# Flywire Corp (FLYW)

Informational only - not investment advice.

CIK: 0001580560
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1580560
Filing source: https://www.sec.gov/Archives/edgar/data/1580560/000119312526067540/flyw-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001193125-26-067540 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001580560.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 623,025,000 USD | 2025 | verified |
| Net income | 13,497,000 USD | 2025 | verified |
| Assets | 1,253,313,000 USD | 2025 | verified |
| Free cash flow | 98,825,000 USD | 2025 | computed |
| Net margin | 2.17% | 2025 | computed |
| Operating margin | 1.81% | 2025 | computed |
| Revenue YoY | +26.59% | 2025 | computed |
| ROE | 1.62% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FLYW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.2% | 5.8% | 33 | 59 |
| Operating margin | 1.8% | 9.2% | 25 | 56 |
| Revenue growth | 26.6% | 8.4% | 84 | 58 |
| FCF margin | 15.9% | 14.2% | 60 | 58 |
| ROE | 1.6% | 8.7% | 35 | 52 |
| ROA | 1.1% | 2.9% | 34 | 59 |
| Liabilities / equity | 0.50 | 1.52 | 9 | 54 |
| Current ratio | 1.50 | 1.34 | 61 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 623025000 | USD | 2025 | 2026-02-24 |
| Net income | 13497000 | USD | 2025 | 2026-02-24 |
| Assets | 1253313000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001580560.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 94,918,000 | 131,783,000 | 201,149,000 | 289,375,000 | 403,094,000 | 492,144,000 | 623,025,000 |
| Net income |  | -20,116,000 | -11,107,000 | -28,085,000 | -39,347,000 | -8,566,000 | 2,900,000 | 13,497,000 |
| Operating income |  | -17,457,000 | -15,815,000 | -13,257,000 | -30,220,000 | -21,518,000 | -7,255,000 | 11,295,000 |
| Diluted EPS |  |  | -0.60 | -0.39 | -0.36 | -0.07 | 0.02 | 0.11 |
| Operating cash flow |  | 4,073,000 | -14,223,000 | 17,131,000 | 5,427,000 | 76,346,000 | 98,669,000 | 100,175,000 |
| Capital expenditures |  | 3,748,000 | 2,141,000 | 1,049,000 | 1,353,000 | 1,009,000 | 924,000 | 1,350,000 |
| Assets |  |  | 271,442,000 | 639,845,000 | 674,287,000 | 1,079,731,000 | 1,122,446,000 | 1,253,313,000 |
| Liabilities |  |  | 123,034,000 | 157,644,000 | 192,384,000 | 293,614,000 | 307,679,000 | 418,142,000 |
| Stockholders' equity | -58,335,000 | -75,278,000 | -81,762,000 | 482,201,000 | 481,903,000 | 786,117,000 | 814,767,000 | 835,171,000 |
| Cash and cash equivalents |  |  | 104,052,000 | 385,360,000 | 349,177,000 | 654,608,000 | 495,242,000 | 330,303,000 |
| Free cash flow |  | 325,000 | -16,364,000 | 16,082,000 | 4,074,000 | 75,337,000 | 97,745,000 | 98,825,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -21.19% | -8.43% | -13.96% | -13.60% | -2.13% | 0.59% | 2.17% |
| Operating margin |  | -18.39% | -12.00% | -6.59% | -10.44% | -5.34% | -1.47% | 1.81% |
| Return on equity |  |  |  | -5.82% | -8.16% | -1.09% | 0.36% | 1.62% |
| Return on assets |  |  | -4.09% | -4.39% | -5.84% | -0.79% | 0.26% | 1.08% |
| Liabilities / equity |  |  |  | 0.33 | 0.40 | 0.37 | 0.38 | 0.50 |
| Current ratio |  |  | 1.68 | 3.78 | 2.54 | 2.98 | 2.63 | 1.50 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/FLYW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001580560.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.04 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.03 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.15 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 123,323,000 | 10,643,000 | 0.08 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 100,545,000 | 1,287,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 114,103,000 | -6,217,000 | -0.05 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 103,676,000 | -13,880,000 | -0.11 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 156,815,000 | 38,896,000 | 0.30 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 117,550,000 | -15,899,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 133,452,000 | -4,160,000 | -0.03 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 131,891,000 | -12,007,000 | -0.10 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 200,138,000 | 29,631,000 | 0.23 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 157,544,000 | 33,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 188,112,000 | 12,518,000 | 0.10 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 167,744,000 | -8,147,000 | -0.07 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FLYW's latest 10-K: [/company/FLYW/business/](/company/FLYW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FLYW's latest 10-K: [/company/FLYW/risk-factors/](/company/FLYW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1580560/000158056026000016/flyw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this Quarterly Report on Form 10-Q includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year end is December 31, and our fiscal quarters end on March 31, June 30, September 30, and December 31.

Overview

Flywire is a leading global payments enablement and software company. Our next-gen payments platform, proprietary global payment network, and vertical-specific software help our clients get paid and help their customers pay with ease—no matter where they are in the world. Our clients rely on us for integrated solutions that are both global and local, and combine tailored invoicing, flexible payment options, and highly personalized omni-channel experiences. We believe we make generational advances for our clients by transforming payments into a source of value and growth for their organizations while delighting their customers with payment experiences that are engaging, secure, fast, and transparent.

Our Flywire Advantage is derived from three core elements: (i) our next-gen payments platform; (ii) our proprietary global payment network; and (iii) our vertical-specific software backed by our deep industry expertise. With our Flywire Advantage, we aim to power the transformation of our clients’ accounts receivable functions by automating paper and check-based business processes in addition to creating interactive, digital payment experiences for their customers. As a result, clients who implement our payments and software solutions can see increased digital payments and improved accounts receivable, higher enrollment in payment plans, and a reduction in customer support inquiries. We help our clients turn their accounts receivable functions into strategic, value-enhancing areas of their organizations.

We reach clients through various channels, with our direct channel being our primary go-to-market strategy. Our industry-experienced sales and relationship management teams bring expertise and local reach, and our solution combines high-tech and high-touch functions backed by 24x7 multilingual customer support, resulting in high client and customer satisfaction. In addition, the value of our Flywire Advantage has been recognized, with global financial institutions and technology providers choosing to form channel partnerships with us. These partnerships promote organic referral and lead generation opportunities and enhance our indirect sales strategy.

27

The combination of our differentiated solution and efficient go-to-market strategy has resulted in strong and consistent client growth.

•
Rapid domestic and international payments volume growth. We have grown our total payment volume by approximately 38.2% period-over-period from $5.9 billion during the three months ended June 30, 2025 to $8.2 billion during the three months ended June 30, 2026. We have grown our total payment volume by approximately 37.2% period-over-period from $14.3 billion during the six months ended June 30, 2025 to $19.6 billion during the six months ended June 30, 2026.

•
Expanded global payments network. We have continued to add to the capabilities of our payment network by means of new local bank accounts and payment partners, and have expanded our global reach to over 240 countries and territories and more than 140 currencies.

•
Strong dollar-based net retention. For the year ended December 31, 2025, our annual net dollar-based retention rate was approximately 110%. We calculate the annual net dollar-based retention rate for a given year based on the weighted average of the quarterly net dollar-based retention rates for each quarter in that year. We calculate the quarterly net dollar-based retention rate for a given quarter by dividing the revenue we earned in that quarter by the revenue we earned from the same clients in the corresponding quarter of the previous year. Our calculation of quarterly net dollar-based revenue rate for a given quarter only includes revenue from clients that were clients at the beginning of the corresponding quarter of the previous year.

As of June 30, 2026, we serve approximately 5,300 clients around the world, excluding clients acquired from the Sertifi and Invoiced acquisitions. In education, we serve more than 3,300 institutions. In healthcare, we power more than 150 healthcare systems, including four of the top 10 healthcare systems in the United States ranked by hospital size as of December 31, 2025. In our travel and B2B verticals, we have a growing portfolio of approximately 1,800 clients.

Our success in building our client base around the world and expanding utilization by our clients’ customers has allowed us to achieve significant scale. We enabled over $37.6 billion, $19.6 billion, and $14.3 billion in total payment volume during the year ended December 31, 2025 and six months ended June 30, 2026 and 2025, respectively. We

28

generated revenue of $623.0 million and $492.1 million for the years ended December 31, 2025 and 2024, respectively, and reported net income of $13.5 million and $2.9 million, respectively, for the same years. We generated revenue of $355.9 million and $265.3 million for the six months ended June 30, 2026 and 2025, respectively, and reported net income of $4.4 million and net loss of $16.2 million, respectively, for the same periods.

We believe that the growth of our business and our operating results will be dependent upon many factors, including our ability to add new clients, expand the usage of our solutions by our existing clients and their customers, integrate the businesses and technology platforms that we acquire and increase the breadth and depth of our payments and software capabilities by adding new solutions. While these areas present significant opportunities for us, they also pose challenges and risks that we must successfully address in order to sustain the growth of our business and improve our operating results.

While we have experienced significant growth and increased demand for our solutions over recent periods, we may incur losses in the short term and may not be able to achieve or maintain profitability in the future. Our marketing is focused on generating leads to develop our sales pipeline, building our brand and market awareness, scaling our network of partners and growing our business from our existing client base. We believe that these efforts will result in an increase in our client base, revenues, and improved margins in the long term. To manage any future growth effectively, we must continue to improve and expand our IT and financial infrastructure, our operating and administrative systems and controls, and our ability to manage headcount, capital, and processes in an efficient manner. Additionally, we face intense competition in our markets, and to succeed, we need to innovate and offer solutions that are differentiated from legacy payment solutions. We must also effectively hire, retain, train, and motivate qualified personnel and senior management. There are also circumstances beyond our control which can materially impact our business that we need to respond to, including, but not limited to fluctuations in exchange rates. If we are unable to successfully address these challenges, our business, operating results, and prospects could be adversely affected.

We had approximately 1,500 full-time FlyMates as of June 30, 2026, compared to approximately 1,355 full-time FlyMates as of June 30, 2025, an increase of 10.7%.

Recent Acquisitions

In February 2025, we entered into a Purchase and Sale Agreement (the Agreement) to acquire the business of Sertifi LLC (Sertifi) for upfront cash consideration of $330.0 million, subject to certain post-closing adjustments set forth in the Agreement, and contingent consideration of up to $10.0 million upon the completion or satisfaction of certain technical and commercial milestones by Sertifi, with an estimated fair value of $3.1 million on the date of acquisition. During the year ended December 31, 2025, we paid $5.1 million for post-closing adjustments. Sertifi is a vertical software and payments platform digitizing hospitality-specific workflows and associated payments. We paid the upfront cash consideration through a combination of cash on hand and borrowings from our 2024 Revolving Credit Facility. The acquisition of Sertifi was intended to accelerate our travel business and expand our offerings to support over 20,000 hotel locations globally. Sertifi contributed $7.7 million and $10.7 million in platform revenue during the three and six months ended June 30, 2025, respectively, and $4.7 million and $6.4 million in transactional revenue during the three and six months ended June 30, 2025, respectively.

See Note 10 - Business Combinations in our unaudited condensed consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q for additional details related to this acquisition.

Restructuring

In February 2025, we announced a restructuring plan designed to improve operational efficiencies, reduce operating costs and better align our workforce with current business needs, top strategic priorities, and key growth opportunities (collectively, the Restructuring Plan). In connection with the Restructuring Plan, we incurred restructuring and restructuring-related charges of $8.7 million during the year ended December 31, 2025, recorded within restructuring expenses on the condensed consolidated statements of operations and comprehensive (loss) income. Restructuring costs during the year ended December 31, 2025, primarily consisted of cash expenditures for severance payments and related expenses of $6.3 million and non-cash expenditures related to acceleration of vesting of share-based awards of $2.4 million. As of March 31, 2026, the accrued restructuring liability had been settled in full.

Our Revenue Model

We generate revenue from transactions and from platform and other fees as described below.

29

Transaction revenue includes fees earned from payment processing services provided to our clients, which is comprised of processing domestic and cross-border transactions. The fee is generally earned on each transaction through a rate applied to the total payment value of the transaction, which can vary based on the payment method, currency pairs being converted, and the geographic region in which our clients and their customers reside. Payment processing services also include fixed fees per transaction, which generally relate to domestic payments processed. It also includes marketing fees from credit card service providers for marketing arrangements in which we perform certain marketing activities to increase the awareness of the credit card provider and promote certain methods of payments, which we consider to be ancillary to the payment processing solutions we provide to our clients.

Platform and other revenues primarily include (i) fees earned for the utilization of our platforms to optimize cash collections and student application processing, which include revenue earned from software subscription fees and usage based fees, (ii) fees for the establishment of payment plans on our payment platform, (iii) fees related to printing, mailing, and other services which we consider to be ancillary to the solu

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1580560/000119312526067540/flyw-20251231.htm
Complete FY 2025 MD&A: /company/FLYW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. Some of the information contained in this Annual Report on Form 10-K includes forward-looking statements that involve risks and uncertainties. You should read the sections titled “Special Note Regarding Forward-Looking Statements” and “Risk Factors” for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Our fiscal year end is December 31, and our fiscal quarters end on March 31, June 30, September 30, and December 31. A discussion of our financial condition, results of operations, and cash flows for the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 26, 2025.

As discussed in Note 1 - Business Overview and Summary of Significant Accounting Policies to the consolidated financial statements included elsewhere in this Annual Report on Form 10-K, the Company has revised its financial statements for the years ended December 31, 2024 and 2023, to correct certain statement of cash flow classification errors the Company determined were not material to any previously issued financial statements. The amounts included in this Item 7 have been similarly revised.

Overview

Flywire is a leading global payments enablement and software company. Our next-gen payments platform, proprietary global payment network and vertical-specific software help our clients get paid and help their customers pay with ease—no matter where they are in the world. Our clients rely on us for integrated solutions that are both global and local, and combine tailored invoicing, flexible payment options, and highly personalized omni-channel experiences. We believe we make generational advances for our clients by transforming payments into a source of value and growth for their organizations while delighting their customers with payment experiences that are engaging, secure, fast, and transparent.

Our Flywire Advantage is derived from three core elements: (i) our next-gen payments platform; (ii) our proprietary global payment network; and (iii) our vertical-specific software backed by our deep industry expertise. With our Flywire Advantage, we aim to power the transformation of our clients’ accounts receivable functions by automating paper and check-based business processes in addition to creating interactive, digital payment experiences for their customers. As a result, clients who implement our payments and software solutions can see increased digital payments and improved accounts receivable, higher enrollment in payment plans, and a reduction in customer support inquiries. We help our clients turn their accounts receivable functions into strategic, value-enhancing areas of their organizations.

We reach clients through various channels, with our direct channel being our primary go-to-market strategy. Our industry-experienced sales and relationship management teams bring expertise and local reach, and our solution combines high-tech and high-touch functions backed by 24x7 multilingual customer support, resulting in high client and customer satisfaction. In addition, the value of our Flywire Advantage has been recognized, with global financial institutions and technology providers choosing to form channel partnerships with us. These partnerships promote organic referral and lead generation opportunities and enhance our indirect sales strategy.

83

The combination of our differentiated solution and efficient go-to-market strategy has resulted in strong and consistent client growth.

•
Rapid domestic and international payments volume growth. We have grown our total payment volume by approximately 26.4% period-over-period from $29.7 billion during the year ended December 31, 2024 to $37.6 billion during the year ended December 31, 2025. We have grown our total payment volume by approximately 23.6% period-over-period from $24.0 billion during the year ended December 31, 2023 to $29.7 billion during the year ended December 31, 2024.

•
Expanded global payments network. We have continued to add to the capabilities of our payment network by means of new local bank accounts and payment partners, and have expanded our global reach to over 240 countries and territories and more than 140 currencies.

•
Strong dollar-based net retention. For the years ended December 31, 2025, 2024, and 2023, our annual net dollar-based retention rate was approximately 110%, 114%, and 125%, respectively. A main factor driving the decrease between 2023 and 2024 was changes to the international student visa policy in Canada. We calculate the annual net dollar-based retention rate for a given year based on the weighted average of the quarterly net dollar-based retention rates for each quarter in that year. We calculate the quarterly net dollar-based retention rate for a given quarter by dividing the revenue we earned in that quarter by the revenue we earned from the same clients in the corresponding quarter of the previous year. Our calculation of quarterly net dollar-based revenue rate for a given quarter only includes revenue from clients that were clients at the beginning of the corresponding quarter of the previous year.

As of December 31, 2025, we serve approximately 5,000 clients around the world, excluding clients acquired from the Sertifi and Invoiced acquisitions. In education, we serve more than 3,200 institutions. In healthcare, we power more than 150 healthcare systems, including four of the top 10 healthcare systems in the United States ranked by hospital size as of December 31, 2025. In our travel and B2B verticals, we have a growing portfolio of approximately 1,600 clients as of December 31, 2025.

Our success in building our client base around the world and expanding utilization by our clients’ customers has allowed us to achieve significant scale. We enabled over $37.6 billion, $29.7 billion, and $24.0 billion in total payment volume during the years ended December 31, 2025, 2024, and 2023, respectively. We reported revenue of $623.0 million,

84

$492.1 million, and $403.1 million for the years ended December 31, 2025, 2024, and 2023, respectively, and incurred net income of $13.5 million and $2.9 million for the years ended December 31, 2025 and 2024, respectively, and net loss of $8.6 million for the year ended December 31, 2023.

We believe that the growth of our business and our operating results will be dependent upon many factors, including our ability to add new clients, expand the usage of our solutions by our existing clients and their customers, integrate the businesses and technology platforms that we acquire and increase the breadth and depth of our payments and software capabilities by adding new solutions. While these areas present significant opportunities for us, they also pose challenges and risks that we must successfully address in order to sustain the growth of our business and improve our operating results.

While we have experienced significant growth and increased demand for our solutions over recent periods, we may incur losses in the short term and may not be able to achieve or maintain profitability in the future. Our marketing is focused on generating leads to develop our sales pipeline, building our brand and market awareness, scaling our network of partners and growing our business from our existing client base. We believe that these efforts will result in an increase in our client base, revenues, and improved margins in the long term. To manage any future growth effectively, we must continue to improve and expand our IT and financial infrastructure, our operating and administrative systems and controls, and our ability to manage headcount, capital, and processes in an efficient manner. Additionally, we face intense competition in our markets, and to succeed, we need to innovate and offer solutions that are differentiated from legacy payment solutions. We must also effectively hire, retain, train, and motivate qualified personnel and senior management. There are also circumstances beyond our control which can materially impact our business that we need to respond to, including, but not limited to fluctuations in exchange rates. If we are unable to successfully address these challenges, our business, operating results, and prospects could be adversely affected.

We had approximately 1,400 full-time FlyMates as of December 31, 2025, compared to approximately 1,250 full-time FlyMates as of December 31, 2024.

Recent Acquisitions

In February 2025, we entered into a Purchase and Sale Agreement (the Agreement) to acquire the business of Sertifi LLC (Sertifi) for upfront cash consideration of $330.0 million, subject to certain post-closing adjustments set forth in the Agreement, and contingent consideration of up to $10.0 million upon the completion or satisfaction of certain technical and commercial milestones by Sertifi, with an estimated fair value of $3.1 million on the date of acquisition. During the year ended December 31, 2025, we paid $5.1 million for post-closing adjustments. Sertifi is a vertical software and payments platform digitizing hospitality-specific workflows and associated payments. We paid the upfront cash consideration through a combination of cash on hand and borrowings from our 2024 Revolving Credit Facility. The acquisition of Sertifi was intended to accelerate our travel business and expand our offerings to support over 20,000 hotel locations globally.

In August 2024, we acquired all of the issued and outstanding shares of Invoiced for an estimated total aggregate purchase price of approximately $51.7 million, consisting of approximately $47.2 million in cash consideration, net of cash acquired and up to $7.5 million of contingent consideration, with an estimated fair value of $4.5 million on the date of acquisition. The contingent consideration represented additional payments that we were required to make in the future dependent on the successful achievement of revenue, cross-selling, product, and security and IT milestones. During the years ended December 31, 2025 and 2024, we paid contingent considerations of $2.6 million and $1.1 million based on Invoiced's successful and timely achievement of contracted milestones. As of December 31, 2025, there were no remaining contingent consideration milestones for Invoiced outstanding. Invoiced is a U.S.-based software as a service (SaaS) B2B company that provides accounts receivable software that automates all aspects of billing, collections, payments, reporting, and forecasting within a single online platform. The acquisition of Invoiced was intended to accelerate our global expansion in our B2B vertical.

See Note 10 - Business Combinations in our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K for additional details related to these acquisitions.

Restructuring

In February 2025, we announced a restructuring plan designed to improve operational efficiencies, reduce operating costs and better align our workforce with current business needs, top strategic priorities, and key growth opportunities (collectively, the Restructuring Plan). In connection with the Restructuring Plan, we incurred restructuring and restructuring-related charges of $8.7 million during the year ended December 31, 2025, recorded within restructuring

85

expenses on the consoli

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/FLYW/mda/fy2025/
All MD&A years: /company/FLYW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/FLYW/mda/fy2024/): filed 2025-02-26; accession 0000950170-25-027078 (https://www.sec.gov/Archives/edgar/data/1580560/000095017025027078/flyw-20241231.htm)
- [FY 2023 MD&A](/company/FLYW/mda/fy2023/): filed 2024-02-28; accession 0000950170-24-021713 (https://www.sec.gov/Archives/edgar/data/1580560/000095017024021713/flyw-20231231.htm)
- [FY 2022 MD&A](/company/FLYW/mda/fy2022/): filed 2023-03-10; accession 0000950170-23-007149 (https://www.sec.gov/Archives/edgar/data/1580560/000095017023007149/flyw-20221231.htm)
- [FY 2021 MD&A](/company/FLYW/mda/fy2021/): filed 2022-03-29; accession 0000950170-22-004937 (https://www.sec.gov/Archives/edgar/data/1580560/000095017022004937/flyw-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FLYW.md · JSON record: /company/FLYW.json · verified financials: /company/FLYW/financials.json / /company/FLYW/financials.csv · machine TOC for the whole site: /llms.txt