$SST
System1, Inc.

2024 Q3 Form 10-Q Financial Statement

#000162828024046309 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $88.83M
YoY Change 1.15%
Cost Of Revenue $51.17M
YoY Change 1.16%
Gross Profit $37.66M
YoY Change 1.15%
Gross Profit Margin 42.4%
Selling, General & Admin $10.17M
YoY Change -13.86%
% of Gross Profit 27.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.12M
YoY Change -35.55%
% of Gross Profit 53.41%
Operating Expenses $10.17M
YoY Change -13.86%
Operating Profit -$21.82M
YoY Change 4.64%
Interest Expense -$7.957M
YoY Change -160.96%
% of Operating Profit
Other Income/Expense, Net -$8.238M
YoY Change 33.09%
Pretax Income -$30.05M
YoY Change 11.15%
Income Tax $600.0K
% Of Pretax Income
Net Earnings -$23.60M
YoY Change -82.04%
Net Earnings / Revenue -26.57%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$0.34
COMMON SHARES
Basic Shares Outstanding 70.05M shares
Diluted Shares Outstanding 70.05M shares

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.09M
YoY Change 1323.7%
Cash & Equivalents $69.09M
Short-Term Investments
Other Short-Term Assets $8.511M
YoY Change -67.62%
Inventory
Prepaid Expenses
Receivables $57.60M
Other Receivables $0.00
Total Short-Term Assets $135.2M
YoY Change 49.35%
LONG-TERM ASSETS
Property, Plant & Equipment $2.431M
YoY Change -24.92%
Goodwill $82.40M
YoY Change -0.01%
Intangibles $241.0M
YoY Change -23.65%
Long-Term Investments
YoY Change
Other Assets $365.0K
YoY Change -36.74%
Total Long-Term Assets $344.1M
YoY Change -58.89%
TOTAL ASSETS
Total Short-Term Assets $135.2M
Total Long-Term Assets $344.1M
Total Assets $479.3M
YoY Change -48.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.423M
YoY Change -11.14%
Accrued Expenses $54.32M
YoY Change 20.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $16.34M
YoY Change -61.45%
Total Short-Term Liabilities $99.16M
YoY Change -58.28%
LONG-TERM LIABILITIES
Long-Term Debt $259.2M
YoY Change -33.2%
Other Long-Term Liabilities $8.304M
YoY Change 209.16%
Total Long-Term Liabilities $8.304M
YoY Change 209.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.16M
Total Long-Term Liabilities $8.304M
Total Liabilities $376.5M
YoY Change -45.21%
SHAREHOLDERS EQUITY
Retained Earnings -$768.2M
YoY Change 18.87%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.31M
YoY Change
Total Liabilities & Shareholders Equity $479.3M
YoY Change -48.32%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$23.60M
YoY Change -82.04%
Depreciation, Depletion And Amortization $20.12M
YoY Change -35.55%
Cash From Operating Activities -$5.000K
YoY Change -99.93%
INVESTING ACTIVITIES
Capital Expenditures $1.744M
YoY Change -2.52%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.744M
YoY Change -2.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.021M
YoY Change -160.38%
NET CHANGE
Cash From Operating Activities -5.000K
Cash From Investing Activities -1.744M
Cash From Financing Activities -5.021M
Net Change In Cash -6.770M
YoY Change 826.13%
FREE CASH FLOW
Cash From Operating Activities -$5.000K
Capital Expenditures $1.744M
Free Cash Flow -$1.749M
YoY Change -80.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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4235 Redwood Avenue
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dei Entity Address State Or Province
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System1, Inc.
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us-gaap Nature Of Operations
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<span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%;padding-left:28.5pt">Organization and Description of Business</span><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">System1, Inc. and subsidiaries (the "Company", "we", "our" or "us") operates an omnichannel customer acquisition platform, delivering high-intent customers to brands, advertisers and publishers.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We provide our omnichannel customer acquisition platform services through our proprietary responsive acquisition marketing platform ("RAMP"). Operating seamlessly across major advertising networks and advertising category verticals to acquire high-intent end-users, RAMP allows us to monetize these acquired end-users through our relationships with third party advertisers and advertising networks ("Advertising Partners"). RAMP operates across our network of owned and operated websites, allowing us to monetize end-user traffic that we source from various acquisition marketing channels, including </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Google, Facebook, Outbrain, and TikTok. </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">RAMP also allows third party advertising platforms and publishers ("Network Partners") to send end-user traffic to, and monetize end-user traffic on, our owned and operated websites or through our monetization agreements.</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have two reportable segments: </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Owned and Operated Advertising</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Partner Network (</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">see </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note 10, Segment Reporting)</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 1, 2024, we undertook a corporate reorganization, the result of which was that all of the assets and business operations of the Company are now held by System1 Holdings, LLC ("System1 Holdings"), a newly formed intermediate holding company of which we maintain the controlling interest and in which the non-controlling interest is owned by the holders of our Class C common stock. Following the corporate reorganization, (a) System1 Holdings now owns 100% of S1 Holdco, LLC ("S1 Holdco"), the previous intermediate holding company with the non-controlling interest, and 100% of S1 Media, LLC ("S1 Media"), another new subsidiary formed in connection with the corporate reorganization, (b) S1 Media holds the assets and business operations associated with our owned and operated products, which includes CouponFollow, Startpage and Mapquest, and (c) S1 Holdco holds our remaining assets and business operations associated with our digital advertising businesses, including our proprietary RAMP platform. S1 Holdco and its subsidiaries remain obligors and guarantors under our Term Loan and 2022 Revolving Facility, and System1 Holdings and S1 Media are not parties thereto.</span></div>
us-gaap Number Of Reportable Segments
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2 segment
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<div><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div style="text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Management’s estimates are based on historical information available as of the date of the condensed consolidated financial statements and various other assumptions that we believe are reasonable under the circumstances. Actual results could differ from those estimates.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-indent:36pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, valuation of goodwill, acquired intangible assets, assets held for sale and long-lived assets, valuation and recognition of stock-based compensation awards, income taxes, contingent consideration and determination of the fair value of the warrant liabilities. On an ongoing basis, management evaluates our estimates compared to historical experience and trends, which form the basis for making judgments about the carrying value of assets and liabilities.</span></div>
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CY2023Q4 us-gaap Capitalized Computer Software Gross
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CY2023Q4 sst Capitalized Computer Software In Progress
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us-gaap Capitalized Computer Software Amortization1
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CY2024Q3 us-gaap Amortization Of Intangible Assets
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us-gaap Capitalized Computer Software Impairments1
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us-gaap Capitalized Computer Software Impairments1
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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CY2024Q3 sst Accrued Revenue Share Current
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CY2024Q3 us-gaap Accrued Marketing Costs Current
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CY2024Q3 sst Share Based Liability Current
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sst Period Of Financial Report Distribution To Lender
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CY2024Q3 us-gaap Long Term Debt
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Contractual Obligation Due In Next Twelve Months
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CY2023Q2 us-gaap Contractual Obligation Due In Second Year
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Number Of Operating Segments
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us-gaap Number Of Reportable Segments
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q3 sst Direct Adjusted Gross Profit
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CY2023Q3 sst Direct Adjusted Gross Profit
DirectAdjustedGrossProfit
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sst Direct Adjusted Gross Profit
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sst Direct Adjusted Gross Profit
DirectAdjustedGrossProfit
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us-gaap Other Cost Of Operating Revenue
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us-gaap Other Cost Of Operating Revenue
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CY2024Q3 sst Salaries And Benefits
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CY2023Q3 sst Salaries And Benefits
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sst Salaries And Benefits
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us-gaap Selling General And Administrative Expense
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CY2024Q3 sst Depreciation Depletion And Amortization Excluding Debt Issuance Costs
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CY2023Q3 sst Depreciation Depletion And Amortization Excluding Debt Issuance Costs
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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sst Income Loss Ongoing Equity Method Investment In Discontinued Operation After Disposal Extensible Enumeration Not Disclosed Flag
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