0001628280-25-023467 | 10-Q | XBRL Viewer

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Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 30,043	$ 30,043

- Definition

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.

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+ Details

Stockholders’ Equity

3 Months Ended

Mar. 31, 2025

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.

The table set forth below reflects information about the Company’s equity as of March 31, 2025. The 152,550 Sponsor Earnout Shares held in escrow and the 100,000 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	47,500,000	2,320,126	2,320,126
Common stock - Class B	15,000,000	13,732,864	13,732,864
Preferred stock	100,000,000	—	—
Total	162,500,000	16,052,990	16,052,990

Each share of Class A and Class B common stock entitles the holder to one vote per share. Holders of Class A common stock have the right to receive dividends while holders of Class B common stock have the right to receive a proportionate amount of distributions. 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.

During the three months ended March 31, 2025, we paid quarterly dividends on shares of our Class A common stock. We also declared a special dividend for Class A shareholders on January 15, 2025 which was paid on March 26, 2025. Our continued declaration and payment of dividends and institution of any other distributions of capital to shareholders will nonetheless be at the discretion of our Board and will depend on many factors, including our earnings, financial condition and results of operations, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, ability to obtain cash or other assets from our subsidiaries, restrictions imposed by applicable law, general business conditions and other factors that our Board may deem relevant. There can be no assurance that we will continue to pay dividends in the future. Therefore, the success of an investment in shares of our Class A common stock may in the future depend only upon any future appreciation in their value. There is no guarantee that shares of our Class A common stock will appreciate or even maintain their value.

The dividends and distributions declared during the three months ended March 31, 2025 were as follows:


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



January 15, 2025	February 26, 2025	$	0.60	$	1,249	N/A		N/A
February 27, 2025	March 31, 2025	$	0.20	$	722	$	0.20	$	2,766

On February 28, 2025, the Company announced that the Board authorized a stock repurchase program of up to $50 million of Class A common stock. Repurchases of Class A common stock may be made from time to time, either through open market transactions (including pre-set trading plans) or through other transactions, at the discretion of the management of the Company and in accordance with the limitations set forth in Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and other applicable securities laws. The timing of the repurchases will depend on market conditions and other requirements. Repurchases under the program have been authorized for the next 12 months but the program may be modified, suspended, or terminated at any

time. The share repurchase program does not obligate the Company to repurchase any dollar amount or number of shares.

For each share of Class A common stock the Company repurchases under the share repurchase program, MarketWise, LLC, the Company’s direct subsidiary, will redeem one common unit of MarketWise, LLC held by the Company, decreasing the percentage ownership of MarketWise, LLC by the Company and relatively increasing the ownership by the other unitholders of MarketWise, LLC in accordance with the MarketWise Operating Agreement.

- Definition

The entire disclosure for equity.

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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Basic earnings per share:
Numerator:
Net income	$	16,841	$	22,712
Less: Net income attributable to noncontrolling interests	15,951		21,055
Net income attributable to Class A common stockholders	$	890	$	1,657

Denominator:
Weighted average shares outstanding (in thousands)	2,051		1,836

Basic earnings per share	$	0.43	$	0.90

Diluted earnings per share:
Numerator:
Net income	$	16,841	$	22,712
Less: Net income attributable to noncontrolling interests	15,951		21,055
Net income attributable to Class A common stockholders	$	890	$	1,657

Denominator:
Weighted average shares outstanding (in thousands)	2,160		1,956

Diluted earnings per share	$	0.41	$	0.85

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 152,550 Sponsor Earnout Shares and the 100,000 MarketWise Management Member Earnout Shares 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 March 31, 2025 and 2024.

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

The Chief Operating Decision Maker (“CODM”) monitors financial results for internal purposes that are not prepared in accordance with GAAP (“Adjusted Basis”) because these results more closely align to how the business generates and uses cash.

The CODM uses Adjusted Net Profit (Loss) as the key performance measure for evaluating segment income or loss on a monthly basis when assessing segment performance and when making decisions about how to allocate operating resources, such as marketing spend and determining variable compensation for certain employees.

The primary components of the “Corporate and all other” line in the following tables include certain corporate overhead charges, expenses that have not been allocated to the reportable segment, including corporate functions, taxes, and activity related to components that is below quantitative threshold for separate disclosure.

The reconciliation of reportable segment Adjusted Basis Net Profit (Loss) to the consolidated totals are as follows:











	Three Months Ended March 31,
	2025		2024

Total net revenue for reportable segment (a)	$	86,104	$	109,028
Adjustment to total net revenue for reportable segment (b)	(12,995)		(31,783)
Variable expense (c)	(5,813)		(7,795)
Revenue share expense (c)	(3,541)		(1,451)
Direct marketing (c)	(13,298)		(16,526)
Compensation and outside labor (c)	(20,043)		(24,342)
Other overhead (c)	(7,448)		(7,320)
Corporate allocations (c)	(4,073)		(5,531)
Reportable segment Adjusted Net Profit (Loss)	18,893		14,280
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)	(3,573)		(5,178)
Adjustment to total net revenue (b)	12,969		31,910
Stock-based compensation expense (d)	(3,141)		(3,807)
Deferred contract acquisition costs (e)	(8,199)		(13,839)
Depreciation and amortization (f)(g)	(477)		(633)



Other (h)	1,407		714
Consolidated income before income taxes	$	17,879	$	23,447

(a)total net revenue for reportable segment is in accordance with GAAP

(b)subscription revenue, revenue share and other income are generally recognized on a cash basis under Adjusted Basis, rather than deferred and recognized over the subscription term or when earned in accordance with ASC 606

(c)amounts represent Adjusted Basis

(d)amounts represent stock-based compensation expense

(e)costs to obtain a contract are expensed under Adjusted Basis, rather than capitalized as deferred contract acquisition costs and subsequently amortized in accordance with ASC 340

(f)certain operating leases are recognized on a cash basis under Adjusted Basis, rather than initially recognizing right-of-use assets and lease liabilities, which are subsequently amortized over the lease term in accordance with ASC 842

(g)certain intangible assets arising from business combinations are not recognized upon acquisition and subsequently amortized in accordance with ASC 805 under Adjusted Basis

(h)other line includes various items that are recognized differently under Adjusted Basis, including software development and implementation related costs, including implementation costs of cloud computing arrangements, employee benefit related items, gain on lease termination, change in fair value of contingent consideration, and certain tax related items.

The reconciliation of reportable segment revenues to the consolidated totals are as follows:











	Year Ended March 31,
	2025		2024

Total net revenue for reportable segment	$	86,104	$	109,028
Corporate and all other	(2,597)		(37)
Consolidated total net revenue	$	83,507	$	108,991

The CODM does not use segment assets to evaluate segment performance or allocate resources. Therefore, we do not disclose segment assets. Long-lived assets were located in the United States as of March 31, 2025 and 2024.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,141	$ 3,807
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ (201)	1,632
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Total stock-based compensation expense	$ 3,329	2,086
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	17,429
Exercisable (in shares)	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Exercisable (in shares)	44,624
Remaining contractual term	6 years 6 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13	$ 89
Amount withheld on behalf of employees	$ 64

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Reportable Segment Revenues, Profit or Loss and Assets

The reconciliation of reportable segment Adjusted Basis Net Profit (Loss) to the consolidated totals are as follows:











	Three Months Ended March 31,
	2025		2024

Total net revenue for reportable segment (a)	$	86,104	$	109,028
Adjustment to total net revenue for reportable segment (b)	(12,995)		(31,783)
Variable expense (c)	(5,813)		(7,795)
Revenue share expense (c)	(3,541)		(1,451)
Direct marketing (c)	(13,298)		(16,526)
Compensation and outside labor (c)	(20,043)		(24,342)
Other overhead (c)	(7,448)		(7,320)
Corporate allocations (c)	(4,073)		(5,531)
Reportable segment Adjusted Net Profit (Loss)	18,893		14,280
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Corporate and all other Adjusted Net Profit (Loss)	(3,573)		(5,178)
Adjustment to total net revenue (b)	12,969		31,910
Stock-based compensation expense (d)	(3,141)		(3,807)
Deferred contract acquisition costs (e)	(8,199)		(13,839)
Depreciation and amortization (f)(g)	(477)		(633)



Other (h)	1,407		714
Consolidated income before income taxes	$	17,879	$	23,447

(a)total net revenue for reportable segment is in accordance with GAAP

(c)amounts represent Adjusted Basis

(d)amounts represent stock-based compensation expense

(e)costs to obtain a contract are expensed under Adjusted Basis, rather than capitalized as deferred contract acquisition costs and subsequently amortized in accordance with ASC 340

(g)certain intangible assets arising from business combinations are not recognized upon acquisition and subsequently amortized in accordance with ASC 805 under Adjusted Basis

Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The reconciliation of reportable segment revenues to the consolidated totals are as follows:











	Year Ended March 31,
	2025		2024

Total net revenue for reportable segment	$	86,104	$	109,028
Corporate and all other	(2,597)		(37)
Consolidated total net revenue	$	83,507	$	108,991

Segment Reporting - Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Net revenue	$ 83,507	$ 108,991
Operating Segments \| Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	86,104	109,028
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Net revenue	$ (2,597)	$ (37)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Finite-lived intangible assets:
Cost	$ 21,488	$ 21,293
Accumulated Amortization	(18,184)	(17,707)
Finite-lived intangible assets, net	3,304	3,586
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Cost	22,575	22,380
Net Book Value	4,391	4,673
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	12,443	12,443
Accumulated Amortization	(11,262)	(11,087)
Finite-lived intangible assets, net	$ 1,181	$ 1,356
Weighted-Average Remaining Useful Life (in years)	1 year 10 months 24 days	2 years 1 month 6 days
Tradenames
Finite-lived intangible assets:
Cost	$ 3,588	$ 3,588
Accumulated Amortization	(2,996)	(2,921)
Finite-lived intangible assets, net	$ 592	$ 667
Weighted-Average Remaining Useful Life (in years)	3 years 1 month 6 days	3 years 2 months 12 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 5,457	$ 5,262
Accumulated Amortization	(3,926)	(3,699)
Finite-lived intangible assets, net	$ 1,531	$ 1,563
Weighted-Average Remaining Useful Life (in years)	2 years 8 months 12 days	2 years 9 months 18 days

Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill are as follows:


Balance at January 1, 2025	$	30,043

Balance at March 31, 2025	$	30,043

Schedule of Indefinite-Lived Intangible Assets

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


	March 31, 2025
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,262)	$	1,181	1.9
Tradenames	3,588		(2,996)		592		3.1
Capitalized software development costs	5,457		(3,926)		1,531		2.7
Finite-lived intangible assets, net	21,488		(18,184)		3,304

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,575	$	(18,184)	$	4,391


	December 31, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,087)	$	1,356	2.1
Tradenames	3,588		(2,921)		667		3.2
Capitalized software development costs	5,262		(3,699)		1,563		2.8
Finite-lived intangible assets, net	21,293		(17,707)		3,586

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,380	$	(17,707)	$	4,673

Schedule of Finite-Lived Intangible Assets

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


	March 31, 2025
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,262)	$	1,181	1.9
Tradenames	3,588		(2,996)		592		3.1
Capitalized software development costs	5,457		(3,926)		1,531		2.7
Finite-lived intangible assets, net	21,488		(18,184)		3,304

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,575	$	(18,184)	$	4,391


	December 31, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,087)	$	1,356	2.1
Tradenames	3,588		(2,921)		667		3.2
Capitalized software development costs	5,262		(3,699)		1,563		2.8
Finite-lived intangible assets, net	21,293		(17,707)		3,586

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,380	$	(17,707)	$	4,673

Schedule of Expected Future Amortization Expense for Finite-Lived Intangible Assets

As of March 31, 2025, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2025	$	1,363
2026	1,406
2027	376
2028	104
2029	53
Thereafter	2
Finite-lived intangible assets, net	$	3,304

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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

+ Details

Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The carrying amounts of goodwill are as follows:


Balance at January 1, 2025	$	30,043

Balance at March 31, 2025	$	30,043

Intangible assets, net

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


	March 31, 2025
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,262)	$	1,181	1.9
Tradenames	3,588		(2,996)		592		3.1
Capitalized software development costs	5,457		(3,926)		1,531		2.7
Finite-lived intangible assets, net	21,488		(18,184)		3,304

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,575	$	(18,184)	$	4,391


	December 31, 2024
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	12,443	$	(11,087)	$	1,356	2.1
Tradenames	3,588		(2,921)		667		3.2
Capitalized software development costs	5,262		(3,699)		1,563		2.8
Finite-lived intangible assets, net	21,293		(17,707)		3,586

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	22,380	$	(17,707)	$	4,673

We recorded amortization expense related to finite-lived intangible assets of $477 and $633 for the three months ended March 31, 2025 and 2024, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $225 and $264 for the three months ended March 31, 2025 and 2024, respectively.

We recorded additions to capitalized software development costs of $195 and $297 for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the total expected future amortization expense for finite-lived intangible assets is as follows:


Remainder of 2025	$	1,363
2026	1,406
2027	376
2028	104
2029	53
Thereafter	2
Finite-lived intangible assets, net	$	3,304

Segment Reporting - Schedule of Reconciliation of Reportable Segment Revenues, Profit or Loss and Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Net revenue	$ 83,507	$ 108,991
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Adjustment to total net revenue	83,507	108,991
Stock-based compensation expense	(3,141)	(3,807)
Depreciation and amortization	(531)	(693)
Other	(158)	(234)
Income before income taxes	17,879	23,447
Segment Reporting, Reconciling Item, Corporate Nonsegment
Segment Reporting Information [Line Items]
Reportable segment and corporate and all other adjusted net profit (loss)	(3,573)	(5,178)
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment
Segment Reporting Information [Line Items]
Net revenue	12,969	31,910
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Adjustment to total net revenue	12,969	31,910
Stock-based compensation expense	(3,141)	(3,807)
Deferred contract acquisition costs	(8,199)	(13,839)
Depreciation and amortization	(477)	(633)
Other	1,407	714
Reportable Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net revenue	86,104	109,028
Variable expense	(5,813)	(7,795)
Revenue share expense	(3,541)	(1,451)
Direct marketing	(13,298)	(16,526)
Compensation and outside labor	(20,043)	(24,342)
Other overhead	(7,448)	(7,320)
Corporate allocations	(4,073)	(5,531)
Reportable segment and corporate and all other adjusted net profit (loss)	18,893	14,280
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Adjustment to total net revenue	86,104	109,028
Reportable Segment \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Net revenue	(12,995)	(31,783)
Reconciliation of Adjusted Net Profit (Loss) to consolidated income before income taxes:
Adjustment to total net revenue	$ (12,995)	$ (31,783)

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 477	$ 633
Amortization of capitalized software development costs	225	264
Additions (reductions) to capitalized software development costs	$ 195	$ 297

Summary of Significant Accounting Policies - Basis of Consolidation (Narrative) (Details)	Mar. 31, 2025	Mar. 31, 2024
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary (as a percent)	14.50%	11.70%

Stockholders’ Equity - Schedule of Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Feb. 28, 2025	Jan. 31, 2025
Equity [Abstract]
Dividends (USD per share)	$ 0.20	$ 0.60
Dividends	$ 722	$ 1,249
Distributions (USD per share)	$ 0.20
Distributions	$ 2,766

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Supplemental Cash Flow Disclosures

Supplemental cash flow disclosures are as follows:


	Three Months Ended March 31,
		2025		2024
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	(1)	$	(281)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(1,114)		(465)



Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable		18		45

		As of March 31,
		2025		2024
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents		$	79,178	$	131,175

Total cash and cash equivalents		$	79,178	$	131,175

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2025	May 05, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-39405
Entity Registrant Name	MarketWise, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1767914
Entity Address, Address Line One	1125 N. Charles Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21201
City Area Code	(888)
Local Phone Number	261-2693
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MKTW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001805651
Current Fiscal Year End Date	--12-31
Common stock – Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,647,468
Common stock – Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,637,641

Summary of Significant Accounting Policies - Noncontrolling Interest (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Significant Accounting Policies [Line Items]
Income tax expense	$ 1,038	$ 735
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary (as a percent)	14.50%	11.70%
Noncontrolling interest ownership (as a percent)	85.50%	88.30%

- Definition

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

+ References

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
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-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
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-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
-Section 50
-Paragraph 22
-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
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-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
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2025
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated 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 condensed consolidated financial statements (“financial statements”). As of March 31, 2025, MarketWise, Inc. had a 14.5% 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 consolidated financial statements. The financial statements have been prepared in accordance with 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, 2024 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 March 31, 2025, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three months ended March 31, 2025 and 2024. The results of operations for the three months ended March 31, 2025 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, 2024 filed with the 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, estimates of the Tax Receivable Agreement liability, 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, 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 Exchange Act) 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. Reverse Stock Split Effective as of April 2, 2025, the Company effected a reverse stock split (the “Reverse Stock Split”) of the Company’s shares of Class A and Class B common stock at a ratio of 1-for-20 as approved by the Company’s Board of Directors (the “Board”) and stockholders. The Reverse Stock Split proportionately decreased the number of shares of common stock authorized under the Company’s Certificate of Incorporation. The authorized Class A common stock was reduced from 950,000,000 shares to 47,500,000 shares and the authorized Class B common stock from 300,000,000 shares to 15,000,000 shares. The number of authorized shares of preferred stock remained unchanged. Proportional adjustments were made to (i) the per share exercise price and number of shares issuable upon the exercise of outstanding equity awards, including Sponsor Earnout Shares and Management Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021); and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plan and employee stock purchase plan. No fractional shares were issued in connection with the Reverse Stock Split. Holders of fractional shares as a result of the Reverse Stock Split were paid in cash, with reference to the closing price of the Company’s common stock on April 2, 2025 (adjusted to give effect to the reverse stock split), without interest. The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented, unless otherwise specified. 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 months ended March 31, 2025 and 2024 was fully attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of March 31, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC is 14.5% and the noncontrolling interest was 85.5%. For the three months ended March 31, 2025, net income attributable to controlling interests included a $1,038 tax provision, which is 100% attributable to the controlling interest. As of March 31, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 11.7% and the noncontrolling interest was 88.3%. For the three months ended March 31, 2024, net income attributable to controlling interests included a $735 tax provision, which was 100% attributable to the controlling interest.

Goodwill and Intangible Assets, Net - Schedule of Expected Future Amortization Expense for Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 1,363
2026	1,406
2027	376
2028	104
2029	53
Thereafter	2
Finite-lived intangible assets, net	$ 3,304	$ 3,586

Related Party Transactions (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Dec. 31, 2024

Net revenue

$ 83,507

$ 108,991

Cost of revenue

^[1]

11,935

13,368

Related party expense

129

127

Other income, net

158

234

Related party receivables

1,583

$ 547

Operating lease, payments

1,114

465

Operating lease right-of-use assets

2,770

3,182

Lease termination fee

700

Corporate Functions

Related party expense

Net revenue

493

379

Trade and other payables

531

338

Operating lease, payments

403

435

Operating lease, expense

551

603

Operating lease right-of-use assets

2,770

3,172

Less: Imputed interest

1,762

4,335

Related Party | Revenue Share Expenses

Deferred contract acquisition costs capitalized during the period

1,061

1,306

Cost of revenue

110

134

Cost of revenue

Trade and other payables

704

354

Other income, net

160

$ 155

Related party receivables

$ 160

$ 194

[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

Stockholders’ Equity - Schedule of Stock by Class (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	162,500,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	16,052,990
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	16,052,990
Common stock – Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	47,500,000	47,500,000
Common stock, issued (in shares)	2,320,126	1,978,136
Common stock, outstanding (in shares)	2,320,126	1,978,136
Common stock – Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	13,732,864	13,994,498
Common stock, outstanding (in shares)	13,732,864	13,994,498

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule 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 March 31,
	2025		2024
Cost of revenue	$	1,264	$	599
Sales and marketing	694		621
General and administrative	1,183		2,587
Total stock based-compensation expense	$	3,141	$	3,807

Total stock-based compensation expense for the three months ended March 31, 2025 and 2024 includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows:


	Three Months Ended March 31,
	2025		2024
2021 Incentive Award Plan	$	3,329	$	2,086
Employee Stock Purchase Plan	13		89
Profits interests	(201)		1,632
Total stock-based compensation expense	$	3,141	$	3,807

Schedule of Activities of RSUs

The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes are summarized as follows, including granted, exercised and forfeited from January 1, 2025 to March 31, 2025.


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025	1,269,883	$	25.60	60,965	$	81.00
Granted	17,429	11.62		—	—
Vested (RSUs) or Exercised (SARs)	(119,314)	30.19		—	—
Forfeited	(34,982)	23.13		(1,704)	81.00
Expired	—	—		—	—
Outstanding at March 31, 2025	1,133,016	$	24.99	59,261	$	81.00
Exercisable at March 31, 2025	—	$	—	44,624	$	81.00

Schedule of Activities of SARs


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025	1,269,883	$	25.60	60,965	$	81.00
Granted	17,429	11.62		—	—
Vested (RSUs) or Exercised (SARs)	(119,314)	30.19		—	—
Forfeited	(34,982)	23.13		(1,704)	81.00
Expired	—	—		—	—
Outstanding at March 31, 2025	1,133,016	$	24.99	59,261	$	81.00
Exercisable at March 31, 2025	—	$	—	44,624	$	81.00

Summary of Significant Accounting Policies - Reverse Stock Split (Narrative) (Details)	Apr. 02, 2025 shares	Apr. 01, 2025 shares	Mar. 31, 2025 shares	Dec. 31, 2024 shares
Common stock – Class A
Significant Accounting Policies [Line Items]
Common stock, authorized (in shares)			47,500,000	47,500,000
Common stock – Class A \| Subsequent Event
Significant Accounting Policies [Line Items]
Conversion ratio	0.05
Common stock, authorized (in shares)	47,500,000	950,000,000
Common stock – Class B
Significant Accounting Policies [Line Items]
Common stock, authorized (in shares)			15,000,000	15,000,000
Common stock – Class B \| Subsequent Event
Significant Accounting Policies [Line Items]
Conversion ratio	0.05
Common stock, authorized (in shares)	15,000,000	300,000,000

Revenue Recognition - Schedule of Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 8,789	$ 1,876
Obligations for refunds	2,388	2,647
Deferred revenue – current	210,616	215,326
Deferred revenue – non-current	$ 202,099	$ 209,013

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Basic earnings per share:
Numerator:
Net income	$	16,841	$	22,712
Less: Net income attributable to noncontrolling interests	15,951		21,055
Net income attributable to Class A common stockholders	$	890	$	1,657

Denominator:
Weighted average shares outstanding (in thousands)	2,051		1,836

Basic earnings per share	$	0.43	$	0.90

Diluted earnings per share:
Numerator:
Net income	$	16,841	$	22,712
Less: Net income attributable to noncontrolling interests	15,951		21,055
Net income attributable to Class A common stockholders	$	890	$	1,657

Denominator:
Weighted average shares outstanding (in thousands)	2,160		1,956

Diluted earnings per share	$	0.41	$	0.85

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preference shares, authorized (in shares)	100,000,000	100,000,000
Preference shares, issued (in shares)	0	0
Preference stock, beginning balance (in shares)	0	0
Common stock – Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	15,000,000	15,000,000
Common stock, issued (in shares)	13,732,864	13,994,498
Common stock, outstanding (in shares)	13,732,864	13,994,498

Stock-Based Compensation - Schedule of Activities of RSUs and SARs (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
RSUs
Units
Outstanding, beginning balance (in shares) \| shares	1,269,883
Granted (in shares) \| shares	17,429
Vested or exercised (in shares) \| shares	(119,314)
Forfeited (in shares) \| shares	(34,982)
Expired (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	1,133,016
Exercisable (in shares) \| shares	0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) \| $ / shares	$ 25.60
Granted (USD per share) \| $ / shares	11.62
Vested or exercised (USD per share) \| $ / shares	30.19
Forfeited (USD per share) \| $ / shares	23.13
Expired (in USD per share) \| $ / shares	0
Outstanding, ending balance (USD per share) \| $ / shares	24.99
Exercisable (USD per share) \| $ / shares	$ 0
SARs
Units
Outstanding, beginning balance (in shares) \| shares	60,965
Granted (in shares) \| shares	0
Vested or exercised (in shares) \| shares	0
Forfeited (in shares) \| shares	(1,704)
Expired (in shares) \| shares	0
Outstanding, ending balance (in shares) \| shares	59,261
Exercisable (in shares) \| shares	44,624
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) \| $ / shares	$ 81.00
Granted (USD per share) \| $ / shares	0
Vested or exercised (USD per share) \| $ / shares	0
Forfeited (USD per share) \| $ / shares	81.00
Expired (in USD per share) \| $ / shares	0
Outstanding, ending balance (USD per share) \| $ / shares	81.00
Exercisable (USD per share) \| $ / shares	$ 81.00

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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:


	March 31, 2025
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	74,789	$	—	$	—	$	74,789
Contingent consideration receivable	—		—		1,372		1,372
Total assets	74,789		—		1,372		76,161
Liabilities:
Profits interests, noncurrent	—		—		2,610		2,610


Total liabilities	$	—	$	—	$	2,610	$	2,610


	December 31, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	96,069	$	—	$	—	$	96,069
Contingent consideration receivable	—		—		146		146
Total assets	96,069		—		146		96,215
Liabilities:
Profits interests, noncurrent	—		—		2,811		2,811
Total liabilities	$	—	$	—	$	2,811	$	2,811

The level 3 assets relate to contingent consideration receivable from a related party associated with the sale of brands disposed as part of the Legacy Reorganization and the Buttonwood Publishing sale. The level 3 liabilities relate to profits interests, which are presented in other liabilities, noncurrent on the condensed consolidated balance sheet.

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the three months ended March 31, 2025:


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

Balance at December 31, 2024		$	146	$	2,811

Total gains (losses) recorded in earnings	General and administrative expense	1,226		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(201)

Balance at March 31, 2025		$	1,372	$	2,610

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
	March 31, 2025
Contingent consideration receivable
Discount rate	27.2	%


Profits interests
Discount rate	30.0	%
Discount for lack of marketability	30.1	%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
-Paragraph 1
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+ Details

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Contingent consideration receivable	$ 1,372	$ 146
Total assets	76,161	96,215
Liabilities:
Total liabilities	2,610	2,811
Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,610	2,811
Money market funds
Assets:
Money market funds	74,789	96,069
Level 1
Assets:
Contingent consideration receivable	0	0
Total assets	74,789	96,069
Liabilities:
Total liabilities	0	0
Level 1 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 1 \| Money market funds
Assets:
Money market funds	74,789	96,069
Level 2
Assets:
Contingent consideration receivable	0	0
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 2 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Contingent consideration receivable	1,372	146
Total assets	1,372	146
Liabilities:
Total liabilities	2,610	2,811
Level 3 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,610	2,811
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,141	$ 3,807
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,329	2,086
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		89
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	(201)	1,632
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,264	599
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	694	621
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,183	$ 2,587

- Definition

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.

+ References

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-Section 35
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 890	$ 1,657

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Subsequent Events (Details) - Subsequent Event $ in Thousands	1 Months Ended
	Apr. 30, 2025 USD ($) shares
Subsequent Event [Line Items]
Shares repurchased (in shares) \| shares	20,306
Shares repurchased, value	$ 219
Shares repurchased, fees	$ 1

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net income	$ 16,841	$ 22,712
Other comprehensive (loss) income:
Cumulative translation adjustment	0	(38)
Total comprehensive income	$ 16,841	$ 22,674

- Definition

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.

+ References + Details

- Definition

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

+ References

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+ Details

Revenue Recognition - Schedule of Capitalized Costs Associated with Contracts with Customers (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 99,335
Royalties and sales commissions	3,650
Revenue share and cost per acquisition fees	6,229
Amortization of capitalized costs	(18,078)
Capitalized costs, ending balance	$ 91,136

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying consolidated 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 condensed consolidated financial statements (“financial statements”). As of March 31, 2025, MarketWise, Inc. had a 14.5% 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 consolidated financial statements. The financial statements have been prepared in accordance with 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, 2024 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 March 31, 2025, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three months ended March 31, 2025 and 2024. The results of operations for the three months ended March 31, 2025 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, 2024 filed with the 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, estimates of the Tax Receivable Agreement liability, 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.
Reverse Stock Split	Reverse Stock Split Effective as of April 2, 2025, the Company effected a reverse stock split (the “Reverse Stock Split”) of the Company’s shares of Class A and Class B common stock at a ratio of 1-for-20 as approved by the Company’s Board of Directors (the “Board”) and stockholders. The Reverse Stock Split proportionately decreased the number of shares of common stock authorized under the Company’s Certificate of Incorporation. The authorized Class A common stock was reduced from 950,000,000 shares to 47,500,000 shares and the authorized Class B common stock from 300,000,000 shares to 15,000,000 shares. The number of authorized shares of preferred stock remained unchanged. Proportional adjustments were made to (i) the per share exercise price and number of shares issuable upon the exercise of outstanding equity awards, including Sponsor Earnout Shares and Management Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021); and (ii) the number of shares reserved for issuance pursuant to the Company’s equity incentive plan and employee stock purchase plan. No fractional shares were issued in connection with the Reverse Stock Split. Holders of fractional shares as a result of the Reverse Stock Split were paid in cash, with reference to the closing price of the Company’s common stock on April 2, 2025 (adjusted to give effect to the reverse stock split), without interest. The accompanying unaudited condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the Reverse Stock Split for all periods presented, unless otherwise specified.
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. Net income for the three months ended March 31, 2025 and 2024 was fully attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests.

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ (1)	$ (281)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,114)	(465)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable	18	45
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	79,178	131,175	$ 97,876
Total cash and cash equivalents	$ 79,178	$ 131,175	$ 97,876	$ 155,174

Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Numerator:
Net income	$ 16,841	$ 22,712
Less: Net income attributable to noncontrolling interests	15,951	21,055
Net income attributable to Class A common stockholders	890	1,657
Net income attributable to Class A common stockholders	$ 890	$ 1,657
Denominator:
Weighted average shares outstanding – basic (in shares)	2,051	1,836
Basic earnings per share (USD per share)	$ 0.43	$ 0.90
Weighted average shares outstanding – diluted (in shares)	2,160	1,956
Diluted earnings per share (USD per share)	$ 0.41	$ 0.85

Revenue Recognition

3 Months Ended

Mar. 31, 2025

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 March 31, 2025
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	82,932	$	—	$	—	$	—	$	82,932
Transferred at a point in time	—		12		493		70		575
Total	$	82,932	$	12	$	493	$	70	$	83,507


	Three Months Ended March 31, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	108,275	$	—	$	—	$	—	$	108,275
Transferred at a point in time	—		319		379		18		716
Total	$	108,275	$	319	$	379	$	18	$	108,991

Revenue recognition by subscription type was as follows:


	Three Months Ended March 31,
	2025		2024
Membership subscriptions	$	41,963	$	49,626
Term subscriptions	40,969		58,649
Non-subscription revenue	575		716
Total	$	83,507	$	108,991

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.

Contract Balances

The timing of revenue recognition, billings, 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
	March 31, 2025		December 31, 2024
Contract balances
Accounts receivable	$	8,789	$	1,876
Obligations for refunds	$	2,388	$	2,647
Deferred revenue – current	$	210,616	$	215,326
Deferred revenue – non-current	$	202,099	$	209,013

We recognized $70,915 and $92,561 of revenue during the three months ended March 31, 2025 and 2024, 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 $8,789 and $1,876 as of March 31, 2025 and December 31, 2024, respectively, related to the timing of cash settlement with our credit card processor.

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, 2025	$	99,335
Royalties and sales commissions	3,650
Revenue share and cost per acquisition fees	6,229
Amortization of capitalized costs	(18,078)
Balance at March 31, 2025	$	91,136

We did not recognize any impairment on capitalized costs associated with contracts with customers for the three months ended March 31, 2025 and 2024.

Remaining Performance Obligations

As of March 31, 2025, the Company had $415,103 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 51% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

- Definition

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.

+ References

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

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

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:


	March 31, 2025
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	74,789	$	—	$	—	$	74,789
Contingent consideration receivable	—		—		1,372		1,372
Total assets	74,789		—		1,372		76,161
Liabilities:
Profits interests, noncurrent	—		—		2,610		2,610


Total liabilities	$	—	$	—	$	2,610	$	2,610


	December 31, 2024
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	96,069	$	—	$	—	$	96,069
Contingent consideration receivable	—		—		146		146
Total assets	96,069		—		146		96,215
Liabilities:
Profits interests, noncurrent	—		—		2,811		2,811
Total liabilities	$	—	$	—	$	2,811	$	2,811

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 three months ended March 31, 2025:


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

Balance at December 31, 2024		$	146	$	2,811

Total gains (losses) recorded in earnings	General and administrative expense	1,226		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(201)

Balance at March 31, 2025		$	1,372	$	2,610

Schedule of Changes in Fair Value of Assets

The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the three months ended March 31, 2025:


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

Balance at December 31, 2024		$	146	$	2,811

Total gains (losses) recorded in earnings	General and administrative expense	1,226		—

Total (gains) losses recorded in earnings	General and administrative expense	—		(201)

Balance at March 31, 2025		$	1,372	$	2,610

Schedule of Fair Value Measurements Inputs


	As of
	March 31, 2025
Contingent consideration receivable
Discount rate	27.2	%


Profits interests
Discount rate	30.0	%
Discount for lack of marketability	30.1	%

- Definition

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.

+ References + Details

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Three Months Ended March 31, 2025
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	82,932	$	—	$	—	$	—	$	82,932
Transferred at a point in time	—		12		493		70		575
Total	$	82,932	$	12	$	493	$	70	$	83,507


	Three Months Ended March 31, 2024
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	108,275	$	—	$	—	$	—	$	108,275
Transferred at a point in time	—		319		379		18		716
Total	$	108,275	$	319	$	379	$	18	$	108,991

Revenue recognition by subscription type was as follows:


	Three Months Ended March 31,
	2025		2024
Membership subscriptions	$	41,963	$	49,626
Term subscriptions	40,969		58,649
Non-subscription revenue	575		716
Total	$	83,507	$	108,991

Schedule of Contract Balances

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


	As of
	March 31, 2025		December 31, 2024
Contract balances
Accounts receivable	$	8,789	$	1,876
Obligations for refunds	$	2,388	$	2,647
Deferred revenue – current	$	210,616	$	215,326
Deferred revenue – non-current	$	202,099	$	209,013

Schedule 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, 2025	$	99,335
Royalties and sales commissions	3,650
Revenue share and cost per acquisition fees	6,229
Amortization of capitalized costs	(18,078)
Balance at March 31, 2025	$	91,136

Balance Sheet Components

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Capitalized Implementation Costs

The capitalized implementation costs are capitalized within other current assets and other assets on the condensed consolidated balance sheets. There were no capitalized cloud computing costs during the three months ended March 31, 2025 or 2024. Amortization expense related to capitalized cloud computing implementation costs was $242 and $238 for the three months ended March 31, 2025 and 2024, respectively.

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	March 31, 2025		December 31, 2024
Furniture and fixtures	5 years	$	968	$	960
Computers, software and equipment	3 years	1,691		1,653
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	61		1,271
		2,720		3,884
Less: Accumulated depreciation and amortization		(2,517)		(3,292)
Total property and equipment, net		$	203	$	592

Depreciation and amortization expense for property and equipment was $54 and $60 for the three months ended March 31, 2025 and 2024, respectively. During the three months ended March 31, 2025, the Company recorded an

impairment loss on leasehold improvement assets totaling $380, and the related lease was terminated for a gain of $1,646, which is included within general and administrative expense.

Accrued Expenses

Accrued expenses consist of the following:


	As of
	March 31, 2025		December 31, 2024
Commission and variable compensation	$	6,978	$	10,523
Payroll and benefits	3,538		5,164

Other accrued expenses	7,941		7,585
Total accrued expenses	$	18,457	$	23,272

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 70,915,000	$ 92,561,000
Accounts receivable	8,789,000		$ 1,876,000
Impairment of capitalized costs	0	$ 0
Remaining performance obligation	$ 415,103,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	51.00%
Remaining performance obligation, timing of satisfaction	12 months

- Definition

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.

+ References + Details

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 6,978	$ 10,523
Payroll and benefits	3,538	5,164
Other accrued expenses	7,941	7,585
Total accrued expenses	$ 18,457	$ 23,272

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
Beginning balance (in shares) at Dec. 31, 2023							1,819,246		14,404,605
Beginning balance at Dec. 31, 2023	$ (288,943)				$ (11,081)		$ 0		$ 1	$ 115,196		$ (126,343)	$ 65	$ (277,862)
Stockholders' Deficit
Equity-based compensation	2,175				2,175					2,175
Vesting of restricted stock units (in shares)							89,834
Restricted stock units withheld to pay taxes (in shares)								(27,968)
Restricted stock units withheld to pay taxes		$ (1,172)				$ (1,172)					$ (1,172)
Dividends declared	(493)				(493)					(493)
Distributions declared to noncontrolling interests	(3,683)													(3,683)
Issuance per redemption of Class B shares for Class A shares (in shares)							(25,000)		(25,000)
Issuance per redemption of Class B shares for Class A shares	0				(471)					(471)				471
Foreign currency translation adjustments	(38)				(38)								(38)
Remeasurement of deferred taxes due to change in noncontrolling interest	56				56					56
Net income (loss)	22,712				1,657							1,657		21,055
Ending balance (in shares) at Mar. 31, 2024							1,906,112		14,379,605
Ending balance at Mar. 31, 2024	(269,386)				(9,367)		$ 0		$ 1	115,291		(124,686)	27	(260,019)
Beginning balance (in shares) at Dec. 31, 2024			1,978,136	13,994,498			1,978,136		13,994,498
Beginning balance at Dec. 31, 2024	(217,924)				(12,536)		$ 0		$ 1	106,691		(119,284)	56	(205,388)
Stockholders' Deficit
Equity-based compensation	3,342				3,342					3,342
Vesting of restricted stock units (in shares)							119,314
Restricted stock units withheld to pay taxes (in shares)							(38,958)
Restricted stock units withheld to pay taxes	(583)				(583)					(583)
Dividends declared	(1,955)				(1,955)					(1,955)
Distributions declared to noncontrolling interests	(17,640)													(17,640)
Issuance per redemption of Class B shares for Class A shares (in shares)							(261,634)		(261,634)
Issuance per redemption of Class B shares for Class A shares	0				(5,152)					(5,152)				5,152
Foreign currency translation adjustments	0
Remeasurement of deferred taxes due to change in noncontrolling interest	188				188					188
Net income (loss)	16,841				890							890		15,951
Ending balance (in shares) at Mar. 31, 2025			2,320,126	13,732,864			2,320,126		13,732,864
Ending balance at Mar. 31, 2025	$ (217,731)				$ (15,806)		$ 0		$ 1	$ 102,531		$ (118,394)	$ 56	$ (201,925)

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Three Months Ended March 31,
		2025		2024
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest		$	(1)	$	(281)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(1,114)		(465)



Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable		18		45

		As of March 31,
		2025		2024
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents		$	79,178	$	131,175

Total cash and cash equivalents		$	79,178	$	131,175

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 79,178	$ 97,876
Accounts receivable	8,789	1,876
Prepaid expenses	10,162	10,051
Related party receivables	1,583	547
Deferred contract acquisition costs	52,182	57,214
Other current assets	1,016	1,269
Total current assets	152,910	168,833
Property and equipment, net	203	592
Operating lease right-of-use assets	2,770	3,182
Intangible assets, net	4,391	4,673
Goodwill	30,043	30,043
Deferred contract acquisition costs, noncurrent	38,954	42,121
Deferred tax assets	10,289	10,071
Total assets	239,560	259,515
Current liabilities:
Accrued expenses	18,457	23,272
Deferred revenue and other contract liabilities	213,004	217,973
Operating lease liabilities	1,110	1,629
Other current liabilities	11,795	12,985
Total current liabilities	248,192	260,208
Deferred revenue and other contract liabilities, noncurrent	202,099	209,013
Other liabilities, noncurrent	2,610	2,811
Operating lease liabilities, noncurrent	653	2,738
Total liabilities	457,291	477,439
Commitments and Contingencies	0	0
Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively	0	0
Additional paid-in capital	102,531	106,691
Accumulated other comprehensive income	56	56
Accumulated deficit	(118,394)	(119,284)
Total stockholders’ deficit attributable to MarketWise, Inc.	(15,806)	(12,536)
Noncontrolling interest	(201,925)	(205,388)
Total stockholders’ deficit	(217,731)	(217,924)
Total liabilities and stockholders’ deficit	239,560	259,515
Common stock – Class A
Current liabilities:
Common stock	0	0
Common stock – Class B
Current liabilities:
Common stock	1	1
Nonrelated Party
Current liabilities:
Trade and other payables	3,295	4,011
Related Party
Current assets:
Operating lease right-of-use assets	2,770	3,172
Current liabilities:
Trade and other payables	531	338
Related party TRA liability, noncurrent (Note 9)	$ 3,737	$ 2,669

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Stock by Class

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	47,500,000	2,320,126	2,320,126
Common stock - Class B	15,000,000	13,732,864	13,732,864
Preferred stock	100,000,000	—	—
Total	162,500,000	16,052,990	16,052,990

Schedule of Dividends Declared

The dividends and distributions declared during the three months ended March 31, 2025 were as follows:


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



January 15, 2025	February 26, 2025	$	0.60	$	1,249	N/A		N/A
February 27, 2025	March 31, 2025	$	0.20	$	722	$	0.20	$	2,766

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

The dividends and distributions declared during the three months ended March 31, 2025 were as follows:


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



January 15, 2025	February 26, 2025	$	0.60	$	1,249	N/A		N/A
February 27, 2025	March 31, 2025	$	0.20	$	722	$	0.20	$	2,766

- Definition

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.

+ References

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-Section S99
-Paragraph 1
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+ Details

Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) - Recurring	Mar. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.272
Profits interests	0.300
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.301

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income	$ 16,841	$ 22,712
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	531	693
Impairment of property and equipment, net	380	0
Stock-based compensation	3,141	3,807
Change in fair value of contingent consideration	(1,226)	0
Deferred taxes	1,038	678
Unrealized gains on foreign currency	(1)	(57)
Other gains	(1,646)	0
Noncash lease expense	2,139	505
Changes in operating assets and liabilities:
Accounts receivable	(6,913)	1,178
Related party receivables and payables	383	2,381
Prepaid expenses	(111)	(1,250)
Other current assets and other assets	253	214
Deferred contract acquisition costs	8,199	13,764
Trade and other payables	(733)	2,412
Accrued expenses	(4,815)	(32,993)
Deferred revenue	(11,883)	(30,881)
Operating lease liabilities	(2,685)	(352)
Other current and long-term liabilities	(1,159)	(1,322)
Net cash provided by (used in) operating activities	1,733	(18,511)
Cash flows from investing activities:
Purchases of property and equipment	(45)	0
Capitalized software development costs	(177)	(252)
Net cash used in investing activities	(222)	(252)
Cash flows from financing activities:
Restricted stock units withheld to pay taxes	(583)	(1,172)
Dividends paid	(1,986)	(343)
Distributions to noncontrolling interests	(17,640)	(3,683)
Net cash used in financing activities	(20,209)	(5,198)
Effect of exchange rate changes on cash	0	(38)
Net decrease in cash, cash equivalents and restricted cash	(18,698)	(23,999)
Cash, cash equivalents and restricted cash — beginning of period	97,876	155,174
Cash, cash equivalents and restricted cash — end of period	$ 79,178	$ 131,175

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,720	$ 3,884
Less: Accumulated depreciation and amortization	(2,517)	(3,292)
Total property and equipment, net	$ 203	592
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 968	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,691	1,653
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 61	$ 1,271

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net revenue	$ 83,507	$ 108,991
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	41,963	49,626
Term subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	40,969	58,649
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net revenue	575	716
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	493	379
Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	83,014	108,612
Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	82,932	108,275
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	575	716
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	82,932	108,275
Subscriptions \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	82,932	108,275
Subscriptions \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	12	319
Advertising \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Advertising \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	12	319
Revenue Share \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	493	379
Revenue Share \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	70	18
Revenue Share \| Transferred over time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Revenue Share \| Transferred over time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Revenue Share \| Transferred at a point in time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	493	379
Revenue Share \| Transferred at a point in time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	$ 70	$ 18

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consists of the following:


		As of
	Estimated Useful Lives	March 31, 2025		December 31, 2024
Furniture and fixtures	5 years	$	968	$	960
Computers, software and equipment	3 years	1,691		1,653
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	61		1,271
		2,720		3,884
Less: Accumulated depreciation and amortization		(2,517)		(3,292)
Total property and equipment, net		$	203	$	592

Schedule of Accrued Expenses

Accrued expenses consist of the following:


	As of
	March 31, 2025		December 31, 2024
Commission and variable compensation	$	6,978	$	10,523
Payroll and benefits	3,538		5,164

Other accrued expenses	7,941		7,585
Total accrued expenses	$	18,457	$	23,272

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2025
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 $493 and $379 for the three months ended March 31, 2025 and 2024, respectively. We also incurred revenue share expenses paid to related parties of $1,061 and $1,306 which were capitalized as contract origination costs for the three months ended March 31, 2025 and 2024, respectively. A related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $110 and $134 for the three months ended March 31, 2025 and 2024, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $90 and $0 for the three months ended March 31, 2025 and 2024, respectively. A related party also provided certain corporate functions to MarketWise and the costs of these services are charged to MarketWise. We recorded $24 and $23 for the three months ended March 31, 2025 and 2024, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $704 and $354 as of March 31, 2025 and December 31, 2024 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 $160 and $155 in other income, net for the three months ended March 31, 2025 and 2024, respectively. Related party receivables related to these services were $160 and $194 as of March 31, 2025 and December 31, 2024, respectively. We lease offices from related parties. Lease payments made to related parties were $403 and $435 for the three months ended March 31, 2025 and 2024, respectively, and related party rent expense of $551 and $603 were recognized in general and administrative expenses for the three months ended March 31, 2025 and 2024. At March 31, 2025 and December 31, 2024, ROU assets of $2,770 and $3,172 and lease liabilities of $1,762 and $4,335 are associated with leases with related parties. Additionally, we paid $700 in lease termination fees related to our former Legacy Research lease during the three months ended March 31, 2025. For more information, see Note 6 – Balance Sheet Components.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2025
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 5.8% and 3.1% for the three months ended March 31, 2025 and 2024, respectively. The main driver of the rate for the three months ended March 31, 2024 was the impact of discrete items related to a lease termination and the change in fair value of contingent consideration. The main driver of the increase in the effective tax rate from the three months ended March 31, 2024 is the change in the income allocation to the non-controlling interest. Our effective tax rate for the three months ended March 31, 2025 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 $30,944 for certain deferred tax assets that are not more likely than not to be realized. As part of the Transactions (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021), we entered into Tax Receivable Agreements (“TRAs”) with certain shareholders. Pursuant to our election under Section 754 of the Code, 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 will represent approximately 85% of the calculated tax savings based on basis adjustments and other carryforward attributes assumed that we anticipate to be 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 months ended March 31, 2025, Members of MarketWise, LLC exchanged an aggregate of 261,634 common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 261,634 newly-issued shares of Class A common stock. As a result, we have recorded a cumulative liability of $3,737 under the TRA as of March 31, 2025. No payments have been made under the TRA and no significant payments are expected in the next 12 months. As of March 31, 2025, we had no unrecognized tax positions and believe there will be no changes to uncertain tax positions within the next 12 months.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Total net revenue

$ 83,507

$ 108,991

Operating expenses:

Cost of revenue

^[1]

11,935

13,368

Sales and marketing

^[1]

34,078

47,297

General and administrative

^[1]

17,328

23,802

Research and development

^[1]

2,346

2,149

Depreciation and amortization

531

693

Impairment losses

380

Related party expense

129

127

Total operating expenses

66,727

87,436

Income from operations

16,780

21,555

Other income, net

158

234

Interest income, net

941

1,658

Income before income taxes

17,879

23,447

Income tax expense

1,038

735

Net income

16,841

22,712

Net income attributable to noncontrolling interests

15,951

21,055

Net income attributable to MarketWise, Inc.

$ 890

$ 1,657

Net income per Class A common share – basic (USD per share)

$ 0.43

$ 0.90

Net income per Class A common share – diluted (USD per share)

$ 0.41

$ 0.85

Weighted average shares outstanding – basic (in shares)

2,051

1,836

Weighted average shares outstanding – diluted (in shares)

2,160

1,956

Nonrelated Party

Total net revenue

$ 83,014

$ 108,612

Related Party

Total net revenue

$ 493

$ 379

[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

Fair Value Measurements - Schedule of Changes in Fair Value of Assets and Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Profits interests, noncurrent
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,811
Total (gains) losses recorded in earnings	(201)
Ending balance	2,610
Contingent consideration receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	146
Total gains (losses) recorded in earnings	1,226
Ending balance	$ 1,372

Earnings Per Share - Narrative (Details)	3 Months Ended
Earnings Per Share - Narrative (Details)	Mar. 31, 2025 shares
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	152,550
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	100,000

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025 vote $ / shares shares	Feb. 28, 2025 USD ($)	Dec. 31, 2024 $ / shares
Class of Stock [Line Items]
Common stock, number of votes per share \| vote	1
Common stock, conversion ratio	1
Sponsor Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares) \| shares	152,550
Management Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares) \| shares	100,000
Common stock – Class A
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001		$ 0.0001
Share repurchase program, amount authorized \| $		$ 50
Common stock – Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001		$ 0.0001

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2025 USD ($) shares	Mar. 31, 2024
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate	5.80%	3.10%
Valuation allowance	$ 30,944,000
Tax savings rate (as a percent)	0.85
Tax receivable agreement, percent of calculated tax savings retained (as a percent)	0.15
Tax Receivable Agreement	$ 3,737,000
Unrecognized tax positions	0
Change to uncertain tax positions within the next 12 months	$ 0
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) \| shares	261,634
Common stock – Class A
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Stock issued during period, conversion of units (in shares) \| shares	261,634

Organization	3 Months Ended
Organization	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business and Basis of Presentation 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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stock-Based Compensation

3 Months Ended

Mar. 31, 2025

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 March 31,
	2025		2024
Cost of revenue	$	1,264	$	599
Sales and marketing	694		621
General and administrative	1,183		2,587
Total stock based-compensation expense	$	3,141	$	3,807

Total stock-based compensation expense for the three months ended March 31, 2025 and 2024 includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows:


	Three Months Ended March 31,
	2025		2024
2021 Incentive Award Plan	$	3,329	$	2,086
Employee Stock Purchase Plan	13		89
Profits interests	(201)		1,632
Total stock-based compensation expense	$	3,141	$	3,807

2021 Incentive Award Plan

During the three months ended March 31, 2025, we granted 17,429 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 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 will have a total market value equal to the SAR value calculated as (x) number of shares underlying 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.


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2025	1,269,883	$	25.60	60,965	$	81.00
Granted	17,429	11.62		—	—
Vested (RSUs) or Exercised (SARs)	(119,314)	30.19		—	—
Forfeited	(34,982)	23.13		(1,704)	81.00
Expired	—	—		—	—
Outstanding at March 31, 2025	1,133,016	$	24.99	59,261	$	81.00
Exercisable at March 31, 2025	—	$	—	44,624	$	81.00

The stock compensation expense related to the RSU and SAR grants was $3,329 and $2,086 during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, 44,624 SARs were exercisable and they have a remaining contractual term of 6.5 years.

Employee Stock Purchase Plan

The Company recognized $13 and $89 of stock-based compensation expense related to the Employee Stock Purchase Plan ("ESPP”) during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, $64 has been withheld on behalf of employees for the June 30, 2025 purchase date.

Profits Interests

The Company recognized $(201) and $1,632 of stock-based compensation (benefit) expense related to the profits interests during the three months ended March 31, 2025 and 2024, respectively.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through May 8, 2025, which is the date that the financial statements were issued. In April 2025, the Company commenced repurchases under the share repurchase program. We have repurchased approximately 20,306 shares of Class A common stock totaling $219 in aggregate, including fees and commissions of $1 through May 8, 2025.

Balance Sheet Components - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 0	$ 0
Capitalized cloud computing implementation costs amortization expense	242,000	238,000
Depreciation expense	54,000	$ 60,000
Impairment loss on leasehold	380,000
Gain on termination of lease	$ 1,646,000