Business
MarketWise Reports Fourth Quarter and Full Year 2022 Financial Results
~ FY 2022 Revenues of $512.4 Million ~ ~ FY 2022 Billings of $459.5 Million ~ ~ FY 2022 Net Income of $101.2 Million ~ ~ FY 2022 Adjusted CFFO of $59.3
About this update from Marketwise, Inc.
[{"type":"text","content":"~ FY 2022 Revenues of $512.4 Million ~ ~ FY 2022 Billings of $459.5 Million ~ ~ FY 2022 Net Income of $101.2 Million ~ ~ FY 2022 Adjusted CFFO of $59.3 Million ~ BALTIMORE, March 30, 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 the fourth quarter and year ended December 31, 2022. Full Year 2022 and Fourth Quarter 2022 Key Performance Highlights(Unaudited) 4Q 2022 4Q 2021 % Change FY 2022 FY 2021 % ChangeTotal Subscribers (in thousands) 16,544 14,671 12.8% Paid Subscribers (in thousands) 841 972 (13.5)% Total net revenue (in millions) $127.7 $146.7 (13.0)% $512.4 $549.2 (6.7)%Billings (in millions) $100.9 $151.4 (33.4)% $459.5 $729.9 (37.0)%ARPU $519 $742 (30.1)% Net income (loss) (in millions) $27.6 $35.9 (23.1)% $101.2 $(953.9) NMCFFO (in millions) $10.6 $5.0 112.0% $48.4 $63.6 (23.9)%Adjusted CFFO (in millions) $18.4 $5.0 268.0% $59.3 $197.1 (69.9)% Full Year 2022 and Fourth Quarter 2022 Highlights(1) Total net revenue decreased by $36.8 million, or 6.7%, from $549.2 million for full year 2021 to $512.4 million for full year 2022; total net revenue decreased by $19.0 million, or 13.0%, from $146.7 million in fourth quarter 2021 to $127.7 million in fourth quarter 2022Billings decreased by $270.4 million, or 37.0%, to $459.5 million for full year 2022 as compared to $729.9 million for full year 2021; total Billings decreased by $50.5 million, or 33.3%, to $100.9 million in fourth quarter 2022 compared $151.4 million in fourth quarter 2021Net income was $101.2 million for full year 2022 compared to a net loss of $953.9 million for full year 2021; net income was $27.6 million in fourth quarter 2022 compared to $35.9 million in fourth quarter 2021; the net loss for full year 2021 was driven by $1.1 billion in stock-based compensation, which was primarily a result of the culmination of our go-public Transaction on July 21, 2021, while stock-based compensation was $9.0 million for full year 2022. (For further information on stock-based compensation, see footnotes 1 and 2 to Table 1. Income Statement below)Cash flow from operations (“CFFO”) was $48.4 million for full year 2022 compared to $63....