about the near-term, long-term expectations there? And the decline in ad-supported MAU seems to be accelerating. What's going on there? And do you expect on-platform revenue to grow in 2022 and beyond?