Flywire (FLYW) 10-Q 12 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Nov. 08, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity File Number	001-40430
Entity Registrant Name	FLYWIRE CORPORATION
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	Yes
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		98,693,094
Non-Voting Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,988,378

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 449,130	$ 104,052
Restricted cash	4,000	5,000
Accounts receivable, net of allowance for doubtful accounts of $26 and $481, respectively	12,949	11,573
Unbilled receivables	1,760	1,698
Funds receivable from payment partners	21,896	22,481
Prepaid expenses and other current assets	10,208	3,754
Total current assets	499,943	148,558
Property and equipment, net	8,690	5,101
Intangible assets, net	63,379	68,211
Goodwill	44,632	44,650
Other assets	6,340	4,922
Total assets	622,984	271,442
Current liabilities:
Accounts payable	12,799	5,436
Funds payable to clients	66,855	59,986
Accrued expenses and other current liabilities	18,531	14,991
Deferred revenue	1,330	1,227
Contingent consideration	7,580	6,740
Total current liabilities	107,095	88,380
Deferred tax liabilities	657	481
Contingent consideration, net of current portion	0	5,760
Preferred stock warrant liability	0	1,932
Long-term debt	25,933	24,352
Other liabilities	1,587	2,129
Total liabilities	135,272	123,034
Commitments and contingencies (Note 15)
Stockholders' (deficit) equity:
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of September 30, 2021 and December 31, 2020, respectively; and none issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	0	0
Voting common stock, $0.0001 par value; 2,000,000,000 and 146,898,270 shares authorized as of September 30, 2021 and December 31, 2020, respectively, 100,995,903 shares issued and 98,678,181 shares outstanding as of September 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 September 30, 2021 and December 31, 2020, respectively; 5,988,378 and 0 issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	1	0
Treasury Stock, 2,317,722 shares as of September 30, 2021 and December 31, 2020, held at cost	(748)	(748)
Additional paid-in capital	603,319	16,970
Accumulated other comprehensive income (loss)	(294)	(214)
Accumulated (deficit)	(114,576)	(97,772)
Total stockholders' equity (deficit)	487,712	(81,762)
Total liabilities, convertible preferred stock, redeemable convertible preferred stock and stockholders' (deficit) equity	622,984	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		119,769
Stockholders' (deficit) equity:
Total stockholders' equity (deficit)		$ 119,769

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Current	$ 26	$ 481
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue	$ 67,788	$ 42,086	$ 149,755	$ 98,552
Costs and operating expenses:
Payment processing services costs	21,724	13,777	50,937	36,254
Technology and development	7,752	6,079	22,203	17,805
Selling and marketing	12,540	7,640	35,400	24,342
General and administrative	14,676	9,172	44,145	32,985
Total costs and operating expenses	56,692	36,668	152,685	111,386
Income (loss) from operations	11,096	5,418	(2,930)	(12,834)
Other income (expense):
Interest expense	(542)	(584)	(1,804)	(1,860)
Change in fair value of preferred stock warrant liability		9	(10,758)	(245)
Other income (expense), net	(214)	(4)	(494)	72
Total other expenses, net	(756)	(579)	(13,056)	(2,033)
Income (loss) before provision for (benefit from) income taxes	10,340	4,839	(15,986)	(14,867)
Provision for (benefit from)income taxes	346	(382)	818	(7,791)
Net income (loss)	9,994	5,221	(16,804)	(7,076)
Foreign currency translation adjustment	(343)	192	(80)	(81)
Comprehensive income (loss)	9,651	5,413	(16,884)	(7,157)
Net income (loss) attributable to common stockholders - basic and diluted	$ 9,994	$ 1,157	$ (16,817)	$ (7,086)
Net income (loss) per share attributable to common stockholders - basic	$ 0.10	$ 0.06	$ (0.28)	$ (0.39)
Net income (loss) per share attributable to common stockholders - diluted	$ 0.08	$ 0.04	$ (0.28)	$ (0.39)
Weighted average common shares outstanding - basic	104,486,136	18,644,502	59,667,434	18,163,078
Weighted average common shares outstanding - diluted	118,445,907	27,286,944	59,667,434	18,163,078

Condensed Consolidated Statem_2

Condensed Consolidated 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	606			606
Issuance of common stock upon exercise of stock options, Shares		1,632,264
Accretion of redeemable convertible preferred stock	(10)			(10)			$ 10
Issuance of common stock warrants	336			336
Forfeiture of unvested restricted stock awards, Shares		(105,969)
Foreign currency translation adjustment	(81)				(81)
Stock-based compensation expense	2,860			2,860
Net income (loss)	(7,076)					(7,076)
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 Sep. 30, 2020		22,020,441	(2,317,722)				11,239,920	54,208,461
Ending balance at Sep. 30, 2020	(78,643)	$ 2	$ (748)	15,823	21	(93,741)	$ 119,765	$ 110,401
Beginning balance at Jun. 30, 2020	(85,174)	$ 2	$ (748)	14,705	(171)	(98,962)	$ 119,761	$ 110,401
Beginning balance, Shares at Jun. 30, 2020		21,760,848	(2,317,722)				11,239,920	54,208,461
Issuance of common stock upon exercise of stock options	86			86
Issuance of common stock upon exercise of stock options, Shares		259,593
Accretion of redeemable convertible preferred stock	(4)			(4)			$ 4
Foreign currency translation adjustment	192				192
Stock-based compensation expense	1,036			1,036
Net income (loss)	5,221					5,221
Ending balance, Shares at Sep. 30, 2020		22,020,441	(2,317,722)				11,239,920	54,208,461
Ending balance at Sep. 30, 2020	(78,643)	$ 2	$ (748)	15,823	21	(93,741)	$ 119,765	$ 110,401
Beginning balance at Dec. 31, 2020	(81,762)	$ 2	$ (748)	16,970	(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	4,098	$ 1		4,097
Issuance of common stock upon exercise of stock options, Shares		4,323,167
Accretion of redeemable convertible preferred stock	(13)			(13)			$ 13
Foreign currency translation adjustment	(80)				(80)
Stock-based compensation expense	15,538			15,538
Net income (loss)	(16,804)					(16,804)
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 Sep. 30, 2021		101,201,466	(2,317,722)						5,988,378
Ending balance at Sep. 30, 2021	487,712	$ 10	$ (748)	603,319	(294)	(114,576)			$ 1
Beginning balance at Jun. 30, 2021	474,978	$ 10	$ (748)	600,236	49	(124,570)			$ 1
Beginning balance, Shares at Jun. 30, 2021		100,995,903	(2,317,722)						5,988,378
Issuance of common stock upon exercise of stock options	305			305
Issuance of common stock upon exercise of stock options, Shares		205,563
Foreign currency translation adjustment	(343)				(343)
Stock-based compensation expense	2,778			2,778
Net income (loss)	9,994					9,994
Ending balance, Shares at Sep. 30, 2021		101,201,466	(2,317,722)						5,988,378
Ending balance at Sep. 30, 2021	$ 487,712	$ 10	$ (748)	$ 603,319	$ (294)	$ (114,576)			$ 1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Series E Preferred Stock [Member]
Issuance cost		$ 245
Series F1 Preferred Stock [Member]
Issuance cost	$ 256

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (16,804)	$ (7,076)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,571	5,031
Stock-based compensation expense	15,538	2,860
Amortization of deferred contract costs	179	265
Change in fair value of preferred stock warrant liability	10,758	245
Change in fair value of contingent consideration	2,072	4,576
Deferred tax provision	127	(8,547)
Bad debt expense	90	332
Non-cash interest expense	171	196
Other	158
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(1,466)	(3,873)
Unbilled receivables	(62)	12
Funds receivable from payment partners	585	5,019
Prepaid expenses and other assets	(7,410)	(3,079)
Funds payable to clients	6,869	(24,846)
Accounts payable, accrued expenses and other current liabilities	10,903	2,543
Contingent consideration	(3,212)	(693)
Other liabilities	(364)	(121)
Deferred revenue	102	(410)
Net cash provided by (used in) operating activities	24,805	(27,566)
Cash flows from investing activities:
Purchases of property and equipment	(5,229)	(1,812)
Asset acquisition, net of cash acquired	(119)
Acquisition of businesses, net of cash acquired		(79,401)
Net cash used in investing activities	(5,348)	(81,213)
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	(4,860)
Proceeds from issuance of long-term debt	25,933	4,167
Payment of long-term debt issuance costs	(418)	(172)
Repayment of long-term debt	(25,000)	(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	4,098	606
Net cash provided by financing activities	324,676	118,882
Effect of exchange rates changes on cash and cash equivalents	(55)	(148)
Net increase in cash, cash equivalents and restricted cash	344,078	9,955
Cash, cash equivalents and restricted cash, beginning of period	109,052	86,027
Cash, cash equivalents and restricted cash, end of period	453,130	95,982
Supplemental disclosures of cash flow and noncash information
Cash paid during the period for interest	1,465	1,558
Accretion of redeemable convertible preferred stock	(13)	(10)
Issuance of common stock warrants		336
Issuance of Series C convertible preferred stock upon net exercise of warrants	6,417
Cash and Cash Equivalents [Member]
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, end of period	449,130	$ 95,982
Restricted Cash [Member]
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, end of period	4,000
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	$ 179,517

Business Overview and Summary o

Business Overview and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 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 nine months ended September 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 On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus (“COVID-19”) as a global pandemic. The unprecedented and rapid spread of COVID-19 as well as the shelter-in-place orders, promotion of social distancing measures, restrictions to businesses deemed non-essential, and travel restrictions implemented throughout the United States and globally significantly impacted the verticals in which we have been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation in those verticals. However, during this period we have not experienced any significant client attrition and our net dollar based retention rate remained strong. 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. During the nine-months ended September 30, 2021, the Company observed recoveries in total payment volume and revenue. The growth in both total payment volume and revenue is a result of economies re-opening. Additionally, the Company has resumed hiring across all departments to meet growth and public company challenges. The Company does not currently foresee the need to take additional actions; however, as variants of COVID-19 emerge, the Company continues to evaluate the nature and extent of these potential impacts to the Company's business, consolidated financial statements, and liquidity. 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 and stock-based awards prior to the Company’s IPO , 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 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 nine months ended September 30, 2021 and 2020. 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 process, 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: September 30, December 31, Client A 27 % 19 % Client B 12 % 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: September 30, December 31, Partner A * 24 % Partner B 10 % 12 % Partner C 10 % 12 % Partner D 14 % * Partner E 35 % * * Less than 10% of total balance. During the three and nine months ended September 30, 2021 and 2020, no clients accounted for 10% or more of revenue. During the three months ended September 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted f or 32.8 % and 23.6 % of the Company’s revenue, respectively, with the United Kingdom accounting for 18 % and 14.9 %, respectively and Canada accounting for 9.7 % and 6.7 %, respectively. No other countries accounted for 10 % or more of revenue for the three months ended September 30, 2021 and 2020. During the nine months ended September 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 31.8 % and 23.3 % of the Company’s revenue, respectively, with the United Kingdom accounting for 13 % and 12.5 %, respectively and Canada accounting f or 13.4 % and 8.2 %, respectivel y. No other countries accounted for 10 % or more of revenue for the nine months ended September 30, 2021 and 2020. 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 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. There were no deferred offering costs as of September 30, 2021. 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 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 $ 6.4 million and $ 1.8 million in costs related to internal use software as of September 30, 2021 and December 31, 2020, respectively. The Company capitalized $ 4.6 m illion and $ 1.6 million in costs related to internal use software during the nine months ended September 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 September 30, 2021 and 2020 were $ 0.9 millio n and $ 0.3 million, respectively. Advertising expenses for the nine months ended September 30, 2021 and 2020 were $ 2.0 million and $ 0.9 million, respectively. 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. 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 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 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.

Revenue and Recognition

Revenue and Recognition	9 Months Ended
	Sep. 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 Nine Months Ended (in thousands) 2021 2020 2021 2020 Primary geographical markets United States (“U.S.”) $ 45,555 $ 32,133 $ 102,093 $ 75,627 Canada 6,609 2,820 19,407 8,062 United Kingdom (“U.K.”) 12,217 6,259 20,104 12,308 Other Countries 1 3,407 874 8,151 2,555 Revenue $ 67,788 $ 42,086 $ 149,755 $ 98,552 Major solutions Transactions $ 53,032 $ 30,669 $ 109,715 $ 67,110 Platform and usage-based fees 14,756 11,417 40,040 31,442 Revenue $ 67,788 $ 42,086 $ 149,755 $ 98,552 (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): September 30, December 31, Accounts receivable, net of allowances $ 12,949 $ 11,573 Unbilled receivables 1,760 1,698 Deferred revenue—current 1,330 1,227 Deferred revenue—non-current 44 108 For the three months ended September 30, 2021 and 2020, the Company recognized $ 0.2 million and $ 0.3 million, respectively, of revenue from amounts that were included in deferred revenue as of June 30, 2021 and 2020. For the nine months ended September 30, 2021 and 2020, the Company recognize d $ 0.9 millio n and $ 0.9 million, respectively of revenue from amounts that were included in deferred revenue as of December 31, 2020 and 2019.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Allowance for doubtful accounts at the beginning of $ ( 167 ) $ ( 496 ) $ ( 481 ) $ ( 298 ) Provisions ( 10 ) ( 87 ) ( 90 ) ( 332 ) Write-offs, net of recoveries 151 ( 8 ) 545 39 Allowance for doubtful accounts at the end of the $ ( 26 ) $ ( 591 ) $ ( 26 ) $ ( 591 )

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurements as of September 30, 2021 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ - $ - $ - $ - $ - $ - $ - $ - Financial Liabilities: Foreign exchange contracts $ - $ - $ 26 $ 26 Contingent consideration - - 7,580 7,580 $ - $ - $ 7,606 $ 7,606 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 nine months ended September 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 Three Months Nine Months Nine Months Discount rate 5.3 % 15.7 % 5.3 % 15.7 % Probability of successful achievement * 0 % - 100 % 70 % - 95 % 0 % - 100 % 70 % - 95 % 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 nine months ended September 30, 2021 and 2020 (in thousands): Three Months Three Months Nine Months Nine Months Beginning balance $ 7,079 $ 10,802 $ 12,500 $ 2,000 Additions 20 - 20 7,100 Change in fair value 481 874 2,072 4,576 Contingent consideration paid - - ( 7,012 ) ( 2,000 ) Ending balance $ 7,580 $ 11,676 $ 7,580 $ 11,676 * 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 nine months ended September 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 of cash flows during the nine months ended September 30, 2020. During the three months ended September 30, 2021, less than $ 0.1 million was added to contingent consideration liability related to certain earn-out conditions being met in the period related to the asset acquisition completed in April 2021.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 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 September 30, 2021 and December 31, 2020, respectively, the Company had 1,305 and 3,647 open foreign exchange contracts. As of September 30, 2021 and December 31, 2020, the Company had foreign currency forward contracts outstanding with a notional amount of $ 8.9 million and $ 11.8 million, respectively. The Company records all derivative instruments in the condensed consolidated balance sheets at their fair values. As of September 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 loss of less than $ 0.1 million during the three and nine months ended September 30, 2021. The Company recognized a gain of less than $ 0.1 million during the three and nine months ended September 30, 2020. Gains and losses are included as a component of general and administrative expense within the consolidated statements of operations and comprehensive loss.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Payables and Accruals [Abstract]
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): September 30, December 31, Accrued employee compensation and related taxes $ 10,562 $ 9,371 Accrued vendor liabilities 1,146 2,542 Accrued income taxes payable 808 1,027 Accrued professional services 1,044 937 Other accrued expenses and current liabilities 4,971 1,114 $ 18,531 $ 14,991

Property And Equipment, Net

Property And Equipment, Net	9 Months Ended
	Sep. 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): September 30, December 31, Computer equipment and software $ 1,749 $ 1,465 Internal use software 6,418 1,779 Furniture and fixtures 629 687 Leasehold improvements 4,235 3,989 $ 13,031 7,920 Less: Accumulated depreciation and amortization ( 4,341 ) ( 2,819 ) $ 8,690 $ 5,101 Depreciation and amortization expense for the three months ended September 30, 2021 and 2020 was $ 0.4 million and $ 0.6 million, respectively. Depreciation and amortization expense for the nine months ended September 30, 2021 and 2020 was $ 1.4 million and $ 1.6 million, respectively. There were no sales of property and equipment during the three months ended September 30, 2021. During the nine months ended September 30, 2021, the Company sold $ 0.1 million of property and equipment with accumulated depreciation of $ 0.1 m illion. The Company recognized a gain on the sale of the fixed assets of less than $ 0.1 million. There were no write offs o f assets during the three and nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020, the carrying value of internal-use software was $ 5.8 million and $ 1.7 million, respectively. Amortization expense related to internal-use software for the three months ended September 30, 2021 and 2020 was $ 0.2 million and less than $ 0.1 million, respectively. Amortization expense related to internal-use software for the nine months ended September 30, 2021 and 2020 was $ 0.4 million and less than $ 0.1 million, respectively.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Business Combinations	Note 8. Business Combinations There were no acquisitions accounted for as business combinations completed in the three and nine months ended September 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 clients 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 clients. 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 September 30, 2021 and 2020, the Company expensed $ 0.3 millio n and $ 0.3 million, respectively in personnel costs associated with the contingent consideration. During the nine months ended September 30, 2021 and 2020, the Company expensed $ 0.8 million and $ 0.8 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 $ 1.3 million was incurred during the nine months ended September 30, 2020. No costs were incurred during the three months ended September 30, 2021 and 2020, or nine months ended September 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 September 30, 2021 and 2020, the Company incurred $ 0.7 million and $ 0.8 million of retention costs, respectively. During the nine months ended September 30, 2021 and 2020, the Company incurred $ 2.4 million and $ 2.7 million 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 Weighted- (in thousands) (years) Developed technology $ 10,500 8 Client 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 September 30, 2020 was $ 9.1 million. Simplee’s consolidated revenue included in the consolidated financial statements since the acquisition date for the nine months ended September 30, 2020 was $ 25.3 million. The Company has not disclosed net loss since the acquisition date through September 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 nine months ended September 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. Nine Months Ended Actual Pro (in thousands) Revenue $ 98,552 $ 103,038 Net Loss $ ( 7,076 ) $ ( 8,631 )

Goodwill And Acquired Intangibl

Goodwill And Acquired Intangible Assets	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020 (in thousands): Three Months Three Months Nine Months Nine Months Beginning balance $ 44,656 $ 44,833 $ 44,650 $ 12,924 Goodwill related to Simplee acquisition — — — 31,696 Foreign currency translation adjustment ( 24 ) ( 81 ) ( 18 ) 132 Ending balance $ 44,632 $ 44,752 $ 44,632 $ 44,752 No goodwill impairment was recorded during the nine months ended September 30, 2021 and 2020. Acquired Intangible Assets Acquired intangible assets subject to amortization consisted of the following (in thousands): September 30, 2021 (in thousands) Gross Carrying Accumulated Net Carrying Weighted Developed Technology $ 25,201 $ ( 9,630 ) $ 15,571 5.43 Client Relationships 52,348 ( 4,666 ) 47,682 10.12 Trade Name/Trademark 511 ( 511 ) — — Non-Compete Agreement 469 ( 343 ) 126 1.37 $ 78,529 $ ( 15,150 ) $ 63,379 * Includes less than $ 0.1 million of foreign currency translation adjustments and $ 0.1 million in acquired developed technology assets during the nine months ended September 30, 2021. December 31, 2020 Gross Carrying Accumulated Net Carrying Weighted 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 adjustments. Amortization expense for the three months ended September 30, 2021 and 2020 was $ 1.7 million and $ 1.3 million, respectively. Amortization expense for the nine months ended September 30, 2021 and 2020 was $ 5.0 million and $ 3.5 million, respectively. As of September 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 Remaining of fiscal year 2021 $ 1,640 2022 7,157 2023 7,629 2024 7,610 2025 7,164 2026 5,388 Thereafter 26,791 $ 63,379

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Note 10. Debt Revolving Credit Syndication Loan On July 29, 2021, the Company entered into a three-year senior secured revolving credit syndication loan (the “Revolving Credit Facility”) with three banks for a total commitment of $ 50.0 million. The Revolving Credit Facility includes a $ 5 million letter of credit sub-facility and a $ 5 million swingline sub-facility, with available borrowings under the Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The Revolving Credit Facility is guaranteed by Flywire’s material domestic subsidiaries. One of the lenders in the syndicate was the existing debt holder under the Loan and Security Agreement (the “LSA”) entered into in 2018 and amended in 2020. The Revolving Credit Facility consists of Alternate Base Rate ("ABR") loans or Eurodollar Borrowings, at the Company’s option. ABR loans bear interest at the ABR plus the applicable rate. Eurodollar Borrowings 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 Revolving Credit Facility incurs a commitment fee ranging from 0.25 % to 0.35 % b ased upon the Company’s liquidity as of the most recent consolidated financial information assessed on the average undrawn portion of the available commitment. The Revolving Credit Facility 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 Revolving Credit Facility becoming immediately due and payable and termination of the commitments. The Company was in compliance with all covenants associated with the Revolving Credit Facility as of September 30, 2021. On July 29, 2021, the Company drew $ 25.9 million on the Revolving Credit Facility and used the proceeds to early prepay the LSA $ 25.0 million term loan. In connection with the transaction, the Company incurred $ 0.4 million in prepayment costs and $ 0.3 million in debt issuance costs. Debt issuance costs related to new lenders in the syndication are amortized on a straight-line basis over the term of the Revolving Credit Facility. Debt issuance costs related to the existing lender in the syndication were expensed. The exchange of the LSA term loan with the Revolving Credit Facility from the same lender was accounted for as a modification. Prior to the closing of the Revolving Credit Facility, debt issuance costs and debt discounts were presented as an offset to the outstanding debt balance on the Consolidated Balance Sheets. Upon the closing of the Revolving Credit Facility the debt issuance costs and debt discount are presented as a component of other assets on the Company's Consolidated Balance Sheets. As of September 30, 2021, the Company had $ 25.9 million outstanding under the Revolving Credit Facility. Total interest expense related to the Revolving Credit Facility was $ 0.1 million for the three months ended September 30, 2021. The components of the Company’s outstanding debt as of each period, consisted of the following (in thousands): September 30, December 31, Long term debt $ 25,933 $ 25,000 Less unamortized debt discount - ( 430 ) Less unamortized debt issuance costs - ( 218 ) Net carrying amount $ 25,933 $ 24,352 Loan and Security Agreement On January 16, 2018, the Company entered into the LSA with a financial institution for a $ 25.0 million loan 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. On April 25, 2020, the Company entered into a Joinder and First Amendment to the LSA for administrative matters. On May 18, 2020, the Company entered into a Joinder and Second Amendment to the LSA 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 was at a floating per annum rate equal to the greater of (i) 5.25 % above the prime rate; or (ii) 8.50 %. The LSA was interest only until May 2023. Beginning on June 1, 2023, the Company would 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 LSA for administrative matters. All amendments were accounted for as debt modifications. On July 29, 2021, the Company drew $ 25.9 million on its new Revolving Credit Facility and used the proceeds to early prepay the LSA $ 25.0 million term loan. In connection with the transaction, the Company incurred $ 0.4 million of prepayment costs. Interest expense related to the LSA for the three months ended September 30, 2021 and 2020 was $ 0.3 million and $ 0.6 million, respectively. Interest expense for the nine months ended September 30, 2021 and 2020 was $ 1.5 million and $ 1.9 million, respectively. Included in interest expense for the three months ended September 30, 2021 and 2020 is $ 0.1 million and $ 0.1 million of amortization of debt issuance costs and debt discount. Included in interest expense for the nine months ended September 30, 2021 and 2020 is $ 0.2 million and $ 0.2 million of amortization of debt issuance costs and debt discount.

Stockholders' (Deficit) Equity

Stockholders' (Deficit) Equity	9 Months Ended
	Sep. 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 September 30, 2021, the Company had reserved shares of common stock for future issuance as follows: Issued and outstanding stock options 16,390,325 Issued and outstanding restricted stock units 29,176 Available issuance under stock plans 9,605,743 26,025,244

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 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 (RSAs), 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, RSAs, RSU awards, performance awards and other forms of equity compensation (collectively, equity awards). A total of 9,201,156 shares of the Company’s 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 c ommon stock on the first or last day of the offering period, whichever is lower. Offering periods are generally 3 months long. As of September 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 2021 Plan generally vest based on continued service over four years and expire ten years from the date of grant. During the three and nine months ended September 30, 2021, the Company granted an aggregate of 263,050 and 4,160,200 shares of stock options with weighted average exercise prices of $ 31.30 and $ 10.41 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 September 30, 2021, there was $ 30.9 million of total unrecognized expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.8 years. Restricted Stock Units – An RSU is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. During the three and nine months ended September 30, 2021, the Company granted an aggregate of 7,301 and 29,176 shares of RSUs, respectively. The fair value of the RSUs was estimated based upon the market closing price of the Company’s common stock on the date of the grant. The RSUs vest over the requisite service period, which range between one and three years from the date of the grant, subject to the continued employment of the employees and services of the nonemployee board members. As of September 30, 2021, there was $ 1.0 million of total unrecognized compensation expense related to unvested RSUs and RSAs, which is expected to be recognized over a weighted-average period of 2.1 years. The following table summarizes the stock-based compensation expense for stock options, RSAs and RSUs granted to employees that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands): For the Three For the Three For the Nine For the Nine Technology and development $ 262 $ 252 $ 1,756 $ 585 Selling and marketing 801 301 4,197 900 General and administrative 1,715 483 9,585 1,375 Total stock-based compensation expense $ 2,778 $ 1,036 $ 15,538 $ 2,860 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 m illion of stock-based compensation expense during the nine months ended September 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 Income (Loss) per Share

Net Income (Loss) per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Income (Loss) per Share	Note 13. Net Income (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 had the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend was 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 perio d. 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) attr ibutable 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 gain attributable to common stockholders for the three months ended September 30, 2021 and 2020 . The Company reported a net loss attributable to common stockholders for the nine months ended September 30, 2021 and 2020. For the nine months ended September 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 Nine Months Ended 2021 2020 2021 2020 Numerator: Net income (loss) $ 9,994 $ 5,221 $ ( 16,804 ) $ ( 7,076 ) Accretion of preferred stock to redemption value - ( 4 ) ( 13 ) ( 10 ) Less: Earnings attributable to participating securities - ( 4,060 ) - - Net loss attributable to common shareholders - $ 9,994 $ 1,157 $ ( 16,817 ) $ ( 7,086 ) Denominator: Weighted average shares outstanding – basic 104,486,136 18,644,502 59,667,434 18,163,078 Effect of potentially dilutive stock options 13,722,829 7,436,214 - - Effect of potentially dilutive restricted common stock 236,942 856,797 - - Effect of potentially dilutive warrants for convertible preferred stock - 277,599 - - Effect of dilutive warrants for common stock - 71,832 - - Weighted average shares outstanding – diluted 118,445,907 27,286,944 59,667,434 18,163,078 Net income (loss) per share attributable to common $ 0.10 $ 0.06 $ ( 0.28 ) $ ( 0.39 ) Net income (loss) per share attributable to common $ 0.08 $ 0.04 $ ( 0.28 ) $ ( 0.39 ) For periods in which the Company is in a loss position, 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: September 30, 2021 2020 Warrants for the purchase of common stock - 264,171 Warrants for the purchase of convertible preferred stock - 381,000 Redeemable convertible preferred stock (as converted - 54,208,461 Convertible preferred stock (as converted into common - 11,239,920 Unvested restricted stock awards 249,979 826,473 Stock options to purchase common stock (as converted 16,390,325 10,744,932 16,640,304 77,664,957

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 . 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 reported an income tax expense of $ 0.4 m illion and an income tax benefit of $ 0.4 million for the three months ended September 30, 2021 and 2020, respectively . The income tax expense and the income tax benefit for the three months ended September 30, 2021 and 2020 were primarily attributable to foreign taxes. The Company reported an income tax expense of $ 0.8 million and an income tax benefit of $ 7.8 million for the nine months ended September 30, 2021 and 2020, respectively. The income tax expense for the nine months ended September 30, 2021 was primarily attributable to foreign taxes. The income tax benefit for the nine months ended September 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 rate primarily due to the change in valuation allowance 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 September 30, 2021, the Company continues to maintain a full valuation allowance of it's U.S. net deferred tax assets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 15. 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 agreements. In July 2021, the Company extended the Singapore office lease through November 30, 2022 . Future minimum lease payments for noncancelable operating leases as of September 30, 2021, are as follows (in thousands): Years Ending December 31, 2021 (remaining three months) $ 517 2022 2,002 2023 1,508 2024 445 2025 18 $ 4,490 Rent expense for the three months ended September 30, 2021 and 2020 was $ 0.6 million and $ 0.6 million respectively. Rent expense for the nine months ended September 30, 2021 and 2020 was $ 1.7 million and $ 1.8 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 September 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 privacy breaches, 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 thing s, 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 September 30, 2021 or as of December 31, 2020.

Business Overview and Summary_2

Business Overview and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Initial Public Offering	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	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 nine months ended September 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	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	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. The unprecedented and rapid spread of COVID-19 as well as the shelter-in-place orders, promotion of social distancing measures, restrictions to businesses deemed non-essential, and travel restrictions implemented throughout the United States and globally significantly impacted the verticals in which we have been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation in those verticals. However, during this period we have not experienced any significant client attrition and our net dollar based retention rate remained strong. 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. During the nine-months ended September 30, 2021, the Company observed recoveries in total payment volume and revenue. The growth in both total payment volume and revenue is a result of economies re-opening. Additionally, the Company has resumed hiring across all departments to meet growth and public company challenges. The Company does not currently foresee the need to take additional actions; however, as variants of COVID-19 emerge, the Company continues to evaluate the nature and extent of these potential impacts to the Company's business, consolidated financial statements, and liquidity.
Stock Split	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	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 and stock-based awards prior to the Company’s IPO , 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 Clients 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 nine months ended September 30, 2021 and 2020. 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 process, 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: September 30, December 31, Client A 27 % 19 % Client B 12 % 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: September 30, December 31, Partner A * 24 % Partner B 10 % 12 % Partner C 10 % 12 % Partner D 14 % * Partner E 35 % * * Less than 10% of total balance. During the three and nine months ended September 30, 2021 and 2020, no clients accounted for 10% or more of revenue. During the three months ended September 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted f or 32.8 % and 23.6 % of the Company’s revenue, respectively, with the United Kingdom accounting for 18 % and 14.9 %, respectively and Canada accounting for 9.7 % and 6.7 %, respectively. No other countries accounted for 10 % or more of revenue for the three months ended September 30, 2021 and 2020. During the nine months ended September 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 31.8 % and 23.3 % of the Company’s revenue, respectively, with the United Kingdom accounting for 13 % and 12.5 %, respectively and Canada accounting f or 13.4 % and 8.2 %, respectivel y. No other countries accounted for 10 % or more of revenue for the nine months ended September 30, 2021 and 2020.
Deferred Offering Costs	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. There were no deferred offering costs as of September 30, 2021.
Software Developed for Internal Use	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 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 $ 6.4 million and $ 1.8 million in costs related to internal use software as of September 30, 2021 and December 31, 2020, respectively. The Company capitalized $ 4.6 m illion and $ 1.6 million in costs related to internal use software during the nine months ended September 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 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 September 30, 2021 and 2020 were $ 0.9 millio n and $ 0.3 million, respectively. Advertising expenses for the nine months ended September 30, 2021 and 2020 were $ 2.0 million and $ 0.9 million, respectively.
Emerging Growth Company Status	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.
Recent Accounting Pronouncements Not Yet Adopted	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 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 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.

Business Overview and Summary_3

Business Overview and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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: September 30, December 31, Client A 27 % 19 % Client B 12 % 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: September 30, December 31, Partner A * 24 % Partner B 10 % 12 % Partner C 10 % 12 % Partner D 14 % * Partner E 35 % * * Less than 10% of total balance.

Revenue and Recognition (Tables

Revenue and Recognition (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended (in thousands) 2021 2020 2021 2020 Primary geographical markets United States (“U.S.”) $ 45,555 $ 32,133 $ 102,093 $ 75,627 Canada 6,609 2,820 19,407 8,062 United Kingdom (“U.K.”) 12,217 6,259 20,104 12,308 Other Countries 1 3,407 874 8,151 2,555 Revenue $ 67,788 $ 42,086 $ 149,755 $ 98,552 Major solutions Transactions $ 53,032 $ 30,669 $ 109,715 $ 67,110 Platform and usage-based fees 14,756 11,417 40,040 31,442 Revenue $ 67,788 $ 42,086 $ 149,755 $ 98,552 (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): September 30, December 31, Accounts receivable, net of allowances $ 12,949 $ 11,573 Unbilled receivables 1,760 1,698 Deferred revenue—current 1,330 1,227 Deferred revenue—non-current 44 108

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Tables)	9 Months Ended
	Sep. 30, 2021
Receivables [Abstract]
Summary of Allowance For Doubtful Accounts	Changes in the allowance for doubtful accounts for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Allowance for doubtful accounts at the beginning of $ ( 167 ) $ ( 496 ) $ ( 481 ) $ ( 298 ) Provisions ( 10 ) ( 87 ) ( 90 ) ( 332 ) Write-offs, net of recoveries 151 ( 8 ) 545 39 Allowance for doubtful accounts at the end of the $ ( 26 ) $ ( 591 ) $ ( 26 ) $ ( 591 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis	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 September 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurements as of September 30, 2021 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ - $ - $ - $ - $ - $ - $ - $ - Financial Liabilities: Foreign exchange contracts $ - $ - $ 26 $ 26 Contingent consideration - - 7,580 7,580 $ - $ - $ 7,606 $ 7,606 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 Three Months Nine Months Nine Months Discount rate 5.3 % 15.7 % 5.3 % 15.7 % Probability of successful achievement * 0 % - 100 % 70 % - 95 % 0 % - 100 % 70 % - 95 % 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 nine months ended September 30, 2021 and 2020 (in thousands): Three Months Three Months Nine Months Nine Months Beginning balance $ 7,079 $ 10,802 $ 12,500 $ 2,000 Additions 20 - 20 7,100 Change in fair value 481 874 2,072 4,576 Contingent consideration paid - - ( 7,012 ) ( 2,000 ) Ending balance $ 7,580 $ 11,676 $ 7,580 $ 11,676 * 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 nine months ended September 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 of cash flows during the nine months ended September 30, 2020.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Accrued employee compensation and related taxes $ 10,562 $ 9,371 Accrued vendor liabilities 1,146 2,542 Accrued income taxes payable 808 1,027 Accrued professional services 1,044 937 Other accrued expenses and current liabilities 4,971 1,114 $ 18,531 $ 14,991

Property And Equipment, Net (Ta

Property And Equipment, Net (Tables)	9 Months Ended
	Sep. 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): September 30, December 31, Computer equipment and software $ 1,749 $ 1,465 Internal use software 6,418 1,779 Furniture and fixtures 629 687 Leasehold improvements 4,235 3,989 $ 13,031 7,920 Less: Accumulated depreciation and amortization ( 4,341 ) ( 2,819 ) $ 8,690 $ 5,101

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 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 Weighted- (in thousands) (years) Developed technology $ 10,500 8 Client relationships 48,300 12 $ 58,800
Summary of Unaudited Pro Forma Financial Information	Nine Months Ended Actual Pro (in thousands) Revenue $ 98,552 $ 103,038 Net Loss $ ( 7,076 ) $ ( 8,631 )

Goodwill And Acquired Intangi_2

Goodwill And Acquired Intangible Assets (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2021 and 2020 (in thousands): Three Months Three Months Nine Months Nine Months Beginning balance $ 44,656 $ 44,833 $ 44,650 $ 12,924 Goodwill related to Simplee acquisition — — — 31,696 Foreign currency translation adjustment ( 24 ) ( 81 ) ( 18 ) 132 Ending balance $ 44,632 $ 44,752 $ 44,632 $ 44,752 No goodwill impairment was recorded during the nine months ended September 30, 2021 and 2020.
Summary of Acquired Intangible Assets Subject to Amortization	Acquired intangible assets subject to amortization consisted of the following (in thousands): September 30, 2021 (in thousands) Gross Carrying Accumulated Net Carrying Weighted Developed Technology $ 25,201 $ ( 9,630 ) $ 15,571 5.43 Client Relationships 52,348 ( 4,666 ) 47,682 10.12 Trade Name/Trademark 511 ( 511 ) — — Non-Compete Agreement 469 ( 343 ) 126 1.37 $ 78,529 $ ( 15,150 ) $ 63,379 * Includes less than $ 0.1 million of foreign currency translation adjustments and $ 0.1 million in acquired developed technology assets during the nine months ended September 30, 2021. December 31, 2020 Gross Carrying Accumulated Net Carrying Weighted 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 adjustments.
Schedule of Estimated Annual Amortization Expense Of Intangible Assets	As of September 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 Remaining of fiscal year 2021 $ 1,640 2022 7,157 2023 7,629 2024 7,610 2025 7,164 2026 5,388 Thereafter 26,791 $ 63,379

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Company's Outstanding Debt	The components of the Company’s outstanding debt as of each period, consisted of the following (in thousands): September 30, December 31, Long term debt $ 25,933 $ 25,000 Less unamortized debt discount - ( 430 ) Less unamortized debt issuance costs - ( 218 ) Net carrying amount $ 25,933 $ 24,352

Stockholders' (Deficit) Equity

Stockholders' (Deficit) Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Summary of Reserved Shares of Common Stock	As of September 30, 2021, the Company had reserved shares of common stock for future issuance as follows: Issued and outstanding stock options 16,390,325 Issued and outstanding restricted stock units 29,176 Available issuance under stock plans 9,605,743 26,025,244

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees	The following table summarizes the stock-based compensation expense for stock options, RSAs and RSUs granted to employees that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands): For the Three For the Three For the Nine For the Nine Technology and development $ 262 $ 252 $ 1,756 $ 585 Selling and marketing 801 301 4,197 900 General and administrative 1,715 483 9,585 1,375 Total stock-based compensation expense $ 2,778 $ 1,036 $ 15,538 $ 2,860

Net Income (Loss) per Share (Ta

Net Income (Loss) per Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2021 2020 2021 2020 Numerator: Net income (loss) $ 9,994 $ 5,221 $ ( 16,804 ) $ ( 7,076 ) Accretion of preferred stock to redemption value - ( 4 ) ( 13 ) ( 10 ) Less: Earnings attributable to participating securities - ( 4,060 ) - - Net loss attributable to common shareholders - $ 9,994 $ 1,157 $ ( 16,817 ) $ ( 7,086 ) Denominator: Weighted average shares outstanding – basic 104,486,136 18,644,502 59,667,434 18,163,078 Effect of potentially dilutive stock options 13,722,829 7,436,214 - - Effect of potentially dilutive restricted common stock 236,942 856,797 - - Effect of potentially dilutive warrants for convertible preferred stock - 277,599 - - Effect of dilutive warrants for common stock - 71,832 - - Weighted average shares outstanding – diluted 118,445,907 27,286,944 59,667,434 18,163,078 Net income (loss) per share attributable to common $ 0.10 $ 0.06 $ ( 0.28 ) $ ( 0.39 ) Net income (loss) per share attributable to common $ 0.08 $ 0.04 $ ( 0.28 ) $ ( 0.39 )
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: September 30, 2021 2020 Warrants for the purchase of common stock - 264,171 Warrants for the purchase of convertible preferred stock - 381,000 Redeemable convertible preferred stock (as converted - 54,208,461 Convertible preferred stock (as converted into common - 11,239,920 Unvested restricted stock awards 249,979 826,473 Stock options to purchase common stock (as converted 16,390,325 10,744,932 16,640,304 77,664,957

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 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 September 30, 2021, are as follows (in thousands): Years Ending December 31, 2021 (remaining three months) $ 517 2022 2,002 2023 1,508 2024 445 2025 18 $ 4,490

Business Overview and Summary_4

Business Overview and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	May 28, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 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		0		0
Advertising Expense		900,000	$ 300,000	2,000,000	$ 900,000
Capitalized computer software		$ 5,800,000		5,800,000		$ 1,700,000
Capitalized computer software, additions				$ 4,600,000	$ 1,600,000
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
Internal use software [Member]
Capitalized computer software		$ 6,400,000		$ 6,400,000		$ 1,800,000
Computer Software, Intangible Asset [Member]
Estimated useful life of intangible asset				5 years
Revenue Benchmark [Member]
Percentage of revenue from customers		10.00%	10.00%	10.00%	10.00%
Revenue Benchmark [Member] | United States ("U.S.") [Member]
Percentage of revenue from customers		32.80%	23.60%	31.80%	23.30%
Revenue Benchmark [Member] | United Kingdom ("U.K.") [Member]
Percentage of revenue from customers		18.00%	14.90%	13.00%	12.50%
Revenue Benchmark [Member] | Canada [Member]
Percentage of revenue from customers		9.70%	6.70%	13.40%	8.20%
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
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

Business Overview and Summary_5

Business Overview and Summary of Significant Accounting Policies - Summary of Accounts Receivable And Funds Receivable (Detail) - Customer Concentration Risk [Member]	9 Months Ended	12 Months Ended
	Sep. 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	27.00%	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	12.00%	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		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	10.00%	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	10.00%	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	14.00%
Partner E [Member] | Funds Receivable [Member]
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items]
Concentration risk, percentage	35.00%

Revenue and Recognition - Summa

Revenue and Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue		$ 67,788	$ 42,086	$ 149,755	$ 98,552
Percentage of revenue		10.00%		10.00%
Transactions [Member]
Disaggregation of Revenue [Line Items]
Revenue		$ 53,032	30,669	$ 109,715	67,110
Platform And Usage Based Fees [Member]
Disaggregation of Revenue [Line Items]
Revenue		14,756	11,417	40,040	31,442
United States ("U.S.") [Member]
Disaggregation of Revenue [Line Items]
Revenue		45,555	32,133	102,093	75,627
Canada [Member]
Disaggregation of Revenue [Line Items]
Revenue		6,609	2,820	19,407	8,062
United Kingdom ("U.K.") [Member]
Disaggregation of Revenue [Line Items]
Revenue		12,217	6,259	20,104	12,308
Other Countries [Member]
Disaggregation of Revenue [Line Items]
Revenue	[1]	$ 3,407	$ 874	$ 8,151	$ 2,555
[1]	No single country included in the other countries category represented 10 % or more of revenue.

Revenue and Recognition - Sum_2

Revenue and Recognition - Summary of Accounts Receivable, Unbilled Receivables And Deferred Revenue From Contracts With Customers (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenue Recognition [Abstract]
Accounts receivable, net of allowances	$ 12,949	$ 11,573
Unbilled receivables	1,760	1,698
Deferred revenue—current	1,330	1,227
Deferred revenue—non-current	$ 44	$ 108

Revenue and Recognition - Addit

Revenue and Recognition - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Deferred Revenue	$ 0.2	$ 0.9	$ 0.3	$ 0.9

Allowance For Doubtful Accoun_3

Allowance For Doubtful Accounts - Summary of Allowance For Doubtful Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Receivables [Abstract]
Allowance for doubtful accounts at the beginning of the period	$ (167)	$ (496)	$ (481)	$ (298)
Provisions	(10)	(87)	(90)	(332)
Write-offs, net of recoveries	151	(8)	545	39
Allowance for doubtful accounts at the end of the period	$ (26)	$ (591)	$ (26)	$ (591)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Financial Assets:
Foreign exchange contracts		$ 54
Financial Assets		54
Financial Liabilities:
Foreign exchange contracts	$ 26
Preferred stock warrant liability		1,932
Contingent consideration	7,580	12,500
Financial Liabilities	7,606	14,432
Level 3 [Member]
Financial Assets:
Foreign exchange contracts		54
Financial Assets		54
Financial Liabilities:
Foreign exchange contracts	26
Preferred stock warrant liability		1,932
Contingent consideration	7,580	12,500
Financial Liabilities	$ 7,606	$ 14,432

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Detail)	Sep. 30, 2021yr	Sep. 30, 2020yr
Discount rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0.053	0.157
Probability of successful achievement [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	0	0.70
Probability of successful achievement [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	1	0.95
Performance period [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	1	2

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Detail) - Contingent Consideration [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 7,079	$ 10,802	$ 12,500	$ 2,000
Additions	20		20	7,100
Change in fair value	481	874	2,072	4,576
Contingent consideration paid			(7,012)	(2,000)
Ending balance	$ 7,580	$ 11,676	$ 7,580	$ 11,676

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 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

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	May 28, 2021	Sep. 30, 2021
Fair Value Disclosures Line Items [Line Items]
Issuance of 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
Contingent Consideration Liability		$ 0.1
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

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)Numbers	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Numbers	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)Numbers
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives, Liability notional amount					$ 1,932
Foreign Exchange Forward [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [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 Disclosures [Line Items]
Number of derivative instruments | Numbers	1,305		1,305		3,647
Derivatives, Notional amount	$ 8,900		$ 8,900		$ 11,800
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Maximum [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives, Asset notional amount					$ 100
Derivatives, Liability notional amount	$ 100		$ 100

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued employee compensation and related taxes	$ 10,562	$ 9,371
Accrued vendor liabilities	1,146	2,542
Accrued income taxes payable	808	1,027
Accrued professional services	1,044	937
Other accrued expenses and current liabilities	4,971	1,114
Accrued Expenses and Other Current Liabilities	$ 18,531	$ 14,991

Property And Equipment, Net - S

Property And Equipment, Net - Schedule of Property Plant and Equipment ,Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 13,031	$ 7,920
Less: Accumulated depreciation and amortization	(4,341)	(2,819)
Property, Plant and Equipment, Net	8,690	5,101
Computer equipment and software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	1,749	1,465
Internal use software [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	6,418	1,779
Furniture and fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	629	687
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,235	$ 3,989

Property And Equipment, Net - A

Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 0.4	$ 0.6	$ 1.4	$ 1.6
Carrying value of internal use software	5.8		5.8		$ 1.7
Amortization expense related to internal use software	0.2	0.1	0.4	0.1
Property and Equipment [Member]
Property, Plant and Equipment [Line Items]
Proceeds from sale of property plant and equipment	$ 0		0.1
Accumulated depreciation sale of property plant and equipment			0.1
Gain on the sale of the fixed assets			$ 0.1
Write offs of assets during the period		$ 0		$ 0

Business Combinations - Summary

Business Combinations - Summary of Purchase Consideration (Detail) - Simplificare Inc [Member] - USD ($) $ in Thousands	Feb. 13, 2020	Sep. 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

Business Combinations - Summa_2

Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Feb. 13, 2020	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill		$ 44,632	$ 44,656	$ 44,650	$ 44,752	$ 44,833	$ 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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total		88,691
Less: cash acquired		2,190
Net assets, less cash acquired	$ 86,500	$ 86,501

Business Combinations - Schedul

Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
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

Business Combinations - Summa_3

Business Combinations - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue	$ 67,788	$ 42,086	$ 149,755	$ 98,552
Net loss	$ 9,994	$ 5,221	$ (16,804)	(7,076)
Simplificare Inc [Member]
Revenue				98,552
Net loss				(7,076)
Pro Forma Revenue				103,038
Pro Forma Net Loss				$ (8,631)

Business Combinations - Additio

Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 13, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs				$ 2,072	$ 4,576
Goodwill		$ 44,632	$ 44,752	44,632	44,752	$ 44,656	$ 44,650	$ 44,833	$ 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		300	300	800	800
Business acquisition transaction costs		1,900		1,900
Business acquisition related costs		0	0	0	1,300
Business combination integration related costs		700	800	2,400	2,700
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			$ 9,100		$ 25,300
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

Goodwill And Acquired Intangi_3

Goodwill And Acquired Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning balance	$ 44,656	$ 44,833	$ 44,650	$ 12,924
Goodwill related to Simplee acquisition				31,696
Foreign currency translation adjustment	(24)	(81)	(18)	132
Ending balance	$ 44,632	$ 44,752	$ 44,632	$ 44,752

Goodwill And Acquired Intangi_4

Goodwill And Acquired Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0

Goodwill And Acquired Intangi_5

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 78,529	$ 78,355
Accumulated Amortization	(15,150)	(10,144)
Net Carrying Amount	63,379	68,211
Developed Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	25,201	25,063
Accumulated Amortization	(9,630)	(6,595)
Net Carrying Amount	$ 15,571	$ 18,468
Weighted Average Remaining Life	5 years 5 months 4 days	6 years 1 month 17 days
Client Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 52,348	$ 52,312
Accumulated Amortization	(4,666)	(2,772)
Net Carrying Amount	$ 47,682	$ 49,540
Weighted Average Remaining Life	10 years 1 month 13 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	(343)	(273)
Net Carrying Amount	$ 126	$ 196
Weighted Average Remaining Life	1 year 4 months 13 days	2 years 18 days

Goodwill And Acquired Intangi_6

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Detail) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 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

Goodwill And Acquired Intangi_7

Goodwill And Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Remaining of fiscal year 2021	$ 1,640
2022	7,157
2023	7,629
2024	7,610
2025	7,164
2026	5,388
Thereafter	26,791
Net Carrying Amount	$ 63,379	$ 68,211

Goodwill And Acquired Intangi_8

Goodwill And Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 1.7	$ 1.3	$ 5	$ 3.5

Debt - Schedule of Company's Ou

Debt - Schedule of Company's Outstanding Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Jul. 29, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Long term debt	$ 25,933		$ 25,000
Less unamortized debt discount			(430)
Less unamortized debt issuance costs		$ (300)	(218)
Net carrying amount	$ 25,933		$ 24,352

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 29, 2021	May 18, 2020	Aug. 31, 2019	Jan. 31, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jan. 16, 2018
Debt Instrument [Line Items]
Interest expense					$ 542	$ 584	$ 1,804	$ 1,860
Amortization of debt issuance cost and debt discount					100	100	200	200
Proceeds from issuance of long-term debt							25,933	$ 4,167
Debt Prepayment Cost	$ 400
Debt Issuance Costs, Net	300								$ 218
Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Debt instrument, Aggregrate amount										$ 25,000
Debt instrument, Interest rate										8.50%
Maturity date							May 1, 2025	Jan. 22, 2022
Debt issuance costs										$ 200
Interest expense					300	$ 600	$ 1,500	$ 1,900
Proceeds from issuance of long-term debt			$ 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%
Term Loan [Member]
Debt Instrument [Line Items]
Repayments of term loan	25,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Letter Of Credit Sub Facility Included In Borrowings	5,000
Swingline Sub Facility Included In Borrowing	5,000
Amount Withdrawn On Revolving Credit Facility	25,900
Line of Credit Facility, Interest Rate Description							The Revolving Credit Facility consists of Alternate Base Rate ("ABR") loans or Eurodollar Borrowings, at the Company’s option. ABR loans bear interest at the ABR plus the applicable rate. Eurodollar Borrowings 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 Revolving Credit Facility incurs a commitment fee ranging from 0.25% to 0.35% based upon the Company’s liquidity as of the most recent consolidated financial information assessed on the average undrawn portion of the available commitment.
Secured revolving credit, total commitment	$ 50,000
Line of Credit Facility, Average Outstanding Amount							$ 25,900
Interest expense					$ 100
Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.35%
Line of Credit Facility, Interest Rate During Period	2.25%
Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.25%
Line of Credit Facility, Interest Rate During Period	0.75%

Stockholders' (Deficit) Equit_2

Stockholders' (Deficit) Equity - Additional information (Detail) - $ / shares	Sep. 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

Stockholders' (Deficit) Equit_3

Stockholders' (Deficit) Equity - Summary of Reserved Shares of Common Stock (Detail) - shares	Sep. 30, 2021	May 31, 2021
Common stock reserved for issuance,Shares	26,025,244	9,201,156
Stock Options [Member]
Common stock reserved for issuance,Shares	16,390,325
Issued and outstanding restricted stock units [Member]
Common stock reserved for issuance,Shares	29,176
Available issuance under stock plans [Member]
Common stock reserved for issuance,Shares	9,605,743

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of the Stock Based Compensation Expense for Stock Options, RSAs and RSUs Granted to Employees (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 2,778	$ 1,036	$ 15,538	$ 2,860
Research and Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	262	252	1,756	585
Selling and Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	801	301	4,197	900
General and Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 1,715	$ 483	$ 9,585	$ 1,375

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	May 31, 2021	Feb. 28, 2021	Sep. 30, 2021	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance,Shares	9,201,156		26,025,244	26,025,244
Unrecognised compensation expense related to unvested RSUs and RSAs			$ 30.9	$ 30.9
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			16,390,325	16,390,325
Share based compensation arrangement by share based payment award options,Granted in period			263,050	4,160,200
Share based compensation arrangement by share based payment award options,Weighted average exercise price			$ 31.30	$ 10.41
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%
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance,Shares			29,176	29,176
Unrecognised compensation expense related to unvested RSUs and RSAs			$ 1	$ 1
Unrecognised compensation expense,expected to be recognised over a weighted average period				2 years 1 month 6 days
Share based compensation arrangement by share based payment award other than options, Granted in period			7,301	29,176
Maximum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted under plan,Vesting period				3 years
Minimum [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option granted under plan,Vesting period				1 year
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
2021 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

Net Income (Loss) per Share - S

Net Income (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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)	$ 9,994	$ 5,221	$ (16,804)	$ (7,076)
Accretion of preferred stock to redemption value		(4)	(13)	(10)
Less: Earnings attributable to participating securities		(4,060)
Net loss attributable to common shareholders - basic and diluted	$ 9,994	$ 1,157	$ (16,817)	$ (7,086)
Denominator:
Weighted average shares outstanding - basic	104,486,136	18,644,502	59,667,434	18,163,078
Effect of potentially dilutive warrants for convertible preferred stock		277,599
Effect of dilutive warrants for common stock		71,832
Weighted average shares outstanding - diluted	118,445,907	27,286,944	59,667,434	18,163,078
Net income (loss) per share attributable to common stockholders - basic	$ 0.10	$ 0.06	$ (0.28)	$ (0.39)
Net income (loss) per share attributable to common stockholders - diluted	$ 0.08	$ 0.04	$ (0.28)	$ (0.39)
Stock Options [Member]
Denominator:
Effect of potentially dilutive stock	13,722,829	7,436,214
Restricted Common Stock [Member]
Denominator:
Effect of potentially dilutive stock	236,942	856,797

Net Income (Loss) per Share -_2

Net Income (Loss) per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Detail) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,640,304	77,664,957
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
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
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
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	249,979	826,473
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	16,390,325	10,744,932

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income tax expense (benefit)	$ 346	$ (382)	$ 818	$ (7,791)
Provision For Income Tax [Member]
Income tax expense (benefit)	$ 400	$ (400)	$ 800	$ (7,800)

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Lease Payments For Non-cancelable Operating Leases (Detail) $ in Thousands	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (remaining three months)	$ 517
2022	2,002
2023	1,508
2024	445
2025	18
Future minimum lease payments	$ 4,490

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Jul. 31, 2021	May 31, 2021	Mar. 31, 2021ft²	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Commitments And Contingencies Disclosure [Line Items]
Area of land | ft²			680
Option to extend the lease			two-year
Rent expense | $				$ 0.6	$ 0.6	$ 1.7	$ 1.8
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. 30, 2022	Nov. 14, 2021