SiriusXM Holdings Inc.

Greetings, and welcome to the Series XM's first quarter 2026 earnings call. At this time, all participants will be in listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero from your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Jennifer DeGrazia, Senior Vice President of Investor Relations. Thank you, Jennifer. You may begin.

Thank you, and good morning, everyone. Welcome to SiriusXM's first quarter 2026 earnings call. Today's discussion will include prepared remarks from Jennifer Witts, our chief executive officer, and Zach Codlin, our chief financial officer. Following their comments, we will open the call for questions. Joining us for the Q&A portion are Scott Greenstein, our president and chief content officer, Wayne Thorson, our chief operating officer, and Scott Walker, our chief advertising revenue officer. 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. Additionally, please find a supplemental earnings presentation and trending schedule on our investor relations website for your convenience. With that, I'll turn the call over to Jennifer.

Good morning, everyone, and thank you for joining us today. We are off to a strong start in 2026. executing with focus and discipline against our three strategic priorities we outlined in December 2024, strengthening our subscription business by delivering exceptional in-car listening experiences, accelerating growth across our advertising business, and leveraging our scaled SiriusXM portfolio to drive efficiency and long-term value. In the first quarter, we made meaningful progress across each of these areas, supported by solid performance in our core business and strong operational execution. On the subscriber side, we delivered significant year-over-year improvement in net additions, grew ARPU, and achieved the lowest first quarter churn and highest subscriber satisfaction scores in our history. Through our recently announced landmark partnership with YouTube, we will significantly enhance our advertising capacity, and we continue to expand margins through our enhanced focus on efficiency, capturing $45 million toward our $100 million 2026 cost savings target. Before turning the call over to Zach for a more detailed review of our financials, I would like to offer a few observations. Starting with our subscription business, performance in the quarter was strong. with a meaningful year-over-year improvement in self-pay net additions to negative $111,000, an improvement of $192,000. This reflects the growing adoption of companion subscriptions among our most loyal customers, ongoing progress with our continuous service initiative, and momentum in our automotive dealer extended duration plans. Together, these offerings expand SiriusXM's presence across multiple vehicles and users within a household and make it easier for subscribers to seamlessly maintain service as they transition between vehicles, deepening engagement and reinforcing long-term loyalty. While we remain mindful of a more measured auto sales environment and its potential impact on trial volumes, our resilient in-car foundation and focus on controllable levers continue to support performance. TURN remained a standout, improving to 1.5% despite our February price increase, which contributed to a 1% year-over-year increase in ARPU to $14.99. The combination of pricing discipline, supported by continually adding value to our packages and the ongoing impact of our customer experience initiatives, underscores the durability of our subscription model. Our strong retention is also supported by high customer satisfaction levels. Our latest study showed year-over-year improvement across all five core metrics, satisfaction, perceived value, likelihood to continue, likelihood to recommend, and the essentialness of our service. Notably, both loyalty and perception metrics rose in tandem, an important signal of not only current satisfaction, but also growing confidence in the long-term value of our offerings. We are also seeing traction across key demographics, with the majority of the increase in satisfaction being driven by Gen X and Y. Gen X delivered strong gains, particularly in perceived value, intent to continue, and essentialness, while millennials showed meaningful improvement in satisfaction and value, highlighting both the progress we are making and the opportunity that remains. Content is a defining strength of SiriusXM and a key driver of perceived value and engagement. We continue to expand and evolve our programming in ways that fuel fandom and deepen engagement across music, sports, comedy, and culture. In the first quarter, we introduced exclusive full-time artist-led channels from global stars Morgan Wallen and John Summit, alongside pop-up channels from BTS, Luke Combs, and Robin, as well as distinctive programming such as John Mayer's Grateful Dead Listening Party. We deepened our partnership with Metallica with the launch of the live call-in show, Tallica Talk, expanded Alt2K to our full subscriber base following eight consecutive quarters of audience growth, and broadened our comedy offering with a dedicated 24-7 channel featuring Sebastian Maniscalco. Our news and talk category is also gaining momentum with consumption up 15% sequentially. This reflects continued investment in both independent and exclusive voices, from the launch of Cuomo Mornings to the strong performance of the Megyn Kelly Channel, where listening has grown 28% since its launch in November. We are also creating distinctive, high-impact moments for listeners, from intimate performances to major cultural events, featuring artists like Noah Kahn during Super Bowl week, Annie Chesney at Floribama, Morgan Wallen in Nashville, and a recent SmartList taping in Hollywood. In sports, our offering is unmatched, spanning every major league and premier event from the NFL, MLB, NBA, and NHL to college athletics, auto racing, golf, and more, making SiriusXM a true year-round destination for fans. Our college sports offering continues to build momentum as a core part of our bundle, with listening hours for March Madness and the College Football Championship up 22% and 37% year-over-year, respectively. At the same time, our hardware and software evolution continues to enhance the listener experience. As 360L expands across nearly all major OEM lineups, we're driving sustained growth in 360L-enabled subscriptions and increasing adoption of more personalized nonlinear listening. This is fueling double-digit growth in both usage and time spent with features like extra channels and artist-seeded stations, deepening engagement. Turning to our advertising business, momentum is accelerating. Advertising revenue grew 3% to nearly $407 million in the quarter, driven by a 37% increase in podcasting ad revenue. This reflects strong traction in video and social through our Creator Connect strategy, as well as accelerating programmatic demand, where revenue more than doubled year over year through Google's DV360. Our partnership with YouTube marks a significant step forward. As the exclusive U.S. advertising representative for YouTube's audio inventory, we are expanding our reach to 255 million monthly listeners, nearly 90% of the U.S. population age 13 and older. For the first time, we will offer advertisers scaled access to premium audio across a wide range of content, from iconic franchises like SNL to leading creators like Mr. Beast, as well as podcasts beyond our own network and streaming music. Beginning this fall, advertisers will benefit from expanded high-quality inventory paired with advanced targeting and measurement capabilities. By combining SiriusXM Media's leadership in audio advertising with YouTube's scale in always-on engagement, we are delivering high-attention inventory through a more seamless buying experience while advancing a more open, connected ecosystem for advertisers. In podcasting, we remain the number one podcast network in the U.S. by weekly reach. As a launch partner for Apple's new video podcasting experience, we are helping shape the next evolution of the medium by unlocking dynamic video ad insertion and expanding access to a significantly larger advertising market. This uniquely positions us to power monetization across audio formats with greater flexibility and optionality for both creators and advertisers. These efforts reflect our commitment to an open podcast ecosystem that enables creators to grow across platforms. Across the portfolio, we are leveraging our scale, data, and technology to unlock new growth opportunities and deliver stronger outcomes for advertisers. At the same time, we remain focused on building a high-performing, future-ready organization. We recently welcomed Eve Constant as Chief Legal Officer, bringing deep expertise across media, technology, and content, and further strengthening our operating discipline in support of our strategic priorities. Our progress is also being recognized externally. We were named by Forbes as one of the best brands for social impact and by Newsweek as one of America's greatest workplaces for culture, belonging, and community, as well as for women. Turning to our outlook, our disciplined approach gives us confidence in delivering on our 2026 full-year guidance, relatively flat revenue and stable adjusted EBITDA. While subscriber trends are expected to be modestly lower year over year, our focus remains on strong execution and driving continued free cash flow growth. Importantly, the fundamentals of our business remain strong. We have a durable subscription model, predictable and growing cash generation, and a unique combination of assets, including premium content, unmatched in-car distribution, scaled audience reach, and leading ad technology. We believe these strengths position SiriusXM well for the future, and we remain committed to disciplined execution, thoughtful investment, and delivering sustainable long-term value for our shareholders. With that, I'll turn it over to Zach for more detail on the financial results.