Please. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. And on that note, Tom if you could just give us an idea, your key priorities coming into the role, sort of whats at the top of the bullet point list on the whiteboard in your office? We were up about 9 points from 2019 to 2022. Our Fubo TV plans and pricing article breaks down all of the Fubo TV plans. And that may be at the top end of the range, but I still think there's opportunity. Tags: Financials Pandora Radio SiriusXM. The channel features exclusive hosts such as Cam & Company from NRANews (until June 2018), David Webb, and Andrew Wilkow. WebPolitical news and talk from all sides with Julie Mason, Michael Smerconish, Dan Abrams, Laura Coates, and more. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. 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. 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. A 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. Satellite Radio [Operator instructions] Please note, this conference is being recorded. What do you see as the right leverage profile, the right mix of capital returns, anything different here going forward that we should be mindful of relative that we thought about it in the past? Hi. Turn on the FoxNews simulcast on siriusxm, and turn your tv on as well. Access My Account. Is It Time to Buy This Year's Worst-Performing Growth Stocks? 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. So it's like anything else. Thanks, David. 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. 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. We increased the number of women's games we deliver to our subscribers to almost 800 broadcasts, doubling from the previous season. SiriusXM Super Bowl broadcast this year was the most listened to in our history and strong engagement continued during March Madness, particularly with NCAA women's basketball. And then maybe the same question sort of on the in-car business, I think the trial starts are starting to improve. Sirius XM Patriot 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 Thanks for that color. And then secondly, it's a bit of a more depressed question than an analyst question. 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 (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. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Thank you, Ben. So we believe no matter what path the OEM chooses we'll be really well-positioned there. So your commentary on the intent to buy and the improving funnel sounds constructive. 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. Plenty of news shows are airing live now on DirecTV Stream. Jennifer, maybe just a follow-up on that line of discussion. Check out what's airing right now in our TV Guide. So its rolling out. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. Alongside our ad tech success, this quarter, we renewed U.S. and international sales agreements with SoundCloud and our advertising relationship with the owned podcast network. Additionally, we are ramping up our marketing technology capabilities to better leverage our rich content to deliver more personalized messaging in our marketing efforts. Please proceed with your questions. Steven Cahall -- Wells Fargo Securities -- Analyst. Just help us think about bridging the Q1 losses toward better numbers in the back half between those two subscriber bases, if you would. And CSAT is at an all time -- our satisfaction is at an all-time high since 2009. So your commentary on the intent to buy and the improving funnel sounds constructive. Entering text into the input field will update the search result below, materially. 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%. But our team's pick for most people to watch . And so were really well positioned on the podcasting side. And weve settled in at this sort of range in the low-80s that I think is the optimal place for us going forward. Youll be missed. Sure. @FoxNews won't be on ANY of my TV's! And how is that progressing over the course of this year in your view? And were really focused, again, heads down on investing in this new platform and making sure that that positions us for growth going forward. The focus comes as advertising has more attention at SiriusXM, despite an ad market that is presenting challenges for most other companies. And I guess what I wanted to ask about is just a follow-up on the subscriber progression here. No matter what device you have at home, it's probably possible to watch Newsmax TV on it yes, even without cable. But we're not seeing any major changes in the market that I would highlight. We havent changed the guidance on subscribers, so still expecting modestly negative for the year. Our Q1 results were better than we expected certainly based on where trends were heading in December or January. But were still waiting to launch a lot of these underlying capabilities and functionality to be able to support the streaming business, not only for streaming-only subscribers, but also as it continues to support our in-car business through customers listening outside of the car and 360L in the car. Step 2: From the list, select the preset you wish to delete. In the Pandora and off-platform segment, total revenue was $462 million, nearly flat with prior year. Our very distribution models, subscription and ad supported reach audiences wherever and however they want to listen and bring value to the Sirius XM subscription as exemplified by recent deals with Kevin Hart, Kelly Ripa and Tom Brady. Greetings. Pandora revenue was down a modest one percent to $462 million during the quarter while its ad-based revenue remained relatively flat at $334 million. Our strong distribution, investment in new product offerings, and our unmatched content offering that provided a foundation for future growth. Please proceed with your questions. Our strong distribution, investment in new product offerings and our unmatched content offering that provided a foundation for future growth. And its key to not only lift in conversion, but also improved retention. All discussions of adjusted operating results exclude the effects of stock-based compensation. Thank you, and good morning, everyone. Because of 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 2023s free cash flow later in the year. And to the point on 360L, can you give us a sense of right now how material 360L is for your subscriber acquisitions? SiriusXM bought Conan Our team is working diligently to position us for success in the second half of 2023 and beyond. To make the world smarter, happier, and richer. Analysts see flat results, in line with Sirius XM's uninspiring full-year guidance. And as Tom referenced earlier, we also expect each quarter going forward to be better to the prior quarter. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on your iOS device. WebFind Rob Carsons radio show LIVE near you More Info. There are many ways to watch Newsmax TV without cable, including Sling, Fubo TV, or DirecTV Stream. I am confident that Tom's perspective, diligence, financial expertise, and history with SiriusXM will serve him well as he steps into the CFO role. SiriusXM-owned Pandora continues to see its reach shrink, however. The Favorites area will appear; click on it, and the web will show all of your presets. 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'll target leverage in the low to mid-3s in light of the macroeconomic factors. But SiriusXM has their own ad-revenue on those news shows. Generally, the expectation was modestly negative. I was just wondering if you could give us an update on that subscriber kind of loose commentary. In addition to satellite radio, customers who buy or lease an equipped vehicle are eligible to receive a 3-month trial subscription to one or more of the following services. In many ways, Sirius XM Holdings(SIRI 2.70%) is an edgy rock band that has gone mainstream. 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 advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them. And its driven a lot by the programming additions that weve made and the streaming access. 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. Yes, Newsmax TV is included in your DirecTV Stream subscription. Sure. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. Here you've come in and you've updated financial guidance. 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. Pandoras ad hours were 2.59 billion, declined just 4% year-over-year as hours per active users climbed 4.5% with 21 hours per month. Certainly, theres still uncertainty in the second half I think, but we are hopeful that the market will continue to recover. And we will continue to be active in generating trials. With upwards of a thousand hours of DVR space and multiple simultaneous streams available, youll never miss a game. Please proceed with your questions. But we are well positioned to make sure that our incorporation sustains through whatever model the OEMs choose to pursue. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. So I think you were saying on the last quarter call that, well, you werent formally guiding for a number for subs for this year. 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. 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. Given the strong engagement we continue to see with our extra channels in and out of the car, in the first quarter, we expanded our focus here and launched several new Hip Hop and R&B channels. SiriusXM And secondly, we look at the totality of the package between the talent, the issues that allow them to be freed to negotiate and other things. And, Sean, best of luck in your new opportunity. Our DirecTV Stream plans and pricing article breaks down all of the DirecTV Stream plans. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. Sirius XM 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. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers, such as pricing, control, and content discovery. 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 our first question is from the line of James Ratcliffe with Evercore ISI. SiriusXM 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. It'd be great to maybe hear how you're thinking more broadly about leveraging capital allocation. So whats key is the rollout, and this has been a long time coming, and the promise of 360L is now delivering. Moving forward, we value a strong balance sheet that provides us with flexibility to navigate a variety of future environments. Satellite Radio While we continue to see opportunities for a bigger streaming-only business, car sales will remain the dominant driver of our subscriber funnel. Sirius xm Orbiter SB4000/SR4000/SM4000 Receiver * LIFETIME ACTIVE SUBSCRIPTION * The advertising market has also been in a slump since recessionary fears began heightening. Please proceed with your question. Hooper Stevens -- Senior Vice President, Finance and Investor Relations. 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. Other channels on Sling include: Longhorn Network, Cable News Network, HLN, Hallmark Movies & Mysteries, Turner Classic Movies, TV Land, A&E, AMC, BET, Bravo, Comedy Central, E! The next question is from the line of David Joyce with Seaport. Thanks, operator, Rob. SiriusXM Player: Online Radio, Music, Sports, News, Podcasts & Talk Bring music & Invest better with The Motley Fool. Great. 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. You have permission to edit this article. So the number in Q1 was anticipated, right? Thanks, David. Great. Firstly, could you talk a little bit more about what was maybe a little bit better than expected audio number? We have a service with very high satisfaction, low churn and one of the leading ARPUs across direct-to-consumer media, not just audio. 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. Subscribe to Sling, Fubo TV, or DirecTV Stream to get Newsmax TV on Roku. Bye-Bye. And in March, we started to see that tail off a little bit. And of course, that helps with the funnel there. 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! 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. So I think the impact of OEM prepaid revenue should slowdown in terms of how its flowing through ARPU over time. But we also have a unique setup because we will continue to maintain preferential treatment in terms of display. 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. Flixed is a website run by a small remote team that helps people navigate the rapidly evolving streaming ecosystem. 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. Thanks, Matt. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Shows & Schedules 124 Listen Live SiriusXM Patriot I mean, the economy, we just had a soft GDP number a couple minutes ago. Please proceed with your question. Hooper Stevens. So I wouldnt expect to see major changes in our streaming net adds until after that. Sirius XM's guidance calls for $9 billion in revenue this year, flat with where it landed in 2022. 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. One, we dont comment on anything were looking at directly. 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. 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.