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System1 Reports Preliminary Third Quarter 2021 Results – Increases Fiscal Year 2021 Guidance

LOS ANGELES, Nov. 05, 2021 (GLOBE NEWSWIRE) — System1 (“System1” or, with Protected.net Group, the “Company”), an omnichannel customer acquisition marketing platform, announced its preliminary results for the third quarter of 2021, which include the financial results of Protected.net Group on a combined basis with those of System1.

For the nine months ended September 30, 2021, the Company reported revenue of $594 million, up 47% year-over-year, gross profit of $156 million, up 72% year-over-year, preliminary net income of $45 million, versus a $3 million net loss in the prior year period and Pro Forma Adjusted EBITDA of $90 million, up 123% year-over-year.

The Company also announced that it is increasing its fiscal year 2021 guidance for revenue to $805 million, an increase of $27 million from $778 million previously, and for Pro Forma Adjusted EBITDA to $111 million, an increase of $2 million from $109 million previously. The Company also announced guidance for 2022 for revenue of $995 million and Pro Forma Adjusted EBITDA of $142 million for 2022.

The Company is hosting an Analyst Day today at 10:00am ET where management will also be discussing these results, including its updated guidance. The Company’s Analyst Day presentation can be found in the “Events & Presentations” section of System1’s Investor Relations website located at https://ir.system1.com/events-and-presentations/default.aspx. A transcript of the event will be posted at a later date.

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