Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the CuriosityStream Q1 2022 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question at that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. Thank you. It's now my pleasure to turn today's call over to Ms. Denise Garcia, Investor Relations. Please go ahead. Thank you, Brent. Welcome to CuriosityStream's discussion of its first quarter 2022 financial results. Leading the discussion today are Clint Stinchcomb, CuriosityStream's Chief Executive Officer, and Jason Eustace, CuriosityStream'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 are forward-looking statements under the federal securities laws. These statements are not guarantees of future performance, but rather are subject to a variety of risks, uncertainties, and assumptions. Our actual results could differ materially from expectations reflected in any forward-looking statements. Please be aware that any forward-looking statements reflect management's current views only, and the company undertakes no obligation to revise or update these statements, nor to make additional forward-looking statements in the future. For a discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC website and on our investor relations website, as well as the risks and other important factors discussed in today's press release. Additional information will also be set forth in our quarterly report on Form 10-Q for the quarter ended March 31st, 2022, when filed. In addition, reference will be made to Non-GAAP financial measures. A reconciliation of these Non-GAAP measures to comparable GAAP measures can be found on our website at investors.CuriosityStream.com. Now I'll turn the call over to Clint. Thank you, Denise. I would like to thank everyone for joining our first quarter earnings call. Also joining us today is our COO and General Counsel, Tia Cudahy, our CFO, Jason Eustace, and our Chief Strategy Officer, Devin Emery. This quarter, Jason will begin with an overview of our first quarter financial results and a review of our key financial objectives. Following his remarks, I'll share our plan to achieve those objectives. Jason. Thank you, Clint. First, I'm pleased to report first quarter 2022 revenue grew 77% year-over-year to $17.6 million, with continued strong DTC growth of 49%. Both revenue and EBITDA were in line with our expectations. Notably, we reduced our cash burn by $19.3 million quarter-over-quarter to end with a burn of $13.9 million, and we ended the first quarter with cash, restricted cash, and available for sale investment balance of $85 million, while weighted average shares outstanding were about 52.8 million. We are increasing our guidance for the first half, and we now expect revenue to range from $38 million-$40 million and our EBITDA to range a loss of $35 million-$33 million. Last quarter, we discussed. Last quarter, we discussed our increased focus on achievement of positive cash flow and said we would provide updates to this objective in the future. Today, we are establishing two specific financial targets related to this objective. First, we intend to achieve positive cash flow from operations by the first quarter of 2023. Second, we expect to maintain a minimum cash and investment balance of $50 million this year and beyond. These targets are crucially important to our board, our management team, and our shareholders as we work towards joining the ranks of enduring companies that operate on a positive cash flow basis. Now I'll turn the call back over to Clint to discuss our strategy and our plans to meet these objectives. Thank you, Jason. To be clear, given the company's strong cash position and positive operating cash flow forecast, management expects no requirement for future capital raises to support operations. Since becoming a public company almost two years ago, we've significantly grown revenue and subscribers, developed a multifaceted revenue stack, and built the world's best factual content library. As you know, the CuriosityStream company we operate today is a much more robust business than it was less than two years ago. Along the way, we've created many assets, built solid relationships, and developed key learnings that we have yet to fully leverage to drive growth and operating efficiency. As a streaming platform with flexible content rights, we can quickly pivot to take advantage of changes in market dynamics and do so in a cost-effective manner. I believe the work we have done has positioned us well to operate on a positive operating cash flow basis by the first quarter of 2023 while maintaining a $50 million cash cushion. To get there, let me share how we view our business opportunity. Our board and our management team view our business as three primary building blocks. The first of these, which we built early on in our development, is a well-engineered streaming platform that can scale globally. Our territory-adaptive, easy to navigate, and localizable streaming platform now serves Curiosity subscribers in over 175 countries and enables us to launch with existing capital and engineering resources. Regional subscription video-on-demand services, such as the service we recently launched in Germany in partnership with Spiegel. Our second building block is our content. Through the end of 2022, we will have invested over $188 million in original productions and acquired content. We've invested a further $15 million-$20 million in acquisitions like One Day University and Learn25, and partnerships like SPIEGEL TV and Nebula, which brought additional content into our ecosystem that we have yet to fully cultivate. We believe the original production cost or on-screen value of our content is over five times greater than what we actually paid for it. With over 10,000 titles, we believe we have built the world's best factual content library in all genres. As we've gained knowledge about the kinds of factual content audiences are most interested in and which resonate best with consumers, we believe much of the heavy lifting is behind us. We have identified a path forward which will allow us to continue to delight our subscribers by refreshing and replenishing the Curiosity library while reducing our content spending to a level that can easily be accommodated within positive cash flow from operations in 2023 and beyond. As a reminder, Curiosity is distinguished from other streaming companies in that we are not competing to win the content spending war. We monetize our content in multiple ways, and we are playing on an entirely different field. We are not, for example, bidding on ever-escalating sports rights or scripted series. In contrast, Curiosity operates within a more predictable, less competitive content acquisition and production environment, especially now that traditional factual linear networks have transitioned largely to the exhibition of reality TV repeats, and the major streaming platforms are focused largely on the production of movies and scripted series. While the competitive battles rage in regard to scripted content streamers, CuriosityStream now stands alone as the reliable destination for on-demand premium factual content, history, science, nature, technology, human adventure, space, medicine, and exploration. This is a good place to be. We expect our cash flow profile to improve next year as we continue to monetize our content through subscriptions to our direct tiers, bundled partnerships, content licensing, and sponsorship. In the service of these objectives, meaning promotion to our subscription tiers and advertising and sponsorship monetization, we're increasingly focused on building audience engagement in front of the paywall. We're doing this through expanded rollouts of our FAST and pay-TV channels that focus on genres ranging from science to history to nature to kids, and also through enhanced engagement in AVOD and audio. In light of the flexible rights we control across our thousands of hours of content, we can be swiftly responsive to the needs of subscription-resistant consumers directly and through distribution partners. As these free ad-supported developments illustrate, a key strategy for us this year is to reduce expenditures on direct paid marketing. As revenue builds in 2023 and beyond from our ad-supported services and as our SVOD sales are boosted from the enhanced promotion, we expect that our revenues and profits will continue to increase. We also intend to continue to explore alliances and combinations that would result in the exposure of our content on global-scale promotional platforms. At Curiosity, we believe that our promotional funnels, which effectively and efficiently market our core premium subscription service, constitute the third critical building block of our enterprise. Our game plan is to focus on maximizing the performance of our global streaming platform, our best-in-class content, and our promotional outreach. In summary, we've created an enduring media brand that we expect to soon generate positive cash flow from operations with an upward revenue growth trajectory that is fully reflective of the worldwide demand for quality entertainment that informs, enchants, and inspires. With that, operator, let's open the call to questions. At this time, I would like to remind everyone, in order to ask a question, press star followed by the number one on your telephone keypad. We'll pause for a moment to compile our Q&A roster. Your first question is from the line of Peter Henderson with Bank of America. Your line is open. Yes. Hi. Thank you for taking the question. Just quickly, I'm curious, how do you differentiate between the value of the library content as a, you know, subscription acquisition tool versus new content as a subscription acquisition tool? It sounds like you guys are planning on sort of slowing down the production of new content. I'm just kinda curious as to how much that'll impact subscriber growth moving forward. Yeah. Thank you for the question, Peter. That's a good one. I'm gonna take the first part of this, and then my colleague, Devin Emery, will take the second part. I mentioned on our last call that, you know, we believe we've built a critical mass library. We've built this library much faster than we anticipated because we acquired more content than we had originally anticipated, and through some tuck-in acquisitions, we were able to bring more content into Curiosity as well. With over 10,000 titles, we feel like we have a strong critical mass. There's a lot of it, as I mentioned as well, that we've not yet deployed. I'm gonna start with that piece and then, you know, as it relates to the execution of that, Devin will talk a little bit about that. I think importantly, you know, through the end of this year and continuing, we have a lot of original content rolling out. You know, the way that we view how we are producing and acquiring and distributing is, I've mentioned this in the past, we wanna be the app that everyone goes to when they want our genre of programming. We have, you know, seven internal categories of content that we're looking at. You know, half of them are original, half of them are acquisition, and they all serve different purposes, and they're all very important. Keeping things fresh is incredibly important to us, and we know that it is going to drive engagement and retention, as well as acquisition. None of the types of content that we are producing or programming are going away. We also know that there are, you know, plenty of investments we can make that continue to make our home screen and our app very fresh, give people a lot of content, and continue to make us the app that people will open up when they wanna watch anything from the tent-pole original film that we're releasing, you know, or something like Crash Course or along those lines. We want everything, and we'll continue to have everything. Sorry, just one quick follow-up. Do your distribution, your bundle distribution agreements have any sort of requirements on new content creation at all? Yes. Some have minimum hourly requirements. That's a minimum of distributors that do. We have zero concerns about meeting any of those. I wanna be careful about what I say about distribution agreements because I learned early on sometimes the distribution partners don't really like that. Hopefully that answers the question, Peter. Yeah, it does. Great. Thank you. Okay. Your next question comes from the line of Laura Martin with Needham. Your line is open. Hey, you guys. Kudos on putting free cash flow first. That is fabulous for the stock today. Let's go with, can you give us an update on what's going on with One Day University, please? One Day University? We continue to Yes. Yeah. Thank you, Laura. Appreciate those comments. As it relates to One Day University, we continue to build a library there. We have, you know, a great creative head of One Day University in Steven Schragis, who is the original founder. We've also recently added it to our premium tier, and so we're seeing some growth there that we're excited about. We think there's a lot of value to unlock. You know, it was originally started as a live event company. Obviously that's not exactly what it is today. You know, what we've chosen to do is take the content, continue to build on the content, and wrap it into our subscription service operations. At the same time, you know, we have been doing some premium course events that you know, we're certainly encouraged by the initial results. We like One Day University. I think it's, you know, provides a lot of value to the company, and we see a lot of opportunities to unlock value there. Great. My second one is, I know it's early 'cause you guys just started doing the FAST channel stuff. Can you talk about what surprised you? You guys have been in subscription really since you were inception, but this is really your first. By the way, everybody's following you, right? Netflix is gonna and Disney is gonna follow you. What is surprising you as you enter the ad-driven portion of the streaming business? I don't think anything has surprised us significantly. You know, I think what we're working on right now is because we are a very, you know, in the genre that we program, a very broad brand, you know, we know that people who are using FAST channels are going to like different types of content. We're still in the experimentation mode, you know, what parts of our library and what types of genres that we're going to program. You know, we've seen good initial results. We're definitely planning on expanding the number of partners that we're working with. I think what you'll see over time is that we'll also be looking at how do we program in terms of these genres, and are we looking at, you know, one brand that goes across everything, or are we looking at genre-specific brands, you know? That's something that we'll be figuring out as we go. One thing that maybe surprised me a little bit is we have been asked by distribution partners and other large platforms to create very descriptive services, science service and engineering service. We're considering all of that. Totally sounds interesting to me. It's all new for you guys. Sounds fascinating. Okay. My last question is on viewing. One of the things I think Jason just said was that 50% of titles were originals, 50% were acquisitions, and so you really feel your 10,000 titles is enough. My question is, when you look at viewing, is viewing overweighted towards your O&O titles or is viewing overweighted towards your purchased titles? I'm interested in the relationship between investment versus viewing, so kind of return on invested dollar is what I'm trying to get at, sort of. Yeah, we don't have exact numbers to share on that, but I will say that, you know, we are. You know, we love original content, we love acquisition content. One of the nice things about original content is that we can create exactly what we know is going to engage with our audience. You do see that, you know, when we're creating original content, you know, it is resonating very strongly. That said, we have a lot of, as Clint was talking about earlier, we have a lot of ability to go pick up titles that we know are going to resonate very well with our subscribers. You know, anecdotally, one of our top shows that we premiered a quarter or two ago is a show that's available on a lot of other platforms. As I was saying earlier, because we wanna be the place that people go to watch this type of content, it had a stronger life, we think, you know, on the CuriosityStream platform than it might on other services. You know, I would say that it weighs towards original, because we have full control over that. We know exactly, you know, what we need to make to make that do well with our audience. Again, the acquisitions are incredibly important, too. Without a doubt. I mean, as an example, we premiered Engineering the Future Season 2 this week, and so obviously, you know, that's generating more consumption than any other title. If you look sort of right underneath that, we have, you know, great evergreen programming like, you know, The Story of Europe, as an example, Laura. That's a top 20 performer this week. I think, you know, a lot of the original programming will tend to bring people in, something that people will write about, but certainly the breadth and depth and quality of the content is what keeps people within CuriosityStream. We believe keeps our retention rates among the best in the industry. Fantastic. Thank you. Your next question is from the line of Victoria James with D.A. Davidson. Your line is open. Thank you for taking my question. I've got two, but I'll ask them one at a time. Firstly, last quarter, you were still in considerations around sort of the timing and the potential of a price increase for your service. Can you frame up how you think about user retention and engagement impact in advance of those prospective changes? I'll take the first part, and I would say that, you know, as I mentioned in our last call, I think we have a lot of room to better align our offering, as it relates to the price that consumers pay. You know, as we mentioned before, that represents a significant opportunity for us. At the same time, you know, anytime you do a rate increase or anything like that, you wanna do it very thoughtfully and deliberately. Dev and his team are working through that. We are not going to announce, for competitive reasons and a variety of other reasons, you know, exactly when we're planning to do that. We certainly continue to work on it and, you know, work to ensure that when we do initiate the price increase, we do it in, you know, the most thoughtful and effective manner possible. Does that answer your question, Victoria? Oops, sorry, I muted myself. Yes. Thank you. My second question is, we recently wrote a white paper on inflation and have since then sort of been looking at rising labor costs and hiring. Can you talk to us about how you think about your ability to attract and retain tech labor at CuriosityStream? It's a great question, and I would say that, you know, we're obviously in a free agent economy today. I think that's undeniable. I think there are a lot of technical people, a lot of engineers, a lot of product marketing people who are purpose-driven. I think that is something unique about Curiosity. We are a purpose-driven company, and that's attractive to the large subset. I think, you know, we also, not unlike many other companies, offer pretty flexible working environments, you know, largely remote with our engineering staff, as an example. As we continue to offer those things, continue to provide people with an opportunity and really level of responsibility to do new and interesting things, what we found is the teams find that attractive. Thank you. Thank you. Your next question is from the line of Dillon Heslin with ROTH Capital Partners. Your line is open. Hey, thanks for taking my question. Start with one on the DTC side in terms of conversion. I think you guys mentioned potentially lowering your marketing outlook a little bit. How much of that is due to just better conversion from some of those marketing efforts being more efficient? How does the FAST strategy play into that in terms of potentially funneling those into sort of SVOD subs over time? That is a great question. You pretty much nailed, you know, the strategy in that question, you know, our marketing approach is different than a traditional marketing approach where you have a funnel, you go awareness, consideration, et cetera. What we're looking to do, and we've done successfully, is, you know, get kind of inside the communities that have the highest proclivity to subscribe and engage to our product within the context that they commune. You know, what we have found and refined and gotten very good at is we are able to invest into these communities, and then over time increase the engagement around our brand in those communities and pull back on some of the paid marketing that we're doing there. A good example of this is homeschooling. That's a community of parents who are homeschooling their children. Years ago, we invested into a fair amount of paid marketing to reach them within the context, so it's podcasts or resources. We did a very good job of increasing our awareness as well as creating that community evangelist effect. Now we're not spending a ton of money in that specific community, but we're still very strong there. We're still engaged there as a brand. We're still constantly recommended by other homeschoolers to sign up for Curiosity as their streaming service of choice. We replicate that approach. What that means is that as we are able to, you know, call it launching fast, call it what we're doing on our YouTube channel or in front of the paywall, where we're creating content and we're engaging with those communities, we can create and foster these evangelists of our brand where it's not a traditional, you know, one-to-one pay for the impression, try to get the conversion, type of relationship. As we continue to do that and continue to refine it, we believe and we've seen that our marketing efficiency continues to get stronger and stronger, and the organic impact of those relationships and those communities continues to compound so that we can, you know, spend fewer dollars and drive higher conversions. Got it. Thank you. Sort of as a follow-up, could you talk about potential advertising? Like, do you have any better visibility there into what the ad sales might be? Any comment on sort of the percentage of subscribers that have taken up the tiered plans? Like, I think I saw somewhere that Nebula has 500,000 subscribers by now. Thank you. Yeah. That's accurate, based on, you know, what they, what they've shared publicly. You know, as an organization that has an investment in Nebula and an acquisition partnership with Nebula, we love seeing that. You know, What we like about Nebula is obviously they have a group of... Well, more than a group, you know, well over 100 creators with, you know, close to 200 million cumulative followers in science, history, tech, travel, the literature space. So it's an excellent match-up for us. We think that, you know, that they provide us a great marketing vehicle into a younger demographic. Provide a very efficient form of marketing for us. So we like, you know, we really like what they're doing. As it relates to our premium tier, continues to grow. We're not gonna release specific figures there. I think marketing team's done an excellent job with that. Smartest bundle in the that you can find in the world. I think we'll continue to build there and. Did I miss any other part of the question? Yeah. Go ahead. Yeah, sponsorship. What I'll say on advertising and sponsorship is, you know, we're not gonna release specific numbers, but we're on track to, you know, have by far our best year ever as it relates to that revenue line. Okay. Thank you. Your next question is from the line of James Goss with Barrington Research. Your line is open. Okay. Thank you. With regard to the FAST channel concept, are you thinking of developing then either at least one or a group of genre-specific channels to put on that sort of path in addition to you know the comprehensive package that someone can subscribe to? With regard to the more comprehensive traditional package, a number of the providers are looking at ad-free versus ad light type of programs and found that the ad light versions have actually developed higher ARPU than the fully paid one. Is that sort of in your concept as well? Yeah. I would say that, you know, we've certainly been asked to create multiple channels into the FAST space, and that's, I think, in light of the quality of content that we have and in light of the variety of factual content that we have. We'll obviously, you know, be evaluating that and evaluating that constantly. We're well-positioned to do that and to the extent that we can do that in a way that is additive. And by additive, I mean additive to, you know, promotion to our subscription services and added as an extension for brand partnership monetization. You know, we think there's certainly some opportunities there. As it relates to putting a. I think if I'm understanding your question correctly, you asked if we would consider putting a FAST channel or making a FAST channel available on our subscription service. Maybe if I understood that correctly, what I would say is that. It wasn't exactly that. I was thinking with your subscription channel, can you do it either through a fully paid or an ad light version where you do, say, a pre-roll? Not interrupt the content, but create advertising in front of it and in that way, create some premium spots that might be a way to develop an ARPU, even if it's at a discount to whatever you charge for the fully paid one, that might actually wind up giving you a better ARPU overall for those willing to listen to ads. We don't currently have any plans to be doing that, but what I will say is that, you know, we have the ability to run messages in front of videos, obviously. Right now we're using that for, you know, premium upselling into our premium tier, which is, you know, one of our main paths to increased ARPU as well as some other promotional messages that we have. As we continue to do that, you know, we'll have more information and we'll, you know, be able to build out the ad serving capabilities. That's certainly something that technically we could do, but it's not something that's on the roadmap right now. Okay, one last one. How many relationships do you have right now or do you plan to have with either CTV or vMVPD providers? We have many today across those ecosystems, and I would say that we expect those partnerships to only grow. Okay. All right, thank you. Well, thank you, James. There are no further questions at this time. Ladies and gentlemen, thank you for your participation. This concludes today's conference call.