MarketWise (MKTW) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39405
Entity Registrant Name	MarketWise, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1767914
Entity Address, Address Line One	1125 N. Charles Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21201
City Area Code	(888)
Local Phone Number	261-2693
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MKTW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
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		39,147,437
Common Stock - Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		288,342,303

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 194,023	$ 158,575
Accounts receivable	5,958	4,040
Prepaid expenses	11,396	11,725
Related party receivables	1,003	1,512
Deferred contract acquisition costs	97,525	99,960
Other current assets	3,058	3,363
Total current assets	312,963	279,175
Property and equipment, net	748	892
Operating lease right-of-use assets	7,921	9,468
Intangible assets, net	14,271	16,047
Goodwill	31,392	31,307
Deferred contract acquisition costs, noncurrent	76,527	97,658
Deferred tax assets	7,751	7,332
Other assets	372	629
Total assets	451,945	442,508
Current liabilities:
Accrued expenses	42,711	45,976
Deferred revenue and other contract liabilities	293,528	315,231
Operating lease liabilities	1,504	1,484
Other current liabilities	21,423	21,125
Total current liabilities	362,421	385,506
Deferred revenue and other contract liabilities, noncurrent	325,688	348,273
Other liabilities, noncurrent	3,597	1,281
Tax receivable agreement liability, noncurrent	2,096	0
Operating lease liabilities, noncurrent	4,743	5,831
Total liabilities	698,545	740,891
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, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	113,139	106,852
Accumulated other comprehensive income	55	44
Accumulated deficit	(126,482)	(128,125)
Total stockholders’ deficit attributable to MarketWise, Inc.	(13,256)	(21,197)
Noncontrolling interest	(233,344)	(277,186)
Total stockholders’ deficit	(246,600)	(298,383)
Total liabilities, noncontrolling interest, and stockholders’ deficit	451,945	442,508
Common Stock - Class A
Stockholders’ deficit
Common stock	3	3
Common Stock - Class B
Stockholders’ deficit
Common stock	29	29
Related Party
Current assets:
Operating lease right-of-use assets	7,804	9,210
Current liabilities:
Trade and other payables	1,305	1,004
Nonrelated Party
Current liabilities:
Trade and other payables	$ 1,950	$ 686

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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)	34,096,437	29,039,655
Common stock, outstanding (in shares)	34,096,437	29,039,655
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)	288,342,303	291,092,303
Common stock, outstanding (in shares)	288,342,303	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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenue		$ 106,150	$ 119,934	$ 336,027	$ 384,746
Operating expenses:
Cost of revenue	[1]	13,812	14,482	43,737	48,328
Sales and marketing	[1]	52,466	51,635	150,226	184,922
General and administrative	[1]	25,005	28,986	80,667	79,895
Research and development	[1]	2,085	2,173	6,778	6,740
Depreciation and amortization		1,001	836	2,979	2,053
Impairment of intangible assets		584	0	584	0
Related party expense		155	96	487	290
Total operating expenses		95,108	98,208	285,458	322,228
Income from operations		11,042	21,726	50,569	62,518
Other income (expense), net		182	(3,651)	807	15,568
Interest income (expense), net		1,511	(183)	3,062	(572)
Income before income taxes		12,735	17,892	54,438	77,514
Income tax expense		691	1,383	2,046	3,945
Net income		12,044	16,509	52,392	73,569
Net income attributable to noncontrolling interests		11,904	20,521	50,749	59,875
Net income (loss) attributable to MarketWise, Inc.		$ 140	$ (4,012)	$ 1,643	$ 13,694
Earnings per share - basic (USD per share)		$ 0	$ (0.17)	$ 0.05	$ 0.59
Earnings per share - diluted (USD per share)		$ 0	$ (0.17)	$ 0.05	$ 0.59
Weighted average shares outstanding - basic (in shares)		32,910	23,533	30,883	23,233
Weighted average shares outstanding - diluted (in shares)		33,632	23,566	31,996	23,267
Nonrelated Party
Net revenue		$ 105,799	$ 119,297	$ 334,777	$ 383,383
Related Party
Net revenue		$ 351	$ 637	$ 1,250	$ 1,363
[1] (1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 12,044	$ 16,509	$ 52,392	$ 73,569
Other comprehensive income (loss):
Cumulative translation adjustment	25	6	11	(100)
Total comprehensive income	$ 12,069	$ 16,515	$ 52,403	$ 73,469

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders’ Deficit (Unaudited) - USD ($) $ in Thousands	Total	Common Stock - Class A	Common Stock - Class B	Total Stockholders’ Deficit Attributable to MarketWise, Inc.	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)	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 31, 2021					24,718,402	291,092,303
Beginning balance at Dec. 31, 2021	$ (405,262)			$ (48,545)	$ 2	$ 29	$ 0	$ 97,548	$ (146,115)	$ (9)	$ (356,717)
Preferred stock, beginning balance (in shares) at Dec. 31, 2021							0
Stockholders' Deficit
Equity-based compensation	7,190			7,190				7,190
Proceeds from issuance of common stock (in shares)					161,178
Proceeds from issuance of common stock	517			517				517
Issuance of common stock - warrant exchanges (in shares)					5,939,739
Issuance of common stock - warrant exchanges	$ 14,401			14,401	$ 1			14,400
Repurchases 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
Restricted stock units withheld to pay taxes	(511)			(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	73,569			13,694					13,694		59,875
Common stock, ending balance (in shares) at Sep. 30, 2022					28,822,502	291,092,303
Ending balance at Sep. 30, 2022	(328,023)			(27,665)	$ 3	$ 29	$ 0	104,833	(132,421)	(109)	(300,358)
Preferred stock, ending balance (in shares) at Sep. 30, 2022							0
Common stock, beginning balance (in shares) at Jun. 30, 2022					22,505,103	291,092,303
Beginning balance at Jun. 30, 2022	(359,607)			(38,445)	$ 2	$ 29	$ 0	90,048	(128,409)	(115)	(321,162)
Preferred stock, beginning balance (in shares) at Jun. 30, 2022							0
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			14,401	$ 1			14,400
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	16,509			(4,012)					(4,012)		20,521
Common stock, ending balance (in shares) at Sep. 30, 2022					28,822,502	291,092,303
Ending balance at Sep. 30, 2022	(328,023)			(27,665)	$ 3	$ 29	$ 0	104,833	(132,421)	(109)	(300,358)
Preferred stock, ending balance (in shares) at Sep. 30, 2022							0
Common stock, beginning balance (in shares) at Dec. 31, 2022		29,039,655	291,092,303		29,039,655	291,092,303
Beginning balance at Dec. 31, 2022	$ (298,383)			(21,197)	$ 3	$ 29	$ 0	106,852	(128,125)	44	(277,186)
Preferred stock, beginning balance (in shares) at Dec. 31, 2022	0						0
Stockholders' Deficit
Equity-based compensation	$ 10,313			10,313				10,313
Proceeds from issuance of common stock (in shares)					648,849
Proceeds from issuance of common stock	$ 332			332				332
Repurchases of stock (in shares)	0
Vesting of restricted stock units (in shares)					1,657,933
Restricted stock units withheld to pay taxes	$ (1,521)			(1,521)				(1,521)
Cash dividends declared	(902)			(902)				(902)
Distributions	(9,212)										(9,212)
Issuance per redemption of Class B shares for Class A (in shares)			(2,750,000)		(2,750,000)	(2,750,000)
Issuance per redemption of Class B shares for Class A	370			(1,935)				(1,935)			2,305
Foreign currency translation adjustments	11			11						11
Net income	52,392			1,643					1,643		50,749
Common stock, ending balance (in shares) at Sep. 30, 2023		34,096,437	288,342,303		34,096,437	288,342,303
Ending balance at Sep. 30, 2023	$ (246,600)			(13,256)	$ 3	$ 29	$ 0	113,139	(126,482)	55	(233,344)
Preferred stock, ending balance (in shares) at Sep. 30, 2023	0						0
Common stock, beginning balance (in shares) at Jun. 30, 2023					32,073,995	289,842,303
Beginning balance at Jun. 30, 2023	$ (257,251)			(14,414)	$ 3	$ 29	$ 0	112,146	(126,622)	30	(242,837)
Preferred stock, beginning balance (in shares) at Jun. 30, 2023							0
Stockholders' Deficit
Equity-based compensation	$ 2,932			2,932				2,932
Repurchases of stock (in shares)	0
Vesting of restricted stock units (in shares)					522,442
Restricted stock units withheld to pay taxes	$ (415)			(415)				(415)
Cash dividends declared	(462)			(462)				(462)
Distributions	(3,649)										(3,649)
Issuance per redemption of Class B shares for Class A (in shares)			(1,500,000)		(1,500,000)	(1,500,000)
Issuance per redemption of Class B shares for Class A	176			(1,062)				(1,062)			1,238
Foreign currency translation adjustments	25			25						25
Net income	12,044			140					140		11,904
Common stock, ending balance (in shares) at Sep. 30, 2023		34,096,437	288,342,303		34,096,437	288,342,303
Ending balance at Sep. 30, 2023	$ (246,600)			$ (13,256)	$ 3	$ 29	$ 0	$ 113,139	$ (126,482)	$ 55	$ (233,344)
Preferred stock, ending balance (in shares) at Sep. 30, 2023	0						0

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Stockholders’ Deficit (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Common stock, dividend (in dollars per share)	$ 0.01	$ 0.01

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 52,392	$ 73,569
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,979	2,053
Impairment and other charges	584	287
Stock-based compensation	10,313	7,190
Change in fair value of warrant liabilities and other liabilities, noncurrent	2,316	(15,626)
Deferred taxes	2,046	3,649
Unrealized losses (gains) on foreign currency	5	(91)
Noncash lease expense	1,590	1,616
Changes in operating assets and liabilities:
Accounts receivable	(1,918)	3,241
Related party receivables and payables, net	810	(1,140)
Prepaid expenses	329	2,371
Other current assets and other assets	562	(774)
Deferred contract acquisition costs	23,566	486
Trade and other payables	1,189	(1,516)
Accrued expenses	(3,265)	(7,151)
Deferred revenue	(44,288)	(24,759)
Operating lease liabilities	(1,111)	(1,486)
Other current and long-term liabilities	(3,198)	(4,156)
Net cash provided by operating activities	44,901	37,763
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(170)	(12,770)
Acquisition of noncontrolling interests, including transaction costs	0	(297)
Purchases of property and equipment	(60)	(35)
Capitalized software development costs	(1,428)	(136)
Net cash used in investing activities	(1,658)	(13,238)
Cash flows from financing activities:
Proceeds from related party notes receivable, net	0	737
Proceeds from issuance of common stock	332	517
Repurchases of stock	0	(13,054)
Restricted stock units withheld to pay taxes	(1,520)	(511)
Dividends paid	(299)	0
Distributions to noncontrolling interests	(6,319)	(4,476)
Net cash used in financing activities	(7,806)	(16,787)
Effect of exchange rate changes on cash	11	(100)
Net increase in cash, cash equivalents and restricted cash	35,448	7,638
Cash, cash equivalents and restricted cash — beginning of period	158,575	139,578
Cash, cash equivalents and restricted cash — end of period	$ 194,023	$ 147,216

Organization

Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization MarketWise, Inc. (“MarketWise,” “the Company,” “we,” “us,” or “our”) is a holding company that has no material assets other than its ownership in MarketWise, LLC, and operates and controls all of the businesses and operations of MarketWise, LLC and its subsidiaries. The Company provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. While our headquarters are in Baltimore, Maryland, we operate multiple subsidiaries in the United States.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated financial statements. As of September 30, 2023, MarketWise, Inc. had a 10.6% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include certain expenses incurred by, and charged to us by, a related party for general corporate services. 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, 2022 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, 2023, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three and nine months ended September 30, 2023 and 2022. The results of operations for the three and nine months ended September 30, 2023 and 2022 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, 2022 filed with the Securities and Exchange Commission (“SEC”). Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these condensed financial statements. Use of Estimates The preparation of condensed 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 condensed consolidated financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. Net income for the three and nine months ended September 30, 2023 and 2022 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of September 30, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 10.6% and the noncontrolling interest was 89.4%. For the three months ended September 30, 2023, net income attributable to controlling interests included a $691 tax provision, and for the nine months ended September 30, 2023, net income attributable to controlling interests included a $2,046 tax provision, both of which were solely attributable to the controlling interest. 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 were solely attributable to the controlling interest.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
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, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 105,581 $ — $ — $ — $ 105,581 Transferred at a point in time — 192 351 26 569 Total $ 105,581 $ 192 $ 351 $ 26 $ 106,150 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 Nine Months Ended September 30, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 334,141 $ — $ — $ — $ 334,141 Transferred at a point in time — 508 1,250 128 1,886 Total $ 334,141 $ 508 $ 1,250 $ 128 $ 336,027 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 Revenue recognition by subscription type was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Membership subscriptions $ 48,177 $ 46,915 $ 137,988 $ 148,219 Term subscriptions 57,404 72,075 196,153 234,102 Non-subscription revenue 569 944 1,886 2,425 Total $ 106,150 $ 119,934 $ 336,027 $ 384,746 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, 2023 2022 2023 2022 United States $ 106,150 $ 119,707 $ 335,936 $ 384,419 International — 227 91 327 Total $ 106,150 $ 119,934 $ 336,027 $ 384,746 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, 2023 December 31, 2022 Contract balances Accounts receivable $ 5,958 $ 4,040 Obligations for refunds $ 3,302 $ 4,676 Deferred revenue – current $ 290,226 $ 310,555 Deferred revenue – non-current $ 325,688 $ 348,273 We recognized $69,978 and $72,852 of revenue during the three months ended September 30, 2023 and 2022, respectively, and $256,627 and $266,246 during the nine months ended September 30, 2023 and 2022, 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 $5,958 and $4,040 as of September 30, 2023 and December 31, 2022, 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, 2023 $ 197,618 Royalties and sales commissions – additions 22,989 Revenue share and cost per acquisition fees – additions 36,526 Amortization of capitalized costs (83,081) Balance at September 30, 2023 $ 174,052 We did not recognize any impairment on capitalized costs associated with contracts with customers for the three and nine months ended September 30, 2023 and 2022. Remaining Performance Obligations As of September 30, 2023, the Company had $619,216 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 47% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2023 Acquisition In July 2023, the Company acquired a business for cash of $170 and the transaction was accounted for as a business combination in accordance with ASC 805, Business Combinations . The Company does not consider this acquisition to be material. Buttonwood Publishing During third quarter 2022, we acquired 100% ownership of certain assets and liabilities from Crowdability, Inc. (“Buttonwood Publishing transaction”), a provider of financial newsletters, for cash of $12,770. The Buttonwood Publishing 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 acquired intangible assets related to the Buttonwood Publishing transaction are amortized over their estimated useful lives. Accordingly, the tradenames are amortized over 9.0 years and customer relationships are amortized over 6.5 years. Amortization for the acquired intangible assets was $382 and $217 for the three months ended September 30, 2023 and 2022, respectively, and $1,135 for the nine months ended September 30, 2023.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2023
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, 2022 $ 31,307 Acquisition 85 Balance at September 30, 2023 $ 31,392 Intangible assets, net Intangible assets, net consisted of the following as of the dates indicated: September 30, 2023 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,793 $ (12,410) $ 9,383 4.8 Tradenames 4,297 (2,662) 1,635 5.4 Capitalized software development costs 4,500 (2,334) 2,166 3.8 Finite-lived intangible assets, net 30,590 (17,406) 13,184 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 31,677 $ (17,406) $ 14,271 December 31, 2022 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,718 $ (9,924) $ 11,794 5.4 Tradenames 4,287 (2,265) 2,022 5.8 Capitalized software development costs 3,002 (1,858) 1,144 2.0 Finite-lived intangible assets, net 29,007 (14,047) 14,960 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 $ (14,047) $ 16,047 During the three months ended September 30, 2023, the Company determined that impairment indicators were present due to continuing losses with respect to its Buttonwood Publishing business which it had acquired during 2022. As a result, the Company recorded an impairment loss on Buttonwood Publishing’s intangible assets totaling $584. The Company used a with and without method to determine the fair value of the customer relationships and a relief from royalty method to determine the fair value of the tradenames. We recorded amortization expense related to finite-lived intangible assets of $936 and $760 for the three months ended September 30, 2023 and 2022, respectively, and $2,775 and $1,793 for the nine months ended September 30, 2023 and 2022, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $187 and $133 for the three months ended September 30, 2023 and 2022, respectively, and $476 and $368 for the nine months ended September 30, 2023 and 2022, respectively. We recorded additions to capitalized software development costs of $526 and $1,498 for the three and nine months ended September 30, 2023, respectively. We recorded additions to capitalized software development costs of $55 and $136 for the three and nine months ended September 30, 2022, respectively. As of September 30, 2023, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2023 $ 992 2024 3,442 2025 2,879 2026 2,462 2027 1,554 Thereafter 1,855 Finite-lived intangible assets, net $ 13,184

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
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, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 125,311 $ — $ — $ 125,311 Total assets 125,311 — — 125,311 Liabilities: Profits interests, noncurrent — — 643 643 Derivative liabilities, noncurrent — — 2,954 2,954 Total liabilities $ — $ — $ 3,597 $ 3,597 December 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 80,327 $ — $ — $ 80,327 Total assets 80,327 — — 80,327 Liabilities: Derivative liabilities, noncurrent — — 1,281 1,281 Total liabilities $ — $ — $ 1,281 $ 1,281 The level 3 liabilities relate to certain employee contracts with embedded derivatives and profits interests, see Note 8 – Derivative Financial Instruments and Note 9 – Stock-Based Compensation , respectively . The following table provides quantitative information regarding Level 3 fair value measurements inputs for the derivative liabilities at their measurement dates: As of September 30, 2023 December 31, 2022 Volatility 39.80 % 37.30 % Discount rate 22.40 % 21.80 % Credit spread 1.70 % 0.20 % Risk-free rate 3.50 % 3.50 % The following table provides quantitative information regarding Level 3 fair value measurements inputs for the profits interests at the measurement date: As of September 30, 2023 Discount rate 22.80 % Discount for lack of marketability 30.50 % The following table summarizes the change in fair value of the liabilities during the nine months ended September 30, 2023 and 2022: Balance at January 1, 2023 $ 1,281 Establishment of profits interests liability (see Note 9 – Stock-Based Compensation ) 1,010 Change in fair value of profits interests liability (367) Change in fair value of derivative instruments 1,673 Balance at September 30, 2023 $ 3,597 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 15 – Warrant Exchange ) $ (14,401) Balance at September 30, 2022 $ 1,320

Balance Sheet Components

Balance Sheet Components	9 Months Ended
	Sep. 30, 2023
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 $0 and $360 for the three months ended September 30, 2023 and 2022, respectively, and $71 and $1,392 for the nine months ended September 30, 2023 and 2022, 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 $238 and $133, for the three months ended September 30, 2023 and 2022 , respectively, and $689 and $145 for the nine months ended September 30, 2023 and 2022, respectively . Property and Equipment, Net Property and equipment, net consists of the following: As of Estimated Useful Lives September 30, 2023 December 31, 2022 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,518 1,458 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,271 1,278 3,749 3,696 Less: Accumulated depreciation and amortization (3,001) (2,804) Total property and equipment, net $ 748 $ 892 Depreciation and amortization expense for property and equipment was $65 and $76 for the three months ended September 30, 2023 and 2022, respectively, and $204 and $260 for the nine months ended September 30, 2023 and 2022, respectively. Accrued Expenses Accrued expenses consist of the following: As of September 30, 2023 December 31, 2022 Commission and variable compensation $ 22,510 $ 24,207 Payroll and benefits 4,357 5,258 Other accrued expenses 15,844 16,511 Total accrued expenses $ 42,711 $ 45,976

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Prior 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 (the “Board”), that grant the holder value equal to a percentage of Net Income multiplied by a price multiple. All derivative instruments are recorded at fair value as derivative liabilities on our condensed consolidated balance sheets. As of September 30, 2023, there is one embedded derivative instrument outstanding. The following table presents information on the location and amounts of derivative instrument gains and losses: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives Not Designated as Location of Gain (Loss) Recognized in Income Statement Warrants Other income, net $ — $ (3,868) $ — $ 14,931 Phantom Interests in Net Income General and administrative (972) (160) (1,673) 695 Total $ (972) $ (4,028) $ (1,673) $ 15,626 See Note 6 – Fair Value Measurements

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Cost of revenue $ 688 $ 438 $ 2,379 $ 1,496 Sales and marketing 711 514 2,519 1,655 General and administrative 2,176 1,201 6,058 4,039 Total stock based-compensation expense $ 3,575 $ 2,153 $ 10,956 $ 7,190 Total stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 includes expenses related to our MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) our 2021 Employee Stock Purchase Plan (“ESPP”), and profits interests as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 2021 Incentive Award Plan $ 2,848 $ 2,086 $ 10,037 $ 6,828 Employee Stock Purchase Plan 84 67 276 362 Profits interests 643 — 643 — Total stock-based compensation expense $ 3,575 $ 2,153 $ 10,956 $ 7,190 2021 Incentive Award Plan As of September 30, 2023, The Company has reserved a total of 33,960,802 shares of MarketWise Class A common stock for issuance pursuant to the 2021 Incentive Award Plan. During the nine months ended September 30, 2023, we granted 5,098,818 restricted stock units (“RSUs”) and 715,000 fully vested shares of Class A common stock to certain employees and service providers in aggregate under our 2021 Incentive Award Plan. For employees and service providers, both RSUs and stock appreciation rights (“SARs”) are primarily time-based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs may entitle the recipients to dividend equivalents if approved by the Plan Administrator, which are subject to the same vesting terms and accumulate during the vesting period. Upon vesting, the RSU holder will be issued a corresponding number of the Company’s Class A common stock. The SARs will be settled in the Company’s Class A common stock upon exercise. The shares to be issued upon exercise of a SAR will have a total market value equal to the SAR value calculated as (x) number of shares underlying such SAR, multiplied by (y) any excess of the Company’s share value on the date of exercise over the exercise price set in each individual grant notice. The fair value of the RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model. The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2023 to September 30, 2023, are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 6,261,543 $ 3.45 1,747,473 $ 4.05 Granted 5,098,818 1.79 — — Exercised or vested (2,259,892) 3.28 — — Forfeited (604,232) 2.94 (92,885) 4.05 Outstanding at September 30, 2023 8,496,237 $ 2.53 1,654,588 $ 4.05 Exercisable at September 30, 2023 — $ — 829,619 $ 4.05 The stock compensation expense related to the RSU and SAR grants was $2,848 and $2,086 for the three months ended September 30, 2023 and 2022, respectively, and $8,893 and $6,828 for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, 829,619 of the SARs were exercisable and they have a remaining contractual term of 8.0 years. For the fully vested shares, during the nine months ended September 30, 2023, we issued 417,684 shares of Class A common stock after withholding for taxes, resulting in compensation expense of $1,144 . Employee Stock Purchase Plan As of September 30, 2023, The Company has reserved for issuance a total of 6,728,300 shares of Class A common stock for the ESPP. The most recent offering period began on July 1, 2023 and ends on December 31, 2023. As of September 30, 2023, $230 has been withheld on behalf of employees for the December 31, 2023 purchase date. The Company recognized $84 and $67 of stock-based compensation expense related to the ESPP during the three months ended September 30, 2023 and 2022, respectively, and $276 and $362 for the nine months ended September 30, 2023 and 2022, respectively. On each purchase date, eligible employees may purchase the shares at a price per share equal to 85% of the lesser of the fair market value of the Company’s Class A common stock on (1) the first trading day of the offering period, or (2) the last trading day of the offering period. The Company issued 231,165 shares of Class A common stock for $332,184 related to employee purchases under the ESPP during the nine months ended September 30, 2023 . Profits Interests During the three months ended September 30, 2023, the Company granted fully vested profits interests in a subsidiary of the Company to an employee. The profits interests are accounted for under ASC 718, Compensation—Stock Compensation, and are classified as liability awards , which requires that the awards be remeasured to fair value at the end of each reporting period until the liability is settled. The Company recognized $643 of stock-based compensation expense related to the profits interests during the three months ended September 30, 2023.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	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, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Basic earnings per share: Numerator: Net income $ 12,044 $ 16,509 $ 52,392 $ 73,569 Less: Net income attributable to noncontrolling interests 11,904 20,521 50,749 59,875 Net income attributable to Class A common stockholders $ 140 $ (4,012) $ 1,643 $ 13,694 Denominator: Weighted average shares outstanding (in thousands) 32,910 23,533 30,883 23,233 Basic earnings per share $ 0.00 $ (0.17) $ 0.05 $ 0.59 Diluted earnings per share: Numerator: Net income $ 12,044 $ 16,509 $ 52,392 $ 73,569 Less: Net income attributable to noncontrolling interests 11,904 20,521 50,749 59,875 Net income attributable to Class A common stockholders $ 140 $ (4,012) $ 1,643 $ 13,694 Denominator: Weighted average shares outstanding (in thousands) 33,632 23,566 31,996 23,267 Diluted earnings per share $ 0.00 $ (0.17) $ 0.05 $ 0.59 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" during the three and nine months ended September 30, 2022, 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 exchanged in September 2022 and there are no warrants outstanding as of September 30, 2023. ▪ Sponsor and MarketWise management member earnout shares: the 3,051,000 Sponsor earnout shares and the 2,000,000 MarketWise management member earnout shares granted in connection with the closing of the Transactions held in escrow are excluded from the earnings per share computation in both periods since the earnout contingency has not been met. ▪ Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs. The diluted earnings per share calculation includes the impact of unvested RSUs where the impact is dilutive, unless the Company has a net loss. The diluted earnings per share calculations above exclude certain RSUs with performance conditions, since the performance conditions were not met, and such RSUs were forfeited as of June 30, 2023. ▪ Stock appreciation rights: The diluted earnings per share calculation for the three and nine months ended September 30, 2023 and 2022 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, 2023 and 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, 2023 and 2022.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of MarketWise, LLC, as well as any stand-alone income or loss we generate. MarketWise, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, MarketWise, LLC’s taxable income or loss is passed through to its members, including us. Our effective income tax rate was 5.4% and 3.8% for the three and nine months ended September 30, 2023, respectively, and 7.7% and 5.1% for the three and nine months ended September 30, 2022, respectively. The main driver of the effective income tax rate for the three and nine months ended September 30, 2022 was the income allocation to the non-controlling interest. The main driver of the decrease in the effective tax rate from the three months ended September 30, 2022 is the change in the income allocation to the non-controlling interest. Our effective tax rate for the three and nine months ended September 30, 2023 differs from the U.S. federal statutory rate primarily because we generally do not record income taxes for the noncontrolling portion of pre-tax income. As a result of the reverse capitalization in 2021, we recorded a deferred tax asset resulting from the outside basis difference in our interest in MarketWise, LLC. The Company considers both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is not required to the extent that, in management’s judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not (a likelihood of more than 50%) that the Company’s deferred tax assets will be realized. In evaluating the need for a valuation allowance on the deferred tax asset, the company considered positive evidence related to its historic earnings, forecasted income and reversal of temporary differences. Therefore, the Company recorded a valuation allowance in the amount of $29,088 for certain deferred tax assets that are not more likely than not to be realized. As part of the reverse capitalization in 2021, we entered into a Tax Receivable Agreement (“TRA”) with certain stockholders. Pursuant to our election under Section 754 of the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder, we expect to receive a step up in the tax basis of our ownership in MarketWise, LLC as exchanges of the LLC Units (as defined herein) occur. These increases in tax basis may reduce the amount we may otherwise pay to various tax authorities in the future. The TRA liability represents approximately 85% of the calculated tax savings based on basis adjustments and other carryforward attributes assumed that we anticipate being able to utilize in future years. We will retain the remaining 15% of calculated tax savings. The payments contemplated by the TRA are not conditioned upon any continued ownership interest in MarketWise, LLC. The timing and amount of aggregate payments due pursuant to the TRA may vary based on several factors including the timing and amount of future taxable income, as well as future applicable tax rates. As such, significant inputs and assumptions are used to estimate the future expected payments under the TRA. During the three and nine months ended September 30, 2023, Members of MarketWise, LLC exchanged an aggregate of 1,500,000 and 2,750,000 common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 1,500,000 and 2,750,000 newly-issued shares of Class A common stock, respectively. As a result, we have recorded a liability of $2,096 under the TRA as of September 30, 2023. No payments have been made under the TRA and no payments are expected in the next 12 months. As of September 30, 2023 , 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, 2023
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 $351 and $637 for the three months ended September 30, 2023 and 2022, respectively, and $1,250 and $1,363 for the nine months ended September 30, 2023 and 2022, respectively. We incurred costs related to revenue share agreements with related parties which are capitalized within deferred contract acquisition costs. We capitalized $1,952 and $397 for the three months ended September 30, 2023 and 2022, respectively, and $4,039 and $2,167 for the nine months ended September 30, 2023 and 2022, 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 $80 and $186 for the three months ended September 30, 2023 and 2022, respectively, and $433 and $680 for the nine months ended September 30, 2023 and 2022, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $644 and $1,229 for the three and nine months ended September 30, 2023, respectively, and $86 for the three months ended September 30, 2022. A related party also provided certain corporate functions to the Company and the costs of these services are charged to us. We recorded $24 and $21 for the three months ended September 30, 2023 and 2022, respectively, and $78 and $64 for the nine months ended September 30, 2023 and 2022, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $1,015 and $1,043 as of September 30, 2023 and December 31, 2022, 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 stockholders. As a result, we recognized $97 and $225 in other income, net for the three months ended September 30, 2023 and 2022, respectively, and $604 and $478 for the nine months ended September 30, 2023 and 2022, respectively. Related party receivables related to these services were $97 and $403 as of September 30, 2023 and December 31, 2022, respectively. We lease offices from related parties. Lease payments made to related parties were $441 and $418 for the three months ended September 30, 2023 and 2022, respectively, and $1,309 and $1,337 for the nine months ended September 30, 2023 and 2022, respectively. Rent expense of $602 and $588 for the three months ended September 30, 2023 and 2022, respectively, and $1,802 and $1,729 for the nine months ended September 30, 2023 and 2022, respectively, related to leases with related parties, and was recognized in general and administrative expenses. At September 30, 2023 and December 31, 2022, ROU assets of $7,804 and $9,210 and lease liabilities of $6,124 and $7,041, respectively, 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 $16 in interest income for the three and nine months ended September 30, 2022, respectively. This loan was repaid in October 2022.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 675 $ 589 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1,486) (1,731) Operating lease right-of-use assets obtained in exchange for lease obligations (76) (795) Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions — (50) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable 71 120 Recording of deferred tax assets and capital contribution related to exchanges of Class B common stock to Class A common stock 2,466 — As of September 30, 2023 2022 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 194,023 $ 147,216 Restricted cash — — Total $ 194,023 $ 147,216

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity The Company’s capital stock consists of (i) issued and outstanding Class A common stock with a par value of $0.0001 per share, and (ii) issued and outstanding Class B common stock with a par value of $0.0001 per share. The table set forth below reflects information about the Company’s equity, as of September 30, 2023. The 3,051,000 Sponsor earnout shares held in escrow and the 2,000,000 management member earnout shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock – Class A 950,000,000 34,096,437 34,096,437 Common stock – Class B 300,000,000 288,342,303 288,342,303 Preferred stock 100,000,000 — — Total 1,350,000,000 322,438,740 322,438,740 Each share of Class A and Class B common stock entitles the holder to one vote per share. Only holders of Class A common stock have the right to receive dividends. In the event of liquidation, dissolution or winding up of the affairs of the Company, only holders of Class A common stock have the right to receive liquidation proceeds, while the holders of Class B common stock are entitled to only the par value of their shares. Class B common stock can be issued only to members of MarketWise, LLC, their respective successors and permitted transferees. Under the terms of the Third Amended and Restated Limited Liability Company Operating Agreement of MarketWise, LLC (the “MarketWise Operating Agreement”), and subject to certain restrictions set forth therein, the MarketWise Members are entitled to have their LLC Units redeemed or exchanged for shares of our Class A common stock, at our option. If redeemed for cash at the Company’s option, such cash would have to be generated through an offering of shares to the market such that there would not be any situation where there would be a net cash obligation to the Company for such redemption. Shares of our Class B common stock held by any such redeeming or exchanging MarketWise Member will be canceled for no additional consideration on a one-for-one basis with the redeemed or exchanged LLC Units whenever such MarketWise Member’s LLC Units are so redeemed or exchanged. The MarketWise Members may exercise such redemption rights for as long as their LLC Units remain outstanding. Our Board has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. On May 11, 2023, our Board declared a cash dividend to its Class A common stockholders in the amount of $0.01 per share, totaling $0.4 million, and a cash distribution to holders of LLC Units in the amount of $0.01 per unit, totaling $2.9 million, to stockholders and unitholders of record as of the close of business on June 1, 2023. On July 20, 2023, $0.3 million of the dividends and the full distribution of $2.9 million was paid to stockholders and unitholders, respectively. On August 3, 2023, the Board declared a cash dividend to its Class A common stockholders in the amount of $0.01 per share, totaling $0.5 million, and a cash distribution to holders of LLC Units in the amount of $0.01 per unit, totaling $2.9 million, to stockholders and unitholders of record as of the close of business on September 5, 2023. On October 26, 2023, $0.3 million of the dividends and the full distribution of $2.9 million was paid to stockholders and unitholders, respectively. Certain of the dividends are attributable to earnout shares and dividend equivalents are attributable to unvested RSUs, and are therefore forfeitable. The Company recorded the full dividend payable as a charge to additional paid-in capital on the declaration date, and forfeitures are reversed as they occur. The Company intends to pay dividends quarterly in the future, subject to Board approval of any such dividends. Dividends payable and distributions payable are included in other current liabilities in the condensed consolidated balance sheet. During the three and nine months ended September 30, 2023, pursuant to the terms of the MarketWise Operating Agreement, MarketWise Members exchanged an aggregate of 1,500,000 and 2,750,000 LLC Units, together with an equal number of shares of Class B common stock for 1,500,000 and 2,750,000 newly-issued shares of the Company’s Class A common stock, respectively. As a result of the exchanges, the Company recognized adjustments to non-controlling interests. As of September 30, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 10.6% and the noncontrolling interest was 89.4%. On November 4, 2021, our Board authorized the repurchase of up to $35.0 million in aggregate of shares of the Company’s Class A common stock. We did not repurchase any shares during the three and nine months ended September 30, 2023. We did not repurchase any shares during the three months ended September 30, 2022, and we repurchased 2,484,717 shares totaling $13.1 million 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, 2023. The share repurchase program expired by its terms on November 3, 2023. For each share of Class A common stock the Company repurchased under the share repurchase program, MarketWise, LLC, the Company’s direct subsidiary, redeemed one LLC Unit held by the Company, decreasing the percentage ownership of MarketWise, LLC by the Company and relatively increasing the ownership by the other unitholders.

Warrant Exchange

Warrant Exchange	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrant Exchange	Warrant ExchangeOn 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 during the three months ended September 30, 2022. 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, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through November 9, 2023, which is the date that the financial statements were issued. On October 18, 2023, our Board declared a special cash dividend to the Company’s Class A common stockholders in the amount of $0.15 per share and a special cash distribution to holders of LLC Units in the amount of $0.15 per unit, totaling approximately $50 million in the aggregate, to stockholders and unitholders of record as of the close of business on November 10, 2023. The special dividend and distribution will be paid on December 1, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 condensed consolidated financial statements. As of September 30, 2023, MarketWise, Inc. had a 10.6% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s condensed consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying statements of operations include certain expenses incurred by, and charged to us by, a related party for general corporate services. 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	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, 2022 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
Use of Estimates	Use of Estimates The preparation of condensed 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 condensed consolidated financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of 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, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 105,581 $ — $ — $ — $ 105,581 Transferred at a point in time — 192 351 26 569 Total $ 105,581 $ 192 $ 351 $ 26 $ 106,150 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 Nine Months Ended September 30, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 334,141 $ — $ — $ — $ 334,141 Transferred at a point in time — 508 1,250 128 1,886 Total $ 334,141 $ 508 $ 1,250 $ 128 $ 336,027 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 Revenue recognition by subscription type was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Membership subscriptions $ 48,177 $ 46,915 $ 137,988 $ 148,219 Term subscriptions 57,404 72,075 196,153 234,102 Non-subscription revenue 569 944 1,886 2,425 Total $ 106,150 $ 119,934 $ 336,027 $ 384,746 Net revenue by principal geographic areas was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 United States $ 106,150 $ 119,707 $ 335,936 $ 384,419 International — 227 91 327 Total $ 106,150 $ 119,934 $ 336,027 $ 384,746
Summary of Contract Balances	Accounts receivable, deferred revenue and obligation for refunds are as follows: As of September 30, 2023 December 31, 2022 Contract balances Accounts receivable $ 5,958 $ 4,040 Obligations for refunds $ 3,302 $ 4,676 Deferred revenue – current $ 290,226 $ 310,555 Deferred revenue – non-current $ 325,688 $ 348,273
Summary of Capitalized Costs Associated with Contracts With Customers	The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers: Balance at January 1, 2023 $ 197,618 Royalties and sales commissions – additions 22,989 Revenue share and cost per acquisition fees – additions 36,526 Amortization of capitalized costs (83,081) Balance at September 30, 2023 $ 174,052

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
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

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amounts of goodwill are as follows: Balance at December 31, 2022 $ 31,307 Acquisition 85 Balance at September 30, 2023 $ 31,392
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: September 30, 2023 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,793 $ (12,410) $ 9,383 4.8 Tradenames 4,297 (2,662) 1,635 5.4 Capitalized software development costs 4,500 (2,334) 2,166 3.8 Finite-lived intangible assets, net 30,590 (17,406) 13,184 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 31,677 $ (17,406) $ 14,271 December 31, 2022 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,718 $ (9,924) $ 11,794 5.4 Tradenames 4,287 (2,265) 2,022 5.8 Capitalized software development costs 3,002 (1,858) 1,144 2.0 Finite-lived intangible assets, net 29,007 (14,047) 14,960 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 $ (14,047) $ 16,047
Schedule of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: September 30, 2023 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,793 $ (12,410) $ 9,383 4.8 Tradenames 4,297 (2,662) 1,635 5.4 Capitalized software development costs 4,500 (2,334) 2,166 3.8 Finite-lived intangible assets, net 30,590 (17,406) 13,184 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 31,677 $ (17,406) $ 14,271 December 31, 2022 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 21,718 $ (9,924) $ 11,794 5.4 Tradenames 4,287 (2,265) 2,022 5.8 Capitalized software development costs 3,002 (1,858) 1,144 2.0 Finite-lived intangible assets, net 29,007 (14,047) 14,960 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 $ (14,047) $ 16,047
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2023, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2023 $ 992 2024 3,442 2025 2,879 2026 2,462 2027 1,554 Thereafter 1,855 Finite-lived intangible assets, net $ 13,184

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 125,311 $ — $ — $ 125,311 Total assets 125,311 — — 125,311 Liabilities: Profits interests, noncurrent — — 643 643 Derivative liabilities, noncurrent — — 2,954 2,954 Total liabilities $ — $ — $ 3,597 $ 3,597 December 31, 2022 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 80,327 $ — $ — $ 80,327 Total assets 80,327 — — 80,327 Liabilities: Derivative liabilities, noncurrent — — 1,281 1,281 Total liabilities $ — $ — $ 1,281 $ 1,281
Schedule of Fair Value Measurements Inputs	The following table provides quantitative information regarding Level 3 fair value measurements inputs for the derivative liabilities at their measurement dates: As of September 30, 2023 December 31, 2022 Volatility 39.80 % 37.30 % Discount rate 22.40 % 21.80 % Credit spread 1.70 % 0.20 % Risk-free rate 3.50 % 3.50 % The following table provides quantitative information regarding Level 3 fair value measurements inputs for the profits interests at the measurement date: As of September 30, 2023 Discount rate 22.80 % Discount for lack of marketability 30.50 %
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, 2023 and 2022: Balance at January 1, 2023 $ 1,281 Establishment of profits interests liability (see Note 9 – Stock-Based Compensation ) 1,010 Change in fair value of profits interests liability (367) Change in fair value of derivative instruments 1,673 Balance at September 30, 2023 $ 3,597 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 15 – Warrant Exchange ) $ (14,401) Balance at September 30, 2022 $ 1,320

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consists of the following: As of Estimated Useful Lives September 30, 2023 December 31, 2022 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,518 1,458 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,271 1,278 3,749 3,696 Less: Accumulated depreciation and amortization (3,001) (2,804) Total property and equipment, net $ 748 $ 892
Summary of Accrued Expenses	Accrued expenses consist of the following: As of September 30, 2023 December 31, 2022 Commission and variable compensation $ 22,510 $ 24,207 Payroll and benefits 4,357 5,258 Other accrued expenses 15,844 16,511 Total accrued expenses $ 42,711 $ 45,976

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Derivative Instruments, Gains (Losses)	The following table presents information on the location and amounts of derivative instrument gains and losses: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Derivatives Not Designated as Location of Gain (Loss) Recognized in Income Statement Warrants Other income, net $ — $ (3,868) $ — $ 14,931 Phantom Interests in Net Income General and administrative (972) (160) (1,673) 695 Total $ (972) $ (4,028) $ (1,673) $ 15,626

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 Cost of revenue $ 688 $ 438 $ 2,379 $ 1,496 Sales and marketing 711 514 2,519 1,655 General and administrative 2,176 1,201 6,058 4,039 Total stock based-compensation expense $ 3,575 $ 2,153 $ 10,956 $ 7,190 Total stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022 includes expenses related to our MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) our 2021 Employee Stock Purchase Plan (“ESPP”), and profits interests as follows: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 2021 Incentive Award Plan $ 2,848 $ 2,086 $ 10,037 $ 6,828 Employee Stock Purchase Plan 84 67 276 362 Profits interests 643 — 643 — Total stock-based compensation expense $ 3,575 $ 2,153 $ 10,956 $ 7,190
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, 2023 to September 30, 2023, are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 6,261,543 $ 3.45 1,747,473 $ 4.05 Granted 5,098,818 1.79 — — Exercised or vested (2,259,892) 3.28 — — Forfeited (604,232) 2.94 (92,885) 4.05 Outstanding at September 30, 2023 8,496,237 $ 2.53 1,654,588 $ 4.05 Exercisable at September 30, 2023 — $ — 829,619 $ 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, 2023 to September 30, 2023, are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2023 6,261,543 $ 3.45 1,747,473 $ 4.05 Granted 5,098,818 1.79 — — Exercised or vested (2,259,892) 3.28 — — Forfeited (604,232) 2.94 (92,885) 4.05 Outstanding at September 30, 2023 8,496,237 $ 2.53 1,654,588 $ 4.05 Exercisable at September 30, 2023 — $ — 829,619 $ 4.05

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of 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, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Basic earnings per share: Numerator: Net income $ 12,044 $ 16,509 $ 52,392 $ 73,569 Less: Net income attributable to noncontrolling interests 11,904 20,521 50,749 59,875 Net income attributable to Class A common stockholders $ 140 $ (4,012) $ 1,643 $ 13,694 Denominator: Weighted average shares outstanding (in thousands) 32,910 23,533 30,883 23,233 Basic earnings per share $ 0.00 $ (0.17) $ 0.05 $ 0.59 Diluted earnings per share: Numerator: Net income $ 12,044 $ 16,509 $ 52,392 $ 73,569 Less: Net income attributable to noncontrolling interests 11,904 20,521 50,749 59,875 Net income attributable to Class A common stockholders $ 140 $ (4,012) $ 1,643 $ 13,694 Denominator: Weighted average shares outstanding (in thousands) 33,632 23,566 31,996 23,267 Diluted earnings per share $ 0.00 $ (0.17) $ 0.05 $ 0.59

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures are as follows: Nine Months Ended September 30, 2023 2022 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ 675 $ 589 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1,486) (1,731) Operating lease right-of-use assets obtained in exchange for lease obligations (76) (795) Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions — (50) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable 71 120 Recording of deferred tax assets and capital contribution related to exchanges of Class B common stock to Class A common stock 2,466 — As of September 30, 2023 2022 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 194,023 $ 147,216 Restricted cash — — Total $ 194,023 $ 147,216

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Stock by Class	The table set forth below reflects information about the Company’s equity, as of September 30, 2023. The 3,051,000 Sponsor earnout shares held in escrow and the 2,000,000 management member earnout shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock – Class A 950,000,000 34,096,437 34,096,437 Common stock – Class B 300,000,000 288,342,303 288,342,303 Preferred stock 100,000,000 — — Total 1,350,000,000 322,438,740 322,438,740

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Significant Accounting Policies [Line Items]
Income tax expense	$ 691	$ 1,383	$ 2,046	$ 3,945
Gain (loss) on derivative warrant liabilities		$ (3,868)		$ 14,931
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage	10.60%	9%	10.60%	9%
Noncontrolling interest ownership percentage	89.40%	91%	89.40%	91%

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net revenue	$ 106,150	$ 119,934	$ 336,027	$ 384,746
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	351	637	1,250	1,363
Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	105,799	119,297	334,777	383,383
United States
Disaggregation of Revenue [Line Items]
Net revenue	106,150	119,707	335,936	384,419
International
Disaggregation of Revenue [Line Items]
Net revenue	0	227	91	327
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	48,177	46,915	137,988	148,219
Term subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	57,404	72,075	196,153	234,102
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net revenue	569	944	1,886	2,425
Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	105,581	118,990	334,141	382,321
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	569	944	1,886	2,425
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	105,581	118,990	334,141	382,321
Subscriptions | Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	105,581	118,990	334,141	382,321
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	192	169	508	606
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	192	169	508	606
Revenue Share | Related Party
Disaggregation of Revenue [Line Items]
Net revenue	351	637	1,250	1,363
Revenue Share | Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	26	138	128	456
Revenue Share | Transferred over time | Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Revenue Share | Transferred over time | Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0	0
Revenue Share | Transferred at a point in time | Related Party
Disaggregation of Revenue [Line Items]
Net revenue	351	637	1,250	1,363
Revenue Share | Transferred at a point in time | Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	$ 26	$ 138	$ 128	$ 456

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 5,958	$ 4,040
Obligations for refunds	3,302	4,676
Deferred revenue – current	290,226	310,555
Deferred revenue – non-current	$ 325,688	$ 348,273

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 69,978,000	$ 72,852,000	$ 256,627,000	$ 266,246,000
Accounts receivable	5,958,000		5,958,000		$ 4,040,000
Impairment on capitalized costs	0	$ 0	0	$ 0
Remaining performance obligation	$ 619,216,000		$ 619,216,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	47%		47%
Remaining performance obligation, timing of satisfaction	12 months		12 months

Revenue Recognition - Summary_3

Revenue Recognition - Summary of Capitalized Costs Associated with Contracts With Customers (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 197,618
Royalties and sales commissions – additions	22,989
Revenue share and cost per acquisition fees – additions	36,526
Amortization of capitalized costs	(83,081)
Capitalized costs, ending balance	$ 174,052

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired				$ 170	$ 12,770
Amortization of intangible assets		$ 936	$ 760	2,775	$ 1,793
2023 Acquisition
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 170
Buttonwood Publishing
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired			$ 12,770
Percentage of interests acquired			100%		100%
Amortization of intangible assets		382	$ 217	1,135
Revenue		$ 987	$ 788	$ 3,233
Buttonwood Publishing | Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)				9 years
Buttonwood Publishing | Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)				6 years 6 months

Acquisitions - Fair Value of As

Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed - Buttonwood Publishing (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Goodwill	$ 31,392	$ 31,307
Buttonwood Publishing
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
Buttonwood Publishing | Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles			709
Buttonwood Publishing | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles			$ 9,350

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 31,307
Acquisition	85
Goodwill, ending balance	$ 31,392

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Cost	$ 30,590	$ 29,007
Accumulated Amortization	(17,406)	(14,047)
Net Book Value	13,184	14,960
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Cost	31,677	30,094
Intangible assets, net	14,271	16,047
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	21,793	21,718
Accumulated Amortization	(12,410)	(9,924)
Net Book Value	$ 9,383	$ 11,794
Weighted-Average Remaining Useful Life (in years)	4 years 9 months 18 days	5 years 4 months 24 days
Tradenames
Finite-lived intangible assets:
Cost	$ 4,297	$ 4,287
Accumulated Amortization	(2,662)	(2,265)
Net Book Value	$ 1,635	$ 2,022
Weighted-Average Remaining Useful Life (in years)	5 years 4 months 24 days	5 years 9 months 18 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 4,500	$ 3,002
Accumulated Amortization	(2,334)	(1,858)
Net Book Value	$ 2,166	$ 1,144
Weighted-Average Remaining Useful Life (in years)	3 years 9 months 18 days	2 years

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets	$ 584
Amortization of intangible assets	936	$ 760	$ 2,775	$ 1,793
Amortization of capitalized software development costs	187	133	476	368
Additions to capitalized software development costs	$ 526	$ 55	$ 1,498	$ 136

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, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 992
2024	3,442
2025	2,879
2026	2,462
2027	1,554
Thereafter	1,855
Net Book Value	$ 13,184	$ 14,960

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Total assets	$ 125,311	$ 80,327
Liabilities:
Total liabilities	3,597	1,281
Other
Liabilities:
Profits interests, noncurrent	643
Derivative liabilities, noncurrent	2,954	1,281
Money market funds
Assets:
Money market funds	125,311	80,327
Level 1
Assets:
Total assets	125,311	80,327
Liabilities:
Total liabilities	0	0
Level 1 | Other
Liabilities:
Profits interests, noncurrent	0
Derivative liabilities, noncurrent	0	0
Level 1 | Money market funds
Assets:
Money market funds	125,311	80,327
Level 2
Assets:
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 2 | Other
Liabilities:
Profits interests, noncurrent	0
Derivative liabilities, noncurrent	0	0
Level 2 | Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Total assets	0	0
Liabilities:
Total liabilities	3,597	1,281
Level 3 | Other
Liabilities:
Profits interests, noncurrent	643
Derivative liabilities, noncurrent	2,954	1,281
Level 3 | 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, 2023	Dec. 31, 2022
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities, measurement input	0.3980	0.3730
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities, measurement input	0.2240	0.2180
Profit interests, measurement input	0.2280
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities, measurement input	0.0170	0.0020
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities, measurement input	0.0350	0.0350
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profit interests, measurement input	0.3050

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, 2023	Sep. 30, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,281	$ 31,347
Establishment of profits interests liability (see Note 9 – Stock-Based Compensation)	1,010
Warrants exchanged for Class A common stock (see Note 15 – Warrant Exchange)		(14,401)
Ending balance	3,597	1,320
Profit Interests
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	(367)
Derivative Instruments
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value	$ 1,673	$ (15,626)

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 0	$ 360	$ 71	$ 1,392
Capitalized cloud computing implementation costs amortization expense	238	133	689	145
Depreciation expense	$ 65	$ 76	$ 204	$ 260

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,749	$ 3,696
Less: Accumulated depreciation and amortization	(3,001)	(2,804)
Total property and equipment, net	$ 748	892
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	$ 1,518	1,458
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,271	$ 1,278

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 22,510	$ 24,207
Payroll and benefits	4,357	5,258
Other accrued expenses	15,844	16,511
Total accrued expenses	$ 42,711	$ 45,976

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Derivative gains (losses)	$ (972)	$ (4,028)	$ (1,673)	$ 15,626
Warrants
Derivative [Line Items]
Derivative gains (losses)	0	(3,868)	0	14,931
Phantom Interests in Net Income
Derivative [Line Items]
Derivative gains (losses)	$ (972)	$ (160)	$ (1,673)	$ 695

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,575	$ 2,153	$ 10,956	$ 7,190
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	688	438	2,379	1,496
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	711	514	2,519	1,655
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,176	$ 1,201	$ 6,058	$ 4,039

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,575	$ 2,153	$ 10,956	$ 7,190
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,848	2,086	10,037	6,828
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	84	67	276	362
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 643	$ 0	$ 643	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,575	$ 2,153	$ 10,956	$ 7,190
Common Stock - Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 1,144
Shares issued after withholding for tax (in shares)			417,684
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)			5,098,818
Exercisable (in shares)	0		0
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Total stock-based compensation expense	$ 2,848	2,086	$ 8,893	6,828
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)			0
Exercisable (in shares)	829,619		829,619
Remaining contractual term			8 years
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	6,728,300		6,728,300
Total stock-based compensation expense	$ 84	67	$ 276	362
Amount withheld on behalf of employees	$ 230		$ 230
Issued stock (in shares)			231,165,000
Purchase price of common stock, percent of fair market value			85%
Issued stock			$ 332,184
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	33,960,802		33,960,802
Total stock-based compensation expense	$ 2,848	2,086	$ 10,037	6,828
2021 Incentive Award Plan | Common Stock - Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)			715,000
2021 Incentive Award Plan | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted stock (in shares)			5,098,818
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 643	$ 0	$ 643	$ 0

Stock-Based Compensation - Acti

Stock-Based Compensation - Activities of RSUs and SARs (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
RSUs
Shares
Outstanding (in shares)	6,261,543
Granted (in shares)	5,098,818
Vested (RSUs) or Exercised (SARs) (in shares)	(2,259,892)
Forfeited (in shares)	(604,232)
Outstanding (in shares)	8,496,237
Exercisable (in shares)	0
Weighted-Average Grant Date Fair Value
Outstanding (in USD per share)	$ 2.53	$ 3.45
Granted (in USD per share)	1.79
Vested (RSUs) or Exercised (SARs) (in USD per share)	3.28
Forfeited (in USD per share)	2.94
Exercisable (in dollars per share)	$ 0
SARs
Shares
Outstanding (in shares)	1,747,473
Granted (in shares)	0
Vested (RSUs) or Exercised (SARs) (in shares)	0
Forfeited (in shares)	(92,885)
Outstanding (in shares)	1,654,588
Exercisable (in shares)	829,619
Weighted-Average Grant Date Fair Value
Outstanding (in USD per share)	$ 4.05	$ 4.05
Granted (in USD per share)	0
Vested (RSUs) or Exercised (SARs) (in USD per share)	0
Forfeited (in USD per share)	4.05
Exercisable (in dollars per share)	$ 4.05

Earnings Per Share - Computatio

Earnings Per Share - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 12,044	$ 16,509	$ 52,392	$ 73,569
Less: Net income attributable to noncontrolling interests	11,904	20,521	50,749	59,875
Net income attributable to Class A common stockholders	140	(4,012)	1,643	13,694
Net income attributable to Class A common stockholders	$ 140	$ (4,012)	$ 1,643	$ 13,694
Denominator:
Weighted average shares outstanding (in shares)	32,910	23,533	30,883	23,233
Basic earnings per share (USD per share)	$ 0	$ (0.17)	$ 0.05	$ 0.59
Weighted average shares outstanding (in shares)	33,632	23,566	31,996	23,267
Diluted earnings per share (USD per share)	$ 0	$ (0.17)	$ 0.05	$ 0.59

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants outstanding (in shares)		0
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	20,699,993		20,699,993
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,280,000		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 - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022	Dec. 31, 2022 USD ($)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate	5.40%	7.70%	3.80%	5.10%
Valuation allowance	$ 29,088,000		$ 29,088,000
Tax savings rate			0.85
Tax receivable agreement, percent of calculated tax savings retained	0.15		0.15
Tax receivable agreement liability, noncurrent	$ 2,096,000		$ 2,096,000		$ 0
Unrecognized tax positions	0		0
Change to uncertain tax positions within the next 12 months	$ 0		$ 0
Common Stock - Class B
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) | shares	1,500,000		2,750,000
MarketWise, LLC Units
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) | shares	1,500,000		2,750,000
Common Stock - Class A
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Stock issued during period, conversion of units (in shares) | shares	1,500,000		2,750,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Apr. 30, 2020
Related Party Transaction [Line Items]
Net revenue		$ 106,150	$ 119,934	$ 336,027	$ 384,746
Cost of revenue	[1]	13,812	14,482	43,737	48,328
Related party expense		155	96	487	290
Other income (expense), net		182	(3,651)	807	15,568
Related party receivables		1,003		1,003		$ 1,512
Operating cash flows from operating leases				1,486	1,731
Operating lease right-of-use assets		7,921		7,921		9,468
Interest (expense) income, net		1,511	(183)	3,062	(572)
Related Party
Related Party Transaction [Line Items]
Net revenue		351	637	1,250	1,363
Trade and other payables		1,305		1,305		1,004
Operating cash flows from operating leases		441	418	1,309	1,337
Operating lease, expense		602	588	1,802	1,729
Operating lease right-of-use assets		7,804		7,804		9,210
Total lease liabilities		6,124		6,124		7,041
Revenue Share Expenses | Related Party
Related Party Transaction [Line Items]
Deferred contract acquisition costs capitalized during the period		1,952	397	4,039	2,167
Call Center Support And Other Services Expense | Related Party
Related Party Transaction [Line Items]
Cost of revenue		80	186	433	680
Marketing and Copywriting Services | Related Party
Related Party Transaction [Line Items]
Cost of revenue		644	86	1,229
Corporate Functions | Related Party
Related Party Transaction [Line Items]
Related party expense		24	21	78	64
Revenue Share Expenses, Call Center Support, and Corporate Functions | Related Party
Related Party Transaction [Line Items]
Trade and other payables		1,015		1,015		1,043
Fees and Accounting and Marketing Services Revenue | Related Party
Related Party Transaction [Line Items]
Other income (expense), net		97	225	604	478
Related party receivables		$ 97		$ 97		$ 403
Class A Unitholder Note Issued April 2020 | Related Party
Related Party Transaction [Line Items]
Related party notes receivable, current							$ 1,148
Interest (expense) income, net			$ 6		$ 16
[1] (1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ 675	$ 589
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(1,486)	(1,731)
Operating lease right-of-use assets obtained in exchange for lease obligations	(76)	(795)
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	0	(50)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable	71	120
Recording of deferred tax assets and capital contribution related to exchanges of Class B common stock to Class A common stock	2,466	0
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	194,023	147,216	$ 158,575
Restricted cash	0	0
Total	$ 194,023	$ 147,216	$ 158,575	$ 139,578

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands						3 Months Ended	9 Months Ended		23 Months Ended
	Oct. 26, 2023 USD ($)	Oct. 18, 2023 USD ($) $ / shares	Aug. 03, 2023 USD ($) $ / shares	Jul. 20, 2023 USD ($)	May 11, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares	Nov. 04, 2021 USD ($)
Class of Stock [Line Items]
Common stock, number of votes per share | vote							1
Common stock, conversion ratio						1	1		1
Common stock, dividend (in dollars per share) | $ / shares						$ 0.01	$ 0.01
Dividends, common stock				$ 300		$ 462	$ 902
Distribution (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Distributions			$ 2,900	$ 2,900	$ 2,900
Share repurchase program, amount authorized											$ 35,000
Shares repurchased (in shares) | shares						0	0	2,484,717	2,984,987
Repurchases of stock							$ 0	$ 13,054
Fees and commissions								$ 25
Aggregate value of shares to be repurchased						$ 18,600	$ 18,600		$ 18,600
Number of common units redeemed for each share of Class A common stock repurchased (in shares) | shares						1	1		1
Subsequent Event
Class of Stock [Line Items]
Dividends, common stock	$ 300
Distributions	$ 2,900
Marketwise, LLC
Class of Stock [Line Items]
Ownership percentage						10.60%	10.60%	9%	10.60%
Ownership percentage						89.40%	89.40%	91%	89.40%
Sponsor Earn Out Shares
Class of Stock [Line Items]
Earn out shares (in shares) | shares						3,051,000	3,051,000		3,051,000
Management Earn Out Shares
Class of Stock [Line Items]
Earn out shares (in shares) | 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
Common stock, dividend (in dollars per share) | $ / shares			$ 0.01		$ 0.01
Dividends, common stock			$ 500		$ 400
Stock issued during period, conversion of units (in shares) | shares						1,500,000	2,750,000
Common Stock - Class A | Subsequent Event
Class of Stock [Line Items]
Common stock, dividend (in dollars per share) | $ / shares		$ 0.15
Dividends, common stock		$ 50,000
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
Issuance per redemption of Class B shares for Class A (in shares) | shares						1,500,000	2,750,000
MarketWise, LLC Units
Class of Stock [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) | shares						1,500,000	2,750,000

Stockholders_ Equity - Stock by

Stockholders’ Equity - Stock by Class (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
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)	322,438,740
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	322,438,740
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)	34,096,437	29,039,655
Common stock, outstanding (in shares)	34,096,437	29,039,655
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)	288,342,303	291,092,303
Common stock, outstanding (in shares)	288,342,303	291,092,303

Warrant Exchange (Details)

Warrant Exchange (Details) $ / shares in Units, $ in Millions	Sep. 30, 2023 shares	Sep. 30, 2022 USD ($) shares	Sep. 19, 2022 shares	Sep. 15, 2022 shares	Sep. 14, 2022	Aug. 17, 2022 $ / shares shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Percentage of outstanding warrants					0.96
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 exercised (in shares)			5,725,681
Class of warrants or right, number of warrants exchanged (in shares)			29,743,932
Warrant Amendment
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants outstanding (in shares)		0
Warrant Amendment | Common Stock - Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of shares called by each warrant (in shares)				0.17325		0.17325
Percentage of warrants outstanding exchange ratio						0.10
Warrants exercised (in shares)		214,058
Warrants outstanding (in shares)		1,236,061

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands						3 Months Ended	9 Months Ended
	Oct. 26, 2023	Oct. 18, 2023	Aug. 03, 2023	Jul. 20, 2023	May 11, 2023	Sep. 30, 2023	Sep. 30, 2023
Subsequent Event [Line Items]
Common stock, dividend (in dollars per share)						$ 0.01	$ 0.01
Dividends, common stock				$ 300		$ 462	$ 902
Common Stock - Class A
Subsequent Event [Line Items]
Common stock, dividend (in dollars per share)			$ 0.01		$ 0.01
Dividends, common stock			$ 500		$ 400
Subsequent Event
Subsequent Event [Line Items]
Distribution (in dollars per share)		$ 0.15
Dividends, common stock	$ 300
Distributions		$ 50,000
Subsequent Event | Common Stock - Class A
Subsequent Event [Line Items]
Common stock, dividend (in dollars per share)		$ 0.15
Dividends, common stock		$ 50,000