System1, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating Activities | ||||||
| Net Income | $-65.3M | $-74.7M | $-227.2M | $-330.4M | $33.0M | $-29.9M |
| Depreciation & Amortization | — | $80.1M | $78.4M | $69.5M | $13.9M | — |
| Depreciation | $600.0K | $900.0K | $800.0K | $500.0K | $310.0K | — |
| Amortization | $74.5M | $74.7M | $74.7M | $68.5M | $8.6M | — |
| Stock-Based Compensation | $11.3M | $15.8M | $53.1M | $108.3M | $413.0K | — |
| Net Cash from Operating Activities | $-4.1M | $-5.3M | $-24.7M | $3.3M | $60.7M | $-402.8K |
| Investing Activities | ||||||
| Capital Expenditures | $46.0K | $31.0K | $2.4M | $3.5M | $49.0K | — |
| Business Acquisitions | — | — | $0 | $444.1M | $0 | — |
| Net Cash from Investing Activities | $-6.7M | $-6.3M | $203.2M | $-454.0M | $-6.5M | $-517.5M |
| Financing Activities | ||||||
| Dividends Paid | — | — | — | — | — | — |
| Stock Repurchases | $557.0K | $0 | $0 | $510.5M | $0 | — |
| Net Cash from Financing Activities | $31.3M | $-64.0M | $-74.1M | $-27.7M | $-34.6M | $518.7M |
| Net Change in Cash | $20.6M | $-75.5M | $104.4M | $-478.5M | $19.6M | $843.6K |
| Free Cash Flow | $-4.2M | $-5.3M | $-27.1M | $-229.0K | $60.7M | — |