And is it really the downward pressure we've seen over the last few years had a lot to do with the dramatic increase we saw in pen rates over that time period. 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. 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. Cost basis and return based on previous market day close. But were going to continue with our disciplined approach as weve used over the last couple years. Thanks. SiriusXM Prices and Packages. And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. 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. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. But we are well-positioned to make sure that our incorporation sustains through whatever model the OEMs choose to pursue. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. I will now turn the call over to Sean for some brief remarks, and then Tom will go through the financials in more detail. Greetings. Yes. For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. Tuesday, 06 October 2020 07:21 PM EDT Howard Stern, the radio shock jock whos maintained his star power in the podcasting era, is nearing a contract renewal with While this is a great indicator of what's to come, these features are currently only available in a limited number of 360L-enabled vehicles and awareness of these features is still low. Fubo TV plans start at $69.99. Thank you. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Tom, take it away. SIRI earnings call for the period ending March 31, 2023. Greg and guests discuss politics and news of the day. And likewise, for XM radio, only XM packages can be activated. 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. SiriusXM 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!!! Please proceed with your question. The company ended March with just over 34 million subscribers for its radio service: a rise of just 0.2%. 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. And weve settled in at this sort of range in the low-80s that I think is the optimal place for us going forward. Free HBO Max, Showtime, Starz, and Cinemax. Or is there anything different that you can talk to at this point? Pause and rewind live radio. Our ad-supported portfolio from Pandora to the SiriusXM Podcast Network, which also includes two of the largest Hispanic podcast networks with Pitaya and reVolver offers opportunities for advertisers to reach large and diverse audiences in audio. We believe our overall subscriber performance should also trend better quarter over quarter as the year progresses. WebSirius XM offers tons of wildly interesting channels you can explore, which can be found by following this link. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. Kelly's new hit, Let's Talk Off Camera, is first released widely as a podcast but also airs on Radio Andy. Putting all this together, adjusted EBITDA 625 million, was down 9% over the prior year. This past quarter, we combined Sirius XMs podcast group and comedy and entertainment group into one unit. And it's driven a lot by the programming additions that we've made and the streaming access. Thank you, Ben. 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. SiriusXM As we approach the launch of our next generation Sirius XM experience, we are confident that the upgrades will boost engagement and customer satisfaction for in-car and streaming-only customers alike. To remove a favorite from Sirius XM, try: Step 1: Go to the SiriusXM website and sign in to your account. Most sports fans already know and love Fubo TV. Tags: Financials Pandora Radio SiriusXM. No, Newsmax TV isn't included in your Philo subscription. In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. Sure. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. 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. Thanks, Steven. Turning to our content. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your iOS device. 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 to Tom, congratulations. Our team is working diligently to position us for success in the second half of 2023 and beyond. And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. How sizable of a trial acquisition funnel you think that could become over the next few years? Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. At this time, I'll turn the conference over to Hooper Stevens, senior vice president of investor relations and finance. Please proceed with your questions. 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. Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs. Against the splintering of sports rights in the video space, we offer incredible value as the one-stop audio home for all major sports, and it's powering record engagement of this content. [Operator Instructions] Please note this conference is being recorded. Tags: Financials Pandora Radio SiriusXM. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. Thank you, and good morning, everyone. 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. WebSiriusXM Patriot is a conservative talk radio channel on Sirius Satellite Radio channel 125 and XM Satellite Radio channel 125 [1]. US satellite radio firm SiriusXM has published its financial results for the first quarter of 2023. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. And of course, that helps with the funnel there. 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 know pen rates are higher now, competition is maybe a bit higher now, 360L mix also sounds like tracking up nicely. 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. 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. Learn More. With more than a decade's experience working closely together, I know that Tom's deep institutional knowledge and broad finance experience will be invaluable as we drive growth across the business and continue our commitments to customers, employees, and shareholders. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Analysts see a 0.7% decline in revenue for the first quarter. And were really focused, again, heads down on investing in this new platform and making sure that that positions us for growth going forward. Scott M. on Twitter: "Same in my house! @FoxNews won't be on 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. And we're really focused, again, heads down on investing in this new platform and making sure that that positions us for growth going forward. Our ad supported portfolio from Pandora to the Sirius XM podcast network, which also includes two of the largest Hispanic podcast networks with Pattaya and reVolver offers opportunities for advertisers to reach large and diverse audiences in audio. So I wouldn't expect to see major changes in our streaming net ads until after that. Access My Account. Despite its lack of ESPN, the service offers almost every league, including NFL, NBA, MLB, NHL, and more. Is this happening to you frequently? Mr. Stevens, you may now begin. [Operator instructions] One moment please will we poll for questions? 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. And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. The satellite radio giant will carry every single pick live from Kansas City. No reason to subscribe to a different streaming service just to get access to Newsmax TV. Okay, James, Ill go first. @SIRIUSXM is. So we look at this probably more often than not, but we spent a lot of time looking at this. Scott, you want to? 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. And please let me add my welcome to Tom Berry, who may be new to this call, but is a veteran of Sirius XM and its finance organization since 2009. Hey, great. I am confident that Tom's perspective, diligence, financial expertise, and history with SiriusXM will serve him well as he steps into the CFO role. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. Making the world smarter, happier, and richer. I will now turn the call over to Sean for some brief remarks, and then Tom will go through the financials in more detail. We help resolve pain points facing marketers by using greater automation and making buying more efficient. Just subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your Android smart TV. Sirius XM Stock Has a Lot to Prove This Week | The Motley Fool 1. Good morning, everyone. Gross profit in the Pandora and Off-Platform segment totaled $111 million. And CSAT is at an all time our customer satisfaction is at an all-time high since 2009. 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. Sure. Thank you. But positioning for the future, we have had a long history since we launched annual average increases in ARPU of about 3%. But we're not seeing any major changes in the market that I would highlight. Joel Osteen Gets His Own SiriusXM Satellite Radio Channel By Newsmax Wires | Tuesday, 03 June 2014 06:35 AM EDT Comment Print A A Joel Osteen's "America's Night of Hope" at Yankee Stadium on Saturday will introduce national listeners to the Texas pastor's own channel on SiriusXM satellite radio. 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. 13. But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. Same in my house! I would expect the second half to be positive and that sort of nets us out to the modestly negative. Our final question is from the line of Matthew Harrigan with The Benchmark Company. The beat remains the same, even if this isn't likely to be a beat on Thursday. Thank you, Ben. But we are continuing to see progress in advance of that on 360L. Certainly, there's still uncertainty in the second half, I think, but we are hopeful that the market will continue to recover and the great thing about our guidance is that even the cost reductions we put in place, we're really well-positioned even if the market trends a little softer going forward. The Motley Fool has a disclosure policy. The next question is from the line of David Joyce with Seaport. 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. It probably definitely falls into the diverse preferences of listeners buckets, but you just have two rather polarizing TV news personalities becoming available, albeit some bad actor issues that Tucker Carlson, Don Lemon, you certainly have been very tolerant view on all sides of the spectrum. Thank you. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Roku. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. And as we have always said, business models really do matter. Is that still what you see? Welcome to Sirius XMs first quarter 2023 earnings conference call. 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. SIRI earnings call for the period ending March 31, 2023. Today, we'll have prepared remarks from Jennifer Witz, our chief executive officer; Sean Sullivan, our chief financial officer; and Tom Barry, who will assume the position of CFO tomorrow. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk Bring music & Please disable your ad-blocker and refresh. Firstly, could you talk a little bit more about was maybe a little bit better than expected audio number? Thats very helpful. 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. So I think the impact of OEM prepaid revenue should slow down in terms of how it's flowing through ARPU over time. And then to your question on streaming net ads, we did -- to some extent, we've gone through this hurdle of the reduced marketing spend we had in the fourth quarter, and now we're operating at a much more efficient level. Plenty of news shows are airing live now on DirecTV Stream. Back out the acquisition of the Pandora streaming service that artificially inflated top-line results in 2019, and Sirius XM investors have been treated to eight consecutive years of single-digit organic revenue growth. Sirius XM 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? Have an iPhone? But SiriusXM has their own ad-revenue on those news shows. These are some of the easiest to use to get Newsmax TV access without cable. And then maybe just one for Tom, just since its your first call as CFO, follow-up to James question. These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. In closing, I would also like to thank Sean for making this transition as seamless as possible. And were working closely with the OEMs and with Google as that rules out. At this time all participants are in a listen-only mode. You may disconnect your lines at this time. Question on the new trends. And secondly, regarding the satellite radio side, GM has announced that theyre planning on dropping Apple CarPlay. And once again, we saw the seasonally higher churn we tend to see in Q1. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. That's why we recommend trying Sling. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. As you know, it is a big part of our funnel, but we have seen used car trial starts did increase in Q1 versus Q4, which sets us up well. At its cheapest plan, fuboTV offers 140+ channels to choose from, so youll have access to more than just sports as well. Look forward to working with you. Great. And then relatedly, I was just wondering if you could speak to what's going on in the used car market? Were in about I think its about a third of our new car trial starts have 360L currently that will increase to about 40% by the end of the year. In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior year period. Analysts see flat results, in line with Sirius XM's uninspiring full-year guidance. 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. Our DirecTV Stream plans and pricing article breaks down all of the DirecTV Stream plans. One, we don't comment on anything we're looking at directly. I will start on advertising and hand it over to Scott on your second question. [Operator Instructions] Thank you. 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. And then over time, in the years to come, it will get to 80% of our trial starts. Thank you for joining us. Putting all this together, adjusted EBITDA of $625 million was down 9% over the prior year. Listeners can hear Kevin show Gold Minds on all major podcast platforms with extended episodes available early to subscribers on his Laugh Out Loud radio channel only on SiriusXM. On the positive side, however, our test-and-learn strategy will enable us to improve streaming subscriber results sequentially throughout the remainder of the year, even with a lower baseline of spend. Our strong distribution, investment in new product offerings, and our unmatched content offering that provided a foundation for future growth. And our first question is from the line of James Ratcliffe with Evercore ISI. As Jennifer noted, the first quarter played out as we expected, albeit with a bit stronger finish to our advertising revenue performance and gradually improving trial starts. Thank you, Sean, and thank you, Jennifer. First of all, Sean, thanks very much. And how the new next generation Sirius XM experience will help improve that over the course of 2023? 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. I just saw a stat the other day that we watch quite frequently about intent to buy and its at one of the highest levels weve seen over the last couple of years. And I think, ultimately, ARPU as well because we can deliver even more content and features to our subscribers. Thanks. And returning this fall, Lets Go!, hosted by Tom Brady, Larry Fitzgerald and Jim Gray will be available first to our subscribers, then on demand exclusively in our app.
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