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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 24,606 $ 47,896
Restricted cash, current 9,074 0
Accounts receivable 80,927 90,203
Prepaid expenses and other current assets 11,901 7,689
Total current assets 126,508 145,788
Restricted cash, non-current 5,395 743
Property and equipment, net 4,022 830
Internal-use software development costs, net 6,948 11,213
Intangible assets, net 492,686 50,368
Goodwill 515,591 44,820
Operating lease right-of-use assets 6,484 0
Other non-current assets 2,822 3,149
Total assets 1,160,456 256,911
Current liabilities:    
Accounts payable 12,068 72,846
Accrued expenses and other current liabilities 95,447 31,284
Protected.net incentive plan liability, current 15,436 0
Deferred revenue 70,164 1,971
Operating lease liabilities, current 2,149 0
Debt, net 15,021 170,453
Total current liabilities 210,285 276,554
Operating lease liabilities, non-current 5,875 0
Long-term debt, net 399,504 0
Warrant liability 7,798 0
Deferred tax liability 43,355 7,789
Protected.net incentive plan liability, non-current 15,824 0
Other liabilities 5,027 969
Total liabilities 687,668 285,312
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY / MEMBERS’ DEFICIT    
Additional paid-in capital 829,687 0
Accumulated deficit (445,301) 0
Members’ deficit 0 (28,829)
Accumulated other comprehensive income (loss) (417) 428
Total stockholders’ equity/members’ deficit attributable to System1, Inc. 383,980 (28,401)
Non-controlling interest 88,808 0
Total stockholders’ equity/members’ deficit 472,788 (28,401)
Total liabilities and stockholders’ equity/members’ deficit 1,160,456 256,911
Class A Common Stock    
STOCKHOLDERS’ EQUITY / MEMBERS’ DEFICIT    
Common stock value 9 0
Class C Common Stock    
STOCKHOLDERS’ EQUITY / MEMBERS’ DEFICIT    
Common stock value $ 2 $ 0