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  "documentTitle": "System1 | Investor Presentation Deck | 31 slides",
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      "text": "Note: See Appendix for a reconciliation of non-GAAP metrics to comparable GAAP metrics.",
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      "text": "$ in millions\n2020\n2021\nQ2 21\nQ2 22\nCombined Revenue\nOwned & Operated Properties\n$438\n$653\n$161\n$164\nNetwork Partners\n$38\n$36\n$9\n$13\nAdvertising Total\n$476\n$688\n$170\n$177\nSubscription\n$91\n$145\n$36\n$43\nTotal\n$567\n$833\n$206\n$220\nYoY Growth\n23%\n47%\n69%\n7%\nAdjusted Gross Profit\nOwned & Operated Properties\n$110\n$143\n$38\n$48\nNetwork Partners\n$38\n$36\n$9\n$14\nAdvertising Total\n$148\n$179\n$46\n$62\nSubscription\n($7)\n$46\n$13\n$19\nUnallocated Cost of Revenue\n($15)\n($11)\n($3)\n($7)\nTotal\n$128\n$213\n$56\n$74\n% Margin\n23%\n26%\n27%\n33%\nOperating Expense\n$65\n$86\n$22\n$33\nAdjusted EBITDA\n$63\n$127\n$34\n$41\n% Margin\n11%\n15%\n17%\n19%\nYoY Growth\n-8%\n103%\n558%\n20%\nMemo: Change in Deferred Revenue\n$18\n$10\n$4\n$4",
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      "text": "Historical Financial Data",
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