Subject: Re: SIRI
kicks off over $1B of FCF that historically goes towards buybacks. Currently they're going through a cap ex cycle so not enough cash for major repurchases, but end of next year company signaled that will return to more meaningful buybacks.

Looks like free cash flow is down every year since 2020. Is there a catalyst you see coming that will stop that trend?

Year Free Cash Flow (in $ Billions)
2020 1.627
2021 1.610
2022 1.555
2023 1.179
2024 1.013