But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. All discussions of adjusted operating results exclude the effects of stock-based compensation. 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. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. We ended the quarter with a leverage at 3.4 times, which is within our targeted range of low to mid-threes. 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. OK. James, I'll go first. It had 34 million subscribers as of March 31. The Motley Fool has a disclosure policy. I also cancelled my SiriusXM as Fox News was the ONLY thing I listened to on that. During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. 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. No, Newsmax TV isn't included in your Hulu subscription. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. Thank you. 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. The satellite radio giant will carry every single pick live from Kansas City. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers, such as pricing, control, and content discovery. In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. 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. This month SiriusXM signed a new five-year deal with Hartbeat, the production company run by actor and comedian Kevin Hart. Gross profit in the Pandora and Off-Platform segment totaled $111 million. It also features popular syndicated programs including Sean Hannity and Mark Levin. SiriusXM-owned Pandora continues to see its reach shrink, however. 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? And of course, that helps with the funnel there. Thanks, operator, Rob. Good morning, everyone. Read our full review of Fubo TV and visit our TV guide to Fubo TV to find out what you can watch right now. And CSAT is at an all time -- our satisfaction is at an all-time high since 2009. As we approach the launch of our next generation Sirius XM experience, we are confident that the upgrades will boost engagement and customer satisfaction for in-car and streaming-only customers alike. This contributed to the expected negative subscriber growth in the quarter. Newsmax is going to be moving into other audio opportunities, Lee Kinberg, CEO of Newsmax Radio, said. Pandora was supposed to be a catalyst for growth, a digital escape hatch the moment that satellite radio would prove transitory and eventually obsolete. Jennifer, maybe just a follow-up on that line of discussion. 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 Sirius XM to make it a standard feature on all Mercedes-Benz models available in the United States. Kelly's new hit, Let's Talk Off Camera, is first released widely as a podcast but also airs on Radio Andy. Just subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Android phones. @SIRIUSXM is. Pleasure working with you and good luck on the next gig, keep them in the fairway. We may receive an affiliate commission from product sales generated through these affiliate links. We have a service with very high satisfaction, low churn, and one of the leading ARPUs across direct-to-consumer media, not just audio. 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. Harts podcasts will continue to air on satellite radio prior to their release as a podcast, and Hartbeat will also produce broadcast-specific content. Tuesday, 06 October 2020 07:21 PM EDT Howard Stern, the radio shock jock whos maintained his star power in the podcasting era, is nearing a contract renewal with I will now turn the call over to Sean for some brief remarks, and then Tom will go through the financials in more detail. Itd be great to maybe hear how youre thinking more broadly about leveraging capital allocation. Thank you. Thanks Matt. Entertainment Television, ESPNU, Freeform, FX, Science, FYI, MTV2: Music Television, Animal Planet, BBC America, CMT, and more. WebYou can stream NewsmaxTV with a live TV streaming service.No cable or satellite subscription needed. Thanks, Steven. Rick Munarriz has no position in any of the stocks mentioned. Or is there anything different that you can talk to at this point? At this time, well be conducting a question-and-answer session. 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. Despite market and business challenges, I'm proud of our good start to the year. So Q1 was impacted, as we said, by lower fourth quarter trials than third quarter. Well continue our current process of being cautious and disciplined. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. But our team's pick for most people to watch Newsmax TV, is Sling. 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. Before jumping into the quarters results, Id like to welcome Tom Barry as our incoming Chief Financial Officer. 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. And the trends that we saw in Q1 in large part are reversing as we go through the year. For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. Greg and guests discuss politics and news of the day. At this time all participants are in a listen-only mode. While the exact timing of construction milestone payments can inevitably shift. The Rob Carson Show gives you a humorous yet concerned analysis of daily political events and how they affect struggling Americans, as well as exclusive interviews with influential hard-hitting guests. And then relatedly, I was just wondering if you could speak to what's going on in the used car market? And that may be at the top end of the range, but I still think there's opportunity. So it's rolling out. Tom, take it away. 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. 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? Listen online or download the iHeart App. WebFind Rob Carsons radio show LIVE near you More Info. Our varied distribution models, subscription, and ad-supported reach audiences wherever and however they want to listen and bring value to the SiriusXM subscription as exemplified by recent deals with Kevin Hart, Kelly Ripa, and Tom Brady. 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. Plus, we've compiled a list of the best overall streaming services for sports fans. Hooper Stevens. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Thanks. 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. 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? You can watch Newsmax TV on your Pixel or Samsung or Nokia or whatever type of Android you have! This will have positive implications to ARPU, conversion, retention, and subscriber growth in 2024 and beyond. Were in about I think its about a third of our new car trial starts have 360L currently that will increase to about 40% by the end of the year. 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. Barton Crockett -- Rosenblatt Securities -- Analyst. Go online and look up the SiriusXM Dealer App. Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs. Sure. 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. I think trial starts are starting to improve, do you have, usually you guys have a pretty good line of sight on that. Kellys new hit, Lets Talk Off Camera is first released widely as a podcast, but also airs on Radio Andy. Turn on the FoxNews simulcast on siriusxm, and turn your tv on as well. Published: April 25, 2023. You'll be missed. A 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. https://buff.ly/41pw0RC . Sirius XM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. Sirius XM Holdings Inc. (NASDAQ:NASDAQ:SIRI) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ETCompany ParticipantsHooper Stevens Senior 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. And James, to your second question, so well see how this, how the OEMs navigate kind of the integration of CarPlay and Android Auto. Thank you. 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. Well, were still very strongly positioned with churn at just over 1.6%. 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. We're investing in the new platforms. 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. I think, GM seems to be somewhat unique in that path. If you're looking for the best way to stream Newsmax TV, Sling is our team's top pick. And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. And likewise, for XM radio, only XM packages can be activated. 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. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Sirius XMwasn't one of them! 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. We're increasingly flexible and even agnostic in how we add subscribers and accommodate listening preferences. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. That's right -- theythink these 10stocks are even better buys. 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. News fans often use antennas for streaming live TV like news shows for free, without cable. In closing, I would also like to thank Sean for making this transition as seamless as possible. 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. Alongside our ad tech success, this quarter, we renewed U.S. and international sales agreements with SoundCloud and our advertising relationship with the own podcast network. 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. 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. Im glad you extended your tenure in the media industry here and to Tom, congratulations. So your commentary on the intent to buy and the improving funnel sounds constructive. And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. We'll start seeing it actually come through used car trial starts, as well as some of those early cars turnover. And we are starting to see that already in some of our numbers. 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. Our strong distribution, investment in new product offerings, and our unmatched content offering that provided a foundation for future growth. The Gerry Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. SiriusXM Satellite Radio Plans and Subscription Tiers SiriusXM offers two plan types. And again, I kind of apologize for the question, but Id love I cant resist. Our final question is from the line of Matthew Harrigan with Benchmark Company. Thanks Matt. Published: April 25, 2023. *Stock Advisor returns as of April 24, 2023. Thank you. Have an iPhone? 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. I was hoping you could maybe talk a little bit more about the third-party distribution strategy. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. I was just wondering if you could give us an update on that subscriber kind of loose commentary. And once again, we saw the seasonally higher churn we tend to see in Q1. For Sirius XM radio, Sirius XM packages can be bought. 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. And as we have always said, business models really do matter. And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. But is that just too fringe for you? Thank you, and good morning, everyone. Our final question is from the line of Matthew Harrigan with The Benchmark Company.
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