0000950170-25-027078 | 10-K | XBRL Viewer

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Property And Equipment, Net - Summary of Company Property and Equipment, Net Based on Geography (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, net	$ 17,160	$ 15,134
United States (U.S.) [Member]
Property Plant And Equipment [Line Items]
Property and equipment, net	15,903	13,503
United Kingdom [Member]
Property Plant And Equipment [Line Items]
Property and equipment, net	53	105
Other countries [Member]
Property Plant And Equipment [Line Items]
Property and equipment, net	$ 1,204	$ 1,526

Business Overview and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Sep. 12, 2023 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) Segment $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($)	Aug. 09, 2023 $ / shares shares
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock, Shares Authorized \| shares		2,000,000,000	2,000,000,000
Common Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Contingent Consideration Payments		$ 1,100,000
Number of Operating Segments \| Segment		1
Number of Reportable Segments \| Segment		1
Common Stock Shares Authorized Non Voting Right \| shares		10,000,000
Preferred Stock, Shares Authorized \| shares		10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 0.0001	$ 0.0001
Issuance of common stock upon exercise of stock options, net of tax withheld, Shares \| shares		1,799,325
Cash, FDIC Insured Amount		$ 250,000
Capitalized computer software		$ 15,400,000	$ 12,700,000
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]		Property, Plant and Equipment, Net
Interest income		$ 21,440,000	13,349,000	$ 3,244,000
Advertising Expense		$ 7,500,000	6,600,000	$ 4,900,000
Employee Stock Purchase Plan Offering Period		6 months
Employee Stock Purchase Plan Forfeiture Rate		5.00%
Impairments recorded for the Company's long-lived assets		$ 0
ROU assets		$ 3,381,000	$ 3,422,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets, Noncurrent	Other Assets, Noncurrent
Operating lease liabilities		$ 3,534,000	$ 3,551,000
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Liabilities	Liabilities
Nonvoting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock Shares Authorized Non Voting Right \| shares		10,000,000	10,000,000
Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated useful life of intangible asset		15 years
Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated useful life of intangible asset		1 year
Computer Equipment [Member] \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Useful Life		5 years
Computer Equipment [Member] \| Minimum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Useful Life		3 years
Internal-use software [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Estimated useful life of intangible asset		5 years
Useful Life		5 years
Furniture and Fixtures [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Useful Life		3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Useful Life		3 years
Leasehold Improvements [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]		Property, Plant and Equipment, Net
Revenue Benchmark \| No Client [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers		10.00%	10.00%	10.00%
Funds Receivable \| All Client [Member] \| Partner Concentration Risk [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Concentration risk, percentage		10.00%
Accounts Receivable \| No Client [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Accountable Recivable, Percentage		10.00%	10.00%
Follow On Public Offering [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Excess Stock, Shares Issued \| shares					8,000,000
Shares Issued, Price Per Share \| $ / shares	$ 32				$ 32
Proceeds from Issuance of Common Stock	$ 260,100,000
Underwriting discount	10,900,000
Other offering costs	$ 1,100,000
Follow On Public Offering [Member] \| Voting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Excess Stock, Shares Issued \| shares					1,200,000
Stock shares issued during the period shares \| shares	500,000

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Operating Lease, Lease Income [Abstract]

Schedule of Supplemental Cash Flow

ROU assets are included in Other assets and operating lease liabilities are included in Other liabilities.


(amounts in thousands)	2024			2023
ROU assets	$	3,381		$	3,422
Operating lease liabilities		3,534			3,551
Weighted-average remaining lease terms		2.6		2.63 years
Weighted-average discount rate		6.9	%		6.4	%

Schedule of Supplemental Cash Flow

Supplemental cash flow information related to leases was as follows:


(amounts in thousands)	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,842	$	2,067
ROU assets obtained in exchange for operating lease liabilities		1,660		2,322

Schedule of Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2024, were as follows (in thousands):


Years Ending December 31,
2025	$	1,904
2026		926
2027		654
2028		319
2029		74
Thereafter		—
Total undiscounted lease payments	$	3,877
Less - present value discount		343
Lease liability, at present value	$	3,534

Future minimum lease payments as of December 31, 2023 were as follows (in thousands):


Years Ending December 31,
2024	$	1,643
2025		1,202
2026		676
2027		319
2028		—
Thereafter		—
Total undiscounted lease payments	$	3,840
Less - present value discount		320
Lease liability, at present value	$	3,520

Schedule of Components of Operating Lease Expense

The components of operating lease expense during the year ended December 31, 2024, 2023 and 2022 are shown on the table below (in thousands):.


(amounts in thousands)	2024		2023		2022
Operating lease expense	$	1,973	$	1,691	$	1,615
Short-term lease expense		118		159		473
Variable lease expense		279		237		218
Total operating lease expense	$	2,370	$	2,087	$	2,306

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

Note 3. Segment Information

The Company has a single operating and reportable segment. The Company’s chief operating decision maker (CODM) 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.

Beginning in 2024 annual reporting, we adopted ASU 2023-07 retrospectively. The following table presents the Company's significant segment expenses and other segment items for the years ended December 31, 2024, 2023 and 2022. The CODM does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions; therefore, such information is not presented.


	December 31,
(in thousands)	2024			2023			2022
Revenue Less Ancillary Services (a)	$	474,311		$	381,506		$	267,047
Less:
Payment processing services costs		161,086			127,303			85,512
Personnel expense (b)		154,969			137,127			109,486
Other segment items (c)		81,247			77,014			56,851
Depreciation and amortization expense		18,541			16,368			14,103
Stock-based compensation expense		65,754			45,215			31,317
Interest expense		538			372			1,211
Interest income		21,440			13,349			3,242
Gain (loss) from remeasurement of foreign currency		(11,756	)		4,192			(9,168	)
(Benefit from) provision for income taxes		(1,040	)		4,214			1,988
Segment income (loss)		2,900			(8,566	)		(39,347	)

(a) Revenue less Ancillary Services represents segment revenue.

(b) Personnel expense includes employees' and contractors' compensation in Technology and development, Selling and marketing and General and administrative operating expenses.

(c) Other segments items included in segment income (loss) includes the following expenses: professional fees, marketing, travel, facilities, software, acquisition and other general and administrative.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 410	$ 507
Allowance For Unbilled Receivables Current	$ 36	$ 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	126,853,852	123,010,207
Common Stock, Shares, Outstanding	122,182,878	120,695,162
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000
Treasury stock common shares	4,670,974	2,315,045
Nonvoting Common Stock
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,900	$ (8,566)	$ (39,347)

- 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

Business Overview and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

2023 Follow-On Public Offering

On August 9, 2023, the Company entered into an Underwriting Agreement with Goldman Sachs & Co. LLC, as 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. In addition, pursuant to the terms of the Underwriting Agreement, the Company granted the Option to purchase up to 1,200,000 additional shares of voting common stock.

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 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 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). Intercompany accounts and transactions have been eliminated upon consolidation.

Segment Information

The Company has a single operating and reportable segment. See Note 3 - Segment Information for additional details regarding the Company's significant segment expenses.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the 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, 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 year ended December 31, 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. The Company's access to its 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 during the years ended December 31, 2024, 2023 and 2022.

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 of December 31, 2024 and 2023, there was no client that represented 10% or more of accounts receivable, net.

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:


	December 31,
	2024			2023
Partner A		19	%		14	%
Partner B		11	%		15	%
Partner C	*				13	%
Partner D	*				11	%
Partner E		28	%		20	%

* Less than 10% of total balance.

During the years ended December 31, 2024, 2023 and 2022, no client accounted for 10% or more of total revenue.

Cash Equivalents and Restricted Cash

Cash equivalents consist of short-term, highly liquid investments with stated maturities of three months or less from the date of purchase. 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.

Restricted cash consists of amounts required to be maintained to cover certain banks’ or clients’ credit risk exposure related to facilitating payments for the Company. The Company did not have any restricted cash as of December 31, 2024 and 2023.

Investments

During the year ended December 31, 2024, the Company began investing in a diversified portfolio of highly rated marketable debt securities, all of which are classified as available-for-sale. Available-for-sale debt 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 (loss) income, 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 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.

Allowance for Credit Losses

Accounts receivable represent client obligations that are unconditional. The Company’s accounts receivable do not bear interest and generally does not require collateral or other security to support related receivables. Unbilled receivables represent the Company's unconditional right to payment. Accounts receivable and unbilled receivables are presented net of an estimated allowance for credit losses for amounts that may not be collectible over the estimated life of the assets.

The allowance for credit losses is determined by applying a loss-rate method based on an aging schedule using the Company's historical loss rates. 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 adequacy of the allowance for credit losses is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries, if any, are credited to the allowance. Adjustments to the allowance for credit losses are recorded within general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Property and Equipment, net

Property and equipment consist primarily of computer equipment and software, internal-use software, furniture and fixtures and leasehold improvements. Property and equipment are stated at historical cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which is between three to five years for computer equipment and software, five years for internal-use software, three years for furniture and fixtures, and the lesser of the useful life or remaining non-cancelable term of the lease for leasehold improvements. Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in income (loss) from operations in the consolidated statements of operations and comprehensive loss.

Impairment of Long-Lived Assets

The Company continually evaluates the recoverability of long-lived asset (asset group) when events and changes in circumstances indicate that the carrying amount of the long-lived asset group may not be fully recoverable. Factors the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. When indicators of impairment are present, the Company compares forecasts of undiscounted future cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. There were no impairments recorded for the Company’s long-lived assets during any of the periods presented.

Intangible Assets, net

Intangible assets consist of acquired developed technology, acquired relationships and trade names and associated trademarks. Intangible assets are recognized at fair value using generally accepted valuation methods deemed appropriate for the type of intangible asset acquired, and reported net of accumulated amortization, separately from goodwill.

The Company estimates the fair value of acquired developed technology and trade name and associated trademarks under the income approach using the relief-from-royalty method. The relief-from-royalty method estimates the

cost savings that accrue to the owner of an intangible asset who would otherwise have to pay royalties or a license fee on revenues earned through the use of the asset. The estimated royalty rate is determined based on the assessment of a reasonable royalty rate that a third party would negotiate in an arm’s-length license agreement for the use of the technology, trade name or trademark. The Company estimates the fair value of acquired relationships under the income approach using the multi-period excess earnings method. The multi-period excess earnings method estimates the present value of the incremental after-tax cash flows solely attributable to the intangible asset. The estimated fair values of these intangible assets reflect various assumptions including discount rates, revenue growth rates, operating margins, terminal values and other prospective financial information.

Intangible assets are amortized using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be realized over their estimated useful lives ranging from one to fifteen years. The useful lives for developed technology are determined based on expectations regarding the evolution of existing technology and future investments. The useful lives for acquired related intangible assets are determined based primarily on forecasted cash flows, which include estimates for the revenues, expenses and customer attrition associated with the assets. The useful lives of definite-lived trademarks and trade names are based on the Company’s plans to phase out the trademarks and trade names in the applicable markets.

No significant residual value is estimated for intangible assets.

Software Developed for Internal Use

Software Developed for Internal-Use

The Company capitalizes costs related to internal-use software during the application development stage including third-party consulting costs and compensation expenses related to FlyMates who devote time to the development of the projects. The Company records software development costs in property and equipment. Costs incurred in the preliminary stages of development activities and post implementation activities are expensed in the period incurred and are included in technology and development expense in the consolidated statements of operations and comprehensive loss. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Once the additional functionality is available for general use, capitalization ceases and the asset begins being amortized. The Company periodically assesses whether triggering events are present to review the useful lives of internal-use software. Unforeseen circumstances in software development, such as a significant change in the manner in which the software is intended to be used, obsolescence or a significant reduction in revenues due to attrition, could require us to implement alternative plans with respect to a particular effort, which could result in the impairment of previously capitalized software development costs. Software developed for internal-use is amortized straight-line over its estimated useful life of five years.

Goodwill

The Company tests goodwill for impairment on an annual basis on the first day of the fourth quarter or more frequently if events or changes in circumstances indicate that goodwill may be impaired. The Company’s goodwill impairment test is performed at the enterprise level given it is the sole reporting unit. Events that could indicate goodwill impairment and trigger an interim impairment assessment include, but are not limited to, market conditions, economic conditions, entity-specific financial performance and other events such as significant adverse change in legal factors, business climate, operational performance of the business or key personnel, and an adverse action or assessment by a regulator. Goodwill is tested for impairment by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the reporting unit does not pass the qualitative assessment, then the reporting unit’s carrying value is compared to its fair value, including goodwill. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value. The fair value of the reporting unit is estimated using a combination of income and market approaches. The discounted cash flow method, a form of the income approach, uses expected future operating results and a market participant discount rate. The market approach uses comparable company prices and other relevant information generated by market transactions (either publicly traded entities or mergers and acquisitions) to develop pricing metrics to be applied to historical and expected future operating results of the reporting unit. Failure to achieve these expected results, changes in the discount rate or market pricing metrics, may cause a future impairment of goodwill. There were no impairments of goodwill during any of the periods presented.

Leases

The Company recognizes leases on its consolidated balance sheets as right-of-use (ROU) assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities represent obligations to make lease payments arising from the leases. ROU assets are included in Other assets and

lease liabilities are included in Other liabilities. Lease classification is determined at commencement date. All of the Company's leases are accounted for as operating leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As the implicit rate of the leases is not determinable, the Company uses its incremental borrowing rate in determining the present value of the lease payments. ROU assets are adjusted for deferred rent and any lease incentives. Variable lease payments for maintenance, property taxes and other operating expenses are recognized as expense in the period in which the obligation for the payment is incurred. The Company elected not to separate lease and non-lease components, as well as the short-term lease recognition exemption and will not recognize ROU assets or lease liabilities for leases with a term less than 12 months. The operating lease expense associated with operating leases is recognized as a single lease cost on a straight-line basis over the lease term and is included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

Business Combinations

In determining whether an acquisition should be accounted for as a business combination or an asset acquisition, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not considered a business acquisition. If substantially all of the fair value of the gross assets acquired is not concentrated in a single identifiable asset or group of similar identifiable assets, the Company further evaluates whether the integrated set of assets and activities include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. If so, the Company concludes that the integrated set of assets and activities is a business acquisition.

The Company accounts for business acquisitions using the acquisition method of accounting. In accordance with this method, assets acquired and liabilities assumed are recorded at their respective fair values at the acquisition date. The fair value of the consideration paid, including contingent consideration, is assigned to the assets acquired and liabilities assumed based on their respective fair values. Goodwill represents the excess of the purchase price over the estimated fair values of the assets acquired and liabilities assumed. Contract assets and contract liabilities acquired in a business combination are recognized and measured as if the acquirer entered into the original contract at the same time and same date as the acquiree in accordance with Topic 606.

Determining the fair value of assets acquired and liabilities assumed is judgmental in nature and can involve the use of significant estimates and assumptions. Fair value and useful life determinations are based on, among other factors, estimates of future expected cash flows, revenue growth rates, royalty rates, operating margins and appropriate discount rates used in computing present values. These estimates may materially impact the net income or loss in periods subsequent to acquisition through depreciation and amortization, and in certain instances through impairment charges, if assets become impaired in the future. Additionally, actual results may vary from these estimates that may result in adjustments to goodwill and acquisition date fair values of assets and liabilities during a measurement period or upon a final determination of asset and liability fair values, whichever comes first. Adjustments to fair values of assets and liabilities made after the end of the measurement period are recorded within operating results.

Contingent consideration in business combinations is recognized at fair value on the acquisition date. Subsequent to the acquisition date, at each reporting date, the contingent consideration is remeasured and changes in the fair value resulting from changes in the underlying inputs are recognized in general and administrative expense in the consolidated statements of operations and comprehensive loss until the contingent consideration is settled.

The fair value of the contingent consideration in the Company's consolidated balance sheets was determined using either an option pricing model that reflects the Company’s expectations about the probability of payment based on facts and circumstances that existed at the acquisition closing date or a scenario-based method formed on the likelihoods of achieving each of the milestones. See Note 5 - Fair Value Measurements for inputs used to fair value contingent consideration.

Transaction costs related to business combinations are expensed as incurred and are included in general and administrative expense in consolidated statements of operations and comprehensive loss.

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.

Foreign Currency Translation and Transactions

The Company’s reporting currency is the U.S. Dollar. The financial statements of the Company’s foreign subsidiaries are translated from local currency into U.S. dollars using the exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate in effect during the period for revenue and expenses. The functional currency of the Company and its subsidiaries, with the exception of its U.K. and Australian subsidiaries, is the U.S. Dollar. The functional currency for the U.K. and the Australian subsidiaries is considered to be the local currency and, accordingly, translation adjustments for these entities are included as a component of accumulated other comprehensive (loss) income in the Company’s consolidated balance sheets. Gains and losses from the remeasurement of foreign currency transactions into the functional currency are recognized as in the consolidated statements of operations and comprehensive loss.

Derivative Instruments and Hedging

The Company generates revenues and incurs expenses by processing payments in foreign currencies. Changes in the value of foreign currencies could impact the Company’s consolidated statements of operations and comprehensive loss. To mitigate the volatility related to fluctuations in the foreign exchange rates, the Company enters into non-deliverable forward foreign currency contracts.

The Company’s foreign currency forward contracts economically hedge certain risk but are not designated as hedges for financial reporting purposes. All changes in the fair value of these derivative instruments are recorded as foreign currency transaction gains or losses and are included as a component of general and administrative in the consolidated statements of operations and comprehensive loss. The Company records all derivative instruments in the

consolidated balance sheet at their fair values in prepaid expenses and other current assets and accrued expenses and other current liabilities.

Revenue Recognition

Revenue is recognized when a customer obtains control of the promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In order to achieve this core principle, the Company applies the following five steps:

(i)

Identify the contract(s) with a customer.

(ii)

Identify the performance obligations in the contract.

(iii)

Determine the transaction price.

(iv)

Allocate the transaction price to the performance obligations in the contract.

(v)

Recognize revenue as the entity satisfies a performance obligation.

The Company derives revenue primarily from transactions and platform and other revenues.

Transaction Revenue - relates to fees charged for payment processing services provided to educational institutions, healthcare entities and other commercial entities (each a client), which is comprised of processing domestic and cross-border transactions. The Company’s services relate to facilitating payments from individuals, such as students and patients, and organizations (client’s customer) to clients. Fees charged for payment processing services consist of a rate applied to the monetary value of the payment and can vary based on the currency pair conversion the transaction is settling in, as well as the geographic region in which the client and the client’s customer resides. Fees received are recorded as revenue in the consolidated statements of operations and comprehensive loss upon completion of the payment processing transaction. The Company does not recognize the underlying amount of the transaction being settled between the client and the client’s customer as revenue in the consolidated statements of operations and comprehensive loss, as the Company is not the responsible party for fulfilling the obligation between the client and the client’s customer. Therefore, revenue is only recognized for the fee to which the Company is entitled for processing the payment.

The money can be wired directly from the client’s customer to the Company; however, in certain situations when the client’s customer resides in a country where the Company does not have an active bank account, the Company uses third-party service providers (Partners) to collect wired funds before remitting the funds to the Company. On a recurring basis, the Partner invoices the Company a fee for each payment processed and deposited into the Company’s bank account. The fee paid to Partners as well as any foreign exchange banking fees paid by the Company are reflected in the payment processing services costs line in the consolidated statements of operations and comprehensive loss.

Once a Partner receives funds from a client’s customer, the Company has the right to receive those funds from the Partner. The funds are not remitted to the Company immediately. When the Partner receives funds from the client’s customer, the Company records a receivable, which is included in funds receivables from payment partners, and a corresponding liability, included in funds payable to clients, in the consolidated balance sheets. The amounts are generally collected or paid within one to 30 days. Partners report to the Company the funds received from the client’s customer on a daily basis. Revenue in transactions where Partners are involved is not recognized until the payment is remitted to clients.

The Company also earns revenue from fees charged to credit card service providers for marketing arrangements in which the Company performs certain marketing activities to increase the awareness of the credit card provider and promote certain methods of payment. Consideration under these arrangements include fixed fees and variable fees based on a percentage of transactions processed during the duration of the marketing program. Marketing services provided leverages the Company’s existing network and transaction processing platform; therefore, these arrangements are considered part of the Company’s ordinary business activities.

In certain circumstances, the Company provides marketing services to financial institutions that are considered both a client (for marketing services) and a service provider (for processing payments). Each one of these services are negotiated separately, each agreement is for distinct service and they are priced at fair value;

therefore, fees included in the marketing arrangements are accounted for as revenue, while fees paid by the Company are accounted for as payment processing services cost.

Platform and other revenues - primarily includes (i) fees earned for the utilization of the Company's platforms to optimize cash collections and student application processing, which include revenue earned from software subscription fees and usage-based fees, (ii) fees for the establishment of payment plans on the Company's payment platform, (iii) fees related to printing, mailing, and other services which are ancillary to the solutions the Company provides to its clients, (iv) commissions from insurance providers when an end-user purchases an insurance policy, and (v) revenue from interest earned on funds held for customers in interest-bearing accounts. Platform and other revenues has been referred to as platform and usage-based fee revenue in prior filings.

Performance Obligations

Substantially all of the Company’s arrangements represent a single promise to provide continuous access to the Company’s platform to perform payment processing services, cash collection optimization services, marketing, printing and mailing services, on an as-needed basis.

As each day of providing these services is substantially the same and the client simultaneously receives and consumes the benefits as services are provided, these services are viewed as a single performance obligation comprised of a series of distinct daily services. The Company satisfies its performance obligation as these services are provided. Revenue is recognized in the month the service is complete.

For those arrangements that include fixed consideration, the fixed component is recognized ratably over the service period while variable consideration is recognized in the period earned.

The Company considers implementation services as an activity to fulfill a contract, rather than a distinct performance obligation as the client does not obtain benefits from the implementation service alone. The Company charges an immaterial amount for implementation services.

Variable Consideration

The Company’s contracts contain variable consideration as the amount the Company expects to receive in a contract is based on the occurrence or non-occurrence of future events, such as processing services performed as a transaction-based pricing arrangement. The variable consideration relates specifically to the Company’s effort to transfer each distinct daily service, as such the Company allocates the variable consideration earned to the distinct day in which those activities are performed and it recognizes these fees as revenue in period earned, at which point the variable amount is known and it does not require estimation.

Payment Terms

The Company’s payment terms vary by type of client, client’s customers and services offered and ranges between one and 60 days. Typically, the Company charges either a fixed fee, a fixed fee per transaction or percentage of transaction value or a combination of both.

The Company does not assess whether a significant financing component exists if the period between performance obligations under the contract and payment is one year or less. None of the Company’s contracts contain a significant financing component as of December 31, 2024, 2023 and 2022.

Other Revenue Recognition Policies

The Company incurs costs in processing payments which may include banking, credit card processing, foreign currency translation, partner fees, printing and mailing fees. These fees are direct costs of the Company in providing payment processing services. Since the Company controls the related payment processing service, it is responsible for completing the payment, bears primary responsibility for the fulfillment of the payment service, and it has full discretion in determining the fee charged, the Company is acting as a principal. As such, the Company recognizes fees charged to its clients on a gross basis.

Remaining Performance Obligations

The Company does not disclose the value of remaining performance obligations for (i) contracts with an original contract term of one year or less, (ii) contracts for which the Company recognizes revenue at the amount to which it has

the right to invoice when that amount corresponds directly with the value of services performed, and (iii) variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied distinct service that forms part of a single performance obligation.

See Note 2 - Revenue and Recognition for additional information on revenue recognition.

Payment Processing Services Costs

Payment processing services costs consist of costs incurred to process payment transactions which include banking and credit card processing fees, foreign currency translation costs, partner fees, personnel-related expenses for our FlyMates who facilitate these payments and personnel related expenses to our FlyMates who provide implementation services to the Company’s clients.

Technology and Development

Technology and development includes (a) costs incurred in connection with the development of the Company’s transaction processing and payments platform, new solutions, and the improvement of existing solutions, including the amortization of software and website development costs incurred in developing transaction processing and payments platform, which are capitalized, and acquired developed technology, (b) site operations and other infrastructure costs incurred to support the transaction processing and payments platform, (c) amortization related to capitalized cost to fulfill a contract, (d) personnel-related expenses, including salaries, stock based compensation and other expenses, (e) hardware and software engineering, consultant services and other costs associated with the Company’s technology platform and products, (f) research materials and facilities and (g) depreciation and maintenance expense.

Selling and Marketing

Selling and marketing expenses consist of personnel-related expenses, including stock-based compensation expense, sales commissions, amortization of acquired customer relationship intangible assets, marketing program expenses, travel-related expenses and costs to market and promote the Company's solutions through advertisements, marketing events, partnership arrangements, and direct client acquisition.

General and Administrative

General and administrative expenses consist of personnel-related expenses, including stock-based compensation expense for finance, risk management, legal and compliance, human resources and IT functions, costs incurred for external professional services, as well as rent, and facility and insurance costs.

Advertising Costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expenses were $7.5 million, $6.6 million and $4.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Stock-Based Compensation

The Company recognizes compensation cost for all stock-based compensation awards made to employees, net of an estimated forfeiture rate and recognizes compensation cost only for those shares expected to vest over the requisite service period of the award.

The Company determines compensation expense associated with restricted stock units based on the fair value of the Company's common stock on the date of the grant.

The Company determines compensation expense associated with options to purchase shares of common stock and Employee Stock Purchase Plan (ESPP) based on the grant date fair value method using the Black-Scholes valuation model.

The Black-Scholes valuation model requires judgments and estimates. Such estimates include the exercise price, expected volatility, expected term, risk free rate and expected dividend yield. Any changes to those estimates may have a significant impact on the stock-based compensation expense recorded and could materially impact the Company’s results of operations.

The fair value of the Company’s common stock is determined based on the closing quoted market price of the Company’s common stock.

The expected volatility is estimated based on the historical volatility of the Company’s common stock. However, since the Company’s initial public offering occurred in 2021, the Company lacked sufficient Company-specific historical and implied volatility information for its stock options granted in 2022; therefore, the Company estimated its expected stock volatility based on the historical volatility of publicly traded peer companies.

The expected term represents the period that stock-based awards are expected to be outstanding. The expected term for options grants is determined using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock-based awards.

The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award.

Expected dividend yield is zero based on the fact that the Company does not have a history of declaring or paying cash dividends.

Compensation expense is recognized using a straight-line amortization method over the requisite service period of the award, which is generally the vesting term of four years for stock options, one to four years for restricted stock units and the offering period of 6 months for ESPP. The Company has elected to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest. The expected forfeiture rate is estimated based on historical experience, which was determined to be 5% for the year ending December 31, 2024.

The Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified.

Income Taxes

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial statement and the tax basis of assets and liabilities, as measured by enacted tax rates anticipated to be in effect when these differences are expected to reverse.

The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more-likely-than-not that some or all of the deferred tax assets will not be realized. The Company classifies deferred tax assets and liabilities as noncurrent within the consolidated balance sheets.

The Company accounts for uncertain tax positions using a two-step process to determine the amount of tax benefit to be recognized. First, the tax position is evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more-likely-than-not” to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

The Company accounts for the earnings of its foreign subsidiaries, if any, as permanently reinvested and therefore does not provide for U.S. income taxes that could result from the distribution of those earnings to the U.S. parent.

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.

Comprehensive Loss

Comprehensive loss includes net income (loss) as well as other changes in stockholders’ equity that result from transactions and economic events other than those with stockholders. The comprehensive loss for the Company equals

its net income (loss) plus changes in foreign currency translation and unrealized gains (losses) on available-for-sale debt securities, net of taxes for all periods presented.

Net Income (Loss) per Share

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (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. The dilutive effect of outstanding equity incentive awards is reflected in diluted net income (loss) per share by application of the treasury stock method.

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 net income attributable to common stockholders for the year ended December 31, 2024. The Company reported net loss attributable to common stockholders for the years ended December 31, 2023 and 2022; 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 income (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.

Recently Adopted Accounting Pronouncements

The following Accounting Standards Update (ASU) was issued by the Financial Accounting Standards Board and adopted by Flywire during the year ended December 31, 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. The Company adopted ASU 2023-07 retrospectively for the annual period during the year ended December 31, 2024. The adoption of this standard resulted in additional disclosures for segment reporting. Refer to Note 3 - Segment Reporting for additional details on the adoption of ASU 2023-07.

Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted as of December 31, 2024

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.

ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses: ASU 2024-03 is intended to improve the disclosures of expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The ASU requires entities to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included in each relevant expense caption; as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.

The amendment also requires disclosure of the total amount of selling expense and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for the Company for the annual period beginning on January 1, 2027, and interim reporting periods within annual reporting periods beginning January 1, 2028. Early adoption is permitted. The ASU can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

Goodwill and Acquired Intangible Assets -Summary of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 121,646	$ 97,766
Goodwill related to acquisitions	31,818	20,705
Foreign currency translation adjustment	(3,906)	3,175
Ending balance	$ 149,558	$ 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

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+ Details

Business Combinations

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Business Combinations

Note 9. Business Combinations

Invoiced

On August 2, 2024, Flywire acquired all of the issued and outstanding shares of Invoiced, a U.S.-based SaaS B2B company that provides accounts receivable software that automates all aspects of billing, collections, payments, reporting and forecasting within a single online platform. The acquisition of Invoiced was intended to accelerate the Company's global expansion in its B2B vertical. The acquisition of Invoiced has been accounted for as a business combination.

During the fourth quarter of 2024, the cash consideration, net of cash acquired and the purchase price allocation was adjusted to reflect a working capital true-up. This resulted in a $0.1 million decrease in the cash consideration, net of cash acquired and a $0.1 million decrease to goodwill from the quarter ended September 30, 2024 to the year ended December 31, 2024. The adjusted purchase price allocation is reflected in the consolidated balance sheet as of December 31, 2024 and purchase price allocation below.

Pursuant to the terms of the business combination agreement, the Company acquired Invoiced for estimated total purchase consideration of approximately $53.2 million or $51.7 million, net of cash acquired, which consisted of (in thousands):


Cash consideration, net of cash acquired	$	47,229
Estimated fair value of contingent consideration		4,508
Total purchase consideration, net of cash acquired	$	51,737

The purchase consideration includes $2.0 million of acquisition holdback payments payable on the first and second anniversary dates of the acquisition.

The business combination agreement provides for contingent consideration of up to $7.5 million, with an estimated fair value of $4.5 million on the date of acquisition, and represents additional payments that Flywire may be required to make in the future which are dependent upon the successful achievement of certain targets related to revenue and cross-selling of the Invoiced software as well as milestones related to the Invoiced software product and security and IT integration. During the year ended December 31, 2024, the Company made a contingent consideration payment of $1.1 million based on Invoiced's successful and timely achievement of the contracted milestones.

During the year ended December 31, 2024, the Company incurred $0.6 million in transaction costs, which are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

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


Cash	$	1,418
Prepaid expenses and other current assets		219
Other assets		11
Identifiable intangible assets		26,100
Goodwill		31,818
Total assets acquired		59,566
Deferred tax liabilities		4,923
Deferred revenue		1,037
Accounts payable and accrued expenses		451
Total liabilities assumed		6,411
Net assets acquired		53,155
Less: cash acquired		1,418
Net assets, less cash acquired	$	51,737

Goodwill arising from the acquisition of $31.9 million was attributable to the assembled workforce of Invoiced 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 Invoiced and their respective weighted-average amortization periods.


	Fair Values		Weighted- Average Amortization Periods
	(in thousands)		(years)
Developed technology	$	7,100		7
Acquired relationships		18,600		11
Trade name/Trademark		400		4
	$	26,100

The results of Invoiced have been included in the consolidated financial statements since the date of the acquisition. Invoiced contributed $2.4 million in platform revenue during the year ended December 31, 2024. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the 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 years ended December 31, 2024 and 2023 as if the acquisition had occurred on January 1, 2023. 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 Invoiced. 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 Invoiced. The pro forma adjustments include:

•

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

•

incremental employee compensation expense for Invoiced employees;

•

transaction costs; and

•

the estimated tax impact of the above items.


	Year Ended December 31, 2024				Year Ended December 31, 2023
	Actual		Pro Forma		Actual			Pro Forma
	(in thousands)
Revenue	$	492,144	$	495,412	$	403,094		$	408,325
Net income (loss)	$	2,900	$	1,623	$	(8,566	)	$	(11,233	)

StudyLink

On November 3, 2023, Flywire, through one of its Australian subsidiaries Flywire Pacific Pty Ltd., acquired all of the issued and outstanding shares of StudyLink, an Australian-based 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.

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

The business combination agreement provides for contingent consideration up to $3.9 million, with an estimated fair value of $2.7 million on the date of acquisition, and 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 years ended December 31, 2024 and 2023, the Company expensed $1.2 million and $0.2 million, respectively, in stock-based compensation associated with retention of the key employee. The stock-based compensation expense is included in the Company’s consolidated statements of operations and comprehensive loss and additional paid-in capital on the consolidated balance sheet.

During the year ended December 31, 2023, the Company incurred $0.7 million in transaction costs, which are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

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
Acquired relationships		12,027		14
Trade Name/Trademark		129		2
	$	19,553

The results of StudyLink have been included in the consolidated financial statements since the date of the acquisition. StudyLink contributed $7.6 million and $1.4 million in platform revenue during the years ended December 31, 2024 and 2023. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the 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 years ended December 31, 2023 and 2022 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.


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Actual			Pro Forma			Actual			Pro Forma
	(in thousands)
Revenue	$	403,094		$	409,161		$	289,375		$	295,325
Net loss	$	(8,566	)	$	(10,369	)	$	(39,347	)	$	(41,824	)

Cohort Go

On July 13, 2022, Flywire acquired all of the issued and outstanding shares of Cohort Go, an Australian-based education payments provider that simplifies the student recruitment process by bringing together students, agents and essential student services such as health insurance into one platform. The acquisition of Cohort Go contributed to the Company's global expansion and accelerated the growth of Flywire's agent related revenue, in which Flywire partners with agents who refer students to the Company. The agent related revenue is reported as transaction revenue for Flywire, while the health insurance related revenue is reported as platform revenue. The acquisition of Cohort Go has been accounted for as a business combination.

Pursuant to the terms of the business combination agreement, the Company acquired Cohort Go for estimated total purchase consideration of $23.1 million, which consisted of $17.1 million in cash consideration, net of cash acquired, $4.3 million in shares of common stock and up to $2.2 million of contingent consideration, with an estimated fair value of $1.7 million on the acquisition date.

Contingent consideration, which totaled up to $1.7 million represented additional payments that Flywire was required to make, in the form of cash or shares of common stock at the Company's option, which were dependent upon Cohort

Go's achievement of specific post-acquisition milestones and were subject to exchange rate fluctuation adjustment between the U.S. Dollar and Australian Dollar. During the years ended December 31, 2023 and 2022, the Company made a payment of contingent consideration of $1.7 million and $0.5 million, respectively, in the form of cash, based on Cohort Go's successful and timely achievement of the contracted milestones. No additional contingent consideration is due or payable with respect to the Cohort Go acquisition.

During the year ended December 31, 2022, the Company incurred $0.6 million in transaction costs, which are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.

The results of Cohort Go have been included in the consolidated financial statements since the date of the acquisition. Cohort Go contributed $14.5 million in transaction revenue and $9.3 million in platform revenue during the year ended December 31, 2024, $16.6 million in transaction revenue and $10.4 million in platform revenue during the year ended December 31, 2023 and $6.4 million in transaction revenue and $3.3 million in platform revenue during the year ended December 31, 2022. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the 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 year ended December 31, 2022 as if the acquisition had occurred on January 1, 2021. 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 Cohort Go. The unaudited pro forma information reflects the effects of applying the Company’s accounting policies and a pro forma adjustment to the combined historical financial information of the Company and Cohort Go, which includes incremental amortization expense associated with the estimated fair value of identified intangible assets.


	Year Ended December 31, 2022
	Actual			Pro Forma
	(in thousands)
Revenue	$	289,375		$	301,892
Net Loss	$	(39,347	)	$	(37,798	)

Investments (Additional Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Numbers
Debt Securities, Available-for-Sale [Line Items]
Realized gains/losses on sale of investments \| $	$ 0
Number of available-for-sale debt securities in an unrealized loss position \| Numbers	28
Proceeds from Sale of Short-Term Investments \| $	$ 29,600
Maximum
Debt Securities, Available-for-Sale [Line Items]
Number of available-for-sale debt securities in an unrealized loss position \| Numbers	152

- 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

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-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

Income Taxes - Summary of Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance at beginning of year	$ (40,444)	$ (37,627)	$ (23,864)
Change recorded to income tax provision as part of operations	(3,747)	(2,817)	(13,763)
Valuation allowance at end of year	$ (44,191)	$ (40,444)	$ (37,627)

Stock-Based Compensation - Summary of Significant Inputs to Determine Fair Value of Stock Options Granted (Details)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	2.16%
Expected dividend yield	0.00%
Expected volatility	47.40%
Expected terms (in years)	6 years

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 19. Subsequent Event

Sertifi Acquisition

On February 24, 2025 (the Closing), Flywire Corporation (Flywire or the Company) entered into a Purchase and Sale Agreement (the Agreement) to acquire the business of Sertifi LLC (Sertifi), pursuant to which Flywire acquired Sertifi for upfront cash consideration of $330 million, subject to certain post-closing adjustments set forth in the Agreement, and contingent consideration of up to $10 million upon the completion or satisfaction of certain technical and commercial milestones by Sertifi. Sertifi is a vertical software and payments platform digitizing hospitality-specific workflows and associated payments. Pursuant to the Agreement, Flywire also agreed to issue a number of restricted stock units with an aggregate value equal to $10 million to certain of the continuing employees of Sertifi on the terms and conditions set forth in the Agreement. The Company paid the upfront cash consideration through a combination of cash on hand and $125 million borrowed from its existing 2024 Revolving Credit Facility. The Agreement contains various representations, warranties, covenants, and indemnification obligations of the parties that are customary in transactions of this type. In

connection with the Closing, Flywire bound a representations and warranties insurance policy insuring breaches of Seller’s representations and warranties in the Agreement and certain indemnifiable tax matters under the policy.

Restructuring Plan

On February 23, 2025, the board of directors of the Company approved a restructuring plan that is designed to improve operational efficiencies, reduce operating costs and better align the Company’s workforce with current business needs, top strategic priorities and key growth opportunities (collectively, the Restructuring Plan). The Restructuring Plan includes reduction of the Company’s workforce by approximately 10%.

The Company estimates that it will incur approximately $7.0 million to $9.0 million in charges in connection with the Restructuring Plan, consisting of cash expenditures for employee transition, notice period and severance payments and employee benefits and related facilitation costs, as well as non-cash expenditures related to acceleration of vesting of share-based awards. Of this amount, approximately $5.0 million to $6.0 million is expected to result in future cash outlays. The Company expects that the majority of the restructuring charges will be incurred in the first and second quarter of 2025 and that the execution of the Restructuring Plan, including cash payments, will be substantially complete by the end of the third quarter of 2025.

Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process beyond the third quarter of 2025 in certain countries. The charges that we expect to incur are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual expenses may differ materially from the estimates disclosed above.

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Aug. 06, 2024	Jun. 28, 2024
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred 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, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001
Cash Dividend	$ 0	$ 0
Percentage of voting securities, Right To Purchase	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%
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.Share Repurchase ProgramOn 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.During the year ended December 31, 2024, the Company repurchased 2,386,856 shares of its common stock for an aggregate amount, including commissions and accrued excise tax, of $45.6 million under the Repurchase Program. The repurchased shares are currently being held as treasury stock. As of December 31, 2024, approximately $104.9 million of the originally authorized amount under the Repurchase Program remained available for future repurchases.All of the Company’s repurchases are subject to a one percent excise tax enacted by the Inflation Reduction Act of 2022 (the IRA). The amount of share repurchases subject to the excise tax are reduced by the fair market value of any shares issued during the taxable year. For the year ended December 31, 2024, the Company accrued $0.5 million of related excise tax pursuant to the IRA which is included in the cost of treasury stock on our consolidated balance sheet.
Treasury Stock, Common, Shares	4,670,974	2,315,045
Treasury Shares Issued	30,927	2,677
Sale of Stock, Price Per Share				$ 16.39
Treasury Stock
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Shares Issued, Price Per Share	$ 0.32	$ 0.32
Share Repurchase Program [Member]
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Share Repurchase Program, Authorized, Amount	$ 104,900
Treasury Stock, Common, Shares	2,386,856
Shares repurchase Including Commissions and Accrued Excise Tax, Amount	$ 45,600
Voting And Non Voting Common Stock \| Share Repurchase Program [Member]
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Share Repurchase Program, Authorized, Amount			$ 150,000

Leases - Schedule of Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,842	$ 2,067
ROU assets obtained in exchange for operating lease liabilities	$ 1,660	$ 2,322

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

Dec. 31, 2024

Dec. 31, 2023

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

$ 166,189

^[1]

$ 143,767

^[2]

Accumulated Amortization

(47,505)

^[3]

(35,589)

^[4]

Net Carrying Amount

118,684

108,178

Developed Technology

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

45,546

^[1]

39,624

^[2]

Accumulated Amortization

(26,312)

^[3]

(21,446)

^[4]

Net Carrying Amount

$ 19,234

$ 18,178

Weighted Average Remaining Life (Years)

4 years 10 months 24 days

4 years 8 months 15 days

Acquired Relationships [Member]

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

$ 120,119

^[1]

$ 104,007

^[2]

Accumulated Amortization

(21,104)

^[3]

(14,143)

^[4]

Net Carrying Amount

$ 99,015

$ 89,864

Weighted Average Remaining Life (Years)

10 years 1 month 13 days

11 years 14 days

Trade Names [Member]

Finite Lived Intangible Assets [Line Items]

Gross Carrying Value*

$ 524

^[1]

$ 136

^[2]

Accumulated Amortization

(89)

^[3]

^[4]

Net Carrying Amount

$ 435

$ 136

Weighted Average Remaining Life (Years)

3 years 3 months 18 days

1 year 9 months 29 days

[1]	Includes $(4,394) thousand of foreign currency translation adjustments
[2]	Includes $(750) thousand of foreign currency translation adjustments.
[3]	Includes $410 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

Business Overview and Summary of Significant Accounting Policies - Schedule of Cost and Operating Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Payment processing services costs	$ 177,490	$ 147,339	$ 107,933
Selling and marketing	129,435	107,621	78,456
General and administrative	125,838	107,624	82,949
Technology and development	66,636	62,028	50,257
Total costs and operating expenses	$ 499,399	$ 424,612	$ 319,595

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
	Aug. 02, 2024	Nov. 03, 2023	Jul. 13, 2022	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Common Stock, Shares Authorized				2,000,000,000	2,000,000,000	2,000,000,000
Change in fair value of contingent consideration					$ (978)	$ 380	$ (2,805)
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs					(978)	380	(2,805)
Goodwill				$ 149,558	149,558	121,646	97,766
Contingent Consideration Paid					1,100
Invoiced
Business Acquisition [Line Items]
Total estimated purchase consideration	$ 53,200
Estimated fair value of contingent consideration	4,500
Holdback payments payable consideration	2,000
Cash consideration, net of cash acquired	47,229
Upfront cash consideration	51,737
Business Combination Contingent Consideration Liability Payable	7,500			1,100	1,100
Decrease in Goodwill				(100)
Decrease in Cash Consideration				100
Contingent Consideration (Earnout Payment)	4,508
Business acquisition related costs					600
Goodwill	$ 31,818			31,900	31,900
Business acquisition goodwill expected tax deductible amount				$ 0	0
Net income (loss) Pro Forma					1,623	(11,233)
StudyLink
Business Acquisition [Line Items]
Total estimated purchase consideration		$ 37,600
Estimated fair value of contingent consideration		2,700
Cash consideration, net of cash acquired		32,764
Upfront cash consideration		35,465
Share Based Compensation					1,200	200
Business Combination Contingent Consideration Liability Payable		$ 3,900
Common stock excluded from purchase consideration shares		84,000
Fair value of shares of common stock excluded from the purchase consideration		$ 2,400
Contingent Consideration (Earnout Payment)		2,701
Business acquisition transaction costs						700
Goodwill		20,705
Business acquisition goodwill expected tax deductible amount		$ 0
Net income (loss) Pro Forma						(10,369)	(41,824)
Cohort Go
Business Acquisition [Line Items]
Total estimated purchase consideration			$ 23,100
Estimated fair value of contingent consideration			1,700
Upfront cash consideration			17,100
Contingent consideration			$ 2,200
Business combination, shares, consideration transferred			4,300,000
Business acquisition transaction costs							600
Net income (loss) Pro Forma							(37,798)
Contingent Consideration Paid						1,700	500
Transaction \| Cohort Go
Business Acquisition [Line Items]
Business combination, pro forma information, revenue of acquiree since acquisition date, actual					14,500	16,600	6,400
Platform and other revenues \| Invoiced
Business Acquisition [Line Items]
Business combination, pro forma information, revenue of acquiree since acquisition date, actual					2,400
Platform and other revenues \| StudyLink
Business Acquisition [Line Items]
Business combination, pro forma information, revenue of acquiree since acquisition date, actual					7,600	1,400
Platform and other revenues \| Cohort Go
Business Acquisition [Line Items]
Business combination, pro forma information, revenue of acquiree since acquisition date, actual					$ 9,300	$ 10,400	$ 3,300

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

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

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

$ (978)

$ 380

$ (2,805)

Contingent Consideration

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

Beginning balance

2,882

1,332

11,309

Additions

4,508

2,703

1,695

Change in fair value

$ (978)

$ 380

$ (2,805)

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

Liabilities, Current

Contingent consideration paid

^[1]

$ (1,125)

$ (1,674)

$ (8,664)

Foreign currency translation adjustment

(193)

141

(203)

Ending balance

$ 5,094

$ 2,882

$ 1,332

[1]

For the years ended December 31, 2024 and 2023, contingent consideration paid has been bifurcated between the financing and operating sections of the 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 consolidated statement of cash flows, while any excess is reported in the operating section of the consolidated statement of cash flows. For the year ended December 31, 2022, contingent consideration paid has been bifurcated among the investing, financing and operating sections of the consolidated statement of cash flows. Contingent consideration paid within three months after the acquisition date of Cohort Go is reported in the investing section of the consolidated statement of cash flows given the proximity to the acquisition date. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the consolidated statement of cash flows, while any excess is reported in the operating section of the consolidated statement of cash flows.

Investments - Schedule Of Available-For-Sale Debt Securities By Remaining Contractual Maturity Date (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Due within one year	$ 115,848
Due after one year through five years	50,125
Total Investments	$ 165,973

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

Dec. 31, 2024

Dec. 31, 2023

Discount rate | Minimum | Invoiced [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

0.0647

Discount rate | Minimum | StudyLink [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

0.063

7.4

Discount rate | Maximum | Invoiced [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

0.0659

Discount rate | Maximum | StudyLink [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

0.082

7.5

Probability of successful achievement | Minimum | Invoiced [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

^[1]

0.04

Probability of successful achievement | Minimum | StudyLink [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

^[2]

Probability of successful achievement | Maximum | Invoiced [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

^[1]

Probability of successful achievement | Maximum | StudyLink [Member]

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

Business Combination, Contingent Consideration, Liability, Measurement Input

^[2]

[1]	Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them. The weighted average probability of successful achievement as of December 31, 2024 was 65.1%.
[2]	Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them. The weighted average probability of successful achievement as of December 31, 2024 was 42.3%.

Business Overview and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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

Basis of Presentation and Principles of Consolidation

Segment Information

The Company has a single operating and reportable segment. See Note 3 - Segment Information for additional details regarding the Company's significant segment expenses.

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 year ended December 31, 2024.

Concentrations of Credit Risk, Financial Instruments and Significant Clients


	December 31,
	2024			2023
Partner A		19	%		14	%
Partner B		11	%		15	%
Partner C	*				13	%
Partner D	*				11	%
Partner E		28	%		20	%

* Less than 10% of total balance.

During the years ended December 31, 2024, 2023 and 2022, no client accounted for 10% or more of total revenue.

Summary of Significant Accounting Policies

Cash Equivalents and Restricted Cash

Investments

recorded at fair value, and unrealized holding gains and temporary losses are recorded as a component of accumulated other comprehensive (loss) income, net of related estimated tax.

Allowance for Credit Losses

Property and Equipment, net

Impairment of Long-Lived Assets

Intangible Assets, net

No significant residual value is estimated for intangible assets.

Software Developed for Internal-Use

Goodwill

Leases

Business Combinations

Transaction costs related to business combinations are expensed as incurred and are included in general and administrative expense in consolidated statements of operations and comprehensive loss.

Fair Value Measurements

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

Foreign Currency Translation and Transactions

Derivative Instruments and Hedging

consolidated balance sheet at their fair values in prepaid expenses and other current assets and accrued expenses and other current liabilities.

Revenue Recognition

(i)

Identify the contract(s) with a customer.

(ii)

Identify the performance obligations in the contract.

(iii)

Determine the transaction price.

(iv)

Allocate the transaction price to the performance obligations in the contract.

(v)

Recognize revenue as the entity satisfies a performance obligation.

The Company derives revenue primarily from transactions and platform and other revenues.

therefore, fees included in the marketing arrangements are accounted for as revenue, while fees paid by the Company are accounted for as payment processing services cost.

Performance Obligations

For those arrangements that include fixed consideration, the fixed component is recognized ratably over the service period while variable consideration is recognized in the period earned.

Variable Consideration

Payment Terms

Other Revenue Recognition Policies

Remaining Performance Obligations

See Note 2 - Revenue and Recognition for additional information on revenue recognition.

Payment Processing Services Costs

Technology and Development

Selling and Marketing

General and Administrative

Advertising Costs

Stock-Based Compensation

The Company determines compensation expense associated with restricted stock units based on the fair value of the Company's common stock on the date of the grant.

The fair value of the Company’s common stock is determined based on the closing quoted market price of the Company’s common stock.

Expected dividend yield is zero based on the fact that the Company does not have a history of declaring or paying cash dividends.

Income Taxes

Comprehensive Loss

its net income (loss) plus changes in foreign currency translation and unrealized gains (losses) on available-for-sale debt securities, net of taxes for all periods presented.

Net Income (Loss) per Share

Recently Adopted Accounting Pronouncements

The following Accounting Standards Update (ASU) was issued by the Financial Accounting Standards Board and adopted by Flywire during the year ended December 31, 2024:

Accounting Pronouncements Not Yet Adopted as of December 31, 2024

Derivative Instruments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) Numbers	Dec. 31, 2023 USD ($) Numbers	Dec. 31, 2022 USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Prepaid Expense and Other Assets, Current
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Expenses And Other Current Liabilities
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of derivative instruments \| Numbers	18,858	12,737
Derivatives, Notional amount	$ 43.3	$ 36.1
Derivatives, Asset notional amount	0.1	0.1
Gain (Loss) on Foreign Currency Derivative Instruments	$ (1.7)	$ (2.0)	$ (1.6)

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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-Section 50
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+ Details

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Note 10. Goodwill and Acquired Intangible Assets

Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2024			2023
Beginning balance	$	121,646		$	97,766
Goodwill related to acquisitions		31,818			20,705
Foreign currency translation adjustment		(3,906	)		3,175
Ending balance	$	149,558		$	121,646

Acquired Intangible Assets

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


	December 31, 2024
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	45,546	$	(26,312	)	$	19,234		4.90
Acquired Relationships		120,119		(21,104	)		99,015		10.12
Trade Name/Trademark		524		(89	)		435		3.30
	$	166,189	$	(47,505	)	$	118,684

* Includes $(4,394) thousand of foreign currency translation adjustments.

** Includes $410 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 years ended December 31, 2024, 2023 and 2022 was $12.3 million, $11.5 million and $9.1 million, respectively.

As of December 31, 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
2025	$	13,424
2026		13,473
2027		13,323
2028		13,119
2029		12,251
Thereafter		53,094
	$	118,684

Consolidated Statement of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ 2,900	$ (8,566)	$ (39,347)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	17,363	15,764	12,304
Stock-based compensation expense	64,933	43,726	30,259
Amortization of contract costs	972	1,789	1,799
Change in fair value of contingent consideration	(978)	380	(2,805)
Deferred tax (benefit) provision	(8,794)	72	(1,708)
Provision for uncollectible accounts	(83)	326	152
Non-cash interest income	(1,435)	0	0
Non-cash interest expense	230	298	348
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(5,292)	(2,082)	(323)
Unbilled receivables	(4,764)	(5,394)	(1,928)
Funds receivable from payment partners	23,835	(50,975)	(30,917)
Prepaid expenses, other current assets and other assets	(5,322)	(4,279)	(11,318)
Funds payable to clients	6,867	86,616	48,932
Accounts payable, accrued expenses and other current liabilities	3,302	5,548	6,761
Contingent consideration	(93)	(467)	(4,510)
Other liabilities	(1,543)	(1,260)	(1,872)
Deferred revenue	(630)	(871)	(400)
Net cash provided by (used) in operating activities	91,468	80,625	5,427
Cash flows from investing activities:
Purchase of short-term and long-term investments	(193,927)	0	0
Proceeds from the maturity and sale of short-term and long-term investments	29,598	0	0
Capitalization of internally developed software	(5,317)	(5,004)	(5,717)
Purchases of property and equipment	(924)	(1,009)	(1,353)
Acquisitions of businesses, net of cash acquired	(45,230)	(32,764)	(17,140)
Contingent consideration paid for acquisitions	0	0	(453)
Net cash used in investing activities	(215,800)	(38,777)	(24,663)
Cash flows from financing activities:
Proceeds from issuance of common stock under public offering, net of underwriting discount and commissions	0	261,119	0
Payments of costs related to public offering	0	(1,062)	0
Repayment of long-term debt	0	0	(25,939)
Contingent consideration paid for acquisitions	(1,032)	(1,207)	(3,701)
Payment of long-term debt issuance costs	(783)	0	0
Payments of tax withholdings for net settled option exercises	(797)	(8,483)	(2,564)
Proceeds from the issuance of stock under Employee Stock Purchase Plan	3,108	2,691	1,271
Proceeds from exercise of stock options	5,613	10,360	6,963
Common stock repurchased	(43,740)	0	0
Net cash (used in) provided by financing activities	(37,631)	263,418	(23,970)
Effect of exchange rates changes on cash and cash equivalents	2,597	(1,835)	5,023
Net (decrease) increase in cash, cash equivalents and restricted cash	(159,366)	303,431	(38,183)
Cash, cash equivalents and restricted cash, beginning of year	654,608	351,177	389,360
Cash, cash equivalents and restricted cash, end of year	495,242	654,608	351,177
Supplemental disclosures of cash flow and noncash information
Cash paid during the period for interest	0	0	770
Issuance of common stock for acquisition	0	0	4,287
Accrued excise tax related to common stock repurchase	451	0	0
Purchase of property and equipment in accounts payable	16	14	36
Capitalized stock-based compensation expense	1,519	0	0
Issuance of common stock for retention bonus	324	1,196	0
Cash and cash equivalents	495,242	654,608	351,177
Cash and Cash Equivalents
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, beginning of year	654,608	349,177
Cash, cash equivalents and restricted cash, end of year	495,242	654,608	349,177
Supplemental disclosures of cash flow and noncash information
Cash and cash equivalents	495,242	654,608	349,177
Restricted Cash
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, beginning of year	0	2,000
Cash, cash equivalents and restricted cash, end of year	0	0	2,000
Supplemental disclosures of cash flow and noncash information
Cash and cash equivalents	$ 0	$ 0	$ 2,000

Stockholders' Equity - Summary of Changes in Accumulated Other Comprehensive Income (loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ 1,320
Other comprehensive income (loss) after reclassifications	(3,386)
Less: Amount of gain (loss) reclassified from AOCI	0
Net current period other comprehensive income (loss)	(3,386)
Ending balance	(2,066)
Unrealized Gains on Available-for-Sale Debt Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	0
Other comprehensive income (loss) before reclassifications	208
Less: Amount of gain (loss) reclassified from AOCI	0
Net current period other comprehensive income (loss)	208
Ending balance	208
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	1,320
Other comprehensive income (loss) before reclassifications	(3,594)
Less: Amount of gain (loss) reclassified from AOCI	0
Net current period other comprehensive income (loss)	(3,594)
Ending balance	(2,274)
Estimated Tax (Expense) Benefit [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	0
Other comprehensive income (loss) after reclassifications	0
Less: Amount of gain (loss) reclassified from AOCI	0
Net current period other comprehensive income (loss)	0
Ending balance	$ 0

Net Income (Loss) per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Income (Loss) per Share

Note 14. Net Income (Loss) per Share

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


	Year Ended December 31,
	2024		2023			2022
Numerator:
Net income (loss)	$	2,900	$	(8,566	)	$	(39,347	)
Net income (loss) attributable to common stockholders - basic and diluted	$	2,900	$	(8,566	)	$	(39,347	)
Denominator:
Weighted average common shares outstanding - basic		124,269,820		114,828,494			107,935,514
Effect of potentially dilutive stock options		4,550,017		—			—
Effect of potentially dilutive restricted common stock		519,624		—			—
Weighted average common shares outstanding – diluted		129,339,462		114,828,494			107,935,514
Net income (loss) per share attributable to common stockholders - basic	$	0.02	$	(0.07	)	$	(0.36	)
Net income (loss) per share attributable to common stockholders - diluted	$	0.02	$	(0.07	)	$	(0.36	)

For periods in which the Company is in a loss position, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders. Outstanding potentially dilutive securities, which were excluded from the diluted net income (loss) per share calculations because they would have been antidilutive were as follows as of the dates presented:


	Year Ended December 31,
	2024		2023		2022
Unvested restricted stock units		4,641,715		4,430,725		2,934,442
Stock options to purchase common stock		841,927		8,107,861		12,160,560
		5,483,642		12,538,586		15,095,002

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Common Stock [Member] Nonvoting Common Stock	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2021	$ 482,201	$ 10	$ 1	$ (748)	$ 609,194	$ (399)	$ (125,857)
Balance,Shares at Dec. 31, 2021		102,771,899	5,988,378	(2,317,722)
Issuance of common stock upon exercise of stock options, net of tax withheld	4,745				4,745
Issuance of common stock upon exercise of stock options, net of tax withheld, shares		2,507,070
Foreign currency translation adjustment	(1,513)					(1,513)
Stock-based compensation expense	30,259				30,259
Conversion of non-voting common stock to voting common stock, Share		4,115,058	(4,115,058)
Issuance of common stock upon settlement of restricted stock units, net of tax withheld, Shares		111,549
Issuance Of Common Stock For Retention Bonus	0
Issuance of common stock under employee stock purchase plan, Shares		84,812
Issuance of common stock under employee stock purchase plan	1,271				1,271
Issuance of common stock as consideration for acquisition, Shares		200,314
Issuance of common stock as consideration for acquisition	4,287				4,287
Unrealized gains on available-for-sale debt securities, net of taxes	0
Net Income (Loss)	(39,347)						(39,347)
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 under public offering, net of underwriter discounts and commissions, Shares		8,500,000
Issuance of common stock under public offering, net of underwriter discounts and commissions, Value	261,120	$ 1			261,119
Costs incurred in connection with public offering	$ (1,062)				(1,062)
Balances, Shares at Dec. 31, 2023	123,010,207
Issuance of common stock upon exercise of stock options, net of tax withheld	$ 1,877				1,877
Issuance of common stock upon exercise of stock options, net of tax withheld, shares		3,339,587
Foreign currency translation adjustment	3,232					3,232
Stock-based compensation expense	43,726				43,726
Issuance of common stock upon settlement of restricted stock units, net of tax withheld, Shares		1,192,362
Issuance Of Common Stock Shares For Retention Bonus		42,498
Issuance Of Common Stock For Retention Bonus	1,196				1,196
Issuance of common stock under employee stock purchase plan, Shares		145,058
Issuance of common stock under employee stock purchase plan	2,691				2,691
Issuance of treasury stock under equity incentive plans Shares				2,677
Issuance of treasury stock under equity incentive plans value				$ 1	(1)
Unrealized gains on available-for-sale debt securities, net of taxes	0
Net Income (Loss)	(8,566)						(8,566)
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)
Balances, Shares at Dec. 31, 2024	126,853,852	126,853,852
Issuance of common stock upon exercise of stock options, net of tax withheld, Value	$ 5,614	$ 2			5,613
Issuance of common stock upon exercise of stock options, net of tax withheld, Shares	1,799,325	1,799,325
Foreign currency translation adjustment	$ (3,594)					(3,594)
Stock-based compensation expense	66,452				66,452
Repurchase of common stock	(45,564)			$ (45,564)
Repurchase of common stock, Shares				2,386,856
Issuance of common stock upon settlement of restricted stock units, net of tax withheld, Shares		1,794,743
Issuance of common stock upon settlement of restricted stock units, net of tax withheld, value	(798)				(798)
Issuance Of Common Stock Shares For Retention Bonus		56,164
Issuance Of Common Stock For Retention Bonus	324				324
Issuance of common stock under employee stock purchase plan, Shares		193,413
Issuance of common stock under employee stock purchase plan	3,108				3,108
Issuance of treasury stock under equity incentive plans Shares				30,927
Issuance of treasury stock under equity incentive plans value				$ 43	(43)
Unrealized gains on available-for-sale debt securities, net of taxes	208					208
Net Income (Loss)	2,900						2,900
Balance at Dec. 31, 2024	$ 814,767	$ 13	$ 0	$ (46,268)	$ 1,033,958	$ (2,066)	$ (170,870)
Balance,Shares at Dec. 31, 2024			1,873,320	(4,670,974)

Derivative Instruments

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Note 6. 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 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 December 31, 2024 and 2023, the Company had 18,858 and 12,737 open foreign exchange contracts, respectively. As of December 31, 2024 and 2023, the Company had foreign currency forward contracts outstanding with a notional amount of $43.3 million and $36.1 million, respectively.

The Company records all derivative instruments in the consolidated balance sheets at their fair values. For the years ended December 31, 2024 and 2023, the Company recorded an asset of less than $0.1 million, respectively, related to outstanding foreign exchange contracts. The Company recognized a loss of $1.7 million, $2.0 million and $1.6 million during the years ended December 31, 2024, 2023 and 2022, respectively, which was included in the general and administrative line within the consolidated statements of operations and comprehensive loss.

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Financial Assets:
Financial Assets	$ 305,567	$ 372,928
Foreign exchange contracts	49	16
Total short-term investments	115,848	0
Total long-term investments	50,125	0
Financial Liabilities:
Contingent consideration	5,094	2,882
Financial Liabilities	5,094	2,882
NAV [Member]
Financial Assets:
Financial Assets	139,545
Short Term Investments
Financial Assets:
Total short-term investments	115,848
Long-term investments
Financial Assets:
Total long-term investments	50,125
Corporate Debt Securities \| Short Term Investments
Financial Assets:
Financial Assets	62,625
Corporate Debt Securities \| Long-term investments
Financial Assets:
Financial Assets	23,100
U.S. Government obligations \| Short Term Investments
Financial Assets:
Financial Assets	36,755
U.S. Government obligations \| Long-term investments
Financial Assets:
Financial Assets	21,384
Treasury bill \| Short Term Investments
Financial Assets:
Financial Assets	6,983
Foreign agency securities \| Short Term Investments
Financial Assets:
Financial Assets	2,607
Commercial paper \| Short Term Investments
Financial Assets:
Financial Assets	6,878
Agency bond \| Long-term investments
Financial Assets:
Financial Assets	2,469
Agency bond \| Long-term investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Asset-backed securities \| Long-term investments
Financial Assets:
Financial Assets	3,172
Money Market Funds [Member]
Financial Assets:
Financial Assets	139,545	372,912
Level 1 [Member]
Financial Assets:
Financial Assets	0
Foreign exchange contracts	0
Financial Liabilities:
Contingent consideration	0
Financial Liabilities	0
Level 1 [Member] \| NAV [Member]
Financial Assets:
Financial Assets		372,912
Foreign exchange contracts	0
Financial Liabilities:
Contingent consideration	0
Financial Liabilities	0
Level 1 [Member] \| Short Term Investments
Financial Assets:
Total short-term investments	0
Level 1 [Member] \| Short Term Investments \| NAV [Member]
Financial Assets:
Total short-term investments	0
Level 1 [Member] \| Long-term investments
Financial Assets:
Total long-term investments	0
Level 1 [Member] \| Long-term investments \| NAV [Member]
Financial Assets:
Total long-term investments	0
Level 1 [Member] \| Corporate Debt Securities \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Corporate Debt Securities \| Short Term Investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Corporate Debt Securities \| Long-term investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Corporate Debt Securities \| Long-term investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| U.S. Government obligations \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| U.S. Government obligations \| Short Term Investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| U.S. Government obligations \| Long-term investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| U.S. Government obligations \| Long-term investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Treasury bill \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Treasury bill \| Short Term Investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Foreign agency securities \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Foreign agency securities \| Short Term Investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Commercial paper \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Commercial paper \| Short Term Investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Agency bond \| Long-term investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Asset-backed securities \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Asset-backed securities \| Short Term Investments \| NAV [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Money Market Funds [Member]
Financial Assets:
Financial Assets	0
Level 1 [Member] \| Money Market Funds [Member] \| NAV [Member]
Financial Assets:
Financial Assets	139,545	372,912
Level 2 [Member]
Financial Assets:
Financial Assets	165,973
Foreign exchange contracts	0
Financial Liabilities:
Contingent consideration	0
Financial Liabilities	0
Level 2 [Member] \| Short Term Investments
Financial Assets:
Total short-term investments	115,848
Level 2 [Member] \| Long-term investments
Financial Assets:
Total long-term investments	50,125
Level 2 [Member] \| Corporate Debt Securities \| Short Term Investments
Financial Assets:
Financial Assets	62,625
Level 2 [Member] \| Corporate Debt Securities \| Long-term investments
Financial Assets:
Financial Assets	23,100
Level 2 [Member] \| U.S. Government obligations \| Short Term Investments
Financial Assets:
Financial Assets	36,755
Level 2 [Member] \| U.S. Government obligations \| Long-term investments
Financial Assets:
Financial Assets	21,384
Level 2 [Member] \| Treasury bill \| Short Term Investments
Financial Assets:
Financial Assets	6,983
Level 2 [Member] \| Foreign agency securities \| Short Term Investments
Financial Assets:
Financial Assets	2,607
Level 2 [Member] \| Commercial paper \| Short Term Investments
Financial Assets:
Financial Assets	6,878
Level 2 [Member] \| Agency bond \| Long-term investments
Financial Assets:
Financial Assets	2,469
Level 2 [Member] \| Asset-backed securities \| Long-term investments
Financial Assets:
Financial Assets	3,172
Level 2 [Member] \| Money Market Funds [Member]
Financial Assets:
Financial Assets	0
Level 3 [Member]
Financial Assets:
Financial Assets	49	16
Foreign exchange contracts	49	16
Financial Liabilities:
Contingent consideration	5,094	2,882
Financial Liabilities	5,094	2,882
Level 3 [Member] \| Short Term Investments
Financial Assets:
Total short-term investments	0
Level 3 [Member] \| Long-term investments
Financial Assets:
Total long-term investments	0
Level 3 [Member] \| Corporate Debt Securities \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Corporate Debt Securities \| Long-term investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| U.S. Government obligations \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| U.S. Government obligations \| Long-term investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Treasury bill \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Foreign agency securities \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Commercial paper \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Agency bond \| Long-term investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Asset-backed securities \| Short Term Investments
Financial Assets:
Financial Assets	0
Level 3 [Member] \| Money Market Funds [Member]
Financial Assets:
Financial Assets	$ 0

Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued employee compensation and related taxes	$ 17,950	$ 19,748
Accrued vendor liabilities	3,992	4,193
Accrued income and other non-employee related taxes	8,699	6,270
Accrued professional services	1,879	2,139
Current portion of operating lease liabilities	$ 1,719	$ 1,465
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Liabilities, Current	Liabilities, Current
Current portion of contingent consideration	$ 4,113	$ 2,053
Other accrued expenses and current liabilities	10,945	7,447
Accrued Expenses and Other Current Liabilities	$ 49,297	$ 43,315

Net Income (Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

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

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


	Year Ended December 31,
	2024		2023			2022
Numerator:
Net income (loss)	$	2,900	$	(8,566	)	$	(39,347	)
Net income (loss) attributable to common stockholders - basic and diluted	$	2,900	$	(8,566	)	$	(39,347	)
Denominator:
Weighted average common shares outstanding - basic		124,269,820		114,828,494			107,935,514
Effect of potentially dilutive stock options		4,550,017		—			—
Effect of potentially dilutive restricted common stock		519,624		—			—
Weighted average common shares outstanding – diluted		129,339,462		114,828,494			107,935,514
Net income (loss) per share attributable to common stockholders - basic	$	0.02	$	(0.07	)	$	(0.36	)
Net income (loss) per share attributable to common stockholders - diluted	$	0.02	$	(0.07	)	$	(0.36	)

Schedule of Antidilutive Excluded from Computation of Earnings Per Share

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


	Year Ended December 31,
	2024		2023		2022
Unvested restricted stock units		4,641,715		4,430,725		2,934,442
Stock options to purchase common stock		841,927		8,107,861		12,160,560
		5,483,642		12,538,586		15,095,002

Leases (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Lease Cost	$ 2,370	$ 2,087	$ 2,306

Income Taxes - Schedule of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 18,901	$ 26,690
Property and equipment	484	395
Credit carryforwards	6,673
Accrued expenses	1,805	1,814
Equity-based compensation	6,461	5,113
Lease liability	$ 711	$ 768
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	us-gaap:FinanceLeaseLiability	us-gaap:FinanceLeaseLiability
Capitalized research and development costs	$ 25,666	$ 20,776
Unrealized foreign exchange loss	3,160	46
Other temporary differences	372	259
Total deferred tax assets	64,233	55,861
Deferred tax asset valuation allowance	(44,191)	(40,444)	$ (37,627)	$ (23,864)
Deferred Tax Assets, Net of Valuation Allowance	20,042	15,417
Intangible assets	(25,008)	(15,234)
Goodwill	(1,318)	(7,843)
Right-of-use asset	(669)	(743)
Deferred revenue	0	(2,387)
Deferred contract costs	(2,105)	(2,668)
Other temporary differences	(19)	(38)
Total deferred tax liabilities	(29,119)	(28,913)
Net deferred tax liabilities	$ (9,077)	$ (13,496)

Property and Equipment, net - Schedule of Property Plant and Equipment, Net (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finite-Lived Intangible Assets, Foreign Currency Translation Gain (Loss)	$ (1,290)	$ 54
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment	$ (348)	$ (167)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Loss Before Provision for Income Taxes

The following table presents the components of income (loss) before (benefit from) provision for income taxes (in thousands):


	Year Ended December 31,
	2024			2023			2022
United States	$	(18,775	)	$	(23,190	)	$	(45,341	)
Foreign		20,635			18,838			7,982
	$	1,860		$	(4,352	)	$	(37,359	)

Schedule of Components of Company's Provision for Income Taxes

The following table summarizes the components of the Company’s (benefit from) provision for income taxes (in thousands):


	Year Ended December 31,
	2024			2023			2022
Current
United States:
Federal	$	172		$	—		$	—
State		571			131			206
Foreign		7,011			4,011			3,490
Total current provision for income taxes	$	7,754		$	4,142		$	3,696
Deferred
United States:
Federal	$	(4,209	)	$	55		$	36
State		(487	)		(102	)		6
Foreign		(4,098	)		119			(1,750	)
Total deferred income tax (benefit) provision		(8,794	)		72			(1,708	)
Total income tax (benefit) provision	$	(1,040	)	$	4,214		$	1,988

Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (dollars in thousands):


	Year Ended December 31,
	2024					2023					2022
Federal statutory income tax rate	$	391		21.0	%	$	(914	)	21.0	%	$	(7,845	)		21.0	%
State income taxes, net of federal benefit		(541	)	(29.1	)		(721	)	16.6			(2,228	)		6.0
Non-deductible expenses		632		34.0			181		(4.2	)		—			—
Imputed interest		528		28.4			114		(2.6	)		456			(1.2	)
Fair value of contingent consideration		(206	)	(11.1	)		79		(1.8	)		(579	)		1.5
Global intangible low-taxed income inclusion		(1,703	)	(91.6	)		3,128		(71.9	)		391			(1.0	)
Equity-based compensation		749		40.3			(4,668	)	107.3			(3,538	)		9.5
Research and development credits		(7,714	)	(414.7	)		—		—			—			—
Excess executive compensation		3,199		172.0			1,865		(42.9	)		1,267			(3.4	)
Change in uncertain tax position		568		30.5			(30	)	0.7			(68	)		0.2
Change in valuation allowance		3,087		165.9			2,734		(62.8	)		13,797			(36.9	)
Foreign rate differential		746		40.1			1,015		(23.3	)		491			(1.3	)
Deferred statutory rate changes		760		40.9			1,296		(29.8	)		(367	)		1.0
Foreign withholding taxes		181		9.7			137		(3.1	)		—			—
Return to provision and other adjustments		(1,717	)	(92.2	)		(2	)	—			211			(0.8	)
Effective income tax rate	$	(1,040	)	(55.9	)%	$	4,214		(96.8	)%	$	1,988		(5.4)%

Schedule of Company's Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consisted of the following components (in thousands):


	Year Ended December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	18,901		$	26,690
Property and equipment		484			395
Credit carryforwards		6,673			—
Accrued expenses		1,805			1,814
Equity-based compensation		6,461			5,113
Lease liability		711			768
Capitalized research and development costs		25,666			20,776
Unrealized foreign exchange loss		3,160			46
Other temporary differences		372			259
Total deferred tax assets		64,233			55,861
Deferred tax asset valuation allowance		(44,191	)		(40,444	)
	$	20,042		$	15,417
Deferred tax liabilities:
Intangible assets		(25,008	)		(15,234	)
Goodwill		(1,318	)		(7,843	)
Right-of-use asset		(669	)		(743	)
Deferred revenue		—			(2,387	)
Deferred contract costs		(2,105	)		(2,668	)
Other temporary differences		(19	)		(38	)
Total deferred tax liabilities		(29,119	)		(28,913	)
Net deferred tax liabilities	$	(9,077	)	$	(13,496	)

Summary of Changes in Valuation Allowance

Changes in the valuation allowance are summarized as follows (in thousands):


	Year Ended December 31,
	2024			2023			2022
Valuation allowance at beginning of year	$	(40,444	)	$	(37,627	)	$	(23,864	)
Change recorded to income tax provision as part of operations		(3,747	)		(2,817	)		(13,763	)
Valuation allowance at end of year	$	(44,191	)	$	(40,444	)	$	(37,627	)

Schedule of changes in our accruals for unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024			2023			2022
Balance at beginning of year	$	620		$	659		$	889
Settlements with taxing authorities					—			—
Increases (decreases) related to tax positions taken during prior years		432			—			(170	)
Decreases related to lapses in statute of limitations		(133	)		(39	)		(60	)
Increases related to tax positions taken during the current year		205			—			—
Balance at end of year	$	1,124		$	620		$	659

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Feb. 20, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	FLYWIRE CORPORATION
Entity Central Index Key	0001580560
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
ICFR Auditor Attestation Flag	true
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 File Number	001-40430
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
Document Financial Statement Error Correction [Flag]	false
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02111
City Area Code	617
Local Phone Number	329-4524
Document Annual Report	true
Entity Public Float			$ 1,976,147,414
Document Transition Report	false
Documents Incorporated by Reference	Portions of the registrant’s proxy statement for the 2025 annual meeting of stockholders to be filed pursuant to Regulation 14A within 120 days after the registrant’s fiscal year ended December 31, 2024, are incorporated by reference in Part III of this Form 10-K.
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Closing sale price of common stock			$ 16.39
Auditor Opinion	Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Flywire Corporation and its subsidiaries (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, of stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,873,320
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		121,719,438

Stock-Based Compensation

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 13. 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 December 31, 2024, a total of 17,135,599 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 following table summarizes the stock option activity since December 31, 2023:


	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2023		8,107,861		$	7.17		5.69	$	136,975
Granted		—			—
Exercised		(1,799,325	)		3.12
Cancelled		(109,167	)		28.27
Outstanding as of December 31, 2024		6,199,369		$	7.98		5.02	$	86,213
Exercisable as of December 31, 2024		5,903,732			7.44		4.95	$	84,148
Vested or expected to vest as of December 31, 2024		289,591			18.70		6.44	$	2,020

The aggregate intrinsic value was calculated as the difference between exercise price of the underlying awards and the closing price of the Company’s common stock at December 31, 2024. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2024, 2023 and 2022 was $33.8 million, $89.8 million and $56.1 million, respectively.

The Company did not grant any options to purchase shares of common stock during the year ended December 31, 2024 and 2023. The weighted average grant-date fair value of stock options granted during the years ended December 31, 2022 was $30.08.

The fair value of each option award was estimated on the date of grant using the Black-Scholes option-pricing model. The table below quantifies the weighted average of the most significant inputs to determine the fair value of stock options granted during the years ended December 31, 2022.


	Year Ended December 31, 2022
Risk-free interest rate		2.16	%
Expected dividend yield		0	%
Expected volatility		47.4	%
Expected terms (in years)		6

The Company received cash proceeds from the exercise of options to purchase common stock of $5.6 million, $10.4 million and $4.7 million during the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, there was $2.6 million of total unrecognized expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 0.68 years.

Restricted Stock Units

The Company has awarded restricted stock units to employees and certain non-employee board members under the 2021 Plan. 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.

The following table summarizes the restricted stock units activity for the year ended December 31, 2024:


	Number of Shares			Weighted-Average Grant Date Fair Value		Aggregate Fair Value (In Thousands)
Unvested as of December 31, 2023		4,430,725		$	26.28
Granted		3,948,809			25.34	$	100,063
Vested		(1,825,670	)		26.32	$	48,052
Cancelled		(537,026	)		26.13
Unvested as of December 31, 2024		6,016,838		$	25.67

As of December 31, 2024, there was $122.0 million of total unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted-average period of 2.74 years.

Employee Stock Purchase Plan

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 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 the lesser of up to 15% of their eligible compensation or IRS limit. Offering periods are generally 6 months long.

As of December 31, 2024, a total of 4,598,941 shares of the Company's common stock were available for future issuance under the ESPP.

As of December 31, 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 consolidated statements of operations and comprehensive loss (in thousands):


	Year Ended December 31,
	2024		2023		2022
Technology and development	$	11,710	$	9,286	$	4,916
Selling and marketing		17,968		11,982		7,856
General and administrative		35,255		22,458		17,487
Total stock-based compensation expense	$	64,933	$	43,726	$	30,259

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 and $0.7 million during the year ended December 31, 2024 and 2023, respectively.

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2024

Cohort Go [Member]

Business Acquisition [Line Items]

Summary of Unaudited Pro Forma Financial Information

The unaudited pro forma information reflects the effects of applying the Company’s accounting policies and a pro forma adjustment to the combined historical financial information of the Company and Cohort Go, which includes incremental amortization expense associated with the estimated fair value of identified intangible assets.


	Year Ended December 31, 2022
	Actual			Pro Forma
	(in thousands)
Revenue	$	289,375		$	301,892
Net Loss	$	(39,347	)	$	(37,798	)

Invoiced [Member]

Business Acquisition [Line Items]

Summary of purchase consideration


Cash consideration, net of cash acquired	$	47,229
Estimated fair value of contingent consideration		4,508
Total purchase consideration, net of cash acquired	$	51,737

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	$	1,418
Prepaid expenses and other current assets		219
Other assets		11
Identifiable intangible assets		26,100
Goodwill		31,818
Total assets acquired		59,566
Deferred tax liabilities		4,923
Deferred revenue		1,037
Accounts payable and accrued expenses		451
Total liabilities assumed		6,411
Net assets acquired		53,155
Less: cash acquired		1,418
Net assets, less cash acquired	$	51,737

Schedule of Estimated Fair Value of the Identified Intangible Assets

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


	Fair Values		Weighted- Average Amortization Periods
	(in thousands)		(years)
Developed technology	$	7,100		7
Acquired relationships		18,600		11
Trade name/Trademark		400		4
	$	26,100

Summary of Unaudited Pro Forma Financial Information


	Year Ended December 31, 2024				Year Ended December 31, 2023
	Actual		Pro Forma		Actual			Pro Forma
	(in thousands)
Revenue	$	492,144	$	495,412	$	403,094		$	408,325
Net income (loss)	$	2,900	$	1,623	$	(8,566	)	$	(11,233	)

StudyLink [Member]

Business Acquisition [Line Items]

Summary of purchase consideration


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
Acquired relationships		12,027		14
Trade Name/Trademark		129		2
	$	19,553

Summary of Unaudited Pro Forma Financial Information


	Year Ended December 31, 2023						Year Ended December 31, 2022
	Actual			Pro Forma			Actual			Pro Forma
	(in thousands)
Revenue	$	403,094		$	409,161		$	289,375		$	295,325
Net loss	$	(8,566	)	$	(10,369	)	$	(39,347	)	$	(41,824	)

- 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

Fair Value Measurements - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Fair Value Disclosures Line Items [Line Items]
Contingent Consideration Paid	$ 1.1

Revenue and Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Revenue	$ 492,144	$ 403,094	$ 289,375
Transaction
Disaggregation Of Revenue [Line Items]
Revenue	410,256	329,721	224,149
Platform And Other Revenues [Member]
Disaggregation Of Revenue [Line Items]
Revenue	81,888	73,373	65,226
Americas
Disaggregation Of Revenue [Line Items]
Revenue	221,616	222,580	194,429
EMEA
Disaggregation Of Revenue [Line Items]
Revenue	188,869	120,840	69,185
APAC
Disaggregation Of Revenue [Line Items]
Revenue	$ 81,659	$ 59,674	$ 25,761

- 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

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).

+ References

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+ Details

Employee Benefit Plan

12 Months Ended

Dec. 31, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plan

Note 18. Employee Benefit Plan

The Company has established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made contributions of $1.5 million, $1.4 million and $1.2 million to the plan during the years ended December 31, 2024, 2023 and 2022, respectively.

Leases - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 1,973	$ 1,691	$ 1,615
Short-term lease expense	118	159	473
Variable lease expense	279	237	218
Total operating lease expense	$ 2,370	$ 2,087	$ 2,306

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
(Benefit from) provision for income taxes	$ (1,040)	$ 4,214	$ 1,988
Net Operating Loss Carry Forwards Ownership Percentage	5.00%
Net Operating Loss Carry Forwards Ownership Percentage Increase	50.00%
Net Operating Loss Carry Forwards Ownership Maturity	3 years
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 3,700	2,800	13,800
Primary due of valuation allowance to an increase			12,700
Primarily due to an increase of capitalized research and development costs	4,800	12,100
Potential tax benefits	1,000	500	600
(Increase Decrease) in deferred taxes	800
NOLs expire	1,600	200
Undistributed earnings of foreign subsidiaries	51,200
Unrecognized Tax Benefits, Period Increase (Decrease)	(200)
Unrecognized Tax Benefits, Income Tax Penalties Accrued	1,300	800	800
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	200	200	200
Research and development tax credit carryforwards	7,000
Federal NOL Carryforwards
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	57,900
NOL carryforwards begin to expire	$ 1,100
Date Expiring Net Operating Loss Carry Forwards	2032
Additional Net Operating Loss Carry Forwards	$ 56,800
State NOL Carryforwards
Income Tax Contingency [Line Items]
Operating Loss Carryforwards	88,300
NOL carryforwards begin to expire	$ 87,000
Date Expiring Net Operating Loss Carry Forwards	2029
Additional Net Operating Loss Carry Forwards	$ 1,200
Foreign NOL Carryforwards
Income Tax Contingency [Line Items]
Gross Operating Loss Carry Forwards	4,900
Foreign Tax Jurisdiction [Member]
Income Tax Contingency [Line Items]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	1,000		1,300
Domestic Tax Jurisdiction [Member]
Income Tax Contingency [Line Items]
Primary due of valuation allowance to an decrease	4,900		200
Provision For Income Tax
Income Tax Contingency [Line Items]
(Benefit from) provision for income taxes	$ (1,000)	$ 4,200	$ 2,000

Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024 (in thousands):


	December 31, 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	$	61,941	$	143	$	(3	)	$	—	$	544	$	62,625
U.S. Government obligations		36,358		76		(4	)		—		325		36,755
Treasury bill		6,979		4		—			—		—		6,983
Foreign agency securities		2,583		3		—			—		21		2,607
Commercial paper		6,877		1		—			—		—		6,878
Total short-term investments	$	114,738	$	227	$	(7	)	$	—	$	890	$	115,848
Long-term investments
Corporate bonds	$	22,797	$	52	$	(23	)	$	—	$	274	$	23,100
U.S. Government obligations		21,174		18		(67	)		—		259		21,384
Agency bond		2,458		3		—			—		8		2,469
Asset-backed securities		3,163		7		(2	)		—		4		3,172
Total long-term investments	$	49,592	$	80	$	(92	)	$	—	$	545	$	50,125

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

The following table summarizes the fair value of the Company's available-for-sale debt securities by remaining contractual maturity as of December 31, 2024 (in thousands):


Due within one year	$	115,848
Due after one year through five years		50,125
Total investments	$	165,973

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 December 31, 2024 (in thousands):


	December 31, 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	$	6,002	$	(3	)	$	—	$	—	$	6,002	$	(3	)
U.S. Government obligations		2,010		(4	)		—		—		2,010		(4	)
Total short-term investments	$	8,012	$	(7	)	$	—	$	—	$	8,012	$	(7	)
Long-term investments
Corporate bonds	$	12,648	$	(23	)	$	—	$	—	$	12,648	$	(23	)
U.S. Government obligations		13,845		(67	)		—		—		13,845		(67	)
Asset-backed securities		999		(2	)		—		—		999		(2	)
Total long-term investments	$	27,492	$	(92	)	$	—	$	—	$	27,492	$	(92	)

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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+ Details

Stock-Based Compensation - Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees and Nonemployee (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 64,933	$ 43,726	$ 30,259
Technology and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	11,710	9,286	4,916
Selling And marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	17,968	11,982	7,856
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 35,255	$ 22,458	$ 17,487

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Rule 10b-5 Trading Plan During the period covered by this Annual Report on Form 10-K, other than as set forth below, 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. On November 19, 2024, Michael Massaro, our Chief Executive Officer and Director, adopted a trading arrangement for the sale of shares of our common stock (a "Rule 10b-5 Trading Plan") that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Massaro's Rule 10b-5 Trading Plan provides for the sale of up to 550,000 shares of common stock pursuant to the terms of the plan. The plan is effective through February 6, 2026 unless earlier terminated in accordance with the terms of the plan. On November 15, 2024, Cosmin Pitigoi, our Chief Financial Officer, adopted a Rule 10b-5 Trading Plan that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Mr. Pitigoi's Rule 10b-5 Trading Plan provides for the sale of up to 75,869 shares of common stock pursuant to the terms of the plan. The plan is effective through November 14, 2025 unless earlier terminated in accordance with the terms of the plan.
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
Michael Massaro
Trading Arrangements, by Individual
Name	Michael Massaro
Title	Chief Executive Officer and Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 19, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	February 6, 2026
Aggregate Available	550,000
Cosmin Pitigoi
Trading Arrangements, by Individual
Name	Cosmin Pitigoi
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 15, 2024
Rule 10b5-1 Arrangement Terminated	true
Termination Date	November 14, 2025
Aggregate Available	75,869

Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of Shares, Outstanding, Beginning balance	8,107,861
Number of Shares, Granted	0
Number of Shares , Exercised	(1,799,325)
Number of Shares, Cancelled	(109,167)
Number of Shares, Outstanding, Ending balance	6,199,369	8,107,861
Number of Shares, Exercisable	5,903,732
Number of Shares, Vested or expected to vest	289,591
Weighted- Average Exercise Price Per Share, Outstanding, Beginning balance	$ 7.17
Weighted- Average Exercise Price Per Share, Granted	0
Weighted- Average Exercise Price Per Share, Exercised	3.12
Weighted- Average Exercise Price Per Share, Cancelled	28.27
Weighted- Average Exercise Price Per Share, Oustanding, Ending balance	7.98	$ 7.17
Weighted- Average Exercise Price Per Share, Exercisable	7.44
Weighted- Average Exercise Price Per Share, Vested or expected to vest	$ 18.7
Weighted Average Remaining Contractual Term (In Years), Outstanding	5 years 7 days	5 years 8 months 8 days
Weighted- Average Remaining Contractual Term (In Years), Exercisable	4 years 11 months 12 days
Weighted- Average Remaining Contractual Term (In Years), Vested or expected to vest	6 years 5 months 8 days
Aggregate Intrinsic Value, Outstanding	$ 86,213	$ 136,975
Aggregate Intrinsic Value, Exercisable	84,148
Aggregate Intrinsic Value, Vested or expected to vest	$ 2,020

Revenue and Recognition (Tables)

12 Months Ended

Dec. 31, 2024

Revenue Recognition [Abstract]

Summary of Revenue Disaggregated by Geographical Area

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.


	Year Ended December 31,
	2024		2023		2022
(in thousands)
Primary geographical markets
Americas	$	221,616	$	222,580	$	194,429
EMEA		188,869		120,840		69,185
APAC		81,659		59,674		25,761
Total revenue	$	492,144	$	403,094	$	289,375
Major solutions
Transaction	$	410,256	$	329,721	$	224,149
Platform and other revenues		81,888		73,373		65,226
Total revenue	$	492,144	$	403,094	$	289,375

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):


	Year Ended December 31,
	2024		2023
Accounts receivable, net	$	23,703	$	18,215
Unbilled receivables, net		15,453		10,689
Deferred revenue – current		7,337		6,968
Deferred revenue – non-current		207		169

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

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


	Year Ended December 31,
	2024		2023
Accrued employee compensation and related taxes	$	17,950	$	19,748
Accrued vendor liabilities		3,992		4,193
Accrued income and other non-employee related taxes		8,699		6,270
Accrued professional services		1,879		2,139
Current portion of operating lease liabilities		1,719		1,465
Current portion of contingent consideration		4,113		2,053
Other accrued expenses and current liabilities		10,945		7,447
	$	49,297	$	43,315

Property and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 8. Property and Equipment, net

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


	Estimated Useful Life	December 31,
	(Years)	2024			2023
Computer equipment and software	3 - 5	$	3,907		$	3,681
Internal-use software	5		23,378			18,135
Furniture and fixtures	3		904			912
Leasehold improvements	Shorter of lease term or useful life		5,456			5,431
			33,645			28,159
Less: Accumulated depreciation and amortization*			(16,485	)		(13,025	)
		$	17,160		$	15,134

* For the year ended December 31, 2024, accumulated depreciation and amortization expense included $(348) thousand of computer disposals

and $(1,290) thousand of foreign currency translation adjustments. For the year ended December 31, 2023, accumulated depreciation and amortization expense included $(167) thousand of computer disposals and $54 thousand of foreign currency translation adjustments.

Depreciation of property and equipment and amortization of internal-used software was $5.1 million, $4.2 million and $3.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company capitalized $5.2 million and $5.0 million in costs related to internal-use software during the years ended December 31, 2024 and 2023.

As of December 31, 2024 and 2023, the carrying value of internal-used software was $15.4 million and $12.7 million, respectively. Amortization expense related to internal-used software was $3.6 million, $2.9 million and $1.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Geographic Information

The following table summarizes the Company’s property and equipment, net based on geography (in thousands):


	December 31,
	2024		2023
Long-lived assets:
U.S.	$	15,903	$	13,503
U.K.		53		105
Other countries		1,204		1,526
	$	17,160	$	15,134

Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Details) - USD ($) $ in Thousands	Aug. 02, 2024	Nov. 03, 2023
Invoiced
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values	$ 26,100
StudyLink
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values		$ 19,553
Developed Technology \| Invoiced
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values	$ 7,100
Weighted-Average Amortization Periods	7 years
Developed Technology \| StudyLink
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values		$ 7,397
Weighted-Average Amortization Periods		7 years
Acquired relationships \| Invoiced
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values	$ 18,600
Weighted-Average Amortization Periods	11 years
Acquired relationships \| StudyLink
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values		$ 12,027
Weighted-Average Amortization Periods		14 years
Trade name/Trademark \| Invoiced
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values	$ 400
Weighted-Average Amortization Periods	4 years
Trade name/Trademark \| StudyLink
Acquired Finite Lived Intangible Assets [Line Items]
Fair Values		$ 129
Weighted-Average Amortization Periods		2 years

Business Combinations - Summary of Purchase Consideration (Details) - USD ($) $ in Thousands	Aug. 02, 2024	Nov. 03, 2023	Jul. 13, 2022
Cohort Go
Business Acquisition [Line Items]
Total purchase consideration, net of cash acquired			$ 17,100
Invoiced
Business Acquisition [Line Items]
Cash consideration, net of cash acquired	$ 47,229
Contingent Consideration (Earnout Payment)	4,508
Total purchase consideration, net of cash acquired	$ 51,737
StudyLink
Business Acquisition [Line Items]
Cash consideration, net of cash acquired		$ 32,764
Contingent Consideration (Earnout Payment)		2,701
Total purchase consideration, net of cash acquired		$ 35,465

- 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

Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Aug. 02, 2024	Nov. 03, 2023	Jul. 13, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 149,558	$ 121,646	$ 97,766
StudyLink
Business Acquisition [Line Items]
Cash		$ 2,108
Accounts receivable		2,762
Prepaid expenses and other current assets		432
Other assets		193
Identifiable intangible assets		19,553
Goodwill		20,705
Total assets acquired		45,753
Deferred tax liabilities		2,663
Deferred revenue		2,654
Accounts payable and accrued expenses		859
Accrued expenses and other current liabilities		2,004
Total liabilities assumed		8,180
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total		37,573
Less: cash acquired		2,108
Total purchase consideration, net of cash acquired		$ 35,465
Invoiced
Business Acquisition [Line Items]
Cash	$ 1,418
Prepaid expenses and other current assets	219
Other assets	11
Identifiable intangible assets	26,100
Goodwill	31,818			$ 31,900
Total assets acquired	59,566
Deferred tax liabilities	4,923
Deferred revenue	1,037
Accounts payable and accrued expenses	451
Total liabilities assumed	6,411
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	53,155
Less: cash acquired	1,418
Total purchase consideration, net of cash acquired	$ 51,737
Cohort Go
Business Acquisition [Line Items]
Total purchase consideration, net of cash acquired			$ 17,100

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Note 11. Debt

2024 Revolving Credit Facility

On February 23, 2024, the Company entered into a five-year senior secured 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 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 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 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 December 31, 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 December 31, 2024 and 2023, there was no outstanding indebtedness under the 2024 Revolving Credit Facility or the 2021 Revolving Credit Facility.

Interest expense for the years ended December 31, 2024, 2023 and 2022 was $0.5 million, $0.4 million and $1.2 million, respectively. Included in interest expense for the years ended December 31, 2024, 2023 and 2022 is $0.2 million, $0.3 million and $0.3 million of amortization of debt issuance costs, respectively.

Letter of Credit

As of December 31, 2024 and 2023, the Company had an outstanding and unused letter of credit in the amount of approximately $2.5 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Allowance for Credit Losses

Stockholder's Equity -Summary of Reserved Shares of Common Stock (Details)	Dec. 31, 2024 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	35,866,065
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	6,199,369
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	6,016,838
2021 ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	17,135,599
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	4,598,941
Available For Conversion Of Non Voting Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	1,873,320
Committed to settling employee retention [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	41,998

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Topic 718
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue and Recognition - Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition [Abstract]
Accounts receivable, net	$ 23,703	$ 18,215
Unbilled receivables, net	15,453	10,689
Deferred revenue - current	7,337	6,968
Deferred revenue - non-current	$ 207	$ 169

Goodwill and Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 13,424
2026	13,473
2027	13,323
2028	13,119
2029	12,251
Thereafter	53,094
Finite-Lived Intangible Assets, Net	$ 118,684	$ 108,178

Investments - Schedule Of Estimated Fair Value Of Available-For-Sale Debt Securities Included Within Short-Term And Long-Term Investments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Short Term Investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	$ 114,738
Gross Unrealized Gains	227
Gross Unrealized Losses	(7)
Allowance for Credit Losses	0
Accrued Interest Receivable	890
Aggregate Fair Value	115,848
Short Term Investments \| Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	61,941
Gross Unrealized Gains	143
Gross Unrealized Losses	(3)
Allowance for Credit Losses	0
Accrued Interest Receivable	544
Aggregate Fair Value	62,625
Short Term Investments \| U.S. Government obligations
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	36,358
Gross Unrealized Gains	76
Gross Unrealized Losses	(4)
Allowance for Credit Losses	0
Accrued Interest Receivable	325
Aggregate Fair Value	36,755
Short Term Investments \| Treasury bill
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	6,979
Gross Unrealized Gains	4
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Accrued Interest Receivable	0
Aggregate Fair Value	6,983
Short Term Investments \| Foreign agency securities
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	2,583
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Accrued Interest Receivable	21
Aggregate Fair Value	2,607
Short Term Investments \| Commercial paper
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	6,877
Gross Unrealized Gains	1
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Accrued Interest Receivable	0
Aggregate Fair Value	6,878
Long-term investments
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	49,592
Gross Unrealized Gains	80
Gross Unrealized Losses	(92)
Allowance for Credit Losses	0
Accrued Interest Receivable	545
Aggregate Fair Value	50,125
Long-term investments \| Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	22,797
Gross Unrealized Gains	52
Gross Unrealized Losses	(23)
Allowance for Credit Losses	0
Accrued Interest Receivable	274
Aggregate Fair Value	23,100
Long-term investments \| U.S. Government obligations
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	21,174
Gross Unrealized Gains	18
Gross Unrealized Losses	(67)
Allowance for Credit Losses	0
Accrued Interest Receivable	259
Aggregate Fair Value	21,384
Long-term investments \| Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	3,163
Gross Unrealized Gains	7
Gross Unrealized Losses	(2)
Allowance for Credit Losses	0
Accrued Interest Receivable	4
Aggregate Fair Value	3,172
Long-term investments \| Agency bond
Debt Securities, Available-for-Sale [Line Items]
Gross Amortized Cost	2,458
Gross Unrealized Gains	3
Gross Unrealized Losses	0
Allowance for Credit Losses	0
Accrued Interest Receivable	8
Aggregate Fair Value	$ 2,469

Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4. 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 December 31, 2024 (in thousands):


	December 31, 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	$	61,941	$	143	$	(3	)	$	—	$	544	$	62,625
U.S. Government obligations		36,358		76		(4	)		—		325		36,755
Treasury bill		6,979		4		—			—		—		6,983
Foreign agency securities		2,583		3		—			—		21		2,607
Commercial paper		6,877		1		—			—		—		6,878
Total short-term investments	$	114,738	$	227	$	(7	)	$	—	$	890	$	115,848
Long-term investments
Corporate bonds	$	22,797	$	52	$	(23	)	$	—	$	274	$	23,100
U.S. Government obligations		21,174		18		(67	)		—		259		21,384
Agency bond		2,458		3		—			—		8		2,469
Asset-backed securities		3,163		7		(2	)		—		4		3,172
Total long-term investments	$	49,592	$	80	$	(92	)	$	—	$	545	$	50,125

The following table summarizes the fair value of the Company's available-for-sale debt securities by remaining contractual maturity as of December 31, 2024 (in thousands):


Due within one year	$	115,848
Due after one year through five years		50,125
Total investments	$	165,973

As of December 31, 2024, approximately 28 out of approximately 152 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 December 31, 2024 (in thousands):


	December 31, 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	$	6,002	$	(3	)	$	—	$	—	$	6,002	$	(3	)
U.S. Government obligations		2,010		(4	)		—		—		2,010		(4	)
Total short-term investments	$	8,012	$	(7	)	$	—	$	—	$	8,012	$	(7	)
Long-term investments
Corporate bonds	$	12,648	$	(23	)	$	—	$	—	$	12,648	$	(23	)
U.S. Government obligations		13,845		(67	)		—		—		13,845		(67	)
Asset-backed securities		999		(2	)		—		—		999		(2	)
Total long-term investments	$	27,492	$	(92	)	$	—	$	—	$	27,492	$	(92	)

Unrealized losses have not been recognized into income (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 year ended December 31, 2024, the Company received proceeds of $29.6 million from the sale and maturity of short-term and long-term investments. There have been no significant realized gains or losses on the sale of short-term and long-term investments during the year ended December 31, 2024.

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

Dec. 31, 2024

Dec. 31, 2023

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 33,645

$ 28,159

Less: Accumulated depreciation and amortization

^[1]

(16,485)

(13,025)

Property, Plant and Equipment, Net

$ 17,160

15,134

Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]

Property, Plant and Equipment, Net

Computer equipment and software [Member]

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 3,907

3,681

Computer equipment and software [Member] | Minimum

Property Plant And Equipment [Line Items]

Useful Life

3 years

Computer equipment and software [Member] | Maximum

Property Plant And Equipment [Line Items]

Useful Life

5 years

Internal-use software [Member]

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 23,378

18,135

Useful Life

5 years

Furniture and fixtures [Member]

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 904

912

Useful Life

3 years

Furniture and fixtures [Member] | Maximum

Property Plant And Equipment [Line Items]

Useful Life

3 years

Leasehold improvements [Member]

Property Plant And Equipment [Line Items]

Property, Plant and Equipment, Gross

$ 5,456

$ 5,431

Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]

Property, Plant and Equipment, Net

[1]

For the year ended December 31, 2024, accumulated depreciation and amortization expense included $(348) thousand of computer disposalsand $(1,290) thousand of foreign currency translation adjustments. For the year ended December 31, 2023, accumulated depreciation and amortization expense included $(167) thousand of computer disposals and $54 thousand of foreign currency translation adjustments.

Subsequent Event (Additional Information) (Details) - USD ($) $ in Thousands				12 Months Ended
	Feb. 24, 2025	Feb. 23, 2025	Feb. 23, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Cash expenditures for employee transition				$ 16	$ 14	$ 36
2024 Revolving Credit Facility
Subsequent Event [Line Items]
Secured revolving credit, total commitment			$ 125,000
Revolving Credit Facility provides for an incremental facility			50,000
Letter Of Credit Sub Facility Included In Borrowings			10,000
Swingline Sub Facility Included In Borrowing			$ 5,000
Maximum \| 2024 Revolving Credit Facility
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate During Period			2.50%
Line of Credit Facility, Commitment Fee Percentage			0.35%
Minimum \| 2024 Revolving Credit Facility
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate During Period			1.00%
Line of Credit Facility, Commitment Fee Percentage			0.25%
Subsequent Event
Subsequent Event [Line Items]
Workforce Reduction Percentage		10.00%
Subsequent Event \| Maximum \| Restructuring Plan [Member]
Subsequent Event [Line Items]
Cash expenditures for employee transition		$ 9,000
Cash expenditures		6,000
Subsequent Event \| Minimum \| Restructuring Plan [Member]
Subsequent Event [Line Items]
Cash expenditures for employee transition		7,000
Cash expenditures		$ 5,000
Sertifi Acquisition [Member] \| Subsequent Event
Subsequent Event [Line Items]
Upfront cash consideration	$ 330,000
Contingent Consideration (Earnout Payment)	10,000
Borrowings from Credit Facility for Acquisition	125,000
Restricted Investments, at Fair Value	$ 10,000

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 15. Income Taxes

The following table presents the components of income (loss) before (benefit from) provision for income taxes (in thousands):


	Year Ended December 31,
	2024			2023			2022
United States	$	(18,775	)	$	(23,190	)	$	(45,341	)
Foreign		20,635			18,838			7,982
	$	1,860		$	(4,352	)	$	(37,359	)

The following table summarizes the components of the Company’s (benefit from) provision for income taxes (in thousands):


	Year Ended December 31,
	2024			2023			2022
Current
United States:
Federal	$	172		$	—		$	—
State		571			131			206
Foreign		7,011			4,011			3,490
Total current provision for income taxes	$	7,754		$	4,142		$	3,696
Deferred
United States:
Federal	$	(4,209	)	$	55		$	36
State		(487	)		(102	)		6
Foreign		(4,098	)		119			(1,750	)
Total deferred income tax (benefit) provision		(8,794	)		72			(1,708	)
Total income tax (benefit) provision	$	(1,040	)	$	4,214		$	1,988

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows (dollars in thousands):


	Year Ended December 31,
	2024					2023					2022
Federal statutory income tax rate	$	391		21.0	%	$	(914	)	21.0	%	$	(7,845	)		21.0	%
State income taxes, net of federal benefit		(541	)	(29.1	)		(721	)	16.6			(2,228	)		6.0
Non-deductible expenses		632		34.0			181		(4.2	)		—			—
Imputed interest		528		28.4			114		(2.6	)		456			(1.2	)
Fair value of contingent consideration		(206	)	(11.1	)		79		(1.8	)		(579	)		1.5
Global intangible low-taxed income inclusion		(1,703	)	(91.6	)		3,128		(71.9	)		391			(1.0	)
Equity-based compensation		749		40.3			(4,668	)	107.3			(3,538	)		9.5
Research and development credits		(7,714	)	(414.7	)		—		—			—			—
Excess executive compensation		3,199		172.0			1,865		(42.9	)		1,267			(3.4	)
Change in uncertain tax position		568		30.5			(30	)	0.7			(68	)		0.2
Change in valuation allowance		3,087		165.9			2,734		(62.8	)		13,797			(36.9	)
Foreign rate differential		746		40.1			1,015		(23.3	)		491			(1.3	)
Deferred statutory rate changes		760		40.9			1,296		(29.8	)		(367	)		1.0
Foreign withholding taxes		181		9.7			137		(3.1	)		—			—
Return to provision and other adjustments		(1,717	)	(92.2	)		(2	)	—			211			(0.8	)
Effective income tax rate	$	(1,040	)	(55.9	)%	$	4,214		(96.8	)%	$	1,988		(5.4)%

During the years ended December 31, 2024, 2023 and 2022, the Company recorded an income tax (benefit) provision of $(1.0) million, $4.2 million and $2.0 million, respectively, which is primarily attributable to foreign activity and U.S. state taxes.

The Company’s deferred tax assets and liabilities consisted of the following components (in thousands):


	Year Ended December 31,
	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	18,901		$	26,690
Property and equipment		484			395
Credit carryforwards		6,673			—
Accrued expenses		1,805			1,814
Equity-based compensation		6,461			5,113
Lease liability		711			768
Capitalized research and development costs		25,666			20,776
Unrealized foreign exchange loss		3,160			46
Other temporary differences		372			259
Total deferred tax assets		64,233			55,861
Deferred tax asset valuation allowance		(44,191	)		(40,444	)
	$	20,042		$	15,417
Deferred tax liabilities:
Intangible assets		(25,008	)		(15,234	)
Goodwill		(1,318	)		(7,843	)
Right-of-use asset		(669	)		(743	)
Deferred revenue		—			(2,387	)
Deferred contract costs		(2,105	)		(2,668	)
Other temporary differences		(19	)		(38	)
Total deferred tax liabilities		(29,119	)		(28,913	)
Net deferred tax liabilities	$	(9,077	)	$	(13,496	)

As of December 31, 2024, the Company had gross federal and state NOL carryforwards of $57.9 million and $88.3 million, respectively, out of which $1.1 million of federal NOL carryforwards and $87.0 million of state NOL carryforwards begin to expire in 2032 and 2029, respectively. Additionally, $56.8 million of federal NOL carryforwards and $1.2 million of state NOL carryforwards have indefinite lives. As of December 31, 2024, the Company has gross foreign NOL carryforwards of $4.9 million which have indefinite lives. The federal, state and foreign NOL carryforwards may be available to reduce future federal, state and foreign taxable income, respectively.

Ownership changes, as defined under Internal Revenue Code Section 382, and similar state provisions may limit the amount of federal and state NOL carryforwards that can be utilized annually to offset future federal and state taxable income. Generally, an ownership change occurs when the ownership percentage of 5% or greater stockholders increases by more than 50% over a three-year period. Accordingly, the purchase of the Company’s stock in amounts greater than specified levels could limit the Company’s ability to utilize federal and state NOL carryforwards for tax purposes. During 2022, the Company completed a Section 382 study and as a result of the ownership changes identified, $1.6 million of Flywire’s NOLs and $0.2 million of Simplee’s NOLs will expire unutilized, assuming sufficient taxable income is generated in the future. The Company completed its refresh of the Section 382 study through the 2023 tax year, and there are no additional limitations in using Federal and State NOL carryforwards. The Company expects to refresh the study in 2025.

In assessing the realizability of its deferred tax assets, the Company considered whether it was more likely than not that some portion or all of the deferred tax assets would not be realized. The realization of deferred tax assets depends upon the generation of future taxable income. The Company has evaluated the positive and negative evidence bearing upon the realizability and determined that it is more likely than not that the Company will not realize the benefits of the deferred tax assets, and as a result, a valuation allowance has been established against federal, state and certain foreign deferred tax assets as of December 31, 2024 and 2023.

During the year ended December 31, 2024, the Company recorded a net increase in the valuation allowance of $3.7 million, which is primarily due to an increase of $4.8 million related to capitalized research and development costs and $7.0 research and development tax credit carryforwards identified during a comprehensive research and development study conducted during 2024, offset by a valuation allowance release of $1.0 million in a foreign jurisdiction and $4.9 million release of valuation allowance against deferred tax liabilities acquired in the Invoiced acquisition. During the year ended December 31, 2023, the Company recorded a net increase in the valuation allowance of $2.8 million, which is primarily due to an increase of $12.1 million related to capitalized research and development costs, offset by NOL utilization in the U.S. and the U.K. During the year ended December 31, 2022, the Company recorded a net increase in the valuation allowance of $13.8 million, which is primarily due to an increase of $12.7 million related to capitalized

research and development costs in the U.S. The Company also recorded a valuation allowance of $1.3 million related to a foreign subsidiary, offset by a decrease of $0.2 million due to the release of valuation allowance in foreign entities. Changes in the valuation allowance are summarized as follows (in thousands):


	Year Ended December 31,
	2024			2023			2022
Valuation allowance at beginning of year	$	(40,444	)	$	(37,627	)	$	(23,864	)
Change recorded to income tax provision as part of operations		(3,747	)		(2,817	)		(13,763	)
Valuation allowance at end of year	$	(44,191	)	$	(40,444	)	$	(37,627	)

The Company permanently reinvests the earnings of its foreign subsidiaries. No additional income taxes have been provided on the indefinitely invested foreign earnings at December 31, 2024. The Company has approximately $51.2 million of unremitted earnings at December 31, 2024, which the Company believes to approximate the outside basis difference in its foreign subsidiaries. If these earnings were distributed, the Company could be subject to income taxes and foreign withholding taxes. As of December 31 2024, the amount of the unrecognized deferred taxes on these earnings are not material.

As of December 31, 2024, 2023 and 2022, the Company accrued $1.3 million, $0.8 million and $0.8 million related to uncertain tax positions, inclusive of interest and penalties, respectively, which includes potential tax benefits of $1.0 million, $0.5 million and $0.6 million, respectively, that, when recognized, would impact the effective tax rate. As of December 31, 2024, $0.8 million of the reserve is reflected as a reduction to deferred taxes and the remaining balance is recorded as a component of other liabilities in the consolidated balance sheet.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):


	Year Ended December 31,
	2024			2023			2022
Balance at beginning of year	$	620		$	659		$	889
Settlements with taxing authorities					—			—
Increases (decreases) related to tax positions taken during prior years		432			—			(170	)
Decreases related to lapses in statute of limitations		(133	)		(39	)		(60	)
Increases related to tax positions taken during the current year		205			—			—
Balance at end of year	$	1,124		$	620		$	659

The Company expects a decrease of $0.2 million in uncertain tax positions in the next 12 months due to the lapse of statute of limitations.

The Company did not recognize any accrued interest and penalties for the years ended December 31, 2024, 2023 and 2022 related to the reserves for uncertain tax positions in the income tax provision. Included in the total reserve for uncertain tax positions are accrued interest and penalties of $0.2 million, $0.2 million and $0.2 million at December 31, 2024, 2023 and 2022, respectively.

The Company files income tax returns as prescribed by the tax laws of the jurisdiction in which it operates. In the normal course of its business, the Company is subject to examination by federal, state and foreign jurisdictions, where applicable. 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.

- 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Debt - Additional Information (Details) - USD ($) $ in Thousands			12 Months Ended
	Feb. 23, 2024	Jul. 29, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Interest expense			$ (538)	$ (372)	$ (1,211)
Unused letter of credit			2,500	700
Amortization of Debt Issuance Costs and Discounts			200	300	$ 300
2021 Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit, total commitment		$ 50,000
Letter Of Credit Sub Facility Included In Borrowings		5,000
Swingline Sub Facility Included In Borrowing		$ 5,000
Replace Revolving Credit Facility	$ 50,000			50,000
Debt Issuance Costs, Net			$ 100
2024 Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit, total commitment	125,000
Revolving Credit Facility provides for an incremental facility	50,000
Letter Of Credit Sub Facility Included In Borrowings	10,000
Swingline Sub Facility Included In Borrowing	$ 5,000
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
Line of Credit Facility, Average Outstanding Amount			$ 0	$ 0
2024 Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line of Credit Facility, Interest Rate During Period	1.00%
2024 Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Line of Credit Facility, Interest Rate During Period	2.50%

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Rate to Effective Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	$ 391	$ (914)	$ (7,845)
Federal statutory income tax rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	$ (541)	$ (721)	$ (2,228)
State income taxes, net of federal benefit	(29.10%)	16.60%	6.00%
Non-deductible expenses	$ 632	$ 181	$ 0
Non-deductible expenses	34.00%	(4.20%)	0.00%
Imputed interest	$ 528	$ 114	$ 456
Imputed interest	28.40%	(2.60%)	(1.20%)
Fair value of contingent consideration	$ (206)	$ 79	$ (579)
Fair value of contingent consideration	(11.10%)	(1.80%)	1.50%
Global intangible low-taxed income inclusion	$ (1,703)	$ 3,128	$ 391
Global intangible low-taxed income inclusion	(91.60%)	(71.90%)	(1.00%)
Equity-based compensation	$ 749	$ (4,668)	$ (3,538)
Equity-based compensation	40.30%	107.30%	9.50%
Research and development credits	$ (7,714)	$ 0	$ 0
Research and development credits	(414.70%)	0.00%	0.00%
Excess executive compensation	$ 3,199	$ 1,865	$ 1,267
Excess executive compensation	172.00%	(42.90%)	(3.40%)
Change in uncertain tax position	$ 568	$ (30)	$ (68)
Change in uncertain tax position	30.50%	0.70%	0.20%
Change in valuation allowance	$ 3,087	$ 2,734	$ 13,797
Change in valuation allowance	165.90%	(62.80%)	(36.90%)
Foreign rate differential	$ 746	$ 1,015	$ 491
Foreign rate differential	40.10%	(23.30%)	(1.30%)
Deferred statutory rate changes	$ 760	$ 1,296	$ (367)
Deferred statutory rate changes	40.90%	(29.80%)	1.00%
Foreign withholding taxes	$ 181	$ 137	$ 0
Foreign withholding taxes	9.70%	(3.10%)	0.00%
Return to provision and other adjustments	$ (1,717)	$ (2)	$ 211
Return to provision and other adjustments	(92.20%)	0.00%	(0.80%)
Effective income tax rate	(55.90%)	(96.80%)	(5.40%)
Total income tax (benefit) provision	$ (1,040)	$ 4,214	$ 1,988

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Property Plant And Equipment [Line Items]

Depreciation of property, equipment and amortization expense

$ 5,100

$ 4,200

$ 3,200

Impairments recorded for the Company's long-lived assets

Accumulated depreciation property, plant, and equipment

^[1]

16,485

13,025

Capitalisation cost

5,200

5,000

Carrying value of internal use software

15,400

12,700

Amortization expense related to internal use software

$ 3,600

$ 2,900

$ 1,600

[1]

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Note 16. Leases

Operating Leases

The Company leases certain real estate for its primary facilities under operating leases that expire at various dates between one and five years. These leases contain renewal options, and require the Company to pay operating costs, including property taxes, insurance, and maintenance. The terms of these lease agreements include free rent periods and

annual rent increases. Operating lease expense is recognized on a straight-line basis over the term of the lease. There were no finance lease obligations as of December 31, 2024 and 2023.

ROU assets are included in Other assets and operating lease liabilities are included in Other liabilities.


(amounts in thousands)	2024			2023
ROU assets	$	3,381		$	3,422
Operating lease liabilities		3,534			3,551
Weighted-average remaining lease terms		2.6		2.63 years
Weighted-average discount rate		6.9	%		6.4	%

Supplemental cash flow information related to leases was as follows:


(amounts in thousands)	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,842	$	2,067
ROU assets obtained in exchange for operating lease liabilities		1,660		2,322

Future minimum lease payments as of December 31, 2024, were as follows (in thousands):


Years Ending December 31,
2025	$	1,904
2026		926
2027		654
2028		319
2029		74
Thereafter		—
Total undiscounted lease payments	$	3,877
Less - present value discount		343
Lease liability, at present value	$	3,534

Future minimum lease payments as of December 31, 2023 were as follows (in thousands):


Years Ending December 31,
2024	$	1,643
2025		1,202
2026		676
2027		319
2028		—
Thereafter		—
Total undiscounted lease payments	$	3,840
Less - present value discount		320
Lease liability, at present value	$	3,520

The components of operating lease expense during the year ended December 31, 2024, 2023 and 2022 are shown on the table below (in thousands):.


(amounts in thousands)	2024		2023		2022
Operating lease expense	$	1,973	$	1,691	$	1,615
Short-term lease expense		118		159		473
Variable lease expense		279		237		218
Total operating lease expense	$	2,370	$	2,087	$	2,306

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Activity

The following table summarizes the stock option activity since December 31, 2023:


	Number of Shares			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value (In Thousands)
Outstanding as of December 31, 2023		8,107,861		$	7.17		5.69	$	136,975
Granted		—			—
Exercised		(1,799,325	)		3.12
Cancelled		(109,167	)		28.27
Outstanding as of December 31, 2024		6,199,369		$	7.98		5.02	$	86,213
Exercisable as of December 31, 2024		5,903,732			7.44		4.95	$	84,148
Vested or expected to vest as of December 31, 2024		289,591			18.70		6.44	$	2,020

Summary of Fair Value of Warrants Using Black Scholes Model


	Year Ended December 31, 2022
Risk-free interest rate		2.16	%
Expected dividend yield		0	%
Expected volatility		47.4	%
Expected terms (in years)		6

Summary of Restricted Stock Activity

The following table summarizes the restricted stock units activity for the year ended December 31, 2024:


	Number of Shares			Weighted-Average Grant Date Fair Value		Aggregate Fair Value (In Thousands)
Unvested as of December 31, 2023		4,430,725		$	26.28
Granted		3,948,809			25.34	$	100,063
Vested		(1,825,670	)		26.32	$	48,052
Cancelled		(537,026	)		26.13
Unvested as of December 31, 2024		6,016,838		$	25.67

Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees and Non-employees


	Year Ended December 31,
	2024		2023		2022
Technology and development	$	11,710	$	9,286	$	4,916
Selling and marketing		17,968		11,982		7,856
General and administrative		35,255		22,458		17,487
Total stock-based compensation expense	$	64,933	$	43,726	$	30,259

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Changes in Accumulated Other Comprehensive Income (loss)

The following table summarizes the changes in AOCI for the year ended December 31, 2024 (in thousands):


	Unrealized Gains on Available-for- sale Debt Securities, net		Foreign Currency Translation Adjustment			Estimated Tax (Expense) Benefit		Total
Beginning balance	$	—	$	1,320		$	—	$	1,320
Other comprehensive income (loss) before reclassifications		208		(3,594	)		—		(3,386	)
Less: Amount of gain (loss) reclassified from AOCI		—		—			—		—
Net current period other comprehensive income (loss)		208		(3,594	)		—		(3,386	)
Ending balance	$	208	$	(2,274	)	$	—	$	(2,066	)

Summary of Reserved Shares of Common Stock

As of December 31, 2024, the Company had reserved shares of common stock for future issuance as follows:


Issued and outstanding stock options			6,199,369
Issued and outstanding restricted stock units			6,016,838
Available for issuance under the 2021 Equity Incentive Plan			17,135,599
Available for issuance under Employee Stock Purchase Plan			4,598,941
Committed to settling employee retention			41,998
Available for conversion of non-voting common stock			1,873,320
			35,866,065

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 495,242	$ 654,608
Short-term investments	115,848	0
Accounts receivable, net	23,703	18,215
Unbilled receivables, net	15,453	10,689
Funds receivable from payment partners	90,110	113,945
Prepaid expenses and other current assets	22,528	18,227
Total current assets	762,884	815,684
Long-term investments	50,125	0
Property and equipment, net	17,160	15,134
Intangible assets, net	118,684	108,178
Goodwill	149,558	121,646
Other assets	24,035	19,089
Total assets	1,122,446	1,079,731
Current liabilities:
Accounts payable	15,353	12,587
Funds payable to clients	217,788	210,922
Accrued expenses and other current liabilities	49,297	43,315
Deferred revenue	7,337	6,968
Total current liabilities	289,775	273,792
Deferred tax liabilities	12,643	15,391
Other liabilities	5,261	4,431
Total liabilities	307,679	293,614
Commitments and contingencies (Note 17)
Stockholders equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and 2023; and no shares issued and outstanding as of December 31, 2024 and 2023	0	0
Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of December 31, 2024 and 2023; 126,853,852 shares issued and 122,182,878 shares outstanding as of December 31, 2024; 123,010,207 shares issued and 120,695,162 shares outstanding as of December 31, 2023	13	11
Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2024 and 2023; 1,873,320 shares issued and outstanding as of December 31, 2024 and 2023	0	1
Treasury voting common stock, 4,670,974 and 2,315,045 shares as of December 31, 2024 and 2023, respectively, held at cost	(46,268)	(747)
Additional paid-in capital	1,033,958	959,302
Accumulated other comprehensive (loss) income	(2,066)	1,320
Accumulated deficit	(170,870)	(173,770)
Total stockholders' equity	814,767	786,117
Total liabilities and stockholders' equity	$ 1,122,446	$ 1,079,731

Investments - Schedule Of Gross Unrealized Losses And Fair Values For Available-For-Sale Debt Securities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Short Term Investments
Fair Value
Less than 12 Months	$ 8,012
Less than 12 Months	(7)
Total	8,012
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	(7)
Short Term Investments \| Corporate bonds
Fair Value
Less than 12 Months	6,002
Less than 12 Months	(3)
Total	6,002
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	(3)
Short Term Investments \| U.S. Government obligations
Fair Value
Less than 12 Months	2,010
Less than 12 Months	(4)
Total	2,010
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	(4)
Long-term investments
Fair Value
Less than 12 Months	27,492
Less than 12 Months	(92)
Total	27,492
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	(92)
Long-term investments \| Corporate bonds
Fair Value
Less than 12 Months	12,648
Less than 12 Months	(23)
Total	12,648
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	(23)
Long-term investments \| U.S. Government obligations
Fair Value
Less than 12 Months	13,845
Less than 12 Months	(67)
Total	13,845
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	(67)
Long-term investments \| Asset-backed securities
Fair Value
Less than 12 Months	999
Less than 12 Months	(2)
Total	999
Gross Unrealized Losses
12 Months or Longer	0
12 Months or Longer	0
Total	$ (2)

Income Taxes - Schedule of Components of Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (18,775)	$ (23,190)	$ (45,341)
Foreign	20,635	18,838	7,982
Income (loss) before (benefit from) provision for income taxes	$ 1,860	$ (4,352)	$ (37,359)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-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 6: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Defined contribution saving plans, matching contributions during the period	$ 1.5	$ 1.4	$ 1.2

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue	$ 492,144	$ 403,094	$ 289,375
Net Income (Loss)	2,900	(8,566)	(39,347)
StudyLink
Revenue Pro Forma		409,161	295,325
Net income (loss) Pro Forma		(10,369)	(41,824)
Invoiced
Revenue Pro Forma	495,412	408,325
Net income (loss) Pro Forma	$ 1,623	$ (11,233)
Cohort Go
Revenue Pro Forma			301,892
Net income (loss) Pro Forma			$ (37,798)

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 17. 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 December 31, 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 enhancing its sanctions compliance function, the Company initiated an internal review that identified issues related to the Company’s compliance with sanctions promulgated by OFAC, including payments that may have originated from sanctioned jurisdictions or sanctioned persons. Although Flywire continues to evaluate whether these or other transactions constitute potential violations of sanctions (including whether certain of these payments may have been authorized by general licenses or license exemptions under the relevant sanctions regulations), Flywire has made voluntary submissions to OFAC to report the apparent violations and provide supplemental information. 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 consolidated financial statements as of December 31, 2024 and 2023.

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

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 December 31, 2024 and 2023 (in thousands):


	Measured at NAV as of December 31, 2024:		Measured at Fair Value as of December 31, 2024:
			Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	139,545	$	—	$	—	$	—	$	139,545
Foreign exchange contracts		—		—		—		49		49
Short-term investments
Corporate bonds		—		—		62,625		—		62,625
U.S. Government obligations		—		—		36,755		—		36,755
Treasury bill		—		—		6,983		—		6,983
Foreign agency securities		—		—		2,607		—		2,607
Commercial paper		—		—		6,878		—		6,878
Total short-term investments		—		—		115,848		—		115,848
Long-term investments
Corporate bonds		—		—		23,100		—		23,100
U.S. Government obligations		—		—		21,384		—		21,384
Agency bond		—		—		2,469		—		2,469
Asset-backed securities		—		—		3,172		—		3,172
Total long-term investments		—		—		50,125		—		50,125
Total financial assets	$	139,545	$	—	$	165,973	$	49	$	305,567
Financial Liabilities:
Contingent consideration	$	—	$	—	$	—	$	5,094	$	5,094
Total financial liabilities	$	—	$	—	$	—	$	5,094	$	5,094


	Measured at NAV as of December 31, 2023:		Measured at Fair Value as of December 31, 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 years ended December 31, 2024, 2023 and 2022, there were no transfers between Level 1, Level 2 or Level 3.

Contingent consideration

Invoiced

The fair value of the contingent consideration related to the revenue milestones from the Company’s acquisition of Invoiced was determined using an option pricing model and the fair value of the contingent consideration related to the

cross-selling, product and security and IT milestones was determined using a scenario-based method. During the year ended December 31, 2024, the Company made a payment of contingent consideration of $1.1 million based on Invoiced's successful and timely achievement of the contracted milestones. Refer to Note 9 - Business Combinations for additional details on the Invoiced acquisition. The following table presents the unobservable inputs incorporated into the valuation of contingent consideration as of December 31, 2024.


		Year Ended December 31, 2024
Discount rate		6.47% - 6.59%
Probability of successful achievement*		4% - 100%

_____________________________

* Probability of successful achievement was set at different targets based on the Company’s estimates on achieving them. The weighted average probability of successful achievement as of December 31, 2024 was 65.1%.

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, cross-selling, product and security and IT milestones are expected to be achieved would result in higher or lower fair value measurement, respectively.

StudyLink

The fair value of the contingent consideration related to the revenue milestone from the Company’s acquisition of StudyLink was determined using an option pricing model and the fair value of the contingent consideration related to the volume of money movement, the cross-selling and engineering implementation milestones was determined using a scenario-based method. Refer to Note 9 - 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 December 31, 2024 and 2023.


	Year Ended December 31,
	2024	2023
Discount rate	6.3% - 8.2%	7.4% - 7.5%
Probability of successful achievement*	0% - 100%	29% - 95%

_____________________________

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.

The following table summarizes the changes in the carrying value of the contingent consideration for the years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024			2023			2022
Beginning balance	$	2,882		$	1,332		$	11,309
Additions		4,508			2,703			1,695
Change in fair value		(978	)		380			(2,805	)
Contingent consideration paid*		(1,125	)		(1,674	)		(8,664	)
Foreign currency translation adjustment		(193	)		141			(203	)
Ending balance	$	5,094		$	2,882		$	1,332

* For the years ended December 31, 2024 and 2023, contingent consideration paid has been bifurcated between the financing and operating sections of the 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 consolidated statement of cash flows, while any excess is reported in the operating section of the consolidated statement of cash flows. For the year ended December 31, 2022, contingent consideration paid has been bifurcated among the investing, financing and operating sections of the consolidated statement of cash flows. Contingent consideration paid within three months after the acquisition date of Cohort Go is reported in the investing section of the consolidated statement of cash flows given the proximity to the acquisition date. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the consolidated statement of cash flows, while any excess is reported in the operating section of the 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.

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-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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+ Details

Net Income (Loss) per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net Income (Loss)	$ 2,900	$ (8,566)	$ (39,347)
Net income (loss) attributable to common stockholders - basic	2,900	(8,566)	(39,347)
Net income (loss) attributable to common stockholders - diluted	$ 2,900	$ (8,566)	$ (39,347)
Denominator:
Weighted average common shares outstanding - basic	124,269,820	114,828,494	107,935,514
Effect of potentially dilutive stock options	4,550,017	0	0
Effect of potentially dilutive restricted common stock	519,624	0	0
Weighted average common shares outstanding - diluted	129,339,462	114,828,494	107,935,514
Net income (loss) per share attributable to common stockholders - basic	$ 0.02	$ (0.07)	$ (0.36)
Net income (loss) per share attributable to common stockholders - diluted	$ 0.02	$ (0.07)	$ (0.36)

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 28, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance		35,866,065
Number of Shares, Granted		0
Issued and outstanding stock options		35,866,065
Share based compensation arrangement by share based payment award options, Aggregate instrinsic value of stock options exercised		$ 33,800	$ 89,800	$ 56,100
Share based compensation arrangement by share based payment award options, Weighted average grant date fair value of stock options granted				$ 30.08
Gross proceeds from stock options exercised		5,600	10,400	$ 4,700
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		2,600
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP		$ 2,600
Unrecognised compensation expense,expected to be recognised over a weighted average period		8 months 4 days
Repurchase of common stock		$ 45,564
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		122,000
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP		$ 122,000
Unrecognised compensation expense,expected to be recognised over a weighted average period		2 years 8 months 26 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		6,016,838
Issued and outstanding stock options		6,016,838
Restricted Stock Units (RSUs) [Member] \| Minimum
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
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan,Vesting period		4 years
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]
Reserved shares of common stock for future issuance		17,135,599			26,116,754
Issued and outstanding stock options		17,135,599			26,116,754
Stock option granted under plan,Vesting period		4 years
Stock option granted under plan,Expiration period		10 years
2021 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance					5,082,470
Issued and outstanding stock options					5,082,470
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 0
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP		$ 0
Share based compensation arrangement by share based payment award price at which common stock is purchased, Percent	85.00%
2021 ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock for future issuance		4,598,941
Issued and outstanding stock options		4,598,941
Additional Compensation Expense Recognized [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized Compensation Expense		$ 1,300	$ 700

Revenue and Recognition

12 Months Ended

Dec. 31, 2024

Revenue Recognition [Abstract]

Revenue and Recognition

Note 2. Revenue and Recognition


	Year Ended December 31,
	2024		2023		2022
(in thousands)
Primary geographical markets
Americas	$	221,616	$	222,580	$	194,429
EMEA		188,869		120,840		69,185
APAC		81,659		59,674		25,761
Total revenue	$	492,144	$	403,094	$	289,375
Major solutions
Transaction	$	410,256	$	329,721	$	224,149
Platform and other revenues		81,888		73,373		65,226
Total revenue	$	492,144	$	403,094	$	289,375

Contract Balances from Contracts with Clients

The timing of revenue recognition, billing and cash collection results in billed receivables, unbilled receivables and deferred revenue on the consolidated balance sheet.

When fees are received prior to transferring services to the client under the terms of a contract, deferred revenue, which is a contract liability, is recorded. Contract liabilities are recognized as revenue when services are performed and all other revenue recognition criteria have been met.

In certain instances, the Company delivers services in advance of billing. In this case the Company recognizes unbilled receivables which is not a contract asset as the Company has an unconditional right for payment.

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


	Year Ended December 31,
	2024		2023
Accounts receivable, net	$	23,703	$	18,215
Unbilled receivables, net		15,453		10,689
Deferred revenue – current		7,337		6,968
Deferred revenue – non-current		207		169

For the year ended December 31, 2024, the Company recognized $5.8 million in revenue from amounts that were included in deferred revenue as of December 31, 2023.

For the year ended December 31, 2023, the Company recognized $4.8 million in revenue from amounts that were included in deferred revenue as of December 31, 2022.

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 December 31, 2024, the aggregate amount of transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied, including deferred revenue, was approximately $10.8 million. Of the total remaining performance obligations, the Company expects to recognize approximately 62.0% within the next year, 23.6% after one year through year two and 14.4% 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.

Contract Costs

Incremental costs for obtaining contracts that are deemed recoverable are capitalized as contract costs and are included in other assets in the consolidated balance sheets. Such costs result from the payment of sales incentives and totaled $3.4 million, $3.5 million and $4.0 million as of December 31, 2024, 2023 and 2022, respectively. Capitalized sales incentives are amortized over the period of benefits, which the Company has determined to be three years. The amortization is included in selling and marketing expense line in the consolidated statements of operations and comprehensive loss, and totaled $2.0 million, $1.2 million and $0.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Costs to fulfill a contract are capitalized when they relate directly to an existing contract or specific anticipated contract, generate or enhance resources that will be used to fulfill performance obligations and are recoverable. Such costs primarily represent set-up and implementation costs, which include any direct cost incurred at inception of a contract. The Company capitalized $3.0 million, $2.3 million and $2.0 million of costs in 2024, 2023 and 2022, respectively within other assets on the consolidated balance sheets. These capitalized costs are amortized on a straight-line basis over the expected contract life, which generally is five years, starting on go-live date. The amortization is included in technology and development expense line in the consolidated statements of operations and comprehensive loss, and totaled $1.2 million, $0.6 million and $1.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Included in the amortization expense for the year ended December 31, 2022 is $1.5 million resulting from the impairment of customer set-up costs associated with technology integration.

- 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
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-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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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 13
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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

Stockholder's Equity

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholder's Equity

Note 12. 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. As of December 31, 2024 and 2023, no cash dividends have been declared or paid.

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.

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.

During the year ended December 31, 2024, the Company repurchased 2,386,856 shares of its common stock for an aggregate amount, including commissions and accrued excise tax, of $45.6 million under the Repurchase Program. The repurchased shares are currently being held as treasury stock. As of December 31, 2024, approximately $104.9 million of the originally authorized amount under the Repurchase Program remained available for future repurchases.

All of the Company’s repurchases are subject to a one percent excise tax enacted by the Inflation Reduction Act of 2022 (the IRA). The amount of share repurchases subject to the excise tax are reduced by the fair market value of any shares issued during the taxable year. For the year ended December 31, 2024, the Company accrued $0.5 million of related excise tax pursuant to the IRA which is included in the cost of treasury stock on our consolidated balance sheet.

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 30,927 and 2,677 treasury shares at an average cost of $0.32 per

share during the year ended December 31, 2024 and 2023, respectively. The Company intends to issue treasury shares as long as an adequate number of those shares is available.

Comprehensive Loss

Comprehensive loss includes all changes in equity during the period and is comprised of net income (loss) and other comprehensive income (loss). Accumulated other comprehensive (loss) income (AOCI) reported on the Company's consolidated balance sheets for the year ended December 31, 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 year ended December 31, 2024 (in thousands):


	Unrealized Gains on Available-for- sale Debt Securities, net		Foreign Currency Translation Adjustment			Estimated Tax (Expense) Benefit		Total
Beginning balance	$	—	$	1,320		$	—	$	1,320
Other comprehensive income (loss) before reclassifications		208		(3,594	)		—		(3,386	)
Less: Amount of gain (loss) reclassified from AOCI		—		—			—		—
Net current period other comprehensive income (loss)		208		(3,594	)		—		(3,386	)
Ending balance	$	208	$	(2,274	)	$	—	$	(2,066	)

Changes in AOCI for the year ended December 31, 2023 and 2022 consisted of foreign currency translation adjustment only. Refer to the Company's consolidated statements of stockholders’ equity for the changes in AOCI for the years ended December 31, 2023 and 2022.

Reserved Shares of Common Stock for Future Issuance

As of December 31, 2024, the Company had reserved shares of common stock for future issuance as follows:


Issued and outstanding stock options			6,199,369
Issued and outstanding restricted stock units			6,016,838
Available for issuance under the 2021 Equity Incentive Plan			17,135,599
Available for issuance under Employee Stock Purchase Plan			4,598,941
Committed to settling employee retention			41,998
Available for conversion of non-voting common stock			1,873,320
			35,866,065

- 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
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-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-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
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

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

+ Details

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Company's significant segment expenses and other segment items

The following table presents the Company's significant segment expenses and other segment items for the years ended December 31, 2024, 2023 and 2022. The CODM does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions; therefore, such information is not presented.


	December 31,
(in thousands)	2024			2023			2022
Revenue Less Ancillary Services (a)	$	474,311		$	381,506		$	267,047
Less:
Payment processing services costs		161,086			127,303			85,512
Personnel expense (b)		154,969			137,127			109,486
Other segment items (c)		81,247			77,014			56,851
Depreciation and amortization expense		18,541			16,368			14,103
Stock-based compensation expense		65,754			45,215			31,317
Interest expense		538			372			1,211
Interest income		21,440			13,349			3,242
Gain (loss) from remeasurement of foreign currency		(11,756	)		4,192			(9,168	)
(Benefit from) provision for income taxes		(1,040	)		4,214			1,988
Segment income (loss)		2,900			(8,566	)		(39,347	)

(a) Revenue less Ancillary Services represents segment revenue.

(b) Personnel expense includes employees' and contractors' compensation in Technology and development, Selling and marketing and General and administrative operating expenses.

Leases - Schedule of Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
ROU assets	$ 3,381	$ 3,422
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating lease liabilities	$ 3,534	$ 3,551
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Weighted-average remaining lease terms	2 years 7 months 6 days	2 years 7 months 17 days
Weighted-average discount rate	6.90%	6.40%

Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Parenthetical) (Details)	Dec. 31, 2024
Invoiced
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of weighted average probability of successful achievement	65.10%
StudyLink
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Percentage of weighted average probability of successful achievement	42.30%

Revenue and Recognition - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost [Line Items]
Revenue Recognized	$ 5.8	$ 4.8
Remaining performance obligation including deferred revenue	$ 10.8
Remaining Performance Obligations Remaining to be Recognized Over the Next Year	62.00%
Remaining Performance Obligations Remaining To Be Recognized after One Year through Year Two	23.60%
Remaining Performance Obligations Remaining To Be Recognized Over The Next Three To Five Years	14.40%
Impairment of customer set-up costs			$ 1.5
Incremental Contract Costs [Member]
Capitalized Contract Cost [Line Items]
Capitalized Contract Cost, Amortization Period	3 years
Amortization of sales incentives	$ 2.0	1.2	0.4
Sales Incentives [Member]
Capitalized Contract Cost [Line Items]
Capitalized contract cost	3.4	3.5	4.0
Implementation Contract Costs [Member]
Capitalized Contract Cost [Line Items]
Implementation costs	3.0	2.3	2.0
Capitalized Contract Cost, Amortization	$ 1.2	$ 0.6	$ 1.8
Capitalized Contract Cost, Amortization Period	5 years

Business Overview and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Accounts Receivable And Funds Receivable


	December 31,
	2024			2023
Partner A		19	%		14	%
Partner B		11	%		15	%
Partner C	*				13	%
Partner D	*				11	%
Partner E		28	%		20	%

* Less than 10% of total balance.

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ (1,290)	$ 54
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	(4,394)	(750)
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ 410	$ (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

Income Taxes - Schedule of Changes in our Accruals for Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits Beginning Balance	$ 620	$ 659	$ 889
Settlements with taxing authorities	0	0	0
Increases (decreases) related to tax positions taken during prior years	(432)	0	(170)
Decreases related to lapses in statute of limitations	(133)	(39)	(60)
Increases related to tax positions taken during the current year	205	0	0
Unrecognized Tax Benefits Ending balance	$ 1,124	$ 620	$ 659

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested, Beginning balance \| shares	4,430,725
Number of Shares, Granted \| shares	3,948,809
Number of Shares, Vested \| shares	(1,825,670)
Number of Shares, Cancelled \| shares	(537,026)
Number of Shares, Unvested, Ending balance \| shares	6,016,838
Weighted-Average Grant Date Fair Value, Unvested, Beginning balance \| $ / shares	$ 26.28
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	25.34
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	26.32
Weighted-Average Grant Date Fair Value, Cancelled \| $ / shares	26.13
Weighted-Average Grant Date Fair Value, Unvested, Ending balance \| $ / shares	$ 25.67
Aggregate Intrinsic Value, Granted \| $	$ 100,063
Aggregate Fair Value, Vested \| $	$ 48,052

Consolidated Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue	$ 492,144	$ 403,094	$ 289,375
Costs and operating expenses:
Payment processing services costs	177,490	147,339	107,933
Technology and development	66,636	62,028	50,257
Selling and marketing	129,435	107,621	78,456
General and administrative	125,838	107,624	82,949
Total costs and operating expenses	499,399	424,612	319,595
Loss from operations	(7,255)	(21,518)	(30,220)
Other income (expense):
Interest expense	(538)	(372)	(1,211)
Interest income	21,440	13,349	3,244
(Loss) gain from remeasurement of foreign currency	(11,787)	4,189	(9,172)
Total other income (expense), net	9,115	17,166	(7,139)
Income (loss) before (benefit from) provision for income taxes	1,860	(4,352)	(37,359)
(Benefit from) provision for income taxes	(1,040)	4,214	1,988
Net income (loss)	2,900	(8,566)	(39,347)
Other comprehensive income (loss):
Foreign currency translation adjustment	(3,594)	3,232	(1,513)
Unrealized gains on available-for-sale debt securities, net of taxes	208	0	0
Total other comprehensive (loss) income	(3,386)	3,232	(1,513)
Comprehensive loss	(486)	(5,334)	(40,860)
Net income (loss) attributable to common stockholders - basic	2,900	(8,566)	(39,347)
Net income (loss) attributable to common stockholders - diluted	$ 2,900	$ (8,566)	$ (39,347)
Net income (loss) per share attributable to common stockholders - basic	$ 0.02	$ (0.07)	$ (0.36)
Net income (loss) per share attributable to common stockholders - diluted	$ 0.02	$ (0.07)	$ (0.36)
Weighted average common shares outstanding - basic	124,269,820	114,828,494	107,935,514
Weighted average common shares outstanding - diluted	129,339,462	114,828,494	107,935,514

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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 for the years ended December 31, 2024 and 2023 (in thousands):


	Year Ended December 31,
	2024			2023
Beginning balance	$	121,646		$	97,766
Goodwill related to acquisitions		31,818			20,705
Foreign currency translation adjustment		(3,906	)		3,175
Ending balance	$	149,558		$	121,646

Summary of Acquired Intangible Assets Subject to Amortization

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


	December 31, 2024
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	45,546	$	(26,312	)	$	19,234		4.90
Acquired Relationships		120,119		(21,104	)		99,015		10.12
Trade Name/Trademark		524		(89	)		435		3.30
	$	166,189	$	(47,505	)	$	118,684

* Includes $(4,394) thousand of foreign currency translation adjustments.

** Includes $410 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 December 31, 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
2025	$	13,424
2026		13,473
2027		13,323
2028		13,119
2029		12,251
Thereafter		53,094
	$	118,684

- 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

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 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 (dollars in thousands):


	Estimated Useful Life	December 31,
	(Years)	2024			2023
Computer equipment and software	3 - 5	$	3,907		$	3,681
Internal-use software	5		23,378			18,135
Furniture and fixtures	3		904			912
Leasehold improvements	Shorter of lease term or useful life		5,456			5,431
			33,645			28,159
Less: Accumulated depreciation and amortization*			(16,485	)		(13,025	)
		$	17,160		$	15,134

* For the year ended December 31, 2024, accumulated depreciation and amortization expense included $(348) thousand of computer disposals

Summary of Company Property and Equipment, Net Based on Geography

The following table summarizes the Company’s property and equipment, net based on geography (in thousands):


	December 31,
	2024		2023
Long-lived assets:
U.S.	$	15,903	$	13,503
U.K.		53		105
Other countries		1,204		1,526
	$	17,160	$	15,134

Leases - Schedule of Future Minimum Lease Payments for Non cancelable Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024		$ 1,643
2025	$ 1,904	1,202
2026	926	676
2027	654	319
2028	319	0
2029	74
Thereafter	0	0
Undiscounted lease Payments, Total	3,877	3,840
Less - present value discount	343	320
Lessee Operating Lease Liability At Present Value, Total	$ 3,534	$ 3,520

Business Overview and Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Funds Receivable (Details) - Partner Concentration Risk - Funds Receivable	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Partner A
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	19.00%	14.00%
Partner B
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	11.00%	15.00%
Partner C
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		13.00%
Partner D
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		11.00%
Partner E
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	28.00%	20.00%

Net Income (Loss) per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,483,642	12,538,586	15,095,002
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	4,641,715	4,430,725	2,934,442
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	841,927	8,107,861	12,160,560

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024:		Measured at Fair Value as of December 31, 2024:
			Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	139,545	$	—	$	—	$	—	$	139,545
Foreign exchange contracts		—		—		—		49		49
Short-term investments
Corporate bonds		—		—		62,625		—		62,625
U.S. Government obligations		—		—		36,755		—		36,755
Treasury bill		—		—		6,983		—		6,983
Foreign agency securities		—		—		2,607		—		2,607
Commercial paper		—		—		6,878		—		6,878
Total short-term investments		—		—		115,848		—		115,848
Long-term investments
Corporate bonds		—		—		23,100		—		23,100
U.S. Government obligations		—		—		21,384		—		21,384
Agency bond		—		—		2,469		—		2,469
Asset-backed securities		—		—		3,172		—		3,172
Total long-term investments		—		—		50,125		—		50,125
Total financial assets	$	139,545	$	—	$	165,973	$	49	$	305,567
Financial Liabilities:
Contingent consideration	$	—	$	—	$	—	$	5,094	$	5,094
Total financial liabilities	$	—	$	—	$	—	$	5,094	$	5,094


	Measured at NAV as of December 31, 2023:		Measured at Fair Value as of December 31, 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

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 years ended December 31, 2024, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2024			2023			2022
Beginning balance	$	2,882		$	1,332		$	11,309
Additions		4,508			2,703			1,695
Change in fair value		(978	)		380			(2,805	)
Contingent consideration paid*		(1,125	)		(1,674	)		(8,664	)
Foreign currency translation adjustment		(193	)		141			(203	)
Ending balance	$	5,094		$	2,882		$	1,332

Invoiced Inc.

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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 December 31, 2024.


		Year Ended December 31, 2024
Discount rate		6.47% - 6.59%
Probability of successful achievement*		4% - 100%

_____________________________

StudyLink

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

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 December 31, 2024 and 2023.


	Year Ended December 31,
	2024	2023
Discount rate	6.3% - 8.2%	7.4% - 7.5%
Probability of successful achievement*	0% - 100%	29% - 95%

_____________________________

Goodwill And Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 12.3	$ 11.5	$ 9.1

Income Taxes - Schedule of Components of Company's Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current
Federal	$ 172	$ 0	$ 0
State	571	131	206
Foreign	7,011	4,011	3,490
Total current provision for income taxes	7,754	4,142	3,696
Federal	(4,209)	55	36
State	(487)	(102)	6
Foreign	(4,098)	119	(1,750)
Total deferred income tax (benefit) provision	(8,794)	72	(1,708)
Total income tax (benefit) provision	$ (1,040)	$ 4,214	$ 1,988

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2024		2023
Accrued employee compensation and related taxes	$	17,950	$	19,748
Accrued vendor liabilities		3,992		4,193
Accrued income and other non-employee related taxes		8,699		6,270
Accrued professional services		1,879		2,139
Current portion of operating lease liabilities		1,719		1,465
Current portion of contingent consideration		4,113		2,053
Other accrued expenses and current liabilities		10,945		7,447
	$	49,297	$	43,315

Segment Information - Schedule of the Company's significant segment expenses and other segment items (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Segment Reporting Information [Line Items]

Revenue Less Ancillary Services

$ 492,144

$ 403,094

$ 289,375

Less:

Payment processing services costs

177,490

147,339

107,933

Depreciation and amortization expense

17,363

15,764

12,304

Interest income

21,440

13,349

3,244

(Benefit from) provision for income taxes

(1,040)

4,214

1,988

Adjustments and reconciling items:

Net income (loss)

2,900

(8,566)

(39,347)

Operating Segments [Member]

Segment Reporting Information [Line Items]

Revenue Less Ancillary Services

^[1]

474,311

381,506

267,047

Less:

Payment processing services costs

161,086

127,303

85,512

Personnel Expense

^[2]

154,969

137,127

109,486

Other segment items

^[3]

81,247

77,014

56,851

Depreciation and amortization expense

18,541

16,368

14,103

Stock-based compensation expense

65,754

45,215

31,317

Interest Expense

538

372

1,211

Interest income

21,440

13,349

3,242

Gain (loss) from remeasurement of foreign currency

(11,756)

4,192

(9,168)

(Benefit from) provision for income taxes

(1,040)

4,214

1,988

Segment income (loss)

$ 2,900

$ (8,566)

$ (39,347)

[1]	Revenue less Ancillary Services represents segment revenue.
[2]	Personnel expense includes employees' and contractors' compensation in Technology and development, Selling and marketing and General and administrative operating expenses.
[3]	Other segments items included in segment income (loss) includes the following expenses: professional fees, marketing, travel, facilities, software, acquisition and other general and administrative.