Did I understand the companion system right?

[Kreddi]

When I find a character within the game they will follow me around for the rest of the playtrough.
Then in my next playtrough I can chose to spawn as them, and if I don't, they'll start out as my companion?

Is that how it works or do I still need to find them again in my next playtrough?

[Michael]

When you find a character they will accompany you for that play-through only: You'll have to find them again if you want them as a companion! However, when you find a companion they will unlock and you'll be able to play as them on another run through.

Sorry for the late response. Hope that helps :)