MKTW - Earnings call transcript Q3 2021

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Operator

Ladies and gentlemen, thank you for standing by. And welcome to the MarketWise Third Quarter 2021 Earnings Call.

During today’s presentation, all parties will be in a listen only mode [Operator Instructions].

As a reminder, this conference call is being recorded. I would now like to hand the conference over to Jonathan Shanfield, Head of Investor Relations at MarketWise. ahead. go Please

Jonathan Shanfield

good conference and financial for us joining Thank to morning. discuss today's call XXXX MarketWise’s on you, Thanks third results. quarter

Chief Lynch, call Mark the we Executive our Officer; On and Chief our today, Dale Financial Officer. Arnold, have

And These we that demands, forward-looking statements today's statements. but to, strategies our posted to Information statements our date. views plans site. SEC growth forward-looking we our prospects, on the course regarding any forward-looking future these concerning update and ability company's limited make and may could and differ call, upon business section the press any uncertainties, from should the in on contained statements information today’s may to forward filings, to as and retain and based During Web other statements. earnings financial cause Actual management's release risks, on statements subsequent assumptions, guidance will any and of results including, factors not not looking vary performance, customers. company's relied the attract disclaim are obligation be market are of and results materially current Investor from and supplemental

to to and certain press include the Mark. measures discussion earnings today turn Reconciliations These I to, measures non-GAAP can over financial be our financial Our will be filings. in release considered not a non-GAAP non-GAAP from will substitute measures. isolation call GAAP measures. as should found but addition in SEC now for an

Mark Arnold

morning, call. third Thanks quarter everybody. Jon. XXXX our to conference Good Welcome earnings

by about late the operating There we team to a and have and our of and we get advisors with know, the transition highlights touch to lot discuss said, some trends through work public lot have company. all But state our see to successfully recent completed front the would transactions quarter all opportunities to of. and transactions third Ascendant in we're a we're As a current our that with pleased began proud excited a of in the public developments. a And us of hard in be and I like trading publicly couple the to first seeing We're our going our of on of July. our was marketplace. that newly to as you We're of results as we closed company.

saw a you press made announcements. our yesterday the two significant number in over past As release weeks, we of and have

weeks announced credit a of million. entered up we will of couple facility provide that a milestone for the is we with a banks first syndicate committed of that it revolving five MarketWise significant is ago, facility a to successfully First, our a line This as $XXX credit in history. into for credit

cash flows not for one strategy, but adjusted million funding did operations, company, company. one well immediate borrow headline have to facility while thing company, And of of a still from turn as not our this facility use leverage. small expect our you the to levered may relative less to capacity representing should is acquisition debt to highly become is part it than do we and not us backup to plans as we will draw acquisition we number this provides for closing Now while the like One for note, thing provide the as financing. meaningful I'd capacity important of at $XXX any any liquidity

the step It’s lenders our we pay would quarter. relatively an their able participation cash company to now to expect for any forward Additionally, with very We're that to want of down all over quickly I achieved new be amount given thank for of publicly pleased regenerate, we the and each of the this borrowings time. support. important them

share common A of purchases $XX to our the announced program and Additionally, will the of authorized of that the million Board management repurchase up Directors Class time discretion time of under from of a at we the be in made year if timing The will to yesterday stock. the the And The extend program stock believe of in program number dollar this and of amount aggregate repurchased. we when depend repurchases a is company. accretive is shares earlier repurchase is two have extended, will significantly it discontinued undervalued our repurchase any to other suspended when us period Philosophically on or share or repurchasing modified, market program over obligate most to been This $XX view and realized that accretive intend from shares, does any when are highly and anticipate not do conditions may highly million shares returns the our time. believe investors. to price investors We we recently of capital, our shares certain is by or so proper those to we and be for of certain undervalued. provide measure we repurchases that at support the shares any deployment requirements. repurchase

We business these are exists the and adoption this prices. the we the strength of plan, the believe value with reaffirming of at tremendous

light have excess work to could cash grow. our sufficient company's on CapEx put balance and for buyback a ability businesses be to Our which without impacting we sheet today, our

third the of quarter XXXX Turning results.

subscribers and our continued products perform business our solutions. Our to to explore software well engage continue research and as with

paid, revenues XX% our subscribers, free During and and total XX%. the grew third grew our quarter,

year-to-date already million $XXX totaled last have million. exceeded $XXX year’s total billings and Our billings of

adjusted as all $XXX cash of $XXX million from operations compared million to year-to-date grew for Our to XXXX. flow

is to and on focused very forward. our results. good go-public performance now our So very a the transaction we We're quarter to on strategy third going are executing the happy we with continue year have that complete, with of company

always encourage well. history, I in to in investors promise periods mind. where promise that one our the do over business do can't results of in run been our long this with shareholders the been and to business our shareholders to our has What the our have profitable been years, up that best treated view is equity the there up. our go for we like during will have keep best I mentioned As mind. holders interest past, significantly, And would year-over-year We've always we long always in been XX can growth and

leadership has XX% owning in Our tremendous nearly a the of the game, of company team amount post-closing. new skin

with we a that dynamics highlighted trends More spring I second So leisure in of this very we market late interests of previously. long-term briefly quarter summer to a Throughout and the on the call. related travel first touch economic our are to quarter, yours. aligned quarterly want boom saw and discussed our from But nature our business have on in some that we minute. continuation

re-engage off. we saw of the outside began eyes travel And movement off and of activities improved, as home. statistics people leisure in online COVID to leveled and activities engagement increased a As screens

the recall, second through end our at described quarter summer the call, summer possibly begin As behavior continuing and of on we you people what pattern reengaging our the in second a earnings was thought of the would this and the the shared quarter fashion. It year normalized may was have into began more seen that we September. in as as fall, ended school and that

longer October. liked, of this month to we bit signs some a throughout took of would've begun this normalization the have early we While than see

that quarter say early over our month was while year, is costs. trend we expect a may of increase what the per us October XX.X too which the signs very page decrease And an Specifically, new four year in schedule modest this have paid can September in total rate the be I the million in month acquisition to of and June of October, to the unit I throughout additions also fourth a to subscriber plan busy subscriber we in XX.X% the landing average. strong. uptick visits the balance of seen We've it finish extend early and for the have

said and million platform trusted of I've to almost year, that community goal grow our for self As subscribers quality deliver continues XX To and is investors. total wellness be end, the now. high a we directed with to information leading throughout to our financial continue resource research the financial

for directed breadth reach, to continue and We best-in-class community. continue engage actionable ways our to self investing research provide readers, our of expand our expand the the brands and to and depth products for look and

Our years. profitable for business XX has been

And times certainty our straight it in does had can that pauses. There business not move an We year. when a subscriber with times I are when is and growth never have tell line. you always other unprofitable rabid

balance. know term, to the eye successful business trends an time Over we've long the maintaining between profitability. towards impact with metrics. and we But beauty adversely short growth it our been our our a decisions ability could maintain always real but in capture that to balance pin our which of is very and mind, make with long term term We profitability,

our of more to as editors. subscriber per of costs believe financial customer it base. over research the of is Specifically, began our have high over driver a and cycle the as paid The relationship subscriber this able this of very value Again, this can't we ultra business proven I through relationship spend customers to escalate a basis, value and reduce high is ultimately were time. business value And year, a stress as quality we the our Dale life is subscribers specific to the our to now digital quickly. that our and subscribers to metrics the our between time we valuable I'll ad show, key discuss content move value over to over to turn and and our they results. highly enough, time on increases saw the of analysts

Dale Lynch

busy has events been as quarter for single Mark Thanks achieved we’ve extremely mentioned. Mark. milestone an This MarketWise

to of those of get want Mark I our I the a results, discussion in two into items recap third Before first that quarter comments. mentioned

them a revolving Capital year backup Bank. any has did the Mark Fargo five XXth, a a our on partners to $XXX some five points. be M&A with I accordion want thank joint spread three This as for an Bank facility of Silicon million LIBOR on basis flexibility but of source to basis syndicates or at and and the arrangers feature. team. capacity banks Bank with as XX our We're again, of additional There's of these serving a Wells October points. Bank, and additionally bank an financial facility closed make borrowings XXX and and as range of thrilled PNC commitment a for lead of million borrowings provide will HSBC book execute included mentioned, joining $XX to fee XXX it we to does liquidity runners. with and XX on rest provides The Montreal facility unused to Bank working term us transactions. closing Valley providing on at First, important also not joint It We syndicate Markets credit

emphasized and plan just to conservative pursue mentioned leverage. Mark to As we approach

up of our program announced Board a our Directors stock two common period. a as Second, A yesterday, repurchase $XX over we million year has to of of approved share Class

As we've and a repurchase [new] Mark intend seems public stock volatility public good price in frankly, since that did of remaining valuation value believe company, when purchase lot to summarizing true of highly we listing accretive our the seen metrics. is shareholders. job very from the the to current these we shares a disconnected our shares a our

put requirements Our low excess CapEx this program to work. that some of to cash cash and repurchase makes generation an opportunity

Okay.

So financial turning now to our results.

XXXX million XXXX, revenue $XX.X XX.X% quarter which million in was quarter increase. Third third to compared $XXX.X reflects

were of September. sales, in restrictions COVID We this our as in earnest continued and [lifetime] time XXXX travel these in We or to on third in several came past from Billings billings $XX.X X% other across the by decreased million that million investments for to and years billings. in from through of the continue of made eased mid $XXX.X business. to spring quarter X% results Approximately believe our spending continued related engagement We see compared began this quarter term or throughout we XX% large lieu late our and decrease and XX% XXXX. quarter sales decrease who prioritize this third due and continued part this travel leisure our to to second believe subscribers investor in of subscribers reduced boom in quarter is leisure million potential engagement devices $XXX.X and quarter. from

As vary to well quarter of nature the us due mentioned before, all to we've up front campaign collecting billings and as mix invoices efficacy. quarter as can

cost based revenue of $XX.X So this to $XX.X Cost year quarter. revenues in in compared $XX.X quarter the ago for of year quarter. Included $XX stock the to of compared million moving on was statement. million down the ago million compensation the income million is

averages. generally exclude a our One to in [attributed] thing sales, cost compared like in our were based as you percent as original and forward, of Ascendant attributable If to to XX% with historical with than B line These units this compensation time year revenue from stock margins derivative emphasize is of that have will would the Ascendant. of quarter compensation quarter based been the I'd to sales ago as with stock cease. from rather merger Class units going our combination equity to the the liabilities and prior XX% treated

quarter, As common was included and holders such $XX.X quarter remeasure Included significantly compared expect our based with increase to this equity, profits change basis, Sales distributions that straight any compensation. at in compensation. unit, million. units based B Class Also, would and compensation treated $XX.X stock quarter Class fair to these consistent original $X.X be On the employees. in were stock ago as an based to $XX.X B last be compensation this each those to we had to were year's as of quarter lower stock they amounts quarter. compensation forward level compared stock in a value common $XX.X traditional to costs plan in in meaning based the million marketing million the straight million for a paid of of go based year million converted incur stock were

remain unit as we mentioned you previous quarter, our our saw you costs as expense. on third marketing acquisition we our saw costs, throughout per reduced the As acquisition previously, higher

sales costs $X.X decreased Excluding stock our marketing compared quarter quarter compensation, to XXXX. million and second this based as by

as were average in Included an the in compensation several and to paid on acquire to average and below customer the General million line we slightly the the in to million would of XXXX. that months, GAAP posted our average year-to-date, a If of $XXX.X the new cost slide cost unit average year the you quarter the Web to ago we in recall this past site, acquire million basis, over included on these based compared this XXXX the $XX.X in Despite cost subscriber those XXXX were XXXX on amounts our included decks a quarter. year we've in to million various in compared seen and with as XXXX that quarter. for costs administrative approximate is assumptions quarter $XXX.X ago higher assumption XXXX. $XX.X costs stock

travel partially million due in compensation, costs $X.X offset increased million Excluding driven million stock $X headcount, to expenses. year-over-year. by were million increase increases costs $X.X about professional in software That based decrease by These our G&A was increased fees. increase $X.X payroll $X million increase and related in in

in to So we ended by of net the million, $XX.X offset quarter increase with a net was loss of in last loss in net revenues. $XXX.X million million increase a to based in partially an increase $XXX.X year. stock compared quarter due million loss compensation third the The $XX.X of the

matter To and adjusts stock non-GAAP distributions most adjusted associated therefore Class profits non-recurring forward. we our look metric cash from with So unusual historically, for only items cash think based should our going operations. investors old flow flow clear, measure this compensation and and B of be

compared $XX.X quarter third $XX operations million XXXX. This adjusted was cash flow to million quarter from in

adjusted which of third flow percent from Our margin, operations is XXXX. third XXXX in the flow to XX.X% of as XX.X% from billings, operations adjusted cash quarter in compared was quarter cash

As Mark operations mentioned, XXXX. to for cash million $XXX.X year date all brings our total flow to compared to this million $XXX.X of adjusted as from

key turn to of metrics. let's some our Now

to quarter XXX,XXX paid quarter to $XXX XX.X% XXX,XXX XX,XXX second XXXX year third from has free of XXX,XXX year. increase. in ARPU to last from did to by grew subscribers increase a decrease paid our quarter, as quarter. X.X XX.X subscribers which XXXX. subscribers $XXX this compared this million this represents Our Total from million quarter saw improved ago of We

to are As reopening paid that last boom summer. decline quarter, through dramatic and subs we which associated was leisure quarter the in to and this due quarter we factors, travel discussed of believe related in the second began the economy continued the with

per acquisition throughout second mediums tended and the and the closely usage the of industry to First, products. quarter increased the in the increase focus began increase significantly costs. cost on has market some of to continued quarter, our that's metrics. the market unit third our to cost to the hospitality We This advertising digital our we marketing fall. here adjust spend unit as our reduce will believe changing costs there that conditions. continue We'll we and and normalization breakeven per adapt unit as should evaluate to increase, our And to get the into travel be

increases this Importantly, improvement already in and Mark and page fact, in of customer improving direct page rates. October signs of additions and landing have in the reduced visits increases acquisition an uptick engagement rate we to conversion earlier, has of in seen This with costs. and far. our subscriber of in new month This so the and through has resulted month in the pre November paid mentioned

for Having talking have about paid five reflect the campaign fourth to going scheduled for forecast lower the engagement modestly for Mark expect finish customer earlier, was quarter that persist the said subs significantly the during which this quarter to months, adjust did since therefore, been largely As engagement and reduced. the lost to about we reduced a to very active this add highlighted do strong. Therefore, and ability we're we've period. opportunity second of that the period to take year time, that,

XXXX X.XX year to subscriber our million. paid forecast XXX,XXX full adjusting We’re from

adjusted subscriber to to our XXX a As XXX forecast, billings result XXX cash and million from from flow million forecast the paid forecast, XXXX of XXX million we're our full from reducing down year original operations change in our forecast taking million.

sales will adjusting also versus on billings over unit continued time. around our forecast at estimated watch for and a which important story $XXX of we higher change an in. our our situation, as like and the subscribers to period is what at we of mostly the spend all forecast higher of of from unit spend. disciplined mentioned. our sales million lifetime to certain I term as term and than forecast decrease subscriptions advantage we stay Our versus decrease whatever higher ultimately year, very bring purchase the per financial our combined sales $XXX reiterate mix we with $XXX that in [lowered] but the paid mix reflect lifetime of we'll the us this down spend GAAP for $XXX toward as Conversely, of shift toward our and amount is other increase to costs million, to second subscriber operations, We're overtime, XXXX. We're can good saw year. ramp long for success to costs us marketing increased of concept first result the business take This a If ARPU you forecast value the long contributed a just this XXXX unit from changes time throughout and half beginning XX high rates through our lifetime sales of costs years. to with that that's closely I'd our revenue quarter reason, revenue the

pass. in evaluate back quickly, conditions is will at other do we The the business can and will two slow this on improve. we unit our beauty model and market the pull work. subscriber second or adjust you've past and and redirect third this cost dollars is time be is we'll decrease to this, during pause saw When This our for we year. quarters. subscriber campaigns what that's seen acquisitions a what that model and period additions We This need business of until if of quarter of

new and acquisition back some us let's it spend our customer we'll decline the marketing hand, On turn see ROI you'll when closing to increases, significantly or cost subscribers. With for comments. increase potentially and Mark that, add our marketing direct other

Mark Arnold

Thanks Dale.

plan execution want our need your and one employees, look go-public quarter our the of place to point. forward. forward. we the attract transaction That questions, for past the into the readers, many of next this company all our us us this more our strategic what eyes, transaction attract for leg closing they gives that we in M&A thought thank provide incentive to Closing MarketWise partners talent in as help previously. we And our the in of organization, over to able putting I compensation and public get my going see and of public many move last colleagues. pieces should awards afforded to made before accomplished of XXX going take equity adopt more And with plan strategy. affiliates, The the to so opportunity more taken When an We a to platform adopted meaningful We an we question. capital our everybody I being plan what started scope and fundamental July. of grow before us is closing hard the So us on that to have also in currency ever at or for and employees. We I to years equity our partnership hadn't were plan growth our than of this not of private transaction money. worked venture

So two us, key it this step was accomplished because a things. for

expanded working people have or people most in our XXX vested senior it of in who the from equity First, and company now our interest and folks. business of an to stake dozen results, roughly the over so our talented a financial at a number

it's and crucial our credit a puts despite our aligns an but in of step economic think it investors. our with profitability. drive that closed economic public that we And basic flexibility Incentivizing growth had place XX as we never senior facility performance. the and this on perspective Adding those recipients for are important their facility. Second, in our and history one will us investing directly year leaders shoulder-to-shoulder operating give to from interests forward public the and our with something our our we've that much business, indicated, for is results shareholders capital to future good more is all interest also our I

are and execute cash our positioned forward. going place, to and a growth the on very we With our float, the public in now on priorities debt facility inorganic balance organic well sheet company

now going to finally, the make pieces adopted key in will our accretive owners. decisions to And complement We ability also the strategic that have place to are our allocation forward. we expand that plans capital buyback our plan

we in to I we turn we our the all previously, these place, that advantage important front that the operator call like fundamentals can did And need, feel the that have said, take arsenal tools With over now to we some the questions. opportunities take of have in of not us. with I'll tools now so in

Operator

Instructions]. [Operator you Thank

Our comes from JMP first Securities. question the line of Devin Ryan with

Devin Ryan

marketing, I next where But First looking returns in where returns on Obviously, hear I you aspects quarter more. you think are of question, marketing but engaging pushing first highlighted. want environment maybe of that you other taking just online couple not the marketing on was little and vacations page in that, pandemic, seeing good dig the it's makes mean, seeing some sense. would very it of two, still it but data market and more do kind just your on generating leisure I'm landing then first about today, again, And we investment. spending advertising leisure good time people people pendulum and that but getting the to now and if very since have are not that pull still the and the the because impact a growth people the one, advertising and the travel know in in the of into back lean this them kind higher, is investment? little for on then rates also, And to you bit and fourth how and kind and a just term maybe bit around travel higher ultimately and data rates long there's guys traveling There's is? shared. which you're and you boom. as of are year, it's of year. advertising important more good time of curious you're you're still, that is half maybe

Mark Arnold

and not mean, half just there exactly. Devin, of what spot the we is the seen and reductions volume travel second I I crew. the you from mean, have on in significant little tilt that's seeing advertising off said effect What are here made a ad and sort a -- of that the enumerator instead just wasn't the it costs, we that's in but bit cost. change. nominally leisure our

The that's page mention what rates. the October, in other is and did conversion improvement. both And to, we're we're that where that's seeing in terms were for engagement October, stats component we landing noticeably the like rates, alluding visits. In better conversion of engagement

also were the and -- free then higher paid of free improved rates conversion paid also board across to that our rates We pay, you to said conversion saw subscribers, kind and October. direct within distinct in

month that see to continued November starting basically date. we're So the through has that to and

some high, engagement marketing get be pretty is is see full. [surmise] that, starting everything Costs third are low, are as can quarter ingredient to were returns our copy sorts was was attention customer to of long back and your normal our We display and think with So quarters content where to the We think can and directly as even people And with good. that's encouraging. We're ad at connecting of good and with really very point, these first those we good. on of very XXXX ingredients, we we we these sort customers conversions only need things engagement. screens, is produce costs, very two paying very elevated of was one good of level to successful anomalous those higher incredible. back

Devin Ryan

and on that just the strategy. were I guess sock thinking also evolving follow-up the see here I guys then the about you buyback, a and think great And to capital deployment how just shows

how bigger firm the around capital share capital company any million, maybe does how about excess I even And you're new position. a are you opportunities. think thinking guess be pipeline question public a and generating you model. around evolving $XX is kind in more But lot that How having we And then the just excess helpful? picture can or As view happened the I about investments being dialogs just factor public the of excess now have at that more capital? post guys appreciate that business your the of inorganic, the incremental would of kind developments of know you're around into color

Mark Arnold

excess just So changes cash sheet. been keep generally basically, that. backup. say million we've Historically, think that gone of at much balance But well balance on generally the $XXX frankly, target that's least through some a as pretty $XXX million, $XXX I I we've And on sheet. contingency We've M&A primarily and as of mostly to aspired been have cash always in but been for we and like recently. million it's our our would for rainy has of day

As been speaking, of our million. Mark generally But around $XXX profitable still every target mentioned, we've existence. would cash year I

a We credit of line tremendously. which now, backup have helps

you $XX if our $XXX million of there essentially we’ve liquidity, $XX million between of a course million total you've rate -- got in of million $XXX that been the something got cash got earnings month. $XXX to capacity. and at look at And million you the we've year, if incremental you've look So capacity, of through

quickly we're going form them out in retaining that cash dividends. So pretty paying given earnings we're to build and of not

active build cash a of primary interest and public. have was going do motivations will in the balance that the we So very one sheet. M&A for We on see

retain We active of to that think for M&A will ultimately likely earnings of acquisitions. the for build should the be sheet be markets. a chest you on war cash So use rebuilding to the intend balance now most the in and chest for funds

you're it target I think to around to the I from kind But still frankly, should is continue XXX see where grow right now, as X cash times. it would of just the going So minimum.

Devin Ryan

logic of And on know explicit. dialogs be the more and follow probably a the are visibility how as kind But acquisitions, developing of I going think building just again you and just here. the as point you can’t then are public just bit I on to here little company? that would just pipelines cash

Dale Lynch

chime Mark, do in? you to want

Mark Arnold

gone has of comment size the jump scale had specific planned up we've before, Devin. said that will number the have inquiries I’ll the hoped. in. inquiries is Appreciate not but on of discussions having. we're which inbound reiterate we I of as only I for Yes, dramatically targets that something increased can't is question ongoing had I and and course What or those

we more well facility, public company the allocation and highly tools allow capital so very M&A that as it's forward, think to minute capital a from balance do and and shareholders those treat ability well to think with the for on me, very, when growing teams buyback so. I good in order we're mentioned still in accretive activity. our to need business a the manage cash management are float, tool a currency And I ago, themselves the sheet going To debt now, tools perspective, positioned shares kit

bigger now M&A And so year. things feel like that I strategy to the I've got the all that we upon broader to embark need we've alluded throughout

going quarter, I look when on on was now I why back and ready our we're, productive that's prepped execute go forward. tremendously standpoint, so And from I to I our think think, it third think strategy to because our

milestone specific we targets we’ve have And forward. to quarter our on And on that that comment public. what key I activity. been now the going going a And after can't the but and get M&A to done I've the strategy split got about I'm that the was in team very tools us in for closing. So first that to on execute we've excited

Dale Lynch

public we're either other about fashion. themselves form calls or themselves And to now, phone interested getting are us we or more that some partnering with selling extent presence firms or part potentially of in to the inbound in have that us the

just, you've lot always point too, channel. a the too said good in the past in that emphasize, it's is helping think I visibility but to So that very

Operator

Our line UBS. Alex next of comes from question with Kramm the

Alex Kramm

given color October you've even lot of there. that commentary or about the a good November, maybe with Starting

I I think, you say heard increased. that know, on was subscribers gross don't I if that basis. a

maybe adding have this So so been put far spot, on to net basis, quarter? on subscribers a you the you

Dale Lynch

paid growth was and to off subs. XXX So what roughly so we year-over-year in a a sequential alluded we XX,XXX, rounded gave two XXX up One to about we rounds -- basis, from went you said to, declined we change we was On net about year-over-year, the comparisons. XXX. XX% grew

in in and June But was in it that for net July in force adds. since almost Again, So debt, better. slowdown year, was September And what been enforcing is really better. to reduction to we of more in of and pretty much that's new quarter. subscriber alluding quarter we've sort now the that reduction -- gross and second August. essentially hold last and driver much related declined marginally noticeably in to mid-May was third and of the October remained the about really XX,XXX was subs paid entirely of sequentially. gross due took

Alex Kramm

basis end October, a year? added on net in have paid the the of third So you subscribers versus

Dale Lynch

What we're that We significant in haven't we've October. in is telling had adds uptick specific a gross disclosed number.

Alex Kramm

correct… changed, have a has you churn added if basis, unless So net you I hear on should

Mark Arnold

logical a a Yes, Correct. -- -- that's good a that's that's [assumption]… logical

Alex Kramm

quick another And if just the I quarter. maybe again, you ultra paid going subscriber high back The I at you obviously, would value as look that quarter-over-quarter. one, is good mean, your, going those thing the I and that to third say declined. number guess, then high clients up said, value

will growth say slowed. good to I see that that. So the rate

So you slowed. it's but did add

curious more et same just of about cetera, the upselling, that little of talk increase a bit there. even liked So would function is an being to just But the the have hitting all focused on see environment a upsells… I with

Dale Lynch

their pay key high pay the When the across I simply you less, people that to value conversion, Yes, saw board. mean conversion, away free is from the conversion, of engagement engagement direct devices. to high conversions, impact was the dynamic ultra were effect here. kind value engagement the

part a that October is with may in we're first in having But seen you the the month a now and we improvement weeks metrics. that, what that month weeks curves those we've quarter our reversal but so couple conversion doesn't of of to that and a trying and quarter. And -- second tell all of the couple of down said kind that seen that all vents of a in and that November of have here, a

Alex Kramm

telling is too And year rather, is said, end. more But forward looking. guidance year. lot you then away little a all at subscribers about I you're this how already think or fiscal slower, just are since to going far improve year the to you the I to seeing most But 'XX? clearly, broadly cash degree clearly, guess lastly, the could obviously growth operating and else And maybe year then you're think are took equal? be things bit have 'XX last us next make do If what the not you forecasts improvement, ability If billings do lower fiscal shareholders, you still thinking thing you the flow an on for my a subscriber deliver or point. right line, then maybe importantly, quarter

Dale Lynch

another to that going So I on XXXX cycle, look, in our come with fourth the mentioned plan. and think the still that's guidance we're previously quarter we out call,

that. specific, So then. tuned stay say for a We'll have more lot

subs. billings I the I of just something far new going questions going to terms is at environment both a percent around we're like broadly which adjusted in that quarter. trends. for Your our finish down we're in Mark so here by We're the hit terms outlook XX% think both seeing the think We fourth here. adjusted normalization of and What right some strong in forecast, the to future. these in look and year the we're

sub in of that forecasts to reduction that future. kind the Now through flows

existing good was subscribers of you value was quarter. a insane for good year, that, a you're your get the and of things value as a said to them, conversion expect conversion, rates. more and would building high was smaller paid, as we 'XX back we XXXX of first off things But paid look free for quarter to to to base. then as having high past also half When two second ultimately, year, years, seeing begin an direct normalize, rate normal Now XXXX to are

to conversion you did first not You're like quarter rates going 'XX. the in of have

should that XXXX those. I years. much an rates conversion very quarter. model the throughout half really with You saw was what that averages But incredible those the never line seeing of we are second and are in are in good XXXX, that mean, we are and

But And second most alluded of frankly, subs second as to, conversion that Those can the half I just we as long we back sort of as very pretty and rates. quarter’s 'XX between and long line conversion was a quarter of adding convert well and in So with then of rates rates quarter net that here a specific some come at those see previous continue good of seen and starting and get paid engagement or with to averages growing five work We're in things. throughout work taking caution a essentially. ‘XX 'XX. to two out we're have very for we'll months, to pause months. six two you forecasts just seeing. you as for paid base. sub One what a here We've And would that. by this. we're alluded and of numbers view. couple investors encourage quarters a long-term normalization I Mark

subscribers have uneconomically a resolve if did additional the in in We added in could but for reduction to quarter to. in chose probably subs. not But it adds and that's constantly ROI did this We We and decisions not we could the have our more functions. maintaining us third of we lot quarter quarter. are our going emphasize to make that in and it maybe We comparisons, our resulted and more wanted. XXs wanted, done knew was we cost. We and because XXXXs could added steadfastly that we third breakevens, a year-over-year gotten have really the decision would momentum how that returns. sort resist have was terms the would shareholders result cost quarter to of marketing modest business a right in it. our It have in to do reduced We going of some

over get the going flex. here to seeing take the that more So months XX month of about view time. you'll exactly that long and that the in encouraged firm continue XX of period guys' our to we just on we’re how what model And fourth us very first encourage we're so encouraged we're works see what that seeing. everybody business numbers, but up to couple We're to we're far part to then about quarter. you give And guidance think we'll a just

Operator

and the from line Kyle comes question next with Peterson of Our Needham Co.

Kyle Peterson

on touch to churn what in third the you guys want and quarter. Just saw

quarter? of I terms what adds Just trying it quarter, guys are CAC you that in end estimate see. kind you in and guys was on to third continue the you of seeing think XQ. toward get gross in the of the high second Did what an both historically in mentioned guys

Dale Lynch

our on that. stage substantial Yes, dynamic. to our alluded I adds mean, the all function of [signing] change no all. to terms slide that deck, and we and churn in in XQ rate at similar we said and is the related XQ quarter, higher in we the pretty I range, end mean, saw churn that's gross of saw we the are than any more in change metric really the in that at thing This same third --

Kyle Peterson

the I And the follow but guys of ‘XX a kind coming last originally then forecast announced the is I had know March. where up. deal you back from little just when one above you quick bit quarter, guess what it's it's down in still

is of on that maybe of kind weighing term. March, kind travel some and leisure of changed, seems of just through us walk like better and kind it if just could just because have you if short compare things maybe things from things are So you boom the

how other know progress should been some think the that's the business? about we you across of like rest of made the So

Dale Lynch

with our think you could we're we know the some doing to Well, to are things think of about, you all continuing obviously, been cost our an technology through chime of stickiness. energy other we've that, brand awareness and talking which MarkeWise We and build where all our better in I market brands of But that the traffic, reduce brands, strategic acquisition priorities and more develop by think want to ultimately firm. integrate Mark for create build the traffic be build push time that some we can products, fulfilled, all some ultimately here investors to too. an platform aggregation

have oriented our to -- lot of products if need customer tend we technology just add greater a exposure. technology They that technology a products those lot We more of we base. platform, to stickiness aggregate Those think have have products there's we one uptake.

M&A. continue certainly we're pace. always new a products and obviously lot looking editors focused We're that will So at analysts, about Mark's writers new content talked on and and recruit that. to

tend talked us firm a fourth force those outlook. cycle as we are then our to and far So be, the We've Mark's till and in always what guidance initiatives as all time look, give up will quarter think content do specifics again, that. business financially, about I our be said, what that long for will

are metrics little improve. engagement bit. So a But on as rates are improvement front. improved engagement long rates that some conversion getting of kind don't and to our same, of With our now. is ad that CPAs are We and because decent and that's stay these higher tuned display we see engagement as better as necessarily down conversion some should The started engagement helps. that metric maybe down costs costs need ad seeing and the we decline have what dramatic display we're right

helps CPA the the costs that ad So even are reduce elevated. still though display

Operator

line the Oppenheimer. of with from comes question Jason Holstein Next

Jason Holstein

A few questions.

articles been of ton of self-direct about focus a just the investors. there's So

I think this week. there one another was

issuing kind from article because I They about week's of to people think this younger talked they right value. now. need the are manage wealth, away paying investors

how about I question don't or Question Is know, CPMs who kind two. just thinking to and that's part up. readers? crypto, strategy? number have authors well number younger better things a that? content Look, is, other NFTs the publicized recruit are it's that is guess more to focus mean, been question appealing attracting younger of or M&A kind one. So that like gone doing I investment advertising I job there of Is one, tend So you to on this the more of

have advertising. these all on of headwind in kind going You

So kind kind kind of spread more up, cost you would to think cycle wouldn't inflation talk gone Maybe of surprise the obviously, it be of have how benefit. about your about a your a that little ad exacerbated. playing

on time be your half the in to to just better second you in So in I more tend like the first relative see overall would the first extent than business. the And be to to half that kind subscriber aggressive acquisition, of imagine typically that half. CPMs lower seasonality

lot applause that think of a your questions. on technical two Thanks. of then weighing then have idea. of smart, good are kind And more kind the one follow-up two factors it's cash, questions it's think stock there. now. So just right business there's clearly after I I generates And free I where of buyback, And those significant that kind

Mark Arnold

attitude the obviously, thing We for going agree, to Jason. dynamics was returns. to price we're and say, think I on shareholder seeing off. kudos that the do question, let buyback it that And appreciate we and me about kick your appreciate the it's smart our just program. thanks given I

think as was a same was Wall about go, focusing think about Journal that articles. talking talking the he I I As think, younger There on recently we Street far investors one, the that are Goldman I puts investible one guy a in don't the assets referencing I the of know if said you're Sachs it's has been good where he cryptos. recruiting that's his in question. yes, or not. XX% But

M&A answer right? younger along we is who yes, things on in of mentioned We're editorial Certainly, focusing generation And is so, also assets one the criteria. lines you the have those and the at recruiting. Also the things doing well. our investible and as folks have M&A looked

that's have going something also we experience younger it's sort folks certainly looking towards If of too. you future all. about or the to up XXs our who investing average at future the do about trends not who develop, to editors, space in thinking to the enough tend age some think going and of look forward, how We but recruit a at are the in two, the overtime decade is and

that, that And different focused mentioned do of I've folks. we to and the those portfolios or consider folks. subscribers by And said is article as those think focus cryptos, on extent Wall younger more I sometimes a in traders. assets focus marketing looking your as folks. like attracting The and of investors or whole always journal classes, do pockets exciting a We ourselves the run we on, be investors. they're boomer more market real frequent Having great, on upon millennial to channels, including younger I’ve other And that to article, that this before, said not channels those asset tend company. are all company real groups is, in with thing past, the always our didn't we more for that in are want tend in like kinds tend guy Street to folks you cannabis, all as mentioned like

to in job the those old to their strategies think of time, spend And will the focus those when products size put is we have is indices and our have that that investing to that's groups, front business young put products as so they're beat so espouse portfolio the our investor, deploy, they're comparable whether and long willing seeing. or

the we're if part? want yes, older not age. also in younger take second on but that focused on focused We're are investors them. generation, just Dale, So you that to

Dale Lynch

classes. And set asset younger the portfolio to that. cryptos, than skies just add have a of pretty Look, that would of rich we I other assume customer on some our and

been crypto this year have campaigns successful most campaigns. our of lot based So

that, customer [littler] It's say still to seeing And and become right we're better XXX% certainly So like We're that up the see the interest. I numbers. year. become our you're said grew way of time, base, customer it it, through youngest think gravitate naturally going having seeing happen. But younger law our last I younger. the guess, our what's of to end word, younger, distribution

product get the obvious too, we're can we appeal we We the start to just channels to some there young access adjusted we how that channels Mark from the customers. strategy of and about is then is marketing of the we're which through channels thinking through and to What market and the think techniques we're younger organically reach of the experimenting M&A have to always techniques younger to to to that customers set. too. And that market an customer thing change. seeing use specifically through market with we this and set So mentioned more we think

seen and for mean, question QX not the this costs ad this seasonality really in point. is a key we've we summer What On us. around for is it, is I normal manage QX, around how display

see is pretty may August. July is good. particularly some reduced usually what the of and engagement okay happens is month You September in But

travel So gets summer of and August kind round people's then and the reengagement uniquely lot disengagement massive necessarily in on of is the here to and you for seeing us. and we're pandemic see devices. eyes this a lost related What very slowdown massive don't of

periods in take something then of not go huge wane bulge kind this there's summer say, was and a of, four of with modeling market cycle QX. we what you the be And the and So that going I for in necessarily. big to in like saw necessarily. would should some QX sort a QX affecting if and It's

we very watch closely. Now CPMs

-- they're it. conversion are These test can't happening, at are CPMs. real pursue see to can going very deeply guys this. whether I mean what's seeing but rates Higher and marketers experts they watching just we're Our talk necessarily higher doesn't it about CPM closely, CPMs not very are our overcome they'll

We CPMs, are. higher rates overcome and our what, that's to parking those test. guess We're great. version going going pursue. If can We're engagement to

long all ROI. as expensive. associated our as we're that the It's You revenue works. But maintain more marginally with getting

reduction seasonality. things, what sure forecast you cost make a quarter, down slow by engagement, or is would you, that, each maintain do cost too. going Therefore, things we there do impacting spend we're if to dynamics necessarily answer conversely, as are we the and rates we unit saying CPMs. the we’re up are quarter-by-quarter our But exogenous past or massive quarters is tell in conversion tell to I returns. I do to would going we're with can't should it And will team two So seeing massive market, our simply like that what huge see go to we'll not or and our we doing management

up of outlook. a Mark, Strategically, should I really would it's your model wane. color. feedback on We'll in the on you focused and what I here always winter to and expand a give that have. longer you you've than Mark maybe, doesn't focused So the us that are to quarter-to-quarter. chance guide understand way. on give sort I It year-by-year. I to summer you are we're I'll I help you industry, that lot give try seeing of because sort think quarter-to-quarter and that been not work about But guys really booms, And anecdotal

Mark Arnold

don't related season haven't relative any I've on I concur. time see month-to-month run seasonality, nothing else, those metrics times seen of to and nor I trend I or the have, quarter but would curiosity, calendar seasonality just if the number year. season-to-season of a of out

Jason Holstein

And just comment. a quick

I just a at for others. if We But you that low. when think, look, least that well gave your I perhaps update guys perhaps churn is quarterly. you and attractively you year, December ask your report kind some [Peloton] love It would worked that once quarter. of out

Operator

line Meuler Jeff with comes question the next of from Baird. Our

Jeff Meuler

going your engagement, revenue retention. current impact it, But On the subs engagement the control. understand period I of are you increased understand engagement subs? second of doing that I drive is what environmental paid factors net paid are differently among the part that to outside to And then

is up-selling. indicator leading subs paid wondering So for of retention how I a much future guess I'm what and it is

a You month historical role said if period, engagement don't in if terms very where three draw earlier you've other there's of a I get six obviously, had parallels unique that I producing this there's know anything mix? that. is and But or from to

Dale Lynch

last we parallel stuck the to or quarters and did Jeff, the volatility kind period market tried if strong historically, the for, of did where post you time. of in post new crash, dynamic. really up, on the see to a it I mud and four the interest was subscriber part had three that's closest adds first. that crisis. environment parallel wane, financial time think, moving weren't sort see a probably current sort with this stuck-in-the-mud for financial of investor seeing one We and recover, market that So that so look And I things in And see crisis. in or period we're bounced pause of the of only it and waned

result mean different causal than three that in pause a I quarters this terms But in full Now was saw. factor. subscriber that somewhat more growth almost this new is lasted the of months. is end totally similar we two

faith and its saw to the return, in the now stock year, higher, and market did everything, we march growth, subscriber what began growth. So saw as the begin following gradual we market recover expansion, volume eventually after growth that's that profit increase began was fund the trading market significant inflows, billings growth, margin

the now. So distinct what our that's -- seeing year to but most parallel right history XX we're that's probably in

like totally Your engagement it. handle follow mean didn't how around and I question we question. the I

engagement, two we on asking think what I you're to did that… do improve things

Jeff Meuler

to a control it Yes, in in initiatives of so this have kind environment, place little bit you try what more. do

Dale Lynch

through cautious. really and mass time, products Well, was a a MarketWise critical just environment, a is is crypto Like recent trying ideas. frankly, would did he's where this working aggregation can engagement shift And side like, we're because we think trying was we do is and question And But technology the I can't trying. redirecting emphasis, see have product Mark The product with make of we pan working. other months always we we -- given if what look better a dollars in crypto new more from try to we of even Maybe new aren't given adjusting look, We're new we're traffic. broadly holistically. that working. in trying we that a stop marketing don't pound, ideas. to testing. We're point We're copy.

protects better broader us of downturns that that one against want industry in I is path. engagement, reasons think to and main Mark this and I pursue the

adjust forward. I the will think Right a will now, we takes think on keep going I strategic complicated that it That's happen working a to time, it help. testing that way time. that we be help So doesn't effort But is all that but offset overnight. and we're the

different really last take a copy, editors, marketing or of doesn't, it weeks different at it toward put that crypto worked harder. marketing product And to editors the dollars it it campaign. and If if a if great, push we we well. different works, in really, New number four campaigns see emphasis, some we've we'll it does, at throw had it different

of content. So it's investment and ideas. We're ideas portfolio really a

engagement And down to is push the have conversion and customers, marketers really and the down, rates that our our the with if really successful it comes what so our ideas and that's communication is.

Operator

of comes Our from Ygal next Arounian line Wedbush Securities. the with question

Ygal Arounian

the threshold, would to lower first want of maybe -- And stay that scenario have tools public with where if normalize. love to keep exhausted you I went What ad from about think there. you let's to picture, scenario your update you more, just think of -- felt terminal, when the then to that what's mean but think of like ad for a big period, we've for that the guys out the software elevated we Would would raise it? some just threshold? protracted prices would Just strategy, analytics, maybe one let's to a update going rates questions, just you say, on would approach They most hear don't an pretty how share play promising through. little that higher on that kind are. even go continue

Dale Lynch

I'll financial Mark, part part the strategic the handle and first, there. So can then you handle

so sort industry Having thing. In so a seen Look, a was said studies. higher such it CAC XX% the are of striking, is and we've The from you to the suddenness a elevating something if degree not cap through quarter XXXX second that terms the new handle at has look be in growth elevated. going year, fast, XX% of that or really not quick elevation been CAGR up CPAs clear, was and of how we constant, that, magnitude. to to XXXX that of

couple up. real a it cost elevating of It's time. We're marketers the is looking our that in products that can we pricing campaign card handle per I pace the that look sort we're we to relation That's price at. always that a the card acquisition. the So bring will handle metric. the adjusting initial constant methods. always grail versus to by in to holy value mean One value our -- And that of CPAs CPAs. rather. cost LTV of at It's cost to

to from and copies. also and that. trend. CAC we're maintain price able part our we're seven 'XX to the to holy that's year just efficacy we've breakeven an our seven those to of though, the to in the really always get what? all in because handle When XX% of targets period and industry elevating for just months. XX% and full looking days component in first our important to of nine up assuming CAC breakeven nine CAC marketing a months. breakeven pay I It's the Even a is through the CPA mentioned, quarter, going that full And been XX of at we 'XX to to to into off breakeven forecast, CPAs degree, Guess metrics. grails maintained within can our with XX sort are variable 'XX So we days

metrics. So to rates its it's dollars product conversion a can you combination the aren't hit a the cost. and those pause campaign And different that in relation you marketing of how to to redirect price successful the if then

idea So CPAs with it's foot your of being to of real an sorts being your and those card time things. LTV, with of testing fleet capital, values your

and engagement primary can the really that sharply. and fact differential working engagement the it the was was That QX, manage wasn't problem. QX CAC. was thing an It the very suddenness in So denominator primarily because the just fell escalating of the the we was

Mark Arnold

has of so-called standing loyal feedback other and to MarketWise far terminal, behind for has As that been platform that LTVs tool properties. question, as state about really one scenes platform But that it's really it of a subscribers. with all-in-one which we've The be of been are base across current the brands, your early that from brands content out really, is, all and group the working asked really definitely excited very the right has that term pan-MarketWise long high subscriber and been the been is long you on significant built encouraging. meant and yes, now,

the across to what that we the rest to property And we're of behind try the all and our MarketWise. doing would working so brand elevate what that is to build plug across plumbing in the scenes I out of properties we're call own hard

plug-ins, data. to would we're all call, I as alluded plug-ins testing and and seamlessly that that And overnight, can happen working on hard what to that that Dale that. content has a of of lot so of there's of And earlier, so lot a doesn't happen technology migration of flow

we to quarter. have and of definitely as through that towards report the it continue we on something part We expect want But more work to fourth the on year, next to first platform. that

front of will put the research of give think is, described, do another ability subscribers will to quality an them Dale and on all things I of other which some to brands platform from those give high subscribers or good content attract across and one to that it another. and is in show brand our how how which also us us

so we're that. about And excited

his as far could pleased we As ecosystem. group be plugged our goes, how Mark [Indiscernible] with more into and has

have to that If and excited now. we're of readers our know more tools content reader of our and of recently excited in will so. terms seeing excited, which in attract that I [Indiscernible] you a performed how has across also fantastically that am you financial and recently and swear, because do and saw very right new with is a that well. relationship be I'm too put energy, by I content and markets. think ecosystem is front how more to the can so experienced our MarketWise, to teenager I we're I beneficial our like very smart continuing produced base. equally vehicle And has subscribers think and high of him from we and as it's And outside things both gone Mark acts what He team I at all, very he in know

So happy it well. that's think too. I and Mark I'm very, going very with is

Operator

line of from Our with the UBS. Kramm comes next question Alex

Alex Kramm

But a kind this. on I if hour side, not that realized over we're you've is an quick. editorial doing call, launched see just and couple One number you many hired quarter-over-quarter? disclosed us you we end quick of can can of or terms in give I'm of on into editors products the what but you're hopefully, this sure follow-ups new how a you've actually so any this

Mark Arnold

editorial short for Empire joined, Greenberg in public. the recently the nice Alex, joined a he's someone and I motivated as lots making Financial out numbers thoughts don't why piece Empire launch only he of you, a has is you of might around experience through of of through some have investor, a him, experience he say decision. long to specific written change on He's and his what and Financial, as What seasons. analysts well that using and terms seller into them a and him is I information products it of time prompted excited just career plus/minus. We're his in very plug from is as know what but that content bit and had made would as and and different a properties lots different investing the

he's but that those it's look addition quickly talking that can't I quite We're what you But already franchise about indication will Financial. excited set in Empire exciting growing is of about to any we're yet. So like early very days. a give product what things. an

Alex Kramm

thanks balance you you've quick capital guess, forward your just Dale, kind specific this already. But us of you you you maybe more just then on one starting the answered about the what little as obviously maybe that, bit reminder. just Yes, deploy going quick for the have with ones can two cash to remind actually private how little flexibility front some more bit I Like maybe cash is? of markets obviously outside and do transactions. I what but in And a one then going maybe did that, and minimum for on you're of And to see open the a terms buybacks, just feel do are potentially.

have $XX. guess and I below magic question a have the you and stock So that you that's small also is, a float have some lockups you price

like of just sure in So private the curious, are. side, on like insiders terms not motivated how

open be basically So and mind to in I us planning numbers specific, are here? and quarter this mean, do blunt maybe help very market to you to any purchases

Dale Lynch

use it. we're not not a So going look, deploy plan and to

have can in as So to soon get we the -- XXbX-X and absolutely, documentations put done get place. our intentions as we plan

Our we Veterans today file tomorrow Day, two we're filing file Q going have we Q can't or to or from get open though. our want right all to plan our the we want this there's two on after be after, long and handle cooling-off period. after then get XXB-XX yes, our window to be within period plan we're today's our to of then three our occurs we plan so broker the to We days -- it would last long going We documented is underwriter, plan rules. -- active, want And to that, in and for to window don't this We it with be parameters then should the begins. want consume open plan set. the days a some it don't time, XXB-XX our XXbX-X brief is -- But And right? to that durable we have well calibrated months. the enough

price calibrated we've which look, now. we'll right if plan. buying. be won't do threshold, to XXbX-X the mean, math make some be public around of is sure But market rough the yes, But So a below it's a number, I our our obviously instructions some durable

share that's versus share. a XXX take that's a like million our million it's you flow If our share. $X.XX value like and At $XX, I XX% a of adjusted buy number from share, accretive ops roughly back. cash $XXX shares, that book by to divide $X $X.XX that's mean,

So sense that do. obviously makes good to wildly

such of here time, going setting to what price fine-tuning do it a will we're a could be our we're it we at with threshold $XX And safety the materially not so returns, then the safety book accretive -- price to we it's accretive float. versus And the value. share, looking want it corporate book we of we're But buy reduce back, as to finance. that Yes, it, through when our that's will. margin highly think that when margin be that some if do

that are small we investors largely a pipe float have have but We SPAC.

to outlet want We look continue sales couple have want for volume. to to pipe some a of SPAC investors that that provide centric may We selling. large

increase result a shares will coming float Our pipe those of in. as

necessarily better for me come do not that well buy necessarily buyback the it's those float that back some obvious hedge guys stock share one we as to shares, of is more that some goal of But our to one will pipe from may because SPAC better the fund the reduce program So here large ultimate to to get value. centric fundamental fundamental value orders. at The a then our And be here sort that float. presumably offering get a to enough $XX would like the float of big wants investors investors position, secondary where be real there is secondary the anybody to offering, participate. can't the now, million cannot. a I can Fidelity some magic large Right mean, increase build that large is to chance they the that.

not eight take get to to months them there's So volume. eight It and months will build out. enough that

on should two going float the strategic a we of program goal much secondary now, real the a and ultimate not that six and we've decrease enables It be with But dramatically yes, can And XXX investors might then the so the a though. funds. real But that pretty solution the better whatever it's over shares, price value is value of Microcap million weeks. is. calibrated who in next, reduce investors, the We price to solution. and we're the offering, upwards real we So to start offering is float, impactful fundamental number is, better marginally the attract the real float scale whatever, stock, get size. secondary in to the Right invest then months. can limited

that's So here. the ultimate solution

Alex Kramm

cash the on then sorry balance, Do your And have missed in if I minimum that. you mind?

Dale Lynch

targeted So million, we've $XXX to debt was prior having and that usually facility. a

might a the $XX historically, now But million. run it's month, that's been it’s we balance rethink we're Right M&A some source if below million that. But a around it that acquisition sized. backup opportunities, pretty of earning saw $XXX liquidity have run could and decent in $XX a now little good you that million bit So we rate. to been

quickly. since cash we profits dividends not So that build And quickly. we're pretty replenish should distributing balance cash pretty that can

really large, about some into minimum a that's a large of in debt. not flow a And the that acquisition, a go see that cash But a share that we're war of we're M&A debt strategy. turns is of using cash cash probably now. really The would buybacks for couple $XX for balance you right million we quarter. build if chest quarter's this our worried did So worth

that strategically be really So really that replenished cash impactful, can is pretty it it's quickly. not

Operator

of At question-and-answer Arnold remarks. And this reached time, the we the turn session. Mark call have I now end will over closing back to the for any

Mark Arnold

Yes. time, I want thank their again. just everybody Thanks. to for once

I be is, a I've I that at now to to, going performance, look fuel think continued I fantastic have all to and organic which the quarter time we've as forward. all needed strategic an in are our And for pieces you is plan to what wanted excited feel to what that, inorganic. like going thank And ability execute We're said very place year. the quarter. we with I our from forward and discussion forward as your look I as our and going standpoint that both for the excited about well continuing fourth on necessary

Operator

This concludes today's conference.

at participation, a and you may You disconnect your great your Thank have this for day. lines time.

MarketWise (MKTW) 11 Nov 212021 Q3 Earnings call transcript