Sirius XM Holdings Inc. (NASDAQ:SIRI) Q3 2024 Earnings Conference Call October 31, 2024 8:00 AM ET

Company Participants

Hooper Stevens – Senior Vice President-Investor Relations and Finance
Jennifer Witz – Chief Executive Officer
Tom Barry – Chief Financial Officer
Scott Greenstein – President and Chief Content Officer

Conference Call Participants

Kutgun Maral – Evercore ISI
Jessica Reif Ehrlich – Bank of America
Steven Cahall – Wells Fargo
Stephen Laszczyk – Goldman Sachs
David Joyce – Seaport Research
Cameron Mansson-Perrone – Morgan Stanley

Operator

Greetings. Welcome to Sirius XM's Third Quarter 2024 Operating and Financial 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 that this conference is being recorded.

At this time, I'll turn the conference over to Hooper Stevens, Senior Vice President of Investor Relations and Finance. Mr. Stevens, you may now begin.

Hooper Stevens

Thank you, and good morning, everyone. Welcome to Sirius XM's third quarter 2024 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 Private 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 Sirius XM's SEC filings and 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 and the Liberty Media transaction. Additionally, we have posted a supplementary presentation on our Investor Relations website for your convenience.

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

Jennifer Witz

Thanks, Hooper, and thank you all for joining us this morning. It was a milestone quarter for us at Sirius XM as we completed our transaction with Liberty Media and emerged as a fully independent public company. We are excited to reintroduce our business to the market, showcasing the actions we are taking to stem and reverse recent subscriber declines and enhance free cash flow generation, driving toward our long-term targets of 50 million subscribers and $1.8 billion in free cash flow.