0000950170-24-091985 | 10-Q | XBRL Viewer

Business Overview and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Overview and Summary of Significant Accounting Policies

Note 1. Business Overview and Summary of Significant Accounting Policies

Flywire Corporation (Flywire or the Company) was incorporated under the laws of the State of Delaware in July 2009 as peerTransfer Corporation. In 2016, the Company changed its name to Flywire Corporation. The Company is headquartered in Boston, Massachusetts and has a global footprint in 16 countries across 5 continents.

Flywire provides a secure global payments platform, offering its clients an innovative and streamlined process to receive reconciled domestic and international payments in a more cost effective and efficient manner. The Company’s solutions are built on three core elements: (i) a next-gen payments platform, (ii) a proprietary global payment network, and (iii) vertical-specific software backed by its deep industry expertise.

2023 Follow-On Public Offering

On August 9, 2023, the Company entered into an Underwriting Agreement with Goldman Sachs & Co. LLC, as the Representative of the several Underwriters, in connection with the offer and sale of 8,000,000 shares of voting common stock, at a price to the public of $32.00 per share (the Primary Offering). In addition, pursuant to the terms of the Underwriting Agreement, the Company granted the Underwriters an option to purchase up to 1,200,000 additional shares of common stock (the Option).

The Primary Offering closed on August 14, 2023 and on September 12, 2023, the Underwriters exercised the Option in part and purchased an additional 500,000 shares of voting common stock at a price to the public of $32.00 per share (the Public Offering). The Company received $260.1 million in net proceeds from the Public Offering, after deducting underwriting discounts and commissions of $10.9 million and other offering costs of $1.1 million.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and applicable rules and regulations of the SEC regarding interim financial reporting. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss, changes in stockholders’ equity, and its cash flows for the periods presented.

The results of operations for the three and six months ended June 30, 2024, are not necessarily indicative of results to be expected for the year ended December 31, 2024, any other interim periods or any future year or period. The accompanying consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2023. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from the interim unaudited condensed consolidated financial statements.

These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The condensed consolidated financial statements include the accounts of Flywire and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.

Segment Information

The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. See Note 2 - Revenue and Recognition for information regarding the Company's revenue by geographic area.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of certain stock-based compensation awards, the valuation of contingent consideration, the valuation of acquired intangible assets and their useful lives, the estimate of credit losses on accounts receivable, unbilled receivables and available-for-sale debt securities, the assessment of other-than-temporary impairment of available-for-sale debt securities, the impairment assessment of goodwill, intangibles and other long-lived assets and the incremental borrowing rates for operating leases. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Impact of Inflation

Inflation did not have a material effect on the Company's cash flows and results of operations during the three and six months ended June 30, 2024.

Concentrations of Credit Risk, Financial Instruments and Significant Clients

Financial instruments that potentially subject the Company to concentration of credit risk consists principally of cash, cash equivalents, investments in available-for-sale debt securities, accounts receivable, unbilled receivables and funds receivable from payment partners.

The Company maintains its cash and cash equivalents with financial institutions that management believes are of high credit quality. Our cash equivalents include money market funds, which are AAA-rated and comprised of liquid, high quality debt securities issued by the U.S. government. The Company's cash and cash equivalents deposited with the financial institutions exceed the Federal Deposit Insurance Corporation (FDIC) insurance limit of $250,000. As part of its cash management process, the Company performs periodic reviews of the credit standing of the financial institutions holding its cash and cash equivalents. Additionally, to mitigate credit risk associated with financial institutions, the Company diversifies its cash and cash equivalents across multiple financial institutions and U.S. Treasury Money Market Funds. U.S. Treasuries, by their nature, create a concentration of credit risk with the U.S. Government. Our access to our cash and cash equivalents and client funds could be significantly impacted in volatile markets given our concentration in government money market funds.

To manage credit risk associated with investments in available-for-sale debt securities, the Company monitors credit ratings of the issuers of the securities and diversifies its investments by limiting its holding in any one security or issuer.

To manage credit risk related to accounts receivable and unbilled receivables, the Company maintains an allowance for credit losses. The allowance is determined by applying a loss-rate method based on an aging schedule using the Company's historical loss rate. The Company also considers reasonable and supportable current and forecasted information in determining its estimated loss rates, such as external forecasts, macroeconomic trends, or other factors that are associated with the credit quality of the Company’s customer base. The Company did not experience any material credit losses for the three and six months ended June 30, 2024 and 2023.

Accounts receivable are derived from revenue earned from clients located in the U.S. and internationally. Significant clients are those that represent 10% or more of accounts receivable, net as set forth in the following table:


	June 30, 2024			December 31, 2023
Client A		10	%	*

___________________________

* Less than 10% of total balance.

Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that have not yet been remitted to the Company. Significant partners are those that represent 10% or more of funds receivable from payment partners as set forth in the following table:


	June 30, 2024			December 31, 2023
Partner A	*				14	%
Partner B	*				15	%
Partner C	*				13	%
Partner D	*				11	%
Partner E		38	%		20	%

______________________

* Less than 10% of total balance.

During the three and six months ended June 30, 2024 and 2023, no client accounted for 10% or more of total revenue.

During the three months ended June 30, 2024, revenue from clients located in the United States and Canada (Americas), Europe, the Middle East and Africa (EMEA) and the Asia and Pacific region (APAC) in the aggregate accounted for 40.5%, 41.4% and 18.1% of the Company’s total revenues, respectively. During the three months ended June 30, 2023, revenue from clients located in Americas, EMEA and APAC in the aggregate accounted for 51.0%, 33.6% and 15.4% of the Company’s total revenues, respectively.

During the six months ended June 30, 2024, revenue from clients located in Americas, EMEA and APAC in the aggregate accounted for 45.8%, 36.3% and 17.9% of the Company’s total revenues, respectively. During the six months ended June 30, 2023, revenue from clients located in Americas, EMEA and APAC in the aggregate accounted for 57.7%, 28.0% and 14.3% of the Company’s total revenues, respectively.

Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in Note 1 - Business Overview and Summary of Significant Accounting Policies in the notes to the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to these policies during the three and six months ended June 30, 2024 other than the investments discussed in Note 3 - Investments.

Advertising Costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the condensed consolidated statements of operations and comprehensive loss. Advertising expenses for the three months ended June 30, 2024 and 2023 were $2.1 million and $2.0 million, respectively. Advertising expenses for the six months ended June 30, 2024 and 2023 were $3.7 million and $3.1 million, respectively.

Recently Adopted Accounting Pronouncements

As of June 30, 2024 and for the period then ended, there were no recently adopted Accounting Standards Update (ASUs) that had a material effect on the Company’s condensed consolidated financial statements and disclosures.

Accounting Pronouncements Not Yet Adopted

The following ASUs were issued by the Financial Accounting Standards Board but not yet adopted by Flywire as of June 30, 2024:

ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures: ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable and contains other disclosure requirements. ASU 2023-07 is effective for Flywire for the annual period beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Early adoption is permitted. ASU 2023-07 should be applied retrospectively to all prior periods presented in the financial statements. The Company is evaluating the enhancement of its significant expenses that will be required to be disclosed and does not expect this standard to have an impact on its results of operations, balance sheet or cash flows.

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures: ASU 2023-09 requires public business entities to disclose on an annual basis additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate for federal, state, and foreign income taxes. It also requires greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a

specified threshold. In addition, ASU 2023-09 requires disclosure pertaining to taxes paid, net of refunds received, to be disaggregated for federal, state, and foreign taxes and further disaggregated for specific jurisdictions to the extent the related amounts exceed a quantitative threshold. ASU 2023-09 is effective for the Company for the annual period beginning on January 1, 2025. Early adoption is permitted. ASU 2023-09 should be applied on a prospective basis. However, companies have the option to apply the standard retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

Debt	6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 10. Debt 2024 Revolving Credit Facility On February 23, 2024, the Company entered into an Amended and Restated Credit Agreement for a five-year senior secured revolving credit syndication loan (2024 Revolving Credit Facility) with four banks for a total commitment of $125.0 million. The 2024 Revolving Credit Facility provides for an incremental facility in an amount equal to $50.0 million plus 100% of Consolidated Adjusted EBITDA based on the most recent consolidated financial information. In addition, the 2024 Revolving Credit Facility includes a $10.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the 2024 Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The 2024 Revolving Credit Facility is guaranteed by Flywire’s current and future material domestic subsidiaries. The 2024 Revolving Credit Facility replaced the three-year senior secured revolving credit syndication loan (2021 Revolving Credit Facility) of $50.0 million entered into in July 2021, under which $50.0 million was available to Flywire as of December 31, 2023. Three of the lenders under the 2024 Revolving Credit Facility were existing lenders under the 2021 Revolving Credit Facility. In connection with the 2024 Revolving Credit Facility, the Company incurred debt issuance costs of $0.8 million. Debt issuance costs related to the 2024 Revolving Credit Facility are amortized on a straight-line basis over the contractual term of the agreement and are presented as a component of other assets on the Company's condensed consolidated balance sheets. Debt issuance costs of $0.1 million related to the 2021 Revolving Credit Facility will continue to be amortized on a straight-line basis over the contractual term of the new agreement and are presented as a component of other assets on the Company's condensed consolidated balance sheets. The exchange of the 2021 Revolving Credit Facility with the 2024 Revolving Credit Facility from the same lenders was accounted for as a modification. The 2024 Revolving Credit Facility consists of Alternate Base Rate (ABR) borrowings or Term Secured Overnight Financing Rate (SOFR) borrowings, at the Company’s option. ABR borrowings bear interest at the ABR plus the applicable rate. Term SOFR borrowings bear interest at the Adjusted Term SOFR for the interest period plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 1/2 of 1%, or (c) the Adjusted Term SOFR for a one-month interest period, plus 1%. The Adjusted Term SOFR is equal to the sum of (a) Term SOFR for such interest period, plus (b) the SOFR adjustment of 0.10%. The applicable rate is based upon the Company’s consolidated total net leverage ratio as of the most recent consolidated financial information and ranges from 1.0% to 2.5%. The 2024 Revolving Credit Facility incurs a commitment fee ranging from 0.25% to 0.35% based upon the Company’s consolidated total net leverage ratio as of the most recent consolidated financial information assessed on the average available commitment. The 2024 Revolving Credit Facility contains customary affirmative and negative covenants and restrictions typical for a financing of this type that, among other things, require the Company to satisfy certain financial covenants and restrict the Company’s ability to incur additional debt, pay dividends and make distributions, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the 2024 Revolving Credit Facility becoming immediately due and payable and termination of the commitments. The Company was in compliance with all covenants associated with the 2024 Revolving Credit Facility as of June 30, 2024. 2021 Revolving Credit Facility On July 29, 2021, the Company entered into the 2021 Revolving Credit Facility with three banks for a total commitment of $50.0 million. The 2021 Revolving Credit Facility included a $5.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the 2021 Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The 2021 Revolving Credit Facility was guaranteed by Flywire’s material domestic subsidiaries. The 2021 Revolving Credit Facility consisted of ABR loans or Eurodollar Borrowings, at the Company’s option. On June 23, 2023, the Company executed the First Amendment to the 2021 Revolving Credit Facility to transition determination of the interest rate from the LIBOR benchmark rate to the SOFR benchmark rate effective June 30, 2023. As of June 30, 2024 and December 31, 2023, there was no outstanding indebtedness under the 2024 Revolving Credit Facility or the 2021 Revolving Credit Facility. Interest expense for each of the three months ended June 30, 2024 and 2023 was $0.1 million. Included in interest expense for each of the three months ended June 30, 2024 and 2023 is less than $0.1 million of amortization of debt issuance costs. Interest expense for the six months ended June 30, 2024 and 2023 was $0.3 million and $0.2 million, respectively. Included in interest expense for each of the six months ended June 30, 2024 and 2023 is $0.1 million of amortization of debt issuance costs. Letter of Credit As of June 30, 2024 and December 31, 2023, the Company had an outstanding and unused letter of credit in the amount of approximately $2.7 million and $0.7 million, respectively, for the purpose of protecting a third-party service provider against default on payroll payments. The letter of credit may be terminated at any time by the Company upon notice.

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Note 10. Debt

2024 Revolving Credit Facility

On February 23, 2024, the Company entered into an Amended and Restated Credit Agreement for a five-year senior secured revolving credit syndication loan (2024 Revolving Credit Facility) with four banks for a total commitment of $125.0 million. The 2024 Revolving Credit Facility provides for an incremental facility in an amount equal to $50.0 million plus 100% of Consolidated Adjusted EBITDA based on the most recent consolidated financial information. In addition, the 2024 Revolving Credit Facility includes a $10.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the 2024 Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The 2024 Revolving Credit Facility is guaranteed by Flywire’s current and future material domestic subsidiaries.

The 2024 Revolving Credit Facility replaced the three-year senior secured revolving credit syndication loan (2021 Revolving Credit Facility) of $50.0 million entered into in July 2021, under which $50.0 million was available to Flywire as of December 31, 2023. Three of the lenders under the 2024 Revolving Credit Facility were existing lenders under the 2021 Revolving Credit Facility.

In connection with the 2024 Revolving Credit Facility, the Company incurred debt issuance costs of $0.8 million. Debt issuance costs related to the 2024 Revolving Credit Facility are amortized on a straight-line basis over the contractual term of the agreement and are presented as a component of other assets on the Company's condensed consolidated balance sheets. Debt issuance costs of $0.1 million related to the 2021 Revolving Credit Facility will continue to be amortized on a straight-line basis over the contractual term of the new agreement and are presented as a component of other assets on the Company's condensed consolidated balance sheets. The exchange of the 2021 Revolving Credit Facility with the 2024 Revolving Credit Facility from the same lenders was accounted for as a modification.

The 2024 Revolving Credit Facility consists of Alternate Base Rate (ABR) borrowings or Term Secured Overnight Financing Rate (SOFR) borrowings, at the Company’s option.

ABR borrowings bear interest at the ABR plus the applicable rate. Term SOFR borrowings bear interest at the Adjusted Term SOFR for the interest period plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 1/2 of 1%, or (c) the Adjusted Term SOFR for a one-month interest period, plus 1%. The Adjusted Term SOFR is equal to the sum of (a) Term SOFR for such interest period, plus (b) the SOFR adjustment of 0.10%. The applicable rate is based upon the Company’s consolidated total net leverage ratio as of the most recent consolidated financial information and ranges from 1.0% to 2.5%. The 2024 Revolving Credit Facility incurs a commitment fee ranging from 0.25% to 0.35% based upon the Company’s consolidated total net leverage ratio as of the most recent consolidated financial information assessed on the average available commitment.

The 2024 Revolving Credit Facility contains customary affirmative and negative covenants and restrictions typical for a financing of this type that, among other things, require the Company to satisfy certain financial covenants and restrict the Company’s ability to incur additional debt, pay dividends and make distributions, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal

balance of the 2024 Revolving Credit Facility becoming immediately due and payable and termination of the commitments. The Company was in compliance with all covenants associated with the 2024 Revolving Credit Facility as of June 30, 2024.

2021 Revolving Credit Facility

On July 29, 2021, the Company entered into the 2021 Revolving Credit Facility with three banks for a total commitment of $50.0 million. The 2021 Revolving Credit Facility included a $5.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the 2021 Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The 2021 Revolving Credit Facility was guaranteed by Flywire’s material domestic subsidiaries.

The 2021 Revolving Credit Facility consisted of ABR loans or Eurodollar Borrowings, at the Company’s option.

On June 23, 2023, the Company executed the First Amendment to the 2021 Revolving Credit Facility to transition determination of the interest rate from the LIBOR benchmark rate to the SOFR benchmark rate effective June 30, 2023.

As of June 30, 2024 and December 31, 2023, there was no outstanding indebtedness under the 2024 Revolving Credit Facility or the 2021 Revolving Credit Facility.

Interest expense for each of the three months ended June 30, 2024 and 2023 was $0.1 million. Included in interest expense for each of the three months ended June 30, 2024 and 2023 is less than $0.1 million of amortization of debt issuance costs. Interest expense for the six months ended June 30, 2024 and 2023 was $0.3 million and $0.2 million, respectively. Included in interest expense for each of the six months ended June 30, 2024 and 2023 is $0.1 million of amortization of debt issuance costs.

Letter of Credit

As of June 30, 2024 and December 31, 2023, the Company had an outstanding and unused letter of credit in the amount of approximately $2.7 million and $0.7 million, respectively, for the purpose of protecting a third-party service provider against default on payroll payments. The letter of credit may be terminated at any time by the Company upon notice.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenues	$ 103,676	$ 84,869	$ 217,779	$ 179,226
Net Income (Loss)	$ (13,880)	(16,813)	$ (20,097)	(20,496)
Business Acquisition, Pro Forma Revenue		86,551		182,714
Business Acquisition, Pro Forma Net Loss		$ (17,543)		$ (21,600)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Revenue and Recognition - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue Recognition [Abstract]
Revenue Recognized	$ 1.8	$ 1.5	$ 4.9	$ 3.7
Remaining Performance Obligation including deferred revenue	$ 11.5		$ 11.5
Remining Performance Obligations Remaining to be Recognized Over the Next Year	49.50%		49.50%
Remining Performance Obligations Remaining To Be Recognized after One Year through Year Two	29.10%		29.10%
Remining Performance Obligations Remaining To Be Recognized Over The Next Three To Five Years	21.40%		21.40%

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 539,300	$ 654,608
Short-term investments	31,694	0
Accounts receivable, net of allowance of $386 and $507, respectively	20,275	18,215
Unbilled receivables, net of allowance of $25 and $27, respectively	13,052	10,689
Funds receivable from payment partners	84,974	113,945
Prepaid expenses and other current assets	21,633	18,227
Total current assets	710,928	815,684
Long-term investments	26,721	0
Property and equipment, net	17,074	15,134
Intangible assets, net	101,303	108,178
Goodwill	120,657	121,646
Other assets	22,029	19,089
Total assets	998,712	1,079,731
Current liabilities:
Accounts payable	13,509	12,587
Funds payable to clients	116,191	210,922
Accrued expenses and other current liabilities	43,536	43,315
Deferred revenue	4,183	6,968
Total current liabilities	177,419	273,792
Deferred tax liabilities	14,744	15,391
Other liabilities	3,989	4,431
Total liabilities	196,152	293,614
Commitments and contingencies (Note 15)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; and no shares issued and outstanding as of June 30, 2024 and December 31, 2023	0	0
Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 125,528,991 shares issued and 123,233,953 shares outstanding as of June 30, 2024; 123,010,207 shares issued and 120,695,162 shares outstanding as of December 31, 2023	11	11
Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 1,873,320 shares issued and outstanding as of June 30, 2024 and December 31, 2023	1	1
Treasury voting common stock, 2,295,038 and 2,315,045 shares as of June 30, 2024 and December 31, 2023, respectively, held at cost	(741)	(747)
Additional paid-in capital	997,057	959,302
Accumulated other comprehensive income	99	1,320
Accumulated deficit	(193,867)	(173,770)
Total stockholders' equity	802,560	786,117
Total liabilities and stockholders' equity	$ 998,712	$ 1,079,731

Net Loss Per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,077,942	14,949,544
Unvested Restricted Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,327,473	4,518,964
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,750,469	10,430,580

Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

$ 142,810

^[1]

$ 143,767

^[2]

Accumulated Amortization

(41,507)

^[3]

(35,589)

^[4]

Net Carrying Amount

101,303

108,178

Developed Technology [Member]

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

39,340

^[1]

39,624

^[2]

Accumulated Amortization

(23,894)

^[3]

(21,446)

^[4]

Net Carrying Amount

$ 15,446

$ 18,178

Weighted Average Remaining Life (Years)

4 years 3 months 21 days

4 years 8 months 15 days

Acquired Relationships [Member]

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

$ 103,337

^[1]

$ 104,007

^[2]

Accumulated Amortization

(17,573)

^[3]

(14,143)

^[4]

Net Carrying Amount

$ 85,764

$ 89,864

Weighted Average Remaining Life (Years)

10 years 5 months 23 days

11 years 14 days

Trade Name/Trademark [Member]

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

$ 133

^[1]

$ 136

^[2]

Accumulated Amortization

(40)

^[3]

^[4]

Net Carrying Amount

$ 93

$ 136

Weighted Average Remaining Life (Years)

1 year 3 months 29 days

1 year 9 months 29 days

[1]	Includes $(1,670) thousand of foreign currency translation adjustments.
[2]	Includes $(750) thousand of foreign currency translation adjustments.
[3]	Includes $59 thousand of foreign currency translation adjustments.
[4]	Includes $(41) thousand of foreign currency translation adjustments.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

Equity Incentive Plan

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved the 2021 Equity Incentive Plan (the 2021 Plan).

No further awards are being made under the Company’s 2009 Equity Incentive Plan, as amended (the 2009 Plan) or the Company’s 2018 Stock Incentive Plan (the 2018 Plan); however, awards outstanding under each of the 2009 Plan and 2018 Plan will continue to be governed by their existing terms. With the establishment of the 2021 Plan as further discussed below, upon the expiration, forfeiture, cancellation, or reacquisition of any stock-based awards granted under the 2009 Plan or 2018 Plan, an equal number of shares will become available for grant under the 2021 Plan. The 2021 Plan, 2018 Plan and 2009 Plan are collectively referred to as the “Equity Incentive Plans”.

The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other forms of equity compensation (collectively, equity awards). A total of 26,116,754 shares of the Company’s common stock have been reserved for issuance under the 2021 Plan in addition to (i) any annual automatic evergreen increases in the number of shares of common stock reserved for issuance under the 2021 Plan and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any stock-based awards granted under the 2009 Plan or 2018 Plan, an equal number of shares of common stock will become available under the 2021 Plan.

As of June 30, 2024, a total of 17,725,359 shares of the Company's common stock were available for future issuance under the 2021 Plan.

Stock Options

Stock options granted under the 2009 Plan, 2018 Plan and the 2021 Plan generally vest based on continued service over four years and expire within ten years from the date of grant. Any options that are canceled or forfeited before expiration become available for future grants.

The Company did not grant any options to purchase shares of common stock during the three and six months ended June 30, 2024.

As of June 30, 2024, there was $6.4 million of total unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 0.96 years.

Restricted Stock Units

Starting in 2021, the Company awarded restricted stock units to employees and certain non-employee board members under the 2021 Plan. During the three and six months ended June 30, 2024, the Company awarded restricted stock units covering an aggregate of 130,608 and 3,297,377 shares of common stock, respectively. The fair value of each restricted stock unit is estimated based on the fair value of the Company's common stock on the date of the grant. The restricted stock units vest over the requisite service period, which range between one and four years from the date of the grant, subject to the continued employment of the employees and service of the non-employee board members.

As of June 30, 2024, there was $142.7 million of total unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 3.11 years.

Employee Stock Purchase Plan

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (ESPP), which became effective on May 28, 2021. The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to "eligible employees". A total of 5,082,470 shares of common stock have been reserved for future issuance under the ESPP, in addition to any annual automatic evergreen increases in the number of shares of common stock reserved for future issuance under the ESPP. The price at which common stock is purchased under the ESPP is equal to 85% of the fair market value of a share of common stock on the first or last day of the offering period, whichever is lower. Eligible employees can contribute up to 15% of their eligible compensation. Offering periods are generally 6 months long.

As of June 30, 2024, a total of 4,720,458 shares of the Company's common stock were available for future issuance under the ESPP.

As of June 30, 2024, there was no unrecognized compensation expense related to the ESPP.

Stock-Based Compensation Costs

The following table summarizes the stock-based compensation expense for (i) stock options and restricted stock units granted to employees and non-employee board members and (ii) ESPP shares that were purchased by employees that were recorded in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023		Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Technology and development	$	2,830	$	2,399	$	5,422	$	3,968
Selling and marketing		4,660		3,294		8,620		5,731
General and administrative		9,571		5,683		17,861		10,280
Total stock-based compensation expense	$	17,061	$	11,376	$	31,903	$	19,979

On November 6, 2023, the Company entered into a Transition Agreement with its previous Chief Financial Officer (Prior CFO). Pursuant to the terms of the Transition Agreement (including the receipt by the Company of a release from the Prior CFO), the Company agreed to modify its Prior CFO's outstanding stock options and restricted stock units to (i) accelerate vesting for nine months from the date of the termination of the Prior CFOs employment with the Company (the Separation Date), and (ii) extend the exercise period of his vested nonqualified stock options from ninety days to one year following the Separation Date. To receive these benefits, the Prior CFO had to remain employed through March 31, 2024. As a result of this modification, the Company recognized additional compensation expense of $1.3 million during the three and six months ended June 30, 2024.

Stockholder's Equity - Additional Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Preferred Stock, Shares Authorized	10,000,000		10,000,000			10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001		$ 0.0001			$ 0.0001
Common Stock, Shares Authorized	2,000,000,000		2,000,000,000			2,000,000,000
Common stock, par or stated value per share	$ 0.0001		$ 0.0001			$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000		10,000,000			10,000,000
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001		$ 0.0001			$ 0.0001
Common Stock, Voting Rights			Holders of the Company's voting common stock have no conversion rights while each share of non-voting common stock automatically converts into common stock on a one-to-one basis without the payment of additional consideration upon the transfer thereof in (i) a widespread public distribution, including pursuant to Rule 144 under the Securities Act, (ii) a transfer (including a private placement or a sale pursuant to Rule 144 under the Securities Act) in which no one party acquires the right to purchase 2% or more of any class of voting securities (as such term is used for the purposes of the Bank Holding Company Act of 1956, as amended), (iii) an assignment to a single party (for example, a broker or investment banker) for the purposes of conducting a widespread public distribution, or (iv) to a party who would control more than 50% of the Company's voting securities without giving effect to the shares of non-voting common stock transferred by the holder. Other than in the event of such transfers, shares of non-voting common stock shall not be convertible into any other security.
Issuance of Treasury Shares	5,503	0	20,007	0
Percentage of voting securities, Right To Purchase	2.00%		2.00%
Percentage Required of Voting Securities of The Without Giving Effect To The Shares of Non-Voting Common Stock Transferred By The Holder	50.00%		50.00%
Treasury Stock
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Shares issued, price per share	$ 0.32		$ 0.32		$ 0.32

Revenue and Recognition

6 Months Ended

Jun. 30, 2024

Revenue Recognition [Abstract]

Revenue and Recognition

Note 2. Revenue and Recognition

The following table presents revenue disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on the location of where the client resides.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Primary geographical markets
Americas	$	41,961	$	43,296	$	99,827	$	103,461
EMEA		42,871		28,534		79,031		50,195
APAC		18,844		13,039		38,921		25,570
Total revenue	$	103,676	$	84,869	$	217,779	$	179,226
Major solutions
Transactions	$	85,298	$	66,847	$	180,498	$	143,149
Platform and other revenues		18,378		18,022		37,281		36,077
Total revenue	$	103,676	$	84,869	$	217,779	$	179,226

Contract Balances from Contracts with Clients

The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable, net	$	20,275	$	18,215
Unbilled receivables, net		13,052		10,689
Deferred revenue – current		4,183		6,968
Deferred revenue – non-current		169		169

For the three months ended June 30, 2024 and 2023, the Company recognized $1.8 million and $1.5 million in revenue from amounts that were included in deferred revenue as of March 31, 2024 and 2023, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized $4.9 million and $3.7 million in revenue from amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively.

Remaining Performance Obligations

The Company has performance obligations associated with certain clients' contracts for future services that have not yet been recognized as revenue. As of June 30, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied, including deferred revenue, was approximately $11.5 million. Of the total remaining performance obligations, the Company expects to recognize approximately 49.5% within the next year, 29.1% after one year through year two and 21.4% over the next three to five years thereafter. Actual amounts and timing of revenue recognized may differ due to subsequent contract modifications, renewals and/or terminations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 14. Income Taxes

The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. The Company recorded an income tax expense of $4.7 million and $1.1 million for the three months ended June 30, 2024 and 2023, respectively. The income tax expense for the three months ended June 30, 2024 and 2023 was primarily attributable to activity in the Company's foreign subsidiaries and U.S. state taxes. The Company recorded an income tax expense of $6.3 million and $1.5 million for the six months ended June 30, 2024 and 2023, respectively. The income tax expense for the six months ended June 30, 2024 and 2023 was primarily attributable to activity in the Company's foreign subsidiaries and U.S. state taxes.

The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to the change in valuation allowance in the U.S. The Company is open to future tax examinations from 2018 to the present; however, carryforward attributes that were generated prior to 2018 may still be adjusted upon examination by federal, state or local tax authorities to the extent they will be used in a future period.

The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future. As of June 30, 2024, the Company continues to maintain a full valuation allowance of the U.S. and United Kingdom net deferred tax assets.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Schedule of Convertible Preferred Stock and Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2024 and December 31, 2023; and no shares issued and outstanding as of June 30, 2024 and December 31, 2023	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,880)	$ (16,813)	$ (20,097)	$ (20,496)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Business Combinations - Summary of Purchase Consideration (Details) - StudyLink [Member] $ in Thousands	Nov. 03, 2023 USD ($)
Business Acquisition [Line Items]
Cash consideration, net of cash acquired	$ 32,764
Estimated fair value of contingent consideration	2,701
Total purchase consideration, net of cash acquired	$ 35,465

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the principal or most advantageous market for the asset or liability. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The Company’s cash equivalents are carried at fair value (Level 1) as determined according to the fair value hierarchy described above. The Company’s cash equivalents include money market funds, which are measured at fair value using the net asset value (NAV) per share practical expedient. The money market funds, which are AAA-rated are comprised of liquid, high-quality debt securities issued by the U.S. government. Shares in money market funds are purchased and redeemed at the NAV at the time of the purchase or sale, which may be purchased or redeemed on demand, as may be required by the Company. The Company's investments in available-for-sale debt securities are carried at fair value, determined using Level 2 inputs in the fair value hierarchy as quoted prices are available to support the valuation. The carrying values of accounts receivable, funds receivable from payment partners, unbilled receivables, prepaid expenses, accounts payable, funds payable to clients and accrued expenses and other current liabilities approximate their respective fair values due to the short-term nature of these assets and liabilities. The Company’s contingent consideration is carried at fair value, determined using Level 3 inputs in the fair value hierarchy.

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):


	Measured at NAV as of June 30,		Measured at Fair Value as of June 30, 2024:
	2024		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents
Money market funds	$	276,807	$	—	$	—	$	—	$	276,807
Short-term investments
Corporate bonds		—		—		16,917		—		16,917
U.S. Government obligations		—		—		14,777		—		14,777
Total short-term investments		—		—		31,694		—		31,694
Long-term investments
Corporate bonds		—		—		19,549		—		19,549
U.S. Government obligations		—		—		3,654		—		3,654
Asset-backed Securities		—		—		3,518		—		3,518
Total long-term investments		—		—		26,721		—		26,721
Total financial assets	$	276,807	$	—	$	58,415	$	—	$	335,222
Financial Liabilities:
Foreign exchange contracts	$	—	$	—	$	—	$	4	$	4
Contingent consideration		—		—		—		1,917		1,917
Total financial liabilities	$	—	$	—	$	—	$	1,921	$	1,921

	Measured at NAV as of December 31,		Measured at Fair Value as of December 31, 2023:
	2023:		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents
Money market funds	$	372,912	$	—	$	—	$	—	$	372,912
Foreign exchange contracts		—		—		—		16		16
Total financial assets	$	372,912	$	—	$	—	$	16	$	372,928
Financial Liabilities:
Contingent consideration	$	—	$	—	$	—	$	2,882	$	2,882
Total financial liabilities	$	—	$	—	$	—	$	2,882	$	2,882

During the six months ended June 30, 2024 and year ended December 31, 2023, there were no transfers between Level 1, Level 2 or Level 3.

Contingent consideration

Learning Information Systems Pty Ltd. (StudyLink)

The fair value of the contingent consideration related to the revenue milestone from the Company’s acquisition of Learning Information Systems Pty Ltd. (StudyLink) in November 2023 was determined using an option pricing model and the fair value of the contingent consideration related to volume of money movement, the cross-selling and engineering implementation milestones was determined using a scenario-based method. Refer to Note 8 - Business Combinations for additional details on the StudyLink acquisition. The following table presents the unobservable inputs incorporated into the valuation of contingent consideration as of June 30, 2024 and December 31, 2023.


	June 30, 2024	December 31, 2023
Discount rate	7.4% - 7.6%	7.4% - 7.5%
Probability of successful achievement *	0% - 100%	29% - 95%

_____________________________

* Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them.

Increases or decreases in the discount rate would result in a lower or higher fair value measurement, respectively. Increases or decreases in any of the probabilities of success in which the revenue, volume, cross-selling and the engineering implementation milestones are expected to be achieved would result in higher or lower fair value measurement, respectively.

Changes in the fair value of contingent consideration are included as a component of general and administrative expense within the condensed consolidated statements of operations and comprehensive loss. The following table summarizes the changes in the carrying value of the contingent consideration for the periods presented (in thousands):


	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023		Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
Beginning balance	$	2,281		$	41	$	2,882		$	1,332
Additions		—			—		—			2
Change in fair value		(416	)		—		(894	)		410
Contingent consideration paid *		—			—		—			(1,674	)
Foreign currency translation adjustment		52			1		(71	)		(28	)
Ending balance	$	1,917		$	42	$	1,917		$	42

* For the six months ended June 30, 2023, contingent consideration paid has been bifurcated between the financing and operating sections of the condensed consolidated statement of cash flows. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the condensed consolidated statement of cash flows, while any excess is reported in the operating section of the condensed consolidated statement of cash flows.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Goodwill And Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 3.0	$ 3.0	$ 5.9	$ 5.8

Derivative Instruments - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) Numbers	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Numbers	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Numbers
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Expenses And Other Current Liabilities		Accrued Expenses And Other Current Liabilities
Dervative instrument not designated as hedging instrument, Gain Loss	$ (13,880)	$ (16,813)	$ (20,097)	$ (20,496)
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of derivative instruments \| Numbers	7,790		7,790		12,737
Derivatives, Notional amount	$ 26,500		$ 26,500		$ 36,100
Derivatives, Liability Notional Amount	100		100
Derivatives, Asset notional amount					$ 100
Dervative instrument not designated as hedging instrument, Gain Loss	$ 100	$ 300	$ 100	$ (1,000)

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ 59
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments		$ (750)
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ (1,670)	$ (41)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands):


	June 30, 2024		December 31, 2023
Accrued employee compensation and related taxes	$	15,930	$	19,748
Accrued vendor liabilities		3,070		4,193
Accrued income and other non-employee related taxes		11,227		6,270
Accrued professional services		2,661		2,139
Current portion of operating lease liabilities		1,498		1,465
Other accrued expenses and current liabilities		9,150		9,500
	$	43,536	$	43,315

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity File Number	001-40430
Entity Registrant Name	FLYWIRE CORPORATION
Entity Central Index Key	0001580560
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Voting common stock, $0.0001 par value per share
Trading Symbol	FLYW
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0690799
Entity Address, Address Line One	141 Tremont St #10
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02111
City Area Code	617
Local Phone Number	329-4524
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		123,389,828
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,873,320

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Financial Assets:
Total financial assets	$ 335,222	$ 372,928
Foreign exchange contracts		16
Total short-term investments	31,694	0
Total long-term investments	26,721	0
Financial Liabilities:
Foreign exchange contracts	4
Contingent consideration	1,917	2,882
Total financial liabilities	1,921	2,882
Money Market Funds
Financial Assets:
Total financial assets	276,807	372,912
Short-term investments
Financial Assets:
Total short-term investments	31,694
Short-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	14,777
Short-term investments \| Corporate bonds
Financial Assets:
Total financial assets	16,917
Long-term investments
Financial Assets:
Total long-term investments	26,721
Long-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	3,654
Long-term investments \| Corporate bonds
Financial Assets:
Total financial assets	19,549
Long-term investments \| Asset-backed Securities
Financial Assets:
Total financial assets	3,518
NAV [Member] \| Short-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	0
NAV [Member] \| Long-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	0
Level 1 [Member]
Financial Assets:
Total financial assets	0	0
Foreign exchange contracts		0
Financial Liabilities:
Foreign exchange contracts	0
Contingent consideration	0	0
Total financial liabilities	0	0
Level 1 [Member] \| Money Market Funds
Financial Assets:
Total financial assets	0	0
Level 1 [Member] \| Short-term investments
Financial Assets:
Total short-term investments	0
Level 1 [Member] \| Short-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	0
Level 1 [Member] \| Short-term investments \| Corporate bonds
Financial Assets:
Total financial assets	0
Level 1 [Member] \| Short-term investments \| Asset-backed Securities
Financial Assets:
Total financial assets	0
Level 1 [Member] \| Long-term investments
Financial Assets:
Total long-term investments	0
Level 1 [Member] \| Long-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	0
Level 1 [Member] \| Long-term investments \| Corporate bonds
Financial Assets:
Total financial assets	0
Level 1 [Member] \| NAV [Member]
Financial Assets:
Total financial assets	276,807	372,912
Foreign exchange contracts		0
Financial Liabilities:
Foreign exchange contracts	0
Contingent consideration	0	0
Total financial liabilities	0	0
Level 1 [Member] \| NAV [Member] \| Money Market Funds
Financial Assets:
Total financial assets	276,807	372,912
Level 1 [Member] \| NAV [Member] \| Short-term investments
Financial Assets:
Total short-term investments	0
Level 1 [Member] \| NAV [Member] \| Short-term investments \| Corporate bonds
Financial Assets:
Total financial assets	0
Level 1 [Member] \| NAV [Member] \| Short-term investments \| Asset-backed Securities
Financial Assets:
Total financial assets	0
Level 1 [Member] \| NAV [Member] \| Long-term investments
Financial Assets:
Total long-term investments	0
Level 1 [Member] \| NAV [Member] \| Long-term investments \| Corporate bonds
Financial Assets:
Total financial assets	0
Level 2 [Member]
Financial Assets:
Total financial assets	58,415	0
Foreign exchange contracts		0
Financial Liabilities:
Foreign exchange contracts	0
Contingent consideration	0	0
Total financial liabilities	0	0
Level 2 [Member] \| Money Market Funds
Financial Assets:
Total financial assets	0	0
Level 2 [Member] \| Short-term investments
Financial Assets:
Total short-term investments	31,694
Level 2 [Member] \| Short-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	14,777
Level 2 [Member] \| Short-term investments \| Corporate bonds
Financial Assets:
Total financial assets	16,917
Level 2 [Member] \| Long-term investments
Financial Assets:
Total long-term investments	26,721
Level 2 [Member] \| Long-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	3,654
Level 2 [Member] \| Long-term investments \| Corporate bonds
Financial Assets:
Total financial assets	19,549
Level 2 [Member] \| Long-term investments \| Asset-backed Securities
Financial Assets:
Total financial assets	3,518
Level 3 [Member]
Financial Assets:
Total financial assets	0	16
Foreign exchange contracts		16
Financial Liabilities:
Foreign exchange contracts	4
Contingent consideration	1,917	2,882
Total financial liabilities	1,921	2,882
Level 3 [Member] \| Money Market Funds
Financial Assets:
Total financial assets	0	$ 0
Level 3 [Member] \| Short-term investments
Financial Assets:
Total short-term investments	0
Level 3 [Member] \| Short-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	0
Level 3 [Member] \| Short-term investments \| Corporate bonds
Financial Assets:
Total financial assets	0
Level 3 [Member] \| Short-term investments \| Asset-backed Securities
Financial Assets:
Total financial assets	0
Level 3 [Member] \| Long-term investments
Financial Assets:
Total long-term investments	0
Level 3 [Member] \| Long-term investments \| U.S. Government obligations
Financial Assets:
Total financial assets	0
Level 3 [Member] \| Long-term investments \| Corporate bonds
Financial Assets:
Total financial assets	$ 0

Property and Equipment, net - Schedule of Property Plant and Equipment, Net (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Foreign Currency translation adjustments	$ (59)
Accumulated Depreciation and Amortization Included Foreign Currency Translation Adjustments	(158)	$ (99)
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Accumulated depreciation sale of property plant and equipment	$ (276)	$ (93)

Stockholder's Equity - Summary of Reserved Shares of Common Stock (Details)	Jun. 30, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	37,481,075
Issued and outstanding stock options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	6,750,469
Issued and outstanding restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	6,327,473
Available for issuance under the 2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	17,725,359
Available for issuance under Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	4,720,458
Committed to settling employee retention [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	83,996
Available for conversion of non-voting common stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	1,873,320

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 35
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+ Details

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Common Stock Nonvoting Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2022	$ 481,903	$ 10	$ 1	$ (748)	$ 649,756	$ (1,912)	$ (165,204)
Balance, Shares at Dec. 31, 2022		109,790,702	1,873,320	(2,317,722)
Issuance of common stock upon exercise of stock options	6,044				6,044
Issuance of common stock upon exercise of stock options, Shares		1,533,199
Issuance of common stock upon settlement of restricted stock units, shares		821,725
Issuance of common stock under employee stock purchase plan	864				864
Issuance of common stock under employee stock purchase plan, shares		55,232
Issuance of common stock for retention bonus	700				700
Issuance of common stock for retention bonus, shares		28,332
Foreign currency translation adjustment	2,082					2,082
Unrealized losses on available-for-sale debt securities, net of taxes	0
Stock-based compensation	19,979				19,979
Net Income (Loss)	(20,496)						(20,496)
Balance at Jun. 30, 2023	491,076	$ 10	$ 1	$ (748)	677,343	170	(185,700)
Balance, Shares at Jun. 30, 2023		112,229,190	1,873,320	(2,317,722)
Balance at Mar. 31, 2023	490,164	$ 10	$ 1	$ (748)	662,067	(2,279)	(168,887)
Balance, Shares at Mar. 31, 2023		111,042,997	1,873,320	(2,317,722)
Issuance of common stock upon exercise of stock options	3,900				3,900
Issuance of common stock upon exercise of stock options, Shares		942,945
Issuance of common stock upon settlement of restricted stock units, shares		243,248
Foreign currency translation adjustment	2,449					2,449
Unrealized losses on available-for-sale debt securities, net of taxes	0
Stock-based compensation	11,376				11,376
Net Income (Loss)	(16,813)						(16,813)
Balance at Jun. 30, 2023	491,076	$ 10	$ 1	$ (748)	677,343	170	(185,700)
Balance, Shares at Jun. 30, 2023		112,229,190	1,873,320	(2,317,722)
Balance at Dec. 31, 2023	786,117	$ 11	$ 1	$ (747)	959,302	1,320	(173,770)
Balance, Shares at Dec. 31, 2023		123,010,207	1,873,320	(2,315,045)
Issuance of common stock upon exercise of stock options	3,227				3,227
Issuance of common stock upon exercise of stock options, Shares		1,304,373
Issuance of common stock upon settlement of restricted stock units, shares		1,128,349
Issuance of common stock under employee stock purchase plan	1,415				1,415
Issuance of common stock under employee stock purchase plan, shares		71,896
Issuance of common stock for retention bonus	324				324
Issuance of common stock for retention bonus, shares		14,166
Issuance of Treasury Stock Share				20,007
Issuance Of Treasury Stock Value				$ 6	(6)
Foreign currency translation adjustment	(1,168)					(1,168)
Unrealized losses on available-for-sale debt securities, net of taxes	(53)					(53)
Stock-based compensation	32,795				32,795
Net Income (Loss)	(20,097)						(20,097)
Balance at Jun. 30, 2024	802,560	$ 11	$ 1	$ (741)	997,057	99	(193,867)
Balance, Shares at Jun. 30, 2024		125,528,991	1,873,320	(2,295,038)
Balance at Mar. 31, 2024	796,985	$ 11	$ 1	$ (742)	977,743	(41)	(179,987)
Balance, Shares at Mar. 31, 2024		124,555,591	1,873,320	(2,300,541)
Issuance of common stock upon exercise of stock options	1,609				1,609
Issuance of common stock upon exercise of stock options, Shares		593,673
Issuance of common stock upon settlement of restricted stock units, shares		379,727
Issuance of Treasury Stock Share				5,503
Issuance Of Treasury Stock Value				$ 1	(1)
Foreign currency translation adjustment	193					193
Unrealized losses on available-for-sale debt securities, net of taxes	(53)					(53)
Stock-based compensation	17,706				17,706
Net Income (Loss)	(13,880)						(13,880)
Balance at Jun. 30, 2024	$ 802,560	$ 11	$ 1	$ (741)	$ 997,057	$ 99	$ (193,867)
Balance, Shares at Jun. 30, 2024		125,528,991	1,873,320	(2,295,038)

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Temporary Equity [Line Items]
Preferred Stock, Shares Issued	0	0

Business Overview and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Accounts Receivable And Funds Receivable


	June 30, 2024			December 31, 2023
Client A		10	%	*

___________________________

* Less than 10% of total balance.


	June 30, 2024			December 31, 2023
Partner A	*				14	%
Partner B	*				15	%
Partner C	*				13	%
Partner D	*				11	%
Partner E		38	%		20	%

______________________

* Less than 10% of total balance.

Stockholder's Equity

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholder's Equity

Note 11. Stockholders’ Equity

Preferred Stock

The Company’s current amended and restated certificate of incorporation, which was filed on May 28, 2021, authorizes the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the board of directors.

Common Stock

The Company’s current amended and restated certificate of incorporation authorizes the issuance of 2,000,000,000 shares of voting common stock with a par value of $0.0001 per share and 10,000,000 shares of non-voting common stock with a par value of $0.0001 per share. The voting and non-voting shares are identical, except that holders of voting common stock are entitled to one vote for each share on each matter properly submitted to the Company’s stockholders for their vote, while holders of non-voting common stock are not entitled to vote on such matters. Holders of voting common stock and non-voting common stock are entitled to receive any dividends as may be declared from time to time by the board of directors.

Holders of the Company's voting common stock have no conversion rights while each share of non-voting common stock automatically converts into common stock on a one-to-one basis without the payment of additional consideration upon the transfer thereof in (i) a widespread public distribution, including pursuant to Rule 144 under the Securities Act, (ii) a transfer (including a private placement or a sale pursuant to Rule 144 under the Securities Act) in which no one party acquires the right to purchase 2% or more of any class of voting securities (as such term is used for the purposes of the Bank Holding Company Act of 1956, as amended), (iii) an assignment to a single party (for example, a broker or investment banker) for the purposes of conducting a widespread public distribution, or (iv) to a party who would control more than 50% of the Company's voting securities without giving effect to the shares of non-voting common stock

transferred by the holder. Other than in the event of such transfers, shares of non-voting common stock shall not be convertible into any other security.

Treasury Stock

The Company may issue treasury stock to cover the exercise of stock options and vesting of restricted stock units related to equity incentive plans. The Company issued 5,503 and 20,007 treasury shares at an average cost of $0.32 per share during the three and six months ended June 30, 2024, respectively. The Company did not issue any treasury shares during the three and six months ended June 30, 2023. The Company intends to issue treasury shares as long as an adequate number of those shares are available.

Comprehensive Loss

Comprehensive loss includes all changes in equity during the period and is comprised of net loss and other comprehensive income (loss). Accumulated other comprehensive income (AOCI) reported on the Company's condensed consolidated balance sheets for the period ending June 30, 2024 consists of foreign currency translation adjustment and the unrealized gains and losses, net of applicable taxes, on available-for-sale debt securities.

The following table summarizes the changes in AOCI for the three months ended June 30, 2024 (in thousands):


	Unrealized Gains (Losses) on Available-for- sale Debt Securities, net			Foreign Currency Translation Adjustment			Estimated Tax (Expense) Benefit		Total
Beginning balance	$	—		$	(41	)	$	—	$	(41	)
Other comprehensive income (loss) before reclassifications		(53	)		193			—		140
Less: Amount of gain (loss) reclassified from AOCI		—			—			—		—
Net current period other comprehensive income (loss)		(53	)		193			—		140
Ending balance	$	(53	)	$	152		$	—	$	99

The following table summarizes the changes in AOCI for the six months ended June 30, 2024 (in thousands):


	Unrealized Gains (Losses) on Available-for- sale Debt Securities, net			Foreign Currency Translation Adjustment			Estimated Tax (Expense) Benefit		Total
Beginning balance	$	—		$	1,320		$	—	$	1,320
Other comprehensive loss before reclassifications		(53	)		(1,168	)		—		(1,221	)
Less: Amount of gain (loss) reclassified from AOCI		—			—			—		—
Net current period other comprehensive loss		(53	)		(1,168	)		—		(1,221	)
Ending balance	$	(53	)	$	152		$	—	$	99

Changes in AOCI for the three and six months ended June 30, 2023 consisted of foreign currency translation adjustment only. Refer to the Company's condensed consolidated statements of stockholders’ equity for the changes in AOCI for the three and six months ended June 30, 2023.

Reserved Shares of Common Stock for Future Issuance

As of June 30, 2024, the Company had reserved shares of common stock for future issuance as follows:


	June 30, 2024
Issued and outstanding stock options		6,750,469
Issued and outstanding restricted stock units		6,327,473
Available for issuance under the 2021 Equity Incentive Plan		17,725,359
Available for issuance under Employee Stock Purchase Plan		4,720,458
Committed to settling employee retention		83,996
Available for conversion of non-voting common stock		1,873,320
		37,481,075

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands):


	June 30, 2024		December 31, 2023
Accrued employee compensation and related taxes	$	15,930	$	19,748
Accrued vendor liabilities		3,070		4,193
Accrued income and other non-employee related taxes		11,227		6,270
Accrued professional services		2,661		2,139
Current portion of operating lease liabilities		1,498		1,465
Other accrued expenses and current liabilities		9,150		9,500
	$	43,536	$	43,315

Stockholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (41)		$ 1,320
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	193	$ 2,449	(1,168)	$ 2,082
Other comprehensive income (loss) before reclassifications	140		(1,221)
Less: Amount of gain (loss) reclassified from AOCI	0		0
Total other comprehensive income (loss)	140	$ 2,449	(1,221)	$ 2,082
Ending balance	99		99
Unrealized Gains (Losses) on Available-for-sale Debt Securities
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	0		0
Other Comprehensive Income (Loss), Financial Liability, Fair Value Option, Unrealized Gain (Loss) Arising During Period, Tax	(53)		(53)
Less Amount of gain (loss) reclassified from AOCI	0		0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(53)		(53)
Ending balance	(53)		(53)
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(41)		1,320
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	193		(1,168)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0		0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	193		(1,168)
Ending balance	152		152
Estimated Tax (Expense) Benefit
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	0		0
Other comprehensive income (loss) before reclassifications	0		0
Less: Amount of gain (loss) reclassified from AOCI	0		0
Total other comprehensive income (loss)	0		0
Ending balance	$ 0		$ 0

Revenue and Recognition (Tables)

6 Months Ended

Jun. 30, 2024

Revenue Recognition [Abstract]

Summary of Revenue Disaggregated by Geographical Area


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2024		2023		2024		2023
Primary geographical markets
Americas	$	41,961	$	43,296	$	99,827	$	103,461
EMEA		42,871		28,534		79,031		50,195
APAC		18,844		13,039		38,921		25,570
Total revenue	$	103,676	$	84,869	$	217,779	$	179,226
Major solutions
Transactions	$	85,298	$	66,847	$	180,498	$	143,149
Platform and other revenues		18,378		18,022		37,281		36,077
Total revenue	$	103,676	$	84,869	$	217,779	$	179,226

Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable, net	$	20,275	$	18,215
Unbilled receivables, net		13,052		10,689
Deferred revenue – current		4,183		6,968
Deferred revenue – non-current		169		169

Business Overview and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Sep. 12, 2023 USD ($) $ / shares shares	Aug. 09, 2023 $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Segment $ / shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Cash, FDIC insured amount			$ 250,000		$ 250,000
Common stock, par or stated value per share \| $ / shares			$ 0.0001		$ 0.0001		$ 0.0001
Advertising expense			$ 2,100	$ 2,000	$ 3,700	$ 3,100
Number of operating segments \| Segment					1
Number of reportable segments \| Segment					1
Revenue Benchmark \| No Client [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			10.00%	10.00%	10.00%	10.00%
Revenue Benchmark \| Americas
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			40.50%	51.00%	45.80%	57.70%
Revenue Benchmark \| EMEA
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			41.40%	33.60%	36.30%	28.00%
Revenue Benchmark \| APAC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			18.10%	15.40%	17.90%	14.30%
Follow On Public Offering
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period shares \| shares		8,000,000
Proceeds from the issuance of stock under employee stock purchase plan	$ 260,100
Shares issued, price per share \| $ / shares	$ 32	$ 32
Underwriting discount and commissions	$ 10,900
Other offering costs	$ 1,100
Follow On Public Offering \| Voting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Stock shares issued during the period shares \| shares	500,000
Common stock, option granted to purchase additional shares \| shares		1,200,000

Revenue and Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation Of Revenue [Line Items]
Revenue	$ 103,676	$ 84,869	$ 217,779	$ 179,226
Transactions [Member]
Disaggregation Of Revenue [Line Items]
Revenue	85,298	66,847	180,498	143,149
Platform And Other Revenues [Member]
Disaggregation Of Revenue [Line Items]
Revenue	18,378	18,022	37,281	36,077
Americas
Disaggregation Of Revenue [Line Items]
Revenue	41,961	43,296	99,827	103,461
EMEA
Disaggregation Of Revenue [Line Items]
Revenue	42,871	28,534	79,031	50,195
APAC
Disaggregation Of Revenue [Line Items]
Revenue	$ 18,844	$ 13,039	$ 38,921	$ 25,570

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring Cost and Reserve [Line Items]

Summary of Purchase Consideration

Pursuant to the terms of the business combination agreement, the Company acquired StudyLink for estimated total purchase consideration of approximately $37.6 million or $35.5 million, net of cash acquired, which consisted of (in thousands):


Cash consideration, net of cash acquired	$	32,764
Estimated fair value of contingent consideration		2,701
Total purchase consideration, net of cash acquired	$	35,465

Summary of Fair Value Of the Assets Acquired and Liabilities Assumed

The table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed (in thousands):


Cash	$	2,108
Accounts receivable		2,762
Prepaid expenses and other current assets		432
Other assets		193
Goodwill		20,705
Identifiable intangible assets		19,553
Total assets acquired		45,753
Deferred tax liabilities		2,663
Deferred revenue		2,654
Accounts payable		859
Accrued expenses and other current liabilities		2,004
Total liabilities assumed		8,180
Net assets acquired		37,573
Less: cash acquired		2,108
Net assets, less cash acquired	$	35,465

Schedule of Estimated Fair Value of the Identified Intangible Assets

The following table reflects the fair values of the identified intangible assets of StudyLink and their respective weighted-average amortization periods.


	Fair Values		Weighted-Average Amortization Periods
	(in thousands)		(years)
Developed technology	$	7,397		7
Customer relationships		12,027		14
Trade Name/Trademark		129		2
	$	19,553

Summary of Unaudited Pro Forma Financial Information


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	Actual			Pro Forma			Actual			Pro Forma
	(in thousands)
Revenue	$	84,869		$	86,551		$	179,226		$	182,714
Net Loss	$	(16,813	)	$	(17,543	)	$	(20,496	)	$	(21,600	)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	May 31, 2021	Jun. 30, 2024	Jun. 30, 2024	May 28, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance		37,481,075	37,481,075
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP		$ 142.7	$ 142.7
Unrecognised compensation expense, expected to be recognised over a weighted average period			3 years 1 month 9 days
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance		6,327,473	6,327,473
Restricted stock units awarded to covering an aggregate of shares of common stock		130,608	3,297,377
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan, vesting period			1 year
Restricted Stock Units (RSUs) [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan, vesting period			4 years
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP		$ 6.4	$ 6.4
Unrecognised compensation expense, expected to be recognised over a weighted average period			11 months 15 days
2018 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan, vesting period			4 years
Stock option granted under plan, expiration period			10 years
2009 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan, vesting period			4 years
Stock option granted under plan, expiration period			10 years
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan, vesting period			4 years
Stock option granted under plan, expiration period			10 years
Reserved shares of common stock for future issuance		17,725,359	17,725,359	26,116,754
Additional Compensation Expense Recognized [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional compensation expense recognized		$ 1.3	$ 1.3
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP		$ 0.0	$ 0.0
Share based compensation arrangement by share based payment award price at which common stock is purchased,Percent	85.00%
Reserved shares of common stock for future issuance		4,720,458	4,720,458	5,082,470

Business Combinations

6 Months Ended

Jun. 30, 2024

Business Combinations [Abstract]

Business Combinations

Note 8. Business Combinations

StudyLink

On November 3, 2023, Flywire, through one if its Australian subsidiaries Flywire Pacific Pty Ltd., acquired all of the issued and outstanding shares of StudyLink, an Australian-based software as a service (SaaS) education company that provides platforms to education providers to support their student admissions systems and processes, including features such as eligibility assessment, offer generation, recruitment agent and commission management and acceptance processing. The acquisition of StudyLink was intended to accelerate the Company's growth in the Australian higher education market and enhance the Company's value proposition to payers, universities and agents in the higher education ecosystem. The acquisition of StudyLink has been accounted for as a business combination.

During the first quarter of 2024, the Company completed its purchase accounting and recorded an immaterial net working capital adjustment.


Cash consideration, net of cash acquired	$	32,764
Estimated fair value of contingent consideration		2,701
Total purchase consideration, net of cash acquired	$	35,465

Contingent consideration, which totals up to approximately $2.7 million, represents additional payments that Flywire may be required to make in the future which are dependent upon StudyLink's successful achievement of revenue, volume, cross-selling and engineering implementation milestones and is subject to exchange rate fluctuation adjustment between the U.S. Dollar and Australian Dollar. A portion of contingent consideration can be paid in the form of cash or shares of common stock, at the Company's option.

Additional payments in the form of shares of common stock will be made based on the continuing employment of a key employee; accordingly, the fair value of $2.4 million, or approximately 84,000 shares of common stock, have been excluded from the purchase consideration. These shares were fixed on the date of acquisition and payable only in common stock, therefore are equity-classified. During the three and six months ended June 30, 2024, the Company expensed $0.3 million and $0.6 million, respectively, in stock-based compensation associated with retention of the key employee. The stock-based compensation expense is included in the Company’s condensed consolidated statements of operations and comprehensive loss and additional paid-in capital on the condensed consolidated balance sheet.

The table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed (in thousands):


Cash	$	2,108
Accounts receivable		2,762
Prepaid expenses and other current assets		432
Other assets		193
Goodwill		20,705
Identifiable intangible assets		19,553
Total assets acquired		45,753
Deferred tax liabilities		2,663
Deferred revenue		2,654
Accounts payable		859
Accrued expenses and other current liabilities		2,004
Total liabilities assumed		8,180
Net assets acquired		37,573
Less: cash acquired		2,108
Net assets, less cash acquired	$	35,465

Goodwill arising from the acquisition of $20.7 million was attributable to the assembled workforce of StudyLink and the synergies expected to arise from the acquisition. No goodwill from this acquisition will be deductible for income tax purposes.

The following table reflects the fair values of the identified intangible assets of StudyLink and their respective weighted-average amortization periods.


	Fair Values		Weighted-Average Amortization Periods
	(in thousands)		(years)
Developed technology	$	7,397		7
Customer relationships		12,027		14
Trade Name/Trademark		129		2
	$	19,553

The results of StudyLink have been included in the condensed consolidated financial statements since the date of the acquisition. StudyLink contributed $1.6 million and $3.7 million in platform revenue during the three and six months ended June 30, 2024, respectively. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the condensed consolidated Company’s operations and therefore it was impracticable to determine this amount.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information shows the results of the Company’s operations for the three and six months ended June 30, 2023 as if the acquisition had occurred on January 1, 2022. The unaudited pro forma financial information is presented for information purposes only and is not necessarily indicative of what would have occurred if the acquisition had occurred as of that date. The unaudited pro forma information is also not intended to be a projection of future results due to the integration of the acquired operations of StudyLink. The unaudited pro forma information reflects the effects of applying the Company’s accounting policies and certain pro forma adjustments to the combined historical financial information of the Company and StudyLink. The pro forma adjustments include:

•

incremental amortization expense associated with the estimated fair value of identified intangible assets;

•

incremental employee compensation expense for StudyLink employees;

•

transaction costs; and

•

the estimated tax impact of the above items.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	Actual			Pro Forma			Actual			Pro Forma
	(in thousands)
Revenue	$	84,869		$	86,551		$	179,226		$	182,714
Net Loss	$	(16,813	)	$	(17,543	)	$	(20,496	)	$	(21,600	)

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Nov. 03, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition, Contingent Consideration [Line Items]
Goodwill		$ 120,657	$ 120,657	$ 121,646	$ 97,766
StudyLink [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business Combination Contingent Consideration Liability Payable	$ 2,700
Fair Value of Shares of Common Stock Excluded from the Purchase Consideration	$ 2,400
Common Stock Excluded from Purchase Consideration Shares	84,000
Goodwill	$ 20,705
Business acquisition goodwill expected tax deductible amount	0
Total purchase consideration	35,465
Share Based Compensation		300	600
Payments to Acquire Businesses, Gross	32,764
Total Estimated Purchase Consideration	$ 37,600
StudyLink [Member] \| Platform And Other Revenues [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business combination, pro forma information, revenue of acquiree since acquisition date, actual		$ 1,600	$ 3,700

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 15. Commitments and Contingencies

Legal proceedings

The Company is subject to various legal proceedings and claims from time to time, the outcomes of which are subject to significant uncertainty. The Company records an accrual for legal contingencies when it has determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, and the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable, the Company will disclose the nature of the contingency, and if estimable, will provide the likely amount of such loss or range of loss.

As of June 30, 2024, the Company was not a party to any litigation the outcome of which, the Company believes, if determined adversely to it, would individually or in the aggregate, have a material adverse effect on its financial position, results of operations, or cash flows.

In the course of implementing geolocation data-based sanctions screening measures, the Company identified certain payments which, based on geolocation data and other factors, appear to have been initiated from Cuba, Iran, Syria or the Crimea region of Ukraine, in potential violation of applicable sanctions regimes. Although Flywire continues to evaluate whether these or other transactions constitute potential violations of sanctions promulgated by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) (including whether certain of these payments may have been authorized by general licenses or license exemptions under the relevant sanctions regulations), in August 2023, Flywire made a voluntary submission to OFAC to report the potential violations, and in April 2024 filed a supplemental submission with OFAC. Flywire is currently engaging with OFAC to resolve these matters. Based upon the results of the internal investigation completed to date, the Company does not believe that the amount of any loss incurred as a result of this matter would be material to its business, financial condition, results of operations or cash flows.

Indemnification

In the ordinary course of business, the Company agrees to indemnify certain partners and clients against third-party claims asserting infringement of certain intellectual property rights, data privacy breaches, damages caused to property or persons, or other liabilities relating to or arising from the Company’s payment platform or other contractual obligations. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any pending indemnification matters or claims, individually or in the aggregate, that are expected to have a material adverse effect on its financial position, results of operations, or cash flows and had not accrued any liabilities related to such obligations in its condensed consolidated financial statements for the periods ended June 30, 2024 and December 31, 2023.

Investments - Schedule Of Gross Unrealized Losses And Fair Values For Available-For-Sale Debt Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Short-term investments
Fair Value
Less than 12 Months	$ 30,674
12 Months or Longer	0
Total	30,674
Gross Unrealized Losses
Less than 12 Months	(15)
12 Months or Longer	0
Total	(15)
Short-term investments \| Corporate bonds
Fair Value
Less than 12 Months	15,897
12 Months or Longer	0
Total	15,897
Gross Unrealized Losses
Less than 12 Months	(8)
12 Months or Longer	0
Total	(8)
Short-term investments \| U.S. Government obligations
Fair Value
Less than 12 Months	14,777
12 Months or Longer	0
Total	14,777
Gross Unrealized Losses
Less than 12 Months	(7)
12 Months or Longer	0
Total	(7)
Long-term investments
Fair Value
Less than 12 Months	17,296
12 Months or Longer	0
Total	17,296
Gross Unrealized Losses
Less than 12 Months	(43)
12 Months or Longer	0
Total	(43)
Long-term investments \| Corporate bonds
Fair Value
Less than 12 Months	14,677
12 Months or Longer	0
Total	14,677
Gross Unrealized Losses
Less than 12 Months	(8)
12 Months or Longer	0
Total	(8)
Long-term investments \| U.S. Government obligations
Fair Value
Less than 12 Months	292
12 Months or Longer	0
Total	292
Gross Unrealized Losses
Less than 12 Months	0
12 Months or Longer	0
Total	0
Long-term investments \| Asset-backed Securities
Fair Value
Less than 12 Months	2,327
12 Months or Longer	0
Total	2,327
Gross Unrealized Losses
Less than 12 Months	(35)
12 Months or Longer	0
Total	$ (35)

Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net Income (Loss)	$ (13,880)	$ (16,813)	$ (20,097)	$ (20,496)
Net loss attributable to common stockholders - basic	(13,880)	(16,813)	(20,097)	(20,496)
Net loss attributable to common stockholders - diluted	$ (13,880)	$ (16,813)	$ (20,097)	$ (20,496)
Denominator:
Weighted average common shares outstanding - basic	124,562,015	111,133,221	123,859,762	110,464,092
Weighted average common shares outstanding - diluted	124,562,015	111,133,221	123,859,762	110,464,092
Net loss per share attributable to common stockholders - basic	$ (0.11)	$ (0.15)	$ (0.16)	$ (0.19)
Net loss per share attributable to common stockholders - diluted	$ (0.11)	$ (0.15)	$ (0.16)	$ (0.19)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent Events

Share Repurchase Program

On August 6, 2024, the Company announced a share repurchase program of up to $150 million of outstanding voting and non-voting common stock for an indefinite period as part of the Company’s capital deployment strategy (Repurchase Program).

Repurchases under the Repurchase Program may be made from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18. The timing, value and number of shares repurchased will be determined by the Company in its discretion and will be based on various factors, including an evaluation of current and future capital needs, current and forecasted cash flows, the Company’s capital structure, cost of capital and prevailing stock prices, general market and economic conditions, applicable legal requirements, and compliance with covenants in the Company’s credit facility that may limit share repurchases based on defined leverage ratios. The Repurchase Program does not obligate the Company to purchase a specific number of, or any, shares and may be modified, suspended or terminated at any time without notice at the Company’s discretion.

Invoiced Inc. Acquisition

On August 2, 2024, Flywire acquired all of the issued and outstanding shares of Invoiced Inc. (Invoiced), a U.S.-based SaaS company for an estimated total aggregate purchase price of approximately $55.0 million, consisting of approximately $47.5 million in cash and up to approximately $7.5 million in contingent consideration. Purchase consideration is also subject to certain adjustments as specified in the acquisition agreement, including a net working capital adjustment. The estimated total aggregate purchase price of approximately $55.0 million is subject to change based on the fair value of $7.5 million of contingent consideration that will be assessed in purchase accounting. The contingent consideration represents additional payments that Flywire may be required to make in the future dependent on the successful achievement of certain client acquisition, revenue and engineering implementation milestones.

Invoiced provides accounts receivable software that automates all aspects of billing, collections, payments, reporting and forecasting within a single online platform. The acquisition of Invoiced is intended to accelerate the Company's global expansion in its B2B vertical.

The Company is currently in the process of finalizing the accounting for this transaction and expects to complete its preliminary allocation of the purchase consideration to the assets and liabilities assumed by the end of the third quarter of 2024.

Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Nov. 03, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Other assets		$ 22,029	$ 19,089
Goodwill		$ 120,657	$ 121,646	$ 97,766
Study link
Business Acquisition [Line Items]
Cash	$ 2,108
Accounts receivable	2,762
Prepaid expenses and other current assets	432
Other assets	193
Goodwill	20,705
Identifiable intangible assets	19,553
Total assets acquired	45,753
Deferred tax liabilities	2,663
Deferred revenue	2,654
Accounts payable	859
Accrued expenses and other liabilities	2,004
Total liabilities assumed	8,180
Net assets acquired	37,573
Less: cash acquired	2,108
Net assets, less cash acquired	$ 35,465

Business Overview and Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Funds Receivable (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Partner Concentration Risk \| Funds Receivable \| Partner A
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		14.00%
Partner Concentration Risk \| Funds Receivable \| Partner B
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		15.00%
Partner Concentration Risk \| Funds Receivable \| Partner C
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		13.00%
Partner Concentration Risk \| Funds Receivable \| Partner D
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		11.00%
Partner Concentration Risk \| Funds Receivable \| Partner E
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	38.00%	20.00%
Client A \| Customer Concentration Risk \| Accounts Receivable
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	10.00%

Derivative Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 5. Derivative Instruments

As part of the Company’s foreign currency risk management program, the Company uses foreign currency forward contracts to mitigate the volatility related to fluctuations in the foreign exchange rates. These foreign currency forward contracts are not designated as hedging instruments. Derivative transactions such as foreign currency forward contracts are measured in terms of the notional amount; however, this amount is not recorded on the condensed consolidated balance sheets and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged but is used only as the underlying basis on which the value of foreign exchange payments under these contracts is determined. As of June 30, 2024 and December 31, 2023, the Company had 7,790 and 12,737 open foreign exchange contracts, respectively. As of June 30, 2024 and December 31, 2023, the Company had foreign currency forward contracts outstanding with a notional amount of $26.5 million and $36.1 million, respectively.

The Company records all derivative instruments in the condensed consolidated balance sheets at their fair values. For the six months ended June 30, 2024, the Company recorded a liability of less than $0.1 million and for the year ended December 31, 2023, the Company recorded an asset of less than $0.1 million related to outstanding foreign exchange contracts. The Company recognized a loss of $0.1 million and $0.1 million during the three and six months ended June 30, 2024, respectively. The Company recognized a gain of $0.3 million and a loss of $1.0 million during the three and six months ended June 30, 2023, respectively. Gains and losses are included as a component of general and administrative expense within the condensed consolidated statements of operations and comprehensive loss.

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(13,880	)	$	(16,813	)	$	(20,097	)	$	(20,496	)
Net loss attributable to common stockholders - basic and diluted	$	(13,880	)	$	(16,813	)	$	(20,097	)	$	(20,496	)
Denominator:
Weighted average common shares outstanding - basic and diluted		124,562,015			111,133,221			123,859,762			110,464,092
Net loss per share attributable to common stockholders - basic and diluted	$	(0.11	)	$	(0.15	)	$	(0.16	)	$	(0.19	)

Schedule of Antidilutive Excluded from Computation of Earnings Per Share

Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented:


	June 30,
	2024		2023
Unvested restricted stock units		6,327,473		4,518,964
Stock options to purchase common stock		6,750,469		10,430,580
		13,077,942		14,949,544

Stock-Based Compensation - Schedule of the Stock Based Compensation Expense for Stock Options, RSAs, RSUs and Employee Stock Purchase Plan Granted to Employees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 17,061	$ 11,376	$ 31,903	$ 19,979
Technology and development Expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	2,830	2,399	5,422	3,968
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	4,660	3,294	8,620	5,731
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 9,571	$ 5,683	$ 17,861	$ 10,280

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of the Stock Based Compensation Expense for Stock Options, RSAs, RSUs and Employee Stock Purchase Plan Granted to Employees

(in thousands):


	Three Months Ended June 30, 2024		Three Months Ended June 30, 2023		Six Months Ended June 30, 2024		Six Months Ended June 30, 2023
Technology and development	$	2,830	$	2,399	$	5,422	$	3,968
Selling and marketing		4,660		3,294		8,620		5,731
General and administrative		9,571		5,683		17,861		10,280
Total stock-based compensation expense	$	17,061	$	11,376	$	31,903	$	19,979

Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Details) - Study link

Jun. 30, 2024

Dec. 31, 2023

Discount rate [Member] | Minimum [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

0.074

Discount rate [Member] | Maximum [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

0.076

0.075

Probability of successful achievement [Member] | Minimum [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

^[1]

0.29

Probability of successful achievement [Member] | Maximum [Member]

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Business Combination, Contingent Consideration, Liability, Measurement Input

^[1]

0.95

[1]	Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them.

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss, current	$ 386	$ 507
Allowance for unbilled receivables current	$ 25	$ 27
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	2,000,000,000	2,000,000,000
Common Stock, Shares, Issued	125,528,991	123,010,207
Common Stock, Shares, Outstanding	123,233,953	120,695,162
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001	$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000	10,000,000
Common Stock Shares Issued Non Voting Right	1,873,320	1,873,320
Common Stock Shares Outstanding Non Voting Right	1,873,320	1,873,320
Treasury Stock Common Shares	2,295,038	2,315,045

Condensed Consolidated Statement Of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net Income (Loss)	$ (20,097)	$ (20,496)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,463	7,876
Stock-based compensation expense	31,903	19,979
Amortization of deferred contract costs	517	228
Change in fair value of contingent consideration	(894)	410
Deferred tax benefit	(1,045)	(584)
Provision for uncollectible accounts	(121)	599
Non-cash interest expense	138	144
Accretion of discounts on investments, net of amortization of premiums	(143)	0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(1,939)	(6,186)
Unbilled receivables	(2,363)	(1,511)
Funds receivable from payment partners	28,971	19,649
Prepaid expenses, other current assets and other assets	(4,421)	(1,030)
Funds payable to clients	(94,730)	(42,347)
Accounts payable, accrued expenses and other current liabilities	1,807	1,121
Contingent consideration	0	(467)
Other liabilities	(675)	(574)
Deferred revenue	(2,785)	(2,463)
Net cash used in operating activities	(57,414)	(25,652)
Cash flows from investing activities:
Purchase of short-term and long-term investments	(58,491)	0
Proceeds from sale of long-term investments	165	0
Capitalization of internally developed software	(3,304)	(2,812)
Purchases of property and equipment	(604)	(671)
Net cash used in investing activities	(62,234)	(3,483)
Cash flows from financing activities:
Contingent consideration paid for acquisitions	0	(1,207)
Payment of long-term debt issuance costs	(783)	0
Proceeds from the issuance of stock under Employee Stock Purchase Plan	1,415	864
Proceeds from exercise of stock options	3,227	6,044
Net cash provided by financing activities	3,859	5,701
Effect of exchange rates changes on cash and cash equivalents	481	320
Net decrease in cash and cash equivalents	(115,308)	(23,114)
Cash and cash equivalents, beginning of period	654,608	351,177
Cash and cash equivalents, end of period	539,300	328,063
Supplemental disclosures of cash flow and noncash information
Purchase of property and equipment in accounts payable	120	39
Issuance of common stock upon settlement of restricted stock units	50,115	20,423
Issuance of common stock for retention bonus	$ 324	$ 700

Investments

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Investment

Note 3. Investments

During the three months ended June 30, 2024, the Company invested in a diversified portfolio of highly rated marketable debt securities, all of which are classified as available-for-sale. Available-for-sale securities with remaining maturities of greater than three months but less than one year and those identified by management at the time of purchase to be used to fund operations within one year are classified as short-term. All other available-for-sale securities are classified as long-term. Available-for-sale debt securities with readily determinable market values are recorded at fair value, and unrealized holding gains and temporary losses are recorded as a component of accumulated other comprehensive income (loss), net of related estimated tax.

The Company evaluates its available-for-sale debt securities for other-than-temporary impairment on a quarterly basis. When a decline in fair value is determined to be other-than-temporary, the cost of the investment is adjusted to fair value by recording a loss on investments in the condensed consolidated statements of operations and comprehensive loss. Gains and losses on investments are calculated on the basis of specific identification. The Company reviews several factors to determine whether a loss is other-than-temporary, such as the length and extent of the fair value decline, the financial condition and near-term prospects of the issuer, market conditions and trends and whether the Company has the intent to sell or will more likely than not be required to sell before the securities' anticipated recovery, which may be at maturity.

The following table summarizes the estimated fair value of available-for-sale debt securities included within short-term and long-term investments as of June 30, 2024 (in thousands):


	June 30, 2024
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Accrued Interest Receivable		Aggregate Fair Value
Short-term investments
Corporate bonds	$	16,791	$	—	$	(8	)	$	—	$	134	$	16,917
U.S. Government obligations		14,729		—		(7	)		—		55		14,777
Total short-term investments	$	31,520	$	—	$	(15	)	$	—	$	189	$	31,694
Long-term investments
Corporate bonds	$	19,351	$	3	$	(8	)	$	—	$	203	$	19,549
U.S. Government obligations		3,625		1		—			—	28			3,654
Asset-backed Securities		3,549		1		(35	)		—	3			3,518
Total long-term investments	$	26,525	$	5	$	(43	)	$	—	$	234	$	26,721

The following table summarizes fair value of the Company's available-for-sale debt securities by remaining contractual maturity as of June 30, 2024 (in thousands):


Due within one year	$	31,694
Due after one year through five years		26,721
Total investments	$	58,415

As of June 30, 2024, approximately 28 out of approximately 35 investments in available-for-sale debt securities were in an unrealized loss position. The following table shows fair values and gross unrealized losses for available-for-sale debt securities that were in an unrealized loss position, for which an allowance for credit losses has not been recorded, as of June 30, 2024 (in thousands):


	June 30, 2024
	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Short-term investments
Corporate bonds	$	15,897	$	(8	)	$	—	$	—	$	15,897	$	(8	)
U.S. Government obligations		14,777		(7	)		—		—		14,777		(7	)
Total short-term investments	$	30,674	$	(15	)	$	—	$	—	$	30,674	$	(15	)
Long-term investments
Corporate bonds	$	14,677	$	(8	)	$	—	$	—	$	14,677	$	(8	)
U.S. Government obligations		292		—			—		—		292		—
Asset-backed Securities		2,327		(35	)		—		—		2,327		(35	)
Total long-term investments	$	17,296	$	(43	)	$	—	$	—	$	17,296	$	(43	)

Unrealized losses have not been recognized into loss as the Company neither intends to sell, nor anticipates that it is more likely than not that the Company will be required to sell, the securities before recovery of their amortized cost basis. The decline in fair value is due primarily to changes in market interest rates, rather than credit losses. Based on the evaluation of available evidence, the Company does not believe any unrealized losses represent other than temporary impairments.

During the three and six months ended June 30, 2024, the Company received $0.2 million from the sale of long-term investments. There have been no significant realized gains or losses on the sale of long-term investments during the three and six months ended June 30, 2024.

Business Overview and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

2023 Follow-On Public Offering

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements include the accounts of Flywire and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated upon consolidation.

Segment Information

Use of Estimates

Impact of Inflation

Inflation did not have a material effect on the Company's cash flows and results of operations during the three and six months ended June 30, 2024.

Concentrations of Credit Risk, Financial Instruments and Significant Clients


	June 30, 2024			December 31, 2023
Client A		10	%	*

___________________________

* Less than 10% of total balance.


	June 30, 2024			December 31, 2023
Partner A	*				14	%
Partner B	*				15	%
Partner C	*				13	%
Partner D	*				11	%
Partner E		38	%		20	%

______________________

* Less than 10% of total balance.

During the three and six months ended June 30, 2024 and 2023, no client accounted for 10% or more of total revenue.

Summary of Significant Accounting Policies

Advertising Costs

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted

The following ASUs were issued by the Financial Accounting Standards Board but not yet adopted by Flywire as of June 30, 2024:

Goodwill and Acquired Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in the Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill as of the dates presented (in thousands):


	June 30, 2024			December 31, 2023
Beginning balance	$	121,646		$	97,766
Goodwill related to acquisitions		—			20,705
Foreign currency translation adjustment		(989	)		3,175
Ending balance	$	120,657		$	121,646

Summary of Acquired Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization consisted of the following (dollars in thousands):


	June 30, 2024
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	39,340	$	(23,894	)	$	15,446		4.31
Acquired Relationships		103,337		(17,573	)		85,764		10.48
Trade Name/Trademark		133		(40	)		93		1.33
	$	142,810	$	(41,507	)	$	101,303

* Includes $(1,670) thousand of foreign currency translation adjustments.

** Includes $59 thousand of foreign currency translation adjustments.


	December 31, 2023
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	39,624	$	(21,446	)	$	18,178		4.71
Acquired Relationships		104,007		(14,143	)		89,864		11.04
Trade Name/Trademark		136		—			136		1.83
	$	143,767	$	(35,589	)	$	108,178

* Includes $(750) thousand of foreign currency translation adjustments.

** Includes $(41) thousand of foreign currency translation adjustments.

Schedule of Estimated Annual Amortization Expense Of Intangible Assets

As of June 30, 2024, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):


	Estimated Amortization Expense
Remaining of fiscal year 2024	$	5,949
2025		12,153
2026		11,427
2027		10,854
2028		10,508
2029		9,674
Thereafter		40,738
	$	101,303

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Investments - Schedule Of Estimated Fair Value Of Available-For-Sale Debt Securities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	$ 31,520
Gross Unrealized Gains	0
Gross Unrealized Losses	(15)
Allowance for Credit Losses	0
Accrued Interest Receivable	189
Estimated Fair Value	31,694
Long-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	26,525
Gross Unrealized Gains	5
Gross Unrealized Losses	(43)
Allowance for Credit Losses	0
Accrued Interest Receivable	234
Estimated Fair Value	26,721
Corporate bonds \| Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	16,791
Gross Unrealized Gains	0
Gross Unrealized Losses	(8)
Allowance for Credit Losses	0
Accrued Interest Receivable	134
Estimated Fair Value	16,917
Corporate bonds \| Long-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	19,351
Gross Unrealized Gains	3
Gross Unrealized Losses	(8)
Allowance for Credit Losses	0
Accrued Interest Receivable	203
Estimated Fair Value	19,549
U.S. Government obligations \| Short-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	14,729
Gross Unrealized Gains	0
Gross Unrealized Losses	(7)
Allowance for Credit Losses	0
Accrued Interest Receivable	55
Estimated Fair Value	14,777
U.S. Government obligations \| Long-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	3,625
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Accrued Interest Receivable	28
Estimated Fair Value	3,654
Asset-backed Securities \| Long-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	3,549
Gross Unrealized Gains	1
Gross Unrealized Losses	(35)
Allowance for Credit Losses	0
Accrued Interest Receivable	3
Estimated Fair Value	$ 3,518

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 7. Property and Equipment, net

Property and equipment, net consisted of the following as of the dates presented (in thousands):


	June 30, 2024			December 31, 2023
Computer equipment and software	$	3,825		$	3,681
Internal-use software		22,019			18,135
Furniture and fixtures		899			912
Leasehold improvements		5,393			5,431
Construction in progress		76			—
		32,212			28,159
Less: Accumulated depreciation and amortization*		(15,138	)		(13,025	)
	$	17,074		$	15,134

* For the six months ended June 30, 2024, accumulated depreciation and amortization expense included $(276) thousand of computer disposals and $(158) thousand of foreign currency translation adjustments. For the six months ended June 30, 2023, accumulated depreciation and amortization expense included $(93) thousand of computer disposals and $(99) thousand of foreign currency translation adjustments.

Depreciation of property and equipment and amortization of internal-use software for the three months ended June 30, 2024 and 2023 was $1.2 million and $1.2 million, respectively. Depreciation of property and equipment and amortization of internal-use software for the six months ended June 30, 2024 and 2023 was $2.5 million and $2.1 million, respectively.

The Company capitalized $3.9 million and $2.8 million in costs related to internal-use software during the six months ended June 30, 2024 and 2023, respectively. Software developed for internal use is amortized on a straight-line basis over its estimated useful life of five years.

As of June 30, 2024 and December 31, 2023, the carrying value of internal-use software was $14.8 million and $12.7 million, respectively. Amortization expense related to internal-use software for the three months ended June 30, 2024 and 2023 was $0.9 million and $0.8 million, respectively. Amortization expense related to internal-use software for the six months ended June 30, 2024 and 2023 was $1.8 million and $1.3 million, respectively.

Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Details) - StudyLink [Member] $ in Thousands	Nov. 03, 2023 USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 19,553
Developed Technology [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 7,397
Weighted-Average Estimated Amortization Periods	7 years
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 12,027
Weighted-Average Estimated Amortization Periods	14 years
Trademarks [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 129
Weighted-Average Estimated Amortization Periods	2 years

Net Loss per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

Note 13. Net Loss per Share

Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net loss attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares, if the effect of such shares is dilutive.

In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three and six months ended June 30, 2024 and 2023; accordingly, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders.

The rights, including the liquidation and dividend rights, of the voting and non-voting common stock are identical, except with respect to voting rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both voting and non-voting common stock on both individual and combined basis.

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(13,880	)	$	(16,813	)	$	(20,097	)	$	(20,496	)
Net loss attributable to common stockholders - basic and diluted	$	(13,880	)	$	(16,813	)	$	(20,097	)	$	(20,496	)
Denominator:
Weighted average common shares outstanding - basic and diluted		124,562,015			111,133,221			123,859,762			110,464,092
Net loss per share attributable to common stockholders - basic and diluted	$	(0.11	)	$	(0.15	)	$	(0.16	)	$	(0.19	)

Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented:


	June 30,
	2024		2023
Unvested restricted stock units		6,327,473		4,518,964
Stock options to purchase common stock		6,750,469		10,430,580
		13,077,942		14,949,544

Property And Equipment, Net - Schedule of Property Plant and Equipment ,Net (Details) - USD ($)
$ in Thousands

Jun. 30, 2024

Dec. 31, 2023

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 32,212

$ 28,159

Less: Accumulated depreciation and amortization

^[1]

(15,138)

(13,025)

Property, Plant and Equipment, Net

17,074

15,134

Computer equipment and software

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

3,825

3,681

Internal-use software

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

22,019

18,135

Furniture and Fixtures

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

899

912

Leasehold Improvements

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

5,393

5,431

Construction in progress

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 76

$ 0

[1]

Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] $ in Millions	Aug. 06, 2024 USD ($)
Share Repurchase Program [Member] \| Voting And Non Voting Common Stock [Member]
Subsequent Event [Line Items]
Authorized share repurchase program	$ 150.0
Invoiced Inc Acquisition [Member]
Subsequent Event [Line Items]
Payment for acquisition	55.0
Cash	47.5
Contingent consideration	$ 7.5

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment, Net

Property and equipment, net consisted of the following as of the dates presented (in thousands):


	June 30, 2024			December 31, 2023
Computer equipment and software	$	3,825		$	3,681
Internal-use software		22,019			18,135
Furniture and fixtures		899			912
Leasehold improvements		5,393			5,431
Construction in progress		76			—
		32,212			28,159
Less: Accumulated depreciation and amortization*		(15,138	)		(13,025	)
	$	17,074		$	15,134

Investments - Schedule Of Available-For-Sale Debt Securities By Remaining Contractual Maturity Date (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Fair Value
Due within one year	$ 31,694
Due after one year through five years	26,721
Total Investment	$ 58,415

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


	Measured at NAV as of June 30,		Measured at Fair Value as of June 30, 2024:
	2024		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents
Money market funds	$	276,807	$	—	$	—	$	—	$	276,807
Short-term investments
Corporate bonds		—		—		16,917		—		16,917
U.S. Government obligations		—		—		14,777		—		14,777
Total short-term investments		—		—		31,694		—		31,694
Long-term investments
Corporate bonds		—		—		19,549		—		19,549
U.S. Government obligations		—		—		3,654		—		3,654
Asset-backed Securities		—		—		3,518		—		3,518
Total long-term investments		—		—		26,721		—		26,721
Total financial assets	$	276,807	$	—	$	58,415	$	—	$	335,222
Financial Liabilities:
Foreign exchange contracts	$	—	$	—	$	—	$	4	$	4
Contingent consideration		—		—		—		1,917		1,917
Total financial liabilities	$	—	$	—	$	—	$	1,921	$	1,921

	Measured at NAV as of December 31,		Measured at Fair Value as of December 31, 2023:
	2023:		Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents
Money market funds	$	372,912	$	—	$	—	$	—	$	372,912
Foreign exchange contracts		—		—		—		16		16
Total financial assets	$	372,912	$	—	$	—	$	16	$	372,928
Financial Liabilities:
Contingent consideration	$	—	$	—	$	—	$	2,882	$	2,882
Total financial liabilities	$	—	$	—	$	—	$	2,882	$	2,882

Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration as of June 30, 2024 and December 31, 2023.


	June 30, 2024	December 31, 2023
Discount rate	7.4% - 7.6%	7.4% - 7.5%
Probability of successful achievement *	0% - 100%	29% - 95%

_____________________________

* Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them.

Summary of Changes in the Carrying Value of the Contingent Consideration

The following table summarizes the changes in the carrying value of the contingent consideration for the periods presented (in thousands):


	Three Months Ended June 30, 2024			Three Months Ended June 30, 2023		Six Months Ended June 30, 2024			Six Months Ended June 30, 2023
Beginning balance	$	2,281		$	41	$	2,882		$	1,332
Additions		—			—		—			2
Change in fair value		(416	)		—		(894	)		410
Contingent consideration paid *		—			—		—			(1,674	)
Foreign currency translation adjustment		52			1		(71	)		(28	)
Ending balance	$	1,917		$	42	$	1,917		$	42

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b5-1 Trading Plans During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company “adopted” or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K, as previously disclosed in Part II, Item 9B. included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholder's Equity (Tables)

6 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (loss)

The following table summarizes the changes in AOCI for the three months ended June 30, 2024 (in thousands):


	Unrealized Gains (Losses) on Available-for- sale Debt Securities, net			Foreign Currency Translation Adjustment			Estimated Tax (Expense) Benefit		Total
Beginning balance	$	—		$	(41	)	$	—	$	(41	)
Other comprehensive income (loss) before reclassifications		(53	)		193			—		140
Less: Amount of gain (loss) reclassified from AOCI		—			—			—		—
Net current period other comprehensive income (loss)		(53	)		193			—		140
Ending balance	$	(53	)	$	152		$	—	$	99

The following table summarizes the changes in AOCI for the six months ended June 30, 2024 (in thousands):


	Unrealized Gains (Losses) on Available-for- sale Debt Securities, net			Foreign Currency Translation Adjustment			Estimated Tax (Expense) Benefit		Total
Beginning balance	$	—		$	1,320		$	—	$	1,320
Other comprehensive loss before reclassifications		(53	)		(1,168	)		—		(1,221	)
Less: Amount of gain (loss) reclassified from AOCI		—			—			—		—
Net current period other comprehensive loss		(53	)		(1,168	)		—		(1,221	)
Ending balance	$	(53	)	$	152		$	—	$	99

Summary of Reserved Shares of Common Stock

As of June 30, 2024, the Company had reserved shares of common stock for future issuance as follows:


	June 30, 2024
Issued and outstanding stock options		6,750,469
Issued and outstanding restricted stock units		6,327,473
Available for issuance under the 2021 Equity Incentive Plan		17,725,359
Available for issuance under Employee Stock Purchase Plan		4,720,458
Committed to settling employee retention		83,996
Available for conversion of non-voting common stock		1,873,320
		37,481,075

Goodwill and Acquired Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Note 9. Goodwill and Acquired Intangible Assets

Goodwill

The following table summarizes the changes in the carrying amount of goodwill as of the dates presented (in thousands):


	June 30, 2024			December 31, 2023
Beginning balance	$	121,646		$	97,766
Goodwill related to acquisitions		—			20,705
Foreign currency translation adjustment		(989	)		3,175
Ending balance	$	120,657		$	121,646

Acquired Intangible Assets

Acquired intangible assets subject to amortization consisted of the following (dollars in thousands):


	June 30, 2024
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	39,340	$	(23,894	)	$	15,446		4.31
Acquired Relationships		103,337		(17,573	)		85,764		10.48
Trade Name/Trademark		133		(40	)		93		1.33
	$	142,810	$	(41,507	)	$	101,303

* Includes $(1,670) thousand of foreign currency translation adjustments.

** Includes $59 thousand of foreign currency translation adjustments.


	December 31, 2023
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	39,624	$	(21,446	)	$	18,178		4.71
Acquired Relationships		104,007		(14,143	)		89,864		11.04
Trade Name/Trademark		136		—			136		1.83
	$	143,767	$	(35,589	)	$	108,178

* Includes $(750) thousand of foreign currency translation adjustments.

** Includes $(41) thousand of foreign currency translation adjustments.

Amortization expense for the three months ended June 30, 2024 and 2023 was $3.0 million and $3.0 million, respectively. Amortization expense for the six months ended June 30, 2024 and 2023 was $5.9 million and $5.8 million, respectively.

As of June 30, 2024, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):


	Estimated Amortization Expense
Remaining of fiscal year 2024	$	5,949
2025		12,153
2026		11,427
2027		10,854
2028		10,508
2029		9,674
Thereafter		40,738
	$	101,303

Debt - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 23, 2024	Jul. 29, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Interest Expense			$ 133	$ 78	$ 275	$ 181
Amortization of Debt Issuance Costs and Discounts					100	$ 100
Amortization of debt issuance costs			100	$ 100
Unused Letter Of Credit			2,700		$ 2,700		$ 700
Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit, total commitment	$ 125,000	$ 50,000
Revolving Credit Facility includes an incremental facility	50,000
Letter Of Credit Sub Facility Included In Borrowings	10,000	5,000
Swingline Sub Facility Included In Borrowing	5,000	$ 5,000
Replace Revolving Credit Facility	$ 50,000						50,000
Line of Credit Facility, Interest Rate Description					ABR borrowings bear interest at the ABR plus the applicable rate. Term SOFR borrowings bear interest at the Adjusted Term SOFR for the interest period plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 1/2 of 1%, or (c) the Adjusted Term SOFR for a one-month interest period, plus 1%. The Adjusted Term SOFR is equal to the sum of (a) Term SOFR for such interest period, plus (b) the SOFR adjustment of 0.10%. The applicable rate is based upon the Company’s consolidated total net leverage ratio as of the most recent consolidated financial information and ranges from 1.0% to 2.5%.
Debt Issuance Costs, Net			800		$ 800
Repayment on revolving credit facility					0		$ 0
Revolving Credit Facility \| Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line of Credit Facility, Interest Rate During Period	1.00%
Revolving Credit Facility \| Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Line of Credit Facility, Interest Rate During Period	2.50%
2021 Revolving Credit Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Net			$ 100		$ 100

Goodwill and Acquired Intangible Assets -Summary of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 121,646	$ 97,766
Goodwill related to acquisitions	0	20,705
Foreign currency translation adjustment	(989)	3,175
Ending balance	$ 120,657	$ 121,646

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]

Liabilities, Current

Contingent Consideration [Member]

Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]

Beginning balance

$ 2,281

$ 41

$ 2,882

$ 1,332

Additions

Change in fair value

(416)

(894)

410

Contingent consideration paid

^[1]

(1,674)

Foreign Currency Translation Adjustment

(71)

(28)

Ending balance

$ 1,917

$ 42

$ 1,917

$ 42

[1]

For the six months ended June 30, 2023, contingent consideration paid has been bifurcated between the financing and operating sections of the condensed consolidated statement of cash flows. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the condensed consolidated statement of cash flows, while any excess is reported in the operating section of the condensed consolidated statement of cash flows.

Revenue and Recognition - Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue Recognition [Abstract]
Accounts receivable, net	$ 20,275	$ 18,215
Unbilled receivables, net	13,052	10,689
Deferred revenue - current	4,183	6,968
Deferred revenue - non-current	$ 169	$ 169

Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule Of Estimated Fair Value Of Available-For-Sale Debt Securities Included Within Short-Term And Long-Term Investments

The following table summarizes the estimated fair value of available-for-sale debt securities included within short-term and long-term investments as of June 30, 2024 (in thousands):


	June 30, 2024
	Gross Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Allowance for Credit Losses		Accrued Interest Receivable		Aggregate Fair Value
Short-term investments
Corporate bonds	$	16,791	$	—	$	(8	)	$	—	$	134	$	16,917
U.S. Government obligations		14,729		—		(7	)		—		55		14,777
Total short-term investments	$	31,520	$	—	$	(15	)	$	—	$	189	$	31,694
Long-term investments
Corporate bonds	$	19,351	$	3	$	(8	)	$	—	$	203	$	19,549
U.S. Government obligations		3,625		1		—			—	28			3,654
Asset-backed Securities		3,549		1		(35	)		—	3			3,518
Total long-term investments	$	26,525	$	5	$	(43	)	$	—	$	234	$	26,721

Schedule Of Available-For-Sale Debt Securities By Remaining Contractual Maturity Date

The following table summarizes fair value of the Company's available-for-sale debt securities by remaining contractual maturity as of June 30, 2024 (in thousands):


Due within one year	$	31,694
Due after one year through five years		26,721
Total investments	$	58,415

Schedule Of Gross Unrealized Losses And Fair Values For Available-For-Sale Debt Securities

The following table shows fair values and gross unrealized losses for available-for-sale debt securities that were in an unrealized loss position, for which an allowance for credit losses has not been recorded, as of June 30, 2024 (in thousands):


	June 30, 2024
	Less than 12 Months					12 Months or Longer				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Short-term investments
Corporate bonds	$	15,897	$	(8	)	$	—	$	—	$	15,897	$	(8	)
U.S. Government obligations		14,777		(7	)		—		—		14,777		(7	)
Total short-term investments	$	30,674	$	(15	)	$	—	$	—	$	30,674	$	(15	)
Long-term investments
Corporate bonds	$	14,677	$	(8	)	$	—	$	—	$	14,677	$	(8	)
U.S. Government obligations		292		—			—		—		292		—
Asset-backed Securities		2,327		(35	)		—		—		2,327		(35	)
Total long-term investments	$	17,296	$	(43	)	$	—	$	—	$	17,296	$	(43	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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+ Details

Condensed Consolidated Statements of Operations And Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 103,676	$ 84,869	$ 217,779	$ 179,226
Costs and operating expenses:
Payment processing services costs	39,899	33,804	81,549	67,659
Technology and development	15,834	16,016	32,571	30,539
Selling and marketing	31,771	27,273	61,854	51,707
General and administrative	31,959	24,584	63,555	52,697
Total costs and operating expenses	119,463	101,677	239,529	202,602
Loss from operations	(15,787)	(16,808)	(21,750)	(23,376)
Other income (expense):
Interest expense	(133)	(78)	(275)	(181)
Interest income	5,719	1,935	11,598	3,870
Gain(loss) from remeasurement of foreign currency	998	(755)	(3,378)	715
Total other income (expense), net	6,584	1,102	7,945	4,404
Loss before provision for income taxes	(9,203)	(15,706)	(13,805)	(18,972)
Provision for income taxes	4,677	1,107	6,292	1,524
Net loss	(13,880)	(16,813)	(20,097)	(20,496)
Other comprehensive income (loss):
Foreign currency translation adjustment	193	2,449	(1,168)	2,082
Unrealized losses on available-for-sale debt securities, net of taxes	(53)	0	(53)	0
Total other comprehensive income (loss)	140	2,449	(1,221)	2,082
Comprehensive loss	(13,740)	(14,364)	(21,318)	(18,414)
Net loss attributable to common stockholders - basic	(13,880)	(16,813)	(20,097)	(20,496)
Net loss attributable to common stockholders - diluted	$ (13,880)	$ (16,813)	$ (20,097)	$ (20,496)
Net loss per share attributable to common stockholders - basic	$ (0.11)	$ (0.15)	$ (0.16)	$ (0.19)
Net loss per share attributable to common stockholders - diluted	$ (0.11)	$ (0.15)	$ (0.16)	$ (0.19)
Weighted average common shares outstanding - basic	124,562,015	111,133,221	123,859,762	110,464,092
Weighted average common shares outstanding - diluted	124,562,015	111,133,221	123,859,762	110,464,092

Investments (Additional Information) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) Numbers	Jun. 30, 2024 USD ($) Numbers	Jun. 30, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions \| Numbers	28	28
Proceeds from sale of long-term investments \| $	$ 200	$ 165	$ 0
Sale of Long-Term investments \| $	$ 0	$ 0
Maximum [Member]
Debt Securities, Available-for-Sale [Line Items]
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions \| Numbers	35	35

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Goodwill and Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining of fiscal year 2024	$ 5,949
2025	12,153
2026	11,427
2027	10,854
2028	10,508
2029	9,674
Thereafter	40,738
Net Carrying Amount	$ 101,303	$ 108,178

Property And Equipment, Net - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Property Plant And Equipment [Line Items]

Depreciation and amortization expense

$ 1,200

$ 2,500

$ 2,100

Accumulated depreciation property, plant, and equipment

^[1]

15,138

$ 13,025

Capitalisation cost

3,900

2,800

3,900

2,800

Carrying value of internal use software

14,800

$ 12,700

Amortization expense related to internal use software

$ 900

$ 800

$ 1,800

$ 1,300

[1]

Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued employee compensation and related taxes	$ 15,930	$ 19,748
Accrued vendor liabilities	3,070	4,193
Accrued income and other non-employee related taxes	11,227	6,270
Accrued professional services	2,661	2,139
Current portion of operating lease liabilities	1,498	1,465
Other accrued expenses and current liabilities	9,150	9,500
Accrued expenses and other current liabilities	$ 43,536	$ 43,315

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Provision for income taxes	$ 4,677	$ 1,107	$ 6,292	$ 1,524
Provision for Income Tax
Income Tax Contingency [Line Items]
Provision for income taxes	$ 4,700	$ 1,100	$ 6,300	$ 1,500

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Subparagraph (a)
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details