System1 Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
SST$1.73+0.6%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except par value)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $69,092 | $135,343 |
| Restricted cash, current | 4,129 | 3,813 |
| Accounts receivable, net | 57,602 | 56,093 |
| Prepaid expenses and other current assets | 4,382 | 6,754 |
| Total current assets | 135,205 | 202,003 |
| Restricted cash, non-current | 371 | 4,294 |
| Property and equipment, net | 2,431 | 3,084 |
| Internal-use software development costs, net | 14,230 | 11,425 |
| Intangible assets, net | 241,006 | 297,001 |
| Goodwill | 82,407 | 82,407 |
| Operating lease right-of-use assets | 3,298 | 4,732 |
| Other non-current assets | 365 | 524 |
| Total assets | $479,313 | $605,470 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $9,423 | $9,499 |
| Accrued expenses and other current liabilities | 71,072 | 59,314 |
| Operating lease liabilities, current | 2,330 | 2,333 |
| Debt, net | 16,338 | 15,271 |
| Total current liabilities | 99,163 | 86,417 |
| Operating lease liabilities, non-current | 1,821 | 3,582 |
| Long-term debt, net | 259,236 | 334,232 |
| Warrant liability | 1,217 | 2,688 |
| Deferred tax liability | 6,726 | 8,307 |
| Other non-current liabilities | 8,304 | 929 |
| Total liabilities | $376,467 | $436,155 |
| Commitments and contingencies (Note 7) | ||
| Stockholder's Equity: | ||
| Class A common stock $0.0001 par value; 500,000 shares authorized, 70,460 and 65,855 Class A shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | $7 | $7 |
| Class C common stock $0.0001 par value; 25,000 shares authorized, 21,204 and 21,513 Class C shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 2 | 2 |
| Additional paid-in capital | 858,740 | 843,112 |
| Accumulated deficit | (768,174) | (707,662) |
| Accumulated other comprehensive loss | (262) | (181) |
| Total stockholders' equity attributable to System1, Inc. | 90,313 | 135,278 |
| Non-controlling interest | 12,533 | 34,037 |
| Total stockholders' equity | 102,846 | 169,315 |
| Total liabilities and stockholders' equity | $479,313 | $605,470 |
The accompanying notes are an integral part of these condensed consolidated financial statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.