← System1, Inc.

Annual Trend FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — $33.0m — ($285.6m) ($97.3m) ($81.2m)
Net Income (Loss) Attributable to Parent ($29.9m) $21.0m — ($227.2m) ($74.7m) ($65.3m)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest ($29.9m) $21.0m — ($285.6m) ($97.3m) ($81.2m)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent — — — ($85.7m) ($74.7m) —
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest — — — ($111.3m) ($97.3m) —
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest — — — ($174.3m) $0 —
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent — — — ($141.5m) $0 —
Net Income (Loss) Attributable to Noncontrolling Interest — — — — — ($15.8m)
Depreciation and amortization — $13.9m $118.7m $78.4m $80.1m $82.9m
Amortization of Debt Issuance Costs — — $4.8m $6.4m $3.9m $3.6m
Amortization of Intangible Assets — — — $74.7m $74.7m $74.5m
Capitalized Computer Software, Amortization — — — $3.0m $4.6m $7.7m
Depreciation — $13.9m $118.7m $800k $900k $600k
Depreciation Amortization Depletion — $13.9m — $105.2m $80.1m $82.9m
Deferred Income Tax Expense (Benefit) — — — ($22.3m) ($2.1m) ($2.2m)
Deferred tax benefits — — ($107.8m) ($22.3m) ($2.1m) ($2.2m)
Deferred Income Tax — ($981k) — ($22.3m) ($2.1m) ($2.2m)
Deferred Tax — ($981k) — ($22.3m) ($2.1m) ($2.2m)
Share-based Payment Arrangement, Noncash Expense — — — $53.1m $15.8m $11.3m
Share-based Payment Arrangement, Expense — — — $21.2m $15.8m $11.3m
Goodwill and Intangible Asset Impairment — — — $115.5m $0 —
Goodwill, Impairment Loss — — — $0 $0 $0
Impairment of Intangible Assets (Excluding Goodwill) — — — $0 $0 $0
Asset Impairment Charge — $0 — $118.8m $0 $700k
Gain (Loss) on Extinguishment of Debt — — — ($2.0m) — $0
Gain (Loss) on Disposition of Business — — — ($4.2m) $0 —
Income Tax Expense (Benefit) — — — ($20.4m) ($370k) ($2.9m)
Interest Expense Nonoperating — — — — $31.6m $27.6m
Other Nonoperating Income (Expense) — $34.4m — ($45.6m) ($9.1m) ($22.0m)
Gain on extinguishment of tax receivable agreement liability — — — — $0 ($5.3m)
Gain on extinguishment of debt — — $0 $2.0m ($20.1m) $0
Operating lease right-of-use assets obtained in exchange for operating lease liabilities — — $2.1m $0 $0 $8.3m
Changes in operating assets and liabilities:
Noncash investing and financing activities:
Additional Financial Items
Increase (Decrease) in Accounts Receivable — — — ($20.9m) $6.8m ($4.9m)
Increase (Decrease) in Accounts Payable — — — ($6.8m) $903k $12.0m
Accounts Receivable, Credit Loss Expense (Reversal) — — — — — $700k
Purchases of property and equipment, accrued but unpaid — — — $2.4m $31k $46k
Goodwill — — — $82.4m $82.4m $82.4m
Operating Costs and Expenses — — — $488.0m $432.5m $328.2m
Payments of Financing Costs — — — $0 — —
Net loss ($806k) — ($442.1m) ($285.6m) ($97.3m) ($81.2m)
Stock-based compensation — $413k $106.9m $53.1m $15.8m $11.3m
Shared-based compensation liabilities — — $0 $0 $17.9m $3.4m
Noncash lease expense — — $1.5m $1.7m $2.0m $1.8m
Change in fair value of warrant liabilities $17.3m — $3.8m ($5.1m) ($2.4m) ($275k)
Bad debt expense — — — — $0 $700k
Other, net — — $661k $2.0m ($161k) $31k
Accounts receivable — — $4.6m $20.9m ($6.8m) $4.9m
Prepaid expenses and other current assets — — ($3.3m) $5.2m $2.8m $24k
Accounts payable — — $2.1m ($6.8m) $903k $12.0m
Accrued expenses and other current liabilities — — ($13.5m) ($19.4m) $2.0m ($35.7m)
Other non-current liabilities — — ($28.4m) ($264k) ($1.5m) ($254k)
Purchases of intangible asset — — — — $0 ($275k)
Capitalized software development costs — — ($6.4m) ($5.6m) ($6.2m) ($6.4m)
Repayment of term loan — — ($187.5m) ($20.0m) ($61.8m) ($20.0m)
Proceeds from revolver facility — — $450.0m $0 $0 $50.0m
Distributions to members, net of contributions — — ($1.5m) ($97k) ($27k) ($32k)
Cash refunds for income taxes — — $8.3m $7.1m ($1.6m) ($43k)
Stock-based compensation included in capitalized software development costs — — $817k $2.0m $1.4m $649k
Beginning Cash Position — $29.0m — $39.1m $143.4m $67.9m
Cash Flow From Continuing Financing Activities — ($34.6m) — ($74.1m) ($64.0m) $31.3m
Cash Flow From Continuing Investing Activities — ($6.5m) — $203.2m ($6.3m) ($6.7m)
Change In Account Payable — $20.8m — ($6.8m) $903k $12.0m
Change In Accrued Expense — $12.1m — ($19.4m) $2.0m ($35.7m)
Change In Other Current Liabilities — ($3.8m) — ($20.3m) ($1.9m) ($254k)
Change In Other Working Capital — $82k — $15.3m ($364k) —
Change In Payable — $20.8m — ($6.8m) $903k $12.0m
Change In Payables And Accrued Expense — $32.9m — ($26.2m) $2.9m ($23.7m)
Change In Prepaid Assets — ($5.0m) — $5.2m $2.8m $24k
Change In Receivables — ($19.1m) — $20.9m ($6.8m) $4.9m
Change In Working Capital — $5.1m — ($5.2m) ($2.9m) ($19.0m)
Changes In Account Receivables — ($19.1m) — $20.9m ($6.8m) $4.9m
Changes In Cash — $19.6m — $104.4m ($75.5m) $20.4m
End Cash Position — $48.6m — $143.4m $67.9m $88.5m
Financing Cash Flow — ($34.6m) — ($74.1m) ($64.0m) $31.3m
Free Cash Flow — $54.2m — ($32.7m) ($11.5m) ($10.9m)
Gain Loss On Investment Securities — ($23.7m) — ($5.1m) ($2.4m) ($275k)
Gain Loss On Sale Of Business — — — $4.2m $0 —
Investing Cash Flow — ($6.5m) — $203.2m ($6.3m) ($6.7m)
Issuance Of Capital Stock — $0 — — $0 $2.2m
Net Business Purchase And Sale — $0 — $211.1m $0 —
Net Intangibles Purchase And Sale — — — — $0 ($275k)
Net PPE Purchase And Sale — ($49k) — ($2.4m) ($31k) ($46k)
Operating Gains Losses — ($23.7m) — $1.1m ($22.5m) ($275k)
Other Non Cash Items — $9.3m — $10.1m $5.7m $176k
Proceeds From Stock Option Exercised — $0 — $0 — —
Purchase Of Business — $0 — $0 — —
Purchase Of Intangibles — — — — $0 ($275k)
Purchase Of PPE — ($49k) $3.5m ($2.4m) ($31k) ($46k)
Repurchase Of Capital Stock — $0 — $0 $0 ($557k)
Sale Of Business — — — $211.1m $0 —
Net Cash Provided by (Used in) Operating Activities ($403k) ($1.2m) $2.2m ($24.7m) ($5.3m) ($4.1m)
Cash flows from investing activities:
Payments to Acquire Property, Plant, and Equipment — ($6.5m) ($3.5m) $2.4m $31k $46k
Capital Expenditure Reported — ($6.5m) — ($5.6m) ($6.2m) ($6.4m)
Payments to Acquire Businesses, Net of Cash Acquired — — — $0 — —
Net Cash Provided by (Used in) Investing Activities ($517.5m) — ($454.0m) $203.2m ($6.3m) ($6.7m)
Cash flows from financing activities:
Issuance Of Debt — $0 — $75.3m $0 $50.0m
Long Term Debt Issuance — $0 — $75.3m $0 $50.0m
Net Issuance Payments Of Debt — ($13.1m) — ($69.0m) ($61.8m) $30.0m
Net Long Term Debt Issuance — ($13.1m) — ($69.0m) ($61.8m) $30.0m
Long Term Debt Payments — ($13.1m) — ($144.3m) ($61.8m) ($20.0m)
Repayment Of Debt — ($13.1m) — ($144.3m) ($61.8m) ($20.0m)
Proceeds from Issuance of Common Stock $25k — — — — —
Proceeds from private placement of Class A common stock — — — — $0 $2.2m
Settlement of incentive plan through issuance of common stock — — $0 $1.7m $1.7m $13k
Common Stock Issuance — $0 — — $0 $2.2m
Net Common Stock Issuance — $0 — $0 $0 $1.7m
Payments for Repurchase of Common Stock — — — $0 — $557k
Repurchases of Class A common stock — — ($510.5m) $0 $0 ($557k)
Common Stock Payments — $0 — $0 $0 ($557k)
Cash Dividends Paid — ($14.6m) — ($97k) — —
Net Other Financing Charges — ($6.9m) — ($5.1m) ($2.2m) ($388k)
Net Cash Provided by (Used in) Financing Activities $518.7m $450k ($27.7m) ($74.1m) ($64.0m) $31.3m
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — — $10k ($31k) $126k
Effect of exchange rate changes in cash, cash equivalent and restricted cash — — ($57k) $10k ($31k) $126k
Effect Of Exchange Rate Changes — $41k — $10k ($31k) $126k
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect $844k ($790k) — $104.4m ($75.5m) $20.6m
Net increase (decrease) in cash, cash equivalents and restricted cash $844k — ($478.5m) $104.4m ($75.5m) $20.6m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $844k $53k $37.6m $143.4m $67.9m $88.5m
Cash, cash equivalents and restricted cash, beginning of the period $844k — $39.1m $143.4m $67.9m $88.5m
Cash and cash equivalents — — $24.6m $135.3m $63.6m $86.9m
Restricted cash — — $14.5m $8.1m $4.3m $1.6m
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — $19.6m — $104.4m ($75.5m) $20.6m
Interest Paid, Excluding Capitalized Interest, Operating Activities — $14.7m $26.0m $42.9m $30.7m $25.6m
Income Taxes Paid, Net — $2.8m ($2.1m) $7.1m ($1.6m) ($43k)

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.