MarketWise (MKTW) 10-Q7 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39405
Entity Registrant Name	MarketWise, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1767914
Entity Address, Address Line One	1125 N. Charles Street
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21201
City Area Code	(888)
Local Phone Number	261-2693
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	MKTW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001805651
Current Fiscal Year End Date	--12-31
Common stock – Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,432,380
Common stock – Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		279,890,147

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 94,111	$ 155,174
Accounts receivable	2,224	4,528
Prepaid expenses	8,993	9,305
Related party receivables	930	5,182
Deferred contract acquisition costs	64,757	91,480
Other current assets	1,480	2,172
Total current assets	172,495	267,841
Property and equipment, net	567	690
Operating lease right-of-use assets	5,801	7,331
Intangible assets, net	7,687	6,255
Goodwill	33,560	31,038
Deferred contract acquisition costs, noncurrent	49,746	73,420
Deferred tax assets	8,469	9,693
Other assets	26	287
Total assets	278,351	396,555
Current liabilities:
Accrued expenses	22,370	55,041
Deferred revenue and other contract liabilities	229,735	287,751
Operating lease liabilities	1,639	1,446
Other current liabilities	26,769	27,959
Total current liabilities	283,972	373,893
Deferred revenue and other contract liabilities, noncurrent	233,096	304,342
Other liabilities, noncurrent	2,313	746
Operating lease liabilities, noncurrent	3,100	4,366
Total liabilities	525,466	685,498
Commitments and Contingencies	0	0
Stockholders’ deficit
Preferred stock - par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at September 30, 2024 and 2023, respectively	0	0
Additional paid-in capital	101,857	115,164
Accumulated other comprehensive income	56	65
Accumulated deficit	(121,422)	(126,343)
Total stockholders’ deficit attributable to MarketWise, Inc.	(19,477)	(11,081)
Noncontrolling interest	(227,638)	(277,862)
Total stockholders’ deficit	(247,115)	(288,943)
Total liabilities and stockholders’ deficit	278,351	396,555
Common stock – Class A
Stockholders’ deficit
Common stock	4	4
Common stock – Class B
Stockholders’ deficit
Common stock	28	29
Nonrelated Party
Current liabilities:
Trade and other payables	2,326	559
Related Party
Current assets:
Operating lease right-of-use assets	5,776	7,261
Current liabilities:
Trade and other payables	1,133	1,137
Long-term liabilities – related party	316	0
Related party tax receivable agreement liability, noncurrent	$ 2,669	$ 2,151

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock – Class A
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	950,000,000	950,000,000
Common stock, issued (in shares)	39,381,380	36,384,981
Common stock, outstanding (in shares)	39,381,380	36,384,981
Common stock – Class B
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	279,890,147	288,092,303
Common stock, outstanding (in shares)	279,890,147	288,092,303

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total net revenue		$ 97,186	$ 106,150	$ 311,223	$ 336,027
Operating expenses:
Cost of revenue	[1]	12,902	13,812	39,649	43,737
Sales and marketing	[1]	36,644	52,466	126,663	150,226
General and administrative	[1]	22,480	25,005	70,796	80,667
Research and development	[1]	2,614	2,085	6,934	6,778
Depreciation and amortization		635	1,001	1,997	2,979
Impairment of intangible assets		0	584	0	584
Related party expense		9	155	393	487
Total operating expenses		75,284	95,108	246,432	285,458
Income from operations		21,902	11,042	64,791	50,569
Other income, net		632	182	210	807
Interest income, net		1,185	1,511	4,184	3,062
Income before income taxes		23,719	12,735	69,185	54,438
Income tax expense		973	691	2,487	2,046
Net income		22,746	12,044	66,698	52,392
Net income attributable to noncontrolling interests		21,026	11,904	61,777	50,749
Net income attributable to MarketWise, Inc.		$ 1,720	$ 140	$ 4,921	$ 1,643
Earnings per share – basic (USD per share)		$ 0.04	$ 0	$ 0.13	$ 0.05
Earnings per share – diluted (USD per share)		$ 0.04	$ 0	$ 0.13	$ 0.05
Weighted average shares outstanding – basic (in shares)		38,964	32,910	37,968	30,883
Weighted average shares outstanding – diluted (in shares)		39,662	33,632	39,259	31,996
Nonrelated Party
Total net revenue		$ 96,975	$ 105,799	$ 309,761	$ 334,777
Related Party
Total net revenue		$ 211	$ 351	$ 1,462	$ 1,250

[1] (1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 22,746	$ 12,044	$ 66,698	$ 52,392
Other comprehensive income (loss):
Cumulative translation adjustment	46	25	(9)	11
Total comprehensive income	$ 22,792	$ 12,069	$ 66,689	$ 52,403

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Stockholders’ Deficit (Unaudited) - USD ($) $ in Thousands	Total	RSUs	Common Stock - Class A	Common Stock - Class B	Total Stockholders’ Deficit Attributable to MarketWise, Inc.	Total Stockholders’ Deficit Attributable to MarketWise, Inc. RSUs	Common Stock Common Stock - Class A	Common Stock Common Stock - Class A RSUs	Common Stock Common Stock - Class B	Additional paid-in capital	Additional paid-in capital RSUs	Accumulated deficit	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Common stock, beginning balance (in shares) at Dec. 31, 2022							29,039,655		291,092,303
Equity, beginning balance at Dec. 31, 2022	$ (298,383)				$ (21,197)		$ 3		$ 29	$ 106,852		$ (128,125)	$ 44	$ (277,186)
Stockholders' Deficit
Equity-based compensation	10,313				10,313					10,313
Issuance of common stock (in shares)							648,849
Issuance of common stock	332				332					332
Vesting of restricted stock units (in shares)							1,657,933
Restricted stock units withheld to pay taxes		$ (1,521)				$ (1,521)					$ (1,521)
Cash dividends declared	(902)				(902)					(902)
Distributions	(9,212)													(9,212)
Issuance per redemption of Class B shares for Class A shares (in shares)							(2,750,000)		(2,750,000)
Issuance per redemption of Class B shares for Class A shares	370				(1,935)					(1,935)				2,305
Foreign currency translation adjustments	11				11								11
Net income	52,392				1,643							1,643		50,749
Common stock, ending balance (in shares) at Sep. 30, 2023							34,096,437		288,342,303
Equity, ending balance at Sep. 30, 2023	(246,600)				(13,256)		$ 3		$ 29	113,139		(126,482)	55	(233,344)
Common stock, beginning balance (in shares) at Jun. 30, 2023							32,073,995		289,842,303
Equity, beginning balance at Jun. 30, 2023	(257,251)				(14,414)		$ 3		$ 29	112,146		(126,622)	30	(242,837)
Stockholders' Deficit
Equity-based compensation	2,932				2,932					2,932
Vesting of restricted stock units (in shares)							522,442
Restricted stock units withheld to pay taxes		(415)				(415)					(415)
Cash dividends declared	(462)				(462)					(462)
Distributions	(3,649)													(3,649)
Issuance per redemption of Class B shares for Class A shares (in shares)							(1,500,000)		(1,500,000)
Issuance per redemption of Class B shares for Class A shares	176				(1,062)					(1,062)				1,238
Foreign currency translation adjustments	25				25								25
Net income	12,044				140							140		11,904
Common stock, ending balance (in shares) at Sep. 30, 2023							34,096,437		288,342,303
Equity, ending balance at Sep. 30, 2023	(246,600)				(13,256)		$ 3		$ 29	113,139		(126,482)	55	(233,344)
Common stock, beginning balance (in shares) at Dec. 31, 2023			36,384,981	288,092,303			36,384,981		288,092,303
Equity, beginning balance at Dec. 31, 2023	(288,943)				(11,081)		$ 4		$ 29	115,164		(126,343)	65	(277,862)
Stockholders' Deficit
Equity-based compensation	7,101				7,101					7,101
Issuance of common stock (in shares)							216,517
Issuance of common stock	213				213					213
Vesting of restricted stock units (in shares)							2,486,652
Restricted stock units withheld to pay taxes (in shares)								(706,770)
Restricted stock units withheld to pay taxes		(1,368)				(1,368)					(1,368)
Repurchase of Class B shares (in shares)									(7,202,156)
Repurchase of Class B shares	(10,803)				(10,803)				$ (1)	(10,802)
Cash dividends declared	(1,619)				(1,619)					(1,619)
Distributions	(19,060)													(19,060)
Issuance per redemption of Class B shares for Class A shares (in shares)				(1,000,000)			(1,000,000)		(1,000,000)
Issuance per redemption of Class B shares for Class A shares	0				(916)					(916)				916
Foreign currency translation adjustments	(9)				(9)								(9)
Change in noncontrolling interest	0				(6,591)					(6,591)				6,591
Remeasurement of deferred taxes due to change in noncontrolling interest	675				675					675
Net income	66,698				4,921							4,921		61,777
Common stock, ending balance (in shares) at Sep. 30, 2024			39,381,380	279,890,147			39,381,380		279,890,147
Equity, ending balance at Sep. 30, 2024	(247,115)				(19,477)		$ 4		$ 28	101,857		(121,422)	56	(227,638)
Common stock, beginning balance (in shares) at Jun. 30, 2024							38,599,509		280,390,147
Equity, beginning balance at Jun. 30, 2024	(263,954)				(23,668)		$ 4		$ 28	99,432		(123,142)	10	(240,286)
Stockholders' Deficit
Equity-based compensation	3,160				3,160					3,160
Vesting of restricted stock units (in shares)							429,262
Restricted stock units withheld to pay taxes (in shares)								(147,391)
Restricted stock units withheld to pay taxes		$ (196)				$ (196)					$ (196)
Cash dividends declared	(629)				(629)					(629)
Distributions	(8,823)													(8,823)
Issuance per redemption of Class B shares for Class A shares (in shares)				(1,000,000)			(500,000)		(500,000)
Issuance per redemption of Class B shares for Class A shares	0				(445)					(445)				445
Foreign currency translation adjustments	46				46								46
Remeasurement of deferred taxes due to change in noncontrolling interest	535				535					535
Net income	22,746				1,720							1,720		21,026
Common stock, ending balance (in shares) at Sep. 30, 2024			39,381,380	279,890,147			39,381,380		279,890,147
Equity, ending balance at Sep. 30, 2024	$ (247,115)				$ (19,477)		$ 4		$ 28	$ 101,857		$ (121,422)	$ 56	$ (227,638)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 66,698	$ 52,392
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,997	2,979
Impairment and other charges	0	584
Stock-based compensation	8,668	10,956
Change in fair value of contingent consideration	269	0
Change in fair value of derivative and other liabilities, noncurrent	0	1,673
Deferred taxes	2,136	2,046
Unrealized (gains) losses on foreign currency	(128)	5
Noncash lease expense	1,530	1,590
Changes in operating assets and liabilities:
Accounts receivable	2,304	(1,918)
Related party receivables and payables, net	3,588	810
Prepaid expenses	312	329
Other current assets and other assets	953	562
Deferred contract acquisition costs	50,397	23,566
Trade and other payables	2,176	1,189
Accrued expenses	(32,671)	(3,265)
Deferred revenue – current and noncurrent	(133,595)	(44,288)
Operating lease liabilities – current and noncurrent	(1,073)	(1,111)
Other current and long-term liabilities	(1,696)	(3,198)
Net cash (used in) provided by operating activities	(28,135)	44,901
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	0	(170)
Purchases of property and equipment	(52)	(60)
Capitalized software development costs	(736)	(1,428)
Net cash used in investing activities	(788)	(1,658)
Cash flows from financing activities:
Proceeds from issuance of common stock	213	332
Repurchases of stock	(10,803)	0
Restricted stock units withheld to pay taxes	(1,368)	(1,520)
Dividends paid	(1,113)	(299)
Distributions to noncontrolling interests	(19,060)	(6,319)
Net cash used in financing activities	(32,131)	(7,806)
Effect of exchange rate changes on cash	(9)	11
Net increase in cash, cash equivalents and restricted cash	(61,063)	35,448
Cash, cash equivalents and restricted cash — beginning of period	155,174	158,575
Cash, cash equivalents and restricted cash — end of period	$ 94,111	$ 194,023

Organization

Organization	9 Months Ended
Organization	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization MarketWise, Inc. (“MarketWise,” “the Company,” “we,” “us,” or “our”) is a holding company that has no material assets other than its ownership in MarketWise, LLC, and operates and controls all of the businesses and operations of MarketWise, LLC and its subsidiaries. The Company provides independent investment research for investors around the world. We believe we are a leading content and technology multi-brand platform for self-directed investors. We offer a comprehensive portfolio of high-quality, independent investment research, as well as several software and analytical tools, on a subscription basis. We operate multiple subsidiaries in the United States from our headquarters in Baltimore, Maryland. On July 21, 2021, MarketWise, Inc. became a publicly traded company as a result of completing the business combination, recapitalization and other transactions with

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Consolidation The accompanying condensed consolidated financial statements (“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 financial statements. As of September 30, 2024, MarketWise, Inc. had a 12.3% 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 financial statements. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying unaudited financial statements and the related footnote disclosures have been prepared by us in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2023 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of September 30, 2024, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through the date of issuance of these condensed financial statements. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates. Emerging Growth Company We are an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of our unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Certain provisions of the JOBS Act are set to expire on December 31, 2025. Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company. Net income for the three and nine months ended September 30, 2024 and 2023 was attributable to consolidated MarketWise, Inc. and its respective noncontrolling interests. As of September 30, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 12.3% and the noncontrolling interest was 87.7%. For the three months ended September 30, 2024, net income attributable to controlling interests included a $973 tax provision, and for the nine months ended September 30, 2024, net income attributable to controlling interests included a $2,487 tax provision, both of which were solely attributable to the controlling interest. As of September 30, 2023, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 10.6% and the noncontrolling interest was 89.4%. For the three months ended September 30, 2023, net income attributable to controlling interests included a $691 tax provision, and for the nine months ended September 30, 2023, net income attributable to controlling interests included a $2,046 tax provision, both of which were 100% attributable to the controlling interest. Reclassifications Certain prior period amounts presented within the Condensed Consolidated Statements of Cash Flows have been reclassified to conform with the current period presentation. Specifically, the profits interest expense during the nine months ended September 30, 2023 has been reclassified from the “change in fair value of derivative and other liabilities, noncurrent” line to the “stock-based compensation” line. Recently Issued 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. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of revenues The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended September 30, 2024 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 96,841 $ — $ — $ — $ 96,841 Transferred at a point in time — 111 211 23 345 Total $ 96,841 $ 111 $ 211 $ 23 $ 97,186 Three Months Ended September 30, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 105,581 $ — $ — $ — $ 105,581 Transferred at a point in time — 192 351 26 569 Total $ 105,581 $ 192 $ 351 $ 26 $ 106,150 Nine Months Ended September 30, 2024 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 308,893 $ — $ — $ — $ 308,893 Transferred at a point in time — 788 1,462 80 2,330 Total $ 308,893 $ 788 $ 1,462 $ 80 $ 311,223 Nine Months Ended September 30, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 334,141 $ — $ — $ — $ 334,141 Transferred at a point in time — 508 1,250 128 1,886 Total $ 334,141 $ 508 $ 1,250 $ 128 $ 336,027 Revenue recognition by subscription type was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Membership subscriptions $ 47,165 $ 48,177 $ 145,393 $ 137,988 Term subscriptions 49,676 57,404 163,500 196,153 Non-subscription revenue 345 569 2,330 1,886 Total $ 97,186 $ 106,150 $ 311,223 $ 336,027 Revenue for the membership and term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue from revenue share arrangements and the sale of print products and events, such as webinars and conferences. Net revenue by principal geographic areas was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 97,186 $ 106,150 $ 311,223 $ 335,936 International — — — 91 Total $ 97,186 $ 106,150 $ 311,223 $ 336,027 Revenue by location is determined by the billing entity for the customer. Contract Balances The timing of revenue recognition, Billings (which represents amounts invoiced to customers), cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance is presented within the deferred revenue and other contract liabilities line item in the condensed consolidated balance sheets and includes the obligation for refunds for contracts where the provision for refund has not lapsed. Accounts receivable, deferred revenue and obligation for refunds are as follows: As of September 30, 2024 December 31, 2023 Contract balances Accounts receivable $ 2,224 $ 4,528 Obligations for refunds $ 2,945 $ 3,157 Deferred revenue – current $ 226,790 $ 284,594 Deferred revenue – non-current $ 233,096 $ 304,342 We recognized $65,476 and $69,978 of revenue during the three months ended September 30, 2024 and 2023, respectively, and $237,125 and $256,627 during the nine months ended September 30, 2024 and 2023, respectively, that was included within the beginning contract liability balance of the respective periods. The Company has collected all amounts included in deferred revenue other than $2,224 and $4,528 as of September 30, 2024 and December 31, 2023, respectively, related to the timing of cash settlement with our credit card processors. Assets Recognized from Costs to Obtain a Contract with a Customer The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers: Balance at January 1, 2024 $ 164,900 Royalties and sales commissions – additions 10,514 Revenue share and cost per acquisition fees – additions 17,031 Amortization of capitalized costs (77,942) Balance at September 30, 2024 $ 114,503 We did not recognize any impairment on capitalized costs associated with contracts with customers for the three and nine months ended September 30, 2024 and 2023. Remaining Performance Obligations As of September 30, 2024, the Company had $462,831 of remaining performance obligations presented as deferred revenue in the condensed consolidated balance sheets. We expect to recognize approximately 50% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

Legacy Reorganization

Legacy Reorganization	9 Months Ended
Legacy Reorganization	Sep. 30, 2024
Reorganizations [Abstract]
Legacy Reorganization	Legacy Reorganization On February 8, 2024, the Company reported that its Board of Directors had committed to a strategic realignment and reorganization (the “Reorganization”) whereby the Company will wind-down the operations of its Legacy Research Group business (“Legacy Research”) in response to misconduct discovered at Legacy Research where certain managers violated the Company’s policies. Following the commitment to the Reorganization, Legacy Research continued to serve existing subscribers and fulfill existing subscriptions, but began to significantly curtail business activities including any marketing efforts to acquire new subscribers. During second quarter 2024, we began the process of offering certain Legacy Research subscribers similar products published by other MarketWise brands, consistent with past Company practice when we cease a publication. We continued this process during third quarter 2024. In October 2024, we completed our Reorganization and operational transition plans with respect to substantially all of the Legacy Research brands, which resulted in the transfer of the related assets and related fulfillment obligations to other businesses within MarketWise for fair consideration. We also entered into agreements in October 2024 to sell certain Legacy Research brands that had immaterial year-to-date September 2024 Billings, one of which was to a related party. Separation costs incurred in the three and nine months ended September 30, 2024 totaled approximately $1.3 million and $2.3 million, respectively, within general and administrative expenses. Legacy Research has leased office space and the current lease end date for this property is December 2028. As of September 30, 2024, the operating lease right-of-use asset and related leasehold improvements totaled approximately $2.7 million. The Company has ceased using this property in its operations and is evaluating various alternatives with respect to this property as of September 30, 2024. As of September 30, 2024, the Legacy Research reporting unit had goodwill totaling $8.6 million and a negative carrying value, which we considered in our related goodwill impairment assessment as of that date.

Acquisitions and Disposals

Acquisitions and Disposals	9 Months Ended
Acquisitions and Disposals	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Disposals	Acquisitions and Disposals MMP Acquisition On January 1, 2024, we acquired 100% ownership of certain assets and liabilities from Money Map Press, LLC (“MMP Acquisition”), a provider of financial newsletters, which is a related party. The Company will pay contingent consideration based on the level of subscription sales it achieves from certain customers beginning from the sale date through January 1, 2026, as defined in the sale agreement. The fair value of the contingent consideration was estimated to be $707. The contingent consideration will be remeasured at the end of each reporting period. The MMP Acquisition was accounted for using the acquisition method of accounting for business combinations. The purchase price allocation is preliminary pending completion of valuations of certain acquired assets and liabilities. The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Goodwill $ 2,522 Tradenames 283 Customer relationships 2,235 Total assets acquired 5,040 Deferred revenue, current (3,166) Deferred revenue, noncurrent (1,167) Liabilities assumed (4,333) Net assets acquired $ 707 The excess purchase consideration over the fair values of assets acquired and liabilities assumed was recorded as goodwill. The acquired intangible assets related to the MMP Acquisition are amortized over their estimated useful lives. Accordingly, the tradenames are amortized over 8.7 years and customer relationships are amortized over 6.2 years. Amortization for the acquired intangible assets was $99 and $294 for the three and nine months ended September 30, 2024, respectively. In October 2024, we entered into an agreement to dispose of certain assets and liabilities that we had previously acquired as part of the MMP Acquisition (“MMP Business”) to a related party. Billings for the MMP Business were approximately $1.5 million for the nine months ended September 30, 2024.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
Goodwill and Intangible Assets, Net	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill The carrying amounts of goodwill are as follows: Balance at December 31, 2023 $ 31,038 MMP Acquisition 2,522 Balance at September 30, 2024 $ 33,560 Intangible assets, net Intangible assets, net consisted of the following as of the dates indicated: September 30, 2024 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 14,678 $ (11,086) $ 3,592 4.1 Tradenames 3,871 (2,858) 1,013 4.6 Capitalized software development costs 5,450 (3,455) 1,995 3.6 Finite-lived intangible assets, net 23,999 (17,399) 6,600 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 25,086 $ (17,399) $ 7,687 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 We recorded amortization expense related to finite-lived intangible assets of $576 and $936 for the three months ended September 30, 2024 and 2023, respectively, and $1,822 and $2,775 for the nine months ended September 30, 2024 and 2023, respectively, within depreciation and amortization in the accompanying condensed consolidated statement of operations. These amounts include amortization of capitalized software development costs of $318 and $187 for the three months ended September 30, 2024 and 2023, respectively, and $860 and $476 for the nine months ended September 30, 2024 and 2023, respectively. We recorded (reductions) additions to capitalized software development costs of $(38) and 526 for the three months ended September 30, 2024 and 2023, respectively, and $736 and $1,498 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2024 $ 773 2025 2,219 2026 1,800 2027 716 2028 485 Thereafter 607 Finite-lived intangible assets, net $ 6,600

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated: September 30, 2024 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 92,306 $ — $ — $ 92,306 Contingent consideration receivable — — 355 $ 355 Total assets 92,306 — 355 92,661 Liabilities: Profits interests, noncurrent — — 2,313 2,313 Contingent consideration liability — — 316 316 Total liabilities $ — $ — $ 2,629 $ 2,629 December 31, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 121,345 $ — $ — $ 121,345 Contingent consideration receivable — — 1,253 1,253 Total assets 121,345 — 1,253 122,598 Liabilities: Profits interests, noncurrent — — 746 746 Total liabilities $ — $ — $ 746 $ 746 The level 3 assets relate to contingent consideration receivable from a related party associated with the Buttonwood Publishing sale, see Note 4 - Acquisitions and Disposals in our Annual Report on Form 10-K for the year ended December 31, 2023, and the level 3 liabilities relate to contingent consideration liability to a related party associated with the MMP Acquisition and profits interests, see Note 5 - Acquisitions and Note 9 – Stock-Based Compensation , respectively . The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the nine months ended September 30, 2024: Level 3 Fair Value Measurements Income Statement Line Item That Includes The Gains And Losses Contingent consideration receivable Profits interests, noncurrent Contingent consideration liability Total Balance at December 31, 2023 $ 1,253 $ 746 $ — Issues — — 707 Total gains (losses) recorded in earnings Other (expense) income, net (660) — — (660) Total (gains) losses recorded in earnings Other (expense) income, net — — (391) (391) Total (gains) losses recorded in earnings General and administrative expense — 1,567 — 1,567 Payments received $ (238) $ — $ — Balance at September 30, 2024 $ 355 $ 2,313 $ 316 The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable, profits interests, and contingent consideration liability at their measurement dates: As of September 30, 2024 Contingent consideration receivable Discount rate 25.2 % Revenue discount rate 5.3 % Profits interests Discount rate 25.0 % Discount for lack of marketability 31.2 % Contingent consideration liability Discount Rate 25.2 % The Company held no derivative liabilities during the nine months ended September 30, 2024. The following table summarizes the change in fair value of the derivative liabilities during the nine months ended September 30, 2023: Balance at January 1, 2023 $ 1,281 Change in fair value of derivative instruments 1,673 Balance at September 30, 2023 $ 2,954

Balance Sheet Components

Balance Sheet Components	9 Months Ended
Balance Sheet Components	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Capitalized Implementation Costs We capitalized cloud computing implementation costs for customer-relationship management, revenue management, and enterprise resou rce planning systems of $43 and $0 for the three months ended September 30, 2024 and 2023, respectively, and $99 and $71 for the nine months ended September 30, 2024 and 2023, respectively. The capitalized implementation costs are capita lized within other current assets and other assets on the condensed con solidated balance sheets. Amortization expense related to capitalized cloud computing implementation costs was $245 and $238, for the three months ended September 30, 2024 and 2023 , respectively, and $723 and $689 for the nine months ended September 30, 2024 and 2023, respectively . Property and Equipment, Net Property and equipment, net consists of the following: As of Estimated Useful Lives September 30, 2024 December 31, 2023 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,571 1,520 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,271 1,271 3,802 3,751 Less: Accumulated depreciation and amortization (3,235) (3,061) Total property and equipment, net $ 567 $ 690 Depreciation and amortization expense for property and equipment was $59 and $65 for the three months ended September 30, 2024 and 2023, respectively, and $175 and $204 for the nine months ended September 30, 2024 and 2023, respectively. Accrued Expenses Accrued expenses consist of the following: As of September 30, 2024 December 31, 2023 Commission and variable compensation $ 8,091 $ 29,817 Payroll and benefits 3,461 10,941 Other accrued expenses 10,818 14,283 Total accrued expenses $ 22,370 $ 55,041

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of revenue $ 889 $ 688 $ 2,031 $ 2,379 Sales and marketing 880 711 1,999 2,519 General and administrative 1,435 2,176 4,638 6,058 Total stock based-compensation expense $ 3,204 $ 3,575 $ 8,668 $ 10,956 Total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 includes expenses related to our MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) our 2021 Employee Stock Purchase Plan (“ESPP”), and profits interests as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 2021 Incentive Award Plan $ 3,124 $ 2,848 $ 6,897 $ 10,037 Employee Stock Purchase Plan 36 84 204 276 Profits interests 44 643 1,567 643 Total stock-based compensation expense $ 3,204 $ 3,575 $ 8,668 $ 10,956 2021 Incentive Award Plan During the nine months ended September 30, 2024, we granted 19,485,767 restricted stock units (“RSUs”) to certain employees and service providers in aggregate under our 2021 Incentive Award Plan. For employees and service providers, both RSUs and stock appreciation rights (“SARs”) are primarily time-based and typically vest ratably over four years, as specified in the individual grant notices. The RSUs may entitle the recipients to dividend equivalents if approved by the Plan Administrator, which are subject to the same vesting terms and accumulate during the vesting period. Upon vesting, the RSU holder will be issued a corresponding number of the Company’s Class A common stock. The SARs will be settled in the Company’s Class A common stock upon exercise. The shares to be issued upon exercise of a SAR will have a total market value equal to the SAR value calculated as (x) number of shares underlying such SAR, multiplied by (y) any excess of the Company’s share value on the date of exercise over the exercise price set in each individual grant notice. The fair value of the RSU is the same as the Company’s share price on the date of grant. The fair value of the SARs was determined using a Black-Scholes model. The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2024 to September 30, 2024, are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 7,740,261 $ 2.57 1,586,184 $ 4.05 Granted 19,485,767 1.18 — — Exercised or vested (2,486,652) 2.83 — — Forfeited (1,737,118) 2.02 (293,923) 4.05 Outstanding at September 30, 2024 23,002,258 $ 1.42 1,292,261 $ 4.05 Exercisable at September 30, 2024 — $ — 990,181 $ 4.05 The stock compensation expense related to the RSU and SAR grants was $3,124 and $2,848 for the three months ended September 30, 2024 and 2023, respectively, and $6,897 and $8,893 for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, 990,181 of the SARs were exercisable and they have a remaining contractual term of 6.6 years. On July 1, 2024, we granted approximately 18.1 million RSUs to employees, which vest ratably over 4 years. Employee Stock Purchase Plan The Company recognized $36 and $84 of stock-based compensation expense related to the ESPP during the three months ended September 30, 2024 and 2023, respectively, and $204 and $276 for the nine months ended September 30, 2024 and 2023, respectively. The Company issued 216,517 shares of Class A common stock for $213 related to employee purchases under the ESPP during the nine months ended September 30, 2024 . Profits Interests The stock-based compensation expense related to the profits interests, which are liability classified, was $44 and $643 for the three months ended September 30, 2024 and 2023, respectively, and $1,567 and $643 for the nine months ended September 30, 2024 and 2023, respectively.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following tables set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Basic earnings per share: Numerator: Net income $ 22,746 $ 12,044 $ 66,698 $ 52,392 Less: Net income attributable to noncontrolling interests 21,026 11,904 61,777 50,749 Net income attributable to Class A common stockholders $ 1,720 $ 140 $ 4,921 $ 1,643 Denominator: Weighted average shares outstanding (in thousands) 38,964 32,910 37,968 30,883 Basic earnings per share $ 0.04 $ 0.00 $ 0.13 $ 0.05 Diluted earnings per share: Numerator: Net income $ 22,746 $ 12,044 $ 66,698 $ 52,392 Less: Net income attributable to noncontrolling interests 21,026 11,904 61,777 50,749 Net income attributable to Class A common stockholders $ 1,720 $ 140 $ 4,921 $ 1,643 Denominator: Weighted average shares outstanding (in thousands) 39,662 33,632 39,259 31,996 Diluted earnings per share $ 0.04 $ 0.00 $ 0.13 $ 0.05 The Company’s potentially dilutive securities and their impact on the computation of diluted earnings per share is as follows: ▪ Sponsor and MarketWise Management Member Earnout Shares: the 3,051,000 Sponsor Earnout Shares and the 2,000,000 MarketWise Management Member Earnout Shares (as defined and discussed in our Current Report on Form 8-K filed with the SEC on July 28, 2021) held in escrow are excluded from the earnings per share computation in both periods since the earnout contingency has not been met. ▪ Restricted stock units: The basic earnings per share calculation includes the impact of vested RSUs. The diluted earnings per share calculation includes the impact of unvested RSUs, where the impact is dilutive, unless the Company has a net loss. ▪ Stock appreciation rights: The diluted earnings per share calculation excludes the impact of SARs since the effect was antidilutive. ▪ ESPP: The diluted earnings per share calculation includes the impact of dilutive shares and excludes the impact of antidilutive shares under the ESPP as of September 30, 2024 and 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are subject to U.S. federal and state taxes with respect to our allocable share of any taxable income or loss of MarketWise, LLC, as well as any stand-alone income or loss we generate. MarketWise, LLC is treated as a partnership for U.S. income tax purposes and for most applicable state and local income tax purposes and generally does not pay income taxes in most jurisdictions. Instead, MarketWise, LLC’s taxable income or loss is passed through to its members, including us. Our effective tax rate was 4.1% and 3.6% for the three and nine months ended September 30, 2024, respectively, and 5.4% and 3.8% for the three and nine months ended September 30, 2023, respectively. The main driver of the effective income tax rate for the three and nine months ended September 30, 2024 was the income allocation to the non-controlling interest. The main driver of the decrease in the effective tax rate from the three and nine months ended September 30, 2023 is the change in the income allocation to the non-controlling interest. Our effective tax rate for the three and nine months ended September 30, 2024 differs from the U.S. federal statutory rate primarily because we generally do not record income taxes for the non-controlling portion of pre-tax income. As a result of 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 in the amount of $29,869 for certain deferred tax assets that are not more likely than not to be realized. As part of Transactions, we entered into Tax Receivable Agreements (“TRAs”) with certain shareholders. Pursuant to our election under Section 754 of the Code, as amended, and the regulations issued thereunder, we expect to receive a step up in the tax basis of our ownership in MarketWise, LLC as exchanges of the LLC Units (as defined herein) occur. These increases in tax basis may reduce the amount we may otherwise pay to various tax authorities in the future. The TRA liability will represent approximately 85% of the calculated tax savings based on basis adjustments and other carryforward attributes assumed that we anticipate to be able to utilize in future years. We will retain the remaining 15% of calculated tax savings. The payments contemplated by the TRA are not conditioned upon any continued ownership interest in MarketWise, LLC. The timing and amount of aggregate payments due pursuant to the TRA may vary based on several factors including the timing and amount of future taxable income, as well as future applicable tax rates. As such, significant inputs and assumptions are used to estimate the future expected payments under the TRA. During the nine months ended September 30, 2024, Members of MarketWise, LLC exchanged an aggregate of 1,000,000 common units of MarketWise, LLC (“LLC Units”) together with an equal number of shares of Class B common stock for 1,000,000 newly-issued shares of Class A common stock. As a result, we have recorded a cumulative liability of $2,669 under the TRA as of September 30, 2024. No payments have been made under the TRA and no payments are expected in the next 12 months. As of September 30, 2024, we had no unrecognized tax positions and we do not anticipate any changes to uncertain tax positions within the next 12 months.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We have certain revenue share agreements with related parties. Accordingly, we recognized revenue from related parties of $211 and $351 for the three months ended September 30, 2024 and 2023, respectively, and $1,462 and $1,250 for the nine months ended September 30, 2024 and 2023, respectively. We incurred costs related to revenue share agreements with related parties which are capitalized within deferred contract acquisition costs. We capitalized $1,028 and $1,952 for the three months ended September 30, 2024 and 2023, respectively, and $3,086 and $4,039 for the nine months ended September 30, 2024 and 2023, respectively. Additionally, a related party provided call center support and other services to the Company for which we recorded an expense within cost of revenue of $64 and $80 for the three months ended September 30, 2024 and 2023, respectively, and $284 and $433 for the nine months ended September 30, 2024 and 2023, respectively. A related party provided marketing and copywriting services to the Company for which we recorded an expense within cost of revenue of $166 and $644 for the three months ended September 30, 2024 and 2023, respectively, $892 and $1,229 for the nine months ended September 30, 2024 and 2023, respectively. A related party also provided certain corporate functions to the Company and the costs of these services are charged to us. We recorded $32 and $24 for the three months ended September 30, 2024 and 2023, respectively, and $70 and $78 for the nine months ended September 30, 2024 and 2023, respectively, within related party expense in the accompanying condensed consolidated statement of operations. We held balances of $1,105 and $1,220 as of September 30, 2024 and December 31, 2023, respectively, of related party payables related to revenue share expenses, call center support, and the services noted above. The balances with this related party are presented net and are included in related party payables in the condensed consolidated balance sheet. We earned fees and provided certain accounting and marketing services to companies owned by certain of MarketWise’s Class B stockholders. As a result, we recognized $93 and $97 in other income, net for the three months ended September 30, 2024 and 2023, respectively, and $354 and $604 for the nine months ended September 30, 2024 and 2023, respectively. Related party receivables related to these services were $93 and $239 as of September 30, 2024 and December 31, 2023, respectively. We lease offices from related parties. Lease payments made to related parties were $435 and $441 for the three months ended September 30, 2024 and 2023, respectively, and $1,306 and $1,309 for the nine months ended September 30, 2024 and 2023, respectively. Related party rent expense was $603 and $602 for the three months ended September 30, 2024 and 2023, respectively, and $1,808 and $1,802 for the nine months ended September 30, 2024 and 2023, respectively, and was recognized in general and administrative expenses. At September 30, 2024 and December 31, 2023, ROU assets of $5,776 and $7,261 and lease liabilities of $4,713 and $5,740, respectively, are associated with leases with related parties.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Nine Months Ended September 30, 2024 2023 Supplemental Disclosures of Cash Flow Information: Cash paid for income taxes $ 253 $ — Cash paid for interest 666 675 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1,395) (1,486) Operating lease right-of-use assets obtained in exchange for lease obligations — (76) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable — 71 Fair value of contingent consideration liability related to MMP Acquisition 707 —

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
Stockholders’ Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity The Company’s capital stock consists of (i) issued and outstanding Class A common stock with a par value of $0.0001 per share, and (ii) issued and outstanding Class B common stock with a par value of $0.0001 per share. The table set forth below reflects information about the Company’s equity, as of September 30, 2024. The 3,051,000 Sponsor Earnout Shares held in escrow and the 2,000,000 Management Member Earnout Shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock – Class A 950,000,000 39,381,380 39,381,380 Common stock – Class B 300,000,000 279,890,147 279,890,147 Preferred stock 100,000,000 — — Total 1,350,000,000 319,271,527 319,271,527 Each share of Class A and Class B common stock entitles the holder one vote per share. Holders of Class A common stock have the right to receive dividends while holders of Class B common stock have the right to receive a proportionate amount of distributions. In the event of liquidation, dissolution or winding up of the affairs of the Company, only holders of Class A common stock have the right to receive liquidation proceeds, while the holders of Class B common stock are entitled to only the par value of their shares. Class B common stock can be issued only to 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 April 2024, we purchased 7.2 million LLC Units for $10.8 million and canceled the same amount of Class B shares. In July 2024, we canceled 8.4 million LLC Units and Class B shares, which we reinstated in November 2024 effective as of the cancellation date. In 2023, we commenced paying quarterly dividends on shares of our Class A common stock and distributions on our LLC Units. There can be no assurance that we will continue to pay dividends in the future. The payment of any future dividends and distributions will be at the discretion of our Board of Directors and will depend on our results of operations, capital requirements, financial condition, prospects, contractual arrangements, any limitations on payment of dividends present in any debt agreements, and other factors that our Board of Directors may deem relevant. The dividends and distributions declared during the nine months ended September 30, 2024 were as follows: Dividends Distributions Date declared Date paid per share Total per unit Total March 5, 2024 April 25, 2024 $ 0.01 $ 493 $ 0.01 $ 2,878 May 3, 2024 June 25, 2024 $ 0.01 $ 497 $ 0.01 $ 2,804 August 1, 2024 September 25, 2024 $ 0.01 $ 629 $ 0.01 $ 2,720

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsSubsequent events have been evaluated through November 7, 2024, which is the date that the financial statements were issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying condensed consolidated financial statements (“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 financial statements. As of September 30, 2024, MarketWise, Inc. had a 12.3% 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 financial statements.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited financial statements and the related footnote disclosures have been prepared by us in accordance with GAAP for interim financial reporting and as required by Rule 10-01 of Regulation S-X. Accordingly, the unaudited financial statements may not include all of the information and notes required by GAAP for audited financial statements. The year-end December 31, 2023 consolidated balance sheet data included herein was derived from audited financial statements but does not include all disclosures required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments, consisting of items of a normal and recurring nature, necessary to present fairly our financial position as of September 30, 2024, the results of operations, comprehensive income, stockholders’ deficit, and cash flows for the three and nine months ended September 30, 2024 and 2023. The results of operations for the three and nine months ended September 30, 2024 and 2023 are not necessarily indicative of the results to be expected for the full year. The information contained herein should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”). Management considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, the fair value of common units, derivatives, warrants, valuation of assets acquired and liabilities assumed in business combinations, useful lives of intangible assets with definite lives, benefit period of deferred contract acquisition costs, determination of standalone selling prices, estimated life of lifetime customers, recoverability of goodwill and long-lived assets, valuation allowances on deferred tax assets, the incremental borrowing rates to calculate lease liabilities and right-of-use (“ROU”) assets and certain accruals. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors and adjust those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.
Noncontrolling Interest	Noncontrolling Interest Noncontrolling interest represents the Company’s noncontrolling interest in consolidated subsidiaries which are not attributable, directly or indirectly, to the controlling Class A common stock ownership of the Company.
Reclassifications	Reclassifications
Recently Issued Accounting Pronouncements	Recently Issued 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. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
Revenue Recognition (Tables)	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended September 30, 2024 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 96,841 $ — $ — $ — $ 96,841 Transferred at a point in time — 111 211 23 345 Total $ 96,841 $ 111 $ 211 $ 23 $ 97,186 Three Months Ended September 30, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 105,581 $ — $ — $ — $ 105,581 Transferred at a point in time — 192 351 26 569 Total $ 105,581 $ 192 $ 351 $ 26 $ 106,150 Nine Months Ended September 30, 2024 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 308,893 $ — $ — $ — $ 308,893 Transferred at a point in time — 788 1,462 80 2,330 Total $ 308,893 $ 788 $ 1,462 $ 80 $ 311,223 Nine Months Ended September 30, 2023 Subscriptions Advertising Revenue Share (Related Party) Revenue Share (Third-party) Total Timing of transfer: Transferred over time $ 334,141 $ — $ — $ — $ 334,141 Transferred at a point in time — 508 1,250 128 1,886 Total $ 334,141 $ 508 $ 1,250 $ 128 $ 336,027 Revenue recognition by subscription type was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Membership subscriptions $ 47,165 $ 48,177 $ 145,393 $ 137,988 Term subscriptions 49,676 57,404 163,500 196,153 Non-subscription revenue 345 569 2,330 1,886 Total $ 97,186 $ 106,150 $ 311,223 $ 336,027 Net revenue by principal geographic areas was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 United States $ 97,186 $ 106,150 $ 311,223 $ 335,936 International — — — 91 Total $ 97,186 $ 106,150 $ 311,223 $ 336,027
Schedule of Contract Balances	Accounts receivable, deferred revenue and obligation for refunds are as follows: As of September 30, 2024 December 31, 2023 Contract balances Accounts receivable $ 2,224 $ 4,528 Obligations for refunds $ 2,945 $ 3,157 Deferred revenue – current $ 226,790 $ 284,594 Deferred revenue – non-current $ 233,096 $ 304,342
Schedule of Capitalized Costs Associated with Contracts with Customers	The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers: Balance at January 1, 2024 $ 164,900 Royalties and sales commissions – additions 10,514 Revenue share and cost per acquisition fees – additions 17,031 Amortization of capitalized costs (77,942) Balance at September 30, 2024 $ 114,503

Acquisitions and Disposals (Tab

Acquisitions and Disposals (Tables)	9 Months Ended
Acquisitions and Disposals (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date: Goodwill $ 2,522 Tradenames 283 Customer relationships 2,235 Total assets acquired 5,040 Deferred revenue, current (3,166) Deferred revenue, noncurrent (1,167) Liabilities assumed (4,333) Net assets acquired $ 707

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
Goodwill and Intangible Assets, Net (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The carrying amounts of goodwill are as follows: Balance at December 31, 2023 $ 31,038 MMP Acquisition 2,522 Balance at September 30, 2024 $ 33,560
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: September 30, 2024 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 14,678 $ (11,086) $ 3,592 4.1 Tradenames 3,871 (2,858) 1,013 4.6 Capitalized software development costs 5,450 (3,455) 1,995 3.6 Finite-lived intangible assets, net 23,999 (17,399) 6,600 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 25,086 $ (17,399) $ 7,687 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
Schedule of Finite-Lived Intangible Assets	Intangible assets, net consisted of the following as of the dates indicated: September 30, 2024 Cost Accumulated Amortization Net Book Value Weighted-Average Remaining Useful Life (in years) Finite-lived intangible assets: Customer relationships $ 14,678 $ (11,086) $ 3,592 4.1 Tradenames 3,871 (2,858) 1,013 4.6 Capitalized software development costs 5,450 (3,455) 1,995 3.6 Finite-lived intangible assets, net 23,999 (17,399) 6,600 Indefinite-lived intangible assets: Internet domain names 1,087 — 1,087 Indefinite-lived intangible assets, net 1,087 — 1,087 Intangible assets, net $ 25,086 $ (17,399) $ 7,687 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
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of September 30, 2024, the total expected future amortization expense for finite-lived intangible assets is as follows: Remainder of 2024 $ 773 2025 2,219 2026 1,800 2027 716 2028 485 Thereafter 607 Finite-lived intangible assets, net $ 6,600

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated: September 30, 2024 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 92,306 $ — $ — $ 92,306 Contingent consideration receivable — — 355 $ 355 Total assets 92,306 — 355 92,661 Liabilities: Profits interests, noncurrent — — 2,313 2,313 Contingent consideration liability — — 316 316 Total liabilities $ — $ — $ 2,629 $ 2,629 December 31, 2023 Level 1 Level 2 Level 3 Aggregate Fair Value Assets: Money market funds $ 121,345 $ — $ — $ 121,345 Contingent consideration receivable — — 1,253 1,253 Total assets 121,345 — 1,253 122,598 Liabilities: Profits interests, noncurrent — — 746 746 Total liabilities $ — $ — $ 746 $ 746
Schedule of Changes in Fair Value of Liabilities	The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the nine months ended September 30, 2024: Level 3 Fair Value Measurements Income Statement Line Item That Includes The Gains And Losses Contingent consideration receivable Profits interests, noncurrent Contingent consideration liability Total Balance at December 31, 2023 $ 1,253 $ 746 $ — Issues — — 707 Total gains (losses) recorded in earnings Other (expense) income, net (660) — — (660) Total (gains) losses recorded in earnings Other (expense) income, net — — (391) (391) Total (gains) losses recorded in earnings General and administrative expense — 1,567 — 1,567 Payments received $ (238) $ — $ — Balance at September 30, 2024 $ 355 $ 2,313 $ 316 The Company held no derivative liabilities during the nine months ended September 30, 2024. The following table summarizes the change in fair value of the derivative liabilities during the nine months ended September 30, 2023: Balance at January 1, 2023 $ 1,281 Change in fair value of derivative instruments 1,673 Balance at September 30, 2023 $ 2,954
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the nine months ended September 30, 2024: Level 3 Fair Value Measurements Income Statement Line Item That Includes The Gains And Losses Contingent consideration receivable Profits interests, noncurrent Contingent consideration liability Total Balance at December 31, 2023 $ 1,253 $ 746 $ — Issues — — 707 Total gains (losses) recorded in earnings Other (expense) income, net (660) — — (660) Total (gains) losses recorded in earnings Other (expense) income, net — — (391) (391) Total (gains) losses recorded in earnings General and administrative expense — 1,567 — 1,567 Payments received $ (238) $ — $ — Balance at September 30, 2024 $ 355 $ 2,313 $ 316
Schedule of Fair Value Measurements Inputs	The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable, profits interests, and contingent consideration liability at their measurement dates: As of September 30, 2024 Contingent consideration receivable Discount rate 25.2 % Revenue discount rate 5.3 % Profits interests Discount rate 25.0 % Discount for lack of marketability 31.2 % Contingent consideration liability Discount Rate 25.2 %

Balance Sheet Components (Table

Balance Sheet Components (Tables)	9 Months Ended
Balance Sheet Components (Tables)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consists of the following: As of Estimated Useful Lives September 30, 2024 December 31, 2023 Furniture and fixtures 5 years $ 960 $ 960 Computers, software and equipment 3 years 1,571 1,520 Leasehold improvements Shorter of estimated useful life or remaining term of lease 1,271 1,271 3,802 3,751 Less: Accumulated depreciation and amortization (3,235) (3,061) Total property and equipment, net $ 567 $ 690
Schedule of Accrued Expenses	Accrued expenses consist of the following: As of September 30, 2024 December 31, 2023 Commission and variable compensation $ 8,091 $ 29,817 Payroll and benefits 3,461 10,941 Other accrued expenses 10,818 14,283 Total accrued expenses $ 22,370 $ 55,041

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense	Included within cost of revenue, sales and marketing, and general and administrative expenses are total stock-based compensation expenses as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of revenue $ 889 $ 688 $ 2,031 $ 2,379 Sales and marketing 880 711 1,999 2,519 General and administrative 1,435 2,176 4,638 6,058 Total stock based-compensation expense $ 3,204 $ 3,575 $ 8,668 $ 10,956 Total stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 includes expenses related to our MarketWise, Inc. 2021 Incentive Award Plan (the “2021 Incentive Award Plan”) our 2021 Employee Stock Purchase Plan (“ESPP”), and profits interests as follows: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 2021 Incentive Award Plan $ 3,124 $ 2,848 $ 6,897 $ 10,037 Employee Stock Purchase Plan 36 84 204 276 Profits interests 44 643 1,567 643 Total stock-based compensation expense $ 3,204 $ 3,575 $ 8,668 $ 10,956
Schedule of Activities of RSUs	The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2024 to September 30, 2024, are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 7,740,261 $ 2.57 1,586,184 $ 4.05 Granted 19,485,767 1.18 — — Exercised or vested (2,486,652) 2.83 — — Forfeited (1,737,118) 2.02 (293,923) 4.05 Outstanding at September 30, 2024 23,002,258 $ 1.42 1,292,261 $ 4.05 Exercisable at September 30, 2024 — $ — 990,181 $ 4.05
Schedule of Activities of SARs	The activities of the RSUs and SARs and the related weighted average grant-date fair value of the respective share classes, including granted, exercised and forfeited, from January 1, 2024 to September 30, 2024, are summarized as follows: RSUs SARs Units Weighted-Average Grant Date Fair Value Units Weighted-Average Grant Date Fair Value Outstanding at January 1, 2024 7,740,261 $ 2.57 1,586,184 $ 4.05 Granted 19,485,767 1.18 — — Exercised or vested (2,486,652) 2.83 — — Forfeited (1,737,118) 2.02 (293,923) 4.05 Outstanding at September 30, 2024 23,002,258 $ 1.42 1,292,261 $ 4.05 Exercisable at September 30, 2024 — $ — 990,181 $ 4.05

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following tables set forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2024 and 2023: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Basic earnings per share: Numerator: Net income $ 22,746 $ 12,044 $ 66,698 $ 52,392 Less: Net income attributable to noncontrolling interests 21,026 11,904 61,777 50,749 Net income attributable to Class A common stockholders $ 1,720 $ 140 $ 4,921 $ 1,643 Denominator: Weighted average shares outstanding (in thousands) 38,964 32,910 37,968 30,883 Basic earnings per share $ 0.04 $ 0.00 $ 0.13 $ 0.05 Diluted earnings per share: Numerator: Net income $ 22,746 $ 12,044 $ 66,698 $ 52,392 Less: Net income attributable to noncontrolling interests 21,026 11,904 61,777 50,749 Net income attributable to Class A common stockholders $ 1,720 $ 140 $ 4,921 $ 1,643 Denominator: Weighted average shares outstanding (in thousands) 39,662 33,632 39,259 31,996 Diluted earnings per share $ 0.04 $ 0.00 $ 0.13 $ 0.05

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Supplemental cash flow disclosures are as follows: Nine Months Ended September 30, 2024 2023 Supplemental Disclosures of Cash Flow Information: Cash paid for income taxes $ 253 $ — Cash paid for interest 666 675 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (1,395) (1,486) Operating lease right-of-use assets obtained in exchange for lease obligations — (76) Supplemental Disclosures of Non-Cash Investing and Financing Activities: Capitalized software included in accounts payable — 71 Fair value of contingent consideration liability related to MMP Acquisition 707 —

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
Stockholders’ Equity (Tables)	Sep. 30, 2024
Equity [Abstract]
Schedule of Stock by Class	The table set forth below reflects information about the Company’s equity, as of September 30, 2024. The 3,051,000 Sponsor Earnout Shares held in escrow and the 2,000,000 Management Member Earnout Shares are considered contingently issuable shares and therefore excluded from the number of Class A common stock issued and outstanding in the table below. Authorized Issued Outstanding Common stock – Class A 950,000,000 39,381,380 39,381,380 Common stock – Class B 300,000,000 279,890,147 279,890,147 Preferred stock 100,000,000 — — Total 1,350,000,000 319,271,527 319,271,527
Schedule of Dividends Declared	The dividends and distributions declared during the nine months ended September 30, 2024 were as follows: Dividends Distributions Date declared Date paid per share Total per unit Total March 5, 2024 April 25, 2024 $ 0.01 $ 493 $ 0.01 $ 2,878 May 3, 2024 June 25, 2024 $ 0.01 $ 497 $ 0.01 $ 2,804 August 1, 2024 September 25, 2024 $ 0.01 $ 629 $ 0.01 $ 2,720
Schedule of Distributions Made to Limited Liability Company (LLC) Member, by Distribution	The dividends and distributions declared during the nine months ended September 30, 2024 were as follows: Dividends Distributions Date declared Date paid per share Total per unit Total March 5, 2024 April 25, 2024 $ 0.01 $ 493 $ 0.01 $ 2,878 May 3, 2024 June 25, 2024 $ 0.01 $ 497 $ 0.01 $ 2,804 August 1, 2024 September 25, 2024 $ 0.01 $ 629 $ 0.01 $ 2,720

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Significant Accounting Policies [Line Items]
Income tax expense	$ 973	$ 691	$ 2,487	$ 2,046
Marketwise, LLC
Significant Accounting Policies [Line Items]
Ownership percentage in subsidiary (as a percent)	12.30%	10.60%	12.30%	10.60%
Noncontrolling interest ownership (as a percent)	87.70%	89.40%	87.70%	89.40%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Net Revenue	$ 97,186	$ 106,150	$ 311,223	$ 336,027
Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	211	351	1,462	1,250
Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	96,975	105,799	309,761	334,777
United States
Disaggregation of Revenue [Line Items]
Net Revenue	97,186	106,150	311,223	335,936
International
Disaggregation of Revenue [Line Items]
Net Revenue	0	0	0	91
Membership subscriptions
Disaggregation of Revenue [Line Items]
Net Revenue	47,165	48,177	145,393	137,988
Term subscriptions
Disaggregation of Revenue [Line Items]
Net Revenue	49,676	57,404	163,500	196,153
Non-subscription revenue
Disaggregation of Revenue [Line Items]
Net Revenue	345	569	2,330	1,886
Transferred over time
Disaggregation of Revenue [Line Items]
Net Revenue	96,841	105,581	308,893	334,141
Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Revenue	345	569	2,330	1,886
Subscriptions
Disaggregation of Revenue [Line Items]
Net Revenue	96,841	105,581	308,893	334,141
Subscriptions \| Transferred over time
Disaggregation of Revenue [Line Items]
Net Revenue	96,841	105,581	308,893	334,141
Subscriptions \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Revenue	0	0	0	0
Advertising
Disaggregation of Revenue [Line Items]
Net Revenue	111	192	788	508
Advertising \| Transferred over time
Disaggregation of Revenue [Line Items]
Net Revenue	0	0	0	0
Advertising \| Transferred at a point in time
Disaggregation of Revenue [Line Items]
Net Revenue	111	192	788	508
Revenue Share \| Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	211	351	1,462	1,250
Revenue Share \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	23	26	80	128
Revenue Share \| Transferred over time \| Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	0	0	0	0
Revenue Share \| Transferred over time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	0	0	0	0
Revenue Share \| Transferred at a point in time \| Related Party
Disaggregation of Revenue [Line Items]
Net Revenue	211	351	1,462	1,250
Revenue Share \| Transferred at a point in time \| Nonrelated Party
Disaggregation of Revenue [Line Items]
Net Revenue	$ 23	$ 26	$ 80	$ 128

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable	$ 2,224	$ 4,528
Obligations for refunds	2,945	3,157
Deferred revenue – current	226,790	284,594
Deferred revenue – non-current	$ 233,096	$ 304,342

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue Recognition - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract liability, revenue recognized	$ 65,476,000	$ 69,978,000	$ 237,125,000	$ 256,627,000
Accounts receivable	2,224,000		2,224,000		$ 4,528,000
Impairment of capitalized costs	0	$ 0	0	$ 0
Remaining performance obligation	$ 462,831,000		$ 462,831,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, percentage	50%		50%
Remaining performance obligation, timing of satisfaction	12 months		12 months

Revenue Recognition - Capitaliz

Revenue Recognition - Capitalized Costs Associated with Contracts with Customers (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Capitalized Contract Cost [Roll Forward]
Capitalized costs, beginning balance	$ 164,900
Royalties and sales commissions – additions	10,514
Revenue share and cost per acquisition fees – additions	17,031
Amortization of capitalized costs	(77,942)
Capitalized costs, ending balance	$ 114,503

Legacy Reorganization (Details)

Legacy Reorganization (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Legacy Reorganization (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Goodwill	$ 33,560	$ 33,560	$ 31,038
Legacy Research \| Reorganization
Restructuring Cost and Reserve [Line Items]
Separation costs	1,300	2,300
Operating lease right-of-use asset and related leasehold improvements	2,700	2,700
Goodwill	$ 8,600	$ 8,600

Acquisitions and Disposals - Na

Acquisitions and Disposals - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Contingent consideration liability	$ 707			$ 707	$ 0
Amortization of intangible assets		$ 576	$ 936	1,822	$ 2,775
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Money Map Press, LLC
Business Acquisition [Line Items]
Billings		1,500		1,500
Money Map Press, LLC
Business Acquisition [Line Items]
Percentage of interests acquired	100%
Amortization of intangible assets		$ 99		$ 294
Money Map Press, LLC \| Tradenames
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)				8 years 8 months 12 days
Money Map Press, LLC \| Customer relationships
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life (in years)				6 years 2 months 12 days

Acquisitions and Disposals - Fa

Acquisitions and Disposals - Fair Value of Assets Acquired and Liabilities Assumed - Chaikin Holdings LLC (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jan. 01, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 33,560		$ 31,038
Money Map Press, LLC
Business Acquisition [Line Items]
Goodwill		$ 2,522
Total assets acquired		5,040
Deferred revenue, current		(3,166)
Deferred revenue, noncurrent		(1,167)
Liabilities assumed		(4,333)
Net assets acquired		707
Money Map Press, LLC \| Tradenames
Business Acquisition [Line Items]
Finite-lived intangibles		283
Money Map Press, LLC \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles		$ 2,235

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 31,038
MMP Acquisition	2,522
Goodwill, ending balance	$ 33,560

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets:
Cost	$ 23,999	$ 20,745
Accumulated Amortization	(17,399)	(15,577)
Finite-lived intangible assets, net	6,600	5,168
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Cost	25,086	21,832
Net Book Value	7,687	6,255
Internet domain names
Indefinite-lived intangible assets:
Indefinite-lived intangible assets	1,087	1,087
Customer relationships
Finite-lived intangible assets:
Cost	14,678	12,443
Accumulated Amortization	(11,086)	(10,371)
Finite-lived intangible assets, net	$ 3,592	$ 2,072
Weighted-Average Remaining Useful Life (in years)	4 years 1 month 6 days	3 years
Tradenames
Finite-lived intangible assets:
Cost	$ 3,871	$ 3,588
Accumulated Amortization	(2,858)	(2,611)
Finite-lived intangible assets, net	$ 1,013	$ 977
Weighted-Average Remaining Useful Life (in years)	4 years 7 months 6 days	3 years 10 months 24 days
Capitalized software development costs
Finite-lived intangible assets:
Cost	$ 5,450	$ 4,714
Accumulated Amortization	(3,455)	(2,595)
Finite-lived intangible assets, net	$ 1,995	$ 2,119
Weighted-Average Remaining Useful Life (in years)	3 years 7 months 6 days	3 years 8 months 12 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 576	$ 936	$ 1,822	$ 2,775
Amortization of capitalized software development costs	318	187	860	476
Additions (reductions) to capitalized software development costs	$ (38)	$ 526	$ 736	$ 1,498

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 773
2025	2,219
2026	1,800
2027	716
2028	485
Thereafter	607
Finite-lived intangible assets, net	$ 6,600	$ 5,168

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Contingent consideration receivable	$ 355	$ 1,253
Total assets	92,661	122,598
Liabilities:
Contingent consideration liability	316
Total liabilities	2,629	746
Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,313	746
Money market funds
Assets:
Money market funds	92,306	121,345
Level 1
Assets:
Contingent consideration receivable	0	0
Total assets	92,306	121,345
Liabilities:
Contingent consideration liability	0
Total liabilities	0	0
Level 1 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 1 \| Money market funds
Assets:
Money market funds	92,306	121,345
Level 2
Assets:
Contingent consideration receivable	0	0
Total assets	0	0
Liabilities:
Contingent consideration liability	0
Total liabilities	0	0
Level 2 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	0	0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 3
Assets:
Contingent consideration receivable	355	1,253
Total assets	355	1,253
Liabilities:
Contingent consideration liability	316
Total liabilities	2,629	746
Level 3 \| Phantom Interests in Net Income
Liabilities:
Profits interests, noncurrent	2,313	746
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total gains (losses) recorded in earnings	$ (660,000)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 1,281,000
Ending balance	0	$ 2,954,000
Other (expense) income, net
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total (gains) losses recorded in earnings	(391,000)
General and administrative
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Total (gains) losses recorded in earnings	1,567,000
Profits interests, noncurrent
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	746,000
Total (gains) losses recorded in earnings	1,567,000
Ending balance	2,313,000
Contingent consideration liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	0
Issues	707,000
Total (gains) losses recorded in earnings	(391,000)
Ending balance	316,000
Contingent consideration receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	1,253,000
Total gains (losses) recorded in earnings	(660,000)
Payments received	(238,000)
Ending balance	$ 355,000

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Fair Value Measurements Inputs (Details) - Recurring	Sep. 30, 2024
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.252
Profits interests	0.250
Contingent consideration liability	0.252
Revenue discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration receivable	0.053
Discount for lack of marketability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Profits interests	0.312

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Derivative liability	$ 0	$ 2,954,000	$ 1,281,000

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Liabilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance		$ 1,281,000
Ending balance	$ 0	2,954,000
Other Contract
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of derivative instruments		$ 1,673,000

Balance Sheet Components - Narr

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cloud computing implementation costs capitalized during the period	$ 43	$ 0	$ 99	$ 71
Capitalized cloud computing implementation costs amortization expense	245	238	723	689
Depreciation expense	$ 59	$ 65	$ 175	$ 204

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 3,802	$ 3,751
Less: Accumulated depreciation and amortization	(3,235)	(3,061)
Total property and equipment, net	$ 567	690
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Property and equipment, gross	$ 960	960
Computers, software and equipment
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Property and equipment, gross	$ 1,571	1,520
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,271	$ 1,271

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commission and variable compensation	$ 8,091	$ 29,817
Payroll and benefits	3,461	10,941
Other accrued expenses	10,818	14,283
Total accrued expenses	$ 22,370	$ 55,041

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based Compensation Expense by Statement of Operations Line Item (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,204	$ 3,575	$ 8,668	$ 10,956
2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	3,124	2,848	6,897	10,037
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	36	84	204	276
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	44	643	1,567	643
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	889	688	2,031	2,379
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	880	711	1,999	2,519
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,435	$ 2,176	$ 4,638	$ 6,058

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 3,204	$ 3,575	$ 8,668	$ 10,956
Profits interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		44	643	$ 1,567	643
RSU and SAR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Total stock-based compensation expense		$ 3,124	2,848	$ 6,897	8,893
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	18,100,000			19,485,767
Vesting period	4 years
Exercisable (in shares)		0		0
SARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				0
Exercisable (in shares)		990,181		990,181
Remaining contractual term				6 years 7 months 6 days
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense		$ 36	$ 84	$ 204	$ 276
Issued stock (in shares)				216,517,000
Issued stock				$ 213

Stock-Based Compensation - Acti

Stock-Based Compensation - Activities of RSUs and SARs (Details) - $ / shares		9 Months Ended
	Jul. 01, 2024	Sep. 30, 2024
RSUs
Units
Outstanding, beginning balance (in shares)		7,740,261
Granted (in shares)	18,100,000	19,485,767
Exercised or vested (in shares)		(2,486,652)
Forfeited (in shares)		(1,737,118)
Outstanding, ending balance (in shares)		23,002,258
Exercisable (in shares)		0
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share)		$ 2.57
Granted (USD per share)		1.18
Exercised or vested (USD per share)		2.83
Forfeited (USD per share)		2.02
Outstanding, ending balance (USD per share)		1.42
Exercisable (USD per share)		$ 0
SARs
Units
Outstanding, beginning balance (in shares)		1,586,184
Granted (in shares)		0
Exercised or vested (in shares)		0
Forfeited (in shares)		(293,923)
Outstanding, ending balance (in shares)		1,292,261
Exercisable (in shares)		990,181
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (USD per share)		$ 4.05
Granted (USD per share)		0
Exercised or vested (USD per share)		0
Forfeited (USD per share)		4.05
Outstanding, ending balance (USD per share)		4.05
Exercisable (USD per share)		$ 4.05

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 22,746	$ 12,044	$ 66,698	$ 52,392
Less: Net income attributable to noncontrolling interests	21,026	11,904	61,777	50,749
Net income attributable to Class A common stockholders	1,720	140	4,921	1,643
Net income attributable to Class A common stockholders	$ 1,720	$ 140	$ 4,921	$ 1,643
Denominator:
Weighted average shares outstanding (in shares)	38,964	32,910	37,968	30,883
Basic earnings per share (USD per share)	$ 0.04	$ 0	$ 0.13	$ 0.05
Weighted average shares outstanding (in shares)	39,662	33,632	39,259	31,996
Diluted earnings per share (USD per share)	$ 0.04	$ 0	$ 0.13	$ 0.05

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	9 Months Ended
Earnings Per Share - Narrative (Details)	Sep. 30, 2024 shares
Sponsor Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,051,000
Member Earn Out Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,000,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
Income Taxes (Details)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Effective income tax rate	4.10%	5.40%	3.60%	3.80%
Valuation allowance \| $	$ 29,869,000		$ 29,869,000
Tax savings rate			0.85
Tax receivable agreement, percent of calculated tax savings retained (as a percent)	0.15		0.15
Tax Receivable Agreement \| $	$ 2,669,000		$ 2,669,000
Unrecognized tax positions \| $	$ 0		$ 0
Common stock – Class B
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) \| shares	1,000,000		1,000,000
MarketWise, LLC Units
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Issuance per redemption of Class B shares for Class A (in shares) \| shares	1,000,000		1,000,000
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	1,000,000		1,000,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Net Revenue		$ 97,186	$ 106,150	$ 311,223	$ 336,027
Cost of revenue	[1]	12,902	13,812	39,649	43,737
Related party expense		9	155	393	487
Other income, net		632	182	210	807
Related party receivables		930		930		$ 5,182
Operating lease, payments				1,395	1,486
Operating lease right-of-use assets		5,801		5,801		7,331
Corporate Functions
Related Party Transaction [Line Items]
Related party expense		32	24
Related Party
Related Party Transaction [Line Items]
Net Revenue		211	351	1,462	1,250
Trade and other payables		1,133		1,133		1,137
Operating lease, payments		435	441	1,306	1,309
Operating lease, expense		603	602	1,808	1,802
Operating lease right-of-use assets		5,776		5,776		7,261
Operating lease, liability		4,713		4,713		5,740
Related Party \| Revenue Share Expenses
Related Party Transaction [Line Items]
Deferred contract acquisition costs capitalized during the period		1,028	1,952	3,086	4,039
Related Party \| Call Center Support and Other Services Expense
Related Party Transaction [Line Items]
Cost of revenue		64	80	284	433
Related Party \| Marketing and Copywriting Services
Related Party Transaction [Line Items]
Cost of revenue		166	644	892	1,229
Related Party \| Corporate Functions
Related Party Transaction [Line Items]
Related party expense				70	78
Related Party \| Revenue Share Expenses, Call Center Support, and Corporate Functions
Related Party Transaction [Line Items]
Trade and other payables		1,105		1,105		1,220
Related Party \| Fees and Accounting and Marketing Services Revenue
Related Party Transaction [Line Items]
Other income, net		93	$ 97	354	$ 604
Related party receivables		$ 93		$ 93		$ 239

[1] (1) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 01, 2024	Sep. 30, 2024	Sep. 30, 2023
Supplemental Disclosures of Cash Flow Information:
Cash paid for income taxes		$ 253	$ 0
Cash paid for interest		666	675
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		(1,395)	(1,486)
Operating lease right-of-use assets obtained in exchange for lease obligations		0	(76)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Capitalized software included in accounts payable		0	71
Fair value of contingent consideration liability related to MMP Acquisition	$ 707	$ 707	$ 0

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2024 shares	Apr. 30, 2024 USD ($) shares	Sep. 30, 2024 vote $ / shares shares	Dec. 31, 2023 $ / shares
Class of Stock [Line Items]
Common stock, number of votes per share \| vote			1
Common stock, conversion ratio			1
Sponsor Earn Out Shares
Class of Stock [Line Items]
Sponsor earn out shares (in shares)			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
Common stock – Class B
Class of Stock [Line Items]
Common stock, par value (USD per share) \| $ / shares			$ 0.0001	$ 0.0001
Stock repurchased and retired during period (in shares)	8,400,000	7,200,000
Stock repurchased and retired during period \| $		$ 10.8
MarketWise, LLC Units
Class of Stock [Line Items]
Stock repurchased and retired during period (in shares)	8,400,000	7,200,000
Stock repurchased and retired during period \| $		$ 10.8

Stockholders_ Equity - Stock by

Stockholders’ Equity - Stock by Class (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Stock, authorized (in shares)	1,350,000,000
Preferred stock, issued (in shares)	0	0
Stock, issued (in shares)	319,271,527
Preferred stock, outstanding (in shares)	0	0
Stock, outstanding (in shares)	319,271,527
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)	39,381,380	36,384,981
Common stock, outstanding (in shares)	39,381,380	36,384,981
Common stock – Class B
Class of Stock [Line Items]
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	279,890,147	288,092,303
Common stock, outstanding (in shares)	279,890,147	288,092,303

Stockholders_ Equity - Dividend

Stockholders’ Equity - Dividends and Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Equity [Abstract]
Dividends (USD per share)	$ 0.01	$ 0.01	$ 0.01
Dividends, total	$ 629	$ 497	$ 493
Distributions (USD per share)	$ 0.01	$ 0.01	$ 0.01
Distributions, total	$ 2,720	$ 2,804	$ 2,878