Please proceed with your questions. We're in about -- I think it's about a third of our new car trial starts have 360L currently, that will increase to about 40% by the end of the year. Our next question comes from the line of Barton Crockett with Rosenblatt Securities. We'll share progress on future quarterly calls, but the first months of 2023 has already brought several exciting product iterations and consumer offers, providing valuable insights for the full platform relaunch later this year. 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. We help resolve pain points facing marketers by using greater automation and making buying more efficient. We believe our overall subscriber performance should also trend better quarter over quarter as the year progresses. 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! Devices supported by Sling include: web browsers, Android, iOS, Amazon Fire, Roku, Chromecast, Apple TV, LG/Samsung Smart TVs, and Xbox One. Overall, SiriusXM revenue declined two percent during Q1 versus a year ago to $2.14 billion, as its earnings also declined nine percent. US satellite radio firm SiriusXM has published its financial results for the first quarter of 2023. For more information about those risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. 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. 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. A connected car offers cheaper alternatives. So some OEMs will choose to pay for the trial and receive a higher subsidy and obviously, there's the impact of revenue share as well. I know pen rates are higher now, competition is maybe a bit higher now, 360L mix also sounds like tracking up nicely. And we are just getting started. WebThere are many ways to watch Newsmax TV without cable, including Sling, Fubo TV, or DirecTV Stream.. But were going to continue with our disciplined approach as weve used over the last couple years. So I wouldnt expect to see major changes in our streaming net adds until after that. Thank you. Get your subscription for $40 per month and get access to Newsmax TV and others, like Bloomberg, BBC America, and Cheddar Business. Rob Carson's background includes writing comedy for the legendary late Rush Limbaugh, and many refer to Rob as "the modern-day Rush." We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. But we are continuing to see progress in advance of that on 360L. Putting all this together, adjusted EBITDA of $625 million was down 9% over the prior year. Hey, good morning. The next question is from the line of David Joyce with Seaport. We expect this margin to trend favorably for the remainder of the year. The Howard Stern Show will air live May 13 from the SiriusXM Miami studios, where Stern will be joined on-air by various music and celebrity guests. 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. SiriusXM bought Conan 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? Gross profit in the Pandora and off-platform segment was $111 million, down 19% and representing a margin of 24%. 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. So that pressure will abate to some extent. 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 by show level and even custom integrations. 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. We see significant in-car conversion improvements when trialers engage with features that enable more control and discovery including our more targeted extra channels, Pandora artist stations and enhanced recommendations. Read on to learn which streamers support both your device and Newsmax TV live streams. 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. The other two components of Sirius XM's full-year outlook -- adjusted Podcast ad revenue jumped 34% during the first quarter compared to a year ago. Image source: The Motley Fool. 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. Sirius XM reports first-quarter results on Thursday morning. This decline of $114 million is principally the result of increased satellite capex of $103 million as we invested the construction of SXM-11 and 12 and a one-time severance payment of approximately $15 million related to our cost optimization strategy. And we're working closely with the OEMs and with Google is that rolls out, the majority of OEMs have either announced or in process of moving toward that operating system. This article is a transcript of this conference call produced for The Motley Fool. Maxar is currently building another SiriusXM satellite, SXM-8, which is scheduled for launch in 2021. Good morning. We will also begin to see 360L capable vehicles and our used car trial starts as well. This contributed to the expected negative subscriber growth in the quarter. WebListen to music, live sports play-by-play, talk & entertainment radio and & favorite podcasts. Our DirecTV Stream plans and pricing article breaks down all of the DirecTV Stream plans. Okay, James, Ill go first. SIRI earnings call for the period ending March 31, 2023. Witz noted however that their financial metrics exceeded their expectations for the year, and it was enough for the company to raise its financial guidance for full-year earnings from $2.7 billion to approximately $2.75 billion. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. 10 stocks we like better thanSirius XMWhen our analyst team hasa stock tip, it can pay to listen. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded. This new experience will emphasize simplicity and elegance provide more control and discoverability and drive greater consistency between in-car and streaming experiences better catering to our subscribers as they increasingly listen across devices. This feature drives listener engagement that leads to higher retention. And how is that progressing over the course of this year in your view? Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. We're increasingly flexible and even agnostic in how we add subscribers and accommodate listening preferences. And thats due to the great content relationships we have on the representation side. Please proceed with your questions. I was wondering if you talk a little bit to conversion rates. ET. 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. Analysts see a 0.7% decline in revenue for the first quarter. Pandora was supposed to be a catalyst for growth, a digital escape hatch the moment that satellite radio would prove transitory and eventually obsolete. Invest better with The Motley Fool. Despite its lack of ESPN, the service offers almost every league, including NFL, NBA, MLB, NHL, and more. DirecTV Stream plans start at $69.99. And right now, we're certainly seeing significant take-up in Android Automotive operating system, the integrated software from Google. The Motley Fool has a disclosure policy. So it's rolling out. Just to talk about my whiteboard, what we're focused on. 1. In this past month, we have all worked together to ensure a smooth transition. Certainly, theres still uncertainty in the second half I think, but we are hopeful that the market will continue to recover. 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. 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. This past quarter, we combined SiriusXM's podcast group and comedy and entertainment group into one unit. 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. SiriusXM Satellite Radio Plans and Subscription Tiers SiriusXM offers two plan types. 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 SiriusXM has their own ad-revenue on those news shows. So Stephen, the Walmart and T-Mobile have been great partners and Im very pleased that weve been able to launch with them and test out different trial offers. Apr 27, 2023, 8:00 a.m. discussions about both actual results and adjusted results. Thank you. Cost basis and return based on previous market day close. And I highlighted some of these metrics earlier, but we are seeing definitive increases in conversion rates for trialers, particularly younger trialers are using the features, but also just have 360L capable vehicles. Thanks. Thank you for taking the question. These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. Matthew Harrigan -- The Benchmark Company -- Analyst. Plenty of news shows are airing live now on DirecTV Stream. With upwards of a thousand hours of DVR space and multiple simultaneous streams available, youll never miss a game. Thanks. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. Our strong distribution, investment in new product offerings and our unmatched content offering that provided a foundation for future growth. 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? SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Thanks, Stephen. Read our full review of DirecTV Stream and visit our TV guide to DirecTV Stream to find out what you can watch right now. I would like to remind everyone that certain statements made during the call might be forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. 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. Competition is maybe a bit higher now. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Roku. I mean, the economy, we just had a soft GDP number, a couple of minutes ago. Despite market and business challenges, I'm proud of our good start to the year. Sure. well, we're still very strongly positioned with turn at just over 1.6%. Tom Barry -- Incoming Chief Financial Officer. So -- and obviously, we'll continue to carry forward with our capital return plan to shareholders. This will have positive implications to ARPU, conversion, retention and subscriber growth in 2024 and beyond. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. And were working closely with the OEMs and with Google as that rules out. Theyre looking for more opportunities to more easily navigate the service. Sure. And while that growth will continue, it's actually come down to more normalized level at this point. have, you can watch Newsmax TV on an iOS device with ease. 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. Tom, take it away. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. Jennifer, could you talk a little bit about the subscriber outlook for the rest of the year? And then maybe the same question sort of on the in-car business. Thank you, Ben. Thank you, Sean, and thank you, Jennifer. Good morning, everyone. As we develop our new SiriusXM platform, we are rethinking how we surface and deliver talk content and see opportunities to better combine live shows with on-demand podcasts to serve the diverse preferences of listeners. The good news is that Sirius XM is trading for less than 12 times earnings with a reasonable 2.6% yield. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Given the new Mercedes-Benz deal and some recent price increases, what are the impacts on ARPU in the near term? And James, to your second question, so well see how this, how the OEMs navigate kind of the integration of CarPlay and Android Auto. 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. And I think, ultimately, ARPU as well because we can deliver even more content and features to 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. Sirius XM offers superior reception. And then relatedly, I was just wondering if you could speak to what's going on in the used car market? This SiriusXM hack crack apk (SiriusXM Dealer App) allows its users to hack Sirius satellite radio signals and refreshes their free trials every three months. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. 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. Welcome to Sirius XMs first quarter 2023 earnings conference call. The Howard Stern Show will air live May 13 from the SiriusXM Miami studios, where Stern will be joined on-air by various music and celebrity guests. Our team took Fubo TV for a test drive and put all of our thoughts together in our Fubo TV review. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The difference is whether or not you listen to satellite radio in your car. 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. During the first quarter, we generated 144 million of free cash flow, down from 258 million in the prior year. The beat remains the same, even if this isn't likely to be a beat on Thursday. Thank you for your participation. Our Q1 results were better than we expected certainly based on where trends were heading in December or January. Additionally, we debuted our first ever integrated billing with T-Mobile, expanding upon our existing six-month Sirius XM streaming offer and adding a Pandora premium four-month trial offer, making it even easier for trialers to transition into paying subscribers. 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. And how the new next generation Sirius XM experience will help improve that over the course of 2023? Check out what's airing right now in our TV Guide. Here you've come in and you've updated financial guidance. Here youve come in and youve updated financial guidance. Yes, Barton. We're investing in our future. Hey, great. 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. Pause and rewind live radio. Thanks for that color. Please proceed with your questions. This feature drives listener engagement that leads to higher retention. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk Bring music & First, Sean, good luck. 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. 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. 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. 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. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. Thank you. Thanks. We expected Q1 to be a low point in terms of net ads. Listen online or download the iHeart App. [Operator instructions] Please note, this conference is being recorded. It also features popular syndicated programs including Sean Hannity and Mark Levin. And weve settled in at this sort of range in the low-80s that I think is the optimal place for us going forward. And our goal, of course, is to continue a disciplined and thoughtful approach to capital return. Entertainment Television, ESPNU, Freeform, FX, INSP, Science, MTV2: Music Television, Animal Planet, BBC America, beIN Sports, CMT, CNBC, Disney Junior, Discovery Life Channel, and more. Published: April 25, 2023. Read our full review of Sling and visit our TV guide to Sling to find out what you can watch right now. Kelly's new hit, Let's Talk Off Camera, is first released widely as a podcast but also airs on Radio Andy. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Other channels on Fubo TV include: Hallmark Movies & Mysteries, TV Land, BET, Bravo, Comedy Central, Discovery Family Channel, E! I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs. We havent changed the guidance on subscribers, so still expecting modestly negative for the year. 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. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. 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. We've written even more about why we like DirecTV Stream, but another great option for streaming local news is an OTA antenna. $13.95 shipping. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. Self-pay subscribers decreased by 347,000 during Q1 as a result of fourth quarter declines in trial starts for new and used vehicles, reduced marketing spend, and seasonally higher churn typically seen in the first quarter. WebA longtime Newsmax contributor, #1 rated radio host and successful columnist, Gerry Callahan calls it like he sees it and offers sharp commentary on the news of the day. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The Motley Fool has no position in any of the stocks mentioned. 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. WebFind Rob Carsons radio show LIVE near you More Info. The fourth quarter's trial starts declined sequentially by 3% and 7% for new and used vehicles, respectively, and this reduced conversion opportunities for us in the first quarter. At this time, I'll turn the conference over to Hooper Stevens, senior vice president of investor relations and finance. Im confident that Toms perspective, diligence, financial expertise, and history with Sirius XM will serve him well as he steps into the CFO role. 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. Jennifer, maybe just a follow-up on that line of discussion. SiriusXM Prices and Packages. No matter what device you have at home, it's probably possible to watch Newsmax TV on it yes, even without cable. And we will continue to be active in generating trials. 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. 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%. 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. 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. The Motley Fool has no position in any of the stocks mentioned. 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 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. But we are continuing to see progress in advance of that on 360L. Entering text into the input field will update the search result below, materially. Firstly, could you talk a little bit more about was maybe a little bit better than expected audio number? Sirius XM (SIRI) Q1 2023 Earnings Call Transcript, 3 Nasdaq 100 Stocks That Are No-Brainer Buys in April, I Wouldn't Touch This Stock With a 10-Foot Pole 10 Years Ago -- Now I Can't Stop Buying Shares. And 360L brings a lot of those features to life. Devices supported by Fubo TV include: web browsers, Android, iOS, Amazon Fire, Roku, Chromecast, Apple TV, LG/Samsung Smart TVs, and Xbox One. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. Flixed is a website run by a small remote team that helps people navigate the rapidly evolving streaming ecosystem. We found 3 great options for watching without cable. We haven't changed the guidance on subscribers, so still expecting modestly negative for the year. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. What are you guys seeing among OEMs in terms of their positioning around third-party interfaces on the DASH versus their own? WebSirius XM offers tons of wildly interesting channels you can explore, which can be found by following this link. We had a really solid quarter with ad revenue down just 2%. Unfortunately, for Sirius XM Shareholders, the stock is playing to empty halls. And it's driven a lot by the programming additions that we've made and the streaming access. Were investing in our future. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. And then relatedly, I was just wondering if you could speak to whats going on in the used car market? 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. 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? Please proceed with your question. Some sports might be live on Fubo TV right now. I look forward to leveraging my experience of leading the SiriusXM controllers team to more broadly work with operations and the leadership team who shape the company's long-term direction. Advertising revenue of $334 million decreased slightly by 1% in the first quarter. We have a service with very high satisfaction, low churn, and one of the leading ARPUs across direct-to-consumer media, not just audio. Today, we'll have prepared Image source: The Motley Fool. Thank you. As we begin, Id like to remind our listeners that todays call will include discussions about both actual results and adjusted results. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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.
