System1 Investor Presentation Deck
26
Reconciliation of Net Income to Adjusted EBITDA - FY 2020 and FY 2021
$ in millions
S1 Holdco Net Income (Loss)
Plus:
Income Tax Expense
Interest Expense
Depreciation & Amortization
Other Expense
Stock-Based Compensation & Distributions to Members
Impact of Terminated Product Lines
Acquisition & Restructuring Costs
Acquisition Earnout
S1 Holdco Adjusted EBITDA
Unaudited Protected.net Adjusted EBITDA
2020
$16
$2
$24
$14
$0
$9
$1
$4
$3
$73
($11)
2021
$33
$1
$17
$14
$0
$10
$0
$14
$0
$88
$39
Note: The Company is not able to reasonably reconcile Adjusted EBITDA to net income, its nearest GAAP metric, for future periods due to uncertainties regarding purchase accounting, stock-based
compensation, taxes and other potential adjustments
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