MARKETWISE, INC.

Previous wording

▪Total net revenue was $80.0 million in the second quarter 2025(2)

Current wording

▪Total net revenue was $81.3 million in the third quarter 2025(2)

Previous wording

▪Total Billings were $58.2 million in second quarter 2025, a year-over-year increase of 10% on an adjusted basis

Current wording

▪Total Billings were $63.7 million in third quarter 2025, a year-over-year increase of 30%

Previous wording

▪Cash and cash equivalents were $69.1 million as of June 30, 2025, and no debt outstanding

Current wording

▪Cash and cash equivalents were $50.5 million as of September 30, 2025, and no debt outstanding

Previous wording

(1) The second quarter 2025 and 2024 quarterly results reported herein are unaudited.

Current wording

(1) The third quarter 2025 and 2024 quarterly results reported herein are unaudited.

Previous wording

As of June 30, 2025, our paid subscriber base was 394 thousand, down 251 thousand, or 39.0% as compared to 645 thousand at June 30, 2024. Our base is comprised of subscribers obtained through both direct-to-paid acquisition and free-to-paid conversions. Since 2022, direct-to-paid acquisition has accounted for approximately 50% of our annual Paid Subscriber acquisition, and is largely driven by display ads and targeted email campaigns.

Current wording

As of September 30, 2025, our Paid Subscriber base was 379 thousand, down 214 thousand, or 36.1% as compared to 592 thousand at September 30, 2024. Our base is comprised of subscribers obtained through both direct-to-paid acquisition and free-to-paid conversions. Since 2022, direct-to-paid acquisition has accounted for approximately 50% of our annual Paid Subscriber acquisition, and is largely driven by display ads and targeted email campaigns.

Previous wording

Active Free Subscribers. Active Free Subscribers are defined as unique subscribers who have subscribed to one of our free investment publications via a valid email address and who have received and/or consumed our content during the quarter, excluding any Paid Subscribers who also have free subscriptions. Free subscriptions are often daily publications that include some commentary about the stock market, investing ideas, or other specialized topics. Included within our free publications are advertisements and editorial support for our current marketing campaigns. While subscribed to our publications, Active Free Subscribers learn about our editors and analysts, get to know our products and services, and learn more about ways we can help them be a better investor.

Current wording

Active Free Subscribers. Active Free Subscribers are defined as unique subscribers who have subscribed to one of our free investment publications via a valid email address and who have received and/or consumed our content during the quarter, excluding any Paid Subscribers who also have free subscriptions. Free subscriptions are often daily publications that include some commentary about the stock market, investing ideas, or other specialized topics. Included within our free publications are advertisements and editorial support for our current marketing campaigns. While subscribed to our publications, Active Free Subscribers learn about our editors and analysts, get to know our products and services, and learn more about ways we can help them be a better investor. Historically, approximately 50% of our new Paid Subscribers come from free to paid conversions.

Previous wording

Active Free Subscribers decreased by 2.5 million, or 52.9%, to 2.3 million, compared to 4.8 million as of June 30, 2024. The year over year decrease in Active Free Subscribers is a result of fewer free subscribers in total, a reduced number of free products available as we rationalize our offerings, and elevated churn associated with the shutdown of our Legacy Research business.

Current wording

Active Free Subscribers decreased by 1.2 million, or 36.7%, to 2.1 million, compared to 3.3 million as of September 30, 2024. The year over year decrease in Active Free Subscribers is a result of fewer free subscribers in total, a reduced number of free products available as we rationalize our offerings, and more targeted email sends.

Previous wording

As of June 30, 2025, Active Free Subscribers decreased by 0.7 million, or 24.5% to 2.3 million, compared to 3.0 million as of March 31, 2025, as the sequential reduction was the result of an increase in focus on attracting new direct to paid subscribers in the quarter.

Current wording

As of September 30, 2025, Active Free Subscribers decreased by 0.2 million, or 8.2%, to 2.1 million, compared to 2.3 million as of June 30, 2025, as the sequential reduction was the result of a continued increase in focus on attracting new direct to paid subscribers in the quarter.

Previous wording

Subscriber count churn has ranged from approximately 2.4% to 3.3% per month between 2022 and 2024. Almost all of the subscribers who churned in second quarter 2025 did so having owned only one entry level publication. This is evidenced by the fact that their ARPU approximately matched the subscription price of our entry level publications. We believe our net revenue retention rate, which has averaged over 55% from 2022 to 2024, is a more meaningful gauge of subscriber satisfaction.

Current wording

Subscriber count churn has ranged from approximately 2.4% to 3.3% per month between 2022 and 2024. The average subscribers who churned in third quarter 2025 did so having owned only one entry level publication. This is evidenced by the fact that their ARPU approximately matched the subscription price of our entry level publications. We believe our net revenue retention rate, which has averaged over 55% from 2022 to 2024, is a more meaningful gauge of subscriber satisfaction.

Previous wording

ARPU increased by $18, or 3.9%, to $474 as of June 30, 2025 as compared to $456 as of June 30, 2024. The year-over-year increase was driven by a 31% decrease in trailing four quarter Paid Subscribers, while trailing four quarter Billings only decreased by 28%. The decrease in trailing four quarter Paid Subscribers was driven by the winding down of our Legacy Research business. The decrease in trailing four quarter Billings was driven by reduced engagement and conversion of prospective and existing subscribers, as well as the winding down of our Legacy Research business during 2024.

Current wording

ARPU increased by $148, or 35.5%, to $566 as of September 30, 2025 as compared to $417 as of September 30, 2024. The year-over-year increase was driven by a 34% decrease in trailing four quarter Paid Subscribers, while trailing four quarter Billings only decreased by 11%. The decrease in trailing four quarter Paid Subscribers was driven by the winding down of our Legacy Research business. The decrease in trailing four quarter Billings was driven by reduced engagement and conversion of prospective and existing subscribers, as well as the winding down of our Legacy Research business during 2024.

Previous wording

ARPU increased by $55, or 13.1%, to $474 as of June 30, 2025 as compared to $419 as of March 31, 2025. The sequential increase was driven by an 11% decrease in trailing four-quarter average Paid Subscribers, while trailing four-quarter Billings were flat.

Current wording

ARPU increased by $92, or 19.3%, to $566 as of September 30, 2025 as compared to $474 as of June 30, 2025. The sequential increase was driven by an 11% decrease in trailing four-quarter average Paid Subscribers, while trailing four-quarter Billings increased by 6%.

Previous wording

While they have declined somewhat recently, our ARPUs remain high relative to other subscription businesses, and we attribute this to the quality of our content and effective sales and marketing efforts regarding higher value content, bundled subscriptions and membership subscriptions. These subscriptions have compelling economics that allow us to recoup our initial marketing spend made to acquire these subscribers. Specifically, our payback period was estimated at 1.7 years for the years ended 2024 and 2023 and 1.6 year for the year ended 2022, respectively. Our payback period remains elevated primarily due to a combination of increased customer acquisition costs and lower conversion rates on higher value products.

Current wording

Our ARPUs remain high relative to other subscription businesses, and we attribute this to the quality of our content and effective sales and marketing efforts regarding higher value content, bundled subscriptions and membership subscriptions. These subscriptions have compelling economics that allow us to recoup our initial marketing spend made to acquire these subscribers. Specifically, our payback period was estimated at 1.7 years for the years ended 2024 and 2023 and 1.6 years for the year ended 2022, respectively. Our payback period remains elevated primarily due to a combination of increased customer acquisition costs and lower conversion rates on higher value products.

Previous wording

New Marketing Billings are Billings from all new subscription sales. New Marketing Billings increased by $2.9 million, or 7.6%, to $41.6 million for second quarter 2025 as compared to $38.7 million for second quarter 2024. The increase was primarily driven by Billings from software services in second quarter 2025.

Current wording

New Marketing Billings are Billings from all new subscription sales. New Marketing Billings increased by $16.4 million, or 50.7%, to $48.7 million for third quarter 2025 as compared to $32.3 million for third quarter 2024. The increase was seen across our various offerings including entry level subscriptions, our higher priced subscriptions and our software related content.

Previous wording

New Marketing Billings decreased by $9.7 million, or 18.9% to $41.6 million for second quarter 2025 as compared to $51.3 million in first quarter 2025. The decrease was primarily driven by highly successful campaigns targeted at existing subscribers in first quarter 2025 as compared to moderately successful campaigns in second quarter 2025.

Current wording

New Marketing Billings increased by $7.1 million, or 17.1%, to $48.7 million for third quarter 2025 as compared to $41.6 million in second quarter 2025. The increase was primarily driven by highly successful campaigns targeted at existing subscribers and continued momentum with software related content.

Previous wording

Net Renewal Billings are Billings from renewals and maintenance fee payments. Net Renewal Billings decreased by $1.7 million, or 10.0%, to $15.4 million for second quarter 2025 as compared to $17.1 million for second quarter 2024. This is primarily a function of a significant decrease (approximately 220 thousand) in average Paid Subscribers for the trailing twelve months ended June 30, 2025 versus the trailing twelve months ended June 30, 2024.

Current wording

Net Renewal Billings are Billings from renewals and maintenance fee payments. Net Renewal Billings decreased by $1.6 million, or 10.2%, to $14.1 million for third quarter 2025 as compared to $15.7 million for third quarter 2024. This is primarily a function of a significant decrease (approximately 227 thousand) in average Paid Subscribers for the trailing twelve months ended September 30, 2025 versus the trailing twelve months ended September 30, 2024.

Previous wording

Net Renewal Billings decreased by $2.9 million, or 16.0%, to $15.4 million for second quarter 2025 as compared to $18.3 million for first quarter 2025. The decrease was driven by a smaller population of dollars available to renew in second quarter 2025 as compared to first quarter, driven by the timing of campaigns in previous periods.

Current wording

Net Renewal Billings decreased by $1.3 million, or 8.2%, to $14.1 million for third quarter 2025 as compared to $15.4 million for second quarter 2025. The decrease was driven by a smaller population of dollars available to renew in third quarter 2025 as compared to second quarter, driven by the timing of campaigns in previous periods as well as fewer overall paid subscribers.

Previous wording

Other Billings are Billings from revenue share, advertising and conferences. Other Billings decreased by $0.6 million, or 34.0% to $1.2 million for second quarter 2025 as compared to $1.8 million for second quarter 2024 as a result of reduced revenue share income and advertising.

Current wording

Other Billings are Billings from revenue share, advertising and conferences. Other Billings decreased by $0.0 million, or 2.5%, to $0.8 million for third quarter 2025 as compared to $0.9 million for third quarter 2024.

Previous wording

Other Billings increased by $0.4 million or 45.8% to $1.2 million for second quarter 2025 as compared to $0.8 million for first quarter 2025, as a result of increasing revenue share activity with related parties.

Current wording

Other Billings decreased by $0.3 million or 29.1%, to $0.8 million for third quarter 2025 as compared to $1.2 million for second quarter 2025, as a result of decreasing revenue share activity with related parties.

Previous wording

Total Billings increased by $0.6 million, or 1.1%, to $58.2 million for the second quarter 2025 as compared to $57.6 million for second quarter 2024. Excluding Billings from our Legacy Research Group brands, which wound down operations in 2024, Billings increased by $5.5 million or 10.4%.

Current wording

Total Billings increased by $14.8 million, or 30.2%, to $63.7 million for the third quarter 2025 as compared to $48.9 million for third quarter 2024. Excluding Billings from our Legacy Research Group brands, which wound down operations in 2024, Billings increased by $16.7 million or 35.6%.

Previous wording

We generate net revenue primarily from services provided in delivering term and membership subscription-based financial research, publications, and SaaS offerings to individual subscribers through our online platforms, advertising arrangements, print products, events, and revenue share agreements.

Current wording

We generate net revenue primarily from services provided in delivering term and membership subscription-based financial research, publications, and SaaS offerings to individual subscribers through our online platforms, and from advertising arrangements, print products, and events. We also recognize net revenue through revenue share agreements where we earn a commission for successful sales that other parties generate from our customer list.

Previous wording

As of June 30, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 14.8% and the noncontrolling interest was 85.2%. For the three and six months ended June 30, 2025 net income attributable to controlling interests included a $0.6 million tax provision and a $1.7 million tax provision, respectively, which is 100% attributable to the controlling interest.

Current wording

As of September 30, 2025, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 15.3% and the noncontrolling interest was 84.7%. For the three and nine months ended September 30, 2025 net income attributable to controlling interests included a $1.1 million tax provision and a $2.7 million tax provision, respectively, which is 100% attributable to the controlling interest.

Previous wording

As of June 30, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 12.1% and the noncontrolling interest was 87.9%. For the three and six months ended June 30, 2024, net income attributable to controlling interests included a $0.8 million tax provision and a $1.5 million tax provision, respectively, both of which were solely attributable to the controlling interest.

Current wording

As of September 30, 2024, MarketWise, Inc.’s controlling interest in MarketWise, LLC was 12.3% and the noncontrolling interest was 87.7%. For the three and nine months ended September 30, 2024, net income attributable to controlling interests included a $1.0 million tax provision and a $2.5 million tax provision, respectively, both of which were solely attributable to the controlling interest.

Previous wording

The decrease in net revenue was primarily driven by a $17.8 million decrease in term subscription revenue and a $6.7 million decrease in membership subscription revenue.

Current wording

The decrease in net revenue was primarily driven by a $11.1 million decrease in term subscription revenue and a $5.1 million decrease in membership subscription revenue.

Previous wording

Term subscription revenue decreased during the three months ended June 30, 2025 primarily due to the wind down of Legacy Research, which contributed $11.5 million to the overall term subscription revenue decrease.

Current wording

Term subscription revenue decreased during the three months ended September 30, 2025, primarily due to the wind down of Legacy Research, which contributed $8.6 million to the overall term subscription revenue decrease.

Previous wording

Membership revenue decreased during the three months ended June 30, 2025 primarily due to Legacy Research, which contributed $8.2 million to the overall membership subscription revenue decrease.

Current wording

Membership revenue decreased during the three months ended September 30, 2025, primarily due to Legacy Research, which contributed $7.8 million to the overall membership subscription revenue decrease.

Previous wording

Sales and marketing expense decreased primarily driven by a $10.5 million decrease in amortization of deferred contract acquisition costs, a $1.7 million decrease in salaries due to a reduction in workforce. This was partially offset by a $0.6 million increase in marketing expense and a 0.3 million increase in stock-based compensation expense.

Current wording

Sales and marketing expense decreased primarily driven by a $7.8 million decrease in amortization of deferred contract acquisition costs, a $1.5 million decrease in stock-based compensation expense, and a $1.0 million decrease in salaries, taxes and benefits due to a reduction in workforce. This was partially offset by a $4.8 million increase in marketing expense.

Previous wording

General and administrative expense decreased primarily driven by a $1.2 million decrease in salaries, taxes and benefits expense due to a reduction in workforce, a $1.7 million decrease in professional fees, a $1.0 million decrease in incentive compensation, and a $0.4 million decrease in severance expense. This was partially offset by a $0.8 increase in stock-based compensation expense.

Current wording

General and administrative expense decreased primarily driven by a $4.5 million decrease in professional fees, a $1.6 million decrease in severance expense, and a $1.1 million decrease in salaries, taxes and benefits due to a reduction in workforce. This was partially offset by a $2.3 million increase in incentive compensation.

Previous wording

The decrease in net revenue was primarily driven by a $35.4 million decrease in term subscription revenue, a $14.4 million decrease in membership subscription revenue and a $0.7 million decrease in non-subscription revenue.

Current wording

The decrease in net revenue was primarily driven by a $46.5 million decrease in term subscription revenue, a $19.5 million decrease in membership subscription revenue and a $0.5 million decrease in non-subscription revenue.

Previous wording

Membership revenue decreased during the six months ended June 30, 2025 primarily due to Legacy Research, which contributed $15.5 million to the overall membership subscription revenue decrease. Membership subscription revenue also decreased during the six months ended June 30, 2025 primarily driven by lower billings as compared to the 2024 period.

Current wording

Membership revenue decreased during the nine months ended September 30, 2025 primarily due to Legacy Research, which contributed $23.3 million to the overall membership subscription revenue decrease.

Previous wording

Cost of revenue decreased primarily driven by a $1.6 million decrease in freelance editorial expenses and a $0.9 million decrease in incentive compensation. This was partially offset by a $0.4 million increase in stock-based compensation expense and a $0.3 million increase in salaries, taxes and benefits.

Current wording

Cost of revenue decreased primarily driven by a $5.1 million decrease in freelance editorial expenses, a $1.1 million decrease in incentive compensation, and a $0.8 million decrease in outside labor. This was partially offset by a $0.8 increase in stock-based compensation expense.

Previous wording

Sales and marketing expense decreased primarily driven by a $20.7 million decrease in amortization of deferred contract acquisition costs, and $2.8 million decrease in salaries, taxes and benefits primarily due to reductions in workforce in 2024.

Current wording

Sales and marketing expense decreased primarily driven by a $28.5 million decrease in amortization of deferred contract acquisition costs, and $4.0 million decrease in salaries, taxes and benefits primarily due to reductions in workforce in 2024. This is partially offset by a $2.9 million increase in marketing expense.

Previous wording

General and administrative expense decreased driven by a $1.6 million decrease due to the Legacy lease termination, $1.5 million decrease in salaries, taxes, and benefits, $1.4 million decrease due to the change in fair value of contingent consideration related to brands sold during 2024, and a $0.7 million decrease in severance expense, both due to reductions in workforce in 2024, and a $0.7 decrease in stock-based compensation expense, a $0.6 million decrease in software expense, a $0.5 million decrease in outside labor, and a $0.5 million decrease in incentive compensation.

Current wording

General and administrative expense decreased driven by a $7.4 million decrease in professional fees, a $3.5 million decrease in salaries, taxes and benefits due to a reduction in workforce, a $2.9 million decrease due to the change in fair value of contingent consideration related to brands sold during 2024, a $2.3 million decrease in severance expense, a $1.0 million decrease in stock-based compensation expense, a $0.9 million decrease in software expense. This is partially offset by a $2.7 million increase in incentive compensation.

Previous wording

In addition to our results determined in accordance with GAAP, we believe that the below non-GAAP financial measures are useful in evaluating our operating performance. We use the below non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. This non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related

Current wording

In addition to our results determined in accordance with GAAP, we believe that the below non-GAAP financial measures are useful in evaluating our operating performance. We use the below non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. This non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

Previous wording

We expect Adjusted CFFO and Adjusted CFFO Margin to fluctuate in future periods as we invest in our business to execute our growth strategy. These activities, along with any non-recurring items as described above, may result in fluctuations in Adjusted CFFO and Adjusted CFFO Margin in future periods.

Current wording

We define Adjusted CFFO as cash flow from operations plus or minus any non-recurring items. We define Adjusted CFFO Margin as Adjusted CFFO as a percentage of Billings. We expect Adjusted CFFO and Adjusted CFFO Margin to fluctuate in future periods as we invest in our business to execute our growth strategy. These activities, along with any non-recurring items as described above, may result in fluctuations in Adjusted CFFO and Adjusted CFFO Margin in future periods.

Previous wording

CFFO and Adjusted CFFO for the six months ended June 30, 2025 was primarily due to net income of $32.2 million, adjusted for net non-cash items which increased cash by $8.0 million. This was partially offset by net changes in our operating assets and liabilities which reduced cash by $20.5 million, including incentive compensation payouts.

Current wording

CFFO and Adjusted CFFO for the nine months ended September 30, 2025 was primarily due to net income of $50.1 million, adjusted for net non-cash items which increased cash by $12.5 million. This was partially offset by net changes in our operating assets and liabilities which reduced cash by $40.8 million, including incentive compensation payouts.

Previous wording

We refer to this accumulation of cash as our “float” which we view as a valuable resource that we may invest or use to expand our operations. We expect that as we grow our business, the amount of our float will increase. The Company estimates that the amount of float was approximately $87.8 million and $119.7 million as of June 30, 2025 and December 31, 2024, respectively. As part of the Company's broader capital allocation strategy, our consolidated cash balance may from time to time decline below our estimate of the long term float requirement.

Current wording

We refer to this accumulation of cash as our “float” which we view as a valuable resource that we may invest or use to expand our operations. We expect that as we grow our business, the amount of our float will increase. The Company estimates that the amount of float was approximately $83.4 million and $119.7 million as of September 30, 2025 and December 31, 2024, respectively. As part of the Company's broader capital allocation strategy, our consolidated cash balance may from time to time decline below our estimate of the long term float requirement.

Previous wording

The Company invests a portion of this cash in financial instruments to achieve reasonable returns on a risk-adjusted basis. The investment allocation decisions are based in part on the anticipated liquidity requirements of the Company including working capital, estimated tax related distributions, and broader capital allocation objectives.

Current wording

The Company may invest a portion of this cash in financial instruments to achieve reasonable returns on a risk-adjusted basis. The investment allocation decisions are based in part on the anticipated liquidity requirements of the Company including working capital, estimated tax related distributions, and broader capital allocation objectives.

Previous wording

For the three and six months ended June 30, 2025, the Company earned interest income of $0.8 million and $1.7 million, respectively, on our cash portfolio which was invested solely in money market funds.

Current wording

For the three and nine months ended September 30, 2025, the Company earned interest income of $0.7 million and $2.4 million, respectively, on our cash portfolio which was invested solely in money market funds.

Previous wording

As of June 30, 2025, our principal sources of liquidity were cash and cash equivalents, and restricted cash of $69.1 million. Cash and cash equivalents are comprised of bank deposits, money market funds, and certificates of deposit. We have financed our operations primarily through cash received from operations, and our sources of liquidity have enabled us to make continued investments in supporting the growth of our business. We expect that our anticipated operating cash flows, in addition to cash on hand, will enable us to continue to make investments in the future, and to pay dividends. We expect our operating cash flows to further improve as we increase our operational efficiency and experience economies of scale.

Current wording

As of September 30, 2025, our principal sources of liquidity were cash and cash equivalents, and restricted cash of $50.5 million. Cash and cash equivalents are comprised of bank deposits, money market funds, and certificates of deposit. We have financed our operations primarily through cash received from operations, and our sources of liquidity have enabled us to make continued investments in supporting the growth of our business. We expect that our anticipated operating cash flows, in addition to cash on hand, will enable us to continue to make investments in the future, and to pay dividends. We expect our operating cash flows to further improve as we increase our operational efficiency and experience economies of scale.

Previous wording

We pay quarterly dividends on shares of our Class A common stock and distributions on our LLC Units. We also declared a special dividend for Class A shareholders on May 1, 2025. Our continued declaration and payment of dividends and institution of any other distributions of capital to shareholders will nonetheless be at the discretion of our Board and will depend on many factors, including our earnings, financial condition and results of operations, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, ability to obtain cash or other assets from our subsidiaries, restrictions imposed by applicable law, general business conditions and other factors that our Board may deem relevant. There can be no assurance that we will continue to pay dividends in the future. Therefore, the success of an investment in shares of our Class A common stock may in the future depend only upon any future appreciation in their value. There is no guarantee that shares of our Class A common stock will appreciate or even maintain their value.

Current wording

We pay quarterly dividends on shares of our Class A common stock and distributions on our LLC Units. Our continued declaration and payment of dividends and institution of any other distributions of capital to shareholders will nonetheless be at the discretion of our Board and will depend on many factors, including our earnings, financial condition and results of operations, capital requirements, level of indebtedness, contractual restrictions with respect to payment of dividends, ability to obtain cash or other assets from our subsidiaries, restrictions imposed by applicable law, general business conditions and other factors that our Board may deem relevant. There can be no assurance that we will continue to pay dividends in the future. Therefore, the success of an investment in shares of our Class A common stock may in the future depend only upon any future appreciation in their value. There is no guarantee that shares of our Class A common stock will appreciate or even maintain their value.