System1 reports Q4/FY 2022 results; net loss $51M (Q4) and $442M (FY); restates prior 2022 quarters

System1, Inc.

Q4 revenue $187M (-7% YoY); adjusted EBITDA $26M (+18% YoY) in-line with guidance.
GAAP net loss $51M in Q4 (incl $26M goodwill impairment); FY net loss $442M (incl $366M impairment).
Filed restated 10-Qs for Q1-Q3 2022 correcting business combination accounting and intangible valuations.
Ended 2022 with 2.4M paying subscribers; renewed Google ad agreement through March 2025.
FY adjusted EBITDA $118M (successor period) vs $88M prior year; adjusted gross profit $235M vs $167M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

System1, Inc. reported Fourth Quarter 2022 results: revenue $187 million, net income Net loss of $51 million.

Period: Fourth Quarter 2022
Revenue: $187 million
Net income: Net loss of $51 million
Result: reported results

Exact text from the filing

Fourth Quarter 2022 Financial Highlights • Revenue decreased 7% year-over-year to $187 million compared to $200 million in the prior year. • Gross profit increased 6% year-over-year to $47 million. • Adjusted Gross Profit increased 31% year-over-year to $59 million compared to $45 million in the prior year. • Net loss of $51 million, compared to $3 million of net income in the prior year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

System1, Inc. reported FY 2022 results: revenue Revenue in the predecessor period was $53 million and revenue in the successor period was $774 million, net income Net loss in the predecessor period was $37 million and net loss in the successor period was $442 million.

Period: FY 2022
Revenue: Revenue in the predecessor period was $53 million and revenue in the successor period was $774 million
Net income: Net loss in the predecessor period was $37 million and net loss in the successor period was $442 million
Result: reported results

Exact text from the filing

FY 2022 Financial Highlights Exhibit 99.1 • Revenue in the predecessor period was $53 million and revenue in the successor period was $774 million, compared to $688 million in the prior year. Gross profit in the predecessor period was $6 million and gross profit in the successor period was $189 million, compared to $163 million in the prior year. • Adjusted Gross Profit in the predecessor period was $11 million and adjusted Gross Profit in the successor period was $235 million, compared to $167 million in the prior year. • Net loss in the predecessor period was $37 million and net loss in the successor period was $442 million, compared to net income of $33 million in the prior year.

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Source: SEC EDGAR

accession 0001805833-23-000082

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