Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 344

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 5
Chunk 344
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    (-) Depreciation and amortization

    (3.0
    )

    (2.8
    )

    (2.4
    )

    (-) Acquisition related transaction costs

    (0.6
    )

    (0.4
    )

    (0.8
    )

    (-) Acquisition related employee retention costs

    —

    —

    (0.1
    )

    (-) Change in fair value of contingent consideration

    1.0

    (0.4
    )

    2.8

    Non-GAAP General and administrative
     
    $
    87.5

    $
    80.4

    $
    64.0

Liquidity and Capital Resources 

As of December 31, 2024, our principal source of liquidity is cash and cash equivalents of $495.2 million, short-term available-for-sale debt securities of $115.8 million and the available undrawn balance under our 2024 Revolving Credit Facility of $125.0 million. Cash equivalents is comprised primarily of money market funds and bank deposits. Our short-term available-for-sale debt securities are comprised of corporate bonds, U.S. Government obligations, treasury bills, foreign agency securities and commercial paper.

On August 6, 2024, the Company announced a share repurchase program of up to $150 million of outstanding voting and non-voting common stock for an indefinite period as part of the Company’s Repurchase Program. For additional information on our Repurchase Program, see Note 12 - Stockholders’ Equity in our consolidated financial statements included elsewhere in this Annual Report on Form 10-K. During the year ended December 31, 2024, the Company repurchased 2,386,856 shares of its common stock for an aggregate amount of $45.6 million under the Repurchase Program, which includes commissions, $1.4 million of common stock repurchase and $0.5 million of excise tax recorded in accrued expense as of December 31, 2024. The repurchased shares are currently being held as treasury stock. As of December 31, 2024, approximately $104.9 million of the originally authorized amount under the Repurchase Program remained available for future repurchases.

On February 23, 2024, we entered into an Amended and Restated Credit Agreement for a five-year senior secured revolving credit syndication loan with four banks for a total commitment of $125