XML 48 R32.htm IDEA: XBRL DOCUMENT v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Estimated Useful Lives of Property and Equipment
The estimated useful lives of our property and equipment for purposes of computing depreciation are as follows (in years):

Computer equipment
3
Office equipment
3
Furniture, fixtures and equipment
3-7
Leasehold improvements
Shorter of the remaining lease term or estimated useful life for leasehold improvements.
Property and equipment, net consisted of the following (in thousands):

December 31,
20242023
Computer equipment$786 $812 
Furniture and equipment885 928 
Leasehold improvements2,389 2,511 
Total4,060 4,251 
Less accumulated depreciation(1,956)(1,167)
Property and equipment, net$2,104 $3,084 
Schedule of Finite-Lived Intangible Assets
The estimated useful lives of our intangible assets are as follows (in years):

Developed technology
4
Customer relationships
3-5
Trademarks and trade names
10
Other intangibles4
Internal-use software development costs and intangible assets consisted of the following (in thousands):

December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Internal-use software development costs$21,393 $(6,957)$14,436 
Intangible assets:
Developed technology$196,128 $(143,386)$52,742 
Trademarks and trade names236,053 (68,650)167,403 
Software5,100 (3,616)1,484 
Customer relationships2,900 (2,188)712 
Total$440,181 $(217,840)$222,341 
December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Internal-use software development costs$13,788 $(2,363)$11,425 
Intangible assets:
Developed technology$196,128 $(94,354)$101,774 
Trademarks and trade names236,053 (45,050)191,003 
Software5,100 (2,341)2,759 
Customer relationships2,900 (1,435)1,465 
Total$440,181 $(143,180)$297,001 
Amortization expense for internal-use software development costs and intangible assets were as follows (in thousands):

For the Year Ended
December 31, 2024December 31, 2023
Amortization expense for internal-use software development
$4,594 $2,981 
Amortization expense for intangible assets$74,660 $74,660 
Schedule of Ownership Interest by Other Entities
The following table summarizes the ownership interest in System1 Holdings as of December 31, 2024, based on shares issued and outstanding.
Units
(in thousands)
Ownership
Percentage
Class A units of S1 Holdings
73,675 79.8 %
Class B units of S1 Holdings
18,695 20.2 %