Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 34

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 34
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1.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. Included in the amortization expense for the year ended December 31, 2022 is $1.5 million resulting from the impairment of customer set-up costs associated with technology integration. 

Note 3. Segment InformationThe Company has a single operating and reportable segment. The Company’s chief operating decision maker (CODM) is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. Beginning in 2024 annual reporting, we adopted ASU 2023-07 retrospectively. The following table presents the Company's significant segment expenses and other segment items for the years ended December 31, 2024, 2023 and 2022. The CODM does not regularly review segment asset information for the purpose of assessing performance and making resource allocation decisions; therefore, such information is not presented. 

        December 31,

        (in thousands)
         
        2024

        2023

        2022

        Revenue Less Ancillary Services (a)
         
        $
        474,311

        $
        381,506

        $
        267,047

        Less:

        Payment processing services costs

        161,086

        127,303

        85,512

        Personnel expense (b)

        154,969

        137,127

        109,486

        Other segment items (c)

        81,247

        77,014

        56,851

        Depreciation and amortization expense

        18,541

        16,368

        14,103

        Stock-based compensation expense

        65,754

        45,215

        31,317

        Interest expense

        538

        372

        1,211

        Interest income

        21,440

        13,349

        3,242

        Gain (loss) from remeasurement of foreign currency

        (11,756
        )

        4,192

        (9,168
        )

        (Benefit from) provision for income taxes

        (1,040
        )

        4,214

        1,988

        Segment income (loss)

        2,900