XML 36 R4.htm IDEA: XBRL DOCUMENT v3.21.2
Statements of Operations - USD ($)
3 Months Ended 5 Months Ended 6 Months Ended 11 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating expenses:                  
General and administrative expenses $ 2,963,134 $ 28,405 $ 45,779 $ 3,409,559   $ 299,873      
Administrative expenses - related party 30,000 0 0 60,000   50,000      
Loss from operations (2,993,134) (28,405) (45,779) (3,469,559)   (349,873)      
Net (loss) income (8,396,000) (80,956,000)   (623,479,000) $ (97,418,000)        
Change in fair value of derivative warrant liabilities (18,834,160) 0 0 3,303,710 0 (28,525,220)      
Financing costs allocated to derivative warrant liabilities           (964,140)      
Interest earned on investments held in Trust Account 10,329 0 0 58,984 0 209,593      
Net income (loss) (21,816,965) (28,405) $ (45,779) (106,865) (45,779) (29,629,640)      
Marketwise, LLC                  
Net revenue 141,884,000 81,905,000   261,225,000 157,739,000   $ 360,793,000 $ 265,398,000 $ 232,865,000
Related party revenue 246,000 890,000   619,000 1,438,000   3,386,000 6,825,000 5,583,000
Total net revenue 142,130,000 82,795,000   261,844,000 159,177,000   364,179,000 272,223,000 238,448,000
Operating expenses:                  
Cost of revenue 26,826,000 27,477,000   159,638,000 42,158,000   154,605,000 [1],[2] 42,553,000 [1],[2] 57,642,000 [1],[2]
Sales and marketing 56,926,000 49,241,000   148,711,000 89,573,000   214,257,000 [1],[2] 106,094,000 [1],[2] 97,332,000 [1],[2]
General and administrative expenses 64,661,000 84,498,000   572,090,000 120,951,000   526,561,000 [1],[2] 91,669,000 [1],[2] 58,215,000 [1],[2]
Research and development 1,927,000 1,190,000   3,705,000 2,217,000   4,770,000 [2] 3,672,000 [2] 2,303,000 [2]
Depreciation and amortization 696,000 662,000   1,447,000 1,273,000   2,553,000 2,334,000 2,534,000
Related party expense 27,000 (17,000)   47,000 32,000   122,000 331,000 2,096,000
Total operating expenses 151,063,000 163,051,000   885,638,000 256,204,000   902,868,000 246,653,000 220,122,000
Loss from operations (8,933,000) (80,256,000)   (623,794,000) (97,027,000)   (538,689,000) 25,570,000 18,326,000
Other (expense) income, net 530,000 (1,067,000)   303,000 (863,000)   (2,879,000) 865,000 278,000
Interest income, net 7,000 367,000   12,000 472,000   477,000 1,558,000 67,000
Net (loss) income (8,396,000) (80,956,000)   (623,479,000) (97,418,000)   (541,091,000) 27,993,000 18,671,000
Net (loss) income attributable to non-controlling interests (501,000) (911,000)   (1,131,000) (872,000)   (2,718,000) 36,000 70,000
Net income (loss) (7,895,000) (80,045,000)   (622,348,000) (96,546,000)   (538,373,000) 27,957,000 18,601,000
Net (loss) income per unit – basic and diluted:                  
Vested Class B units and change in fair value of Class B liability awards 46,989,000 72,870,000   642,413,000 61,054,000        
Profits distributions to Class B unitholders 456,000 5,757,000   6,107,000 38,070,000        
Total stock-based compensation expense $ 47,445,000 $ 78,627,000   $ 648,520,000 99,124,000   553,600,000 20,439,000 28,212,000
Common Class A                  
Operating expenses:                  
Net income (loss)           $ 210,000      
Basic weighted average shares outstanding (in shares) 41,400,000 0 0 41,400,000   41,400,000      
Diluted weighted average shares outstanding (in shares) 41,400,000 0 0 41,400,000   41,400,000      
Net (loss) income per unit – basic and diluted:                  
Basic net income per share (in usd per share) $ 0.00 $ 0 $ 0 $ 0.00   $ 0.01      
Diluted net income per share (in usd per share) $ 0.00 $ 0 $ 0 $ 0.00   $ 0.01      
Common Class A | Marketwise, LLC                  
Operating expenses:                  
Net income (loss) $ (7,895,000) $ (80,045,000)   $ (622,348,000) $ (96,546,000)   $ (538,373,000) $ 24,819,000 $ 18,601,000
Basic weighted average shares outstanding (in shares) 528,519 547,466   528,519 548,596   548,028 594,327 611,547,000
Diluted weighted average shares outstanding (in shares) 528,519 547,466   528,519 548,596   548,028 594,327 611,547,000
Net (loss) income per unit – basic and diluted:                  
Distributed earnings per unit - basic (in usd per share) $ 2.23 $ 15.30   $ 28.57 $ 120.57   $ 185.70 $ 34.44 $ 36.00
Distributed earnings per unit - diluted (in usd per share) 2.23 15.30   28.57 120.57   185.70 34.44 36.00
Undistributed earnings (loss) per unit - basic (in usd per share) (17.17) (161.51)   (1,206.10) (296.56)   (1,168.08) 7.36 (5.59)
Undistributed earnings (loss) per unit - diluted (in usd per share) (17.17) (161.51)   (1,206.10) (296.56)   (1,168.08) 7.36 (5.59)
Basic net income per share (in usd per share) (14.94) (146.21)   (1,177.53) (175.99)   (982.38) 41.80 30.42
Diluted net income per share (in usd per share) $ (14.94) $ (146.21)   $ (1,177.53) $ (175.99)   $ (982.38) $ 41.80 $ 30.42
Common Class B                  
Operating expenses:                  
Net income (loss)           $ (350,000)      
Basic weighted average shares outstanding (in shares) 10,350,000 10,350,000 10,350,000 10,350,000   10,350,000      
Diluted weighted average shares outstanding (in shares) 10,350,000 10,350,000 10,350,000 10,350,000   10,350,000      
Net (loss) income per unit – basic and diluted:                  
Basic net income per share (in usd per share) $ (2.11) $ 0.00 $ 0.00 $ (0.02)   $ (2.88)      
Diluted net income per share (in usd per share) $ (2.11) $ 0.00 $ 0.00 $ (0.02)   $ (2.88)      
Common Class B | Marketwise, LLC                  
Operating expenses:                  
Net income (loss) $ 456,000 $ 5,757,000   $ 6,107,000 $ 38,070,000   $ 78,398,000 $ 17,969,000 $ 17,135,000
Basic weighted average shares outstanding (in shares) 526,580 496,732   526,580 495,201   495,971 416,369 395,000,000
Diluted weighted average shares outstanding (in shares) 526,580 496,732   526,580 495,201   495,971 416,369 395,000,000
Net (loss) income per unit – basic and diluted:                  
Distributed earnings per unit - basic (in usd per share) $ 0.87 $ 11.59   $ 11.60 $ 76.88   $ 158.07 $ 35.62 $ 43.38
Distributed earnings per unit - diluted (in usd per share) 0.87 11.59   11.60 76.88   158.07 35.62 43.38
Undistributed earnings (loss) per unit - basic (in usd per share) 0 0   0 0   0 7.48 0
Undistributed earnings (loss) per unit - diluted (in usd per share) 0 0   0 0   0 7.48 0
Basic net income per share (in usd per share) 0.87 11.59   11.60 76.88   158.07 43.10 43.38
Diluted net income per share (in usd per share) $ 0.87 $ 11.59   $ 11.60 $ 76.88   $ 158.07 $ 43.10 $ 43.38
Vested Class B units and change in fair value of Class B liability awards             $ 475,202,000 $ 5,608,000 $ 11,077,000
Profits distributions to Class B unitholders             78,398,000 14,831,000 17,135,000
Total stock-based compensation expense             $ 553,600,000 $ 20,439,000 $ 28,212,000
[1] (1) Included within cost of revenue, sales and marketing, and general and administrative expenses are stock-based compensation expenses as follows (see Note 12):
[2] (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