Financial Position - As of March 31, 2024, the company's cash and cash equivalents totaled $38.75 million, an increase from $37.715 million as of December 31, 2023[49]. - The total content assets decreased from $44.943 million as of December 31, 2023, to $40.154 million as of March 31, 2024[50]. - The company's equity method investment in Spiegel Venture decreased from $1.736 million to $0.217 million, a decline of approximately 87.5% from December 31, 2023, to March 31, 2024[40]. - The fair value of the company's money market funds as of March 31, 2024, was $36.544 million, up from $36.072 million as of December 31, 2023[49]. - As of March 31, 2024, the Company held operating lease ROU assets of $3.3 million and total lease liabilities of $4.6 million[82]. Revenue Performance - For the three months ended March 31, 2024, total revenues were $12.001 million, a decrease of 3.1% compared to $12.387 million for the same period in 2023[54]. - Direct-to-Consumer revenue increased to $8.068 million, representing 67% of total revenue, up from 60% in the prior year[54]. - Revenue from the United States was $7,425 million, accounting for 62% of total revenue, compared to $6,686 million (54%) in 2023[77]. - International revenue totaled $4,576 million, representing 38% of total revenue, down from $5,701 million (46%) in 2023[77]. - The Company recognized $0.1 million in revenue from license fees related to the Spiegel Venture for the three months ended March 31, 2024[78]. - The company recognized $6.3 million in revenue related to amounts deferred as of December 31, 2023[57]. Loss and Earnings - The net loss for the three months ended March 31, 2024, was $5.035 million, compared to a net loss of $7.751 million in the same period of 2023[65]. - Basic and diluted net loss per share improved to $0.09 from $0.15 year-over-year[65]. - Stock-based compensation expense totaled $689,000 for the three months ended March 31, 2024, down from $1.267 million in the prior year[75]. Deferred Revenues and Obligations - Total deferred revenues remained stable at $15.2 million as of March 31, 2024, with non-current portions at $0.6 million[56]. - Remaining performance obligations expected to be recognized in the future total $1.963 million[55]. - Content obligations as of March 31, 2024, amounted to $0.6 million, down from $1.1 million as of December 31, 2023[86][87]. Investments and Dividends - The company recorded a loss of $1.519 million from its equity method investment in Spiegel Venture for the three months ended March 31, 2024[40]. - The company has not received any dividends from either Spiegel Venture or Nebula as of March 31, 2024[41][47]. - The company’s investment in Nebula increased from 12% to 16.875% as of March 31, 2024, following three incremental purchases[47]. - The Company declared a quarterly cash dividend of $0.025 per share, totaling approximately $1.3 million, to be paid on July 31, 2024[91]. Future Commitments - Future advertising commitments as of March 31, 2024, totaled $1.4 million, with $0.8 million expected to be paid in 2024[89]. - The company expects to amortize $4.7 million, $3.1 million, and $1.4 million of licensed content costs over the next three years[50]. Lease Costs - Total operating lease cost for the three months ended March 31, 2024, was $131 thousand, slightly down from $134 thousand in 2023[83].
CURIOSITYSTREAM EQ. WARRT(CURIW) - 2024 Q1 - Quarterly Report