System1, Inc./S1 Holdco LLC | ||||||||||||||||||
Pro Forma for Disposition of Total Security Limited | ||||||||||||||||||
Unaudited Statements of Operations | ||||||||||||||||||
System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC | |
(in thousands) | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | Sucessor Period | Predecessor Period | QTD | QTD | QTD | QTD |
31-Mar-25 | 31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Mar-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Mar-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 1.27.22 - 3.31.22 | 1.1.22 - 1.26.22 | 31-Dec-21 | 30-Sep-21 | 30-Jun-21 | 31-Mar-21 | |
Revenue | 74,513 | 75,594 | 88,832 | 94,581 | 84,917 | 96,120 | 87,818 | 96,914 | 121,119 | 140,071 | 156,895 | 177,029 | 138,234 | 52,712 | 199,803 | 171,445 | 169,579 | 147,561 |
Operating cost and expenses: | ||||||||||||||||||
Cost of revenues | 46,077 | 30,894 | 51,171 | 55,798 | 53,698 | 58,550 | 50,584 | 56,656 | 82,953 | 97,145 | 111,217 | 128,507 | 101,970 | 41,507 | 155,276 | 128,885 | 126,167 | 110,785 |
Salaries, commissions, and benefits | 24,988 | 25,915 | 29,177 | 33,937 | 24,483 | 24,608 | 26,695 | 27,054 | 28,148 | 29,040 | 30,469 | 30,249 | 48,288 | 31,181 | 18,715 | 15,139 | 17,698 | 15,195 |
Selling, general, and administrative | 16,574 | 10,457 | 10,172 | 13,989 | 12,728 | 12,304 | 11,808 | 15,340 | 14,855 | 13,869 | 11,572 | 12,984 | 12,407 | 15,665 | 14,650 | 7,936 | 6,277 | 6,950 |
Depreciation and amortization (1) | 0 | 20,232 | 20,128 | 19,943 | 19,804 | 19,737 | 19,585 | 19,689 | 19,393 | 19,102 | 18,924 | 18,827 | 12,618 | 1,000 | 3,625 | 3,459 | 3,112 | 3,689 |
Impairment of goodwill | - | - | - | - | - | - | - | - | - | 26,636 | 346,092 | - | - | - | - | - | - | - |
Total operating costs and expenses | 87,639 | 87,498 | 110,648 | 123,667 | 110,712 | 115,199 | 108,673 | 118,739 | 145,349 | 185,791 | 518,274 | 190,568 | 175,283 | 89,353 | 192,266 | 155,419 | 153,254 | 136,619 |
Operating income | (13,127) | (11,903) | (21,816) | (29,086) | (25,795) | (19,079) | (20,855) | (21,825) | (24,230) | (45,720) | (361,379) | (13,538) | (37,049) | (36,641) | 7,537 | 16,026 | 16,325 | 10,942 |
Loss (gain) on fair value of warrants | 32 | (915) | 281 | (1,501) | (251) | 1,764 | (7,482) | 2,018 | (1,409) | (10,360) | 4,489 | (4,139) | 13,761 | - | - | - | - | - |
Loss on extinguishment of related-party debt | - | - | - | (433) | (19,676) | 1,385 | 619 | - | - | - | - | - | - | - | - | - | - | - |
Interest expense | 7,085 | 7,764 | 7,957 | 7,871 | 7,970 | 11,957 | 13,053 | 12,334 | 11,402 | 9,692 | 9,664 | 7,200 | 5,054 | 1,049 | 4,162 | 4,184 | 4,476 | 4,048 |
Income (loss) from continuing operations before income tax | (20,244) | (18,752) | (30,054) | (35,023) | (13,839) | (34,185) | (27,045) | (36,176) | (34,224) | (45,052) | (375,532) | (16,599) | (55,864) | (37,690) | 3,375 | 11,842 | 11,849 | 6,894 |
Income tax expense | (387) | (729) | 585 | (178) | (48) | (8,757) | (1,116) | (6,670) | (3,829) | (15,252) | (77,715) | 1,089 | (16,803) | (629) | 262 | 475 | 77 | 151 |
Net income (loss) from continuing operations | (19,857) | (18,023) | (30,639) | (34,845) | (13,791) | (25,428) | (25,929) | (29,506) | (30,395) | (29,800) | (297,817) | (17,688) | (39,061) | (37,061) | 3,113 | 11,367 | 11,772 | 6,743 |
Net Income (Loss) Attributable to Noncontrolling Interest | (3,973) | (3,862) | (7,037) | (8,472) | (3,254) | (8,903) | (31,647) | (8,690) | (9,124) | (18,089) | (71,606) | (8,124) | (13,111) | - | - | - | - | - |
Gain (loss) from discontinued operations, net of taxes | - | - | - | - | - | (11,105) | (137,207) | (13,484) | (12,533) | (21,040) | (14,146) | (17,850) | (3,923) | - | - | - | - | - |
Net income | (15,884) | (14,161) | (23,602) | (26,373) | (10,537) | (27,630) | (131,489) | (34,300) | (33,804) | (32,751) | (240,357) | (27,414) | (29,873) | (37,061) | 3,113 | 11,367 | 11,772 | 6,743 |
(1) Beginning in Q125 deprecation and amortization expense was recorded directly in Cost of revenues and Selling, general, and administrative. See below for an allocation of D&A between the expense items from Q1 24 forward:
Cost of Revenues - D&A | 13,050 | 12,884 | 12,828 | 12,709 | 12,620 |
SG&A - D&A | 7,427 | 7,348 | 7,300 | 7,234 | 7,183 |
Total Depreciation & Amortization | 20,477 | 20,232 | 20,128 | 19,943 | 19,804 |
System1, Inc./S1 Holdco LLC |
Pro Forma for Disposition of Total Security Limited |
Unaudited Statements of Operations |
(in thousands) |
System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | Successor + Predecessor Total | Successor + Predecessor Total | Successor + Predecessor Total | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC |
YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD |
31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 31-Dec-21 | 30-Sep-21 | 30-Jun-21 |
Revenue |
Operating cost and expenses: |
Cost of revenues |
Salaries, commissions, and benefits |
Selling, general, and administrative |
Depreciation and amortization (1) |
Impairment of goodwill |
Total operating costs and expenses |
Operating income |
Loss (gain) on fair value of warrants |
Loss on extinguishment of related-party debt |
Interest expense |
Income (loss) from continuing operations before income tax |
Income tax expense |
Net income (loss) from continuing operations |
Net Income (Loss) Attributable to Noncontrolling Interest |
Gain (loss) from discontinued operations, net of taxes |
Net income |
343,925 | 268,330 | 179,498 | 401,971 | 305,851 | 218,033 | 664,941 | 524,870 | 367,975 | 688,389 | 488,586 | 317,140 |
191,561 | 160,667 | 109,496 | 248,745 | 190,194 | 139,610 | 480,346 | 383,201 | 271,984 | 521,113 | 365,837 | 236,952 |
113,512 | 87,597 | 58,420 | 106,505 | 81,897 | 55,202 | 169,227 | 140,187 | 109,718 | 66,747 | 48,032 | 32,893 |
47,346 | 36,889 | 26,717 | 54,307 | 42,004 | 30,195 | 66,496 | 52,628 | 41,056 | 35,813 | 21,163 | 13,227 |
80,107 | 59,875 | 39,747 | 78,403 | 58,666 | 39,081 | 70,471 | 51,370 | 32,446 | 13,885 | 10,260 | 6,801 |
- | - | - | - | - | - | 372,728 | 346,092 | - | - | - | - |
432,525 | 345,028 | 234,379 | 487,960 | 372,761 | 264,088 | 1,159,268 | 973,477 | 455,203 | 637,558 | 445,292 | 289,873 |
(88,601) | (76,698) | (54,881) | (85,989) | (66,910) | (46,055) | (494,327) | (448,607) | (87,228) | 50,831 | 43,294 | 27,267 |
(2,386) | (1,471) | (1,752) | (5,109) | (6,873) | 609 | 3,751 | 14,111 | 9,622 | - | - | - |
(20,109) | (20,109) | (20,109) | 2,004 | 619 | - | - | - | - | - | - | - |
31,562 | 23,799 | 15,841 | 48,746 | 36,789 | 23,736 | 32,659 | 22,967 | 13,303 | 16,870 | 12,708 | 8,524 |
(97,668) | (78,916) | (48,862) | (131,630) | (97,445) | (70,400) | (530,737) | (485,685) | (110,153) | 33,961 | 30,586 | 18,743 |
(370) | 359 | (226) | (20,372) | (11,615) | (10,499) | (109,310) | (94,058) | (16,343) | 965 | 703 | 228 |
(97,298) | (79,275) | (48,636) | (111,258) | (85,830) | (59,901) | (421,427) | (391,627) | (93,810) | 32,996 | 29,883 | 18,515 |
(22,625) | (18,763) | (11,726) | (58,364) | (49,461) | (17,814) | (110,930) | (92,841) | (21,235) | - | - | - |
- | - | - | (174,329) | (163,224) | (26,017) | (56,959) | (35,919) | (21,773) | - | - | - |
(74,673) | (60,512) | (36,910) | (227,222) | (199,593) | (68,104) | (367,456) | (334,705) | (94,348) | 32,996 | 29,883 | 18,515 |
(1) Beginning in Q125 deprecation and amortization expense was recorded directly in Cost of revenues and Selling, general, and administrative.
System1, Inc./S1 Holdco LLC | ||||||||||||||||||
Pro Forma for Disposition of Total Security Limited | ||||||||||||||||||
Non-GAAP Financials | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC |
(in thousands) | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Sucessor Period | Predecessor Period | QTD | QTD | QTD | QTD |
31-Mar-25 | 31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Mar-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Mar-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 1.27.22 - 3.31.22 | 1.1.22 - 1.26.22 | 31-Dec-21 | 30-Sep-21 | 30-Jun-21 | 31-Mar-21 | |
Net income (loss) from continuing operations | $ (19,857) | $ (18,023) | $ (30,639) | $ (34,845) | $ (13,791) | $ (25,428) | $ (25,929) | $ (29,506) | $ (30,395) | $ (29,800) | $ (297,817) | $ (17,688) | $ (39,061) | $ (37,061) | $ 3,113 | $ 11,367 | $ 11,772 | $ 6,743 |
Income tax expense | (387) | (729) | 585 | (178) | (48) | (8,757) | (1,116) | (6,670) | (3,829) | (15,252) | (77,715) | 1,089 | (16,803) | (629) | 262 | 475 | 77 | 151 |
Interest expense | 7,085 | 7,764 | 7,957 | 7,871 | 7,970 | 11,957 | 13,053 | 12,334 | 11,402 | 9,692 | 9,664 | 7,200 | 5,054 | 1,049 | 4,162 | 4,185 | 4,476 | 4,048 |
Depreciation & amortization | 20,477 | 20,232 | 20,128 | 19,943 | 19,804 | 19,737 | 19,585 | 19,689 | 19,393 | 19,102 | 18,924 | 18,827 | 12,618 | 1,000 | 3,625 | 3,458 | 3,113 | 3,689 |
Impairment of goodwill | - | - | - | - | - | - | - | - | - | 26,636 | 346,092 | - | - | - | - | - | - | - |
Other income/expense (1) | (39) | (111) | 127 | (36) | (97) | 187 | 639 | 271 | (65) | 1,280 | (400) | (68) | 228 | (61) | 70 | (25) | 18 | 84 |
Stock-based compensation and distributions to Members (2) | 2,651 | 4,567 | 3,783 | 3,442 | 3,971 | 5,842 | 5,267 | 4,294 | 5,832 | 6,867 | 7,817 | 7,716 | 33,511 | 23,362 | 3,458 | 673 | 3,342 | 2,118 |
Revaluation of non-cash warrant liability | 32 | (915) | 281 | (1,501) | (251) | 1,764 | (7,482) | 2,018 | (1,409) | (10,360) | 4,489 | (4,139) | 13,761 | - | - | - | - | - |
Loss on Extinguishment of related-party debt | - | - | - | (433) | (19,676) | 1,385 | 619 | - | - | - | - | - | - | - | - | - | - | - |
Costs related to acquisitions/business combinations | 1,034 | 3,028 | 7,441 | 11,854 | 2,244 | 3,269 | 1,710 | 2,589 | 3,471 | 4,371 | 4,242 | 5,342 | 10,129 | 13,162 | 8,002 | 2,786 | 655 | 1,547 |
Other costs, including restructuring and legal settlements | 1,091 | 2,067 | 683 | 3,810 | 297 | 57 | 1,760 | 1,087 | 755 | 1,876 | 475 | 353 | 206 | - | 4 | 126 | 262 | 428 |
Adjusted EBITDA | $ 12,085 | $ 17,880 | $ 10,346 | $ 9,927 | $ 423 | $ 10,012 | $ 8,105 | $ 6,105 | $ 5,154 | $ 14,413 | $ 15,772 | $ 18,631 | $ 19,644 | $ 822 | $ 22,696 | $ 23,046 | $ 23,715 | $ 18,809 |
(1) Non-cash adjustments related to foreign exchange and asset disposals |
(2) Comprised of distributions to equity holders and non-cash stock-based compensation |
System1, Inc./S1 Holdco LLC |
Pro Forma for Disposition of Total Security Limited |
Non-GAAP Financials |
(in thousands) |
System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | System1, Inc. | Successor + Predecessor Total | Successor + Predecessor Total | Successor + Predecessor Total | S1 Holdco LLC | S1 Holdco LLC | S1 Holdco LLC |
YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD |
31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 31-Dec-21 | 30-Sep-21 | 30-Jun-21 |
Net income (loss) from continuing operations | $ (97,298) | $ (79,275) | $ (48,636) | $ (111,258) | $ (85,830) | $ (59,901) | $ (421,427) | $ (391,627) | $ (93,810) | $ 32,996 | $ 29,883 | $ 18,515 |
Income tax expense | (370) | 359 | (226) | (20,372) | (11,615) | (10,499) | (109,310) | (94,058) | (16,343) | 965 | 703 | 228 |
Interest expense | 31,562 | 23,799 | 15,841 | 48,746 | 36,789 | 23,736 | 32,659 | 22,967 | 13,303 | 16,871 | 12,709 | 8,524 |
Depreciation & amortization | 80,107 | 59,875 | 39,747 | 78,403 | 58,666 | 39,081 | 70,471 | 51,370 | 32,446 | 13,884 | 10,259 | 6,801 |
Impairment of goodwill | - | - | - | - | - | - | 372,728 | 346,092 | - | - | - | - |
Other income/expense (1) | (117) | (6) | (133) | 1,032 | 845 | 206 | 978 | (301) | 98 | 147 | 76 | 102 |
Stock-based compensation and distributions to Members (2) | 15,763 | 11,197 | 7,413 | 21,235 | 15,393 | 10,126 | 79,273 | 72,406 | 64,589 | 9,591 | 6,133 | 5,460 |
Revaluation of non-cash warrant liability | (2,386) | (1,471) | (1,752) | (5,109) | (6,873) | 609 | 3,751 | 14,111 | 9,622 | - | - | - |
Loss on Extinguishment of related-party debt | (20,109) | (20,109) | (20,109) | 2,004 | 619 | - | - | - | - | - | - | - |
Costs related to acquisitions/business combinations | 24,567 | 21,539 | 14,098 | 11,039 | 7,770 | 6,060 | 37,247 | 32,875 | 28,633 | 12,991 | 4,989 | 2,202 |
Other costs, including restructuring and legal settlements | 6,857 | 4,790 | 4,107 | 3,658 | 3,601 | 1,841 | 2,910 | 1,034 | 559 | 821 | 817 | 691 |
Adjusted EBITDA | $ 38,577 | $ 20,697 | $ 10,350 | $ 29,377 | $ 19,365 | $ 11,259 | $ 69,281 | $ 54,868 | $ 39,097 | $ 88,265 | $ 65,569 | $ 42,524 |
(1) Non-cash adjustments related to foreign exchange and asset disposals |
(2) Comprised of distributions to equity holders and non-cash stock-based compensation |
Non-Financial Metrcis | |||||||||||||||||
(In thousands except ratios) | |||||||||||||||||
QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | QTD | |
O&O Advertising | 31-Mar-25 | 31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Mar-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Mar-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 31-Mar-22 | 31-Dec-21 | 30-Sep-21 | 30-Jun-21 | 31-Mar-21 |
Revenue | $ 57,921 | $ 64,705 | $ 70,798 | $ 77,397 | $ 69,030 | $ 79,422 | $ 66,186 | $ 77,300 | $ 106,025 | $ 127,867 | $ 143,600 | $ 157,952 | $ 176,133 | $ 190,035 | $ 162,606 | $ 160,817 | $ 139,426 |
Advertising Spend (1) | $ 30,143 | $ 32,743 | $ 44,391 | $ 50,019 | $ 46,567 | $ 52,820 | $ 42,301 | $ 49,711 | $ 76,186 | $ 92,785 | $ 106,340 | $ 121,153 | $ 137,948 | $ 152,653 | $ 126,404 | $ 123,244 | $ 107,298 |
Direct Adjusted Gross Profit | $ 27,778 | $ 31,963 | $ 26,406 | $ 27,377 | $ 22,462 | $ 26,602 | $ 23,886 | $ 27,589 | $ 29,839 | $ 35,082 | $ 37,261 | $ 36,799 | $ 38,186 | $ 37,383 | $ 36,202 | $ 37,572 | $ 32,128 |
O&O Sessions (2) | 1,283,272 | 1,898,758 | 2,070,074 | 2,004,923 | 1,209,083 | 1,060,326 | 921,512 | 819,813 | 1,026,262 | 1,042,908 | 1,077,915 | 1,012,761 | 975,025 | 999,975 | 859,392 | 766,293 | 741,122 |
O&O CPS (3) | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.04 | $ 0.05 | $ 0.05 | $ 0.06 | $ 0.07 | $ 0.09 | $ 0.10 | $ 0.12 | $ 0.14 | $ 0.15 | $ 0.15 | $ 0.16 | $ 0.14 |
O&O RPS (4) | $ 0.05 | $ 0.03 | $ 0.03 | $ 0.04 | $ 0.06 | $ 0.07 | $ 0.07 | $ 0.09 | $ 0.10 | $ 0.12 | $ 0.13 | $ 0.16 | $ 0.18 | $ 0.19 | $ 0.19 | $ 0.21 | $ 0.19 |
Spread | 92% | 98% | 59% | 55% | 48% | 50% | 56% | 55% | 39% | 38% | 35% | 30% | 28% | 24% | 29% | 30% | 30% |
Partner Network | |||||||||||||||||
Revenue | $ 16,592 | $ 10,889 | $ 18,035 | $ 17,184 | $ 15,888 | $ 16,698 | $ 21,632 | $ 19,614 | $ 15,093 | $ 12,204 | $ 13,295 | $ 19,077 | $ 14,812 | $ 9,768 | $ 8,840 | $ 8,763 | $ 8,135 |
Agency Fees (5) | $ 1,629 | $ (3,508) | $ 4,981 | $ 3,694 | $ 4,968 | $ 3,614 | $ 6,320 | $ 4,806 | $ 4,876 | $ 2,535 | $ 2,994 | $ 5,170 | $ 3,387 | $ - | $ - | $ - | $ - |
Direct Adjusted Gross Profit | $ 14,963 | $ 14,397 | $ 13,054 | $ 13,489 | $ 10,919 | $ 13,084 | $ 15,312 | $ 14,808 | $ 10,217 | $ 9,669 | $ 10,301 | $ 13,908 | $ 11,425 | $ 9,768 | $ 8,840 | $ 8,763 | $ 8,135 |
Network Sessions (6) | 1,708,198 | 1,861,490 | 2,318,513 | 2,052,037 | 1,545,162 | 1,270,965 | 894,179 | 676,763 | 448,287 | 375,605 | 364,196 | 361,432 | 308,805 | 289,331 | 297,142 | 321,934 | 338,960 |
Network CPS (7) | $ 0.00 | $ (0.00) | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ - | $ - | $ - | $ - |
Network RPS (8) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.04 | $ 0.05 | $ 0.05 | $ 0.03 | $ 0.03 | $ 0.03 | $ 0.02 |
Adjusted Partner Network CPS and RPS |
Revenue (9) |
Agency Fees (5), (9) |
Direct Adjusted Gross Profit |
Network Sessions (6) |
Network CPS (7) |
Network RPS (8) |
$ 16,364 | $ 15,099 | $ 15,611 | $ 14,920 |
$ 1,967 | $ 2,046 | $ 2,122 | $ 4,001 |
$ 14,397 | $ 13,054 | $ 13,489 | $ 10,919 |
1,861,490 | 2,318,513 | 2,052,037 | 1,545,162 |
$ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 |
$ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
(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) Agency fees are the amount of costs for agencies acquiring traffic to Owned & Operated websites |
(6) Network sessions are the number of monetizable user visits delivered by network partners to RAMP |
(7) CPS is agency fees divided by Network Sessions |
(8) RPS is Partner Network revenue divided by Network Sessions |
(9) Revenue and Agency fees adjustment for Q4 24 out-of-period adjustment related to gross versus net revenue classification. Adjustment adjusts historical revenue and agency fees for the period in which the adjustment occured. |
Non-Financial Metrcis |
(In thousands except ratios) |
O&O Advertising |
YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD | YTD |
31-Dec-24 | 30-Sep-24 | 30-Jun-24 | 31-Dec-23 | 30-Sep-23 | 30-Jun-23 | 31-Dec-22 | 30-Sep-22 | 30-Jun-22 | 31-Dec-21 | 30-Sep-21 | 30-Jun-21 |
Revenue |
Advertising Spend (1) |
Direct Adjusted Gross Profit |
O&O Sessions (2) |
O&O CPS (3) |
O&O RPS (4) |
Spread |
$ 281,929 | $ 217,224 | $ 146,426 | $ 328,934 | $ 249,512 | $ 183,325 | $ 605,552 | $ 477,686 | $ 334,085 | $ 652,884 | $ 462,848 | $ 300,242 |
$ 173,721 | $ 140,978 | $ 96,587 | $ 221,018 | $ 168,198 | $ 125,897 | $ 458,225 | $ 365,440 | $ 259,100 | $ 509,599 | $ 356,946 | $ 230,542 |
$ 108,209 | $ 76,246 | $ 49,839 | $ 107,916 | $ 81,314 | $ 57,428 | $ 147,328 | $ 112,246 | $ 74,985 | $ 143,284 | $ 105,902 | $ 69,700 |
7,182,838 | 5,284,080 | 3,214,006 | 3,827,913 | 2,767,587 | 1,846,075 | 4,108,610 | 3,065,702 | 1,987,786 | 3,366,783 | 2,366,807 | 1,507,415 |
$ 0.02 | $ 0.03 | $ 0.03 | $ 0.06 | $ 0.06 | $ 0.07 | $ 0.11 | $ 0.12 | $ 0.13 | $ 0.15 | $ 0.15 | $ 0.15 |
$ 0.04 | $ 0.04 | $ 0.05 | $ 0.09 | $ 0.09 | $ 0.10 | $ 0.15 | $ 0.16 | $ 0.17 | $ 0.19 | $ 0.20 | $ 0.20 |
62% | 54% | 52% | 49% | 48% | 46% | 32% | 31% | 29% | 28% | 30% | 30% |
Partner Network |
Revenue |
Agency Fees (5) |
Direct Adjusted Gross Profit |
Network Sessions (6) |
Network CPS (7) |
Network RPS (8) |
$ 61,995 | $ 51,106 | $ 33,072 | $ 73,037 | $ 56,339 | $ 34,708 | $ 59,389 | $ 47,185 | $ 33,890 | $ 35,505 | $ 25,738 | $ 16,898 |
$ 10,136 | $ 13,644 | $ 8,663 | $ 19,617 | $ 16,003 | $ 9,683 | $ 14,087 | $ 11,551 | $ 8,557 | $ - | $ - | $ - |
$ 51,859 | $ 37,462 | $ 24,409 | $ 53,420 | $ 40,337 | $ 25,025 | $ 45,302 | $ 35,633 | $ 25,333 | $ 35,505 | $ 25,738 | $ 16,898 |
7,777,202 | 5,915,712 | 3,597,199 | 3,290,193 | 2,019,228 | 1,125,049 | 1,410,037 | 1,034,433 | 670,237 | $ 1,247,366 | 958,035 | 660,894 |
$ 0.00 | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ - | $ - | $ - |
$ 0.01 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.03 | $ 0.03 | $ 0.04 | $ 0.05 | $ 0.05 | $ 0.03 | $ 0.03 | $ 0.03 |
Adjusted Partner Network CPS and RPS |
Revenue (9) |
Agency Fees (5), (9) |
Direct Adjusted Gross Profit |
Network Sessions (6) |
Network CPS (7) |
Network RPS (8) |
$ 61,995 |
$ 10,136 |
$ 51,859 |
7,777,202 |
$ 0.00 |
$ 0.01 |
(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) Agency fees are the amount of costs for agencies acquiring traffic to Owned & Operated websites |
(6) Network sessions are the number of monetizable user visits delivered by network partners to RAMP |
(7) CPS is agency fees divided by Network Sessions |
(8) RPS is Partner Network revenue divided by Network Sessions |
(9) Revenue and Agency fees adjustment for Q4 24 out-of-period adjustment related to gross versus net revenue classification. Adjustment adjusts historical revenue and agency fees for the period in which the adjustment occured. |