$SST
System1, Inc.

2021 Q3 Form 10-Q Financial Statement

#000110465921140097 Filed on November 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021 Q1
Revenue $488.6M $169.6M $147.6M
YoY Change
Cost Of Revenue $365.8M $126.2M $110.8M
YoY Change
Gross Profit $122.7M $43.41M $36.78M
YoY Change
Gross Profit Margin 25.12% 25.6% 24.92%
Selling, General & Admin $69.20M $6.277M $6.950M
YoY Change
% of Gross Profit 56.37% 14.46% 18.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.26M $89.00K $81.00K
YoY Change
% of Gross Profit 8.36% 0.21% 0.22%
Operating Expenses $79.45M $6.277M $6.950M
YoY Change 45785.31%
Operating Profit -$780.8K $16.33M $10.94M
YoY Change 350.93% -51304.44%
Interest Expense -$12.71M $4.476M $4.048M
YoY Change
% of Operating Profit 27.42% 37.0%
Other Income/Expense, Net $6.881M -$4.476M $0.00
YoY Change -992.86% -47.04%
Pretax Income $30.59M $11.85M $6.894M
YoY Change -17763.43%
Income Tax $703.0K $77.00K $151.0K
% Of Pretax Income 2.3% 0.65% 2.19%
Net Earnings $6.100M $11.77M $6.743M
YoY Change -746.31% -238.76% -135392.94%
Net Earnings / Revenue 1.25% 6.94% 4.57%
Basic Earnings Per Share
Diluted Earnings Per Share $365.8K $144.1K $82.54K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.21M $100.0K $320.0K
YoY Change 3970.12%
Cash & Equivalents $177.1K $34.57M $30.85M
Short-Term Investments
Other Short-Term Assets $7.236M $180.0K $170.0K
YoY Change 2717.65%
Inventory
Prepaid Expenses $121.9K $176.7K
Receivables $85.59M
Other Receivables $0.00
Total Short-Term Assets $299.0K $279.1K $490.0K
YoY Change -73.92%
LONG-TERM ASSETS
Property, Plant & Equipment $836.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $517.5M $517.5M
YoY Change
Other Assets $529.0K
YoY Change
Total Long-Term Assets $517.5M $517.5M $517.5M
YoY Change 0.0%
TOTAL ASSETS
Total Short-Term Assets $299.0K $279.1K $490.0K
Total Long-Term Assets $517.5M $517.5M $517.5M
Total Assets $517.8M $517.8M $518.0M
YoY Change -0.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.63M
YoY Change
Accrued Expenses $7.674M $1.800M $1.770M
YoY Change 6873.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $171.8M
YoY Change
Total Short-Term Liabilities $2.606M $1.805M $1.770M
YoY Change 2267.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $9.368M $61.94M $59.50M
YoY Change -48.28%
Total Long-Term Liabilities $9.368M $61.94M $59.50M
YoY Change -48.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.606M $1.805M $1.770M
Total Long-Term Liabilities $9.368M $61.94M $59.50M
Total Liabilities $57.67M $63.75M $61.26M
YoY Change 216.47%
SHAREHOLDERS EQUITY
Retained Earnings -$57.37M -$63.47M -$60.78M
YoY Change -5.72% 5.95%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$57.37M -$63.47M -$60.77M
YoY Change
Total Liabilities & Shareholders Equity $517.8M $517.8M $518.0M
YoY Change -0.16%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021 Q1
OPERATING ACTIVITIES
Net Income $6.100M $11.77M $6.743M
YoY Change -746.31% -238.76% -135392.94%
Depreciation, Depletion And Amortization $10.26M $89.00K $81.00K
YoY Change
Cash From Operating Activities $12.06M $17.19M $10.13M
YoY Change -3479.11%
INVESTING ACTIVITIES
Capital Expenditures -$1.668M -$1.793M $0.00
YoY Change -130.33%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.668M -$1.793M -$1.440M
YoY Change -99.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.743M -12.29M -$6.603M
YoY Change -101.69%
NET CHANGE
Cash From Operating Activities 12.06M 17.19M $10.13M
Cash From Investing Activities -1.668M -1.793M -$1.440M
Cash From Financing Activities -8.743M -12.29M -$6.603M
Net Change In Cash 1.645M 3.103M $1.840M
YoY Change 84.91%
FREE CASH FLOW
Cash From Operating Activities $12.06M $17.19M $10.13M
Capital Expenditures -$1.668M -$1.793M $0.00
Free Cash Flow $13.72M $18.98M $10.13M
YoY Change -334.33%

Facts In Submission

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CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8233334
CY2020Q2 treb Class Of Warrant Or Right Price Of Warrants Or Rights
ClassOfWarrantOrRightPriceOfWarrantsOrRights
1.50
CY2021Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
12350000
CY2020Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2021Q3 us-gaap Notes Payable Related Parties Classified Current
NotesPayableRelatedPartiesClassifiedCurrent
450000
CY2021Q3 treb Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
treb Period After Closing Of Initial Business Combination To File Resale Shelf Registration Statement
PeriodAfterClosingOfInitialBusinessCombinationToFileResaleShelfRegistrationStatement
P30D
CY2021Q3 treb Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2021Q3 treb Deferred Underwriting Compensation Noncurrent
DeferredUnderwritingCompensationNoncurrent
18112500
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
5288750
CY2020 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
2853572
treb Threshold Post Closing Dollar Volume Weighted Average Price
ThresholdPostClosingDollarVolumeWeightedAveragePrice
12.50
treb Amount Of Shareholder Redemption Need To Exceed For Dollar To Dollar Adjustment Of Consideration
AmountOfShareholderRedemptionNeedToExceedForDollarToDollarAdjustmentOfConsideration
417500000
treb Threshold Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
ThresholdPeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P180D
treb Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination Stock Price Trigger
TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationStockPriceTrigger
12.00
treb Threshold Period After Business Combination In Which Specified Trading Days Within Any Specified Trading Day Period Commences
ThresholdPeriodAfterBusinessCombinationInWhichSpecifiedTradingDaysWithinAnySpecifiedTradingDayPeriodCommences
P150D
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
treb Class Of Warrant Or Right Redemption Of Warrants Or Rights Stock Price Trigger
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsStockPriceTrigger
18.00
CY2021Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
36950834
CY2020Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
53005335
CY2020Q4 treb Fpa Liability
FpaLiability
10654540

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