MarketWise, Inc. (MKTW) Q3 2022 Earnings Call

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WEBVTT 00:00:00.229 -- 00:00:04.472 financial crisis, it took some time for individual investors to fully re-engage in market 00:00:04.472 -- 00:00:05.973 activities. 00:00:05.973 -- 00:00:10.336 Importantly, we managed our business through that period by developing new content that 00:00:10.336 -- 00:00:14.399 addressed the particular financial environment, managed our marketing spend and costs 00:00:14.399 -- 00:00:19.803 appropriately, and ultimately experienced significant organic growth when individual 00:00:19.803 -- 00:00:22.385 investors re-entered the market. 00:00:22.385 -- 00:00:27.488 We expect this cycle to be similar. During the summer, as investors resumed pre-COVID 00:00:27.488 -- 00:00:32.355 travel and leisure routines, Subscribers were hesitant to spend on new subscriptions. 00:00:32.355 -- 00:00:37.138 As our customer acquisition costs remained high, we focused on streamlining our marketing 00:00:37.138 -- 00:00:39.980 spend and reducing overhead. 00:00:39.980 -- 00:00:43.503 I'll give you more detail on that in a moment, but first let me provide some high-level 00:00:43.503 -- 00:00:45.324 financial results. 00:00:45.324 -- 00:00:48.606 For the third quarter, we generated $119.9 million in revenues measured on a GAAP basis, 00:00:48.606 -- 00:00:50.447 a decline of 14.7% as compared to the year-ago quarter. 00:00:50.447 -- 00:00:53.768 Billings declined 23.9% year-over-year, 00:00:59.264 -- 00:01:04.286 to $105.1 million, and our adjusted cash flow from operations 00:01:04.286 -- 00:01:09.468 was $13.1 million, down from $34.7 million in the third quarter 00:01:09.468 -- 00:01:11.328 of last year. 00:01:11.328 -- 00:01:16.590 Our quarter's results continue to reflect lower consumer engagement and fewer new subscribers 00:01:16.590 -- 00:01:21.872...