Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 445

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 445
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 Taxes 

Benefit from income taxes was $1.0 million during the year ended December 31, 2024, compared to a provision for income taxes of $4.2 million during the year ended December 31, 2023, a decrease of $5.2 million or 123.8%. The income tax benefit for the year ended December 31, 2024 was primarily attributable to a non-recurring benefit of $4.9 million relating to the release of a portion of our valuation allowance in the U.S. This release was due to taxable temporary differences recorded as part of the Invoiced acquisition which were a source of income to realize certain pre-existing federal and state deferred tax assets. The benefit is offset by income tax expense attributable to our foreign operations and U.S. state taxes. The income tax expense for the year ended December 31, 2023 was primarily attributable to income taxes related to our profitable foreign subsidiaries and U.S. state taxes. Our effective tax rate was (55.9)% for the year ended December 31, 2024, compared to (96.8)% for the year ended December 31, 2023. 

89

Comparison of results for the years ended December 31, 2023 and 2022 

All dollar amounts in the tables below are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.

The following table sets forth our consolidated results of operations for periods presented: 

    Year Ended December 31,

    (dollars in millions)
     
    2023

    2022

    $ Change

    % Change

    Revenue
     
    $
    403.1

    $
    289.4

    $
    113.7

    39.3
    %

    Payment processing services costs

    147.3

    107.9

    39.4

    36.5
    %

    Technology and development

    62.0

    50.3

    11.7

    23.3
    %

    Selling and marketing

    107.6

    78.5

    29.1

    37.1
    %

    General and administrative

    107.6

    82.9

    24.7

    29.8
    %

    Total costs and operating expense

    424.6