System1 Inc

NYSE:SSTUnited States

Nov 7, 2024

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• -- Earnings Flash (SST) SYSTEM1 Posts Q3 Revenue $88.8M, from 4:21PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:21PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: SST
  04:21 PM EST, 11/07/2024 (MT Newswires) -- ...

• System1 Announces Strong Third Quarter 2024 Financial Results, from 4:05PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: SST
  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 =============== ==============
  

• Press Release: System1 Announces Strong Third Quarter 2024 Financial Results, from 4:05PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: SST
  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 =============== ==============