Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 32

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 32
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2024

        2023

        2022

        (in thousands)

        Primary geographical markets

        Americas
         
        $
        221,616

        $
        222,580

        $
        194,429

        EMEA

        188,869

        120,840

        69,185

        APAC

        81,659

        59,674

        25,761

        Total revenue
         
        $
        492,144

        $
        403,094

        $
        289,375

        Major solutions

        Transaction
         
        $
        410,256

        $
        329,721

        $
        224,149

        Platform and other revenues

        81,888

        73,373

        65,226

        Total revenue
         
        $
        492,144

        $
        403,094

        $
        289,375

      Contract Balances from Contracts with ClientsThe timing of revenue recognition, billing and cash collection results in billed receivables, unbilled receivables and deferred revenue on the consolidated balance sheet. When fees are received prior to transferring services to the client under the terms of a contract, deferred revenue, which is a contract liability, is recorded. Contract liabilities are recognized as revenue when services are performed and all other revenue recognition criteria have been met.  In certain instances, the Company delivers services in advance of billing. In this case the Company recognizes unbilled receivables which is not a contract asset as the Company has an unconditional right for payment. The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands): 

        Year Ended December 31,

        2024

        2023

        Accounts receivable, net
         
        $
        23,703

        $
        18,215

        Unbilled receivables, net

        15,453

        10,689

        Deferred revenue – current

        7,337

        6,968

        Deferred revenue – non-current

        207

        169

      For the year ended December 31, 2024, the Company recognized $5.8 million in revenue from amounts that were included in deferred revenue as of December 31, 2023. For the year ended