SiriusXM cut its sales and marketing costs by 17% during the first three months of the year, as Witz said they have decided to delay advertising efforts in anticipation of product improvements they are launching later this year. 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? 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. SiriusXM-owned Pandora continues to see its reach shrink, however. Cost basis and return based on previous market day close. And as we noted, our Q1 was at 3.4 times, and we returned $161 million to shareholders in the first quarter, and we'll continue to be opportunistic for the remainder of the year. Thank you, and good morning, everyone. And that is because we're addressing these pain points. And CSAT is at an all time our customer satisfaction is at an all-time high since 2009. WebListen to music, live sports play-by-play, talk & entertainment radio and & favorite podcasts. 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. 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. @SIRIUSXM is. Our DirecTV Stream plans and pricing article breaks down all of the DirecTV Stream plans. Thanks, Stephen. And we will continue to be active in generating trials. And to Tom, congratulations. So the number in Q1 was anticipated, right? Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Sirius XMwasn't one of them! But is that just too fringe for you? Scott, you want to? We'll start seeing it actually come through used car trial starts, as well as some of those early cars turnover. So we look at this probably more often than not, but we spend a lot of time looking at this. 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. You'll be missed. 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. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. Please proceed with your questions. And I think were very well positioned to deliver our service through AOS [ph]. Technically speaking, Newsmax is not available on SiriusXM, so you will not find their programs on any channel. So younger generations, in particular, are looking for more opportunities to control is nay experience. So younger generations in particular are looking for more opportunities to control the listening experience. Gross profit in the Pandora and Off-Platform segment totaled $111 million. And thats due to the great content relationships we have on the representation side. Hooper Stevens. Password. And right now were certainly seeing significant take up in Android automotive operating system, the integrated software from Google. 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. Itd be great to maybe hear how youre thinking more broadly about leveraging capital allocation. So I wouldn't expect to see major changes in our streaming net ads until after that. And then secondly, it's a bit of a more depressed question than an analyst question. We plan to tackle these issues with a new data-driven platform launching later this year that allows for more control of the listener experience and improve discovery, fully utilizing our unmatched content lineup. And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. WebStream SiriusXM on the go and at home. These collaborations demonstrate our strategy of inviting people to experience Sirius XM in the way that suits them best. Invest better with The Motley Fool. Our final question is from the line of Matthew Harrigan with Benchmark Company. 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 programming and content expenses climbed 6% due to increased licensing fee and production costs. Apr 27, 2023, 8:00 a.m. Maybe for Jennifer on distribution. Published: April 25, 2023. Matthew Harrigan -- The Benchmark Company -- Analyst. 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. *Average returns of all recommendations since inception. Our Q1 results were better than we expected certainly based on where trends were heading in December or January. And then maybe just one for Tom. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. 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 Favorites area will appear; click on it, and the web will show all of your presets. I also cancelled my SiriusXM as Fox News was the ONLY thing I listened to on that. Thank you, Ben. have, you can watch Newsmax TV on an iOS device with ease. 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. Here youre seeing the normal effects of seasonally light ad revenue in the first quarter, combined with recent ad headwinds plus the CPI inflater to web streaming royalties. Most sports fans already know and love Fubo TV. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. And whereas other services, you need to sign up for a data plan, we cover the data costs ourselves. Our Sling review also includes more about why our team loves Sling. Newsmax TV, is Thank you. The satellite radio giant will carry every single pick live from Kansas City. And we're constantly navigating because the interaction of those three economic levers with increasing penetration rates where it makes sense. 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 executives left open the door to working with both men. In closing, I would also like to thank Sean for making this transition as seamless as possible. WebSiriusXM Patriot is a conservative talk radio channel on Sirius Satellite Radio channel 125 and XM Satellite Radio channel 125 [1]. Yeah. David Joyce -- Seaport Research Partners -- Analyst. The choices for watching Newsmax TV aren't limited to our top picks. And I think ultimately, ARPU as well because we can deliver even more content and features to our subscribers. 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? So we look at this probably more often than not, but we spent a lot of time looking at this. Analysts see flat results, in line with Sirius XM's uninspiring full-year guidance. Apr 27, 2023, 8:00 a.m. And in March, we started to see that tail off a little bit. 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. 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 subscribers, Witz said Thursday. 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? 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. You will need to use your smartphone to get the app and connect it to the internet. So and obviously, well continue to carry forward with our capital return plan to shareholders. As previously discussed, we reduced marketing spend, particularly around streaming in anticipation of product improvements we are launching later this year. Username. Thanks. The advertising market has also been in a slump since recessionary fears began heightening. We will also begin to see 360L capable vehicles and our used car trial starts as well. 360L mix is also sounds like tracking up nicely. [Operator Instructions] Thank you. Furthermore, OAN (One American News), known as a great Have a Samsung smart TV or another type of Android TV? Tom, take it away. 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. Hey, good morning. Sure. Thanks everybody for participating today. All discussions of adjusted operating results exclude the effects of stock-based compensation. Looking at the capital allocation for first quarter of 2023, we return to $160 million to the shareholders comprised of 94 million of dividends and 67 million of stock repurchases, as we reentered the market following our fourth quarter results. In fact, that's why Sling is our top pick for watching Newsmax TV without cable. Is this happening to you frequently? Rick Munarriz has no position in any of the stocks mentioned. I think you'll see continuity as I lead our talented finance team and continued our disciplined approach to financial decision-making. But we are well-positioned to make sure that our incorporation sustains through whatever model the OEMs choose to pursue. Thanks, Matt. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. With that, I'll hand the call over to Jennifer. Tags: Financials Pandora Radio SiriusXM. An iPad? Thank you. But our team's pick for most people to watch Newsmax TV, is Sling. 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. The focus comes as advertising has more attention at SiriusXM, despite an ad market that is presenting challenges for most other companies. Sirius XM has rattled off 13 consecutive years in the black, the kind of reliability that may be boring to its early fans but is what sells out arenas and stadiums in this investing climate. At this time all participants are in a listen-only mode. So I think you were saying on the last quarter call that, well, you werent formally guiding for a number for subs for this year. All discussions of adjusted operating results exclude the effects of stock-based compensation. Generally, the expectation was modestly negative. As we previously discussed, capex should increase by some $200 million for the full-year 2023 as we ramp SXM-11 and 12 on top of ongoing preparation for SXM-9 and 10. Please proceed with your questions. 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. People find their way to our door and we consider a lot of factors, said Scott Greenstein, SiriusXMs Chief Content Officer. Podcast And Satellite Radio Businesses Will Be More Closely Aligned, SiriusXM CEO Says. WebWhat channel is NewsMax on Sirius XM Sirius M offers a delightful variety of channels designed to suit anyones taste. 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. Some of that's market conditions and some of that is more efficiently buying and specific channels. 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 And CSAT is at an all time -- our satisfaction is at an all-time high since 2009. Thank you. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. 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. Sirius followed their initial launch with two more which gives them a total of three active satellites in orbit which deliver high-quality radio programs. We have a service with very high satisfaction, low churn, and one of the leading ARPUs across direct-to-consumer media, not just audio. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. 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. Were investing in satellites. 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. This feature drives listener engagement that leads to higher retention. A connected car offers cheaper alternatives. Please proceed with your questions. 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? AAOS will roll out in small volumes initially, but should grow materially to become the dominant OEM operating system improving 360L adoption and feature parody along the way. 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. First, Sean, good luck. Download the SiriusXM Dealer App. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. And it's driven a lot by the programming additions that we've made and the streaming access. Good morning. February 16, 2022. Go online and look up the SiriusXM Dealer App. 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. Putting all this together, adjusted EBITDA of $625 million was down 9% over the prior year. We'll continue our current process of being cautious and disciplined. Great. Because 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 2023's free cash flow later in the year. But positioning for the future, we have had a long history since we launched of annual average increases in ARPU of about 3%. This will have positive implications to ARPU, conversion, retention, and subscriber growth in 2024 and beyond. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. 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. With that, Ill turn it over to the operator for Q&A. Hey, good morning. The Sirius XM segment delivered $1.7 billion in revenue, which was down 2% principally due to lower OEM paid promotional trial revenue reflected in ARPU of $15.29 and decline subscriber revenue connected vehicle, partially offset by a weighted average subscriber base that was up 1% year-over-year. With an emphasis on politics, Gerry also brings his unique takes on major sports stories and cultural issues. And so we're really well-positioned on the podcasting side. All discussions of adjusted operating results exclude the effects of stock-based compensation. 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. 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. Its self-paid subscriber numbers also declined two percent to 6.2 million. Great. Please proceed with your questions. So its like anything else. The Motley Fool has no position in any of the stocks mentioned. To make the world smarter, happier, and richer. Cost basis and return based on previous market day close. Well continue our current process of being cautious and disciplined. Look forward to working with you. Thanks, Matt. Plus, we've compiled a list of the best overall streaming services for sports fans. And how is that progressing over the course of this year in your view? Our next question comes from the line of Barton Crockett with Rosenblatt Securities. 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 I think, ultimately, ARPU as well because we can deliver even more content and features to our subscribers. SiriusXM Satellite Radio Plans and Subscription Tiers SiriusXM offers two plan types. You have permission to edit this article. And secondly, we look at the totality of the package between the talent, the issues that allowed them to be free to negotiate, and other things. Welcome to Sirius XMs First Quarter 2023 Operating and Financial Results Conference Call. These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. Thanks, David. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Our ability to bring brands into podcasting, its traditionally been much more D2C and D2C has been soft in the first quarter. 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.
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