Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 271

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 271
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126

The amendment also requires disclosure of the total amount of selling expense and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for the Company for the annual period beginning on January 1, 2027, and interim reporting periods within annual reporting periods beginning January 1, 2028. Early adoption is permitted. The ASU can be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

Note 2. Revenue and Recognition The following table presents revenue disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on the location of where the client resides. 

        Year Ended December 31,

        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,