Sirius XM Holdings Inc. (NASDAQ:SIRI) UBS Global Media & Communications Conference December 10, 2024 2:15 PM ET
Company Participants
Jennifer Witz – Chief Executive Officer
Conference Call Participants
Batya Levi – UBS
Batya Levi
I think we’re going to get started now. Thank you everyone for joining us. I’m Batya Levi with the Media and Communications team at UBS. And our next presenter is CEO, Jennifer Witz, for Sirius. Thank you so much for coming.
Jennifer Witz
Thank you for having me.
Batya Levi
Thank you. So this morning you broke some news. So I thought maybe you could start off with that, give us an overview, and maybe go over what prompted this.
Jennifer Witz
Sure. So over the past two years, we’ve made significant investments in our technology infrastructure. And that’s going to support us for many years in the future. And now with many of those updates in place, it’s the right time to take a more analytical, ROI-driven focus on our investments going forward. And we’re really focused on value creation and believe that the efforts that we’re making to drive results in our core automotive subscription business and our ads business, complemented with the efficiency exercise we’re putting in place – so we did announce this morning that we’re targeting $200 million of incremental cost reduction. That’s the run rate number exiting 2025. The combination of the focus, the narrowing of our focus on our in-car subscription business alongside our ads business and these efficiency efforts will put us on the right path going forward. It’s the right direction for the company.
So 90% of our subscribers engage with our SiriusXM service through the radio embedded in the car. And these subscribers, as you know, are high ARPU, high variable margin, we have strong customer satisfaction and very low churn in
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