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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 88,832 $ 87,818 $ 268,330 $ 305,851
Operating expenses:        
Cost of revenue (excluding depreciation and amortization) 51,171 50,585 160,667 190,195
Salaries and benefits 29,177 26,695 87,597 81,896
Selling, general, and administrative 10,172 11,808 36,889 42,004
Depreciation and amortization 20,128 19,584 59,875 58,666
Total operating expenses 110,648 108,672 345,028 372,761
Operating loss (21,816) (20,854) (76,698) (66,910)
Other expense (income):        
Interest expense, net 7,957 13,053 23,798 36,789
(Gain) loss from debt extinguishment 0 619 (20,109) 619
Change in fair value of warrant liabilities 281 (7,482) (1,471) (6,873)
Total other expense (income), net 8,238 6,190 2,218 30,535
Loss before income tax (30,054) (27,044) (78,916) (97,445)
Income tax expense (benefit) 585 (1,116) 359 (11,614)
Net loss from continuing operations (30,639) (25,928) (79,275) (85,831)
Net loss from discontinued operations, net of tax 0 (137,209) 0 (163,222)
Net loss (30,639) (163,137) (79,275) (249,053)
Less: Net loss from continuing operations attributable to non-controlling interest (7,037) (6,081) (18,763) (18,989)
Less: Net loss from discontinued operations attributable to non-controlling interest 0 (25,566) 0 (30,472)
Net loss attributable to System1, Inc. (23,602) (131,490) (60,512) (199,592)
Net loss from continuing operations (23,602) (19,847) (60,512) (66,842)
Net loss from discontinued operations $ 0 $ (111,643) $ 0 $ (132,750)
Basic net loss per share, continuing operations (in dollars per share) $ (0.34) $ (0.21) $ (0.88) $ (0.71)
Diluted net loss per share, continuing operations (in dollars per share) (0.34) (0.21) (0.88) (0.71)
Basic net loss per share, discontinued operations (in dollars per share) 0 (1.18) 0 (1.42)
Diluted net loss per share, discontinued operations (in dollars per share) 0 (1.18) 0 (1.42)
Basic net loss per share (in dollars per share) (0.34) (1.39) (0.88) (2.13)
Diluted net loss per share (in dollars per share) $ (0.34) $ (1.39) $ (0.88) $ (2.13)
Weighted average number of shares outstanding - basic (in shares) 70,045 94,359 69,073 93,649
Weighted average number of shares outstanding - diluted (in shares) 70,045 94,359 69,073 93,649