Benzinga | Jun 1, 2021 06:27AM EDT

Ascendant Digital Acquisition Corp. SPAC Merger Partner MarketWise Reports Q1 Revenue $119.7M, Up 56.7% YoY; Paid Subscribers Increased By 76.6% To 1M

~ First Quarter 2021 Revenue Increase of 56.7% ~

~ Highest Total Billings in Company History ~

~ Paid Subscribers Grew 76.6% Year-Over-Year to Over 1.0 Million~

MarketWise, LLC ("MarketWise" or the "Company"), formerly known as Beacon Street Group, LLC, 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 three months ended March 31, 2021. As previously announced, the Company is in the process of rebranding and will be updating its website and other materials to the MarketWise brand over the coming weeks, but the Company's website will remain beaconstreet.com until it is fully updated for the new brand. Upon completion of the closing of the Company's transaction with Ascendant Digital Acquisition Corp. (NYSE:ACND), the combined entity plans to trade on the NASDAQ under the ticker symbol "MKTW".

First Quarter 2021 Highlights(1)

* Total revenue increased by 56.7% to $119.7 million compared to $76.4 million in first quarter 2020

* Total Billings increased by 117.4% to $255.3 million compared to $117.5 million in first quarter 2020

* Total net loss for the quarter was $615.1 million compared to $16.5 million in first quarter 2020, with the increase in net loss almost entirely attributable to stock-based compensation expense

* Cash flow from operations for the quarter was $92.3 million compared to cash flow used in operations of $6.4 million in first quarter 2020

* Adjusted CFFO increased by 277.8% to $98.0 million compared to $25.9 million in first quarter 2020

* Adjusted CFFO less capital expenditures was $97.9 million compared to $25.7 million in first quarter 2020

* Deferred revenue increased by 68.4% to $665.1 million compared to $394.9 million in first quarter 2020

* Paid Subscribers increased by 76.6% to 1.0 million compared to 0.6 million in first quarter 2020

* Free Subscribers increased by 84.2% to 10.9 million compared to 5.9 million in first quarter 2020