Flywire (FLYW) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 10, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity File Number	001-40430
Entity Registrant Name	FLYWIRE CORPORATION
Entity Central Index Key	0001580560
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Voting common stock, $0.0001 par value per share
Trading Symbol	FLYW
Security Exchange Name	NASDAQ
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
Voting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		101,226,518
Nonvoting Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,988,378

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 365,745	$ 385,360
Restricted cash	4,000	4,000
Accounts receivable, net of allowance for doubtful accounts of $101 and $106, respectively	13,787	12,968
Unbilled receivables	2,211	3,340
Funds receivable from payment partners	19,153	28,286
Prepaid expenses and other current assets	8,725	9,834
Total current assets	413,621	443,788
Property and equipment, net	10,080	9,442
Intangible assets, net	90,542	93,598
Goodwill	84,666	85,841
Other assets	10,638	7,176
Total assets	609,547	639,845
Current liabilities:
Accounts payable	8,764	10,242
Funds payable to clients	54,928	71,302
Accrued expenses and other current liabilities	21,588	22,726
Deferred revenue	5,312	5,488
Contingent consideration	656	7,719
Total current liabilities	91,248	117,477
Deferred tax liabilities	8,147	8,401
Contingent consideration, net of current portion	2,644	3,590
Long-term debt	25,939	25,939
Other liabilities	3,452	2,237
Total liabilities	131,430	157,644
Commitments and contingencies (Note 15)
Stockholders’ deficit:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021; and no shares issued and outstanding as of March 31, 2022 and December 31, 2021	0	0
Voting common stock, $0.0001 par value; 2,000,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 103,409,781 shares issued and 101,092,059 shares outstanding as of March 31, 2022; 102,771,899 shares issued and 100,454,177 shares outstanding as of December 31, 2021	10	10
Non-voting common stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 5,988,378 shares issued and outstanding as of March 31, 2022 and December 31, 2021	1	1
Treasury voting common stock, 2,317,722 shares as of March 31, 2022 and December 31, 2021, held at cost	(748)	(748)
Additional paid-in capital	615,349	609,194
Accumulated other comprehensive loss	(489)	(399)
Accumulated deficit	(136,006)	(125,857)
Total stockholders' equity	478,117	482,201
Total liabilities and stockholders' equity	$ 609,547	$ 639,845

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Current	$ 101	$ 106
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
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	2,000,000,000
Common Stock, Shares, Issued	103,409,781	102,771,899
Common Stock, Shares, Outstanding	101,092,059	100,454,177
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
Nonvoting Common Stock
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	10,000,000
Common Stock Shares Issued Non Voting Right	5,988,378	5,988,378
Common Stock Shares Outstanding Non Voting Right	5,988,378	5,988,378

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations And Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 64,553	$ 44,991
Costs and operating expenses:
Payment processing services costs	24,253	16,091
Technology and development	10,976	7,522
Selling and marketing	17,608	11,931
General and administrative	18,820	15,914
Total costs and operating expenses	71,657	51,458
loss from operations	(7,104)	(6,467)
Other (expense):
Interest expense	(218)	(621)
Change in fair value of preferred stock warrant liability	0	(954)
Other (expense), net	(2,327)	(411)
Total other expenses, net	(2,545)	(1,986)
Loss before provision for income taxes	(9,649)	(8,453)
Provision for income taxes	500	199
Net income (loss)	(10,149)	(8,652)
Foreign currency translation adjustment	(90)	339
Comprehensive income (loss)	(10,239)	(8,313)
Net income (loss) attributable to common stockholders - basic and diluted	$ (10,149)	$ (8,657)
Net loss per share attributable to common stockholders - basic and diluted	$ (0.10)	$ (0.41)
Weighted average common shares outstanding—basic and diluted	106,739,771	21,100,077

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Redeemable Convertible Preferred Stock [Member]	Preferred StockConvertible Preferred Stock [Member]	Preferred StockRedeemable Convertible Preferred Stock [Member]	Common Stock	Common StockNonvoting Common Stock [Member]	Treasury Voting Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance at Dec. 31, 2020	$ (81,762)			$ 110,401	$ 119,769	$ 2		$ (748)	$ 16,971	$ (214)	$ (97,772)
Balance,Shares at Dec. 31, 2020		54,208,461	11,239,920			22,240,872		(2,317,722)
Issuance of common stock upon exercise of stock options	2,405					$ 1			2,404
Issuance of common stock upon exercise of stock options, Shares						3,005,574
Issuance of Series F-1 redeemable convertible preferred stock, net of issuance costs of $265, shares			2,571,936
Issuance of Series F-1 redeemable convertible preferred stock, net of issuance costs of $265			$ 59,735
Exercise of common stock warrants, shares						151,518
Accretion of redeemable convertible preferred stock	(5)		$ 5						(5)
Foreign currency translation adjustment	339									339
Stock-based compensation expense	10,364								10,364
Net income (loss)	(8,652)										(8,652)
Balance at Mar. 31, 2021	(77,311)			$ 110,401	$ 179,509	$ 3		$ (748)	29,734	125	(106,424)
Balance,Shares at Mar. 31, 2021		54,208,461	13,811,856			25,397,964		(2,317,722)
Balance at Dec. 31, 2021	$ 482,201					$ 10	$ 1	$ (748)	609,194	(399)	(125,857)
Balance,Shares at Dec. 31, 2021						102,771,899	5,988,378	(2,317,722)
Issuance of Series F-1 redeemable convertible preferred stock, net of issuance costs of $265, shares	182,467
Issuance of common stock upon exercise of stock options net of shares withheld, Shares						617,278
Issuance of common stock upon exercise of stock options net of shares withheld	$ 660								660
Issuance of common stock upon settlement of restricted stock units, shares						20,604
Accretion of redeemable convertible preferred stock
Foreign currency translation adjustment	(90)									(90)
Stock-based compensation expense	5,495								5,495
Net income (loss)	(10,149)										(10,149)
Balance at Mar. 31, 2022	$ 478,117					$ 10	$ 1	$ (748)	$ 615,349	$ (489)	$ (136,006)
Balance,Shares at Mar. 31, 2022						103,409,781	5,988,378	(2,317,722)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Series F1 Redeemable Convertible Preferred Stock [Member]
Issuance Costs	$ 265

Condensed Consolidated Statem_4

Condensed Consolidated Statement Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (10,149)	$ (8,652)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,817	2,131
Stock-based compensation expense	5,495	10,364
Amortization of deferred contract costs	72	50
Change in fair value of preferred stock warrant liability		954
Change in fair value of contingent consideration	(70)	(23)
Deferred tax provision	(53)	4
Bad debt expense	20	106
Non-cash interest expense	81	50
Other		149
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	(839)	(3)
Unbilled receivables	1,129	1,080
Funds receivable from payment partners	9,133	13,342
Prepaid expenses and other assets	262	(1,680)
Funds payable to clients	(16,374)	(28,123)
Accounts payable, accrued expenses and other current liabilities	(3,615)	(922)
Contingent consideration	(4,524)	(3,212)
Other liabilities	(385)	(150)
Deferred revenue	(5)	(257)
Net cash used in operating activities	(17,005)	(14,792)
Cash flows from investing activities:
Purchases of property and equipment	(1,307)	(1,473)
Net cash used in investing activities	(1,307)	(1,473)
Cash flows from financing activities:
Payment of deferred offering costs related to initial public offering		(163)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs		59,735
Contingent consideration paid for acquisitions	(3,320)	(3,800)
Payments of tax withholdings for net settled option exercises	(756)
Proceeds from exercise of stock options	1,071	2,406
Net cash (used in) provided by financing activities	(3,005)	58,178
Effect of exchange rates changes on cash and cash equivalents	1,702	348
Net (decrease) increase in cash, cash equivalents and restricted cash	(19,615)	42,261
Cash, cash equivalents and restricted cash, beginning of period	389,360	109,052
Cash, cash equivalents and restricted cash, end of period	369,745	151,313
Supplemental disclosures of cash flow and noncash information
Cash paid during the period for interest	95	531
Accretion of redeemable convertible preferred stock		(5)
Purchase of property and equipment in accounts payable	48	20
Deferred offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities		2,149
Cash and Cash Equivalents
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, end of period	365,745	146,313
Restricted Cash
Cash flows from financing activities:
Cash, cash equivalents and restricted cash, end of period	$ 4,000	$ 5,000

Business Overview and Summary o

Business Overview and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Business Overview and Summary of Significant Accounting Policies	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 next-gen 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 underwriters' option to purchase additional shares. 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 62,214,406 shares of voting common stock and 5,988,378 shares of non-voting 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 remeasured 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. 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. Basis of Presentation and Principles of Consolidation 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 three months ended March 31, 2022, are not necessarily indicative of results to be expected for the year ended December 31, 2022, any other interim periods or any future year or period. The accompanying consolidated balance sheet as of December 31, 2021 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021. 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 audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The condensed consolidated financial statements include the accounts of Flywire Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon 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. See Note 2 - Revenue and Recognition for information regarding the Company's revenue by geographic area. Use of Estimates The preparation of condensed consolidated financial statements in conformity with 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, the valuation of the preferred stock warrant liability up until the date of the Company’s IPO, imp airment 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. Impact of COVID-19 On March 11, 2020, the World Health Organization 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 the Company has been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation in those verticals. However, during this period the Company had 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 three months ended March 31, 2022, the Company observed recoveries in total payment volume and revenue. The growth in both total payment volume and revenue was a result of economies continuing to reopen. 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 or sub-variants of COVID-19 emerge, the Company continues to evaluate the nature and extent of these potential impacts to the Company's business, condensed consolidated financial statements, and liquidity. Impact of the Conflict between Russia and Ukraine The Company does not have any operations, including long-lived assets, in Ukraine or Russia, and to the Company’s knowledge, clients do not receive material amounts of payments from payers in these regions. As of the issuance date of these condensed consolidated financial statements, the current conflict between Russia and Ukraine has not had a direct material impact on the Company’s revenue or results of operations or financial position. However, the Company notes Ukraine is a major engineering hub and the conflict may create a global challenge in outsourcing or hiring engineering talent. In addition, a prolonged conflict or the spill-over of war into other European countries may in the future, have an impact on macroeconomic conditions which could significantly impact the verticals in which the Company has been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation and consequently, the Company’s revenue or results of operations or financial position. 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 months ended March 31, 2022. 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: March 31, December 31, 2022 2021 Client A 12 % 36 % Client B * 12 % ___________________________ * Less than 10% of total balance. 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: March 31, December 31, 2022 2021 Partner A 10 % 14 % Partner B * 15 % Partner C 14 % 12 % Partner D 29 % 21 % ______________________ * Less than 10% of total balance. During the three months ended March 31, 2022 and 2021, no client accounted for 10 % or more of revenue. During the three months ended March 31, 2022 and 2021, revenue from clients located outside of the United States in the aggregate accounted f or 37.2 % and 25.4 % of the Company’s total revenue, respectively, with Canada accounting for 12.6 % and 12.3 %, respectively and the United Kingdom accounting for 15.3 % and 7.6 %, re spectively. No other countries accounted for 10 % or more of revenue for the three months ended March 31, 2022 or 2021. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 1 - Business Overview and Summary of Significant Accounting Policies of the notes and audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Effective January 1, 2022, Flywire changed its accounting policy for leases resulting from the adoption of Accounting Standards Codification (ASC) 842, Leases and subsequent related Accounting Standards Updates (ASUs) . In addition to the Company’s adoption of ASC 842 described below, refer to Recently Accounting Pronounceme nts Adopted section for other ASUs adopted in 2022. There were no other material changes to accounting policies during the quarter ended March 31, 2022. Leases On January 1, 2022, Flywire adopted ASU 2016-02, Leases (Topic 842) and subsequent related ASUs using January 1, 2022 as the date of initial application. 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 Company elected the modified retrospective transition option which allows for application of Topic 842 at the adoption date. Therefore, comparative prior period financial information was not adjusted and will continue to be reported under the previous accounting guidance of ASC 840, Leases . No cumulative-effect adjustment to the opening accumulated deficit balance as of January 1, 2022 was necessary as a result of adopting the new standard. The Company elected the “package of practical expedients” permitted under the transition guidance which allowed the Company not to reassess (i) whether any expired or existing contracts are, or contain, leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company also elected the practical expedient not to separate lease and non-lease components, as well as the short-term lease recognition exemption and will not recognize right-of-use (ROU) assets or lease liabilities for leases with a term less than 12 months. As a result of the adoption, the Company recognized ROU assets of $ 3.0 million in Other assets and a corresponding lease liability of $ 3.6 million in Other liabilities as of January 1, 2022. The ROU assets were adjusted per Topic 842 transition guidance for the existing deferred rent balance. Accounting for Leases after the Adoption of ASC 842 The new leasing standard requires recognition of leases on the consolidated balance sheets as ROU assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets are included in Other assets and lease liabilities are included in Other liabilities. Lease classification is determined at commencement date. All of the Company's leases are accounted for as operating leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As the implicit rate of the leases is not determinable, the Company uses its incremental borrowing rate in determining the present value of the lease payments. ROU assets are adjusted for deferred rent and any lease incentives. Variable lease payments for maintenance, property taxes and other operating expenses are recognized as expense in the period in which the obligation for the payment is incurred. The operating lease expense associated with operating leases is recognized as a single lease cost on a straight-line basis over the lease term and is included in General and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 15 - Commitments and Contingencies for more details on the Company's operating leases. Accounting for Leases for Periods Prior to Adoption of ASC 842 Prior to ASC 842 adoption, operating lease arrangements were recorded off-balance sheet and ROU assets and liabilities were not recognized. Operating lease expense was recognized on a straight-line basis over the term of each lease and free rent periods were recorded as a deferred rent liability. Advertising Costs Advertising costs are expensed as incurred and are included in selling and marketing expenses in the condensed consolidated statements of operations and comprehensive loss. Advertising expenses for the three months ended March 31, 2022 and 2021 wer e $ 1.3 million a nd $ 0.5 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 transit ion 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. Recently Accounting Pronouncements Adopted In addition to ASU 2016-02, Leases (Topic 842) described above, the following pronouncements were issued by the Financial Accounting Standards Board (FASB) and adopted by Flywire as of January 1, 2022: 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. The adoption of this standard did not have a material impact on Flywire's 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). The adoption of this standard did not have any impact on Flywire's consolidated financial statements and disclosures as the Company currently does not have any freestanding equity-classified written call options within the scope of this standard. Recent Accounting Pronouncements Not Yet Adopted The following ASUs were issued by the FASB and not yet adopted by Flywire: 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 Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Revenue and Recognition	2. Revenue and Recognition The following tables present revenue disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on location of where the client resides. Three Months Ended (in thousands) 2022 2021 Primary geographical markets United States $ 40,565 $ 33,574 Canada 8,149 5,516 United Kingdom 9,879 3,433 Other countries (1) 5,960 2,468 Total revenue $ 64,553 $ 44,991 Major solutions Transactions $ 48,687 $ 32,434 Platform and usage-based fees 15,866 12,557 Total revenue $ 64,553 $ 44,991 (1) No single country included in the other countries category generated 10 % or more of total 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): March 31, December 31, Accounts receivable, net of allowances $ 13,787 $ 12,968 Unbilled receivables 2,211 3,340 Deferred revenue—current 5,312 5,488 Deferred revenue—non-current 171 185 For the three months ended March 31, 2022 and 2021, the Company recognized $ 2.1 million and $ 0.6 million of revenue from amounts that were included in deferred revenue as of December 31, 2021 and 2020, respectively.

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Allowance for Doubtful Accounts	3. Allowance for doubtful accounts Changes in the allowance for doubtful accounts for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Allowance for doubtful accounts at the beginning of the period $ ( 106 ) $ ( 481 ) Provisions ( 20 ) ( 106 ) Write-offs, net of recoveries 25 386 Allowance for doubtful accounts at the end of the period $ ( 101 ) $ ( 201 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 March 31, 2022 and December 31, 2021 (in thousands): Fair Value Measurements as of March 31, 2022 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ 3 $ 3 Financial Liabilities: Contingent consideration $ — $ — $ 3,300 $ 3,300 Fair Value Measurements as of December 31, 2021 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ 43 $ 43 Financial Liabilities: Contingent consideration $ — $ — $ 11,309 $ 11,309 During the three months ended March 31, 2022, there were no transfers between Level 1, Level 2 or Level 3. Contingent consideration 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 was accounted for as a business combination. Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total consideration of $ 86.5 million, which consisted of $ 79.4 million in cash, net of cash acquired and $ 7.1 million in estimated fair value of contingent consideration. Contingent consideration, which totaled up to $ 20.0 million was payable at various intervals provided that the Company retained key clients and achieved certain revenue and integration targets established for the years ended December 31, 2020 and 2021. A portion of the contingent consideration was also tied to continuing employment of certain key employees. During March 2022, the Company made the final payment of contingent consideration in the amount of $ 7.8 million. No additional contingent consideration is due or payable with respect to the Simplee acquisition. The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to the Simplee acquisition for the three months ended March 31, 2021: Three Months Ended March 31, 2021 Discount rate 8.15 % Probability of successful achievement * 0 % - 100 % Performance period 1 year * 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 were 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 presents the unobservable inputs incorporated into the valuation of contingent consideration related to the WPM Group Ltd. (WPM) acquisition. Refer to Note 8 - Business Combinations for additional details on the WPM acquisition. Three Months Ended March 31, 2022 Market price of risk adjustment for revenue 3.8 % Revenue volatility 20.7 % Probability of successful achievement* 31 % - 100 % Performance period 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 expectations regarding the level at which payment volumes are expected to be achieved would result in a higher or lower fair value measurement, respectively. Increases or decreases in the market price of risk adjustment of revenue would result in a decrease or increase in the fair value measurement, respectively. Increases or decreases in the revenue volatility would result in a decrease or increase in the fair value measurement, respectively. The following table summarizes the changes in the carrying value of the contingent consideration for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 11,309 $ 12,500 Additions — — Change in fair value ( 70 ) ( 23 ) Contingent consideration paid * ( 7,844 ) ( 7,012 ) Foreign currency translation adjustment ( 95 ) — Ending balance $ 3,300 $ 5,465 * For the three months ended March 31, 2022 and 2021, amounts paid related to the fair value of contingent consideration that was initially recorded in purchase accounting of $ 3.3 million and $ 3.8 million, respectively, were classified as financing cash flows in the condensed consolidated statement of cash flows. For the three months ended March 31, 2022 and 2021, amounts paid for the excess of the fair value of $ 4.5 million and $ 3.2 million, respectively, were classified as operating cash flows in the condensed consolidated statement of cash flows.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Instruments	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 March 31, 2022 and December 31, 2021, the Company had 5,322 and 8,653 open foreign exchange contracts, respectively. As of March 31, 2022 and December 31, 2021, the Company had foreign currency forward contracts outstanding with a notional amount o f $ 36.2 mi llion and $ 27.9 milli on, respectively. The Company records all derivative instruments in the condensed consolidated balance sheets at their fair values. T he Company recorded an asset of less than $ 0.1 million a s of both March 31, 2022 and December 31, 2021 related to outstanding foreign exchange contracts. The Company r ecognized a gain of $ 0.3 million and a gain of less than $ 0.1 million during the three months ended March 31, 2022 and March 31, 2021, respectively. Gains and losses are included as a component of general and administrative expense within the condensed consolidated statements of operations and comprehensive loss.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands): March 31, December 31, Accrued employee compensation and related taxes $ 10,340 $ 13,854 Accrued vendor liabilities 1,827 1,763 Accrued income and other non-employee related taxes 1,597 2,652 Accrued professional services 1,746 1,307 Current portion of operating lease liabilities 1,670 — Other accrued expenses and current liabilities 4,408 3,150 $ 21,588 $ 22,726

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Property and Equipment, net	7. Property and Equipment, net Property and equipment, net consisted of the following as of the dates presented (in thousands): March 31, December 31, Computer equipment and software $ 2,347 $ 2,211 Internal-use software 8,619 7,414 Furniture and fixtures 918 953 Leasehold improvements 4,990 4,995 16,874 15,573 Less: Accumulated depreciation and amortization ( 6,794 ) ( 6,131 ) $ 10,080 $ 9,442 Depreciation and amortization expense for the three months ended March 31, 2022 and 2021 was $ 0.7 m illion and $ 0.4 million, respectively. During the three months ended March 31, 2021, the Company sold $ 0.1 million of property and equipment with accumulated depreciation of $ 0.1 million. The Company recognized a gain on the sale of the fixed assets of less than $ 0.1 million. The Company capitalized $ 1.2 million and $ 5.6 million in costs related to internal-use software during the three months ended March 31, 2022 and twelve months ended December 31, 2021, respectively. The Company capitalized $ 1.4 million in costs related to internal-use software during the three months ended March 31, 2021. Software developed for internal use is amortized on a straight-line basis over its estimated useful life of five years. As of March 31, 2022 and December 31, 2021, the carrying value of internal-use software was $ 6.7 million and $ 6.5 million, respectively. Amortization expense related to internal-use software wa s $ 0.4 milli on and $ 0.1 million during the three months ended March 31, 2022 and 2021, respectively.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Business Combinations	8. Business Combinations Business Acquisition Completed in 2021 WPM On December 14, 2021, Flywire completed its acquisition of WPM, a leading software provider that enables seamless and secure payment experiences for universities and colleges across the U.K. The acquisition of WPM was intended to build on Flywire’s existing education payments business and is expected to further accelerate the Company's market share in the U.K. education sector. The acquisition of WPM has been accounted for as a business combination. Pursuant to the terms of the agreement, the Company acquired all outstanding equity of WPM for estimated total purchase consideration of $ 59.6 million, which consists of (in thousands): Cash consideration, net of cash acquired $ 56,111 Estimated fair value of contingent consideration 3,499 Total purchase consideration, net of cash acquired $ 59,610 The contingent consideration is payable at various intervals through March 2024 in the form of up to approximately 225,000 shares of common stock and is dependent upon the Company's achievement of specified minimum payment volume targets and integration targets established for the years ending December 31, 2022 and 2023. A portion of the contingent consideration is also tied to continuing employment of certain key employees; accordingly, approximately 56,000 shares have been excluded from the purchase price. Therefore, total common stock included in the purchase price totals up to approximately 169,000 shares. During the three months ended March 31, 2022, the Company expensed $ 0.3 million in personnel costs associated with the retention portion contingent consideration. These personnel costs are included in the Company’s condensed consolidated statements of operations and comprehensive loss and a liability is recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheet. Contingent consideration related to minimum payment volume targets will be settled at 15 months and 27 months after acquisition date based on the 15 months and subsequent 12 months result. Contingent consideration related to integration targets will be settled in common stock upon completion, which is expected in the second quarter 2022. The contingent consideration related to continuing employment of certain key employees is payable at the two-year acquisition anniversary date. The Company did no t incur any transaction costs related to the WPM acquisition during the three months ended March 31, 2022. Except for deferred revenue, which has been recognized in accordance with ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , the following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands): Cash $ 2,101 Accounts receivable 973 Prepaid expenses and other current assets 209 Property and equipment, net 5 Goodwill 40,389 Identifiable intangible assets 31,301 Total assets acquired 74,978 Deferred tax liabilities 7,776 Deferred revenue 4,525 Accounts payable 51 Accrued expenses 915 Total liabilities assumed 13,267 Net assets acquired 61,711 Less: cash acquired 2,101 Net assets, less cash acquired $ 59,610 Goodwill arising from the acquisition of $ 40.4 million was attributable to the assembled workforce of WPM 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 WPM and their respective weighted-average estimated amortization periods. Estimated Fair Weighted-Average (in thousands) (years) Developed technology $ 1,400 4 Customer relationships 29,901 15 $ 31,301 The results of WPM have been included in the consolidated financial statements since the date of the acquisition. The Company has not disclosed unaudited pro forma financial information that shows the results of the Company’s operations for the three months ended March 31, 2021 as if the acquisition had occurred on January 1, 2020 as the historical results of WPM are not material to the Company’s condensed consolidated financial statements.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	9. Goodwill and Acquired Intangible Assets Goodwill The following table summarizes the changes in the carrying amount of goodwill for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 85,841 $ 44,650 Goodwill related to acquisitions — — Foreign currency translation adjustment ( 1,175 ) ( 32 ) Ending balance $ 84,666 $ 44,618 No goodwill impairment was recorded during the three months ended March 31, 2022 and 2021. Acquired Intangible Assets Acquired intangible assets subject to amortization consisted of the following (in thousands): March 31, 2022 (in thousands) Gross Carrying Accumulated Net Carrying Weighted Developed Technology $ 26,591 $ ( 11,774 ) $ 14,817 4.78 Customer Relationships 81,958 ( 6,312 ) 75,646 11.51 Trade Name/Trademark 511 ( 511 ) — — Non-Compete Agreement 469 ( 390 ) 79 0.87 $ 109,529 $ ( 18,987 ) $ 90,542 * Includes $ 0.9 million of foreign currency translation adjustments December 31, 2021 Gross Carrying Accumulated Net Carrying Weighted Developed Technology $ 26,600 $ ( 10,635 ) $ 15,965 5.11 Customer Relationships 82,887 ( 5,356 ) 77,531 11.89 Trade Name/Trademark 511 ( 511 ) — — Non-Compete Agreement 469 ( 367 ) 102 1.15 $ 110,467 $ ( 16,869 ) $ 93,598 * Includes $ 0.6 million of foreign currency translation adjustments and $ 0.1 million in acquired developed technology assets Amortization expense for the three months ended March 31, 2022 and 2021 was $ 2.1 million and $ 1.6 million, respectively. As of March 31, 2022, 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 2022 $ 6,481 2023 9,421 2024 9,600 2025 9,196 2026 7,386 2027 7,233 Thereafter 41,225 $ 90,542

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	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 $ 5.0 million letter of credit sub-facility and a $ 5.0 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 % based 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 March 31, 2022. 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 amortized to interest expense using the effective interest method over the repayment term of the debt and were presented as an offset to the outstanding debt balance on the consolidated balance sheets. Upon the closing of the Revolving Credit Facility, debt issuance costs and debt discount are amortized on a straight-line basis over the contractual term of the agreement and are presented as a component of other assets on the Company's consolidated balance sheets. As of March 31, 2022 and December 31, 2021, the Company had $ 25.9 million outstanding under the Revolving Credit Facility. 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 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, which were amortized to interest expense, using the effective interest method, over the term of the loan. 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 $ 25.0 million LSA. In connection with the transaction, the Company incurred $ 0.4 million of prepayment costs. The Company recorded interest expense of $ 0.2 million, including amortization of debt issuance cost and debt discount of less than $ 0.1 million for the three months ended March 31, 2022. The Company recorded interest expense of $ 0.6 million, including amortization of debt issuance cost and debt discount of $ 0.1 million for the three months ended March 31, 2021.

Stockholder's Equity (Deficit)

Stockholder's Equity (Deficit)	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Stockholder's Equity (Deficit)	11. Stockholders’ Equity (Deficit) 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. Holders of the Company's common stock have no conversion rights while each share of non-voting common stock automatically converts into common stock on a one-to-one basis without the payment of additional consideration upon the transfer thereof in (i) a widespread public distribution, including pursuant to Rule 144 under the Securities Act, (ii) a transfer (including a private placement or a sale pursuant to Rule 144 under the Securities Act) in which no one party acquires the right to purchase 2 % or more of any class of voting securities (as such term is used for the purposes of the Bank Holding Company Act of 1956, as amended), (iii) an assignment to a single party (for example, a broker or investment banker) for the purposes of conducting a widespread public distribution, or (iv) to a party who would control more than 50 % of the Company's voting securities without giving effect to the shares of non-voting common stock transferred by the holder. Other than in the event of such transfers, shares of non-voting common stock shall not be convertible into any other security. As of March 31, 2022, the Company had reserved shares of common stock for future issuance as follows: Issued and outstanding stock options 14,346,683 Issued and outstanding restricted stock units 2,420,345 Available for issuance under the 2021 Equity Incentive Plan 12,341,771 Available for issuance under Employee Stock Purchase Plan 2,704,236 Available for conversion of non-voting common stock 5,988,378 37,801,413

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	12. Stock-Based Compensation E quity Incentive Plan In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved the 2021 Equity Incentive Plan (the 2021 Plan), which became effective in connection with the IPO. No further awards are being made under the Company’s 2009 Equity Incentive Plan, as amended (the 2009 Plan) or the Company’s 2018 Equity Incentive Plan (the 2018 Plan); however, awards outstanding under each of the 2009 Plan and 2018 Plan will continue to be governed by their existing terms. With the establishment of the 2021 Equity Incentive Plan (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, an equal number of shares will become available for grant under the 2021 Plan. The 2021 Plan, 2018 Plan and 2009 Plan are collectively referred to as the “Equity Incentive Plans”. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other forms of equity compensation (collectively, equity awards). A total of 14,523,284 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 stock-based awards granted under the 2009 Plan or 2018 Plan, an equal number of shares of voting common stock will become available under the 2021 Plan. As of March 31, 2022, a total of 12,341,771 shares of the Company's common stock are available for future issuance under the 2021 Plan. 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 within ten years from the date of grant. Any options that are canceled or forfeited before expiration become available for future grants. During the three months ended March 31, 2022, the Company granted options to purchase an aggregate of 212,000 shares of common stock with weighted average exercise prices of $ 30.09 per share. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: (i) expected term of 6.08 years, (ii) expected volatility of 44.5 %, (iii) risk-free interest rate of 1.70 % and (iv) expected dividend yield of 0 %. As of March 31, 2022, there was $ 29.4 million of total unrecognized expense related to unvested stock options, which is expected to be recognized over a weighted-average period of 2.6 years. Restricted Stock Awards and Restricted Stock Units During 2018, the Company granted restricted stock awards to employees under the 2018 Plan. The restricted stock awards vested ratably over a four year period from the date of grant. The fair value of each restricted stock awards on the date of grant was the estimated fair value of the common stock on the date of grant. All restricted stock awards were fully vested as of January 2022. During 2021, the Company awarded restricted stock units to employees and nonemployee board members under the 2021 Plan. During the three months ended March 31, 2022, the Company awarded restricted stock units covering an aggregate of 2,279,034 shares of common stock. For the Company's executives, the fair value of the restricted stock units was estimated based upon the trailing 20 day trading price of the Company's common stock and for the remainder employees, the fair value of the restricted stock units was estimated based upon the market closing price of the Company’s common stock on the date of the grant. The restricted stock units vest over the requisite service period, which range between one and four years from the date of the grant, subject to the continued employment of the employees and services of the nonemployee board members. As of March 31, 2022, there was $ 57.1 million of total unrecognized compensation expense related to restricted stock units, which is expected to be recognized over a weighted-average period of 3.9 years. Employee Stock Purchase Plan In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (ESPP), which became effective in connection with the IPO. The ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 2,704,236 shares of common stock have been reserved for future issuance under the ESPP, in addition to any annual automatic evergreen increases in the number of shares of common stock reserved for future issuance under the ESPP. The price at which common stock is purchased under the ESPP is equal to 85 % of the fair market value of a share of common stock on the first or last day of the offering period, whichever is lower. Eligible employees can contribute up to 15% of their eligible compensation. Offering periods are generally 6 months long. The ESPP enrollment period started on December 15, 2021 and ended on December 31, 2021. The first offering period commenced on January 1, 2022 and will end on June 30, 2022. The fair value of the ESPP offering during the three months ended March 31, 2022 was estimated at the date of the offering using the Black-Scholes option-pricing model with the following assumptions: (i) expected term of 0.5 years, (ii) expected volatility of 36.5 %, (iii) risk-free interest rate of 0.19 % and (iv) expected dividend yield of 0 %. As of March 31, 2022, the total unrecognized compensation expense related to the ESPP was $ 0.3 million, which is expected to be amortized over the next 3 months. Stock-Based Compensation Costs The following table summarizes the stock-based compensation expense for stock options, restricted stock units and employee stock purchase plan granted to employees that was recorded in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2022 2021 Technology and development $ 830 $ 1,085 Selling and marketing 1,311 2,644 General and administrative 3,354 6,635 Total stock-based compensation expense $ 5,495 $ 10,364 In February 2021, certain of the Company’s existing investors acquired 1,205,118 outstanding shares of common stock from employees of the Company for a purchase price greater than the fair value of the common stock at the time of the transaction. As a result, the Company recorded $ 8.4 million of stock-based compensation expense during the three months ended March 31, 2021. The amount recorded as stock-based compensation represents the difference between the price paid and the estimated fair value at the date of the transaction.

Net Loss per Share

Net Loss per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share	13. Net Loss per Share Flywire follows the two-class method when comp uting 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 period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares, if the effect of such shares is dilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutiv e. The Company reported a net loss attributable to common stockholders for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, 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 March 31, 2022 2021 Numerator: Net loss $ ( 10,149 ) $ ( 8,652 ) Accretion of preferred stock to redemption value — ( 5 ) Net loss attributable to common stockholders - basic and diluted $ ( 10,149 ) $ ( 8,657 ) Denominator: Weighted average common shares outstanding - basic and diluted 106,739,771 21,100,077 Net loss per share attributable to common stockholders - basic and diluted $ ( 0.10 ) $ ( 0.41 ) 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: Three Months Ended March 31, 2022 2021 Warrants for the purchase of common stock — 75,000 Warrants for the purchase of convertible preferred stock (as converted into — 381,000 Redeemable convertible preferred stock (as converted into common stock) — 13,811,856 Convertible preferred stock (as converted into common stock) — 54,208,461 Unvested restricted stock awards 2,419,900 516,552 Stock options to purchase common stock (as converted to common stock) 14,346,683 16,496,223 16,766,583 85,489,092

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	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 $ 0.5 million and $ 0.2 million for the three months ended March 31, 2022 and 2021, respectively. The income tax expense for the three months ended March 31, 2022 was primarily attributable to profits generated in the Company's foreign subsidiaries. The income tax expense for the three months ended March 31, 2021 was primarily attributable to foreign taxes. 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 is open to future tax examinations from 2018 to the present; however, carryforward attributes that were generated prior to 2018 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 was completed in 2022. 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 March 31, 2022, the Company continues to maintain a full valuation allowance on its U.S. net deferred tax assets.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	15. Leases Operating Leases The Company leases certain real estate for its primary facilities under operating leases that expire at various dates between one and five years. These leases contain renewal options, and require the Company to pay operating costs, including property taxes, insurance, and maintenance. The terms of these lease agreements include free rent periods and annual rent increases. Operating lease expense is recognized on a straight-line basis over the term of the lease. There were no finance lease obligations as of March 31, 2022. 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 8, 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 a lease extension on previously rented office space in Cluj, Romania that commenced on May 15, 2021 and continues until March 31, 2024 . In May 2021 and July 2021, the Company executed lease extensions on previously rented office space in Singapore that commenced on May 15, 2021 and continues until November 14, 2022 . The Company is obligated to pay its portion of building operating and tax expenses under both agreements. In connection with the WPM acquisition, the Company acquired one lease agreement for office space. The lease has a contractual term of 5 years beginning on August 1, 2021 and ending on July 31, 2026 . ROU assets are included in Other assets and operating lease liabilities are included in Other liabilities. (dollars in thousands) March 31, 2022 ROU assets $ 2,804 Operating lease liabilities 3,695 Weighted-average remaining lease terms 2.16 years Weighted-average discount rate 4.5 % Supplemental cash flow information related to leases was as follows: (in thousands) March 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 659 Future minimum lease payments as of March 31, 2022, were as follows (in thousands): Years Ending December 31, '2022 (remaining nine months) $ 1,337 2023 1,557 2024 498 2025 77 2026 31 Thereafter — Total undiscounted lease payments $ 3,500 Less - present value discount 295 Lease Liability, at present value $ 3,205 Future minimum lease payments as of December 31, 2021, prior to the adoption of ASC 842 as described in Note 1 - Business Overview and Summary of Significant Accounting Policies, were as follows: Years Ending December 31, 2022 $ 1,848 2023 1,567 2024 500 2025 73 2026 32 $ 4,020 The components of operating lease expense during the three months ended March 31, 2022 is shown on the table below (in thousands), while rent expense for the three months ending March 31, 2021 was $ 0.5 million. Operating lease expense $ 384 Short-term lease expense 122 Variable lease expense 54 Total operating lease expense $ 560

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Legal proceedings The Company is subject to various legal proceedings and claims from time to time, the outcomes of which are subject to significant uncertainty. The Company records an accrual for legal contingencies when it has 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 March 31, 2022, the Company was not aware of any pending legal matters or claims, individually or in the aggregate, that are expected to 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 and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and had not accrued any liabilities related to such obligations in its consolidated financial statements for the periods ended March 31, 2022 and December 31, 2021.

Business Overview and Summary_2

Business Overview and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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 underwriters' option to purchase additional shares. 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 62,214,406 shares of voting common stock and 5,988,378 shares of non-voting 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 remeasured 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.
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.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation 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 three months ended March 31, 2022, are not necessarily indicative of results to be expected for the year ended December 31, 2022, any other interim periods or any future year or period. The accompanying consolidated balance sheet as of December 31, 2021 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2021. 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 audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The condensed consolidated financial statements include the accounts of Flywire Corporation and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated upon 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. See Note 2 - Revenue and Recognition for information regarding the Company's revenue by geographic area.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with 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, the valuation of the preferred stock warrant liability up until the date of the Company’s IPO, imp airment 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.
Impact of COVID-19	Impact of COVID-19 On March 11, 2020, the World Health Organization 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 the Company has been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation in those verticals. However, during this period the Company had 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 three months ended March 31, 2022, the Company observed recoveries in total payment volume and revenue. The growth in both total payment volume and revenue was a result of economies continuing to reopen. 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 or sub-variants of COVID-19 emerge, the Company continues to evaluate the nature and extent of these potential impacts to the Company's business, condensed consolidated financial statements, and liquidity.
Impact of the Conflict between Russia and Ukraine	Impact of the Conflict between Russia and Ukraine The Company does not have any operations, including long-lived assets, in Ukraine or Russia, and to the Company’s knowledge, clients do not receive material amounts of payments from payers in these regions. As of the issuance date of these condensed consolidated financial statements, the current conflict between Russia and Ukraine has not had a direct material impact on the Company’s revenue or results of operations or financial position. However, the Company notes Ukraine is a major engineering hub and the conflict may create a global challenge in outsourcing or hiring engineering talent. In addition, a prolonged conflict or the spill-over of war into other European countries may in the future, have an impact on macroeconomic conditions which could significantly impact the verticals in which the Company has been predominantly focused over the last decade, including payment volumes, sales cycles and time to implementation and consequently, the Company’s revenue or results of operations or financial position.
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 months ended March 31, 2022. 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: March 31, December 31, 2022 2021 Client A 12 % 36 % Client B * 12 % ___________________________ * Less than 10% of total balance. 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: March 31, December 31, 2022 2021 Partner A 10 % 14 % Partner B * 15 % Partner C 14 % 12 % Partner D 29 % 21 % ______________________ * Less than 10% of total balance. During the three months ended March 31, 2022 and 2021, no client accounted for 10 % or more of revenue. During the three months ended March 31, 2022 and 2021, revenue from clients located outside of the United States in the aggregate accounted f or 37.2 % and 25.4 % of the Company’s total revenue, respectively, with Canada accounting for 12.6 % and 12.3 %, respectively and the United Kingdom accounting for 15.3 % and 7.6 %, re spectively. No other countries accounted for 10 % or more of revenue for the three months ended March 31, 2022 or 2021.
Leases	Leases On January 1, 2022, Flywire adopted ASU 2016-02, Leases (Topic 842) and subsequent related ASUs using January 1, 2022 as the date of initial application. 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 Company elected the modified retrospective transition option which allows for application of Topic 842 at the adoption date. Therefore, comparative prior period financial information was not adjusted and will continue to be reported under the previous accounting guidance of ASC 840, Leases . No cumulative-effect adjustment to the opening accumulated deficit balance as of January 1, 2022 was necessary as a result of adopting the new standard. The Company elected the “package of practical expedients” permitted under the transition guidance which allowed the Company not to reassess (i) whether any expired or existing contracts are, or contain, leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. The Company also elected the practical expedient not to separate lease and non-lease components, as well as the short-term lease recognition exemption and will not recognize right-of-use (ROU) assets or lease liabilities for leases with a term less than 12 months. As a result of the adoption, the Company recognized ROU assets of $ 3.0 million in Other assets and a corresponding lease liability of $ 3.6 million in Other liabilities as of January 1, 2022. The ROU assets were adjusted per Topic 842 transition guidance for the existing deferred rent balance. Accounting for Leases after the Adoption of ASC 842 The new leasing standard requires recognition of leases on the consolidated balance sheets as ROU assets and lease liabilities. ROU assets represent the Company's right to use underlying assets for the lease terms and lease liabilities represent our obligation to make lease payments arising from the leases. ROU assets are included in Other assets and lease liabilities are included in Other liabilities. Lease classification is determined at commencement date. All of the Company's leases are accounted for as operating leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. As the implicit rate of the leases is not determinable, the Company uses its incremental borrowing rate in determining the present value of the lease payments. ROU assets are adjusted for deferred rent and any lease incentives. Variable lease payments for maintenance, property taxes and other operating expenses are recognized as expense in the period in which the obligation for the payment is incurred. The operating lease expense associated with operating leases is recognized as a single lease cost on a straight-line basis over the lease term and is included in General and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Refer to Note 15 - Commitments and Contingencies for more details on the Company's operating leases. Accounting for Leases for Periods Prior to Adoption of ASC 842 Prior to ASC 842 adoption, operating lease arrangements were recorded off-balance sheet and ROU assets and liabilities were not recognized. Operating lease expense was recognized on a straight-line basis over the term of each lease and free rent periods were recorded as a deferred rent liability.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred and are included in selling and marketing expenses in the condensed consolidated statements of operations and comprehensive loss. Advertising expenses for the three months ended March 31, 2022 and 2021 wer e $ 1.3 million a nd $ 0.5 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 transit ion 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.
Accounting Pronouncements Adopted	Recently Accounting Pronouncements Adopted In addition to ASU 2016-02, Leases (Topic 842) described above, the following pronouncements were issued by the Financial Accounting Standards Board (FASB) and adopted by Flywire as of January 1, 2022: 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. The adoption of this standard did not have a material impact on Flywire's 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). The adoption of this standard did not have any impact on Flywire's consolidated financial statements and disclosures as the Company currently does not have any freestanding equity-classified written call options within the scope of this standard.
Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted The following ASUs were issued by the FASB and not yet adopted by Flywire: 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)	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, 2022 2021 Client A 12 % 36 % Client B * 12 % ___________________________ * Less than 10% of total balance. 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: March 31, December 31, 2022 2021 Partner A 10 % 14 % Partner B * 15 % Partner C 14 % 12 % Partner D 29 % 21 % ______________________ * Less than 10% of total balance.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue Recognition [Abstract]
Summary of Revenue Disaggregated by Geographical Area	The following tables present revenue disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on location of where the client resides. Three Months Ended (in thousands) 2022 2021 Primary geographical markets United States $ 40,565 $ 33,574 Canada 8,149 5,516 United Kingdom 9,879 3,433 Other countries (1) 5,960 2,468 Total revenue $ 64,553 $ 44,991 Major solutions Transactions $ 48,687 $ 32,434 Platform and usage-based fees 15,866 12,557 Total revenue $ 64,553 $ 44,991 (1) No single country included in the other countries category generated 10 % or more of total revenue.
Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands): March 31, December 31, Accounts receivable, net of allowances $ 13,787 $ 12,968 Unbilled receivables 2,211 3,340 Deferred revenue—current 5,312 5,488 Deferred revenue—non-current 171 185

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of Allowance For Doubtful Accounts	Changes in the allowance for doubtful accounts for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Allowance for doubtful accounts at the beginning of the period $ ( 106 ) $ ( 481 ) Provisions ( 20 ) ( 106 ) Write-offs, net of recoveries 25 386 Allowance for doubtful accounts at the end of the period $ ( 101 ) $ ( 201 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
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 March 31, 2022 and December 31, 2021 (in thousands): Fair Value Measurements as of March 31, 2022 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ 3 $ 3 Financial Liabilities: Contingent consideration $ — $ — $ 3,300 $ 3,300 Fair Value Measurements as of December 31, 2021 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ 43 $ 43 Financial Liabilities: Contingent consideration $ — $ — $ 11,309 $ 11,309
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 months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 11,309 $ 12,500 Additions — — Change in fair value ( 70 ) ( 23 ) Contingent consideration paid * ( 7,844 ) ( 7,012 ) Foreign currency translation adjustment ( 95 ) — Ending balance $ 3,300 $ 5,465 * For the three months ended March 31, 2022 and 2021, amounts paid related to the fair value of contingent consideration that was initially recorded in purchase accounting of $ 3.3 million and $ 3.8 million, respectively, were classified as financing cash flows in the condensed consolidated statement of cash flows. For the three months ended March 31, 2022 and 2021, amounts paid for the excess of the fair value of $ 4.5 million and $ 3.2 million, respectively, were classified as operating cash flows in the condensed consolidated statement of cash flows.
WPM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
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 related to the WPM Group Ltd. (WPM) acquisition. Refer to Note 8 - Business Combinations for additional details on the WPM acquisition. Three Months Ended March 31, 2022 Market price of risk adjustment for revenue 3.8 % Revenue volatility 20.7 % Probability of successful achievement* 31 % - 100 % Performance period 2 years * Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.
Simplee [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
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 related to the Simplee acquisition for the three months ended March 31, 2021: Three Months Ended March 31, 2021 Discount rate 8.15 % Probability of successful achievement * 0 % - 100 % Performance period 1 year * Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, Accrued employee compensation and related taxes $ 10,340 $ 13,854 Accrued vendor liabilities 1,827 1,763 Accrued income and other non-employee related taxes 1,597 2,652 Accrued professional services 1,746 1,307 Current portion of operating lease liabilities 1,670 — Other accrued expenses and current liabilities 4,408 3,150 $ 21,588 $ 22,726

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2022
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): March 31, December 31, Computer equipment and software $ 2,347 $ 2,211 Internal-use software 8,619 7,414 Furniture and fixtures 918 953 Leasehold improvements 4,990 4,995 16,874 15,573 Less: Accumulated depreciation and amortization ( 6,794 ) ( 6,131 ) $ 10,080 $ 9,442

Business Combinations (Tables)

Business Combinations (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Summary of Purchase Consideration	Pursuant to the terms of the agreement, the Company acquired all outstanding equity of WPM for estimated total purchase consideration of $ 59.6 million, which consists of (in thousands): Cash consideration, net of cash acquired $ 56,111 Estimated fair value of contingent consideration 3,499 Total purchase consideration, net of cash acquired $ 59,610 The contingent consideration is payable at various intervals through March 2024 in the form of up to approximately 225,000 shares of common stock and is dependent upon the Company's achievement of specified minimum payment volume targets and integration targets established for the years ending December 31, 2022 and 2023. A portion of the contingent consideration is also tied to continuing employment of certain key employees; accordingly, approximately 56,000 shares have been excluded from the purchase price. Therefore, total common stock included in the purchase price totals up to approximately 169,000 shares. During the three months ended March 31, 2022, the Company expensed $ 0.3 million in personnel costs associated with the retention portion contingent consideration. These personnel costs are included in the Company’s condensed consolidated statements of operations and comprehensive loss and a liability is recorded in accrued expenses and other current liabilities on the condensed consolidated balance sheet. Contingent consideration related to minimum payment volume targets will be settled at 15 months and 27 months after acquisition date based on the 15 months and subsequent 12 months result. Contingent consideration related to integration targets will be settled in common stock upon completion, which is expected in the second quarter 2022. The contingent consideration related to continuing employment of certain key employees is payable at the two-year acquisition anniversary date.
Summary of Fair Value Of the Assets 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 $ 2,101 Accounts receivable 973 Prepaid expenses and other current assets 209 Property and equipment, net 5 Goodwill 40,389 Identifiable intangible assets 31,301 Total assets acquired 74,978 Deferred tax liabilities 7,776 Deferred revenue 4,525 Accounts payable 51 Accrued expenses 915 Total liabilities assumed 13,267 Net assets acquired 61,711 Less: cash acquired 2,101 Net assets, less cash acquired $ 59,610
Schedule of Estimated Fair Value of the Identified Intangible Assets	The following table reflects the estimated fair values of the identified intangible assets of WPM and their respective weighted-average estimated amortization periods. Estimated Fair Weighted-Average (in thousands) (years) Developed technology $ 1,400 4 Customer relationships 29,901 15 $ 31,301

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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 months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 85,841 $ 44,650 Goodwill related to acquisitions — — Foreign currency translation adjustment ( 1,175 ) ( 32 ) Ending balance $ 84,666 $ 44,618
Summary of Acquired Intangible Assets Subject to Amortization	Acquired intangible assets subject to amortization consisted of the following (in thousands): March 31, 2022 (in thousands) Gross Carrying Accumulated Net Carrying Weighted Developed Technology $ 26,591 $ ( 11,774 ) $ 14,817 4.78 Customer Relationships 81,958 ( 6,312 ) 75,646 11.51 Trade Name/Trademark 511 ( 511 ) — — Non-Compete Agreement 469 ( 390 ) 79 0.87 $ 109,529 $ ( 18,987 ) $ 90,542 * Includes $ 0.9 million of foreign currency translation adjustments December 31, 2021 Gross Carrying Accumulated Net Carrying Weighted Developed Technology $ 26,600 $ ( 10,635 ) $ 15,965 5.11 Customer Relationships 82,887 ( 5,356 ) 77,531 11.89 Trade Name/Trademark 511 ( 511 ) — — Non-Compete Agreement 469 ( 367 ) 102 1.15 $ 110,467 $ ( 16,869 ) $ 93,598 * Includes $ 0.6 million of foreign currency translation adjustments and $ 0.1 million in acquired developed technology assets
Schedule of Estimated Annual Amortization Expense Of Intangible Assets	As of March 31, 2022, 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 2022 $ 6,481 2023 9,421 2024 9,600 2025 9,196 2026 7,386 2027 7,233 Thereafter 41,225 $ 90,542

Stockholder's Equity (Deficit)

Stockholder's Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Summary of Reserved Shares of Common Stock	As of March 31, 2022, the Company had reserved shares of common stock for future issuance as follows: Issued and outstanding stock options 14,346,683 Issued and outstanding restricted stock units 2,420,345 Available for issuance under the 2021 Equity Incentive Plan 12,341,771 Available for issuance under Employee Stock Purchase Plan 2,704,236 Available for conversion of non-voting common stock 5,988,378 37,801,413

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of the Stock Based Compensation Expense for Stock Options, RSAs, RSUs and Employee Stock Purchase Plan Granted to Employees	The following table summarizes the stock-based compensation expense for stock options, restricted stock units and employee stock purchase plan granted to employees that was recorded in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended March 31, 2022 2021 Technology and development $ 830 $ 1,085 Selling and marketing 1,311 2,644 General and administrative 3,354 6,635 Total stock-based compensation expense $ 5,495 $ 10,364

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 Numerator: Net loss $ ( 10,149 ) $ ( 8,652 ) Accretion of preferred stock to redemption value — ( 5 ) Net loss attributable to common stockholders - basic and diluted $ ( 10,149 ) $ ( 8,657 ) Denominator: Weighted average common shares outstanding - basic and diluted 106,739,771 21,100,077 Net loss per share attributable to common stockholders - basic and diluted $ ( 0.10 ) $ ( 0.41 )
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: Three Months Ended March 31, 2022 2021 Warrants for the purchase of common stock — 75,000 Warrants for the purchase of convertible preferred stock (as converted into — 381,000 Redeemable convertible preferred stock (as converted into common stock) — 13,811,856 Convertible preferred stock (as converted into common stock) — 54,208,461 Unvested restricted stock awards 2,419,900 516,552 Stock options to purchase common stock (as converted to common stock) 14,346,683 16,496,223 16,766,583 85,489,092

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Operating Lease, Lease Income [Abstract]
Schedule of Supplemental Balance Sheet	ROU assets are included in Other assets and operating lease liabilities are included in Other liabilities. (dollars in thousands) March 31, 2022 ROU assets $ 2,804 Operating lease liabilities 3,695 Weighted-average remaining lease terms 2.16 years Weighted-average discount rate 4.5 %
Schedule of Supplemental Cash Flow	Supplemental cash flow information related to leases was as follows: (in thousands) March 31, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 659
Schedule of Future Minimum Lease Payments	Future minimum lease payments as of March 31, 2022, were as follows (in thousands): Years Ending December 31, '2022 (remaining nine months) $ 1,337 2023 1,557 2024 498 2025 77 2026 31 Thereafter — Total undiscounted lease payments $ 3,500 Less - present value discount 295 Lease Liability, at present value $ 3,205 Future minimum lease payments as of December 31, 2021, prior to the adoption of ASC 842 as described in Note 1 - Business Overview and Summary of Significant Accounting Policies, were as follows: Years Ending December 31, 2022 $ 1,848 2023 1,567 2024 500 2025 73 2026 32 $ 4,020
Schedule of Components of Operating Lease Expense	The components of operating lease expense during the three months ended March 31, 2022 is shown on the table below (in thousands), while rent expense for the three months ending March 31, 2021 was $ 0.5 million. Operating lease expense $ 384 Short-term lease expense 122 Variable lease expense 54 Total operating lease expense $ 560

Business Overview and Summary_4

Business Overview and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	May 28, 2021	May 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Jan. 01, 2022	Dec. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock, Shares Authorized			2,000,000,000			2,000,000,000
Common Stock Shares Authorized Non Voting Right			10,000,000
Preferred Stock, Shares Authorized			10,000,000			10,000,000
Preferred Stock, Par or Stated Value Per Share			$ 0.0001			$ 0.0001
Issuance of convertible preferred stock upon net exercise of warrants, shares			182,467
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			190,500
Adjustments To Additional Paid In Capital Reclassification Of Warrant Liabilities			$ 6,300,000
Cash, FDIC Insured Amount			250,000
Company recognized ROU assets			2,804,000
Corresponding lease liability			3,695,000
Advertising Expense			$ 1,300,000	$ 500,000
Stockholders' Equity Note, Stock Split		3-for-1
Other Assets
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Company recognized ROU assets					$ 3,000,000
Corresponding lease liability					$ 3,600,000
Nonvoting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common Stock Shares Authorized Non Voting Right			10,000,000			10,000,000
Revenue Benchmark
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			10.00%	10.00%
Revenue Benchmark | No Client [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			10.00%	10.00%
Revenue Benchmark | U S
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			37.20%	25.40%
Revenue Benchmark | United Kingdom [Member]
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			15.30%	7.60%
Revenue Benchmark | CANADA
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Percentage of revenue from customers			12.60%	12.30%
IPO
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
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
Stock shares issued during the period shares	12,006,000
Shares Issued, Price Per Share	$ 24
Underwriting discount	$ 19,400,000
Other offering costs	4,900,000
Preferred Stock Warrants Conversion To Common Stock Warrants			190,500
Proceeds from initial public offering	$ 263,800,000
IPO | Voting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Conversion of Stock, Shares Issued			62,214,406
IPO | Nonvoting Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Conversion of Stock, Shares Issued			5,988,378
Over-Allotment Option
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Number of Shares , Exercised	1,566,000

Business Overview and Summary_5

Business Overview and Summary of Significant Accounting Policies - Schedule of Accounts Receivable and Funds Receivable (Details) - Customer Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Funds Receivable | Partner A
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	10.00%	14.00%
Funds Receivable | Partner B
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		15.00%
Funds Receivable | Partner C
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	14.00%	12.00%
Funds Receivable | Partner D
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	29.00%	21.00%
Client A | Accounts Receivable
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage	12.00%	36.00%
Client B | Accounts Receivable
Financial Support For Nonconsolidated Legal Entity [Line Items]
Concentration risk, percentage		12.00%

Revenue Recognition - Summary o

Revenue Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue		$ 64,553	$ 44,991
Percentage Revenue		10.00%
Transactions [Member]
Disaggregation Of Revenue [Line Items]
Revenue		$ 48,687	32,434
Platform And Usage-Based Fees [Member]
Disaggregation Of Revenue [Line Items]
Revenue		15,866	12,557
United States (U.S.) [Member]
Disaggregation Of Revenue [Line Items]
Revenue		40,565	33,574
CANADA
Disaggregation Of Revenue [Line Items]
Revenue		8,149	5,516
United Kingdom ("U.K.") [Member]
Disaggregation Of Revenue [Line Items]
Revenue		9,879	3,433
Other countries [Member]
Disaggregation Of Revenue [Line Items]
Revenue	[1]	$ 5,960	$ 2,468
[1]	No single country included in the other countries category generated 10 % or more of total revenue.

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Revenue Recognition [Abstract]
Accounts receivable, net of allowances	$ 13,787	$ 12,968
Unbilled receivables	2,211	3,340
Deferred revenue	5,312	5,488
Deferred revenue—non-current	$ 171	$ 185

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Revenue Recognition [Abstract]
Deferred Revenue	$ 2.1	$ 0.6

Allowance For Doubtful Accoun_3

Allowance For Doubtful Accounts - Summary of Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Allowance for doubtful accounts at the beginning of the year	$ (106)	$ (481)
Provisions	(20)	(106)
Write-offs, net of recoveries	25	386
Allowance for doubtful accounts at the end of the period	$ (101)	$ (201)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financial Assets:
Foreign exchange contracts	$ 3	$ 43
Financial Liabilities:
Contingent consideration	3,300	11,309
Level 1 [Member]
Financial Assets:
Foreign exchange contracts	0	0
Financial Liabilities:
Contingent consideration	0	0
Level 2 [Member]
Financial Assets:
Foreign exchange contracts	0	0
Financial Liabilities:
Contingent consideration	0	0
Level 3 [Member]
Financial Assets:
Foreign exchange contracts	3	43
Financial Liabilities:
Contingent consideration	$ 3,300	$ 11,309

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Feb. 13, 2020	Mar. 31, 2022
Fair Value Disclosures Line Items [Line Items]
Issuance of Series F-1 redeemable convertible preferred stock, net of issuance costs of $265, shares		182,467
Adjustments To Additional Paid In Capital Reclassification Of Warrant Liabilities		$ 6,300
Continuing Employment of Key Employees [Member]
Fair Value Disclosures Line Items [Line Items]
Contingent Consideration Payments		7,800
Additional Contingent Consideration Payments		$ 0
Simplificare Inc [Member]
Fair Value Disclosures Line Items [Line Items]
Total purchase consideration	$ 86,500
Payments to Acquire Businesses	79,400
Estimated fair value of contingent consideration	7,100
Simplificare Inc [Member] | Revenue And Integration Targets Milestone [Member]
Fair Value Disclosures Line Items [Line Items]
Business acquisition contingent consideration liability	$ 20,000

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Details)		Mar. 31, 2022yr	Mar. 31, 2021yr
Market Price Of Risk Adjustment For Revenue [Member] | WPM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input		3.8
Discount rate [Member] | Simplee [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input			8.15
Revenue volatility [Member] | WPM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input		20.7
Probability of successful achievement [Member] | Minimum [Member] | WPM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	[1]	31
Probability of successful achievement [Member] | Minimum [Member] | Simplee [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	[2]		0
Probability of successful achievement [Member] | Maximum [Member] | WPM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	[1]	100
Probability of successful achievement [Member] | Maximum [Member] | Simplee [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input	[2]		100
Performance period [Member] | WPM [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input		2
Performance period [Member] | Simplee [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Business Combination, Contingent Consideration, Liability, Measurement Input			1
[1]	Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.
[2]	Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Details) - Contingent Consideration [Member] - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning balance		$ 11,309	$ 12,500
Additions		0	0
Change in fair value		(70)	(23)
Contingent consideration paid	[1]	(7,844)	(7,012)
Foreign Currency Translation Adjustment		(95)	0
Ending balance		$ 3,300	$ 5,465
[1]	For the three months ended March 31, 2022 and 2021, amounts paid related to the fair value of contingent consideration that was initially recorded in purchase accounting of $ 3.3 million and $ 3.8 million, respectively, were classified as financing cash flows in the condensed consolidated statement of cash flows. For the three months ended March 31, 2022 and 2021, amounts paid for the excess of the fair value of $ 4.5 million and $ 3.2 million, respectively, were classified as operating cash flows in the condensed consolidated statement of cash flows.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
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	$ 4.5	$ 3.2
Amount paid in excess of fair value recorded in purchase accounting classified as financing cash flows	$ 3.3	$ 3.8

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Details) - Foreign Exchange Forward [Member] $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Numbers	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)Numbers
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Dervative instrument not designated as hedging instrument, Gain Loss	$ 0.3
Not Designated as Hedging Instrument [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Number of derivative instruments | Numbers	5,322		8,653
Derivatives, Notional amount	$ 36.2		$ 27.9
Derivatives, Asset notional amount	$ 0.1		$ 0.1
Dervative instrument not designated as hedging instrument, Gain Loss		$ 0.1

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables And Accruals [Abstract]
Accrued employee compensation and related taxes	$ 10,340	$ 13,854
Accrued vendor liabilities	1,827	1,763
Accrued income and other non-employee related taxes	1,597	2,652
Accrued professional services	1,746	1,307
Current portion of operating lease liability	1,670	0
Other accrued expenses and current liabilities	4,408	3,150
Accrued Expenses and Other Current Liabilities	$ 21,588	$ 22,726

Property And Equipment, Net - S

Property And Equipment, Net - Schedule of Property Plant and Equipment ,Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 16,874	$ 15,573
Less: Accumulated depreciation and amortization	(6,794)	(6,131)
Property, Plant and Equipment, Net	10,080	9,442
Computer equipment and software
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	2,347	2,211
Internal-use software
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	8,619	7,414
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	918	953
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 4,990	$ 4,995

Property And Equipment, Net - A

Property And Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 700	$ 400
Accumulated depreciation property, plant, and equipment	6,794		$ 6,131
Capitalisation cost	1,200	1,400	5,600
Carrying value of internal use software	6,700		$ 6,500
Amortization expense related to internal use software	$ 400	100
Property and Equipment [Member]
Property Plant And Equipment [Line Items]
Proceeds from sale of property plant and equipment		100
Gain on the sale of the fixed assets		100
Accumulated depreciation property, plant, and equipment		$ 100

Business Combinations - Summary

Business Combinations - Summary of Purchase Consideration (Details) - Wpm [Member] - USD ($) $ in Thousands	Dec. 15, 2021	Mar. 31, 2022
Business Acquisition [Line Items]
Payments to Acquire Businesses		$ 56,111
Estimated fair value of contingent consideration		3,499
Total purchase consideration, net of cash acquired	$ 59,600	$ 59,610

Business Combinations - Additio

Business Combinations - Additional Information (Details) - USD ($) $ in Thousands	Dec. 15, 2021	Feb. 13, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Contingent Consideration [Line Items]
Business combination net common stock included in purchase price			169,000
Goodwill			$ 84,666	$ 44,618	$ 85,841	$ 44,650
Amount of contingent consideration liability, Personnel Costs			(70)	$ (23)
WPM [Member]
Business Acquisition, Contingent Consideration [Line Items]
Goodwill			40,400
Business acquisition goodwill expected tax deductible amount			0
Total purchase consideration	$ 59,600		$ 59,610
Business combination contingent consideration description			Contingent consideration related to minimum payment volume targets will be settled at 15 months and 27 months after acquisition date based on the 15 months and subsequent 12 months result. Contingent consideration related to integration targets will be settled in common stock upon completion, which is expected in the second quarter 2022. The contingent consideration related to continuing employment of certain key employees is payable at the two-year acquisition anniversary date.
Business Acquisition, Transaction Costs			$ 0
WPM [Member] | Continuing Employment Of Key Employees [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business combination contingent consideration liability shares excluded from purchase price			56,000
Simplificare Inc [Member]
Business Acquisition, Contingent Consideration [Line Items]
Total purchase consideration		$ 86,500
Amount of contingent consideration liability, Personnel Costs			$ 300
Simplificare Inc [Member] | Revenue And Integration Targets Milestone [Member]
Business Acquisition, Contingent Consideration [Line Items]
Business combination contingent consideration liability shares payable			225,000

Business Combinations - Summa_2

Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 84,666	$ 85,841	$ 44,618	$ 44,650
WPM Group Limited [Member]
Business Acquisition [Line Items]
Cash	2,101
Accounts receivable	973
Prepaid expenses and other current assets	209
Property and equipment, net	5
Goodwill	40,389
Identifiable intangible assets	31,301
Total assets acquired	74,978
Deferred tax liabilities	7,776
Deferred revenue	4,525
Accounts payable	51
Accrued expenses and other liabilities	915
Total liabilities assumed	13,267
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net, Total	61,711
Less: cash acquired	2,101
Net assets, less cash acquired	$ 59,610

Business Combinations - Schedul

Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 31,301
Developed Technology [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 1,400	$ 100
Weighted-Average Estimated Amortization Periods	4 years
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Estimated Fair Values	$ 29,901
Weighted-Average Estimated Amortization Periods	15 years

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets -Summary of Changes in the Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning balance	$ 85,841	$ 44,650
Goodwill related to acquisitions	0	0
Foreign currency translation adjustment	(1,175)	(32)
Ending balance	$ 84,666	$ 44,618

Goodwill And Acquired Intangi_4

Goodwill And Acquired Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0
Amortization of Intangible Assets	$ 2,100	$ 1,600

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022		Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value*	$ 109,529	[1]	$ 110,467	[2]
Accumulated Amortization	(18,987)		(16,869)
Net Carrying Amount	$ 90,542		93,598
Weighted Average Remaining Life (Years)	10 months 13 days
Developed Technology [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value*	$ 26,591	[1]	26,600	[2]
Accumulated Amortization	(11,774)		(10,635)
Net Carrying Amount	$ 14,817		$ 15,965
Weighted Average Remaining Life (Years)	4 years 9 months 10 days		5 years 1 month 9 days
Customer Relationships [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value*	$ 81,958	[1]	$ 82,887	[2]
Accumulated Amortization	(6,312)		(5,356)
Net Carrying Amount	$ 75,646		$ 77,531
Weighted Average Remaining Life (Years)	11 years 6 months 3 days		11 years 10 months 20 days
Trade Names [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value*	$ 511	[1]	$ 511	[2]
Accumulated Amortization	(511)		(511)
Net Carrying Amount	0		$ 0
Weighted Average Remaining Life (Years)
Noncompete Agreements [Member]
Finite Lived Intangible Assets [Line Items]
Gross Carrying Value*	469	[1]	$ 469	[2]
Accumulated Amortization	(390)		(367)
Net Carrying Amount	$ 79		$ 102
Weighted Average Remaining Life (Years)			1 year 1 month 24 days
[1]	* Includes $ 0.9 million of foreign currency translation adjustments
[2]	* Includes $ 0.6 million of foreign currency translation adjustments and $ 0.1 million in acquired developed technology assets

Goodwill And Acquired Intangi_6

Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Foreign Currency translation adjustments	$ 900	$ 600
Acquired Intangible assets	31,301
Technology Based Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Acquired Intangible assets	$ 1,400	$ 100

Goodwill and Acquired Intangi_7

Goodwill and Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Remaining of fiscal year 2022	$ 6,481
2023	9,421
2024	9,600
2025	9,196
2026	7,386
2027	7,233
Thereafter	41,225
Net Carrying Amount	$ 90,542	$ 93,598

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Jul. 29, 2021	May 18, 2020	Jan. 16, 2018	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Debt Prepayment Cost	$ 400
Debt Issuance Costs, Net	300
Interest Expense				$ 218	$ 621
Amortization of Debt Issuance Costs and Discounts				$ 100	$ 100
Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 25,000
Debt Instrument, Interest Rate, Stated Percentage			8.50%
Debt Instrument, Maturity Date			Jan. 22, 2022
Unamortized Debt Issuance Expense			$ 200
Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Unamortized Debt Issuance Expense		$ 200
Debt Instrument 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%
Term Loan
Debt Instrument [Line Items]
Repayments of Debt	25,000
Minimum [Member] | Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Interest rate		5.25%
Maximum [Member] | Joinder And Second Amendment To Loan And Security Agreement [Member]
Debt Instrument [Line Items]
Interest rate		8.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit, total commitment	50,000
Letter Of Credit Sub Facility Included In Borrowings	5,000
Swingline Sub Facility Included In Borrowing	5,000
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.
Amount Withdrawn On Revolving Credit Facility	$ 25,900
Line of Credit Facility, Average Outstanding Amount				$ 25,900		$ 25,900
Revolving Credit Facility | 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%
Revolving Credit Facility | 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%

Convertible Preferred Stock and

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Additional Information (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Preferred Stock, Shares Issued	0	0

Convertible Preferred Stock a_2

Convertible Preferred Stock and Redeemable Convertible Preferred Stock - Schedule of Convertible Preferred Stock and Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021; and no shares issued and outstanding as of March 31, 2022 and December 31, 2021	$ 0	$ 0

Stockholder's Equity (Deficit_2

Stockholder's Equity (Deficit) - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Disclosure - Stockholder's Equity (Deficit) - Additional Information (Details) [Line Items]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	2,000,000,000	2,000,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock Shares Authorized Non Voting Right	10,000,000
Common Stock Par Or Stated Value Per Share Non Voting Right	$ 0.0001
Common Stock, Voting Rights	Holders of the Company's common stock have no conversion rights while each share of non-voting common stock automatically converts into common stock on a one-to-one basis without the payment of additional consideration upon the transfer thereof in (i) a widespread public distribution, including pursuant to Rule 144 under the Securities Act, (ii) a transfer (including a private placement or a sale pursuant to Rule 144 under the Securities Act) in which no one party acquires the right to purchase 2% or more of any class of voting securities (as such term is used for the purposes of the Bank Holding Company Act of 1956, as amended), (iii) an assignment to a single party (for example, a broker or investment banker) for the purposes of conducting a widespread public distribution, or (iv) to a party who would control more than 50% of the Company's voting securities without giving effect to the shares of non-voting common stock transferred by the holder. Other than in the event of such transfers, shares of non-voting common stock shall not be convertible into any other security.
Percentage of voting securities, Right To Purchase	2.00%
Percentage Required of Voting Securities of The Without Giving Effect To The Shares of Non-Voting Common Stock Transferred By The Holder	50.00%

Stockholder's Equity (Deficit_3

Stockholder's Equity (Deficit) - Summary of Reserved Shares of Common Stock (Details) - shares	Mar. 31, 2022	May 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	37,801,413	2,704,236
Share-based Payment Arrangement, Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	14,346,683
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	2,420,345
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	12,341,771
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	2,704,236
Available for conversion of non voting stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	5,988,378

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 31, 2021	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options	2,704,236		37,801,413
Proceeds from exercise of stock options			$ 1,071	$ 2,406
Number of outstanding common stock shares from employees acquired by existing investors		1,205,118
Stock based compensation expense				$ 8,400
Common Stock Capital Shares Reserved For Future Issuance	2,704,236		37,801,413
Common Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted- Average Exercise Price Per Share, Exercised			$ 30.09
Share based compensation arrangement by share based payment award options,Granted in period			212,000
Restricted Stock Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP			$ 29,400
Unrecognised compensation expense,expected to be recognised over a weighted average period			2 years 7 months 6 days
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options			2,420,345
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP			$ 57,100
Unrecognised compensation expense,expected to be recognised over a weighted average period			3 years 10 months 24 days
Common Stock Capital Shares Reserved For Future Issuance			2,420,345
Restricted stock units awarded to covering an aggregate of shares of common stock			2,279,034
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option granted under plan,Vesting period					4 years
Share-based Payment Arrangement, Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options			14,346,683
Expected dividend yield			0.00%
Common Stock Capital Shares Reserved For Future Issuance			14,346,683
Share based compensation arrangement by share based payment award fair value assumptions, Expected Term			6 years 29 days
Expected volatility			44.50%
Risk-free interest rate			1.70%
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
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
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issued and outstanding stock options			12,341,771		14,523,284
Stock option granted under plan,Vesting period			4 years
Stock option granted under plan,Expiration period			10 years
Common Stock Capital Shares Reserved For Future Issuance			12,341,771		14,523,284
2021 Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognised compensation expense related to unvested RSUs, RSAs and ESPP			$ 300
Unrecognized compensation expense amortisation period			3 months
expected term			6 months
Expected volatility			36.50%
risk-free interest rate			0.19%
expected dividend yield			0.00%
Two Thousand and Twenty One Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share based compensation arrangement by share based payment award price at which common stock is purchased,Percent	85.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of the Stock Based Compensation Expense for Stock Options, RSAs, RSUs and Employee Stock Purchase Plan Granted to Employees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 5,495	$ 10,364
Technology and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	830	1,085
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	1,311	2,644
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Share-based Payment Arrangement, Expense	$ 3,354	$ 6,635

Net Loss per Share - Schedule o

Net Loss per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income (loss)	$ (10,149)	$ (8,652)
Accretion of preferred stock to redemption value		(5)
Net loss attributable to common stockholders - basic and diluted	$ (10,149)	$ (8,657)
Denominator:
Weighted average common shares outstanding—basic and diluted	106,739,771	21,100,077
Net loss per share attributable to common stockholders - basic and diluted	$ (0.10)	$ (0.41)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	16,766,583	85,489,092
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		75,000
Warrants for the purchase of convertible preferred stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		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		13,811,856
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		54,208,461
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	2,419,900	516,552
Stock Options [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	14,346,683	16,496,223

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Contingency [Line Items]
Provision for income taxes	$ 500	$ 199
Provision For Income Tax
Income Tax Contingency [Line Items]
Provision for income taxes	$ 500	$ 200

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	May 31, 2021	Mar. 31, 2021ft²	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)ft²
Commitments And Contingencies Disclosure [Line Items]
Area of land | ft²		680		680
Term of contract Commence date		Mar. 15, 2021
Term of contract End date		Mar. 8, 2023
Option to extend the lease		two-year
Operating lease expense			$ 384
Lease, Cost			$ 560	$ 500
Wpm [Member]
Commitments And Contingencies Disclosure [Line Items]
Term of contract Commence date			Aug. 1, 2021
Term of contract End date			Jul. 31, 2026
Contractual term			5 years
SINGAPORE
Commitments And Contingencies Disclosure [Line Items]
Term of contract End date	Nov. 14, 2022
Lease extension, date	May 15, 2021
ROMANIA
Commitments And Contingencies Disclosure [Line Items]
Term of contract End date	Mar. 31, 2024
Lease extension, date	May 15, 2021

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments And Contingencies Disclosure [Abstract]
ROU assets	$ 2,804
Lease liabilities	$ 3,695
Weighted-average remaining lease terms	2 years 1 month 28 days
Weighted-average discount rate	4.50%

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Commitments And Contingencies Disclosure [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 659

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments for Non cancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
2022 (remaining nine months)	$ 1,337	$ 1,848
2023	1,557	1,567
2024	498	500
2025	77	73
2026	31	32
Thereafter	0	$ 4,020
Undiscounted lease Payments, Total	3,500
Less - present value discount	295
Lease Liability, at present value	$ 3,205

Leases - Schedule of Components

Leases - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Operating lease expense	$ 384
Short-term lease expense	122
Variable lease expense	54
Total operating lease expense	$ 560	$ 500