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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 8,267 $ 24,606
Restricted cash, current 7,862 9,074
Accounts receivable, net of allowance for credit losses 69,319 80,927
Prepaid expenses and other current assets 12,061 11,901
Total current assets 97,509 126,508
Restricted cash, non-current 5,577 5,395
Property and equipment, net 4,469 4,022
Internal-use software development costs, net 8,630 6,948
Intangible assets, net 464,145 492,686
Goodwill 515,591 515,591
Operating lease right-of-use assets 6,050 6,484
Other non-current assets 2,826 2,822
Total assets 1,104,797 1,160,456
Current liabilities:    
Accounts payable 11,258 12,068
Accrued expenses and other current liabilities 85,727 95,447
Protected.net incentive plan liability, current 8,755 15,436
Deferred revenue 76,346 70,164
Operating lease liabilities, current 2,195 2,149
Debt, net 15,073 15,021
Total current liabilities 199,354 210,285
Operating lease liabilities, non-current 5,314 5,875
Long-term debt, net 395,704 399,504
Warrant liability 6,389 7,798
Deferred tax liability 35,995 43,355
Protected.net incentive plan liability, non-current 20,037 15,824
Other liabilities 6,326 5,027
Total liabilities 669,119 687,668
Commitments and contingencies (Note 9)
STOCKHOLDERS’ EQUITY    
Additional paid-in capital 837,093 829,687
Accumulated deficit (479,579) (445,301)
Accumulated other comprehensive loss (479) (417)
Total stockholders’ equity attributable to System1, Inc. 357,046 383,980
Non-controlling interest 78,632 88,808
Total stockholders’ equity 435,678 472,788
Total liabilities and stockholders’ equity 1,104,797 1,160,456
Class A Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock value $ 9 $ 9
Common stock issued (in shares) 93,147,000 91,674,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock outstanding (in shares) 93,147,000 91,674,000
Class C Common Stock    
STOCKHOLDERS’ EQUITY    
Common stock value $ 2 $ 2
Common stock issued (in shares) 21,513,000 21,747,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 25,000,000 25,000,000
Common stock outstanding (in shares) 21,513,000 21,747,000