Sirius XM Holdings Inc. (NASDAQ:SIRI) Q3 2023 Earnings Conference Call October 31, 2023 8:00 AM ET

Company Participants

Hooper Stevens - Senior Vice President of Investor Relations and Finance

Jennifer Witz - Chief Executive Officer

Tom Barry - Chief Financial Officer

Scott Greenstein - President and Chief Content Officer

Conference Call Participants

Bryan Kraft - Deutsche Bank

Jessica Reif Ehrlich - Bank of America

Steven Cahall - Wells Fargo

Cameron Mansson-Perrone - Morgan Stanley

Jason Bazinet - Citi

Barton Crockett - Rosenblatt

Stephen Laszczyk - Goldman Sachs

Operator

Greetings. Welcome to SiriusXM's Third Quarter 2023 Financial and Operating Results Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] 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. Stevens, you may begin.

Hooper Stevens

Thank you, and good morning, everyone. Welcome to SiriusXM's third quarter 2023 earnings conference call.

Today, we will have prepared remarks from Jennifer Witz our Chief Executive Officer, and Tom Barry, our Chief Financial Officer. Scott Greenstein, our President and Chief Content Officer, will join Jennifer and Tom to take your questions during the Q&A portion of this call.

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 privacy Securities Litigation Reform Act of 1995. These and all forward-looking statements are based upon management's current beliefs and expectations and necessarily depend upon assumptions, data or methods that may be incorrect or imprecise. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

For more information about those risks and uncertainties, please view SiriusXM's SEC filings in today's earnings release. We advise listeners to not rely unduly on forward-looking statements and disclaim any intent or obligation to update them.

As we begin, I'd like to remind our listeners that today's call will include discussions about both actual results and adjusted results. All discussions of adjusted operating results exclude the effects of stock-based compensation.

With that, I'll hand the call over to Jennifer.

Jennifer Witz

Thanks, Hooper, and good morning, everyone. We really appreciate everyone being here today.

We are pleased with the strong progress we made this quarter and remain on track to meet our goals for the full year. We closed the quarter with approximately 34 million total subscribers to our flagship SiriusXM service and continued to drive sequential improvements quarter-to-quarter in self-pay net subs. Subscriber churn remains incredibly low at approximately 1.6% despite increases in vehicle-related turnover. And although we did not issue formal subscriber guidance for 2023, we are still anticipating slightly positive self-pay net subscriber additions for the back half of this year.