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. 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? 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? Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Sirius XMwasn't one of them! Good morning. Stephen Laszczyk -- Goldman Sachs -- Analyst. 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. In this quarter, we recorded $2.14 billion of revenue, a modest 2% decline compared to the prior year period. Plenty of news shows are airing live now on DirecTV Stream. First of all, Sean, thanks very much. I think trial starts are starting to improve, do you have, usually you guys have a pretty good line of sight on that. Because 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 2023's free cash flow later in the year. All discussions of adjusted operating results exclude the effects of stock-based compensation. I was wondering if you talk a little bit to conversion rates. We are very encouraged by the conversion lift we see in vehicles with 360L today, and we are just getting started. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. 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? They will improve over the course of the year as will overall total net ads. During the first quarter, we generated 144 million of free cash flow, down from 258 million in the prior year. This past quarter, we introduced a first-of-its-kind six-month trial offer for Walmart Plus members, giving them the choice of in-car or streaming-only packages. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. I think you'll see continuity as I lead our talented finance team and continued our disciplined approach to financial decision-making. And how does that affect the placement and role of the SiriusXM product? 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. Our next question is from the line of Steven Cahall with Wells Fargo. And I think ultimately, ARPU as well because we can deliver even more content and features to our subscribers. Turning to our content. Youll be missed. Entering text into the input field will update the search result below, materially. 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. Flixed.io's contributors and editorial team will often recommend products we believe to be useful for our readers. 360L mix is also sounds like tracking up nicely. 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. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk On conversion rate, so I talked a bit about this on the last call, but just to add some more color, Conversion rates are continuing to trend in the low 30s for new car in the low 20s for used. 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 While the exact timing of construction milestone payments can inevitably shift, this gives us a general idea of the trajectory and the scope of spending. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. 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. 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. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. 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. Our new platform will streamline purchasing and usage in and out of the car, and enhance the value of SiriusXM, making our service worth the premium for a wider range of audience segments. 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. Music, radio and podcasts, all free. 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. What channel is NewsMax on Sirius XM However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. Hey, good morning. Pleasure working with you and good luck on the next gig, keep them in the fairway. So we believe no matter what path the OEM chooses we'll be really well-positioned there. Newsmax And we're constantly navigating because the interaction of those three economic levers with increasing penetration rates where it makes sense. 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. Anything different here going forward that we should be mindful of relative to that we thought about it in the past? 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. The Motley Fool has no position in any of the stocks mentioned. 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. Sure. On the self-pay side, I would continue to expect improvement in year-over-year comps as we roll out the rate increase. Our total new and used car penetration rate was 80% and 55%, respectively and our enabled fleet stands at about 154 million vehicles. 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. 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. When it cuts to commercial break, notice how its NOT the same ads? 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. Firstly, could you talk a little bit more about what was maybe a little bit better than expected audio number? 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. 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. At this time all participants are in a listen-only mode. Self-Pay net adds declined by 347,000 in the quarter consistent with our expectations given lower fourth-quarter vehicle and streaming trial starts, combined with seasonally higher churn in the first quarter. Please proceed with your questions. During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. At this time, I'll turn the conference over to Hooper Stevens, senior vice president of investor relations and finance. 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. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. Thank you. Thank you for taking the question. Thanks, Matt. Obviously, as we said at the year-end call that a lot of our free cash flow and a lot of our numbers will be coming in the second half of the year, but we're going to continue with our disciplined approach, as we've used over the last couple of years. Q1 2023 Sirius XM Holdings Inc Earnings Call - Yahoo Finance https://buff.ly/41pw0RC . By. Thank you, Sean, and thank you, Jennifer. You can also use it to listen to live events, such as concerts or political debates. Access My Account. And our ad technology business continues to be extremely profitable, growing about 20% year-over-year and partially offsetting broader headwinds during the first quarter. That's why we recommend trying Sling. That's very helpful. That's right -- theythink these 10stocks are even better buys. 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. Putting all this together, adjusted EBITDA 625 million, was down 9% over the prior year. Our advertising business operated under the unified SXM Media banner delivered solid first quarter results, bolstered by growth in podcast and programmatic sales. Sirius XM used to be a darling for speculators, screaming fans who would cheer its every uptick and downtick. WebSiriusXM Patriot is a conservative talk radio channel on Sirius Satellite Radio channel 125 and XM Satellite Radio channel 125 [1]. 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. So I wouldnt expect to see major changes in our streaming net adds until after that. Yes, Newsmax TV is included in your DirecTV Stream subscription. Transitioning from a one size fits all approach to a dynamic multi-channel individualized approach, well promote only heard hear moments and exclusive talent to drive subscriber conversions among their fans. This month SiriusXM signed a new five-year deal with Hartbeat, the production company run by actor and comedian Kevin Hart. Howard Stern Nears Deal With Sirius XM for Around $120
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