Flywire Corp
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
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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, 2025 · Filed Nov 10, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30,2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from to
Commission File Number:001-40430
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 27-0690799 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
| 141 Tremont St #10Boston, MA | 02111 |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (617)329-4524
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | TradingSymbol(s) | Name of each exchangeon which registered |
|---|---|---|
| Voting common stock, $0.0001 par value per share | FLYW | The Nasdaq Stock Market LLC(Nasdaq Global Select Market) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
As of October 31, 2025, the registrant had 120,253,612 shares of voting common stock, $0.0001 par value per share, outstanding and 1,873,320 shares of non-voting common stock $0.0001 par value per share, outstanding.
Table of Contents
| Page | ||
|---|---|---|
| Special Note Regarding Forward-Looking Statements | 1 | |
| PART I. | FINANCIAL INFORMATION | 3 |
| Item 1. | Financial Statements (Unaudited) | 3 |
| Condensed Consolidated Balance Sheets | 3 | |
| Condensed Consolidated Statements of Operations and Comprehensive Income | 4 | |
| Condensed Consolidated Statements of Stockholders’ Equity | 5 | |
| Condensed Consolidated Statements of Cash Flows | 7 | |
| Notes to Condensed Consolidated Financial Statements | 8 | |
| Note 1. Business Overview and Summary of Significant Accounting Policies | 8 | |
| Note 2. Revenue and Recognition | 11 | |
| Note 3. Segment Information | 12 | |
| Note 4. Investments | 13 | |
| Note 5. Fair Value Measurements | 14 | |
| Note 6. Derivative Instruments | 17 | |
| Note 7. Accrued Expenses and Other Current Liabilities | 18 | |
| Note 8. Property and Equipment, net | 18 | |
| Note 9. Restructuring | 19 | |
| Note 10. Business Combinations | 19 | |
| Note 11. Goodwill and Acquired Intangible Assets | 22 | |
| Note 12. Debt | 23 | |
| Note 13. Stockholders’ Equity | 25 | |
| Note 14. Stock-Based Compensation | 27 | |
| Note 15. Net Income per Share | 28 | |
| Note 16. Income Taxes | 29 | |
| Note 17. Commitments and Contingencies | 30 | |
| Note 18. Revision of Previously Issued Unaudited Quarterly Information and Annual Financial Statements | 31 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 35 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 57 |
| Item 4. | Controls and Procedures | 59 |
| PART II. | OTHER INFORMATION | 60 |
| Item 1. | Legal Proceedings | 60 |
| Item 1A. | Risk Factors | 60 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 109 |
| Item 3. | Defaults Upon Senior Securities | 109 |
| Item 4. | Mine Safety Disclosures | 109 |
| Item 5. | Other Information | 109 |
| Item 6. | Exhibits | 110 |
| Signatures | 111 | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.