Thank you, Sean, and thank you, Jennifer. As we approach the launch of our next-generation SiriusXM experience, we are confident that the upgrades will boost engagement and customer satisfaction for in-car and streaming-only customers alike. Thanks, Matt. Just help us think about bridging the Q1 losses toward better numbers in the back half between those two subscriber bases, if you would. We are very encouraged by the conversion lift we see in vehicles with 360L today. And I think we're very well-positioned to deliver our service through AAOS. Our strong distribution, investment in new product offerings and our unmatched content offering that provided a foundation for future growth. If you have an ad-blocker enabled you may be blocked from proceeding. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. The channel features exclusive hosts such as Cam & Company from NRANews (until June 2018), David Webb, and Andrew Wilkow. Turning to our content. We are already beginning to see benefits from cost reductions implemented in Q1 across every element of our business. Sirius XM (SIRI) Q4 2022 Earnings Call Transcript, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks, Why I Refuse to Chase the Maximum Social Security Benefit, A Bull Market Is Coming: 3 Stocks to Buy Without Hesitation, 1 Trillion-Dollar Growth Stock Down 28% You'll Regret Not Buying on the Dip, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Copyright, Trademark and Patent Information. But the streaming trial funnel, our challenge has not been trial generation, and we've put very distinct guardrails in place in how we're active and Performance Media in bringing trials into the funnel. SiriusXM bought Conan OBriens Team Coco last year in a $150 million deal that also included a five-year talent agreement for Team Coco staff to collaborate on content, including the new satellite Sure. Good morning. We expected Q1 to be a low point in terms of net adds. Jennifer, could you talk a little bit about the subscriber outlook for the rest of the year in particular, what are the things that are going to allow for the streaming only subscriber losses to sort of moderate? We intend to make prudent decisions to remain a very profitable business that continues to serve as a primary audio subscription service for certain audience segments while being complementary to interactive services for others. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Sirius XMwasn't one of them! Learn More, Sirius XM(SIRI 2.70%)Q12023 Earnings CallApr 27, 2023, 8:00 a.m. The beat remains the same, even if this isn't likely to be a beat on Thursday. Our next question is from the line of Steven Cahall with Wells Fargo. It will be less impactful than the last time we did the rate increase because we focused primarily on full-price plans, and that has a lot to do with maintaining our promotional plans and market our discounted plans to be able to better onboard and retain our subscriber base where it makes sense. Its growth is as pedestrian as it is predictable. If you're trying to watch Newsmax TV without cable and you also watch a lot of sports, Fubo TV is probably the best pick for you. With Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. There are things worse than single-digit revenue growth. But we're not seeing any major changes in the market that I would highlight. Using our streaming recommendation system, the Flixed team has determined that Sling is the best way for most people to watch what's live on Newsmax TV because it offers the ideal combination of price, channels, and features. Sirius made the launch in July of 2000 which is 43 years later than the famous Sputnik. Look forward to working with you. Our new platform will streamline purchasing and usage in and out of the car and enhance the value of Sirius XM making our service worth the premium for a wider range of audience segments. The Favorites area will appear; click on it, and the web will show all of your presets. Rick Munarriz has no position in any of the stocks mentioned. Barton Crockett -- Rosenblatt Securities -- Analyst. Listeners can hear Kevins show Gold Minds on all major podcast platforms with extended episodes available early to subscribers on his Laugh Out Loud Radio channel only on Sirius XM. And I believe that because we were really well positioned to capture late in quarter demand that came in as advertisers started to open up their budgets, because we have these programmatic solutions across music streaming and podcasting. Best Streaming Services for Local Channels, best overall streaming services for sports fans, How to Watch NewsNation Live Without Cable 2023 - Top 4 Options, Big families (or roommates or friends) can watch. During the first quarter, we generated 144 million of free cash flow, down from 258 million in the prior year. Advertising revenue of $334 million decreased slightly by 1% in the first quarter. So your commentary on the intent to buy and the improving funnel sounds constructive. It has been a real pleasure to serve this company, its talented employees, and our shareholders as CFO these past two-and-a-half years. Late last year, Newsmax ventured into radio with The Rob Carson Show in the noon-3 pm daypart at independently owned Talk Radio 680 WCBM Baltimore. SiriusXM bought Conan Published: April 25, 2023. So we believe no matter what path the OEM chooses we'll be really well-positioned there. Turn on the FoxNews simulcast on siriusxm, and turn your tv on as well. Thank you for taking the question. Theres so much to do here! Sales and marketing expenses are lower by 17% as discussed, while engineering design and development expenses were up 15% on the back of new product investments. Ben Swinburne -- Morgan Stanley -- Analyst. So that sets us up well for the in-car funnel. Great. Other channels on Sling include: Longhorn Network, Cable News Network, HLN, Hallmark Movies & Mysteries, Turner Classic Movies, TV Land, A&E, AMC, BET, Bravo, Comedy Central, E! Sure. Thank you. In the Pandora and off-platform segment, total revenue was $462 million, nearly flat with prior year. WebPolitical news and talk from all sides with Julie Mason, Michael Smerconish, Dan Abrams, Laura Coates, and more. We expect to see more rapid feature adoption tied to automakers' incorporation of the Android Automotive Operating System with our 360L platform beginning later this year. Username. But were going to continue with our disciplined approach as weve used over the last couple years. The company ended March with just over 34 million subscribers for its radio service: a rise of just 0.2%. Sirius XM isn't trading at its lowest levels since early 2016 -- despite kicking off the year with a record 32.4 million self-pay subscribers and churn near its historical lows -- by accident. You may disconnect your lines at this time. We'll target leverage in the low to mid-3s in light of the macroeconomic factors. Overall ad revenue slid 2% from a year earlier to $375 million, but Witz called those results solid and said SiriusXM benefited from its investments in ad tech, especially for its programmatic sales platform. Sure. And while that growth will continue, its actually come down to more normalized level at this point and get the competitive challenges we have are easily solved with 360L and the new platform that were launching. Great. This satellite CapEx spending will be in the $300 million range per year in 2023 and 2024 before declining to approximately 175 million in 2025, approximately 80 million 2026, and approximately 20 million 2027. Just subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Android phones. So your commentary on the intent to buy and the improving funnel sounds constructive. Like how should we think about the cadence of ARPU from here this year as well as what would the longer-term impacts be from any of the newer auto deals since we saw some of the promo numbers increase here? Our strong distribution, investment in new product offerings, and our unmatched content offering that provided a foundation for future growth. Please proceed with your question. These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. People find their way to our door and we consider a lot of factors, said Scott Greenstein, SiriusXMs Chief Content Officer. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. A question-and-answer session will follow the formal presentation. The Gerry Our Q1 results were better than we expected certainly based on where trends were heading in December or January. We'll start seeing it actually come through used car trial starts, as well as some of those early cars turnover. Podcast ad revenue jumped 34% during the first quarter compared to a year ago. Not every app is available on Apple's App Store, but depending on the streaming service you. Our top pick for most news fans to get access to Newsmax TV is DirecTV Stream. In short, I am pleased with our financial performance this quarter, and I'm confident in our opportunity to expand our subscriber base as auto sales recover and relaunch the next-generation SiriusXM experience later this year. ET. Our Sling review also includes more about why our team loves Sling. Okay. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. So I think there is a case to be made for demand to start coming back, maybe some of the pent-up demand to be released and auto sales to slowly, but incrementally improve over the course of the year. Question on the new trends. Tom Barry -- Incoming Chief Financial Officer. Bye-Bye. Hi. What do you see as the right leverage profile, the right mix of capital returns? And it's driven a lot by the programming additions that we've made and the streaming access. Pandora revenue was down a modest one percent to $462 million during the quarter while its ad-based revenue remained relatively flat at $334 million. The majority of our trial funnel as you would expect, is represented by the millions of trial starts that we do every year through our automotive partners. As we begin, I'd like to remind our listeners that today's call will include discussions about both actual results and adjusted results. On conversion rate, so I talked a bit about this on the last call, but just to add some more color, Conversion rates are continuing to trend in the low 30s for new car in the low 20s for used. Here you've come in and you've updated financial guidance. Read on to learn which streamers support both your device and Newsmax TV live streams. Our next question is coming from the line of Ben Swinburne with Morgan Stanley. Our extensive portfolio includes chart-topping podcasts by Earwolf and Team Coco and exclusive channels featuring A-list talent like Andy Cohen Inks and Conan OBrien. Thank you, Jennifer. We also delivered better-than-expected ad revenue, partly due to our leading self-service and programmatic solutions that are allowing us to capture closed-end bookings, and I will address this more in a few minutes. I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. Have a Samsung smart TV or another type of Android TV? Hey, great. Pleasure working with you and good luck on the next gig, keep them in the fairway. Well share progress on future quarterly calls, but the first months of 2023 have already brought several exciting product iterations and consumer offers providing valuable insights for the full platform re-launch later this year. The cheapest option is Sling. Good morning. Image source: The Motley Fool. By. One, we dont comment on anything were looking at directly. With that, Ill turn it over to the operator for Q&A. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. Thanks, everybody, for participating today. Thank you. You have three options to watch And then secondly, its a bit of a more of a press question than an analyst question, its probably definitely falls into the diverse preferences of listeners buckets. Generally, the expectation was modestly negative. To remove a favorite from Sirius XM, try: Step 1: Go to the SiriusXM website and sign in to your account. How sizable of a trial acquisition funnel you think that could become over the next few years? During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. Were increasingly flexible and even agnostic in how we add subscribers and accommodate listening preferences. Pandora's ad hours were 2.59 billion, declining just 4% year over year as hours per active users climbed 4.5% to 21 hours per month. And the cost to acquire trials has gone down. Welcome to Sirius XMs First Quarter 2023 Operating and Financial Results Conference Call. With a huge number of subscription plans covering every conceivable way to get entertained, Sirius XM is one of the best entertainment platforms around for sure. WebWhat channel is NewsMax on Sirius XM Sirius M offers a delightful variety of channels designed to suit anyones taste. All discussions of adjusted operating results exclude the effects of stock-based compensation. Seasonality in advertising revenue in these strategic cost saving measures should deliver ramping EBITDA in the second, third and fourth quarter. CEO Jennifer Witz says there are opportunities to combine live radio shows with on-demand podcasts to better serve the listening preferences of its subscribers. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. But were not seeing any major changes in the market that I would highlight. Start watching with a free trial. Gross profit in the Sirius XM segment declined 5% to 1.02 billion, representing a margin of 61%, down slightly from 2022 due to higher royalties. So I wouldnt expect to see major changes in our streaming net adds until after that. Same in my house! Yes, Barton. Fubo TV plans start at $69.99. It also features popular syndicated programs including Sean Hannity and Mark Levin. Cost basis and return based on previous market day close. In this past month, we have all worked together to ensure a smooth transition. Put another way, the upside may seem limited heading into the media stock's report this week, but the downside could also be limited if it's a disappointing performance. The silver lining here -- as Sirius XM plays old hits to a thinning room with no one calling for an encore -- is that the valuation is surprisingly cheap. Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. With strong similarities between talk radio and podcasts, we can do more to seamlessly integrate them across our service and provide more control and discoverability for our subscribers. Supporting this, first quarter vehicle trial starts were up 7% overall compared to the fourth quarter, including a 3% rebound in new vehicle trials and an 11% rebound in used vehicle trials. First of all, Sean, thanks very much. And our first question is from the line of James Ratcliffe with Evercore ISI. Sure. Any commentary on how those are contributing to either the modest decline or the growing funnel and what we should expect for used car activity this year? And that is because we're addressing these pain points. And we will continue to be active in generating trials. We'll continue our current process of being cautious and disciplined. And how the new next generation Sirius XM experience will help improve that over the course of 2023? Thanks, Matt. And while that growth will continue, it's actually come down to more normalized level at this point. First, Sean, good luck. And on that note, Tom if you could just give us an idea, your key priorities coming into the role, sort of whats at the top of the bullet point list on the whiteboard in your office? It allows us like many other services to update much more frequently our feature set. And then maybe the same question sort of on the in-car business. https://buff.ly/41pw0RC . And I believe as we launch this platform, we will have more and more opportunities to better execute on that. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. Copyright 2022 Flixed, Inc. All Rights Reserved. If you just drove off the lot in a shiny new vehicle, chances are pretty high that SiriusXM Satellite Radio is (A) a standard feature on your radio and (B) free of charge for a certain period of time. On the self-pay side, I would continue to expect improvements in year-over-year comps, as we roll out the rate increase, itll be less impactful than the last time we did the rate increase because weve focused primarily on full price plans. The Howard However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. Sirius XMs Q1 2023 earnings per share is expected to be 8 cents as per Trefis analysis, higher than the consensus estimate of 7 cents. Thanks for that color. Sirius XMs Super Bowl broadcast this year was the most listened to in our history and strong engagement continued during March Madness, particularly with NCAA Womens Basketball. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. They're looking for more opportunities to more easily navigate the service and 360L brings a lot of those features to life, and we are seeing even better conversion rates among younger trialers who have 360L relative to older generations and particularly our core audiences who know our service and are used to navigating it. So with that, let's jump right into it. So, Stephen, the Walmart, and T-Mobile have been great partners, and I'm very pleased that we've been able to launch with them and test out different trial offers. And I highlighted some of these metrics earlier, but we are seeing definitive increases in conversion rates for trialers, particularly younger trailers, who are using the features, but also just have 360L capable vehicles. Looking at the capital allocation for first quarter of 2023, we returned $160 million to the shareholders comprised of $94 million of dividends and $67 million of stock repurchase, as we reentered the market following our fourth-quarter results. Published: April 25, 2023. If you're someone who watches a lot of news, you probably want to subscribe to a streamer with access to the most popular news channels. OK. James, I'll go first. Following this build cycle, we do not anticipate any spending on satellites for many years. Flixed.io's contributors and editorial team will often recommend products we believe to be useful for our readers. So that pressure will abate to some extent. We also delivered better-than-expected ad revenue partly due to our leading self-service and programmatic solutions that are allowing us to capture close-end bookings, and I will address this more in a few minutes. Other channels on DirecTV Stream include: Cable News Network, HLN, Turner Classic Movies, TV Land, A&E, AMC, BET, Bravo, Comedy Central, Discovery Family Channel, E! What do you see as the right leverage profile, the right mix of capital returns, anything different here going forward that we should be mindful of relative that we thought about it in the past? Any commentary on how those are contributing to either the modest decline or the growing funnel and what we should expect for used car activity this year? The majority of OEMs have either announced or in process of moving toward that operating system. And I think, ultimately, ARPU as well because we can deliver even more content and features to our subscribers. Welcome to SiriusXM's first quarter 2023 earnings conference call. Hey, great. Sirius XM used to be a darling for speculators, screaming fans who would cheer its every uptick and downtick. It's definitely possible to watch Newsmax TV on your Roku device, be it a streaming stick or actual Roku TV. Thanks. These and all forward-looking statements are based upon managements current beliefs and expectations and necessarily depend upon assumptions, data or methods that may be incorrect or imprecise. Obviously, as we said to you at the year-end call that all of a lot of our free cash flow and a lot of our numbers will be coming in the second half of the year. Firstly, could you talk a little bit more about what was maybe a little bit better than expected audio number? At the intersection of the two, our programmatic podcast sales doubled year-over-year, albeit, office small base and contributed to overall podcast ad revenue growth of 34%. While this is a great indicator of whats to come, these features are currently only available in a limited number of 360L enabled vehicles, and awareness of these features is still low. So younger generations, in particular, are looking for more opportunities to control is nay experience. So some OEMs will choose to pay for the trial and receive a higher subsidy. Were investing in satellites. And maybe how you see that fitting into the broader digital strategy later this year. The good news is that Sirius XM is trading for less than 12 times earnings with a reasonable 2.6% yield. Invest better with The Motley Fool. Let's get into the best options for everyone. Certainly, theres still uncertainty in the second half I think, but we are hopeful that the market will continue to recover. And were working closely with the OEMs and with Google as that rules out. Good morning, everyone. While the exact timing of construction milestone payments can inevitably shift, this gives us a general idea of the trajectory and the scope of spending. Sure. We ended the quarter with a leverage at 3.4 times, which is within our targeted range of low to mid-threes. At this time, well be conducting a question-and-answer session. And that may be at the top end of the range, but I still think there's opportunity. So with that, lets jump right into it. Is this happening to you frequently? And we've settled in at this sort of range in the low 80s that I think is the optimal place for us going forward. ET. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. Thanks. And whereas other services, you need to sign up for a data plan, we cover the data costs ourselves. Now I listen to Question on the new trends given the new Mercedes-Benz deal and some recent price increases, what are the impacts on ARPU in the near-term? I know pen rates are higher now, competition is maybe a bit higher now, 360L mix also sounds like tracking up nicely. Our next question comes from the line of Barton Crockett with Rosenblatt Securities. Thank you. Maxar is currently building another SiriusXM satellite, SXM-8, which is scheduled for launch in 2021. Thank you. Sirius XM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. We increased the number of womens games we deliver to our subscribers to almost 800 broadcasts doubling from the previous season. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Supporting this, first quarter vehicle trial starts were up 7% overall compared to the fourth quarter, including a 3% rebound in new vehicle trials and an 11% rebound in used vehicle trials. Do not sell or share my personal information. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Roku. We have seen the percentage of listeners consuming these genres more than double versus a year ago, driven by younger audiences who value the more controlled listening experience. And we will continue to be active in generating trials. This will have positive implications to ARPU, conversion, retention, and subscriber growth in 2024 and beyond. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. I just dont want to focus on ARPU solely because I do think theres demand at lower price points and we are looking at more flexible pricing structures that we will likely implement when we launch the new platform. Theyre looking for more opportunities to more easily navigate the service. Thank you, and good morning, everyone. WebSirius XM offers tons of wildly interesting channels you can explore, which can be found by following this link. All discussions of adjusted operating results exclude the effects of stock-based compensation. Our new platform will streamline purchasing and usage in and out of the car, and enhance the value of SiriusXM, making our service worth the premium for a wider range of audience segments. Tags: Financials Pandora Radio SiriusXM. Or search "Newsmax" on your favorite podcast platform. Welcome, Tom. I mean what portion are coming in on that platform? It's traditionally been much more D2C and D2C has been soft in the first quarter. The difference is whether or not you listen to satellite radio in your car. Scott Greenstein, our president and chief content officer, will join Jennifer, Sean, and Tom to take your questions during the Q&A portion of the call. Because of this typical seasonality of our business in terms of receipts versus expenditures, combined with the timing of our capital expenditures, we expect to produce a meaningful portion of 2023s free cash flow later in the year. On the churn side, in car, Q1 is always seasonally soft for us, and we anticipate that to be true for this year as well. Pandora was supposed to be a catalyst for growth, a digital escape hatch the moment that satellite radio would prove transitory and eventually obsolete. No, Newsmax TV isn't included in your Philo subscription. But you just have two rather polarizing TV news personalities becoming available, albeit, some bad actor issues at Tucker Carlson, Don Lemon. Following this build cycle, we do not anticipate any spending on satellites for many years. Our ability to bring brands into podcasting, its traditionally been much more D2C and D2C has been soft in the first quarter. Obviously, as we said at the year-end call that a lot of our free cash flow and a lot of our numbers will be coming in the second half of the year, but we're going to continue with our disciplined approach, as we've used over the last couple of years. And then relatedly, I was just wondering if you could speak to whats going on in the used car market? We also launched Fluency, a cultural practice, helping brands connect with young, diverse audiences in audio by providing insights to support campaigns and creative strategy. But the streaming trial funnel, our challenge has not been trial generation, and weve put very distinct guardrails in place and how were active in performance media in bringing trials into the funnel, partnerships is sort of an untapped opportunity. And CSAT is at an all time our customer satisfaction is at an all-time high since 2009. Please proceed with your question. I mean, the economy, we just had a soft GDP number a couple minutes ago. And obviously theres the impact of revenue share as well, and were constantly navigating the interaction of those three economic levers with increasing penetration rates where it makes sense. SiriusXM reported a rare drop in satellite radio users for the first quarter, and it told analysts to expect those figures to trend downwards throughout 2023. *Average returns of all recommendations since inception. Our team took Fubo TV for a test drive and put all of our thoughts together in our Fubo TV review. Earnings of $0.07 a share would be a small step down from the $0.08 a share it clocked in with a year earlier. Thank you for taking the question. You will need to use your smartphone to get the app and connect it to the internet. WebFind Rob Carsons radio show LIVE near you More Info. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Youll be missed. You have permission to edit this article. $13.95 shipping. And its driven a lot by the programming additions that weve made and the streaming access. And were just in the phase of really testing and learning on these rollouts and will be much better positioned when we build out some of the capabilities in the new platform in terms of easier sales flows, better onboarding, more personalized recommendations to take advantage of these partnerships going forward. Read our full review of DirecTV Stream and visit our TV guide to DirecTV Stream to find out what you can watch right now. And then we just have these solutions in market for advertisers to come in and either buy across our network on an audience basis or buy show level and even custom integrations.
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