Financial Performance - For the three months ended June 30, 2024, total revenues were $12.4 million, a decrease of 12.1% compared to $14.1 million for the same period in 2023[59] - Total revenue for the three months ended June 30, 2024, was $12,395,000, a decrease from $14,097,000 in the same period of 2023, with U.S. revenue accounting for 61% of total revenue[89] - The Company recognized $10.5 million in revenues for the six months ended June 30, 2024, related to amounts deferred as of December 31, 2023[62] - Direct-to-Consumer revenue for the three months ended June 30, 2024, was $8.0 million, representing 65% of total revenue, up from 51% in the same period of 2023[59] - Trade and barter revenues for the three months ended June 30, 2024, were $864,000, a decrease of 68.8% from $2.8 million in the same period of 2023[67] Cash and Investments - The Company reported cash and cash equivalents of $39.519 million as of June 30, 2024, an increase from $37.715 million as of December 31, 2023, reflecting a growth of about 4.3%[53] - The Company’s cash and cash equivalents and restricted cash totaled $39.644 million as of June 30, 2024, compared to $38.215 million as of December 31, 2023, an increase of approximately 3.7%[53] - The fair value of the Company's investments in money market funds was $38.625 million as of June 30, 2024, compared to $36.072 million as of December 31, 2023, indicating an increase of approximately 7%[53] - The fair value of Private Placement Warrants increased to $74,000 as of June 30, 2024, compared to $44,000 as of December 31, 2023[58] Content Assets and Obligations - As of June 30, 2024, the total content assets decreased to $36.736 million from $44.943 million as of December 31, 2023, representing a decline of approximately 18.3%[54] - The total licensed content, net, decreased from $16.628 million as of December 31, 2023, to $14.070 million as of June 30, 2024, a reduction of about 15.4%[54] - The Company’s total produced content, net, decreased from $28.315 million as of December 31, 2023, to $22.666 million as of June 30, 2024, a decline of about 19.9%[54] - The Company expects to amortize $4.7 million, $3.2 million, and $1.1 million of the unamortized cost of licensed content over the next three years[54] - The company’s content obligations as of June 30, 2024, amounted to $0.6 million, down from $1.1 million as of December 31, 2023[97][98] Expenses and Losses - For the three months ended June 30, 2024, the net loss was $2,031,000, compared to a net loss of $9,921,000 for the same period in 2023, resulting in a basic and diluted net loss per share of $0.04, down from $0.19[78] - For the six months ended June 30, 2024, the net loss was $7,066,000, compared to a net loss of $17,672,000 for the same period in 2023, resulting in a basic and diluted net loss per share of $0.13, down from $0.33[78] - Stock-based compensation expense for the three months ended June 30, 2024, totaled $1,325,000, compared to $1,422,000 for the same period in 2023[87] - As of June 30, 2024, total accrued expenses and other liabilities were $4.5 million, an increase of 20.9% from $3.7 million as of December 31, 2023[57] Deferred Revenues and Future Commitments - Total deferred revenues were $14.0 million as of June 30, 2024, a slight decrease from $14.6 million as of December 31, 2023[61] - Remaining performance obligations as of June 30, 2024, totaled $1.3 million, with $513,000 expected to be recognized in the remainder of 2024[60] - The Company has not received any dividends from its equity investments in Spiegel Venture and Nebula as of June 30, 2024[45][51] - The company held operating lease ROU assets of $3.2 million and current lease liabilities of $0.4 million as of June 30, 2024[93] Shareholder Actions - The Company repurchased 22,001 shares of its common stock at an average price of $1.18 per share, totaling $25,961[70] - On August 12, 2024, the Board declared a quarterly cash dividend of $0.025 per share, equivalent to $0.10 annually, totaling approximately $1.3 million to be paid on October 31, 2024[102] Other Financial Metrics - The Company made a Holdback Payment of $0.9 million to the Spiegel Venture in July 2023 due to the achievement of certain financial targets[46] - Total content amortization for the three months ended June 30, 2024, was $4.7 million, a decrease of 27.5% from $6.5 million in the same period of 2023[59] - The weighted average remaining lease term as of June 30, 2024, was 8.7 years, with total lease payments amounting to $5,383,000[95] - For the three and six months ended June 30, 2024, income tax expense was immaterial, compared to a provision of $0.3 million for the same periods in 2023[101] - The company recognized $0.1 million in revenue related to license fees from the Spiegel Venture for the three months ended June 30, 2024[90]
CURIOSITYSTREAM EQ. WARRT(CURIW) - 2024 Q2 - Quarterly Report