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v3.21.2

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020
Net revenue |  | $ 140,422 | $ 97,118 | $ 401,647 | $ 254,857
Related party revenue |  | 245 | 1,041 | 864 | 2,479
Total net revenue |  | 140,667 | 98,159 | 402,511 | 257,336
Operating expenses: |  |  |  |  |
Cost of revenue | [1],[2] | 62,024 | 26,749 | 221,662 | 68,907
Sales and marketing | [1],[2] | 82,558 | 56,914 | 231,269 | 146,487
General and administrative expenses | [1],[2] | 356,286 | 79,885 | 928,376 | 200,836
Research and development | [1] | 2,137 | 1,255 | 5,842 | 3,472
Depreciation and amortization |  | 629 | 639 | 2,076 | 1,912
Related party expense |  | 10,097 | 34 | 10,144 | 66
Total operating expenses |  | 513,731 | 165,476 | 1,399,369 | 421,680
Loss from operations |  | (373,064) | (67,317) | (996,858) | (164,344)
Other (expense) income, net |  | 9,859 | (993) | 10,162 | (1,856)
Interest income, net |  | 5 | 17 | 17 | 489
Loss before income taxes |  | (363,200) | (68,293) | (986,679) | (165,711)
Income tax expense |  | 3,085 | 0 | 3,085 | 0
Net loss |  | (366,285) | (68,293) | (989,764) | (165,711)
Net (loss) income attributable to non-controlling interests |  | 33,248 | (694) | 32,117 | (1,566)
Net loss attributable to MarketWise, Inc. |  | (399,533) | (67,599) | (1,021,881) | (164,145)
Earnings per share |  |  |  |  |
Total stock-based compensation expense |  | 412,565 | 73,451 | 1,061,085 | 172,575
Total Class B stock-based compensation expense |  |  |  |  |
Earnings per share |  |  |  |  |
Total stock-based compensation expense |  | 409,922 | 73,451 | 1,058,442 | 172,575
Vested Class B units and change in fair value of Class B liability awards |  |  |  |  |
Earnings per share |  |  |  |  |
Total stock-based compensation expense |  | 292,580 | 66,210 | 934,993 | 127,264
Profits distributions to Class B unitholders |  |  |  |  |
Earnings per share |  |  |  |  |
Total stock-based compensation expense |  | 117,342 | 7,241 | 123,449 | 45,311
2021 Incentive Award Plan stock-based compensation expense |  |  |  |  |
Earnings per share |  |  |  |  |
Total stock-based compensation expense |  | $ 2,643 | $ 0 | $ 2,643 | $ 0
[1] | (2) Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item
[2] |
Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows (see Note 9):
|  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Vested Class B units and change in fair value of Class B liability awards |  |  |  |  |  |  | $ | 292,580 |  |  | $ | 66,210 |  |  | $ | 934,993 |  |  | $ | 127,264 |
Profits distributions to Class B unitholders |  |  |  |  |  |  | 117,342 |  |  | 7,241 |  |  | 123,449 |  |  | 45,311 |
Total Class B stock-based compensation expense |  |  |  |  |  |  | 409,922 |  |  | 73,451 |  |  | 1,058,442 |  |  | 172,575 |
2021 Incentive Award Plan stock-based compensation expense |  |  |  |  |  |  | 2,643 |  |  | — |  |  | 2,643 |  |  | — |
Total stock-based compensation expense |  |  |  |  |  |  | $ | 412,565 |  |  | $ | 73,451 |  |  | $ | 1,061,085 |  |  | $ | 172,575 |

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