Flywire Corp
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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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.
FY2024 · Filed Feb 26, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $2,900 | $(8,566) | $(39,347) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 17,363 | 15,764 | 12,304 |
| Stock-based compensation expense | 64,933 | 43,726 | 30,259 |
| Amortization of deferred 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) | — | — |
| Non-cash interest expense | 230 | 298 | 348 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| 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 operating activities | 91,468 | 80,625 | 5,427 |
| Cash flows from investing activities: | |||
| Purchase of short-term and long-term investments | (193,927) | — | — |
| Proceeds from the maturity and sale of short-term and long-term investments | 29,598 | — | — |
| 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 | — | — | (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 | — | 261,119 | — |
| Payments of costs related to public offering | — | (1,062) | — |
| Repayment of long-term debt | — | — | (25,939) |
| Contingent consideration paid for acquisitions | (1,032) | (1,207) | (3,701) |
| Payment of long-term debt issuance costs | (783) | — | — |
| 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) | — | — |
| 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 |
CONSOLIDATED STATEMENT OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Supplemental disclosures of cash flow and noncash information | |||
| Cash paid during the period for interest | — | — | 770 |
| Issuance of common stock for acquisition | — | — | 4,287 |
| Accrued excise tax related to common stock repurchase | 451 | — | — |
| Purchase of property and equipment in accounts payable | 16 | 14 | 36 |
| Capitalized stock-based compensation expense | 1,519 | — | — |
| Issuance of common stock for retention bonus | 324 | 1,196 | — |
| Reconciliation of cash, cash equivalents and restricted cash | |||
| Cash and cash equivalents | $495,242 | $654,608 | $349,177 |
| Restricted cash | — | — | 2,000 |
| Cash, cash equivalents and restricted cash | $495,242 | $654,608 | $351,177 |
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