XML 15 R4.htm IDEA: XBRL DOCUMENT 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,
2021202020212020
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 unitholders117,342 7,241 123,449 45,311 
Total Class B stock-based compensation expense409,922 73,451 1,058,442 172,575 
2021 Incentive Award Plan stock-based compensation expense2,643 — 2,643 — 
Total stock-based compensation expense$412,565 $73,451 $1,061,085 $172,575