0001628280-24-009542 | 10-K | XBRL Viewer

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2023

The table set forth below reflects information about the Company’s equity, as of December 31, 2023. The 3,051,000 Sponsor Earnout Shares held in escrow and the 2,000,000 Management Member Earnout Shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued

and outstanding in the table below.


	Authorized	Issued	Outstanding
Common stock - Class A	950,000,000	36,384,981	36,384,981
Common stock - Class B	300,000,000	288,092,303	288,092,303
Preferred stock	100,000,000	—	—
Total	1,350,000,000	324,477,284	324,477,284

Schedule of Dividends Declared

The dividends and distributions during the year ended December 31, 2023 were as follows:


		Dividends				Distributions
Date declared	Date paid	per share		Total		per unit		Total
May 9, 2023	July 20, 2023	$	0.01	$	440	$	0.01	$	2,911
August 3, 2023	October 26, 2023	$	0.01	$	462	$	0.01	$	2,893
October 18, 2023	December 1, 2023	$	0.15	$	7,064	$	0.15	$	43,251
October 18, 2023	To be paid on January 25, 2024	$	0.01	$	471	$	0.01	$	2,881

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

The dividends and distributions during the year ended December 31, 2023 were as follows:


		Dividends				Distributions
Date declared	Date paid	per share		Total		per unit		Total
May 9, 2023	July 20, 2023	$	0.01	$	440	$	0.01	$	2,911
August 3, 2023	October 26, 2023	$	0.01	$	462	$	0.01	$	2,893
October 18, 2023	December 1, 2023	$	0.15	$	7,064	$	0.15	$	43,251
October 18, 2023	To be paid on January 25, 2024	$	0.01	$	471	$	0.01	$	2,881

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-4

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-5

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481142/505-10-45-2

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-10

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

+ Details

Warrant Exchange (Details) $ / shares in Units, $ in Millions	Dec. 31, 2022 shares	Sep. 30, 2022 USD ($) shares	Sep. 19, 2022 shares	Sep. 15, 2022 shares	Sep. 14, 2022	Aug. 17, 2022 $ / shares shares	Jul. 21, 2021 shares
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of shares called by each warrant (in shares)							1
Percentage of outstanding warrants					0.96
Warrants outstanding (in shares)	0						30,979,993
Class of warrant or right, expense recognized \| $		$ 2.1
Warrant Exchange Offer \| Common Stock - Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants redemption price per share (USD per share) \| $ / shares						$ 11.50
Number of shares called by each warrant (in shares)						0.1925
Warrants exercised (in shares)			5,725,681
Class of warrants or right, number of warrants exchanged (in shares)			29,743,932
Warrant Amendment
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Warrants outstanding (in shares)		0
Warrant Amendment \| Common Stock - Class A
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of shares called by each warrant (in shares)				0.17325		0.17325
Percentage of warrants outstanding exchange ratio						0.10
Warrants exercised (in shares)		214,058
Warrants outstanding (in shares)		1,236,061

Stock-Based Compensation - Activities of RSUs and SARs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Common Stock - Class B
Units
Outstanding, beginning balance (in shares)		75,044
Granted (in shares)		17,690
Outstanding, ending balance (in shares)		0
Weighted-Average Grant Date Fair Value
Granted (USD per share)		$ 2,195.16
RSUs
Units
Outstanding, beginning balance (in shares)	6,261,543
Granted (in shares)	5,098,818
Vested (RSUs) or Exercised (SARs) (in shares)	(2,259,892)
Forfeited (in shares)	(1,360,208)
Outstanding, ending balance (in shares)	7,740,261
Exercisable (in shares)	0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share)	$ 3.45
Granted (USD per share)	1.83
Vested (RSUs) or Exercised (SARs) (USD per share)	3.28
Forfeited (USD per share)	2.66
Outstanding, ending balance (USD per share)	2.57
Exercisable (USD per share)	$ 0
SARs
Units
Outstanding, beginning balance (in shares)	1,747,473
Granted (in shares)	0
Vested (RSUs) or Exercised (SARs) (in shares)	0
Forfeited (in shares)	(161,289)
Outstanding, ending balance (in shares)	1,586,184
Exercisable (in shares)	825,291
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share)	$ 4.05
Granted (USD per share)	0
Vested (RSUs) or Exercised (SARs) (USD per share)	0
Forfeited (USD per share)	4.05
Outstanding, ending balance (USD per share)	4.05
Exercisable (USD per share)	$ 4.05

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Total net revenue

$ 448,182

$ 512,403

$ 549,183

Operating expenses:

Cost of revenue

^[1],[2]

56,802

62,697

239,251

Sales and marketing

^[1],[2]

198,592

235,326

296,934

General and administrative

^[1],[2]

125,176

114,810

960,183

Research and development

^[2]

8,831

8,817

7,487

Depreciation and amortization

3,821

3,091

2,676

Impairment losses

2,583

Related party expense

572

379

10,245

Total operating expenses

396,377

425,120

1,516,776

Income (loss) from operations

51,805

87,283

(967,593)

Other (expense) income, net

(611)

15,672

16,178

Interest (expense) income, net

4,904

(295)

(110)

Income (loss) before income taxes

56,098

102,660

(951,525)

Income tax expense

1,803

1,490

2,358

Net income (loss)

54,295

101,170

(953,883)

Net income attributable to noncontrolling interests

52,513

83,180

59,426

Net income (loss) attributable to MarketWise, Inc.

$ 1,782

$ 17,990

(1,013,309)

Earnings per share – basic (USD per share)

$ 0.06

$ 0.73

Earnings per share – diluted (USD per share)

$ 0.05

$ 0.73

Weighted average shares outstanding – basic (in shares)

31,707

24,635

Weighted average shares outstanding – diluted (in shares)

33,312

24,747

Total stock-based compensation expense

$ 23,384

$ 9,045

1,063,351

Cost of revenue

Operating expenses:

Total stock-based compensation expense

2,922

1,972

171,804

Sales and marketing

Operating expenses:

Total stock-based compensation expense

3,185

2,209

48,098

General and administrative

Operating expenses:

Total stock-based compensation expense

17,277

4,864

843,449

Nonrelated Party

Total net revenue

443,245

510,040

547,899

Related Party

Total net revenue

$ 4,937

$ 2,363

$ 1,284

[1]	(1) Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows (see Note 11 – Stock-Based Compensation):
[2]	(2) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	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


	December 31, 2022
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	80,327	$	—	$	—	$	80,327
Total assets	80,327		—		—		80,327
Liabilities:
Derivative liabilities, noncurrent	—		—		1,281		1,281
Total liabilities	$	—	$	—	$	1,281	$	1,281

The level 3 assets relate to contingent consideration receivable associated with the Buttonwood Publishing sale, and the level 3 liabilities relate to certain employee contracts with embedded derivatives, and profits interests. See Note 4 – Acquisitions and Disposals, Note 8 – Derivative Financial Instruments and Note 11 – Stock-Based Compensation.

The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable, profits interests, and derivative liabilities at their measurement dates:


	As of
	December 31, 2023
Contingent consideration receivable
Discount rate	27.40	%
Revenue discount rate	5.80	%

Profits interests
Discount rate	25.00	%
Discount for lack of marketability	30.50	%

Derivative liabilities
Volatility	39.40	%
Discount Rate	23.00	%
Credit spread	1.50	%
Risk-free rate	4.20	%

During the three months ended September 30, 2023, the Company determined that impairment indicators were present due to continuing losses with respect to its Buttonwood Publishing business which it had acquired during 2022. As a result, the Company recorded an impairment loss on Buttonwood Publishing’s intangible assets totaling $584. The Company used a with and without method to determine the fair value of the customer relationships and a relief from royalty method to determine the fair value of the tradenames. The key input for these nonrecurring Level 3 fair value measurements was the 22.8% discount rate. Additional impairments were recorded in December 2023, as further described in Note 4 – Acquisitions and Disposals.

The following table summarizes the change in fair value of the derivative liabilities during the years ended December 31, 2021, 2022, and 2023:


Balance – January 1, 2021	$	597,578
Incremental Class B Units	206,914
Establishment of warrant liabilities on July 21, 2021 (date of the Transactions)	45,021
Change in fair value of derivative instruments	(18,017)
Change in fair value of Class B Units	728,079
Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions)	(1,528,228)
Balance – December 31, 2021	31,347
Change in fair value of derivative instruments	(15,665)
Warrants exchanged for Class A common stock (see Note 17 – Warrant Exchange)	(14,401)
Balance – December 31, 2022	1,281
Change in fair value of derivative instruments	1,779
Settlement of derivative instruments	(3,060)
Balance – December 31, 2023	$	—

The following table summarizes the change in fair value of the Class B Units by income statement line item during the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
		2023		2022		2021
Cost of revenue		$	—	$	—	$	136,417
Sales and marketing		—		—		10,870
General and administrative		—		—		580,792
Total change in fair value of Class B Units		$	—	$	—	$	728,079

To derive the fair value of the Class B Units, we estimated the fair value of Class B Units using a valuation technique. For more information regarding the valuation of the Class B Units, see Note 11 – Stock-Based Compensation.

As more fully described in Note 1, we completed our Transactions in July 2021, and all Class B Units fully vested as of the transaction date, and the original operating agreement was terminated and replaced by a new operating agreement consistent with the Company’s Up-C structure. This new operating agreement does not contain the put and call options that existed under the previous operating agreement, and the LLC Units under the new operating agreement are treated as common equity and do not generate stock-based compensation expense. The Class B Units liability was reclassified to equity as of the transaction date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stockholders’ Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Jan. 25, 2024	Dec. 01, 2023	Oct. 26, 2023	Jul. 20, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Dividends (USD per share)		$ 0.15	$ 0.01	$ 0.01
Dividends, total		$ 7,064	$ 462	$ 440	$ 8,437
Distributions (USD per share)		$ 0.15	$ 0.01	$ 0.01
Distributions		$ 43,251	$ 2,893	$ 2,911
Subsequent Event
Class of Stock [Line Items]
Dividends (USD per share)	$ 0.01
Dividends, total	$ 471
Distributions (USD per share)	$ 0.01
Distributions	$ 2,881

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended			24 Months Ended
	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Nov. 03, 2023 shares	Nov. 04, 2021 USD ($)	Jul. 21, 2021 $ / shares shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares)						5,051,000
Common stock, number of votes per share \| vote	1
Common stock, conversion ratio	1
Share repurchase program, amount authorized \| $					$ 35,000
Shares repurchased (in shares)		2,484,717	500,270	2,984,987
Repurchases of stock \| $	$ 0	$ 13,054	$ 3,340
Fees and commissions \| $		$ 25	$ 5
Number of common units redeemed for each share of Class A common stock repurchased (in shares)	1
Sponsor Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares)	3,051,000
Management Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in 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				$ 0.0001
Common Stock - Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001	$ 0.0001				$ 0.0001

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives	2023		2022
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,520		1,458
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,271		1,278
		3,751		3,696
Less: Accumulated depreciation and amortization		(3,061)		(2,804)
Total property and equipment, net		$	690	$	892

Summary of Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2023		2022
Commission and variable compensation	$	29,817	$	24,207
Payroll and benefits	10,941		5,258

Other accrued expenses	14,283		16,511
Total accrued expenses	$	55,041	$	45,976

Fair Value Measurements - Fair Value Changes by Income Statement Location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	$ 0	$ 0	$ (728,079)
Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	0	0	728,079
Cost of revenue \| Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	0	0	136,417
Sales and marketing \| Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	0	0	10,870
General and administrative \| Common Stock - Class B
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total change in fair value of Class B Units	$ 0	$ 0	$ 580,792

Revenue Recognition - Capitalized Costs Associated with Contracts with Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 197,618,000	$ 203,071,000	$ 107,236,000
Royalties and sales commissions – additions	28,609,000	35,223,000	68,938,000
Revenue share and cost per acquisition fees – additions	52,131,000	57,173,000	98,747,000
Amortization of capitalized costs	(112,069,000)	(97,849,000)	(71,850,000)
Impairment of capitalized costs		0	0
Capitalized costs, ending balance	$ 164,900,000	$ 197,618,000	$ 203,071,000

Goodwill and Intangible Assets, Net - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) reportableSegment reporting_unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit	3
Number of reportable segments \| reportableSegment	1
Amortization of intangible assets	$ 3,554	$ 2,760	$ 2,245
Amortization of capitalized software development costs	737	514	410
Additions to capitalized software development costs	1,712	135	370
Acquired software development costs	$ 0	$ 0	$ 247

Label	Element	Value
Adjustments to Additional Paid In Capital, Reverse Recapitalization, Reclassification Of Units From Liability	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationReclassificationOfUnitsFromLiability	$ 1,528,228,000
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Increase In Noncontrolling Interest	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationIncreaseInNoncontrollingInterest	0
Stock Issued During Period, Value, Reverse Recapitalization	mktw_StockIssuedDuringPeriodValueReverseRecapitalization	0
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Establishment Of Warrant Liabilities	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationEstablishmentOfWarrantLiabilities	$ 45,021,000
Member Units [Member]
Stock Issued During Period, Shares, Reverse Recapitalization	mktw_StockIssuedDuringPeriodSharesReverseRecapitalization	(528,519)
Stock Issued During Period, Value, Reverse Recapitalization	mktw_StockIssuedDuringPeriodValueReverseRecapitalization	$ 2,081,740,000
AOCI Attributable to Parent [Member]
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Increase In Noncontrolling Interest	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationIncreaseInNoncontrollingInterest	109,000
Additional Paid-in Capital [Member]
Adjustments to Additional Paid In Capital, Reverse Recapitalization, Reclassification Of Units From Liability	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationReclassificationOfUnitsFromLiability	1,528,228,000
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Increase In Noncontrolling Interest	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationIncreaseInNoncontrollingInterest	(1,511,911,000)
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	(31,000)
Reverse Recapitalization, Net Proceeds	mktw_ReverseRecapitalizationNetProceeds	(113,641,000)
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Establishment Of Warrant Liabilities	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationEstablishmentOfWarrantLiabilities	45,021,000
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Establishment Of Deferred Taxes	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationEstablishmentOfDeferredTaxes	11,136,000
Retained Earnings [Member]
Stock Issued During Period, Value, Reverse Recapitalization	mktw_StockIssuedDuringPeriodValueReverseRecapitalization	(164,367,000)
Noncontrolling Interest [Member]
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Increase In Noncontrolling Interest	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationIncreaseInNoncontrollingInterest	1,511,802,000
Stock Issued During Period, Value, Reverse Recapitalization	mktw_StockIssuedDuringPeriodValueReverseRecapitalization	(1,917,373,000)
Parent [Member]
Adjustments to Additional Paid In Capital, Reverse Recapitalization, Reclassification Of Units From Liability	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationReclassificationOfUnitsFromLiability	1,528,228,000
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Increase In Noncontrolling Interest	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationIncreaseInNoncontrollingInterest	(1,511,802,000)
Stock Issued During Period, Value, Reverse Recapitalization	mktw_StockIssuedDuringPeriodValueReverseRecapitalization	1,917,373,000
Reverse Recapitalization, Net Proceeds	mktw_ReverseRecapitalizationNetProceeds	(113,641,000)
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Establishment Of Warrant Liabilities	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationEstablishmentOfWarrantLiabilities	45,021,000
Adjustments To Additional Paid In Capital, Reverse Recapitalization, Establishment Of Deferred Taxes	mktw_AdjustmentsToAdditionalPaidInCapitalReverseRecapitalizationEstablishmentOfDeferredTaxes	$ 11,136,000
Common Class B [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	291,092,303
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 29,000
Common Class A [Member] \| Common Stock [Member]
Stock Issued During Period, Shares, New Issues	us-gaap_StockIssuedDuringPeriodSharesNewIssues	24,952,096
Stock Issued During Period, Value, New Issues	us-gaap_StockIssuedDuringPeriodValueNewIssues	$ 2,000

Fair Value Measurements - Fair Value Measurements Inputs (Details) - Recurring	Dec. 31, 2023
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0.3940
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.2740
Profits interests	0.2500
Derivative liabilities	0.2300
Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.0580
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.3050
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0.0150
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities	0.0420

Stock-Based Compensation - Stock Based Compensation Expense by Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 23,384	$ 9,045	$ 1,063,351
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,922	1,972	171,804
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,185	2,209	48,098
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	17,277	4,864	843,449
Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	1,058,442
Class B Share Based Compensation Expense \| Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	170,536
Class B Share Based Compensation Expense \| Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	46,417
Class B Share Based Compensation Expense \| General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 0	$ 0	$ 841,489

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense consisted of the following:


	Year Ended December 31,
	2023		2022		2021
Current income tax expense (benefit):
Federal	$	—	$	—	$	—
State	—		—		—
Deferred income tax expense (benefit):
Federal	1,517		1,294		1,942
State	286		196		416
Total income tax expense (benefit)	$	1,803	$	1,490	$	2,358

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory federal tax rate	21.00	%	21.00	%	21.00	%

State income taxes, net of federal benefit	3.85	%	3.85	%	4.50	%

Fair value of warrant liabilities	—	%	(3.61)	%	—	%
Permanent items	2.12	%	(2.13)	%	(0.55)	%
Income attributable to noncontrolling interests	(23.76)	%	(17.66)	%	(25.20)	%



Effective income tax rate	3.21	%	1.45	%	(0.25)	%

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Reserves	$	231	$	182
Accrued expenses	168		170
Deferred revenue	6,421		7,100
Derivatives	—		29
Stock-based compensation	315		240
Investment in MarketWise, LLC	29,869		29,088
Net operating loss carryforwards	3,238		3,147
Investment in flow-through partnerships	1,036		712
Lease liabilities	162		165
Tax Receivable Agreement	2,211		—

Charitable contributions	26		9
Intangible assets	278		—
Research and development capitalization	123		86
Total deferred tax assets	$	44,078	$	40,928
Deferred tax liabilities
Deferred expense	$	(4,279)	$	(4,236)

Right-of-use asset	(207)		(216)
Fixed assets	(30)		(18)
Intangible assets	—		(38)
Capital loss	—		—
Total deferred tax liabilities	$	(4,516)	$	(4,508)
Valuation allowance	(29,869)		(29,088)
Net deferred tax assets	$	9,693	$	7,332

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,751	$ 3,696
Less: Accumulated depreciation and amortization	(3,061)	(2,804)
Total property and equipment, net	$ 690	892
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 960	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,520	1,458
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,271	$ 1,278

Fair Value Measurements - Changes in Fair Value of Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 1,281	$ 31,347	$ 597,578
Incremental Class B Units			206,914
Establishment of warrant liabilities on July 21, 2021 (date of the Transactions)			45,021
Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions)			(1,528,228)
Warrants exchanged for Class A common stock (see Note 17 – Warrant Exchange)		(14,401)
Settlement of derivative instruments	(3,060)
Ending balance	$ 0	$ 1,281	$ 31,347
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	Change in fair value of derivative instruments	Change in fair value of derivative instruments	Change in fair value of derivative instruments
Other
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of derivative instruments	$ 1,779	$ (15,665)	$ (18,017)
Class B Units
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of derivative instruments			$ 728,079

Goodwill and Intangible Assets, Net - Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 2,330
2025	1,484
2026	1,065
2027	143
2028	91
Thereafter	55
Net Book Value	$ 5,168	$ 14,960

Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Capitalized Implementation Costs

We capitalized cloud computing implementation costs for customer-relationship management, revenue management, and enterprise resource planning systems of $71, $1,493 and $287 for the years ended December 31, 2023, 2022 and 2021, respectively. The capitalized implementation costs are capitalized within other current assets and other assets on the consolidated balance sheets. Amortization expense related to capitalized cloud computing implementation costs was $939, $372 and $210 for the years ended December 31, 2023, 2022 and 2021, respectively.

Property and Equipment, Net

Property and equipment, net consists of the following:


		As of December 31,
	Estimated Useful Lives	2023		2022
Furniture and fixtures	5 years	$	960	$	960
Computers, software and equipment	3 years	1,520		1,458
Leasehold improvements	Shorter of estimated useful life or remaining term of lease	1,271		1,278
		3,751		3,696
Less: Accumulated depreciation and amortization		(3,061)		(2,804)
Total property and equipment, net		$	690	$	892

Depreciation and amortization expense for property and equipment was $267, $331 and $431 for the years ended December 31, 2023, 2022 and 2021, respectively.

Accrued Expenses

Accrued expenses consist of the following:


	As of December 31,
	2023		2022
Commission and variable compensation	$	29,817	$	24,207
Payroll and benefits	10,941		5,258

Other accrued expenses	14,283		16,511
Total accrued expenses	$	55,041	$	45,976

Revenue Recognition - Narrative (Details) - USD ($)	12 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 315,066,000	$ 335,608,000
Accounts receivable	4,528,000	4,040,000
Impairment of capitalized costs		$ 0	$ 0
Remaining performance obligation	$ 592,093,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	49.00%
Remaining performance obligation, timing of satisfaction	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have certain revenue share agreements with related parties. Accordingly, we recognized revenue from related parties of $4,937, $2,363 and $1,284 for the years ended December 31, 2023, 2022 and 2021, respectively. We incurred costs related to revenue share agreements with related parties which are capitalized within deferred contract acquisition costs. We capitalized $6,578, $3,110 and $10,326 for the years ended December 31, 2023, 2022 and 2021, 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 $511, $800 and $1,260 for the years ended December 31, 2023, 2022 and 2021, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $1,845, $400 and $50 for the years ended December 31, 2023, 2022 and 2021, respectively. A related party also provided certain corporate functions to the Company and the costs of these services are recorded within related party expense in the accompanying consolidated statement of operations. We recorded $102, $85 and $92 for the years ended December 31, 2023, 2022 and 2021, respectively. We held balances of $1,220 and $1,043 as of December 31, 2023 and December 31, 2022 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 consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain Class B unitholders. As a result, we recognized $737, $656 and $358 in other income, net for the years ended December 31, 2023, 2022 and 2021, respectively. Related party receivables related to these services were $239 and $403 as of December 31, 2023 and 2022, respectively. We lease offices from related parties. Lease payments made to related parties were $1,800, $1,824 and $1,536 for the years ended December 31, 2023, 2022 and 2021, respectively, and rent expense of $2,438, $2,378 and $2,224 were recognized in general and administrative expenses for the years ended December 31, 2023, 2022 and 2021, respectively, related to leases with related parties. At December 31, 2023 and 2022, respectively, ROU assets of $7,261 and $9,210 and lease liabilities of $5,740 and $7,041 are associated with leases with related parties. In April 2020 MarketWise, LLC provided a loan to a Class A unitholder and recognized a related party note receivable from the unitholder of $1,148. We recognized $17 and $10 in interest income for the years ended December 31, 2022 and 2021, respectively. The related party note receivable balance was $1,158 as of December 31, 2021. This loan was repaid in October 2022. In July 2021, the Company’s Board of Directors approved and made a discretionary, one-time, lifetime-award, non-employee bonus payment of $10,000 to the Company’s founder, who is a Class B common stockholder, which was recorded within related party expense in the consolidated statement of operations.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 54,295	$ 101,170	$ (953,883)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	3,821	3,091	2,676
Impairment and other charges	2,583	287	0
Stock-based compensation	23,384	9,045	210,912
Change in fair value of derivative liabilities – Class B Units	0	0	728,079
Change in fair value of derivative liabilities – other	1,779	(15,665)	(18,017)
Deferred taxes	1,803	1,490	2,358
Unrealized gains on foreign currency	23	(97)	(38)
Noncash lease expense	2,135	1,925	1,894
Loss on sale of business	1,583	0	0
Gain on sale of cryptocurrencies	0	0	(105)
Changes in operating assets and liabilities:
Accounts receivable	(488)	3,765	4,593
Related party receivables and payables, net	(2,284)	(982)	(1,167)
Prepaid expenses	2,420	1,318	(4,513)
Other current assets and other assets	1,533	(543)	(744)
Cryptocurrency intangible assets	0	0	109
Deferred contract acquisition costs	31,329	5,453	(95,835)
Trade and other payables	(200)	(3,975)	(7,282)
Accrued expenses	9,065	(477)	14,205
Deferred revenue	(67,092)	(51,980)	175,553
Derivative liabilities	(3,060)	0	662
Operating lease liabilities	(1,501)	(1,671)	(1,154)
Other current and long-term liabilities	1,300	(3,780)	5,329
Net cash provided by operating activities	62,428	48,374	63,632
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(170)	(12,770)	(7,139)
Acquisition of noncontrolling interests, including transaction costs	0	(297)	0
Purchases of property and equipment	(65)	(35)	(157)
Purchases of intangible assets	0	0	(892)
Capitalized software development costs	(1,662)	(136)	(123)
Net cash used in investing activities	(1,897)	(13,238)	(8,311)
Cash flows from financing activities:
Net proceeds from the Transactions	0	0	113,641
Issuance of related party notes receivable	0	0	(11)
Proceeds from related party notes receivable	0	1,159	0
Proceeds from issuance of common stock	678	827	0
Shares and restricted stock units withheld to pay taxes	(6,032)	(515)	0
Repurchases of stock	0	(13,054)	(3,340)
Dividends paid	(5,744)	0	0
Distributions to members	0	0	(135,451)
Distributions to noncontrolling interests	(52,855)	(4,609)	(5,517)
Net cash used in financing activities	(63,953)	(16,192)	(30,678)
Effect of exchange rate changes on cash	21	53	8
Net increase in cash, cash equivalents and restricted cash	(3,401)	18,997	24,651
Cash, cash equivalents and restricted cash — beginning of period	158,575	139,578	114,927
Cash, cash equivalents and restricted cash — end of period	$ 155,174	$ 158,575	$ 139,578

Goodwill and Intangible Assets, Net - Reporting Units, Negative Goodwill Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
1729 Research
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	$ 13,799	$ 6,134
Legacy Research
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	6,046	5,961
Alta
Goodwill [Line Items]
Amount of allocated goodwill to reporting unit	$ 11,193	$ 11,193

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Expense

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	2,639	$	2,590	$	2,435
Variable lease costs	100		86		97
Total lease costs	$	2,739	$	2,676	$	2,532

Other information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Lease Term and Discount Rate
Weighted average remaining lease term (in years)	3.9		4.7		5.7
Weighted average discount rate	7.0	%	6.8	%	7.0	%

Schedule of Lease Liabilities

As of December 31, 2023, maturities of lease liabilities were as follows:


Year Ending December 31:	Operating Leases
2024	$	1,806
2025	1,789
2026	1,697
2027	686
2028	700
Thereafter	—
Total lease payments	$	6,678
Less: Imputed interest	(866)
Total lease liabilities	$	5,812

Stock-Based Compensation - Unvested Share Activity (Details) - Common Stock - Class B	12 Months Ended
	Dec. 31, 2021 shares
Units
Outstanding, beginning balance (in shares)	75,044
Granted (in shares)	17,690
Vested (in shares)	(92,734)
Outstanding, ending balance (in shares)	0

Organization	12 Months Ended
Organization	Dec. 31, 2023
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. While our headquarters are in Baltimore, Maryland, we operate multiple subsidiaries in the United States. Reverse Recapitalization with Ascendant Digital Acquisition Corp. On July 21, 2021, as contemplated by the Business Combination Agreement, dated as of March 1, 2021, by and among Ascendant Digital Acquisition Corp. (“ADAC”), MarketWise, LLC, all of the members of MarketWise, LLC (other than MarketWise, Inc., the “MarketWise Members”), and Shareholder Representative Services LLC, (as amended, the “Transaction Agreement”), ADAC was domesticated and continues as a Delaware corporation, changing its name to “MarketWise, Inc.” As a result of, and upon the effective time thereof, among other things, (1) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of ADAC (the “ADAC Class A ordinary shares”) automatically converted, on a one-for-one basis, into a share of Class A common stock, par value $0.0001 per share, of MarketWise, Inc. (the “Class A common stock”); (2) each of the then issued and outstanding redeemable warrants of ADAC automatically converted into a redeemable warrant to acquire one share of Class A common stock (the “warrants”); and (3) each of the then issued and outstanding units of ADAC that had not been previously separated into the underlying ADAC Class A ordinary shares and underlying warrants upon the request of the holder thereof were cancelled and entitled the holder thereof to one share of Class A common stock and one-half of one warrant. No fractional warrants were issued upon such separation. On July 21, 2021, as contemplated by the Transaction Agreement, MarketWise, Inc. and MarketWise, LLC consummated the business combination contemplated by the Transaction Agreement whereby (i) MarketWise, LLC restructured its capitalization, appointed MarketWise, Inc. as its managing member, and issued to MarketWise, Inc. 28,003,096 common units of MarketWise, LLC (the “LLC Units”), and 30,979,993 warrants to purchase LLC Units and (ii) MarketWise, Inc. issued 291,092,303 shares of Class B common stock, par value $0.0001 per share, of MarketWise, Inc. (the “Class B common stock” and, together with the Class A common stock, the “common stock”) to the MarketWise Members. On March 1, 2021, concurrently with the execution of the Transaction Agreement, ADAC entered into subscription agreements with certain investors (collectively, the “PIPE Investors”) who subscribed for 15,000,000 shares of Class A common stock at $10.00 per share for an aggregate commitment amount of $150,000 (the “PIPE Investment” and, together with the other transactions described above and all transactions contemplated by or pursuant to the Transaction Agreement, the “Transactions”). The PIPE Investment was consummated on July 21, 2021 substantially concurrently with the closing of the other Transactions. Immediately after giving effect to the Transactions, there were 28,003,096 shares of Class A common stock (including 3,051,000 Sponsor Earn Out Shares (as defined and discussed in our Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on July 28, 2021) the “Original Report”), 291,092,303 shares of Class B common stock, and 30,979,993 warrants outstanding (including 10,280,000 Private Placement Warrants (as defined in the Original Report)). Upon the consummation of the Transactions, ADAC’s ordinary shares, warrants, and units ceased trading on The New York Stock Exchange, and MarketWise, Inc.’s Class A common stock and warrants began trading on the Nasdaq under the symbols “MKTW” and “MKTW W,” respectively. Immediately after giving effect to the Transactions, (1) ADAC’s public stockholders owned approximately 0.1% of the outstanding MarketWise, Inc. common stock, (2) the MarketWise Members owned approximately 91.2% of the outstanding MarketWise, Inc. common stock, (3) Ascendant Sponsor LP, a Cayman Islands exempted limited partnership and related parties (the “Sponsor”) collectively owned approximately 3.2% of the outstanding MarketWise, Inc. common stock (including 3,051,000 Sponsor Earn Out Shares), and (4) the PIPE Investors owned approximately 4.7% of the outstanding MarketWise, Inc. common stock. The Transaction was accounted for as a reverse recapitalization in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Under the guidance in Accounting Standards Codification (“ASC”) Topic 805, MarketWise, LLC is treated as the “acquirer” for financial reporting purposes. As such, MarketWise, LLC is deemed the accounting predecessor of the combined business and MarketWise, Inc. the successor registrant for SEC purposes, meaning that MarketWise, LLC’s financial statements for previous periods will be disclosed in the registrant’s future periodic reports filed with the SEC. The reverse recapitalization was treated as the equivalent of MarketWise, LLC issuing stock for the net assets of ADAC, accompanied by a recapitalization. As part of the recapitalization Transactions, we recorded net cash proceeds from the Transactions of $113.6 million in equity. This cash amount includes: (1) the reclassification of ADAC’s Trust Account of $414.6 million to cash and cash equivalents that became available at the time of the Transactions; (2) proceeds of $150.0 million from the issuance and sale of MarketWise Class A common stock in the PIPE investment; (3) payment of $48.8 million in non-recurring transaction costs; (4) settlement of $14.5 million in deferred underwriters’ discount; and (5) the payment of $387.7 million to redeeming stockholders of ADAC. We also recorded (1) $45.0 million in equity related to the establishment of the initial value of the warrants; and (2) $11.1 million in equity related to the establishment of the initial value of deferred taxes.

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Disaggregation of revenues

The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.


	Year Ended December 31, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	442,333	$	—	$	—	$	—	$	442,333
Transferred at a point in time	—		732		4,937		180		5,849
Total	$	442,333	$	732	$	4,937	$	180	$	448,182


	Year Ended December 31, 2022
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	508,894	$	—	$	—	$	—	$	508,894
Transferred at a point in time	—		744		2,363		402		3,509
Total	$	508,894	$	744	$	2,363	$	402	$	512,403


	Year Ended December 31, 2021
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	543,881	$	—	$	—	$	—	$	543,881
Transferred at a point in time	—		2,479		1,284		1,539		5,302
Total	$	543,881	$	2,479	$	1,284	$	1,539	$	549,183

Revenue recognition by subscription type was as follows:


	Year Ended December 31,
	2023		2022		2021
Membership subscriptions	$	185,354	$	195,370	$	192,273
Term subscriptions	256,979		313,524		351,608
Non-subscription revenue	5,849		3,509		5,302
Total	$	448,182	$	512,403	$	549,183

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:


	Year Ended December 31,
	2023		2022		2021
United States	$	448,091	$	512,083	$	547,026
International	91		320		2,157
Total	$	448,182	$	512,403	$	549,183

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 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 December 31,
	2023		2022
Contract balances
Accounts receivable	$	4,528	$	4,040
Obligations for refunds	3,157		4,676
Deferred revenue – current	284,594		310,555
Deferred revenue – non-current	304,342		348,273

We recognized $315,066 and $335,608 of revenue during the years ended December 31, 2023 and 2022, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $4,528 and $4,040 as of December 31, 2023 and 2022, respectively, related to the timing of cash settlement with credit card processors.

Assets Recognized from Costs to Obtain a Contract with a Customer

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:


Balance at January 1, 2021	$	107,236
Royalties and sales commissions – additions	68,938
Revenue share and cost per acquisition fees – additions	98,747
Amortization of capitalized costs	(71,850)
Balance at December 31, 2021	$	203,071
Royalties and sales commissions – additions	35,223
Revenue share and cost per acquisition fees – additions	57,173
Amortization of capitalized costs	(97,849)
Balance at December 31, 2022	$	197,618
Royalties and sales commissions – additions	28,609
Revenue share and cost per acquisition fees – additions	52,131
Amortization of capitalized costs	(112,069)
Impairment of capitalized costs	(1,389)
Balance at December 31, 2023	$	164,900

We recognized an impairment of capitalized costs associated with contracts with customers during the year ended December 31, 2023 which was related to the sale of Buttonwood Publishing. See Note 4 – Acquisitions and Disposals. We did not recognize any impairment on capitalized costs associated with contracts with customers for the years ended December 31, 2022 and 2021.

Remaining Performance Obligations

As of December 31, 2023, the Company had $592,093 of remaining performance obligations presented as deferred revenue in the consolidated balance sheets. We expect to recognize approximately 49% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 8, 2024, the Board of Directors committed to a strategic realignment and reorganization plan (the “Reorganization”) impacting its Legacy Research Group business (“Legacy Research”). As part of the Reorganization, the Company plans to wind-down the operations of Legacy Research. The Reorganization, including the closure of the Legacy Research subsidiary brands, is in response to misconduct discovered at Legacy Research where certain managers violated the Company’s policies. We believe the reorganization demonstrates the Company’s commitment to providing reliable and independent financial research to its subscribers. The Reorganization is currently expected to be completed in the first half of fiscal 2024. We have 104 employees at Legacy Research, which represents approximately 18% of the Company’s total employees, who will either be offered a new role within the Company or have their positions eliminated. As part of this Reorganization, we plan to make every effort to serve our existing Legacy Research customers by offering similar products published by other MarketWise brands. However, the Company is currently unable in good faith to estimate the amount or range of amounts expected to be incurred in connection with the Reorganization and wind-down, both with respect to each major type of cost associated therewith and with respect to the total cost, and the impacts on the Company’s overall results of operations. The Company plans to disclose this information after it determines such estimates or range of estimates.

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Derivative Instruments, Gains (Losses)

The following table presents information on the location and amounts of derivative instruments gains and losses:


		Year Ended December 31,
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income Statement	2023		2022		2021
Warrants	Other income, net	$	—	$	14,931	$	15,689
Phantom Interests in Net Income	General and administrative	1,281		734		2,328
Option	General and administrative	—		—		(662)
Total		$	1,281	$	15,665	$	17,355

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	3.85%	3.85%	4.50%
Fair value of warrant liabilities	0.00%	(3.61%)	0.00%
Permanent items	2.12%	(2.13%)	(0.55%)
Income attributable to noncontrolling interests	(23.76%)	(17.66%)	(25.20%)
Effective income tax rate	3.21%	1.45%	(0.25%)

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 4,528	$ 4,040
Obligations for refunds	3,157	4,676
Deferred revenue – current	284,594	310,555
Deferred revenue – non-current	$ 304,342	$ 348,273

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt On October 29, 2021, MarketWise, LLC, entered into a loan and security agreement (as amended, the “Loan and Security Agreement”) providing for up to $150 million of commitments under a revolving credit facility (the “Credit Facility”), including a $5 million letter of credit sublimit, and allows for revolving commitments under the Credit Facility to be increased or new term commitments to be established by up to $65 million. The existing lenders under the Credit Facility are entitled, but not obligated, to provide such incremental commitments. The Credit Facility has a term of three years, maturing on October 29, 2024. The Credit Facility is guaranteed by MarketWise, LLC’s direct and indirect material U.S. subsidiaries, subject to customary exceptions (the “Guarantors”), pursuant to a guaranty by the Guarantors in favor of HSBC Bank USA, National Association, as agent (the “Guaranty”). Borrowings under the Credit Facility are secured by a first-priority lien on substantially all of the assets of MarketWise, LLC and the Guarantors, subject to customary exceptions. Borrowings will bear interest at a floating rate depending on MarketWise, LLC’s Net Leverage Ratio (as defined in the Loan and Security Agreement). The Company may use the proceeds of borrowings under the Credit Facility to finance permitted acquisitions and for working capital and other general corporate purposes. As of December 31, 2023, there were no outstanding advances under the Credit Facility. The Loan and Security Agreement contains customary affirmative and negative covenants for transactions of this type, and contains financial maintenance covenants that require MarketWise, LLC to maintain an Interest Coverage Ratio and Net Leverage Ratio (both as defined in the Loan and Security Agreement), and provides for a number of customary events of default, which could result in the acceleration of obligations and the termination of lending commitments under the Loan and Security Agreement. As of December 31, 2023, we were in compliance with these covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Subsequent Events (Details) - Legacy Research - Reorganization - Subsequent Event - Forecast	6 Months Ended
	Jun. 30, 2024 employee
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, number of positions eliminated	104
Restructuring and related cost, number of positions eliminated, period percent	18.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net revenue	$ 448,182	$ 512,403	$ 549,183
Related Party
Disaggregation of Revenue [Line Items]
Net revenue	4,937	2,363	1,284
Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	443,245	510,040	547,899
United States
Disaggregation of Revenue [Line Items]
Net revenue	448,091	512,083	547,026
International
Disaggregation of Revenue [Line Items]
Net revenue	91	320	2,157
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	185,354	195,370	192,273
Term subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	256,979	313,524	351,608
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net revenue	5,849	3,509	5,302
Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	442,333	508,894	543,881
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	5,849	3,509	5,302
Subscriptions
Disaggregation of Revenue [Line Items]
Net revenue	442,333	508,894	543,881
Subscriptions \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	442,333	508,894	543,881
Subscriptions \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net revenue	732	744	2,479
Advertising \| Transferred over time
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Advertising \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net revenue	732	744	2,479
Revenue Share \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	4,937	2,363	1,284
Revenue Share \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	180	402	1,539
Revenue Share \| Transferred over time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Revenue Share \| Transferred over time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	0	0	0
Revenue Share \| Transferred at a point in time \| Related Party
Disaggregation of Revenue [Line Items]
Net revenue	4,937	2,363	1,284
Revenue Share \| Transferred at a point in time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net revenue	$ 180	$ 402	$ 1,539

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 71	$ 1,493	$ 287
Capitalized cloud computing implementation costs amortization expense	939	372	210
Depreciation expense	$ 267	$ 331	$ 431

Earnings Per Share - Narrative (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jul. 22, 2021	Jul. 21, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income tax expense	$ 2,358	$ 1,803	$ 1,490	$ 2,358
Warrants outstanding (in shares)			0			30,979,993
Public Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	20,699,993
Private Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,280,000
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		3,051,000
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		2,000,000
Derivatives Not Designated as Hedging Instruments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Derivative gains (losses)		$ 1,281	$ 15,665	17,355
Warrants \| Derivatives Not Designated as Hedging Instruments
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Derivative gains (losses)	$ 15,689	$ 0	$ 14,931	$ 15,689
Marketwise, LLC
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Ownership percentage		11.20%			7.90%
Ownership percentage		88.80%			92.10%

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Baltimore, Maryland

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

ommitments and Contingencies

Leases

We lease office facilities under operating lease agreements in the United States which have an initial term of twelve months or longer as of December 31, 2023. As of December 31, 2023, remaining lease terms vary from 5 months to 5 years. For two leases we have the option to extend the lease terms for a period of 5 years, for one lease we have the option to extend the lease term for a period of 3 years, for one lease we have the option to extend the lease term for a period of 1 year, and for one lease we have the option to extend the lease term month to month. The renewal options are not considered in the remaining lease term as we are not reasonably certain that we will exercise such option.

The components of lease expense were as follows:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	2,639	$	2,590	$	2,435
Variable lease costs	100		86		97
Total lease costs	$	2,739	$	2,676	$	2,532

Other information related to leases was as follows:


	As of December 31,
	2023		2022		2021
Lease Term and Discount Rate
Weighted average remaining lease term (in years)	3.9		4.7		5.7
Weighted average discount rate	7.0	%	6.8	%	7.0	%

When recording the present value of lease liabilities, a discount rate is required. We have concluded that the rates implicit in the various operating lease agreements are not readily determinable. As a result, we instead used our incremental borrowing rate, which is calculated based on hypothetical borrowings to fund each respective lease over the lease term, as of the lease commencement date, assuming that borrowings are secured by the various leased properties. The incremental borrowing rates are determined based on an assessment of our implied credit rating, using ratings scales from reputable rating agencies that consider a number of qualitative and quantitative factors.

Market rates are derived as of the lease commencement dates with reference to companies with the same debt rating that operate in a similar industry.

As of December 31, 2023, maturities of lease liabilities were as follows:


Year Ending December 31:	Operating Leases
2024	$	1,806
2025	1,789
2026	1,697
2027	686
2028	700
Thereafter	—
Total lease payments	$	6,678
Less: Imputed interest	(866)
Total lease liabilities	$	5,812

Supplemental cash flow information related to leases is included in Note 15 – Supplemental Cash Flow Information.

Contingencies

From time to time, we may be involved in disputes or regulatory inquiries, which arise in the ordinary course of business. When we determine that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to us in aggregate. When a material loss contingency is reasonably possible, we do not record a liability, but instead disclose the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings will have a material adverse effect on its financial position or results of operations and no corresponding liability has been recorded for any periods presented.

In May 2023 and January 2024, a subsidiary of the Company, Common Sense Publishing, LLC trading as Palm Beach Research Group (“Palm Beach Research Group”), received third-party subpoenas from the SEC in connection with charges against a former employee who was previously terminated for cause in November 2021. Palm Beach Research Group has responded to the subpoenas, and we have conducted our own internal investigation with the assistance of outside counsel. On January 29, 2024, the U.S. Attorney’s Office for the Central District of California charged the same former employee by information with one count of touting securities for undisclosed compensation and one count of participation in a criminal conspiracy to tout securities for undisclosed compensation. It is not possible at this time to determine whether Palm Beach Research Group will incur, or to reasonably estimate the amount of, any losses in connection with this matter.

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Reserves	$ 231	$ 182
Accrued expenses	168	170
Deferred revenue	6,421	7,100
Derivatives	0	29
Stock-based compensation	315	240
Investment in MarketWise, LLC	29,869	29,088
Net operating loss carryforwards	3,238	3,147
Investment in flow-through partnerships	1,036	712
Lease liabilities	162	165
Tax Receivable Agreement	2,211	0
Charitable contributions	26	9
Intangible assets	278	0
Research and development capitalization	123	86
Total deferred tax assets	44,078	40,928
Deferred tax liabilities
Deferred expense	(4,279)	(4,236)
Right-of-use asset	(207)	(216)
Fixed assets	(30)	(18)
Intangible assets	0	(38)
Capital loss	0	0
Total deferred tax liabilities	(4,516)	(4,508)
Valuation allowance	(29,869)	(29,088)
Net deferred tax assets	$ 9,693	$ 7,332

Commitments and Contingencies - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 2,639	$ 2,590	$ 2,435
Variable lease costs	100	86	97
Total lease costs	$ 2,739	$ 2,676	$ 2,532

Warrant Exchange	12 Months Ended
Warrant Exchange	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Warrant Exchange	Warrant Exchange On August 17, 2022, we commenced an exchange offer (the “Offer”) and consent solicitation (the “Consent Solicitation”) relating to our outstanding Public Warrants and Private Placement Warrants to purchase shares of Class A common stock at $11.50 per share. Each holder of the warrants was offered the opportunity to receive 0.1925 shares of Class A common stock in exchange for each outstanding warrant tendered by the holder and exchanged pursuant to the Offer. Concurrently with the Offer, we solicited consents from holders of the warrants to amend the warrant agreement that governs all of the warrants (the “Warrant Agreement”) to permit us to require that each warrant outstanding upon the closing of the Offer be exchanged for 0.17325 shares of Class A common stock, which is a ratio 10% less than the exchange ratio applicable to the Offer (such amendment, the “Warrant Amendment”). On September 14, 2022, we concluded the Offer and Consent Solicitation with approximately 96% of the outstanding warrants validly tendered and not withdrawn prior to the expiration of the Offer and Consent Solicitation. Accordingly, on September 19, 2022, we issued 5,725,681 shares of Class A common stock in exchange for the 29,743,932 warrants tendered in the Offer. Additionally, we received the requisite approval of warrant holders to enter into the Warrant Amendment. Accordingly, we and Continental Stock Transfer & Trust Company entered into the Warrant Amendment, dated September 15, 2022, and we exercised our right, in accordance with the terms of the Warrant Amendment, to exchange each warrant that was outstanding upon the closing of the Offer for 0.17325 shares of Class A common stock per warrant. On September 30, 2022, we issued 214,058 shares of Class A common stock in exchange for the 1,236,061 outstanding warrants after closing of the Offering. As a result, there are no outstanding warrants as of September 30, 2022, and the warrants were delisted from trading on the Nasdaq. In connection with the warrant exchange, we paid out a de minimis amount of cash in lieu of fractional shares. We incurred $2.1 million of costs directly related to the warrant exchange, consisting primarily of dealer manager fees and professional, legal, printing, filing, regulatory, and other costs. These costs were recorded in general and administrative expenses on the consolidated statements of operations as the transactions did not generate any proceeds to us and therefore the costs did not qualify to be deferred or charged to additional paid-in-capital under ASC 340-10-S99-1.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 54,295	$ 101,170	$ (953,883)
Other comprehensive income (loss)
Cumulative translation adjustment	21	53	(101)
Total comprehensive income (loss)	$ 54,316	$ 101,223	$ (953,984)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

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

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Commitments and Contingencies - Other Information Related to Leases (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (in years)	3 years 10 months 24 days	4 years 8 months 12 days	5 years 8 months 12 days
Weighted average discount rate (percent)	7.00%	6.80%	7.00%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common Stock - Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	36,384,981	29,039,655
Common stock, outstanding (in shares)	36,384,981	29,039,655
Common Stock - Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	288,092,303	291,092,303
Common stock, outstanding (in shares)	288,092,303	291,092,303

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense

Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows:


	Year Ended December 31,
	2023		2022		2021
Cost of revenue	$	2,922	$	1,972	$	171,804
Sales and marketing	3,185		2,209		48,098
General and administrative	17,277		4,864		843,449
Total stock-based compensation expense	$	23,384	$	9,045	$	1,063,351

Total stock-based compensation expense includes: expense related to our new 2021 Incentive Award Plan, our ESPP, profits interests, the vesting of Class B units, the change in fair value of Class B liability awards, and profits distributions to Class B unitholders, as follows:


	Year Ended December 31,
	2023		2022		2021
2021 Incentive Award Plan	$	22,297	$	8,608	$	4,909
Employee Stock Purchase Plan	341		437		—
Profits interests	746		—		—
Vested Class B units and change in fair value of Class B liability awards	—		—		934,993
Profits distributions to Class B unitholders	—		—		123,449
Total stock-based compensation expense	$	23,384	$	9,045	$	1,063,351

The amount of stock-based compensation expense related to the Class B Units included in each of the line items in the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
		2023		2022		2021
Cost of revenue		$	—	$	—	$	170,536
Sales and marketing		—		—		46,417
General and administrative		—		—		841,489
Total stock based-compensation expense		$	—	$	—	$	1,058,442

Summary of Activities of RSUs

The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, vested or exercised and forfeited, from January 1, 2023 to December 31, 2023 are

summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	6,261,543	$	3.45	1,747,473	$	4.05
Granted	5,098,818	1.83		—	—
Vested (RSUs) or Exercised (SARs)	(2,259,892)	3.28		—	—
Forfeited	(1,360,208)	2.66		(161,289)	4.05

Outstanding at December 31, 2023	7,740,261	$	2.57	1,586,184	$	4.05
Exercisable at December 31, 2023	—	$	—	825,291	$	4.05

Summary of Activities of SARs

summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	6,261,543	$	3.45	1,747,473	$	4.05
Granted	5,098,818	1.83		—	—
Vested (RSUs) or Exercised (SARs)	(2,259,892)	3.28		—	—
Forfeited	(1,360,208)	2.66		(161,289)	4.05

Outstanding at December 31, 2023	7,740,261	$	2.57	1,586,184	$	4.05
Exercisable at December 31, 2023	—	$	—	825,291	$	4.05

Schedule of Unvested Share Activity

The following is a rollforward of Class B Units activity for the year ended December 31, 2021:


Unvested at January 1, 2021			75,044
Granted			17,690
Vested			(92,734)
Unvested at December 31, 2021			—

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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 standalone income or loss we generate. MarketWise, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, MarketWise, LLC’s taxable income or loss is passed through to its members, including us.

The components of income tax expense consisted of the following:


	Year Ended December 31,
	2023		2022		2021
Current income tax expense (benefit):
Federal	$	—	$	—	$	—
State	—		—		—
Deferred income tax expense (benefit):
Federal	1,517		1,294		1,942
State	286		196		416
Total income tax expense (benefit)	$	1,803	$	1,490	$	2,358

A reconciliation of the U.S. statutory income tax rate to the Company's effective income tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Statutory federal tax rate	21.00	%	21.00	%	21.00	%

State income taxes, net of federal benefit	3.85	%	3.85	%	4.50	%

Fair value of warrant liabilities	—	%	(3.61)	%	—	%
Permanent items	2.12	%	(2.13)	%	(0.55)	%
Income attributable to noncontrolling interests	(23.76)	%	(17.66)	%	(25.20)	%



Effective income tax rate	3.21	%	1.45	%	(0.25)	%

The Company’s effective tax rate was 3.21% and 1.45% in 2023 and 2022, respectively, in comparison to the U.S. statutory rate of 21.00%. Our effective tax rates in 2023 and 2022 differ from the U.S. federal statutory rate primarily because we generally do not record income taxes for the noncontrolling portion of pre-tax income. Further, the year over year difference includes the effects of the change in income allocation to the non-controlling interest.

Details of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Reserves	$	231	$	182
Accrued expenses	168		170
Deferred revenue	6,421		7,100
Derivatives	—		29
Stock-based compensation	315		240
Investment in MarketWise, LLC	29,869		29,088
Net operating loss carryforwards	3,238		3,147
Investment in flow-through partnerships	1,036		712
Lease liabilities	162		165
Tax Receivable Agreement	2,211		—

Charitable contributions	26		9
Intangible assets	278		—
Research and development capitalization	123		86
Total deferred tax assets	$	44,078	$	40,928
Deferred tax liabilities
Deferred expense	$	(4,279)	$	(4,236)

Right-of-use asset	(207)		(216)
Fixed assets	(30)		(18)
Intangible assets	—		(38)
Capital loss	—		—
Total deferred tax liabilities	$	(4,516)	$	(4,508)
Valuation allowance	(29,869)		(29,088)
Net deferred tax assets	$	9,693	$	7,332

We had a federal net operating loss carryforward (“NOL”) of $13,030 and $5,997, which can be carried forward indefinitely as of December 31, 2023 and 2022, respectively. We also had state net operating losses of $8,220 and $4,145 as of December 31, 2023 and 2022, respectively, with varying carryforward periods. As of December 31, 2023 and 2022, it is more likely than not that future operations will generate sufficient taxable income to realize the NOL and therefore, no valuation allowance was recorded on the NOL.

As a result of the Transactions, 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 of $29,869 and $29,088 for certain deferred tax assets that are not more likely than not to be realized as of December 31, 2023 and 2022, respectively.

The deferred tax asset is remeasured at the end of the reporting period to reflect the change in relative ownership of MarketWise, LLC held by the Company. The impact of the remeasurement of the noncontrolling interest is reflected in the consolidated statements of stockholders’ deficit / members’ deficit.

The Company did not record any penalties or interest related to uncertain tax positions, as management has concluded that no such positions exist, on the consolidated balance sheets as of December 31, 2023 and 2022. The Company does not expect any changes to uncertain tax positions within the next 12 months.

The Company is subject to examination for tax years beginning with the year ended December 31, 2020. The Company is currently under IRS examination of MarketWise, LLC for tax year 2020 and Stansberry China, LLC for tax year 2021. The Company is not currently subject to income tax audits in any state jurisdictions for any tax year.

Tax Receivable Agreement

As part of the 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 being utilized 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 period ended December 31, 2023, Members of MarketWise, LLC exchanged an aggregate of 3,000,000 common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 3,000,000 newly issued shares of Class A common stock. As a result, the deferred tax asset and corresponding TRA liability balances were $2,211 and $2,151, respectively, as of December 31, 2023. No payments have been made under the TRA and no payments are expected in the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Commitments and Contingencies - Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 1,806
2025	1,789
2026	1,697
2027	686
2028	700
Thereafter	0
Total lease payments	6,678
Less: Imputed interest	(866)
Total lease liabilities	$ 5,812

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2023
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 consolidated financial statements. As of December 31, 2023, MarketWise, Inc. had a 11.2% 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 consolidated financial statements have been prepared in accordance with GAAP. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, grant-date fair value of equity awards, determination of standalone selling prices, estimated life of membership customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, as amended (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 of 2022, as amended (“SOX”), 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 an 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 audited 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. Variable Interest Entity The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests when an entity is insufficiently capitalized, or when an entity is not controlled through its voting interests, which is referred to as a variable interest entity. We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If we hold a contractual or ownership interest in an entity and we determine that the entity is a VIE and that we are determined to be the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP. Segment Information Operating segments are components of an enterprise that engage in business activities that may generate revenues and expenses for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. Our Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reportable segment for financial statement purposes. Accordingly, we have a single reportable segment. In October 2023, the Company reorganized its reporting structure by merging its Empire Financial Research business that was previously included in its Roundtable Research reporting unit into its 1729 Research reporting unit. Accordingly, assets and liabilities were reassigned to 1729 Research, including goodwill of $7,665 which was determined using a relative fair value approach. Significant assumptions of the valuation included, but were not limited to, prospective financial information, growth rates, volatility metrics, discount rates, and inflation factors. Long-lived assets were located in the United States as of December 31, 2023 and 2022. Cash and Cash Equivalents and Restricted Cash We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit. We hold certain restricted cash with credit card processors as reserves for chargebacks and refunds. As the reserves are based on our credit card receivables which are collected within twelve months of each reporting period, the restricted cash has been included in other current assets on the consolidated balance sheets. We did not have restricted cash as of December 31, 2023 and 2022. Accounts Receivable Our accounts receivable primarily consist of receivables from third-party credit card providers which are stated at net realizable value. We did not record an allowance for doubtful accounts for the years ended December 31, 2023 and 2022. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. No individual customer accounted for more than 10% of revenue for the years ended December 31, 2023, 2022 and 2021. Derivative Financial Instruments From time to time, we utilize instruments which may contain embedded derivative instruments as part of our overall strategy to compensate and retain key employees and independent contractors (see Note 8 – Derivative Financial Instruments below for additional information). Our derivative instruments are recorded at fair value on the consolidated balance sheets. Our derivative instruments have not been designated as hedges; therefore, both realized and unrealized gains and losses are recognized in earnings. For the purposes of cash flow presentation, realized and unrealized gains or losses are included within cash flows from operating activities. Upfront cash payments received upon the issuance of derivative instruments are included within cash flows from financing activities within the consolidated statements of cash flows. Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related asset’s estimated useful life or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations. Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing assets acquired and liabilities assumed include, but are not limited to, future expected cash flows from acquired customers, trade names, acquired technology and deferred revenue from a market participant perspective, as well as determining useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as a result, actual results may differ from estimates. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings. Goodwill and Intangible Assets Goodwill Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. Our annual impairment testing date is the first day of the fourth quarter. Events or changes in circumstances which could trigger an impairment review include significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. We have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is not required. However, if we conclude otherwise, then we are required to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test involves comparing the estimated fair value of the reporting unit with its respective carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the estimated fair value of the reporting unit is less than the carrying amount, then an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit. No goodwill impairment charges have been recorded during the years ended December 31, 2023, 2022 and 2021. Intangible Assets, Net Intangible assets, net consists primarily of identifiable intangible assets that are subject to amortization such as developed technology, customer relationships, and trade names resulting from our acquisitions. Intangible assets arising from acquisitions are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheet. Cryptocurrencies We purchased cryptocurrencies during the year ended December 31, 2018 primarily to be redeemed by customers as part of certain marketing campaigns. We recognized our portfolio of cryptocurrencies as intangible assets since cryptocurrencies are not considered cash and cash equivalents and do not have physical substance. We believe that the cryptocurrencies have an indefinite life since there are no significant legal, regulatory, contractual or economic factors that would limit the cryptocurrencies’ useful life. Our indefinite-lived cryptocurrency holdings are not amortized but are evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the carrying amount may not be recoverable. We utilize the quoted market values of the cryptocurrencies in the impairment test on the cryptocurrency holdings. We sold cryptocurrencies on hand after the marketing campaigns ended and recognized gains of $0, $0 and $105 during the years ended December 31, 2023, 2022 and 2021, respectively, in other income, net on the consolidated statement of operations. As of December 31, 2023, we do not hold any cryptocurrencies. The cash flows associated with the cryptocurrencies are recognized in the consolidated statement of cash flows as operating activities due to the nature of the transactions. Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets or asset groups. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets. Revenue Recognition We recognize revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) and the related amendments (“ASC 606”). We determine revenue recognition through the following steps: •Identify the contract, or contracts, with a customer; •Identify the performance obligations in the contract; •Determine the transaction price; •Allocate the transaction price to the performance obligations in the contract; and •Recognize revenue when, or as, a performance obligation is satisfied Research and software-as-a-service (“SaaS”) subscriptions We primarily earn revenue from services provided in delivering subscription-based financial research, publications and SaaS offerings to individual customers through our online platforms. Revenues are recognized evenly over the duration of the subscriptions, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Customers are typically billed in advance of the subscriptions. We also offer membership subscriptions where we receive an upfront payment upon entering into the contract and receive a lower amount annually (a “maintenance fee”) thereafter. The right to discounts on future maintenance fee payments is considered a material right which is recognized as revenue when the customer exercises the option or when the option expires. Certain upfront fees on membership subscriptions are paid in installments, generally over a twelve-month period. We recognize revenue related to membership subscriptions over the estimated customer lives, which was five years for each of the years ended December 31, 2023, 2022 and 2021. We have determined the estimated life of membership customers based on historic customer attrition rates. Advertising and other We earn revenue from the sale of advertising placements on our websites. We also earn revenue from the sale of print products and events, such as webinars and conferences. In addition we recognize revenue that we refer to as “revenue share,” where we earn a fee for each successful sale that third party companies or related parties generate from our customer list. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As part of certain marketing campaigns, we may offer a “performance guarantee” such that if we do not meet the guarantee conditions, the customer will receive, for example, an extension to their subscription term for no additional consideration. These offers are considered to be material rights for our customers and we allocate a portion of the transaction price to the material right performance obligation. Revenue associated with the material rights is recognized immediately if we have met the guarantee conditions, or over the extended subscription term if we have not met the guarantee conditions. Our performance obligations are satisfied over time as subscriptions are available to customers or at a point-in-time as products are delivered to customers. Accordingly, revenue from subscription services is recognized over the duration of the subscription. Our advertising performance obligations are satisfied at a point-in-time, and revenue is recognized when impressions are delivered. Revenue from products is recognized at a point-in-time when delivered. Revenue from events is recognized over the duration of the event. In addition, we apply the sales-based or usage-based royalty exception to revenue share, which are sales of functional intellectual property. Revenue is recognized at a point-in-time as fees are earned on successful sales from the customer lists. Contracts with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations if subscription services are sold with other subscriptions, products or events within one contract. For such contracts, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers on a standalone basis. Contract Balances A contract asset is defined as an entity's right to consideration for goods or services that the entity has transferred to a customer but customer payment is contingent on a future event. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. No contract assets are recorded on our consolidated balance sheets as of December 31, 2023 and 2022. Deferred revenue is primarily comprised of unearned revenue related to subscription services. Subscribers typically pay all or a portion of the subscription fees by credit card prior to the start of the subscriptions. Contract receivables are presented as accounts receivable due to processing time with credit card providers. Subscribers may be able to cancel certain subscriptions for a full or pro-rated refund for a certain period of time, which is usually not more than 90 days after the start of their subscriptions. After the refund period, we have no obligation to refund any of the consideration received. Refund obligations are a significant estimate which we recognize as of each reporting period based on historical trends and record a contract liability for this amount in deferred revenue and other contract liabilities on the consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract with a Customer We capitalize incremental costs that are directly related to the acquisition or renewal of customer contracts, to the extent that the costs are expected to be recovered and if we expect the benefit of these costs to be longer than one year. We have elected to utilize the practical expedient and expense costs to obtain a contract with a customer when the expected benefit period is one year or less. Our capitalizable incremental costs include sales commissions to employees and fees paid to marketing vendors that are generally calculated as a percentage of the customer sale. We also capitalize revenue share fees that are payable to other companies, including related parties, who share their customer lists with us for each successful sale we make to a customer from their list. Capitalized costs are amortized on a straight-line basis over the shorter of the expected customer life or the expected benefit related directly to those costs, which is approximately four years. Leases We follow the provisions of ASU No. 2016-02, Leases (“ASU 2016-02”). We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, noncurrent in the consolidated balance sheets. We do not have any finance lease agreements. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made and excludes payments received for lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We elected to use the practical expedient for short-term leases, and therefore do not record right-of-use assets or lease liabilities with lease durations of twelve months or less. Rather, the lease payments for short-term leases are recognized on the consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient on not separating lease components from nonlease components for our office leases. Variable payments, such as common area charges, maintenance, insurance and taxes, are primarily based on the amount of space we occupy. These payments in our leases are not dependent on an index or a rate and are excluded from the measurement of the lease liabilities and recognized in the consolidated statements of operations in the period in which the obligation for those payments is incurred. We remeasure our lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed. Cost of Revenue Cost of revenue consists primarily of payroll and payroll-related costs associated with producing and publishing our content, customer service, credit card processing fees, product costs and allocated overhead. Sales and Marketing Sales and marketing expenses consist primarily of payroll and payroll-related costs, amortization of deferred contract acquisition costs, allocated overhead, agency costs, advertising campaigns, and branding initiatives. Conferences, webinars and other event costs are expensed during the period in which the event takes place. Other sales and marketing and advertising costs are expensed as they are incurred. Advertising expense was $44,270, $97,704 and $144,561 for the years ended December 31, 2023, 2022 and 2021, respectively. Research and Development Research and development expenses consist primarily of payroll and related costs, allocated overhead, technical services, software expenses, and hosting expenses. General and Administrative General and administrative expenses consist primarily of payroll and related costs, including severances, associated with our finance, legal, information technology, human resources, executive and administrative personnel, legal fees, corporate insurance, office expenses, professional fees, and travel and entertainment costs. Stock-Based Compensation Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. 2021 Incentive Award Plan On July 21, 2021, the MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) became effective. As of December 31, 2023, 33,960,802 shares of Class A common stock were reserved for issuance pursuant to the 2021 Incentive Award Plan, and the maximum number of shares that may be issued pursuant to the exercise of incentive stock options granted under the 2021 Incentive Award Plan is 32,045,000, in each case, subject to certain adjustments set forth therein. The 2021 Incentive Award Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. Equity-based compensation with service conditions is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). We have elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. 2021 ESPP As a result of the Transactions, we adopted the 2021 Employee Stock Purchase Plan (“ESPP”) effective on January 1, 2022. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. As of December 31, 2023, the Company has reserved for issuance a total of 6,728,300 shares of Class A common stock for the ESPP. The current offering period began on July 1, 2023 and ended on December 31, 2023. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. Profits Interests During the year ended December 31, 2023, the Company granted fully vested profits interests in a subsidiary of the Company to an employee. The profits interests are accounted for under ASC 718, Compensation—Stock Compensation, and are classified as liability awards, which requires that the awards be remeasured to fair value at the end of each reporting period until the liability is settled. Class B Units As more fully described above, we completed our Transactions in July 2021, and all Class B Units issued by MarketWise, LLC fully vested as of the transaction date, and the original operating agreement of MarketWise, LLC (“Prior MarketWise Operating Agreement”) was terminated and replaced by a new operating agreement (“MarketWise Operating Agreement”) consistent with the Company’s Up-C structure. This MarketWise Operating Agreement does not contain the put and call options that existed under the Prior MarketWise Operating Agreement, and the MarketWise, LLC common units are treated as common equity under the new operating agreement and do not generate stock-based compensation expense. Prior to the Transactions, under the old operating agreement, and as part of our compensation and retention strategy, MarketWise, LLC granted incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units were accounted for as a substantive class of equity and allowed the recipient to realize value only to the extent that the value of the award appreciated. The Class B Units contained service-based vesting conditions and had different vesting terms depending upon the employee which ranged from vesting immediately to eight years; vesting was accelerated upon the completion of the Transactions. Compensation cost was recognized on a straight-line basis over the requisite service period until vesting for the entire award, but at least equaled the number of vested units determined by the underlying vesting schedule. Forfeitures were accounted for in the period in which they occur. The Class B Units were subject to a put and call option whereby MarketWise, LLC could elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of its net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units were classified as liabilities in the accompanying consolidated balance sheet. Prior to the completion of the Transactions, the liability for Class B units was remeasured to fair value at the end of each reporting period. Since Class B Units were classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to the Prior MarketWise Operating Agreement were considered to be stock-based compensation expenses. See also Note 11 – Stock-Based Compensation. Capitalized Software Development Costs For internal use software, we capitalize external costs and payroll and payroll-related costs related to employees that developed new or additional software functionality. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred and included in research and development in the consolidated statements of operations. These capitalized costs are amortized using the straight-line method over the software’s expected useful life, which is generally three years. Capitalized Implementation Costs We capitalize implementation costs incurred in cloud computing hosting arrangements that are service contracts and amortize such costs using the straight-line method over the term of the related hosting arrangement and any expected renewal periods. These costs include external direct costs for materials and services and payroll and payroll-related costs of employees devoting time to the project. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalized implementation costs are capitalized within other current assets and other assets on the consolidated balance sheets. Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. The fair value of stock-based compensation liabilities for Class B Units, the derivatives liabilities associated with our deferred compensation arrangements, and the warrant liabilities were determined using unobservable Level 3 inputs. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted. Warrant Liability Warrants are accounted for as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. As more fully described in Note 17 – Warrant Exchange the Private Placement Warrants and Public Warrants were exchanged for Class A common stock of MarketWise, Inc. in September 2022. Foreign Currency Translation A subsidiary is an entity in Singapore, and its functional currency is the local currency. Gains and losses on transactions denominated in currencies other than the functional currency are included in determining net income (loss) for the period. Assets and liabilities of our foreign subsidiary are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using weighted average exchange rates. Adjustments arising from the translation of our foreign subsidiary’s functional currency into U.S. dollars are reported as foreign currency translation adjustments in accumulated other comprehensive loss in the consolidated statements of members’ deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income, net in the accompanying consolidated statement of operations when realized. Foreign currency transaction activity was immaterial for the years ended December 31, 2023, 2022 and 2021. Comprehensive Income (Loss) Comprehensive income (loss) is currently comprised of changes in foreign currency translation adjustments. Income Taxes Prior to the Transactions, we were a pass-through entity for income tax purposes. Subsequent to the Transactions, the portion of earnings allocable to MarketWise, Inc. is subject to corporate level tax rates at the federal, state and local levels. Therefore, the amount of income taxes recorded prior to the Transactions are not representative of the expenses expected in the future. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between our GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable and are recognized as general and administrative expenses. Tax Receivable Agreement Obligation In connection with the Transactions, concurrently with the Closing, we have entered into a Tax Receivable Agreement (“TRA”) with owners of MarketWise, LLC prior to the Transactions (that is, the MarketWise Members). The TRA generally provides for the payment by us to the MarketWise Members of 85% of the cash tax benefits, if any, that we are deemed to realize as a result of tax basis adjustments as a result of sales and exchanges of LLC Units in connection with, or following the Transactions, and certain distributions with respect to units. These tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to us and, therefore, may reduce the amount of U.S. federal, state and local tax that we would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such challenge. The tax basis adjustments upon sales or exchanges of units for shares of Class A common stock and certain distributions with respect to LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Actual tax benefits realized by us may differ from tax benefits calculated under the Tax Receivable Agreement as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted average state and local income tax rate to calculate tax benefits. The payments that we may make under the TRA are expected to be substantial. We account for the effects of these increases in tax basis and associated payments under the TRA when exchanges occur as follows: a.recognize a contingent liability for the TRA obligation when it is deemed probable and estimable, with a corresponding adjustment to additional paid-in-capital, based on the estimate of the aggregate amount that MarketWise, Inc. will pay; b.record an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange; c.to the extent we estimate that we will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, we reduce the deferred tax asset with a valuation allowance; and, d.The effects of changes in any of the estimates and subsequent changes in the enacted tax rates after the initial recognition will be included in our net income. Earnout Shares Pursuant to the Transaction Agreement, at the closing of the Transactions, we placed 3,051,000 shares of MarketWise, Inc. Class A common stock into escrow to be released to the Sponsor if certain conditions are met (“Sponsor Earnout Shares”). In addition, certain management members of the Company have been allocated 2,000,000 shares of Class A common stock in aggregate, with shares to be placed in escrow, and released at any time during a 4-year period following closing of the Transaction, if certain conditions are met (“Management Member Earnout Shares”). The Sponsor Earnout Shares and Management Member Earnout Shares (together, the “Earnout Shares”) will be released as follows: 1) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $12.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares; and 2) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $14.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares. The Earnout Shares are classified as equity transactions at initial issuance and at settlement when the release conditions are met. Until the shares are issued and released, the Earnout Shares are not included in shares outstanding. The Earnout Shares are not considered stock-based compensation. As of the date of the Transactions, the Earnout Shares had a fair value of $26.0 million for 5,051,000 shares of Class A common stock. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. The Transactions occurred on July 21, 2021. As a result, net income (loss) for the year ended December 31, 2021 was attributed to the pre-Transactions period from January 1, 2021 through July 21, 2021 and to the post-Transactions period from July 22, 2021 through December 31, 2021. Net income (loss) in the pre-Transactions period was attributable to consolidated MarketWise, LLC and its respective noncontrolling interests and in the post-Transactions period was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. Net income for the years ended December 31, 2023 and 2022 was fully attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests in the post-Transactions period. As of December 31, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 11.2% and the noncontrolling interest was 88.8%. For the year ended December 31, 2023 net income attributable to controlling interests included a $1,803 tax provision which is 100% attributable to the controlling interest. Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding after the closing of the Transactions. Diluted net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the period after the closing of the Transactions. Class B common stock is not a participating security, therefore it is not included in the earnings per share calculation. Recently Issued and Adopted Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, (“ASU 2023-07”) which is aimed at improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires additional interim disclosures. ASU 2023-07 is effective for the Company for the annual period beginning January 1, 2024, and interim periods beginning on January 1, 2025. Early adoption is permitted. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements, and prior period disclosures shall be based on the significant segment expense categories identified and disclosed in the period of adoption. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under ASU 2023-09, companies must annually (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company on January 1, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the guidance and expects it to only impact disclosures, with no impact to results of operations, cash flows, or financial condition.

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

1 Months Ended

12 Months Ended

Jul. 31, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Apr. 30, 2020

Net revenue

$ 448,182

$ 512,403

$ 549,183

Cost of revenue

^[1],[2]

56,802

62,697

239,251

Related party expense

572

379

10,245

Other (expense) income, net

(611)

15,672

16,178

Related party receivables

5,182

1,512

Operating cash flows from operating leases

2,015

2,264

1,761

Operating lease right-of-use assets

7,331

9,468

Total lease liabilities

5,812

Interest (expense) income, net

4,904

(295)

(110)

Corporate Functions

Related party expense

102

Net revenue

4,937

2,363

1,284

Trade and other payables

1,137

1,004

Operating cash flows from operating leases

1,800

1,824

1,536

Operating lease, expense

2,438

2,378

2,224

Operating lease right-of-use assets

7,261

9,210

Total lease liabilities

5,740

7,041

Related Party | Revenue Share Expenses

Deferred contract acquisition costs capitalized during the period

6,578

3,110

10,326

Cost of revenue

511

800

1,260

Cost of revenue

1,845

400

Trade and other payables

1,220

1,043

Other (expense) income, net

737

656

358

Related party receivables

$ 239

403

Related party notes receivable, current

$ 1,148

Interest (expense) income, net

$ 17

Financing receivable, after allowance for credit loss

$ 1,158

Related Party | One-Time Bonus Payment

Operating costs and expenses

$ 10,000

[1]	(1) Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows (see Note 11 – Stock-Based Compensation):
[2]	(2) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

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

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

During the years ended December 31, 2023 and 2022 we recorded stock-based compensation related to our 2021 Incentive Award Plan, profits interests, and our ESPP, and during the year ended December 31, 2021, we recorded stock-based compensation related to the Class B Units and our 2021 Incentive Award Plan. As more fully described in Note 1, we completed our Transactions in July 2021, and all Class B Units fully vested as of the transaction date, and the original operating agreement was terminated and replaced by a new operating agreement consistent with the Company’s Up-C structure. This new operating agreement does not contain the put and call

options that existed under the previous operating agreement, and the LLC Units are treated as common equity under the new operating agreement and do not generate stock-based compensation expense.

Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows:


	Year Ended December 31,
	2023		2022		2021
Cost of revenue	$	2,922	$	1,972	$	171,804
Sales and marketing	3,185		2,209		48,098
General and administrative	17,277		4,864		843,449
Total stock-based compensation expense	$	23,384	$	9,045	$	1,063,351


	Year Ended December 31,
	2023		2022		2021
2021 Incentive Award Plan	$	22,297	$	8,608	$	4,909
Employee Stock Purchase Plan	341		437		—
Profits interests	746		—		—
Vested Class B units and change in fair value of Class B liability awards	—		—		934,993
Profits distributions to Class B unitholders	—		—		123,449
Total stock-based compensation expense	$	23,384	$	9,045	$	1,063,351

2021 Incentive Award Plan

During the year ended December 31, 2023, we granted 5,098,818 restricted stock units (“RSUs”) and 4,202,000 fully vested shares of Class A common stock to certain employees, service providers and members of our Board of Directors in aggregate under our 2021 Incentive Award Plan.

For employees and service providers, both RSUs and SARs are primarily time-based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs 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 RSUs is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model.

summarized as follows:


	RSUs			SARs
	Units	Weighted-Average Grant Date Fair Value		Units	Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2023	6,261,543	$	3.45	1,747,473	$	4.05
Granted	5,098,818	1.83		—	—
Vested (RSUs) or Exercised (SARs)	(2,259,892)	3.28		—	—
Forfeited	(1,360,208)	2.66		(161,289)	4.05

Outstanding at December 31, 2023	7,740,261	$	2.57	1,586,184	$	4.05
Exercisable at December 31, 2023	—	$	—	825,291	$	4.05

The stock compensation expense related to the RSU and SAR grants was $11,633 and $8,608 for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, 825,291 of the SARs were exercisable and have a remaining contractual term of 7.1 years. For the fully vested shares, we issued 2,251,874 shares of Class A common stock after withholding for taxes, resulting in compensation expense of $10,664 during the year ended December 31, 2023.

Employee Stock Purchase Plan

The Company recognized $341 of stock-based compensation expense related to the ESPP during the year ended December 31, 2023. During the year ended December 31, 2023, we issued 435,519 shares under the ESPP for cash proceeds of $680. As of December 31, 2023, $12 has been withheld on behalf of employees for a future purchase period.

Profits Interests

The Company recognized $746 of stock-based compensation expense related to the profits interests during the year ended December 31, 2023.

Class B Units

We recognized stock-based compensation expenses of $1,058,442 for the year ended December 31, 2021, which includes profits distributions to Class B unitholders issued by MarketWise, LLC of $123,449. The amount of stock-based compensation expense related to the Class B Units included in each of the line items in the accompanying consolidated statements of operations is as follows:


	Year Ended December 31,
		2023		2022		2021
Cost of revenue		$	—	$	—	$	170,536
Sales and marketing		—		—		46,417
General and administrative		—		—		841,489
Total stock based-compensation expense		$	—	$	—	$	1,058,442

The following is a rollforward of Class B Units activity for the year ended December 31, 2021:


Unvested at January 1, 2021			75,044
Granted			17,690
Vested			(92,734)
Unvested at December 31, 2021			—

The weighted-average grant-date fair value of Class B Units granted was $2,195.16 per unit during the year ending December 31, 2021.

Because the Class B Units were not publicly traded, we estimated the fair value of its Class B Units in each reporting period. The fair values of Class B Units were estimated by the board of managers of MarketWise, LLC based on its equity value. The board of managers of MarketWise, LLC considered, among other things, contemporaneous valuations of our equity value prepared by an unrelated third-party valuation firm in accordance with the guidance provided by the American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

At the date of the Transactions on July 21, 2021, the $10 market value per share was used.

For the three and six months ended June 30, 2021, the fair value of the Class B Units of MarketWise, LLC was estimated using a probability-weighted expected return method. This method considered two scenarios: one based on a market approach according to a proposed acquisition of the Company and allocated through a liquidation waterfall, and the other based on the Company continuing as a private entity according to a discounted cash flow analysis, and allocated using an option pricing model. The results of these two methods were weighted to derive the fair value of the Class B Units as of March 31, 2021 and June 30, 2021.

The discounted cash flow method estimates the equity value of the Company by projecting the Company’s net cash flows into the future and discounting these net cash flows to present value by applying a discount rate. Key inputs for this valuation include the Company’s projected cash flows and discount rate. Changes to these inputs could have a material impact on the accompanying consolidated financial statements.

The option pricing model allocates the equity value to each class of common units by preparing a breakpoint analysis to determine which securities would receive value at each threshold of a hypothetical liquidation. Then applying a Black-Scholes option pricing analysis to determine the incremental value of each respective breakpoint and allocating that value to each participating security based on its pro-rata ownership in the breakpoint. Key inputs for this valuation include the equity value of the Company, risk-free rate, allocation thresholds, and stock volatility.

The Company considered several objective and subjective factors to determine the best estimate of the fair value of the Class B Units, including:

▪the Company’s historical and expected operating and financial performance;

▪current business conditions;

▪indications of value from external investors and their proposed value for the business;

▪the Company’s stage of development and business strategy;

▪macroeconomic conditions;

▪the Company’s weighted average cost of capital;

▪risk-free rates of return;

▪the volatility of comparable publicly traded peer companies; and

▪the lack of an active public market for the Company’s equity units.

See also Note 2, Summary of Significant Accounting Policies — Stock-Based Compensation.

Stockholders’ Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders’ Equity

The Company’s capital stock consists of (i) issued and outstanding Class A common stock with a par value of $0.0001 per share, and (ii) issued and outstanding Class B common stock with a par value of $0.0001 per share.

and outstanding in the table below.


	Authorized	Issued	Outstanding
Common stock - Class A	950,000,000	36,384,981	36,384,981
Common stock - Class B	300,000,000	288,092,303	288,092,303
Preferred stock	100,000,000	—	—
Total	1,350,000,000	324,477,284	324,477,284

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. We also declared a special dividend and a special distribution on October 18, 2023. There can be no assurance that we will continue to pay dividends or 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 during the year ended December 31, 2023 were as follows:


		Dividends				Distributions
Date declared	Date paid	per share		Total		per unit		Total
May 9, 2023	July 20, 2023	$	0.01	$	440	$	0.01	$	2,911
August 3, 2023	October 26, 2023	$	0.01	$	462	$	0.01	$	2,893
October 18, 2023	December 1, 2023	$	0.15	$	7,064	$	0.15	$	43,251
October 18, 2023	To be paid on January 25, 2024	$	0.01	$	471	$	0.01	$	2,881

On November 4, 2021, our Board of Directors authorized the repurchase of up to $35.0 million in aggregate of shares of the Company’s Class A common stock. We did not repurchase any shares during the year ended December 31, 2023, and we repurchased 2,484,717 and 500,270 shares totaling $13,054 and $3,340 in aggregate, including fees and commissions of $25 and $5 for the years ended December 31, 2022 and 2021, respectively. Since the inception of the program we have repurchased 2,984,987 total shares. The share repurchase program expired by its terms on November 3, 2023.

For each share of Class A common stock the Company repurchased under the share repurchase program, MarketWise, LLC, the Company’s direct subsidiary, redeemed one LLC Unit held by the Company, decreasing the percentage ownership of MarketWise, LLC by the Company and relatively increasing the ownership by the other unitholders.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Acquisitions and Disposals - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jan. 21, 2021	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 01, 2023
Business Acquisition [Line Items]
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]			Asset Impairment Charges
Impairment of capitalized costs				$ 0	$ 0
Goodwill impairment charges			$ 0	0	0
Cash paid for acquisitions, net of cash acquired			170,000	12,770,000	7,139,000
Amortization of intangible assets			3,554,000	2,760,000	2,245,000
Buttonwood Publishing
Business Acquisition [Line Items]
Percentage of interests acquired		100.00%
Cash paid for acquisitions, net of cash acquired		$ 12,770,000
Amortization of intangible assets			1,388,000	632,000
Revenue			$ 3,918,000	1,961,000
Chaikin Holdings LLC.
Business Acquisition [Line Items]
Percentage of interests acquired	90.00%	3.70%
Cash paid for acquisitions, net of cash acquired	$ 7,139,000
Amortization of intangible assets				688,000	648,000
Revenue				$ 29,438,000	$ 7,514,000
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage		93.70%
Total consideration	$ 8,100,000	$ 297,000
Tradenames \| Buttonwood Publishing
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)			9 years
Tradenames \| Chaikin Holdings LLC.
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	8 years 6 months
Customer relationships \| Buttonwood Publishing
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)			6 years 6 months
Customer relationships \| Chaikin Holdings LLC.
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (years)	6 years
Buttonwood Publishing
Business Acquisition [Line Items]
Contingent consideration receivable						$ 1,253,000
Impairment of capitalized costs			$ 1,389,000
Impairment of right-of-use assets			50,000
Goodwill impairment charges			1,583,000
Buttonwood Publishing \| Tradenames
Business Acquisition [Line Items]
Impairment loss			603,000
Buttonwood Publishing \| Customer relationships
Business Acquisition [Line Items]
Impairment loss			$ 541,000

Balance Sheet Components - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 29,817	$ 24,207
Payroll and benefits	10,941	5,258
Other accrued expenses	14,283	16,511
Total accrued expenses	$ 55,041	$ 45,976

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Prior to the closing of the Transactions, as part of our compensation and employee retention strategy, we entered into contracts with key employees and independent contractors which contain embedded derivatives. These contracts were intended to compensate the employees or independent contractors for services provided and retain their future services. These embedded derivative instruments were issued in the form of phantom interests in Net Income, as defined by our Board of Directors, that grant the holder value equal to a percentage of Net Income multiplied by a price multiple, or contained an option that granted appreciation rights upon exercise, and which became exercisable upon occurrence of an initial public offering. All derivative instruments are recorded at fair value as derivative liabilities on our consolidated balance sheets.

During the year ended December 31, 2023, the embedded derivative instruments were settled at fair value. The following table presents information on the location and amounts of derivative instruments gains and losses:


		Year Ended December 31,
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income Statement	2023		2022		2021
Warrants	Other income, net	$	—	$	14,931	$	15,689
Phantom Interests in Net Income	General and administrative	1,281		734		2,328
Option	General and administrative	—		—		(662)
Total		$	1,281	$	15,665	$	17,355

See Note 6 – Fair Value Measurements for more information regarding the valuation of our derivative instruments.

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current income tax expense (benefit):
Federal		$ 0	$ 0	$ 0
State		0	0	0
Deferred income tax expense (benefit):
Federal		1,517	1,294	1,942
State		286	196	416
Total income tax expense (benefit)	$ 2,358	$ 1,803	$ 1,490	$ 2,358

- Definition

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

+ References + Details

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2023 USD ($)
Fair Value, Nonrecurring \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Intangible asset, measurement input	0.228
Buttonwood Publishing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment and other charges	$ 584

Stock-Based Compensation - Stock-based Compensation Expense by Statement of Operations Line Item (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 23,384	$ 9,045	$ 1,063,351
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	22,297	8,608	4,909
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	341	437	0
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	746	0	0
Vested Class B units and change in fair value of Class B liability awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	934,993
Profits distributions to Class B unitholders
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	0	0	123,449
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2,922	1,972	171,804
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,185	2,209	48,098
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 17,277	$ 4,864	$ 843,449

Income Taxes - Narrative (Details)	12 Months Ended
Income Taxes - Narrative (Details)	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate	3.21%	1.45%	(0.25%)
Valuation allowance	$ 29,869,000	$ 29,088,000
Tax savings rate	0.85
Tax receivable agreement, percent of calculated tax savings retained	0.15
Tax Receivable Agreement	$ 2,211,000	0
Related party tax receivable agreement liability, noncurrent	2,151,000	0
Unrecognized tax positions	0
Change to uncertain tax positions within the next 12 months	$ 0
MarketWise, LLC Units
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of class B shares for class A (in shares) \| shares	3,000,000
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	3,000,000
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	3,000,000
Federal
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 13,030,000	5,997,000
State
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Operating loss carryforwards	$ 8,220,000	$ 4,145,000

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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 respective periods:


	Year Ended December 31, 2023		Year Ended December 31, 2022		Period from July 22, 2021 through December 31, 2021
Basic earnings per share:
Numerator:
Net income	$	54,295	$	101,170	$	78,728
Less: Net income attributable to noncontrolling interests	52,513		83,180		60,476
Net income attributable to Class A common stockholders	$	1,782	$	17,990	$	18,252

Denominator:
Weighted average shares outstanding (in thousands)	31,707		24,635		25,035

Basic earnings per share	$	0.06	$	0.73	$	0.73

Diluted earnings per share:
Numerator:
Net income	$	54,295	$	101,170	$	78,728
Less: Net income attributable to noncontrolling interests	52,513		83,180		60,476
Net income attributable to Class A common stockholders	$	1,782	$	17,990	$	18,252

Denominator:
Weighted average shares outstanding (in thousands)	33,312		24,747		25,035

Diluted earnings per share	$	0.05	$	0.73	$	0.73

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Recurring - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Contingent consideration receivable	$ 1,253
Total assets	122,598	$ 80,327
Liabilities:
Total liabilities	746	1,281
Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	746
Other liabilities, noncurrent		1,281
Money market funds
Assets:
Money market funds	121,345	80,327
Level 1
Assets:
Contingent consideration receivable	0
Total assets	121,345	80,327
Liabilities:
Total liabilities	0	0
Level 1 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0
Other liabilities, noncurrent		0
Level 1 \| Money market funds
Assets:
Money market funds	121,345	80,327
Level 2
Assets:
Contingent consideration receivable	0
Total assets	0	0
Liabilities:
Total liabilities	0	0
Level 2 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0
Other liabilities, noncurrent		0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Contingent consideration receivable	1,253
Total assets	1,253	0
Liabilities:
Total liabilities	746	1,281
Level 3 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	746
Other liabilities, noncurrent		1,281
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Cash Flow Information

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2023		2022		2021
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	775	$	864	$	67
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(2,015)		(2,264)		(1,761)
Operating lease right-of-use assets obtained in exchange for lease obligations	(76)		(795)		—
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	—		(51)		398

Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable	50		38		12


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	155,174	$	158,575	$	139,078
Restricted cash	—		—		500
Total	$	155,174	$	158,575	$	139,578

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 155,174	$ 158,575
Accounts receivable	4,528	4,040
Prepaid expenses	9,305	11,725
Related party receivables	5,182	1,512
Deferred contract acquisition costs	91,480	99,960
Other current assets	2,172	3,363
Total current assets	267,841	279,175
Property and equipment, net	690	892
Operating lease right-of-use assets	7,331	9,468
Intangible assets, net	6,255	16,047
Goodwill	31,038	31,307
Deferred contract acquisition costs, noncurrent	73,420	97,658
Deferred tax assets	9,693	7,332
Other assets	287	629
Total assets	396,555	442,508
Current liabilities:
Accrued expenses	55,041	45,976
Deferred revenue and other contract liabilities	287,751	315,231
Operating lease liabilities	1,446	1,484
Other current liabilities	27,959	21,125
Total current liabilities	373,893	385,506
Deferred revenue and other contract liabilities, noncurrent	304,342	348,273
Other liabilities, noncurrent	746	1,281
Related party tax receivable agreement liability, noncurrent	2,151	0
Operating lease liabilities, noncurrent	4,366	5,831
Total liabilities	685,498	740,891
Commitments and Contingencies (Note 10)	0	0
Stockholders’ deficit
Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2023 and 2022, respectively	0	0
Additional paid-in capital	115,164	106,852
Accumulated other comprehensive income	65	44
Accumulated deficit	(126,343)	(128,125)
Total stockholders’ deficit attributable to MarketWise, Inc.	(11,081)	(21,197)
Noncontrolling interest	(277,862)	(277,186)
Total stockholders’ deficit	(288,943)	(298,383)
Total liabilities and stockholders’ deficit	396,555	442,508
Common Stock - Class A
Stockholders’ deficit
Common stock	4	3
Common Stock - Class B
Stockholders’ deficit
Common stock	29	29
Nonrelated Party
Current liabilities:
Trade and other payables	559	686
Related Party
Current assets:
Operating lease right-of-use assets	7,261	9,210
Current liabilities:
Trade and other payables	$ 1,137	$ 1,004

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Mar. 04, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39405
Entity Registrant Name	MarketWise, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1767914
Entity Address, Address Line One	1125 N. Charles Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21201
City Area Code	(888)
Local Phone Number	261-2693
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MKTW
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 46.1
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001805651
Common Stock - Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		41,685,981
Common Stock - Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		287,842,303

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Supplemental Cash Flow Disclosures

Supplemental cash flow disclosures are as follows:


	Year Ended December 31,
	2023		2022		2021
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	775	$	864	$	67
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(2,015)		(2,264)		(1,761)
Operating lease right-of-use assets obtained in exchange for lease obligations	(76)		(795)		—
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	—		(51)		398

Supplemental Disclosures of Non-Cash Investing and Financing Activities:

Capitalized software included in accounts payable	50		38		12


Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	$	155,174	$	158,575	$	139,078
Restricted cash	—		—		500
Total	$	155,174	$	158,575	$	139,578

Stockholders’ Equity - Stock by Class (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Jul. 21, 2021
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	1,350,000,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	324,477,284
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	324,477,284
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)	36,384,981	29,039,655
Common stock, outstanding (in shares)	36,384,981	29,039,655	28,003,096
Common Stock - Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	288,092,303	291,092,303
Common stock, outstanding (in shares)	288,092,303	291,092,303	291,092,303

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill

The changes in the carrying amounts of goodwill are as follows:


Balance at January 1, 2021	$	18,101
Acquisition of Chaikin	5,187
Balance at December 31, 2021	23,288
Acquisition of Buttonwood Publishing	8,019
Balance at December 31, 2022	31,307
Acquisition of Investor Channel	85
Sale of Buttonwood Publishing (see Note 4 – Acquisitions and Disposals)	(354)
Balance at December 31, 2023	$	31,038

The Company has three reporting units with goodwill and one reportable segment. The reporting units to which goodwill is allocated that have negative carrying amounts are as follows:


	As of December 31,
	2023		2022
1729 Research	$	13,799	$	6,134
Legacy Research	6,046		5,961
Alta	11,193		11,193

Intangible assets, net

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


	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:

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


	December 31, 2022
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	21,718	$	(9,924)	$	11,794	5.4
Tradenames	4,287		(2,265)		2,022		5.8
Capitalized software development costs	3,002		(1,858)		1,144		2.0
Finite-lived intangible assets, net	29,007		(14,047)		14,960

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	30,094	$	(14,047)	$	16,047

We recorded amortization expense related to finite-lived intangible assets of $3,554, $2,760 and $2,245 for the years ended December 31, 2023, 2022 and 2021, respectively, within depreciation and amortization in the accompanying consolidated statement of operations. These amounts include amortization of capitalized software development costs of $737, $514 and $410 for the years ended December 31, 2023, 2022 and 2021, respectively.

We recorded additions to capitalized software development costs of $1,712, $135 and $370 for the years ended December 31, 2023, 2022 and 2021, respectively. This amount includes acquired software of $0, $0 and $247 for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, the total expected future amortization expense for finite-lived intangible assets is as follows:


2024	$	2,330
2025	1,484
2026	1,065
2027	143
2028	91
Thereafter	55
Finite-lived intangible assets, net	$	5,168

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Cost	$ 20,745	$ 29,007
Accumulated Amortization	(15,577)	(14,047)
Net Book Value	5,168	14,960
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Cost	21,832	30,094
Intangible assets, net	6,255	16,047
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	12,443	21,718
Accumulated Amortization	(10,371)	(9,924)
Net Book Value	$ 2,072	$ 11,794
Weighted-Average Remaining Useful Life (in years)	3 years	5 years 4 months 24 days
Tradenames
Finite-lived intangible assets:
Cost	$ 3,588	$ 4,287
Accumulated Amortization	(2,611)	(2,265)
Net Book Value	$ 977	$ 2,022
Weighted-Average Remaining Useful Life (in years)	3 years 10 months 24 days	5 years 9 months 18 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 4,714	$ 3,002
Accumulated Amortization	(2,595)	(1,858)
Net Book Value	$ 2,119	$ 1,144
Weighted-Average Remaining Useful Life (in years)	3 years 8 months 12 days	2 years

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue


	Year Ended December 31, 2023
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	442,333	$	—	$	—	$	—	$	442,333
Transferred at a point in time	—		732		4,937		180		5,849
Total	$	442,333	$	732	$	4,937	$	180	$	448,182


	Year Ended December 31, 2022
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	508,894	$	—	$	—	$	—	$	508,894
Transferred at a point in time	—		744		2,363		402		3,509
Total	$	508,894	$	744	$	2,363	$	402	$	512,403


	Year Ended December 31, 2021
	Subscriptions		Advertising		Revenue Share (Related Party)		Revenue Share (Third-party)		Total
Timing of transfer:
Transferred over time	$	543,881	$	—	$	—	$	—	$	543,881
Transferred at a point in time	—		2,479		1,284		1,539		5,302
Total	$	543,881	$	2,479	$	1,284	$	1,539	$	549,183

Revenue recognition by subscription type was as follows:


	Year Ended December 31,
	2023		2022		2021
Membership subscriptions	$	185,354	$	195,370	$	192,273
Term subscriptions	256,979		313,524		351,608
Non-subscription revenue	5,849		3,509		5,302
Total	$	448,182	$	512,403	$	549,183

Net revenue by principal geographic areas was as follows:


	Year Ended December 31,
	2023		2022		2021
United States	$	448,091	$	512,083	$	547,026
International	91		320		2,157
Total	$	448,182	$	512,403	$	549,183

Summary of Contract Balances

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


	As of December 31,
	2023		2022
Contract balances
Accounts receivable	$	4,528	$	4,040
Obligations for refunds	3,157		4,676
Deferred revenue – current	284,594		310,555
Deferred revenue – non-current	304,342		348,273

Summary of Capitalized Costs Associated with Contracts with Customers

The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:


Balance at January 1, 2021	$	107,236
Royalties and sales commissions – additions	68,938
Revenue share and cost per acquisition fees – additions	98,747
Amortization of capitalized costs	(71,850)
Balance at December 31, 2021	$	203,071
Royalties and sales commissions – additions	35,223
Revenue share and cost per acquisition fees – additions	57,173
Amortization of capitalized costs	(97,849)
Balance at December 31, 2022	$	197,618
Royalties and sales commissions – additions	28,609
Revenue share and cost per acquisition fees – additions	52,131
Amortization of capitalized costs	(112,069)
Impairment of capitalized costs	(1,389)
Balance at December 31, 2023	$	164,900

Supplemental Cash Flow Information (Details) - USD ($)	12 Months Ended
Supplemental Cash Flow Information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ 775,000	$ 864,000	$ 67,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	(2,015,000)	(2,264,000)	(1,761,000)
Operating lease right-of-use assets obtained in exchange for lease obligations	(76,000)	(795,000)	0
Operating lease right-of-use assets obtained in exchange for lease obligations from acquisitions	0	(51,000)	398,000
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable	50,000	38,000	12,000
Reconciliation of Cash and Cash Equivalents and Restricted Cash:
Cash and cash equivalents	155,174,000	158,575,000	139,078,000
Restricted cash	0	0	500,000
Total	$ 155,174,000	$ 158,575,000	$ 139,578,000	$ 114,927,000

Consolidated Statements of Stockholders’ Deficit / Members’ Deficit - 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	Class A Members’ units	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
Class A members' units, beginning balance (in shares) at Dec. 31, 2020							547,466
Class A members' units, beginning balance at Dec. 31, 2020							$ (914,728)
Common stock, beginning balance (in shares) at Dec. 31, 2020								0		0
Equity, beginning balance at Dec. 31, 2020	$ (920,610)				$ (914,745)			$ 0		$ 0	$ 0	$ 0		$ 0	$ (17)	$ (5,865)
Preferred stock, beginning balance (in shares) at Dec. 31, 2020											0
Stockholders' Deficit
Class A units transferred to Class B (in shares)							(18,947)
Acquisition of Chaikin	810															810
Foreign currency translation adjustments	(101)				(101)										(101)
Distributions	(15,929)				(15,098)		$ (15,098)									(831)
Distributions related to the recapitalization	(120,353)				(120,353)		(120,353)
Net income (loss)	(1,032,611)				(1,031,561)		$ (1,031,561)									(1,050)
Common stock, ending balance (in shares) at Jul. 21, 2021			28,003,096	291,092,303
Class A members' units, beginning balance (in shares) at Dec. 31, 2020							547,466
Class A members' units, beginning balance at Dec. 31, 2020							$ (914,728)
Common stock, beginning balance (in shares) at Dec. 31, 2020								0		0
Equity, beginning balance at Dec. 31, 2020	(920,610)				(914,745)			$ 0		$ 0	$ 0	0		0	(17)	(5,865)
Preferred stock, beginning balance (in shares) at Dec. 31, 2020											0
Stockholders' Deficit
Foreign currency translation adjustments	(101)
Net income (loss)	(953,883)
Net proceeds	$ (113,641)
Repurchases of stock (in shares)	(500,270)
Class A members' units, ending balance (in shares) at Dec. 31, 2021							0
Class A members' units, ending balance at Dec. 31, 2021							$ 0
Common stock, ending balance (in shares) at Dec. 31, 2021								24,718,402		291,092,303
Equity, ending balance at Dec. 31, 2021	$ (405,262)				(48,545)			$ 2		$ 29	$ 0	97,548		(146,115)	(9)	(356,717)
Preferred stock, ending balance (in shares) at Dec. 31, 2021											0
Common stock, beginning balance (in shares) at Jul. 21, 2021			28,003,096	291,092,303
Stockholders' Deficit
Distributions	(4,686)															(4,686)
Net income (loss)	78,728				18,252									18,252		60,476
Equity-based compensation (in shares)								200,373
Equity-based compensation	3,998				3,998							3,998
Issuance of stock for derivative settlement (in shares)								66,203
Issuance of stock for derivative settlement	662				662							662
Repurchases of stock (in shares)								(500,270)
Repurchases of stock	(3,340)				(3,340)							(3,340)
Remeasurement of deferred taxes due to change in ownership interest in MarketWise, LLC	186				186							186
Class A members' units, ending balance (in shares) at Dec. 31, 2021							0
Class A members' units, ending balance at Dec. 31, 2021							$ 0
Common stock, ending balance (in shares) at Dec. 31, 2021								24,718,402		291,092,303
Equity, ending balance at Dec. 31, 2021	(405,262)				(48,545)			$ 2		$ 29	$ 0	97,548		(146,115)	(9)	(356,717)
Preferred stock, ending balance (in shares) at Dec. 31, 2021											0
Stockholders' Deficit
Foreign currency translation adjustments	53				53										53
Net income (loss)	101,170				17,990									17,990		83,180
Net proceeds	0
Proceeds from issuance of common stock (in shares)								378,331
Proceeds from issuance of common stock	827				827							827
Equity-based compensation	9,045				9,045							9,045
Issuance of common stock - warrant exchanges (in shares)								5,939,739
Issuance of common stock - warrant exchanges	$ 14,401				14,401			$ 1				14,400
Repurchases of stock (in shares)	(2,484,717)							(2,484,717)
Repurchases of stock	$ (13,054)				(13,054)							(13,054)
Vesting of restricted stock units (in shares)								487,900
Shares withheld to pay taxes		$ (515)				$ (515)							$ (515)
Acquisition of noncontrolling interest - Chaikin	(297)				(1,257)							(1,257)				960
Distributions	(4,609)															(4,609)
Remeasurement of deferred taxes due to change in ownership interest in MarketWise, LLC	(142)				(142)							(142)
Class A members' units, ending balance (in shares) at Dec. 31, 2022							0
Class A members' units, ending balance at Dec. 31, 2022							$ 0
Common stock, ending balance (in shares) at Dec. 31, 2022			29,039,655	291,092,303				29,039,655		291,092,303
Equity, ending balance at Dec. 31, 2022	$ (298,383)				(21,197)			$ 3		$ 29	$ 0	106,852		(128,125)	44	(277,186)
Preferred stock, ending balance (in shares) at Dec. 31, 2022	0										0
Stockholders' Deficit
Foreign currency translation adjustments	$ 21				21										21
Net income (loss)	54,295				1,782									1,782		52,513
Net proceeds	0
Proceeds from issuance of common stock (in shares)								4,637,519
Proceeds from issuance of common stock	679				679			$ 1				678
Equity-based compensation	22,638				22,638							22,638
Vesting of restricted stock units (in shares)								2,259,892
Shares withheld to pay taxes (in shares)								(1,950,126)	(601,959)
Shares withheld to pay taxes	(4,988)	$ (1,045)			(4,988)	$ (1,045)						(4,988)	$ (1,045)
Dividends declared	(8,437)				(8,437)							(8,437)
Issuance per redemption of Class B shares for Class A (in shares)				(3,000,000)				(3,000,000)		(3,000,000)
Issuance per redemption of Class B shares for Class A	380				(2,167)							(2,167)				2,547
Distributions	(55,736)															(55,736)
Remeasurement of deferred taxes due to change in ownership interest in MarketWise, LLC	1,633				1,633							1,633
Class A members' units, ending balance (in shares) at Dec. 31, 2023							0
Class A members' units, ending balance at Dec. 31, 2023							$ 0
Common stock, ending balance (in shares) at Dec. 31, 2023			36,384,981	288,092,303				36,384,981		288,092,303
Equity, ending balance at Dec. 31, 2023	$ (288,943)				$ (11,081)			$ 4		$ 29	$ 0	$ 115,164		$ (126,343)	$ 65	$ (277,862)
Preferred stock, ending balance (in shares) at Dec. 31, 2023	0										0

Acquisitions and Disposals

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Disposals

Buttonwood Publishing Sale

On December 1, 2023, we sold certain assets of Crowdability, Inc. (“Buttonwood Publishing”), a business we acquired in 2022 to a related party. The Company will receive contingent consideration based on the level of subscription sales the buyer achieves from certain customers beginning from the sale date through December 1, 2026, as defined in the sale agreement. The fair value of the contingent consideration was estimated to be $1,253. The contingent consideration will be remeasured at the end of each reporting period.

As a result of continuing losses with respect to the Buttonwood Publishing business and the sale transaction, we recorded impairment charges related to certain capitalized deferred contract acquisition costs, tradenames, customer relationships, and operating lease right of use assets totaling $1,389, $603, $541, and $50, respectively, during the year ended December 31, 2023.

As of the sale date, Buttonwood Publishing was a reporting unit, and its goodwill was included in the loss on disposal, which totaled $1,583. The assets and liabilities of the disposal group as of December 1, 2023 were as follows:


Goodwill	$	354
Customer relationships, net	6,891
Other current liabilities	(40)
Deferred revenue, current	(1,914)
Operating lease liabilities, noncurrent	(50)
Deferred revenue, noncurrent	(2,405)
Net assets disposed	$	2,836

Buttonwood Publishing Acquisition

During third quarter 2022, we acquired 100% ownership of certain assets and liabilities from Crowdability, Inc., a provider of financial newsletters, for cash of $12,770. The Buttonwood Publishing transaction was accounted for using the acquisition method of accounting for business combinations. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Right of use asset	$	50
Goodwill	8,019
Tradenames	709
Customer relationships	9,350
Total assets acquired	18,128

Deferred revenue, current	(2,648)
Operating lease liabilities, current	(22)
Operating lease liabilities, noncurrent	(28)
Deferred revenue, noncurrent	(2,660)

Liabilities assumed	(5,358)

Net assets acquired	$	12,770

The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill that arose from the acquisition was largely attributable to expanding our copy and editorial talent base and synergies which we expected to achieve from cross-marketing and providing complementary products to our existing and acquired customers and was fully expected to be deductible for tax purposes. The acquired intangible assets related to the Buttonwood Publishing transaction were amortized over their estimated useful lives. Accordingly, tradenames were amortized over 9.0 years and customer relationships were

amortized over 6.5 years. Amortization for the acquired intangible assets was $1,388 and $632 for the years ended December 31, 2023 and 2022, respectively. Revenue from Buttonwood Publishing was $3,918 and $1,961 for the years ended December 31, 2023 and 2022, respectively.

Chaikin Acquisition

On January 21, 2021, we acquired 90% ownership of Chaikin Holdings LLC (“Chaikin”) a provider of analytical tools and software for investors, for cash of $7,139, net of cash acquired. We acquired Chaikin to expand our product offerings and our customer base. The Chaikin acquisition was accounted for using the acquisition method of accounting for business combinations. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Cash	$	151
Other current assets	138
Customer relationships	3,664
Tradenames	657
Software	247
Goodwill	5,187
Other noncurrent assets	443
Total assets acquired	10,487
Liabilities assumed	(2,387)
Net assets acquired	$	8,100

Cash consideration	$	7,290
Noncontrolling interest	810
Total consideration	$	8,100

The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The goodwill arising from the acquisition is largely attributable to synergies which we expect to achieve from cross-marketing and providing complementary products to our existing and acquired customers, and is expected to be fully deductible for tax purposes. The acquired intangible assets of Chaikin are amortized over their estimated useful lives. Accordingly, the trade name will be amortized over 8.5 years and customer relationships will be amortized over 6 years. Amortization for the acquired intangible assets was $688 and $648 for the years ended December 31, 2022 and 2021, respectively. Revenue from Chaikin was $29,438 and $7,514 for the years ended December 31, 2022 and 2021, respectively.

During third quarter 2022, we acquired additional noncontrolling interests totaling 3.7% in Chaikin, to obtain 93.7% ownership for $297.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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 consolidated financial statements. As of December 31, 2023, MarketWise, Inc. had a 11.2% 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 consolidated financial statements have been prepared in accordance with GAAP. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, grant-date fair value of equity awards, determination of standalone selling prices, estimated life of membership customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Variable Interest Entity	Variable Interest Entity The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist through arrangements that do not involve controlling voting interests when an entity is insufficiently capitalized, or when an entity is not controlled through its voting interests, which is referred to as a variable interest entity. We evaluate our ownership, contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex, involve judgment, and the use of estimates and assumptions based on available historical information, among other factors. If we hold a contractual or ownership interest in an entity and we determine that the entity is a VIE and that we are determined to be the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Periodically, we determine whether any changes in the interest or relationship with the entity impact the determination of whether we are still the primary beneficiary. If we are not deemed to be the primary beneficiary in a VIE, we account for the investment or other variable interests in a VIE in accordance with applicable GAAP.
Segment Information	Segment Information Operating segments are components of an enterprise that engage in business activities that may generate revenues and expenses for which separate financial information is available and is evaluated regularly by our chief operating decision-maker (“CODM”) in deciding how to allocate resources and assess performance. Our Chief Executive Officer serves as the CODM. Based on the financial information presented to and reviewed by our CODM in assessing our performance and for the purposes of allocating resources, we have determined our operating subsidiaries represent individual operating segments with similar economic characteristics that meet the criteria for aggregation into a single reportable segment for financial statement purposes. Accordingly, we have a single reportable segment. In October 2023, the Company reorganized its reporting structure by merging its Empire Financial Research business that was previously included in its Roundtable Research reporting unit into its 1729 Research reporting unit. Accordingly, assets and liabilities were reassigned to 1729 Research, including goodwill of $7,665 which was determined using a relative fair value approach. Significant assumptions of the valuation included, but were not limited to, prospective financial information, growth rates, volatility metrics, discount rates, and inflation factors. Long-lived assets were located in the United States as of December 31, 2023 and 2022.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash We consider all financial instruments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Our cash equivalents are composed of money market funds and certificates of deposit. We hold certain restricted cash with credit card processors as reserves for chargebacks and refunds. As the reserves are based on our credit card receivables which are collected within twelve months of each reporting period, the restricted cash has been included in other current assets on the consolidated balance sheets.
Accounts Receivable	Accounts Receivable Our accounts receivable primarily consist of receivables from third-party credit card providers which are stated at net realizable value.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash. We maintain deposits in federally insured financial institutions in excess of federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash to the extent recorded on the consolidated balance sheets. Management believes we are not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Derivative Financial Instruments	Derivative Financial Instruments From time to time, we utilize instruments which may contain embedded derivative instruments as part of our overall strategy to compensate and retain key employees and independent contractors (see Note 8 – Derivative Financial Instruments below for additional information). Our derivative instruments are recorded at fair value on the consolidated balance sheets. Our derivative instruments have not been designated as hedges; therefore, both realized and unrealized gains and losses are recognized in earnings. For the purposes of cash flow presentation, realized and unrealized gains or losses are included within cash flows from operating activities. Upfront cash payments received upon the issuance of derivative instruments are included within cash flows from financing activities within the consolidated statements of cash flows.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized using the straight-line method over the shorter of the related asset’s estimated useful life or the remaining term of the lease. Maintenance and repairs are charged to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations.
Business Combinations	Business Combinations We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values as of the acquisition date. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing assets acquired and liabilities assumed include, but are not limited to, future expected cash flows from acquired customers, trade names, acquired technology and deferred revenue from a market participant perspective, as well as determining useful lives and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and as a result, actual results may differ from estimates. During the measurement period, which is up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in earnings.
Goodwill	Goodwill Goodwill represents the excess of the aggregate fair value of the consideration transferred in a business combination over the fair value of the assets acquired, net of liabilities assumed. Goodwill is not amortized but is evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the goodwill may be impaired. Our annual impairment testing date is the first day of the fourth quarter. Events or changes in circumstances which could trigger an impairment review include significant changes in the manner of our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, significant underperformance relative to historical or projected future results of operations, a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition or a loss of key personnel. We have the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, including goodwill. If, after assessing the totality of events or circumstances, we determine it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the quantitative goodwill impairment test is not required. However, if we conclude otherwise, then we are required to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test involves comparing the estimated fair value of the reporting unit with its respective carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not to be impaired and no additional steps are necessary. If, however, the estimated fair value of the reporting unit is less than the carrying amount, then an impairment loss is recognized in an amount equal to the excess, limited to the total amount of goodwill allocated to that reporting unit.
Intangible Assets, Net	Intangible Assets, Net Intangible assets, net consists primarily of identifiable intangible assets that are subject to amortization such as developed technology, customer relationships, and trade names resulting from our acquisitions. Intangible assets arising from acquisitions are recorded at fair value on the date of acquisition and amortized over their estimated economic lives on a straight-line basis which approximates the pattern in which the economic benefits of the assets will be consumed. Intangible assets are presented net of accumulated amortization in the consolidated balance sheet.
Cryptocurrencies	Cryptocurrencies We purchased cryptocurrencies during the year ended December 31, 2018 primarily to be redeemed by customers as part of certain marketing campaigns. We recognized our portfolio of cryptocurrencies as intangible assets since cryptocurrencies are not considered cash and cash equivalents and do not have physical substance. We believe that the cryptocurrencies have an indefinite life since there are no significant legal, regulatory, contractual or economic factors that would limit the cryptocurrencies’ useful life. Our indefinite-lived cryptocurrency holdings are not amortized but are evaluated for impairment annually, or more frequently if events or changes in circumstances indicate the carrying amount may not be recoverable. We utilize the quoted market values of the cryptocurrencies in the impairment test on the cryptocurrency holdings. We sold cryptocurrencies on hand after the marketing campaigns ended and recognized gains of $0, $0 and $105 during the years ended December 31, 2023, 2022 and 2021, respectively, in other income, net on the consolidated statement of operations. As of December 31, 2023, we do not hold any cryptocurrencies. The cash flows associated with the cryptocurrencies are recognized in the consolidated statement of cash flows as operating activities due to the nature of the transactions.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows attributable to these assets or asset groups. An impairment loss is recognized to the extent an asset group is not recoverable, and the carrying amount exceeds the projected discounted future cash flows arising from these assets.
Revenue Recognition	Revenue Recognition We recognize revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) and the related amendments (“ASC 606”). We determine revenue recognition through the following steps: •Identify the contract, or contracts, with a customer; •Identify the performance obligations in the contract; •Determine the transaction price; •Allocate the transaction price to the performance obligations in the contract; and •Recognize revenue when, or as, a performance obligation is satisfied Research and software-as-a-service (“SaaS”) subscriptions We primarily earn revenue from services provided in delivering subscription-based financial research, publications and SaaS offerings to individual customers through our online platforms. Revenues are recognized evenly over the duration of the subscriptions, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. Customers are typically billed in advance of the subscriptions. We also offer membership subscriptions where we receive an upfront payment upon entering into the contract and receive a lower amount annually (a “maintenance fee”) thereafter. The right to discounts on future maintenance fee payments is considered a material right which is recognized as revenue when the customer exercises the option or when the option expires. Certain upfront fees on membership subscriptions are paid in installments, generally over a twelve-month period. We recognize revenue related to membership subscriptions over the estimated customer lives, which was five years for each of the years ended December 31, 2023, 2022 and 2021. We have determined the estimated life of membership customers based on historic customer attrition rates. Advertising and other We earn revenue from the sale of advertising placements on our websites. We also earn revenue from the sale of print products and events, such as webinars and conferences. In addition we recognize revenue that we refer to as “revenue share,” where we earn a fee for each successful sale that third party companies or related parties generate from our customer list. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. As part of certain marketing campaigns, we may offer a “performance guarantee” such that if we do not meet the guarantee conditions, the customer will receive, for example, an extension to their subscription term for no additional consideration. These offers are considered to be material rights for our customers and we allocate a portion of the transaction price to the material right performance obligation. Revenue associated with the material rights is recognized immediately if we have met the guarantee conditions, or over the extended subscription term if we have not met the guarantee conditions. Our performance obligations are satisfied over time as subscriptions are available to customers or at a point-in-time as products are delivered to customers. Accordingly, revenue from subscription services is recognized over the duration of the subscription. Our advertising performance obligations are satisfied at a point-in-time, and revenue is recognized when impressions are delivered. Revenue from products is recognized at a point-in-time when delivered. Revenue from events is recognized over the duration of the event. In addition, we apply the sales-based or usage-based royalty exception to revenue share, which are sales of functional intellectual property. Revenue is recognized at a point-in-time as fees are earned on successful sales from the customer lists. Contracts with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations if subscription services are sold with other subscriptions, products or events within one contract. For such contracts, we allocate the transaction price to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the prices charged to customers on a standalone basis. Contract Balances A contract asset is defined as an entity's right to consideration for goods or services that the entity has transferred to a customer but customer payment is contingent on a future event. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing. No contract assets are recorded on our consolidated balance sheets as of December 31, 2023 and 2022. Deferred revenue is primarily comprised of unearned revenue related to subscription services. Subscribers typically pay all or a portion of the subscription fees by credit card prior to the start of the subscriptions. Contract receivables are presented as accounts receivable due to processing time with credit card providers. Subscribers may be able to cancel certain subscriptions for a full or pro-rated refund for a certain period of time, which is usually not more than 90 days after the start of their subscriptions. After the refund period, we have no obligation to refund any of the consideration received. Refund obligations are a significant estimate which we recognize as of each reporting period based on historical trends and record a contract liability for this amount in deferred revenue and other contract liabilities on the consolidated balance sheets. Assets Recognized from Costs to Obtain a Contract with a Customer We capitalize incremental costs that are directly related to the acquisition or renewal of customer contracts, to the extent that the costs are expected to be recovered and if we expect the benefit of these costs to be longer than one year. We have elected to utilize the practical expedient and expense costs to obtain a contract with a customer when the expected benefit period is one year or less. Our capitalizable incremental costs include sales commissions to employees and fees paid to marketing vendors that are generally calculated as a percentage of the customer sale. We also capitalize revenue share fees that are payable to other companies, including related parties, who share their customer lists with us for each successful sale we make to a customer from their list. Capitalized costs are amortized on a straight-line basis over the shorter of the expected customer life or the expected benefit related directly to those costs, which is approximately four years.
Leases	Leases We follow the provisions of ASU No. 2016-02, Leases (“ASU 2016-02”). We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, operating lease liabilities, and operating lease liabilities, noncurrent in the consolidated balance sheets. We do not have any finance lease agreements. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The operating lease ROU asset includes any lease payments made and excludes payments received for lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. We elected to use the practical expedient for short-term leases, and therefore do not record right-of-use assets or lease liabilities with lease durations of twelve months or less. Rather, the lease payments for short-term leases are recognized on the consolidated statements of operations on a straight-line basis over the lease term. We have also elected the practical expedient on not separating lease components from nonlease components for our office leases. Variable payments, such as common area charges, maintenance, insurance and taxes, are primarily based on the amount of space we occupy. These payments in our leases are not dependent on an index or a rate and are excluded from the measurement of the lease liabilities and recognized in the consolidated statements of operations in the period in which the obligation for those payments is incurred. We remeasure our lease payments when the contingency underlying such variable payments is resolved such that some or all of the remaining payments become fixed.
Cost of Revenue	Cost of Revenue Cost of revenue consists primarily of payroll and payroll-related costs associated with producing and publishing our content, customer service, credit card processing fees, product costs and allocated overhead.
Sales and Marketing	Sales and Marketing Sales and marketing expenses consist primarily of payroll and payroll-related costs, amortization of deferred contract acquisition costs, allocated overhead, agency costs, advertising campaigns, and branding initiatives. Conferences, webinars and other event costs are expensed during the period in which the event takes place. Other sales and marketing and advertising costs are expensed as they are incurred.
Research and Development	Research and Development Research and development expenses consist primarily of payroll and related costs, allocated overhead, technical services, software expenses, and hosting expenses.
General and Administrative	General and Administrative General and administrative expenses consist primarily of payroll and related costs, including severances, associated with our finance, legal, information technology, human resources, executive and administrative personnel, legal fees, corporate insurance, office expenses, professional fees, and travel and entertainment costs.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expenses are included in cost of revenue, sales and marketing, and general and administrative expenses in a manner consistent with the employee’s salary and benefits in the consolidated statements of operations. 2021 Incentive Award Plan On July 21, 2021, the MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) became effective. As of December 31, 2023, 33,960,802 shares of Class A common stock were reserved for issuance pursuant to the 2021 Incentive Award Plan, and the maximum number of shares that may be issued pursuant to the exercise of incentive stock options granted under the 2021 Incentive Award Plan is 32,045,000, in each case, subject to certain adjustments set forth therein. The 2021 Incentive Award Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs; restricted stock; restricted stock units, or RSUs; stock appreciation rights, or SARs; and other stock or cash-based awards. Equity-based compensation with service conditions is measured based on the grant date fair value of the awards and recognized as compensation expense over the period during which the recipient is required to perform services in exchange for the award (the requisite service period). We have elected to use a straight-line attribution method for recognizing compensation costs relating to awards that have service conditions only. Forfeitures are recorded as they occur. 2021 ESPP As a result of the Transactions, we adopted the 2021 Employee Stock Purchase Plan (“ESPP”) effective on January 1, 2022. Under the ESPP, the Company authorizes the grant of the right to purchase shares of Class A common stock by employees who qualify under the ESPP. As of December 31, 2023, the Company has reserved for issuance a total of 6,728,300 shares of Class A common stock for the ESPP. The current offering period began on July 1, 2023 and ended on December 31, 2023. The ESPP is implemented through a series of offerings under which eligible employees are granted purchase rights to purchase shares of the Company’s Class A common stock on specified dates during such offerings. Under the ESPP, the Company has determined the offering period to occur in six month intervals, with the purchase occurring as of the last trading day of each offering period. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s Class A common stock on the first trading day of the offering period, or (2) the fair market value of the Company’s Class A common stock on the purchase date, as defined in the ESPP. The fair value of the ESPP is determined using the Monte Carlo model as of the beginning of each offering period and is expensed ratably over the six month offering period. Profits Interests During the year ended December 31, 2023, the Company granted fully vested profits interests in a subsidiary of the Company to an employee. The profits interests are accounted for under ASC 718, Compensation—Stock Compensation, and are classified as liability awards, which requires that the awards be remeasured to fair value at the end of each reporting period until the liability is settled. Class B Units As more fully described above, we completed our Transactions in July 2021, and all Class B Units issued by MarketWise, LLC fully vested as of the transaction date, and the original operating agreement of MarketWise, LLC (“Prior MarketWise Operating Agreement”) was terminated and replaced by a new operating agreement (“MarketWise Operating Agreement”) consistent with the Company’s Up-C structure. This MarketWise Operating Agreement does not contain the put and call options that existed under the Prior MarketWise Operating Agreement, and the MarketWise, LLC common units are treated as common equity under the new operating agreement and do not generate stock-based compensation expense. Prior to the Transactions, under the old operating agreement, and as part of our compensation and retention strategy, MarketWise, LLC granted incentive compensation units (“Class B Units”) to certain key employees, which are profit interests for United States federal income tax purposes. The Class B Units were accounted for as a substantive class of equity and allowed the recipient to realize value only to the extent that the value of the award appreciated. The Class B Units contained service-based vesting conditions and had different vesting terms depending upon the employee which ranged from vesting immediately to eight years; vesting was accelerated upon the completion of the Transactions. Compensation cost was recognized on a straight-line basis over the requisite service period until vesting for the entire award, but at least equaled the number of vested units determined by the underlying vesting schedule. Forfeitures were accounted for in the period in which they occur. The Class B Units were subject to a put and call option whereby MarketWise, LLC could elect to redeem or be required to redeem these units at a value determined by a predefined formula based on a multiplier of its net income as defined by management. Employees may not exercise the put option until 25 months have elapsed from the issuance date. Since the redemption price is not representative of fair value, the employees are not considered to be subject to the risks and rewards of share ownership, and the Class B Units were classified as liabilities in the accompanying consolidated balance sheet. Prior to the completion of the Transactions, the liability for Class B units was remeasured to fair value at the end of each reporting period. Since Class B Units were classified as liabilities, all cash distributions made to the unitholders of the Class B Units pursuant to the Prior MarketWise Operating Agreement were considered to be stock-based compensation expenses.
Capitalized Software Development Costs	Capitalized Software Development Costs For internal use software, we capitalize external costs and payroll and payroll-related costs related to employees that developed new or additional software functionality. Costs incurred during the preliminary project and post-implementation stages are expensed as incurred and included in research and development in the consolidated statements of operations. These capitalized costs are amortized using the straight-line method over the software’s expected useful life, which is generally three years.
Capitalized Implementation Costs	Capitalized Implementation Costs We capitalize implementation costs incurred in cloud computing hosting arrangements that are service contracts and amortize such costs using the straight-line method over the term of the related hosting arrangement and any expected renewal periods. These costs include external direct costs for materials and services and payroll and payroll-related costs of employees devoting time to the project. Software maintenance and training costs are expensed in the period in which they are incurred. The capitalized implementation costs are capitalized within other current assets and other assets on the consolidated balance sheets.
Fair Value Measurement	Fair Value Measurement Assets and liabilities recorded at fair value on a recurring basis in the balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amount of our financial instruments, including accounts receivable, trade and other payables, accrued expenses and related party receivables and payables, approximate their respective fair values because of their short maturities. The fair value of stock-based compensation liabilities for Class B Units, the derivatives liabilities associated with our deferred compensation arrangements, and the warrant liabilities were determined using unobservable Level 3 inputs. We have not elected the fair value option for any financial assets and liabilities for which such an election would have been permitted.
Warrant Liability	Warrant Liability Warrants are accounted for as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.
Foreign Currency Translation	Foreign Currency Translation A subsidiary is an entity in Singapore, and its functional currency is the local currency. Gains and losses on transactions denominated in currencies other than the functional currency are included in determining net income (loss) for the period. Assets and liabilities of our foreign subsidiary are translated using the exchange rates in effect at the balance sheet date. Results of operations are translated using weighted average exchange rates. Adjustments arising from the translation of our foreign subsidiary’s functional currency into U.S. dollars are reported as foreign currency translation adjustments in accumulated other comprehensive loss in the consolidated statements of members’ deficit. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income, net in the accompanying consolidated statement of operations when realized. Foreign currency transaction activity was immaterial for the years ended December 31, 2023, 2022 and 2021.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is currently comprised of changes in foreign currency translation adjustments.
Income Taxes	Income Taxes Prior to the Transactions, we were a pass-through entity for income tax purposes. Subsequent to the Transactions, the portion of earnings allocable to MarketWise, Inc. is subject to corporate level tax rates at the federal, state and local levels. Therefore, the amount of income taxes recorded prior to the Transactions are not representative of the expenses expected in the future. The computation of the effective tax rate and provision at each interim period requires the use of certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income that is subject to tax, permanent differences between our GAAP earnings and taxable income, and the likelihood of recovering deferred tax assets existing as of the balance sheet date. The estimates used to compute the provision for income taxes may change throughout the year as new events occur, additional information is obtained or as tax laws and regulations change. Accordingly, the effective tax rate for future interim periods may vary materially. We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year, deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. The benefit of tax positions taken or expected to be taken in our income tax returns is recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents a potential future obligation to the taxing authority for a tax position that was not recognized. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable and are recognized as general and administrative expenses.
Tax Receivable Agreement Obligation	Tax Receivable Agreement Obligation In connection with the Transactions, concurrently with the Closing, we have entered into a Tax Receivable Agreement (“TRA”) with owners of MarketWise, LLC prior to the Transactions (that is, the MarketWise Members). The TRA generally provides for the payment by us to the MarketWise Members of 85% of the cash tax benefits, if any, that we are deemed to realize as a result of tax basis adjustments as a result of sales and exchanges of LLC Units in connection with, or following the Transactions, and certain distributions with respect to units. These tax basis adjustments generated over time may increase (for tax purposes) the depreciation and amortization deductions available to us and, therefore, may reduce the amount of U.S. federal, state and local tax that we would otherwise be required to pay in the future, although the IRS may challenge all or part of the validity of that tax basis, and a court could sustain such challenge. The tax basis adjustments upon sales or exchanges of units for shares of Class A common stock and certain distributions with respect to LLC Units may also decrease gains (or increase losses) on future dispositions of certain assets to the extent tax basis is allocated to those assets. Actual tax benefits realized by us may differ from tax benefits calculated under the Tax Receivable Agreement as a result of the use of certain assumptions in the TRA, including the use of an assumed weighted average state and local income tax rate to calculate tax benefits. The payments that we may make under the TRA are expected to be substantial. We account for the effects of these increases in tax basis and associated payments under the TRA when exchanges occur as follows: a.recognize a contingent liability for the TRA obligation when it is deemed probable and estimable, with a corresponding adjustment to additional paid-in-capital, based on the estimate of the aggregate amount that MarketWise, Inc. will pay; b.record an increase in deferred tax assets for the estimated income tax effects of the increases in tax basis based on enacted federal and state tax rates at the date of the exchange; c.to the extent we estimate that we will not realize the full benefit represented by the deferred tax asset, based on an analysis that will consider, among other things, our expectation of future earnings, we reduce the deferred tax asset with a valuation allowance; and, d.The effects of changes in any of the estimates and subsequent changes in the enacted tax rates after the initial recognition will be included in our net income.
Earnout Shares	Earnout Shares Pursuant to the Transaction Agreement, at the closing of the Transactions, we placed 3,051,000 shares of MarketWise, Inc. Class A common stock into escrow to be released to the Sponsor if certain conditions are met (“Sponsor Earnout Shares”). In addition, certain management members of the Company have been allocated 2,000,000 shares of Class A common stock in aggregate, with shares to be placed in escrow, and released at any time during a 4-year period following closing of the Transaction, if certain conditions are met (“Management Member Earnout Shares”). The Sponsor Earnout Shares and Management Member Earnout Shares (together, the “Earnout Shares”) will be released as follows: 1) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $12.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares; and 2) 50% when the volume weighted average price (the “VWAP) of Class A common stock is greater than or equal to $14.00 for a period of at least 20 trading days within a consecutive 30-trading-day period, or based on the per share equity value in a transaction in which our stockholders sell their shares. The Earnout Shares are classified as equity transactions at initial issuance and at settlement when the release conditions are met. Until the shares are issued and released, the Earnout Shares are not included in shares outstanding. The Earnout Shares are not considered stock-based compensation. As of the date of the Transactions, the Earnout Shares had a fair value of $26.0 million for 5,051,000 shares of Class A common stock.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. The Transactions occurred on July 21, 2021. As a result, net income (loss) for the year ended December 31, 2021 was attributed to the pre-Transactions period from January 1, 2021 through July 21, 2021 and to the post-Transactions period from July 22, 2021 through December 31, 2021. Net income (loss) in the pre-Transactions period was attributable to consolidated MarketWise, LLC and its respective noncontrolling interests and in the post-Transactions period was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. Net income for the years ended December 31, 2023 and 2022 was fully attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests in the post-Transactions period. As of December 31, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 11.2% and the noncontrolling interest was 88.8%. For the year ended December 31, 2023 net income attributable to controlling interests included a $1,803 tax provision which is 100% attributable to the controlling interest.
Earnings Per Share	Earnings Per Share Basic net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding after the closing of the Transactions. Diluted net income per share is based on the weighted average number of shares of Class A common stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share based compensation awards outstanding during the period after the closing of the Transactions. Class B common stock is not a participating security, therefore it is not included in the earnings per share calculation.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, (“ASU 2023-07”) which is aimed at improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires additional interim disclosures. ASU 2023-07 is effective for the Company for the annual period beginning January 1, 2024, and interim periods beginning on January 1, 2025. Early adoption is permitted. The enhanced segment disclosure requirements apply retrospectively to all prior periods presented in the financial statements, and prior period disclosures shall be based on the significant segment expense categories identified and disclosed in the period of adoption. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. Under ASU 2023-09, companies must annually (1) disclose specific categories in the rate reconciliation, and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income tax rate). ASU 2023-09 improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for the Company on January 1, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the guidance and expects it to only impact disclosures, with no impact to results of operations, cash flows, or financial condition.

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 21, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 23,384	$ 9,045	$ 1,063,351
Proceeds from issuance of common stock	$ 0	679	827
Stock price (USD per share)	$ 10
Class B Share Based Compensation Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		0	0	$ 1,058,442
Common Stock - Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 10,664
Shares issued after withholding for tax (in shares)		2,251,874
Common Stock - Class B
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				17,690
Total stock-based compensation expense				$ 123,449
Granted (USD per share)				$ 2,195.16
2021 Incentive Award Plan \| Common Stock - Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		4,202,000
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 746	0	$ 0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		5,098,818
Exercisable (in shares)		0
Granted (USD per share)		$ 1.83
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Total stock-based compensation expense		$ 11,633	$ 8,608
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		0
Exercisable (in shares)		825,291
Remaining contractual term		7 years 1 month 6 days
Granted (USD per share)		$ 0
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 341
Proceeds from issuance of common stock (in shares)		435,519,000
Proceeds from issuance of common stock		$ 680
Amount withheld on behalf of employees		$ 12

Derivative Financial Instruments (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	5 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative gains (losses)		$ 1,281	$ 15,665	$ 17,355
Warrants
Derivative [Line Items]
Derivative gains (losses)	$ 15,689	0	14,931	15,689
Phantom Interests in Net Income
Derivative [Line Items]
Derivative gains (losses)		1,281	734	2,328
Option
Derivative [Line Items]
Derivative gains (losses)		$ 0	$ 0	$ (662)

Acquisitions and Disposals - Assets and Liabilities of the Disposal Group (Details) - Buttonwood Publishing $ in Thousands	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	$ 354
Other current liabilities	(40)
Deferred revenue, current	(1,914)
Operating lease liabilities, noncurrent	(50)
Deferred revenue, noncurrent	(2,405)
Net assets disposed	2,836
Customer relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Customer relationships, net	$ 6,891

Acquisitions and Disposals (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets and Liabilities of the Disposal Group

The assets and liabilities of the disposal group as of December 1, 2023 were as follows:


Goodwill	$	354
Customer relationships, net	6,891
Other current liabilities	(40)
Deferred revenue, current	(1,914)
Operating lease liabilities, noncurrent	(50)
Deferred revenue, noncurrent	(2,405)
Net assets disposed	$	2,836

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Right of use asset	$	50
Goodwill	8,019
Tradenames	709
Customer relationships	9,350
Total assets acquired	18,128

Deferred revenue, current	(2,648)
Operating lease liabilities, current	(22)
Operating lease liabilities, noncurrent	(28)
Deferred revenue, noncurrent	(2,660)

Liabilities assumed	(5,358)

Net assets acquired	$	12,770

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:


Cash	$	151
Other current assets	138
Customer relationships	3,664
Tradenames	657
Software	247
Goodwill	5,187
Other noncurrent assets	443
Total assets acquired	10,487
Liabilities assumed	(2,387)
Net assets acquired	$	8,100

Cash consideration	$	7,290
Noncontrolling interest	810
Total consideration	$	8,100

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-3

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

On July 21, 2021, we completed the Transactions pursuant to the Transaction Agreement which materially impacted the number of shares outstanding. We analyzed the calculation of earnings per share for periods prior to

the Transactions, and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements, as our capital structure completely changed as a result of the Transactions. Therefore, earnings per share information has not been presented for periods prior to the Transactions.

Net income (loss) for the year ended December 31, 2021 was attributed to the pre-Transactions period from January 1, 2021 through July 21, 2021 and to the post-Transactions period from July 22, 2021 through December 31, 2021. During the pre-Transactions period, net income (loss) was attributable to consolidated MarketWise, LLC and its respective noncontrolling interests. During the post-Transactions period, net income was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. Immediately following the Transactions, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 7.9% and its noncontrolling interest was 92.1%. For the post-Transaction period from July 22, 2021 through December 31, 2021, net income attributable to controlling interests included a $15,689 gain on warrant liabilities and a $2,358 tax provision, both of which are 100% attributable to the controlling interest.

Weighted average shares outstanding in the table below have not been retroactively restated to give effect to the reverse recapitalization for periods prior to the date of the Transactions. See Note 1 – Description of Organization and Reverse Recapitalization with Ascendant Digital Acquisition Corp. for more information regarding the Transactions. Class B common stock is not a participating security, therefore it is not included in the earnings per share calculation.

The following table sets forth the computation of basic and diluted earnings per share for the respective periods:


	Year Ended December 31, 2023		Year Ended December 31, 2022		Period from July 22, 2021 through December 31, 2021
Basic earnings per share:
Numerator:
Net income	$	54,295	$	101,170	$	78,728
Less: Net income attributable to noncontrolling interests	52,513		83,180		60,476
Net income attributable to Class A common stockholders	$	1,782	$	17,990	$	18,252

Denominator:
Weighted average shares outstanding (in thousands)	31,707		24,635		25,035

Basic earnings per share	$	0.06	$	0.73	$	0.73

Diluted earnings per share:
Numerator:
Net income	$	54,295	$	101,170	$	78,728
Less: Net income attributable to noncontrolling interests	52,513		83,180		60,476
Net income attributable to Class A common stockholders	$	1,782	$	17,990	$	18,252

Denominator:
Weighted average shares outstanding (in thousands)	33,312		24,747		25,035

Diluted earnings per share	$	0.05	$	0.73	$	0.73

The Company’s potentially dilutive securities and their impact on the computation of earnings per share are as follows:

•Public Warrants and Private Placement Warrants: the Public and Private Placement Warrants were "out of the money" for the period from July 21, 2021 through December 31, 2021, therefore, net income per share excludes any impact of the 20,699,993 Public Warrants and 10,280,000 Private Placement Warrants. The warrants were out of the money during the portion of the year ended December 31, 2022 prior to the warrant exchange transaction in September 2022, and there are no warrants outstanding thereafter. For more details on the warrant exchange, see Note 17 – Warrant Exchange.

•Sponsor Earnout Shares and MarketWise Management Member Earnout Shares: the 3,051,000 Sponsor Earnout Shares and the 2,000,000 MarketWise Management Member Earnout Shares granted in connection with the closing of the Transactions held in escrow are excluded from the earnings per share computation in all periods since the earnout contingency has not been met.

•Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs. The diluted earnings per share calculation includes the impact of unvested RSUs, where the impact is dilutive, unless the Company has a net loss. The diluted earnings per share calculations above exclude certain RSUs

with performance conditions, since the performance conditions were not met, and such RSUs were forfeited as of December 31, 2022.

•Stock appreciation rights: The diluted earnings per share calculation excludes the impact of SARs since the effect was antidilutive.

•ESPP: The basic earnings per share calculation includes the impact of the shares that were issued under the ESPP as of December 31, 2023.

Acquisitions and Disposals - Fair Value of Assets Acquired and Liabilities Assumed - Buttonwood Publishing (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 31,038	$ 31,307		$ 23,288	$ 18,101
Buttonwood Publishing
Business Acquisition [Line Items]
Right of use asset			$ 50
Goodwill			8,019
Total assets acquired			18,128
Deferred revenue, current			(2,648)
Operating lease liabilities, current			(22)
Operating lease liabilities, noncurrent			(28)
Deferred revenue, noncurrent			(2,660)
Liabilities assumed			(5,358)
Net assets acquired			12,770
Buttonwood Publishing \| Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles			709
Buttonwood Publishing \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles			$ 9,350

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 31,307	$ 23,288	$ 18,101
Acquisition	85	8,019	5,187
Sale of Buttonwood Publishing (see Note 4 – Acquisitions and Disposals)	(354)
Goodwill, ending balance	$ 31,038	$ 31,307	$ 23,288

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The changes in the carrying amounts of goodwill are as follows:


Balance at January 1, 2021	$	18,101
Acquisition of Chaikin	5,187
Balance at December 31, 2021	23,288
Acquisition of Buttonwood Publishing	8,019
Balance at December 31, 2022	31,307
Acquisition of Investor Channel	85
Sale of Buttonwood Publishing (see Note 4 – Acquisitions and Disposals)	(354)
Balance at December 31, 2023	$	31,038

The reporting units to which goodwill is allocated that have negative carrying amounts are as follows:


	As of December 31,
	2023		2022
1729 Research	$	13,799	$	6,134
Legacy Research	6,046		5,961
Alta	11,193		11,193

Schedule of Indefinite-Lived Intangible Assets

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


	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:

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


	December 31, 2022
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	21,718	$	(9,924)	$	11,794	5.4
Tradenames	4,287		(2,265)		2,022		5.8
Capitalized software development costs	3,002		(1,858)		1,144		2.0
Finite-lived intangible assets, net	29,007		(14,047)		14,960

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	30,094	$	(14,047)	$	16,047

Schedule of Finite-Lived Intangible Assets

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


	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:

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


	December 31, 2022
	Cost		Accumulated Amortization		Net Book Value		Weighted-Average Remaining Useful Life (in years)
Finite-lived intangible assets:
Customer relationships	$	21,718	$	(9,924)	$	11,794	5.4
Tradenames	4,287		(2,265)		2,022		5.8
Capitalized software development costs	3,002		(1,858)		1,144		2.0
Finite-lived intangible assets, net	29,007		(14,047)		14,960

Indefinite-lived intangible assets:

Internet domain names	1,087		—		1,087
Indefinite-lived intangible assets, net	1,087		—		1,087
Intangible assets, net	$	30,094	$	(14,047)	$	16,047

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of December 31, 2023, the total expected future amortization expense for finite-lived intangible assets is as follows:


2024	$	2,330
2025	1,484
2026	1,065
2027	143
2028	91
Thereafter	55
Finite-lived intangible assets, net	$	5,168

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Summary of Significant Accounting Policies (Details)			5 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Jan. 01, 2022	Jul. 21, 2021 USD ($) tradingDay $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) reportableSegment shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2023 USD ($)	Jul. 22, 2021	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments \| reportableSegment				1
Goodwill			$ 23,288,000	$ 31,038,000	$ 31,307,000	$ 23,288,000			$ 18,101,000
Restricted cash			500,000	0	0	500,000
Accounts receivable, allowance for credit loss				0	0
Goodwill impairment charges				0	0	0
Gain (loss) from sale of cryptocurrency				$ 0	0	105,000
Membership subscription fee installments, period				12 months
Capitalized contract cost, amortization period				4 years
Advertising expense				$ 44,270,000	97,704,000	144,561,000
Capitalized computer software, amortization period				3 years
Sponsor earn out shares (in shares) \| shares		5,051,000
Earnout period		4 years
Earnout fair value		$ 26,000,000
Income tax expense			$ 2,358,000	$ 1,803,000	$ 1,490,000	$ 2,358,000
Earnout period one
Significant Accounting Policies [Line Items]
Earnout shares percentage released		50.00%
VWAP threshold (USD per share) \| $ / shares		$ 12.00
VWAP trading days threshold \| tradingDay		20
VWAP consecutive trading days threshold \| tradingDay		30
Earnout period two
Significant Accounting Policies [Line Items]
Earnout shares percentage released		50.00%
VWAP threshold (USD per share) \| $ / shares		$ 14.00
VWAP trading days threshold \| tradingDay		20
VWAP consecutive trading days threshold \| tradingDay		30
Sponsor
Significant Accounting Policies [Line Items]
Sponsor earn out shares (in shares) \| shares		3,051,000
Management members
Significant Accounting Policies [Line Items]
Sponsor earn out shares (in shares) \| shares		2,000,000
Common Stock - Class A
Significant Accounting Policies [Line Items]
Offering period	6 months
Common Stock - Class B
Significant Accounting Policies [Line Items]
Exercise of put option, period from issuance date				25 months
Common Stock - Class B \| Maximum
Significant Accounting Policies [Line Items]
Vesting period				8 years
Employee Stock Purchase Plan
Significant Accounting Policies [Line Items]
Common stock reserved for issuance (in shares) \| shares				6,728,300
Purchase price of common stock, percent of fair market value	85.00%
2021 Incentive Award Plan
Significant Accounting Policies [Line Items]
Common stock reserved for issuance (in shares) \| shares				33,960,802
Maximum number of shares that may be issued (in shares) \| shares		32,045,000
Customer relationships
Significant Accounting Policies [Line Items]
Useful life			5 years	5 years	5 years	5 years
1729 Research
Significant Accounting Policies [Line Items]
Goodwill							$ 7,665,000
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage				11.20%				7.90%
Ownership percentage				88.80%				92.10%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	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


	December 31, 2022
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	80,327	$	—	$	—	$	80,327
Total assets	80,327		—		—		80,327
Liabilities:
Derivative liabilities, noncurrent	—		—		1,281		1,281
Total liabilities	$	—	$	—	$	1,281	$	1,281

Schedule of Fair Value Measurements Inputs


	As of
	December 31, 2023
Contingent consideration receivable
Discount rate	27.40	%
Revenue discount rate	5.80	%

Profits interests
Discount rate	25.00	%
Discount for lack of marketability	30.50	%

Derivative liabilities
Volatility	39.40	%
Discount Rate	23.00	%
Credit spread	1.50	%
Risk-free rate	4.20	%

Schedule of Changes in Fair Value of Liabilities

The following table summarizes the change in fair value of the derivative liabilities during the years ended December 31, 2021, 2022, and 2023:


Balance – January 1, 2021	$	597,578
Incremental Class B Units	206,914
Establishment of warrant liabilities on July 21, 2021 (date of the Transactions)	45,021
Change in fair value of derivative instruments	(18,017)
Change in fair value of Class B Units	728,079
Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions)	(1,528,228)
Balance – December 31, 2021	31,347
Change in fair value of derivative instruments	(15,665)
Warrants exchanged for Class A common stock (see Note 17 – Warrant Exchange)	(14,401)
Balance – December 31, 2022	1,281
Change in fair value of derivative instruments	1,779
Settlement of derivative instruments	(3,060)
Balance – December 31, 2023	$	—

Schedule of Changes in Fair Value by Income Statement Location

The following table summarizes the change in fair value of the Class B Units by income statement line item during the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
		2023		2022		2021
Cost of revenue		$	—	$	—	$	136,417
Sales and marketing		—		—		10,870
General and administrative		—		—		580,792
Total change in fair value of Class B Units		$	—	$	—	$	728,079

Acquisitions and Disposals - Fair Value of Assets Acquired and Liabilities Assumed - Chaikin Holdings LLC (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 21, 2021	Sep. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill			$ 31,038	$ 31,307	$ 23,288	$ 18,101
Chaikin Holdings LLC.
Business Acquisition [Line Items]
Cash	$ 151
Other current assets	138
Goodwill	5,187
Other noncurrent assets	443
Total assets acquired	10,487
Liabilities assumed	(2,387)
Net assets acquired	8,100
Cash consideration	7,290
Noncontrolling interest	810
Total consideration	8,100	$ 297
Chaikin Holdings LLC. \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles	3,664
Chaikin Holdings LLC. \| Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles	657
Chaikin Holdings LLC. \| Software
Business Acquisition [Line Items]
Finite-lived intangibles	$ 247

Organization (Details) $ / shares in Units, $ in Thousands	Jul. 21, 2021 USD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Recapitalization exchange ratio	1
Number of shares called by each warrant (in shares)	1
Recapitalization units exchange ratio (in shares)	1
Recapitalization units exchange ratio, warrants (in shares)	0.5
Reverse recapitalization, common units issued (in shares)	28,003,096
Warrants issued (in shares)	30,979,993
PIPE Investors shares subscribed (in shares)	15,000,000
Sale of stock price per share (USD per share) \| $ / shares	$ 10.00
Consideration received \| $	$ 150,000
Sponsor earn out shares (in shares)	5,051,000
Warrants outstanding (in shares)	30,979,993		0
Reverse Recapitalization cash proceeds \| $	$ 113,600
Proceeds from recapitalization, reclassification of trust account \| $	414,600
Proceeds from PIPE investment \| $	150,000
Payment of non-recurring transaction costs \| $	48,800
Settlement of deferred underwriters' discount \| $	14,500
Payments to redeeming shareholders \| $	387,700
Establishment of warrant liabilities \| $	45,000
Establishment of deferred taxes \| $	$ 11,136
Private Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants outstanding (in shares)	10,280,000
Sponsor
Subsidiary, Sale of Stock [Line Items]
Sponsor earn out shares (in shares)	3,051,000
Ascendant Digital Acquisition Corp Public Shareholders \| MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	0.10%
MarketWise Members \| MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	91.20%
Ascendant Sponsor LP \| MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	3.20%
PIPE Investors \| MarketWise, Inc.
Subsidiary, Sale of Stock [Line Items]
Ownership percentage	4.70%
Common Stock - Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, outstanding (in shares)	28,003,096	36,384,981	29,039,655
Common Stock - Class A \| Ascendant Digital Acquisition Corp.
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001
Common Stock - Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares	$ 0.0001	$ 0.0001	$ 0.0001
Stock issued during reverse recapitalization (in shares)	291,092,303
Common stock, outstanding (in shares)	291,092,303	288,092,303	291,092,303

Commitments and Contingencies - Narrative (Details)	Dec. 31, 2023
Two Leases, Term One
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	5 years
One Lease, Term Two
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	3 years
One Lease, Term Three
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	5 months
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	5 years

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Jul. 21, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 78,728	$ (1,032,611)	$ 54,295	$ 101,170	$ (953,883)
Less: Net income attributable to noncontrolling interests	60,476		52,513	83,180	$ 59,426
Net income attributable to Class A common stockholders	18,252		1,782	17,990
Net income attributable to Class A common stockholders	$ 18,252		$ 1,782	$ 17,990
Denominator:
Weighted average shares outstanding (in shares)	25,035		31,707	24,635
Basic earnings per share (USD per share)	$ 0.73		$ 0.06	$ 0.73
Weighted average shares outstanding (in shares)	25,035		33,312	24,747
Diluted earnings per share (USD per share)	$ 0.73		$ 0.05	$ 0.73