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. In this past month, we have all worked together to ensure a smooth transition. Additionally, we debuted our first ever integrated billing with T-Mobile, expanding upon our existing six-month Sirius XM streaming offer and adding a Pandora premium four-month trial offer, making it even easier for trialers to transition into paying subscribers. The difference is whether or not you listen to satellite radio in your car. And as we have always said, business models really do matter. The Howard At this time, well be conducting a question-and-answer session. We help resolve pain points facing marketers by using greater automation and making buying more efficient. We expected Q1 to be a low point in terms of net adds. Harts podcasts will continue to air on satellite radio prior to their release as a podcast, and Hartbeat will also produce broadcast-specific content. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. We believe our overall subscriber performance should also trend better quarter-over-quarter as the year progresses. 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. Here youve come in and youve updated financial guidance. Good morning, everyone. 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. SEE INFOTAINMENT DETAILS SIRIUSXM TRAVEL LINK Fubo TV isn't only great for sports fans, though. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. Thank you, and good morning, everyone. I mean what portion are coming in on that platform? 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. For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. Pause and rewind live radio. And as we noted, our Q1 was at 3.4 times, and we returned $161 million to shareholders in the first quarter, and we'll continue to be opportunistic for the remainder of the year. It's definitely possible to watch Newsmax TV on your Roku device, be it a streaming stick or actual Roku TV. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Thank you. So I think the impact of OEM prepaid revenue should slowdown in terms of how its flowing through ARPU over time. Eduardo Razo. 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. We are very encouraged by the conversion lift we see in vehicles with 360L today, and we are just getting started. Jennifer, maybe just a follow-up on that line of discussion. 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? 10 stocks we like better thanSirius XMWhen our analyst team hasa stock tip, it can pay to listen. And we will continue to be active in generating trials. On the self-pay side, I would continue to expect improvement in year-over-year comps as we roll out the rate increase. So it's rolling out. Self-pay net adds declined by 347,000 a quarter consistent with our expectations given lower fourth quarter vehicle and streaming trial starts combined with seasonally higher churn in the first quarter. Thanks, Hooper, and good morning, everyone. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. So the number in Q1 was anticipated, right? SIRI earnings call for the period ending March 31, 2023. They showed a slight decline in its revenues: down 1.9% year-on-year to $2.14bn. Thanks, Matt. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. This contributed to the expected negative subscriber growth in the quarter. And I highlighted some of these metrics earlier, but we are seeing definitive increases in conversion rates for trialers, particularly younger trailers, who are using the features, but also just have 360L capable vehicles. We do expect to see future quarter-over-quarter progress in self-pay net adds but we still anticipate being modestly negative for the full year in aggregate. Bye-Bye. 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. Thank you. Yes, Barton. Good morning. Please proceed with your questions. This past quarter, we combined SiriusXM's podcast group and comedy and entertainment group into one unit. Have a Samsung smart TV or another type of Android TV? Our next question is coming from the line of Ben Swinburne with Morgan Stanley. The Rob Carson Show gives you a humorous yet concerned analysis of Please proceed with your questions. 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. Talk to you later. 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? The other two components of Sirius XM's full-year outlook -- adjusted SiriusXM reported a rare drop in satellite radio users for the first quarter, and it told analysts to expect those figures to trend downwards throughout 2023. I was hoping you can maybe talk a little bit more about the third-party distribution strategy. We will also begin to see 360L capable vehicles and our used car trial starts as well. So we believe no matter what path the OEM chooses we'll be really well-positioned there. Earnings of $0.07 a share would be a small step down from the $0.08 a share it clocked in with a year earlier. The fourth quarter's trial starts declined sequentially by 3% and 7% for new and used vehicles, respectively, and this reduced conversion opportunities for us in the first quarter. So, we believe no matter what path the OEM chooses will be really well positioned there. 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. WebWhat channel is NewsMax on Sirius XM Sirius M offers a delightful variety of channels designed to suit anyones taste. This past quarter, we combined Sirius XMs podcast group and comedy and entertainment group into one unit. Please proceed with your questions. And please let me add my welcome to Tom Barry who may be new to this call but is a veteran of SiriusXM and its finance organization since 2009. Our next question is from the line of Steven Cahall with Wells Fargo. SiriusXM cut its sales and marketing costs by 17% during the first three months of the year, as Witz said they have decided to delay advertising efforts in anticipation of product improvements they are launching later this year. 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. 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. Question on the new trends given the new Mercedes-Benz deal and some recent price increases, what are the impacts on ARPU in the near-term? With Hey, great. Moving forward, we value a strong balance sheet that provides us with flexibility to navigate a variety of future environments. I will start on advertising and hand it over to Scott on your second question. 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. Thank you for joining us. WebSiriusXM Patriot is a conservative talk radio channel on Sirius Satellite Radio channel 125 and XM Satellite Radio channel 125 [1]. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Download the SiriusXM Dealer App. It's traditionally been much more D2C and D2C has been soft in the first quarter. 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. Same in my house! It has been a real pleasure to serve this company, its talented employees, and our shareholders as CFO these past two-and-a-half years. Working his way up from humble minimum wage beginnings, through the infancy of satellite radio, to finally emerge as one of the most memorable founding voices Cost basis and return based on previous market day close. And again, I kind of apologize for the question, but Id love I cant resist. 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. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. 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. Learn more about Sling plans and pricing. So some OEMs will choose to pay for the trial and receive a higher subsidy. Looking at the capital allocation for first quarter of 2023, we return to $160 million to the shareholders comprised of 94 million of dividends and 67 million of stock repurchases, as we reentered the market following our fourth quarter results. You can watch Newsmax TV on your Pixel or Samsung or Nokia or whatever type of Android you have! Unfortunately, for Sirius XM Shareholders, the stock is playing to empty halls. 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. We will also begin to see 360L capable vehicles in our used car trial starts as well. And we do expect auto sales to continue to grow. Just subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your Android smart TV. ET. Here's where you can and can't watch Newsmax TV without cable. Thank you, Ben. So I think there is a case to be made for demand to start coming back, maybe some of the pent-up demand to be released and auto sales to slowly, but incrementally improve over the course of the year. Witz noted however that their financial metrics exceeded their expectations for the year, and it was enough for the company to raise its financial guidance for full-year earnings from $2.7 billion to approximately $2.75 billion. We expect this margin to trend favorably for the remainder of the year. And James, to your second question, so well see how this, how the OEMs navigate kind of the integration of CarPlay and Android Auto. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. https://buff.ly/41pw0RC . Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. We have a service with very high satisfaction, low churn, and one of the leading ARPUs across direct-to-consumer media, not just audio. And maybe how you see that fitting into the broader digital strategy later this year. 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. Before jumping into the quarters results, Id like to welcome Tom Barry as our incoming Chief Financial Officer. Please proceed with your questions. And the trends that we saw in Q1 in large part are reversing as we go through the year. Maybe for Jennifer on distribution, you called out the partnership with Walmart+ announcing the quarter. [Operator Instructions] Please note this conference is being recorded. For Sirius XM radio, Sirius XM packages can be bought. Password. Now I listen to We havent changed the guidance on subscribers, so still expecting modestly negative for the year. This feature drives listener engagement that leads to higher retention. 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. So with that, lets jump right into it. And our first question is from the line of James Ratcliffe with Evercore ISI. Seasonality in advertising revenue and the strategic cost-saving measures should deliver ramping EBITDA in the second, third, and fourth quarter. Thanks. Welcome to Sirius XMs First Quarter 2023 Operating and Financial Results Conference Call. Okay. The focus comes as advertising has more attention at SiriusXM, despite an ad market that is presenting challenges for most other companies. In the Pandora and off-platform segment, total revenue was $462 million, nearly flat with prior year. Sure. 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. But positioning for the future, we have had a long history since we launched annual average increases in ARPU of about 3%. Have an iPhone? have, you can watch Newsmax TV on an iOS device with ease. Despite its lack of ESPN, the service offers almost every league, including NFL, NBA, MLB, NHL, and more. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk Bring music & 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. 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. *Average returns of all recommendations since inception. The Sirius XM segment delivered $1.7 billion in revenue, which was down 2% principally due to lower OEM paid promotional trial revenue reflected in ARPU of $15.29 and decline subscriber revenue connected vehicle, partially offset by a weighted average subscriber base that was up 1% year-over-year. I mean, the economy, we just had a soft GDP number a couple minutes ago. WebFind Rob Carsons radio show LIVE near you More Info. I look forward to leveraging my experience of leading the SiriusXM controllers team to more broadly work with operations and the leadership team who shape the company's long-term direction. So that pressure will abate to some extent. First of all, Sean, thanks very much. This will conclude todays conference. 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. 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. 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. Thats very helpful. And obviously theres the impact of revenue share as well, and were constantly navigating the interaction of those three economic levers with increasing penetration rates where it makes sense. SIRI earnings call for the period ending March 31, 2023. The reversal isn't necessarily permanent, but it will sting in the near term. Like how should we think about the cadence of ARPU from here this year? This will have positive implications to ARPU, conversion, retention and subscriber growth in 2024 and beyond. And, Sean, best of luck in your new opportunity. Our next question is from the line of David Joyce with Seaport. We may receive an affiliate commission from product sales generated through these affiliate links. The growth catalysts just aren't there. Thanks, Matt. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. Hi. Thanks Matt. If youre coming to the end of that trial, youre making decisions on whether to keep the service. Newsmax is going to be moving into other audio opportunities, Lee Kinberg, CEO of Newsmax Radio, said. 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. 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. Tom, take it away. 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. Like how should we think about the cadence of ARPU from here this year 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? WebNewsmax isn't a paid service (for the listener) and depend on ad revenue. The OEM paid promotional revenue has been trending down over the last few years. 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. For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. Please proceed with your questions. Yes, Newsmax TV is included in your DirecTV Stream subscription. 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. But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. SiriusXM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. These and all forward-looking statements are based upon management's current beliefs and expectations and necessarily depend upon assumptions, data, or methods that may be incorrect or imprecise. 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 inflater on webcasting performance rights. And thats due to the great content relationships we have on the representation side. Plus, we've compiled a list of the best overall streaming services for sports fans. We help resolve pain points facing marketers by using greater automation and making buying more efficient. 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. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022.
Emdr Intensive Therapy Retreat, Ed Robson Obituary, Articles I
Emdr Intensive Therapy Retreat, Ed Robson Obituary, Articles I