Slide 1: Investor Deck March 2025
2021 York Mountain Syrah - $78 Investor Deck March 2025
Slide 2: Disclaimer
Disclaimer Safe Harbor Disclaimer for Forward-Looking Statements This presentation has been prepared by management of System1, Inc. (together with its subsidiaries, collectively “System1”) and does not constitute a prospectus, and should under no circumstances be understood as an offer to sell or th
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this pres
Slide 4: Company Overview
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Slide 5: System1 operates a leading omnichannel marketing platform connecting high intent customers with advertisers
System1 operates a leading omnichannel marketing platform connecting high intent customers with advertisers
Slide 6: System1 at a Glance
System1 at a Glance Two components - RAMP is our $785M+ of Flexible business Owned & Operated technology Advertising model in all market (O&O) and Network advantage Demand in FY 24 conditions O&O is split between Proprietary “Responsive Total Advertising Spend Our platform and solutions Paid (market
Slide 7: RAMP is built for scale and primed to capitalize on first party data
1.2B+ monthly 12B+ rows/day3 ~4M daily creative & RAMP is sessions1 generated on generated from first bidding optimizations3 O&O properties and party data informing our by our automated built for across 300+ active Machine Learning buying engine Network partners2 pipelines scale and primed to capita
Slide 8: Key Business Lines
Key Business Lines ACQUIRE FY24 Revenue less Adv Exp REFINE MONETIZE (YoY) O&O Advertising $108M (0%) O&O Products $77M (32%) Partner Network $52M (-3%) 8
Slide 9: RAMP Identifies & Generates Customers Across All Major Advertising Categories
RAMP Identifies & Generates Customers Across RAMP All Major Advertising is Omnivertical Categories & & Omnichannel from All Major Traffic Sources Health Finance Platform Business & Technology Revenue by Search Revenue by Leisure & Lifesytle Vertical Vertical Travel & Tourism Network Partners Platfor
Slide 10: How RAMP Works
How RAMP Works Identify and unlock consumer intent across 1 2 all major sources of traffic UNLOCK REFINE Platform Refine consumer intent based Revenue by on actions they take on System1 Vertical websites 3 MONETIZE Monetize via key advertising partners 10 10
Slide 11: Consumer Intent is Refined into Monetizable Intent
Consumer Intent is Refined into Monetizable Intent 11
Slide 12: RAMP Platform Architecture
RAMP Platform Architecture 12
Slide 13: AI & Machine Learning Enabling Rapid Scale
AI & Machine Learning Enabling Rapid Scale - Data Pipelines Generative AI Buy Side AI and Machine - Machine generates Ad integrations Learning monitor, learning models creative and permit rapid administer and - First-Party Data content at scale. activation across optimize across - Analytical Tools t
Slide 14: Key Financial KPIs
Key Financial KPIs $344M $152M $39M FY 24 Revenue FY 24 Adj. Gross Profit FY 24 Adj. EBITDA (25% Margin on Adj. Gross Profit) See appendix for reconciliation of all Non-GAAP metrics to their corresponding GAAP metric. All metrics exclude the impact of the Total Security business, which was sold on 1
Slide 15: Founder-Led Team of Industry Veterans
Founder-Led Team of Industry Veterans MICHAEL BLEND CHARLES URSINI TRIDIVESH KIDAMBI CEO & Co-Founder President, COO & Co- CFO Founder BETH SESTANOVICH BRIAN COPPOLA DANIEL WEINROT Chief People Officer Chief Product Officer General Counsel 15
Slide 16: Investment Highlights
Investment Highlights A resilient and profitable business RAMP platform provides a strong and sustainable competitive advantage A highly diversified business across its marketing and monetization capabilities Proven M&A capabilities Strong, industry-experienced and founder-led management team
Slide 17: Thank You
Thank You
Slide 18: Appendix
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Slide 19: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA $ in millions 2023 2024 $ in millions $ $ in in millions millions Net Income (Loss) ($111) ($97) Plus: Income Tax Expense ($20) ($0) Interest Expense $49 $32 Depreciation & Amortization $78 $80 Other Expense $1 ($0) Stock-Based Compensation & Distribut
Slide 20: Reconciliation of Revenue to Adjusted Gross Profit
Reconciliation of Revenue to Adjusted Gross Profit $ in millions 2023 2024 $ in millions Revenue $402 $344 $ in millions Less: Cost of Revenue (exclusive of depreciation and amortization) ($249) ($192) $ in millions $ in millions Less: Depreciation and amortization related to cost of revenue ($50) (