Thank you, and good morning, everyone. Barton Crockett -- Rosenblatt Securities -- Analyst. 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. Sirius XM reports first-quarter results on Thursday morning. Cost basis and return based on previous market day close. 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 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. Thanks, Matt. Firstly, could you talk a little bit more about was maybe a little bit better than expected audio number? 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 are very encouraged by the conversion lift we see in vehicles with 360L today, and we are just getting started. And in March, we started to see that tail off a little bit. Great. Rick Munarriz has no position in any of the stocks mentioned. Yes, Barton. 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. Thank you, Jennifer. [Operator instructions] Please note, this conference is being recorded. Thank you, and good morning, everyone. I will now turn the call over to Sean for some brief remarks, and then Tom will go through the financials in more detail. Thank you. 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. And we will continue to be active in generating trials. In this past month, we have all worked together to ensure a smooth transition. It has been a real pleasure to serve this company, its talented employees and our shareholders as CFO these past 2.5 years. Great. Thanks Matt. Bye-Bye. 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%. Generally, the expectation was modestly negative. Following this build cycle, we do not anticipate any spending on satellites for many years. 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. And on that note, Tom, if you could just give us an idea, your key priorities coming into the role, sort of what's at the top of the bullet point list on the whiteboard in your office? The satellite radio provider has sold out now. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. So, we believe no matter what path the OEM chooses will be really well positioned there. It'd be great to maybe hear how you're thinking more broadly about leveraging capital allocation. Tom, take it away. By. When it cuts to commercial break, notice how its NOT the same ads? Greetings. Invest better with The Motley Fool. This SiriusXM hack crack apk (SiriusXM Dealer App) allows its users to hack Sirius satellite radio signals and refreshes their free trials every three months. So I think the impact of OEM prepaid revenue should slow down in terms of how it's flowing through ARPU over time. Sirius XM Holdings Inc. (NASDAQ:NASDAQ:SIRI) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ETCompany ParticipantsHooper Stevens Senior So its rolling out. 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. Partnership is sort of an untapped opportunity. Thank you, Sean, and thank you, Jennifer. 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. 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. Learn More, Sirius XM(SIRI 2.70%)Q12023 Earnings CallApr 27, 2023, 8:00 a.m. Sirius XM With strong similarities between talk radio and podcasts, we can do more to seamlessly integrate them across our service and provide more control and discoverability for subscribers, Witz said Thursday. 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 Scott, you want to? Theyre looking for more opportunities to more easily navigate the service. Stream Newsmax | Free Internet Radio | TuneIn Good morning, everyone. Could you give us a little bit of color on sort of the puts and takes there and how the new next-generation SiriusXM experience will help improve that over the course of 2023? It also features popular syndicated programs including Sean Hannity and Mark Levin. So your commentary on the intent to buy and the improving funnel sounds constructive. 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 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. Just help us think about bridging the Q1 losses towards better numbers in the back half between those two subscriber bases, if you would? Thanks. Greg and guests discuss politics and news of the day. Thats very helpful. 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. They will improve over the course of the year as will overall total net ads. Sure. To make the world smarter, happier, and richer. Sirius XM (SIRI) Q1 2023 Earnings Call Transcript Barrett Sports Media on Twitter: "Are you ready for the @NFL Draft Username. 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. Alexa, sign up for to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Amazon devices. But we're not seeing any major changes in the market that I would highlight. Newsmax's Steve Malzberg Show To Air On SiriusXM - All Access Theres so much here you can explore it forever, and while SiriusXM Set to Open New Broadcast Facilities in Miami Hey, great. Thank you. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. So that pressure will abate to some extent. Before jumping into the quarter's results, I'd like to welcome Tom Barry as our incoming chief financial officer. We may receive an affiliate commission from product sales generated through these affiliate links. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. Our team took Fubo TV for a test drive and put all of our thoughts together in our Fubo TV review. Thank you. But our team's pick for most people to watch . Thanks, Steven. Today, we'll have prepared remarks from Jennifer Witz, our chief executive officer; Sean Sullivan, our chief financial officer; and Tom Barry, who will assume the position of CFO tomorrow. 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. 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. I mean, the economy, we just had a soft GDP number a couple minutes ago. And we do expect auto sales to continue to grow. 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. But were not seeing any major changes in the market that I would highlight. That's right -- theythink these 10stocks are even better buys. Please proceed with your question. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Rob Carson's background includes writing comedy for the legendary late Rush Limbaugh, and many refer to Rob as "the modern-day Rush." Whether you have a Fire TV Stick or a Cube or another device, you can get access to Newsmax TV. And then secondly, its a bit of a more of a press question than an analyst question, its probably definitely falls into the diverse preferences of listeners buckets. Pleasure working with you and good luck on the next gig, keep them in the fairway. With its focus on sports content, fuboTV is a haven for any sports lovers out there. For more information about those risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. 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. Competition is maybe a bit higher now. 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. 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. I know pen rates are higher now, competition is maybe a bit higher now, 360L mix also sounds like tracking up nicely. If your radio is Sirius, only Sirius packages can be used. WebSiriusXM Satellite Radio Online Account Center. As it now looks to do build its digital business, the company is rethinking how that spoken word content is delivered. 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. 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 2026, and approximately 20 million 2027. The Motley Fool has no position in any of the stocks mentioned. We'll target leverage in the low to mid-3s in light of the macroeconomic factors. Sirius made the launch in July of 2000 which is 43 years later than the famous Sputnik. I'm glad you extended your tenure in the media industry here. Podcast And Satellite Radio Businesses Will Be More Closely The upside to the boring turn is that the media stock is consistently profitable. Gross profit in the Pandora and Off-Platform segment was 111 million, down 19% in representing a margin of 24%. Download the SiriusXM Dealer App. The Rob Carson Show gives you a humorous yet concerned analysis of Our final question is from the line of Matthew Harrigan with Benchmark Company. 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. We're investing in the new platforms. Or search "Newsmax" on your favorite podcast platform. WebListen to music, live sports play-by-play, talk & entertainment radio and & favorite podcasts. 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. 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. 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. People find their way to our door and we consider a lot of factors, said Scott Greenstein, SiriusXMs Chief Content Officer. 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. Unfortunately, for Sirius XM Shareholders, the stock is playing to empty halls. Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs. Tags: Financials Pandora Radio SiriusXM. And so we're really well-positioned on the podcasting side. If you're trying to watch Newsmax TV without cable and you also watch a lot of sports, Fubo TV is probably the best pick for you. And of course, that helps with the funnel there. So we look at this probably more often than not, but we spend a lot of time looking at this. We're investing in our future. At the intersection of the two, our programmatic podcast sales doubled year over year, albeit off a small base, and contributed to overall podcast ad revenue growth of 34%. 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. Satellite Radio With that, I'll turn it over to the operator for Q&A. Thank you. Newsmax At this time all participants are in a listen-only mode. As we begin, Id like to remind our listeners that todays call will include discussions about both actual results and adjusted results. One of the things we're most proud of, is 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. But he said while SiriusXM may be a potential or logical home for Carlson or Lemon, Greenstein said they consider the totality of the package which would likely include whether advertisers would support their shows and whether there would be a backlash from subscribers or employees. And were working closely with the OEMs and with Google as that rules out. 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. We ended the quarter with a leverage at 3.4 times, which is within our targeted range of low to mid-threes. Sign up for your 30-day free trial and login to start listening today! Yes. And then relatedly, I was just wondering if you could speak to whats going on in the used car market? Apr 27, 2023, 8:00 a.m. It allows us like many other services to update much more frequently our feature set. Yes, Newsmax TV is included in your Fubo TV subscription. Yes, Newsmax TV is included in your DirecTV Stream subscription. Thanks. Thank you for joining us. And once again, we saw the seasonally higher churn we tend to see in Q1. February 16, 2022. David Joyce -- Seaport Research Partners -- Analyst. Thanks, Stephen. As we approach the launch of our next-generation SiriusXM experience, we are confident that the upgrades will boost engagement and customer satisfaction for in-car and streaming-only customers alike. Check out what's airing right now in our TV Guide. Thank you for taking the question. And I believe as we launch this platform, we will have more and more opportunities to better execute on that. I was just wondering if you could give us an update on that subscriber kind of loose commentary. Satellite Radio Sirius XM used to be a darling for speculators, screaming fans who would cheer its every uptick and downtick. WebNewsmax Podcasts The Rob Carson Show Complete replay of the nationally syndicated talk radio show "The Rob Carson Show" by Newsmax Radio. Yeah. What Channel is Newsmax on Sirius Radio? Updated 2022 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. In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. 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. Our next question comes from the line of Barton Crockett with Rosenblatt Securities. The growth catalysts just aren't there. Good morning. So I think the impact of OEM prepaid revenue should slowdown in terms of how its flowing through ARPU over time. Were looking at opportunities So I wouldnt expect to see major changes in our streaming net adds until after that. And is it really the downward pressure we've seen over the last few years had a lot to do with the dramatic increase we saw in pen rates over that time period. We will also begin to see 360L capable vehicles in our used car trial starts as well. Read our full review of Sling and visit our TV guide to Sling to find out what you can watch right now. Turning to our content. Im truly excited about this opportunity and to join the conversation with investors and analysts and meet many of you in the coming weeks. Complete replay of the nationally syndicated talk radio show "The Rob Carson Show" by Newsmax Radio. 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 found 3 great options for watching without cable. Generally, the expectation was modestly negative. 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. But SiriusXM has their own ad-revenue on those news shows. Thank you, Sean, and thank you, Jennifer. And then over time, in the years to come, it will get to 80% of our trial starts. And we are just getting started. 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. Barrett Sports Media on Twitter: "Are you ready for the @NFL Draft Well target leverage in the low to mid-3s in light of the macroeconomic factors. Thanks, Hooper, and good morning, everyone. 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. What do you see as the right leverage profile, the right mix of capital returns? 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. But we are continuing to see progress in advance of that on 360L. We're investing in satellites. SiriusXM-owned Pandora continues to see its reach shrink, however. Devices supported by Sling include: web browsers, Android, iOS, Amazon Fire, Roku, Chromecast, Apple TV, LG/Samsung Smart TVs, and Xbox One. And we're up about 9 points from 2019 to 2022. Investors already saw that happen with the Pandora streaming service in 2022. One, we dont comment on anything were looking at directly. Stephen Laszczyk -- Goldman Sachs -- Analyst. With strong similarities between talk radio and podcasts, we can do more to seamlessly integrate them across our service and provide more control and discoverability for our subscribers. And we've settled in at this sort of range in the low 80s that I think is the optimal place for us going forward. 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. 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. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Our team is working diligently to position us for success in the second half of 2023 and beyond. We increased the number of women's games we deliver to our subscribers to almost 800 broadcasts, doubling from the previous season. 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? Jennifer, maybe just a follow-up on that line of discussion. 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. I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. Greetings. 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. 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. 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. The satellite radio giant will carry every single pick live from Kansas City. No reason to subscribe to a different streaming service just to get access to Newsmax TV. We are already beginning to see benefits from cost reductions implemented in Q1 across every element of our business. Fubo TV isn't only great for sports fans, though. 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. So, Stephen, the Walmart, and T-Mobile have been great partners, and I'm very pleased that we've been able to launch with them and test out different trial offers. It continues to be supported by the millions of trial starts we generate each quarter through our robust and long-term OEM partnerships. The choices for watching Newsmax TV aren't limited to our top picks. The advertising market has also been in a slump since recessionary fears began heightening. OK. And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions? I would expect the second half to be positive and that sort of nets us out to the modestly negative. And Sean, best of luck in your new opportunity. There are things worse than single-digit revenue growth. 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. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. Our extensive portfolio includes chart-topping podcasts by Earwolf and Team Coco and exclusive channels featuring A-list talent like Andy Cohen Inks and Conan OBrien. And that has a lot to do with maintaining our promotional plans and market are discounted plans to be able to better onboard and retain our subscriber base where it makes sense. 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. 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. Listen online or download the iHeart App. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers, such as pricing, control, and content discovery. Published: April 25, 2023. Sirius XM reports its first-quarter results on Thursday morning. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. And our goal, of course, is to continue a disciplined and thoughtful approach to capital return. 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. We announced this morning that Mercedes has a plan to roll out, and we are very eager to see it continue to move through our OEM partners. And it's key to not only lift and conversion but also improved retention. And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions?
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