SST - Earnings call transcript Q1 2022

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Operator

Thank you for standing by, and welcome to the first quarter 2022 conference call and webcast for System1. On today's call are Michael Blend, Co-Founder and Chief Executive Officer of System1; Tridivesh Kidambi, Chief Financial Officer of System1; and Kyle Ostgard [ph], Vice President of Finance. I will now turn the call over to Kyle Ostgard.

Unidentified Company Representative

Thank you. Welcome to the System1 earnings call for the quarter ended March 31, 2022.

discuss Michael financial Financial Blend; Kidambi. to Co-Founder are Officer, today CEO, and and me SystemX's results operational our Tridivesh Joining our Chief recording call has available will website A ir.systemX.com ended. conference Investor at this our Relations be after shortly this of on call we to call, this during take forward-looking making like to remind be I'd that statements. you opportunity the will growth This results and financial our businesses, includes future statements relating prospects. strategy, to and long-term the future operating performance of overall guidance, matters. statements make may compliance regulatory We regarding or also subject the and be XXXX those first to XX-K call, well known shortly on and on economy Form implied XXXX, our filed XX, in that and the will Form are our included the risks statements as results These risk this generally. XX-Q actual uncertainty could business, to in filed XXXX, unpredictability in April for registration global differ uncertainties and XX, unknown in those that during filed our fiscal cause XXXX projected described year in and statement our our our factors S-X and the particular, as markets on from certain of materially for quarter or March Form

events. law. statements required on this rely obligation as update All not of and disclaims as hereof, make SystemX except and You should any statements by forward-looking any of to we as beliefs call predictions that on assumptions forward-looking statements forward-looking based future on are the date

in Blend. turn would of our may a to the release, Our measures, Co-Founder our our These to as furnished to over results, Information forma adjusted should EBITDA. I the Investor non-GAAP Relations and in which historical SystemX's be results. reconciliation not found substitute our measures website. pro for a Michael? GAAP our from discussion our pro pro Executive filed and today and X-K with non-GAAP and include be with GAAP SEC profit forma will now be non-GAAP financial including was today regarding Michael found addition also Form gross revenue, results including financial isolation non-GAAP Chief or earnings forma conference in like call Officer, may to on considered

Michael Blend

everyone, afternoon, a company. call public first SystemX's as to earnings and Good welcome

and SystemX. I'm Blend, Co-Founder and CEO Kyle As I'm mentioned, the Michael of

We're Joining taking our me our Tridi story employees is CFO. shareholders, absolute including your want to and investors. Kidambi, do SystemX best quick begin, say SystemX. the our today thank learn To to a and I to longtime time in our public company. you for going our our for to great reward Thank our new to you supporting belief

through quarter So we walk details. is going you to had a great the Tridi and financially

opportunities some Before we operationally would get you're as My also challenges more good about going about the company, to how be and are. you where it. think doing and provide we're color SystemX, seeing a I like you our long-term to to you what our excited is understand I goal the SystemX for numbers, hold with the better at we're to investment,

private for the term. company, public Throughout boards. a went merger into I'm of couple all always long noise, pretty a what transition of smooth Protected.net, the us. we a with popular a our they as we business the got proud and made on After they've Reddit was acquisitions X done, making and it, completed did ignored for company. QX team public, So on team focused very executed the the stock even years on momentous our of

and growth any of business QX. across both business the don't lines, had subscription, advertising on the see slowing of nice So down. our front, we board that saw Advertising really in good signs and revenue major momentum

initiatives of we some any meet you had shifting vertical, dependent Apple. consumer by have and beauty because category companies The aren't shift other particular changing that model we some results on mixed privacy-related is advertising know, public can our or to of and of the as consumer Now demand demand.

shifts We We're In step a in and advertising able the or also ways, privacy-forward volume many purchase at to markets are prices. economic help us. downturns in advertising often more platform. traffic cheaper

Now to our over entail use of advertising the least and annually the we'd $XXX Achieving into our business spending amounts first-party that new data. advertising is growth enormous at next $X is scale several can biggest our ensuring like markets billion challenge making advertising, expanding to to years. ever-increasing that We're currently RAMP very ambitious going about of and scale RAMP handle our to in million platform goals. on

to for our engineering team scaling to ready hard team. Our going substantially of lot It's is be the going mean challenge. work. a also It's

Now offered marketing very some pockets scale in QX of business, opportunity our nice spend. subscription to

to As That product product. beginning AdBlock has a matures, we have our hands think with product hit on over from at TotalAV XXXX XXX,XXX our we our Total X subscribers the multiple new behaving in subscribers of that of are services and other. in to we customers. with each advertising, These in the like end renewing quarter. complement we and this having subscription diversification line as Similar TotalAV expected our gone

Total to goal products, have least our over AdBlock, X. XX we hit is longer-term with product have which million With X as a subscribers. at TotalAV first believe Our we here define and we

side, subscription is product develop our in the SystemX Like and a products add positioned to offer scale believe of biggest bundle single great Ultimately, requires mix. all Our into lumped almost managers. to to uniquely subscription these engineers to we is challenge this products payment. advertising on a continuing new and

can products Similar month of hard business, our together our for for advertising off. would require will example, lot $XX? a we're different enormous upside but to we when $XX goals ambitious pull bundled and going why here are For people to pay want these to when work, it see they get all a XX

ago Protected have front, it's usual. merged investment like decade, business years engagement. long after a was to a and than I'm Protected over marriage say happier a we On for and close we with majority happy Concurrent [indiscernible] over honeymoon management is their X ever. SystemX to And with so M&A the as a more our the really Protected.net. been took in acquisition our remain

Our mainly has combining good really focused been progress see marketing are we integration early to starting on And with there. our efforts. Protected

also We joint expect to coordination see I on to and development initiatives have year. out our product the start product done in roll later

Now fantastic acquired founder-led CouponFollow. X in in QX, we RoadWarrior and companies

as added rationale strategic that to efforts integration subscription advertisers. mobile acquisitions as we our Our is direct route for going in With straightforward. with MapQuest service we're vertical planning companies as our our reach direct-to-consumer the a sold case The these perfect RoadWarrior, very CouponFollow, a business. these the both In accelerating are of app a well. well of is tuck-in shopping

both company. now focus SystemX their very the in Our working the on first any step subscription, the the always CouponFollow RAMP and has to and We're much led on of is with team, is RoadWarrior teams embraced in joining a any our and SystemX complete. with And and right organization. that getting organization. biggest making to efforts opportunities. dispersed already I'm bigger together is the focusing the has acquisition, by a as has larger CouponFollow challenge integration working the first with integration Marc advertising step X smaller we more multiple synergies happy hand-in-hand is that Mezzacca, CouponFollow our founder, of acquisition MapQuest sure a moving we team acquisition product. that using team consider is scale so on report post to risk.

As integrate step, the our properties. network a we're of working first to throughout CouponFollow codes

after I'd so like at a acquisitions. right. get have record well their good RoadWarrior, deal the how you predicting it at to on to but and teams. track to go really don't With we going CouponFollow welcome dead closes, been Now good we're think we've always they're

an last Answers.com. bit little immaterial company purchased in This a the struggling, we also, us assets acquired We week, price. was for and different that was the deal for

network and we've identified and Answers.com websites, can However, will within assets, millions to engines. to existing our of substantially of millions Answers.com. traffic also believe intend search richer We has experience much We crown and our to to throughout these we those RAMP the on properties we provide user-generated jewel. answers integrate questions. we a increase use a believe

that potentially on very really a got for upside So we've good attractive some price, deal. asymmetric

remain imminent. for into Regarding prospects approach. RAMP. can be out and there, and the always, on accelerate our to future our very hundreds nothing lookout integrate existing using companies acquisitions, as that going we network We we're There of is are in disciplined literally

ahead to rest you. our Looking the to year, major wanted goals I share corporate of with the

such products, We're results to and bolt-on ensure the start is new going engineering be our scaling I priority continue potentially into doing towards to work keep to to tripling an and RAMP subscription we is to have start the see acquisitions. rolling to entail progress developing between This As integrated our bundle will you out subscription we're going is to the bundle. promise we our a our going going our and year, side, want markets, that them this tangible can that some new behind-the-scenes scale. entry on path we On building offer I showing teams to real but can't subscription bundle. independent product top links mentioned, ongoing.

acquisitions. we're progress we in a of from also investing doesn't we end teams. engineering as with the overnight work team, intend the and keep and our seeing to And mentioned, single major companies as of This most real requires it want our But Regarding the are team. our making all recent involved. SystemX people I great by operating to such continue that year, product our happen strides

more is business can start with also involve go new really and so understanding shareholders, This the of deep finally, potential our the our going shareholder long-term building we to We talent opportunities want how we operate. have to after. opportunities to you, you base. we helping a more many our have, And technical and get work we

out to to I want of I measure our Tridi, you and we things philosophy how before overview our So hand brief progress. operating a give

is. meet we where bets, investments obvious the the increased almost And sacrifices exceed invest look us. going what to big company longer term management of to and we're definitely shorter-term our When will While to longer-term so We aligned marketer want owns future. technology we with exactly always in quarter-by-quarter. payoff we you very reasoning decide to the our quarters we if will do we is at a going we targets, explain because remember, off company. so to operates not short-term SystemX are is make pay you kind make in are We of when to and that because we the believe much that, have financial more

today, For every $X $X.XX SystemX from comes of management's that invests pockets.

ride. the and bet to We Take of past. with deep like it I'd the big we hand and in off results. shareholders come our Tridi along away, off it's to for understanding to things encourage Tridi. for to on ourselves a quarter's well discuss And paid So you really get that, to like SystemX this

Tridivesh Kidambi

everyone. CFO Thank welcome you, earnings our to the I'm Hello, call. and pleased I'm SystemX, of very XXXX Kidambi, Michael. everyone QX Tridivesh to

specifics call to Before be philosophy. into quarter, I I thought be on our terms more company's helpful initial get of performance operating it'd this in the for this granular

of starts evaluate First, with how for is RAMP, run which in gross Everything we business. and our optimize terms initiatives profit to dollars. designed

measure margin platform is gross use of metric we important the think opportunities, to about initiatives. metric our gross and generation when the is and dollar the profit While do ultimate evaluating a we effectiveness

and full consumer in new channels. mentioned acquisition opportunities. evaluating And as purposely platform multiple launch a and success. acquisition channels multiple product which that and area model future verticals past business is is significant of built to now across across multiple advertising Michael are for and we criterion both have the distributed as we earlier, to a M&A have and to initiatives Protected, market sustainability key we invest products This verticals. with subscription a a evaluate through and diverse Diversification key focus our acquisition Second, and

automation leverage on RAMP is our continuous organic key ongoing business technology basis. Everything operating in an optimization Third, is drives on growth. do platform, to we our our enables and anchored which

investing prioritize engineering to and investing features resources. and generally of also product, RAMP, addition data new investment In automation. form for comes This in science in the initiatives in we

we history a to on executing track Finally, transactions. have we've a And accretive continued our M&A public so. less strong company, than months do into of as record X

to of specifics first, will I first about XXXX. talk Now I'd financial the quarter metrics, referring every results the all pro into But Protected.net's of performance, get in case, financial preamble. in our a to like When forma as be periods. I for inclusive

earlier For today. the our a these reconciliation refer issued to GAAP reconciliation please of to metrics financials, release tables earnings the in

and compared XX% as gross to was Now in year's results. evenly The million to was prior $XXX growth Gross $XXX profit was of compared on $XX of last advertising to split $XX margin operating profit our revenue of an of million. a profit was XXXX increase as compared to Revenue with gross XX.X% XX.X% of the first our increase business. subscription the million, our year-over-year owned in in business between in Gross last period. million well year year increase quarter as revenue XX%. in of

advertising acquired On to the increase XX% operated our the advertising front, sessions properties million quarter, we a owned in XXX and year-over-year. reflecting

monetization we session representing was is year. were last a with of which per cost in session, corresponding $X.XX XX% Our per with where $X.XX, a line spread,

who renewing introductory we relative the increased new Our customer our was business versus customer, gross flagship at marginal our mix support them. a subscription acquire higher ARPU our customers margin towards the TotalAV year. of increase $XX.XX customers driven to in have continues last the who to Once where quarter product $XX.XX of shift in are are to Subscriber ARPU we at way little cost pricing. the very by to

With corporate million as company in we a increased As as public will similar the at year. as closely new cycle. delta the had pace point In is with saw AdBlock in through such going legal is as public headcount it public we between revenue earlier, insurance. which million TotalAV's our trajectory as from cost science and reflective expenses, at mirrors represents a million what a assumed engineering, quarters one life product deferred to and company to Total spread revenue year, a for deferred last analytics in to respect private last costs in as GAAP guidance $XX.X the transition and accelerating Michael while change that is QX $XX.X were baseline revenue, we as good maturing, The expect continued and add-backs, year. we a a in net well our increase subscription TotalAV in company With a product costs, well investment mentioned the RAMP us G&A to data increased $X.X quarter quarter. of of to subscription be be the public similar Operating to product, compared via remains a forward. change respect flat, our via the company for headcount seasonal its billings,

for a adjusted EBITDA, With million, of revolver forma facility XX, finance to LTM $XXX $XXX CouponFollow by ratio credit the year, million X XXXX, the respect debt, EBITDA was ended result, XX, to quarter sheet. As the million the the and months our versus of leverage March the we Gross At RoadWarrior million CouponFollow a million. drawdown $XX cash $XX as was was last acquisitions including billings-based pro resulting acquisition, $XX net in X.XXx. increase. March defined for with a on balance ended XX% liquidity,

guidance. Finally,

to revenue million, in at growth and the XX% representing midpoint. QX estimating $XXX come million are We between $XXX

to to QX $XX QX come We forma And adjusted $XX growth million. pro profit come $XX in and are $XX million, at million midpoint. we between gross and million the XX% estimating in representing are of estimating between EBITDA

released an growth gross this are due our which inflection QX guidance growth. we our from sequential to quarter expect for the of over year, accelerate respect pay in AdBlock at trends. the billion guidance to adjusted the we is of prior full point March, well credit back we the $X majority customer business previous with comp, customers a combined approximately year, with end payments Total to to of million. additional reflective large we use liquidity, generated the XXXX revenue down EBITDA towards increase half be forecasted subscription to QX marketing of This cash spend with expect implies the And base year, generated of as to versus product. year-over-year of second Our On the acquisition of $XXX revolver. anniversary the for on organic Once our the QX, the is we the of XX% the renewals and in year amortization hitting remainder in tough last versus the flow facility profit comp where with as reaffirming operations a strong growth

price deferred pay due We another for purchase CouponFollow. $XX.X are also to million payments upfront of

and remarks. We also including let's paid closed for today, Thank joining approximately us Answers.com, $X which million last to that, of my to transaction for week. we prepared questions. With costs, come end go the now I've you

Operator

Forte [Operator Instructions] line Davidson. first Our D.A. from the question Tom of comes with

Tom Forte

first and Michael performance and the the quarter. off, first Tridi, the congrats on de-SPACing successful in So

one So then I follow-on and had one question. question

So you opportunities extent, talk about Google? at such on all, you? of other connected on as advertising what traffic And then your for To sources Michael, are if dependent can TV? what thoughts you're

Michael Blend

Tom. Sure, Yes.

So having in. today. all, day you're Thanks hope first of I a good for calling

our our get the broken out anywhere I it's on really believe, we've about we that our So from, where Internet. presentation. you there's when traffic -- of think our But sources in traffic, scale

lot a of going buy be. where So the we on that be all going pretty as newer so because now, really for right and of out on TikTok, heavy Google, not nicely some like We're a we're are search there that's has on buying we're Google. areas, native on engines traffic things, to And sophisticated pocket Google, When enter well. networks. emerging figure technology yet Bing, connected pretty we really We're traffic want TV we're Yahoo! the the Like display. primarily there's to growing to on of performance, that buying of doing on there, that not entering like which be connected those to much We're TV. seeing Internet's us. we'll are track tools people But to to and been starting kind there's I when expect markets wherever we're more from

Tom Forte

my And question, Great. for you privacy. then talked about follow-up had

privacy look now. advertising at important pretty... the digital privacy [Technical to Difficulty] think I emphasize When you efforts Apple's right very seems to is landscape, be

Operator

with lost Forte. we It looks like Tom have connection

Evercore go Khajuria with to from We will next ISI. the Shweta question

Shweta Khajuria

from -- guess full disclosures I Tridi, your year on full What I guide. to your guide? extent, of are how you But EBITDA how macro assumptions the on the how and quarter? of expectations results getting the the -- performance, the of my much for is love much about year the quarter outside the first that, did makeup hear are expecting thought question would quarter and acquisitions your first -- internal what And you guide. saw question if on thoughts to you possible, revenue. is how year to to your for compare your you're performance the then and into of how impact embedded baked full that? how did first similar

Tridivesh Kidambi

the Sure. Shweta, Thanks that just order. question, for in answering so

for of performance both our in seeing way we're we has and our line The subscription our of anticipated, had come ago, of FY of when QX reaffirmed guidance. with the seeing were X business growth on the release, gone we we're with again together Protected. released has the full 'XX the that at the from why year The you is of essentially end beginning we reaffirming where completion acquisition the weeks the were the portions advertising makeup guide, strong which of our year the see March of earnings terms we guidance. how In guidance as stayed we in where basically

initiatives we itself well rate, why really importantly, see see lot and in platform profit headcount projecting the the line of to our are respect seeing specifically guidance even mode, terms acquisitions as manifest gross with most released provide on of expect end quarter, EBITDA. both which business, to where gross already marketing the we in, is spent growth the a QX. when a we absent we organic and didn't last our in it comes channels. growth still profit resources of first in on we're very when were year in came and line. at very basis, think financials strong expecting And We I investing new nice that and as an QX we'd year-over-year. to With came because in in But in investment QX

Michael Blend

in few disappoint also of that. just investors. Yes, our a we gate, follow-up and we first the of our to as but out quarters came quick understand kind It line, of making the don't importance Shweta, sure

to we look So guidance, do we full when opportunities -- marketing confident incremental feel the arise. the hopefully we we in our put there and numbers ourselves given year at pretty room out when some would some

Operator

are There Benchmark. from questions [Operator Kurnos Instructions] further with comes Dan question registered. line of no next the Our currently

Dan Kurnos

couple of things. a Just

sort just Michael, business of And terms remarks, talked and players. seems you In come CouponFollow integration how teams the segments. that incrementally, larger we obviously, a have logical Obviously, given a company. the annual think of contribution about your to between larger of and results, upside. pretty a integration, lot in space. the another of prepared and we've guys other you I their and seen areas about guide, like sort should being know, Take in there's contribution challenges the potential license cross-pollination lot is but your that a super-hot of other of

if when the not sort maybe about we might that might opportunities So bit just hear you we from additional more provide. specifics, could you around of that, thoughts as directionally that to how color but some of hear and could little when acquisition a provide -- from you

Michael Blend

for Yes, sure. question. Thanks the

pick CouponFollow, I'd regarding mentioned trying so many there's So best opportunities the ones. to we're

which that in ability acquired wheelhouse, do first to true way. confident profitable business, traffic in one the RAMP We an I to ability in that we're, to in say, right Well, proved we CouponFollow in our early that. a use would the is very one. has remain buy Our traffic, That's increase area when our stages X really the out is our areas. to thesis being and

things you like CouponFollow a on happening Info.com, And is big our engines search there's in looking integrating people rest lot for the they go there's one search our of to throughout one make which all properties. traffic would queries second and as be our the of and That's Startpage get rest of when are codes good of engines that existing what and like promo I opportunity or various coupons The by more relevant of to codes a going to to the of promos really going We be properties. CouponFollow. and to throughout It's coupon have our databases properties retailers. think those to useful to CouponFollow users. incorporate more the going mean

opportunity involves the integrate on So that's actively pretty some well. It basically a straightforward to as us that. integration for and technical properties. We're working us having CouponFollow APIs give those

ongoing. that's So

third, would the could what I upside call, almost some The the would outlier cashback opportunity huge in we have think and that be area.

just really out cashback offering a that offerings throughout integrate business. our CouponFollow We at scale. So starting subscription is to think is to interesting roll

our And service to as potentially more But -- subscription to of in other also would into by we offer increase think our and so those stand-alone existing we cashback products product products. we're cashback a existing one offering be hit offer in that as products, on products. potentially -- offerings subscription products, retention going turn our also more shopping could goal our

the of So, entire about assets when that's of good CouponFollow we're we being the I kind seeing opportunity. think can a the indication our company, and disperse that of where I talked company throughout having pretty kind

Dan Kurnos

is terms know want just the thinking you products, while a side, speaking to we're a but bit a And RAMP on testing. recession, hold obviously answer the just timing you oh customer of kind the assume that sort can other to to think, way products? matter, I to super helpful. And in channels much in fewer platform the I guys different vest, rollout acquisition of of subscription of space. you it of how color little of but they it. us more players in a kind allows close then but think That's about this than cadence the obviously, new in subscription we doesn't be should in give little people participate your Got of

on subscription, kind back growth you thoughts in the any impact macro given that just the or have the to given just So -- backdrop. of

Michael Blend

any people wouldn't a our We're affecting month which are average, for, We We're on or getting about purchase. not a them. products. huge of in value about talking kind of really Yes. view conditions ticket macro high talking products less, out subscription $XX

seen XX previous know various haven't saw downward businesses the business -- economic cycle we really affecting years never I cycles have been any the subscription the through and any for and in effect economic Protected doing have that. So material the way. is of their of products been business

that We have the would we suspect and new is quarter, for what new would cadence, report that subscription rolling On be every X certainly, that, out high be out on horizon for. than rolling sooner, we months, certainly I the shoot quicker that products. we'll next got do a we've product by pretty the time hopes

going And hits. so I think to are you'll products see that cadence the continue. Not be all

as to AdBlock, ago years product launched Total the of and our comparing liberty the Total graph. at we of think and are have going X and successful. rate continued of, some rollout And to similar really emerge. we is XXX% looked products I are the subscriber on But AdBlock X the And that. kind And be from we or products, is roll to X we don't -- TotalAV going our took product X going are mentioned, going over when out to see we a that remarkably there's goal our growth last you the hit overlaid months, ones those big and cadence a So the on what I there. product

X that's years, XX. to confidence so #X go through we're hit us product giving there. the going is just that And next few And our now the over

Dan Kurnos

bundling in color it. the more forward helpful. That's Got on really future. I to look the

Michael Blend

Thanks, Dan.

is back I privacy-related ask he on think to his question. Tom still wanted if

Operator

Yes, is now absolutely. Thomas, line again. open your

Tom Forte

Great.

the difficulties Michael, part. my So for apologies on technical

in digital been had disrupting Apple's you advertising efforts have privacy general. So privacy. on mentioned

that is So it what doing? philosophy? Apple And haven't you been by impacted is what your been negatively how has

Michael Blend

keep So to is -- X to. privacy-related Google in terms pushing the that sure initiatives of things that are They ones going of also Apple's but good they're for be coming. be going that and eventually to I'm back kind us related getting

of mentioned trying So third-party what what they're intrusive date to all all, phone, gathering of and our on really use data really on the eliminate Apple, the mobile we've do whatnot, cookies of is to intrusive this on calls first phones. and and

consumers and don't lot what think a that's so of has hate we long-term that's what longevity. And

that So Google way. much make in don't on that making We're moves the we any good the advertising intent-based material kind contextual. more making Apple's and of that platform be and is future. thing the advertising also we moves about data in The use our applaud of will that focused third-party

trying we're So of we're searching advertising in on really all advertising find digital And just That's that We happen the ahead that. contextual-based people game for, based what of to moving the people's be of on is advertising. towards. doing are and advertising searches. also we're doing kind to

part, people kind so that's out been at good advertising was, of the last few gathering. macro heavily so data advertising segment it because there's That platform, -- And look us kind in landscape download its of designed On to the a app you if favors disruptions mean get disrupted to large system, when and quarters changes privacy are a marketing mobile also is really the dependent mobile actually well by our what since more to sense, apps. is the we I a advantageous download in Apple advertising, do. intrusive changes, really, rolled our example really on that of pretty does

And the more it is step opportunity us so the and prices. at in traffic to reasonable market when purchase disrupted, gives overall

sail We in that So and see kind of through you we like our that results. can disruption.

all So by we haven't at affected been changes. privacy-related

We rolling we that also they're good be its think SystemX. Google consumers anything, would it's to And so going for encourage to for speed good up but specifically out. if changes

Operator

Michael back my the conference proceed. now is to pleasure to It remarks. pass for our Michael, closing host, Blend, please

Michael Blend

you. Thank

but companies, not them happen of and think wrap be earnings to for first reliable your And exciting really our be capitalize companies many which on opportunity have call, in SystemX. for an So all, in particularly believe we to really fast-growing just to to that investors few there. everyone growing one know landscape profitable, the cash world. business not that's current have want story, We the and in out fast the that flow. interest our to highly we've there's we are thank in a of investors we up looking got I of for technology going first We only

we've diversified. sustainable and got really business advantage platform with So competitive is our RAMP our a

So with you welcome that, company we We're think that that and be we're we in on betting you long-term investors. the ourselves, as coming betting should on.

And that, call. conclude you. thank So the with I'll

Operator

you the This Thank for participation. conference SystemX your concludes call.

disconnect You may line. now your

System1 (SST) 14 May 222022 Q1 Earnings call transcript