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Revenue Recognition | 6 Months Ended
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Jun. 30, 2021
Marketwise, LLC |
Disaggregation of Revenue [Line Items] |
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 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 |
Revenue by location is determined by the billing entity for the customer. Contract Balances The timing of revenue recognition, billings, cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance in the consolidated balance sheets includes an obligation for refunds for contracts where the provision for refund has not lapsed. Accounts receivable, deferred revenue and obligation for refunds are as follows:
| As of |  |  |  |
| 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 |  |  |  |  |
We recognized $81,840 and $48,907 of revenue during the three months ended June 30, 2021 and 2020, and $176,678 and $112,978 during the six months ended June 30, 2021 and 2020, 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 $8,965 and $12,398 as of June 30, 2021 and December 31, 2020, respectively, related to the timing of cash settlement with credit card processors. Assets Recognized from Costs to Obtain a Contract with a Customer The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:
Balance at January 1, 2021 | $ | 107,236 |
Sales commissions – additions | 43,770 |
Revenue share fees – additions | 62,491 |
Amortization of capitalized costs | (31,920) |
Balance at June 30, 2021 | $ | 181,577 |
We did not recognize any impairment on capitalized costs associated with contracts with customers for the three and six months ended June 30, 2021 and 2020. Remaining Performance Obligations As of June 30, 2021, the Company had $707,472 of remaining performance obligations presented as deferred revenue in the consolidated balance sheets. We expect to recognize approximately 46% of that amount as revenues over the next twelve months, with the remainder recognized thereafter. Revenue Recognition Disaggregation of revenues The following table depicts the disaggregation of revenue according to customer type and is consistent with how we evaluate our financial performance. We believe this depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
| Year Ended December 31, 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 |  |  |  |
Revenue by location is determined by the billing entity for the customer. Contract Balances The timing of revenue recognition, billings, cash collections and refunds affects the recognition of accounts receivable, contract assets and deferred revenue. Our current deferred revenue balance in the consolidated balance sheets includes an obligation for refunds for contracts where the provision for refund has not lapsed. Accounts receivable, deferred revenue and obligation for refunds are as follows:
| As of December 31, |  |
| 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 |  |  |
We recognized $190,778 and $171,273 of revenue during the years ended December 31, 2020 and 2019, 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 $12,398 and $7,332 as of December 31, 2020 and 2019, respectively, related to the timing of cash settlement with credit card processors. Assets Recognized from Costs to Obtain a Contract with a Customer The following table presents the opening and closing balances of our capitalized costs associated with contracts with customers:
Balance at January 1, 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 |
We did not recognize any impairment on capitalized costs associated with contracts with customers for the years ended December 31, 2020, 2019 and 2018. Remaining Performance Obligations As of December 31, 2020, the Company had $532,748 of remaining performance obligations presented as deferred revenue in the consolidated balance sheets. We expect to recognize approximately 52% of that amount as revenues over the next twelve months, with the remainder recognized thereafter.

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