Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 281

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 281
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, respectively, in stock-based compensation associated with retention of the key employee. The stock-based compensation expense is included in the Company’s consolidated statements of operations and comprehensive loss and additional paid-in capital on the consolidated balance sheet.During the year ended December 31, 2023, the Company incurred $0.7 million in transaction costs, which are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.The table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed (in thousands):

        Cash
         
        $
        2,108

        Accounts receivable

        2,762

        Prepaid expenses and other current assets

        432

        Other assets

        193

        Goodwill

        20,705

        Identifiable intangible assets

        19,553

        Total assets acquired

        45,753

        Deferred tax liabilities

        2,663

        Deferred revenue

        2,654

        Accounts payable

        859

        Accrued expenses and other current liabilities

        2,004

        Total liabilities assumed

        8,180

        Net assets acquired

        37,573

        Less: cash acquired

        2,108

        Net assets, less cash acquired
         
        $
        35,465

135

Goodwill arising from the acquisition of $20.7 million was attributable to the assembled workforce of StudyLink and the synergies expected to arise from the acquisition. No goodwill from this acquisition will be deductible for income tax purposes.The following table reflects the fair values of the identified intangible assets of StudyLink and their respective weighted-average amortization periods.

        FairValues

        Weighted-Average AmortizationPeriods

        (in thousands)

        (years)

        Developed technology
         
        $
        7,397

        7

        Acquired relationships

        12,027

        14

        Trade Name/Trademark

        129

        2

        $
        19,553

      The results of StudyLink have been included in the consolidated financial statements since the date of the acquisition. StudyLink contributed $7.6 million and $1.4 million in platform revenue during the years ended December 31, 2024 and 2023. The Company has not disclosed net income or loss since the acquisition date as the business was fully integrated into the consolidated Company’s operations and therefore