Flywire Corp
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 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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Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (Amounts in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(6,217) | $(3,683) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 4,259 | 3,731 |
| Stock-based compensation expense | 14,842 | 8,603 |
| Amortization of deferred contract costs | 242 | 109 |
| Change in fair value of contingent consideration | (478) | 410 |
| Deferred tax benefit | (643) | (620) |
| Provision for uncollectible accounts | (16) | 83 |
| Non-cash interest expense | 92 | 72 |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (1,457) | (4,324) |
| Unbilled receivables | 2,694 | 1,247 |
| Funds receivable from payment partners | 37,714 | 34,323 |
| Prepaid expenses, other current assets and other assets | 1,863 | (828) |
| Funds payable to clients | (86,810) | (60,343) |
| Accounts payable, accrued expenses and other current liabilities | (2,489) | 2,780 |
| Contingent consideration | — | (467) |
| Other liabilities | (340) | (413) |
| Deferred revenue | (1,349) | (1,526) |
| Net cash used in operating activities | (38,093) | (20,846) |
| Cash flows from investing activities: | ||
| Capitalization of internally developed software | (1,259) | (1,368) |
| Purchases of property and equipment | (255) | (481) |
| Net cash used in investing activities | (1,514) | (1,849) |
| Cash flows from financing activities: | ||
| Contingent consideration paid for acquisitions | — | (1,207) |
| Payment of long-term debt issuance costs | (783) | — |
| Proceeds from the issuance of stock under Employee Stock Purchase Plan | 1,415 | 864 |
| Proceeds from exercise of stock options | 1,617 | 2,144 |
| Net cash provided by financing activities | 2,249 | 1,801 |
| Effect of exchange rates changes on cash and cash equivalents | 1,764 | (1,202) |
| Net decrease in cash, cash equivalents and restricted cash | (35,594) | (22,096) |
| Cash, cash equivalents and restricted cash, beginning of period | $654,608 | $351,177 |
| Cash, cash equivalents and restricted cash, end of period | $619,014 | $329,081 |
| Supplemental disclosures of cash flow and noncash information | ||
| Purchase of property and equipment in accounts payable | 11 | 27 |
| Issuance of common stock upon settlement of restricted stock units | 19,883 | 14,894 |
| Issuance of common stock for retention bonus | 324 | 700 |
| Reconciliation of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | $619,014 | $327,081 |
| Restricted cash | — | 2,000 |
| Cash, cash equivalents and restricted cash | $619,014 | $329,081 |
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