Sirius XM Holdings Inc.
Q3 2022 Earnings Call
Nov 01, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Hooper Stevens
Thank you, and good morning, everyone. Welcome to SiriusXM's third quarter 2022 earnings conference call. Today, we will have prepared remarks from Jennifer Witz, our chief executive officer; and Sean Sullivan, our chief financial officer. Scott Greenstein, our president and chief content officer, will join Jennifer and Sean to take your questions.
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 SiriusXM'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 would 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 -- Chief Executive Officer
Thanks, Hooper, and good morning, everyone. Thank you for joining us today. In the third quarter, we delivered solid results as we continue to drive growth and focus on a disciplined approach to cost management across our organization. While near-term objectives remain top of mind, we are focused on the strategy and investments that will drive long-term value for our stockholders, including continuous improvements in the differentiated listening experiences that our customers love.
Self-pay net adds were 187,000 in the third quarter as we sustained a record low churn of 1.5%, and total revenue grew 4% versus the prior-year period, while advertising revenue remained relatively flat as macroeconomic factors resulted in a deceleration in ad spending late in the quarter. Our subscriber growth, despite continued automotive supply chain constraints, is a testament to the loyalty of our listeners, the value of our content, and our highly resilient subscription business model. As such, we are pleased to reaffirm our full year financial guidance, although headwinds in the advertising environment will continue to add some degree of uncertainty in achieving 2022 guidance. As we move into the fourth quarter, we remain focused on maintaining our momentum with steady work to expand relationships with OEM and deliver an incredible content slate, new listener experiences, and exciting product and technology enhancements.