Flywire Corp
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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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.
FY2025 · Filed Feb 24, 2026
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 STATEM ENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $13,497 | $2,900 | $(8,566) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Unrealized (gain) loss on remeasurement of foreign currency | (11,939) | 11,573 | 2,320 |
| Depreciation and amortization | 26,058 | 17,363 | 15,764 |
| Stock-based compensation expense | 71,777 | 64,933 | 43,726 |
| Amortization of deferred contract costs | 1,664 | 972 | 1,789 |
| Change in fair value of contingent consideration | (1,901) | (978) | 380 |
| Deferred tax (benefit) provision | (1,365) | (8,794) | 72 |
| Change in provision for uncollectible accounts | 2,361 | (83) | 326 |
| Non-cash interest income | — | (1,435) | — |
| Amortization of debt issuance costs | 271 | 230 | 298 |
| Net accretion of discounts and amortization of premiums on investments | (607) | (1,807) | — |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (6,813) | (5,226) | (1,805) |
| Unbilled receivables | (4,462) | (4,841) | (5,228) |
| Funds receivable from payment partners | (63,716) | 23,335 | (53,151) |
| Prepaid expenses, other current assets and other assets | (17,722) | (5,071) | (5,124) |
| Funds payable to clients | 91,838 | 7,361 | 82,301 |
| Accounts payable, accrued expenses and other current liabilities | 4,725 | 168 | 4,721 |
| Contingent consideration | (475) | (93) | (467) |
| Other liabilities | (676) | (1,447) | 170 |
| Deferred revenue | (2,340) | (391) | (1,180) |
| Net cash provided by operating activities | 100,175 | 98,669 | 76,346 |
| Cash flows from investing activities: | |||
| Acquisitions of businesses, net of cash acquired | (324,921) | (45,230) | (32,764) |
| Purchase of short-term and long-term investments | (16,093) | (192,120) | — |
| Proceeds from the maturity and sale of short-term and long-term investments | 156,637 | 29,598 | — |
| Capitalization of internally developed software | (8,506) | (5,317) | (5,004) |
| Purchases of property and equipment | (1,350) | (924) | (1,009) |
| Net cash used in investing activities | (194,233) | (213,993) | (38,777) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of revolving credit facility | 125,000 | — | — |
| Payment of revolving credit facility | (125,000) | — | — |
| 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) |
| Payment of debt issuance costs | (758) | (783) | — |
| Contingent consideration paid for acquisitions | (3,738) | (1,032) | (1,207) |
| Payments of tax withholdings for net settled equity awards | (4,214) | (797) | (8,483) |
| Common stock repurchased | (74,333) | (43,740) | — |
| Proceeds from the issuance of stock under Employee Stock Purchase Plan | 3,338 | 3,108 | 2,691 |
| Proceeds from exercise of stock options | 2,303 | 5,613 | 10,360 |
| Deferred acquisition payment | (1,000) | — | — |
| Net cash (used in) provided by financing activities | (78,402) | (37,631) | 263,418 |
| Effect of exchange rates changes on cash and cash equivalents | 7,521 | (6,411) | 2,444 |
| Net change in cash and cash equivalents | (164,939) | (159,366) | 303,431 |
| Cash and cash equivalents, beginning of period | 495,242 | 654,608 | 351,177 |
| Cash and cash equivalents, end of period | $330,303 | $495,242 | $654,608 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of cash flow and noncash information | |||
| Purchase of property and equipment in accounts payable | $10 | $16 | $14 |
| Accrued excise tax related to common stock repurchased | 349 | 451 | — |
| Capitalized stock-based compensation expense | 2,005 | 1,519 | — |
| Cash paid for interest | 2,585 | — | — |
| Issuance of common stock for retention bonus | — | 324 | 1,196 |
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