And we will continue to be active in generating trials. And then relatedly, I was just wondering if you could speak to what's going on in the used car market? For more information about those risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. David Joyce -- Seaport Research Partners -- Analyst. But you just have two rather polarizing TV news personalities becoming available, albeit, some bad actor issues at Tucker Carlson, Don Lemon. As we begin, Id like to remind our listeners that todays call will include. 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. 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. Great. And James, to your second question, so we'll see how this -- how the OEMs navigate kind of the integration of CarPlay and Android Auto, I think GM seems to be somewhat unique in that path. Our strong distribution, investment in new product offerings, and our unmatched content offering that provided a foundation for future growth. And I think ultimately, ARPU as well because we can deliver even more content and features to our subscribers. Turning to our content. I was wondering if you talk a little bit to conversion rates. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The dynamics are tough in the market because many buyers as new car prices start to come down, may migrate from used cars to new cars, and inventories are still pretty tight on the used car side. We expect this margin to trend favorably for the remainder of the year. They will improve over the course of the year as will overall total net ads. 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. Hey, good morning. News fans often use antennas for streaming live TV like news shows for free, without cable. Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. 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. 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 my overall view is to work on obviously optimizing the business, support the growth of the business and position us for the year ahead. 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. As we begin, Id like to remind our listeners that todays call will include discussions about both actual results and adjusted results. Our DirecTV Stream plans and pricing article breaks down all of the DirecTV Stream plans. Fubo TV isn't only great for sports fans, though. 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 it's key to not only lift and conversion but also improved retention. 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, operator, Rob. And then maybe the same question sort of on the in-car business. 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. Seasonality in advertising revenue and the strategic cost-saving measures should deliver ramping EBITDA in the second, third, and fourth quarter. The Motley Fool has no position in any of the stocks mentioned. 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 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. We're increasingly flexible and even agnostic in how we add subscribers and accommodate listening preferences. 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. With more than a decades experience working closely together, I know that Toms 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. Question on the new trends. The Motley Fool has no position in any of the stocks mentioned. Sure. And thats due to the great content relationships we have on the representation side. 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. And I believe that because we were really well positioned to capture late in quarter demand that came in as advertisers started to open up their budgets, because we have these programmatic solutions across music streaming and podcasting. Youve certainly been very tolerant of views on all sides of the spectrum. ET. So the number in Q1 was anticipated, right? 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? Tags: Financials Pandora Radio SiriusXM. Advertising revenue of $334 million decreased slightly by 1% in the first quarter. ET. Clearly, with negative 347 this quarter, we are expecting, as we said, improvements quarter-over-quarter. Have a Samsung smart TV or another type of Android TV? The satellite radio giant will carry every single pick live from Kansas City. We help resolve pain points facing marketers by using greater automation and making buying more efficient. So I wouldn't expect to see major changes in our streaming net ads until after that. Over the next few years, 360L will continue to expand across OEMs, including on select Mercedes-Benz models as part of an agreement that will increase the installation of SiriusXM to make it a standard feature on all Mercedes-Benz models available in the United States. In addition to satellite radio, customers who buy or lease an equipped vehicle are eligible to receive a 3-month trial subscription to one or more of the following services. 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. Sales and marketing expenses are lower by 17% as discussed, while engineering, design, and development expenses were up 15% on the back of new product investments. I was just wondering if you could give us an update on that subscriber kind of loose commentary. [Operator instructions] One moment please will we poll for questions? Well share progress on future quarterly calls, but the first months of 2023 have already brought several exciting product iterations and consumer offers providing valuable insights for the full platform re-launch later this year. *Average returns of all recommendations since inception. WebWhat channel is NewsMax on Sirius XM Sirius M offers a delightful variety of channels designed to suit anyones taste. First, Sean, good luck. Tom, take it away. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. 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 Im excited to see how this year shapes up. 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. Sirius XM is trading for less than 12 times trailing earnings. Partnership is sort of an untapped opportunity. 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 Ending May 2 at 11:10AM PDT 6d 21h. WebStream SiriusXM on the go and at home. And as we have always said, business models really do matter. I think you'll see continuity as I lead our talented finance team and continued our disciplined approach to financial decision-making. As we develop our new Sirius XM 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. And that is because were addressing these pain points. You will need to use your smartphone to get the app and connect it to the internet. 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. 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. I would expect the second half to be positive and that sort of nets us out to the modestly negative. Barton Crockett -- Rosenblatt Securities -- Analyst. And is it really the downward pressure weve seen over the last few years had a lot to do with the dramatic increase we saw in pen rates over that time period. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers, such as pricing, control, and content discovery. Complete replay of the nationally syndicated talk radio show "The Rob Carson Show" by Newsmax Radio. Jennifer, maybe just a follow-up on that line of discussion. Well continue our current process of being cautious and disciplined. And in particular with Walmart, were testing an offer that allows consumers to choose, do they want a satellite trial or an in-car trial or a streaming trial? The Motley Fool has a disclosure policy. Now I listen to And our first question is from the line of James Ratcliffe with Evercore ISI. Thank you, and good morning, everyone. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. So the number in Q1 was anticipated, right? 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. Scott Greenstein, our President and Chief Content Officer, will join Jennifer, Sean and Tom to take your questions during the Q&A portion of the call. In this past month, we have all worked together to ensure a smooth transition. Flixed is a website run by a small remote team that helps people navigate the rapidly evolving streaming ecosystem. Our extensive portfolio includes chart-topping podcast by EarWolf and Team Cocoa and exclusive channels featuring A-list talents like Andy Cohen, [Inaudible], and Conan O'Brien. Making the world smarter, happier, and richer. Paying a premium for satellite radio isn't very compelling in this climate, where inflation and interest rates are gnawing away at discretionary income. Thanks for that color. 13. But is that just too fringe for you? In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. And maybe how you see that fitting into the broader digital strategy later this year. Okay, James, Ill go first. That's why we recommend trying Sling. So one of the things were most proud of is what you alluded to 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. 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. But positioning for the future, we have had a long history since we launched annual average increases in ARPU of about 3%. 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. And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. And then maybe just one for Tom, just since its your first call as CFO, follow-up to James question. And whereas other services, you need to sign up for a data plan, we cover the data costs ourselves. 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. Stephen Laszczyk -- Goldman Sachs -- Analyst. And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions? And the great thing about our guidance is that if in the cost reductions weve put in place, were really well positioned, even if the market trends a little softer going forward. 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. 360L mix is also sounds like tracking up nicely. When it cuts to commercial break, notice how its NOT the same ads? And secondly, regarding the satellite radio side, GM has announced that theyre planning on dropping Apple CarPlay. And how is that progressing over the course of this year in your view? 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. 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 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. Have an iPhone? At this time, Ill turn the conference over to Hooper Stevens, Senior Vice President of Investor Relations and Finance. Published: April 25, 2023. Whether you have a Fire TV Stick or a Cube or another device, you can get access to Newsmax TV. 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. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. So it's like anything else. And once again, we saw the seasonally higher churn we tend to see in Q1. Good morning. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. Thanks, David. In closing, I would also like to thank Sean for making this transition as seamless as possible. 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. WebSiriusXM Satellite Radio is a broadcasting company that offers subscription services that allow you to listen to various channels of music, news, sports, and entertainment. @SIRIUSXM is. Im confident that Toms perspective, diligence, financial expertise, and history with Sirius XM will serve him well as he steps into the CFO role. We haven't changed the guidance on subscribers, so still expecting modestly negative for the year. They showed a slight decline in its revenues: down 1.9% year-on-year to $2.14bn. Looking at the capital allocation for first quarter of 2023, we returned $160 million to the shareholders comprised of $94 million of dividends and $67 million of stock repurchase, as we reentered the market following our fourth-quarter results. This feature drives listener engagement that leads to higher retention. The Favorites area will appear; click on it, and the web will show all of your presets. We expected Q1 to be a low point in terms of net adds. 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 inflater on webcasting performance rights. 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. 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%. Published: April 25, 2023. This article is a transcript of this conference call produced for The Motley Fool. Talk to you later. Yes, Barton. 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. They showed a slight decline in its revenues: down 1.9% year-on-year to $2.14bn. But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. Thanks. Firstly, could you talk a little bit more about was maybe a little bit better than expected audio number? Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. Mr. Stevens, you may now begin. 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. Our ability to bring brands into podcasting, its traditionally been much more D2C and D2C has been soft in the first quarter. US satellite radio firm SiriusXM has published its financial results for the first quarter of 2023. Great. 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. No, Newsmax TV isn't included in your YouTube TV subscription. Thanks, Matt. And as we noted, our Q1 was at 3.4 times and we returned $161 million to shareholders in the first quarter and will continue to be opportunistic for the remainder of the year. You have three options to watch And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. WebSiriusXM delivers a broad range of information directly to your cars navigation system. 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. I think, GM seems to be somewhat unique in that path. With that, Ill hand the call over to Jennifer. By. 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. Newsmax TV, is And were working closely with the OEMs and with Google as that rules out. If your radio is Sirius, only Sirius packages can be used. Thanks, David. Thank you. Free HBO Max, Showtime, Starz, and Cinemax. https://buff.ly/41pw0RC . It's definitely possible to watch Newsmax TV on your Roku device, be it a streaming stick or actual Roku TV. Thank you, Ben. We'll target leverage in the low to mid-3s in light of the macroeconomic factors. Our top pick for most news fans to get access to Newsmax TV is DirecTV Stream. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. The Rob Carson Show gives you a humorous yet concerned analysis of Username. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. No matter how or where they want to listen. If it has a chance to turn things around, investors don't have to wait long for the next big test. 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. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. And Sean, best of luck in your new opportunity. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. SiriusXM Satellite Radio Plans and Subscription Tiers SiriusXM offers two plan types. Nonetheless, if you are looking for a conservative And how is that progressing over the course of this year in your view? Thank you. This gives us a general idea of the trajectory and the scope of spending. Certainly, theres still uncertainty in the second half I think, but we are hopeful that the market will continue to recover. During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. Please proceed with your questions. 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. No reason to subscribe to a different streaming service just to get access to Newsmax TV. Thank you, and good morning, everyone. This past quarter, we introduced a first of its kind six-month trial offer for Walmart+ members, giving them the choice of in-car or streaming-only packages. Thanks for that color. Thank you. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. 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. Sirius XM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. Or search "Newsmax" on your favorite podcast platform. Read our full review of DirecTV Stream and visit our TV guide to DirecTV Stream to find out what you can watch right now. Subscribe for FREE! The channel features exclusive hosts such as Cam & Company from NRANews (until June 2018), David Webb, and Andrew Wilkow. 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. As previously discussed, we reduced marketing spend, particularly around streaming in anticipation of product improvements we are launching later this year. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. In closing, I would also like to thank Sean for making this transition as seamless as possible. Putting all this together, adjusted EBITDA 625 million, was down 9% over the prior year. I would expect the second half to be positive and that sort of nets us out to the modestly negative. Just subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your Android smart TV. SiriusXM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. And in March, we started to see that tail off a little bit. And then over time, in the years to come, it will get to 80% of our trial starts. WebSiriusXM Satellite Radio Online Account Center. So I wouldnt expect to see major changes in our streaming net adds until after that. Theres so much to do here! Here, you're seeing the normal effects of seasonally light ad revenue in the first quarter, combined with recent ad headwinds plus the CPI inflator to web streaming royalties. Sure. Thank you for joining us. So we look at this probably more often than not, but we spent a lot of time looking at this. Sirius is getting a cut of the $ from those ads on the radio. Please proceed with your question. Greetings. 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. As it now looks to do build its digital business, the company is rethinking how that spoken word content is delivered. Our next question is coming from the line of Ben Swinburne with Morgan Stanley. Other channels on DirecTV Stream include: Cable News Network, HLN, Turner Classic Movies, TV Land, A&E, AMC, BET, Bravo, Comedy Central, Discovery Family Channel, E! 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.
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