Negative equity is not always a negative

This is a negative equity company.....it's debt load is not a burden but it's investment vehicle. You CAN argue if a catastrophic event happens Siri is underwater (like covid). However, looking forward Siri's revenue has maintained steady even in the advent of streaming services. Communication companies always have high debt loads but also incredible moats. Just think to yourself: "Let's build a satellite, send it to space, and maintain it." There debt is a cost of operation! which by the way is about on average per year a good ratio of their operating income. Everything that is leftover is given to shareholders. They keep no capital and have the shareholders completely in mind. Also their telecommunication assets are worth a lot of money, IF they were to fail as a company the big telecommunications would easily buy this company for their assets.

Evaluate their competitive advantage! [SiriusXM] Comes incorporated into new car purchases and they hook older demographics because of ease of syncing with their cars and unique programming listeners really enjoy that can only be found from them. As long as they can cover their debt they can keep this cash flow positive business generating income for investors.

I didn't use chatgpt for this, so please excuse my typos and my attempt at just giving my perspective without accounting numbers. You can do this yourselves....it's super fun anyways. ;)