MarketWise (MKTW) 10-Q 15 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 10, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001805651
Current Fiscal Year End Date	--12-31
Common Stock - Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,173,283
Common Stock - Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		280,390,147

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 131,175	$ 155,174
Accounts receivable	3,350	4,528
Prepaid expenses	10,555	9,305
Related party receivables	2,008	5,182
Deferred contract acquisition costs	83,423	91,480
Other current assets	2,046	2,172
Total current assets	232,557	267,841
Property and equipment, net	630	690
Operating lease right-of-use assets	6,827	7,331
Intangible assets, net	8,437	6,255
Goodwill	33,560	31,038
Deferred contract acquisition costs, noncurrent	67,713	73,420
Deferred tax assets	9,367	9,693
Other assets	199	287
Total assets	359,290	396,555
Current liabilities:
Accrued expenses	22,048	55,041
Deferred revenue and other contract liabilities	280,314	287,751
Operating lease liabilities	1,474	1,446
Other current liabilities	26,787	27,959
Total current liabilities	333,903	373,893
Long-term liabilities - related party	707	0
Deferred revenue and other contract liabilities, noncurrent	285,231	304,342
Related party tax receivable agreement liability, noncurrent	2,470	2,151
Other liabilities, noncurrent	2,378	746
Operating lease liabilities, noncurrent	3,987	4,366
Total liabilities	628,676	685,498
Commitments and Contingencies	0	0
Stockholders’ deficit
Preferred stock - par value of $0.0000 per share, 100,000 shares authorized; 0 shares issued and outstanding at March 31, 2024 and 2023, respectively	0	0
Additional paid-in capital	115,259	115,164
Accumulated other comprehensive income	27	65
Accumulated deficit	(124,686)	(126,343)
Total stockholders’ deficit attributable to MarketWise, Inc.	(9,367)	(11,081)
Noncontrolling interest	(260,019)	(277,862)
Total stockholders’ deficit	(269,386)	(288,943)
Total liabilities and stockholders’ deficit	359,290	396,555
Common Stock - Class A
Stockholders’ deficit
Common stock	4	4
Common Stock - Class B
Stockholders’ deficit
Common stock	29	29
Nonrelated Party
Current liabilities:
Trade and other payables	2,936	559
Related Party
Current assets:
Operating lease right-of-use assets	6,771	7,261
Current liabilities:
Trade and other payables	$ 344	$ 1,137

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock - Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	38,122,283	36,384,981
Common stock, outstanding (in shares)	38,122,283	36,384,981
Common Stock - Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	287,592,303	288,092,303
Common stock, outstanding (in shares)	287,592,303	288,092,303

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Total net revenue		$ 108,991	$ 126,233
Operating expenses:
Cost of revenue	[1]	13,368	15,290
Sales and marketing	[1]	47,297	48,727
General and administrative	[1]	23,802	28,033
Research and development	[1]	2,149	2,463
Depreciation and amortization		693	984
Related party expense		127	128
Total operating expenses		87,436	95,625
Income from operations		21,555	30,608
Other income, net		234	387
Interest (expense) income, net		1,658	538
Income before income taxes		23,447	31,533
Income tax expense		735	928
Net income		22,712	30,605
Net income attributable to noncontrolling interests		21,055	29,138
Net income attributable to MarketWise, Inc.		$ 1,657	$ 1,467
Net income per Class A common share – basic (USD per share)		$ 0.05	$ 0.05
Net income per Class A common share – diluted (USD per share)		$ 0.04	$ 0.05
Weighted average shares outstanding – basic (in shares)		36,726	29,172
Weighted average shares outstanding – diluted (in shares)		39,436	30,496
Nonrelated Party
Total net revenue		$ 108,612	$ 125,615
Related Party
Total net revenue		$ 379	$ 618
[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
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 22,712	$ 30,605
Other comprehensive (loss) income:
Cumulative translation adjustment	(38)	21
Total comprehensive income	$ 22,674	$ 30,626

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders’ Deficit (Unaudited) - USD ($) $ in Thousands	Total	RSUs	Common Stock - Class A	Common Stock - Class B	Total Stockholders’ Deficit Attributable to MarketWise, Inc.	Total Stockholders’ Deficit Attributable to MarketWise, Inc. RSUs	Common Stock Common Stock - Class A	Common Stock Common Stock - Class A RSUs	Common Stock Common Stock - Class B	Preferred Stock	Additional paid-in capital	Additional paid-in capital RSUs	Accumulated deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 31, 2022							29,039,655		291,092,303
Equity, beginning balance at Dec. 31, 2022	$ (298,383)				$ (21,197)		$ 3		$ 29	$ 0	$ 106,852		$ (128,125)	$ 44	$ (277,186)
Preferred stock, beginning balance (in shares) at Dec. 31, 2022										0
Stockholders' Deficit
Equity-based compensation	3,703				3,703						3,703
Vesting of restricted stock units (in shares)							873,835
Restricted stock units withheld to pay taxes		$ (630)				$ (630)						$ (630)
Distributions	20														20
Foreign currency translation adjustments	21				21									21
Net income (loss)	30,605				1,467								1,467		29,138
Common stock, ending balance (in shares) at Mar. 31, 2023							29,913,490		291,092,303
Equity, ending balance at Mar. 31, 2023	(264,664)				(16,636)		$ 3		$ 29	$ 0	109,925		(126,658)	65	(248,028)
Preferred stock, ending balance (in shares) at Mar. 31, 2023										0
Common stock, beginning balance (in shares) at Dec. 31, 2023			36,384,981	288,092,303			36,384,981		288,092,303
Equity, beginning balance at Dec. 31, 2023	$ (288,943)				(11,081)		$ 4		$ 29	$ 0	115,164		(126,343)	65	(277,862)
Preferred stock, beginning balance (in shares) at Dec. 31, 2023	0									0
Stockholders' Deficit
Equity-based compensation	$ 2,175				2,175						2,175
Vesting of restricted stock units (in shares)							1,796,681
Restricted stock units withheld to pay taxes (in shares)								(559,379)
Restricted stock units withheld to pay taxes		$ (1,172)				$ (1,172)						$ (1,172)
Dividends declared	(493)				(493)						(493)
Distributions	(3,683)														(3,683)
Issuance per redemption of Class B shares for Class A shares (in shares)				(500,000)			(500,000)
Issuance per redemption of Class B shares for Class A shares	0				(471)						(471)				471
Foreign currency translation adjustments	(38)				(38)									(38)
Remeasurement of deferred taxes due to change in noncontrolling interest	56				56						56
Net income (loss)	22,712				1,657								1,657		21,055
Common stock, ending balance (in shares) at Mar. 31, 2024			38,122,283	287,592,303			38,122,283		287,592,303
Equity, ending balance at Mar. 31, 2024	$ (269,386)				$ (9,367)		$ 4		$ 29	$ 0	$ 115,259		$ (124,686)	$ 27	$ (260,019)
Preferred stock, ending balance (in shares) at Mar. 31, 2024	0									0

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 22,712	$ 30,605
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	693	984
Stock-based compensation	3,807	3,703
Change in fair value of derivative liabilities	0	1,011
Deferred taxes	678	897
Unrealized gains on foreign currency	(57)	(10)
Noncash lease expense	505	517
Changes in operating assets and liabilities:
Accounts receivable	1,178	900
Related party receivables and payables, net	2,381	152
Prepaid expenses	(1,250)	(452)
Other current assets and other assets	214	486
Deferred contract acquisition costs	13,764	9,826
Trade and other payables	2,412	1,480
Accrued expenses	(32,993)	(16,247)
Deferred revenue	(30,881)	(29,264)
Operating lease liabilities	(352)	(361)
Other current and long-term liabilities	(1,322)	(359)
Net cash (used in) provided by operating activities	(18,511)	3,868
Cash flows from investing activities:
Purchases of property and equipment	0	(13)
Capitalized software development costs	(252)	(382)
Net cash used in investing activities	(252)	(395)
Cash flows from financing activities:
Restricted stock units withheld to pay taxes	(1,172)	(630)
Dividends paid	(343)	0
Distributions to noncontrolling interests	(3,683)	20
Net cash used in financing activities	(5,198)	(610)
Effect of exchange rate changes on cash	(38)	21
Net (decrease) increase in cash, cash equivalents and restricted cash	(23,999)	2,884
Cash, cash equivalents and restricted cash — beginning of period	155,174	158,575
Cash, cash equivalents and restricted cash — end of period	$ 131,175	$ 161,459

Organization

Organization	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Description of Business and Basis of Presentation MarketWise, Inc. (“MarketWise,” “the Company,” “we,” “us,” or “our”) is a holding company that has no material assets other than its ownership in MarketWise, LLC, and operates and controls all of the businesses and operations of MarketWise, LLC and its subsidiaries. The Company provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise, Inc. and its subsidiary, MarketWise, LLC, a variable interest entity (“VIE”) for which MarketWise, Inc. is deemed to be the primary beneficiary. MarketWise, Inc. is a holding company that owns a minority economic interest in MarketWise, LLC but, through its role as the managing member of MarketWise, LLC, controls all of the business and operations of MarketWise, LLC. Therefore, MarketWise, LLC and its subsidiaries are included in the Company’s condensed consolidated financial statements. As of March 31, 2024, MarketWise, Inc. had a 11.7% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s consolidated financial statements. The condensed consolidated financial statements have been prepared in accordance with GAAP. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited 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, 2023 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited 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 March 31, 2024, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three months ended March 31, 2024 and 2023. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the 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 financial statements include, but are not limited to, the fair value of common units, derivatives, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. Net income for the three months ended March 31, 2024 and 2023 was fully attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of March 31, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC is 11.7% and the noncontrolling interest was 88.3%. For the three months ended March 31, 2024, net income attributable to controlling interests included a $735 tax provision, which is 100% attributable to the controlling interest. As of March 31, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 9.3% and the noncontrolling interest was 90.7%. For the three months ended March 31, 2023 net income attributable to controlling interests included a $0.9 million tax provision, which was 100% attributable to the controlling interest.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 108,275 $ — $ — $ — $ 108,275 Transferred at a point in time — 319 379 18 716 Total $ 108,275 $ 319 $ 379 $ 18 $ 108,991 Three Months Ended March 31, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 125,412 $ — $ — $ — $ 125,412 Transferred at a point in time — 148 618 55 821 Total $ 125,412 $ 148 $ 618 $ 55 $ 126,233 Revenue recognition by subscription type was as follows: Three Months Ended March 31, 2024 2023 Membership subscriptions $ 49,626 $ 48,402 Term subscriptions 58,649 77,010 Non-subscription revenue 716 821 Total $ 108,991 $ 126,233 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. Net revenue by principal geographic areas was as follows: Three Months Ended March 31, 2024 2023 United States $ 108,991 $ 126,142 International — 91 Total $ 108,991 $ 126,233 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 March 31, 2024 December 31, 2023 Contract balances Accounts receivable $ 3,350 $ 4,528 Obligations for refunds $ 4,561 $ 3,157 Deferred revenue – current $ 275,753 $ 284,594 Deferred revenue – non-current $ 285,231 $ 304,342 We recognized $92,561 and $104,035 of revenue during the three months ended March 31, 2024 and 2023, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $3,350 and $4,528 as of March 31, 2024 and December 31, 2023, respectively, related to the timing of cash settlement with our credit card processor. Assets Recognized from Costs to Obtain a Contract with a Customer The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers: Balance at January 1, 2024 $ 164,900 Royalties and sales commissions – additions 5,237 Revenue share and cost per acquisition fees – additions 9,303 Amortization of capitalized costs (28,304) Balance at March 31, 2024 $ 151,136 We did not recognize any impairment on capitalized costs associated with contracts with customers for the three months ended March 31, 2024 and 2023. Remaining Performance Obligations As of March 31, 2024, the Company had $565,545 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 50% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

Legacy Reorganization

Legacy Reorganization	3 Months Ended
	Mar. 31, 2024
Reorganizations [Abstract]
Legacy Reorganization	Legacy Reorganization On February 8, 2024, the Company reported that its Board of Directors had committed to a strategic realignment and reorganization (the “Reorganization”) whereby the Company will wind-down the operations of its Legacy Research Group business (“Legacy Research”) in response to misconduct discovered at Legacy Research where certain managers violated the Company’s policies. Following the commitment to the Reorganization, Legacy Research began to significantly curtail business activities including any marketing efforts to acquire new subscribers, but continued to serve existing subscribers and fulfill existing subscriptions during the first quarter of 2024. At the time of the announcement, there were 104 employees at Legacy Research, which represented approximately 18% of the Company’s total employees. As of March 31, 2024, 12 employees were either terminated or resigned, and separation costs incurred in the three months ended March 31, 2024 totaled approximately $200. As of March 31, 2024, the Company was still evaluating a range of potential actions related to the Reorganization, including the sale of certain Legacy Research assets to other businesses within MarketWise, and actions with respect to the remaining employees, and had not approved any such plans. Legacy Research has leased office space and the current lease end date for this property is December 2028. As of March 31, 2024, the operating lease right-of-use asset and related leasehold improvements totaled approximately $2.9 million. The Company was still using this property in its operations, and evaluating various future alternatives with respect to this property as of March 31, 2024. The Company expects that the Reorganization will be completed in the first half of fiscal 2024.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions MMP Acquisition In January 2024, we acquired 100% ownership of certain assets and liabilities from Money Map Press, LLC (“MMP Acquisition”), a provider of financial newsletters, which is a related party. The Company will pay contingent consideration based on the level of subscription sales it achieves from certain customers beginning from the sale date through January 1, 2026, as defined in the sale agreement. The fair value of the contingent consideration was estimated to be $707. The contingent consideration will be remeasured at the end of each reporting period. The MMP Acquisition was accounted for using the acquisition method of accounting for business combinations. The purchase price allocation is preliminary pending completion of valuations of certain acquired assets and liabilities. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Goodwill $ 2,522 Tradenames 283 Customer relationships 2,235 Total assets acquired 5,040 Deferred revenue, current (3,166) Deferred revenue, noncurrent (1,167) Liabilities assumed (4,333) Net assets acquired $ 707 The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The acquired intangible assets related to the MMP Acquisition are amortized over their estimated useful lives. Accordingly, the tradenames are amortized over 8.7 years and customer relationships are amortized over 6.2 years. Amortization for the acquired intangible assets was $97 for the three months ended March 31, 2024.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2024
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 January 1, 2024 $ 31,038 MMP Acquisition 2,522 Balance at March 31, 2024 $ 33,560 Intangible assets, net Intangible assets, net consisted of the following as of the dates indicated: March 31, 2024 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 14,679 $ (10,655) $ 4,024 4.7 Tradenames 3,871 (2,697) 1,174 4.8 Capitalized software development costs 5,010 (2,858) 2,152 3.7 Finite-lived intangible assets, net 23,560 (16,210) 7,350 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 24,647 $ (16,210) $ 8,437 December 31, 2023 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 12,443 $ (10,371) $ 2,072 3.0 Tradenames 3,588 (2,611) 977 3.9 Capitalized software development costs 4,714 (2,595) 2,119 3.7 Finite-lived intangible assets, net 20,745 (15,577) 5,168 Indefinite-lived intangible assets: Cryptocurrencies — — — Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 21,832 $ (15,577) $ 6,255 We recorded amortization expense related to finite-lived intangible assets of $633 and $914 for the three months ended March 31, 2024 and 2023, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $264 and $143 for the three months ended March 31, 2024 and 2023, respectively. We recorded additions to capitalized software development costs of $297 and $382 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2024 $ 2,456 2025 1,876 2026 1,457 2027 509 2028 452 Thereafter 600 Finite-lived intangible assets, net $ 7,350

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
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: March 31, 2024 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 115,280 $ — $ — $ 115,280 Contingent consideration receivable — — 1,253 1,253 Total assets 115,280 — 1,253 116,533 Liabilities: Profits interests, noncurrent — — 2,378 2,378 Contingent consideration liability — — 707 707 Total liabilities $ — $ — $ 3,085 $ 3,085 December 31, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 121,345 $ — $ — $ 121,345 Contingent consideration receivable — — 1,253 1,253 Total assets 121,345 — 1,253 122,598 Liabilities: Profits interests, noncurrent — — 746 746 Total liabilities $ — $ — $ 746 $ 746 The level 3 assets relate to contingent consideration receivable from a related party associated with the Buttonwood Publishing sale, see Note 4 - Acquisitions and Disposals in our Annual Report on Form 10-K for the year ended December 31, 2023, and the level 3 liabilities relate to contingent consideration liability to a related party associated with the MMP Acquisition and profits interests, see Note 5 - Acquisitions and Note 9 – Stock-Based Compensation , respectively . The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable, profits interests, and contingent consideration liability at their measurement dates: As of March 31, 2024 Contingent consideration receivable Discount rate 27.2 % Revenue discount rate 5.8 % Profits interests Discount rate 25.0 % Discount for lack of marketability 29.5 % Contingent consideration liability Discount Rate 27.2 % The Company held no derivative liabilities as during the three months ended March 31, 2024. The following table summarizes the change in fair value of the derivative liabilities during the three months ended March 31, 2023: Balance at January 1, 2023 $ 1,281 Change in fair value of derivative instruments 1,011 Balance at March 31, 2023 $ 2,292

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
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 resource planning systems of $0 and $5 for the three months ended March 31, 2024 and 2023 , respectively. The capitalized implementation costs are capitalized within other current assets and other assets on the condensed consolidated balance sheets. Amortization expense related to capitalized cloud computing implementation costs was $238 and $222 fo r the three months ended March 31, 2024 and 2023 , respectively. Property and Equipment, Net Property and equipment, net consists of the following: As of Estimated Useful Lives March 31, 2024 December 31, 2023 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,520 1,520 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,271 1,271 3,751 3,751 Less: Accumulated depreciation and amortization (3,121) (3,061) Total property and equipment, net $ 630 $ 690 Depreciation and amortization expense for property and equipment was $60 and $70 for the three months ended March 31, 2024 and 2023, respectively. Accrued Expenses Accrued expenses consist of the following: As of March 31, 2024 December 31, 2023 Commission and variable compensation $ 8,260 $ 29,817 Payroll and benefits 3,617 10,941 Other accrued expenses 10,171 14,283 Total accrued expenses $ 22,048 $ 55,041

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Cost of revenue $ 599 $ 1,008 Sales and marketing 621 1,092 General and administrative 2,587 1,603 Total stock based-compensation expense $ 3,807 $ 3,703 Total stock-based compensation expense for the three months ended March 31, 2024 and 2023 includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows: Three Months Ended March 31, 2024 2023 2021 Incentive Award Plan $ 2,086 $ 3,603 Employee Stock Purchase Plan 89 100 Profits interests 1,632 — Total stock-based compensation expense $ 3,807 $ 3,703 2021 Incentive Award Plan During the three months ended March 31, 2024, we granted 955,035 restricted stock units (“RSUs”) to certain employees and service providers in aggregate under our 2021 Incentive Award Plan. For employees and service providers, both RSUs and stock appreciation rights (“SARs”) are primarily time based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs may entitle the recipients to dividend equivalents if approved by the Plan Administrator, which are subject to the same vesting terms and accumulate during the vesting period. Upon vesting, the RSU holder will be issued the Company’s Class A common stock. The SARs will be settled in the Company’s Class A common stock upon exercise. The shares to be issued upon exercise will have a total market value equal to the SAR value calculated as (x) number of shares underlying SAR, multiplied by (y) any excess of the Company’s share value on the date of exercise over the exercise price set in each individual grant notice. The fair value of the RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model. The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes are summarized as follows, including granted, exercised and forfeited from January 1, 2024 to March 31, 2024. RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 7,740,261 $ 2.57 1,586,184 $ 4.05 Granted 955,035 1.91 — — Exercised or vested (1,796,681) 1.86 — — Forfeited (176,665) 2.68 (100,283) 4.05 Expired — — — — Outstanding at March 31, 2024 6,721,950 $ 2.67 1,485,901 $ 4.05 Exercisable at March 31, 2024 — $ — 761,219 $ 4.05 The stock compensation expense related to the RSU and SAR grants was $2,087 and $3,603 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, 761,219 SARs were exercisable and they have a remaining contractual term of 7.3 years. Employee Stock Purchase Plan The Company recognized $89 and $100 of stock-based compensation expense related to the Employee Stock Purchase Plan ("ESPP”) during the three months ended three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, $189 has been withheld on behalf of employees for the June 30, 2024 purchase date. Profits Interests The Company recognized $1,632 of stock-based compensation expense related to the profits interests during the three months ended March 31, 2024.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Basic earnings per share: Numerator: Net income $ 22,712 $ 30,605 Less: Net income attributable to noncontrolling interests 21,055 29,138 Net income attributable to Class A common stockholders $ 1,657 $ 1,467 Denominator: Weighted average shares outstanding (in thousands) 36,726 29,172 Basic earnings per share $ 0.05 $ 0.05 Diluted earnings per share: Numerator: Net income $ 22,712 $ 30,605 Less: Net income attributable to noncontrolling interests 21,055 29,138 Net income attributable to Class A common stockholders $ 1,657 $ 1,467 Denominator: Weighted average shares outstanding (in thousands) 39,436 30,496 Diluted earnings per share $ 0.04 $ 0.05 The Company’s potentially dilutive securities and their impact on the computation of diluted earnings per share is as follows: ▪ Sponsor and MarketWise Management Member Earnout Shares: the 3,051,000 Sponsor Earnout Shares and the 2,000,000 MarketWise Management Member Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021) held in escrow are excluded from the earnings per share computation in both periods since the earnout contingency has not been met. ▪ Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs. The diluted earnings per share calculation includes the impact of unvested RSUs, where the impact is dilutive, unless the Company has a net loss. ▪ Stock appreciation rights: The diluted earnings per share calculation excludes the impact of SARs since the effect was antidilutive. ▪ ESPP: The diluted earnings per share calculation includes the impact of dilutive shares and excludes the impact of antidilutive shares under the ESPP as of March 31, 2024 and 2023.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of MarketWise, LLC, as well as any stand-alone income or loss we generate. MarketWise, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, MarketWise, LLC’s taxable income or loss is passed through to its members, including us. Our effective income tax rate was 3.1% and 2.9% for the three months ended March 31, 2024 and 2023, respectively. The main driver of the rate for the three months ended March 31, 2023 was the income allocation to the non-controlling interest. The main driver of the increase in the effective tax rate from the three months ended March 31, 2023 is the change in the income allocation to the non-controlling interest. Our effective tax rate for the three months ended March 31, 2024 differs from the U.S. federal statutory rate primarily because we generally do not record income taxes for the noncontrolling portion of pre-tax income. As a result of the reverse capitalization in 2021, we recorded a deferred tax asset resulting from the outside basis difference in our interest in MarketWise, LLC. The company considers both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is not required to the extent that, in management’s judgment, positive evidence exists with a magnitude and duration sufficient to result in a conclusion that it is more likely than not (a likelihood of more than 50%) that the Company’s deferred tax assets will be realized. In evaluating the need for a valuation allowance on the deferred tax asset, the company considered positive evidence related to its historic earnings, forecasted income and reversal of temporary differences. Therefore, the Company recorded a valuation allowance in the amount of $29,869 for certain deferred tax assets that are not more likely than not to be realized. As part of Transactions, we entered into Tax Receivable Agreements (“TRAs”) with certain shareholders. Pursuant to our election under Section 754 of the Code, as amended, and the regulations issued thereunder, we expect to receive a step up in the tax basis of our ownership in MarketWise, LLC as exchanges of the LLC Units (as defined herein) occur. These increases in tax basis may reduce the amount we may otherwise pay to various tax authorities in the future. The TRA liability will represent approximately 85% of the calculated tax savings based on basis adjustments and other carryforward attributes assumed that we anticipate to be able to utilize in future years. We will retain the remaining 15% of calculated tax savings. The payments contemplated by the TRA are not conditioned upon any continued ownership interest in MarketWise, LLC. The timing and amount of aggregate payments due pursuant to the TRA may vary based on several factors including the timing and amount of future taxable income, as well as future applicable tax rates. As such, significant inputs and assumptions are used to estimate the future expected payments under the TRA. During the three months ended March 31, 2024, Members of MarketWise, LLC exchanged an aggregate of 500,000 common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 500,000 newly-issued shares of Class A common stock. As a result, we have recorded a cumulative liability of $2,470 under the TRA as of March 31, 2024. No payments have been made under the TRA and no payments are expected in the next 12 months. As of March 31, 2024 , 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	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have certain revenue share agreements with related parties. Accordingly, we recognized revenue from related parties of $379 and $618 for the three months ended March 31, 2024 and 2023, respectively. We also incurred revenue share expenses paid to related parties of $1,306 and $1,152 which were capitalized as contract origination costs for the three months ended March 31, 2024 and 2023, respectively. A related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $134 and $136 for the three months ended March 31, 2024 and 2023, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $0 and $253 for the three months ended March 31, 2024 and 2023, respectively. A related party also provided certain corporate functions to MarketWise and the costs of these services are charged to MarketWise. We recorded $23 and $27 for the three months ended March 31, 2024 and 2023, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $563 and $1,220 as of March 31, 2024 and December 31, 2023 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 $155 and $302 in other income, net for the three months ended March 31, 2024 and 2023, respectively. Related party receivables related to these services were $155 and $239 as of March 31, 2024 and December 31, 2023, respectively. We lease offices from related parties. Lease payments made to related parties were $435 and $433 for the three months ended March 31, 2024 and 2023, respectively, and related party rent expense of $603 and $605 were recognized in general and administrative expenses for the three months ended March 31, 2024 and 2023. At March 31, 2024 and December 31, 2023, ROU assets of $6,771 and $7,261 and lease liabilities of $5,403 and $5,740 are associated with leases with related parties.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Three Months Ended March 31, 2024 2023 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ (281) $ (293) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (465) (498) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable 45 37 As of March 31, 2024 2023 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 131,175 $ 161,459 Total cash and cash equivalents $ 131,175 $ 161,459

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024. The 3,051,000 Sponsor Earnout Shares held in escrow and the 2,000,000 Management Member Earnout Shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock - Class A 950,000,000 38,122,283 38,122,283 Common stock - Class B 300,000,000 287,592,303 287,592,303 Preferred stock 100,000,000 — — Total 1,350,000,000 325,714,586 325,714,586 Each share of Class A and Class B common stock entitles the holder one vote per share. Only holders of Class A common stock have the right to receive dividends. In the event of liquidation, dissolution or winding up of the affairs of the Company, only holders of Class A common stock have the right to receive liquidation proceeds, while the holders of Class B common stock are entitled to only the par value of their shares. Class B common stock can be issued only to members of MarketWise, LLC, their respective successors and permitted transferees. Under the terms of the Third Amended and Restated Limited Liability Company Operating Agreement of MarketWise, LLC (the “MarketWise Operating Agreement”), and subject to certain restrictions set forth therein, the MarketWise Members are entitled to have their LLC Units redeemed or exchanged for shares of our Class A common stock, at our option. If redeemed for cash at the Company’s option, such cash would have to be generated through an offering of shares to the market such that there would not be any situation where there would be a net cash obligation to the Company for such redemption. Shares of our Class B common stock held by any such redeeming or exchanging MarketWise Member will be canceled for no additional consideration on a one-for-one basis with the redeemed or exchanged LLC Units whenever the MarketWise Members’ LLC Units are so redeemed or exchanged. The MarketWise Members may exercise such redemption rights for as long as their LLC Units remain outstanding. Our Board has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock. In 2023, we commenced paying quarterly dividends on shares of our Class A common stock and distributions on our LLC Units. There can be no assurance that we will continue to pay dividends in the future. The payment of any future dividends and distributions will be at the discretion of our Board of Directors and will depend on our results of operations, capital requirements, financial condition, prospects, contractual arrangements, any limitations on payment of dividends present in any debt agreements, and other factors that our Board of Directors may deem relevant. The dividends and distributions declared during the three months ended March 31, 2024 were as follows: Dividends Distributions Date declared Date paid per share Total per unit Total October 18, 2023 January 25, 2024 $ 0.01 $ 471 $ 0.01 $ 2,881 March 5, 2024 April 25, 2024 $ 0.01 $ 493 $ 0.01 $ 2,878

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through May 15, 2024, which is the date that the financial statements were issued. With respect to the Legacy Research Reorganization described in Note 4 – Legacy Reorganization , as of May 15, 2024, the Company was still evaluating a range of potential actions related to the Reorganization, including the sale of certain Legacy Research assets to other businesses within MarketWise, and actions with respect to the remaining employees, and had not approved any such plans.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying consolidated financial statements include the accounts of MarketWise, Inc. and its subsidiary, MarketWise, LLC, a variable interest entity (“VIE”) for which MarketWise, Inc. is deemed to be the primary beneficiary. MarketWise, Inc. is a holding company that owns a minority economic interest in MarketWise, LLC but, through its role as the managing member of MarketWise, LLC, controls all of the business and operations of MarketWise, LLC. Therefore, MarketWise, LLC and its subsidiaries are included in the Company’s condensed consolidated financial statements. As of March 31, 2024, MarketWise, Inc. had a 11.7% ownership interest in MarketWise, LLC. The Company determined that MarketWise, LLC is the primary beneficiary of a VIE, and therefore, the assets, liabilities, and results of operations of that VIE are included in the Company’s consolidated financial statements.
Unaudited Interim Financial Information	Unaudited Interim Financial Information
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 financial statements include, but are not limited to, the fair value of common units, derivatives, 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. Net income for the three months ended March 31, 2024 and 2023 was fully attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 108,275 $ — $ — $ — $ 108,275 Transferred at a point in time — 319 379 18 716 Total $ 108,275 $ 319 $ 379 $ 18 $ 108,991 Three Months Ended March 31, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 125,412 $ — $ — $ — $ 125,412 Transferred at a point in time — 148 618 55 821 Total $ 125,412 $ 148 $ 618 $ 55 $ 126,233 Revenue recognition by subscription type was as follows: Three Months Ended March 31, 2024 2023 Membership subscriptions $ 49,626 $ 48,402 Term subscriptions 58,649 77,010 Non-subscription revenue 716 821 Total $ 108,991 $ 126,233 Net revenue by principal geographic areas was as follows: Three Months Ended March 31, 2024 2023 United States $ 108,991 $ 126,142 International — 91 Total $ 108,991 $ 126,233
Summary of Contract Balances	Accounts receivable, deferred revenue and obligation for refunds are as follows: As of March 31, 2024 December 31, 2023 Contract balances Accounts receivable $ 3,350 $ 4,528 Obligations for refunds $ 4,561 $ 3,157 Deferred revenue – current $ 275,753 $ 284,594 Deferred revenue – non-current $ 285,231 $ 304,342
Summary of Capitalized Costs Associated with Contracts with Customers	The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers: Balance at January 1, 2024 $ 164,900 Royalties and sales commissions – additions 5,237 Revenue share and cost per acquisition fees – additions 9,303 Amortization of capitalized costs (28,304) Balance at March 31, 2024 $ 151,136

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Goodwill $ 2,522 Tradenames 283 Customer relationships 2,235 Total assets acquired 5,040 Deferred revenue, current (3,166) Deferred revenue, noncurrent (1,167) Liabilities assumed (4,333) Net assets acquired $ 707

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amounts of goodwill are as follows: Balance at January 1, 2024 $ 31,038 MMP Acquisition 2,522 Balance at March 31, 2024 $ 33,560
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: March 31, 2024 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 14,679 $ (10,655) $ 4,024 4.7 Tradenames 3,871 (2,697) 1,174 4.8 Capitalized software development costs 5,010 (2,858) 2,152 3.7 Finite-lived intangible assets, net 23,560 (16,210) 7,350 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 24,647 $ (16,210) $ 8,437 December 31, 2023 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 12,443 $ (10,371) $ 2,072 3.0 Tradenames 3,588 (2,611) 977 3.9 Capitalized software development costs 4,714 (2,595) 2,119 3.7 Finite-lived intangible assets, net 20,745 (15,577) 5,168 Indefinite-lived intangible assets: Cryptocurrencies — — — Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 21,832 $ (15,577) $ 6,255
Schedule of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: March 31, 2024 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 14,679 $ (10,655) $ 4,024 4.7 Tradenames 3,871 (2,697) 1,174 4.8 Capitalized software development costs 5,010 (2,858) 2,152 3.7 Finite-lived intangible assets, net 23,560 (16,210) 7,350 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 24,647 $ (16,210) $ 8,437 December 31, 2023 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 12,443 $ (10,371) $ 2,072 3.0 Tradenames 3,588 (2,611) 977 3.9 Capitalized software development costs 4,714 (2,595) 2,119 3.7 Finite-lived intangible assets, net 20,745 (15,577) 5,168 Indefinite-lived intangible assets: Cryptocurrencies — — — Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 21,832 $ (15,577) $ 6,255
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of March 31, 2024, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2024 $ 2,456 2025 1,876 2026 1,457 2027 509 2028 452 Thereafter 600 Finite-lived intangible assets, net $ 7,350

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated: March 31, 2024 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 115,280 $ — $ — $ 115,280 Contingent consideration receivable — — 1,253 1,253 Total assets 115,280 — 1,253 116,533 Liabilities: Profits interests, noncurrent — — 2,378 2,378 Contingent consideration liability — — 707 707 Total liabilities $ — $ — $ 3,085 $ 3,085 December 31, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 121,345 $ — $ — $ 121,345 Contingent consideration receivable — — 1,253 1,253 Total assets 121,345 — 1,253 122,598 Liabilities: Profits interests, noncurrent — — 746 746 Total liabilities $ — $ — $ 746 $ 746
Schedule of Fair Value Measurements Inputs	The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable, profits interests, and contingent consideration liability at their measurement dates: As of March 31, 2024 Contingent consideration receivable Discount rate 27.2 % Revenue discount rate 5.8 % Profits interests Discount rate 25.0 % Discount for lack of marketability 29.5 % Contingent consideration liability Discount Rate 27.2 %
Schedule of Changes in Fair Value of Liabilities	The following table summarizes the change in fair value of the derivative liabilities during the three months ended March 31, 2023: Balance at January 1, 2023 $ 1,281 Change in fair value of derivative instruments 1,011 Balance at March 31, 2023 $ 2,292

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 December 31, 2023 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,520 1,520 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,271 1,271 3,751 3,751 Less: Accumulated depreciation and amortization (3,121) (3,061) Total property and equipment, net $ 630 $ 690
Summary of Accrued Expenses	Accrued expenses consist of the following: As of March 31, 2024 December 31, 2023 Commission and variable compensation $ 8,260 $ 29,817 Payroll and benefits 3,617 10,941 Other accrued expenses 10,171 14,283 Total accrued expenses $ 22,048 $ 55,041

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Cost of revenue $ 599 $ 1,008 Sales and marketing 621 1,092 General and administrative 2,587 1,603 Total stock based-compensation expense $ 3,807 $ 3,703 Total stock-based compensation expense for the three months ended March 31, 2024 and 2023 includes expenses related to our 2021 Incentive Award Plan, our ESPP and profits interests, as follows: Three Months Ended March 31, 2024 2023 2021 Incentive Award Plan $ 2,086 $ 3,603 Employee Stock Purchase Plan 89 100 Profits interests 1,632 — Total stock-based compensation expense $ 3,807 $ 3,703
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 are summarized as follows, including granted, exercised and forfeited from January 1, 2024 to March 31, 2024. RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 7,740,261 $ 2.57 1,586,184 $ 4.05 Granted 955,035 1.91 — — Exercised or vested (1,796,681) 1.86 — — Forfeited (176,665) 2.68 (100,283) 4.05 Expired — — — — Outstanding at March 31, 2024 6,721,950 $ 2.67 1,485,901 $ 4.05 Exercisable at March 31, 2024 — $ — 761,219 $ 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 are summarized as follows, including granted, exercised and forfeited from January 1, 2024 to March 31, 2024. RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 7,740,261 $ 2.57 1,586,184 $ 4.05 Granted 955,035 1.91 — — Exercised or vested (1,796,681) 1.86 — — Forfeited (176,665) 2.68 (100,283) 4.05 Expired — — — — Outstanding at March 31, 2024 6,721,950 $ 2.67 1,485,901 $ 4.05 Exercisable at March 31, 2024 — $ — 761,219 $ 4.05

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Basic earnings per share: Numerator: Net income $ 22,712 $ 30,605 Less: Net income attributable to noncontrolling interests 21,055 29,138 Net income attributable to Class A common stockholders $ 1,657 $ 1,467 Denominator: Weighted average shares outstanding (in thousands) 36,726 29,172 Basic earnings per share $ 0.05 $ 0.05 Diluted earnings per share: Numerator: Net income $ 22,712 $ 30,605 Less: Net income attributable to noncontrolling interests 21,055 29,138 Net income attributable to Class A common stockholders $ 1,657 $ 1,467 Denominator: Weighted average shares outstanding (in thousands) 39,436 30,496 Diluted earnings per share $ 0.04 $ 0.05

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures are as follows: Three Months Ended March 31, 2024 2023 Supplemental Disclosures of Cash Flow Information: Cash paid for interest $ (281) $ (293) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (465) (498) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable 45 37 As of March 31, 2024 2023 Reconciliation of Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents $ 131,175 $ 161,459 Total cash and cash equivalents $ 131,175 $ 161,459

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Stock by Class	The table set forth below reflects information about the Company’s equity as of March 31, 2024. The 3,051,000 Sponsor Earnout Shares held in escrow and the 2,000,000 Management Member Earnout Shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock - Class A 950,000,000 38,122,283 38,122,283 Common stock - Class B 300,000,000 287,592,303 287,592,303 Preferred stock 100,000,000 — — Total 1,350,000,000 325,714,586 325,714,586
Schedule of Dividends Declared	The dividends and distributions declared during the three months ended March 31, 2024 were as follows: Dividends Distributions Date declared Date paid per share Total per unit Total October 18, 2023 January 25, 2024 $ 0.01 $ 471 $ 0.01 $ 2,881 March 5, 2024 April 25, 2024 $ 0.01 $ 493 $ 0.01 $ 2,878
Schedule of Distributions Made to Limited Liability Company (LLC) Member, by Distribution	The dividends and distributions declared during the three months ended March 31, 2024 were as follows: Dividends Distributions Date declared Date paid per share Total per unit Total October 18, 2023 January 25, 2024 $ 0.01 $ 471 $ 0.01 $ 2,881 March 5, 2024 April 25, 2024 $ 0.01 $ 493 $ 0.01 $ 2,878

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Significant Accounting Policies [Line Items]
Income tax expense	$ 735	$ 928
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary	11.70%	9.30%
Noncontrolling interest ownership percentage	88.30%	90.70%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net Revenue	$ 108,991	$ 126,233
Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	379	618
Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	108,612	125,615
United States
Disaggregation of Revenue [Line Items]
Net Revenue	108,991	126,142
International
Disaggregation of Revenue [Line Items]
Net Revenue	0	91
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net Revenue	49,626	48,402
Term subscriptions
Disaggregation of Revenue [Line Items]
Net Revenue	58,649	77,010
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net Revenue	716	821
Transferred over time
Disaggregation of Revenue [Line Items]
Net Revenue	108,275	125,412
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Revenue	716	821
Subscriptions
Disaggregation of Revenue [Line Items]
Net Revenue	108,275	125,412
Subscriptions | Transferred over time
Disaggregation of Revenue [Line Items]
Net Revenue	108,275	125,412
Subscriptions | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Revenue	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	319	148
Advertising | Transferred over time
Disaggregation of Revenue [Line Items]
Net Revenue	0	0
Advertising | Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Revenue	319	148
Revenue Share | Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	379	618
Revenue Share | Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	18	55
Revenue Share | Transferred over time | Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	0	0
Revenue Share | Transferred over time | Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	0	0
Revenue Share | Transferred at a point in time | Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	379	618
Revenue Share | Transferred at a point in time | Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	$ 18	$ 55

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 3,350	$ 4,528
Obligations for refunds	4,561	3,157
Deferred revenue – current	275,753	284,594
Deferred revenue – non-current	$ 285,231	$ 304,342

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 92,561,000	$ 104,035,000
Accounts receivable	3,350,000		$ 4,528,000
Impairment of capitalized costs	0	$ 0
Remaining performance obligation	$ 565,545,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	50%
Remaining performance obligation, timing of satisfaction	12 months

Revenue Recognition - Capitaliz

Revenue Recognition - Capitalized Costs Associated with Contracts with Customers (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 164,900
Royalties and sales commissions – additions	5,237
Revenue share and cost per acquisition fees – additions	9,303
Amortization of capitalized costs	(28,304)
Capitalized costs, ending balance	$ 151,136

Legacy Reorganization (Details)

Legacy Reorganization (Details) - Legacy Research - Reorganization $ in Thousands			3 Months Ended
	Mar. 31, 2024 USD ($) employee	Feb. 08, 2024 employee	Mar. 31, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated | employee	12	104
Restructuring and related cost, number of positions eliminated, period percent		18%
Separation costs			$ 200
Operating lease right-of-use asset and related leasehold improvements	$ 2,900		$ 2,900

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Jan. 31, 2024
Business Acquisition [Line Items]
Amortization of intangible assets	$ 633	$ 914
Money Map Press, LLC
Business Acquisition [Line Items]
Percentage of interests acquired			100%
Fair value of contingent consideration			$ 707
Amortization of intangible assets	$ 97
Money Map Press, LLC | Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	8 years 8 months 12 days
Money Map Press, LLC | Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	6 years 2 months 12 days

Acquisitions - Fair Value of As

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

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 31,038
MMP Acquisition	2,522
Goodwill, ending balance	$ 33,560

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-lived intangible assets:
Cost	$ 23,560	$ 20,745
Accumulated Amortization	(16,210)	(15,577)
Finite-lived intangible assets, net	7,350	5,168
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Cost	24,647	21,832
Net Book Value	8,437	6,255
Cryptocurrencies
Indefinite-lived intangible assets:
Indefinite-lived intangible assets		0
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	14,679	12,443
Accumulated Amortization	(10,655)	(10,371)
Finite-lived intangible assets, net	$ 4,024	$ 2,072
Weighted-Average Remaining Useful Life (in years)	4 years 8 months 12 days	3 years
Tradenames
Finite-lived intangible assets:
Cost	$ 3,871	$ 3,588
Accumulated Amortization	(2,697)	(2,611)
Finite-lived intangible assets, net	$ 1,174	$ 977
Weighted-Average Remaining Useful Life (in years)	4 years 9 months 18 days	3 years 10 months 24 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 5,010	$ 4,714
Accumulated Amortization	(2,858)	(2,595)
Finite-lived intangible assets, net	$ 2,152	$ 2,119
Weighted-Average Remaining Useful Life (in years)	3 years 8 months 12 days	3 years 8 months 12 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 633	$ 914
Amortization of capitalized software development costs	264	143
Additions to capitalized software development costs	$ 297	$ 382

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 2,456
2025	1,876
2026	1,457
2027	509
2028	452
Thereafter	600
Finite-lived intangible assets, net	$ 7,350	$ 5,168

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Contingent consideration receivable	$ 1,253	$ 1,253
Total assets	116,533	122,598
Liabilities:
Contingent consideration liability	707
Total liabilities	3,085	746
Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,378	746
Money market funds
Assets:
Money market funds	115,280	121,345
Level 1
Assets:
Contingent consideration receivable	0	0
Total assets	115,280	121,345
Liabilities:
Contingent consideration liability	0
Total liabilities	0	0
Level 1 | Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 1 | Money market funds
Assets:
Money market funds	115,280	121,345
Level 2
Assets:
Contingent consideration receivable	0	0
Total assets	0	0
Liabilities:
Contingent consideration liability	0
Total liabilities	0	0
Level 2 | Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 2 | Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Contingent consideration receivable	1,253	1,253
Total assets	1,253	1,253
Liabilities:
Contingent consideration liability	707
Total liabilities	3,085	746
Level 3 | Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,378	746
Level 3 | Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurements Inputs (Details) - Recurring	Mar. 31, 2024
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.272
Profits interests	0.250
Derivative liabilities	0.272
Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.058
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.295

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Derivative liability	$ 0	$ 2,292,000	$ 1,281,000

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,281
Ending balance	2,292
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of derivative instruments	$ 1,011

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 0	$ 5
Capitalized cloud computing implementation costs amortization expense	238	222
Depreciation expense	$ 60	$ 70

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,751	$ 3,751
Less: Accumulated depreciation and amortization	(3,121)	(3,061)
Total property and equipment, net	$ 630	690
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 960	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,520	1,520
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,271	$ 1,271

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 8,260	$ 29,817
Payroll and benefits	3,617	10,941
Other accrued expenses	10,171	14,283
Total accrued expenses	$ 22,048	$ 55,041

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense by Statement of Operations Line Item (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,807	$ 3,703
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,086	3,603
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	89	100
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	1,632	0
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	599	1,008
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	621	1,092
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,587	$ 1,603

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,807	$ 3,703
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,632	0
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Total stock-based compensation expense	$ 2,087	3,603
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	955,035
Exercisable (in shares)	0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	0
Exercisable (in shares)	761,219
Remaining contractual term	7 years 3 months 18 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 89	$ 100
Amount withheld on behalf of employees	$ 189

Stock-Based Compensation - Acti

Stock-Based Compensation - Activities of RSUs and SARs (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
RSUs
Units
Outstanding, beginning balance (in shares)	7,740,261
Granted (in shares)	955,035
Vested (RSUs) or Exercised (SARs) (in shares)	(1,796,681)
Forfeited (in shares)	(176,665)
Expired (in shares)	0
Outstanding, ending balance (in shares)	6,721,950
Exercisable (in shares)	0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) | $ / shares	$ 2.57
Granted (USD per share) | $ / shares	1.91
Vested (RSUs) or Exercised (SARs) (USD per share) | $ / shares	1.86
Forfeited (USD per share) | $ / shares	2.68
Expired (in USD per share) | $ / shares	0
Outstanding, ending balance (USD per share) | $ / shares	2.67
Exercisable (USD per share) | $ / shares	$ 0
SARs
Units
Outstanding, beginning balance (in shares)	1,586,184
Granted (in shares)	0
Vested (RSUs) or Exercised (SARs) (in shares)	0
Forfeited (in shares)	(100,283)
Expired (in shares)	0
Outstanding, ending balance (in shares)	1,485,901
Exercisable (in shares)	761,219
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share) | $ / shares	$ 4.05
Granted (USD per share) | $ / shares	0
Vested (RSUs) or Exercised (SARs) (USD per share) | $ / shares	0
Forfeited (USD per share) | $ / shares	4.05
Expired (in USD per share) | $ / shares	0
Outstanding, ending balance (USD per share) | $ / shares	$ 4.05

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income	$ 22,712	$ 30,605
Less: Net income attributable to noncontrolling interests	21,055	29,138
Net income attributable to Class A common stockholders	1,657
Net income attributable to Class A common stockholders	$ 1,657	$ 1,467
Denominator:
Weighted average shares outstanding (in shares)	36,726	29,172
Basic earnings per share (USD per share)	$ 0.05	$ 0.05
Weighted average shares outstanding (in shares)	39,436	30,496
Diluted earnings per share (USD per share)	$ 0.04	$ 0.05

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 shares
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,051,000
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,000,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate	3.10%	2.90%
Valuation allowance	$ 29,869,000
Tax savings rate	0.85
Tax receivable agreement, percent of calculated tax savings retained	0.15
Tax Receivable Agreement	$ 2,470,000
Unrecognized tax positions	0
Change to uncertain tax positions within the next 12 months	$ 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	500,000
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	500,000
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	500,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Net Revenue		$ 108,991	$ 126,233
Cost of revenue	[1]	13,368	15,290
Related party expense		127	128
Other income, net		234	387
Related party receivables		2,008		$ 5,182
Operating lease, payments		465	498
Operating lease right-of-use assets		6,827		7,331
Corporate Functions
Related Party Transaction [Line Items]
Related party expense		23	27
Related Party
Related Party Transaction [Line Items]
Net Revenue		379	618
Trade and other payables		344		1,137
Operating lease, payments		435	433
Operating lease, expense		603	605
Operating lease right-of-use assets		6,771		7,261
Operating lease, liability		5,403		5,740
Related Party | Revenue Share Expenses
Related Party Transaction [Line Items]
Deferred contract acquisition costs capitalized during the period		1,306	1,152
Related Party | Call Center Support and Other Services Expense
Related Party Transaction [Line Items]
Cost of revenue		134	136
Related Party | Marketing and Copywriting Services
Related Party Transaction [Line Items]
Cost of revenue		0	253
Related Party | Revenue Share Expenses, Call Center Support, and Corporate Functions
Related Party Transaction [Line Items]
Trade and other payables		563		1,220
Related Party | Fees and Accounting and Marketing Services Revenue
Related Party Transaction [Line Items]
Other income, net		155	$ 302
Related party receivables		$ 155		$ 239
[1] (1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ (281)	$ (293)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(465)	(498)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable	45	37
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	131,175	161,459	$ 155,174
Total cash and cash equivalents	$ 131,175	$ 161,459	$ 155,174	$ 158,575

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Common stock, number of votes per share | vote	1
Common stock, conversion ratio	1
Sponsor Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares) | shares	3,051,000
Management Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares) | shares	2,000,000
Common Stock - Class A
Class of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001	$ 0.0001
Common Stock - Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) | $ / shares	$ 0.0001	$ 0.0001

Stockholders_ Equity - Stock by

Stockholders’ Equity - Stock by Class (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	1,350,000,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	325,714,586
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	325,714,586
Common Stock - Class A
Class of Stock [Line Items]
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	38,122,283	36,384,981
Common stock, outstanding (in shares)	38,122,283	36,384,981
Common Stock - Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	287,592,303	288,092,303
Common stock, outstanding (in shares)	287,592,303	288,092,303

Stockholders_ Equity - Dividend

Stockholders’ Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 25, 2024	Jan. 25, 2024	Mar. 31, 2024
Class of Stock [Line Items]
Dividends (USD per share)		$ 0.01
Dividends, total		$ 471	$ 493
Distributions (USD per share)		$ 0.01
Distributions		$ 2,881
Subsequent Event
Class of Stock [Line Items]
Dividends (USD per share)	$ 0.01
Dividends, total	$ 493
Distributions (USD per share)	$ 0.01
Distributions	$ 2,878