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  "documentTitle": "SiriusXM | Results Presentation Deck | 24 slides",
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      "text": "Free cash flow generation will benefit from reductions in both satellite and non-satellite capital expenditures. Satellite capex will continue to decrease with launch of next three satellites. Approximately $20 million in satellite capex shifted from late 2024 to early 2025 due to the SXM-9 launch timing. Additionally, $20 million in expected milestone payments for SXM-10 and SXM-12 moved from 2024 to 2025. 2025 non-satellite capex expected range: $450–$500 million, driven by repeater and broadcast infrastructure replacements, offset by lower IT costs. Non-satellite capex set to modestly decline beginning in 2026.",
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      "text": "Satellite Capital Expenditures 2024A – 2028E",
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