Flywire Corp
For the period ended Sep 30, 2024. Filed Nov 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.
Sep 30, 2024 · Filed Nov 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)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $18,799 | $(9,853) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Depreciation and amortization | 12,709 | 11,774 |
| Stock-based compensation expense | 48,396 | 31,299 |
| Amortization of deferred contract costs | 826 | 367 |
| Change in fair value of contingent consideration | (988) | 380 |
| Deferred tax benefit | (6,600) | (896) |
| Provision for uncollectible accounts | (124) | 525 |
| Non-cash interest expense | 184 | 242 |
| Accretion of discounts on investments, net of amortization of premiums | (1,051) | — |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (9,058) | (4,979) |
| Unbilled receivables | (970) | (1,511) |
| Funds receivable from payment partners | (16,446) | (17,529) |
| Prepaid expenses, other current assets and other assets | (7,184) | (4,536) |
| Funds payable to clients | 87,318 | 8,163 |
| Accounts payable, accrued expenses and other current liabilities | 8,445 | 10,148 |
| Contingent consideration | — | (467) |
| Other liabilities | (1,017) | (882) |
| Deferred revenue | (312) | (1,368) |
| Net cash provided by operating activities | 132,927 | 20,877 |
| Cash flows from investing activities: | ||
| Acquisitions of businesses, net of cash acquired | (45,438) | — |
| Purchase of short-term and long-term investments | (160,629) | — |
| Proceeds from the maturity and sale of short-term and long-term investments | 5,879 | — |
| Capitalization of internally developed software | (4,581) | (4,148) |
| Purchases of property and equipment | (823) | (943) |
| Net cash used in investing activities | (205,592) | (5,091) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions | — | 261,119 |
| Payments of costs related to public offering | — | (447) |
| 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 | 3,108 | 2,691 |
| Proceeds from exercise of stock options | 3,956 | 8,519 |
| Common stock repurchased | (22,883) | — |
| Net cash (used in) provided by financing activities | (16,602) | 270,675 |
| Effect of exchange rates changes on cash and cash equivalents | (306) | 567 |
| Net (decrease) increase in cash and cash equivalents | (89,573) | 287,028 |
| Cash and cash equivalents, beginning of period | $654,608 | $351,177 |
| Cash and cash equivalents, end of period | $565,035 | $638,205 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (Amounts in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash flow and noncash information | ||
| Purchase of property and equipment in accounts payable | 30 | 59 |
| Issuance of common stock upon settlement of restricted stock units | 39,530 | 25,310 |
| Issuance of common stock for retention bonus | 324 | 1,196 |
| Accrued excise tax related to common stock repurchase | 229 | — |
| Offering costs related to public offering included in accounts payable, accrued expenses and other current liabilities | — | 611 |
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