← System1, Inc.
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Net Income From Continuing Operations | ($29.9m) | $33.0m | — | ($285.6m) | ($97.3m) | ($81.2m) | ($112.7m) | |
| Net loss | ($806k) | — | ($442.1m) | ($285.6m) | ($97.3m) | ($81.2m) | — | |
| Net Income (Loss) Attributable to Parent | ($29.9m) |
$21.0m
+170.29%
|
— | ($227.2m) |
($74.7m)
+67.14%
|
($65.3m)
+12.49%
|
— | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | — | — | — | ($15.8m) | — | |
| Depreciation and amortization | — | $13.9m | $118.7m | $78.4m | $80.1m | $82.9m | $60.8m | |
| 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 | $60.8m | |
| Depreciation Amortization Depletion | — | $13.9m | — | $105.2m | $80.1m | $82.9m | $60.8m | |
| Deferred Income Tax Expense (Benefit) | — | ($981k) | — | ($22.3m) | ($2.1m) | ($2.2m) | ($1.6m) | |
| Deferred tax benefits | — | ($981k) | ($107.8m) | ($22.3m) | ($2.1m) | ($2.2m) | — | |
| Share-based Payment Arrangement, Noncash Expense | — | — | — | $53.1m | $15.8m | $11.3m | $8.5m | |
| Share-based Payment Arrangement, Expense | — | — | — | $21.2m | $15.8m | $11.3m | $8.5m | |
| Stock-based compensation | — | $413k | $106.9m | $53.1m | $15.8m | $11.3m | $8.5m | |
| Stock-based compensation included in capitalized software development costs | — | — | $817k | $2.0m | $1.4m | $649k | $8.5m | |
| Goodwill and Intangible Asset Impairment | — | — | — | $115.5m | $0 | — | — | |
| Goodwill, Impairment Loss | — | — | — | $0 | $0 | $0 | $38.4m | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | — | — | $0 | $0 | $0 | — | |
| Asset Impairment Charge | — | $0 | — | $118.8m | $0 | $700k | $38.4m | |
| Other Nonoperating Income (Expense) | — | $34.4m | — | ($45.6m) | ($9.1m) | ($22.0m) | — | |
| Changes in operating assets and liabilities: | ||||||||
| Change In Working Capital | — | $5.1m | — | ($5.2m) | ($2.9m) | ($19.0m) | ($33.7m) | |
| Increase (Decrease) in Accounts Receivable | — | — | — | ($20.9m) | $6.8m | ($4.9m) | $28.5m | |
| Accounts Receivable, Credit Loss Expense (Reversal) | — | — | — | — | — | $700k | $28.5m | |
| Accounts receivable | — | — | $4.6m | $20.9m | ($6.8m) | $4.9m | $28.5m | |
| Change In Receivables | — | ($19.1m) | — | $20.9m | ($6.8m) | $4.9m | $28.5m | |
| Changes In Account Receivables | — | ($19.1m) | — | $20.9m | ($6.8m) | $4.9m | $28.5m | |
| Increase (Decrease) in Accounts Payable | — | — | $2.1m | ($6.8m) | $903k | $12.0m | ($12.9m) | |
| Change In Payables And Accrued Expense | — | $32.9m | — | ($26.2m) | $2.9m | ($23.7m) | ($12.9m) | |
| Purchases of property and equipment, accrued but unpaid | — | — | — | $2.4m | $31k | $46k | ($7.5m) | |
| Accrued expenses and other current liabilities | — | — | ($13.5m) | ($19.4m) | $2.0m | ($35.7m) | — | |
| Change In Accrued Expense | — | $12.1m | — | ($19.4m) | $2.0m | ($35.7m) | ($48.6m) | |
| Prepaid expenses and other current assets | — | — | ($3.3m) | $5.2m | $2.8m | $24k | — | |
| Change In Other Current Liabilities | — | ($3.8m) | — | ($20.3m) | ($1.9m) | ($254k) | $540k | |
| Net Cash Provided by (Used in) Operating Activities | ($403k) |
($1.2m)
-207.99%
|
$2.2m
+277.27%
|
($24.7m)
-1225.15%
|
($5.3m)
+78.76%
|
($4.1m)
+21.08%
|
($40.9m)
-885.27%
|
|
| Cash flows from investing activities: | ||||||||
| Payments to Acquire Property, Plant, and Equipment | — | ($6.5m) | ($3.5m) | $2.4m | $31k | $46k | ($7.5m) | |
| Capital Expenditure Reported | — | ($6.5m) | — | ($5.6m) | ($6.2m) | ($6.4m) | ($7.5m) | |
| 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) | ($7.2m) | |
| Cash flows from financing activities: | ||||||||
| Gain (Loss) on Extinguishment of Debt | — | — | — | ($2.0m) | — | $0 | — | |
| Gain on extinguishment of debt | — | — | $0 | $2.0m | ($20.1m) | $0 | — | |
| Bad debt expense | — | — | — | — | $0 | $700k | — | |
| Issuance Of Debt | — | $0 | — | $75.3m | $0 | $50.0m | $50.0m | |
| Long Term Debt Issuance | — | $0 | — | $75.3m | $0 | $50.0m | $50.0m | |
| Net Issuance Payments Of Debt | — | ($13.1m) | — | ($69.0m) | ($61.8m) | $30.0m | $25.0m | |
| Net Long Term Debt Issuance | — | ($13.1m) | — | ($69.0m) | ($61.8m) | $30.0m | $25.0m | |
| Long Term Debt Payments | — | ($13.1m) | — | ($144.3m) | ($61.8m) | ($20.0m) | ($25.0m) | |
| Repayment Of Debt | — | ($13.1m) | — | ($144.3m) | ($61.8m) | ($20.0m) | ($25.0m) | |
| Issuance Of Capital Stock | — | $0 | — | — | $0 | $2.2m | $0 | |
| Repurchase Of Capital Stock | — | $0 | — | $0 | $0 | ($557k) | ($759k) | |
| Proceeds from Issuance of Common Stock | $25k | — | — | — | — | — | $0 | |
| 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 | $0 | |
| Net Common Stock Issuance | — | $0 | — | $0 | $0 | $1.7m | ($557k) | |
| 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) | ($759k) | |
| Cash Dividends Paid | — | ($14.6m) | — | ($97k) | — | — | ($58k) | |
| Net Other Financing Charges | — | ($6.9m) | — | ($5.1m) | ($2.2m) | ($388k) | ($281k) | |
| Net Cash Provided by (Used in) Financing Activities | $518.7m |
$450k
-99.91%
|
($27.7m)
-6262.00%
|
($74.1m)
-167.13%
|
($64.0m)
+13.65%
|
$31.3m
+148.94%
|
$24.2m
-22.82%
|
|
| 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, Period Increase (Decrease), Including Exchange Rate Effect | $844k | ($790k) | — | $104.4m | ($75.5m) | $20.6m | $41.4m | |
| Beginning Cash Position | — | $29.0m | — | $39.1m | $143.4m | $67.9m | $65.3m | |
| Cash, cash equivalents and restricted cash, beginning of the period | $844k | — | $39.1m | $143.4m | $67.9m | $88.5m | — | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | $10k | ($31k) | $126k | ($53k) | |
| Effect of exchange rate changes in cash, cash equivalent and restricted cash | — | $41k | ($57k) | $10k | ($31k) | $126k | ($53k) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $844k | $53k | $37.6m | $143.4m | $67.9m | $88.5m | $41.4m | |
| Restricted cash | — | — | $14.5m | $8.1m | $4.3m | $1.6m | — | |
| Additional Supplementary Disclosures | ||||||||
| Additional Supplementary Disclosures | ||||||||
| 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 | — | — | |
| 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 | — | |
| Gain on extinguishment of tax receivable agreement liability | — | — | — | — | $0 | ($5.3m) | — | |
| Operating lease right-of-use assets obtained in exchange for operating lease liabilities | — | — | $2.1m | $0 | $0 | $8.3m | — | |
| Noncash investing and financing activities: | ||||||||
| Additional Financial Items | ||||||||
| Goodwill | — | — | — | $82.4m | $82.4m | $82.4m | $38.4m | |
| Operating Costs and Expenses | — | — | — | $488.0m | $432.5m | $328.2m | — | |
| Payments of Financing Costs | — | — | — | $0 | — | — | — | |
| 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) | — | |
| Other, net | — | — | $661k | $2.0m | ($161k) | $31k | — | |
| 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 | — | $2.8m | $8.3m | $7.1m | ($1.6m) | ($43k) | — | |
| Cash Flow From Continuing Financing Activities | — | ($34.6m) | — | ($74.1m) | ($64.0m) | $31.3m | $24.2m | |
| Cash Flow From Continuing Investing Activities | — | ($6.5m) | — | $203.2m | ($6.3m) | ($6.7m) | ($7.2m) | |
| Change In Account Payable | — | $20.8m | — | ($6.8m) | $903k | $12.0m | ($12.9m) | |
| Change In Other Working Capital | — | $82k | — | $15.3m | ($364k) | — | ($199k) | |
| Change In Payable | — | $20.8m | — | ($6.8m) | $903k | $12.0m | ($12.9m) | |
| Change In Prepaid Assets | — | ($5.0m) | — | $5.2m | $2.8m | $24k | ($1.3m) | |
| Changes In Cash | — | $19.6m | — | $104.4m | ($75.5m) | $20.4m | ($23.9m) | |
| End Cash Position | — | $48.6m | — | $143.4m | $67.9m | $88.5m | $41.4m | |
| Financing Cash Flow | — | ($34.6m) | — | ($74.1m) |
($64.0m)
+13.65%
|
$31.3m
+148.94%
|
$24.2m
-22.82%
|
|
| Free Cash Flow | — | $54.2m | — | ($32.7m) | ($11.5m) | ($10.9m) | ($48.3m) | |
| Gain Loss On Investment Securities | — | ($23.7m) | — | ($5.1m) | ($2.4m) | ($275k) | ($275k) | |
| Gain Loss On Sale Of Business | — | — | — | $4.2m | $0 | — | $0 | |
| Investing Cash Flow | — | ($6.5m) | — | $203.2m | ($6.3m) | ($6.7m) | ($7.2m) | |
| Net Business Purchase And Sale | — | $0 | — | $211.1m | $0 | — | $0 | |
| Net Intangibles Purchase And Sale | — | — | — | — | $0 | ($275k) | $0 | |
| Net PPE Purchase And Sale | — | ($49k) | — | ($2.4m) | ($31k) | ($46k) | $0 | |
| Operating Gains Losses | — | ($23.7m) | — | $1.1m | ($22.5m) | ($275k) | ($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) | $0 | |
| Purchase Of PPE | — | ($49k) | $3.5m | ($2.4m) | ($31k) | ($46k) | ($7.5m) | |
| Sale Of Business | — | — | — | $211.1m | $0 | — | $0 | |
| Cash and cash equivalents | — | — | $24.6m | $135.3m | $63.6m | $86.9m | $65.3m | |
| 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 | — |