Business
MarketWise Reports Financial Results for Second Quarter 2023
~ Total Subscribers of 16.7 Million, Including 750 Thousand Paid Subscribers ~ ~ Revenues of $103.6 Million ~ ~ Billings of $96.2 Million ~ ~ Net Income of
About this update from Marketwise, Inc.
[{"type":"text","content":"~ Total Subscribers of 16.7 Million, Including 750 Thousand Paid Subscribers ~ ~ Revenues of $103.6 Million ~ ~ Billings of $96.2 Million ~ ~ Net Income of $9.7 Million ~ ~ CFFO and Adjusted CFFO of $29.0 Million ~ BALTIMORE, Aug. 10, 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 second quarter 2023. Second Quarter 2023 Key Performance Highlights YTD YTD YTD(Unaudited) 2Q 2023 2Q 2022 % Change 2Q 2023 2Q 2022 % ChangeTotal Subscribers (in thousands) 16,699 15,871 5.2 % Paid Subscribers (in thousands) 750 898 (16.5)% Total net revenue (in millions) $103.6 $128.0 (19.1)% $229.9 $264.8 (13.2)%Billings (in millions) $96.2 $117.5 (18.1)% $193.3 $253.5 (23.7)%ARPU $490 $580 (15.5)% Net income (in millions) $9.7 $34.0 (71.5)% $40.3 $57.1 (29.4)%CFFO (in millions) $29.0 $26.8 8.2 % $32.8 $27.9 17.6 %Adjusted CFFO (in millions) $29.0 $26.8 8.2 % $32.8 $27.9 17.6 % Second Quarter 2023 Highlights(1) Total net revenue was $103.6 million in second quarter 2023 compared to $128.0 million in second quarter 2022Total Billings was $96.2 million in second quarter 2023 compared to $117.5 million in second quarter 2022Net income was $9.7 million in second quarter 2023 compared to $34.0 million in second quarter 2022Cash flow from operations (“CFFO”) was $29.0 million in second quarter 2023 compared to $26.8 million in second quarter 2022Adjusted CFFO, a non-GAAP measure, was $29.0 million in second quarter 2023 compared to $26.8 million in second quarter 2022CFFO margin was 28.0% in second quarter 2023 compared to 20.9% in second quarter 2022Adjusted CFFO margin, a non-GAAP measure, was 30.1% in second quarter 2023 compared to 22.8% in second quarter 2022Deferred revenue was $628.4 million as of June 30, 2023 compared to $701.1 million as of June 30, 2022Paid Subscribers were 750 thousand as of June 30, 2023 compared to 898 thousand as of June 30, 2022Free Subscribers were 15.9 million as of June 30, 2023 compared to 15.0 million as of June 30, 2022. Active Free Subscribers were 3.9 million as of June 30, 2023 compared to 4.3 million as of June 30, 2022 (1) See “Key Business Metrics and Non-GAAP Financial Mea...