Sirius XM Holdings Inc. (NasdaqGS:SIRI) will seek M&A. Sean Sullivan Chief Financial Officer answered to a question during the Deutsche Bank 29th Annual Media, Internet & Telecom Conference, "I think the company has properly invested in the business, right, in terms of the key tenets of any capital allocation. I think we've made the proper investments in content, the proper investments in product and digital product in terms of automation and efficiency opportunities. So we'll continue to invest organically in the business. The company has done a fair bit of M&A, obviously, smaller scale in 2020 than the beginning of 2019. So I think we'll look at opportunities to accelerate our position inorganically through M&A. I think that after that, our capital allocation is often guided and mostly guided by our EBITDA growth, our free cash flow and our leverage, right? So I think we've been a strong allocator of capital in terms of share repurchase and dividends. That's been guided by, like I said, the leverage and free cash flow. So you shouldn't see a real change in priorities. I think it's just an evolution in terms of what we're doing. At the end of the day, the pace of buybacks were strong in the fourth quarter, continued strong into the beginning, in early part of 2021. But as I said on the year-end call, I think that our full year capital allocation deployment will be guided by, to a certain degree, leverage EBITDA growth and ultimately, what other opportunities for capital investment there are, both through M&A or in the business itself. So long story short, not much of a change in terms of what has historically been done".