Shows & Schedules 124 Listen Live SiriusXM Patriot In this past month, we have all worked together to ensure a smooth transition. Working his way up from humble minimum wage beginnings, through the infancy of satellite radio, to finally emerge as one of the most memorable founding voices And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. Scott, you want to? 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. I just saw a stat the other day that we watch quite frequently about intent to buy, and it's at one of the highest levels we've seen over the last couple of years. 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. Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs. With these trends and more targeted cost control initiatives, were now able to increase our full year guidance for adjusted EBITDA from $2.7 billion to approximately $2.75 billion and our free cash flow expectations from $1.05 billion to approximately $1.1 billion. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. 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, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. Sure. It allows us, like many other services to update much more frequently our feature set, but we also have a unique setup because we will continue to maintain preferential treatment in terms of display. The Rob Carson Show gives you a humorous yet concerned analysis of daily political events and how they affect struggling Americans, as well as exclusive interviews with influential hard-hitting guests. Are you seeing any flux in terms of the categories that are participating or just kind of tailwinds for audio advertising even irrespective of the economy? I was hoping you can maybe talk a little bit more about the third-party distribution strategy. But were going to continue with our disciplined approach as weve used over the last couple years. And then secondly, it's a bit of a more depressed question than an analyst question. Barrett Sports Media on Twitter: "Are you ready for the @NFL Draft Our advertising business operated under the unified SXM Media banner delivered solid first quarter results bolstered by growth in podcasts and programmatic sales. Thank you. It continues to be supported by the millions of trial starts we generate each quarter through our robust and long-term OEM partnerships. It has been a real pleasure to serve this company, its talented employees and our shareholders as CFO these past 2.5 years. What are you guys seeing among OEMs in terms of their positioning around third-party interfaces on the DASH versus their own? Well start seeing it actually come through used car trial starts as well as some of those early cars turn over. We increased the number of women's games we deliver to our subscribers to almost 800 broadcasts, doubling from the previous season. Start watching with a free trial. The company says it ended the first quarter with 46.7 million monthly active users, an eight percent decline from a year earlier. But we are continuing to see progress in advance of that on 360L. Just to talk about my whiteboard, what we're focused on. I just don't want to focus on ARPU solely because I do think there's 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. Get your subscription for $40 per month and get access to Newsmax TV and others, like Bloomberg, BBC America, and Cheddar Business. The difference is whether or not you listen to satellite radio in your car. And our ad technology business continues to be extremely profitable, growing about 20% year over year and partially offsetting broader headwinds during the first quarter. SEE INFOTAINMENT DETAILS SIRIUSXM TRAVEL LINK AAOS will roll out in small volumes initially but should grow materially to become the dominant OEM operating system, improving 360L adoption and feature parity along the way. And of course, that helps with the funnel there. Sirius XM Please proceed with your questions. Kellys new hit, Lets Talk Off Camera is first released widely as a podcast, but also airs on Radio Andy. The Gerry 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. We found 3 great options for watching without cable. And how is that progressing over the course of this year in your view? Putting all this together, adjusted EBITDA of $625 million was down 9% over the prior year. Sirius XM (SIRI) Q1 2023 Earnings Call Transcript And then on to your question on streaming net adds, we did to some extent, weve gone through this hurdle of the reduced marketing spend we had in the fourth quarter, and now were operating at a much more efficient level and the cost to acquire trials has gone down, some of thats market conditions and some of that is more efficiently buying in specific channels. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. A question-and-answer session will follow the formal presentation. Transitioning from a one-size-fits-all approach to a dynamic multichannel individualized approach, we'll promote only heard-here moments and exclusive talent to drive subscriber conversions among their fans, no matter how or where they want to listen. These collaborations demonstrate our strategy of inviting people to experience Sirius XM in the way that suits them best. 1. Cost basis and return based on previous market day close. So it's like anything else. SiriusXM Prices and Packages. So that pressure will abate to some extent. What is SiriusXM, What's On, Subscriptions, Shop and Listen Online. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Sirius Lifetime Subscription And returning this fall, Let's Go, hosted by Tom Brady, Larry Fitzgerald, and Jim Gray, will be available first to our subscribers, then on-demand exclusively in our app. But we're still waiting to launch a lot of these underlying capabilities and functionality to be able to support the streaming business, not only for streaming-only subscribers but also as it continues to support our in-car business through customers listening outside of the car and 360L in the car. SiriusXM Satellite Radio Q1 2023 Sirius XM Holdings Inc Earnings Call - Yahoo Finance Following this build cycle, we do not anticipate any spending on satellites for many years. Some of that's market conditions and some of that is more efficiently buying and specific channels. 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. Our Sling review also includes more about why our team loves Sling. Gross profit in the SiriusXM segment declined 5% to $1.02 billion, representing a margin of 61%, down slightly from 2022 due to higher royalties. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. ET. There are things worse than single-digit revenue growth. They will improve over the course of the year as will overall total net ads. And right now, we're certainly seeing significant take-up in Android Automotive operating system, the integrated software from Google. Alongside our ad tech success, this quarter, we renewed U.S. and international sales agreements with SoundCloud and our advertising relationship with the owned podcast network. Good morning. Our team is working diligently to position us for success in the second half of 2023 and beyond, and I'm excited to see how this year shapes up. Sirius XM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. So it's rolling out. I will now turn the call over to Sean for some brief remarks, and then Tom will go through the financials in more detail. Tags: Financials Pandora Radio SiriusXM. And I think we're very well-positioned to deliver our service through AAOS. Unfortunately, for Sirius XM Shareholders, the stock is playing to empty halls. 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. Welcome, Tom. Access My Account. That's why we recommend trying Sling. I mean, what portion are coming in on that platform? And that is because we're addressing these pain points. Thank you. Eduardo Razo. And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. Before jumping into the quarter's results, I'd like to welcome Tom Barry as our incoming chief financial officer. Greetings. With that, I'll turn it over to the operator for Q&A. Music, radio and podcasts, all free. 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. Read our full review of Sling and visit our TV guide to Sling to find out what you can watch right now. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. Thanks everybody for participating today. Do not get confused with these three mediums. Not every app is available on Apple's App Store, but depending on the streaming service you. I think trial starts are starting to improve, do you have, usually you guys have a pretty good line of sight on that. 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. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. At the intersection of the two, our programmatic podcast sales doubled year over year, albeit off a small base, and contributed to overall podcast ad revenue growth of 34%. Maybe for Jennifer on distribution. Are you seeing any flex in terms of the categories that are participating or just kind of tailwinds for audio advertising or even irrespective of the economy? Hooper Stevens. 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? In fact, that's why Sling is our top pick for watching Newsmax TV without cable. Analysts see flat results, in line with Sirius XM's uninspiring full-year guidance. During a conference call with Wall Street analysts, she revealed that SiriusXM combined its podcast group and comedy and entertainment group into one unit during the first quarter. And we're just in the phase of really testing and learning on these rollouts and we'll 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. And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. 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. Newsmax [Operator Instructions] Thank you. The change in royalties was driven by the expiration of the discounted rates on pre-1972 music as of the end of 2022 and a CRB announced 9% CPI inflator on webcasting performance rights and programming and content expenses climbed 6% due to increased licensing fee and production costs. Scott M. on Twitter: "Same in my house! @FoxNews won't be on Thank you, Ben. 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. Well, were still very strongly positioned with churn at just over 1.6%. So your commentary on the intent to buy and the improving funnel sounds constructive. I mean what portion are coming in on that platform? But we are well positioned to make sure that our incorporation sustains through whatever model the OEMs choose to pursue. And then relatedly, I was just wondering if you could speak to whats going on in the used car market? Go online and look up the SiriusXM Dealer App. 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? We may receive an affiliate commission from product sales generated through these affiliate links. And while that growth will continue, it's actually come down to more normalized level at this point. Today, well have prepared remarks from Jennifer Witz, our Chief Executive Officer; Sean Sullivan, our Chief Financial Officer; and Tom Berry, who will assume the position of CFO tomorrow. And I kind of apologize for the question, but I can't resist. have, you can watch Newsmax TV on an iOS device with ease. But were not seeing any major changes in the market that I would highlight. And on that note, Tom, if you could just give us an idea, your key priorities coming into the role, sort of what's at the top of the bullet point list on the whiteboard in your office? Here youve come in and youve updated financial guidance. I'm focused on in the early days is a lot of what you'll see in raising our guidance in some of the other areas is we're investing a lot of time in our cost structure and ensuring that our spending and our cost optimization is headed the right direction with it in an effective manner. So I wouldn't expect to see major changes in our streaming net ads until after that. The growth catalysts just aren't there. In closing, I would also like to thank Sean for making this transition as seamless as possible. Apr 27, 2023, 8:00 a.m. WebThe SXM App delivers the ultimate SiriusXM experience including ad-free music, plus live sports, original talk shows, Howard Stern, exclusive comedy, news from every angle, and more. Ben Swinburne -- Morgan Stanley -- Analyst. And then relatedly, I was just wondering if you could speak to what's going on in the used car market? However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers, such as pricing, control, and content discovery. *Average returns of all recommendations since inception. And in March, we started to see that tail off a little bit. Here you've come in and you've updated financial guidance. And yes, the trends that we saw in Q1 in large part are reversing as we go through the year. We're a platform that helps consumers choose the best streaming service for them through our content, resources, and tools for navigating the streaming landscape. The Rob Carson Show Podcast. WebSiriusXM Patriot is a conservative talk radio channel on Sirius Satellite Radio channel 125 and XM Satellite Radio channel 125 [1]. The Motley Fool has no position in any of the stocks mentioned. 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 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. Listen to Live callers vent their frustrations with the corrupt career politicians on Capitol Hill, hilarious music political parodies from Jim Gossett, and above all, DON'T CATCH THE STUPID!!! 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. February 16, 2022. WebWhat channel is NewsMax on Sirius XM Sirius M offers a delightful variety of channels designed to suit anyones taste. Yes, Newsmax TV is included in your Sling subscription. So how do you think about conversion rates on new car trials today versus where you were historically, I think, in that sort of mid-30s range? In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior-year period. This feature drives listener engagement that leads to higher retention. And how is that progressing over the course of this year in your view? 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. WebThere are many ways to watch Newsmax TV without cable, including Sling, Fubo TV, or DirecTV Stream.. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. Welcome to SiriusXM's first quarter 2023 earnings conference call. That's right -- theythink these 10stocks are even better buys. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. That's due to the great content relationships, we have, on the representation side, and our ability to bring brands into podcasting, Witz said. I was just wondering if you could give us an update on that subscriber kind of loose commentary. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. Hooper Stevens. Turning to our content, given the strong engagement we continue to see with our extra channels in and out of the car, in the first quarter, we expanded our focus here and launched several new hip-hop and R&B channels, 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. Ending May 2 at 11:10AM PDT 6d 21h. We are making significant progress in rolling out our 360L platform, and expect to exit 2023 with nearly 40% of new car trials, including 360L. But are there any circumstances where if I was Tucker or Don Lemon, why would I certainly want to be with you on the linear and podcasting side rather than Newsmax or OEM, but is that just two friends for you. And just on the categories, it's been continued improvement in travel, restaurants, casino, even automotive is coming back more, which makes sense, and then softness in telecom and financial services. Self-pay net adds declined by 347,000 a quarter consistent with our expectations given lower fourth quarter vehicle and streaming trial starts combined with seasonally higher churn in the first quarter. Thanks. [Operator instructions] One moment please will we poll for questions? Here's where you can and can't watch Newsmax TV without cable. At the corporate level, G&A was up 21%, with the majority of the increase driven by litigation expenses and investment asset adjustments on our employee deferred comp plan. But my overall view is to work on obviously optimizing the business, support the growth of the business and position us for the year ahead. And Im excited to see how this year shapes up. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. On the used car market, just to start with that, the used car sales were actually pretty strong in the first couple of months of the year. Is It Time to Buy This Year's Worst-Performing Growth Stocks? Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Despite its lack of ESPN, the service offers almost every league, including NFL, NBA, MLB, NHL, and more. You may disconnect your lines at this time. SiriusXM Thank you for joining us. Hey, great. In the first quarter, we outperformed our initial financial expectations, putting us in a strong position to increase our full year guidance for adjusted EBITDA and free cash flow. The SiriusXM segment delivered $1.7 billion in revenue, which was down 2%, principally due to lower OEM paid promotional trial revenue reflected in our ARPU of $15.29 and declining subscriber revenue at Connected Vehicle, partially offset by a weighted average subscriber base that was up 1% year over year. Sirius XM So Q1 was impacted, as we said, by lower fourth-quarter trials and then third quarter, but Q1 trials have been stronger -- were stronger than Q4. And in particular, with Walmart, we're testing an offer that allows consumers to choose, do they want satellite trial or in-car trial or a streaming trial. 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. SiriusXM Super Bowl broadcast this year was the most listened to in our history and strong engagement continued during March Madness, particularly with NCAA women's basketball. Youve certainly been very tolerant of views on all sides of the spectrum. We had a really solid quarter with ad revenue down just 2%. Furthermore, OAN (One American News), known as a great And likewise, for XM radio, only XM packages can be activated. 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. Image source: The Motley Fool. These and all forward-looking statements are based upon management's current beliefs and expectations and necessarily depend upon assumptions, data, or methods that may be incorrect or imprecise. Great. And as we have always said, business models really do matter. But positioning for the future, we have had a long history since we launched of annual average increases in ARPU of about 3%. Other channels on Fubo TV include: Hallmark Movies & Mysteries, TV Land, BET, Bravo, Comedy Central, Discovery Family Channel, E! And we're up about 9 points from 2019 to 2022. Our varied distribution models, subscription, and ad-supported reach audiences wherever and however they want to listen and bring value to the SiriusXM subscription as exemplified by recent deals with Kevin Hart, Kelly Ripa, and Tom Brady. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. 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%. And that is because were addressing these pain points. And then over time, in the years to come, it will get to 80% of our trial starts. It also features popular syndicated programs including Sean Hannity and Mark Levin. In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior year period. And the competitive challenges we have are easily solved with 360L and the new platform that we're launching, and we are starting to see that already in some of our numbers. Could you give us a little bit of color on sort of the puts and takes there and how the new next-generation SiriusXM experience will help improve that over the course of 2023? So the number in Q1 was anticipated, right? With upwards of a thousand hours of DVR space and multiple simultaneous streams available, youll never miss a game. One of the things we're most proud of, is the true diversity of voices we have on the platform, and basically letting our subscribers and listeners and trialers decide what they want to listen to at any given moment. But he said while SiriusXM may be a potential or logical home for Carlson or Lemon, Greenstein said they consider the totality of the package which would likely include whether advertisers would support their shows and whether there would be a backlash from subscribers or employees. And just on the categories, its been continued improvement in travel, restaurants, casino, even automotive is coming back more, which makes sense and then softness in telecom and some financial services. With that, I'll hand the call over to Jennifer. Podcast ad revenue jumped 34% during the first quarter compared to a year ago. Here's why: If, for whatever reason, watching Newsmax TV on Sling doesn't work for you, we've also rounded up 2 more options and we even divided them up into the best picks for people who also watch lots of sports, news, reality TV, and more. And we are just getting started. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. Fubo TV plans start at $69.99. 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.
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