[Operator Instructions] Thank you. 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. Let's get into the best options for everyone. With an emphasis on politics, Gerry also brings his unique takes on major sports stories and cultural issues. I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. Delete Presets on Sirius Radio Cost basis and return based on previous market day close. Please proceed with your questions. Thanks for that color. I just don't want to focus on ARPU solely because I do think there's 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. With upwards of a thousand hours of DVR space and multiple simultaneous streams available, youll never miss a game. 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. ET. 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. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. An iPad? I look forward to leveraging my experience of leading the Sirius XM controllers team to more broadly work with operations and the leadership team who shaped the companys long-term direction. This article is a transcript of this conference call produced for The Motley Fool. Maybe for Jennifer on distribution. How to Watch Newsmax TV Live Without Cable 2023 - Top 3 Normally, investors hope for a beat, but in this case, it could be a matter of just hoping that things aren't worse. 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. So I think you were saying on the last quarter call that you weren't formally guiding for a number for subs for this year. Look forward to working with you. Sirius XM Holdings Inc. (NASDAQ:NASDAQ:SIRI) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ETCompany ParticipantsHooper Stevens Senior Get your subscription for $40 per month and get access to Newsmax TV and others, like Bloomberg, BBC America, and Cheddar Business. 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. Thank you for taking the question. Against the splintering of sports rights in the video space, we offer incredible value as the one stop audio home for all major sports and its powering record engagement of this content. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. This feature drives listener engagement that leads to higher retention. And again, I kind of apologize for the question, but Id love I cant resist. Here you've come in and you've updated financial guidance. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Pleasure working with you and good luck on the next gig, keep them in the fairway. But we are well positioned to make sure that our incorporation sustains through whatever model the OEMs choose to pursue. Jennifer, maybe just a follow-up on that line of discussion. Plus, we've compiled a list of the best overall streaming services for sports fans. Published: April 25, 2023. In this past month, we have all worked together to ensure a smooth transition. On the self-pay side, I would continue to expect improvement in year-over-year comps as we roll out the rate increase. And yes, the trends that we saw in Q1 in large part are reversing as we go through the year. 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. 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. 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? And in particular, with Walmart, we're testing an offer that allows consumers to choose, do they want satellite trial or in-car trial or a streaming trial. The majority of our trial funnel as you would expect, is represented by the millions of trial starts that we do every year through our automotive partners. 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. Our next question is from the line of David Joyce with Seaport. 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. These collaborations demonstrate our strategy of inviting people to experience SiriusXM in the way that suits them best. It had 34 million subscribers as of March 31. Sure. 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. We believe our overall subscriber performance should also trend better quarter over quarter as the year progresses. Oh, thank you. But is that just too fringe for you? The growth catalysts just aren't there. Thank you for joining us. But the streaming trial funnel, our challenge has not been trial generation, and we've put very distinct guardrails in place in how we're active and Performance Media in bringing trials into the funnel. If your radio is Sirius, only Sirius packages can be used. Start watching with a free trial. Thank you. Step 2: From the list, select the preset you wish to delete. And how does that affect the placement and role of the SiriusXM product? SiriusXM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. 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 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. So Q1 was impacted, as we said, by lower fourth quarter trials than third quarter. We found 3 great options for watching without cable. 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. We also delivered better-than-expected ad revenue, partly due to our leading self-service and programmatic solutions that are allowing us to capture closed-end bookings, and I will address this more in a few minutes. And as we have always said, business models really do matter. 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? 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. On the used car market, just to start with that, the used car sales were actually pretty strong in the first couple months of the year. 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. Gross profit in the Pandora and Off-Platform segment was 111 million, down 19% in representing a margin of 24%. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk Bring music & And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions? @SIRIUSXM is. Invest better with The Motley Fool. @SIRIUSXM is. 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. Thanks, Hooper, and good morning, everyone. 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. Read our full review of Fubo TV and visit our TV guide to Fubo TV to find out what you can watch right now. Plenty of news shows are airing live now on DirecTV Stream. With that, Ill turn it over to the operator for Q&A. Q1 2023 Sirius XM Holdings Inc Earnings Call - Yahoo Finance 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. 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? And how is that progressing over the course of this year in your view? Greg and guests discuss politics and news of the day. But we are continuing to see progress in advance of that on 360L. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. SEE INFOTAINMENT DETAILS SIRIUSXM TRAVEL LINK 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. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. Thank you for your participation. 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. Are you seeing any flex in terms of the categories that are participating or just kind of tailwinds for audio advertising or even irrespective of the economy? And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. And right now, we're certainly seeing significant take-up in Android Automotive operating system, the integrated software from Google. And then on to your question on streaming net adds, we did to some extent, weve gone through this hurdle of the reduced marketing spend we had in the fourth quarter, and now were operating at a much more efficient level and the cost to acquire trials has gone down, some of thats market conditions and some of that is more efficiently buying in specific channels. But our team's pick for most people to watch . Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your iOS device. 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. It continues to be supported by the millions of trial starts we generate each quarter through our robust and long-term OEM partnerships. And then maybe just one for Tom. So that pressure will abate to some extent. No, Newsmax TV isn't included in your Hulu subscription. Apr 27, 2023, 8:00 a.m. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. In the Pandora and off-platform segment, total revenue was $462 million, nearly flat with prior year. Some sports might be live on Fubo TV right now. Thank you. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. I was hoping you could maybe talk a little bit more about the third-party distribution strategy. There has been media speculation that Tucker Carlson and Don Lemon, two cable talk hosts that lost their jobs this week, could turn to podcasting or satellite radio as their next moves. And podcasting continues to be a bright spot. Great. Generally, the expectation was modestly negative. If you just drove off the lot in a shiny new vehicle, chances are pretty high that SiriusXM Satellite Radio is (A) a standard feature on your radio and (B) free of charge for a certain period of time. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. Is this happening to you frequently? Sirius XM Stock Has a Lot to Prove This Week, 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. 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. We were up about 9 points from 2019 to 2022. So younger generations, in particular, are looking for more opportunities to control is nay experience. The Rob Carson Show Podcast. I mean, what portion are coming in on that platform? The company ended March with just over 34 million subscribers for its radio service: a rise of just 0.2%. Were investing in our future. Analysts see a 0.7% decline in revenue for the first quarter. 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. Howard Stern Nears Deal With Sirius XM for Around $120 Please proceed with your questions. So the number in Q1 was anticipated, right? I think trial starts are starting to improve, do you have, usually you guys have a pretty good line of sight on that. Just since it's your first call as CFO, a follow-up to James' question. Thank you for taking the question. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. 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.