System1 Inc
For the period ended Mar 31, 2024. Filed May 9, 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.
Mar 31, 2024 · Filed May 9, 2024
SST$1.730.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Net loss | $(13,791) | $(42,926) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Depreciation and amortization | 19,804 | 29,374 |
| Stock-based compensation | 3,970 | 14,122 |
| Amortization of debt issuance costs | 1,030 | — |
| Noncash lease expense | 462 | 436 |
| Change in fair value of warrant liabilities | (251) | (1,409) |
| Deferred tax benefits | (656) | (7,869) |
| Gain from debt extinguishment | (19,676) | — |
| Other | (517) | 686 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | 3,387 | 11,282 |
| Prepaids and other assets | (2,999) | (159) |
| Accounts payable | (2,444) | (810) |
| Accrued expenses and other liabilities | (3,654) | (5,057) |
| Deferred revenue | (65) | 6,182 |
| Long-term earnout liabilities | — | (10,000) |
| Other long-term liabilities | (587) | 347 |
| Net cash used in operating activities | (15,987) | (5,801) |
| Cash Flows from Investing Activities | ||
| Purchases of property and equipment | — | (714) |
| Capitalized software development costs | (1,622) | (1,678) |
| Net cash used in investing activities | (1,622) | (2,392) |
| Cash Flows from Financing Activities | ||
| Repayment of Term Loan | (46,071) | (5,000) |
| Payment of acquisition holdback | — | (1,250) |
| Taxes paid related to net settlement of stock awards | (2,092) | (2,837) |
| Contributions from (distributions to) members | 5 | (45) |
| Net cash used in financing activities | (48,158) | (9,132) |
| Effect of exchange rate changes in cash, cash equivalent and restricted cash | 1 | (44) |
| Net decrease in cash, cash equivalents and restricted cash | (65,766) | (17,369) |
| 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 | $77,684 | $21,706 |
| Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||
| Cash and cash equivalents | $69,920 | $8,267 |
| Restricted cash | 7,764 | 13,439 |
| Total cash, cash equivalents and restricted cash | $77,684 | $21,706 |
| Supplemental cash flow information: | ||
| Cash paid for income taxes | $634 | $— |
| Cash paid for interest | $8,230 | $— |
| Capitalized assets financed by accounts payable | $— | $702 |
| Stock-based compensation included in capitalized software development costs | $432 | $561 |
| Settlement of incentive plan through issuance of common stock | $1,707 | $1,658 |
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