KALTURA INC

Previous wording

Reflected below is a summary of reportable segment revenue and reportable segment gross profit for the three and six months ended June 30, 2024 and 2023.

Current wording

Reflected below is a summary of reportable segment revenue and reportable segment gross profit for the three and nine months ended September 30, 2024 and 2023.

Previous wording

We employ a "land and expand strategy" with the aim of having our customers increase their usage of our offerings and/or purchase additional offerings over time. Our Net Dollar Retention Rate (as defined below) measures our success in retaining and growing recurring revenue from our existing customers over a given period. For the three months ended June 30, 2024 and 2023, our Net Dollar Retention Rate was 98% and 100%, respectively. We grew our Annualized Recurring Revenue (as defined below) by 1% in the three months ended June 30, 2024, compared to the three months ended June 30, 2023, demonstrating our ability to land new customers with higher spending levels and increase revenue from our existing customers.

Current wording

We employ a "land and expand strategy" with the aim of having our customers increase their usage of our offerings and/or purchase additional offerings over time. Our Net Dollar Retention Rate (as defined below) measures our success in retaining and growing recurring revenue from our existing customers over a given period. For the three months ended September 30, 2024 and 2023, our Net Dollar Retention Rate was 101% and 101%, respectively. We grew our Annualized Recurring Revenue (as defined below) by 4% in three months ended September 30, 2024, compared to three months ended September 30, 2023, demonstrating our ability to land new customers with higher spending levels and increase revenue from our existing customers.

Previous wording

We are focused on increasing sales within our existing customer base through increased usage of our platform and the cross-selling of additional products and solutions. For the three months ended June 30, 2024, our Net Dollar Retention Rate was 98%. In order for us to increase revenue within our customer base, we will need to maintain engineering-level customer support and continue to introduce new products and features as well as innovative new use cases that are tailored to our customers' needs.

Current wording

We are focused on increasing sales within our existing customer base through increased usage of our platform and the cross-selling of additional products and solutions. For the three months ended September 30, 2024, our Net Dollar Retention Rate was 101%. In order for us to increase revenue within our customer base, we will need to maintain engineering-level customer support and continue to introduce new products and features as well as innovative new use cases that are tailored to our customers' needs.

Previous wording

Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. As of June 30, 2024, our Remaining Performance Obligations was $177.8 million, which consists of both billed consideration in the amount of $55.5 million and unbilled consideration in the amount of $122.2 million that we expect to invoice and recognize in future periods.

Current wording

Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. As of September 30, 2024, our Remaining Performance Obligations was $187.8 million, which consists of both billed consideration in the amount of $63.3 million and unbilled consideration in the amount of $124.6 million that we expect to invoice and recognize in future periods.

Previous wording

We expect to recognize 60% of our Remaining Performance Obligations as revenue over the next 12 months and the remainder thereafter, in each case, in accordance with our revenue recognition policy.

Current wording

We expect to recognize 59% of our Remaining Performance Obligations as revenue over the next 12 months and the remainder thereafter, in each case, in accordance with our revenue recognition policy.

Previous wording

(a)The three months ended June 30, 2024 and 2023, and the six months ended June 30, 2024 and 2023 include $702, $808, $1,406 and $1,611, respectively, of interest expenses.

Current wording

(a)The three months ended September 30, 2024 and 2023, and the nine months ended September 30, 2024 and 2023, include $725, $789, $2,131 and $2,400 respectively, of interest expenses.

Previous wording

(b)Facility exit and transition costs for the three months ended June 30, 2023 include losses from sale of fixed assets and other costs associated with moving to our temporary office in Israel.

Current wording

(b)Facility exit and transition costs for the nine months ended September 30, 2023, include losses from sale of fixed assets and other costs associated with moving to our temporary office in Israel.

Previous wording

(c)The three and six months ended June 30, 2023 include one-time employee termination benefits incurred in connection with the 2023 Reorganization Plan.

Current wording

(c)The three and nine months ended September 30, 2023 include one-time employee termination benefits incurred in connection with the 2023 Reorganization Plan and the 2022 Restructuring Plan.

Previous wording

(d)The three and six months ended June 30, 2024 include costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donation to communities directly impacted by the war.

Current wording

(d)The nine months ended September 30, 2024 include costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donation to communities directly impacted by the war.

Previous wording

For the three months ended June 30, 2024 and 2023, and for the six months ended June 30, 2024 and 2023, our cost of revenue was $15,356, $15,278, $31,529 and $31,265, respectively.

Current wording

For the three months ended September 30, 2024 and 2023, and for the nine months ended September 30, 2024 and 2023, our cost of revenue was $14,754, $15,843, $46,283 and $47,107, respectively.

Previous wording

For the three months ended June 30, 2024 and 2023, our gross margins were 65% (74% for subscriptions and (49)% for professional services) and 65% (73% for subscriptions and (38)% for professional services), respectively. For the six months ended June 30, 2024 and 2023, our gross margins were 64% (73% for subscriptions and (40)% for professional services) and 64% (73% for subscriptions and (52)% for professional services), respectively.

Current wording

For the three months ended September 30, 2024 and 2023, our gross margins were 67% (75% for subscriptions and (95)% for professional services) and 64% (73% for subscriptions and (80)% for professional services), respectively. For the nine months ended September 30, 2024 and 2023, our gross margins were 65% (74% for subscriptions and (54)% for professional services) and 64% (73% for subscriptions and (60)% for professional services), respectively.

Previous wording

For our EE&T segment, gross margins for the three months ended June 30, 2024 and 2023, were 74% (81% for subscription and (87)% for professional services), and 74% (79% for subscription and (88)% for professional services), respectively. For the six months ended June 30, 2024 and 2023, our gross margins for our EE&T segment were 73% (80% for subscriptions and (56)% for professional services) and 73% (79% for subscriptions and (58)% for professional services), respectively.

Current wording

For our EE&T segment, gross margins for the three months ended September 30, 2024 and 2023, were 76% (82% for subscription and (154)% for professional services), and 73% (79% for subscription and (105)% for professional services), respectively. For the nine months ended September 30, 2024 and 2023, our gross margins were 74% (81% for subscriptions and (78)% for professional services) and 73% (79% for subscriptions and (73)% for professional services), respectively.

Previous wording

For our M&T segment, gross margins for the three months ended June 30, 2024 and 2023 were 44% (55% for subscriptions and (24)% for professional services) and 43% (57% for subscriptions and (17)% for professional services), respectively. For the six months ended June 30, 2024 and 2023, our gross margins for our M&T segment were 42% (54% for subscription and (26)% for professional services) and 41% (56% for subscription and (48)% for professional services), respectively.

Current wording

For our M&T segment, gross margins for the three months ended September 30, 2024 and 2023 were 42% (55% for subscriptions and (59)% for professional services) and 40% (55% for subscriptions and (63)% for professional services), respectively. For the nine months ended September 30, 2024 and 2023, our gross margins were 42% (54% for subscription and (35)% for professional services) and 40% (56% for subscription and (52)% for professional services), respectively.

Previous wording

Financial expenses (income), net consists of interest expense accrued or paid on our indebtedness, net of interest income earned on our cash balances and marketable securities. Financial expenses (income), net also includes foreign exchange gains and losses and bank fees.

Current wording

Financial income, net consists of interest expense accrued or paid on our indebtedness, net of interest income earned on our cash balances and marketable securities. Financial income, net also includes foreign exchange gains and losses and bank fees.

Previous wording

•Enterprise, Education & Technology (70% and 71% of revenue for the three months ended June 30, 2024 and 2023, respectively, and 71% and 72% for the six months ended June 30, 2024 and 2023): Our EE&T segment represents revenues from all of our products, industry solutions for education customers, and Media Services (except for M&T customers), as well as associated professional services for those offerings.

Current wording

•Enterprise, Education & Technology (73% and 71% of revenue for the three months ended September 30, 2024 and 2023, respectively, and 72% for each of the nine months ended September 30, 2024 and 2023): Our EE&T segment represents revenues from all of our products, industry solutions for education customers, and Media Services (except for M&T customers), as well as associated professional services for those offerings.

Previous wording

•Media & Telecom (30% and 29% of revenue for the three months ended June 30, 2024 and 2023, respectively, and 29% and 28% for the six months ended June 30, 2024 and 2023): Our M&T segment primarily represents revenues from our TV Solution and Media Services sold to media and telecom customers.

Current wording

•Media & Telecom (27% and 29% of revenue for the three months ended September 30, 2024 and 2023, respectively, and 28% for each of the nine months ended September 30, 2024 and 2023): Our M&T segment primarily represents revenues from our TV Solution and Media Services sold to media and telecom customers.

Previous wording

Total EE&T revenue decreased by $0.2 million, or 1%, to $31.0 million for the three months ended June 30, 2024, from $31.2 million for the three months ended June 30, 2023. The decrease is mainly attributable to a $1.5 million decrease in revenue generated from existing customers, primarily due to downgrades by some of our existing customers. The decrease was partially offset by a $1.3 million increase in revenue generated from new customers.

Current wording

Total EE&T revenue increased by $1.2 million, or 4%, to $32.3 million for the three months ended September 30, 2024, from $31.1 million for the three months ended September 30, 2023. The increase is mainly attributable to a $1.0 million increase in revenue generated from new customers, and $0.2 million increase in revenue from existing customers.

Previous wording

Provision for income taxes decreased by $0.2 million, or 5%, to $4.8 million for the six months ended June 30, 2024, from $5.0 million for the six months ended June 30, 2023.

Current wording

EE&T subscription revenue increased by $1.5 million, or 5%, to $31.5 million for the three months ended September 30, 2024, from $30.0 million for the three months ended September 30, 2023.

Previous wording

EE&T professional services gross loss increased by $0.3 million, or 32%, to $1.0 million for the three months ended June 30, 2024, from $0.8 million for the three months ended June 30, 2023.

Current wording

EE&T professional services gross loss increased by $0.2 million, or 18%, to a gross loss of $1.3 million for the three months ended September 30, 2024, from a gross loss of $1.1 million for the three months ended September 30, 2023. The Increase was primarily due to a reduction in professional services revenue.

Previous wording

EE&T subscription revenue decreased by $0.5 million, or 2%, to $29.8 million for the three months ended June 30, 2024, from $30.3 million for the three months ended June 30, 2023.

Current wording

M&T revenue decreased by $0.5 million, or 4%, to $12.0 million for the three months ended September 30, 2024, from $12.4 million for the three months ended September 30, 2023. The decrease is mainly attributable to a $0.5 million decrease in revenue from existing customers.

Previous wording

EE&T gross profit decreased by $0.1 million, or 1%, to $22.9 million for the three months ended June 30, 2024, from $23.1 million for the three months ended June 30, 2023. This decrease was mainly due to the decrease in revenue.

Current wording

M&T subscription gross profit decreased by $0.2 million, or 3%, to $5.8 million for the three months ended September 30, 2024, from $6.0 million for the three months ended September 30, 2023.

Previous wording

Sales and marketing expenses decreased by $1.2 million, or 5%, to $23.6 million for the six months ended June 30, 2024, from $24.8 million for the six months ended June 30, 2023. The decrease was primarily due to a $1.0 million decrease in compensation which mainly related to a lower headcount and a $0.3 million decrease in marketing related expenses mainly due to more efficient advertising spending.

Current wording

Sales and marketing expenses increased by $0.1 million, or 1%, to $11.8 million for the three months ended September 30, 2024, from $11.7 million for the three months ended September 30, 2023. The increase was primarily due to a $0.3 million increase in compensation, offset by a $0.1 million decrease in marketing related expenses mainly due to more efficient advertising expense management and lower travel expenses.

Previous wording

Financial expense (income), net increased by $3.4 million, or 117%, to $0.5 million expenses for the six months ended June 30, 2024, from $3.0 million income for the six months ended June 30, 2023. The increase was primarily due to an increase of $4.5 million related to exchange rate differences partially offset by $0.7 million of higher interest income associated with our investments.

Current wording

Financial Income, net increased by $2.1 million, to $2.2 million for the three months ended September 30, 2024, from $0.1 million for the three months ended September 30, 2023. The increase was primarily due to $1.7 million related to exchange rate differences, along with an additional $0.2 million interest income associated with our investments.

Previous wording

Total EE&T revenue increased by $0.9 million, or 1%, to $63.4 million for the six months ended June 30, 2024, from $62.5 million for the six months ended June 30, 2023. The increase is mainly attributable to a $2.5 million increase in revenue from new customers partially offset by a $1.6 million decrease in revenue from existing customers.

Current wording

Total EE&T revenue increased by $2.2 million, or 2%, to $95.7 million for the nine months ended September 30, 2024, from $93.6 million for the nine months ended September 30, 2023. The increase is mainly attributable to a $2.5 million increase in revenue from new customers partially offset by a $0.3 million decrease in revenue from existing customers.

Previous wording

M&T professional services revenue decreased by $0.4 million, or 19%, to $1.8 million for the three months ended June 30, 2024, from $2.3 million for the three months ended June 30, 2023.

Current wording

EE&T professional services revenue increased by $0.4 million, or 12%, to $3.8 million for the nine months ended September 30, 2024 from $3.4 million for the nine months ended September 30, 2023.

Previous wording

EE&T professional services gross loss increased by $0.3 million, or 21%, to a gross loss of $1.7 million for the six months ended June 30, 2024, from a gross loss of $1.4 million for the six months ended June 30, 2023.

Current wording

EE&T professional services gross loss increased by $0.5 million, or 20%, to a gross loss of $3.0 million for the nine months ended September 30, 2024, from a gross loss of $2.5 million for the nine months ended September 30, 2023.

Previous wording

EE&T professional services revenue increased by $0.6 million, or 26%, to $3.0 million for the six months ended June 30, 2024 from $2.4 million for the six months ended June 30, 2023.

Current wording

M&T subscription revenue increased by $0.6 million, or 2%, to $32.3 million for the nine months ended September 30, 2024, from $31.8 million for the nine months ended September 30, 2023.

Previous wording

M&T professional services gross loss decreased by $0.8 million, or 45%, to $1.0 million for the six months ended June 30, 2024, from $1.7 million for the six months ended June 30, 2023.

Current wording

M&T professional services gross loss decreased by $1.0 million, or 37%, to $1.8 million for the nine months ended September 30, 2024, from $2.8 million for the nine months ended September 30, 2023.

Previous wording

Research and development expenses decreased by $3.1 million, or 11%, to $24.0 million for the six months ended June 30, 2024, from $27.1 million for the six months ended June 30, 2023. The decrease was primarily due to a $2.8 million decrease in compensation expenses, which mainly related to lower headcount.

Current wording

Research and development expenses decreased by $3.2 million, or 8%, to $36.5 million for the nine months ended September 30, 2024, from $39.7 million for the nine months ended September 30, 2023. The decrease was primarily due to a $2.6 million decrease in compensation expenses, which mainly related to lower headcount and to a $0.8 million decrease in IT related expenses.

Previous wording

Sales and marketing expenses decreased by $1.0 million, or 7%, to $11.8 million for the three months ended June 30, 2024, from $12.7 million for the three months ended June 30, 2023. The decrease was primarily due to a $0.7 million decrease in compensation related to lower headcount and a $0.4 million decrease in marketing related expenses mainly due to more efficient advertising spending.

Current wording

Sales and marketing expenses decreased by $1.1 million, or 3%, to $35.4 million for the nine months ended September 30, 2024, from $36.5 million for the nine months ended September 30, 2023. The decrease was primarily due to a $0.7 million decrease in compensation which mainly related to lower headcount, and a $0.4 million decrease in marketing related expenses.

Previous wording

General and administrative expenses increased by $1.0 million, or 4%, to $25.5 million for the six months ended June 30, 2024, from $24.5 million for the six months ended June 30, 2023. The increase was primarily due to $1.3 million ofunused one-time expense associated with terminating commitments with a cloud hosting service provider and a $0.4 million increase in compensation costs mainly driven by the acceleration of expenses associated with the cancellation of unvested market-based equity awards granted to the Chief Executive Officer, partially offset by reduced cost arising from executive departures, and a $0.4 million decrease in professional fees and insurance mainly due to lower insurance costs.

Current wording

General and administrative expenses decreased by $1.0 million, or 3%, to $35.3 million for the nine months ended September 30, 2024, from $36.3 million for the nine months ended September 30, 2023. The decrease was primarily due to a $1.4 million decrease in compensation costs related mainly to cancellation of market based equity awards previously granted to the Chief Executive Officer and Executive departures in the firs quarter of 2024. a $0.3 million decrease in professional fees and insurance mainly due to lower insurance costs and a $0.7 million decrease in other expenses related mainly to welfare and training expenses, partially offset by $1.3 million unused one-time expense associated with terminating commitments with a cloud hosting service provider.

Previous wording

Financial income, net decreased by $0.2 million, or 13%, to $1.0 million for the three months ended June 30, 2024, from $1.2 million for the three months ended June 30, 2023. The decrease was primarily due to $0.7 million related to exchange rate differences, partially offset by $0.2 million interest income associated with our investments.

Current wording

Financial income, net decreased by $1.4 million to $1.7 million for the nine months ended September 30, 2024, from $3.0 million for the nine months ended September 30, 2023. The decrease was primarily due to a decrease of $2.8 million related to exchange rate differences partially offset by $0.9 million of higher interest income associated with our investments.

Previous wording

During the three months ended June 30, 2024, the Company repurchased 66,605 shares of common stock at an average price of $1.24 per share (excluding broker and transaction fees of $2,000). As of June 30, 2024, the Company had remaining authorization under the Repurchase Program to repurchase common stock up to an aggregate amount of $4.9 million, subject to satisfying required conditions under the Companies Law and Companies Regulations.

Current wording

During the nine months ended September 30, 2024, the Company repurchased 1,758,929 shares of common stock at an average price of $1.24 per share (excluding broker and transaction fees of $53). As of September 30, 2024, the Company had remaining authorization under the Repurchase Program to repurchase common stock up to an aggregate amount of $2.8 million, subject to satisfying required conditions under the Companies Law and Companies Regulations.

Previous wording

Borrowings under the Credit Facilities bear interest, determined as follows: (a) SOFR loans accrue interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus 0.10% per annum plus a margin of 2.50% (the Adjusted Term SOFR (as defined in the Credit Agreement) is subject to a 1.00% floor), and (b) ABR loans accrue interest at a rate per annum equal to the ABR plus a margin of 1.50% (ABR is equal to the highest of (i) the prime rate and (ii) the Federal Funds Effective Rate plus 0.50%, subject to a 2.00% floor). As of June 30, 2024, the current rate of interest under the Credit Facilities was equal to a rate per annum of 7.93%, consisting of 5.33% (the 3-month SOFR rate as of June 27, 2024), 0.10% credit spread adjustment and the margin of 2.50%.

Current wording

Borrowings under the Credit Facilities bear interest, determined as follows: (a) SOFR loans accrue interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement) plus 0.10% per annum plus a margin of 2.50% (the Adjusted Term SOFR (as defined in the Credit Agreement) is subject to a 1.00% floor), and (b) ABR loans accrue interest at a rate per annum equal to the ABR plus a margin of 1.50% (ABR is equal to the highest of (i) the prime rate and (ii) the Federal Funds Effective Rate plus 0.50%, subject to a 2.00% floor). As of September 30, 2024, the current rate of interest under the Credit Facilities was equal to a rate per annum of 7.23%, consisting of 4.63% (the 3-month SOFR rate as of September 30, 2024), 0.10% credit spread adjustment and the margin of 2.50%.

Previous wording

As of June 30, 2024, we had no balance outstanding under the Revolving Credit Facility and the total revolving commitment of $25.0 million remains available for future borrowings. As of June 30, 2024, we had approximately $33.7 million of borrowings outstanding under the Term Loan Facility.

Current wording

As of September 30, 2024, we had no balance outstanding under the Revolving Credit Facility and the total revolving commitment of $25.0 million remains available for future borrowings. As of September 30, 2024, we had approximately $33.3 million of borrowing under the Term Loan Facility.

Previous wording

Net cash flows provided by investing activities decreased by $5.9 million for the six months ended June 30, 2024 as compared to the six months ended June 30, 2023.

Current wording

Net cash flows provided by operating activities increased by $17.8 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.

Previous wording

Net cash used in operating activities of $2.8 million for the six months ended June 30, 2024, was primarily due to $21.1 million incremental net loss, adjusted for non-cash charges of $23.2 million, and net cash outflows of $4.9 million due to changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $2.6 million, stock-based compensation expenses of $15.4 million and amortization of deferred contract acquisitions and fulfillment costs of $5.7 million. The main drivers of net cash outflows were derived from the changes in operating assets and liabilities and were related to an increase in deferred contract acquisition and fulfillment cost of $2.5 million, decrease in deferred revenue of $7.2 million and net change in operating right-of-use asset and lease liability of $0.9 million, offset by an increase in trade receivables of $1.2 million, an increase in trade payables of $3.4 million and an aggregate decrease in employees accruals, and accrued expenses and other liabilities of $1.1 million.

Current wording

Net cash provided by operating activities of $7.9 million for nine months ended September 30, 2024, was primarily due to $24.7 million incremental net loss, offset for non-cash adjustments totaling $32.5 million, and net cash inflows of $0.2 million due to changes in operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $3.8 million, stock-based compensation expenses of $21.1 million and amortization of deferred contract acquisitions and fulfillment costs of $8.6 million. Changes in operating assets and liabilities primarily consisted of increase in trade payables of $2.2 million, a total increase in employee accruals, accrued expenses, and other liabilities of $2.1 million, a decrease in trade receivables of $0.7 million and an increase in deferred revenue of $0.6 million. These trends were partially offset by an increase in deferred contract acquisition and fulfillment costs of $4.4 million and a net change in operating right-of-use assets and lease liabilities of $0.9 million.

Previous wording

Net cash used in operating activities of $11.6 million for the six months ended June 30, 2023, was primarily due to $23.6 million incremental net loss, adjusted for non-cash charges of $22.2 million, and net cash outflows of $9.7 million due to changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $2.2 million, stock-based compensation expenses of $14.6 million and amortization of deferred contract acquisitions and fulfillment costs of $5.9 million. The main drivers of net cash outflows were derived from the changes in operating assets and liabilities and were related to an increase in deferred contract acquisition and fulfillment cost of $3.3 million, an aggregate decrease in employees accruals, and accrued expenses and other liabilities of $2.8 million, decrease in deferred revenue of $3.2 million and an increase in trade receivables of $1.0 million, offset by an increase in trade payables of $1.1 million.

Current wording

Net cash used in operating activities of $9.9 million for nine months ended September 30, 2023, was primarily due to $34.3 million incremental net loss, adjusted for non-cash charges of $33.0 million, and net cash outflows of $8.6 million due to changes in our operating assets and liabilities. Non-cash charges primarily consisted of depreciation and amortization of $3.4 million, stock-based compensation expenses of $22.0 million and amortization of deferred contract acquisitions and fulfillment costs of $8.8 million. The main drivers of net cash outflows were derived from the changes in operating assets and liabilities and were related to a decrease of trade payable of $5.6 million, an increase of deferred contract acquisition and fulfillment cost of $4.9 million, an aggregate decrease in employees accruals, accrued expenses and other liabilities of $2.4 million and a decrease in deferred revenue of $1.3 million, partially offset by a decrease of receivables of $6.9 million.

Previous wording

Net cash flows used in operating activities decreased by $8.8 million for the six months ended June 30, 2024, as compared to the six months ended June 30, 2023.

Current wording

Net cash flows used in investing activities decreased by $5.3 million for the nine months ended September 30, 2024, as compared to the nine months ended September 30, 2023.

Previous wording

Net cash provided by investing activities of $1.8 million for the six months ended June 30, 2024 was related to proceeds from maturities of available-for-sale marketable securities of $21.5 million, offset by investment in available-for-sale marketable securities of $19.4 million and $0.3 million of capital expenditures.

Current wording

Net cash provided by investing activities amounted to $1.1 million for the nine months ended September 30, 2023. This was primarily due to $39.0 million in sales and maturities of available-for-sale marketable securities, partially offset by $1.5 million for capitalized internal use software, $33.6 million in investments in available-for-sale marketable securities, $1.0 million in investments in a bank deposit, and $1.8 million in capital expenditures