Flywire Corp Goodwill & Intangibles Disclosure
Goodwill
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2025 and 2024 (in thousands):
|
Year Ended December 31, |
||||
|
2025 |
|
2024 |
||
Beginning balance |
$ |
149,558 |
|
$ |
121,646 |
Goodwill related to acquisitions |
|
251,517 |
|
|
31,818 |
Foreign currency translation adjustment |
|
5,380 |
|
|
(3,906) |
Measurement period adjustments |
|
52 |
|
|
— |
Ending balance |
$ |
406,507 |
|
$ |
149,558 |
Acquired Intangible Assets
Acquired intangible assets subject to amortization consisted of the following (dollars in thousands):
|
December 31, 2025 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Remaining Life |
|||
|
Value |
|
Amortization |
|
Amount |
|
(years) |
|||
Acquired Relationships |
$ |
176,913 |
|
$ |
(32,484) |
|
$ |
144,429 |
|
11.74 |
Developed Technology |
|
75,543 |
|
|
(35,576) |
|
|
39,967 |
|
5.94 |
Trade Name/Trademark |
|
5,134 |
|
|
(480) |
|
|
4,654 |
|
8.60 |
|
$ |
257,590 |
|
$ |
(68,540) |
|
$ |
189,050 |
|
|
|
December 31, 2024 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
Gross Carrying |
|
Accumulated |
|
Net Carrying |
|
Remaining Life |
|||
|
Value |
|
Amortization |
|
Amount |
|
(years) |
|||
Acquired Relationships |
$ |
120,119 |
|
$ |
(21,104) |
|
$ |
99,015 |
|
10.12 |
Developed Technology |
|
45,546 |
|
|
(26,312) |
|
|
19,234 |
|
4.90 |
Trade Name/Trademark |
|
524 |
|
|
(89) |
|
|
435 |
|
3.30 |
|
$ |
166,189 |
|
$ |
(47,505) |
|
$ |
118,684 |
|
|
Amortization expense for the years ended December 31, 2025, 2024, and 2023 was $20.1 million, $12.3 million, and $11.5 million, respectively.
As of December 31, 2025, 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 |
|
2026 |
$ |
22,379 |
2027 |
|
20,883 |
2028 |
|
20,785 |
2029 |
|
20,232 |
2030 |
|
18,248 |
Thereafter |
|
86,523 |
|
$ |
189,050 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Mar 10, 2023 | |
| 2021 | Mar 29, 2022 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.