Sirius XM Holdings Inc.
Q2 2022 Earnings Call
Jul 28, 2022, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to SiriusXM's second quarter 2022 financial and operating results conference call. This conference is being recorded. [Operator instructions] At this time, I would like to turn the conference over to Hooper Stevens, senior vice president, investor relations, and finance. Mr.
Stevens, please go ahead.
Hooper Stevens -- Senior Vice President, Investor Relations, and Finance
Thank you, and good morning, everyone. Welcome to SiriusXM's second 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 those 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. We are pleased with our results in the second quarter of 2022. While we continue to navigate variability in customer and market demand, we delivered strong financial performance with record low churn.
By leveraging our balance sheet and scaling key growth initiatives to deliver best-in-class content to our customers, we are setting SiriusXM up for future expansion and solid financial performance. Into the second half, we remain committed to building on that momentum by making the strategic investments necessary for our long-term success while continuing to exercise financial discipline. SiriusXM added 23,000 net new self-pay subscribers and 54,000 paid promotional subscribers in the second quarter. Despite a slight sequential uptick in April, SAAR saw further weakness in May and June and ended the quarter down 4% from Q1 and 20% year over year.