February 16, 2022. Thanks Matt. Our total new and used car penetration rate was 80% and 55% respectively, and our enabled fleet stands at about 154 million vehicles. 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 whereas other services you need to sign up for a data plan, we cover the data costs ourselves. 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. 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. We were up about 9 points from 2019 to 2022. Thanks, Matt. You called out the partnership with Walmart Plus announced in the quarter. We ended the quarter with a leverage at 3.4 times, which is within our targeted range of low to mid threes. And to Tom, congratulations. Newsmax's Steve Malzberg Show To Air On SiriusXM - All Access 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. And of course, that helps with the funnel there. And I believe that is a very strong proof point for what we can continue to drive and see when we launch this new platform that is going to support 360L, but also drive cross listening in and out of the car and provide much more personalized listening experiences. So Q1 was impacted, as we said, by lower fourth quarter trials than third quarter. Read our full review of DirecTV Stream and visit our TV guide to DirecTV Stream to find out what you can watch right now. It continues to be supported by the millions of trial starts we generate each quarter through our robust and long-term OEM partnerships. The other two components of Sirius XM's full-year outlook -- adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of roughly $2.7 billion and $1.05 billion in free cash flow -- are well below last year's results. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your iOS device. I will start on advertising and hand it over to Scott on your second question. No, Newsmax TV isn't included in your YouTube TV subscription. 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. Pandoras ad hours were 2.59 billion, declined just 4% year-over-year as hours per active users climbed 4.5% with 21 hours per month. It'd be great to maybe hear how you're thinking more broadly about leveraging capital allocation. Have a Samsung smart TV or another type of Android TV? 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. Yes, Newsmax TV is included in your Sling subscription. Yes. Cost basis and return based on previous market day close. Thank you. Our next question is coming from the line of Ben Swinburne with Morgan Stanley. 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. Could you give us a little bit of color on sort of the puts and takes there? @SIRIUSXM is. 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. 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 Gross profit in the Pandora and Off-Platform segment totaled $111 million. And then maybe just one for Tom, just since its your first call as CFO, follow-up to James question. And it's key to not only lift and conversion but also improved retention. Great. Moving forward, we value a strong balance sheet that provides us with flexibility to navigate a variety of future environments, and our goal, of course, is to continue a discipline and thoughtful approach to capital return. Thanks. Free HBO Max, Showtime, Starz, and Cinemax. And yes, the trends that we saw in Q1 in large part are reversing as we go through the year. Sirius XM has fallen short of Wall Street's profit targets in two of the past three quarters, and Thursday's financial update might not provide any relief. 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. And its driven a lot by the programming additions that weve made and the streaming access. WebListen to music, live sports play-by-play, talk & entertainment radio and & favorite podcasts. Our advertising business operated under the unified SXM Media banner delivered solid first quarter results bolstered by growth in podcasts and programmatic sales. I was wondering if you talk a little bit to conversion rates. 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. Thanks. 1. 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. 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. Clearly, with negative 347 this quarter, we are expecting, as we said, improvements quarter-over-quarter. Please disable your ad-blocker and refresh. Here's where you can and can't watch Newsmax TV without cable. Following this build cycle, we do not anticipate any spending on satellites for many years. But are there any circumstances where if I was Tucker or Don Lemon, Id certainly want to be with you on the linear and podcasting side rather than Newsmax or OAN. The growth catalysts just aren't there. But Q1 trials have been stronger, were stronger than Q4. 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. How sizable of a trial acquisition funnel you think that could become over the next few years, and maybe how you see that fitting into the broader digital strategy later this year. But our team's pick for most people to watch . Normally, investors hope for a beat, but in this case, it could be a matter of just hoping that things aren't worse. 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. Kelly's new hit, Let's Talk Off Camera, is first released widely as a podcast but also airs on Radio Andy. 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. Yes, Newsmax TV is included in your DirecTV Stream subscription. 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. Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. Is It Time to Buy This Year's Worst-Performing Growth Stocks? And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions? No, Newsmax TV isn't included in your Philo subscription. SiriusXM Please. 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. Welcome Tom. Scott, you want to --, Scott Greenstein -- President and Chief Content Officer. Sirius XM used to be a darling for speculators, screaming fans who would cheer its every uptick and downtick. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. Additionally, we debuted our first-ever integrated billing with T-Mobile, expanding upon our existing six-month SiriusXM streaming offer and adding a Pandora Premium four-month trial offer, making it even easier for trialers to transition into paying subscribers. The OEM paid promotional revenue has been trending down over the last few years, and its really just one piece of the puzzle as we look at our economics with our OEM partners. 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! 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. Flixed is a website run by a small remote team that helps people navigate the rapidly evolving streaming ecosystem. While our top pick is Sling, there are 2 other ways to watch live programming, including Fubo TV or DirecTV Stream. That's why we recommend trying Sling. 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. [Operator instructions] Please note, this conference is being recorded. Hey, good morning. Plus, we've compiled a list of the best overall streaming services for sports fans. Thank you. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. Thanks for that color. People find our way to our door, and we consider a lot of factors before we make any decisions. But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. Yeah. And whereas other services, you need to sign up for a data plan, we cover the data costs ourselves. The Motley Fool has a disclosure policy. With strong similarities between talk radio and podcast, we can do more to seamlessly integrate them across our service and provide more control and discoverability for our subscribers. 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. Great. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. I think you'll see continuity as I lead our talented finance team and continued our disciplined approach to financial decision-making. This past quarter, we combined SiriusXM's podcast group and comedy and entertainment group into one unit. Thanks, operator, Rob. 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? And right now, we're certainly seeing significant take-up in Android Automotive operating system, the integrated software from Google. We had a really solid quarter with ad revenue down just 2%. And so we're really well-positioned on the podcasting side. In this past month, we have all worked together to ensure a smooth transition. Just since it's your first call as CFO, a follow-up to James' question. For example, we introduced a new in-app onboarding experience for users to select genres, allowing faster, more efficient access to the most relevant content. On the used car market, just to start with that, the used car sales were actually pretty strong in the first couple months of the year. Published: April 25, 2023. 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. But we also have a unique setup because we will continue to maintain preferential treatment in terms of display. Newsmax 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. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. 13. Podcast And Satellite Radio Businesses Will Be More Closely Sirius XM Sirius XM WebPolitical news and talk from all sides with Julie Mason, Michael Smerconish, Dan Abrams, Laura Coates, and more. So its like anything else. So and obviously, well continue to carry forward with our capital return plan to shareholders. In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior year period. And secondly, regarding the satellite radio side, GM has announced that they are planning on dropping Apple CarPlay. To know which vehicle of yours is compatible with which radio, chec 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. These collaborations demonstrate our strategy of inviting people to experience Sirius XM in the way that suits them best. Okay. For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. Our next question is from the line of Steven Cahall with Wells Fargo. 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 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. And James, to your second question, so well see how this, how the OEMs navigate kind of the integration of CarPlay and Android Auto. Our top pick for most news fans to get access to Newsmax TV is DirecTV Stream. Sirius XM Holdings Inc. (NASDAQ:SIRI) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET, Hooper Stevens Senior Vice President-Investor Relations and Finance, Scott Greenstein President and Chief Content Officer. As we previously discussed, CapEx should increase by some 200 million for the full year 2023 as we ramp SXM-11 and SXM-12 on top of ongoing preparation for SXM-9 and SXM-10. The Rob Carson Show Podcast. While the exact timing of construction milestone payments can inevitably shift. Were investing in satellites. And then secondly, it's a bit of a more depressed question than an analyst question. But we're not seeing any major changes in the market that I would highlight. 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. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. *Average returns of all recommendations since inception. 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. I know pen rates are higher now, competition is maybe a bit higher now, 360L mix also sounds like tracking up nicely. Sirius XM reports first-quarter results on Thursday morning. 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. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk Bring music & 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. 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. 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 Its growth is as pedestrian as it is predictable. I mean, what portion are coming in on that platform? That's why we recommend trying Sling. SiriusXM Prices and Packages. It had 34 million subscribers as of March 31. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Overall, SiriusXM revenue declined two percent during Q1 versus a year ago to $2.14 billion, as its earnings also declined nine percent. And then maybe the same question sort of on the in-car business. SiriusXM executives left open the door to working with both men. Making the world smarter, happier, and richer. And while that growth will continue, it's actually come down to more normalized level at this point. The company has already begun to blur the lines between satellite radio and podcasting. 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. Tags: Financials Pandora Radio SiriusXM. No, Newsmax TV isn't included in your Hulu subscription. SiriusXM Eduardo Razo. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. Entertainment Television, ESPNU, Freeform, FX, Science, FYI, MTV2: Music Television, Animal Planet, BBC America, CMT, and more. We do expect to see future quarter-over-quarter progress in self-pay net adds, but we still anticipate being modestly negative for the full year in aggregate. SiriusXM Satellite Radio Channel 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. Jennifer, maybe just a follow-up on that line of discussion. Ben Swinburne -- Morgan Stanley -- Analyst. Our next question is coming from the line of Ben Swinburne with Morgan Stanley. WebFind Rob Carsons radio show LIVE near you More Info. https://buff.ly/41pw0RC . Start watching with a free trial. Thanks, Hooper, and good morning, everyone. Newsmax | iHeart And how the new next generation Sirius XM experience will help improve that over the course of 2023? And the trends that we saw in Q1 in large part are reversing as we go through the year. And while we may, in fact, be a potential or a logical home for anybody that fits into those voices. I was just wondering if you could give us an update on that subscriber kind of loose commentary. DirecTV Stream offers a great range of news channels, including C-SPAN, CNBC, CNN, Fox News, MSNBC, as well as local and regional networks based on your location. Shows & Schedules 124 Listen Live SiriusXM Patriot Turn on the FoxNews simulcast on siriusxm, and turn your tv on as well. 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? 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. The Motley Fool has no position in any of the stocks mentioned. Whether you have a Fire TV Stick or a Cube or another device, you can get access to Newsmax TV. I would expect the second half to be positive and that sort of nets us out to the modestly negative. Great. I think, GM seems to be somewhat unique in that path. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel.
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