MarketWise Q4 2024 Results: Subscriber Decline Not Offsetting Profit Growth

Company Reports Strong Q4 Growth and Strategic Developments for 2025

See “Key Business Metrics and Non-GAAP Financial Measures” below. For a reconciliation of Adjusted CFFO and Adjusted CFFO margin, see “Non-GAAP Measures” below.

Dr. David “Doc” Eifrig, the Interim Chief Executive Officer, expressed satisfaction with the fourth quarter results, noting that the Company achieved Billings exceeding $55 million. This figure reflects a 10% increase from the previous quarter. “This top-line growth, paired with a return to profitability, shows we are advancing on our strategic goals of growth, efficiency, and new business development,” Eifrig stated. Encouraging trends from the fourth quarter of 2024 have continued into the first quarter of 2025, with the first two months demonstrating over 10% greater Billings compared to the fourth quarter. The CEO attributed this ongoing growth to attractive content offerings, effective customer acquisition, and robust pricing strategies. “Looking ahead into 2025, I remain optimistic about our growth opportunities and believe we possess the right team and plan to enhance shareholder returns,” he added.

Further commenting on the Company’s initiatives, Eifrig said, “We anticipate completing a reverse stock split soon, which should adjust our per share price to align with our current market capitalization. A higher price per share may attract institutional investors, help us meet Nasdaq requirements, and improve market perception. Coupled with our double-digit top-line growth and improving margins, this decision aligns us well for executing our strategic plan.”

Additionally, the Board approved a $0.01 quarterly dividend, underscoring their commitment to return excess capital to shareholders while providing a reasonable yield on our stock. “As previously communicated, we will continue evaluating opportunistic share repurchases as part of our broader capital allocation strategy. We have authorized a share repurchase program of up to $50 million. We believe that improved financial performance combined with a prudent capital allocation strategy will yield strong returns for our shareholders over time,” Eifrig concluded.

Full Year 2024 Highlights

• Total Net Revenue for the year ended December 31, 2024, was $408.7 million, a decrease of 8.8% compared to the prior year.
• Total Billings for the same period were $239.1 million, down 37.5% year-over-year.
• Net Income for the year was $93.1 million, reflecting a 71.5% increase from the previous year.
• Net Cash Used in Operating Activities was $22.2 million, a contrast to the Net Cash Provided by Operating Activities of $62.4 million for the same period last year.

Here is a summary of our results:

(Unaudited)

4Q 2023

1Q 2024(4)

2Q 2024(4)

3Q 2024(4)

4Q 2024(4)

TTM 4Q 2024

Paid Subscribers (in thousands)

737

683

645

592

506

Financial Overview Reveals Key Revenue Metrics and Billing Insights

N/M
Total net revenue (in millions)	$	112.2	$	109.0		$	105.0		$	97.2		$	97.5	$	408.7
New “Marketing” Billings (1)	$	67.7	$	54.8		$	38.7		$	32.3		$	37.0	$	162.8
Net “Renewal” Billings (2)	$	21.6	$	21.4		$	17.1		$	15.7

# Financial Overview of Recent Billings and Revenues

Service Components	Q3 2022	Q3 2023	YTD 2022	YTD 2023
Core Billings	$16.0	$70.3
Other Billings (3)	$4.2	$1.0	$1.8	$0.9
Total Billings	$93.6	$77.2	$57.6	$48.9	$55.4	$239.1
ARPU	$503	$492	$456	$417

### Summary of Financial Performance

The table outlines the financial performance through core billings, other billings, total billings, and Average Revenue Per User (ARPU). In Q3 2022, core billings stood at $16.0 million, which increased significantly to $70.3 million by Q3 2023.

Under the category of Other Billings, we see a decrease from $4.2 million in Q3 2022 to only $1.0 million in Q3 2023, indicating a shift in revenue sources or a reduction in this segment’s contributions. Likewise, Total Billings grew overall, reflecting a rising trend in revenue.

ARPU figures also suggest improving customer value, rising from $417 in Q3 2022 to an increased $503 in Q3 2023. This pattern highlights an upward motion in customer engagement and spending, essential for future growth prospects.

These insights provide a comprehensive look into the company’s recent financial activity, showcasing robust revenue growth and effective customer monetization strategies.# Company Financial Report Highlights Key Performance Metrics

394	$	394
Net income (in millions)	$	1.9	$	22.7		$	21.2		$	22.7		$	26.4	$	93.1
CFFO (in millions)	$	17.5	$	(18.5	)	$	(3.8	)	$	(5.8	)	$	6.0	$	(22.2	)
Adjusted CFFO (in millions)	$	21.5	$	(18.5	)	$	(3.8	)	$	(5.8	)	$

# MarketWise Financial Performance Review: Key Metrics and Capital Structure

## Financial Snapshot: Cash and Interest Income

As of December 31, 2024, MarketWise reported a consolidated cash balance of $97.9 million, a decrease from $155.2 million at the same date in 2023. This decline primarily resulted from activities during the first half of 2024. For the year ending December 31, 2024, the company generated $5.9 million in interest income.

In the third quarter of 2024, MarketWise began making tax distribution payments to members of MarketWise, LLC, which included approximately $6 million to MarketWise, Inc. These payments are categorized as cash used in financing activities in the company’s cash flow statement.

## Tax Distributions and Special Dividend

In January 2025, the company made a quarterly tax distribution amounting to $15.1 million to its members, including MarketWise, Inc. Notably, this payment exceeded the corporate tax liability, allowing the company to declare a special dividend of $0.03 per Class A share. This dividend was paid out on February 26, 2025. MarketWise anticipates continuing these quarterly tax distributions, which are expected to be substantial. The amounts may influence future special dividends for Class A shareholders, subject to several factors.

## Credit Facility and Stock Repurchase Program

The company’s $150 million credit facility matured on October 29, 2024, with no outstanding amounts. Although there is currently no urgent need for external capital, the company may consider a new credit facility in the future to provide more flexibility in capital allocation.

On February 28, 2025, the Board of Directors approved a stock repurchase program for up to $50 million of Class A common stock. The repurchases may occur periodically through open market transactions or other compliant strategies. This program is set for 12 months but could be modified or suspended at any time.

## Common Stock Overview

MarketWise Inc. trades on the Nasdaq Global Market under the ticker symbol “MKTW.” As of December 31, 2024, the company had 39,562,797 shares of Class A common stock and 279,890,147 shares of Class B common stock issued and outstanding. The net income attributable to non-controlling interest on the income statement primarily reflects the corporate structure associated with the B shares.

## Company Summary: About MarketWise

MarketWise was founded to empower self-directed investors. Today, it stands as a major multi-brand subscription services provider, offering premium financial research, software, education, and investment tools. With over 25 years of operational experience, MarketWise caters to millions of both free and paid subscribers. All products are delivered digitally, providing a trusted source for financial research, education, and actionable investment strategies. The company is dedicated to becoming the leading financial solutions provider for self-directed investors.

## Key Business Metrics and Non-GAAP Financial Measures

In this report, we highlight key business metrics that offer insights into MarketWise’s operations and financial performance. These measures may differ from similar metrics used by other firms due to the lack of standard definitions.

**Billings** are defined as the amounts invoiced to customers.

**Paid Subscribers** refer to the total number of unique subscribers holding at least one paid subscription at the end of the reporting period.

**Average Revenue Per User (ARPU)** is calculated by taking the trailing four quarters of net billings divided by the average number of paid subscribers over the same timeframe.

These non-GAAP measures serve as important tools for evaluating MarketWise’s operating performance, supplementing GAAP results.

Understanding Adjusted Cash Flow and Financial Measures

Our ongoing operations and internal planning rely on non-GAAP financial information. We believe that these metrics, when reviewed collectively, offer investors consistency and comparability with previous financial performance. It’s important to note that non-GAAP financial information serves as supplemental data, not a replacement for GAAP-compliant financial reporting. Additionally, these measures may differ from those used by other companies. Below, we provide a reconciliation for each non-GAAP measure to its nearest GAAP counterpart.

Investors are encouraged to examine the corresponding GAAP financial measures alongside the reconciliations of these non-GAAP measures to their most comparable GAAP figures.

Adjusted Cash Flow from Operations (CFFO)

Adjusted CFFO is defined as cash flow from operations adjusted for any non-recurring items. Similarly, the Adjusted CFFO Margin is calculated as Adjusted CFFO expressed as a percentage of total billings. We find that both Adjusted CFFO and Adjusted CFFO Margin are valuable indicators for management and investors, as they reflect our capacity to generate cash without the influence of non-recurring factors, aiding in our internal forecasting and planning.

We anticipate fluctuations in Adjusted CFFO and Adjusted CFFO Margin in future periods, primarily as we invest in our growth strategy. Such investments, alongside any non-recurring items mentioned earlier, may contribute to variability in these financial metrics moving forward.

Reconciliation of Non-GAAP Measures

The following table illustrates the reconciliation of net cash provided by operating activities to Adjusted CFFO, as well as net cash provided by operating activities margin as a percentage of total net revenue to Adjusted CFFO Margin. Both measures are the closest financial indicators calculated per GAAP—generally accepted accounting principles in the United States:

(In thousands)		Fourth Quarter					Year Ended December 31,
		2024(1)		2023		% Change		2024(1)		2023		% Change
Net cash provided by (used in) operating activities	$	5,985	$	17,527

As we progress through the upcoming year, we will continue to monitor these non-GAAP measures closely to better represent our financial position and operational efficiency.

# Fiscal Report Shows Significant Variations in Cash Flow Metrics

## Summary of Financial Performance

In the latest fiscal report, several key cash flow metrics demonstrate distinct fluctuations that warrant close examination. The figures reveal both strengths and weaknesses in operational efficiency, particularly with respect to adjusted cash flows.

### Key Figures

– **Percentage Change in CFFO**: (65.9%)
– **CFFO Absolute Value**:
– Current Period: $22,150
– Previous Period: $62,428
– Change: (135.5%)

### Non-Recurring Expenses

The report outlines non-recurring expenses which are critical for understanding operational costs. For the current period, these expenses totaled $3,940. This is notable since the previous reports indicated no such expenses.

– **Impact of Non-recurring Costs**: Despite being a non-recurring item, the absence of comparable figures makes year-over-year analysis challenging, hence it is categorized as “Not Meaningful” (NM).

### Adjusted Cash Flow from Operations

The adjusted Cash Flow From Operations (CFFO) is another pivotal metric that reflects the financial health of the company.

– **Current Adjusted CFFO**:
– This period reports $5,985, down from $21,467 in the previous period.
– **Percentage Change for Adjusted CFFO**: (72.1%)

### Conclusion

Overall, the cash flow metrics portray a complex financial landscape. Although operational cash flow is down, the reporting of non-recurring expenses gives insight into the company’s strategic adjustments. Monitoring these trends will be essential for evaluating future performance and operational capabilities.

This financial analysis provides a basis for stakeholders to gain a clearer understanding of the company’s operational efficiencies and areas for improvement.# Financial Summary Highlights Growth in Revenue and Cash Flow Margins

## Key Financial Performance Indicators

The latest financial disclosures reveal a robust performance in total net revenue and cash flow margins, reflecting a significant trend in the company’s operational effectiveness.

### Total Net Revenue Overview

– **Current Period Revenue:** $97,478
– **Previous Period Revenue:** $112,155
– **Percentage Change:** (13.1)%

The total net revenue shows a downward trend, which warrants monitoring to understand market dynamics.

### Significant Financial Metrics

| Metric | Current Period | Previous Period | Percentage Change |
|—————————————————–|———————|————————|——————-|
| Total Net Revenue | $97,478 | $112,155 | (13.1)% |
| Net Cash Provided (Used) by Operating Activities Margin | 6.1% | 15.6% | (5.4)% |

The metrics indicate varying performances between periods, with net cash margin showing a notable reduction.

### Overview of Operating Activities

For the current period, net cash provided by operating activities stands at 6.1%, down from 15.6% in the previous period. This decline underscores the need for strategic adjustments to align with operational objectives.

– **Operating Margin Current:** 6.1%
– **Operating Margin Previous:** 15.6%
– **Percentage Change:** (5.4)%

## Analysis of Financial Growth

In summary, the company’s financial health is exhibited through varying revenue figures and cash flow metrics. The decrease in total net revenue and operating margins may suggest the necessity for revisiting operational strategies. It is critical for stakeholders to remain informed as the company navigates the current market conditions.# Financial Overview Highlights MarketWise’s Adjusted CFFO and Billings

Adjusted CFFO	$	5,985	$	21,467		(72.1)%		$	(22,150	)	$	66,368		(133.4)%
Billings		55,355		93,557		(40.8)%			239,083			382,411		(37.5)%
Adjusted CFFO margin		10.8	%	22.9	%				(9.3	%)		17.4	%

NM: Not meaningful

(1) The fourth quarter 2024 and full year 2024 results are unaudited.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements in accordance with the Private Securities Litigation Reform Act of 1995. These include comments about MarketWise’s financial position, business strategy, and management plans for future operations. Typically, words like “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” and “will likely result” signal forward-looking statements. However, their absence does not preclude a statement from being forward-looking. Such projections are based on current expectations and are inherently subject to risks and uncertainties. Numerous factors may cause actual outcomes to differ significantly from those projected, including, but not limited to, the company’s ability to implement the reverse Stock split.

Key Risks and Financial Insights for Upcoming Year

Companies must navigate various challenges to enhance subscriber attraction and retention, renewals, and cross-selling of products and services. This directive hinges on effective marketing strategies, developing new product offerings, and adeptly managing growth, including potential acquisitions. Additionally, maintaining a strong reputation for reliability and independence is crucial, as is attracting and retaining top management and editorial talent.

Market share growth requires strategic efforts in existing and new markets. External factors such as weak financial sector conditions, global economic uncertainty, and inflation contribute to the challenges faced. Current macroeconomic dynamics, including rising interest rates and recession risks, further complicate the landscape. Companies must also ensure compliance with applicable laws and navigate the complexities of the regulatory environment.

Moreover, it is critical to adapt to technological shifts and changes in consumer behavior. Failure to integrate acquisitions properly or manage asset disposals may hinder progress. Other concerns include the liquidity and trading of public securities, the impact of regulatory actions, future capital needs, and maintaining effective internal controls over financial reporting. Material weaknesses in these areas need addressing to mitigate risk.

This list, while not exhaustive, reflects the key risks addressed in the “Risk Factors” section of our filings with the U.S. Securities and Exchange Commission (SEC). As new risks can emerge unexpectedly, management cannot predict all potential challenges. These uncertainties mean that actual results may substantially vary from forward-looking statements. It is essential to weigh these factors carefully in strategic planning.

Readers should note that forward-looking statements are relevant only as of their date. Therefore, it is advisable not to place undue reliance on these projections. Our company does not intend to update or modify these statements following new information, events, or changes. We do not guarantee that our expectations will be met.

Table 1. Income Statement	Year Ended December 31,
	2024(2)			2023			2022
Net revenue	$	405,357	$	443,245		$	510,040
Related party revenue		3,344		4,937

Financial Results Highlight Significant Revenue and Expense Metrics

2,363
Total net revenue		408,701		448,182			512,403
Operating expenses:
Cost of revenue (1)		50,663		56,802			62,697
Sales and marketing (1)		160,707		198,592			235,326
General and administrative (1)		90,712		125,176			114,810
Research and development		9,908		8,831			8,817
Depreciation and amortization

# Financial Overview: Expenses and Operating Income Analysis

### Operating Expenses Breakdown

| Category | Current Period | Previous Period |
|——————————|—————–|—————–|
| Impairment losses | $4,445 | $2,583 |
| Related party expense | $525 | $572 |
| **Total operating expenses** | **$319,713** | **$396,377** |

Operating expenses increased from $396.4 million to $319.7 million in the current period, with a significant rise in impairment losses.

### Income from Operations

| Metric | Current Period | Previous Period |
|——————————|—————–|—————–|
| Income from operations | $88,988 | $51,805 |

The income from operations rose notably, climbing to $88.99 million, a substantial improvement over the previous period’s figure of $51.81 million.

### Other Income (Expense), Net

| Description | Current Period | Previous Period |
|——————————|—————–|—————–|
| Other income (expense), net | $2,085 | $(611) |

Other income turned positive, amounting to $2.08 million, unlike the prior period, which reported an expense of $611,000.

### Summary

In this financial analysis, a clear upward trend is observed in the income from operations despite a notable fluctuation in operating expenses. The improvement in other income also reflects a positive shift in the overall financial health. Financial stakeholders and analysts should monitor these trends for further developments.# MarketWise Reports Impressive Financial Performance in Latest Earnings

Financial Highlights
Net Revenue	15,672
Interest income (expense), net	5,288	4,904	(295)
Income before income taxes	96,361	56,098	102,660
Income tax expense	3,253	1,803	1,490
Net income	93,108	54,295	101,170
Net income attributable to noncontrolling interests	86,049	52,513	83,180
Net income attributable to MarketWise, Inc.	$

MarketWise’s latest earnings report shows a solid financial performance, with total net revenue of 15,672. Interest income, net amounts to 5,288, while other interest expenses are recorded at 4,904, which leads to a slight deduction of 295 associated with expenses.

The income before income taxes reached 96,361, well-supported by the income tax expenses standing at 3,253. After taxes, the firm posted a net income of 93,108.

Moreover, net income attributable to noncontrolling interests is reported at 86,049, with an additional 52,513 linked to other noncontrolling entities. This provides a robust snapshot of the financial health of MarketWise and illustrates a positive trajectory in the current market landscape.# Financial Overview: Fourth Quarter and Year-End Results of 2024

## Key Financial Figures for Q4 and Full Year 2024

7,059

$

1,782

$

17,990

⁽¹⁾ Cost of revenue, sales and marketing, general and administrative, and research and development expenses are exclusive of depreciation and amortization shown as a separate line item

⁽²⁾ The fourth quarter 2024 and full year 2024 results are unaudited

## Balance Sheet Overview

Table 2. Balance Sheet
		December 31, 2024 (1)				December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	97,876			$	155,174
Accounts receivable		1,876

# Company Financials: Current Assets and Operating Expenses Analysis

			4,528
Prepaid expenses		10,051				9,305
Related party receivables		547				5,182
Deferred contract acquisition costs		57,214				91,480
Other current assets		1,269				2,172
Total current assets		168,833				267,841
Property and equipment, net		592				690
Operating lease right-of-use assets

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Financial Report Highlights: Key Asset Figures Revealed

Intangible Assets, Net	3,182	4,673	30,043	42,121	10,071	—	287
Goodwill	7,331	6,255	31,038	73,420	9,693	—	287
Deferred Contract Acquisition Costs, Noncurrent	—	—	42,121	73,420	9,693	—	287
Deferred Tax Assets	10,071	9,693	—	—	—	—	287
Other Assets	—	—	—	—	—	287
Total Assets	$	259,515	—	—	$	396,555

“`

Current Liabilities and Stockholders’ Deficit Overview

Liabilities and Stockholders’ Deficit
Current Liabilities:
Trade and Other Payables	$	4,011			$	559
Related Party Payables		338				1,137
Accrued Expenses		23,272				55,041
Deferred Revenue and Other Contract Liabilities		217,973				287,751
Operating Lease Liabilities		1,629				1,446
Other Current Liabilities		12,985				27,959

# Total Liabilities Overview: Key Figures and Insights

**Current Liabilities**
Total current liabilities stand at **$260,208**. This figure provides insight into the company’s short-term obligations and financial health.

**Deferred Revenue and Other Contract Liabilities**
The noncurrent portion of deferred revenue and other contract liabilities is **$209,013**. In contrast, the total recorded for the previous period was **$304,342**. This decline might indicate an improvement in the company’s revenue collection or changes in contract terms.

**Other Noncurrent Liabilities**
The total for other liabilities, noncurrent, is **$2,811**, whereas the previous value recorded was **$746**. This significant increase introduces questions about the source and sustainability of these liabilities.

**Related Party Tax Receivable Agreement Liability**
Reporting on the noncurrent related party tax receivable agreement liability shows **$2,669**, with a comparative figure of **$2,151** noted in the prior period. This incremental increase could point to changes in taxation agreements or internal financing strategies.

**Operating Lease Liabilities**
Operating lease liabilities are listed at **$2,738**, in contrast to the previous period’s **$4,366**. This reduction could reflect a strategic decision to minimize lease commitments.

**Total Liabilities**
In total, liabilities amount to **$477,439**. For the previous period, total liabilities registered at **$685,498**. This downward trend indicates a possible strengthening of the company’s balance sheet with reduced debt levels.

**Commitments and Contingencies**
As detailed in Note 11, the commitments and contingencies are currently reported as **—**. This blank entry suggests either an absence of new commitments or an unchanged status from previous disclosures.

In summary, these figures reflect significant changes in the financial landscape, indicating a potential shift toward a more robust financial position.

Stockholders’ Deficit Summary for 2024 and 2023

Stockholders’ Deficit
Class A common Stock, par value of $0.0001 per share, 950,000,000 shares authorized; 39,562,797 and 36,384,981 shares issued and outstanding at December 31, 2024 and 2023, respectively		4				4
Class B common Stock, par value of $0.0001 per share, 300,000,000 shares authorized; 279,890,147 and 288,092,303 shares issued and outstanding at December 31, 2024 and 2023, respectively		28				29
Preferred Stock, par value of $0.0001 per share, 100,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2024 and 2023, respectively		—				—
Additional paid-in capital		106,660				115,164
Accumulated other comprehensive income		56				65
Accumulated deficit		(119,284	)

MarketWise Reports Significant Stockholders’ Deficit for 2024

		(126,343	)
Total stockholders’ deficit attributable to MarketWise, Inc.		(12,536	)			(11,081	)
Noncontrolling interest		(205,388	)			(277,862	)
Total stockholders’ deficit		(217,924	)			(288,943	)
Total liabilities and stockholders’ deficit		259,515			$	396,555

The fourth quarter 2024 and full year 2024 results are unaudited.

Table 3. Cash Flows
	Year ended December 31,
		2024(1)

Financial Overview: Key Cash Flow Structures for 2022 and 2023

2023			2022
Cash flows from operating activities:
Net income	$	93,108		$	54,295		$	101,170
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization		2,753			3,821			3,091
Impairment and other charges		4,445			2,583			287
Stock-based compensation		12,202			23,384

Financial Overview: Changes in Fair Value and Deferred Taxes

		9,045
Change in fair value of contingent consideration		507			—			—
Change in fair value of derivative liabilities – other		—			1,779			(15,665		)
Deferred taxes		2,872			1,803			1,490
Unrealized (gains) losses on foreign currency		(18	)		23			(97		)
Noncash lease expense		2,053			2,135

# Comprehensive Review of Financial Performance and Asset Changes

1,925
(Gain) loss on sale of business		(2,030	)		1,583			—
Changes in operating assets and liabilities:
Accounts receivable		2,652			(488	)		3,765
Related party receivables and payables, net		2,622			(2,284	)		(982		)
Prepaid expenses		(746	)		2,420			1,318
Other current assets and other assets		1,190			1,533

# Financial Overview: Key Data on Contract Acquisition and Liabilities

## Key Financial Metrics

Deferred contract acquisition costs		63,468			31,329			5,453
Trade and other payables		3,470			(200	)		(3,975		)
Accrued expenses		(31,769	)		9,065			(477		)
Deferred revenue		(162,093	)		(67,092	)		(51,980		)
Derivative liabilities		—			(3,060	)		—

Company Financial Overview: Key Metrics and Cash Flow Insights

Operating lease liabilities		(1,446	)		(1,501	)		(1,671		)
Other current and long-term liabilities		(15,390	)		1,300			(3,780		)
Net cash (used in) provided by operating activities		(22,150	)		62,428			48,374
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired		—			(170	)		(12,770		)
Acquisition of noncontrolling interests, including transaction costs		—

# Financial Overview: Analyzing Cash Flows from Investment and Financing

				(297		)
Purchases of property and equipment		(133	)		(65	)		(35		)
Capitalized software development costs		(548	)		(1,662	)		(136		)
Net cash used in investing activities		(681	)		(1,897	)		(13,238		)
Cash flows from financing activities:
Proceeds from related party notes receivable		—			—			1,159

# Financial Overview: Stock Issuance, Repurchases, and Cash Flow Insights

Proceeds from issuance of common Stock		301			678			827
Shares and restricted Stock units withheld to pay taxes		(1,368	)		(6,032	)		(515		)
Repurchases of Stock		(10,803	)		—			(13,054		)
Dividends paid		(1,506	)		(5,744	)		—
Distributions to noncontrolling interests		(21,082	)		(52,855	)		(4,609		)
Net cash used in financing activities

# MarketWise Reports Q4 2024 Financial Results with Key Insights