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MarketWise Inc. (MKTW-7.41%) has released its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total net revenue of $408.7 million for the year, down from $448.2 million in 2023. The decrease was primarily due to a decline in term subscription revenue.
Net income for MarketWise was $93.1 million in 2024, compared to $54.3 million in the previous year. The increase in net income was primarily attributed to a reduction in operating expenses.
Operating expenses decreased to $319.7 million in 2024 from $396.4 million in 2023. This reduction was driven by decreases in sales and marketing expenses and general and administrative expenses.
MarketWise reported cash and cash equivalents of $97.9 million as of December 31, 2024. The company also noted a decrease in deferred revenue, which was $217.9 million at the end of 2024, compared to $287.8 million at the end of 2023.
The company disclosed that it had 506 thousand paid subscribers as of December 31, 2024, a decrease from 737 thousand at the end of 2023. This decline was attributed to reduced marketing spend and the wind-down of operations at Legacy Research.
MarketWise's Board declared a special dividend for Class A shareholders on January 15, 2025, following excess tax distributions received from MarketWise, LLC.
The filing also outlines various risks, including competition, dependence on technology, and regulatory compliance. MarketWise highlights the importance of attracting new subscribers and retaining existing ones to maintain revenue growth.
MarketWise continues to focus on expanding its product offerings and enhancing relationships with existing customers. The company aims to leverage its multi-brand platform to provide premium financial research and tools for self-directed investors.
The report includes a detailed analysis of the company's financial condition, results of operations, and cash flows, along with management's discussion and analysis of financial condition and results of operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MarketWise Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.