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System1 Announces Second Quarter 2024 Financial Results Above High-End of Guidance

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System1 (NYSE: SST) announced its second quarter 2024 financial results, surpassing the high-end of its guidance. Revenue increased by $9.7 million to $94.6 million, while gross profit rose 40% to $26.1 million. Adjusted gross profit saw a 24% increase, reaching $38.8 million. However, GAAP net loss grew by 152% to $34.8 million. Adjusted EBITDA improved by $9.5 million to $9.9 million.

The company renewed a key monetization partnership with Google. CouponFollow.com showed a 36% year-over-year increase in organic traffic, and Startpage's new Private Browser app surpassed 50,000 downloads. MapQuest reported a 10% increase in organic visits.

For the third quarter of 2024, System1 expects revenue between $86 million and $88 million, gross profit between $23 million and $25 million, and adjusted EBITDA between $8 million and $10 million.

System1 (NYSE: SST) ha annunciato i risultati finanziari del secondo trimestre 2024, superando la parte alta delle proprie previsioni. I ricavi sono aumentati di 9,7 milioni di dollari, raggiungendo i 94,6 milioni di dollari, mentre il profitto lordo è aumentato del 40%, toccando i 26,1 milioni di dollari. Il profitto lordo rettificato ha visto un incremento del 24%, arrivando a 38,8 milioni di dollari. Tuttavia, la perdita netta secondo i principi contabili GAAP è cresciuta del 152%, arrivando a 34,8 milioni di dollari. L'EBITDA rettificato è migliorato di 9,5 milioni di dollari, raggiungendo i 9,9 milioni di dollari.

La società ha rinnovato una partnership strategica di monetizzazione con Google. CouponFollow.com ha mostrato un aumento del 36% nel traffico organico rispetto all'anno precedente, e la nuova app Private Browser di Startpage ha superato i 50.000 download. MapQuest ha registrato un aumento del 10% nelle visite organiche.

Per il terzo trimestre del 2024, System1 prevede ricavi tra 86 milioni e 88 milioni di dollari, profitto lordo tra 23 milioni e 25 milioni di dollari, e un EBITDA rettificato tra 8 milioni e 10 milioni di dollari.

System1 (NYSE: SST) ha anunciado sus resultados financieros del segundo trimestre de 2024, superando la parte alta de sus previsiones. Los ingresos aumentaron en 9,7 millones de dólares, alcanzando los 94,6 millones de dólares, mientras que el beneficio bruto creció un 40%, alcanzando los 26,1 millones de dólares. El beneficio bruto ajustado experimentó un incremento del 24%, llegando a 38,8 millones de dólares. Sin embargo, la pérdida neta GAAP creció un 152% hasta los 34,8 millones de dólares. El EBITDA ajustado mejoró en 9,5 millones de dólares, alcanzando los 9,9 millones de dólares.

La compañía renovó una asociación clave de monetización con Google. CouponFollow.com mostró un aumento del 36% en el tráfico orgánico interanual, y la nueva aplicación de navegador privado de Startpage superó las 50,000 descargas. MapQuest reportó un aumento del 10% en visitas orgánicas.

Para el tercer trimestre de 2024, System1 espera ingresos de entre 86 millones y 88 millones de dólares, beneficio bruto entre 23 millones y 25 millones de dólares, y EBITDA ajustado entre 8 millones y 10 millones de dólares.

System1 (NYSE: SST)는 2024년 2분기 재무 실적을 발표하며 예상을 초과 달성했습니다. 수익은 970만 달러 증가하여 9460만 달러에 달했고, 총 이익은 40% 증가하여 2610만 달러에 이르렀습니다. 조정된 총 이익은 24% 증가하여 3880만 달러에 도달했습니다. 그러나 GAAP 기준 순손실은 152% 증가하여 3480만 달러에 달했습니다. 조정된 EBITDA는 950만 달러 상승하여 990만 달러에 이르렀습니다.

회사는 Google과의 주요 monetization 파트너십을 갱신했습니다. CouponFollow.com은 전년 대비 유기적 트래픽이 36% 증가했습니다. Startpage의 새로운 개인 브라우저 앱은 50,000회 이상의 다운로드를 기록했습니다. MapQuest는 유기적 방문자가 10% 증가했다고 보고했습니다.

2024년 3분기 동안 System1은 수익을 8600만~8800만 달러로, 총 이익을 2300만~2500만 달러로, 조정된 EBITDA를 800만~1000만 달러로 예상하고 있습니다.

System1 (NYSE: SST) a annoncé ses résultats financiers du deuxième trimestre 2024, dépassant la partie haute de ses prévisions. Les revenus ont augmenté de 9,7 millions de dollars, atteignant 94,6 millions de dollars, tandis que le bénéfice brut a augmenté de 40%, atteignant 26,1 millions de dollars. Le bénéfice brut ajusté a connu une augmentation de 24%, atteignant 38,8 millions de dollars. Cependant, la perte nette selon les normes GAAP a augmenté de 152%, atteignant 34,8 millions de dollars. L'EBITDA ajusté a progressé de 9,5 millions de dollars, atteignant 9,9 millions de dollars.

L'entreprise a renouvelé un partenariat clé de monétisation avec Google. CouponFollow.com a montré une augmentation de 36% du trafic organique par rapport à l'année précédente, et la nouvelle application Navigateur Privé de Startpage a dépassé les 50 000 téléchargements. MapQuest a rapporté une augmentation de 10% des visites organiques.

Pour le troisième trimestre 2024, System1 s'attend à des revenus compris entre 86 millions et 88 millions de dollars, un bénéfice brut compris entre 23 millions et 25 millions de dollars, et un EBITDA ajusté compris entre 8 millions et 10 millions de dollars.

System1 (NYSE: SST) hat die Finanzzahlen für das zweite Quartal 2024 bekannt gegeben und die obere Grenze der Prognose übertroffen. Der Umsatz stieg um 9,7 Millionen Dollar auf 94,6 Millionen Dollar, während der Bruttogewinn um 40% auf 26,1 Millionen Dollar anstieg. Der angepasste Bruttogewinn verzeichnete einen Anstieg von 24% und erreichte 38,8 Millionen Dollar. Allerdings wuchs der GAAP-Nettoverlust um 152% auf 34,8 Millionen Dollar. Das angepasste EBITDA verbesserte sich um 9,5 Millionen Dollar auf 9,9 Millionen Dollar.

Das Unternehmen hat eine wichtige Monetarisierungspartnerschaft mit Google erneuert. CouponFollow.com verzeichnete einen Anstieg des organischen Traffics um 36% im Jahresvergleich, und die neue Private Browser-App von Startpage übertraf 50.000 Downloads. MapQuest berichtete von einem Anstieg der organischen Besuche um 10%.

Für das dritte Quartal 2024 erwartet System1 einen Umsatz zwischen 86 Millionen und 88 Millionen Dollar, einen Bruttogewinn zwischen 23 Millionen und 25 Millionen Dollar sowie ein angepasstes EBITDA zwischen 8 Millionen und 10 Millionen Dollar.

Positive
  • Revenue increased by $9.7 million to $94.6 million.
  • Gross profit increased by 40% to $26.1 million.
  • Adjusted gross profit increased by 24% to $38.8 million.
  • Adjusted EBITDA increased by $9.5 million to $9.9 million.
  • Renewed key monetization relationship with Google.
  • CouponFollow.com experienced a 36% year-over-year increase in organic visitors.
  • Startpage's Private Browser app surpassed 50,000 downloads.
Negative
  • GAAP net loss increased by 152% to $34.8 million.

Insights

System1's Q2 2024 results demonstrate a significant improvement over the previous quarter, with all key metrics exceeding guidance. Revenue increased by $9.7 million to $94.6 million, while Adjusted EBITDA saw a substantial jump of $9.5 million to $9.9 million. However, the GAAP Net Loss widened by 152% to $34.8 million, which is concerning.

The renewal of a primary monetization relationship with Google is a positive sign for future revenue stability. The company's diversified portfolio, including CouponFollow.com and MapQuest, shows promising growth. However, the Q3 guidance suggests a slight sequential decline in revenue and Adjusted EBITDA, which may indicate some challenges ahead.

Investors should monitor the widening GAAP Net Loss and assess whether the company can translate its top-line growth and adjusted metrics into actual profitability in the coming quarters.

System1's Q2 results reflect a stabilizing advertising market, which bodes well for the company's omnichannel customer acquisition platform. The 36% year-over-year increase in organic visitors to CouponFollow.com and the growth of its browser extensions to 15 million monthly active users indicate strong consumer interest in savings-focused products in the current economic climate.

The launch of Startpage's Private Browser app and its positive reception (over 2,000 five-star ratings) suggest a growing demand for privacy-focused browsing solutions. This aligns with broader market trends towards increased data privacy awareness.

MapQuest's 10% year-over-year growth in organic visits and its partnership with BMW for a custom navigation app demonstrate the company's ability to innovate and capitalize on established brands. These developments position System1 well to capture market share in a recovering advertising landscape.

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

  • Revenue Increased $9.7 Million Over Prior Quarter to $94.6 Million
  • Gross Profit Increased 40% Over Prior Quarter to $26.1 Million
  • Adjusted Gross Profit Increased 24% Over Prior Quarter to $38.8 Million
  • GAAP Net Loss Increased 152% Over Prior Quarter to $34.8 Million
  • Adjusted EBITDA Increased $9.5 Million Over Prior Quarter to $9.9 Million
  • Company Provides Third Quarter Guidance of: $86 Million to $88 Million of Revenue and $8 Million to $10 Million of Adjusted EBITDA

LOS ANGELES--(BUSINESS WIRE)-- System1, Inc. (NYSE: SST) ("System1" or the "Company"), an omnichannel customer acquisition marketing platform, announced its financial results for the second quarter of 2024.

"We are pleased to report a strong quarter reflecting solid sequential growth in which all of our key financial metrics significantly exceeded our guidance for the period," commented Michael Blend, System1’s Co-Founder & Chief Executive Officer. "Strong execution by our team and continued investment in our RAMP platform leave System1 well-positioned to take advantage of a stabilizing advertising market going forward."

Tridivesh Kidambi, Chief Financial Officer of System1, commented, "We are pleased with our second quarter financial results that exceeded the top end of our guidance ranges. We exited the quarter with significant momentum across our businesses, and we expect this positive momentum to deliver year-over-year increases in financial results for the remainder of the year."

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

Second Quarter 2024 Highlights

  • The Company renewed one of its primary monetization relationships with Google.
  • CouponFollow.com experienced a 36% year-over-year increase in organic visitors to its site, and its savings-focused browser extensions surpassed 15 million monthly active users.
  • Startpage launched its Private Browser app and has seen over 50,000 downloads with significantly positive user feedback, including over 2,000 five-star ratings to date across the iOS and Android app stores.
  • MapQuest saw 10% year-over-year growth in organic visits to its site in the second quarter as a result of the Company’s investments in new content, faster page load speed and improved data quality. MapQuest also launched a custom "Mini Takes the States" mobile navigation application in partnership with BMW in conjunction with its bi-annual "Mini Takes the States" road trip rally event.

Third Quarter 2024 Guidance

The Company expects for the third quarter of 2024:

  • Revenue between $86 million and $88 million.
  • Gross Profit between $23 million and $25 million.
  • Adjusted Gross Profit between $36 million and $38 million.
  • Adjusted EBITDA between $8 million and $10 million.

In reliance on the unreasonable efforts exception for forward-looking information provided under Regulation S-K, the Company is not reasonably able to provide a quantitative reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP financial measures without unreasonable effort due to uncertainties regarding purchase accounting, stock-based compensation, taxes and other potential adjustments. The difference between Gross Profit and Adjusted Gross Profit is primarily depreciation and amortization related to the cost of revenues, which are estimated to be approximately $13 million. The variability of these items could have an unpredictable, and potentially significant, impact on the Company’s future GAAP financial results. For the third quarter of 2024, the Company expects interest expense in the range of $8.0 million to $8.5 million, depreciation and amortization expense in the range of $20.5 million to $21.0 million, and acquisition and restructuring costs to be in the range of $2.0 million to $2.5 million.

The Company’s achievement of the anticipated results is subject to risks and uncertainties, including those disclosed in its filings with the U.S. Securities and Exchange Commission. The outlook does not take into account the impact of any unanticipated developments in the business or changes in the operating environment.

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 registration statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC"), as well as System1’s Form 10-Qs, Form 8-Ks and other reports filed with 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 a particular segment’s 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 Statements of Operations

(In thousands)

 

Three Months Ended June 30,

 

 

2024

 

 

 

2023

 

Revenue

$

94,581

 

 

$

96,914

 

Operating expenses:

 

 

 

Cost of revenue (excluding depreciation and amortization)

 

55,798

 

 

 

56,657

 

Salaries and benefits

 

33,937

 

 

 

27,054

 

Selling, general, and administrative

 

13,989

 

 

 

15,340

 

Depreciation and amortization

 

19,943

 

 

 

19,688

 

Total operating expenses

 

123,667

 

 

 

118,739

 

Operating loss

 

(29,086

)

 

 

(21,825

)

Other expense (income):

 

 

 

Interest expense, net

 

7,871

 

 

 

12,334

 

Gain from debt extinguishment

 

(433

)

 

 

 

Change in fair value of warrant liabilities

 

(1,501

)

 

 

2,018

 

Total other expense (income), net

 

5,937

 

 

 

14,352

 

Loss before income tax

 

(35,023

)

 

 

(36,177

)

Income tax benefit

 

(178

)

 

 

(6,670

)

Net loss from continuing operations

 

(34,845

)

 

 

(29,507

)

Net loss from discontinued operations, net of tax

 

 

 

 

(13,484

)

Net loss

 

(34,845

)

 

 

(42,991

)

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

 

(8,472

)

 

 

(6,165

)

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

 

 

 

 

(2,525

)

Net loss attributable to System1, Inc.

$

(26,373

)

 

$

(34,301

)

Unaudited Condensed Balance Sheets

(In thousands, except for par values)

 

 

June 30,
2024

 

December 31,
2023

ASSETS

 

 

 

 

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

75,651

 

 

$

135,343

 

Restricted cash, current

 

4,253

 

 

 

3,813

 

Accounts receivable, net

 

61,915

 

 

 

56,093

 

Prepaid expenses and other current assets

 

6,805

 

 

 

6,754

 

Total current assets

 

148,624

 

 

 

202,003

 

Restricted cash, non-current

 

371

 

 

 

4,294

 

Property and equipment, net

 

2,613

 

 

 

3,084

 

Internal-use software development costs, net

 

13,447

 

 

 

11,425

 

Intangible assets, net

 

259,671

 

 

 

297,001

 

Goodwill

 

82,407

 

 

 

82,407

 

Operating lease right-of-use assets

 

3,759

 

 

 

4,732

 

Other non-current assets

 

444

 

 

 

524

 

Total assets

 

511,336

 

 

 

605,470

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

6,248

 

 

 

9,499

 

Accrued expenses and other current liabilities

 

76,817

 

 

 

59,314

 

Operating lease liabilities, current

 

2,385

 

 

 

2,333

 

Debt, net

 

16,272

 

 

 

15,271

 

Total current liabilities

 

101,722

 

 

 

86,417

 

Operating lease liabilities, non-current

 

2,339

 

 

 

3,582

 

Long-term debt, net

 

263,338

 

 

 

334,232

 

Warrant liability

 

936

 

 

 

2,688

 

Deferred tax liability

 

7,042

 

 

 

8,307

 

Other non-current liabilities

 

6,680

 

 

 

929

 

Total liabilities

 

382,057

 

 

 

436,155

 

Stockholders' equity:

 

 

 

Class A common stock - $0.0001 par value; 500,000 shares authorized, 69,255 and 65,855 Class A shares issued and outstanding as of June 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 June 30, 2024 and December 31, 2023, respectively

 

2

 

 

 

2

 

Additional paid-in capital

 

854,270

 

 

 

843,112

 

Accumulated deficit

 

(744,572

)

 

 

(707,662

)

Accumulated other comprehensive loss

 

(295

)

 

 

(181

)

Total stockholders' equity attributable to System1, Inc.

 

109,412

 

 

 

135,278

 

Non-controlling interest

 

19,867

 

 

 

34,037

 

Total stockholders' equity

 

129,279

 

 

 

169,315

 

Total liabilities and stockholders' equity

$

511,336

 

 

$

605,470

 

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

 

Three Months Ended June 30,

 

 

2024

 

 

 

2023

 

Net loss from continuing operations

$

(34.8

)

 

$

(29.5

)

Plus:

 

 

 

Income tax benefit

 

(0.2

)

 

 

(6.7

)

Interest expense

 

7.9

 

 

 

12.3

 

Depreciation and amortization

 

19.9

 

 

 

19.7

 

Other expense

 

 

 

 

0.3

 

Stock-based compensation & distributions to members

 

3.4

 

 

 

4.3

 

Gain on extinguishment of debt

 

(0.4

)

 

 

 

Non-cash revaluation of warrant liability

 

(1.5

)

 

 

2.0

 

Acquisition and restructuring costs

 

15.6

 

 

 

3.7

 

Adjusted EBITDA

$

9.9

 

 

$

6.1

 

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

 

Three Months Ended June 30,

 

 

2024

 

 

 

2023

 

Revenue

$

94.6

 

 

$

96.9

 

Less: Cost of revenue (excluding depreciation and amortization)

 

(55.8

)

 

 

(56.7

)

Less: Depreciation and amortization related to cost of revenue

 

(12.7

)

 

 

(12.4

)

Gross profit

 

26.1

 

 

 

27.8

 

Add: Depreciation and amortization related to cost of revenue

 

12.7

 

 

 

12.4

 

Adjusted Gross Profit

$

38.8

 

 

$

40.2

 

 

Investors:

Brett Milotte

ICR, Inc.

Brett.Milotte@icrinc.com

Source: System1, Inc.

FAQ

What were System1's second quarter 2024 financial results?

System1 reported a revenue of $94.6 million, gross profit of $26.1 million, and adjusted gross profit of $38.8 million. GAAP net loss increased to $34.8 million, and adjusted EBITDA reached $9.9 million.

How did System1's revenue perform in the second quarter of 2024?

System1's revenue increased by $9.7 million from the previous quarter, totaling $94.6 million.

What is System1's guidance for the third quarter of 2024?

System1 expects third quarter revenue between $86 million and $88 million, gross profit between $23 million and $25 million, and adjusted EBITDA between $8 million and $10 million.

What was System1's GAAP net loss in the second quarter of 2024?

System1's GAAP net loss increased by 152% to $34.8 million in the second quarter of 2024.

What significant partnerships or launches did System1 announce?

System1 renewed its monetization relationship with Google and launched Startpage's Private Browser app, which has seen over 50,000 downloads.

System1, Inc.

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