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. Thanks, Matt. Sure. But positioning for the future, we have had a long history since we launched annual average increases in ARPU of about 3%. Question on the new trends. SiriusXM Prices and Packages. All discussions of adjusted operating results exclude the effects of stock-based compensation. Image source: The Motley Fool. The company ended March with just over 34 million subscribers for its radio service: a rise of just 0.2%. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. The fourth quarters 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. In the first quarter, we outperformed our initial financial expectations, putting us in a strong position to increase our full year guidance for adjusted EBITDA and free cash flow. With that, Ill hand the call over to Jennifer. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. 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 due to the great content relationships, we have, on the representation side, and our ability to bring brands into podcasting, Witz said. Despite its lack of ESPN, the service offers almost every league, including NFL, NBA, MLB, NHL, and more. For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. Thank you. Pleasure working with you and good luck on the next gig, keep them in the fairway. And just on the categories, it's been continued improvement in travel, restaurants, casino, even automotive is coming back more, which makes sense, and then softness in telecom and financial services. 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. Devices supported by DirecTV Stream include: web browsers, Android, iOS, Amazon Fire, Roku, Chromecast, Apple TV, LG/Samsung Smart TVs, and Xbox One. With that, Ill turn it over to the operator for Q&A. Maybe for Jennifer on distribution, you called out the partnership with Walmart+ announcing the quarter. How sizable of a trial acquisition funnel you think that could become over the next few years? In closing, I would also like to thank Sean for making this transition as seamless as possible. 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. Jennifer, maybe just a follow-up on that line of discussion. But SiriusXM has their own ad-revenue on those news shows. We had a really solid quarter with ad revenue down just 2%. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. No matter how or where they want to listen. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. 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 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. ET. This contributed to the expected negative subscriber growth in the quarter. In the Pandora and off-platform segment, total revenue was $462 million, nearly flat with prior year. While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. 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. And whereas other services, you need to sign up for a data plan, we cover the data costs ourselves. Bye-Bye. Welcome to SiriusXM's First Quarter 2023 Earnings Conference Call. 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. Shows & Schedules 124 Listen Live SiriusXM Patriot 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. I was wondering if you talk a little bit to conversion rates. 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. Thank you, Jennifer. And 360L brings a lot of those features to life. They showed a slight decline in its revenues: down 1.9% year-on-year to $2.14bn. Sirius XM used to be a darling for speculators, screaming fans who would cheer its every uptick and downtick. Listeners can hear Kevin show Gold Minds on all major podcast platforms with extended episodes available early to subscribers on his Laugh Out Loud radio channel only on SiriusXM. Moving forward, we value a strong balance sheet that provides us with flexibility to navigate a variety of future environments. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. Ending May 2 at 11:10AM PDT 6d 21h. Thanks, Stephen. Sirius xm Orbiter SB4000/SR4000/SM4000 Receiver * LIFETIME ACTIVE SUBSCRIPTION * Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. In fact, that's why Sling is our top pick for watching Newsmax TV without cable. So with that, let's jump right into it. So one of the things were 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. No, Newsmax TV isn't included in your Hulu subscription. And our first question is from the line of James Ratcliffe with Evercore ISI. The Favorites area will appear; click on it, and the web will show all of your presets. And our first question is from the line of James Ratcliffe with Evercore ISI. I think, GM seems to be somewhat unique in that path. SiriusXM Satellite Radio Plans and Subscription Tiers SiriusXM offers two plan types. So, we believe no matter what path the OEM chooses will be really well positioned there. Jennifer, maybe just a follow-up on that line of discussion. That's why we recommend trying Sling. With that, I'll turn it over to the operator for Q&A. To make the world smarter, happier, and richer. Im truly excited about this opportunity and to join the conversation with investors and analysts and meet many of you in the coming weeks. Thank you. 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? This past quarter, we combined SiriusXM's podcast group and comedy and entertainment group into one unit. [Operator instructions] One moment please will we poll for questions? And while that growth will continue, its actually come down to more normalized level at this point and get the competitive challenges we have are easily solved with 360L and the new platform that were launching. 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. 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. Entertainment Television, ESPNU, INSP, Science, FYI, MTV2: Music Television, BBC America, beIN Sports, CMT, and more. This will have positive implications to ARPU, conversion, retention, and subscriber growth in 2024 and beyond. 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? Please proceed with your question. WebPolitical news and talk from all sides with Julie Mason, Michael Smerconish, Dan Abrams, Laura Coates, and more. But our team's pick for most people to watch Newsmax TV, is Sling. And in particular with Walmart, were testing an offer that allows consumers to choose, do they want a satellite trial or an in-car trial or a streaming trial? No, Newsmax TV isn't included in your YouTube TV subscription. So it's like anything else. 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. Podcast audio version of Newsmax TVs Greg Kelly Reports. SiriusXM also launched Team Coco Radio in November to leverage the podcasts that the Conan OBrien-led production studio creates. The beat remains the same, even if this isn't likely to be a beat on Thursday. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Sirius XM offers superior reception. Just help us think about bridging the Q1 losses towards better numbers in the back half between those two subscriber bases, if you would? Thank you. Stephen Laszczyk -- Goldman Sachs -- Analyst. Thank you for taking the question. News fans often use antennas for streaming live TV like news shows for free, without cable. 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. If you're someone who watches a lot of news, you probably want to subscribe to a streamer with access to the most popular news channels. And were really focused, again, heads down on investing in this new platform and making sure that that positions us for growth going forward. 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 shares hit a new seven-year low last month. The Motley Fool has no position in any of the stocks mentioned. 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. 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. And James, to your second question, so well see how this, how the OEMs navigate kind of the integration of CarPlay and Android Auto. 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. For more information about those risks and uncertainties, please view SiriusXM's SEC filings and today's earnings release. The Howard Access My Account. Our Q1 results were better than we expected, certainly based on where trends were heading in December or January, we had a really solid quarter with ad revenue down just 2%. 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. Tom, take it away. Learn More. We expect this margin to trend favorably for the remainder of the year. Thank you. Back out the acquisition of the Pandora streaming service that artificially inflated top-line results in 2019, and Sirius XM investors have been treated to eight consecutive years of single-digit organic revenue growth. Thank you, and good morning, everyone. And we do expect auto sales to continue to grow. In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. And Sean, best of luck in your new opportunity. Thanks, Matt. That's why we recommend trying Sling. Unfortunately, for Sirius XM Shareholders, the stock is playing to empty halls. Discover 400+ channels that include: * Ad-free music dedicated to your favorite decades, hits, styles, and genres. 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 haven't changed the guidance on subscribers, so still expecting modestly negative for the year. Our strong distribution, investment in new product offerings and our unmatched content offering that provided a foundation for future growth. 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 mean, the economy, we just had a soft GDP number, a couple of minutes ago. 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. Its growth is as pedestrian as it is predictable. But you just have two rather polarizing TV news personalities becoming available, albeit, some bad actor issues at Tucker Carlson, Don Lemon. But our team's pick for most people to watch . In the first quarter, we outperformed our initial financial expectations, putting us in a strong position to increase our full-year guidance for adjusted EBITDA and free cash flow. It has been a real pleasure to serve this company, its talented employees and our shareholders as CFO these past 2.5 years. And its driven a lot by the programming additions that weve made and the streaming access. Learn more about Sling plans and pricing. We are confident that the upgrade will boost engagement and customer satisfaction for indoor and streaming only customers alike, she said. Thanks, operator, Rob. There are things worse than single-digit revenue growth. As we begin, Id like to remind our listeners that todays call will include. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. 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. Cost basis and return based on previous market day close. At this time all participants are in a listen-only mode. Good morning, everyone. I was just wondering if you could give us an update on that subscriber kind of loose commentary. Thanks, operator, Rob. And its key to not only lift in conversion, but also improved retention. I'm glad you extended your tenure in the media industry here. Kelly's new hit, Let's Talk Off Camera, is first released widely as a podcast but also airs on Radio Andy. This gives us a general idea of the trajectory and the scope of spending. 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. Thank you, Sean, and thank you, Jennifer. Tags: Financials Pandora Radio SiriusXM. And it's driven a lot by the programming additions that we've made and the streaming access. Here's where you can and can't watch Newsmax TV without cable. And it's key to not only lift and conversion but also improved retention. 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. 13. So I think the impact of OEM prepaid revenue should slow down in terms of how it's flowing through ARPU over time. Were looking at opportunities After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. 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. We expected Q1 to be a low point in terms of net ads. Rick Munarriz has no position in any of the stocks mentioned. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. David Joyce -- Seaport Research Partners -- Analyst. 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. You'll be missed. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. And I believe that 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. 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. The cheapest option is Sling. 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. Hi, good morning. Sirius followed their initial launch with two more which gives them a total of three active satellites in orbit which deliver high-quality radio programs. Thanks, Hooper, and good morning, everyone. Please proceed with your questions. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. The Rob Carson Show gives you a humorous yet concerned analysis of [Operator instructions] Please note, this conference is being recorded. Our next question is coming from the line of Stephen Laszczyk with Goldman Sachs. And then relatedly, I was just wondering if you could speak to whats going on in the used car market? 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
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