The following is a summary of the System1, Inc. (SST) Q2 2024 Earnings Call Transcript:
Financial Performance:
System1 reported a revenue of $95 million, and a gross profit of $39 million.
Adjusted EBITDA stood at $9.9 million, marking a significant 42% increase above the high end of guidance.
Owned and operated revenue was consistent year-over-year at $77 million, showing a 12% increase from the previous quarter.
Business Progress:
System1 saw a 145% year-over-year increase in sessions on its owned and operated properties, totaling over 2 billion sessions.
Significant advancements were noted in System1's owned products like CouponFollow and MapQuest, both showing strong organic traffic gains.
The company launched a private browser app associated with Startpage, achieving over 50,000 downloads.
Opportunities:
The international sector represents a growing segment, now accounting for 36% of owned and operated revenue, up from 29%.
System1's continued investment in AI and RAMP platform is set to enhance buy-side efficiency and open new partnership opportunities.
Risks:
Lower cost per click rates in the U.S. and a larger shift towards international markets with naturally lower monetization rates contributed to a nearly 60% year-over-year decline in revenue per session.
More details: System1 IR
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