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    System1 Announces Strong Third Quarter 2024 Financial Results

    11/7/24 4:05:00 PM ET
    $SST
    Computer Software: Programming Data Processing
    Technology
    Get the next $SST alert in real time by email

    All Key Financial Results At or Above the High-End of Guidance Range

    • Revenue Increased 1% Over Prior Year to $88.8 Million
    • GAAP Gross Profit Flat Over Prior Year at $24.8 Million
    • Adjusted Gross Profit Increased 1% Over Prior Year to $37.6 Million
    • GAAP Net Loss Increased $4.7 million Over Prior Year to $30.6 Million
    • Adjusted EBITDA Increased 27% Over Prior Year to $10.3 Million 

    System1, Inc. (NYSE:SST) ("System1" or the "Company"), an omnichannel customer acquisition marketing platform, today announced its financial results for the third quarter of 2024.

    "We are pleased to report another solid quarter where our key metrics were either at or above the high end of our financial guidance for the period," commented Michael Blend, System1's Co-Founder & Chief Executive Officer. "We are seeing strong execution by our team across our business lines, especially in our Owned and Operated products, and our tight focus on operating efficiency is showing up in our financial results."

    Tridivesh Kidambi, Chief Financial Officer of System1, commented, "We are pleased to report our third quarter financial results and are especially heartened to return to year-over-year growth across several of our key financial metrics. We remain committed to delivering strong financial results, while also continuing to focus on operating expense reduction initiatives. We remain bullish on the long-term prospects of the business and look forward to a strong finish to this year."

    Note: Adjusted Gross Profit and Adjusted EBITDA are non-GAAP metrics that are defined and reconciled at the end of this release.

    Third Quarter 2024 Highlights

    • CouponFollow.com experienced an over 100% year-over-year increase in organic sessions to its website, and users of our savings-focused browser extensions more than doubled.
    • Startpage completed the roll out of its Private Browser app launching the Android version, and has seen significant downloads and engagement – with more than 200,000 downloads across Android and iOS.
    • MapQuest finalized a new multi-year deal with HERE to serve as its backend mapping technology provider allowing for an improved user experience and mapping performance, while also offering significant cost savings throughout the term of the partnership.

    About System1, Inc.

    System1 combines best-in-class technology & data science to operate its advanced Responsive Acquisition Marketing Platform (RAMP). System1's RAMP is omnichannel and omnivertical, and built for a privacy-centric world. RAMP enables the building of powerful brands across multiple consumer verticals, the development & growth of a suite of privacy-focused products, and the delivery of high-intent customers to advertising partners. For more information, visit www.system1.com.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, particularly any statements or materials regarding System1's future results. Forward-looking statements include, but are not limited to, statements regarding System1 or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

    These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause System1's actual financial results or operating performance to be materially different from those expressed or implied by these forward-looking statements. Readers or users of this press release should evaluate the risk factors summarized below, which summary list is not exclusive. Readers or users of this press release should also carefully review the "Risk Factors" and other information included in our Annual Report on Form 10-K for the fiscal year ending December 31, 2023, as well as our Form 10-Qs, Form 8-Ks and other reports filed with the Securities and Exchange Commission (the "SEC") from time to time. Please refer to these SEC filings for additional information regarding the risks and other factors that may impact System1's business, prospects, financial results and operating performance.

    Such risks, uncertainties and assumptions include, but are not limited to: (1) our ability to maintain our key relationships with network partners and advertisers, including our monetization arrangements; (2) our ability to collect, process, effectively utilize and safely store the first party data that we obtain through our services; (3) the performance of our responsive acquisition marketing platform, or RAMP; (4) changes in customer demand for our services and our ability to quickly adapt to such changes; (5) our ability to maintain and attract consumers and advertisers in the face of changing economic or competitive conditions; (6) our ability to improve and maintain adequate internal control over financial reporting and remediate identified material weaknesses; (7) our ability to successfully source and complete acquisitions and to integrate the operations of companies System1 acquires; (8) our ability to raise financing in the future as and when needed or on market terms; (9) our ability to compete with existing competitors and the entry of new competitors in the market; (10) changes in applicable laws or regulations impacting the business which we operate and our ability to maintain compliance with the various laws that our business and operations are subject to; (11) our ability to protect our intellectual property rights; and (12) other risks and uncertainties indicated from time to time in our filings with the SEC. The foregoing list of factors is not exclusive.

    Should one or more of these risks or uncertainties materialize, they could cause our actual results to differ materially from any forward-looking statements contained in this press release. System1's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the forward-looking statements for the purpose of their inclusion in this press release, and accordingly, do not express an opinion or provide any other form of assurance with respect thereto for the purpose of this press release. System1 will not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should not take any statement regarding past trends or activities as a representation that such trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements.

    Non-GAAP Measures: Adjusted Gross Profit and Adjusted EBITDA

    Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures and represent key metrics used by System1's management and board of directors to measure the operational strength and performance of its business, to establish budgets, and to develop operational goals for managing its business. Adjusted Gross Profit (Loss) is defined as gross profit plus depreciation and amortization related to cost of revenues. Adjusted EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expenses, deferred compensation, management fees, minority interest expense, restructuring charges, impairment and certain discrete items impacting results in a particular period.

    System1 believes Adjusted Gross Profit and Adjusted EBITDA are relevant and useful metrics for investors because it allows investors to view performance in a manner similar to the method used by management. There are limitations on the use of Adjusted Gross Profit and Adjusted EBITDA and it may not be comparable to similarly titled measures of other companies. Other companies, including companies in System1's industry, may calculate non-GAAP financial measures differently than System1 does, limiting the usefulness of those measures for comparative purposes.

    Adjusted Gross Profit should not be considered a substitute for revenue or gross profit. Adjusted EBITDA should not be considered a substitute for income (loss) from operations, net income (loss), or net income (loss) attributable to System1 on a consolidated basis that System1 reports in accordance with GAAP. Although System1 uses Adjusted Gross Profit and Adjusted EBITDA as financial measures to assess the performance of its business, such use is limited because it does not include certain costs necessary to operate System1's business. System1's presentation of Adjusted Gross Profit and Adjusted EBITDA should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items.

    Unaudited Condensed Consolidated Statements of Operations

    (In thousands)

     

     

    Three Months Ended September 30,

     

     

    2024

     

     

     

    2023

     

    Revenue

    $

    88,832

     

     

    $

    87,818

     

    Operating expenses:

     

     

     

    Cost of revenue (excluding depreciation and amortization)

     

    51,171

     

     

     

    50,585

     

    Salaries and benefits

     

    29,177

     

     

     

    26,695

     

    Selling, general, and administrative

     

    10,172

     

     

     

    11,808

     

    Depreciation and amortization

     

    20,128

     

     

     

    19,584

     

    Total operating expenses

     

    110,648

     

     

     

    108,672

     

    Operating loss

     

    (21,816

    )

     

     

    (20,854

    )

    Other expense (income):

     

     

     

    Interest expense, net

     

    7,957

     

     

     

    13,053

     

    (Gain) loss from debt extinguishment

     

    —

     

     

     

    619

     

    Change in fair value of warrant liabilities

     

    281

     

     

     

    (7,482

    )

    Total other expense (income), net

     

    8,238

     

     

     

    6,190

     

    Loss before income tax

     

    (30,054

    )

     

     

    (27,044

    )

    Income tax expense (benefit)

     

    585

     

     

     

    (1,116

    )

    Net loss from continuing operations

     

    (30,639

    )

     

     

    (25,928

    )

    Net loss from discontinued operations, net of tax

     

    —

     

     

     

    (137,209

    )

    Net loss

     

    (30,639

    )

     

     

    (163,137

    )

    Less: Net loss from continuing operations attributable to non-controlling interest

     

    (7,037

    )

     

     

    (6,081

    )

    Less: Net loss from discontinued operations attributable to non-controlling interest

     

    —

     

     

     

    (25,566

    )

    Net loss attributable to System1, Inc.

    $

    (23,602

    )

     

    $

    (131,490

    )

     

     

     

     

    Unaudited Condensed Consolidated Balance Sheets

    (In thousands, except for par values)

     

    September 30, 2024

     

    December 31, 2023

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    69,092

     

     

    $

    135,343

     

    Restricted cash, current

     

    4,129

     

     

     

    3,813

     

    Accounts receivable, net

     

    57,602

     

     

     

    56,093

     

    Prepaid expenses and other current assets

     

    4,382

     

     

     

    6,754

     

    Total current assets

     

    135,205

     

     

     

    202,003

     

    Restricted cash, non-current

     

    371

     

     

     

    4,294

     

    Property and equipment, net

     

    2,431

     

     

     

    3,084

     

    Internal-use software development costs, net

     

    14,230

     

     

     

    11,425

     

    Intangible assets, net

     

    241,006

     

     

     

    297,001

     

    Goodwill

     

    82,407

     

     

     

    82,407

     

    Operating lease right-of-use assets

     

    3,298

     

     

     

    4,732

     

    Other non-current assets

     

    365

     

     

     

    524

     

    Total assets

    $

    479,313

     

     

    $

    605,470

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    9,423

     

     

    $

    9,499

     

    Accrued expenses and other current liabilities

     

    71,072

     

     

     

    59,314

     

    Operating lease liabilities, current

     

    2,330

     

     

     

    2,333

     

    Debt, net

     

    16,338

     

     

     

    15,271

     

    Total current liabilities

     

    99,163

     

     

     

    86,417

     

    Operating lease liabilities, non-current

     

    1,821

     

     

     

    3,582

     

    Long-term debt, net

     

    259,236

     

     

     

    334,232

     

    Warrant liability

     

    1,217

     

     

     

    2,688

     

    Deferred tax liability

     

    6,726

     

     

     

    8,307

     

    Other non-current liabilities

     

    8,304

     

     

     

    929

     

    Total liabilities

     

    376,467

     

     

     

    436,155

     

    Stockholder's Equity:

     

     

     

    Class A common stock - $0.0001 par value; 500,000 shares authorized, 70,460 and 65,855 Class A shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

    $

    7

     

     

    $

    7

     

    Class C common stock - $0.0001 par value; 25,000 shares authorized, 21,204 and 21,513 Class C shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively

     

    2

     

     

     

    2

     

    Additional paid-in capital

     

    858,740

     

     

     

    843,112

     

    Accumulated deficit

     

    (768,174

    )

     

     

    (707,662

    )

    Accumulated other comprehensive loss

     

    (262

    )

     

     

    (181

    )

    Total stockholders' equity attributable to System1, Inc.

     

    90,313

     

     

     

    135,278

     

    Non-controlling interest

     

    12,533

     

     

     

    34,037

     

    Total stockholders' equity

     

    102,846

     

     

     

    169,315

     

    Total liabilities and stockholders' equity

    $

    479,313

     

     

    $

    605,470

     

     

    The following table reconciles net loss to Adjusted EBITDA for the periods presented (in millions):

     

    Three Months Ended

    September 30,

     

     

    2024

     

     

     

    2023

     

    Net loss from continuing operations

    $

    (30.6

    )

     

    $

    (25.9

    )

    Plus:

     

     

     

    Income tax expense (benefit)

     

    0.6

     

     

     

    (1.1

    )

    Interest expense

     

    8.0

     

     

     

    13.1

     

    Depreciation and amortization

     

    20.1

     

     

     

    19.6

     

    Other expense

     

    —

     

     

     

    0.6

     

    Stock-based compensation & distributions to members

     

    3.8

     

     

     

    5.3

     

    Gain on extinguishment of debt

     

    —

     

     

     

    0.6

     

    Non-cash revaluation of warrant liability

     

    0.3

     

     

     

    (7.5

    )

    Acquisition and restructuring costs

     

    8.1

     

     

     

    3.4

     

    Adjusted EBITDA

    $

    10.3

     

     

    $

    8.1

     

    The following table reconciles Revenue to Gross Profit and Adjusted Gross Profit for the periods presented (in millions):

     

    Three Months Ended September 30,

     

     

    2024

     

     

     

    2023

     

    Revenue

    $

    88.8

     

     

    $

    87.8

     

    Less: Cost of revenue (excluding depreciation and amortization)

     

    (51.2

    )

     

     

    (50.6

    )

    Less: Depreciation and amortization related to cost of revenue

     

    (12.8

    )

     

     

    (12.5

    )

    Gross profit

     

    24.8

     

     

     

    24.7

     

    Add: Depreciation and amortization related to cost of revenue

     

    12.8

     

     

     

    12.5

     

    Adjusted Gross Profit

    $

    37.6

     

     

    $

    37.2

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241107918081/en/

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    • Chief People Officer Sestanovich Elizabeth covered exercise/tax liability with 1,342 shares (SEC Form 4)

      4 - System1, Inc. (0001805833) (Issuer)

      4/30/25 5:32:09 PM ET
      $SST
      Computer Software: Programming Data Processing
      Technology

    $SST
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • System1 downgraded by BofA Securities with a new price target

      BofA Securities downgraded System1 from Buy to Underperform and set a new price target of $4.00 from $12.00 previously

      11/8/22 7:27:24 AM ET
      $SST
      Computer Software: Programming Data Processing
      Technology
    • BofA Securities initiated coverage on System1 with a new price target

      BofA Securities initiated coverage of System1 with a rating of Buy and set a new price target of $12.00

      7/11/22 7:45:51 AM ET
      $SST
      Computer Software: Programming Data Processing
      Technology
    • Evercore ISI initiated coverage on System1 with a new price target

      Evercore ISI initiated coverage of System1 with a rating of In-line and set a new price target of $14.00

      4/26/22 9:12:19 AM ET
      $SST
      Computer Software: Programming Data Processing
      Technology