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Revenue Recognition (Tables) - Marketwise, LLC | 6 Months Ended
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Jun. 30, 2021
Disaggregation of Revenue [Line Items] |
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 June 30, 2021
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 140,884 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 140,884 |
Transferred at a point in time | — |  |  | 635 |  |  | 246 |  |  | 365 |  |  | 1,246 |
Total | $ | 140,884 |  |  | $ | 635 |  |  | $ | 246 |  |  | $ | 365 |  |  | $ | 142,130 |
| Three Months Ended June 30, 2020
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 80,619 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 80,619 |
Transferred at a point in time | — |  |  | 662 |  |  | 890 |  |  | 624 |  |  | 2,176 |
Total | $ | 80,619 |  |  | $ | 662 |  |  | $ | 890 |  |  | $ | 624 |  |  | $ | 82,795 |
| Six Months Ended June 30, 2021
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 258,531 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 258,531 |
Transferred at a point in time | — |  |  | 1,545 |  |  | 619 |  |  | 1,149 |  |  | 3,313 |
Total | $ | 258,531 |  |  | $ | 1,545 |  |  | $ | 619 |  |  | $ | 1,149 |  |  | $ | 261,844 |
| Six Months Ended June 30, 2020
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 155,922 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 155,922 |
Transferred at a point in time | — |  |  | 1,006 |  |  | 1,438 |  |  | 811 |  |  | 3,255 |
Total | $ | 155,922 |  |  | $ | 1,006 |  |  | $ | 1,438 |  |  | $ | 811 |  |  | $ | 159,177 |
Revenue recognition by subscription type was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
Lifetime subscriptions |  |  |  |  |  | $ | 49,867 |  |  | $ | 33,035 |  |  | $ | 90,031 |  |  | $ | 62,088 |
Term subscriptions |  |  |  |  |  | 91,017 |  |  | 47,584 |  |  | 168,500 |  |  | 93,834 |
Non-subscription revenue |  |  |  |  |  | 1,246 |  |  | 2,176 |  |  | 3,313 |  |  | 3,255 |
Total |  |  |  |  |  | $ | 142,130 |  |  | $ | 82,795 |  |  | $ | 261,844 |  |  | $ | 159,177 |
Revenue for the Lifetime and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue. Net revenue by principal geographic areas was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  |  |  |  |  | 2021 |  | 2020 |  | 2021 |  | 2020
United States |  |  |  |  |  | $ | 141,599 |  |  | $ | 82,163 |  |  | $ | 260,873 |  |  | $ | 157,773 |
International |  |  |  |  |  | 531 |  |  | 632 |  |  | 971 |  |  | 1,404 |
Total |  |  |  |  |  | $ | 142,130 |  |  | $ | 82,795 |  |  | $ | 261,844 |  |  | $ | 159,177 |
The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
| Year Ended December 31, 2020
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 356,265 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 356,265 |
Transferred at a point in time | — |  |  | 1,965 |  |  | 3,386 |  |  | 2,563 |  |  | 7,914 |
Total | $ | 356,265 |  |  | $ | 1,965 |  |  | $ | 3,386 |  |  | $ | 2,563 |  |  | $ | 364,179 |
| Year Ended December 31, 2019
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 260,640 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 260,640 |
Transferred at a point in time | — |  |  | 2,669 |  |  | 6,825 |  |  | 2,089 |  |  | 11,583 |
Total | $ | 260,640 |  |  | $ | 2,669 |  |  | $ | 6,825 |  |  | $ | 2,089 |  |  | $ | 272,223 |
| Year Ended December 31, 2018
| Subscriptions |  | Advertising |  | Revenue Share (Related Party) |  | Revenue Share (Third-party) |  | Total
Timing of transfer: |  |  |  |  |  |  |  |  |
Transferred over time | $ | 229,690 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 229,690 |
Transferred at a point in time | — |  |  | 3,042 |  |  | 5,583 |  |  | 133 |  |  | 8,758 |
Total | $ | 229,690 |  |  | $ | 3,042 |  |  | $ | 5,583 |  |  | $ | 133 |  |  | $ | 238,448 |
Revenue recognition by subscription type was as follows:
| Year Ended December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |  |  |
Lifetime subscriptions | $ | 134,525 |  |  | $ | 98,578 |  |  | $ | 71,215 |  |  |  |  |
Term subscriptions | 221,740 |  |  | 162,062 |  |  | 158,475 |  |  |  |  |
Non-subscription revenue | 7,914 |  |  | 11,583 |  |  | 8,758 |  |  |  |  |
Total | $ | 364,179 |  |  | $ | 272,223 |  |  | $ | 238,448 |  |  |  |  |
Revenue for the Lifetime and Term subscription types are determined based on the terms of the subscription agreements. Non-subscription revenue consists of revenue from advertising and other revenue. Net revenue by principal geographic areas was as follows:
| Year Ended December 31, |
| 2020 |  | 2019 |  | 2018 |  |  |
United States | $ | 361,547 |  |  | $ | 265,647 |  |  | $ | 226,167 |  |  |  |
International | 2,632 |  |  | 6,576 |  |  | 12,281 |  |  |  |
Total | $ | 364,179 |  |  | $ | 272,223 |  |  | $ | 238,448 |  |  |  |
Summary of Contract Balances | Accounts receivable, deferred revenue and obligation for refunds are as follows:
| As of |  |  |  |
| June 30, 2021 |  | December 31, 2020 |  |  |  |
Contract balances |  |  |  |  |  |  |
Accounts receivable | $ | 8,965 |  |  | $ | 12,398 |  |  |  |  |
Obligations for refunds | 4,781 |  |  | 3,448 |  |  |  |  |
Deferred revenue – current | 319,894 |  |  | 274,819 |  |  |  |  |
Deferred revenue – non-current | 382,797 |  |  | 254,481 |  |  |  |  |
Accounts receivable, deferred revenue and obligation for refunds are as follows:
| As of December 31, |  |
| 2020 |  | 2019 |  | 2018 |  |
Contract balance |  |  |  |  |  |  |
Accounts receivable | $ | 12,398 |  |  | $ | 7,332 |  |  | $ | 818 |  |  |
Obligations for refunds | 3,448 |  |  | 2,214 |  |  | 3,507 |  |  |
Deferred revenue – current | 274,819 |  |  | 190,778 |  |  | 171,273 |  |  |
Deferred revenue – non-current | 254,481 |  |  | 160,907 |  |  | 142,229 |  |  |
Capitalized Contract Cost | The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:
Balance at January 1, 2021 | $ | 107,236 |
Sales commissions – additions | 43,770 |
Revenue share fees – additions | 62,491 |
Amortization of capitalized costs | (31,920) |
Balance at June 30, 2021 | $ | 181,577 |
The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:
Balance at January 1, 2018 | $ | 23,259 |
Sales commissions - additions | 15,940 |
Revenue share fees – additions | 8,468 |
Amortization of capitalized costs | (12,102) |
Balance at December 31, 2018 | $ | 35,565 |
Sales commissions - additions | 18,984 |
Revenue share fees – additions | 6,284 |
Amortization of capitalized costs | (18,519) |
Balance at December 31, 2019 | $ | 42,314 |
Sales commissions - additions | 43,273 |
Revenue share fees – additions | 52,193 |
Amortization of capitalized costs | (30,544) |
Balance at December 31, 2020 | $ | 107,236 |

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