And weve settled in at this sort of range in the low-80s that I think is the optimal place for us going forward. Sirius XM (SIRI) Q4 2022 Earnings Call Transcript, U.S. Money Supply Is Doing Something It Hasn't Done in 90 Years, and It May Signal a Big Move for Stocks, Why I Refuse to Chase the Maximum Social Security Benefit, A Bull Market Is Coming: 3 Stocks to Buy Without Hesitation, 1 Trillion-Dollar Growth Stock Down 28% You'll Regret Not Buying on the Dip, Join Over Half a Million Premium Members And Get More In-Depth Stock Guidance and Research, Motley Fool Issues Rare All In Buy Alert, Copyright, Trademark and Patent Information. Entering text into the input field will update the search result below, materially. This contributed to the expected negative subscriber growth in the quarter. I know pen rates are higher now. Sirius made the launch in July of 2000 which is 43 years later than the famous Sputnik. 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. Cost basis and return based on previous market day close. All of this is a testament to our leading position in talk audio and we will continue to leverage our world class content to draw in new Sirius XM subscribers, while also giving ad supported listeners access to our high quality programming. So we look at this probably more often than not, but we spend a lot of time looking at this. Please proceed with your question. I will start on advertising and hand it over to Scott on your second question. Were investing in satellites. Were investing in our future. We announced this morning that Mercedes has a plan to rollout and we are very eager to see it continue to move through our OEM partners. 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? And we will continue to be active in generating trials. Question on the new trends. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. Tom Barry -- Incoming Chief Financial Officer. Advertising revenue of $334 million decreased slightly by 1% in the first quarter. https://buff.ly/41pw0RC . So I think the impact of OEM prepaid revenue should slow down in terms of how it's flowing through ARPU over time. Thanks, Steven. 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. So what's key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. 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. We expected Q1 to be a low point in terms of net adds. Could you give us a little bit of color on sort of the puts and takes there? Here's why: If, for whatever reason, watching Newsmax TV on Sling doesn't work for you, we've also rounded up 2 more options and we even divided them up into the best picks for people who also watch lots of sports, news, reality TV, and more. 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. And so we're really well-positioned on the podcasting side. Maybe for Jennifer on distribution, you called out the partnership with Walmart+ announcing the quarter. 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. @FoxNews won't be on ANY of my TV's! AAOS will roll out in small volumes initially, but should grow materially to become the dominant OEM operating system improving 360L adoption and feature parody along the way. So how do you think about conversion rates on new car trials today versus where you were historically, I think, in that sort of mid-30s range? That's due to the great content relationships, we have, on the representation side, and our ability to bring brands into podcasting, Witz said. The company says it ended the first quarter with 46.7 million monthly active users, an eight percent decline from a year earlier. Sign up for your 30-day free trial and login to start listening today! With that, I'll hand the call over to Jennifer. Thank you, and good morning, everyone. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers, such as pricing, control, and content discovery. And its driven a lot by the programming additions that weve made and the streaming access. 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. Thanks. Thank you. Thank you. But we are continuing to see progress in advance of that on 360L. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. Talk to you later. While this is a great indicator of what's to come, these features are currently only available in a limited number of 360L-enabled vehicles and awareness of these features is still low. 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. We believe our overall subscriber performance should also trend better quarter-over-quarter as the year progresses. Thanks, Matt. But are there any circumstances where if I was Tucker or Don Lemon, why would I certainly want to be with you on the linear and podcasting side rather than Newsmax or OEM, but is that just two friends for you. Our Sling review also includes more about why our team loves Sling. Okay, James, Ill go first. 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. Username. 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. Generally, the expectation was modestly negative. And were working closely with the OEMs and with Google as that rules out. So we believe no matter what path the OEM chooses we'll be really well-positioned there. First of all, Sean, thanks very much. 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. February 16, 2022. discussions about both actual results and adjusted results. Subscribe for FREE! For more information about those risks and uncertainties, please view Sirius XMs SEC filings and todays earnings release. 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. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. 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. Stephen Laszczyk -- Goldman Sachs -- Analyst. Discover 400+ channels that include: * Ad-free music dedicated to your favorite decades, hits, styles, and genres. [Operator instructions] Please note, this conference is being recorded. In particular, what are the things that are going to allow for the streaming-only subscriber losses sort of moderate? Our Q1 results were better than we expected certainly based on where trends were heading in December or January. And in particular, with Walmart, we're testing an offer that allows consumers to choose, do they want satellite trial or in-car trial or a streaming trial. Theres so much to do here! Just subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your Android smart TV. I think you'll see continuity as I lead our talented finance team and continued our disciplined approach to financial decision-making. Image source: The Motley Fool. 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. I would expect the second half to be positive and that sort of nets us out to the modestly negative. WebIndeed, there is no Newsmax on Sirius XM since the corporation strives to keep its networks fair and independent. 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. Yes, Barton. Jennifer, could you talk a little bit about the subscriber outlook for the rest of the year in particular, what are the things that are going to allow for the streaming only subscriber losses to sort of moderate? 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. These are some of the easiest to use to get Newsmax TV access without cable. Please proceed with your questions. I mean, the economy, we just had a soft GDP number a couple minutes ago. If you're looking for the best way to stream Newsmax TV, Sling is our team's top pick. We are very encouraged by the conversion lift we see in vehicles with 360L today, and we are just getting started. 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. Thank you, Sean, and thank you, Jennifer. 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. 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. Jennifer, maybe just a follow-up on that line of discussion. 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. Is this happening to you frequently? 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. WebFind Rob Carsons radio show LIVE near you More Info. Following this build cycle, we do not anticipate any spending on satellites for many years. So I wouldn't expect to see major changes in our streaming net ads until after that. And once again, we saw the seasonally higher churn we tend to see in Q1. 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. The channel features exclusive hosts such as Cam & Company from NRANews (until June 2018), David Webb, and Andrew Wilkow. Our strong distribution, investment in new product offerings and our unmatched content offering that provided a foundation for future growth. Thank you. Firstly, could you talk a little bit more about what was maybe a little bit better than expected audio number? Newsmax is going to be moving into other audio opportunities, Lee Kinberg, CEO of Newsmax Radio, said. Furthermore, OAN (One American News), known as a great So it's like anything else. Fubo TV isn't only great for sports fans, though. 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. And secondly, regarding the satellite radio side, GM has announced that theyre planning on dropping Apple CarPlay. Listen to music, live sports radio, the best talk and entertainment radio. We will also begin to see 360L capable vehicles and our used car trial starts as well. Sure. Other channels on DirecTV Stream include: Cable News Network, HLN, Turner Classic Movies, TV Land, A&E, AMC, BET, Bravo, Comedy Central, Discovery Family Channel, E! Start watching with a free trial. Sirius XM is trading for less than 12 times trailing earnings. In the Pandora and Off-Platform segment, total revenue was $462 million, nearly flat with prior year. SiriusXMs satellite radio service has been built in part with the help of dozens of talk personalities, most notably Howard Stern. No, Newsmax TV isn't included in your Philo subscription. 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. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. No, Newsmax TV isn't included in your Hulu subscription. Great. 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. Sure. We see significant in-car conversion improvements when trialers engage with features that enable more control in discovery, including our more targeted extra channels, Pandora artist stations, and enhanced recommendations. Our next question comes from the line of Barton Crockett with Rosenblatt Securities. But we are actually holding back largely until the launch of the new platform, which is in the fourth quarter. I was just wondering if you could give us an update on that subscriber kind of loose commentary. 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. WebComplete replay of the nationally syndicated talk radio show "The Rob Carson Show" by Newsmax Radio. With its focus on sports content, fuboTV is a haven for any sports lovers out there. The Rob Carson Show Podcast. As previously discussed, we reduced marketing spend, particularly around streaming in anticipation of product improvements we are launching later this year. Invest better with The Motley Fool. During the first quarter, we generated $144 million of free cash flow, down from $258 million in the prior year. And we will continue to be active in generating trials. We also launched fluency, a cultural practice helping brands connect with young diverse audiences in audio by providing insights to support campaigns and creative strategy. Sirius XM ( SIRI 1.35%) Q1 2023 Earnings Call. 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. I think trial starts are starting to improve, do you have, usually you guys have a pretty good line of sight on that. The Favorites area will appear; click on it, and the web will show all of your presets. David Joyce -- Seaport Research Partners -- Analyst. Thank you, Jennifer. 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. Our final question is from the line of Matthew Harrigan with The Benchmark Company. On the used car market, just to start with that, the used car sales were actually pretty strong in the first couple of months of the year. Thanks. And we're up about 9 points from 2019 to 2022. The investments we are making now will support our remaining valuable low band customers for several years to come, but well eventually provide new revenue opportunities. Podcasting ad revenue was up 34% year-over-year in the quarter. 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. 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. Do you have -- you usually you guys have a pretty good line of sight on that. 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. As we develop our new SiriusXM platform, we are rethinking how we surface and deliver talk content and see opportunities to better combine live shows with on-demand podcasts to serve the diverse preferences of listeners. That's very helpful. 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. One, we don't comment on anything we're looking at directly. It continues to be supported by the millions of trial starts we generate each quarter through our robust and long-term OEM partnerships. Sirius XM has an incredibly solid, profitable business today that benefits from a loyal subscriber base and enviable margins. Jennifer, maybe just a follow-up on that line of discussion. In short, I am pleased with our financial performance this quarter, and I'm confident in our opportunity to expand our subscriber base as auto sales recover and relaunch the next-generation SiriusXM experience later this year. And the trends that we saw in Q1 in large part are reversing as we go through the 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. SIRI earnings call for the period ending March 31, 2023. With these trends and more targeted cost control initiatives, we're 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. But our team's pick for most people to watch . 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 radio channel. [Operator Instructions] Please note this conference is being recorded. And podcasting continues to be a bright spot. Barton Crockett -- Rosenblatt Securities -- Analyst. 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. Great. And then secondly, it's a bit of a more depressed question than an analyst question. Eduardo Razo. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. Image source: The Motley Fool. We've written even more about why we like DirecTV Stream, but another great option for streaming local news is an OTA antenna. Greetings. The reversal isn't necessarily permanent, but it will sting in the near term. Sure. Theyre looking for more opportunities to more easily navigate the service.
Affirmative Defenses To Quiet Title Action California,
Competitor 205 Tiller Top Speed,
What Happened To John Elliott Cbs Weatherman,
Articles I