Sirius XM
Q1 2023 Earnings Call
Apr 27, 2023, 8:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Greetings. Welcome to SiriusXM's first quarter 2023 operating and financial results conference call. [Operator instructions] Please note, 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 -- Senior Vice President, Finance and Investor Relations
Thank you, and good morning, everyone. Welcome to SiriusXM's first quarter 2023 earnings conference call. Today, we'll have prepared remarks from Jennifer Witz, our chief executive officer; Sean Sullivan, our chief financial officer; and Tom Barry, who will assume the position of CFO tomorrow. Scott Greenstein, our president and chief content officer, will join Jennifer, Sean, and Tom to take your questions during the Q&A portion of the 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 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'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 -- Chief Executive Officer
Thanks, Hooper, and good morning, everyone. Thank you for joining us. Before jumping into the quarter's results, I'd like to welcome Tom Barry as our incoming chief financial officer. With more than a decade's experience working closely together, I know that Tom's deep institutional knowledge and broad finance experience will be invaluable as we drive growth across the business and continue our commitments to customers, employees, and shareholders.
I also want to thank Sean for his many contributions these last few years and ensuring a smooth transition. In the first quarter, we outperformed our initial financial expectations, putting us in a strong position to increase our full-year guidance for adjusted EBITDA and free cash flow. We also delivered better-than-expected ad revenue partly due to our leading self-service and programmatic solutions that are allowing us to capture close-end bookings, and I will address this more in a few minutes. As previously discussed, we reduced marketing spend, particularly around streaming in anticipation of product improvements we are launching later this year.