System1, Inc. (SST) Financial Statements (2024 and earlier)

Company Profile

Business Address 4235 REDWOOD AVENUE
MARINA DEL REY, CA 90066
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 737 - Computer Programming, Data Processing, And Other Computer Related Services (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments24,60653844
Cash and cash equivalents24,60653844
Restricted cash and investments9,074  
Receivables80,927  
Prepaid expense  67210
Disposal group, including discontinued operation   
Other undisclosed current assets11,901  
Total current assets:126,5081201,053
Noncurrent Assets
Operating lease, right-of-use asset6,484  
Property, plant and equipment4,022  
Intangible assets, net (including goodwill)1,008,277  
Goodwill515,591  
Intangible assets, net (excluding goodwill)492,686  
Asset, held-in-trust  517,500517,500
Restricted cash and investments5,395  
Disposal group, including discontinued operation, noncurrent assets   
Other noncurrent assets2,822  
Other undisclosed noncurrent assets6,948  
Total noncurrent assets:1,033,948517,500517,500
TOTAL ASSETS:1,160,456517,620518,553
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities, including:70,29712,557 
Accounts payable 12,068  
Accrued liabilities58,229  
Other undisclosed accounts payable and accrued liabilities  12,557 
Deferred revenue 70,164  
Debt15,021  
Disposal group, including discontinued operation   
Due to related parties12,890450 
Other liabilities11,615  
Other undisclosed current liabilities30,298  
Total current liabilities:210,28513,007 
Noncurrent Liabilities
Long-term debt and lease obligation, including:399,504  
Other undisclosed long-term debt and lease obligation399,504  
Liabilities, other than long-term debt62,055  
Deferred income tax liabilities43,355  
Disposal group, including discontinued operation, liabilities   
Other liabilities5,027  
Operating lease, liability5,875  
Derivative instruments and hedges, liabilities7,798  
Other undisclosed noncurrent liabilities 15,82447,418 
Total noncurrent liabilities:477,38347,418 
Other undisclosed liabilities   82,385
Total liabilities:687,66860,42582,385
Temporary equity, carrying amount  517,500511,623
Equity
Equity, attributable to parent, including:383,980(60,305)(75,455)
Additional paid in capital829,687 6,724
Accumulated other comprehensive loss(417)  
Accumulated deficit(445,301)(60,307)(82,180)
Other undisclosed equity, attributable to parent1111
Equity, attributable to noncontrolling interest88,808  
Total equity:472,788(60,305)(75,455)
TOTAL LIABILITIES AND EQUITY:1,160,456517,620518,553

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
Revenues773,940  
Cost of revenue(23,910)(13,327)(806)
Other cost of operating revenue(23,910)  
Gross profit:750,030(13,327)(806)
Operating expenses(1,282,194)  
Other undisclosed operating income23,910  
Operating loss:(508,254)(13,327)(806)
Nonoperating income (expense)(35,801)37,514 
Other nonoperating income (expense)(35,801)34,354 
Interest and debt expense(32,050)  
Income (loss) from continuing operations before equity method investments, income taxes:(576,105)24,187(806)
Other undisclosed income from continuing operations before income taxes32,050  
Income (loss) from continuing operations before income taxes:(544,055)24,187(806)
Income tax benefit101,976  
Income (loss) from continuing operations:(442,079)24,187(806)
Income (loss) before gain (loss) on sale of properties:24,187(806)
Loss from discontinued operations   
Other undisclosed net loss  (3,160)(29,109)
Net income (loss):(442,079)21,027(29,915)
Net income attributable to noncontrolling interest105,682  
Other undisclosed net income attributable to parent   
Net income (loss) attributable to parent:(336,397)21,027(29,915)
Preferred stock dividends and other adjustments  (52,266) 
Net loss available to common stockholders, diluted:(336,397)(31,239)(29,915)

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
Net income (loss):(442,079)21,027(29,915)
Other comprehensive loss(393)  
Other undisclosed comprehensive loss(330)  
Comprehensive income (loss):(442,802)21,027(29,915)
Comprehensive income, net of tax, attributable to noncontrolling interest105,762  
Comprehensive income (loss), net of tax, attributable to parent:(337,040)21,027(29,915)

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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