Company: FLYW
Filing Date: 2025-02-25
Form Type: 8-K
Source: 0001193125-25-035188
Chunk: 4

Company: Flywire Corp
Filing Date: 2025-02-25
Form: 8-K
Item: Item 2.05
Chunk 4
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Item 2.05      Costs Associated with Exit or Disposal Activities.  

On February 23, 2025, the board of directors of the Company approved a restructuring plan that is designed to improve operational efficiencies, reduce operating costs and better align the Company’s workforce with current business needs, top strategic priorities and key growth opportunities (collectively, the “ Restructuring Plan”). The Restructuring Plan includes reduction of the Company’s workforce by approximately 10%.

The Company estimates that it will incur approximately$7-9 millionin charges in connection with the Restructuring Plan, consisting of cash expenditures for employee transition, notice period and severance payments and employee benefits and related facilitation costs, as well as non-cashexpenditures related to acceleration of vesting of share-based awards. Of this amount, approximately$5-6 millionis expected to result in future cash outlays. The Company expects that the majority of the restructuring charges will be incurred in the first quarter of 2025 and that the execution of the Restructuring Plan, including cash payments, will be substantially complete by the end of the third quarter of 2025.

Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process beyond the second quarter of 2025 in certain countries. The charges that we expect to incur are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual expenses may differ materially from the estimates disclosed above.