CuriosityStream Inc

Previous wording

Founded by John Hendricks, founder of the Discovery Channel and former Chairman of Discovery Communications, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires.

Current wording

Founded by John Hendricks, former Chairman of Discovery Communications and founder of the Discovery Channel, CuriosityStream is a media and entertainment company that offers premium video and audio programming across the principal categories of factual entertainment, including science, history, society, nature, lifestyle and technology. Our mission is to provide premium factual entertainment that informs, enchants and inspires.

Previous wording

The financial data in the following table sets forth selected financial information derived from our unaudited consolidated financial statements for three and six months ended June 30, 2024, and 2023, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:

Current wording

The financial data in the following table sets forth selected financial information derived from our unaudited consolidated financial statements for the three and nine months ended September 30, 2024, and 2023, and includes our results of operations as a percentage of revenue or as a percentage of costs, as applicable, for the periods indicated:

Previous wording

For the three months ended June 30, 2024, and 2023, operating loss was $2.5 million and $8.0 million, respectively. The decline in operating loss of $5.5 million, or 68%, primarily resulted from the decreases in our operating expenses of $7.2 million, or 32%, which more than offset the decline in revenues of $1.7 million, or 12%, compared to the three months ended June 30, 2023.

Current wording

For the three months ended September 30, 2024, and 2023, operating loss was $3.3 million and $23.9 million, respectively. The decline in operating loss of $20.6 million, or 86%, primarily resulted from the decreases in our operating expenses of $23.7 million, or 60%, which more than offset the decline in revenues of $3.0 million, or 19%, compared to the three months ended September 30, 2023. This significant decrease in operating expenses was mainly due to the absence of prior-year impairment charges recorded in relation to our content assets, as discussed in the section below.

Previous wording

For the three months ended June 30, 2024, and 2023, net loss was $2.0 million and $9.9 million, respectively, a decrease in net loss of $7.9 million, or 80%.

Current wording

For the three months ended September 30, 2024, and 2023, net loss was $3.1 million and $26.6 million, respectively, a decrease in net loss of $23.5 million, or 88%.

Previous wording

For the six months ended June 30, 2024, and 2023, operating loss was $6.2 million and $15.8 million, respectively. The decline in operating loss of $9.6 million, or 61%, primarily resulted from the decreases in our operating expenses of $11.7 million, or 28%, which more than offset the decline in revenues of $2.1 million, or 8%, compared to the six months ended June 30, 2023.

Current wording

For the nine months ended September 30, 2024, and 2023, operating loss was $9.5 million and $39.7 million, respectively. The decline in operating loss of $30.3 million, or 76%, primarily resulted from the decreases in our operating expenses of $35.4 million, or 43%, which more than offset the decline in revenues of $5.1 million, or 12%, compared to the nine months ended September 30, 2023. This significant decrease in operating expenses was mainly due to the absence of prior-year impairment charges recorded in relation to our content assets, as discussed in the section below.

Previous wording

For the six months ended June 30, 2024, and 2023, net loss was $7.1 million and $17.7 million, respectively, a decrease in net loss of $10.6 million, or 60%.

Current wording

For the nine months ended September 30, 2024, and 2023, net loss was $10.1 million and $44.2 million, respectively, a decrease in net loss of $34.1 million, or 77%.

Previous wording

For the three months ended June 30, 2024, and 2023, revenues totaled $12.4 million and $14.1 million, respectively, a decrease of $1.7 million, or 12%. This decline was primarily driven by declines in Content Licensing and Bundled Distribution of $2.3 million and $0.4 million, respectively, while our Direct Business revenue increased by $1.4 million.

Current wording

For the three months ended September 30, 2024, and 2023, revenues totaled $12.6 million and $15.6 million, respectively, a decrease of $3.0 million, or 19%. This decline was primarily driven by declines in Content Licensing and Bundled Distribution of $3.4 million and $0.5 million, respectively, while our Direct Business revenue increased by $1.1 million.

Previous wording

For the six months ended June 30, 2024, and 2023, revenues totaled $24.4 million and $26.5 million, respectively, a decrease of $2.1 million, or 8%. This decline was primarily driven by declines in Content Licensing and Bundled Distribution of $3.2 million and$0.6 million, respectively, while our Direct Business revenue increased by $2.3 million, or 14%.

Current wording

For the nine months ended September 30, 2024, and 2023, revenues totaled $37.0 million and $42.1 million, respectively, a decrease of $5.1 million, or 12%. This decline was primarily driven by declines in Content Licensing and Bundled Distribution of $6.6 million and $1.1 million, respectively, while our Direct Business revenue increased by $3.5 million, or 13%.

Previous wording

Our Direct Business revenue is derived from consumers subscribing directly through our O&O Consumer Service and App Services and through Partner Direct relationships. Our O&O Consumer Service is available in more than 175 countries to any household with a broadband connection. Our App Services enable access to CuriosityStream on almost every major consumer device, including streaming media players like Roku, Apple TV and Amazon Fire TV, major smart TV brands (e.g., LG, Vizio, Samsung) and gaming consoles.

Current wording

Our Direct Business revenue is derived from consumers subscribing directly through our owned and operated website (“O&O Consumer Service”), mobile applications developed for iOS and Android operating systems (“App Services”) and through Partner Direct relationships. Our O&O Consumer Service is available in more than 175 countries to any household with a broadband connection. Our App Services enable access to CuriosityStream on almost every major consumer device, including streaming media players like Roku, Apple TV and Amazon Fire TV, major smart TV brands (e.g., LG, Vizio, Samsung) and gaming consoles.

Previous wording

The multichannel video programming distributors (“MVPDs”), virtual MVPDs (“vMVPDs”) and digital distributor partners making up our Partner Direct Business pay us a license fee for sales to individuals who subscribe to CuriosityStream via the partners’ respective platforms. We have affiliate agreement relationships with, and our service is available directly from, major MVPDs that include Comcast, Cox, Dish and vMVPDs and digital distributors that include Amazon Prime Video Channels, Apple Channel, Roku Channel, Sling TV and YouTube TV.

Current wording

The multichannel video programming distributors (“MVPDs”), virtual MVPDs (“vMVPDs”) and digital distributor partners making up our Partner Direct pay us a license fee for sales to individuals who subscribe to CuriosityStream via the partners’ respective platforms. We have affiliate agreement relationships with, and our service is available directly from major MVPDs that include Comcast, Cox, and Dish, and vMVPDs and digital distributors that include Amazon Prime Video Channels, Apple Channel, Roku Channel, Sling TV and YouTube TV.

Previous wording

The following table details our Direct Business for the three and six months ended June 30, 2024, and 2023:

Current wording

The following table details our Direct Business for the three and nine months ended September 30, 2024, and 2023:

Previous wording

For the three months ended June 30, 2024, our Direct-to-Consumer revenue increased by $0.8 million, or 11%, compared to 2023. For the six months ended June 30, 2024, our Direct-to-Consumer revenue increased by $1.4 million, or 9%, compared to 2023. Although our overall DTC subscriber count declined, this was more than offset by the higher pricing we began rolling out in 2023. Additionally, our Partner Direct Business primarily benefited from continued subscriber growth as well as the price increase.

Current wording

For the three months ended September 30, 2024, our Direct-to-Consumer revenue increased by $0.4 million, or 5%, compared to 2023. For the nine months ended September 30, 2024, our Direct-to-Consumer (or DTC) revenue increased by $1.7 million, or 8%, compared to 2023. Although our overall DTC subscriber count declined, this was more than offset by the higher pricing we began rolling out in 2023. Additionally, our Partner Direct primarily benefited from continued subscriber growth as well as the price increase.

Previous wording

Through our Content Licensing business, we license to certain media companies a collection of existing titles from our content library in a traditional content licensing deal. We also pre-sell selected rights (such as in territories or on platforms that are lower priority for us) to content we create before we even begin production. This latter model reduces risk in our content development decisions and creates content licensing revenue.

Current wording

Through our Content Licensing business, we license to certain media companies a collection of existing titles from our content library. We also pre-sell selected rights (such as in territories or on platforms that are lower priority for us) to content we create before we even begin production. This latter model reduces risk in our content development decisions and creates content licensing revenue.

Previous wording

The following table details our Content Licensing results for the three and six months ended June 30, 2024, and 2023:

Current wording

The following table details our Content Licensing results for the three and nine months ended September 30, 2024, and 2023:

Previous wording

For the three months ended June 30, 2024, compared to 2023, Library sales decreased by 62%, while presales declined by 72%. For the six months ended June 30, 2024, compared to 2023, Library sales decreased by 48%, while presales declined by 74%.

Current wording

For the three months ended September 30, 2024, compared to 2023, Library sales decreased by 67%. For the nine months ended September 30, 2024, compared to 2023, Library sales decreased by 59%, while presales declined by 74%.

Previous wording

Our Bundled Distribution business includes affiliate relationships with our Bundled MVPD Partners and vMVPDs, which are broadband and wireless companies in the U.S. and international territories to whom we can offer a broad scope of rights, including 24/7 “linear” channels, our video-on-demand content library, mobile rights and pricing and packaging flexibility, in exchange for an annual fixed fee or fee per subscriber.

Current wording

Our Bundled Distribution business includes affiliate relationships with our Bundled MVPD and vMVPD partners, which are broadband and wireless companies in the U.S. and international territories to whom we can offer a broad scope of rights, including 24/7 “linear” channels, our video-on-demand content library, mobile rights and pricing and packaging flexibility, in exchange for an annual fixed fee or fee per subscriber.

Previous wording

For the three months ended June 30, 2024, and 2023, our Bundled Distribution revenue was $1.1 million and $1.5 million, respectively, reflecting a 25% decline. For thesix months ended June 30, 2024, and 2023, our Bundled Distribution revenue was $2.2 million and $2.9 million, respectively, reflecting a 22% decline. In both periods, the decrease was primarily the result of revised affiliate agreements and the non-renewal of certain partnerships. Bundled Distribution is a challenging revenue stream given the pressures being felt in the linear pay television business worldwide.

Current wording

For the three months ended September 30, 2024, and 2023, our Bundled Distribution revenue was $1.0 million and $1.5 million, respectively, reflecting a 33% decline. For the nine months ended September 30, 2024, and 2023, our Bundled Distribution revenue was $3.2 million and $4.3 million, respectively, reflecting a 26% decline. In both periods, the decrease was primarily the result of revised affiliate agreements and the non-renewal of certain partnerships. Bundled Distribution remains a challenging business given the ongoing disruption in the linear pay television business worldwide.

Previous wording

For the three months ended June 30, 2024, Other revenue was $0.2 million, a decline of $0.5 million, or 75%, from the same period in 2023. For the six months ended June 30, 2024, Other revenue was $0.2 million, a decline of $0.6 million, or 73%, from the same period in 2023. These declines were largely due to certain short-term marketing partnerships that we entered into during the early part of 2023, including a campaign that we provided through a trade and barter arrangement, which was not renewed in 2024.

Current wording

For the three months ended September 30, 2024, Other revenue was $0.2 million, a decline of $0.2 million, or 56%, from the same period in 2023. For the nine months ended September 30, 2024, Other revenue was $0.4 million, a decline of $0.9 million, or 67%, from the same period in 2023. These declines were largely due to certain short-term marketing partnerships that we entered into during the early part of 2023, including a campaign that we provided through a trade and barter arrangement that was not renewed in 2024.

Previous wording

For the three months ended June 30, 2024, and 2023, our operating expenses were $14.9 million and $22.1 million, respectively, a decrease of $7.2 million, or 32%.

Current wording

For the three months ended September 30, 2024, and 2023, our operating expenses were $15.9 million and $39.5 million, respectively, a decrease of $23.7 million, or 60%.

Previous wording

For the six months ended June 30, 2024, and 2023, our operating expenses were $30.6 million and $42.3 million, respectively, a decrease of $11.7 million, or 28%.

Current wording

For the nine months ended September 30, 2024, and 2023, our operating expenses were $46.5 million and $81.8 million, respectively, a decrease of $35.4 million, or 43%.

Previous wording

Distribution fees include payment processing fees and revenue share arrangements with Smart Bundle and digital distributor partners, as well as fees owed to the Spiegel Venture related to our German SVOD service. We pay a fixed percentage distribution fee to our partners for subscribers accessing our platform via App Services to compensate these partners for access to their customer and subscriber bases. The MVPD, vMVPD and digital distributor partners making up our Partner Direct business pay us a license fee, and host and stream our content to their customers via their own platforms, such as set top boxes in the case of most MVPDs. We do not incur billing, streaming or backend costs associated with content distribution through our MVPD, vMVPD and digital distributor partners.

Current wording

Distribution fees include payment processing fees and revenue share arrangements with Smart Bundle and digital distributor partners, as well as fees owed to the Spiegel Venture related to JV's streaming service. We pay a fixed percentage distribution fee to our partners for subscribers accessing our platform via App Services to compensate these partners for access to their customer and subscriber bases. The MVPD, vMVPD and digital distributor partners making up our Partner Direct business pay us a license fee, and host and stream our content to their customers via their own platforms, such as set top boxes in the case of most MVPDs. We do not incur billing, streaming or backend costs associated with content distribution through our MVPD, vMVPD and digital distributor partners.

Previous wording

The following table details cost of revenues for the three and six months ended June 30, 2024, and 2023:

Current wording

The following table details cost of revenues for the three and nine months ended September 30, 2024, and 2023:

Previous wording

For the three months ended June 30, 2024, cost of revenues decreased to $6.0 million from $9.9 million, a 40% reduction. For the six months ended June 30, 2024, cost of revenues decreased to $12.8 million from $18.9 million, a 33% reduction. These decreases were primarily driven by declines in content amortization of 28% for the three months ended June 30, 2024, compared to the same period in 2023, and of 20% for the six months ended June 30, 2024, compared to the same period in 2023, primarily due to fewer new productions, a reduction in content acquisitions and releases during the year and the content impairment recorded in the third quarter of 2023. Additionally, other costs of revenues declined mainly due to a reduction in revenue share arrangements, including our arrangement with Nebula that expired at the end of 2023.

Current wording

For the three months ended September 30, 2024, cost of revenues decreased to $5.8 million from $8.5 million, a 31% reduction. For the nine months ended September 30, 2024, cost of revenues decreased to $18.6 million from $27.4 million, a 32% reduction. These decreases were primarily driven by declines in content amortization of 15% for the three months ended September 30, 2024, compared to the same period in 2023, and of 18% for the nine months ended September 30, 2024, compared to the same period in 2023, primarily due to fewer new productions, a reduction in content acquisitions and releases during the year and the content impairment recorded in the third quarter of 2023. Additionally, other costs of revenues declined mainly due to a reduction in revenue share arrangements, including our arrangement with Nebula that expired at the end of 2023.

Previous wording

Our advertising and marketing expenditures are a primary operating cost for our business. While these costs may fluctuate based on advertising and marketing objectives, we generally focus marketing dollars on efficient customer acquisition methods. For the three and six months ended June 30, 2024, advertising and marketing expenses decreased by $1.2 million compared to the same period in 2023. This decrease reflects our efforts to optimize spending while maintaining our market presence and continuing to invest in strategic initiatives aimed at driving growth.

Current wording

Our advertising and marketing expenditures are a primary operating cost for our business. While these costs may fluctuate based on advertising and marketing objectives, we generally focus marketing dollars on efficient customer acquisition methods. For the three and nine months ended September 30, 2024, advertising and marketing expenses decreased by $1.5 million and $2.7 million, respectively compared to the same period in 2023. This decrease reflects our efforts to optimize spending while maintaining our market presence and continuing to invest in strategic initiatives aimed at driving growth.

Previous wording

The following table details general and administrative costs for the three and six months ended June 30, 2024, and 2023:

Current wording

The following table details general and administrative costs for the three and nine months ended September 30, 2024, and 2023:

Previous wording

For the three months ended June 30, 2024, general and administrative expenses decreased to $6.0 million from $8.0 million in the same period in 2023. This decrease of $2.0 million, or 25%, was primarily the result of lower payroll and related costs and professional services, which declined by $1.1 million and $0.6 million, respectively, The reduction in payroll costs was mainly driven by a smaller average workforce size and reduced incentive compensation. Additionally, professional services costs decreased by 43% as we streamlined various external services and brought certain finance and operations functions in-house.

Current wording

For the three months ended September 30, 2024, general and administrative expenses decreased to $6.4 million from $7.0 million in the same period in 2023. This decrease of $0.5 million, or 8%, was primarily the result of lower payroll and related costs and professional services, which declined by $1.0 million and $0.8 million, respectively. The reduction in payroll costs was mainly driven by a smaller average workforce size and reduced incentive compensation. Additionally, professional services costs decreased by 55% as we streamlined various external services and brought certain finance and operations functions in-house. Stock-based compensation increased by$1.8 million, reflecting performance-based RSUs granted during the period.

Previous wording

For the six months ended June 30, 2024, general and administrative expenses decreased to $11.8 million from $16.0 million in the same period in 2023. This decrease of $4.3 million, or 27%, was primarily the result of lower payroll and related costs and professional services, which declined by $2.0 million and$1.5 million, respectively. The reduction in payroll costs was mainly driven by a smaller average workforce size and reduced incentive compensation. Additionally, professional services costs decreased by 45% as we streamlined various external services and brought certain finance and operations functions in-house. Stock-based compensation also contributed to the decrease, with a reduction of$0.7 million.

Current wording

For the nine months ended September 30, 2024, general and administrative expenses decreased to $18.2 million from $23.0 million in the same period in 2023. This decrease of $4.8 million, or 21%, was primarily the result of lower payroll and related costs and professional services, which declined by $3.0 million and $2.3 million, respectively. The reduction in payroll costs was mainly driven by a smaller average workforce size and reduced incentive compensation. Additionally, professional services costs decreased by 48% as we streamlined various external services and brought certain finance and operations functions in-house. Stock-based compensation increased by $1.1 million, reflecting performance-based RSUs granted during the nine-month period.

Previous wording

For the three months ended June 30, 2024, the Company recorded a loss of $0.2 million compared to a loss of $2.2 million for the same period in 2023. For the six months ended June 30, 2024, the Company recorded a loss of $1.9 million compared to a loss of $2.5 million for the same period in 2023 related to its investments in the Spiegel Venture and Nebula. The decrease in losses is primarily due to the $2.0 million impairment charge recorded by the Company to its investment in Spiegel Venture during the six months ended June 30, 2023.

Current wording

For the three months ended September 30, 2024, the Company recorded a loss of $0.3 million compared to a loss of $2.6 million for the same period in 2023. For the nine months ended September 30, 2024, the Company recorded a loss of $2.2 million compared to a loss of $5.1 million for the same period in 2023 related to its investments in the Spiegel Venture and Nebula. The decrease in losses is primarily due to the $2.0 million impairment charge recorded by the Company to its investment in Spiegel Venture during the nine months ended September 30, 2023.

Previous wording

For thethree and six months ended June 30, 2024, income tax expense was immaterial. For the comparative period in 2023, the provision for income taxes was $0.3 million, primarily due to losses generated before income taxes. Our provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.

Current wording

For the three and nine months ended September 30, 2024, income tax expense was $0.1 million. For the comparative periods in 2023, the provision for income taxes was 0.1 million and 0.5 million, respectively, primarily due to losses generated before income taxes. Our provision for income taxes differs from the federal statutory rate primarily due to the Company being in a full valuation allowance position and not recognizing a tax benefit attributable to generated losses for either federal or state income tax purposes.

Previous wording

As of June 30, 2024, the Company’s cash and cash equivalents, including restricted cash, totaled $39.6 million. For the six months ended June 30, 2024, the Company incurred a net loss of $7.1 million and generated $2.9 million of net cash from operating activities. Additionally, the Company used $1.4 million of net cash in financing activities, while cash flows from investing activities were immaterial.

Current wording

For the nine months ended September 30, 2024, the Company incurred a net loss of $10.1 million, primarily due to non-cash expenses, while generating $5.1 million of net cash from operating activities. Additionally, the Company used$30.1 million in net cash for investing activities, entirely related to purchases of debt securities and $3.7 million of net cash for financing activities.

Previous wording

We believe that our current cash levels, including investments that are readily convertible to cash, will be adequate to support our ongoing operations, capital expenditures and working capital for at least the next twelve months. We believe that we have access to additional funds in the short term and the long term, if needed, through the capital markets to obtain further financing.

Current wording

We believe that our current cash levels, including investments that are readily convertible to cash, will be adequate to support our ongoing operations, capital expenditures, dividend payments and working capital for at least the next twelve months. We believe that we have access to additional funds in the short term and the long term, if needed, through the capital markets to obtain further financing.

Previous wording

We use cash principally to acquire content, promote our service through advertising and marketing, and provide for working capital to operate our business. We have experienced significant net losses since our inception, and, given the significant operating and capital expenditures associated with our business plan, we anticipate that we will continue to incur net losses.

Current wording

We use cash principally to acquire content, promote our service through advertising and marketing, and provide for working capital to operate our business. We have experienced significant net losses since our inception, and while we are cash flow positive, we anticipate that we will continue to incur net losses due to the investments needed to support our business plan.

Previous wording

On June 10, 2024, our Board of Directors authorized and approved a share repurchase program for up to $4 million of the currently outstanding shares of our common stock. Under the stock repurchase program, we may repurchase shares through open market purchases, privately negotiated transactions, block purchases, or otherwise in accordance with applicable federal securities laws. We cannot predict when or if we will repurchase any shares of common stock as such stock repurchase program will depend on a number of factors, including constraints imposed by applicable federal securities laws, price, general business and market conditions, and alternative investment opportunities. This program does not obligate us to acquire any particular amount of common stock. The program has no expiration date and may be modified, suspended or discontinued at any time at our discretion. As of June 30, 2024 we had repurchased $26 thousand of Common Stock under this program.

Current wording

We cannot predict when or if we will repurchase any additional shares of common stock as this stock repurchase program will depend on a number of factors, including constraints imposed by applicable federal securities laws, price, general business and market conditions, and alternative investment opportunities. This program does not obligate us to acquire any particular amount of common stock. The program has no expiration date and may be modified, suspended or discontinued at any time at our discretion.

Previous wording

The following table presents our cash flows from operating, investing and financing activities for the six months ended June 30, 2024, and 2023:

Current wording

The following table presents our cash flows from operating, investing and financing activities for the nine months ended September 30, 2024, and 2023:

Previous wording

For the six months ended June 30, 2024, our net cash inflow from operating activities was $2.9 million compared to net cash used in operating activities of $10.6 million for the six months ended June 30, 2023, an increase in operating cash outflow of $13.5 million.

Current wording

For the nine months ended September 30, 2024, our net cash inflow from operating activities was $5.1 million compared to net cash used in operating activities of $13.6 million for the nine months ended September 30, 2023, an increase in operating cash outflow of $18.7 million.

Previous wording

Although we reported a net loss of $7.1 million for the six months ended June 30, 2024, this amount reflected noncash items such as amortization of content assets, stock-based compensation and equity method investment loss of $9.9 million, $2.0 million, and $1.9 million, respectively. Cash used during the quarter included a $2.6 million change in operating assets and liabilities and additions to content assets and change of content liabilities of $1.7 million and $0.1 million, respectively.

Current wording

Although we reported a net loss of $10.1 million for the nine months ended September 30, 2024, this amount reflected noncash items such as amortization of content assets, stock-based compensation and equity method investment loss of $14.5 million, $4.7 million, and $2.2 million, respectively. Cash used during the quarter included a $3.4 million change in operating assets and liabilities and additions to content assets and change of content liabilities of $3.4 million and $0.1 million, respectively.

Previous wording

For the six months ended June 30, 2023, we reported a net loss of $17.7 million. This amount reflected noncash items such as amortization of content assets, stock-based compensation and equity method investment loss of $12.3 million, $2.7 million and $2.5 million, respectively. Cash used during the quarter included additions to content assets and changes in content liabilities of $7.1 million and $1.1 million, respectively, and changes in operating assets and liabilities of $2.6 million.

Current wording

For the nine months ended September 30, 2023, we reported a net loss of $44.2 million. This amount reflected noncash items such as amortization of content assets, stock-based compensation and equity method investment loss of $17.7 million, $3.6 million and $5.1 million, respectively. Cash used during the quarter included additions to content assets and changes in content liabilities of $14.1 million and $2.7 million, respectively, and changes in operating assets and liabilities of $1.5 million.

Previous wording

For the six months ended June 30, 2024, we had no investing activities that resulted in cash inflows or outflows. In contrast, for the same period in 2023, our cash inflows were primarily due to maturities of investments in debt securities.

Current wording

For the nine months ended September 30, 2024, we recorded a net cash outflow used in investing activities of $30 million. The net cash outflow used in investing activities was solely due to purchases of investments in debt securities. In contrast, for the same period in 2023, our cash inflows were primarily due to maturities of investments in debt securities.

Previous wording

For the six months ended June 30, 2024 and 2023, net cash used in financing activities was $1.4 million and $0.1 million, respectively, an increase of $1.3 million primarily due to dividends paid.

Current wording

For the nine months ended September 30, 2024 and 2023, net cash used in financing activities was $3.7 million and $0.1 million, respectively, an increase of $3.6 million primarily due to dividends paid and tax withholding.