Thanks, Matt. Thank you. Thanks, Steven. 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. For example, we introduced a new in-app onboarding experience for users to select genres, allowing faster, more efficient access to the most relevant content. 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? This contributed to the expected negative subscriber growth in the quarter. Making the world smarter, happier, and richer. The satellite radio giant will carry every single pick live from Kansas City. Certainly, theres still uncertainty in the second half I think, but we are hopeful that the market will continue to recover. WebWhat channel is NewsMax on Sirius XM Sirius M offers a delightful variety of channels designed to suit anyones taste. Thank you. Theres so much here you can explore it forever, and while 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. Good morning, everyone. Just help us think about bridging the Q1 losses toward better numbers in the back half between those two subscriber bases, if you would. 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 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. Steven Cahall -- Wells Fargo Securities -- Analyst. Now I listen to Pandora's ad hours were 2.59 billion, declining just 4% year over year as hours per active users climbed 4.5% to 21 hours per month. So -- and obviously, we'll continue to carry forward with our capital return plan to shareholders. Despite its lack of ESPN, the service offers almost every league, including NFL, NBA, MLB, NHL, and more. However, to meet evolving consumer expectations, particularly with younger audience segments, we must address barriers such as pricing, control and content discovery. So with that, lets jump right into it. Nonetheless, if you are looking for a conservative So and obviously, well continue to carry forward with our capital return plan to shareholders. And its key to not only lift in conversion, but also improved retention. And it's really just one piece of the puzzle as we look at our economics with our OEM partners. One, we don't comment on anything we're looking at directly. I would expect the second half to be positive and that sort of nets us out to the modestly negative. And as we have always said, business models really do matter. 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. So the number in Q1 was anticipated, right? Great. Our ad supported portfolio from Pandora to the Sirius XM podcast network, which also includes two of the largest Hispanic podcast networks with Pattaya and reVolver offers opportunities for advertisers to reach large and diverse audiences in audio. 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. And we will continue to be active in generating trials. I would expect the second half to be positive and that sort of nets us out to the modestly negative. 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. 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? 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. Thank you. We ended the quarter with a leverage at 3.4 times, which is within our targeted range of low to mid threes. It allows us, like many other services to update much more frequently our feature set, but we also have a unique setup because we will continue to maintain preferential treatment in terms of display. Additionally, we debuted our first-ever integrated billing with T-Mobile, expanding upon our existing six-month SiriusXM streaming offer and adding a Pandora Premium four-month trial offer, making it even easier for trialers to transition into paying subscribers. On the self-pay side, I would continue to expect improvement in year-over-year comps as we roll out the rate increase. Although we continue to be cautious about the overall ad sales market, we still see tailwinds in podcasting. Here, you're seeing the normal effects of seasonally light ad revenue in the first quarter, combined with recent ad headwinds plus the CPI inflator to web streaming royalties. Our team is working diligently to position us for success in the second half of 2023 and beyond. Thank you, Jennifer. That's due to the great content relationships, we have, on the representation side, and our ability to bring brands into podcasting, Witz said. I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. Yes, Barton. And our goal, of course, is to continue a disciplined and thoughtful approach to capital return. 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 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. 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 once again, we saw the seasonally higher churn we tend to see in Q1. Supporting this, first quarter vehicle trial starts were up 7% overall compared to the fourth quarter, including a 3% rebound in new vehicle trials and an 11% rebound in used vehicle trials. If you have an ad-blocker enabled you may be blocked from proceeding. We are already beginning to see benefits from cost reductions implemented in Q1 across every element of our business. We extended agreements with the NHL and NASCAR ensuring continued access for our subscribers for years to come. Most sports fans already know and love Fubo TV. Stephen Laszczyk -- Goldman Sachs -- Analyst. Published: April 25, 2023. Good morning. Competition is maybe a bit higher now. It had 34 million subscribers as of March 31. Sirius xm Orbiter SB4000/SR4000/SM4000 Receiver * LIFETIME ACTIVE SUBSCRIPTION * Thank you, and good morning, everyone. In many ways, Sirius XM Holdings(SIRI 2.70%) is an edgy rock band that has gone mainstream. We haven't changed the guidance on subscribers, so still expecting modestly negative for the year. Step 2: From the list, select the preset you wish to delete. No, Newsmax TV isn't included in your Hulu subscription. Just help us think about bridging the Q1 losses towards better numbers in the back half between those two subscriber bases, if you would? And while that growth will continue, it's actually come down to more normalized level at this point. Please proceed with your questions. 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. Pandora was supposed to be a catalyst for growth, a digital escape hatch the moment that satellite radio would prove transitory and eventually obsolete. Please proceed with your questions. There are things worse than single-digit revenue growth. First of all, Sean, thanks very much. I mean, the economy, we just had a soft GDP number, a couple of minutes ago. 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 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. Making the world smarter, happier, and richer. And podcasting continues to be a bright spot. And then over the last few years, especially during COVID, there was a massive acceleration in the percentage of millennials buying cars. Anything different here going forward that we should be mindful of relative to that we thought about it in the past? Welcome Tom. Like how should we think about the cadence of ARPU from here this year? 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. A question-and-answer session will follow the formal presentation. Flixed.io's contributors and editorial team will often recommend products we believe to be useful for our readers. All discussions of adjusted operating results exclude the effects of stock-based compensation. So I think the impact of OEM prepaid revenue should slow down in terms of how it's flowing through ARPU over time. Free HBO Max, Showtime, Starz, and Cinemax. Alongside our ad tech success, this quarter, we renewed U.S. and international sales agreements with SoundCloud and our advertising relationship with the own podcast network. An iPad? And the cost to acquire trials has gone down. And returning this fall, Lets Go!, hosted by Tom Brady, Larry Fitzgerald and Jim Gray will be available first to our subscribers, then on demand exclusively in our app. SiriusXM has announced that Howard Stern will bring his show to Miami to officially open its newest broadcast complex. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. 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. I know pen rates are higher now. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them.
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