Q1 2024 CuriosityStream Inc Earnings Call Transcript
Key Points
- CuriosityStream Inc (CURI) achieved a positive quarter with over $1 million in adjusted free cash flow, marking a year-over-year improvement of over $7 million.
- Direct subscription revenue increased both sequentially and year-over-year, with new pricing strategies set to boost future revenues.
- The company expanded its global reach by rolling out subscription services with multinational partners in 25 countries and adding seven new content licensing partners.
- Significant cost reductions were achieved, including a 50% reduction in cost of revenue and a 30% reduction in G&A expenses from Q1 2023 to Q1 2024.
- CuriosityStream Inc (CURI) has a strong balance sheet with $39 million in cash and equivalents, $1.2 million in adjusted free cash flow, and zero debt.
- Top line revenue for Q1 2024 was roughly equivalent to Q1 2023, indicating stagnation in overall revenue growth.
- Revisions in Pay TV agreements are expected to cause a near-term revenue decrease in the bundle distribution category.
- Revenue from content licensing decreased from $2 million in the prior year quarter to $1.2 million in Q1 2024.
- Bundled distribution revenue decreased from $1.5 million in the prior year's first quarter to $1.1 million in Q1 2024, reflecting challenges in the linear pay television business.
- Despite improvements, the company reported an adjusted EBITDA loss of $2.8 million, although this was an improvement from a $6.4 million loss in the prior year quarter.
Thank you for standing by. My name is Krista, and I will be your conference operator today. Time. I would like to welcome everyone to the curiosity Stream's First Quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (Operator Instructions) Thank you.
I would now like to turn the conference over to Andrew Lata, Director of FP&A and Director of Investor Relations. You may begin your conference.
Thank you and welcome to your curiosity Stream's discussion of its first quarter of 2024 financial results. Leading the discussion today are Clint Stein from curiosity streams, Chief Executive Officer. I'm Peter Westlie, curiosity Stream's Chief Financial Officer. Following management's prepared remarks, we will be happy to take your questions. But first, I'll review the safe harbor statement.
During this call, we may make statements related to our business that
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