Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 44

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 44
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 and StudyLink. The pro forma adjustments include:•incremental amortization expense associated with the estimated fair value of identified intangible assets;•incremental employee compensation expense for StudyLink employees; •transaction costs; and•the estimated tax impact of the above items.

        Year Ended December 31, 2023

        Year Ended December 31, 2022

        Actual

        Pro Forma

        Actual

        Pro Forma

        (in thousands)

        Revenue
         
        $
        403,094

        $
        409,161

        $
        289,375

        $
        295,325

        Net loss
         
        $
        (8,566
        )
         
        $
        (10,369
        )
         
        $
        (39,347
        )
         
        $
        (41,824
        )
       
      Cohort GoOn July 13, 2022, Flywire acquired all of the issued and outstanding shares of Cohort Go, an Australian-based education payments provider that simplifies the student recruitment process by bringing together students, agents and essential student services such as health insurance into one platform. The acquisition of Cohort Go contributed to the Company's global expansion and accelerated the growth of Flywire's agent related revenue, in which Flywire partners with agents who refer students to the Company. The agent related revenue is reported as transaction revenue for Flywire, while the health insurance related revenue is reported as platform revenue. The acquisition of Cohort Go has been accounted for as a business combination. Pursuant to the terms of the business combination agreement, the Company acquired Cohort Go for estimated total purchase consideration of $23.1 million, which consisted of $17.1 million in cash consideration, net of cash acquired, $4.3 million in shares of common stock and up to $2.2 million of contingent consideration, with an estimated fair value of $1.7 million on the acquisition date.Contingent consideration, which totaled up to $1.7 million represented additional payments that Flywire was required to make, in the form of cash or shares of common stock at the Company's option, which were dependent upon Cohort 

136

Go's achievement of specific post-acquisition milestones and were subject to exchange rate fluctuation adjustment between the U.S. Dollar and Australian Dollar. During the years ended December 31, 2023 and 2022, the Company made a payment of contingent consideration of $