0001193125-21-247725 | 10-Q | XBRL Viewer

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2021

Accrued Expenses and Other Current Liabilities

Note 6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands):


	June 30, 2021		December 31, 2020
Accrued employee compensation and related taxes	$	8,022	$	9,371
Accrued vendor liabilities		1,159		2,542
Accrued income taxes payable		658		1,027
Accrued professional services		628		937
Other accrued expenses and current liabilities		3,617		1,114

	$	14,084	$	14,991

Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 100
Simplificare Inc [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Values	58,800
Simplificare Inc [Member] \| Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 10,500
Weighted-Average Estimated Amortization Periods	8 years
Simplificare Inc [Member] \| Client Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 48,300
Weighted-Average Estimated Amortization Periods	12 years

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 1 6 . Subsequent Events Debt On July 29, 2021, the Company entered into a three-year senior secured revolving credit syndication loan with three banks for a total commitment of $50.0 million. The revolving credit syndication loan is guaranteed by Flywire’s material domestic subsidiaries. One of the lenders in the syndicate is the existing debt holder under the LSA entered into in 2018 a n d amended in 2020. The proceeds of the revolving credit loan were used to early prepay the Company’s $25.0 million term loan. In connection with the transaction, the Company incurred $0.4 million in prepayment costs. The secured revolving credit loan will consist of Alternate Base Rate (ABR) loans or Eurodollar Borrowings, at the Company’s option. ABR loans will bear interest at the ABR plus the applicable rate. Eurodollar Borrowings will bear interest at the Adjusted LIBO Rate plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate (b) the Federal Funds Effective Rate plus 1 ⁄ 2 of 1% and (c) the Adjusted LIBO Rate for a one-month Interest Period plus 1%. The adjusted LIBO rate is based on (a) the LIBO Rate multiplied by (b) the Statutory Reserve Rate. The applicable rate is based upon the Company’s liquidity as of the most recent consolidated financial information and ranges from 0.75 % to 2.25%. The credit agreement contains customary affirmative and negative covenants and restrictions typical for a financing of this type that, among other things, require the Company to satisfy certain financial covenants and restrict the Company’s ability to incur additional debt, pay dividends and make distributions, make certain investments and acquisitions, repurchase its stock and prepay certain indebtedness, create liens, enter into agreements with affiliates, modify the nature of its business, enter into sale-leaseback transactions, transfer and sell material assets and merge or consolidate. Non-compliance with one or more of the covenants and restrictions could result in the full or partial principal balance of the credit agreement becoming immediately due and payable and termination of the commitments.

Business Overview and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Initial Public Offering

On May 28, 2021, in connection with the Company’s initial public offering (“IPO”), the Company filed an amended and restated certificate of incorporation, which became effective on that date. The amended and restated certificate of incorporation authorized the issuance of 2,000,000,000 shares of voting common stock, 10,000,000 shares of

non-voting

common stock and 10,000,000 shares of preferred stock. Each class of stock has a par value of $0.0001 per share.

On May 28, 2021, the Company completed its IPO, in which the Company issued and sold 12,006,000 shares of

voting

common stock at a public offering price of $24.00 per share, which included 1,566,000 shares of

voting

common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters. The Company received $263.8 million in net proceeds from the IPO, after deducting underwriting discounts and commissions of $19.4 million and other offering costs of $4.9 million.

Immediately prior to the closing

of the IPO, all shares of the Company’s outstanding convertible preferred stock and redeemable convertible preferred stock

, including 182,467 shares of preferred stock issued upon exercise of a warrant immediately prior to the closing of the IPO,

were converted into 68,202,784 shares of common stock.

Prior to the closing

of the

IPO, the Company had

warrants

to purchase

190,500

shares of its convertible preferred stock outstanding, such warrants

were converted

immediately prior to the closing of the IPO

into

warrants to purchase 190,500 shares of the Company’s voting

common stock and the associated preferred stock warrant liabilities were

re-measured

to its fair value of $6.3 million and reclassified to additional

paid-in

capital.

Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other direct fees and costs relating to the IPO, were capitalized in other long-term assets. Upon the completion of the IPO, these costs were offset against the proceeds from the IPO and recorded as a reduction to additional

paid-in

capital.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss, changes in convertible preferred stock, redeemable convertible preferred stock and stockholders’ equity

(

deficit

)

and its cash flows for the periods presented.

The results of operations for the six months ended June 30, 2021, are not necessarily indicative of results to be expected for the year ended December 31, 2021, any other interim periods or any future year or period. The accompanying consolidated balance sheet as of December 31, 2020 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2020. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from the interim unaudited condensed consolidated financial statements.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s prospectus dated May 25, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended on May 26, 2021 (Prospectus).

Principles of Consolidation

The condensed consolidated financial statements include the accounts of Flywire Corporation and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Segment Information

The Company has a single operating and reportable segment. The Company’s chief operating decision maker 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. For information regarding the Company’s revenue by geographic area, see Note 2.

Impact of COVID-19

Impact of

COVID-19

On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus

(“COVID-19”)

as a global pandemic, which continues to spread throughout the world. The Company’s primary sources of revenue are related to international tuition payments and domestic healthcare payments for elective procedures. These areas have been adversely impacted by the pandemic. Colleges, universities, private primary schools and language schools are still deciding on their

re-opening

plans; international travel has been reduced to stop the

in-flow

COVID-19;

and hospitals have cut back on elective procedures to ensure there are available resources to treat waves of

COVID-19

cases.

In response to the

COVID-19

pandemic, the Company executed a reduction in force in May of 2020, cut corporate bonus programs, eliminated corporate travel and reduced professional service and other fees. Further, the Company implemented remote working capabilities and measures focused on the safety of employees. The Company continues to monitor the rapidly evolving conditions and circumstances as well as guidance from international and domestic authorities, including public health authorities. The Company does not currently foresee the need to take additional actions; however, it continues to evaluate the ongoing impact of

COVID-19

as facts and circumstances change.

Stock Split

In May 2021, the Company filed an amendment to its amended and restated certificate of incorporation to effect a

3-for-1

forward stock split of its common stock, convertible preferred stock and redeemable convertible preferred stock. In connection with the forward stock split, each issued and outstanding share of common stock, automatically and without action on the part of the holders, became three shares of common stock, each issued and outstanding share of convertible preferred stock, automatically and without action on the part of the holders, became three shares of convertible preferred stock and each issued and outstanding share of redeemable convertible preferred stock, automatically and without action on the part of the holders, became three shares of redeemable convertible preferred stock. The par value per share of common stock, convertible preferred stock and redeemable convertible preferred stock was not adjusted. All references to the convertible preferred stock, redeemable

convertible

preferred stock, common stock, treasury stock, options to purchase common stock, restricted stock awards, warrants to purchase convertible preferred stock, warrants to purchase common stock, per share amounts and related information contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the effect of the stock split for all periods presented.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock prior to the Company’s IPO and stock-based awards, the valuation of the preferred stock warrant liability up until the date of the Company’s IPO, impairment assessment of goodwill, intangibles and other long-lived assets, the valuation of acquired intangible assets and their useful lives, and the valuation of contingent consideration. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Concentrations of Credit Risk, Financial Instruments and Significant Clients

Concentrations of Credit Risk, Financial Instruments and Significant C

lients

Financial instruments that potentially subject the Company to concentration of credit risk consists principally of cash, cash equivalents, accounts receivable and funds receivable from payment partners. The Company maintains its cash and cash equivalents with financial institutions that management believes are of high credit quality. To manage credit risk related to accounts receivable, the Company evaluates credit worthiness of its clients and maintains allowances, to the extent necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any material credit losses for the three and six months ended June 30, 202

and 202

The Company has corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000. As part of the cash management proces

, the Company performs periodic reviews of the financial institution credit standing.

Accounts receivable are derived from revenue earned from

Clients

located in the U.S. and internationally. Significant

Clients

are those that represent 10% or more of accounts receivable, net as set forth in the following table:


	June 30,			December 31,
	2021			2020
Client A		18	%		19	%
Client B		13	%		10	%

Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that

have

not yet

been

remitted to the Company. Significant partners are those that represent 10% or more of funds receivable from payment partners as set forth in the following table:


	June 30,			December 31,
	2021			2020
Partner A		12	%		24	%
Partner B		13	%		12	%
Partner C		22	%		12	%
Partner D		10	%			*

*	Less than 10% of total balance.

During the three and six months ended June 30, 202

and 202

, no clients accounted for 10% or more of revenue.

During the three months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 37.9% and 20.8% of the Company’s revenue, respectively, with the United Kingdom accounting for 12.0% and 10.4%, respectively and Canada accounting for 19.7% and 8.5%, respectively. No other countries accounted for 10% or more of revenue for the three months ended June 30, 2021 and 2020.

During the six months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 31.0% and 23.0% of the Company’s revenue,

respectively, with the United Kingdom accounting for 9.6% and 10.7%, respectively and Canada accounting for 15.6% and 9.3%, respectively. No other countries accounted for 10% or more of revenue for the six months ended June 30, 2021 and 2020.

Deferred Offering Costs

The Company capitalized certain legal, accounting and other third-party fees that were directly associated with

in-process

equity financings as deferred offering costs until such financings were consummated. After consummation of the IPO, these costs were recorded in stockholder’s equity as a reduction of the additional

paid-in

capital generated as a result of the IPO. As of June 30, 2021, the Company had $1.0 million of deferred offering costs that are unpaid, of which $0.9 million was recorded in accounts payable and $0.1 million was recorded in accrued expenses and other current liabilities.

Software Developed for Internal Use

The Company capitalizes costs related to

internal-use

software during the application development stage including third-party consulting costs and compensation expenses related to employees who devote time to the development of the projects. The Company records software development costs in property and equipment. Costs incurred in the preliminary stages of development activities and post implementation activities are expensed in the period incurred and they are included in technology and development expense in the consolidated statements of operations and comprehensive loss. The Company also capitalizes costs related to specific upgrades and enhancements when it is probable the expenditures will result in additional functionality. Once the additional functionality is available for general use, capitalization ceases and the asset begins being amortized. The Company capitalized $5.0 million and $1.8 million in costs related to internal use software as of June 30, 2021 and December 31, 2020, respectively. The Company capitalized $3.2

million

and $0.7 million in costs related to internal use software during the six months ended June 30, 2021 and 2020, respectively. Software developed for internal use is amortized on a straight-line basis over its estimated useful life of five years.

Advertising Costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expenses for the three

months ended June 30, 2021 and 2020 were $0.6 million and $0.3 million, respectively. Advertising expenses for the

six

months

ended June 30, 2021 and 2020 were $1.1 million and $0.6 million, respectively.

Recent Accounting Pronouncements Not Yet Adopted

The following Accounting Standards Updates (“ASUs”) were issued by the Financial Accounting Standards Board (“FASB”) and not yet adopted by Flywire:

ASU

2016-02,

Leases (Topic 842)

and subsequent related ASUs: The new lease standard sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. In addition, a lessee is required to record (i) a

right-of-use

asset and a lease liability on its balance sheet for all leases with accounting lease terms of more than 12 months regardless of whether it is an operating or financing lease and (ii) lease expense for operating leases and amortization and interest expense for financing leases. Leases with a term of 12 months or less may be accounted for similar to the prior guidance for operating leases. In 2018, the FASB issued

ASU 2018-11,

which added an optional transition method under the new lease standard that allows companies to adopt the standard as of the beginning of the year of adoption as opposed to the earliest comparative period presented. ASU

2016-02

is effective for the Company on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

: ASU simplifies the accounting for income taxes by removing certain exceptions for intra period tax allocations and deferred tax liabilities for equity method investments and adds guidance on whether a

step-up

in tax basis of goodwill relates to a business combination or a separate transaction. ASU

2019-12

ASU

2021-04

Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic

470-50),

Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic

815-40):

ASU

2021-04

requires issuers to account for modifications or exchanges of freestanding equity-classified written call options (e.g., warrants) that remain equity classified after the modification or exchange based on the substance of the modification or exchange (e.g., a financing transaction to raise equity versus one to raise debt). ASU

2021-04

is effective for Flywire on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU 2016-13

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

and subsequent related ASUs: ASU

2016-13

replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. ASU

2016-13

is effective for the Company on January 1, 2023, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU

2020-06,

Debt - Debt with Conversion and Other

Options (Subtopic

470-20)

and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity:

ASU

2020-06

reduces the number of accounting models for convertible debt instruments and convertible preferred stock as well as amends the derivatives scope exception for contracts in an entity’s own equity. ASU

2020-06

is effective for the Company on January 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

Emerging Growth Company Status

The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies.

Stockholders' (Deficit) Equity - Additional information (Detail) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	2,000,000,000	146,898,270
Common Stock, Par or Stated Value Per Share, Non Voting right	$ 0.0001
Common Stock, Shares Authorized, Non Voting right	10,000,000

Condensed Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Series E Preferred Stock [Member]
Issuance cost		$ 245
Series F1 Preferred Stock [Member]
Issuance cost	$ 256

Revenue and Recognition

6 Months Ended

Jun. 30, 2021

Revenue Recognition [Abstract]

Revenue and Recognition

Note 2. Revenue and Recognition

The following tables present revenue from

contracts

with clients disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on where the client resides.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Primary geographical markets
United States (“U.S.”)	$	22,964	$	18,807	$	56,538	$	43,494
Canada		7,282		2,031		12,798		5,242
United Kingdom (“U.K.”)		4,454		2,461		7,887		6,049
Other Countries 1		2,276		458		4,744		1,681

Revenue	$	36,976	$	23,757	$	81,967	$	56,466

Major solutions
Transactions	$	24,250	$	11,224	$	56,684	$	36,441
Platform and usage-based fees		12,726		12,533		25,283		20,025

Revenue	$	36,976	$	23,757	$	81,967	$	56,466

(1)	No single country included in the other countries category represented 10% or more of revenue.

Contract Balances from Contracts with Clients

The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with

clients

(in thousands):


	June 30, 2021		December 31, 2020
Accounts receivable, net of allowances	$	11,621	$	11,573
Unbilled receivables		1,006		1,698
Deferred revenue—current		836		1,227
Deferred revenue—non-current		63		108

For the three months ended June 30, 2021 and 2020, the Company recognized $0.2 million and $0.1 million, respectively

of revenue from amounts that were included in deferred revenue as of March 31, 2021 and 2020. For the six months ended June 30, 2021 and 2020, the Company recognized $0.7 million and $0.6 million, respectively of revenue from amounts that were included in deferred revenue as of December 31, 2020 and 2019.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Stock-Based Compensation - Summary Of The Stock Based Compensation Expense For Stock Options And Restricted Stock Awards Granted To Employees (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,396	$ 989	$ 12,760	$ 1,824
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	410	170	1,494	333
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	751	348	3,396	599
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 1,235	$ 471	$ 7,870	$ 892

Debt - Schedule Of Debt Instrument Future Principal Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Schedule Of Debt Instrument Future Principal Payments [Line Items]
2021	$ 0
2022	0
2023	7,292
2024	12,500
2025	5,208
Total	$ 25,000	$ 25,000

Allowance For Doubtful Accounts - Summary of Allowance For Doubtful Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Receivables [Abstract]
Allowance for doubtful accounts at the beginning of the period	$ (201)	$ (306)	$ (481)	$ (306)
Provisions	(26)	(237)	80	237
Write-offs, net of recoveries	8	47	394	47
Allowance for doubtful accounts at the end of the period	$ (167)	$ (496)	$ (167)	$ (496)

Stockholders' (Deficit) Equity - Summary of Reserved Shares of Common Stock (Detail) - shares	Jun. 30, 2021	May 31, 2021
Common stock reserved for issuance,Shares	26,230,807	9,201,156
Issued and outstanding stock options [Member]
Common stock reserved for issuance,Shares	16,366,407
Available issuance under stock plans [Member]
Common stock reserved for issuance,Shares	9,864,400

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Current	$ 167	$ 496
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	2,000,000,000	146,898,270
Common Stock, Shares, Issued	100,995,903	22,240,872
Common Stock, Shares, Outstanding	98,678,181	19,923,150
Common Stock, Par or Stated Value Per Share, Non-voting right	$ 0.0001
Common Stock, Shares Authorized, Non-voting right	10,000,000
Treasury Stock, Shares	2,317,722	2,317,722
Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	62,915,394
Temporary Equity, Shares Issued	0	54,208,461
Temporary Equity, Shares Outstanding	0	54,208,461
Temporary Equity, Liquidation Preference	$ 0	$ 110,716
Redeemable Convertible Preferred Stock [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	0	16,023,132
Temporary Equity, Shares Issued	0	11,239,920
Temporary Equity, Shares Outstanding	0	11,239,920
Temporary Equity, Liquidation Preference	$ 0	$ 150,000
Non-Voting Common Stock [Member]
Common Stock, Par or Stated Value Per Share, Non-voting right	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized, Non-voting right	10,000,000	0
Common Stock, Shares, Issued, Non-voting right	5,988,378	0
Common Stock, Shares, Outstanding, Non-voting right	5,988,378	0

Goodwill And Acquired Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 78,564	$ 78,355
Accumulated Amortization	(13,531)	(10,144)
Net Carrying Amount	65,033	68,211
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	25,182	25,063
Accumulated Amortization	(8,618)	(6,595)
Net Carrying Amount	$ 16,564	$ 18,468
Weighted Average Remaining Life	5 years 7 months 28 days	6 years 1 month 17 days
Client Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 52,402	$ 52,312
Accumulated Amortization	(4,082)	(2,772)
Net Carrying Amount	$ 48,320	$ 49,540
Weighted Average Remaining Life	10 years 4 months 6 days	10 years 10 months 17 days
Trade Name/Trademark
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 511	$ 511
Accumulated Amortization	(511)	(504)
Net Carrying Amount		$ 7
Weighted Average Remaining Life		14 days
Non-Compete Agreement
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	469	$ 469
Accumulated Amortization	(320)	(273)
Net Carrying Amount	$ 149	$ 196
Weighted Average Remaining Life	1 year 7 months 28 days	2 years 18 days

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Foreign Curreny translation adjustments	$ 0.1	$ 0.1
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Acquired Intangible assets	$ 0.1

Debt - Additional Information (Detail) - USD ($) $ in Thousands						3 Months Ended		6 Months Ended
	Jul. 29, 2021	May 18, 2020	Aug. 31, 2019	Feb. 28, 2019	Jan. 31, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Jan. 16, 2018
Debt Instrument [Line Items]
Interest expense						$ 629	$ 679	$ 1,250	$ 1,276
Amortization of debt issuance cost and debt discount						$ 100	$ 100	100	100
Proceeds from issuance of long-term debt									$ 4,167
Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, Aggregrate amount										$ 25,000
Debt instrument, Interest rate										8.50%
Maturity date								May 01, 2025	Jan. 22, 2022
Debt issuance costs										$ 200
Proceeds from issuance of long-term debt			$ 5,000	$ 5,000	$ 15,000
Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Debt issuance costs		$ 200
Debt Refinanced amount		$ 4,200
Debt instrument, interest rate description		floating per annum rate equal to the greater of (i) 5.25% above the prime rate; or (ii) 8.50%.
Joinder And Second Amendment To Loan And Security Agreement [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Interest rate		8.50%
Joinder And Second Amendment To Loan And Security Agreement [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Interest rate		5.25%
Subsequent Event [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Repayments of term loan	$ 25,000

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands):


	June 30, 2021		December 31, 2020
Accrued employee compensation and related taxes	$	8,022	$	9,371
Accrued vendor liabilities		1,159		2,542
Accrued income taxes payable		658		1,027
Accrued professional services		628		937
Other accrued expenses and current liabilities		3,617		1,114

	$	14,084	$	14,991

Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 0.5	$ 0.5	$ 1.0	$ 1.0
Carrying value of internal use software	4.6		4.6		$ 1.7
Amortization expense related to internal use software	0.1	0.1	0.2	0.1
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Proceeds from sale of property plant and equipment	0.1		0.1
Accumulated depreciation sale of property plant and equipment	$ 0.1		0.1
Gain on the sale of the fixed assets			$ 0.1
Write offs of assets during the period		$ 0.0		$ 0.0

Stockholders' (Deficit) Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Summary of Reserved Shares of Common Stock

As of June 30, 2021, the Company had reserved shares of common stock for future issuance as follows:


Issued and outstanding stock options			16,366,407
Available issuance under stock plans			9,864,400

			26,230,807

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 1 4 . Income Taxes The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. The Company recorded an income tax expense of $0.3 million and an income tax expense of $0.3 million for the three months ended June 30, 2021 and 2020, respectively. The income tax expense for the three months ended June 30, 2021 was primarily attributable to foreign taxes. The tax expense for the three months ended June 30, 2020 was primarily attributable to foreign taxes. The Company recorded an income tax expense of $0.5 million and $7.4 million for the six months ended June 30, 2021 and 2020, respectively. The income tax expense for the six months ended June 30, 2021 was primarily attributable to foreign taxes. The tax benefit for the six months ended June 30, 2020 was primarily attributable to the release of the Company’s valuation allowance in connection with the acquisition of Simplee. This release was due to taxable temporary differences recorded as part of the Simplee acquisition which are a source of income to realize certain pre-existing federal and state deferred tax assets. The Company’s effective tax rate differs from the Federal statutory ra t e primarily due to the change in valuation allowance primarily in the U.S. The Company has not recorded any amounts for unrecognized tax benefits. The Company is open to future tax examinations from 2016 to the present; however, carryforward attributes that were generated prior to 2016 may still be adjusted upon examination by federal, state or local tax authorities to the extent they will be used in a future period. In 2021, the U.S. Internal Revenue Service commenced a corporate income tax audit with respect to the 2018 calendar year, which is still open. The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future. As of June 30, 2021, the Company continues to maintain a full valuation allowance of the U.S. net deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Stockholders' (Deficit) Equity

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Stockholders' (Deficit) Equity

Note 11. Stockholders’ (Deficit) Equity

Preferred Stock

– In connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights,designated from time to time by the board of directors.

Common Stock

– In connection with the IPO, the Company’s

current

amended and restated certificate of incorporation authorized the issuance of 2,000,000,000 shares of voting common stock with a par value of $0.0001 per share and 10,000,000 shares of

non-voting

common stock with a par value of $0.0001 per share. The voting and

non-voting

shares are identical, except

that holders

of voting common stock

are

entitled to

one

vote for each share on each matter properly submitted to the Company’s stockholders for their vote, while holders of non-voting common stock are not entitled to vote on such matters. Holders of voting common stock and non-voting common stock are entitled to receive any dividends as may be declared from time to time by the board of directors.

As of June 30, 2021, the Company had reserved shares of common stock for future issuance as follows:


Issued and outstanding stock options			16,366,407
Available issuance under stock plans			9,864,400

			26,230,807

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands):


	Fair Value Measurements as of June 30, 2021 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	—	$	—

	$	—	$	—	$	—	$	—

Financial Liabilities:
Foreign exchange contracts	$	—	$	—	$	12	$	12
Contingent consideration		—		—		7,079		7,079

	$	—	$	—	$	7,091	$	7,091


	Fair Value Measurements as of December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	54	$	54

	$	—	$	—	$	54	$	54

Financial Liabilities:
Preferred stock warrant liability		—		—	$	1,932	$	1,932
Contingent consideration		—		—		12,500		12,500

	$	—	$	—	$	14,432	$	14,432

During the three and six months ended June 30, 2021 and 2020, there were no transfers between Level 1, Level 2 or Level 3.

Preferred stock warrant liability

Immediately prior to the completion of the IPO, 182,467 preferred stock warrants were exercised for Series C Convertible Preferred Stock in a cashless net exercise. The preferred stock warrants were

re-measured

to their fair value of $6.4 million on the date of the exercise. The fair value of the warrants was reclassified to convertible preferred stock. Upon the completion of the IPO all of the outstanding convertible preferred stock were converted to common stock.

Upon the completion of the IPO, the Company’s unexercised preferred stock warrants were converted into common stock warrants and the associated preferred stock warrant liabilities were

re-measured

to their fair value of $6.3 million and reclassified to additional

paid-in

capital.

The preferred stock warrant liability in the table above consists of the

pre-IPO

fair value of warrants to purchase convertible preferred stock. The fair value of the preferred stock warrant liability was determined using significant inputs not observable in the market, which represent a Level 3 measurement within the fair value hierarchy.

Contingent consideration

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration:


	Three Months Ended June 30, 2021			Three Months Ended June 30, 2020			Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Discount rate		4.15	%		14.5	%		4.15	%		14.5	%
Probability of successful achievement *		0% - 100	%		90% - 100	%		0% - 100	%		90% - 100	%
Performance period		1 year			2 years			1 year			2 years

*	Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Increases or decreases in any of the probabilities of success in which revenue targets are expected to be achieved would result in a higher or lower fair value measurement, respectively. Increases or decreases in the discount rate would result in a lower or higher fair value measurement, respectively.

The following table summarizes the changes in the carrying value of the contingent consideration for the three and six months ended June 30,

2021

2020 (in thousands):


	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020		Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Beginning balance	$	5,465	$	6,800	$	12,500		$	2,000
Additions		—		—		—			7,100
Change in fair value		1,614		4,002		1,591			3,702
Contingent consideration paid		—		—		(7,012	)		(2,000	)

Ending balance	$	7,079	$	10,802	$	7,079		$	10,802

Amounts of $3.2 million paid in excess of the fair value initially recorded in purchase accounting were classified as operating cash flows in the

consolidated statements of cash flows

during the six months ended June 30, 2021. Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the

consolidated statements

cash flows

during the six months ended June 30, 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 11, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity File Number	001-40430
Entity Registrant Name	Flywire Corp
Entity Central Index Key	0001580560
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0690799
Entity Address, Address Line One	141 Tremont St #10
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02111
City Area Code	617
Local Phone Number	329-4524
Title of 12(b) Security	Voting common stock, $0.0001 par value per share
Trading Symbol	FLYW
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		98,829,293
Non-Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,988,378

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (26,798)	$ (12,297)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,305	3,263
Stock-based compensation expense	12,760	1,824
Amortization of deferred contract costs	105	105
Change in fair value of preferred stock warrant liability	10,758	254
Change in fair value of contingent consideration	1,591	3,702
Deferred tax provision	137	(8,538)
Bad debt expense	80	237
Non-cash interest expense	100	145
Other	97
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(128)	(1,971)
Unbilled receivables	692	780
Funds receivable from payment partners	5,456	5,648
Prepaid expenses and other assets	(7,817)	(3,210)
Funds payable to clients	(14,475)	(29,990)
Accounts payable, accrued expenses and other current liabilities	3,097	650
Contingent consideration	(3,212)	(693)
Other liabilities	135	(133)
Deferred revenue	(436)	(385)
Net cash used in operating activities	(13,553)	(40,609)
Cash flows from investing activities:
Purchases of property and equipment	(3,463)	(1,261)
Asset acquisition, net of cash acquired	(119)
Acquisition of businesses, net of cash acquired		(79,401)
Net cash used in investing activities	(3,582)	(80,662)
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts and commissions	268,694
Payment of costs related to initial public offering	(3,845)
Proceeds from issuance of long-term debt		4,167
Payment of long-term debt issuance costs		(172)
Payment of long-term debt		(4,167)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	59,735	119,755
Proceeds from exercise of warrants	294
Contingent consideration paid for acquisitions	(3,800)	(1,307)
Proceeds from exercise of stock options	3,792	520
Net cash provided by financing activities	324,870	118,796
Effect of exchange rates changes on cash and cash equivalents	239	(428)
Net (decrease) increase in cash, cash equivalents and restricted cash	307,974	(2,903)
Cash, cash equivalents and restricted cash, beginning of period	109,052	86,027
Cash, cash equivalents and restricted cash, end of period	417,026	83,124
Supplemental disclosures of cash flow and noncash information
Cash paid during the period for interest	1,074	938
Accretion of redeemable convertible preferred stock	(13)	(6)
Issuance of common stock warrants		336
Issuance of Series C convertible preferred stock upon net exercise of warrants	6,417
Offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities	1,015
Cash and Cash Equivalents [Member]
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, end of period	412,026	83,124
Restricted Cash [Member]
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, end of period	5,000
Conversion Of Preferred Stock Warrants To Common Stock Warrants [Member]
Supplemental disclosures of cash flow and noncash information
Conversion of stock to common stock	6,272
Conversion Of Convertible Preferred Stock To Common Stock [Member]
Supplemental disclosures of cash flow and noncash information
Conversion of stock to common stock	116,818
Conversion Of Redeemable Convertible Preferred Stock To Common Stock [Member]
Supplemental disclosures of cash flow and noncash information
Conversion of stock to common stock	$ 179,986

Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

Note 10. Debt

The components of the Company’s outstanding debt as of each period presented, consisted of the following (in thousands):


	June 30, 2021			December 31, 2020
Long term debt	$	25,000		$	25,000
Less unamortized debt discount		(363	)		(430	)
Less unamortized debt issuance costs		(190	)		(218	)

Net carrying amount	$	24,447		$	24,352

Loan and Security Agreement

On January 16, 2018, the Company entered into a Loan and Security Agreement with a financial institution for a $25.0 million loan (the “LSA”) with interest at a rate of 8.5% per annum. The proceeds of the LSA were used to fund the acquisition of OnPlan. The LSA could be drawn down in three tranches. The first tranche of $15.0 million was drawn in January 2018, while the remaining two tranches were drawn in February 2019 and August 2019 for $5.0 million each. The LSA maturity date was January 22, 2022. The Company was obligated to make monthly interest payments on the loan. The LSA was interest only until either August 1, 2019 or February 1, 2020 pending on achieving certain revenue and margin targets. The Company incurred debt issuance costs of $0.2 million in connection with the issuance of the LSA. These issuance costs were amortized to interest expense, using the effective interest method, over the term of the loan.

On December 31, 2018, the Company achieved the required targets, and deemed that the principal payments would not commence until February 1, 2020.

The LSA does not include any financial covenants. The LSA contains negative covenants that restrict, among other things, the Company’s ability to sell asset

, make investments and acquisitions, make capital expenditures, grant liens, pay dividends and make certain other restricted payments.

The LSA is subject to customary mandatory prepayment provisions and acceleration upon events of default for, among other things,

non-payment,

breach of covenants, certain large judgments and misrepresentations. The Company may make voluntary prepayments of the LSA at any time without penalty or premium. The Company did not make any prepayments of the LSA during the three and six months ended June 30, 2021 or 2020.

Amendments to Loan and Security Agreement

On April 25, 2020, the Company entered into a Joinder and First Amendment to the Loan and Security Agreement for administrative matters.

On May 18, 2020, the Company entered into a Joinder and Second Amendment to Loan and Security Agreement to refinance the LSA. As part of the amendment, the financial institution

re-advanced

$4.2 million of principal paid on the loan through May 1, 2020. The final maturity date of the LSA was extended to May 2025. The new stated interest rate at a floating per annum rate equal to the greater of (i) 5.25% above the prime rate; or (ii) 8.50%. The LSA is interest only until May 2023. Beginning on June 1, 2023, the Company will make 24 equal principal payments. The Company incurred $0.2 million in commitment fees from the financial institution to close the refinancing. These commitment fees were recorded as a reduction to the loan balance on the balance sheet.

On June 2, 2020, December 9, 2020 and May 19, 2021, the Company entered into a Third, Fourth and Fifth Amendments, respectively, to the Loan and Security Agreement for administrative matters.

All amendments were accounted for as debt modifications.

Future Principal Payments

As of June 30, 2021, the aggregate minimum future principal payments due in connection with the Company’s LSA in the next five years were as follows (in thousands):


2021	$	—
2022		—
2023		7,292
2024		12,500
2025		5,208

	$	25,000

Interest expense for the three months ended June 30, 2021 and 2020 was $0.6 million and $0.7, respectively. Interest expense for the six months ended June 30, 2021 and 2020 was $1.2 million and $1.3 million, respectively. Included in interest expense for the three months ended June 30, 2021 and 2020 is $0.1 million and $0.1 million of amortization of debt issuance cost and debt discount. Included in interest expense for the six months ended June 30, 2021 and 2020 is $0.1 million and $0.1 million of amortization of debt issuance cost and debt discount.

On July 29, 2021, the Company closed a new loan facility that was used to pay off the existing debt

under the LSA

, in full, and provide an additional $25.0 million of available credit. See

the

subsequent event footnote.

Property And Equipment, Net - Schedule of Property Plant and Equipment ,Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 11,298	$ 7,920
Less: Accumulated depreciation and amortization	(3,762)	(2,819)
Property, Plant and Equipment, Net	7,536	5,101
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,655	1,465
Internal use software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	4,967	1,779
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	632	687
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,044	$ 3,989

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 1

. Commitments and Contingencies

Operating Leases

In March 2021, the Company entered into a lease agreement for 680 square feet of office space in Tel Aviv, Israel. The term of the lease commenced on March 15, 2021 and continues until March 25, 2023. The Company has the option to extend the lease for an additional

two-year

term at market-based rates. The base rent payments commenced in March 2021. The Company is obligated to pay its portion of building operating and tax expenses.

In May 2021, the Company executed lease extensions on previously rented office space in Cluj, Romania and Singapore. Both extensions commence on May 15, 2021. The Cluj extension continues until March 31, 2024, and the Singapore extension continues until November 14, 2021. The Company is obligated to pay its portion of building operating and tax expenses under both agreeements.

Future minimum lease payments for noncancelable operating leases as of June 30, 2021, are as follows (in thousands):


Years Ending December 31,
2021 (remaining six months)	$	1,582
2022		1,722
2023		1,505
2024		446
2025		18

	$	5,273

Rent expense for the three months ended June 30, 2021 and 2020 was $0.6 million and $0.6 million respectively. Rent expense for the six months ended June 30, 2021 and 2020 was $1.1 million and $1.2 million, respectively.

Legal proceedings

The Company is subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, and the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable, the Company will disclose the nature of the contingency, and if estimable, will provide the likely amount of such loss or range of loss.

As of June 30, 2021, the Company was not subject to any pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows.

Indemnification

In the ordinary course of business, the Company agrees to indemnify certain partners and clients against third party claims asserting infringement of certain intellectual property rights, data protection, damages caused to property or persons, or other liabilities relating to or arising from the Company’s payment platform or other contractual obligations. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such

indemnifications. The Company is not currently aware of any indemnification claims and

has

not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2021

as of December 31, 2020.

Derivative Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021 USD ($) Numbers	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Numbers	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) Numbers
Derivative Instruments And Hedging Activities Disclosure [Line Items]
Derivatives, Liability notional amount					$ 1,932
Foreign Exchange Forward [Member] \| Maximum [Member]
Derivative Instruments And Hedging Activities Disclosure [Line Items]
Dervative instrument not designated as hedging instrument, Gain Loss	$ 100	$ 100	$ 100	$ 100
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member]
Derivative Instruments And Hedging Activities Disclosure [Line Items]
Number of derivative instruments \| Numbers	1,859		1,859		3,647
Derivatives, Notional amount	$ 12,700		$ 12,700		$ 11,800
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Forward [Member] \| Maximum [Member]
Derivative Instruments And Hedging Activities Disclosure [Line Items]
Derivatives, Asset notional amount	$ 100		$ 100
Derivatives, Liability notional amount					$ 100

Goodwill And Acquired Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Note 9. Goodwill and Acquired Intangible Assets

Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020			Six Months Ended June 30, 2021		Six Months Ended June 30, 2020
Beginning balance	$	44,618	$	44,872		$	44,650	$	12,924
Goodwill related to Simplee acquisition		—		—			—		31,696
Foreign currency translation adjustment		38		(39	)		6		213

Ending balance	$	44,656	$	44,833		$	44,656	$	44,833

No goodwill impairment was recorded during the six months ended June 30, 2021 and 2020.

Acquired Intangible Assets

Acquired intangible assets subject to amortization consisted of the following (in thousands):


	June 30, 2021
(in thousands)	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	25,182	$	(8,618	)	$	16,564		5.66
Client Relationships		52,402		(4,082	)		48,320		10.35
Trade Name/Trademark		511		(511	)		—		—
Non-Compete Agreement		469		(320	)		149		1.66

	$	78,564	$	(13,531	)	$	65,033

*	Includes less than $0.1 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets during the six months ended June 30, 2021.


	June 30, 2020
	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	25,063	$	(6,595	)	$	18,468		6.13
Client Relationships		52,312		(2,772	)		49,540		10.88
Trade Name/Trademark		511		(504	)		7		0.04
Non-Compete Agreement		469		(273	)		196		2.05

	$	78,355	$	(10,144	)	$	68,211

*	Includes less than $0.1 million of foreign currency translation during the six months ended June 30, 2020.

Amortization expense for the three months ended June 30, 2021 and 2020 was $1.7 million and $1.2 million, respectively. Amortization expense for the six months ended June 30, 2021 and 2020 was $3.3 million and $2.8 million, respectively.

As of June 30, 2021, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):


	Estimated Amortization Expense
Remaining of fiscal year 2021	$	3,310
2022		7,154
2023		7,626
2024		7,607
2025		7,162
Thereafter		32,174

	$	65,033

Business Combinations - Summary of Purchase Consideration (Detail) - Simplificare Inc [Member] - USD ($) $ in Thousands		6 Months Ended
	Feb. 13, 2020	Jun. 30, 2021
Business Acquisition [Line Items]
Cash consideration, net of cash acquired		$ 79,401
Estimated fair value of contingent consideration		7,100
Net assets, less cash acquired	$ 86,500	$ 86,501

Debt - Schedule of Company's Outstanding Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Long term debt	$ 25,000	$ 25,000
Less unamortized debt discount	(363)	(430)
Less unamortized debt issuance costs	(190)	(218)
Net carrying amount	$ 24,447	$ 24,352

Revenue and Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 36,976	$ 23,757	$ 81,967	$ 56,466
Transactions [Member]
Disaggregation of Revenue [Line Items]
Revenue	24,250	11,224	56,684	36,441
Platform And Usage Based Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue	12,726	12,533	25,283	20,025
United States ("U.S.") [Member]
Disaggregation of Revenue [Line Items]
Revenue	22,964	18,807	56,538	43,494
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenue	7,282	2,031	12,798	5,242
United Kingdom ("U.K.") [Member]
Disaggregation of Revenue [Line Items]
Revenue	4,454	2,461	7,887	6,049
Other Countries [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ 2,276	$ 458	$ 4,744	$ 1,681

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions		6 Months Ended
	May 28, 2021	Jun. 30, 2021
Fair Value Disclosures Line Items [Line Items]
Issuance of Series Convertible Preferred Stock upon net exercise of warrants shares	182,467	182,467
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt		$ 6.3
Series C Convertible Preferred Stock [Member]
Fair Value Disclosures Line Items [Line Items]
Issuance of Series Convertible Preferred Stock upon net exercise of warrants	$ 6.4

Business Overview and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended
	May 28, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Common Stock, Shares Authorized		2,000,000,000		2,000,000,000		146,898,270
Common Stock, Shares Authorized, Non-voting right		10,000,000		10,000,000
Preferred Stock, Shares Authorized		10,000,000		10,000,000		0
Preferred Stock, Par or Stated Value Per Share		$ 0.0001		$ 0.0001		$ 0.0001
Common Stock, Par or Stated Value Per Share		0.0001		0.0001		$ 0.0001
Common Stock, Par or Stated Value Per Share, Non-voting right		$ 0.0001		$ 0.0001
Proceeds from initial public offering				$ 268,694,000
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt				6,300,000
Cash, FDIC Insured Amount		$ 250,000		250,000
Deferred offering costs		1,000,000.0		1,000,000.0
Advertising Expense		600,000	$ 300,000	1,100,000	600,000
Capitalized computer software		$ 5,000,000.0	$ 1,800,000	$ 3,200,000	$ 700,000
Stock Issued During Period, Shares, Other	182,467			182,467
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		190,500		190,500
Computer Software, Intangible Asset [Member]
Estimated useful life of intangible asset				5 years
Accounts Payable [Member]
Deferred offering costs		$ 900,000		$ 900,000
Accrued Expenses and Other Current Liabilities [Member]
Deferred offering costs		$ 100,000		$ 100,000
Revenue Benchmark [Member]
Percentage of revenue from customers				10.00%	10.00%
Revenue Benchmark [Member] \| United States ("U.S.") [Member]
Percentage of revenue from customers		37.90%	20.80%	31.00%	23.00%
Revenue Benchmark [Member] \| United Kingdom ("U.K.") [Member]
Percentage of revenue from customers		12.00%	10.40%	9.60%	10.70%
Revenue Benchmark [Member] \| Canada [Member]
Percentage of revenue from customers		19.70%	8.50%	15.60%	9.30%
IPO [Member]
Common Stock, Shares Authorized	2,000,000,000
Common Stock, Shares Authorized, Non-voting right	10,000,000
Preferred Stock, Shares Authorized	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001
Common Stock, Par or Stated Value Per Share	0.0001
Common Stock, Par or Stated Value Per Share, Non-voting right	$ 0.0001
Stock shares issued during the period shares	12,006,000
Shares Issued, Price Per Share	$ 24.00
Proceeds from initial public offering	$ 263,800,000
Underwriting discount	19,400,000
Other offering costs	$ 4,900,000
Stock Issued During Period, Shares, Conversion of Convertible Securities				68,202,784
Preferred Stock Warrants Conversion To Common Stock Warrants				190,500
Over-Allotment Option [Member]
Number of Shares , Exercised	1,566,000

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended	6 Months Ended
	May 31, 2021	Feb. 28, 2021	Jun. 30, 2021	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance,Shares	9,201,156		26,230,807	26,230,807
Unrecognised compensation expense related to unvested stock options and restricted stock awards			$ 27.7	$ 27.7
Number of outstanding common stock shares from employees acquired by existing investors		1,205,118
Stock based compensation expense				$ 8.4
Unrecognised compensation expense,expected to be recognised over a weighted average period				2 years 9 months 18 days
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance,Shares			16,366,407	16,366,407
Share based compensation arrangement by share based payment award options,Granted in period			1,030,185	3,898,650
Share based compensation arrangement by share based payment award options,Weighted average exercise price			$ 6.17	$ 16.83
Share based acompensation arrangement by share based payment award fair value assumptions,Expected Term				6 years 29 days
Share based acompensation arrangement by share based payment award fair value assumptions,Expected Volatility				42.40%
Share based acompensation arrangement by share based payment award fair value assumptions,Risk free interest rate minimum				0.53%
Share based acompensation arrangement by share based payment award fair value assumptions,Risk free interest rate maximum				1.21%
Share based acompensation arrangement by share based payment award fair value assumptions,Expected dividend yield				0.00%
2021 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance,Shares	1,639,810
Share based compensation arrangement by share based payment award price at which common stock is purchased,Percent	85.00%
2009 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted under plan,Vesting period				4 years
Stock option granted under plan,Expiration period				10 years
2018 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted under plan,Vesting period				4 years
Stock option granted under plan,Expiration period				10 years
2020 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted under plan,Vesting period				4 years
Stock option granted under plan,Expiration period				10 years

Property And Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment ,Net

Property and equipment, net consisted of the following as of the dates presented (in thousands):


	June 30, 2021			December 31, 2020
Computer equipment and software	$	1,655		$	1,465
Internal use software		4,967			1,779
Furniture and fixtures		632			687
Leasehold improvements		4,044			3,989

		11,298			7,920
Less: Accumulated depreciation and amortization		(3,762	)		(2,819	)

	$	7,536		$	5,101

Commitments and Contingencies - Schedule of Future Minimum Lease Payments For Non-cancelable Operating Leases (Detail) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (remaining six months)	$ 1,582
2022	1,722
2023	1,505
2024	446
2025	18
Future minimum lease payments	$ 5,273

Goodwill And Acquired Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Changes in the Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020 (in thousands):


	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020			Six Months Ended June 30, 2021		Six Months Ended June 30, 2020
Beginning balance	$	44,618	$	44,872		$	44,650	$	12,924
Goodwill related to Simplee acquisition		—		—			—		31,696
Foreign currency translation adjustment		38		(39	)		6		213

Ending balance	$	44,656	$	44,833		$	44,656	$	44,833

No goodwill impairment was recorded during the six months ended June 30, 2021 and 2020.

Summary of Acquired Intangible Assets Subject to Amortization

Acquired intangible assets subject to amortization consisted of the following (in thousands):


	June 30, 2021
(in thousands)	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	25,182	$	(8,618	)	$	16,564		5.66
Client Relationships		52,402		(4,082	)		48,320		10.35
Trade Name/Trademark		511		(511	)		—		—
Non-Compete Agreement		469		(320	)		149		1.66

	$	78,564	$	(13,531	)	$	65,033

*	Includes less than $0.1 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets during the six months ended June 30, 2021.


	June 30, 2020
	Gross Carrying Value*		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	25,063	$	(6,595	)	$	18,468		6.13
Client Relationships		52,312		(2,772	)		49,540		10.88
Trade Name/Trademark		511		(504	)		7		0.04
Non-Compete Agreement		469		(273	)		196		2.05

	$	78,355	$	(10,144	)	$	68,211

*	Includes less than $0.1 million of foreign currency translation during the six months ended June 30, 2020.

Schedule of Estimated Annual Amortization Expense Of Intangible Assets

As of June 30, 2021, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):


	Estimated Amortization Expense
Remaining of fiscal year 2021	$	3,310
2022		7,154
2023		7,626
2024		7,607
2025		7,162
Thereafter		32,174

	$	65,033

Allowance for Doubtful Accounts (Tables)

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Summary of Allowance For Doubtful Accounts

Changes in the allowance for doubtful accounts for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Allowance for doubtful accounts at the beginning of the period	$	(201	)	$	(306	)	$	(481	)	$	(306	)
Provisions		26			(237	)		(80	)		(237	)
Write-offs, net of recoveries		8			47			394			47

Allowance for doubtful accounts at the end of the period	$	(167	)	$	(496	)	$	(167	)	$	(496	)

Revenue and Recognition (Tables)

6 Months Ended

Jun. 30, 2021

Revenue Recognition [Abstract]

Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions

The following tables present revenue from

contracts

with clients disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on where the client resides.


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2021		2020		2021		2020
Primary geographical markets
United States (“U.S.”)	$	22,964	$	18,807	$	56,538	$	43,494
Canada		7,282		2,031		12,798		5,242
United Kingdom (“U.K.”)		4,454		2,461		7,887		6,049
Other Countries 1		2,276		458		4,744		1,681

Revenue	$	36,976	$	23,757	$	81,967	$	56,466

Major solutions
Transactions	$	24,250	$	11,224	$	56,684	$	36,441
Platform and usage-based fees		12,726		12,533		25,283		20,025

Revenue	$	36,976	$	23,757	$	81,967	$	56,466

(1)	No single country included in the other countries category represented 10% or more of revenue.

Summary of Accounts Receivable, Unbilled Receivables And Deferred Revenue From Contracts With Customers

The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with

clients

(in thousands):


	June 30, 2021		December 31, 2020
Accounts receivable, net of allowances	$	11,621	$	11,573
Unbilled receivables		1,006		1,698
Deferred revenue—current		836		1,227
Deferred revenue—non-current		63		108

Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands		6 Months Ended
	Feb. 13, 2020	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 44,656	$ 44,618	$ 44,650	$ 44,833	$ 44,872	$ 12,924
Simplificare Inc [Member]
Business Acquisition [Line Items]
Cash		2,190
Accounts receivable		8,555
Prepaid expenses and other assets		1,578
Property and equipment, net		107
Deferred tax assets		6,587
Goodwill		31,696
Identifiable intangible assets		58,800
Total assets acquired		109,513
Deferred tax liabilities		15,092
Accounts payable		2,267
Accrued expenses and other liabilities		3,463
Total liabilities assumed		20,822
Net assets acquired		88,691
Less: cash acquired		2,190
Net assets, less cash acquired	$ 86,500	$ 86,501

Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Detail)	Jun. 30, 2021 yr	Jun. 30, 2020 yr
Discount rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.0415	0.145
Probability of successful achievement [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0	0.90
Probability of successful achievement [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	1	1
Performance period [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	1	2

Allowance for Doubtful Accounts

6 Months Ended

Jun. 30, 2021

Receivables [Abstract]

Allowance for Doubtful Accounts

Note 3. Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Allowance for doubtful accounts at the beginning of the period	$	(201	)	$	(306	)	$	(481	)	$	(306	)
Provisions		26			(237	)		(80	)		(237	)
Write-offs, net of recoveries		8			47			394			47

Allowance for doubtful accounts at the end of the period	$	(167	)	$	(496	)	$	(167	)	$	(496	)

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Lease Payments For Noncancelable Operating Leases

Future minimum lease payments for noncancelable operating leases as of June 30, 2021, are as follows (in thousands):


Years Ending December 31,
2021 (remaining six months)	$	1,582
2022		1,722
2023		1,505
2024		446
2025		18

	$	5,273

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Summary of Purchase Consideration

Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total purchase consideration of $86.5 million, which consists of (in thousands):


Cash consideration, net of cash acquired	$	79,401
Estimated fair value of contingent consideration		7,100

Total purchase consideration, net of cash acquired	$	86,501

Summary of Fair Value Of the Assests Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):


Cash	$	2,190
Accounts receivable		8,555
Prepaid expenses and other assets		1,578
Property and equipment, net		107
Deferred tax assets		6,587
Goodwill		31,696
Identifiable intangible assets		58,800

Total assets acquired		109,513

Deferred tax liabilities		15,092
Accounts payable		2,267
Accrued expenses and other liabilities		3,463

Total liabilities assumed		20,822

Net assets acquired		88,691
Less: cash acquired		2,190

Net assets, less cash acquired	$	86,501

Schedule of Estimated Fair Value of the Identified Intangible Assets

The following table reflects the estimated fair values of the identified intangible assets of Simplee and their respective weighted-average estimated amortization periods.


	Estimated Fair Values		Weighted- Average Estimated Amortization Periods
	(in thousands)		(years)
Developed technology	$	10,500		8
C lient relationships		48,300		12

	$	58,800

Summary of Unaudited Pro Forma Financial Information


	Six Months Ended June 30, 2020
	Actual			Pro Forma
	(in thousands)
Revenue	$	56,466		$	60,952
Net Loss	$	(12,297	)	$	(13,852	)

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Feb. 13, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs				$ 1,591	$ 3,702
Goodwill		$ 44,656	$ 44,833	44,656	44,833	$ 44,618	$ 44,650	$ 44,872	$ 12,924
Simplificare Inc [Member]
Business Acquisition [Line Items]
Total purchase consideration	$ 86,500			86,501
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs		200	300	400	600
Business acquisition transaction costs		1,900		1,900
Business acquisition related costs		0	100	0	1,300
Business combination integration related costs		900	1,400	1,700	2,100
Goodwill		31,696		31,696
Business acquisition goodwill expected tax deductible amount		$ 0		$ 0
Business combination, pro forma information, revenue of acquiree since acquisition date, actual			$ 10,700		$ 16,200
Simplificare Inc [Member] \| Revenue And Integration Targets Milestone [Member]
Business Acquisition [Line Items]
Business acquisition contingent consideration liability	20,000
Simplificare Inc [Member] \| Continuing Employment Of Key Employees [Member]
Business Acquisition [Line Items]
Business acquisition contingent consideration liability	$ 2,100

Business Overview and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Overview and Summary of Significant Accounting Policies

Note 1. Business Overview and Summary of Significant Accounting Policies

Flywire Corporation (“Flywire” or the “Company”) was incorporated under the laws of the State of Delaware in July 2009 as peerTransfer Corporation. In 2016, the Company changed its name to Flywire Corporation. The Company is headquartered in Boston, Massachusetts and has a global footprint in 11 countries across 5 continents.

Flywire provides a secure global payments platform, offering its clients an innovative and streamlined process to receive reconciled domestic and international payments in a more cost effective and efficient manner. The Company’s solutions are built on three core elements: (i) a payments platform; (ii) a proprietary global payment network; and (iii) vertical-specific software backed by its deep industry expertise.

Initial Public Offering

non-voting

common stock and 10,000,000 shares of preferred stock. Each class of stock has a par value of $0.0001 per share.

On May 28, 2021, the Company completed its IPO, in which the Company issued and sold 12,006,000 shares of

voting

common stock at a public offering price of $24.00 per share, which included 1,566,000 shares of

voting

Immediately prior to the closing

of the IPO, all shares of the Company’s outstanding convertible preferred stock and redeemable convertible preferred stock

, including 182,467 shares of preferred stock issued upon exercise of a warrant immediately prior to the closing of the IPO,

were converted into 68,202,784 shares of common stock.

Prior to the closing

of the

IPO, the Company had

warrants

to purchase

190,500

shares of its convertible preferred stock outstanding, such warrants

were converted

immediately prior to the closing of the IPO

into

warrants to purchase 190,500 shares of the Company’s voting

common stock and the associated preferred stock warrant liabilities were

re-measured

to its fair value of $6.3 million and reclassified to additional

paid-in

capital.

paid-in

capital.

Basis of Presentation

(

deficit

)

and its cash flows for the periods presented.

Principles of Consolidation

Segment Information

Impact of

COVID-19

On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus

(“COVID-19”)

re-opening

plans; international travel has been reduced to stop the

in-flow

COVID-19;

and hospitals have cut back on elective procedures to ensure there are available resources to treat waves of

COVID-19

cases.

In response to the

COVID-19

as facts and circumstances change.

Stock Split

In May 2021, the Company filed an amendment to its amended and restated certificate of incorporation to effect a

3-for-1

convertible

Use of Estimates

Concentrations of Credit Risk, Financial Instruments and Significant C

lients

and 202

, the Company performs periodic reviews of the financial institution credit standing.

Accounts receivable are derived from revenue earned from

Clients

located in the U.S. and internationally. Significant

Clients

are those that represent 10% or more of accounts receivable, net as set forth in the following table:


	June 30,			December 31,
	2021			2020
Client A		18	%		19	%
Client B		13	%		10	%

Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that

have

not yet

been

remitted to the Company. Significant partners are those that represent 10% or more of funds receivable from payment partners as set forth in the following table:


	June 30,			December 31,
	2021			2020
Partner A		12	%		24	%
Partner B		13	%		12	%
Partner C		22	%		12	%
Partner D		10	%			*

*	Less than 10% of total balance.

During the three and six months ended June 30, 202

and 202

, no clients accounted for 10% or more of revenue.

During the six months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 31.0% and 23.0% of the Company’s revenue,

Summary of Significant Accounting Policies

The Company’s significant accounting policies are discussed in “Index to Consolidated Financial Statements - Note 2. Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements contained in the Prospectus. There have been no changes to these policies as described in the Prospectus.

Deferred Offering Costs

The Company capitalized certain legal, accounting and other third-party fees that were directly associated with

in-process

paid-in

Software Developed for Internal Use

The Company capitalizes costs related to

internal-use

million

Advertising Costs

Advertising costs are expensed as incurred and are included in selling and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expenses for the three

months ended June 30, 2021 and 2020 were $0.6 million and $0.3 million, respectively. Advertising expenses for the

six

months

ended June 30, 2021 and 2020 were $1.1 million and $0.6 million, respectively.

Recent Accounting Pronouncements Not Yet Adopted

The following Accounting Standards Updates (“ASUs”) were issued by the Financial Accounting Standards Board (“FASB”) and not yet adopted by Flywire:

ASU

2016-02,

Leases (Topic 842)

right-of-use

ASU 2018-11,

2016-02

ASU

2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

step-up

in tax basis of goodwill relates to a business combination or a separate transaction. ASU

2019-12

ASU

2021-04

Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic

470-50),

Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic

815-40):

ASU

2021-04

is effective for Flywire on January 1, 2022, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and disclosures.

ASU 2016-13

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

and subsequent related ASUs: ASU

2016-13

ASU

2020-06,

Debt - Debt with Conversion and Other

Options (Subtopic

470-20)

and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity:

ASU

2020-06

Emerging Growth Company Status

Net Loss Per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,742,178	83,602,290
Warrants for the purchase of common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	264,171,000
Warrants for the purchase of convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	381,000,000
Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	54,208,461,000
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	11,239,920
Unvested restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	375,771	981,441
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,366,407	16,527,297

Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued employee compensation and related taxes	$ 8,022	$ 9,371
Accrued vendor liabilities	1,159	2,542
Accrued income taxes payable	658	1,027
Accrued professional services	628	937
Other accrued expenses and current liabilities	3,617	1,114
Accrued Expenses and Other Current Liabilities	$ 14,084	$ 14,991

Property And Equipment, Net

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, net

Note 7. Property and Equipment, net

Property and equipment, net consisted of the following as of the dates presented (in thousands):


	June 30, 2021			December 31, 2020
Computer equipment and software	$	1,655		$	1,465
Internal use software		4,967			1,779
Furniture and fixtures		632			687
Leasehold improvements		4,044			3,989

		11,298			7,920
Less: Accumulated depreciation and amortization		(3,762	)		(2,819	)

	$	7,536		$	5,101

Depreciation and amortization expense for the three months ended June 30, 2021 and 2020 was $0.5 million and $0.5 million, respectively. Depreciatio

and amortization expense for the six months ended June 30, 2021 and 2020 was $1.0 million and $1.0 million, respectively.

During the three and six months ended June 30, 2021, the Company sold $0.1 million of property and equipment with accumulated depreciation of $0.1 million. The Company recognized a gain on the sale of the fixed assets of less than $0.1 million. There were no write offs of assets during the three and six months ended June 30, 2020.

As of June 30, 2021 and December 31, 2020, the carrying value of internal-used software was $4.6 million and $1.7 million, respectively. Amortization expense related to

internal-use

software for the three months ended June 30, 2021 and 2020 was $0.1 million and less than $0.1 million, respectively. Amortization expense related to

internal-use

software for the six months ended June 30, 2021 and 2020 was $0.2 million and less than $0.1

million, respectively.

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Detail) - Contingent Consideration [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 5,465	$ 6,800	$ 12,500	$ 2,000
Additions				7,100
Change in fair value	1,614	4,002	1,591	3,702
Contingent consideration paid			(7,012)	(2,000)
Ending balance	$ 7,079	$ 10,802	$ 7,079	$ 10,802

Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss	$ (18,146)	$ (15,997)	$ (26,798)	$ (12,297)
Accretion of preferred stock to redemption value	(8)	(4)	(13)	(6)
Net loss attributable to common shareholders - basic and diluted	$ (18,154)	$ (16,001)	$ (26,811)	$ (12,303)
Denominator:
Weighted average shares outstanding - basic and diluted	52,496,862	18,327,639	36,886,657	17,919,721
Net loss per share attributable to common stockholders - basic and diluted	$ (0.35)	$ (0.87)	$ (0.73)	$ (0.69)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

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-Topic 944
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+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 12. Stock-Based Compensation

2021 Equity Incentive Plan

The Company has stock-based compensation plans that provide for the award of equity incentives, including stock options, restricted stock awards, restricted stock units (RSUs), performance shares, performance units and other stock-based awards. No further awards can be made under the 2009 Equity Incentive Plan (2009 Plan) or 2018 Equity Incentive Plan (2018 Plan), however awards outstanding under the 2009 Plan and 2018 Plan will continue to be governed by their existing terms. With the establishment of the 2021 Equity Incentive Plan (the 2021 Plan) as further discussed below, upon the expiration, forfeiture, cancellation, or reacquisition of any stock-based awards granted under the 2009 Plan or 2018 Plan, and equal number of shares will become available for grant under the 2021 Plan.

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Plan, which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards and other forms of equity compensation (collectively, equity awards). A total of 9,201,156 shares of the common stock have been reserved for issuance under the 2021 Plan in addition to (i) any annual automatic evergreen increases in the number of shares of common stock reserved for issuance under the 2021 Plan and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding stock awards granted under the 2009 Plan and 2018 Plan, an equal number of shares of common stock.

In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the 2021 ESPP), which became effective in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 1,639,810 shares of the Company’s common stock have been reserved for future issuance under the 2021 ESPP, in addition to any annual automatic evergreen increases in the number of shares of common stock reserved for future issuance under the 2021 ESPP. The price at which common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of the Company’s common stock on the first or last day of the offering period, whichever is lower. Offering periods are generally 3 months long. As of June 30, 2021, the Company has not commenced

any offering period under the

ESPP.

Stock Options

—Stock options granted under the 2009 Plan, 2018 Plan and the 202

Plan generally vest based on continued service over four years and expire ten years from the date of grant.

During the three and six months ended June 30, 2021, the Company granted an aggregate of 1,030,185 and 3,898,650 shares of stock options with weighted average exercise prices of $6.17 and $16.83 per share, respectively. The fair value of options granted before the closing of the IPO was estimated at the grant date using the Black-Scholes model with the following assumptions: (i) expected term of 6.08 years, (ii) expected volatility of 42.4%, (iii) risk-free interest rate range of 0.53% to 1.21% and (iv) expected dividend yield of 0%.

As of June 30, 2021, there was $27.7 million of total unrecognized compensation expense related to unvested stock options and restricted stock awards, which is expected to be recognized over a weighted-average period of 2.8 years.

The following table summarizes the stock-based compensation expense for stock options and restricted stock awards granted to employees that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands):


	For the Three Months Ended June 30, 2021		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2021		For the Six Months Ended June 30, 2020
Technology and development	$	410	$	170	$	1,494	$	333
Selling and marketing		751		348		3,396		599
General and administrative		1,235		471		7,870		892

Total stock-based compensation expense	$	2,396	$	989	$	12,760	$	1,824

In February 2021, certain of the Company’s existing investors acquired 1,205,118 outstanding shares of common stock from employees of the Company, for a purchase price greater than the fair value of the common stock at the time of the transaction. As a result, the Company recorded $8.4 million in stock-based compensation during the six months ended June 30, 2021. The amount recorded as stock-based compensation represents the difference between the price paid and the estimated fair value at the date of the transaction.

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(18,146	)	$	(15,997	)	$	(26,798	)	$	(12,297	)
Accretion of preferred stock to redemption value		(8	)		(4	)		(13	)		(6	)

Net loss attributable to common shareholders - basic and diluted	$	(18,154	)	$	(16,001	)	$	(26,811	)	$	(12,303	)

Denominator:
Weighted average shares outstanding – basic and diluted		52,496,862			18,327,639			36,886,657			17,919,721

Net loss per share attributable to common stockholders – basic and diluted	$	(0.35	)	$	(0.87	)	$	(0.73	)	$	(0.69	)

Schedule of Antidilutive Excluded from Computation of Earnings Per Share

Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented:


	June 30,
	2021		2020
Warrants for the purchase of common stock		—		264,171
Warrants for the purchase of convertible preferred stock (as converted into common stock)		—		381,000
Redeemable convertible preferred stock (as converted into common stock)		—		54,208,461
Convertible preferred stock (as converted into common stock)		—		11,239,920
Unvested restricted stock awards		375,771		981,441
Stock options to purchase common stock (as converted to common stock)		16,366,407		16,527,297

		16,742,178		83,602,290

Business Overview and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Accounts Receivable And Funds Receivable

Accounts receivable are derived from revenue earned from

Clients

located in the U.S. and internationally. Significant

Clients

are those that represent 10% or more of accounts receivable, net as set forth in the following table:


	June 30,			December 31,
	2021			2020
Client A		18	%		19	%
Client B		13	%		10	%

Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that

have

not yet

been

remitted to the Company. Significant partners are those that represent 10% or more of funds receivable from payment partners as set forth in the following table:


	June 30,			December 31,
	2021			2020
Partner A		12	%		24	%
Partner B		13	%		12	%
Partner C		22	%		12	%
Partner D		10	%			*

*	Less than 10% of total balance.

Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Company's Outstanding Debt

The components of the Company’s outstanding debt as of each period presented, consisted of the following (in thousands):


	June 30, 2021			December 31, 2020
Long term debt	$	25,000		$	25,000
Less unamortized debt discount		(363	)		(430	)
Less unamortized debt issuance costs		(190	)		(218	)

Net carrying amount	$	24,447		$	24,352

Schedule Of Debt Instrument Future Principal Payments

As of June 30, 2021, the aggregate minimum future principal payments due in connection with the Company’s LSA in the next five years were as follows (in thousands):


2021	$	—
2022		—
2023		7,292
2024		12,500
2025		5,208

	$	25,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis


	Fair Value Measurements as of June 30, 2021 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	—	$	—

	$	—	$	—	$	—	$	—

Financial Liabilities:
Foreign exchange contracts	$	—	$	—	$	12	$	12
Contingent consideration		—		—		7,079		7,079

	$	—	$	—	$	7,091	$	7,091


	Fair Value Measurements as of December 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Financial Assets:
Foreign exchange contracts	$	—	$	—	$	54	$	54

	$	—	$	—	$	54	$	54

Financial Liabilities:
Preferred stock warrant liability		—		—	$	1,932	$	1,932
Contingent consideration		—		—		12,500		12,500

	$	—	$	—	$	14,432	$	14,432

Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration

The following table presents the unobservable inputs incorporated into the valuation of contingent consideration:


	Three Months Ended June 30, 2021			Three Months Ended June 30, 2020			Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Discount rate		4.15	%		14.5	%		4.15	%		14.5	%
Probability of successful achievement *		0% - 100	%		90% - 100	%		0% - 100	%		90% - 100	%
Performance period		1 year			2 years			1 year			2 years

*	Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Summary of Changes in the Carrying Value of the Contingent Consideration

The following table summarizes the changes in the carrying value of the contingent consideration for the three and six months ended June 30,

2021

2020 (in thousands):


	Three Months Ended June 30, 2021		Three Months Ended June 30, 2020		Six Months Ended June 30, 2021			Six Months Ended June 30, 2020
Beginning balance	$	5,465	$	6,800	$	12,500		$	2,000
Additions		—		—		—			7,100
Change in fair value		1,614		4,002		1,591			3,702
Contingent consideration paid		—		—		(7,012	)		(2,000	)

Ending balance	$	7,079	$	10,802	$	7,079		$	10,802

Amounts of $3.2 million paid in excess of the fair value initially recorded in purchase accounting were classified as operating cash flows in the

consolidated statements of cash flows

during the six months ended June 30, 2021. Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the

consolidated statements

cash flows

during the six months ended June 30, 2020.

Net Loss per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss per Share

Note 13. Net Loss per Share

Flywire follows the two-class method when computing net income (loss) per share as the Company has issued shares that meet the definition of participating securities. Prior to the automatic conversion of all of its convertible preferred stock, and redeemable convertible preferred stock,

into

voting and non-voting common stock upon the completion of the IPO, the Company considered all series of its preferred stock and unvested common stock to be participating securities as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock or the redeemable convertible preferred stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses.

Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares, if the effect of such shares is dilutive.

In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since

dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three and six months ended June 30, 2021 and 2020. For the three and six months ended June 30, 2021 and 2020, net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders.

The rights, including the liquidation and dividend rights, of the Voting and

Non-Voting

common stock are identical, except with respect to voting rights. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each class of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Voting and

Non-Voting

common stock on both individual and combined basis.

Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator:
Net loss	$	(18,146	)	$	(15,997	)	$	(26,798	)	$	(12,297	)
Accretion of preferred stock to redemption value		(8	)		(4	)		(13	)		(6	)

Net loss attributable to common shareholders - basic and diluted	$	(18,154	)	$	(16,001	)	$	(26,811	)	$	(12,303	)

Denominator:
Weighted average shares outstanding – basic and diluted		52,496,862			18,327,639			36,886,657			17,919,721

Net loss per share attributable to common stockholders – basic and diluted	$	(0.35	)	$	(0.87	)	$	(0.73	)	$	(0.69	)

For periods the Company is in a loss positions, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders. Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented:


	June 30,
	2021		2020
Warrants for the purchase of common stock		—		264,171
Warrants for the purchase of convertible preferred stock (as converted into common stock)		—		381,000
Redeemable convertible preferred stock (as converted into common stock)		—		54,208,461
Convertible preferred stock (as converted into common stock)		—		11,239,920
Unvested restricted stock awards		375,771		981,441
Stock options to purchase common stock (as converted to common stock)		16,366,407		16,527,297

		16,742,178		83,602,290

Condensed Consolidated Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 36,976	$ 23,757	$ 81,967	$ 56,466
Costs and operating expenses:
Payment processing services costs	13,122	10,868	29,213	22,477
Technology and development	6,929	6,378	14,451	11,726
Selling and marketing	10,906	8,125	22,837	16,702
General and administrative	13,578	13,548	29,491	23,813
Total costs and operating expenses	44,535	38,919	95,992	74,718
Loss from operations	(7,559)	(15,162)	(14,025)	(18,252)
Other income (expense):
Interest expense	(629)	(679)	(1,250)	(1,276)
Change in fair value of preferred stock warrant liability	(9,803)	9	(10,758)	(254)
Other income (expense), net	118	107	(294)	76
Total other expenses, net	(10,314)	(563)	(12,302)	(1,454)
Loss before provision for income taxes	(17,873)	(15,725)	(26,327)	(19,706)
(Benefit from) provision for income taxes	273	272	471	(7,409)
Net loss	(18,146)	(15,997)	(26,798)	(12,297)
Foreign currency translation adjustment	(76)	(173)	263	(273)
Comprehensive loss	(18,222)	(16,170)	(26,535)	(12,570)
Net loss attributable to common stockholders – basic and diluted	$ (18,154)	$ (16,001)	$ (26,811)	$ (12,303)
Net loss per share attributable to common stockholders – basic and diluted	$ (0.35)	$ (0.87)	$ (0.73)	$ (0.69)
Weighted average common shares outstanding – basic and diluted	52,496,862	18,327,639	36,886,657	17,919,721

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial Assets:
Foreign exchange contracts		$ 54
Financial Assets		54
Financial Liabilities:
Foreign exchange contracts	$ 12
Preferred stock warrant liability		1,932
Contingent consideration	7,079	12,500
Financial Liabilities	7,091	14,432
Level 3 [Member]
Financial Assets:
Foreign exchange contracts		54
Financial Assets		54
Financial Liabilities:
Foreign exchange contracts	12
Preferred stock warrant liability		1,932
Contingent consideration	7,079	12,500
Financial Liabilities	$ 7,091	$ 14,432

Revenue and Recognition - Summary of Accounts Receivable, Unbilled Receivables And Deferred Revenue From Contracts With Customers (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Accounts receivable, net of allowances	$ 11,621	$ 11,573
Unbilled receivables	1,006	1,698
Deferred revenue—current	836	1,227
Deferred revenue—non-current	$ 63	$ 108

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 412,026	$ 104,052
Restricted cash	5,000	5,000
Accounts receivable, net of allowance for doubtful accounts of $167 and $496, respectively	11,621	11,573
Unbilled receivables	1,006	1,698
Funds receivable from payment partners	17,025	22,481
Prepaid expenses and other current assets	10,821	3,754
Total current assets	457,499	148,558
Property and equipment, net	7,536	5,101
Intangible assets, net	65,033	68,211
Goodwill	44,656	44,650
Other assets	5,365	4,922
Total assets	580,089	271,442
Current liabilities:
Accounts payable	10,454	5,436
Funds payable to clients	45,511	59,986
Accrued expenses and other current liabilities	14,084	14,991
Deferred revenue	836	1,227
Contingent consideration	7,079	6,740
Total current liabilities	77,964	88,380
Deferred tax liabilities	663	481
Contingent consideration, net of current portion	0	5,760
Preferred stock warrant liability	0	1,932
Long-term debt	24,447	24,352
Other liabilities	2,037	2,129
Total liabilities	105,111	123,034
Commitments and contingencies (Note 14)
Stockholders' (deficit) equity:
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of June 30, 2021 and December 31, 2020, respectively; and none issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
Voting common stock, $0.0001 par value; 2,000,000,000 and 146,898,270 shares authorized as of June 30, 2021 and December 31, 2020, respectively, 100,995,903 shares issued and 98,678,181 shares outstanding as of June 30, 2021; 22,240,872 shares issued and 19,923,150 shares outstanding as of December 31, 2020	10	2
Non-voting common stock, $0.0001 par value;10,000,000 and 0 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 5,988,378 and 0 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively	1	0
Treasury Stock, 2,317,722 shares as of June 30, 2021 and December 31, 2020, held at cost	(748)	(748)
Additional paid-in capital	600,236	16,970
Accumulated other comprehensive income (loss)	49	(214)
Accumulated (deficit)	(124,570)	(97,772)
Total stockholders' equity (deficit)	474,978	(81,762)
Total liabilities, convertible preferred stock, redeemable convertible preferred stock and stockholders' (deficit) equity	580,089	271,442
Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock	0	110,401
Stockholders' (deficit) equity:
Total stockholders' equity (deficit)		110,401
Redeemable Convertible Preferred Stock [Member]
Current liabilities:
Convertible preferred stock	$ 0	119,769
Stockholders' (deficit) equity:
Total stockholders' equity (deficit)		$ 119,769

Business Overview and Summary of Significant Accounting Policies - Summary of Accounts Receivable And Funds Receivable (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable [Member] \| Client A [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	18.00%	19.00%
Accounts Receivable [Member] \| Client B [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	13.00%	10.00%
Partner A [Member] \| Funds Receivable [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	12.00%	24.00%
Partner B [Member] \| Funds Receivable [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	13.00%	12.00%
Partner C [Member] \| Funds Receivable [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	22.00%	12.00%
Partner D [Member] \| Funds Receivable [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	10.00%

Condensed Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Redeemable Convertible Preferred Stock [Member]	Convertible Preferred Stock [Member]	Non-Voting Common Stock [Member]
Beginning balance at Dec. 31, 2019	$ (75,278)	$ 2	$ (748)	$ 12,031	$ 102	$ (86,665)		$ 110,401
Beginning balance, Shares at Dec. 31, 2019		20,494,146	(2,317,722)					54,208,461
Issuance of common stock upon exercise of stock options	520			520
Issuance of common stock upon exercise of stock options, Shares		1,372,671
Accretion of redeemable convertible preferred stock	(6)			(6)			$ 6
Issuance of common stock warrants	336			336
Forfeiture of unvested restricted stock awards, Shares		(105,969)
Foreign currency translation adjustment	(273)				(273)
Stock-based compensation expense	1,824			1,824
Net income (loss)	(12,297)					(12,297)
Issuance of Convertible Preferred Stock upon net exercise of warrants							$ 119,755
Issuance of Convertible Preferred Stock upon net exercise of warrants, Shares							11,239,920
Ending balance, Shares at Jun. 30, 2020		21,760,848	(2,317,722)				11,239,920	54,208,461
Ending balance at Jun. 30, 2020	(85,174)	$ 2	$ (748)	14,705	(171)	(98,962)	$ 119,761	$ 110,401
Beginning balance at Mar. 31, 2020	(70,341)	$ 2	$ (748)	13,368	2	(82,965)	$ 119,757	$ 110,401
Beginning balance, Shares at Mar. 31, 2020		21,832,035	(2,317,722)				11,239,920	54,208,461
Issuance of common stock upon exercise of stock options	16			16
Issuance of common stock upon exercise of stock options, Shares		27,690
Accretion of redeemable convertible preferred stock	(4)			(4)			$ 4
Issuance of common stock warrants	336			336
Forfeiture of unvested restricted stock awards, Shares		(98,877)
Foreign currency translation adjustment	(173)				(173)
Stock-based compensation expense	989			989
Net income (loss)	(15,997)					(15,997)
Ending balance, Shares at Jun. 30, 2020		21,760,848	(2,317,722)				11,239,920	54,208,461
Ending balance at Jun. 30, 2020	(85,174)	$ 2	$ (748)	14,705	(171)	(98,962)	$ 119,761	$ 110,401
Beginning balance at Dec. 31, 2020	(81,762)	$ 2	$ (748)	16,971	(214)	(97,772)	$ 119,769	$ 110,401
Beginning balance, Shares at Dec. 31, 2020		22,240,872	(2,317,722)				11,239,920	54,208,461
Issuance of common stock upon exercise of stock options	3,792	$ 1		3,791
Issuance of common stock upon exercise of stock options, Shares		4,117,604
Accretion of redeemable convertible preferred stock	(13)			(13)			$ 13
Foreign currency translation adjustment	263				263
Stock-based compensation expense	12,760			12,760
Net income (loss)	(26,798)					(26,798)
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	268,694	$ 1		268,693
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions, Shares		12,006,000
Costs incurred in connection with initial public offering	$ (4,860)			(4,860)
Issuance of Convertible Preferred Stock upon net exercise of warrants							$ 59,735	$ 6,417
Issuance of Convertible Preferred Stock upon net exercise of warrants, Shares	182,467						2,571,936	182,467
Conversion of convertible preferred stock upon initial public offering	$ 116,818	$ 5		116,813				$ (116,818)
Conversion of convertible preferred stock upon initial public offering, Shares		54,390,928						(54,390,928)
Conversion of redeemable convertible preferred stock upon initial public offering	179,517	$ 1		179,515			$ (179,517)		$ 1
Conversion of redeemable convertible preferred stock upon initial public offering, Shares		7,823,478						(13,811,856)	5,988,378
Reclassification of warrant liability to additional paid-in capital upon initial public offering	6,272			6,272
Exercise of common stock warrants	294			294
Exercise of common stock warrants, shares		417,021
Ending balance, Shares at Jun. 30, 2021		100,995,903	(2,317,722)						5,988,378
Ending balance at Jun. 30, 2021	474,978	$ 10	$ (748)	600,236	49	(124,570)			$ 1
Beginning balance at Mar. 31, 2021	(77,310)	$ 3	$ (748)	29,734	125	(106,424)	$ 179,509	$ 110,401
Beginning balance, Shares at Mar. 31, 2021		25,397,964	(2,317,722)				13,811,856	54,208,461
Issuance of common stock upon exercise of stock options	1,387			1,387
Issuance of common stock upon exercise of stock options, Shares		1,112,030
Accretion of redeemable convertible preferred stock	(8)			(8)			$ 8
Foreign currency translation adjustment	(76)				(76)
Stock-based compensation expense	2,396			2,396
Net income (loss)	(18,146)					(18,146)
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions	268,694	$ 1		268,693
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions, Shares		12,006,000
Costs incurred in connection with initial public offering	(4,860)			(4,860)
Issuance of Convertible Preferred Stock upon net exercise of warrants								$ 6,417
Issuance of Convertible Preferred Stock upon net exercise of warrants, Shares								182,467
Conversion of convertible preferred stock upon initial public offering	116,818	$ 5		116,813				$ (116,818)
Conversion of convertible preferred stock upon initial public offering, Shares		54,390,928						(54,390,928)
Conversion of redeemable convertible preferred stock upon initial public offering	179,517	$ 1		179,515			$ (179,517)		$ 1
Conversion of redeemable convertible preferred stock upon initial public offering, Shares		7,823,478					(13,811,856)		5,988,378
Reclassification of warrant liability to additional paid-in capital upon initial public offering	6,272			6,272
Exercise of common stock warrants	294			294
Exercise of common stock warrants, shares		265,503
Ending balance, Shares at Jun. 30, 2021		100,995,903	(2,317,722)						5,988,378
Ending balance at Jun. 30, 2021	$ 474,978	$ 10	$ (748)	$ 600,236	$ 49	$ (124,570)			$ 1

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 36,976	$ 23,757	$ 81,967	$ 56,466
Net Loss	$ (18,146)	$ (15,997)	$ (26,798)	(12,297)
Simplificare Inc [Member]
Revenue				56,466
Net Loss				(12,297)
Pro Forma Revenue				60,952
Pro Forma Net Loss				$ (13,852)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income tax expense (benefit)	$ 273	$ 272	$ 471	$ (7,409)
Provision For Income Tax [Member]
Income tax expense (benefit)	$ 300	$ 300	$ 500	$ 7,400

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Parenthetical) (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Business Combination, Contingent Consideration Arrangements, Change In Contingent Consideration Liability Fair Value [Abstract]
Amount paid in excess of fair value recorded in purchase accounting classified as operating cash flows	$ 3.2	$ 0.7

Subsequent Events - Additional Information (Detail) $ in Millions	Jul. 29, 2021 USD ($)
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Effective Percentage	1.50%
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Prepayment Cost	$ 0.4
Subsequent Event [Member] \| Term Loan [Member]
Subsequent Event [Line Items]
Repayments of term loan	25.0
Subsequent Event [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Secured revolving credit, total commitment	$ 50.0
Revolving credit loan, interest rate description	ABR loans will bear interest at the ABR plus the applicable rate. Eurodollar Borrowings will bear interest at the Adjusted LIBO Rate plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate (b) the Federal Funds Effective Rate plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one-month Interest Period plus 1%. The adjusted LIBO rate is based on (a) the LIBO Rate multiplied by (b) the Statutory Reserve Rate.
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate	2.25%
Subsequent Event [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate	0.75%

Business Combinations

6 Months Ended

Jun. 30, 2021

Business Combinations [Abstract]

Business Combinations

Note 8. Business Combinations

There were no acquisitions accounted for business combinations completed in the three and six months ended June 30, 2021.

Business Acquisition Completed in 2020

Simplificare Inc.

On February 13, 2020, the Company completed its acquisition of Simplificare Inc. (“Simplee”), a provider of healthcare payment and collections software. The acquisition of Simplee was intended to further expand the capabilities of the Company and to acquire additional

ients

in the healthcare market. The acquisition of Simplee has been accounted for as a business combination.

Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total purchase consideration of $86.5 million, which consists of (in thousands):


Cash consideration, net of cash acquired	$	79,401
Estimated fair value of contingent consideration		7,100

Total purchase consideration, net of cash acquired	$	86,501

Contingent consideration represents additional payments that the Company may be required to make in the future, which totals up to $20.0 million depending on the Company reaching certain revenue and integration targets established for the years ended December 31, 2020 and 2021, as well as retaining key

lients

. A portion of the contingent consideration is also tied to continuing employment of certain key employees; accordingly, $2.1 million has been excluded from the purchase price allocation. During the three months ended June 30, 2021 and 2020, the Company expensed $0.2 million and $0.3 million

, respectively

in personnel costs associated with the contingent consideration. During the six months ended June 30, 2021 and 2020, the Company expensed $0.4 million and $0.6 million, respectively. These personnel costs associated with contingent consideration are expensed in the Company’s consolidated statements of operations and comprehensive loss and a liability is included in accrued expenses and other current liabilities on the consolidated balance sheet. The contingent consideration is payable at the

one-year

and

two-year

acquisition anniversary dates based on the prior year results.

The Company incurred $1.9 million in transaction costs related to the Simplee acquisition, of which less than $0.1 million and $1.3 million was incurred during the three and six months ended June 30, 2020, respectively. No costs were incurred during the three and six months ended June 30, 2021. Additionally, the Company incurred retention costs to compensate employees of Simplee for future services. These costs were included in personnel

expense

in the Company’s consolidated statements of operations and comprehensive loss. During the three months ended June 30, 2021 and 2020, the Company incurred $0.9 million and $1.4 million of retention costs, respectively. During the six months ended June 30, 2021 and 2020, the Company incurred $1.7 and $2.1 of retention costs, respectively.

The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands):


Cash	$	2,190
Accounts receivable		8,555
Prepaid expenses and other assets		1,578
Property and equipment, net		107
Deferred tax assets		6,587
Goodwill		31,696
Identifiable intangible assets		58,800

Total assets acquired		109,513

Deferred tax liabilities		15,092
Accounts payable		2,267
Accrued expenses and other liabilities		3,463

Total liabilities assumed		20,822

Net assets acquired		88,691
Less: cash acquired		2,190

Net assets, less cash acquired	$	86,501

Goodwill arising from the acquisition of $31.7 million was attributable to the workforce of Simplee and the synergies expected to arise from the acquisition. The Company expects that no goodwill from this acquisition will be deductible for income tax purposes.

The following table reflects the estimated fair values of the identified intangible assets of Simplee and their respective weighted-average estimated amortization periods.


	Estimated Fair Values		Weighted- Average Estimated Amortization Periods
	(in thousands)		(years)
Developed technology	$	10,500		8
C lient relationships		48,300		12

	$	58,800

The results of Simplee have been included in the consolidated financial statements since the date of acquisition. Simplee’s consolidated revenue included in the consolidated financial statements for the three

months ended June 30, 2020 was $10.7 million. Simplee’s consolidated revenue included in the consolidated financial statements since the acquisition date for the

six

months

ended June 30, 2020 was $16.2 million. The Company has not disclosed net loss since the acquisition date through June 30, 2020 as the business was fully integrated into the consolidated Company’s operations and therefore it was impracticable to determine this amount.

Unaudited Pro Forma Financial Information

The following unaudited pro forma financial information shows the results of the Company’s operations for the three and six months ended June 30, 2020 as if the acquisition had occurred on January 1, 2019. The unaudited pro forma financial information is presented for information purposes only and is not necessarily indicative of what would have occurred if the acquisition had occurred as of that date. The unaudited pro forma information is also not intended to be a projection of future results due to the integration of the acquired operations of Simplee. The unaudited pro forma information reflects the effects of applying the Company’s accounting policies and certain pro forma adjustments to the combined historical financial information of the Company and Simplee. The pro forma adjustments include:

•

incremental amortization expense associated with the estimated fair value of identified intangible assets and property and equipment;

•

revenue and cost of revenue adjustments as a result of the reduction in deferred revenue and the cost related to their estimated fair value;

•

incremental employee compensation expense for Simplee employees; and

•

the estimated tax impact of the above items.


	Six Months Ended June 30, 2020
	Actual			Pro Forma
	(in thousands)
Revenue	$	56,466		$	60,952
Net Loss	$	(12,297	)	$	(13,852	)

Goodwill And Acquired Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 44,618	$ 44,872	$ 44,650	$ 12,924
Goodwill related to Simplee acquisition				31,696
Foreign currency translation adjustment	38	(39)	6	213
Ending balance	$ 44,656	$ 44,833	$ 44,656	$ 44,833

Revenue and Recognition - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Deferred Revenue	$ 0.2	$ 0.7	$ 0.1	$ 0.6

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of the Stock Based Compensation Expense for Stock Options and Restricted Stock Awards Granted to Employees


	For the Three Months Ended June 30, 2021		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2021		For the Six Months Ended June 30, 2020
Technology and development	$	410	$	170	$	1,494	$	333
Selling and marketing		751		348		3,396		599
General and administrative		1,235		471		7,870		892

Total stock-based compensation expense	$	2,396	$	989	$	12,760	$	1,824

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 5. Derivative Instruments As part of the Company’s foreign currency risk management program, the Company uses foreign currency forward contracts to mitigate the volatility related to fluctuations in the foreign exchange rates. These foreign currency forward contracts are not designated as hedging instruments. Derivative transactions such as foreign currency forward contracts are measured in terms of the notional amount; however, this amount is not recorded on the consolidated balance sheets and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged but is used only as the underlying basis on which the value of foreign exchange payments under these contracts is determined. As of June 30, 2021 and December 31, 2020, respectively, the Company had 1,859 and 3,647 open foreign exchange contracts. As of June 30, 2021 and December 31, 2020, the Company had foreign currency forward contracts outstanding with a notional amount of $12.7 million and $11.8 million, respectively. The Company records all derivative instruments in the condensed consolidated balance sheets at their fair values. As of June 30, 2021, the Company recorded a liability of less than $0.1 million and as of December 31, 2020, the Company recorded an asset of less than $0.1 million related to outstanding foreign exchange contracts. The Company recognized a gain of less than $0.1 million during the three and six months ended June 30, 2021 and 2020, which was included as a component of general and administrative expense within the consolidated statements of operations and comprehensive loss.

Goodwill And Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining of fiscal year 2021	$ 3,310
2022	7,154
2023	7,626
2024	7,607
2025	7,162
Thereafter	32,174
Finite Lived Intangible Assets Net	$ 65,033	$ 68,211

Commitments and Contingencies - Additional Information (Detail) $ in Millions			3 Months Ended		6 Months Ended
	May 31, 2021	Mar. 31, 2021 ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Commitments And Contingencies Disclosure [Line Items]
Area of land \| ft²		680
Option to extend the lease		two-year
Rent expense \| $			$ 0.6	$ 0.6	$ 1.1	$ 1.2
Term of contract Commence date		Mar. 15, 2021
Term of contract End date		Mar. 25, 2023
RO
Commitments And Contingencies Disclosure [Line Items]
Lease extension, date	May 15, 2021
Term of contract End date	Mar. 31, 2024
SG
Commitments And Contingencies Disclosure [Line Items]
Lease extension, date	May 15, 2021
Term of contract End date	Nov. 14, 2021

Goodwill And Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 1.7	$ 1.2	$ 3.3	$ 2.8