The Howard 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. Okay, James, Ill go first. In many ways, Sirius XM Holdings(SIRI 2.70%) is an edgy rock band that has gone mainstream. These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. Well start seeing it actually come through used car trial starts as well as some of those early cars turn over. 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. 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. Podcasting continues to be a bright spot, Witz said. Satellite Radio SIRI earnings call for the period ending March 31, 2023. It will be less impactful than the last time we did the rate increase because we focused primarily on full-price plans, and that has a lot to do with maintaining our promotional plans and market our discounted plans to be able to better onboard and retain our subscriber base where it makes sense. 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. And right now, we're certainly seeing significant take-up in Android Automotive operating system, the integrated software from Google. Welcome to Sirius XMs first quarter 2023 earnings conference call. The channel features exclusive hosts such as Cam & Company from NRANews (until June 2018), David Webb, and Andrew Wilkow. I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. And we're up about 9 points from 2019 to 2022. The Rob Carson Show Podcast. SiriusXM Set to Open New Broadcast Facilities in Miami They showed a slight decline in its revenues: down 1.9% year-on-year to $2.14bn. But positioning for the future, we have had a long history since we launched of annual average increases in ARPU of about 3%. SiriusXM 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. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Hey, great. That may be at the top end of the range, but I still think theres opportunity. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. In short, I am pleased with our financial performance this quarter and Im confident in our opportunity to expand our subscriber base as auto sales recover, and we launched the next generation Sirius XM experience later this year. 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. Entering text into the input field will update the search result below, materially. 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. Get your subscription for $40 per month and get access to Newsmax TV and others, like Bloomberg, BBC America, and Cheddar Business. Barrett Sports Media on Twitter: "Are you ready for the @NFL Draft Firstly, could you talk a little bit more about was maybe a little bit better than expected audio number? Sirius made the launch in July of 2000 which is 43 years later than the famous Sputnik. 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. Unfortunately, for Sirius XM Shareholders, the stock is playing to empty halls. 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. In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior year period. 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. Late last year, Newsmax ventured into radio with The Rob Carson Show in the noon-3 pm daypart at independently owned Talk Radio 680 WCBM Baltimore. 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. And once again, we saw the seasonally higher churn we tend to see in Q1. 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. 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. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. And I believe that's 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. Thanks. Pandora's ad hours were 2.59 billion, declining just 4% year over year as hours per active users climbed 4.5% to 21 hours per month. Hooper Stevens -- Senior Vice President, Finance and Investor Relations. So I wouldn't expect to see major changes in our streaming net ads until after that. 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. Good morning. We will also begin to see 360L capable vehicles in our used car trial starts as well. So we look at this probably more often than not, but we spent a lot of time looking at this. Music, radio and podcasts, all free. No, Newsmax TV isn't included in your Hulu subscription. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your iOS device. And how is that progressing over the course of this year in your view? And the cost to acquire trials has gone down. These collaborations demonstrate our strategy of inviting people to experience Sirius XM in the way that suits them best. This gives us a general idea of the trajectory and the scope of spending. And that is because we're addressing these pain points. And on that note, Tom if you could just give us an idea, your key priorities coming into the role, sort of whats at the top of the bullet point list on the whiteboard in your office? 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. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. 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. Newsmax's Steve Malzberg Show To Air On SiriusXM NEWSMAX's new syndicated and online STEVE MALZBERG SHOW will air on SIRIUSXM RADIO's AMERICA'S Our advertising business operated under the unified SXM Media banner delivered solid first quarter results, bolstered by growth in podcast and programmatic sales. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. As well as what would the longer-term impacts be from any of the newer auto deals since we saw some of the promo numbers increase here. Thanks. With that, Ill hand the call over to Jennifer. Nonetheless, if you are looking for a conservative Greetings. Plenty of news shows are airing live now on DirecTV Stream. We're investing in our future. Just since it's your first call as CFO, a follow-up to James' question. discussions about both actual results and adjusted results. How to Watch Newsmax TV Live Without Cable 2023 - Top 3 That's why we recommend trying Sling. Just to talk about my whiteboard, what were focused on or Im focused on in the early days is a lot of what youll see in raising our guidance in some of the other areas is were 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. WebSiriusXM delivers a broad range of information directly to your cars navigation system. We found 3 great options for watching without cable. 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 increased the number of womens games we deliver to our subscribers to almost 800 broadcasts doubling from the previous season. Sirius XM Patriot Youve certainly been very tolerant of views on all sides of the spectrum. SIRI earnings call for the period ending March 31, 2023. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Podcast ad revenue jumped 34% during the first quarter compared to a year ago. Were investing in satellites. Our next question is coming from the line of Ben Swinburne with Morgan Stanley. Moving forward, we value a strong balance sheet that provides us with flexibility to navigate a variety of future environments. And Sean, best of luck in your new opportunity. We are confident that the upgrade will boost engagement and customer satisfaction for indoor and streaming only customers alike, she said. And then maybe the same question sort of on the in-car business. 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. 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. Thanks. SiriusXM executives left open the door to working with both men. Hooper Stevens. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. [Operator Instructions] Please note this conference is being recorded. And I think were very well positioned to deliver our service through AOS [ph]. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. Thank you, Jennifer. And we do expect auto sales to continue to grow. 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. Tom, take it away. All of this is a testament to our leading position in talk audio and we will continue to leverage our world class content to draw in new Sirius XM subscribers, while also giving ad supported listeners access to our high quality programming. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. Thanks everybody for participating today. Please proceed with your question. So one of the things we're 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. With these trends and more targeted cost control initiatives, we're 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. 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. During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. On the self-pay side, I would continue to expect improvement in year-over-year comps as we roll out the rate increase. WebStream SiriusXM on the go and at home. 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. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. We are already beginning to see benefits from cost reductions implemented in Q1 across every element of our business. The Favorites area will appear; click on it, and the web will show all of your presets. But we're still waiting to launch a lot of these underlying capabilities and functionality to be able to support the streaming business, not only for streaming-only subscribers but also as it continues to support our in-car business through customers listening outside of the car and 360L in the car. 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. So it's like anything else. 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. Here youve come in and youve updated financial guidance. They're looking for more opportunities to more easily navigate the service and 360L brings a lot of those features to life, and we are seeing even better conversion rates among younger trialers who have 360L relative to older generations and particularly our core audiences who know our service and are used to navigating it. This will have positive implications to ARPU, conversion, retention, and subscriber growth in 2024 and beyond. As you know, it is a big part of our funnel but we have seen used car trial starts did increase in Q1 versus Q4, which sets us up well. Go online and look up the SiriusXM Dealer App. And returning this fall, Let's Go, hosted by Tom Brady, Larry Fitzgerald, and Jim Gray, will be available first to our subscribers, then on-demand exclusively in our app. We'll target leverage in the low to mid-3s in light of the macroeconomic factors. As we begin, Id like to remind our listeners that todays call will include. Its self-paid subscriber numbers also declined two percent to 6.2 million. So I think the impact of OEM prepaid revenue should slowdown in terms of how its flowing through ARPU over time. WebNewsmax isn't a paid service (for the listener) and depend on ad revenue. The cheapest option is Sling. During the first quarter, we generated 144 million of free cash flow, down from 258 million in the prior year. Were investing in our future. Our Q1 results were better than we expected certainly based on where trends were heading in December or January. 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. Password. $13.95 shipping. Great. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. 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. 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. Read our full review of DirecTV Stream and visit our TV guide to DirecTV Stream to find out what you can watch right now. 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. With that, Ill turn it over to the operator for Q&A. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. Thanks. ET. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. Tom Barry -- Incoming Chief Financial Officer. Good morning, everyone. This satellite capex spending will be in the $300 million range per year in 2023 and 2024, before declining to approximately $175 million in 2025, approximately $80 million in 2026, and approximately $20 million in 2027. 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. Newsmax is going to be moving into other audio opportunities, Lee Kinberg, CEO of Newsmax Radio, said. Podcasting ad revenue was up 34% year over year in the quarter, and that's due to the great content relationships we have on the representation side, our ability to bring brands into podcasting. No matter how or where they want to listen. Now I listen to Hooper Stevens. And were working closely with the OEMs and with Google as that rules out. We help resolve pain points facing marketers by using greater automation and making buying more efficient. It probably definitely falls into the diverse preferences of listeners buckets, but you just have two rather polarizing TV news personalities becoming available, albeit some bad actor issues that Tucker Carlson, Don Lemon, you certainly have been very tolerant view on all sides of the spectrum. We're a platform that helps consumers choose the best streaming service for them through our content, resources, and tools for navigating the streaming landscape. But we're not seeing any major changes in the market that I would highlight. Satellite Radio And so we're really well-positioned on the podcasting side. Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. Subscribe for FREE! Thank you. With that, I'll hand the call over to Jennifer. 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.
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