0001628280-24-037041 | 10-Q | XBRL Viewer

^[1]

13,379

14,635

26,747

29,925

Other (expense) income, net

257

204

384

332

(656)

238

(422)

625

Related party receivables

1,295

$ 5,182

Operating lease, payments

930

994

Operating lease right-of-use assets

6,317

7,331

Corporate Functions

Operating lease, payments

Net Revenue

872

281

1,251

899

Trade and other payables

434

1,137

435

870

868

Operating lease, expense

603

595

1,206

1,200

Operating lease right-of-use assets

6,277

7,261

Operating lease, liability

5,061

5,740

Related Party | Revenue Share Expenses

Deferred contract acquisition costs capitalized during the period

745

935

2,051

2,087

217

220

353

Related Party | Corporate Functions

332

585

Other (expense) income, net

Trade and other payables

487

1,220

107

$ 205

262

$ 507

Related party receivables

$ 262

$ 239

[1]	(1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 31,038
MMP Acquisition	2,522
Goodwill, ending balance	$ 33,560

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets, Net

Goodwill

The carrying amounts of goodwill are as follows:





Balance at December 31, 2023	$	31,038
MMP Acquisition	2,522
Balance at June 30, 2024	$	33,560

Intangible assets, net

Intangible assets, net consisted of the following as of the dates indicated:


	June 30, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	14,679	$	(10,906)	$	3,773	4.3
Tradenames	3,871		(2,781)		1,090		4.7
Capitalized software development costs	5,487		(3,136)		2,351		4.1
Finite-lived intangible assets, net	24,037		(16,823)		7,214

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	25,124	$	(16,823)	$	8,301


	December 31, 2023
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(10,371)	$	2,072	3.0
Tradenames	3,588		(2,611)		977		3.9
Capitalized software development costs	4,714		(2,595)		2,119		3.7
Finite-lived intangible assets, net	20,745		(15,577)		5,168

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	21,832	$	(15,577)	$	6,255

We recorded amortization expense related to finite-lived intangible assets of $612 and $925 for the three months ended June 30, 2024 and 2023, respectively, and $1,246 and $1,839 for the six months ended June 30, 2024 and 2023, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $278 and $146 for the three months ended June 30, 2024 and 2023, respectively, and $542 and $289 for the six months ended June 30, 2024 and 2023, respectively.

We recorded additions to capitalized software development costs of $477 and 590 for the three months ended June 30, 2024 and 2023, respectively, and $774 and $972 for the six months ended June 30, 2024 and 2023, respectively.

As of June 30, 2024, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2024	$	1,946
2025	2,008
2026	1,589
2027	580
2028	485
Thereafter	606
Finite-lived intangible assets, net	$	7,214

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	543	$	683	$	1,142	$	1,691
Sales and marketing	498		716		1,119		1,808
General and administrative	616		2,279		3,203		3,882
Total stock based-compensation expense	$	1,657	$	3,678	$	5,464	$	7,381

Total stock-based compensation expense for the three and six months ended June 30, 2024 and 2023 includes expenses related to our MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) our 2021 Employee Stock Purchase Plan (“ESPP”), and profits interests as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
2021 Incentive Award Plan	$	1,687	$	3,587	$	3,773	$	7,190
Employee Stock Purchase Plan	79		91		168		191
Profits interests	(109)		—		1,523		—
Total stock-based compensation expense	$	1,657	$	3,678	$	5,464	$	7,381

2021 Incentive Award Plan

During the six months ended June 30, 2024, we granted 1,341,395 restricted stock units (“RSUs”) to certain employees and service providers in aggregate under our 2021 Incentive Award Plan.

For employees and service providers, both RSUs and stock appreciation rights (“SARs”) are primarily time-based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs may entitle the recipients to dividend equivalents if approved by the Plan Administrator, which are subject to the same vesting terms and accumulate during the vesting period. Upon vesting, the RSU holder will be issued a corresponding number of the Company’s Class A common stock. The SARs will be settled in the Company’s Class A common stock upon exercise. The shares to be issued upon exercise of a SAR will have a total market value equal to the SAR value calculated as (x) number of shares underlying such SAR, multiplied by (y) any excess of the Company’s share value on the date of exercise over the exercise price set in each individual grant notice.

The fair value of the RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model.

The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2024 to June 30, 2024, are summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024	7,740,261	$	2.57	1,586,184	$	4.05
Granted	1,341,395	1.74		—	—
Exercised or vested	(2,057,390)	1.86		—	—
Forfeited	(693,251)	2.86		(201,275)	4.05

Outstanding at June 30, 2024	6,331,015	$	2.60	1,384,909	$	4.05
Exercisable at June 30, 2024	—	$	—	738,787	$	4.05

The stock compensation expense related to the RSU and SAR grants was $1,687 and $2,443 for the three months ended June 30, 2024 and 2023, respectively, and $3,773 and $6,046 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, 738,787 of the SARs were exercisable and they have a remaining contractual term of 6.6 years.

In connection with the Company’s new compensation structure effective on July 1, 2024, we granted approximately 18.1 million RSUs to employees on that date, which vest ratably over 4 years.

Employee Stock Purchase Plan

The Company recognized $79 and $91 of stock-based compensation expense related to the ESPP during the three months ended June 30, 2024 and 2023, respectively, and $168 and $191 for the six months ended June 30, 2024 and 2023, respectively. The Company issued 216,517 shares of Class A common stock for $213 related to employee purchases under the ESPP during the six months ended June 30, 2024.

Profits Interests

The stock-based compensation (income) expense related to the profits interests, which are liability classified, was $(109) and $0 for the three months ended June 30, 2024 and 2023, respectively, and $1,523 and $0 for the six months ended June 30, 2024 and 2023, respectively.

Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of revenues

The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.


	Three Months Ended June 30, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	103,777	$	—	$	—	$	—	$	103,777
Transferred at a point in time	—		358		872		39		1,269
Total	$	103,777	$	358	$	872	$	39	$	105,046


	Three Months Ended June 30, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	103,148	$	—	$	—	$	—	$	103,148
Transferred at a point in time	—		169		281		46		496
Total	$	103,148	$	169	$	281	$	46	$	103,644


	Six Months Ended June 30, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	212,052	$	—	$	—	$	—	$	212,052
Transferred at a point in time	—		677		1,251		57		1,985
Total	$	212,052	$	677	$	1,251	$	57	$	214,037


	Six Months Ended June 30, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	228,560	$	—	$	—	$	—	$	228,560
Transferred at a point in time	—		316		899		102		1,317
Total	$	228,560	$	316	$	899	$	102	$	229,877

Revenue recognition by subscription type was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2024		2023		2024		2023
Membership subscriptions		$	48,602	$	41,409	$	98,228	$	89,811
Term subscriptions		55,175		61,739		113,824		138,749
Non-subscription revenue		1,269		496		1,985		1,317
Total		$	105,046	$	103,644	$	214,037	$	229,877

Revenue for the membership and term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue from revenue share arrangements and the sale of print products and events, such as webinars and conferences.

Net revenue by principal geographic areas was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2024		2023		2024		2023
United States		$	105,046	$	103,644	$	214,037	$	229,786
International		—		—		—		91
Total		$	105,046	$	103,644	$	214,037	$	229,877

Revenue by location is determined by the billing entity for the customer.

Contract Balances

The timing of revenue recognition, Billings (which represents amounts invoiced to customers), cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance in the condensed consolidated balance sheets includes an obligation for refunds for contracts where the provision for refund has not lapsed. Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of
	June 30, 2024		December 31, 2023
Contract balances
Accounts receivable	$	4,475	$	4,528
Obligations for refunds	$	3,198	$	3,157
Deferred revenue – current	$	249,101	$	284,594
Deferred revenue – non-current	$	257,275	$	304,342

We recognized $79,088 and $82,614 of revenue during the three months ended June 30, 2024 and 2023, respectively, and $171,649 and $186,649 during the six months ended June 30, 2024 and 2023, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $4,475 and $4,528 as of June 30, 2024 and December 31, 2023, respectively, related to the timing of cash settlement with our credit card processors.

Assets Recognized from Costs to Obtain a Contract with a Customer

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:














Balance at January 1, 2024	$	164,900
Royalties and sales commissions – additions	8,076
Revenue share and cost per acquisition fees – additions	14,160
Amortization of capitalized costs	(55,155)
Balance at June 30, 2024	$	131,981

We did not recognize any impairment on capitalized costs associated with contracts with customers for the three and six months ended June 30, 2024 and 2023.

Remaining Performance Obligations

As of June 30, 2024, the Company had $509,574 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 50% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying condensed consolidated financial statements (“financial statements”) include the accounts of MarketWise, Inc. and its subsidiary, MarketWise, LLC, a variable interest entity (“VIE”) for which MarketWise, Inc. is deemed to be the primary beneficiary. MarketWise, Inc. is a holding company that owns a minority economic interest in MarketWise, LLC but, through its role as the managing member of MarketWise, LLC, controls all of the business and operations of MarketWise, LLC. Therefore, MarketWise, LLC and its subsidiaries are included in the Company’s financial statements. As of June 30, 2024, MarketWise, Inc. had a 12.1% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s financial statements. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited financial statements and the related footnote disclosures have been prepared by us in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2023 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of June 30, 2024, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these condensed financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, (“ASU 2023-07”) which is aimed at improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires additional interim disclosures. ASU 2023-07 is effective for the Company for the annual period beginning January 1, 2024, and interim periods beginning on January 1, 2025. Early adoption is permitted. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements, and prior period disclosures shall be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Stock-Based Compensation - Activities of RSUs and SARs (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
RSUs
Units
Outstanding, beginning balance (in shares) \| shares	7,740,261
Granted (in shares) \| shares	1,341,395
Vested (RSUs) or Exercised (SARs) (in shares) \| shares	(2,057,390)
Forfeited (in shares) \| shares	(693,251)
Outstanding, ending balance (in shares) \| shares	6,331,015
Exercisable (in shares) \| shares	0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) \| $ / shares	$ 2.57
Granted (USD per share) \| $ / shares	1.74
Vested (RSUs) or Exercised (SARs) (USD per share) \| $ / shares	1.86
Forfeited (USD per share) \| $ / shares	2.86
Outstanding, ending balance (USD per share) \| $ / shares	2.60
Exercisable (USD per share) \| $ / shares	$ 0
SARs
Units
Outstanding, beginning balance (in shares) \| shares	1,586,184
Granted (in shares) \| shares	0
Vested (RSUs) or Exercised (SARs) (in shares) \| shares	0
Forfeited (in shares) \| shares	(201,275)
Outstanding, ending balance (in shares) \| shares	1,384,909
Exercisable (in shares) \| shares	738,787
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) \| $ / shares	$ 4.05
Granted (USD per share) \| $ / shares	0
Vested (RSUs) or Exercised (SARs) (USD per share) \| $ / shares	0
Forfeited (USD per share) \| $ / shares	4.05
Outstanding, ending balance (USD per share) \| $ / shares	4.05
Exercisable (USD per share) \| $ / shares	$ 4.05

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2024
Business Acquisition [Line Items]
Amortization of intangible assets	$ 612	$ 925	$ 1,246	$ 1,839
Money Map Press, LLC
Business Acquisition [Line Items]
Percentage of interests acquired					100.00%
Amortization of intangible assets	$ 98		$ 195
Money Map Press, LLC \| Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)			8 years 8 months 12 days
Money Map Press, LLC \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)			6 years 2 months 12 days

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 21,240	$ 9,743	$ 43,952	$ 40,348
Other comprehensive loss:
Cumulative translation adjustment	(17)	(35)	(55)	(14)
Total comprehensive income	$ 21,223	$ 9,708	$ 43,897	$ 40,334

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Schedule of Stock by Class

Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

The table set forth below reflects information about the Company’s equity, as of June 30, 2024. The 3,051,000 Sponsor Earnout Shares held in escrow and the 2,000,000 Management Member Earnout Shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below.


	Authorized	Issued	Outstanding
Common stock – Class A	950,000,000	38,599,509	38,599,509
Common stock – Class B	300,000,000	280,390,147	280,390,147
Preferred stock	100,000,000	—	—
Total	1,350,000,000	318,989,656	318,989,656

Schedule of Dividends Declared

The dividends and distributions declared during the six months ended June 30, 2024 were as follows:


		Dividends				Distributions
Date declared	Date paid	per share		Total		per unit		Total




March 5, 2024	April 25, 2024	$	0.01	$	493	$	0.01	$	2,878
May 3, 2024	June 25, 2024	$	0.01	$	497	$	0.01	$	2,804

Schedule of Distributions Made to Limited Liability Company (LLC) Member, by Distribution

The dividends and distributions declared during the six months ended June 30, 2024 were as follows:


		Dividends				Distributions
Date declared	Date paid	per share		Total		per unit		Total




March 5, 2024	April 25, 2024	$	0.01	$	493	$	0.01	$	2,878
May 3, 2024	June 25, 2024	$	0.01	$	497	$	0.01	$	2,804

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed - Chaikin Holdings LLC (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 33,560		$ 31,038
Money Map Press, LLC
Business Acquisition [Line Items]
Goodwill		$ 2,522
Total assets acquired		5,040
Deferred revenue, current		(3,166)
Deferred revenue, noncurrent		(1,167)
Liabilities assumed		(4,333)
Net assets acquired		707
Money Map Press, LLC \| Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles		283
Money Map Press, LLC \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles		$ 2,235

Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Derivative liability	$ 0	$ 1,982,000	$ 1,281,000

Organization	6 Months Ended
Organization	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization MarketWise, Inc. (“MarketWise,” “the Company,” “we,” “us,” or “our”) is a holding company that has no material assets other than its ownership in MarketWise, LLC, and operates and controls all of the businesses and operations of MarketWise, LLC and its subsidiaries. The Company provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. We operate multiple subsidiaries in the United States from our headquarters in Baltimore, Maryland. On July 21, 2021, MarketWise, Inc. became a publicly traded company as a result of completing the business combination, recapitalization and other transactions with Ascendant Digital Acquisition Corp. (“ADAC” or “Sponsor”), a special purpose acquisition company, MarketWise, LLC, all of the members of MarketWise, LLC (the “MarketWise Members”), and Shareholder Representative Services LLC (collectively, the “Transactions”).

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jul. 01, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 1,657	$ 3,678	$ 5,464	$ 7,381
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		(109)	0	$ 1,523	0
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Total stock-based compensation expense		$ 1,687	2,443	$ 3,773	6,046
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				1,341,395
Exercisable (in shares)		0		0
RSUs \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	18,100,000
Vesting period	4 years
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
Exercisable (in shares)		738,787		738,787
Remaining contractual term				6 years 7 months 6 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 79	$ 91	$ 168	$ 191
Issued stock (in shares)				216,517,000
Issued stock				$ 213

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of MarketWise, LLC, as well as any stand-alone income or loss we generate. MarketWise, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, MarketWise, LLC’s taxable income or loss is passed through to its members, including us. Our effective income tax rate was 3.6% and 3.3% for the three and six months ended June 30, 2024, respectively, and 4.2% and 3.3% for the three and six months ended June 30, 2023, respectively. The main driver of the effective income tax rate for the three and six months ended June 30, 2023 was the income allocation to the non-controlling interest. The main driver of the increase in the effective tax rate from the three months ended June 30, 2023 is the change in the income allocation to the non-controlling interest. Our effective tax rate for the three and six months ended June 30, 2024 differs from the U.S. federal statutory rate primarily because we generally do not record income taxes for the noncontrolling portion of pre-tax income. As a result of the reverse capitalization in 2021, we recorded a deferred tax asset resulting from the outside basis difference in our interest in MarketWise, LLC. The Company considers both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is not required to the extent that, in management’s judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not (a likelihood of more than 50%) that the Company’s deferred tax assets will be realized. In evaluating the need for a valuation allowance on the deferred tax asset, the company considered positive evidence related to its historic earnings, forecasted income and reversal of temporary differences. Therefore, the Company recorded a valuation allowance in the amount of $29,869 for certain deferred tax assets that are not more likely than not to be realized. As part of the reverse capitalization in 2021, we entered into a Tax Receivable Agreement (“TRA”) with certain stockholders. Pursuant to our election under Section 754 of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder, we expect to receive a step up in the tax basis of our ownership in MarketWise, LLC as exchanges of the LLC Units (as defined herein) occur. These increases in tax basis may reduce the amount we may otherwise pay to various tax authorities in the future. The TRA liability represents approximately 85% of the calculated tax savings based on basis adjustments and other carryforward attributes assumed that we anticipate being able to utilize in future years. We will retain the remaining 15% of calculated tax savings. The payments contemplated by the TRA are not conditioned upon any continued ownership interest in MarketWise, LLC. The timing and amount of aggregate payments due pursuant to the TRA may vary based on several factors including the timing and amount of future taxable income, as well as future applicable tax rates. As such, significant inputs and assumptions are used to estimate the future expected payments under the TRA. During the three and six months ended June 30, 2024, Members of MarketWise, LLC exchanged an aggregate of 500,000 and common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 500,000 and newly-issued shares of Class A common stock, respectively. In addition, MarketWise LLC purchased 7,202,156 LLC Units and canceled an equal number of shares of Class B common stock. As a result, we have recorded a liability of $2,946 under the TRA as of June 30, 2024. No payments have been made under the TRA and no payments are expected in the next 12 months. As of June 30, 2024, we had no unrecognized tax positions and we do not expect changes to uncertain tax positions within the next 12 months.

The entire disclosure for income tax.

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12B
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Total net revenue

$ 105,046

$ 103,644

$ 214,037

$ 229,877

Operating expenses:

General and administrative

^[1]

13,379

14,635

26,747

29,925

Sales and marketing

^[1]

42,722

49,033

90,019

97,760

^[1]

24,514

27,629

48,316

55,662

Research and development

^[1]

2,171

2,230

4,320

4,693

Depreciation and amortization

669

994

1,362

1,978

Other (expense) income, net

257

204

384

332

Total operating expenses

83,712

94,725

171,148

190,350

Income from operations

21,334

8,919

42,889

39,527

(656)

238

(422)

625

Interest income, net

1,341

1,013

2,999

1,551

Income before income taxes

22,019

10,170

45,466

41,703

Income tax expense

779

427

1,514

1,355

Net income

21,240

9,743

43,952

40,348

Net income attributable to noncontrolling interests

19,696

9,707

40,751

38,845

Net income attributable to MarketWise, Inc.

$ 1,544

$ 36

$ 3,201

$ 1,503

Earnings per share – basic (USD per share)

$ 0.04

$ 0

$ 0.09

$ 0.05

Earnings per share – diluted (USD per share)

$ 0.04

$ 0

$ 0.08

$ 0.05

Weighted average shares outstanding – basic (in shares)

38,204

30,526

37,465

29,853

Weighted average shares outstanding – diluted (in shares)

38,833

31,837

39,123

31,162

Nonrelated Party

Total net revenue

$ 104,174

$ 103,363

$ 212,786

$ 228,978

Related Party

Total net revenue

$ 872

$ 281

$ 1,251

$ 899

[1]	(1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 4,475	$ 4,528
Obligations for refunds	3,198	3,157
Deferred revenue – current	249,101	284,594
Deferred revenue – non-current	$ 257,275	$ 304,342

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	June 30, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	87,728	$	—	$	—	$	87,728
Contingent consideration receivable	—		—		269		$	269
Total assets	87,728		—		269		87,997
Liabilities:
Profits interests, noncurrent	—		—		2,269		2,269

Contingent consideration liability	—		—		487		487



Total liabilities	$	—	$	—	$	2,756	$	2,756


	December 31, 2023
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	121,345	$	—	$	—	$	121,345
Contingent consideration receivable	—		—		1,253		1,253
Total assets	121,345		—		1,253		122,598
Liabilities:
Profits interests, noncurrent	—		—		746		746
Total liabilities	$	—	$	—	$	746	$	746

The level 3 assets relate to contingent consideration receivable from a related party associated with the Buttonwood Publishing sale, see Note 4 - Acquisitions and Disposals in our Annual Report on Form 10-K for the year ended December 31, 2023, and the level 3 liabilities relate to contingent consideration liability to a related party associated with the MMP Acquisition and profits interests, see Note 5 - Acquisitions and Note 9 – Stock-Based Compensation, respectively.

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the six months ended June 30, 2023:


		Level 3 Fair Value Measurements
	Income Statement Line Item That Includes The Gains And Losses	Contingent consideration receivable		Profits interests, noncurrent		Contingent consideration liability		Total

Balance at December 31, 2023		$	1,253	$	746	$	—
Issues		—		—		707
Total gains (losses) recorded in earnings	Other (expense) income, net	(984)		—		—		(984)
Total (gains) losses recorded in earnings	Other (expense) income, net	—		—		(220)		(220)
Total (gains) losses recorded in earnings	General and administrative expense	$	—	$	1,523	$	—	$	1,523
Balance at June 30, 2024		$	269	$	2,269	$	487

The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable, profits interests, and contingent consideration liability at their measurement dates:


	As of
	June 30, 2024
Contingent consideration receivable
Discount rate	27.5	%
Revenue discount rate	5.6	%

Profits interests
Discount rate	25.0	%
Discount for lack of marketability	29.2	%

Contingent consideration liability
Discount Rate	27.5	%

The Company held no derivative liabilities as during the six months ended June 30, 2024. The following table summarizes the change in fair value of the derivative liabilities during the six months ended June 30, 2023:


Balance at January 1, 2023	$	1,281
Change in fair value of derivative instruments	701
Balance at June 30, 2023	$	1,982

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Computation of Basic and Diluted Earnings Per Share

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

The following tables set forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Basic earnings per share:
Numerator:
Net income	$	21,240	$	9,743	$	43,952	$	40,348
Less: Net income attributable to noncontrolling interests	19,696		9,707		40,751		38,845
Net income attributable to Class A common stockholders	$	1,544	$	36	$	3,201	$	1,503

Denominator:
Weighted average shares outstanding (in thousands)	38,204		30,526		37,465		29,853

Basic earnings per share	$	0.04	$	—	$	0.09	$	0.05

Diluted earnings per share:
Numerator:
Net income	$	21,240	$	9,743	$	43,952	$	40,348
Less: Net income attributable to noncontrolling interests	19,696		9,707		40,751		38,845
Net income attributable to Class A common stockholders	$	1,544	$	36	$	3,201	$	1,503

Denominator:
Weighted average shares outstanding (in thousands)	38,833		31,837		39,123		31,162

Diluted earnings per share	$	0.04	$	—	$	0.08	$	0.05

The Company’s potentially dilutive securities and their impact on the computation of diluted earnings per share is as follows:

▪Sponsor and MarketWise Management Member Earnout Shares: the 3,051,000 Sponsor Earnout Shares and the 2,000,000 MarketWise Management Member Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021) held in escrow are excluded from the earnings per share computation in both periods since the earnout contingency has not been met.

▪Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs. The diluted earnings per share calculation includes the impact of unvested RSUs, where the impact is dilutive, unless the Company has a net loss.

▪Stock appreciation rights: The diluted earnings per share calculation excludes the impact of SARs since the effect was antidilutive.

▪ESPP: The diluted earnings per share calculation includes the impact of dilutive shares and excludes the impact of antidilutive shares under the ESPP as of June 30, 2024 and 2023.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

The following tables set forth the computation of basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Basic earnings per share:
Numerator:
Net income	$	21,240	$	9,743	$	43,952	$	40,348
Less: Net income attributable to noncontrolling interests	19,696		9,707		40,751		38,845
Net income attributable to Class A common stockholders	$	1,544	$	36	$	3,201	$	1,503

Denominator:
Weighted average shares outstanding (in thousands)	38,204		30,526		37,465		29,853

Basic earnings per share	$	0.04	$	—	$	0.09	$	0.05

Diluted earnings per share:
Numerator:
Net income	$	21,240	$	9,743	$	43,952	$	40,348
Less: Net income attributable to noncontrolling interests	19,696		9,707		40,751		38,845
Net income attributable to Class A common stockholders	$	1,544	$	36	$	3,201	$	1,503

Denominator:
Weighted average shares outstanding (in thousands)	38,833		31,837		39,123		31,162

Diluted earnings per share	$	0.04	$	—	$	0.08	$	0.05

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Goodwill	$	2,522
Tradenames	283
Customer relationships	2,235
Total assets acquired	5,040
Deferred revenue, current	(3,166)
Deferred revenue, noncurrent	(1,167)
Liabilities assumed	(4,333)
Net assets acquired	$	707

Balance Sheet Components - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 10,625	$ 29,817
Payroll and benefits	4,778	10,941
Other accrued expenses	10,321	14,283
Total accrued expenses	$ 25,724	$ 55,041

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 612	$ 925	$ 1,246	$ 1,839
Amortization of capitalized software development costs	278	146	542	289
Additions to capitalized software development costs	$ 477	$ 590	$ 774	$ 972

Revenue Recognition - Capitalized Costs Associated with Contracts with Customers (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 164,900
Royalties and sales commissions – additions	8,076
Revenue share and cost per acquisition fees – additions	14,160
Amortization of capitalized costs	(55,155)
Capitalized costs, ending balance	$ 131,981

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,780	$ 3,751
Less: Accumulated depreciation and amortization	(3,177)	(3,061)
Total property and equipment, net	$ 603	690
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 960	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,549	1,520
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,271	$ 1,271

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill are as follows:





Balance at December 31, 2023	$	31,038
MMP Acquisition	2,522
Balance at June 30, 2024	$	33,560

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net consisted of the following as of the dates indicated:


	June 30, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	14,679	$	(10,906)	$	3,773	4.3
Tradenames	3,871		(2,781)		1,090		4.7
Capitalized software development costs	5,487		(3,136)		2,351		4.1
Finite-lived intangible assets, net	24,037		(16,823)		7,214

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	25,124	$	(16,823)	$	8,301


	December 31, 2023
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(10,371)	$	2,072	3.0
Tradenames	3,588		(2,611)		977		3.9
Capitalized software development costs	4,714		(2,595)		2,119		3.7
Finite-lived intangible assets, net	20,745		(15,577)		5,168

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	21,832	$	(15,577)	$	6,255

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consisted of the following as of the dates indicated:


	June 30, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	14,679	$	(10,906)	$	3,773	4.3
Tradenames	3,871		(2,781)		1,090		4.7
Capitalized software development costs	5,487		(3,136)		2,351		4.1
Finite-lived intangible assets, net	24,037		(16,823)		7,214

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	25,124	$	(16,823)	$	8,301


	December 31, 2023
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(10,371)	$	2,072	3.0
Tradenames	3,588		(2,611)		977		3.9
Capitalized software development costs	4,714		(2,595)		2,119		3.7
Finite-lived intangible assets, net	20,745		(15,577)		5,168

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	21,832	$	(15,577)	$	6,255

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2024, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2024	$	1,946
2025	2,008
2026	1,589
2027	580
2028	485
Thereafter	606
Finite-lived intangible assets, net	$	7,214

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Share-Based Payment Arrangement [Abstract]

Fair Value Measurements - Changes in Fair Value of Liabilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 1,281,000
Ending balance	$ 0	1,982,000
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings		$ 701,000

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Stock-based Compensation Expense

Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows:


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Cost of revenue	$	543	$	683	$	1,142	$	1,691
Sales and marketing	498		716		1,119		1,808
General and administrative	616		2,279		3,203		3,882
Total stock based-compensation expense	$	1,657	$	3,678	$	5,464	$	7,381


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
2021 Incentive Award Plan	$	1,687	$	3,587	$	3,773	$	7,190
Employee Stock Purchase Plan	79		91		168		191
Profits interests	(109)		—		1,523		—
Total stock-based compensation expense	$	1,657	$	3,678	$	5,464	$	7,381

Summary of Activities of RSUs


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024	7,740,261	$	2.57	1,586,184	$	4.05
Granted	1,341,395	1.74		—	—
Exercised or vested	(2,057,390)	1.86		—	—
Forfeited	(693,251)	2.86		(201,275)	4.05

Outstanding at June 30, 2024	6,331,015	$	2.60	1,384,909	$	4.05
Exercisable at June 30, 2024	—	$	—	738,787	$	4.05

Summary of Activities of SARs


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2024	7,740,261	$	2.57	1,586,184	$	4.05
Granted	1,341,395	1.74		—	—
Exercised or vested	(2,057,390)	1.86		—	—
Forfeited	(693,251)	2.86		(201,275)	4.05

Outstanding at June 30, 2024	6,331,015	$	2.60	1,384,909	$	4.05
Exercisable at June 30, 2024	—	$	—	738,787	$	4.05

Stockholders’ Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 25, 2024	Apr. 25, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Dividends (USD per share)	$ 0.01	$ 0.01
Dividends, total	$ 497	$ 493	$ 497	$ 440	$ 990	$ 440
Distributions (USD per share)	$ 0.01	$ 0.01
Distributions	$ 2,804	$ 2,878

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Significant Accounting Policies [Line Items]
Income tax expense	$ 779	$ 427	$ 1,514	$ 1,355
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary	12.10%	10.00%	12.10%	10.00%
Noncontrolling interest ownership percentage	87.90%	90.00%	87.90%	90.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 231
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	June 30, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	87,728	$	—	$	—	$	87,728
Contingent consideration receivable	—		—		269		$	269
Total assets	87,728		—		269		87,997
Liabilities:
Profits interests, noncurrent	—		—		2,269		2,269

Contingent consideration liability	—		—		487		487



Total liabilities	$	—	$	—	$	2,756	$	2,756


	December 31, 2023
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	121,345	$	—	$	—	$	121,345
Contingent consideration receivable	—		—		1,253		1,253
Total assets	121,345		—		1,253		122,598
Liabilities:
Profits interests, noncurrent	—		—		746		746
Total liabilities	$	—	$	—	$	746	$	746

Schedule of Fair Value Measurements Inputs


	As of
	June 30, 2024
Contingent consideration receivable
Discount rate	27.5	%
Revenue discount rate	5.6	%

Profits interests
Discount rate	25.0	%
Discount for lack of marketability	29.2	%

Contingent consideration liability
Discount Rate	27.5	%

Schedule of Changes in Fair Value of Liabilities

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the six months ended June 30, 2023:


		Level 3 Fair Value Measurements
	Income Statement Line Item That Includes The Gains And Losses	Contingent consideration receivable		Profits interests, noncurrent		Contingent consideration liability		Total

Balance at December 31, 2023		$	1,253	$	746	$	—
Issues		—		—		707
Total gains (losses) recorded in earnings	Other (expense) income, net	(984)		—		—		(984)
Total (gains) losses recorded in earnings	Other (expense) income, net	—		—		(220)		(220)
Total (gains) losses recorded in earnings	General and administrative expense	$	—	$	1,523	$	—	$	1,523
Balance at June 30, 2024		$	269	$	2,269	$	487


Balance at January 1, 2023	$	1,281
Change in fair value of derivative instruments	701
Balance at June 30, 2023	$	1,982

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the six months ended June 30, 2023:


		Level 3 Fair Value Measurements
	Income Statement Line Item That Includes The Gains And Losses	Contingent consideration receivable		Profits interests, noncurrent		Contingent consideration liability		Total

Balance at December 31, 2023		$	1,253	$	746	$	—
Issues		—		—		707
Total gains (losses) recorded in earnings	Other (expense) income, net	(984)		—		—		(984)
Total (gains) losses recorded in earnings	Other (expense) income, net	—		—		(220)		(220)
Total (gains) losses recorded in earnings	General and administrative expense	$	—	$	1,523	$	—	$	1,523
Balance at June 30, 2024		$	269	$	2,269	$	487

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

Revenue from Contract with Customer [Abstract]

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated through August 14, 2024, which is the date that the financial statements were issued.

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Disaggregation of Revenue


	Three Months Ended June 30, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	103,777	$	—	$	—	$	—	$	103,777
Transferred at a point in time	—		358		872		39		1,269
Total	$	103,777	$	358	$	872	$	39	$	105,046


	Three Months Ended June 30, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	103,148	$	—	$	—	$	—	$	103,148
Transferred at a point in time	—		169		281		46		496
Total	$	103,148	$	169	$	281	$	46	$	103,644


	Six Months Ended June 30, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	212,052	$	—	$	—	$	—	$	212,052
Transferred at a point in time	—		677		1,251		57		1,985
Total	$	212,052	$	677	$	1,251	$	57	$	214,037


	Six Months Ended June 30, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	228,560	$	—	$	—	$	—	$	228,560
Transferred at a point in time	—		316		899		102		1,317
Total	$	228,560	$	316	$	899	$	102	$	229,877

Revenue recognition by subscription type was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2024		2023		2024		2023
Membership subscriptions		$	48,602	$	41,409	$	98,228	$	89,811
Term subscriptions		55,175		61,739		113,824		138,749
Non-subscription revenue		1,269		496		1,985		1,317
Total		$	105,046	$	103,644	$	214,037	$	229,877

Net revenue by principal geographic areas was as follows:


	Three Months Ended June 30,	Six Months Ended June 30,
		2024		2023		2024		2023
United States		$	105,046	$	103,644	$	214,037	$	229,786
International		—		—		—		91
Total		$	105,046	$	103,644	$	214,037	$	229,877

Summary of Contract Balances

Accounts receivable, deferred revenue and obligation for refunds are as follows:


	As of
	June 30, 2024		December 31, 2023
Contract balances
Accounts receivable	$	4,475	$	4,528
Obligations for refunds	$	3,198	$	3,157
Deferred revenue – current	$	249,101	$	284,594
Deferred revenue – non-current	$	257,275	$	304,342

Summary of Capitalized Costs Associated with Contracts with Customers

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:














Balance at January 1, 2024	$	164,900
Royalties and sales commissions – additions	8,076
Revenue share and cost per acquisition fees – additions	14,160
Amortization of capitalized costs	(55,155)
Balance at June 30, 2024	$	131,981

Condensed Consolidated Statement of Stockholders’ Deficit (Unaudited) - USD ($) $ in Thousands	Total	RSUs	Common Stock - Class A	Common Stock - Class B	Total Stockholders’ Deficit Attributable to MarketWise, Inc.	Total Stockholders’ Deficit Attributable to MarketWise, Inc. RSUs	Common Stock Common Stock - Class A	Common Stock Common Stock - Class A RSUs	Common Stock Common Stock - Class B	Additional paid-in capital	Additional paid-in capital RSUs	Accumulated deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 31, 2022							29,039,655		291,092,303
Equity, beginning balance at Dec. 31, 2022	$ (298,383)				$ (21,197)		$ 3		$ 29	$ 106,852		$ (128,125)	$ 44	$ (277,186)
Stockholders' Deficit
Equity-based compensation	7,381				7,381					7,381
Issuance of common stock (in shares)							648,849
Issuance of common stock	332				332					332
Vesting of restricted stock units (in shares)							1,135,491
Restricted stock units withheld to pay taxes		$ (1,106)				$ (1,106)					$ (1,106)
Cash dividends declared	(440)				(440)					(440)
Change in noncontrolling interest	(5,563)													(5,563)
Issuance per redemption of Class B shares for Class A shares (in shares)							(1,250,000)		(1,250,000)
Issuance per redemption of Class B shares for Class A shares	194				(873)					(873)				1,067
Foreign currency translation adjustments	(14)				(14)								(14)
Net income (loss)	40,348				1,503							1,503		38,845
Common stock, ending balance (in shares) at Jun. 30, 2023							32,073,995		289,842,303
Equity, ending balance at Jun. 30, 2023	(257,251)				(14,414)		$ 3		$ 29	112,146		(126,622)	30	(242,837)
Common stock, beginning balance (in shares) at Mar. 31, 2023							29,913,490		291,092,303
Equity, beginning balance at Mar. 31, 2023	(264,664)				(16,636)		$ 3		$ 29	109,925		(126,658)	65	(248,028)
Stockholders' Deficit
Equity-based compensation	3,678				3,678					3,678
Issuance of common stock (in shares)							648,849
Issuance of common stock	332				332					332
Vesting of restricted stock units (in shares)							261,656
Restricted stock units withheld to pay taxes		(476)				(476)					(476)
Cash dividends declared	(440)				(440)					(440)
Change in noncontrolling interest	(5,583)													(5,583)
Issuance per redemption of Class B shares for Class A shares (in shares)							(1,250,000)		(1,250,000)
Issuance per redemption of Class B shares for Class A shares	194				(873)					(873)				1,067
Foreign currency translation adjustments	(35)				(35)								(35)
Net income (loss)	9,743				36							36		9,707
Common stock, ending balance (in shares) at Jun. 30, 2023							32,073,995		289,842,303
Equity, ending balance at Jun. 30, 2023	(257,251)				(14,414)		$ 3		$ 29	112,146		(126,622)	30	(242,837)
Common stock, beginning balance (in shares) at Dec. 31, 2023			36,384,981	288,092,303			36,384,981		288,092,303
Equity, beginning balance at Dec. 31, 2023	$ (288,943)				(11,081)		$ 4		$ 29	115,164		(126,343)	65	(277,862)
Preferred stock, beginning balance (in shares) at Dec. 31, 2023	0
Stockholders' Deficit
Equity-based compensation	$ 3,941				3,941					3,941
Issuance of common stock (in shares)							216,517
Issuance of common stock	213				213					213
Vesting of restricted stock units (in shares)							2,057,390
Restricted stock units withheld to pay taxes (in shares)								(559,379)
Restricted stock units withheld to pay taxes		$ (1,172)				$ (1,172)					$ (1,172)
Repurchase of Class B shares (in shares)									(7,202,156)
Repurchase of Class B shares	(10,803)				(10,803)				$ (1)	(10,802)
Cash dividends declared	(990)				(990)					(990)
Change in noncontrolling interest	(10,237)													(10,237)
Issuance per redemption of Class B shares for Class A shares (in shares)				(500,000)			(500,000)		(500,000)
Issuance per redemption of Class B shares for Class A shares	0				(471)					(471)				471
Foreign currency translation adjustments	(55)				(55)								(55)
Change in noncontrolling interest	0				(6,591)					(6,591)				6,591
Remeasurement of deferred taxes due to change in noncontrolling interest	140				140					140
Net income (loss)	43,952				3,201							3,201		40,751
Common stock, ending balance (in shares) at Jun. 30, 2024			38,599,509	280,390,147			38,599,509		280,390,147
Equity, ending balance at Jun. 30, 2024	$ (263,954)				(23,668)		$ 4		$ 28	99,432		(123,142)	10	(240,286)
Preferred stock, ending balance (in shares) at Jun. 30, 2024	0
Common stock, beginning balance (in shares) at Mar. 31, 2024							38,122,283		287,592,303
Equity, beginning balance at Mar. 31, 2024	$ (269,386)				(9,367)		$ 4		$ 29	115,259		(124,686)	27	(260,019)
Stockholders' Deficit
Equity-based compensation	1,766				1,766					1,766
Issuance of common stock (in shares)							216,517
Issuance of common stock	213				213					213
Vesting of restricted stock units (in shares)							260,709
Repurchase of Class B shares (in shares)									(7,202,156)
Repurchase of Class B shares	(10,803)				(10,803)				$ (1)	(10,802)
Cash dividends declared	(497)				(497)					(497)
Change in noncontrolling interest	(6,554)													(6,554)
Issuance per redemption of Class B shares for Class A shares (in shares)				(500,000)
Foreign currency translation adjustments	(17)				(17)								(17)
Change in noncontrolling interest	0				(6,591)					(6,591)				6,591
Remeasurement of deferred taxes due to change in noncontrolling interest	84				84					84
Net income (loss)	21,240				1,544							1,544		19,696
Common stock, ending balance (in shares) at Jun. 30, 2024			38,599,509	280,390,147			38,599,509		280,390,147
Equity, ending balance at Jun. 30, 2024	$ (263,954)				$ (23,668)		$ 4		$ 28	$ 99,432		$ (123,142)	$ 10	$ (240,286)
Preferred stock, ending balance (in shares) at Jun. 30, 2024	0

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock - Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	38,599,509	36,384,981
Common stock, outstanding (in shares)	38,599,509	36,384,981
Common Stock - Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	280,390,147	288,092,303
Common stock, outstanding (in shares)	280,390,147	288,092,303

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have certain revenue share agreements with related parties. Accordingly, we recognized revenue from related parties of $872 and $281 for the three months ended June 30, 2024 and 2023, respectively, and $1,251 and $899 for the six months ended June 30, 2024 and 2023, respectively. We incurred costs related to revenue share agreements with related parties which are capitalized within deferred contract acquisition costs. We capitalized $745 and $935 for the three months ended June 30, 2024 and 2023, respectively, and $2,051 and $2,087 for the six months ended June 30, 2024 and 2023, respectively. Additionally, a related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $86 and $217 for the three months ended June 30, 2024 and 2023, respectively, and $220 and $353 for the six months ended June 30, 2024 and 2023, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $0 and $332 for the three months ended June 30, 2024 and 2023, respectively, $0 and $585 for the six months ended June 30, 2024 and 2023, respectively. A related party also provided certain corporate functions to the Company and the costs of these services are charged to us. We recorded $16 and $27 for the three months ended June 30, 2024 and 2023, respectively, and $39 and $54 for the six months ended June 30, 2024 and 2023, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $487 and $1,220 as of June 30, 2024 and December 31, 2023, respectively, of related party payables related to revenue share expenses, call center support, and the services noted above. The balances with this related party are presented net and are included in related party payables in the condensed consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain of MarketWise’s Class B stockholders. As a result, we recognized $107 and $205 in other income, net for the three months ended June 30, 2024 and 2023, respectively, and $262 and $507 for the six months ended June 30, 2024 and 2023, respectively. Related party receivables related to these services were $262 and $239 as of June 30, 2024 and December 31, 2023, respectively. We lease offices from related parties. Lease payments made to related parties were $435 and $435 for the three months ended June 30, 2024 and 2023, respectively, and $870 and $868 for the six months ended June 30, 2024 and 2023, respectively. Related party rent expense was $603 and $595 for the three months ended June 30, 2024 and 2023, respectively, and $1,206 and $1,200 for the six months ended June 30, 2024 and 2023, respectively, and was recognized in general and administrative expenses. At June 30, 2024 and December 31, 2023, ROU assets of $6,277 and $7,261 and lease liabilities of $5,061 and $5,740, respectively, are associated with leases with related parties.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 2
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Subparagraph (SX 210.6-07(2)(c))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Balance Sheet Components

Capitalized Implementation Costs

We capitalized cloud computing implementation costs for customer-relationship management, revenue management, and enterprise resource planning systems of $56 and $66 for the three months ended June 30, 2024 and 2023, respectively, and $56 and $71 for the six months ended June 30, 2024 and 2023, respectively. The capitalized implementation costs are capitalized within other current assets and other assets on the condensed consolidated balance sheets. Amortization expense related to capitalized cloud computing implementation costs was $240 and

$229, for the three months ended June 30, 2024 and 2023, respectively, and $478 and $451 for the six months ended June 30, 2024 and 2023, respectively.

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	June 30, 2024		December 31, 2023
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,549		1,520
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,271		1,271
		3,780		3,751
Less: Accumulated depreciation and amortization		(3,177)		(3,061)
Total property and equipment, net		$	603	$	690

Depreciation and amortization expense for property and equipment was $56 and $69 for the three months ended June 30, 2024 and 2023, respectively, and $116 and $139 for the six months ended June 30, 2024 and 2023, respectively.

Accrued Expenses

Accrued expenses consist of the following:


	As of
	June 30, 2024		December 31, 2023
Commission and variable compensation	$	10,625	$	29,817
Payroll and benefits	4,778		10,941

Other accrued expenses	10,321		14,283
Total accrued expenses	$	25,724	$	55,041

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 109,342	$ 155,174
Accounts receivable	4,475	4,528
Prepaid expenses	8,264	9,305
Related party receivables	1,295	5,182
Deferred contract acquisition costs	73,265	91,480
Other current assets	1,821	2,172
Total current assets	198,462	267,841
Property and equipment, net	603	690
Operating lease right-of-use assets	6,317	7,331
Intangible assets, net	8,301	6,255
Goodwill	33,560	31,038
Deferred contract acquisition costs, noncurrent	58,716	73,420
Deferred tax assets	9,233	9,693
Other assets	113	287
Total assets	315,305	396,555
Current liabilities:
Accrued expenses	25,724	55,041
Deferred revenue and other contract liabilities	252,299	287,751
Operating lease liabilities	1,649	1,446
Other current liabilities	29,146	27,959
Total current liabilities	312,828	373,893
Deferred revenue and other contract liabilities, noncurrent	257,275	304,342
Other liabilities, noncurrent	2,269	746
Operating lease liabilities, noncurrent	3,454	4,366
Total liabilities	579,259	685,498
Commitments and Contingencies	0	0
Stockholders’ deficit
Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at June 30, 2024 and 2023, respectively	0	0
Additional paid-in capital	99,432	115,164
Accumulated other comprehensive income	10	65
Accumulated deficit	(123,142)	(126,343)
Total stockholders’ deficit attributable to MarketWise, Inc.	(23,668)	(11,081)
Noncontrolling interest	(240,286)	(277,862)
Total stockholders’ deficit	(263,954)	(288,943)
Total liabilities and stockholders’ deficit	315,305	396,555
Common Stock - Class A
Stockholders’ deficit
Common stock	4	4
Common Stock - Class B
Stockholders’ deficit
Common stock	28	29
Nonrelated Party
Current liabilities:
Trade and other payables	3,576	559
Related Party
Current assets:
Operating lease right-of-use assets	6,277	7,261
Current liabilities:
Trade and other payables	434	1,137
Long-term liabilities – related party	487	0
Related party tax receivable agreement liability, noncurrent	$ 2,946	$ 2,151

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 56	$ 66	$ 56	$ 71
Capitalized cloud computing implementation costs amortization expense	240	229	478	451
Depreciation expense	$ 56	$ 69	$ 116	$ 139

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 21,240	$ 9,743	$ 43,952	$ 40,348
Less: Net income attributable to noncontrolling interests	19,696	9,707	40,751	38,845
Net income attributable to Class A common stockholders	1,544	36	3,201	1,503
Net income attributable to Class A common stockholders	$ 1,544	$ 36	$ 3,201	$ 1,503
Denominator:
Weighted average shares outstanding (in shares)	38,204	30,526	37,465	29,853
Basic earnings per share (USD per share)	$ 0.04	$ 0	$ 0.09	$ 0.05
Weighted average shares outstanding (in shares)	38,833	31,837	39,123	31,162
Diluted earnings per share (USD per share)	$ 0.04	$ 0	$ 0.08	$ 0.05

Fair Value Measurements - Summary of the Changes in Fair Value of the Recurring Level 3 Fair Value Measurements (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) recorded in earnings	$ (984,000)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 1,281,000
Ending balance	0	$ 1,982,000
Other (expense) income, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total (gains) losses recorded in earnings	(220,000)
General and administrative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total (gains) losses recorded in earnings	1,523,000
Profits interests, noncurrent
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	746,000
Issues	0
Total (gains) losses recorded in earnings	1,523,000
Ending balance	2,269,000
Contingent consideration liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issues	707,000
Total (gains) losses recorded in earnings	(220,000)
Ending balance	487,000
Contingent consideration receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,253,000
Issues	0
Total gains (losses) recorded in earnings	(984,000)
Ending balance	$ 269,000

Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

MMP Acquisition

On January 1, 2024, we acquired 100% ownership of certain assets and liabilities from Money Map Press, LLC (“MMP Acquisition”), a provider of financial newsletters, which is a related party. The Company will pay contingent consideration based on the level of subscription sales it achieves from certain customers beginning from the sale date through January 1, 2026, as defined in the sale agreement. The fair value of the contingent consideration was estimated to be $707. The contingent consideration will be remeasured at the end of each reporting period. The MMP Acquisition was accounted for using the acquisition method of accounting for business combinations. The purchase price allocation is preliminary pending completion of valuations of certain acquired assets and liabilities. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Goodwill	$	2,522
Tradenames	283
Customer relationships	2,235
Total assets acquired	5,040
Deferred revenue, current	(3,166)
Deferred revenue, noncurrent	(1,167)
Liabilities assumed	(4,333)
Net assets acquired	$	707

The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The acquired intangible assets related to the MMP Acquisition are amortized over their estimated useful lives. Accordingly, the tradenames are amortized over 8.7 years and customer relationships are amortized over 6.2 years. Amortization for the acquired intangible assets was $98 and $195 for the three and six months ended June 30, 2024, respectively.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying condensed consolidated financial statements (“financial statements”) include the accounts of MarketWise, Inc. and its subsidiary, MarketWise, LLC, a variable interest entity (“VIE”) for which MarketWise, Inc. is deemed to be the primary beneficiary. MarketWise, Inc. is a holding company that owns a minority economic interest in MarketWise, LLC but, through its role as the managing member of MarketWise, LLC, controls all of the business and operations of MarketWise, LLC. Therefore, MarketWise, LLC and its subsidiaries are included in the Company’s financial statements. As of June 30, 2024, MarketWise, Inc. had a 12.1% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s financial statements. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited financial statements and the related footnote disclosures have been prepared by us in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2023 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of June 30, 2024, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three and six months ended June 30, 2024 and 2023. The results of operations for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these condensed financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. Net income for the three and six months ended June 30, 2024 and 2023 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of June 30, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 12.1% and the noncontrolling interest was 87.9%. For the three months ended June 30, 2024, net income attributable to controlling interests included a $779 tax provision, and for the six months ended June 30, 2024, net income attributable to controlling interests included a $1,514 tax provision, both of which were solely attributable to the controlling interest. As of June 30, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 10.0% and the noncontrolling interest was 90.0%. For the three months ended June 30, 2023, net income attributable to controlling interests included a $427 tax provision, and for the six months ended June 30, 2023, net income attributable to controlling interests included a $1,355 tax provision, both of which were 100% attributable to the controlling interest. Recently Issued Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, (“ASU 2023-07”) which is aimed at improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires additional interim disclosures. ASU 2023-07 is effective for the Company for the annual period beginning January 1, 2024, and interim periods beginning on January 1, 2025. Early adoption is permitted. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements, and prior period disclosures shall be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Stockholders’ Equity

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders’ Equity

The Company’s capital stock consists of (i) issued and outstanding Class A common stock with a par value of $0.0001 per share, and (ii) issued and outstanding Class B common stock with a par value of $0.0001 per share.


	Authorized	Issued	Outstanding
Common stock – Class A	950,000,000	38,599,509	38,599,509
Common stock – Class B	300,000,000	280,390,147	280,390,147
Preferred stock	100,000,000	—	—
Total	1,350,000,000	318,989,656	318,989,656

Each share of Class A and Class B common stock entitles the holder one vote per share. Only holders of Class A common stock have the right to receive dividends. In the event of liquidation, dissolution or winding up of the affairs of the Company, only holders of Class A common stock have the right to receive liquidation proceeds, while the holders of Class B common stock are entitled to only the par value of their shares. Class B common stock can be issued only to members of MarketWise, LLC, their respective successors and permitted transferees. Under the terms of the Third Amended and Restated Limited Liability Company Operating Agreement of MarketWise, LLC (the “MarketWise Operating Agreement”), and subject to certain restrictions set forth therein, the MarketWise Members are entitled to have their LLC Units redeemed or exchanged for shares of our Class A common stock, at our option. If redeemed for cash at the Company’s option, such cash would have to be generated through an offering of shares to the market such that there would not be any situation where there would be a net cash obligation to the Company for such redemption. Shares of our Class B common stock held by any such redeeming or exchanging MarketWise Member will be canceled for no additional consideration on a one-for-one basis with the redeemed or exchanged LLC Units whenever the MarketWise Members’ LLC Units are so redeemed or exchanged. The MarketWise Members may exercise such redemption rights for as long as their LLC Units remain outstanding. Our Board has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

In April 2024, we purchased 7.2 million LLC Units for $10.8 million and canceled the same amount of Class B shares. In July 2024, we canceled an additional 8.4 million LLC Units and Class B shares.

In 2023, we commenced paying quarterly dividends on shares of our Class A common stock and distributions on our LLC Units. There can be no assurance that we will continue to pay dividends in the future. The payment of any future dividends and distributions will be at the discretion of our Board of Directors and will depend on our results of operations, capital requirements, financial condition, prospects, contractual arrangements, any limitations on payment of dividends present in any debt agreements, and other factors that our Board of Directors may deem relevant.

The dividends and distributions declared during the six months ended June 30, 2024 were as follows:


		Dividends				Distributions
Date declared	Date paid	per share		Total		per unit		Total




March 5, 2024	April 25, 2024	$	0.01	$	493	$	0.01	$	2,878
May 3, 2024	June 25, 2024	$	0.01	$	497	$	0.01	$	2,804

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Goodwill and Intangible Assets, Net - Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 1,946
2025	2,008
2026	1,589
2027	580
2028	485
Thereafter	606
Finite-lived intangible assets, net	$ 7,214	$ 5,168

Fair Value Measurements - Fair Value Measurements Inputs (Details) - Recurring	Jun. 30, 2024
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.275
Profits interests	0.250
Derivative liabilities	0.275
Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.056
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.292

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 43,952	$ 40,348
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,362	1,978
Stock-based compensation	5,464	7,381
Change in fair value of contingent consideration	764	0
Change in fair value of derivative liabilities	0	701
Deferred taxes	1,254	1,356
Unrealized gains on foreign currency	(64)	(26)
Noncash lease expense	1,015	1,053
Changes in operating assets and liabilities:
Accounts receivable	53	902
Related party receivables and payables, net	2,200	(78)
Prepaid expenses	1,041	1,309
Other current assets and other assets	525	666
Deferred contract acquisition costs	32,919	19,942
Trade and other payables	3,167	2,408
Accrued expenses	(29,317)	(7,618)
Deferred revenue	(86,852)	(35,097)
Operating lease liabilities	(710)	(731)
Other current and long-term liabilities	921	(1,648)
Net cash (used in) provided by operating activities	(22,306)	32,846
Cash flows from investing activities:
Purchases of property and equipment	(29)	(46)
Capitalized software development costs	(719)	(913)
Net cash used in investing activities	(748)	(959)
Cash flows from financing activities:
Proceeds from issuance of common stock	213	332
Repurchases of stock	(10,803)	0
Restricted stock units withheld to pay taxes	(1,172)	(1,106)
Dividends paid	(724)	0
Distributions to noncontrolling interests	(10,237)	(2,652)
Net cash used in financing activities	(22,723)	(3,426)
Effect of exchange rate changes on cash	(55)	(14)
Net increase in cash, cash equivalents and restricted cash	(45,832)	28,447
Cash, cash equivalents and restricted cash — beginning of period	155,174	158,575
Cash, cash equivalents and restricted cash — end of period	$ 109,342	$ 187,022

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Summary of Supplemental Cash Flow Disclosures

Supplemental cash flow disclosures are as follows:


	Six Months Ended June 30,
		2024		2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	462	$	479
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(930)		(994)
Operating lease right-of-use assets obtained in exchange for lease obligations		—		(76)


Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable		55		59
Fair value of contingent consideration liability related to MMP Acquisition		707		—

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2024 shares	Apr. 30, 2024 USD ($) shares	Jun. 30, 2024 $ / shares shares	Jun. 30, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Common stock, number of votes per share \| vote				1
Common stock, conversion ratio			1	1
Sponsor Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares)			3,051,000	3,051,000
Management Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares)			2,000,000	2,000,000
Common Stock - Class A
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Common Stock - Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares			$ 0.0001	$ 0.0001	$ 0.0001
Stock repurchased and retired during period (in shares)		7,200,000	7,202,156	7,202,156
Stock repurchased and retired during period \| $		$ 10.8
Common Stock - Class B \| Subsequent Event
Class of Stock [Line Items]
Stock repurchased and retired during period (in shares)	8,400,000
MarketWise, LLC Units
Class of Stock [Line Items]
Stock repurchased and retired during period (in shares)		7,200,000	7,202,156	7,202,156
Stock repurchased and retired during period \| $		$ 10.8
MarketWise, LLC Units \| Subsequent Event
Class of Stock [Line Items]
Stock repurchased and retired during period (in shares)	8,400,000

Income Taxes (Details)	1 Months Ended	3 Months Ended		6 Months Ended
Income Taxes (Details)	Apr. 30, 2024 shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate		3.60%	4.20%	3.30%	3.30%
Valuation allowance \| $		$ 29,869,000		$ 29,869,000
Tax savings rate				0.85
Tax receivable agreement, percent of calculated tax savings retained		0.15		0.15
Tax Receivable Agreement \| $		$ 2,946,000		$ 2,946,000
Unrecognized tax positions \| $		$ 0		$ 0
Common Stock - Class B
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares)		500,000		500,000
Stock repurchased and retired during period (in shares)	7,200,000	7,202,156		7,202,156
MarketWise, LLC Units
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares)		500,000		500,000
Stock repurchased and retired during period (in shares)	7,200,000	7,202,156		7,202,156
Common Stock - Class A
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Stock issued during period, conversion of units (in shares)		500,000		500,000

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Six Months Ended June 30,
		2024		2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	462	$	479
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(930)		(994)
Operating lease right-of-use assets obtained in exchange for lease obligations		—		(76)


Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable		55		59
Fair value of contingent consideration liability related to MMP Acquisition		707		—

Earnings Per Share - Narrative (Details)	6 Months Ended
Earnings Per Share - Narrative (Details)	Jun. 30, 2024 shares
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,051,000
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,000,000

Legacy Reorganization (Details) - Legacy Research - Reorganization $ in Thousands			3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) employee	Feb. 08, 2024 employee	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated \| employee	48	104
Restructuring and related cost, number of positions eliminated, period percent		18.00%
Separation costs			$ 773	$ 964
Operating lease right-of-use asset and related leasehold improvements	$ 2,800		$ 2,800	$ 2,800

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stockholders’ Equity - Stock by Class (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	1,350,000,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	318,989,656
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	318,989,656
Common Stock - Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	38,599,509	36,384,981
Common stock, outstanding (in shares)	38,599,509	36,384,981
Common Stock - Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	280,390,147	288,092,303
Common stock, outstanding (in shares)	280,390,147	288,092,303

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 79,088,000	$ 82,614,000	$ 171,649,000	$ 186,649,000
Accounts receivable	4,475,000		4,475,000		$ 4,528,000
Impairment of capitalized costs	0	$ 0	0	$ 0
Remaining performance obligation	$ 509,574,000		$ 509,574,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	50.00%		50.00%
Remaining performance obligation, timing of satisfaction	12 months		12 months

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stock-Based Compensation - Stock-based Compensation Expense by Statement of Operations Line Item (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,657	$ 3,678	$ 5,464	$ 7,381
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,687	3,587	3,773	7,190
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	79	91	168	191
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(109)	0	1,523	0
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	543	683	1,142	1,691
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	498	716	1,119	1,808
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 616	$ 2,279	$ 3,203	$ 3,882

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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