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$1.730.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(79,275) | $(249,053) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 59,877 | 85,364 |
| Stock-based compensation | 11,194 | 44,112 |
| Impairment of goodwill | — | 115,483 |
| Impairment of assets held for sale | — | 3,276 |
| Amortization of debt issuance costs | 2,966 | 4,663 |
| Noncash lease expense | 1,407 | 1,327 |
| Change in fair value of warrant liabilities | (1,471) | (6,873) |
| Deferred tax benefits | (1,581) | (19,385) |
| (Gain) loss from debt extinguishment | (20,109) | 619 |
| Share-based compensation liabilities | 15,765 | — |
| Other, net | (27) | 1,750 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,487) | 17,786 |
| Prepaid expenses and other current assets | 2,437 | 647 |
| Accounts payable | (75) | 5,223 |
| Accrued expenses and other current liabilities | 5,671 | (71) |
| Deferred revenue | (91) | 12,746 |
| Long-term earnout liabilities | — | (20,000) |
| Other non-current liabilities | (1,228) | (3,522) |
| Net cash used in operating activities | (6,027) | (5,908) |
| Cash Flows from Investing Activities | ||
| Purchases of property and equipment | (31) | (2,015) |
| Capitalized software development costs | (4,931) | (4,844) |
| Net cash used in investing activities | (4,962) | (6,859) |
| Cash Flows from Financing Activities | ||
| Proceeds from related-party loan, net of lender fees | — | 63,000 |
| Repayments of related party loan, inclusive of lender fees | — | (44,000) |
| Repayment of Term Loan | (56,786) | (15,000) |
| Payment of acquisition holdback | — | (1,935) |
| Taxes paid related to net settlement of stock awards | (2,137) | (3,053) |
| Distributions to members, net of contributions | (27) | (66) |
| Net cash used in financing activities | (58,950) | (1,054) |
| Effect of exchange rate changes in cash, cash equivalents and restricted cash | 81 | (231) |
| Net decrease in cash, cash equivalents and restricted cash | (69,858) | (14,052) |
| Cash and cash equivalents and restricted cash, beginning of the period | 143,450 | 39,075 |
| Cash and cash equivalents and restricted cash, end of the period | $73,592 | $25,023 |
| Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets: | ||
| Cash and cash equivalents | $69,092 | $4,853 |
| Restricted cash | 4,500 | 7,779 |
| Cash and restricted cash included in assets held for sale from discontinued operations | — | 12,391 |
| Total cash, cash equivalents and restricted cash | $73,592 | $25,023 |
| Supplemental cash flow information: | ||
| Capitalized assets financed by accounts payable | $— | $53 |
| Stock-based compensation included in capitalized software development costs | 1,113 | 1,644 |
| Settlement of incentive plan through issuance of common stock | 1,707 | 1,658 |
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