8-K

System1, Inc.

Date: April 4, 2022

/s/ Tridivesh Kidambi

Tridivesh Kidambi

Chief Financial Officer

0001193125-22-094533.txt : 20220404 0001193125-22-094533.hdr.sgml : 20220404 20220404090103 ACCESSION NUMBER: 0001193125-22-094533 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20220404 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220404 DATE AS OF CHANGE: 20220404 FILER: COMPANY DATA: COMPANY CONFORMED NAME: System1, Inc. CENTRAL INDEX KEY: 0001805833 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] IRS NUMBER: 981531250 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39331 FILM NUMBER: 22800491 BUSINESS ADDRESS: STREET 1: 4235 REDWOOD AVENUE CITY: MARINA DEL REY STATE: CA ZIP: 90066 BUSINESS PHONE: 310-924-6037 MAIL ADDRESS: STREET 1: 4235 REDWOOD AVENUE CITY: MARINA DEL RAY STATE: CA ZIP: 90066 FORMER COMPANY: FORMER CONFORMED NAME: Trebia Acquisition Corp. DATE OF NAME CHANGE: 20200306 8-K 1 d329335d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 4, 2022

System1, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-39331	98-1531250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

4235 Redwood Avenue

Marina Del Rey, California

90066

(Address of principal executive offices)

(Zip Code)

(310) 924-6037

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, $0.0001 par value per share	SST	New York Stock Exchange
Redeemable warrants, each whole warrant exercisable for one Class A Common Stock share at an exercise price of $11.50 per share	SST.WS	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

On April 4, 2022, System1, Inc. (the “Company”) issued a press release relating to financial results for the Company for the quarter and full-year ended December 31, 2021 and posted supplemental financial information on the Company’s website at https://ir.system1.com. A copy of the press release and supplemental financial information is furnished herewith as Exhibit 99.1.

The foregoing information (including the exhibit set forth in Item 9.01 hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.


Exhibit No.		Description

99.1		System1, Inc. press release, dated April 4, 2022, and Fourth Quarter Supplemental Financial Information.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1 2 d329335dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

System1 Announces Fourth Quarter & Full-Year 2021 Financial Results

Full-Year Revenue Up 47% Year-Over-Year to $833 Million, with Fourth

Quarter 2021 Revenue Up 48% Company Increases Guidance for 2022

LOS ANGELES, CA – April 4, 2022 – System1, Inc. (NYSE: SST) (“System1”), an omnichannel customer acquisition marketing platform, announced its results for the fourth quarter and full-year 2021, which represents the combined results of S1 Holdco, LLC (“S1 Holdco”) and Protected.net Group Limited (“Protected.net”) on a pro forma basis.

Michael Blend, Co-Founder & Chief Executive Officer of System1, commented, “We are excited to report our fourth quarter and full year 2021 results, which demonstrate the increasing value of our RAMP technology platform, while we continue to focus on growing our advertising and subscription businesses. For 2022, we see numerous opportunities to expand our business and will continue to invest in and innovate on our RAMP technology platform. As a new public company, we welcome our new shareholders who are joining us as we solidify our position as a leading privacy-centric digital marketer.”

Note

In January 2022, S1 Holdco and Protected.net combined with Trebia Acquisition Corp. (“Trebia”). The 2021 results of Trebia are excluded from this discussion of 2021 financial results, but the separately audited 2021 financial statements of Trebia, S1 Holdco and Protected.net are included in System1’s filings with the SEC. Refer to the tables at the end of this release to reconcile the pro forma results as presented herein to the individual financial results of S1 Holdco and Protected.net.

Fourth Quarter 2021 Financial Highlights

•

Revenue increased 48% year-over-year to $239 million compared to $161 million in the prior year.

•

Net income was $31 million compared to $7 million in the prior year.

•

Adjusted EBITDA increased 65% year-over-year to $37 million compared to $23 million in the prior year.

Full-Year 2021 Financial Highlights

•

Revenue increased 47% to $833 million compared to $567 million in the prior year.

•

Net income was $77 million compared $3 million in the prior year..

•

Adjusted EBITDA increased 103% to $127 million compared to $63 million in the prior year.

LOGO

Full-Year 2022 Guidance

•

The Company expects revenue of $1.0 billion, up 20% year-over-year and Adjusted EBITDA of $174 million, up 37% year-over-year, respectively, for the full year 2022.

•

The guidance presented above includes the contribution of the RoadWarrior and CouponFollow acquisitions completed in Q1 2022, with such acquisitions accounting for $25 million of revenue and $15 million of Adjusted EBITDA reflected in the full year 2022 guidance.

Business Highlights

•

On January 28, 2022, System1, Inc. started trading on the New York Stock Exchange under the ticker symbol “SST.”

•

On February 10, 2022, the Company completed the acquisition of RoadWarrior, a subscription app focused on route planning for today’s ever-growing gig economy drivers.

•

On February 11, 2022, the Company announced that it has been named Microsoft Advertising’s 2021 Supply Partner of the Year Americas. This highly coveted award is given to the supply partner who has shown excellence in partnership with Microsoft Advertising across the board.

•

On March 4, 2022, the Company acquired CouponFollow, one of the largest coupon destinations for online shoppers.

About System1

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 or “guidance” for fiscal year 2022. 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.

LOGO

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 registration statements on Form S-4 (including the related proxy statement/prospectus) with respect to the business combination with Trebia Acquisition Corp. and on Form S-1 filed with the Securities and Exchange Commission (the “SEC ”), as well as System1’s Form 10-K, Form 8-K and other reports filed with the SEC from time to time. Please refer to the SEC filings for additional information regarding the risks and other factors that may impact System1’s business, prospects, financial results and operating performance following completion of the business combination.

Such risks, uncertainties and assumptions include, but are not limited to: (1) our ability to grow and manage growth profitably, and retain its key employees; (2) our ability to acquire businesses on acceptable terms and to successfully integrate and recognize anticipated synergies from acquired businesses; (3) use of cash and other available liquidity to grow and invest in our businesses; (4) continued growth of our digital media and subscription offerings; (5) international growth; (6) our ability to develop or introduce new products, services, features and technologies; (7) our liquidity and our ability to repay or refinance our outstanding indebtedness; (8) technology, platform and infrastructure systems capacity, coverage, reliability and security; (9) changes in or recent developments related to applicable laws or regulations (including those concerning data security, consumer privacy and/or information sharing); (10) the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and (11) the impact of Covid-19 and other political or societal developments. 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 Measure Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure and represents a key metric 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 EBITDA is defined as net income (loss) before interest expense, income taxes, depreciation and amortization expense, 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 EBITDA is relevant and useful information 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 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 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 EBITDA as a financial measure 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 EBITDA should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items.

The Company is not able to reasonably reconcile Adjusted EBITDA to net income, its nearest GAAP metric, in its guidance for future periods due to uncertainties regarding purchase accounting, stock-based compensation, taxes and other potential adjustments

The following tables reconcile net income (loss) to Adjusted EBITDA for the periods presented for S1 Holdco and Protected.net:

LOGO


	3 mos ended Dec 31						12 mos ended Dec 31
*S1 Holdco, LLC*	2020			2021			2020			2021
($ in millions)
Net Income	$	7.0		$	3.1		$	16.4		$	33.0
Plus:
Income Tax Expense		1.5			0.3			1.9			1.0
Interest Expense		5.8			4.2			24.4			16.9
Depreciation & Amortization		3.1			3.6			13.8			13.9
Other Expense		0.2			0.1			0.4			0.1
Stock-Based Compensation		3.4			3.5			9.5			9.6
Terminated Product Lines		—			—			0.6			—
Acquisition & Restructuring Costs		1.3			8.0			3.8			13.7
Acquisition Earnout		0.1			0.0			2.7			0.2

Adjusted EBITDA	$	22.2		$	22.7		$	73.4		$	88.3


	3 mos ended Dec 31						12 mos ended Dec 31
*Protected.net Group Ltd.*	2020			2021			2020			2021
($ in millions)
Net Income (Loss)	$	(0.4	)	$	27.7		$	(13.3	)	$	43.6
Plus:
Income Tax Expense		—			(16.1	)		—			(15.2	)
Interest Expense		0.1			(0.1	)		0.4			(0.4	)
Depreciation & Amortization		0.0			0.1			0.1			0.2
Other Expense		0.4			2.1			3.0			8.8
Stock-Based Compensation		—			—			—			—
Terminated Product Lines		(0.3	)		(0.0	)		(1.8	)		0.1
Acquisition & Restructuring Costs		0.5			0.7			0.5			1.7
Acquisition Earnout		—			—			—			—

Adjusted EBITDA	$	0.3		$	14.3		$	(10.9	)	$	38.9


	3 mos ended Dec 31					12 mos ended Dec 31
*Net Income*	2020			2021		2020			2021
($ in millions)
S1 Holdco, LLC	$	7.0		$	3.1	$	16.4		$	33.0
Protected.net Group Ltd.		(0.4	)		27.7		(13.3	)		43.6

Net Income	$	6.6		$	30.8	$	3.1		$	76.5


	3 mos ended Dec 31					12 mos ended Dec 31
*Adjusted EBITDA*	2020			2021		2020			2021
($ in millions)
S1 Holdco, LLC	$	22.2		$	22.7	$	73.4		$	88.3
Protected.net Group Ltd.		0.3			14.3		(10.9	)		38.9

Adjusted EBITDA	$	22.5		$	37.0	$	62.5		$	127.1

LOGO

The following tables reconcile consolidated Revenue for the periods presented for S1 Holdco and Protected.net:


	3 mos ended Dec 31				12 mos ended Dec 31
*Revenue*	2020		2021		2020		2021
($ in millions)
S1 Holdco, LLC	$	135.8	$	199.8	$	476.0	$	688.4
Protected.net Group Ltd.		25.1		39.1		90.9		144.5

Revenue	$	160.9	$	238.9	$	566.9	$	832.9

Contacts:

Investors

Ashley DeSimone

ICR, Inc.

Ashley.desimone@icrinc.com

Brett Milotte

ICR, Inc.

Brett.milotte@icrinc.com

S1 Holdco

Unaudited Statements of Operations

(in thousands)


	QTD		QTD		QTD		QTD		QTD		QTD		QTD			QTD			YTD		YTD		YTD		YTD		YTD			YTD
	31-Dec-21		30-Sep-21		30-Jun-21		31-Mar-21		31-Dec-20		30-Sep-20		30-Jun-20			31-Mar-20			31-Dec-21		30-Sep-21		30-Jun-21		31-Dec-20		30-Sep-20			30-Jun-20
Revenue		199,803		171,446		169,579		147,561		135,755		117,268		100,019			122,935			688,389		488,586		317,140		475,977		340,222			222,954
Operating cost and expenses:
Cost of revenues		155,276		128,885		126,167		110,785		96,635		83,892		73,937			86,532			521,113		365,837		236,952		340,996		244,361			160,469
Salaries, commissions, and benefits		18,715		15,139		17,698		15,195		15,915		13,120		13,183			13,330			66,747		48,032		32,893		55,548		39,633			26,513
Selling, general, and administrative		14,650		7,936		6,277		6,950		5,863		7,095		4,879			5,142			35,813		21,163		13,227		22,979		17,116			10,021
Depreciation and amortization		3,625		3,459		3,112		3,689		3,082		3,331		3,889			3,530			13,885		10,260		6,801		13,832		10,750			7,419

Total operating costs and expenses		192,266		155,419		153,254		136,619		121,495		107,438		95,888			108,534			637,558		445,292		289,873		433,355		311,860			204,422
Operating income		7,537		16,027		16,325		10,942		14,260		9,830		4,131			14,401			50,831		43,294		27,267		42,622		28,362			18,532
Interest expense		4,162		4,184		4,476		4,048		5,781		5,741		6,332			6,497			16,870		12,708		8,524		24,351		18,570			12,829

Income (loss) from continuing operations before income tax		3,375		11,843		11,849		6,894		8,479		4,089		(2,201	)		7,904			33,961		30,586		18,743		18,271		9,792			5,703
Income tax expense		262		475		77		151		1,527		198		(173	)		355			965		703		228		1,907		380			182

Net income (loss) from continuing operations		3,113		11,368		11,772		6,743		6,952		3,891		(2,028	)		7,549			32,996		29,883		18,515		16,364		9,412			5,521
Gain (loss) from discontinued operations, net of taxes		—		—		—		—		55,315		99		(4,460	)		(3,557	)		—		—		—		47,397		(7,918	)		(8,017	)

Net income		3,113		11,368		11,772		6,743		62,267		3,990		(6,488	)		3,992			32,996		29,883		18,515		63,761		1,494			(2,496	)

S1 Holdco

Unaudited Condensed Balance Sheet

(in thousands)


	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20
ASSETS
Current Assets:
Cash and cash equivalents	$	47,896		$	36,209		$	34,567		$	30,853		$	29,013		$	37,657		$	33,985		$	55,763
Accounts receivable, net of allowance for doubtful accounts		90,203			85,588			79,446			75,610			71,140			58,404			53,662			66,331
Prepaid expenses and other current assets		7,689			7,236			4,870			3,996			3,016			4,012			4,825			5,739
Assets of discontinued operations		—			—			—			—			—			20,602			13,936			13,229

Total current assets		145,788			129,033			118,883			110,459			103,169			120,675			106,408			141,062

Restricted Cash	$	743		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Property and equipment, net		830			836			916			976			1,057			1,137			1,139			1,243
Internal-use software development costs, net		11,213			11,012			10,578			9,764			9,660			10,079			9,414			9,045
Intangible assets, net		50,368			52,534			54,698			56,740			59,009			60,829			52,638			54,764
Goodwill		44,820			44,820			44,820			44,820			44,820			44,820			54,566			54,898
Due from related party		2,469			2,469			2,453			1,222			969			969			—			—
Other assets		680			529			—			—			—			—			—			—
Assets of discontinued operations		—			—			—			—			—			67,714			69,138			70,101

Total Assets	$	256,911		$	241,233		$	232,348		$	223,981		$	218,684		$	306,223		$	293,304		$	331,114

LIABILITIES AND MEMBERS’ DEFICIT
Current Liabilities:
Accounts payable	$	72,846		$	64,625		$	60,659		$	57,410		$	52,104		$	40,690		$	34,058		$	42,476
Accrued expenses and other current liabilities		33,255			22,419			21,197			12,041			19,039			18,714			16,764			20,048
Notes payable, current		170,453			171,780			4,739			9,374			9,374			19,347			24,347			44,237
Liabilities of discontinued operations		—			—			—			—			—			62,523			56,303			47,141

Total current liabilities		276,554			258,824			86,595			78,825			80,517			141,274			131,473			153,902

Notes payable, non-current	$	—		$	—		$	168,226		$	169,411		$	170,595		$	226,417		$	228,469		$	229,432
Other long-term liabilities		8,758			9,368			9,051			16,497			15,801			12,935			11,821			13,208
Liabilities of discontinued operations		—			—			—			—			—			—			—			—

Total liabilities	$	285,312		$	268,192		$	263,872		$	264,733		$	266,913		$	380,626		$	371,763		$	396,543

Commitments and contingencies (Note 8)
Members’ deficit:
Members’ deficit in S1 Holdco		(28,829	)		(27,182	)		(31,646	)		(40,850	)		(47,886	)		(74,078	)		(78,017	)		(64,753	)
Accumulated other comprehensive income		428			223			122			98			(343	)		(325	)		(443	)		(675	)

Total members’ deficit		(28,401	)		(26,959	)		(31,524	)		(40,752	)		(48,229	)		(74,403	)		(78,460	)		(65,428	)

Total Liabilities And Members’ Deficit	$	256,911		$	241,233		$	232,348		$	223,981		$	218,684		$	306,223		$	293,303		$	331,115

S1 Holdco

Unaudited Condensed Statements of Cash Flow

(in thousands)


	QTD			QTD			QTD			QTD			QTD			QTD			QTD			QTD			YTD			YTD			YTD			YTD			YTD			YTD
	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20			31-Dec-21			30-Sep-21			30-Jun-21			31-Dec-20			30-Sep-20			30-Jun-20
Cash Flows From Operating Activities:
Net cash provided by operating activities of continuing operations		21,336			12,056			17,185			10,128			15,714			12,971			9,122			14,600			60,705			39,369			27,313			52,407			36,693			23,722
Net cash used for operating activities of discontinued operations		—			—			—			—			(1,917	)		1,979			(390	)		(5,532	)		—			—			—			(5,860	)		(3,943	)		(5,922	)

Net cash provided by operating activities		21,336			12,056			17,185			10,128			13,797			14,950			8,732			9,068			60,705			39,369			27,313			46,547			32,750			17,800

Cash Flows From Investing Activities:
Purchases of property and equipment		(49	)		—									(11	)		(8	)								(49	)		—			—			(19	)		(8	)		—
Proceeds from sale of Protected		—			—									74,544			—									—			—			—			74,544			—
Expenditures for internal-use software development costs		(1,585	)		(1,668	)		(1,793	)		(1,440	)		(617	)		(1,632	)		(1,970	)		(1,893	)		(6,486	)		(4,901	)		(3,233	)		(6,112	)		(5,495	)		(3,863	)

Net cash provided by (used in) investing activities of continuing operations		(1,634	)		(1,668	)		(1,793	)		(1,440	)		73,916			(1,640	)		(1,970	)		(1,893	)		(6,535	)		(4,901	)		(3,233	)		68,413			(5,503	)		(3,863	)
Net cash provided by (used in) investing activities of discontinued operations		—			—			—			—			(142	)		(79	)		144			(170	)		—			—			—			(247	)		(105	)		(26	)

Net cash provided by (used in) investing activities		(1,634	)		(1,668	)		(1,793	)		(1,440	)		73,774			(1,719	)		(1,826	)		(2,063	)		(6,535	)		(4,901	)		(3,233	)		68,166			(5,608	)		(3,889	)

Cash Flows From Financing Activities:
Proceeds from line of credit		—			—			—			—			—			—			—			20,000			—			—			—			20,000			20,000			20,000
Repayment of line of credit		—			—									(34,862	)		—									—			—			—			(34,862	)		—
Repayment of term loan		(1,750	)		(1,750	)		(6,386	)		(1,750	)		(32,231	)		(7,715	)		(21,727	)		(1,750	)		(11,636	)		(9,886	)		(8,136	)		(63,423	)		(31,192	)		(23,477	)
Payments for deferred financing cost		(382	)		—			—			—			—			—			—			—			(382	)		—			—			—			—			—
Member capital contributions		(32	)		109			3			147			206			551			747			751			227			259			150			2,255			2,049			1,498
Payments on contingent consideration		—			—			(1,715	)		(5,000	)		—			—			(5,038	)		(462	)		(6,715	)		(6,715	)		(6,715	)		(5,500	)		(5,500	)		(5,500	)
Related party loan		—			—			(1,500	)		—			—			—			—			—			(1,500	)		(1,500	)		(1,500	)		—			—			—
Distributions to members from sale of Protected		—			—									(28,765	)		—									—			—			—			(28,765	)		—
Distributions to members		(4,786	)		(7,102	)		(2,691	)		—			(12,575	)		(1,146	)		(3,558	)		(501	)		(14,579	)		(9,793	)		(2,691	)		(17,780	)		(5,205	)		(4,059	)

Net cash provided by financing activities		(6,950	)		(8,743	)		(12,289	)		(6,603	)		(108,227	)		(8,310	)		(29,576	)		18,038			(34,585	)		(27,635	)		(18,892	)		(128,075	)		(19,848	)		(11,538	)
Effect of exchange rate changes in cash, cash equivalents and restricted cash		(322	)		(3	)		611			(245	)		120			35			130			(735	)		41			363			366			(450	)		(570	)		(605	)

Net Increase In Cash		12,430			1,642			3,714			1,840			(20,536	)		4,956			(22,540	)		24,308			19,626			7,196			5,554			(13,812	)		6,724			1,768
Cash and restricted cash:
Beginning of period		36,209			34,567			30,853			29,013			49,549			44,593			67,133			42,825			29,013			29,013			29,013			42,825			42,825			42,825

End of period	$	48,639		$	36,209		$	34,567		$	30,853		$	29,013		$	49,549		$	44,593		$	67,133		$	48,639		$	36,209		$	34,567		$	29,013		$	49,549		$	44,593

S1 Holdco

Non-GAAP Financials

(in thousands)


	QTD		QTD			QTD		QTD			QTD		QTD		QTD			QTD			YTD		YTD		YTD		YTD		YTD		YTD
	31-Dec-21		30-Sep-21			30-Jun-21		31-Mar-21			31-Dec-20		30-Sep-20		30-Jun-20			31-Mar-20			31-Dec-21		30-Sep-21		30-Jun-21		31-Dec-20		30-Sep-20		30-Jun-20
Net Income	$	3,113	$	11,368		$	11,772	$	6,743		$	6,952	$	3,891	$	(2,029	)	$	7,549		$	32,996	$	29,883	$	18,515	$	16,364	$	9,412	$	5,520
Income tax expense		262		475			77		151			1,527		198		(173	)		355			965		703		228		1,907		380		183
Interest expense		4,162		4,185			4,237		4,286			5,781		5,741		6,332			6,497			16,870		12,708		8,524		24,351		18,570		12,829
Depreciation & amortization		3,625		3,458			3,113		3,689			3,082		3,331		3,889			3,530			13,884		10,259		6,801		13,832		10,750		7,419
Other income/expense (1)		70		(25	)		256		(154	)		196		294		138			(229	)		147		77		102		399		202		(91	)
Stock-based compensation and distributions to Members (2)		3,458		673			3,342		2,118			3,362		1,817		2,288			2,008			9,591		6,133		5,460		9,474		6,113		4,295
Terminated product lines (3)		—		—			—		—			—		—		(2	)		559			—		—		—		556		556		556
Costs related to acquisitions/business combinations		7,970		2,755			623		1,484			1,033		222		71			1,032			12,833		4,862		2,108		2,358		1,325		1,103
Acquisition earnout		32		31			32		63			62		2,278		373			—			158		126		95		2,713		2,651		373
Severance costs		3		118			164		330			121		393		545			21			615		612		494		1,080		960		567
Other costs, including restructuring		0		8			98		99			101		11		185			98			206		205		197		396		294		283

Adjusted EBITDA	$	22,696	$	23,046		$	23,715	$	18,809		$	22,217	$	18,177	$	11,616		$	21,420		$	88,265	$	65,570	$	42,524	$	73,430	$	51,214	$	33,036

(1)	Non-cash adjustments related to foreign exchange and asset disposals

(2)	Comprised of distributions to equity holders and non-cash stock-based compensation

(3)	In 2020, S1 Holdco terminated its Social Publishing product line, where it created quiz content primarily for the purpose of display advertising monetization. S1 Holdco has excluded revenue and direct costs associated with this product line for all presented periods

S1 Holdco

Non-Financial Metrcis

(In thousands except ratios)


	QTD			QTD			QTD			QTD			QTD			QTD			QTD			QTD			YTD			YTD			YTD			YTD			YTD			YTD
O&O Advertising	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20			31-Dec-21			30-Sep-21			30-Jun-21			31-Dec-20			30-Sep-20			30-Jun-20
Revenue	$	190,035		$	162,606		$	160,817		$	139,426		$	125,241		$	108,314		$	92,067		$	111,878		$	652,884		$	462,848		$	300,242		$	437,501		$	312,259		$	203,945
Advertising Spend (1)	$	152,653		$	126,404		$	123,244		$	107,298		$	93,800		$	80,217		$	69,406		$	84,066		$	509,599		$	356,946		$	230,542		$	327,489		$	233,689		$	153,472

Adjusted Gross Profit	$	37,383		$	36,202		$	37,572		$	32,128		$	31,442		$	28,097		$	22,661		$	27,812		$	143,284		$	105,902		$	69,700		$	110,012		$	78,570		$	50,473
O&O Sessions (2)		999,975			859,392			766,293			741,122			691,279			644,780			670,112			815,554			3,366,783			2,366,807			1,507,415			2,821,726			2,130,446			1,485,666
O&O CPS (3)	$	0.15		$	0.15		$	0.16		$	0.14		$	0.14		$	0.12		$	0.10		$	0.10		$	0.15		$	0.15		$	0.15		$	0.12		$	0.11		$	0.10
O&O RPS (4)	$	0.19		$	0.19		$	0.21		$	0.19		$	0.18		$	0.17		$	0.14		$	0.14		$	0.19		$	0.20		$	0.20		$	0.16		$	0.15		$	0.14
Spread		24	%		29	%		30	%		30	%		34	%		35	%		33	%		33	%		28	%		30	%		30	%		34	%		34	%		33	%
Partner Network
Revenue	$	9,768		$	8,840		$	8,763		$	8,135		$	10,514		$	8,955		$	7,951		$	11,056		$	35,505		$	25,738		$	16,898		$	38,477		$	27,963		$	19,008
Adjusted Gross Profit	$	9,768		$	8,840		$	8,763		$	8,135		$	10,514		$	8,955		$	7,951		$	11,056		$	35,505		$	25,738		$	16,898		$	38,477		$	27,963		$	19,008
Network Sessions (5)		286,291			278,460			312,406			326,127			318,930			323,878			484,653			392,906		$	1,203,284			916,993			638,533			1,520,367			1,201,437			877,559
Network RPS (6)	$	0.03		$	0.03		$	0.03		$	0.02		$	0.03		$	0.03		$	0.02		$	0.03		$	0.03		$	0.03		$	0.03		$	0.03		$	0.02		$	0.02
Other COR (7)	$	2,624		$	2,481		$	2,922		$	3,487		$	2,831		$	3,674		$	4,531		$	2,466		$	11,514		$	8,890		$	6,410		$	13,503		$	10,672		$	6,998
Consolidated S1 Revenue	$	199,803		$	171,445		$	169,579		$	147,561		$	135,755		$	117,269		$	100,019		$	122,935		$	688,389		$	488,586		$	317,140		$	475,977		$	340,222		$	222,953
Consolidated S1 Gross Profit	$	44,526		$	42,561		$	43,413		$	36,776		$	39,124		$	33,377		$	26,081		$	36,402		$	167,275		$	122,749		$	80,188		$	134,985		$	95,861		$	62,484
O&O Advertising, Excluding Terminated Product Lines
Revenue	$	190,035		$	162,606		$	160,817		$	139,426		$	125,241		$	108,314		$	91,712		$	106,587		$	652,884		$	462,848		$	300,242		$	431,855		$	306,613		$	198,299
Advertising Spend	$	152,653		$	126,404		$	123,244		$	107,298		$	93,800		$	80,217		$	69,053		$	79,165		$	509,599		$	356,946		$	230,542		$	322,235		$	228,436		$	148,218
Adjusted Gross Profit	$	37,383		$	36,202		$	37,572		$	32,128		$	31,442		$	28,097		$	22,659		$	27,422		$	143,284		$	105,902		$	69,700		$	109,619		$	78,178		$	50,081
O&O Sessions (2)		999,975			859,392			766,293			741,122			691,279			644,780			663,135			737,243			3,366,783			2,366,807			1,507,415			2,736,438			2,045,159			1,400,378
O&O CPS (3)	$	0.15		$	0.15		$	0.16		$	0.14		$	0.14		$	0.12		$	0.10		$	0.11		$	0.15		$	0.15		$	0.15		$	0.12		$	0.11		$	0.11
O&O RPS (4)	$	0.19		$	0.19		$	0.21		$	0.19		$	0.18		$	0.17		$	0.14		$	0.14		$	0.19		$	0.20		$	0.20		$	0.16		$	0.15		$	0.14
Spread		24	%		29	%		30	%		30	%		34	%		35	%		33	%		35	%		28	%		30	%		30	%		34	%		34	%		34	%

(1)	Advertising spend is the amount of advertising that is spent to acquire traffic to Owned & Operated websites

(2)	O&O sessions are the total number of monetizable user visits to Owned & Operated websites

(3)	CPS is advertising spend divided by O&O Sessions

(4)	RPS is O&O Revenue divided by O&O Sessions

(5)	Network sessions are the number of monetizable user visits delivered by network partners to RAMP

(6)	RPS is Partner Network revenue divided by Network Sessions

(7)	Other COR are costs of revenue other than advertising spend

Protected.net Group Limited

Unaudited Statements of Operations

(in thousands)


	QTD			QTD			QTD			QTD			QTD			QTD			QTD			QTD			YTD			YTD			YTD			YTD			YTD			YTD
	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20			31-Dec-21			30-Sep-21			30-Jun-21			31-Dec-20			30-Sep-20			30-Jun-20
Revenue		39,115			38,199			36,028			31,199			25,149			25,415			21,965			18,379			144,541			105,426			67,227			90,908			65,759			40,345
Cost of Revenue		23,186			22,570			23,460			29,731			23,122			23,827			27,892			23,139			98,946			75,760			53,191			97,980			74,858			51,030

Gross profit (Loss)		15,929			15,629			12,568			1,469			2,027			1,587			(5,926	)		(4,759	)		45,595			29,666			14,037			(7,072	)		(9,099	)		(10,686	)
General and administrative		4,231			3,910			5,074			2,697			2,365			1,730			1,978			637			15,912			11,681			7,771			6,711			4,346			2,616
Related party rent expense		208			133			180			144			111			159			116			150			665			457			324			536			425			266

Total Operating Expenses		4,440			4,042			5,254			2,841			2,476			1,889			2,094			788			16,577			12,138			8,095			7,247			4,771			2,882
Gain on sale of intangible assets		—			—			—			—			—			(1,580	)		—			—			—			—			—			(1,580	)		(1,580	)		—
Foreign currency transaction (gains)/losses		225			583			209			322			(170	)		37			60			207			1,341			1,115			532			135			304			267
Other operating income		—			(0	)		(222	)		(121	)		(18	)		(3	)		(27	)		(0	)		(343	)		(343	)		(343	)		(48	)		(30	)		(27	)

Other operating expense (income)		225			583			(13	)		201			(188	)		(1,546	)		33			207			997			772			189			(1,494	)		(1,306	)		240
Operating income (loss)		11,264			11,004			7,326			(1,574	)		(262	)		1,244			(8,054	)		(5,754	)		28,020			16,757			5,753			(12,826	)		(12,564	)		(13,808	)
Related party interest expense		—			—			—			—			105			136			130			35			—			—			—			406			301			165
Related party interest income		(303	)		(153	)		(328	)		(157	)		—			—			—			—			(941	)		(638	)		(485	)		—			—			—
Interest expense		53			144			235			151			29			—			—			—			583			530			386			29			—			—
Other non-operating expenses/(income)		—			—			(70	)		70			(2	)		—			—			—			—			—			—			(2	)		—			—

Total non-operating expenses/(income), net		(250	)		(9	)		(163	)		64			132			136			130			35			(358	)		(108	)		(99	)		433			301			165
Net income (loss) before income taxes		11,514			11,013			7,489			(1,638	)		(394	)		1,108			(8,184	)		(5,789	)		28,378			16,865			5,852			(13,258	)		(12,865	)		(13,973	)
Income Tax Expense (Benefit)		(16,139	)		966			—			—			—			—			—			—			(15,173	)		966			—			—			—			—

Net income (loss)		27,653			10,047			7,489			(1,638	)		(394	)		1,108			(8,184	)		(5,789	)		43,551			15,899			5,852			(13,258	)		(12,865	)		(13,973	)

Protected.net Group Limited

Unaudited Condensed Balance Sheet

(in thousands)


	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20
ASSETS
Current assets:
Cash	$	35,067		$	21,112		$	14,227		$	11,296		$	6,253		$	7,060		$	5,356		$	7,020
Restricted cash		1,333			2,148			2,458			5,757			5,604			4,943			4,874			7,321
Prepaid expenses and other current assets		546			548			691			791			359			317			404			327
Deposits		15			3,000			3,000			3,000			3,000			3,000			3,000			—

Total current assets		36,963			26,807			20,376			20,844			15,216			15,320			13,634			14,667

Due from related parties		33,082			33,115			26,249			15,719			10,230			—			244			139
Property, plant and equipment		616			398			373			370			270			195			184			196
Intangible Assets		369			386			415			62			53			54			90			108
Deferred tax assets		17,237			—			—			—			—			—			—			—
Goodwill		284			284			284			—			—			—			—			—

Total assets	$	88,550		$	60,991		$	47,696		$	36,995		$	25,769		$	15,568		$	14,153		$	15,112

Liabilities and Shareholders’ Deficit:
Accounts payable	$	216		$	3,029		$	732		$	2,876		$	3,005		$	2,698		$	3,739		$	436
Accrued expenses		10,162			7,537			6,199			7,686			6,704			5,896			5,907			8,441
VAT tax liability		11,404			9,696			9,351			6,965			6,366			8,939			8,446			6,211
Deferred revenue		57,405			58,186			58,731			54,139			47,431			41,855			39,044			34,156
Related party deferred revenue		166			187			208			229			168			—			—			—
Current portion of note payable		2,813			2,250			2,813			2,250			1,500			—			—			—
Due to related party		23			—			—			—			4			3,501			5,599			6,243
Refund liability		537			429			449			597			512			558			405			428

Total current liabilities		82,725			81,313			78,482			74,741			65,690			63,447			63,140			55,915

Note payable, net of current portion and deferred financing costs		10,546			11,086			11,636			12,164			8,352			—			—			—
Deferred tax liability		—			966			—			—			—			—			—			—

Total liabilities	$	93,271		$	93,365		$	90,118		$	86,905		$	74,042		$	63,447		$	63,140		$	55,915

Commitments and Contingencies
Shareholders’ Deficit:
Class A Preferred shares		11			11			11			11			11			11			11			11
Class B Common shares		11			11			11			11			11			11			11			11
Additional paid-in capital		40,953			40,953			40,953			40,953			40,953			40,953			40,953			40,953
Accumulated deficit		(45,696	)		(73,349	)		(83,396	)		(90,885	)		(89,247	)		(88,854	)		(89,962	)		(81,778	)

Total Shareholders’ deficit		(4,721	)		(32,374	)		(42,421	)		(49,911	)		(48,273	)		(47,879	)		(48,987	)		(40,803	)

Total Liabilities and Shareholders’ Deficit	$	88,550		$	60,991		$	47,696		$	36,995		$	25,769		$	15,568		$	14,153		$	15,112

*	Class A Preferred shares, par value £0.0001 per share, 7,992,009 shares authorized, issued, and outstanding on September 30, 2021 and December 31, 2020, respectively

**	Class B Common shares, par value £0.0001 per share, 7,960,105 shares authorized, issued, and outstanding on September 30, 2021 and December 31, 2020, respectively

Protected.net Group Limited

Unaudited Condensed Statements of Cash Flow

(in thousands)


	QTD			QTD			QTD			QTD			QTD			QTD			QTD			QTD			YTD			YTD			YTD			YTD			YTD			YTD
	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20			31-Dec-21			30-Sep-21			30-Jun-21			31-Dec-20			30-Sep-20			30-Jun-20
Cash Flows From Operating Activities:
Net income (loss)		27,653			10,047			7,489			(1,638	)		(394	)		1,108			(8,184	)		(5,789	)		43,551			15,899			5,852			(13,258	)		(12,865	)		(13,973	)
Adjustments to reconcile net loss to net cash used in operating activities:																										—
Depreciation		49			39			36			28			24			18			17			15			151			102			63			75			51			33
Amortization		24			29			29			12			13			16			18			19			94			70			41			67			54			37
Gain on sale of Network Protected intangible assets		—			—			—			—			—			(1,580	)		—			—			—			—			—			(1,580	)		(1,580	)		—
Amortization of deferred financing costs		23			13			34			13			2			—			—			—			82			59			46			2			—			—
Interest income on loan with System 1 SS Protect Holdings, Inc.		638			(189	)		(307	)		(143	)		(2	)		—			—			—			—			(638	)		(450	)		(2	)		—			—
Financing fee income on loan with System 1 SS Protect Holdings, Inc.		(21	)		(21	)		(21	)		(14	)		—			—			—			—			(77	)		(56	)		(35	)		—			—			—
Change in operating assets and liabilities:		—			—			—			—			—			—			—			—			—			—			—			—			—			—
Prepaid expenses and other current assets		(98	)		143			112			(432	)		(43	)		188			(77	)		(244	)		(275	)		(177	)		(320	)		(177	)		(134	)		(321	)
Deposits		2,985			—			—			—			—			—			(3,000	)		—			2,985			—			—			(3,000	)		(3,000	)		(3,000	)
Accounts payable		(2,813	)		2,295			(2,471	)		(129	)		302			(1,041	)		3,303			(2,620	)		(3,118	)		(305	)		(2,600	)		(56	)		(358	)		683
Accrued expenses		2,625			1,338			(1,402	)		982			808			(11	)		(2,534	)		3,809			3,544			918			(420	)		2,072			1,264			1,275
VAT tax liability		1,708			345			2,385			599			(2,573	)		494			2,235			(1,957	)		5,037			3,329			2,984			(1,801	)		772			278
Refund liability		108			(20	)		(148	)		85			(46	)		152			(22	)		11			25			(83	)		(63	)		95			141			(11	)
Deferred revenue		(780	)		(545	)		4,593			6,708			5,576			2,811			4,888			4,453			9,974			10,755			11,300			17,727			12,152			9,340
Deferred tax assets		(17,237	)		—			—			—			—			—			—			—			(17,237	)		—			—			—			—			—
Related party deferred revenue		(21	)		(21	)		(21	)		61			168			—			—			—			(2	)		19			40			168			—			—
Deferred tax liability		(966	)		966			—			—			—			—			—			—			—			966			—			—			—			—
Due from related party		(921	)		109			29			(83	)		(168	)		244			(104	)		(137	)		(866	)		55			(54	)		(165	)		3			(241	)
Due to related party		23			—			—			(4	)		1,266			(861	)		(644	)		(11	)		18			(4	)		(4	)		(250	)		(1,516	)		(655	)

Net cash generated by (used in) operating activities		12,978			14,529			10,337			6,043			4,933			1,539			(4,105	)		(2,451	)		43,887			30,909			16,380			(84	)		(5,017	)		(6,556	)

Cash Flows From Investing Activities:
Purchases of intangibles, property, plant and equipment		(274	)		(63	)		(40	)		(147	)		106			(29	)		(5	)		(72	)		(524	)		(250	)		(187	)		—			(106	)		(77	)
Proceeds from sale of intangibles		100			—			—			—						1,500			—			—			100			—			—			1,500			1,500			—
Cash received in acquisition of Host Plus Limited, net of cash paid		—			—			13			—			—			—			—			—			13			13			13			—			—			—
Loan advanced to Just Develop It		(16,223	)		(4,981	)		(8,430	)		—			—			—			—			—			(29,635	)		(13,411	)		(8,430	)		—			—			—
Repayment of loan by Just Develop It		16,223			4,981			8,430			—			(213	)		—			—			—			29,635			13,411			8,430			(213	)		—			—
Loan advanced to Company director		(228	)		(1,706	)		(282	)		—			238			(238	)		—			—			(2,216	)		(1,988	)		(282	)		—			(238	)		—
Repayment of loan by Company director		566			1,651			—			—			—			—			—			—			2,216			1,651			—			—			—			—
Loan advanced to System 1 SS Protect Holdings, Inc.		—			(6,711	)		(9,948	)		(5,250	)		(10,060	)		—			—			—			(21,909	)		(21,909	)		(15,197	)		(10,060	)		—			—

Net cash used by investing activities		164			(6,829	)		(10,257	)		(5,397	)		(9,929	)		1,234			(5	)		(72	)		(22,319	)		(22,483	)		(15,653	)		(8,773	)		1,157			(77	)

Cash Flows From Financing Activities:
Proceeds from bank loan		—			—			—			5,000			10,000			—			—			—			5,000			5,000			5,000			10,000			—			—
Repayment of principal on bank loan		—			(1,125	)		—			(375	)		—			—			—			—			(1,500	)		(1,500	)		(375	)		—			—			—
Proceeds from related party loans		—			—			—			—			2,000			—			—			9,000			—			—			—			11,000			9,000			9,000
Repayment of related party loans		—			—			—			—			(11,000	)		3,000			—			(3,000	)		—			—			—			(11,000	)		—			(3,000	)
Repayment of loan to Just Develop It		—			—			(449	)		—			4,000			(4,000	)		—			—			(449	)		(449	)		(449	)		—			(4,000	)		—
Payment of deferred financing costs		—			—			—			(75	)		(150	)		—			—			—			(75	)		(75	)		(75	)		(150	)		—			—

Net cash (used in) provided by financing activities		—			(1,125	)		(449	)		4,550			4,850			(1,000	)		—			6,000			2,976			2,976			4,101			9,850			5,000			6,000

Effect of exchange rate changes on cash		—			—			—			—			—			—			—			—			—			—			—			—			—			—

Net change in cash		13,142			6,574			(368	)		5,197			(147	)		1,773			(4,110	)		3,477			24,544			11,403			4,828			993			1,140			(633	)

Cash, beginning of period		23,259			16,685			17,053			11,856			12,003			10,230			14,341			10,863			11,856			11,856			11,856			10,863			10,863			10,863

Cash, end of period	$	36,401		$	23,259		$	16,685		$	17,053		$	11,856		$	12,003		$	10,230		$	14,341		$	36,401		$	23,259		$	16,685		$	11,856		$	12,003		$	10,230

Protected.net Group Limited

Non-GAAP Financials

(in thousands)


	QTD			QTD			QTD			QTD			QTD			QTD			QTD			QTD			YTD			YTD			YTD			YTD			YTD			YTD
	31-Dec-21			30-Sep-21			30-Jun-21			31-Mar-21			31-Dec-20			30-Sep-20			30-Jun-20			31-Mar-20			31-Dec-21			30-Sep-21			30-Jun-21			31-Dec-20			30-Sep-20			30-Jun-20
Net income (loss)	$	27,653		$	10,047		$	7,489		$	(1,638	)	$	(394	)	$	1,108		$	(8,184	)	$	(5,789	)	$	43,551		$	15,899		$	5,852		$	(13,258	)	$	(12,865	)	$	(13,973	)
Income Tax Expense		(16,139	)		966			—			—			—			—			—			—			(15,173	)		966			—			—			—			—
Interest expense, net		(56	)		(131	)		(165	)		(6	)		93			131			176			35			(358	)		(302	)		(171	)		435			342			211
Depreciation & amortisation		73			69			65			39			37			35			35			34			245			172			104			141			105			70
Terminated product lines (1)		(13	)		29			3			62			(336	)		(1,691	)		86			163			81			94			64			(1,777	)		(1,441	)		250
Costs related to acquisitions/business combinations		699			196			499			297			32			—			—			—			1,690			991			795			32			—			—
Non-cash foreign exchange adjustments		228			581			209			322			(194	)		46			68			190			1,341			1,112			532			110			304			258
VAT accrual for previously uncollected VAT		956			1,110			1,492			1,116			615			866			1,408			46			4,675			3,718			2,608			2,934			2,319			1,453
Director salary payments		922			936			949			—			—			—			—			—			2,806			1,885			949			—			—			—
Other costs including restructuring		—			—			—			—			424			34			—			—			—			—			—			458			34			—

Adjusted EBITDA	$	14,323		$	13,803		$	10,540		$	193		$	277		$	529		$	(6,411	)	$	(5,320	)	$	38,859		$	24,536		$	10,733		$	(10,925	)	$	(11,202	)	$	(11,731	)

(1)	Protected terminated its Network Protect VPN product. Protected has excluded revenue, direct costs and operating expenses associated with this product line from Adjusted EBITDA for all presented periods

Protected.net Group Limited

Non-Financial Metrcis

(In thousands except ratios)


	QTD			QTD			QTD		QTD		QTD		QTD		QTD		QTD		YTD		YTD		YTD		YTD		YTD		YTD
	31-Dec-21			30-Sep-21			30-Jun-21		31-Mar-21		31-Dec-20		30-Sep-20		30-Jun-20		31-Mar-20		31-Dec-21		30-Sep-21		30-Jun-21		31-Dec-20		30-Sep-20		30-Jun-20
Billings (1)	$	38,443		$	37,632		$	40,473	$	37,992	$	31,126	$	27,758	$	26,458	$	22,529	$	154,541	$	116,097	$	78,465	$	107,871	$	76,745	$	48,987
Change in Deferred Revenue During Period	$	(671	)	$	(567	)	$	4,445	$	6,792	$	6,287	$	2,591	$	4,796	$	4,409	$	9,999	$	10,671	$	11,238	$	18,084	$	11,796	$	9,205
Advertising Spend (2)	$	17,986		$	16,966		$	17,884	$	23,626	$	17,562	$	18,059	$	22,467	$	18,575	$	76,462	$	58,477	$	41,510	$	76,664	$	59,101	$	41,042
Beginning Subscribers		2,208			2,187			2,128		1,905		1,770		1,586		1,357		1,234		1,905		1,905		1,905		1,234		1,234		1,234
Ending Subscribers (3)		2,208			2,208			2,187		2,128		1,905		1,770		1,586		1,357		2,208		2,208		2,187		1,905		1,770		1,586
New Subscribers (4)		312			298			331		462		324		341		398		275		1,403		1,091		793		1,338		1,014		673
CTA (5)	$	57.73		$	56.91		$	54.10	$	51.10	$	54.23	$	52.95	$	56.42	$	67.53	$	54.51	$	53.60	$	52.35	$	57.29	$	58.27	$	60.96
ARPU (6)	$	17.41		$	17.13		$	18.76	$	18.84	$	16.94	$	16.54	$	17.98	$	17.39	$	75.15	$	56.45	$	38.35	$	68.72	$	51.09	$	34.74

(1)	Billings is the total amount billed to customers during a period

(2)	Advertising spend is the total amount spent on advertising to acquire new subscribers during a period

(3)	Ending subscribers are the number of paying subscribers for its products, at the end of a period

(4)	New subscribers are the number of new subscribers acquired for its products, during a period

(5)	CTA is advertising spend divided by new subscribers in a period

(6)	ARPU is the billings in a period divided by average of the beginning and ending subscribers during that period

*	Deferred revenue from billings is amortized on a straight line basis over the subscription period and recognized as revenue in the financial statements

**	Excludes metrics for terminated product lines

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Document and Entity Information	Apr. 04, 2022
Document And Entity Information [Line Items]
Amendment Flag	false
Entity Central Index Key	0001805833
Document Type	8-K
Document Period End Date	Apr. 04, 2022
Entity Registrant Name	System1, Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-39331
Entity Tax Identification Number	98-1531250
Entity Address, Address Line One	4235 Redwood Avenue
Entity Address, City or Town	Marina Del Rey
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90066
City Area Code	(310)
Local Phone Number	924-6037
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Class A Common Stock, $0.0001 par value per share
Trading Symbol	SST
Security Exchange Name	NYSE
Warrant [Member]
Document And Entity Information [Line Items]
Security 12b Title	Redeemable warrants, each whole warrant exercisable for one Class A Common Stock share at an exercise price of $11.50 per share
Trading Symbol	SST.WS
Security Exchange Name	NYSE

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