$FLYW

Flywire Corp

CIK:0001580560|SEC Filings

Condensed Consolidated Statements of Operations And Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 167,744	$ 131,891	$ 355,856	$ 265,343
Costs and operating expenses:
Payment processing services costs	74,748	53,887	152,199	104,450
Technology and development	18,387	17,106	37,819	34,017
Selling and marketing	38,913	38,377	79,407	74,946
General and administrative	38,467	30,175	78,420	63,233
Restructuring	0	1,351	0	8,690
Total costs and operating expenses	170,515	140,896	347,845	285,336
(Loss) income from operations	(2,771)	(9,005)	8,011	(19,993)
Other income (expense):
Interest expense	(312)	(1,065)	(615)	(1,789)
Interest income	656	1,089	1,571	4,023
(Loss) gain from remeasurement of foreign currency	(2,890)	3,947	404	7,523
Gain on available-for-sale debt securities	0	8	0	166
Total other income (expense), net	(2,546)	3,979	1,360	9,923
(Loss) income before income taxes	(5,317)	(5,026)	9,371	(10,070)
Provision for income taxes	2,830	6,981	5,000	6,097
Net Income (Loss)	(8,147)	(12,007)	4,371	(16,167)
Other comprehensive income:
Foreign currency translation adjustment	2,877	6,655	1,976	9,332
Unrealized losses on available-for-sale debt securities, net of taxes	(13)	(36)	(47)	(165)
Total other comprehensive income	2,864	6,619	1,929	9,167
Comprehensive (loss) income	(5,283)	(5,388)	6,300	(7,000)
Net (loss) income attributable to common stockholders - basic	(8,147)	(12,007)	4,371	(16,167)
Net (loss) income attributable to common stockholders - diluted	$ (8,147)	$ (12,007)	$ 4,371	$ (16,167)
Net (loss) income per share attributable to common stockholders - basic	$ (0.07)	$ (0.1)	$ 0.04	$ (0.13)
Net (loss) income per share attributable to common stockholders - diluted	$ (0.07)	$ (0.1)	$ 0.03	$ (0.13)
Weighted average common shares outstanding - basic	122,404,404	121,852,349	122,290,676	122,539,986
Weighted average common shares outstanding - diluted	122,404,404	121,852,349	128,361,845	122,539,986

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net Income (Loss)	$ 4,371	$ (16,167)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized gain from remeasurement of foreign currency	(4,397)	(9,747)
Depreciation and amortization expense	15,302	12,270
Stock-based compensation expense	34,847	35,740
Amortization of deferred contract costs	1,130	768
Change in fair value of contingent consideration	1,727	(502)
Deferred tax provision	(2,387)	1,003
Change in provision for uncollectible accounts	607	252
Amortization of debt issuance costs	197	92
Net accretion of discounts and amortization of premiums on investments	(16)	(595)
Other	0	(166)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(4,709)	94
Unbilled receivables	(752)	(1,518)
Funds receivable from payment partners	49,244	2,090
Prepaid expenses, other current assets and other assets	(16,989)	(16,247)
Funds payable to clients	(73,365)	(62,572)
Accounts payable, accrued expenses and other current liabilities	736	(2,138)
Other liabilities	(793)	(622)
Deferred revenue	501	(2,914)
Net cash provided by (used in) operating activities	5,254	(60,879)
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	0	(319,835)
Purchase of short-term and long-term investments	0	(14,802)
Proceeds from the maturity and sale of short-term and long-term investments	12,707	142,334
Capitalization of internally developed software	(6,492)	(3,392)
Purchases of property and equipment	(412)	(734)
Net cash provided by (used in) investing activities	5,803	(196,429)
Cash flows from financing activities:
Proceeds from issuance of revolving credit facility	0	125,000
Payment of revolving credit facility	0	(65,000)
Contingent consideration paid for acquisitions	0	(2,710)
Payments of tax withholdings for net settled equity awards	(5,351)	(2,364)
Common stock repurchased including related costs	(30,523)	(54,304)
Non-voting common stock repurchased and retired	(29,036)	0
Proceeds from the issuance of stock under Employee Stock Purchase Plan	1,592	1,242
Proceeds from exercise of stock options	2,157	1,753
Net cash (used in) provided by financing activities	(61,161)	3,617
Effect of exchange rates changes on cash and cash equivalents	2,193	8,135
Net change in cash and cash equivalents	(47,911)	(245,556)
Cash and cash equivalents, beginning of period	330,303	495,242
Cash and cash equivalents, end of period	282,392	249,686
Supplemental disclosures of cash flow and noncash information
Purchase of property and equipment in accounts payable	7	139
Accrued excise tax related to common stock repurchased	304	288
Capitalized stock-based compensation expense	1,388	1,053
Cash paid for interest	$ 0	$ 1,174

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 282,392	$ 330,303
Short-term investments	11,792	24,692
Accounts receivable, net of allowance of $1,316 and $834, respectively	38,836	34,776
Unbilled receivables, net of allowance of $45 and $45, respectively	21,291	20,522
Funds receivable from payment partners	108,703	155,455
Prepaid expenses and other current assets	41,458	36,540
Total current assets	504,472	602,288
Property and equipment, net	26,420	22,125
Intangible assets, net	177,743	189,050
Goodwill	407,025	406,507
Other assets	47,326	33,343
Total assets	1,162,986	1,253,313
Current liabilities:
Accounts payable	18,208	15,298
Funds payable to clients	235,496	310,799
Accrued expenses and other current liabilities	56,739	55,715
Deferred revenue	20,474	19,951
Total current liabilities	330,917	401,763
Deferred tax liabilities	12,648	12,900
Other liabilities	2,831	3,479
Total liabilities	346,396	418,142
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized, 133,968,610 shares issued and 121,609,147 shares outstanding as of June 30, 2026; 130,335,519 shares issued and 120,086,090 shares outstanding as of December 31, 2025	13	13
Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized, none issued and outstanding as of June 30, 2026, and 1,873,320 shares issued and outstanding as of December 31, 2025, respectively	0	0
Treasury voting common stock, at cost; 12,359,463 and 10,249,429 shares as of June 30, 2026 and December 31, 2025, respectively	(177,411)	(118,636)
Additional paid-in capital	1,142,573	1,108,679
Accumulated other comprehensive income	4,417	2,488
Accumulated deficit	(153,002)	(157,373)
Total stockholders' equity	816,590	835,171
Total liabilities and stockholders' equity	$ 1,162,986	$ 1,253,313