Business
MarketWise Reports Financial Results for First Quarter 2022
~ Total Subscribers of 15.4 Million, Including 909 Thousand Paid Subscribers ~ ~ Revenues of $136.8 Million ~ ~ Billings of $136.0 Million ~ ~ Net Income of
About this update from Marketwise, Inc.
[{"type":"text","content":"~ Total Subscribers of 15.4 Million, Including 909 Thousand Paid Subscribers ~ ~ Revenues of $136.8 Million ~ ~ Billings of $136.0 Million ~ ~ Net Income of $23.0 Million ~ BALTIMORE, Md., May 09, 2022 (GLOBE NEWSWIRE) -- MarketWise, Inc. (NASDAQ: MKTW) (“MarketWise” or the “Company”), a leading multi-brand digital subscription services platform that provides premium financial research, software, education, and tools for self-directed investors, today reported financial results for first quarter 2022. First Quarter 2022 Key Performance Highlights(Unaudited) 1Q 2022 1Q 2021Total Subscribers (in thousands) 15,430 11,872 Paid Subscribers (in thousands) 909 1,001 Total net revenue (in millions) $136.8 $119.7 Billings (in millions) $136.0 $255.3 ARPU $636 $825 Net income (loss) (in millions) $23.0 $(615.1)CFFO (in millions) $1.1 $92.3 Adjusted CFFO (in millions) $1.1 $98.0 First Quarter 2022 Highlights(1) Total net revenue was $136.8 million in first quarter 2022 compared to $119.7 million in first quarter 2021Total Billings in first quarter 2022 was $136.0 million compared to $255.3 million in first quarter 2021; First quarter 2021 was a record quarter for the Company across all fronts driven by all-time levels of customer engagement and conversionsNet income was $23.0 million in first quarter 2022 compared to a net loss of $615.1 million in first quarter 2021; the net loss in first quarter 2021 was driven by $601.1 million in stock-based compensation expense which related to Class B units under MarketWise, LLC’s prior operating agreement which was terminated as a result of our go-public Transaction on July 21, 2021. For further information on stock-based compensation, see footnotes 1 and 2 to Table 1. Income Statement belowCash flow from operations (“CFFO”) was $1.1 million in first quarter 2022 compared to $92.3 million cash inflow in first quarter 2021CFFO margin was 0.8% in first quarter 2022 compared to 77.1% in first quarter 2021Adjusted CFFO, a non-GAAP measure, was $1.1 million in first quarter 2022 compared to $98.0 million in first quarter 2021Adjusted CFFO margin, a non-GAAP measure was 0.8% in first quarter 2022 compared to 38.4% in first quarter 2021Deferred revenue was $711.6 million as of March 31, 2022 compared to $665.1 million as of March 31, 2021Paid Subscribers were 909 thousand as of March 31, 2022 compared to 1...