Flywire Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
View on SEC.govAbout this filing
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FY2023 · Filed Feb 28, 2024
FLYW$22.35+1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations and Comprehensive Loss
(Amounts in thousands, except share and per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue | $403,094 | $289,375 | $201,149 |
| Costs and operating expenses: | |||
| Payment processing services costs | 147,339 | 107,933 | 70,191 |
| Technology and development | 62,028 | 50,257 | 31,295 |
| Selling and marketing | 107,621 | 78,456 | 51,297 |
| General and administrative | 107,624 | 82,949 | 61,623 |
| Total costs and operating expenses | 424,612 | 319,595 | 214,406 |
| Loss from operations | $(21,518) | $(30,220) | $(13,257) |
| Other income (expense): | |||
| Interest expense | (372) | (1,211) | (2,021) |
| Change in fair value of preferred stock warrant liability | — | — | (10,758) |
| Interest income | 13,349 | 3,244 | — |
| Gain (loss) from remeasurement of foreign currency | 4,189 | (9,172) | 109 |
| Total other income (expense), net | 17,166 | (7,139) | (12,670) |
| Loss before provision for income taxes | (4,352) | (37,359) | (25,927) |
| Provision for income taxes | 4,214 | 1,988 | 2,158 |
| Net loss | $(8,566) | $(39,347) | $(28,085) |
| Foreign currency translation adjustment | 3,232 | (1,513) | (185) |
| Comprehensive loss | $(5,334) | $(40,860) | $(28,270) |
| Net loss attributable to common stockholders - basic and diluted | $(8,566) | $(39,347) | $(28,098) |
| Net loss per share attributable to common stockholders - basic and diluted | $(0.07) | $(0.36) | $(0.39) |
| Weighted average common shares outstanding - basic and diluted | 114,828,494 | 107,935,514 | 71,168,054 |
CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)
(Amounts in thousands, except share amounts)
| ConvertiblePreferred Stock · RedeemableConvertiblePreferred Stock · VotingCommon Stock · Non-VotingCommon Stock · Treasury Stock · AdditionalPaid-In · Accumulated OtherComprehensive · Accumulated · TotalStockholders’ Equity | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Capital | Loss | Deficit | (Deficit) | |
| Balances at December 31, 2020 | 54,208,461 | $110,401 | 11,239,920 | 119,769 | 22,240,872 | $2 | — | — | (2,317,722) | $(748) | 16,970 | $(214) | $(97,772) | $(81,762) |
| Issuance of common stock upon exercise of stock options | — | — | — | — | 5,893,600 | 1 | — | — | — | — | 6,582 | — | — | 6,583 |
| Issuance of Series F-1 redeemable convertible preferred stock, net of issuance costs of $265 | — | — | 2,571,936 | 59,735 | — | — | — | — | — | — | — | — | — | — |
| Exercise of common stock warrants | — | — | — | — | 417,021 | — | — | — | — | — | 294 | — | — | 294 |
| Accretion of redeemable convertible preferred stock | — | — | — | 13 | — | — | — | — | — | — | (13) | — | — | (13) |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | (185) | — | (185) |
| Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | 18,928 | — | — | 18,928 |
| Issuance of common stock in connection with IPO, net of underwriting discounts and commissions | — | — | — | — | 12,006,000 | 1 | — | — | — | — | 268,693 | — | — | 268,694 |
| Costs incurred in connection with IPO | — | — | — | — | — | — | — | — | — | — | (4,860) | — | — | (4,860) |
| Issuance of Series C preferred stock upon net exercise of Series C preferred stock warrants | 182,467 | 6,417 | — | — | — | — | — | — | — | — | — | — | — | — |
| Conversion of convertible preferred stock upon IPO | (54,390,928) | (116,818) | — | — | 54,390,928 | 5 | — | — | — | — | 116,813 | — | — | 116,818 |
| Conversion of redeemable convertible preferred stock upon IPO | — | — | (13,811,856) | (179,517) | 7,823,478 | 1 | 5,988,378 | 1 | — | — | 179,515 | — | — | 179,517 |
| Reclassification of warrant liability to additional paid-in capital upon IPO | — | — | — | — | — | — | — | — | — | — | 6,272 | — | — | 6,272 |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (28,085) | (28,085) |
| Balances at December 31, 2021 | — | $— | — | $— | 102,771,899 | $10 | 5,988,378 | 1 | (2,317,722) | $(748) | $609,194 | $(399) | $(125,857) | $482,201 |
| Issuance of common stock upon exercise of stock options, net of tax withheld | — | — | — | — | 2,507,070 | — | — | — | — | — | 4,745 | — | — | 4,745 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Conversion of non-voting common stock to voting common stock | — | — | — | — | 4,115,058 | — | (4,115,058) | — | — | — | — | — | — | — |
| Issuance of common stock upon settlement of restricted stock units | — | — | — | — | 111,549 | — | — | — | — | — | — | — | — | — |
| Issuance of common stock under employee stock purchase plan | — | — | — | — | 84,812 | — | — | — | — | — | 1,271 | — | — | 1,271 |
| Issuance of common stock as consideration for acquisition | — | — | — | — | 200,314 | — | — | — | — | — | 4,287 | — | — | 4,287 |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | (1,513) | — | (1,513) |
| Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | 30,259 | — | — | 30,259 |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (39,347) | (39,347) |
| Balances at December 31, 2022 | — | — | — | — | 109,790,702 | $10 | 1,873,320 | $1 | (2,317,722) | $(748) | $649,756 | $(1,912) | $(165,204) | $481,903 |
| Issuance of common stock in connection with public offering, net of underwriter discounts and commissions | — | — | — | — | 8,500,000 | 1 | — | — | — | — | 261,119 | — | — | 261,120 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Costs incurred in connection with public offering | — | — | — | — | — | — | — | — | — | — | (1,062) | — | — | (1,062) |
| Issuance of treasury stock | — | — | — | — | — | — | — | — | 2,677 | 1 | (1) | — | — | — |
| Issuance of common stock upon exercise of stock options, net of tax withheld | — | — | — | — | 3,339,587 | — | — | — | — | — | 1,877 | — | — | 1,877 |
| Issuance of common stock upon settlement of restricted stock units | — | — | — | — | 1,192,362 | — | — | — | — | — | — | — | — | — |
| Issuance of common stock for retention bonus | — | — | — | — | 42,498 | — | — | — | — | — | 1,196 | — | — | 1,196 |
| Issuance of common stock under employee stock purchase plan | — | — | — | — | 145,058 | — | — | — | — | — | 2,691 | — | — | 2,691 |
| Foreign currency translation adjustment | — | — | — | — | — | — | — | — | — | — | — | 3,232 | — | 3,232 |
| Stock-based compensation expense | — | — | — | — | — | — | — | — | — | — | 43,726 | — | — | 43,726 |
| Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (8,566) | (8,566) |
| Balances at December 31, 2023 | — | — | — | — | 123,010,207 | $11 | 1,873,320 | $1 | (2,315,045) | $(747) | $959,302 | $1,320 | $(173,770) | $786,117 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.