System1, Inc. (TREB) [Rocket]

In millions, except per share items	Jun-30-23	Mar-31-23	Jun-30-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21	Dec-31-20
	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	S-1/A
Revenue		167.9	219.8		171.4	169.6	147.6
Revenue growth			29.6%
Operating expenses:
Cost of revenue (excluding depreciation and amortization)		120.4	152.6
Salaries and benefits		38.4	49.5
Selling, general, and administrative		17.2	16.7		7.9	6.3	7.0
Depreciation and amortization		29.4	32.1		3.5	3.1	3.7
Total operating expenses		205.3	250.9	10.6	155.4	153.3	136.6
Operating loss		-37.5	-31.1	-10.6	16.0	16.3	10.9
Operating margin		-22.3%	-14.2%		9.3%	9.6%	7.4%

Other (income) expense:
Interest expense, net		-11.5	-7.3		-4.2	-4.5	-4.0
Change in fair value of warrant liabilities		-1.4	-4.1
Total other expense		10.0	3.2	-7.6	4.2	4.5
Loss before income tax		-47.5	-34.3		11.8	11.8	6.9
Income tax benefit		-4.4	-0.5		0.5	0.1	0.2
Net loss		-43.1	-33.8		11.4	11.8	6.7
Net loss attributable to non-controlling interest		9.2	8.1
Net loss attributable to System1, Inc.		-34.0	-25.7	-2.9	11.4	11.8	6.7

Basic net loss per share (in dollars per share)		($0.37)	($0.29)		$0.55	$0.57	$0.33
Diluted net loss per share (in dollars per share)		($0.37)	($0.33)		$0.55	$0.57	$0.33

Weighted average shares outstanding - basic (in shares)		92.5	89.7	64.7	20.5	20.5	20.5
Weighted average shares outstanding - diluted (in shares)		92.5	91.2		20.5	20.5	20.5
Basic net loss per unit (in dollars per share)		($0.37)	($0.29)		$0.55	$0.57	$0.33
Diluted net loss per unit (in dollars per share)		($0.37)	($0.33)		$0.55	$0.57	$0.33
Weighted average units outstanding - basic (in shares)		92.5	89.7	64.7	20.5	20.5	20.5
Weighted average units outstanding - diluted (in shares)		92.5	91.2		20.5	20.5	20.5