- Sirius XM Holdings Inc (NASDAQ:SIRI) reported a first-quarter FY23 revenue decline of 2% year-on-year to $2.14 billion, missing the consensus of $2.17 billion.
- Subscriber revenue declined by 1.3% Y/Y to $1.69 billion. Advertising revenue decreased by 2.1% Y/Y to $375 million.
- SiriusXM self-pay subscribers decreased by 347,000, reaching 32 million total subscribers. Self-pay monthly churn remained at 1.6%.
- SiriusXM segment revenue declined by 2% Y/Y to $1.7 billion as ARPU decreased by 2% to $15.29 and self-pay subscribers declined by 1,288%. The gross margin declined by 100 bps to 61% due to higher programming costs.
- Pandora segment advertising revenue decreased 1% Y/Y to $334 million. The gross margin contracted by 500 bps to 24% due to higher web streaming royalty rates.
- Adjusted EPS of $0.06 missed the consensus of $0.07.
- Sirius generated $144 million in free cash flow and held $53 million in cash and equivalents.
- FY23 Outlook: Sirius XM reiterates revenue of $9.0 billion (consensus $9.02 billion).
- Price Action: SIRI shares traded lower by 3.15% at $3.54 on the last check Thursday.
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