MKTW — what changed in the latest 10-Q
A section-by-section comparison of MKTW's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-07
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +48 | −35 | ~38 | 46 |
| Controls & procedures | Text added/removed | 0 | −1 | ~3 | 0 |
| Legal proceedings | Text added/removed | +2 | −4 | 0 | 3 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
▪Cash from Operating Activities (“CFFO”) was $22.4 million in the second quarter 2026, an increase of $4.6 million compared to the second quarter 2025. On a year to date basis, CFFO improved by $0.8 million compared to first half of 2025.
As of June 30, 2026, our Paid Subscriber base was 400 thousand, an increase of 6 thousand, or 1.5%, from 394 thousand at June 30, 2025. The increase in Paid Subscribers is a result of an increased investment in customer acquisition and direct marketing in the first half 2026 of which we expect to de…
Lifetime Value (“LTV”) represents the average margin on customer lifetime Billings (that is, the estimated cumulative spend across a customer’s lifetime). Customer Acquisition Costs (“CAC”) are comprised of: direct marketing expenses; external revenue share expenses; retention and renewal expenses, …
We calculate LTV/CAC ratio as LTV divided by CAC. We use LTV/CAC ratio because we believe it is a standard metric for subscription-based businesses, and we believe that an LTV/CAC ratio above 3x is considered to be indicative of strong profitability and marketing efficiency. We believe that an incre…
Total Paid Subscribers increased by 6 thousand, or 1.5%, to 400 thousand as of June 30, 2026 as compared to 394 thousand at June 30, 2025, primarily related to meaningfully increased opportunistic investment in customer acquisition that began in late first quarter 2026 and continued throughout secon…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
▪Cash from Operating Activities (“CFFO”) was $(2.1) million in first quarter 2026, a decline of $3.8 million compared to first quarter 2025.
As of March 31, 2026, our Paid Subscriber base was 381 thousand, down 92 thousand, or 19.4% as compared to 473 thousand at March 31, 2025, primarily related to elevated churn associated with the shutdown of our Legacy Research business. At the time of shutdown, paid Legacy Research subscribers were …
LTV/CAC ratio: We calculate LTV/CAC ratio as LTV divided by CAC. We use LTV/CAC ratio because it is a standard metric for subscription-based businesses, and we believe that an LTV/CAC ratio above 3x is considered to be indicative of strong profitability and marketing efficiency. We believe that an i…
Total Paid Subscribers decreased by 92 thousand, or 19.4%, to 381 thousand as of March 31, 2026 as compared to 473 thousand at March 31, 2025, primarily related to elevated churn associated with the shutdown of our Legacy Research business. At the time of shutdown, paid Legacy Research subscribers w…
entry level publications. We believe our net revenue retention rate, which improved from 53% in 2024 to 91% in 2025, is a more meaningful gauge of subscriber satisfaction.
Controls & procedures
Text removed vs the prior filing · source: 10-Q · 2026-05-07
be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-08-06
On April 21, 2026, the Company and MarketWise, LLC (collectively, the “MarketWise Group”) entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Mark P. Arnold, the Company’s former Chief Executive Officer, and JAMA 2021, LLC (together with Mr. Arnold, the “Arnold Parties”…
Pursuant to the Settlement Agreement: (i) on April 22, 2026 the MarketWise Group made a one-time cash payment of $12.16 million to Mr. Arnold (the “Settlement Payment”); (ii) the Arnold Parties surrendered, and MarketWise, LLC redeemed and canceled an aggregate of 520,867 common units of MarketWise,…
Text removed vs the prior filing · source: 10-Q · 2026-05-07
On November 22, 2024, the Company's former Chief Executive Officer, Mark Arnold ("Claimant"), filed a demand for arbitration with the American Arbitration Association (the "Arbitration"). Claimant’s demand included claims against MarketWise, Inc. and MarketWise, LLC (collectively, the "Respondent") …
On April 21, 2026, Respondent entered into a Settlement Agreement and Release (the “Settlement Agreement”) with Claimant and Claimant’s entity, JAMA 2021, LLC (together with Claimant, the “Arnold Parties”). The Settlement Agreement resolves all claims, including the Arbitration and Claimant’s underl…
Pursuant to the Settlement Agreement: (i) Respondent will make a one-time cash payment of $12,160,000 to Claimant (the “Settlement Payment”); (ii) the Arnold Parties will surrender, and MarketWise, LLC will redeem and cancel an aggregate of 520,867 common units of MarketWise, LLC (the “Common Units”…
This resolution avoids the cost, distraction, and uncertainty of continued arbitration proceedings, and it allows management to remain focused on executing the Company’s strategic priorities without ongoing litigation risk. The settlement was structured to resolve the Arbitration, while also redeemi…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice