News
System1 Announces First Quarter 2024 Financial Results
All Key Financial Results Above the High-End of Guidance Range
LOS ANGELES, May 09, 2024–(BUSINESS WIRE)–System1, Inc. (NYSE: SST) (“System1” or the “Company”), an omnichannel customer acquisition marketing platform, announced its financial results for the first quarter of 2024.
“We are pleased to report a strong start to the year, with our headline Q1 results exceeding the top end of our guidance ranges for Revenue, Adjusted Gross Profit and Adjusted EBITDA. We had a strong quarter of execution across our core initiatives and I am pleased we were able to deliver these results,” commented Michael Blend, System1’s Co-Founder & Chief Executive Officer. “Looking towards the remainder of 2024, we remain optimistic about increased advertiser demand, and we are confident the investments in our RAMP platform leave System1 well positioned to take advantage of these trends.”
Tridivesh Kidambi, Chief Financial Officer of System1, commented, “We delivered first quarter financial results that exceeded our guidance, which was the result of some better-than-expected trends at the end of the quarter. We currently are expecting the favorable trends to continue and coupled with our cost reductions in the second half of last year, we expect to deliver year-over-year improvement in net loss and growth in Adjusted EBITDA for the remainder of the year. We significantly deleveraged last quarter, and we will continue to aggressively take advantage of opportunities to increase equity value going forward, while continuing to reduce our overall leverage.”
Note: Adjusted Gross Profit and Adjusted EBITDA are non-GAAP metrics that are defined and reconciled at the end of this release.
First Quarter 2024
-
Successfully completed a modified “Dutch auction” tender offer in January of 2024, repurchasing $63.7 million of term debt for a purchase price of $40.9 million, exclusive of fees and expenses. This brought the total debt repaid between November 2023 and January 2024 to $155 million.
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Second Quarter 2024 Guidance
The Company expects for the second quarter of 2024:
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 first quarter of 2024, the Company expects interest expense in the range of $7.0 million to $7.5 million, depreciation and amortization expense in the range of $20 million to $21 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 and our Post-Effective Amendment to our Registration Statement on Form S-1 each 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 incorporate 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; and (11) our ability to protect our intellectual property rights. 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. 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 March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
$ |
84,917 |
|
|
$ |
121,118 |
|
|
Operating expenses: |
|
|
|
||||
|
Cost of revenue (excluding depreciation and amortization) |
|
53,698 |
|
|
|
82,953 |
|
|
Salaries and benefits |
|
24,483 |
|
|
|
28,147 |
|
|
Selling, general, and administrative |
|
12,728 |
|
|
|
14,855 |
|
|
Depreciation and amortization |
|
19,804 |
|
|
|
19,392 |
|
|
Impairment of goodwill |
|
— |
|
|
|
— |
|
|
Total operating expenses |
|
110,713 |
|
|
|
145,347 |
|
|
Operating loss |
|
(25,796 |
) |
|
|
(24,229 |
) |
|
Other expense (income): |
|
|
|
||||
|
Interest expense, net |
|
7,970 |
|
|
|
11,402 |
|
|
Gain from debt extinguishment |
|
(19,676 |
) |
|
|
— |
|
|
Change in fair value of warrant liabilities |
|
(251 |
) |
|
|
(1,409 |
) |
|
Total other (income) expense, net |
|
(11,957 |
) |
|
|
9,993 |
|
|
Loss before income tax |
|
(13,839 |
) |
|
|
(34,222 |
) |
|
Income tax benefit |
|
(48 |
) |
|
|
(3,829 |
) |
|
Net loss from continuing operations |
|
(13,791 |
) |
|
|
(30,393 |
) |
|
Net loss from discontinued operations, net of tax |
|
— |
|
|
|
(12,533 |
) |
|
Net loss |
|
(13,791 |
) |
|
|
(42,926 |
) |
|
Less: Net loss from continuing operations attributable to non-controlling interest |
|
(3,254 |
) |
|
|
(6,757 |
) |
|
Less: Net loss from discontinued operations attributable to non-controlling interest |
|
— |
|
|
|
(2,367 |
) |
|
Net loss attributable to System1, Inc. |
$ |
(10,537 |
) |
|
$ |
(33,802 |
) |
Unaudited Condensed Balance Sheets
(In thousands, except for par values)
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
ASSETS |
|
|
|
||||
|
|
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
69,920 |
|
|
$ |
135,343 |
|
|
Restricted cash, current |
|
7,231 |
|
|
|
3,813 |
|
|
Accounts receivable, net |
|
52,735 |
|
|
|
56,093 |
|
|
Prepaid expenses and other current assets |
|
9,791 |
|
|
|
6,754 |
|
|
Total current assets |
|
139,677 |
|
|
|
202,003 |
|
|
Restricted cash, non-current |
|
533 |
|
|
|
4,294 |
|
|
Property and equipment, net |
|
2,836 |
|
|
|
3,084 |
|
|
Internal-use software development costs, net |
|
12,545 |
|
|
|
11,425 |
|
|
Intangible assets, net |
|
278,336 |
|
|
|
297,001 |
|
|
Goodwill |
|
82,407 |
|
|
|
82,407 |
|
|
Operating lease right-of-use assets |
|
4,241 |
|
|
|
4,732 |
|
|
Other non-current assets |
|
484 |
|
|
|
524 |
|
|
Total assets |
|
521,059 |
|
|
|
605,470 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
|
7,055 |
|
|
|
9,499 |
|
|
Accrued expenses and other current liabilities |
|
52,351 |
|
|
|
59,314 |
|
|
Operating lease liabilities, current |
|
2,375 |
|
|
|
2,333 |
|
|
Debt, net |
|
16,190 |
|
|
|
15,271 |
|
|
Total current liabilities |
|
77,971 |
|
|
|
86,417 |
|
|
Operating lease liabilities, non-current |
|
2,938 |
|
|
|
3,582 |
|
|
Long-term debt, net |
|
268,597 |
|
|
|
334,232 |
|
|
Warrant liability |
|
2,438 |
|
|
|
2,688 |
|
|
Deferred tax liability |
|
7,649 |
|
|
|
8,307 |
|
|
Other liabilities |
|
1,061 |
|
|
|
929 |
|
|
Total liabilities |
|
360,654 |
|
|
|
436,155 |
|
|
Commitments and contingencies (Note 7) |
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Class A common stock – $0.0001 par value; 500,000 shares authorized, 68,632 and 65,855 Class A shares issued and outstanding as of March 31, 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 March 31, 2024 and December 31, 2023, respectively |
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
850,202 |
|
|
|
843,112 |
|
|
Accumulated deficit |
|
(718,199 |
) |
|
|
(707,662 |
) |
|
Accumulated other comprehensive loss |
|
(271 |
) |
|
|
(181 |
) |
|
Total stockholders’ equity attributable to System1, Inc. |
|
131,741 |
|
|
|
135,278 |
|
|
Non-controlling interest |
|
28,664 |
|
|
|
34,037 |
|
|
Total stockholders’ equity |
|
160,405 |
|
|
|
169,315 |
|
|
Total liabilities and stockholders’ equity |
$ |
521,059 |
|
|
$ |
605,470 |
|
The following table reconciles net loss to Adjusted EBITDA for the periods presented ($ in millions).
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Net loss from continuing operations |
$ |
(13.8 |
) |
|
$ |
(30.4 |
) |
|
Plus: |
|
|
|
||||
|
Income tax benefit |
|
— |
|
|
$ |
(3.8 |
) |
|
Interest expense |
|
8.0 |
|
|
$ |
11.4 |
|
|
Depreciation and amortization |
|
19.8 |
|
|
$ |
19.4 |
|
|
Other expense |
|
(0.1 |
) |
|
$ |
— |
|
|
Stock-based compensation & distributions to members |
|
4.0 |
|
|
$ |
(0.1 |
) |
|
Impairment of goodwill |
|
— |
|
|
$ |
5.8 |
|
|
Loss on extinguishment of related-party debt |
|
(19.7 |
) |
|
$ |
(1.4 |
) |
|
Non-cash revaluation of warrant liability |
|
(0.3 |
) |
|
$ |
— |
|
|
Acquisition and restructuring costs |
|
2.5 |
|
|
$ |
4.2 |
|
|
Adjusted EBITDA |
$ |
0.4 |
|
|
$ |
5.1 |
|
The following table reconciles Revenue to Gross Profit and Adjusted Gross Profit for the periods presented ($ in millions).
|
|
Three Months Ended March 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Revenue |
$ |
84.9 |
|
|
$ |
121.1 |
|
|
Less: Cost of revenue (excluding depreciation and amortization) |
|
(53.7 |
) |
|
|
(83.0 |
) |
|
Less: Depreciation and amortization related to cost of revenue |
|
(12.6 |
) |
|
|
(12.4 |
) |
|
Gross Profit |
|
18.6 |
|
|
|
25.8 |
|
|
Add: Depreciation and amortization related to cost of revenue |
|
12.6 |
|
|
|
12.4 |
|
|
Adjusted Gross Profit |
$ |
31.2 |
|
|
$ |
38.2 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509798032/en/
Contacts
Investors:
Brett Milotte
ICR, Inc.
Brett.Milotte@icrinc.com
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
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Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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News / Business / Latest Business News Live Updates Today, July 11, 2024
Source
News
Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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