Flywire Corp
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(8,566) | $(39,347) | $(28,085) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 15,764 | 12,304 | 8,998 |
| Stock-based compensation expense | 43,726 | 30,259 | 18,928 |
| Amortization of contract costs | 1,789 | 1,799 | 245 |
| Change in fair value of preferred stock warrant liability | — | — | 10,758 |
| Change in fair value of contingent consideration | 380 | (2,805) | 2,263 |
| Deferred tax provision (benefit) | 72 | (1,708) | 146 |
| Provision for uncollectible accounts | 326 | 152 | 165 |
| Non-cash interest expense | 298 | 348 | 252 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (2,082) | (323) | (587) |
| Unbilled receivables | (5,394) | (1,928) | (1,642) |
| Funds receivable from payment partners | (50,975) | (30,917) | (5,805) |
| Prepaid expenses, other current assets and other assets | (4,279) | (11,318) | (7,854) |
| Funds payable to clients | 86,616 | 48,932 | 11,316 |
| Accounts payable, accrued expenses and other current liabilities | 5,548 | 6,761 | 11,230 |
| Contingent consideration | (467) | (4,510) | (3,212) |
| Other liabilities | (1,260) | (1,872) | 174 |
| Deferred revenue | (871) | (400) | (159) |
| Net cash provided by operating activities | 80,625 | 5,427 | 17,131 |
| Cash flows from investing activities: | |||
| Capitalization of internally developed software | (5,004) | (5,717) | (5,635) |
| Purchases of property and equipment | (1,009) | (1,353) | (1,049) |
| Acquisitions of businesses, net of cash acquired | (32,764) | (17,140) | (56,111) |
| Asset acquisition, net of cash acquired | — | — | (119) |
| Contingent consideration paid for acquisitions | — | (453) | — |
| Net cash used in investing activities | (38,777) | (24,663) | (62,914) |
| Cash flows from financing activities: | |||
| Proceeds from initial public offering, net of underwriting discount and commissions | — | — | 268,694 |
| Payment of costs related to initial public offering | — | — | (4,860) |
| Proceeds from issuance of common stock under public offering, net of underwriting discount and commissions | 261,119 | — | — |
| Payments of costs related to public offering | (1,062) | — | — |
| Proceeds from issuance of long-term debt | — | — | 25,939 |
| Payment of long-term debt issuance costs | — | — | (418) |
| Repayment of long-term debt | — | (25,939) | (25,000) |
| Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | — | — | 59,735 |
| Proceeds from exercise of warrants | — | — | 294 |
| Contingent consideration paid for acquisitions | (1,207) | (3,701) | (3,800) |
| Payments of tax withholdings for net settled option exercises | (8,483) | (2,564) | — |
| Proceeds from the issuance of stock under Employee Stock Purchase Plan | 2,691 | 1,271 | — |
| Proceeds from exercise of stock options | 10,360 | 6,963 | 6,928 |
| Net cash provided by (used in) financing activities | 263,418 | (23,970) | 327,512 |
| Effect of exchange rates changes on cash and cash equivalents | (1,835) | 5,023 | (1,421) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 303,431 | (38,183) | 280,308 |
| Cash, cash equivalents and restricted cash, beginning of year | $351,177 | $389,360 | $109,052 |
| Cash, cash equivalents and restricted cash, end of year | $654,608 | $351,177 | $389,360 |
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Supplemental disclosures of cash flow and noncash information | |||
| Cash paid during the period for interest | — | 770 | 1,600 |
| Issuance of common stock for acquisition | — | 4,287 | — |
| Accretion of redeemable convertible preferred stock | — | — | (13) |
| Purchase of property and equipment in accounts payable | 14 | 36 | — |
| Issuance of common stock for retention bonus | 1,196 | — | — |
| Reconciliation of cash, cash equivalents and restricted cash | |||
| Cash and cash equivalents | $654,608 | $349,177 | $385,360 |
| Restricted cash | — | 2,000 | 4,000 |
| Cash, cash equivalents and restricted cash | $654,608 | $351,177 | $389,360 |
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