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v3.23.2

ACQUISITIONS - Fair Value of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |  |  | 13 Months Ended |
--- | --- | --- | --- | ---
Mar. 04, 2022 | Feb. 09, 2022 | Mar. 31, 2023 | Dec. 31, 2022
Tangible assets acquired and liabilities assumed: |  |  |  |
Goodwill |  |  | $ 515,591 | $ 515,591
NextGen Shopping, Inc |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Cash and cash equivalents | $ 21,232 |  |  |
Accounts receivable | 5,860 |  |  |
Other current assets | 446 |  |  |
Accounts payable | (116) |  |  |
Accrued expenses and other current liabilities | (118) |  |  |
Income tax payable | (197) |  |  |
Deferred tax liabilities | (10,895) |  |  |
Goodwill | 42,175 |  |  |
Net assets acquired | 100,587 |  |  |
Consideration: |  |  |  |
Cash | 75,087 |  | $ 16,446 |
Equity | 25,500 |  |  |
Total consideration attributable to System1 | 100,587 |  |  |
NextGen Shopping, Inc | Trademarks |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Intangible assets | $ 38,100 |  |  |
Consideration: |  |  |  |
Weighted Average Useful Life (in Years) | 10 years |  |  |
NextGen Shopping, Inc | Software |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Intangible assets | $ 4,100 |  |  |
Consideration: |  |  |  |
Weighted Average Useful Life (in Years) | 4 years |  |  |
RoadWarrior, LLC |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Goodwill |  | $ 14,981 |  |
Working capital |  | 155 |  |
Net assets acquired |  | 19,636 |  |
Consideration: |  |  |  |
Cash |  | $ 19,636 |  |
Weighted Average Useful Life (in Years) |  | 15 years |  |
RoadWarrior, LLC | Trademarks |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Intangible assets |  | $ 2,200 |  |
Consideration: |  |  |  |
Weighted Average Useful Life (in Years) |  | 10 years |  |
RoadWarrior, LLC | Software |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Intangible assets |  | $ 1,000 |  |
Consideration: |  |  |  |
Weighted Average Useful Life (in Years) |  | 4 years |  |
RoadWarrior, LLC | Customer relationships |  |  |  |
Tangible assets acquired and liabilities assumed: |  |  |  |
Intangible assets |  | $ 1,300 |  |
Consideration: |  |  |  |
Weighted Average Useful Life (in Years) |  | 3 years |  |

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