MarketWise (MKTW) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	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	2022
Document Fiscal Period Focus	Q3
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		33,873,502
Common Stock - Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		291,092,303

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 147,216	$ 139,078
Accounts receivable	4,564	7,805
Prepaid expenses	10,672	13,043
Related party receivables	927	496
Related party notes receivable, current	422	298
Restricted cash	0	500
Deferred contract acquisition costs	97,292	82,685
Other current assets	3,507	2,484
Total current assets	264,600	246,389
Property and equipment, net	963	1,188
Operating lease right-of-use assets	9,979	10,901
Intangible assets, net	17,014	8,612
Goodwill	31,307	23,288
Deferred contract acquisition costs, noncurrent	105,293	120,386
Related party notes receivable, noncurrent	0	861
Deferred tax assets	5,315	8,964
Other assets	716	965
Total assets	435,187	421,554
Current liabilities:
Trade and other payables	3,151	4,758
Related party payables, net	261	970
Accrued expenses	39,302	46,453
Deferred revenue and other contract liabilities	318,804	317,133
Operating lease liabilities	1,452	1,274
Other current liabilities	20,749	24,905
Total current liabilities	383,719	395,493
Deferred revenue and other contract liabilities, noncurrent	371,921	393,043
Derivative liabilities, noncurrent	1,320	2,015
Warrant liabilities	0	29,332
Operating lease liabilities, noncurrent	6,250	6,933
Total liabilities	763,210	826,816
Commitments and Contingencies	0	0
Stockholders’ deficit:
Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	104,833	97,548
Accumulated other comprehensive loss	(109)	(9)
Accumulated deficit	(132,421)	(146,115)
Total stockholders’ deficit attributable to MarketWise, Inc.	(27,665)	(48,545)
Noncontrolling interest	(300,358)	(356,717)
Total stockholders’ deficit	(328,023)	(405,262)
Total liabilities, noncontrolling interest, and stockholders’ deficit	435,187	421,554
Common Stock - Class A
Stockholders’ deficit:
Common stock	3	2
Common Stock - Class B
Stockholders’ deficit:
Common stock	$ 29	$ 29

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock - Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	28,822,502	24,718,402
Common stock, outstanding (in shares)	28,822,502	24,718,402
Common Stock - Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	291,092,303	291,092,303
Common stock, outstanding (in shares)	291,092,303	291,092,303

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net revenue		$ 119,297	$ 140,422	$ 383,383	$ 401,647
Related party revenue		637	245	1,363	864
Total net revenue		119,934	140,667	384,746	402,511
Operating expenses:
Cost of revenue	[1],[2]	14,482	62,024	48,328	221,662
Sales and marketing	[1],[2]	51,635	82,558	184,922	231,269
General and administrative	[1],[2]	28,986	356,286	79,895	928,376
Research and development	[2]	2,173	2,137	6,740	5,842
Depreciation and amortization		836	629	2,053	2,076
Related party expense		96	10,097	290	10,144
Total operating expenses		98,208	513,731	322,228	1,399,369
Income (loss) from operations		21,726	(373,064)	62,518	(996,858)
Other (expense) income, net		(3,651)	9,859	15,568	10,162
Interest (expense) income, net		(183)	5	(572)	17
Income (loss) before income taxes		17,892	(363,200)	77,514	(986,679)
Income tax expense		1,383	3,085	3,945	3,085
Net income (loss)		16,509	(366,285)	73,569	(989,764)
Net income attributable to noncontrolling interests		20,521	33,248	59,875	32,117
Net (loss) income attributable to MarketWise, Inc.		$ (4,012)	(399,533)	$ 13,694	(1,021,881)
Net income per Class A common share - basic (USD per share)		$ (0.17)		$ 0.59
Net income per Class A common share - diluted (USD per share)		$ (0.17)		$ 0.59
Weighted average shares outstanding, basic (in shares)		23,533		23,233
Weighted average shares outstanding, diluted (in shares)		23,566		23,267
Total stock-based compensation expense		$ 2,153	412,565	$ 7,190	1,061,085
Cost of revenue
Operating expenses:
Total stock-based compensation expense		438	46,396	1,496	171,312
Sales and marketing
Operating expenses:
Total stock-based compensation expense		514	32,606	1,655	47,516
General and administrative
Operating expenses:
Total stock-based compensation expense		$ 1,201	$ 333,563	$ 4,039	$ 842,257
[1] (1) Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows (see Note 10 – Stock-Based Compensation): (2) 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

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 16,509	$ (366,285)	$ 73,569	$ (989,764)
Other comprehensive income (loss):
Cumulative translation adjustment	6	(40)	(100)	(141)
Total comprehensive income (loss)	$ 16,515	$ (366,325)	$ 73,469	$ (989,905)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Deficit / Members' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Marketwise, LLC	Class A Members’ units	Common Stock Common Stock - Class A	Common Stock Common Stock - Class B	Preferred Stock	Additional paid-in capital	Accumulated deficit	Accumulated Other Comprehensive Income (Loss)	Total Stockholders’ Deficit / Members’ Deficit Attributable to MarketWise, Inc.	Noncontrolling Interest
Class A members' units, beginning balance (in shares) at Dec. 31, 2020			547,466
Class A members' units, beginning balance at Dec. 31, 2020	$ (920,610)		$ (914,728)						$ (17)	$ (914,745)	$ (5,865)
Members' Deficit
Class A units transferred to Class B (in shares)			(18,947)
Acquisition of Chaikin	810										810
Foreign currency translation adjustments	(101)								(101)	(101)
Distributions	(15,929)		$ (15,098)							(15,098)	(831)
Net income (loss)	(623,479)		$ (622,348)							(622,348)	(1,131)
Class A members' units, ending balance (in shares) at Jun. 30, 2021			528,519
Class A members' units, ending balance at Jun. 30, 2021	(1,559,309)		$ (1,552,174)						(118)	(1,552,292)	(7,017)
Stockholders' Deficit
Foreign currency translation adjustments	(101)								(101)	(101)
Net income (loss)	(623,479)		$ (622,348)							(622,348)	(1,131)
Ending balance (in shares) at Jun. 30, 2021				0	0	0
Ending balance at Jun. 30, 2021				$ 0	$ 0	$ 0	$ 0	$ 0
Class A members' units, beginning balance (in shares) at Dec. 31, 2020			547,466
Class A members' units, beginning balance at Dec. 31, 2020	(920,610)		$ (914,728)						(17)	(914,745)	(5,865)
Members' Deficit
Net income (loss)	(1,032,611)
Stockholders' Deficit
Net income (loss)	(1,032,611)
Controlling interests	(1,031,561)
Noncontrolling interests	(1,050)
Class A members' units, beginning balance (in shares) at Dec. 31, 2020			547,466
Class A members' units, beginning balance at Dec. 31, 2020	(920,610)		$ (914,728)						(17)	(914,745)	(5,865)
Members' Deficit
Foreign currency translation adjustments	(141)
Net income (loss)	(989,764)
Class A members' units, ending balance (in shares) at Sep. 30, 2021			0
Class A members' units, ending balance at Sep. 30, 2021			$ 0
Stockholders' Deficit
Net proceeds	(113,291)
Foreign currency translation adjustments	(141)
Net income (loss)	(989,764)
Ending balance (in shares) at Sep. 30, 2021				25,152,469	291,092,303	0
Ending balance at Sep. 30, 2021	(441,927)			$ 2	$ 29	$ 0	96,344	(154,687)	(49)	(58,361)	(383,566)
Stockholders' Deficit
Income tax provision	3,085
Controlling interests	(1,021,881)
Noncontrolling interests	32,117
Class A members' units, beginning balance (in shares) at Jun. 30, 2021			528,519
Class A members' units, beginning balance at Jun. 30, 2021	(1,559,309)		$ (1,552,174)						(118)	(1,552,292)	(7,017)
Members' Deficit
Net income (loss)	(409,132)		(409,213)							(409,213)	81
Beginning balance (in shares) at Jun. 30, 2021				0	0	0
Beginning balance at Jun. 30, 2021				$ 0	$ 0	$ 0	0	0
Stockholders' Deficit
Net income (loss)	(409,132)		$ (409,213)							(409,213)	81
Controlling interests	(409,213)
Noncontrolling interests	81
Class A members' units, beginning balance (in shares) at Jun. 30, 2021			528,519
Class A members' units, beginning balance at Jun. 30, 2021	(1,559,309)		$ (1,552,174)						(118)	(1,552,292)	(7,017)
Members' Deficit
Foreign currency translation adjustments	(40)								(40)	(40)
Net income (loss)	(366,285)
Distributions related to the recapitalization			$ (120,353)
Reverse capitalization on July 21, 2021 (in shares)			(528,519)
Reverse capitalization on July 21, 2021	0		$ 2,081,740					(164,367)		1,917,373	(1,917,373)
Class A members' units, ending balance (in shares) at Sep. 30, 2021			0
Class A members' units, ending balance at Sep. 30, 2021			$ 0
Beginning balance (in shares) at Jun. 30, 2021				0	0	0
Beginning balance at Jun. 30, 2021				$ 0	$ 0	$ 0	0	0
Stockholders' Deficit
Distributions related to the recapitalization	(120,353)									(120,353)
Net proceeds	113,291						113,291			113,291
Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions)	1,528,228						1,528,228			1,528,228
Reverse capitalization on July 21, 2021	0		$ 2,081,740					(164,367)		1,917,373	(1,917,373)
Proceeds from issuance of common stock (in shares)				24,952,096	291,092,303
Proceeds from issuance of common stock	0			$ 2	$ 29		(31)
Establishment of warrant liabilities	(45,021)						(45,021)			(45,021)
Establishment of deferred taxes	10,056						10,056			10,056
Establishment of noncontrolling interest	0						(1,511,911)		109	(1,511,802)	1,511,802
Equity-based compensation (in shares)				200,373
Equity-based compensation	1,732						1,732			1,732
Distributions	(4,226)										(4,226)
Foreign currency translation adjustments	(40)								(40)	(40)
Net income (loss)	(366,285)
Ending balance (in shares) at Sep. 30, 2021				25,152,469	291,092,303	0
Ending balance at Sep. 30, 2021	(441,927)			$ 2	$ 29	$ 0	96,344	(154,687)	(49)	(58,361)	(383,566)
Stockholders' Deficit
Income tax provision	3,085
Controlling interests	(399,533)
Noncontrolling interests	33,248
Net income (loss)	42,847							9,680		9,680	33,167
Class A members' units, ending balance (in shares) at Sep. 30, 2021			0
Class A members' units, ending balance at Sep. 30, 2021			$ 0
Stockholders' Deficit
Net income (loss)	42,847							9,680		9,680	33,167
Ending balance (in shares) at Sep. 30, 2021				25,152,469	291,092,303	0
Ending balance at Sep. 30, 2021	(441,927)			$ 2	$ 29	$ 0	96,344	(154,687)	(49)	(58,361)	(383,566)
Stockholders' Deficit
Controlling interests	9,680
Noncontrolling interests	33,167
Foreign currency translation adjustments	(100)								(100)	(100)
Net income (loss)	73,569							13,694		13,694	59,875
Beginning balance (in shares) at Dec. 31, 2021				24,718,402	291,092,303	0
Beginning balance at Dec. 31, 2021	(405,262)			$ 2	$ 29	$ 0	97,548	(146,115)	(9)	(48,545)	(356,717)
Stockholders' Deficit
Net proceeds	0
Proceeds from issuance of common stock (in shares)				161,178
Proceeds from issuance of common stock	517						517			517
Equity-based compensation	7,190						7,190			7,190
Issuance of common stock - warrant exchanges (in shares)				5,939,739
Issuance of common stock - warrant exchanges	$ 14,401			$ 1			14,400			14,401
Repurchase of stock (in shares)	(2,484,717)			(2,484,717)
Repurchases of stock	$ (13,054)						(13,054)			(13,054)
Vesting of restricted stock units (in shares)				487,900
Vesting of restricted stock units							(511)
Restricted stock units withheld to pay taxes	(511)									(511)
Acquisition of noncontrolling interest - Chaikin	(297)						(1,257)			(1,257)	960
Distributions	(4,476)										(4,476)
Foreign currency translation adjustments	(100)								(100)	(100)
Net income (loss)	73,569							13,694		13,694	59,875
Ending balance (in shares) at Sep. 30, 2022				28,822,502	291,092,303	0
Ending balance at Sep. 30, 2022	(328,023)			$ 3	$ 29	$ 0	104,833	(132,421)	(109)	(27,665)	(300,358)
Stockholders' Deficit
Gain (Loss) on derivative warrant liabilities	(14,931)
Income tax provision	3,945
Controlling interests	13,694
Noncontrolling interests	59,875
Foreign currency translation adjustments	6								6	6
Net income (loss)	16,509							(4,012)		(4,012)	20,521
Beginning balance (in shares) at Jun. 30, 2022				22,505,103	291,092,303	0
Beginning balance at Jun. 30, 2022	(359,607)			$ 2	$ 29	$ 0	90,048	(128,409)	(115)	(38,445)	(321,162)
Stockholders' Deficit
Equity-based compensation	2,153						2,153			2,153
Issuance of common stock - warrant exchanges (in shares)				5,939,739
Issuance of common stock - warrant exchanges	$ 14,401			$ 1			14,400			14,401
Repurchase of stock (in shares)	0
Vesting of restricted stock units (in shares)				377,660
Restricted stock units withheld to pay taxes	$ (511)						(511)			(511)
Acquisition of noncontrolling interest - Chaikin	(297)						(1,257)			(1,257)	960
Distributions	(677)										(677)
Foreign currency translation adjustments	6								6	6
Net income (loss)	16,509							(4,012)		(4,012)	20,521
Ending balance (in shares) at Sep. 30, 2022				28,822,502	291,092,303	0
Ending balance at Sep. 30, 2022	(328,023)			$ 3	$ 29	$ 0	$ 104,833	$ (132,421)	$ (109)	$ (27,665)	$ (300,358)
Stockholders' Deficit
Gain (Loss) on derivative warrant liabilities	(3,868)
Income tax provision	1,383
Controlling interests	(4,012)
Noncontrolling interests	$ 20,521
Ownership percentage		9%
Noncontrolling interest ownership percentage		91%

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 73,569	$ (989,764)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	2,053	2,076
Impairment of right-of-use assets	287	0
Stock-based compensation	7,190	208,646
Change in fair value of derivative liabilities – Class B Units	0	728,079
Change in fair value of warrant liabilities and other derivative liabilities	(15,626)	(11,543)
Deferred taxes	3,649	3,085
Unrealized gains on foreign currency	(91)	(62)
Noncash lease expense	1,616	1,375
Gain on sale of cryptocurrencies	0	(105)
Changes in operating assets and liabilities:
Accounts receivable	3,241	5,581
Related party receivables and payables, net	(1,140)	(906)
Prepaid expenses	2,371	(4,396)
Other current assets and other assets	(774)	26
Cryptocurrency intangible assets	0	109
Deferred contract acquisition costs	486	(82,050)
Trade and other payables	(1,516)	(7,667)
Accrued expenses	(7,151)	31,005
Deferred revenue	(24,759)	170,239
Operating lease liabilities	(1,486)	(859)
Other current and long-term liabilities	(4,156)	5,751
Net cash provided by operating activities	37,763	58,620
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(12,770)	(7,139)
Acquisition of noncontrolling interests, including transaction costs	(297)	0
Purchases of property and equipment	(35)	(73)
Purchases of intangible assets	0	(890)
Capitalized software development costs	(136)	(100)
Net cash used in investing activities	(13,238)	(8,202)
Cash flows from financing activities:
Net proceeds from the Transactions	0	113,291
Issuance of related party notes receivable	0	(8)
Proceeds from related party notes receivable, net	737	0
Proceeds from issuance of common stock	517	0
Repurchases of stock	(13,054)	0
Restricted stock units withheld to pay taxes	(511)	0
Distributions to members	0	(135,451)
Distributions to noncontrolling interests	(4,476)	(5,057)
Net cash used in financing activities	(16,787)	(27,225)
Effect of exchange rate changes on cash	(100)	(32)
Net increase in cash, cash equivalents and restricted cash	7,638	23,161
Cash, cash equivalents and restricted cash — beginning of period	139,578	114,927
Cash, cash equivalents and restricted cash — end of period	$ 147,216	$ 138,088

Organization

Organization	9 Months Ended
	Sep. 30, 2022
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 (formerly Beacon Street Group, 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. While our headquarters are in Baltimore, Maryland, we operate multiple subsidiaries in the United States. Reverse Recapitalization with Ascendant Digital Acquisition Corp. On July 21, 2021, as contemplated by the Business Combination Agreement, dated as of March 1, 2021, by and among Ascendant Digital Acquisition Corp. (“ADAC”), MarketWise, LLC, all of the members of MarketWise, LLC (the “MarketWise Members”), and Shareholder Representative Services LLC, (as amended, the “Transaction Agreement”), ADAC was domesticated and continues as a Delaware corporation, changing its name to “MarketWise, Inc.” As a result of, and upon the effective time thereof, among other things, (1) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of ADAC (the “ADAC Class A ordinary shares”) automatically converted, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of MarketWise, Inc. (the “Class A common stock”); (2) each of the then issued and outstanding redeemable warrants of ADAC automatically converted into a redeemable warrant to acquire one share of Class A common stock (the “warrants”); and (3) each of the then issued and outstanding units of ADAC that had not been previously separated into the underlying ADAC Class A ordinary shares and underlying warrants upon the request of the holder thereof were cancelled and entitled the holder thereof to one share of Class A common stock and one-half of one warrant. No fractional warrants were issued upon such separation. On July 21, 2021, as contemplated by the Transaction Agreement, MarketWise, Inc. and MarketWise, LLC consummated the business combination contemplated by the Transaction Agreement whereby (i) MarketWise, LLC restructured its capitalization, appointed MarketWise, Inc. as its managing member, and issued to MarketWise, Inc. 28,003,096 common units of MarketWise, LLC (the “MarketWise Units”), and 30,979,993 warrants to purchase MarketWise Units and (ii) MarketWise, Inc. issued 291,092,303 shares of Class B common stock, par value $0.0001 per share, of MarketWise, Inc. (the “Class B common stock” and, together with the Class A common stock, the “common stock”) to the MarketWise Members. As previously announced, on March 1, 2021, concurrently with the execution of the Transaction Agreement, ADAC entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”) who subscribed for 15,000,000 shares of Class A common stock at $10.00 per share for an aggregate commitment amount of $150 million (the “PIPE Investment” and, together with the other transactions described above and all transactions contemplated by or pursuant to the Transaction Agreement, the “Transactions”). The PIPE Investment was consummated on July 21, 2021 substantially concurrently with the closing of the other Transactions. Immediately after giving effect to the Transactions, there were 28,003,096 shares of Class A common stock (including 3,051,000 Sponsor Earn Out Shares (as defined and discussed in our Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on July 28, 2021) the “Original Report”), 291,092,303 shares of Class B common stock, and 30,979,993 warrants outstanding (including 10,280,000 Private Placement Warrants (as defined in the Original Report)). Upon the consummation of the Transactions, ADAC’s ordinary shares, warrants, and units ceased trading on The New York Stock Exchange, and MarketWise, Inc.’s Class A common stock and warrants began trading on the Nasdaq under the symbols “MKTW” and “MKTW W,” respectively. Immediately after giving effect to the Transactions, (1) ADAC’s public shareholders owned approximately 0.1% of the outstanding MarketWise, Inc. common stock, (2) the MarketWise Members owned approximately 91.2% of the outstanding MarketWise, Inc. common stock, (3) Ascendant Sponsor LP, a Cayman Islands exempted limited partnership and related parties (the “Sponsor”) collectively owned approximately 3.2% of the outstanding MarketWise, Inc. common stock (including 3,051,000 Sponsor Earn Out Shares), and (4) the PIPE Investors owned approximately 4.7% of the outstanding MarketWise, Inc. common stock. The Transaction was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Under the guidance in Accounting Standards Codifications (“ASC”) Topic 805, MarketWise, LLC is treated as the “acquirer” for financial reporting purposes. As such, MarketWise, LLC is deemed the accounting predecessor of the combined business and MarketWise, Inc. the successor registrant for SEC purposes, meaning that MarketWise, LLC’s financial statements for previous periods will be disclosed in the registrant’s future periodic reports filed with the SEC. The reverse recapitalization was treated as the equivalent of MarketWise, LLC issuing stock for the net assets of ADAC, accompanied by a recapitalization. As part of the recapitalization Transactions, we recorded net cash proceeds from the Transactions of $113.6 million in equity. This cash amount includes: (1) the reclassification of ADAC’s Trust Account of $414.6 million to cash and cash equivalents that became available at the time of the Transactions; (2) proceeds of $150.0 million from the issuance and sale of MarketWise Class A common stock in the PIPE investment; (3) payment of $48.8 million in non-recurring transaction costs; (4) settlement of $14.5 million in deferred underwriters’ discount; and (5) the payment of $387.7 million to redeeming shareholders of ADAC. We also recorded (1) $45.0 million in equity related to the establishment of the initial value of the warrants; and (2) $10.1 million in equity related to the establishment of the initial value of deferred taxes.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying condensed 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 consolidated financial statements. As of September 30, 2022, MarketWise, Inc. had a 9.0% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, Stansberry Pacific Research, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s consolidated financial statements. For more information on Stansberry Pacific Research, see Note 14 – Variable Interest Entities . The condensed consolidated financial statements have been prepared in accordance with GAAP. All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by a related party, including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying condensed consolidated financial statements, including the assumptions regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying condensed consolidated financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had we been a separate independent entity. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated 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 condensed consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2021 condensed 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 condensed consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of September 30, 2022, the results of operations, comprehensive income (loss), stockholders’ deficit / members’ deficit, and cash flows for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 and 2021 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, 2021 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 financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of membership 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. Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. Our Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. Accordingly, we have a single reportable segment. Long-lived assets outside the United States were immaterial as of September 30, 2022 and December 31, 2021. Stock-Based Compensation Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the condensed consolidated statements of operations. 2021 Incentive Award Plan On July 21, 2021, the MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) became effective. As of September 30, 2022, MarketWise has reserved a total of 32,938,082 shares of MarketWise Class A common stock for issuance pursuant to the 2021 Incentive Award Plan and the maximum number of shares that may be issued pursuant to the exercise of incentive stock options granted under the 2021 Incentive Award Plan is 32,045,000, in each case, subject to certain adjustments set forth therein. See also Note 10 – Stock-Based Compensation . The 2021 Incentive Award Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. Equity-based compensation with service conditions made to employees is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). We have elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. 2021 ESPP As a result of the Transactions, we adopted the 2021 Employee Stock Purchase Plan (“ESPP”) effective on January 1, 2022. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. As of September 30, 2022, The Company has reserved for issuance a total of 6,557,847 shares of Class A common stock for the ESPP. The current offering period began on July 1, 2022 and ends on December 31, 2022. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. Class B Units As more fully described above, we completed our Transactions in July 2021, and all Class B Units fully vested as of the transaction date, and the original operating agreement was terminated and replaced by a new operating agreement consistent with the Company’s Up-C structure. This new operating agreement does not contain the put and call options that existed under the previous operating agreement, and the Common Units are treated as common equity under the new operating agreement and do not generate stock-based compensation expense. Prior to the Transactions, under the old operating agreement, and as part of our compensation and retention strategy, we granted incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units were accounted for as a substantive class of equity and allowed the recipient to realize value only to the extent that the value of the award appreciated. The Class B Units contained service-based vesting conditions and had different vesting terms depending upon the employee which ranged from vesting immediately to eight years; vesting was accelerated upon the completion of the Transactions. Compensation cost was recognized on a straight-line basis over the requisite service period until vesting for the entire award, but at least equaled the number of vested units determined by the underlying vesting schedule. Forfeitures were accounted for in the period in which they occurred. The Class B Units were subject to a put and call option whereby we could elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of our net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units were classified as liabilities in the accompanying condensed consolidated balance sheet. Prior to the completion of the Transactions, the liability for Class B units was remeasured to fair value at the end of each reporting period. Since Class B Units were classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to our operating agreement were considered to be stock-based compensation expenses. Upon consummation of the Transactions, the old operating agreement was terminated and a new operating agreement was adopted. 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. The Transactions occurred on July 21, 2021. As a result, net income (loss) for the year ended December 31, 2021 was attributed to the pre-Transactions period from January 1, 2021 through July 21, 2021 and to the post-Transactions period from July 22, 2021 through December 31, 2021. Net income (loss) in the pre-Transactions period was attributable to consolidated MarketWise, LLC and its respective noncontrolling interests and in the post-Transactions period was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. Net income for the three and nine months ended September 30, 2022 was fully in the post-Transactions period and therefore attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of September 30, 2022, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 9.0% and the noncontrolling interest was 91.0%. For the three months ended September 30, 2022 net income attributable to controlling interests included a $3,868 loss on warrant liabilities and a $1,383 tax provision, and for the nine months ended September 30, 2022 net income attributable to controlling interests included a $14,931 gain on warrant liabilities and a $3,945 tax provision, both of which are 100% attributable to the controlling interest. Net loss for three and nine months ended September 30, 2021 was attributed to the pre-Transactions period from January 1, 2021 through July 1, 2021 and from July 1, 2021 through July 21, 2021 and to the post-Transactions period from July 22, 2021 through September 30, 2021. Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding during the period. Diluted net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the period. Recently Issued and Adopted Accounting Pronouncements In October 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this ASU adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations. As a result, acquiring entities are required to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, instead of fair value. We have early adopted and applied this ASU to the Winans Media transaction (as defined herein). See Note 4 – Acquisitions for additional disclosure on the Winans Media transaction.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 September 30, 2022 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 118,990 $ — $ — $ — $ 118,990 Transferred at a point in time — 169 637 138 944 Total $ 118,990 $ 169 $ 637 $ 138 $ 119,934 Three Months Ended September 30, 2021 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 139,831 $ — $ — $ — $ 139,831 Transferred at a point in time — 423 245 168 836 Total $ 139,831 $ 423 $ 245 $ 168 $ 140,667 Nine Months Ended September 30, 2022 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 382,321 $ — $ — $ — $ 382,321 Transferred at a point in time — 606 1,363 456 2,425 Total $ 382,321 $ 606 $ 1,363 $ 456 $ 384,746 Nine Months Ended September 30, 2021 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 398,362 $ — $ — $ — $ 398,362 Transferred at a point in time — 1,968 864 1,317 4,149 Total $ 398,362 $ 1,968 $ 864 $ 1,317 $ 402,511 Revenue recognition by subscription type was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Membership subscriptions $ 46,915 $ 50,862 $ 148,219 $ 140,893 Term subscriptions 72,075 88,970 234,102 257,470 Non-subscription revenue 944 835 2,425 4,148 Total $ 119,934 $ 140,667 $ 384,746 $ 402,511 Revenue for the Membership and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue from revenue share arrangements and the sale of print products and events, such as webinars and conferences. Net revenue by principal geographic areas was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 119,707 $ 139,998 $ 384,419 $ 400,871 International 227 669 327 1,640 Total $ 119,934 $ 140,667 $ 384,746 $ 402,511 Revenue by location is determined by the billing entity for the customer. 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 September 30, 2022 December 31, 2021 Contract balances Accounts receivable $ 4,564 $ 7,805 Obligations for refunds $ 4,998 $ 5,590 Deferred revenue – current $ 313,806 $ 311,543 Deferred revenue – non-current $ 371,921 $ 393,043 We recognized $72,852 and $63,960 of revenue during the three months ended September 30, 2022 and 2021, and $266,246 and $240,638 during the nine months ended September 30, 2022 and 2021, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $4,564 and $7,805 as of September 30, 2022 and December 31, 2021, respectively, related to the timing of cash settlement with our credit card processors. Assets Recognized from Costs to Obtain a Contract with a Customer The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers: Balance at January 1, 2022 $ 203,071 Royalties and sales commissions – additions 27,758 Revenue share and cost per acquisition fees – additions 43,326 Amortization of capitalized costs (71,570) Balance at September 30, 2022 $ 202,585 We did not recognize any impairment on capitalized costs associated with contracts with customers for the three and nine months ended September 30, 2022 and 2021. Remaining Performance Obligations As of September 30, 2022, the Company had $690,725 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 46% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Winans Media During third quarter 2022, we acquired 100% ownership of certain assets and liabilities from Crowdability, Inc. (“Winans Media transaction”), a provider of financial newsletters, for cash of $12,770. The Winans Media transaction expands our product offerings and our customer base and adds to our talented group of professionals. The Winans Media transaction was accounted for using the acquisition method of accounting for business combinations. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Right of use asset $ 50 Goodwill 8,019 Tradenames 709 Customer relationships 9,350 Total assets acquired 18,128 Deferred revenue, current (2,648) Operating lease liabilities, current (22) Operating lease liabilities, noncurrent (28) Deferred revenue, noncurrent (2,660) Liabilities assumed (5,358) Net assets acquired $ 12,770 The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill arising from the acquisition is largely attributable to expanding our copy and editorial talent base and synergies which we expect to achieve from cross-marketing and providing complementary products to our existing and acquired customers and is fully expected to be deductible for tax purposes. The acquired intangible assets related to the Winans Media transaction are amortized over their estimated useful lives. Accordingly, the tradenames will be amortized over 9.0 years and customer relationships will be amortized over 6.5 years. Amortization for the acquired intangible assets was $217 for the quarter ended September 30, 2022. Chaikin On January 21, 2021, we acquired 90% ownership of Chaikin Holdings LLC (“Chaikin”) a provider of analytical tools and software for investors, for cash of $7,139, net of cash acquired. We acquired Chaikin to expand our product offerings and our customer base. The Chaikin acquisition was accounted for using the acquisition method of accounting for business combinations. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Cash $ 151 Other current assets 138 Customer relationships 3,664 Tradenames 657 Software 247 Goodwill 5,187 Other noncurrent assets 443 Total assets acquired 10,487 Liabilities assumed (2,387) Net assets acquired $ 8,100 Cash consideration $ 7,290 Noncontrolling interest 810 Total consideration $ 8,100 The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill arising from the acquisition is largely attributable to synergies which we expect to achieve from cross-marketing and providing complementary products to our existing and acquired customers, and is expected to be fully deductible for tax purposes. The acquired intangible assets of Chaikin are amortized over their estimated useful lives. Accordingly, the tradenames will be amortized over 8.5 years and customer relationships will be amortized over 6 years. Amortization for the acquired intangible assets was $174 and $115 for the three months ended September 30, 2022 and 2021, and $515 and $477 for the nine months ended September 30, 2022 and 2021, respectively. During third quarter 2022, we acquired additional noncontrolling interests totaling 3.7% in Chaikin, to obtain 93.7% ownership for $297.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill The carrying amounts of goodwill are as follows: Balance at December 31, 2021 $ 23,288 Acquisition – Winans Media transaction 8,019 Balance at September 30, 2022 $ 31,307 Intangible assets, net Intangible assets, net consisted of the following as of the dates indicated: September 30, 2022 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,718 $ (9,223) $ 12,495 6.5 Tradenames 4,287 (2,145) 2,142 6.3 Capitalized software development costs 3,002 (1,712) 1,290 2.2 Finite-lived intangible assets, net 29,007 (13,080) 15,927 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 30,094 $ (13,080) $ 17,014 December 31, 2021 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 12,368 $ (8,105) $ 4,263 4.4 Tradenames 3,578 (1,838) 1,740 5.3 Capitalized software development costs 2,866 (1,344) 1,522 3.1 Finite-lived intangible assets, net 18,812 (11,287) 7,525 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 19,899 $ (11,287) $ 8,612 We recorded amortization expense related to finite-lived intangible assets of $760 and $513 for the three months ended September 30, 2022 and 2021, and $1,793 and $1,736 for the nine months ended September 30, 2022 and 2021, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $133 and $103 for the three months ended September 30, 2022 and 2021, and $368 and $306 for the nine months ended September 30, 2022 and 2021, respectively. We recorded additions to capitalized software development costs of $55 and $136 for the three and nine months ended September 30, 2022, respectively. We recorded additions to capitalized software development costs of $347 for the nine months ended September 30, 2021, which includes acquired software of $247. As of September 30, 2022, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2022 $ 891 2023 3,330 2024 2,843 2025 2,327 2026 2,066 Thereafter 4,470 Finite-lived intangible assets, net $ 15,927

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	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: September 30, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 38,049 $ — $ — $ 38,049 Total assets 38,049 — — 38,049 Liabilities: Derivative liabilities, noncurrent — — 1,320 1,320 Total liabilities $ — $ — $ 1,320 $ 1,320 December 31, 2021 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 25,001 $ — $ — $ 25,001 Total assets 25,001 — — 25,001 Liabilities: Derivative liabilities, noncurrent — — 2,015 2,015 Warrant Liabilities - Public Warrants 19,599 — — 19,599 Warrant Liabilities - Private Placement Warrants — — 9,733 9,733 Total liabilities $ 19,599 $ — $ 11,748 $ 31,347 The level 3 liabilities related to our warrants, our Class B Units, and certain employee and non-employee contracts contain embedded derivatives, see Note 8 – Derivative Financial Instruments and Note 10 – Stock-Based Compensation . The fair value of the Public Warrants was measured based on the listed market price of such warrants at the end of the reporting period. The fair value of the Private Placement Warrants was estimated using a Monte Carlo simulation model at the end of the reporting period. The Company estimates the fair value of the warrants at each reporting period, with changes in fair value recognized in the condensed consolidated statements of operations. The estimated fair value of the warrant liabilities – Public Warrants is determined using Level 1 inputs. The estimated fair value of the warrant liabilities – Private Placement Warrants is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life and risk-free interest rate. The Company estimates the volatility of its ordinary shares based on historical volatility of select peer companies that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: As of September 30, 2022 Volatility 36.80 % Discount rate 21.00 % Credit spread 0.10 % Risk-free rate 3.50 % The following table summarizes the change in fair value of the liabilities during the nine months ended September 30, 2022 and 2021: Balance at January 1, 2022 $ 31,347 Change in fair value of derivative instruments (15,626) Warrants exchanged for Class A common stock (see Note 17 – Warrant Exchange ) (14,401) Balance at September 30, 2022 $ 1,320 Balance at January 1, 2021 $ 597,578 Incremental Class B Units 206,914 Establishment of derivative warrant liabilities on July 21, 2021 (date of the Transactions) 45,021 Change in fair value of derivative instruments (11,543) Change in fair value of Class B Units 728,079 Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions) $ (1,528,228) Balance at September 30, 2021 $ 37,821 The following table summarizes the change in fair value of the Class B Units by income statement line item during the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ — $ 24,028 $ — $ 136,417 Sales and marketing — 2,607 — 10,870 General and administrative — 102,911 — 580,792 Total change in fair value of Class B Units $ — $ 129,546 $ — $ 728,079 To derive the fair value of the Class B Units, we estimated the fair value of Class B Units using a valuation technique. For more information regarding the valuation of the Class B Units, see Note 10 – Stock-Based Compensation.

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Capitalized Implementation Costs We capitalized cloud computing implementation costs for customer-relationship management, revenue management, and enterprise resou rce planning systems of $360 and $21 for the three months ended September 30, 2022 and 2021, and $1,392 and $114 for the nine months ended September 30, 2022 and 2021, respectively. The capitalized implementation costs are capita lized within other current assets and other assets on the condensed con solidated balance sheets. Amortization expense related to capitalized cloud computing implementation costs was $133 and $145, for the three and nine months ended September 30, 2022, respectively. Property and Equipment, Net Property and equipment, net consists of the following: As of Estimated Useful Lives September 30, 2022 December 31, 2021 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,458 1,423 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,278 1,278 3,696 3,661 Less: Accumulated depreciation and amortization (2,733) (2,473) Total property and equipment, net $ 963 $ 1,188 Depreciation and amortization expense for property and equipment was $76 and $116 for the three months ended September 30, 2022 and 2021, and $260 and $340 for the nine months ended September 30, 2022 and 2021, respectively. Accrued Expenses Accrued expenses consist of the following: As of September 30, 2022 December 31, 2021 Commission and variable compensation $ 19,637 $ 22,155 Payroll and benefits 3,677 5,164 Other accrued expenses 15,988 19,134 Total accrued expenses $ 39,302 $ 46,453

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial InstrumentsPrior to the closing of the Transactions, as part of our compensation and employee retention strategy, we entered into contracts with key employees and independent contractors which contain embedded derivatives. These contracts are intended to compensate the employees or independent contractors for services provided and retain their future services. These embedded derivative instruments are issued in the form of phantom interests in Net Income, as defined by our board of directors, that grant the holder value equal to a percentage of Net Income multiplied by a price multiple, or contain an option that granted appreciation rights upon exercise, and which become exercisable upon occurrence of an initial public offering. All derivative instruments are recorded at fair value as derivative liabilities on our condensed consolidated balance sheets. As of September 30, 2022, there are embedded derivative instruments outstanding. The following table presents information on the location and amounts of derivative instruments gains and losses: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives Not Designated as Location of Gain (Loss) Recognized in Income Statement Warrants Other income, net $ (3,868) $ 9,952 $ 14,931 $ 9,952 Phantom Interests in Net Income General and administrative (160) (250) 695 2,138 Option General and administrative — 115 — (547) Total $ (4,028) $ 9,817 $ 15,626 $ 11,543 See Note 6 – Fair Value Measurements for more information regarding the valuation of our derivative instruments. As more fully described in Note 17 – Warrant Exchange

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt On October 29, 2021, MarketWise, LLC, entered into a loan and security agreement (the “Loan and Security Agreement”) providing for up to $150 million of commitments under a revolving credit facility (the “Credit Facility”), including a $5 million letter of credit sublimit, and allows for revolving commitments under the Credit Facility to be increased or new term commitments to be established by up to $65 million. The existing lenders under the Credit Facility are entitled, but not obligated, to provide such incremental commitments. The Credit Facility has a term of three years, maturing on October 29, 2024. The Credit Facility is guaranteed by MarketWise, LLC’s direct and indirect material U.S. subsidiaries, subject to customary exceptions (the “Guarantors”), pursuant to a guaranty by the Guarantors in favor of HSBC Bank USA, National Association, as agent (the “Guaranty”). Borrowings under the Credit Facility are secured by a first-priority lien on substantially all of the assets of MarketWise, LLC and the Guarantors, subject to customary exceptions. Borrowings will bear interest at a floating rate depending on MarketWise, LLC’s Net Leverage Ratio (as defined in the Loan and Security Agreement). As of September 30, 2022, there were no outstanding advances under the Credit Facility. The Loan and Security Agreement contains customary affirmative and negative covenants for transactions of this type, and contains financial maintenance covenants that require MarketWise, LLC to maintain an Interest Coverage Ratio and Net Leverage Ratio (both as defined in the Loan and Security Agreement), and provides for a number of customary events of default, which could result in the acceleration of obligations and the termination of lending commitments under the Loan and Security Agreement. As of September 30, 2022, we were in compliance with these covenants.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based CompensationDuring the three and nine months ended September 30, 2022 we recorded stock-based compensation related to our 2021 Incentive Award Plan and our ESPP, and during the three and nine months ended September 30, 2021, we recorded stock-based compensation related to our Class B Units and our 2021 Incentive Award Plan. As more fully described in Note 1, we completed our Transactions in July 2021, and all Class B Units fully vested as of the transaction date, and the original operating agreement was terminated and replaced by a new operating agreement consistent with the Company’s Up-C structure. This new operating agreement does not contain the put and call options that existed under the previous operating agreement, and the Common Units are treated as common equity under the new operating agreement and do not generate 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 September 30, Nine months ended September 30, 2022 2021 2022 2021 Cost of revenue $ 438 $ 46,396 $ 1,496 $ 171,312 Sales and marketing 514 32,606 1,655 47,516 General and administrative 1,201 333,563 4,039 842,257 Total stock based-compensation expense $ 2,153 $ 412,565 $ 7,190 $ 1,061,085 Total stock-based compensation expense for the three and nine months ended September 30, 2022 includes expenses related to our 2021 Incentive Award Plan and our ESPP, while the total stock-based compensation expense for the three and nine months ended September 30, 2021 includes the vesting of Class B units, the change in fair value of Class B liability awards, profits distributions to Class B unitholders and our 2021 Incentive Award Plan as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 2021 Incentive Award Plan $ 2,086 $ 2,643 $ 6,828 $ 2,643 Employee Stock Purchase Plan 67 — 362 — Vested Class B units and change in fair value of Class B liability awards — 292,580 — 934,993 Profits distributions to Class B unitholders — 117,342 — 123,449 Total stock-based compensation expense $ 2,153 $ 412,565 $ 7,190 $ 1,061,085 2021 Incentive Award Plan On May 16, 2022, we granted a service provider 373,134 restricted stock units (“RSUs”), and on June 2, 2022, we granted our board members 289,555 RSUs in aggregate, both under our 2021 Incentive Award Plan. On September 27, 2021, we granted certain employees and board members RSUs and stock appreciation rights (“SARs”) under our 2021 Incentive Award Plan. For employees and service providers, both RSUs and SARs are primarily time based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs granted in September 2021 entitle the recipients to dividend equivalents 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 RSUs is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model. The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2022 to September 30, 2022 are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2022 2,334,490 $ 8.30 1,935,131 $ 4.05 Granted 662,689 2.89 — — Exercised or vested (660,363) 8.17 — — Forfeited (102,188) 5.91 (103,120) 4.05 Outstanding at September 30, 2022 2,234,628 $ 6.69 1,832,011 $ 4.05 The stock compensation expense related to the RSU and SAR grants was $2,086 and $6,828 for the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, none of the SARs were exercisable and they have a remaining contractual term of 8.75 years. Employee Stock Purchase Plan As a result of the Transactions, the Company adopted the ESPP. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. The Company has reserved for issuance a total of 6,557,847 shares of Class A common stock. The ESPP became effective on January 1, 2022, and the current offering period began on July 1, 2022 and ends on December 31, 2022. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. The Company recognized $67 and $362 of stock-based compensation expense related to the ESPP during the three and nine months ended September 30, 2022, respectively. As of September 30, 2022, $224 has been withheld on behalf of employees for the December 31, 2022 purchase date. Class B Units For the three and nine months ended September 30, 2021, we recognized stock-based compensation expenses related to the Class B units of $409,922 and $1,058,442, respectively. These amounts include profits distributions to Class B unitholders of $117,342 and $123,449 for the three and nine months ended September 30, 2021, respectively. The amount of stock-based compensation expense related to the Class B Units included in each of the line items in the accompanying condensed consolidated statement of operations is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ — $ 45,618 $ — $ 170,536 Sales and marketing — 31,507 — 46,417 General and administrative — 332,797 — 841,489 Total stock based-compensation expense $ — $ 409,922 $ — $ 1,058,442 The weighted-average grant-date fair value of Class B Units granted was $2,195.16 per unit during the three and nine months ended September 30, 2021. Because the Class B Units were not publicly traded, we estimated the fair value of its Class B Units in each reporting period. The fair values of Class B Units were estimated by the board of managers based on our equity value. The board of managers considered, among other things, contemporaneous valuations of our equity value prepared by an unrelated third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation. For the three and six months ended June 30, 2021, the fair value of the Class B Units was estimated using a probability-weighted expected return method. This method considered two scenarios: one based on a market approach according to a proposed acquisition of the Company and allocated through a liquidation waterfall, and the other based on the Company continuing as a private entity according to a discounted cash flow analysis, and allocated using an option pricing model. The results of these two methods were weighted to derive the fair value of the Class B Units as of June 30, 2021. The discounted cash flow method estimates the equity value of the Company by projecting the Company’s net cash flows into the future and discounting these net cash flows to present value by applying a discount rate. Key inputs for this valuation include the Company’s projected cash flows and discount rate. Changes to these inputs could have a material impact on the accompanying condensed consolidated financial statements. The option pricing model allocates the equity value to each class of common units by preparing a breakpoint analysis to determine which securities would receive value at each threshold of a hypothetical liquidation. Then applying a Black-Scholes option pricing analysis to determine the incremental value of each respective breakpoint and allocating that value to each participating security based on its pro-rata ownership in the breakpoint. Key inputs for this valuation include the equity value of the Company, risk-free rate, allocation thresholds, and stock volatility. The Company considered several objective and subjective factors to determine the best estimate of the fair value of the Class B Units, including: ▪ the Company’s historical and expected operating and financial performance; ▪ current business conditions; ▪ indications of value from external investors and their proposed value for the business; ▪ the Company’s stage of development and business strategy; ▪ macroeconomic conditions; ▪ the Company’s weighted average cost of capital; ▪ risk-free rates of return; ▪ the volatility of comparable publicly traded peer companies; and ▪ the lack of an active public market for the Company’s equity units. See also Note 2 – Summary of Significant Accounting Policies – Stock Based Compensation.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareOn July 21, 2021, we completed the Transactions pursuant to the Transaction Agreement which materially impacted the number of shares outstanding. We analyzed the calculation of earnings per share for periods prior to the Transactions, and determined that it resulted in values that would not be meaningful to the users of the condensed consolidated financial statements, as our capital structure completely changed as a result of the Transactions. Therefore, earnings per share information has not been presented for periods prior to the Transactions. Weighted average shares outstanding in the table below have not been retroactively restated to give effect to the reverse recapitalization for periods prior to the date of the Transactions. See Note 1 – Organization – Description of Organization and Reverse Recapitalization with Ascendant Digital Acquisition Corp. for more information regarding the Transactions. The following tables set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and for the period from July 22, 2021 through September 30, 2021: Three Months Ended Nine Months Ended Period from Basic earnings per share: Numerator: Net income $ 16,509 $ 73,569 $ 42,847 Less: Net income attributable to noncontrolling interests 20,521 59,875 33,167 Net income attributable to Class A common shareholders $ (4,012) $ 13,694 $ 9,680 Denominator: Weighted average shares outstanding (in thousands) 23,533 23,233 24,963 Basic earnings per share $ (0.17) $ 0.59 $ 0.39 Diluted earnings per share: Numerator: Net income $ 16,509 $ 73,569 $ 42,847 Less: Net income attributable to noncontrolling interests 20,521 59,875 33,167 Net income attributable to Class A common shareholders $ (4,012) $ 13,694 $ 9,680 Denominator: Weighted average shares outstanding (in thousands) 23,566 23,267 24,963 Diluted earnings per share $ (0.17) $ 0.59 $ 0.39 The Company’s potentially dilutive securities and their impact on the computation of diluted earnings per share is as follows: ▪ Public and Private Placement Warrants: the public and Private Placement Warrants were "out of the money" for the period from July 21, 2021 through September 30, 2021, therefore, net income per share excludes any impact of the 20,699,993 public warrants and 10,280,000 Private Placement Warrants. The warrants were out of the money during the portion of the three and nine month periods ending September 30, 2022 prior to the warrant exchange transaction in September 2022. There are no warrants outstanding as of September 30, 2022. For more details on the warrant exchange, see Note 17 – Warrant Exchange . ▪ Sponsor and MarketWise Management Member Earnout shares: the 3,051,000 Sponsor Earn Out shares and the 2,000,000 MarketWise Management Member Earn Out shares (as defined and discussed in the Original Report) held in escrow are excluded from the earnings per share computation since the earnout contingency has not been met. ▪ Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs as of September 30, 2022. The diluted earnings per share calculation includes the impact of dilutive RSUs, excludes the impact of antidilutive RSUs, and excludes certain RSUs with performance conditions, since the performance conditions have not been met as of September 30, 2022. ▪ Stock appreciation rights: The diluted earnings per share calculation excludes the impact of SARs since the effect was antidilutive. ▪ ESPP: The basic earnings per share calculation includes the impact of the shares that were issued under the ESPP as of June 30, 2022. The diluted earnings per share calculation includes the impact of dilutive shares and excludes the impact of antidilutive shares under the ESPP as of September 30, 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
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. The effective income tax rates for the three and nine months ended September 30, 2022 were 7.7% and 5.1%, respectively The effective income tax rates for the three and nine months ended September 30, 2021 were (0.8)% and (0.3)%, respectively. The main driver of the rates in 2021 was stock compensation expense as a result of the Transactions. The main drivers of the increase in the effective tax rate from the second quarter 2022 are the increase in the Company’s ownership of MarketWise, LLC and the discrete impacts of the shortfall related to stock compensation as well as provision to return entries. Our effective tax rate in 2022 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 $28,981 for certain deferred tax assets that are not more likely than not to be realized. As part of the Transactions, we entered into Tax Receivable Agreements (“TRAs”) with certain shareholders that will represent approximately 85% of the calculated tax savings based on the portion of basis adjustments on future exchanges of MarketWise, LLC units and other carryforward attributes assumed that we anticipate to be able to utilize in future years. There was no exchange of MarketWise, LLC units as part of the Transactions and there has been no exchange since the closing; therefore, we have not recorded a liability under the TRAs as of September 30, 2022. As of September 30, 2022 , we had no unrecognized tax positions and believe there will be no changes to uncertain tax positions within the next 12 months.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
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 $637 and $245 for the three months ended September 30, 2022 and 2021, and $1,363 and $864 for the nine months ended September 30, 2022 and 2021, respectively. We incurred costs related to revenue share agreements with related parties which are capitalized within deferred contract acquisition costs. We capitalized $397 and $1,337 for the three months ended September 30, 2022 and 2021, and $2,167 and $8,921 for the nine months ended September 30, 2022 and 2021, respectively. Additionally, a related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $186 and $347 for the three months ended September 30, 2022 and 2021, and $680 and $960 for the nine months ended September 30, 2022 and 2021, respectively. We recorded fees paid to members of our Board of Directors of $74 and $226 during the three and nine months ended September 30, 2022, respectively, and $76 for the three and nine months ended September 30, 2021 within related party expense in the accompanying condensed consolidated statement of operations. A related party also provided certain corporate functions to MarketWise and the costs of these services are charged to MarketWise. We recorded $21 and $21 for the three months ended September 30, 2022 and 2021, and $64 and $67 for the nine months ended September 30, 2022 and 2021, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $425 and $1,037 as of September 30, 2022 and December 31, 2021, respectively, of related party payables related to revenue share expenses, call center support, and the services noted above. The balances with our related party are presented net and are included in related party payables, net 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 unitholders. As a result, we recognized $225 and $93 in other income, net for the three months ended September 30, 2022 and 2021, and $478 and $235 for the nine months ended September 30, 2022 and 2021, respectively. Related party receivables related to these services were $478 and $358 as of September 30, 2022 and December 31, 2021, respectively. We lease offices from related parties. Lease payments made to related parties were $418 and $383 for the three months ended September 30, 2022 and 2021, and $1,337 and $1,150 for the nine months ended September 30, 2022 and 2021, respectively, and rent expense of $588 and $556 were recognized in general and administrative expenses for the three months ended September 30, 2022 and 2021, and $1,729 and $1,668 for the nine months ended September 30, 2022 and 2021, respectively, related to leases with related parties. At September 30, 2022 and December 31, 2021, ROU assets of $9,626 and $10,323 and lease liabilities of $7,295 and $7,545 are associated with leases with related parties. In April 2020 we provided a loan to a related party and recognized a related party note receivable from the unitholder of $1,148. We recognized $6 and $2 in interest income for the three months ended September 30, 2022 and 2021, and $16 and $7 for the nine months ended September 30, 2022 and 2021, respectively. The related party note receivable balance was $421 and $1,158 as of September 30, 2022 and December 31, 2021, respectively. The interest rate on the loan is variable and was 2.93% as of September 30, 2022. During October 2022, the loan was repaid in full. In July 2021, the Company’s board approved and made a discretionary, one-time, lifetime-award, non-employee bonus payment of $10,000 to the Company’s founder, who is a Class B common stockholder, which was recorded within related party expense in the condensed consolidated statement of operations.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest EntitiesWe consolidated a VIE based on our ability to exercise power and being the primary beneficiary of the entity including directing the operations and marketing campaigns and sharing customer lists and publications, as of September 30, 2022 and December 31, 2021. There have been no reconsideration events during these periods. The assets of consolidated variable interest entities may only be used to settle obligations of these entities. In addition, there is no recourse to MarketWise for the consolidated VIE’s liabilities. The following represents financial information for the consolidated VIE included in the condensed consolidated balance sheets: As of September 30, 2022 December 31, 2021 Current assets $ 3,497 $ 3,901 Noncurrent assets 230 2 Total assets $ 3,727 $ 3,903 Current liabilities $ — $ 274 Total liabilities $ — $ 274

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Nine Months Ended September 30, 2022 2021 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 589 $ — Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1,731) (1,317) Operating lease right-of-use assets obtained in exchange for lease obligations (795) — Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions (50) (398) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable 120 — As of September 30, 2022 2021 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 147,216 $ 137,588 Restricted cash — 500 Total $ 147,216 $ 138,088

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders' 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 September 30, 2022. The 3,051,000 Sponsor Earn Out shares held in escrow and the 2,000,000 Management Earn Out shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock - Class A 950,000,000 28,822,502 28,822,502 Common stock - Class B 300,000,000 291,092,303 291,092,303 Preferred stock 100,000,000 — — Total 1,350,000,000 319,914,805 319,914,805 Each share of Class A and Class B common stock entitles the holder one vote per share. Only holders of Class A common stock have the right to receive dividend 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 MarketWise Members, their respective successors and permitted transferees. Under the terms of the MarketWise Operating Agreement, and subject to certain restrictions set forth therein, the MarketWise Members are entitled to have their MarketWise 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 MarketWise Units whenever the MarketWise Members’ MarketWise Units are so redeemed or exchanged. The MarketWise Members may exercise such redemption rights for as long as their MarketWise Units remain outstanding. For more information, see also Item 13: Certain Relationships and Related Transactions, and Director Independence — MarketWise Unit Redemption Right included in our Annual Report. Our board of directors 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. On November 4, 2021, our Board of Directors authorized the repurchase of up to $35.0 million in aggregate of shares of the Company’s Class A common stock, with the authorization to expire on November 3, 2023. We did not repurchase any shares during the three months ended September 30, 2022 and we repurchased 2,484,717 shares totaling $13,054 in aggregate, including fees and commissions of $25 for the nine months ended September 30, 2022. Since the inception of the program we have repurchased 2,984,987 total shares. The maximum dollar value of shares that may yet to be purchased under the plan was $18.6 million as of September 30, 2022 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. As more fully described in Note 17 – Warrant Exchange below, during September 2022 we issued Class A common stock totaling 5,939,739 in connection with our warrant exchange transaction.

Warrant Exchange

Warrant Exchange	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrant Exchange	Warrant Exchange On August 17, 2022, we commenced an exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to our outstanding Public Warrants and Private Placement Warrants to purchase shares of Class A common stock at $11.50 per share. Each holder was offered the opportunity to receive 0.1925 shares of Class A common stock in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the Offer. Concurrently with the Offer, we solicited consents from holders of the warrants to amend the warrant agreement that governs all of the warrants (the “Warrant Agreement”) to permit us to require that each warrant outstanding upon the closing of the Offer be exchanged for 0.17325 shares of Class A common stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). On September 14, 2022, we concluded the Offer and Consent Solicitation with approximately 96% of the outstanding warrants validly tendered and not withdrawn prior to the expiration of the Offer and Consent Solicitation. Accordingly, on September 19, 2022, we issued 5,725,681 shares of Class A common stock in exchange for the 29,743,932 warrants tendered in the Offer. Additionally, we received the requisite approval of warrant holders to enter into the Warrant Amendment. Accordingly, we and Continental Stock Transfer & Trust Company entered into the Warrant Amendment, dated September 15, 2022, and we exercised our right, in accordance with the terms of the Warrant Amendment, to exchange each warrant that was outstanding upon the closing of the Offer for 0.17325 shares of Class A common stock per warrant. On September 30, 2022, we issued 214,058 shares of Class A common stock in exchange for the 1,236,061 outstanding warrants after closing of the Offering. As a result, there are no outstanding warrants as of September 30, 2022, and the warrants were delisted from trading on the Nasdaq. In connection with the warrant exchange, we paid out a de minimis amount of cash in lieu of fractional shares. We incurred $2.1 million of costs directly related to the warrant exchange, consisting primarily of dealer manager fees and professional, legal, printing, filing, regulatory, and other costs. These costs were recorded in general and administrative expenses on the condensed consolidated statements of operations as the transactions did not generate any proceeds to us and therefore the costs did not qualify to be deferred or charged to additional paid-in-capital under ASC 340-10-S99-1.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated through November 3, 2022, which is the date that the financial statements were issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying condensed 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 consolidated financial statements. As of September 30, 2022, MarketWise, Inc. had a 9.0% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, Stansberry Pacific Research, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s consolidated financial statements. For more information on Stansberry Pacific Research, see Note 14 – Variable Interest Entities . The condensed consolidated financial statements have been prepared in accordance with GAAP. All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include expenses for certain functions historically performed by a related party, including general corporate services, such as legal, accounting, treasury, information technology, human resources and administration. These expenses are based primarily on direct usage when identifiable, direct capital expenditures or other relevant allocations during the respective periods. We believe the assumptions underlying the accompanying condensed consolidated financial statements, including the assumptions regarding these expenses from this related party, are reasonable. Actual results may differ from these expenses, assumptions and estimates. The amounts recorded in the accompanying condensed consolidated financial statements are not
Unaudited Interim Financial Information	Unaudited Interim Financial InformationThe accompanying unaudited condensed consolidated 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 condensed consolidated financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2021 condensed 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 condensed consolidated financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of September 30, 2022, the results of operations, comprehensive income (loss), stockholders’ deficit / members’ deficit, and cash flows for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 and 2021 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, 2021 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 financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of membership 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.
Segment Information	Segment Information Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. Our Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reporting segment for financial statement purposes. Accordingly, we have a single reportable segment. Long-lived assets outside the United States were immaterial as of September 30, 2022 and December 31, 2021.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the condensed consolidated statements of operations. 2021 Incentive Award Plan On July 21, 2021, the MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) became effective. As of September 30, 2022, MarketWise has reserved a total of 32,938,082 shares of MarketWise Class A common stock for issuance pursuant to the 2021 Incentive Award Plan and the maximum number of shares that may be issued pursuant to the exercise of incentive stock options granted under the 2021 Incentive Award Plan is 32,045,000, in each case, subject to certain adjustments set forth therein. See also Note 10 – Stock-Based Compensation . The 2021 Incentive Award Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. Equity-based compensation with service conditions made to employees is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). We have elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. 2021 ESPP As a result of the Transactions, we adopted the 2021 Employee Stock Purchase Plan (“ESPP”) effective on January 1, 2022. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. As of September 30, 2022, The Company has reserved for issuance a total of 6,557,847 shares of Class A common stock for the ESPP. The current offering period began on July 1, 2022 and ends on December 31, 2022. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. Class B Units As more fully described above, we completed our Transactions in July 2021, and all Class B Units fully vested as of the transaction date, and the original operating agreement was terminated and replaced by a new operating agreement consistent with the Company’s Up-C structure. This new operating agreement does not contain the put and call options that existed under the previous operating agreement, and the Common Units are treated as common equity under the new operating agreement and do not generate stock-based compensation expense. Prior to the Transactions, under the old operating agreement, and as part of our compensation and retention strategy, we granted incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units were accounted for as a substantive class of equity and allowed the recipient to realize value only to the extent that the value of the award appreciated. The Class B Units contained service-based vesting conditions and had different vesting terms depending upon the employee which ranged from vesting immediately to eight years; vesting was accelerated upon the completion of the Transactions. Compensation cost was recognized on a straight-line basis over the requisite service period until vesting for the entire award, but at least equaled the number of vested units determined by the underlying vesting schedule. Forfeitures were accounted for in the period in which they occurred. The Class B Units were subject to a put and call option whereby we could elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of our net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units were classified as liabilities in the accompanying condensed consolidated balance sheet. Prior to the completion of the Transactions, the liability for Class B units was remeasured to fair value at the end of each reporting period.
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. The Transactions occurred on July 21, 2021. As a result, net income (loss) for the year ended December 31, 2021 was attributed to the pre-Transactions period from January 1, 2021 through July 21, 2021 and to the post-Transactions period from July 22, 2021 through December 31, 2021. Net income (loss) in the pre-Transactions period was attributable to consolidated MarketWise, LLC and its respective noncontrolling interests and in the post-Transactions period was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. Net income for the three and nine months ended September 30, 2022 was fully in the post-Transactions period and therefore attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of September 30, 2022, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 9.0% and the noncontrolling interest was 91.0%. For the three months ended September 30, 2022 net income attributable to controlling interests included a $3,868 loss on warrant liabilities and a $1,383 tax provision, and for the nine months ended September 30, 2022 net income attributable to controlling interests included a $14,931 gain on warrant liabilities and a $3,945 tax provision, both of which are 100% attributable to the controlling interest.
Earnings Per Share	Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding during the period. Diluted net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the period.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In October 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-08: Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this ASU adds contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations. As a result, acquiring entities are required to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, instead of fair value. We have early adopted and applied this ASU to the Winans Media transaction (as defined herein). See Note 4 – Acquisitions for additional disclosure on the Winans Media transaction.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	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 September 30, 2022 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 118,990 $ — $ — $ — $ 118,990 Transferred at a point in time — 169 637 138 944 Total $ 118,990 $ 169 $ 637 $ 138 $ 119,934 Three Months Ended September 30, 2021 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 139,831 $ — $ — $ — $ 139,831 Transferred at a point in time — 423 245 168 836 Total $ 139,831 $ 423 $ 245 $ 168 $ 140,667 Nine Months Ended September 30, 2022 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 382,321 $ — $ — $ — $ 382,321 Transferred at a point in time — 606 1,363 456 2,425 Total $ 382,321 $ 606 $ 1,363 $ 456 $ 384,746 Nine Months Ended September 30, 2021 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 398,362 $ — $ — $ — $ 398,362 Transferred at a point in time — 1,968 864 1,317 4,149 Total $ 398,362 $ 1,968 $ 864 $ 1,317 $ 402,511 Revenue recognition by subscription type was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Membership subscriptions $ 46,915 $ 50,862 $ 148,219 $ 140,893 Term subscriptions 72,075 88,970 234,102 257,470 Non-subscription revenue 944 835 2,425 4,148 Total $ 119,934 $ 140,667 $ 384,746 $ 402,511 Net revenue by principal geographic areas was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 United States $ 119,707 $ 139,998 $ 384,419 $ 400,871 International 227 669 327 1,640 Total $ 119,934 $ 140,667 $ 384,746 $ 402,511
Summary of Contract Balances	Accounts receivable, deferred revenue and obligation for refunds are as follows: As of September 30, 2022 December 31, 2021 Contract balances Accounts receivable $ 4,564 $ 7,805 Obligations for refunds $ 4,998 $ 5,590 Deferred revenue – current $ 313,806 $ 311,543 Deferred revenue – non-current $ 371,921 $ 393,043
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, 2022 $ 203,071 Royalties and sales commissions – additions 27,758 Revenue share and cost per acquisition fees – additions 43,326 Amortization of capitalized costs (71,570) Balance at September 30, 2022 $ 202,585

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Right of use asset $ 50 Goodwill 8,019 Tradenames 709 Customer relationships 9,350 Total assets acquired 18,128 Deferred revenue, current (2,648) Operating lease liabilities, current (22) Operating lease liabilities, noncurrent (28) Deferred revenue, noncurrent (2,660) Liabilities assumed (5,358) Net assets acquired $ 12,770 Cash $ 151 Other current assets 138 Customer relationships 3,664 Tradenames 657 Software 247 Goodwill 5,187 Other noncurrent assets 443 Total assets acquired 10,487 Liabilities assumed (2,387) Net assets acquired $ 8,100 Cash consideration $ 7,290 Noncontrolling interest 810 Total consideration $ 8,100

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amounts of goodwill are as follows: Balance at December 31, 2021 $ 23,288 Acquisition – Winans Media transaction 8,019 Balance at September 30, 2022 $ 31,307
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: September 30, 2022 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,718 $ (9,223) $ 12,495 6.5 Tradenames 4,287 (2,145) 2,142 6.3 Capitalized software development costs 3,002 (1,712) 1,290 2.2 Finite-lived intangible assets, net 29,007 (13,080) 15,927 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 30,094 $ (13,080) $ 17,014 December 31, 2021 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 12,368 $ (8,105) $ 4,263 4.4 Tradenames 3,578 (1,838) 1,740 5.3 Capitalized software development costs 2,866 (1,344) 1,522 3.1 Finite-lived intangible assets, net 18,812 (11,287) 7,525 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 19,899 $ (11,287) $ 8,612
Schedule of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: September 30, 2022 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,718 $ (9,223) $ 12,495 6.5 Tradenames 4,287 (2,145) 2,142 6.3 Capitalized software development costs 3,002 (1,712) 1,290 2.2 Finite-lived intangible assets, net 29,007 (13,080) 15,927 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 30,094 $ (13,080) $ 17,014 December 31, 2021 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 12,368 $ (8,105) $ 4,263 4.4 Tradenames 3,578 (1,838) 1,740 5.3 Capitalized software development costs 2,866 (1,344) 1,522 3.1 Finite-lived intangible assets, net 18,812 (11,287) 7,525 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 19,899 $ (11,287) $ 8,612
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2022, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2022 $ 891 2023 3,330 2024 2,843 2025 2,327 2026 2,066 Thereafter 4,470 Finite-lived intangible assets, net $ 15,927

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
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: September 30, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 38,049 $ — $ — $ 38,049 Total assets 38,049 — — 38,049 Liabilities: Derivative liabilities, noncurrent — — 1,320 1,320 Total liabilities $ — $ — $ 1,320 $ 1,320 December 31, 2021 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 25,001 $ — $ — $ 25,001 Total assets 25,001 — — 25,001 Liabilities: Derivative liabilities, noncurrent — — 2,015 2,015 Warrant Liabilities - Public Warrants 19,599 — — 19,599 Warrant Liabilities - Private Placement Warrants — — 9,733 9,733 Total liabilities $ 19,599 $ — $ 11,748 $ 31,347
Schedule of Fair Value Measurements Inputs	The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: As of September 30, 2022 Volatility 36.80 % Discount rate 21.00 % Credit spread 0.10 % Risk-free rate 3.50 %
Schedule of Changes in Fair Value of Liabilities	The following table summarizes the change in fair value of the liabilities during the nine months ended September 30, 2022 and 2021: Balance at January 1, 2022 $ 31,347 Change in fair value of derivative instruments (15,626) Warrants exchanged for Class A common stock (see Note 17 – Warrant Exchange ) (14,401) Balance at September 30, 2022 $ 1,320 Balance at January 1, 2021 $ 597,578 Incremental Class B Units 206,914 Establishment of derivative warrant liabilities on July 21, 2021 (date of the Transactions) 45,021 Change in fair value of derivative instruments (11,543) Change in fair value of Class B Units 728,079 Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions) $ (1,528,228) Balance at September 30, 2021 $ 37,821
Schedule of Changes in Fair Value by Income Statement Location	The following table summarizes the change in fair value of the Class B Units by income statement line item during the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ — $ 24,028 $ — $ 136,417 Sales and marketing — 2,607 — 10,870 General and administrative — 102,911 — 580,792 Total change in fair value of Class B Units $ — $ 129,546 $ — $ 728,079

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,458 1,423 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,278 1,278 3,696 3,661 Less: Accumulated depreciation and amortization (2,733) (2,473) Total property and equipment, net $ 963 $ 1,188
Schedule of Accrued Expenses	Accrued expenses consist of the following: As of September 30, 2022 December 31, 2021 Commission and variable compensation $ 19,637 $ 22,155 Payroll and benefits 3,677 5,164 Other accrued expenses 15,988 19,134 Total accrued expenses $ 39,302 $ 46,453

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments, Gains (Losses)	The following table presents information on the location and amounts of derivative instruments gains and losses: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Derivatives Not Designated as Location of Gain (Loss) Recognized in Income Statement Warrants Other income, net $ (3,868) $ 9,952 $ 14,931 $ 9,952 Phantom Interests in Net Income General and administrative (160) (250) 695 2,138 Option General and administrative — 115 — (547) Total $ (4,028) $ 9,817 $ 15,626 $ 11,543

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Cost of revenue $ 438 $ 46,396 $ 1,496 $ 171,312 Sales and marketing 514 32,606 1,655 47,516 General and administrative 1,201 333,563 4,039 842,257 Total stock based-compensation expense $ 2,153 $ 412,565 $ 7,190 $ 1,061,085 Total stock-based compensation expense for the three and nine months ended September 30, 2022 includes expenses related to our 2021 Incentive Award Plan and our ESPP, while the total stock-based compensation expense for the three and nine months ended September 30, 2021 includes the vesting of Class B units, the change in fair value of Class B liability awards, profits distributions to Class B unitholders and our 2021 Incentive Award Plan as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 2021 Incentive Award Plan $ 2,086 $ 2,643 $ 6,828 $ 2,643 Employee Stock Purchase Plan 67 — 362 — Vested Class B units and change in fair value of Class B liability awards — 292,580 — 934,993 Profits distributions to Class B unitholders — 117,342 — 123,449 Total stock-based compensation expense $ 2,153 $ 412,565 $ 7,190 $ 1,061,085 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Cost of revenue $ — $ 45,618 $ — $ 170,536 Sales and marketing — 31,507 — 46,417 General and administrative — 332,797 — 841,489 Total stock based-compensation expense $ — $ 409,922 $ — $ 1,058,442
Summary 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, including granted, exercised and forfeited, from January 1, 2022 to September 30, 2022 are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2022 2,334,490 $ 8.30 1,935,131 $ 4.05 Granted 662,689 2.89 — — Exercised or vested (660,363) 8.17 — — Forfeited (102,188) 5.91 (103,120) 4.05 Outstanding at September 30, 2022 2,234,628 $ 6.69 1,832,011 $ 4.05
Summary of Activities of SARs	The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2022 to September 30, 2022 are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2022 2,334,490 $ 8.30 1,935,131 $ 4.05 Granted 662,689 2.89 — — Exercised or vested (660,363) 8.17 — — Forfeited (102,188) 5.91 (103,120) 4.05 Outstanding at September 30, 2022 2,234,628 $ 6.69 1,832,011 $ 4.05

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following tables set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2022 and for the period from July 22, 2021 through September 30, 2021: Three Months Ended Nine Months Ended Period from Basic earnings per share: Numerator: Net income $ 16,509 $ 73,569 $ 42,847 Less: Net income attributable to noncontrolling interests 20,521 59,875 33,167 Net income attributable to Class A common shareholders $ (4,012) $ 13,694 $ 9,680 Denominator: Weighted average shares outstanding (in thousands) 23,533 23,233 24,963 Basic earnings per share $ (0.17) $ 0.59 $ 0.39 Diluted earnings per share: Numerator: Net income $ 16,509 $ 73,569 $ 42,847 Less: Net income attributable to noncontrolling interests 20,521 59,875 33,167 Net income attributable to Class A common shareholders $ (4,012) $ 13,694 $ 9,680 Denominator: Weighted average shares outstanding (in thousands) 23,566 23,267 24,963 Diluted earnings per share $ (0.17) $ 0.59 $ 0.39

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2022
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The following represents financial information for the consolidated VIE included in the condensed consolidated balance sheets: As of September 30, 2022 December 31, 2021 Current assets $ 3,497 $ 3,901 Noncurrent assets 230 2 Total assets $ 3,727 $ 3,903 Current liabilities $ — $ 274 Total liabilities $ — $ 274

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures are as follows: Nine Months Ended September 30, 2022 2021 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 589 $ — Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1,731) (1,317) Operating lease right-of-use assets obtained in exchange for lease obligations (795) — Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions (50) (398) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable 120 — As of September 30, 2022 2021 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 147,216 $ 137,588 Restricted cash — 500 Total $ 147,216 $ 138,088

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Stock by Class	The table set forth below reflects information about the Company’s equity, as of September 30, 2022. The 3,051,000 Sponsor Earn Out shares held in escrow and the 2,000,000 Management Earn Out shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock - Class A 950,000,000 28,822,502 28,822,502 Common stock - Class B 300,000,000 291,092,303 291,092,303 Preferred stock 100,000,000 — — Total 1,350,000,000 319,914,805 319,914,805

Organization (Details)

Organization (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Jul. 21, 2021 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Recapitalization exchange ratio	1
Number of shares called by each warrant (in shares)	1
Recapitalization units exchange ratio, shares (in shares)	1
Recapitalization units exchange ratio, warrants (in shares)	0.5
Reverse recapitalization, common units issued (in shares)	28,003,096
Warrants issued (in shares)	30,979,993
PIPE Investors shares subscribed (in shares)	15,000,000
Sale of stock price per share (USD per share) | $ / shares	$ 10
Consideration received | $	$ 150,000
Warrants outstanding (in shares)	30,979,993		0
Reverse Recapitalization cash proceeds | $	$ 113,600
Proceeds from recapitalization, reclassification of Trust Account | $	414,600
Proceeds from PIPE investment | $	150,000
Payment of non-recurring transaction costs | $	48,800
Settlement of deferred underwriters' discount | $	14,500
Payments to redeeming shareholders | $	387,700
Establishment of warrant liabilities | $	45,000
Establishment of deferred taxes | $	$ 10,100	$ 10,056
Private Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding (in shares)	10,280,000
Sponsor
Subsidiary, Sale of Stock [Line Items]
Sponsor Earn Out Shares (in shares)	3,051,000
Ascendant Digital Acquisition Corp Public Shareholders | MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	0.10%
MarketWise Members | MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	91.20%
Ascendant Sponsor LP | MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	3.20%
PIPE Investors | MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	4.70%
Common Stock - Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)	28,003,096		28,822,502	24,718,402
Common Stock - Class A | Ascendant Digital Acquisition Corp.
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001
Common Stock - Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Stock issued during reverse recapitalization (in shares)	291,092,303
Common stock, outstanding (in shares)	291,092,303		291,092,303	291,092,303

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2022 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment shares	Sep. 30, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments | segment				1
Gain on derivative warrant liabilities | $		$ 3,868		$ 14,931
Income tax expense | $		$ 1,383	$ 3,085	$ 3,945	$ 3,085
Common Stock - Class B
Significant Accounting Policies [Line Items]
Offering period	6 months
Vesting period				8 years
Exercise of put option, period from issuance date				25 months
Employee Stock Purchase Plan
Significant Accounting Policies [Line Items]
Common stock reserved for issuance (in shares)	6,557,847	6,557,847		6,557,847
Purchase price of common stock, percent of fair market value	85%
2021 Incentive Award Plan
Significant Accounting Policies [Line Items]
Common stock reserved for issuance (in shares)		32,938,082		32,938,082
Maximum number of shares that may be issued (in shares)		32,045,000		32,045,000
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership interest, controlling		9%		9%
Ownership interest, noncontrolling		91%		91%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net revenue	$ 119,297	$ 140,422	$ 383,383	$ 401,647
Related party revenue	637	245	1,363	864
Total net revenue	119,934	140,667	384,746	402,511
United States
Disaggregation of Revenue [Line Items]
Total net revenue	119,707	139,998	384,419	400,871
International
Disaggregation of Revenue [Line Items]
Total net revenue	227	669	327	1,640
Membership subscriptions
Disaggregation of Revenue [Line Items]
Total net revenue	46,915	50,862	148,219	140,893
Term subscriptions
Disaggregation of Revenue [Line Items]
Total net revenue	72,075	88,970	234,102	257,470
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Total net revenue	944	835	2,425	4,148
Transferred over time
Disaggregation of Revenue [Line Items]
Related party revenue	0	0	0	0
Total net revenue	118,990	139,831	382,321	398,362
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Related party revenue	637	245	1,363	864
Total net revenue	944	836	2,425	4,149
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	118,990	139,831	382,321	398,362
Subscriptions | Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	118,990	139,831	382,321	398,362
Subscriptions | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	169	423	606	1,968
Advertising | Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Advertising | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	169	423	606	1,968
Revenue Share (Third-party)
Disaggregation of Revenue [Line Items]
Net revenue	138	168	456	1,317
Revenue Share (Third-party) | Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Revenue Share (Third-party) | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	$ 138	$ 168	$ 456	$ 1,317

Revenue Recognition - Summary o

Revenue Recognition - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 4,564	$ 7,805
Obligations for refunds	4,998	5,590
Deferred revenue – current	313,806	311,543
Deferred revenue – non-current	$ 371,921	$ 393,043

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 72,852,000	$ 63,960,000	$ 266,246,000	$ 240,638,000
Accounts receivable	4,564,000		4,564,000		$ 7,805,000
Impairment on capitalized costs	0	$ 0	0	$ 0
Remaining performance obligation	$ 690,725,000		$ 690,725,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation, percentage	46%		46%
Disaggregation of Revenue [Line Items]
Remaining performance obligation, timing of satisfaction	12 months		12 months

Revenue Recognition - Capitaliz

Revenue Recognition - Capitalized Service Contract Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 203,071
Royalties and sales commissions – additions	27,758
Revenue share and cost per acquisition fees – additions	43,326
Amortization of capitalized costs	(71,570)
Capitalized costs, ending balance	$ 202,585

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 21, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired				$ 12,770	$ 7,139
Amortization of intangible assets		$ 760	$ 513	$ 1,793	1,736
Winans Media Holdings LLC
Business Acquisition [Line Items]
Percentage of interests acquired		100%		100%
Cash paid for acquisitions, net of cash acquired		$ 12,770
Amortization of intangible assets		$ 217
Winans Media Holdings LLC | Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		9 years
Winans Media Holdings LLC | Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)		6 years 6 months
Chaikin Holdings LLC.
Business Acquisition [Line Items]
Percentage of interests acquired	90%	3.70%		3.70%
Cash paid for acquisitions, net of cash acquired	$ 7,139
Amortization of intangible assets		$ 174	$ 115	$ 515	$ 477
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage		93.70%		93.70%
Business combination, consideration transferred	$ 8,100	$ 297
Chaikin Holdings LLC. | Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	8 years 6 months
Chaikin Holdings LLC. | Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	6 years

Acquisitions - Fair Value of As

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed - Winans Media Holdings LLC (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 31,307	$ 23,288
Winans Media Holdings LLC
Business Acquisition [Line Items]
Right of use asset	50
Goodwill	8,019
Total assets acquired	18,128
Deferred revenue, current	(2,648)
Operating lease liabilities, current	(22)
Operating lease liabilities, noncurrent	(28)
Deferred revenue, noncurrent	(2,660)
Liabilities assumed	(5,358)
Net assets acquired	12,770
Winans Media Holdings LLC | Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles	709
Winans Media Holdings LLC | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles	$ 9,350

Acquisitions - Fair Value of _2

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed - Chaikin Holdings LLC (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 21, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 31,307	$ 23,288
Chaikin Holdings LLC.
Business Acquisition [Line Items]
Cash	$ 151
Other current assets	138
Goodwill	5,187
Other noncurrent assets	443
Total assets acquired	10,487
Liabilities assumed	(2,387)
Net assets acquired	8,100
Cash consideration	7,290
Noncontrolling interest	810
Total consideration	8,100	$ 297
Chaikin Holdings LLC. | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles	3,664
Chaikin Holdings LLC. | Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles	657
Chaikin Holdings LLC. | Software
Business Acquisition [Line Items]
Finite-lived intangibles	$ 247

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 23,288
Acquisition – Winans Media transaction	8,019
Goodwill, ending balance	$ 31,307

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-lived intangible assets:
Cost	$ 29,007	$ 18,812
Accumulated Amortization	(13,080)	(11,287)
Net Book Value	15,927	7,525
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Cost	30,094	19,899
Intangible assets, net	17,014	8,612
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	21,718	12,368
Accumulated Amortization	(9,223)	(8,105)
Net Book Value	$ 12,495	$ 4,263
Weighted-Average Remaining Useful Life (in years)	6 years 6 months	4 years 4 months 24 days
Tradenames
Finite-lived intangible assets:
Cost	$ 4,287	$ 3,578
Accumulated Amortization	(2,145)	(1,838)
Net Book Value	$ 2,142	$ 1,740
Weighted-Average Remaining Useful Life (in years)	6 years 3 months 18 days	5 years 3 months 18 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 3,002	$ 2,866
Accumulated Amortization	(1,712)	(1,344)
Net Book Value	$ 1,290	$ 1,522
Weighted-Average Remaining Useful Life (in years)	2 years 2 months 12 days	3 years 1 month 6 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 760	$ 513	$ 1,793	$ 1,736
Amortization of capitalized software development costs	133	$ 103	368	306
Additions to capitalized software development costs	$ 55		$ 136	347
Acquired software development costs				$ 247

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2022	$ 891
2023	3,330
2024	2,843
2025	2,327
2026	2,066
Thereafter	4,470
Net Book Value	$ 15,927	$ 7,525

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Liabilities:
Derivative liabilities, noncurrent	$ 1,320	$ 2,015
Warrant liabilities	0	29,332
Recurring
Assets:
Total assets	38,049	25,001
Liabilities:
Total liabilities	1,320	31,347
Recurring | Public Warrants
Liabilities:
Warrant liabilities		19,599
Recurring | Private Warrants
Liabilities:
Warrant liabilities		9,733
Recurring | Other
Liabilities:
Derivative liabilities, noncurrent	1,320	2,015
Recurring | Money market funds
Assets:
Money market funds	38,049	25,001
Level 1 | Recurring
Assets:
Total assets	38,049	25,001
Liabilities:
Total liabilities	0	19,599
Level 1 | Recurring | Public Warrants
Liabilities:
Warrant liabilities		19,599
Level 1 | Recurring | Private Warrants
Liabilities:
Warrant liabilities		0
Level 1 | Recurring | Other
Liabilities:
Derivative liabilities, noncurrent	0	0
Level 1 | Recurring | Money market funds
Assets:
Money market funds	38,049	25,001
Level 2 | Recurring
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 2 | Recurring | Public Warrants
Liabilities:
Warrant liabilities		0
Level 2 | Recurring | Private Warrants
Liabilities:
Warrant liabilities		0
Level 2 | Recurring | Other
Liabilities:
Derivative liabilities, noncurrent	0	0
Level 2 | Recurring | Money market funds
Assets:
Money market funds	0	0
Level 3 | Recurring
Assets:
Total assets	0	0
Liabilities:
Total liabilities	1,320	11,748
Level 3 | Recurring | Public Warrants
Liabilities:
Warrant liabilities		0
Level 3 | Recurring | Private Warrants
Liabilities:
Warrant liabilities		9,733
Level 3 | Recurring | Other
Liabilities:
Derivative liabilities, noncurrent	1,320	2,015
Level 3 | Recurring | Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details)	Sep. 30, 2022
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.3680
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.2100
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0010
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, measurement input	0.0350

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Changes in Fair Value of Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 31,347	$ 597,578
Warrants exchanged for Class A common stock (see Note 17 – Warrant Exchange)	(14,401)
Incremental Class B Units		206,914
Establishment of derivative warrant liabilities on July 21, 2021 (date of the Transactions)		45,021
Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions)		(1,528,228)
Ending balance	1,320	37,821
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ (15,626)	(11,543)
Class B Units
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value		$ 728,079

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Changes by Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units			$ 0	$ (728,079)
Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	$ 0	$ 129,546	0	728,079
Cost of revenue | Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	0	24,028	0	136,417
Sales and marketing | Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	0	2,607	0	10,870
General and administrative | Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	$ 0	$ 102,911	$ 0	$ 580,792

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 360	$ 21	$ 1,392	$ 114
Capitalized cloud computing implementation costs amortization expense	133		145
Depreciation expense	$ 76	$ 116	$ 260	$ 340

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,696	$ 3,661
Less: Accumulated depreciation and amortization	(2,733)	(2,473)
Total property and equipment, net	$ 963	1,188
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 960	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,458	1,423
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,278	$ 1,278

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 19,637	$ 22,155
Payroll and benefits	3,677	5,164
Other accrued expenses	15,988	19,134
Total accrued expenses	$ 39,302	$ 46,453

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Location and Amounts and Derivative Instruments Gains and Losses (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative [Line Items]
Derivative gains (losses)	$ (4,028)	$ 9,817	$ 15,626	$ 11,543
Warrants
Derivative [Line Items]
Derivative gains (losses)	(3,868)	9,952	14,931	9,952
Phantom Interests in Net Income
Derivative [Line Items]
Derivative gains (losses)	(160)	(250)	695	2,138
Option
Derivative [Line Items]
Derivative gains (losses)	$ 0	$ 115	$ 0	$ (547)

Debt (Details)

Debt (Details)	Oct. 29, 2021 USD ($)
Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 150,000,000
Additional potential increase (up to)	$ 65,000,000
Debt instrument, term	3 years
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 5,000,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense by Statement of Operations Line Item (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,153	$ 412,565	$ 7,190	$ 1,061,085
Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	409,922	0	1,058,442
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	438	46,396	1,496	171,312
Cost of revenue | Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	45,618	0	170,536
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	514	32,606	1,655	47,516
Sales and marketing | Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	31,507	0	46,417
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,201	333,563	4,039	842,257
General and administrative | Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 332,797	$ 0	$ 841,489

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Based Compensation Expense by Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,153	$ 412,565	$ 7,190	$ 1,061,085
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,086	2,643	6,828	2,643
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	67	0	362	0
Vested Class B units and change in fair value of Class B liability awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	292,580	0	934,993
Profits distributions to Class B unitholders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 117,342	$ 0	$ 123,449

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Jun. 02, 2022	May 16, 2022	Jan. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				$ 2,153	$ 412,565	$ 7,190	$ 1,061,085
Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				0	409,922	$ 0	1,058,442
Common Stock - Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						8 years
Total stock-based compensation expense					$ 117,342		$ 123,449
Offering period			6 months
Weighted-average grant-date fair value of awards granted (in USD per share)					$ 2,195.16		$ 2,195.16
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)						662,689
Weighted-average grant-date fair value of awards granted (in USD per share)						$ 2.89
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						4 years
Total stock-based compensation expense				2,086		$ 6,828
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)						0
Remaining contractual term						8 years 9 months
Weighted-average grant-date fair value of awards granted (in USD per share)						$ 0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense				$ 67		$ 362
Common stock reserved for issuance (in shares)			6,557,847	6,557,847		6,557,847
Purchase price of common stock, percent of fair market value			85%
Amount withheld on behalf of employees				$ (224)		$ (224)
2021 Incentive Award Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)	289,555	373,134

Stock-Based Compensation - Acti

Stock-Based Compensation - Activities of RSUs and SARs (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
RSUs
Shares
Outstanding (in shares) | shares	2,334,490
Granted (in shares) | shares	662,689
Exercised or vested (in shares) | shares	(660,363)
Forfeited (in shares) | shares	(102,188)
Outstanding (in shares) | shares	2,234,628
Weighted-Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 8.30
Granted (in USD per share) | $ / shares	2.89
Exercised or vested (in USD per share) | $ / shares	8.17
Forfeited (in USD per share) | $ / shares	5.91
Outstanding (in USD per share) | $ / shares	$ 6.69
SARs
Shares
Outstanding (in shares) | shares	1,935,131
Granted (in shares) | shares	0
Exercised or vested (in shares) | shares	0
Forfeited (in shares) | shares	(103,120)
Outstanding (in shares) | shares	1,832,011
Weighted-Average Grant Date Fair Value
Outstanding (in USD per share) | $ / shares	$ 4.05
Granted (in USD per share) | $ / shares	0
Exercised or vested (in USD per share) | $ / shares	0
Forfeited (in USD per share) | $ / shares	4.05
Outstanding (in USD per share) | $ / shares	$ 4.05

Earnings Per Share - Computatio

Earnings Per Share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended	9 Months Ended
	Jul. 21, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Jul. 21, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income	$ (409,132)	$ 42,847	$ 16,509	$ (366,285)	$ (623,479)	$ (1,032,611)	$ 73,569	$ (989,764)
Less: Net income attributable to noncontrolling interests	$ 81	33,167	20,521	$ 33,248		$ (1,050)	59,875	$ 32,117
Net income attributable to Class A common shareholders		9,680	(4,012)				13,694
Net income attributable to Class A common shareholders		$ 9,680	$ (4,012)				$ 13,694
Denominator:
Weighted average shares outstanding (in shares)		24,963	23,533				23,233
Basic earnings per share (USD per share)		$ 0.39	$ (0.17)				$ 0.59
Weighted average shares outstanding (in shares)		24,963	23,566				23,267
Diluted earnings per share (USD per share)		$ 0.39	$ (0.17)				$ 0.59

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	2 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Jul. 21, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants outstanding (in shares)		0	30,979,993
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	20,699,993
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,280,000
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		3,051,000
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		2,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	7.70%	(0.80%)	5.10%	(0.30%)
Valuation allowance	$ 28,981,000		$ 28,981,000
Unrecognized tax positions	0		0
Change to uncertain tax positions within the next 12 months	$ 0		$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Apr. 30, 2020
Related Party Transaction [Line Items]
Related party revenue		$ 637	$ 245	$ 1,363	$ 864
Related party payables, net		261		261		$ 970
Related party receivables		927		927		496
Operating cash flows from operating leases				1,731	1,317
Operating lease right-of-use assets		9,979		9,979		10,901
Related Party Owner
Related Party Transaction [Line Items]
Operating cash flows from operating leases		418	383	1,337	1,150
Operating lease, expense		588	556	1,729	1,668
Operating lease right-of-use assets		9,626		9,626		10,323
Total lease liabilities		7,295		7,295		7,545
Revenue Share Expenses | Related Party Owner And Affiliates
Related Party Transaction [Line Items]
Expenses from transactions with related party		397	1,337	2,167	8,921
Call Center Support And Other Services Expense | Related Party Owner And Affiliates
Related Party Transaction [Line Items]
Expenses from transactions with related party		186	347	680	960
Fees For Board Of Directors | Board of Directors
Related Party Transaction [Line Items]
Expenses from transactions with related party		74	76	226	76
Corporate Functions | Related Party Owner
Related Party Transaction [Line Items]
Expenses from transactions with related party		21	21	64	67
Related party payables, net		425		425		1,037
Fees And Accounting And Marketing Services Revenue | Class B Unitholders
Related Party Transaction [Line Items]
Related party revenue		225	93	478	235
Related party receivables		478		478		358
Class A Unitholder Note Issued April 2020 | Class A Unitholders
Related Party Transaction [Line Items]
Notes receivable		421		421		$ 1,158	$ 1,148
Interest income		$ 6	$ 2	$ 16	$ 7
Interest rate				2.93%
One-Time Bonus Payment | Founder
Related Party Transaction [Line Items]
Expenses from transactions with related party	$ 10,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Current assets	$ 264,600	$ 246,389
Total assets	435,187	421,554
Current liabilities	383,719	395,493
Total liabilities	763,210	826,816
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Current assets	3,497	3,901
Noncurrent assets	230	2
Total assets	3,727	3,903
Current liabilities	0	274
Total liabilities	$ 0	$ 274

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ 589	$ 0
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,731)	(1,317)
Operating lease right-of-use assets obtained in exchange for lease obligations	(795)	0
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	(50)	(398)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable	120	0
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	147,216	137,588	$ 139,078
Restricted cash	0	500
Total	$ 147,216	$ 138,088	$ 139,578	$ 114,927

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details)	3 Months Ended	9 Months Ended		11 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) vote $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares	Nov. 04, 2021 USD ($)	Jul. 21, 2021 $ / shares
Class of Stock [Line Items]
Common stock, number of votes per share | vote		1
Number of shares of Class B common stock canceled per common unit redeemed Or exchanged (in shares)	1	1		1
Share repurchase program, amount authorized | $						$ 35,000,000
Shares repurchased (in shares)	0	2,484,717		2,984,987
Repurchases of stock | $		$ 13,054,000	$ 0
Fees and commissions | $		25,000
Aggregate value of shares to be repurchased | $	$ 18,600,000	$ 18,600,000		$ 18,600,000
Number of common units redeemed for each share of Class A common stock repurchased (in shares)	1	1		1
Sponsor Earn Out Shares
Class of Stock [Line Items]
Earn Out shares (in shares)	3,051,000	3,051,000		3,051,000
Management Earn Out Shares
Class of Stock [Line Items]
Earn Out shares (in shares)	2,000,000	2,000,000		2,000,000
Common Stock - Class A
Class of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Common Stock - Class A | Warrant Exchange Offer, Total
Class of Stock [Line Items]
Warrants exercised (in shares)	5,939,739	5,939,739		5,939,739
Common Stock - Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001

Shareholders' Equity - Stock by

Shareholders' Equity - Stock by Class (Details) - shares	Sep. 30, 2022	Dec. 31, 2021	Jul. 21, 2021
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	1,350,000,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	319,914,805
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	319,914,805
Common Stock - Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	28,822,502	24,718,402
Common stock, outstanding (in shares)	28,822,502	24,718,402	28,003,096
Common Stock - Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	291,092,303	291,092,303
Common stock, outstanding (in shares)	291,092,303	291,092,303	291,092,303

Warrant Exchange (Details)

Warrant Exchange (Details) $ / shares in Units, $ in Millions	Sep. 30, 2022 USD ($) shares	Sep. 19, 2022 shares	Sep. 15, 2022 shares	Sep. 14, 2022	Aug. 17, 2022 $ / shares shares	Jul. 21, 2021 shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of shares called by each warrant (in shares)						1
Warrants outstanding (in shares)	0					30,979,993
Percentage of outstanding warrants				0.96
Warrant Exchange Offer
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants outstanding (in shares)	0
Class of warrant or right, expense recognized | $	$ 2.1
Warrant Exchange Offer | Common Stock - Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redemption price per share (USD per share) | $ / shares					$ 11.50
Number of shares called by each warrant (in shares)					0.1925
Warrants outstanding (in shares)	1,236,061		0.17325		0.17325
Percentage of warrants outstanding exchange ratio					0.10
Warrants exercised (in shares)	214,058	5,725,681
Class of warrants or right, number of warrants exchanged (in shares)		29,743,932