System1 Q4 revenue $96.1M beats guidance; sells subscription unit for $240M cash

System1, Inc.

Q4 revenue $96.1M (+9% QoQ); adjusted EBITDA $10M (+24% QoQ); both above high-end of guidance.
FY2023 revenue $402M, GAAP net loss $111.3M, adjusted EBITDA $29.2M.
Sold subscription business for $240M cash; retired 29.1M Class A shares. Repurchased $63.7M term debt at $40.9M.
Q1 2024 guidance: revenue $82-84M, adjusted EBITDA $(2)M to $(1)M (negative).

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 the quarter and year ended December 31, 2023 results: revenue $96.1 million, net income $25 million.

Period: the quarter and year ended December 31, 2023
Revenue: $96.1 million
Net income: $25 million
Result: reported results

Exact text from the filing

Full Year 2023 Financial Results All Key Financial Results Above the High-End of Guidance Range Fourth Quarter Financial Highlights: • Revenue Increased 9% Over Prior Quarter to $96.1 million • Gross Profit Increased 1% Over Prior Quarter to $25 million • Adjusted Gross Profit Increased 1% Over Prior Quarter to $37.5 million • GAAP Net Loss Decreased 2% Over Prior

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Source: SEC EDGAR

accession 0001805833-24-000044

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