Sirius XM Holdings Inc (NAS:SIRI)

$ 27.16 -0.28 (-1.02%) Market Cap: 9.21 Bil Enterprise Value: 19.91 Bil PE Ratio: 0 PB Ratio: 0.85 GF Score: 76/100

Q2 2024 Sirius XM Holdings Inc Earnings Call Transcript

Aug 01, 2024 / 12:00PM GMT

Release Date Price: $32.3 (-6.38%)

Transcript 10-Q8-K

Key Points

Positve

Sirius XM Holdings Inc (SIRI) reported an 8% sequential growth in adjusted EBITDA for Q2 2024.
The company saw a year-over-year improvement in EBITDA margin by one percentage point.
SIRI expects to complete its transaction with Liberty Media by September 9, 2024.
The company is launching new subscription bundles, including a podcast plus subscription available on Apple Podcasts.
SIRI introduced Sirius XM Free Access, its first-ever free ad-supported version, to engage potential customers who do not immediately convert post-trial.

Negative

Consolidated revenue decreased by 3% compared to the same period last year, primarily driven by a 5% drop in Sirius XM subscriber revenue.
Self-pay subscribers declined by 100,000 in Q2 2024.
Advertising revenue remained flat year-over-year at $443 million.
Total revenue for the Sirius XM segment decreased by 5%, with advertising revenue dropping by 4%.
The company faces ongoing challenges with conversion rates, particularly among first-time trialers.

Operator

From. Okay. Okay. Yes, no, greetings, and welcome to Sirius XM Second Quarter 2024 earnings conference call. Finally today should require operator assistance during the conference, please press star zero from your telephone keypad. Please note, this conference is being recorded. I'll now turn the conference over to Hooper Stevens, Senior Vice President of Investor Relations and Finance. Mr. Stephen, as you may now begin your presentation.

Hooper Stevens

Sirius XM Holdings Inc. - SVP & Head of IR

Thank you, and good morning, everyone. Welcome to Sirius XM Second Quarter 2024 earnings conference call. Today, we will have prepared remarks from Jennifer Woods, our Chief Executive Officer, and Tom Berry, our Chief Financial Officer, Scott Greenstein, our President and Chief question in the Q&A portion of the call,

I would like to remind everyone that certain states it's made during the call might be forward looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These are all forward-looking statements

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