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 investments | 24,606 | 53 | 844 | |||
Cash and cash equivalents | 24,606 | 53 | 844 | |||
Restricted cash and investments | 9,074 | |||||
Receivables | 80,927 | |||||
Prepaid expense | 67 | 210 | ||||
Disposal group, including discontinued operation | ||||||
Other undisclosed current assets | 11,901 | |||||
Total current assets: | 126,508 | 120 | 1,053 | |||
Noncurrent Assets | ||||||
Operating lease, right-of-use asset | 6,484 | |||||
Property, plant and equipment | 4,022 | |||||
Intangible assets, net (including goodwill) | 1,008,277 | |||||
Goodwill | 515,591 | |||||
Intangible assets, net (excluding goodwill) | 492,686 | |||||
Asset, held-in-trust | 517,500 | 517,500 | ||||
Restricted cash and investments | 5,395 | |||||
Disposal group, including discontinued operation, noncurrent assets | ||||||
Other noncurrent assets | 2,822 | |||||
Other undisclosed noncurrent assets | 6,948 | |||||
Total noncurrent assets: | 1,033,948 | 517,500 | 517,500 | |||
TOTAL ASSETS: | 1,160,456 | 517,620 | 518,553 | |||
LIABILITIES AND EQUITY | ||||||
Liabilities | ||||||
Current Liabilities | ||||||
Accounts payable and accrued liabilities, including: | 70,297 | 12,557 | ||||
Accounts payable | 12,068 | |||||
Accrued liabilities | 58,229 | |||||
Other undisclosed accounts payable and accrued liabilities | 12,557 | |||||
Deferred revenue | 70,164 | |||||
Debt | 15,021 | |||||
Disposal group, including discontinued operation | ||||||
Due to related parties | ✕ | 12,890 | 450 | |||
Other liabilities | 11,615 | |||||
Other undisclosed current liabilities | 30,298 | |||||
Total current liabilities: | 210,285 | 13,007 | ||||
Noncurrent Liabilities | ||||||
Long-term debt and lease obligation, including: | 399,504 | |||||
Other undisclosed long-term debt and lease obligation | 399,504 | |||||
Liabilities, other than long-term debt | 62,055 | |||||
Deferred income tax liabilities | 43,355 | |||||
Disposal group, including discontinued operation, liabilities | ||||||
Other liabilities | 5,027 | |||||
Operating lease, liability | 5,875 | |||||
Derivative instruments and hedges, liabilities | 7,798 | |||||
Other undisclosed noncurrent liabilities | 15,824 | 47,418 | ||||
Total noncurrent liabilities: | 477,383 | 47,418 | ||||
Other undisclosed liabilities | 82,385 | |||||
Total liabilities: | 687,668 | 60,425 | 82,385 | |||
Temporary equity, carrying amount | 517,500 | 511,623 | ||||
Equity | ||||||
Equity, attributable to parent, including: | 383,980 | (60,305) | (75,455) | |||
Additional paid in capital | 829,687 | 6,724 | ||||
Accumulated other comprehensive loss | (417) | |||||
Accumulated deficit | (445,301) | (60,307) | (82,180) | |||
Other undisclosed equity, attributable to parent | 11 | 1 | 1 | |||
Equity, attributable to noncontrolling interest | 88,808 | |||||
Total equity: | 472,788 | (60,305) | (75,455) | |||
TOTAL LIABILITIES AND EQUITY: | 1,160,456 | 517,620 | 518,553 |
Income Statement (P&L) ($ in thousands)
9/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | ||
---|---|---|---|---|---|
Revenues | 773,940 | ||||
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 income | 23,910 | ||||
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 taxes | 32,050 | ||||
Income (loss) from continuing operations before income taxes: | (544,055) | 24,187 | (806) | ||
Income tax benefit | 101,976 | ||||
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 interest | 105,682 | ||||
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 interest | 105,762 | ||||
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.