Business
MarketWise Reports Financial Results for First Quarter 2023
~ Revenues of $126.2 Million ~ ~ Billings of $97.2 Million ~ ~ Net Income of $30.6 Million ~ BALTIMORE, May 11, 2023 (GLOBE NEWSWIRE) -- MarketWise, Inc.
About this update from Marketwise, Inc.
[{"type":"text","content":"~ Revenues of $126.2 Million ~ ~ Billings of $97.2 Million ~ ~ Net Income of $30.6 Million ~ BALTIMORE, May 11, 2023 (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 2023. First Quarter 2023 Highlights(Unaudited) 1Q2023 1Q2022 % changeTotal Subscribers (in thousands) 16,456 15,430 6.6%Paid Subscribers (in thousands) 777 909 (14.5)%Total net revenue (in millions) $126.2 $136.8 (7.7)%Billings (in millions) $97.2 $136.0 (28.5)%ARPU $493 $636 (22.4)%Net income (loss) (in millions) $30.6 $23.0 32.9%CFFO (in millions) $3.9 $1.1 262.2%Adjusted CFFO (in millions) $3.9 $1.1 262.2% First Quarter 2023 Highlights(1) Total net revenue was $126.2 million in first quarter 2023 compared to $136.8 million in first quarter 2022Total Billings in first quarter 2023 was $97.2 million compared to $136.0 million in first quarter 2022Net income was $30.6 million in first quarter 2023 compared to a net income of $23.0 million in first quarter 2022Cash flow from operations (“CFFO”) was $3.9 million in first quarter 2023 compared to $1.1 million cash inflow in first quarter 2022CFFO margin was 3.1% in first quarter 2023 compared to 0.8% in first quarter 2022Adjusted CFFO, a non-GAAP measure, was $3.9 million in first quarter 2023 compared to $1.1 million in first quarter 2022Adjusted CFFO margin, a non-GAAP measure was 4.0% in first quarter 2023 compared to 0.8% in first quarter 2022Deferred revenue decreased by $77.4 million, or 10.9%, to $634.2 million as of March 31, 2023 compared to $711.6 million as of March 31, 2022Paid Subscribers were 777 thousand as of March 31, 2023 compared to 909 thousand as of March 31, 2022Free Subscribers were 15.7 million as of March 31, 2023 compared to 14.5 million as of March 31, 2022 __________________(1) See “Key Business Metrics and Non-GAAP Financial Measures” below. For a reconciliation of Adjusted CFFO and Adjusted CFFO margin, see “Cash Flow” below. Amber Lee Mason, Chief Executive Officer of MarketWise, commented, “While continued economic uncertainty affected our first quarter results, we have stayed committed to maintaining our expense discipline. Those efforts to ...