Flywire Corp Segments Disclosure
Note 3. Segment Information
The Company has a operating and reportable segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the Company’s chief operating decision maker (CODM). The Company’s CODM 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. The Company's CODM evaluates company-wide performance, including allocation resources and assessing profitability, based on multiple performance measures, including, but not limited to net income (loss).
Beginning in 2024 annual reporting, the Company adopted ASU 2023-07 retrospectively. The following table presents the Company's significant segment expenses and other segment items for the years ended December 31, 2025, 2024, and 2023. The CODM does not regularly review segment asset information, which is total assets, for the purpose of assessing performance and making resource allocation decisions; therefore, such information is not presented. In the prior year, the Company presented revenue less ancillary services. During the year ended December 31, 2025, the Company updated the presentation from revenue less ancillary services to revenue. In order to conform with the current year presentation, the table below has been updated for the years ended December 31, 2024 and 2023.
|
|
Year Ended December 31, |
|||||||
(in thousands) |
|
2025 |
|
2024 |
|
2023 |
|||
Revenue |
|
$ |
623,025 |
|
$ |
492,144 |
|
$ |
403,094 |
Less: |
|
|
|
|
|
|
|
|
|
Payment processing services costs |
|
|
225,277 |
|
|
165,765 |
|
|
148,890 |
Personnel expense (a) |
|
|
168,266 |
|
|
155,011 |
|
|
137,170 |
Other segment items (b) |
|
|
112,073 |
|
|
94,328 |
|
|
76,969 |
Depreciation and amortization expense |
|
|
27,723 |
|
|
18,541 |
|
|
16,368 |
Stock-based compensation expense (c) |
|
|
69,701 |
|
|
65,754 |
|
|
45,215 |
Restructuring |
|
|
8,690 |
|
|
— |
|
|
— |
Interest expense |
|
|
3,526 |
|
|
538 |
|
|
372 |
Interest income |
|
|
(5,640) |
|
|
(21,440) |
|
|
(13,349) |
(Gain) loss from remeasurement of foreign currency |
|
|
(7,865) |
|
|
11,787 |
|
|
(4,189) |
Gain on available-for-sale debt securities |
|
|
(166) |
|
|
— |
|
|
— |
Provision for (benefit from) income taxes |
|
|
7,943 |
|
|
(1,040) |
|
|
4,214 |
Segment income (loss) |
|
$ |
13,497 |
|
$ |
2,900 |
|
$ |
(8,566) |
(a) Personnel expense includes employees' and contractors' compensation in technology and development, selling and marketing, and general and administrative operating expenses.
(b) Other segment items in segment income include the following expenses: professional fees, marketing, travel, facilities, software, ancillary services, acquisition-related transaction costs, and other general and administrative costs.
(c) Stock-based compensation expense includes employer payroll taxes and excludes stock-based compensation relating to restructuring.
See Note 2 - Revenue and Recognition for information regarding the Company's revenue by geographic area.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.