Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 450

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 450
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 $4.2 million for the year ended December 31, 2023, compared to $(9.2) million for the year ended December 31, 2022, an increase of $13.4 million or 145.7%. The increase was primarily the result of the remeasurement of foreign currency intercompany loans and impact of fluctuations in exchange rates during respective remeasurement periods.

Provision for Income Taxes 

Provision for income taxes was $4.2 million during the year ended December 31, 2023, compared to $2.0 million during the year ended December 31, 2022, an increase of $2.2 million or 110.0%. During the year ended December 31, 2023 and 2022, we recorded an income tax expense of $4.2 million and $2.0 million, respectively, which was primarily  attributable to income taxes related to our profitable foreign subsidiaries and U.S. state taxes. Our effective tax rate was(96.8)% for the year ended December 31, 2023, compared to (5.4)% for the year ended December 31, 2022.

Key Operating Metrics and Non-GAAP Financial Measures 

To supplement our consolidated financial statements, which are prepared in accordance with generally accepted accounting principles in the United States (GAAP), we use certain non-GAAP financial measures. The following table sets forth our key operating metrics and non-GAAP measures for the periods presented. All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.

    For the Year EndedDecember 31,

    (dollars in millions)
     
    2024

    2023

    2022

    Total Payment Volume
     
    $
    29,715.3

    $
    24,032.8

    $
    18,078.5

    Revenue
     
    $
    492.1

    $
    403.1

    $
    289.4

    Revenue Less Ancillary Services
     
    $
    474.2

    $
    381.5

    $
    267.1

    FX Neutral Revenue Less Ancillary Services
     
    $
    471.9

    $
    381.5

    $
    267.1

    Gross Profit
     
    $
    306.9

    $