Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 11, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-40430 | |
Entity Registrant Name | Flywire Corp | |
Entity Central Index Key | 0001580560 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-0690799 | |
Entity Address, Address Line One | 141 Tremont St #10 | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02111 | |
City Area Code | 617 | |
Local Phone Number | 329-4524 | |
Title of 12(b) Security | Voting common stock, $0.0001 par value per share | |
Trading Symbol | FLYW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 98,829,293 | |
Non-Voting Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,988,378 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 412,026 | $ 104,052 |
Restricted cash | 5,000 | 5,000 |
Accounts receivable, net of allowance for doubtful accounts of $167 and $496, respectively | 11,621 | 11,573 |
Unbilled receivables | 1,006 | 1,698 |
Funds receivable from payment partners | 17,025 | 22,481 |
Prepaid expenses and other current assets | 10,821 | 3,754 |
Total current assets | 457,499 | 148,558 |
Property and equipment, net | 7,536 | 5,101 |
Intangible assets, net | 65,033 | 68,211 |
Goodwill | 44,656 | 44,650 |
Other assets | 5,365 | 4,922 |
Total assets | 580,089 | 271,442 |
Current liabilities: | ||
Accounts payable | 10,454 | 5,436 |
Funds payable to clients | 45,511 | 59,986 |
Accrued expenses and other current liabilities | 14,084 | 14,991 |
Deferred revenue | 836 | 1,227 |
Contingent consideration | 7,079 | 6,740 |
Total current liabilities | 77,964 | 88,380 |
Deferred tax liabilities | 663 | 481 |
Contingent consideration, net of current portion | 0 | 5,760 |
Preferred stock warrant liability | 0 | 1,932 |
Long-term debt | 24,447 | 24,352 |
Other liabilities | 2,037 | 2,129 |
Total liabilities | 105,111 | 123,034 |
Commitments and contingencies (Note 14) | ||
Stockholders' (deficit) equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 and 0 shares authorized as of June 30, 2021 and December 31, 2020, respectively; and none issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | ||
Voting common stock, $0.0001 par value; 2,000,000,000 and 146,898,270 shares authorized as of June 30, 2021 and December 31, 2020, respectively, 100,995,903 shares issued and 98,678,181 shares outstanding as of June 30, 2021; 22,240,872 shares issued and 19,923,150 shares outstanding as of December 31, 2020 | 10 | 2 |
Non-voting common stock, $0.0001 par value;10,000,000 and 0 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 5,988,378 and 0 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 1 | 0 |
Treasury Stock, 2,317,722 shares as of June 30, 2021 and December 31, 2020, held at cost | (748) | (748) |
Additional paid-in capital | 600,236 | 16,970 |
Accumulated other comprehensive income (loss) | 49 | (214) |
Accumulated (deficit) | (124,570) | (97,772) |
Total stockholders' equity (deficit) | 474,978 | (81,762) |
Total liabilities, convertible preferred stock, redeemable convertible preferred stock and stockholders' (deficit) equity | 580,089 | 271,442 |
Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock | 0 | 110,401 |
Stockholders' (deficit) equity: | ||
Total stockholders' equity (deficit) | 110,401 | |
Redeemable Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Convertible preferred stock | $ 0 | 119,769 |
Stockholders' (deficit) equity: | ||
Total stockholders' equity (deficit) | $ 119,769 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 167 | $ 496 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 2,000,000,000 | 146,898,270 |
Common Stock, Shares, Issued | 100,995,903 | 22,240,872 |
Common Stock, Shares, Outstanding | 98,678,181 | 19,923,150 |
Common Stock, Par or Stated Value Per Share, Non-voting right | $ 0.0001 | |
Common Stock, Shares Authorized, Non-voting right | 10,000,000 | |
Treasury Stock, Shares | 2,317,722 | 2,317,722 |
Convertible Preferred Stock [Member] | ||
Temporary Equity, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Temporary Equity, Shares Authorized | 0 | 62,915,394 |
Temporary Equity, Shares Issued | 0 | 54,208,461 |
Temporary Equity, Shares Outstanding | 0 | 54,208,461 |
Temporary Equity, Liquidation Preference | $ 0 | $ 110,716 |
Redeemable Convertible Preferred Stock [Member] | ||
Temporary Equity, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Temporary Equity, Shares Authorized | 0 | 16,023,132 |
Temporary Equity, Shares Issued | 0 | 11,239,920 |
Temporary Equity, Shares Outstanding | 0 | 11,239,920 |
Temporary Equity, Liquidation Preference | $ 0 | $ 150,000 |
Non-Voting Common Stock [Member] | ||
Common Stock, Par or Stated Value Per Share, Non-voting right | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized, Non-voting right | 10,000,000 | 0 |
Common Stock, Shares, Issued, Non-voting right | 5,988,378 | 0 |
Common Stock, Shares, Outstanding, Non-voting right | 5,988,378 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations And Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | $ 36,976 | $ 23,757 | $ 81,967 | $ 56,466 |
Costs and operating expenses: | ||||
Payment processing services costs | 13,122 | 10,868 | 29,213 | 22,477 |
Technology and development | 6,929 | 6,378 | 14,451 | 11,726 |
Selling and marketing | 10,906 | 8,125 | 22,837 | 16,702 |
General and administrative | 13,578 | 13,548 | 29,491 | 23,813 |
Total costs and operating expenses | 44,535 | 38,919 | 95,992 | 74,718 |
Loss from operations | (7,559) | (15,162) | (14,025) | (18,252) |
Other income (expense): | ||||
Interest expense | (629) | (679) | (1,250) | (1,276) |
Change in fair value of preferred stock warrant liability | (9,803) | 9 | (10,758) | (254) |
Other income (expense), net | 118 | 107 | (294) | 76 |
Total other expenses, net | (10,314) | (563) | (12,302) | (1,454) |
Loss before provision for income taxes | (17,873) | (15,725) | (26,327) | (19,706) |
(Benefit from) provision for income taxes | 273 | 272 | 471 | (7,409) |
Net loss | (18,146) | (15,997) | (26,798) | (12,297) |
Foreign currency translation adjustment | (76) | (173) | 263 | (273) |
Comprehensive loss | (18,222) | (16,170) | (26,535) | (12,570) |
Net loss attributable to common stockholders – basic and diluted | $ (18,154) | $ (16,001) | $ (26,811) | $ (12,303) |
Net loss per share attributable to common stockholders – basic and diluted | $ (0.35) | $ (0.87) | $ (0.73) | $ (0.69) |
Weighted average common shares outstanding – basic and diluted | 52,496,862 | 18,327,639 | 36,886,657 | 17,919,721 |
Condensed Statements of Convert
Condensed Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Redeemable Convertible Preferred Stock [Member] | Convertible Preferred Stock [Member] | Non-Voting Common Stock [Member] |
Beginning balance at Dec. 31, 2019 | $ (75,278) | $ 2 | $ (748) | $ 12,031 | $ 102 | $ (86,665) | $ 110,401 | ||
Beginning balance, Shares at Dec. 31, 2019 | 20,494,146 | (2,317,722) | 54,208,461 | ||||||
Issuance of common stock upon exercise of stock options | 520 | 520 | |||||||
Issuance of common stock upon exercise of stock options, Shares | 1,372,671 | ||||||||
Accretion of redeemable convertible preferred stock | (6) | (6) | $ 6 | ||||||
Issuance of common stock warrants | 336 | 336 | |||||||
Forfeiture of unvested restricted stock awards, Shares | (105,969) | ||||||||
Foreign currency translation adjustment | (273) | (273) | |||||||
Stock-based compensation expense | 1,824 | 1,824 | |||||||
Net income (loss) | (12,297) | (12,297) | |||||||
Issuance of Convertible Preferred Stock upon net exercise of warrants | $ 119,755 | ||||||||
Issuance of Convertible Preferred Stock upon net exercise of warrants, Shares | 11,239,920 | ||||||||
Ending balance, Shares at Jun. 30, 2020 | 21,760,848 | (2,317,722) | 11,239,920 | 54,208,461 | |||||
Ending balance at Jun. 30, 2020 | (85,174) | $ 2 | $ (748) | 14,705 | (171) | (98,962) | $ 119,761 | $ 110,401 | |
Beginning balance at Mar. 31, 2020 | (70,341) | $ 2 | $ (748) | 13,368 | 2 | (82,965) | $ 119,757 | $ 110,401 | |
Beginning balance, Shares at Mar. 31, 2020 | 21,832,035 | (2,317,722) | 11,239,920 | 54,208,461 | |||||
Issuance of common stock upon exercise of stock options | 16 | 16 | |||||||
Issuance of common stock upon exercise of stock options, Shares | 27,690 | ||||||||
Accretion of redeemable convertible preferred stock | (4) | (4) | $ 4 | ||||||
Issuance of common stock warrants | 336 | 336 | |||||||
Forfeiture of unvested restricted stock awards, Shares | (98,877) | ||||||||
Foreign currency translation adjustment | (173) | (173) | |||||||
Stock-based compensation expense | 989 | 989 | |||||||
Net income (loss) | (15,997) | (15,997) | |||||||
Ending balance, Shares at Jun. 30, 2020 | 21,760,848 | (2,317,722) | 11,239,920 | 54,208,461 | |||||
Ending balance at Jun. 30, 2020 | (85,174) | $ 2 | $ (748) | 14,705 | (171) | (98,962) | $ 119,761 | $ 110,401 | |
Beginning balance at Dec. 31, 2020 | (81,762) | $ 2 | $ (748) | 16,971 | (214) | (97,772) | $ 119,769 | $ 110,401 | |
Beginning balance, Shares at Dec. 31, 2020 | 22,240,872 | (2,317,722) | 11,239,920 | 54,208,461 | |||||
Issuance of common stock upon exercise of stock options | 3,792 | $ 1 | 3,791 | ||||||
Issuance of common stock upon exercise of stock options, Shares | 4,117,604 | ||||||||
Accretion of redeemable convertible preferred stock | (13) | (13) | $ 13 | ||||||
Foreign currency translation adjustment | 263 | 263 | |||||||
Stock-based compensation expense | 12,760 | 12,760 | |||||||
Net income (loss) | (26,798) | (26,798) | |||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 268,694 | $ 1 | 268,693 | ||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions, Shares | 12,006,000 | ||||||||
Costs incurred in connection with initial public offering | $ (4,860) | (4,860) | |||||||
Issuance of Convertible Preferred Stock upon net exercise of warrants | $ 59,735 | $ 6,417 | |||||||
Issuance of Convertible Preferred Stock upon net exercise of warrants, Shares | 182,467 | 2,571,936 | 182,467 | ||||||
Conversion of convertible preferred stock upon initial public offering | $ 116,818 | $ 5 | 116,813 | $ (116,818) | |||||
Conversion of convertible preferred stock upon initial public offering, Shares | 54,390,928 | (54,390,928) | |||||||
Conversion of redeemable convertible preferred stock upon initial public offering | 179,517 | $ 1 | 179,515 | $ (179,517) | $ 1 | ||||
Conversion of redeemable convertible preferred stock upon initial public offering, Shares | 7,823,478 | (13,811,856) | 5,988,378 | ||||||
Reclassification of warrant liability to additional paid-in capital upon initial public offering | 6,272 | 6,272 | |||||||
Exercise of common stock warrants | 294 | 294 | |||||||
Exercise of common stock warrants, shares | 417,021 | ||||||||
Ending balance, Shares at Jun. 30, 2021 | 100,995,903 | (2,317,722) | 5,988,378 | ||||||
Ending balance at Jun. 30, 2021 | 474,978 | $ 10 | $ (748) | 600,236 | 49 | (124,570) | $ 1 | ||
Beginning balance at Mar. 31, 2021 | (77,310) | $ 3 | $ (748) | 29,734 | 125 | (106,424) | $ 179,509 | $ 110,401 | |
Beginning balance, Shares at Mar. 31, 2021 | 25,397,964 | (2,317,722) | 13,811,856 | 54,208,461 | |||||
Issuance of common stock upon exercise of stock options | 1,387 | 1,387 | |||||||
Issuance of common stock upon exercise of stock options, Shares | 1,112,030 | ||||||||
Accretion of redeemable convertible preferred stock | (8) | (8) | $ 8 | ||||||
Foreign currency translation adjustment | (76) | (76) | |||||||
Stock-based compensation expense | 2,396 | 2,396 | |||||||
Net income (loss) | (18,146) | (18,146) | |||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions | 268,694 | $ 1 | 268,693 | ||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions, Shares | 12,006,000 | ||||||||
Costs incurred in connection with initial public offering | (4,860) | (4,860) | |||||||
Issuance of Convertible Preferred Stock upon net exercise of warrants | $ 6,417 | ||||||||
Issuance of Convertible Preferred Stock upon net exercise of warrants, Shares | 182,467 | ||||||||
Conversion of convertible preferred stock upon initial public offering | 116,818 | $ 5 | 116,813 | $ (116,818) | |||||
Conversion of convertible preferred stock upon initial public offering, Shares | 54,390,928 | (54,390,928) | |||||||
Conversion of redeemable convertible preferred stock upon initial public offering | 179,517 | $ 1 | 179,515 | $ (179,517) | $ 1 | ||||
Conversion of redeemable convertible preferred stock upon initial public offering, Shares | 7,823,478 | (13,811,856) | 5,988,378 | ||||||
Reclassification of warrant liability to additional paid-in capital upon initial public offering | 6,272 | 6,272 | |||||||
Exercise of common stock warrants | 294 | 294 | |||||||
Exercise of common stock warrants, shares | 265,503 | ||||||||
Ending balance, Shares at Jun. 30, 2021 | 100,995,903 | (2,317,722) | 5,988,378 | ||||||
Ending balance at Jun. 30, 2021 | $ 474,978 | $ 10 | $ (748) | $ 600,236 | $ 49 | $ (124,570) | $ 1 |
Condensed Statements of Conve_2
Condensed Statements of Convertible Preferred Stock, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Series E Preferred Stock [Member] | ||
Issuance cost | $ 245 | |
Series F1 Preferred Stock [Member] | ||
Issuance cost | $ 256 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (26,798) | $ (12,297) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 4,305 | 3,263 |
Stock-based compensation expense | 12,760 | 1,824 |
Amortization of deferred contract costs | 105 | 105 |
Change in fair value of preferred stock warrant liability | 10,758 | 254 |
Change in fair value of contingent consideration | 1,591 | 3,702 |
Deferred tax provision | 137 | (8,538) |
Bad debt expense | 80 | 237 |
Non-cash interest expense | 100 | 145 |
Other | 97 | |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts receivable | (128) | (1,971) |
Unbilled receivables | 692 | 780 |
Funds receivable from payment partners | 5,456 | 5,648 |
Prepaid expenses and other assets | (7,817) | (3,210) |
Funds payable to clients | (14,475) | (29,990) |
Accounts payable, accrued expenses and other current liabilities | 3,097 | 650 |
Contingent consideration | (3,212) | (693) |
Other liabilities | 135 | (133) |
Deferred revenue | (436) | (385) |
Net cash used in operating activities | (13,553) | (40,609) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (3,463) | (1,261) |
Asset acquisition, net of cash acquired | (119) | |
Acquisition of businesses, net of cash acquired | (79,401) | |
Net cash used in investing activities | (3,582) | (80,662) |
Cash flows from financing activities: | ||
Proceeds from initial public offering, net of underwriting discounts and commissions | 268,694 | |
Payment of costs related to initial public offering | (3,845) | |
Proceeds from issuance of long-term debt | 4,167 | |
Payment of long-term debt issuance costs | (172) | |
Payment of long-term debt | (4,167) | |
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 59,735 | 119,755 |
Proceeds from exercise of warrants | 294 | |
Contingent consideration paid for acquisitions | (3,800) | (1,307) |
Proceeds from exercise of stock options | 3,792 | 520 |
Net cash provided by financing activities | 324,870 | 118,796 |
Effect of exchange rates changes on cash and cash equivalents | 239 | (428) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 307,974 | (2,903) |
Cash, cash equivalents and restricted cash, beginning of period | 109,052 | 86,027 |
Cash, cash equivalents and restricted cash, end of period | 417,026 | 83,124 |
Supplemental disclosures of cash flow and noncash information | ||
Cash paid during the period for interest | 1,074 | 938 |
Accretion of redeemable convertible preferred stock | (13) | (6) |
Issuance of common stock warrants | 336 | |
Issuance of Series C convertible preferred stock upon net exercise of warrants | 6,417 | |
Offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities | 1,015 | |
Cash and Cash Equivalents [Member] | ||
Cash flows from financing activities: | ||
Cash, cash equivalents and restricted cash, end of period | 412,026 | 83,124 |
Restricted Cash [Member] | ||
Cash flows from financing activities: | ||
Cash, cash equivalents and restricted cash, end of period | 5,000 | |
Conversion Of Preferred Stock Warrants To Common Stock Warrants [Member] | ||
Supplemental disclosures of cash flow and noncash information | ||
Conversion of stock to common stock | 6,272 | |
Conversion Of Convertible Preferred Stock To Common Stock [Member] | ||
Supplemental disclosures of cash flow and noncash information | ||
Conversion of stock to common stock | 116,818 | |
Conversion Of Redeemable Convertible Preferred Stock To Common Stock [Member] | ||
Supplemental disclosures of cash flow and noncash information | ||
Conversion of stock to common stock | $ 179,986 |
Business Overview and Summary o
Business Overview and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Overview and Summary of Significant Accounting Policies | Note 1. Business Overview and Summary of Significant Accounting Policies Flywire Corporation (“Flywire” or the “Company”) was incorporated under the laws of the State of Delaware in July 2009 as peerTransfer Corporation. In 2016, the Company changed its name to Flywire Corporation. The Company is headquartered in Boston, Massachusetts and has a global footprint in 11 countries across 5 continents. Flywire provides a secure global payments platform, offering its clients an innovative and streamlined process to receive reconciled domestic and international payments in a more cost effective and efficient manner. The Company’s solutions are built on three core elements: (i) a payments platform; (ii) a proprietary global payment network; and (iii) vertical-specific software backed by its deep industry expertise. Initial Public Offering 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 On May 28, 2021, the Company completed its IPO, in which the Company issued and sold 12,006,000 shares of voting voting Immediately prior to the closing , including 182,467 shares of preferred stock issued upon exercise of a warrant immediately prior to the closing of the IPO, Prior to the closing IPO, the Company had to purchase shares of its convertible preferred stock outstanding, such warrants immediately prior to the closing of the IPO warrants to purchase 190,500 shares of the Company’s voting re-measured paid-in 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 Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss, changes in convertible preferred stock, redeemable convertible preferred stock and stockholders’ equity ( ) , The results of operations for the six months ended June 30, 2021, are not necessarily indicative of results to be expected for the year ended December 31, 2021, any other interim periods or any future year or period. The accompanying consolidated balance sheet as of December 31, 2020 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2020. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from the interim unaudited condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s prospectus dated May 25, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended on May 26, 2021 (Prospectus). Principles of Consolidation The condensed consolidated financial statements include the accounts of Flywire Corporation and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 2. Impact of COVID-19 On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus (“COVID-19”) re-opening in-flow COVID-19; COVID-19 In response to the COVID-19 COVID-19 Stock Split In May 2021, the Company filed an amendment to its amended and restated certificate of incorporation to effect a 3-for-1 convertible Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock prior to the Company’s IPO and stock-based awards, the valuation of the preferred stock warrant liability up until the date of the Company’s IPO, impairment assessment of goodwill, intangibles and other long-lived assets, the valuation of acquired intangible assets and their useful lives, and the valuation of contingent consideration. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Concentrations of Credit Risk, Financial Instruments and Significant C lients Financial instruments that potentially subject the Company to concentration of credit risk consists principally of cash, cash equivalents, accounts receivable and funds receivable from payment partners. The Company maintains its cash and cash equivalents with financial institutions that management believes are of high credit quality. To manage credit risk related to accounts receivable, the Company evaluates credit worthiness of its clients and maintains allowances, to the extent necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any material credit losses for the three and six months ended June 30, 202 1 0 The Company has corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000. As part of the cash management proces s Accounts receivable are derived from revenue earned from Clients Clients June 30, December 31, 2021 2020 Client A 18 % 19 % Client B 13 % 10 % Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that have been June 30, December 31, 2021 2020 Partner A 12 % 24 % Partner B 13 % 12 % Partner C 22 % 12 % Partner D 10 % * * Less than 10% of total balance. During the three and six months ended June 30, 202 1 0 During the three months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 37.9% and 20.8% of the Company’s revenue, respectively, with the United Kingdom accounting for 12.0% and 10.4%, respectively and Canada accounting for 19.7% and 8.5%, respectively. No other countries accounted for 10% or more of revenue for the three months ended June 30, 2021 and 2020. During the six months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 31.0% and 23.0% of the Company’s revenue, Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in “Index to Consolidated Financial Statements - Note 2. Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements contained in the Prospectus. There have been no changes to these policies as described in the Prospectus. Deferred Offering Costs The Company capitalized certain legal, accounting and other third-party fees that were directly associated with in-process paid-in Software Developed for Internal Use The Company capitalizes costs related to internal-use million Advertising Costs Advertising costs are expensed as incurred and are included in selling and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expenses for the three six Recent Accounting Pronouncements Not Yet Adopted The following Accounting Standards Updates (“ASUs”) were issued by the Financial Accounting Standards Board (“FASB”) and not yet adopted by Flywire: ASU 2016-02, Leases (Topic 842) right-of-use ASU 2018-11, 2016-02 ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes step-up 2019-12 ASU 2021-04 Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), 815-40): 2021-04 2021-04 ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 2016-13 ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06 2020-06 Emerging Growth Company Status The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. |
Revenue and Recognition
Revenue and Recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Revenue and Recognition | Note 2. Revenue and Recognition The following tables present revenue from contracts with clients disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on where the client resides. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Primary geographical markets United States (“U.S.”) $ 22,964 $ 18,807 $ 56,538 $ 43,494 Canada 7,282 2,031 12,798 5,242 United Kingdom (“U.K.”) 4,454 2,461 7,887 6,049 Other Countries 1 2,276 458 4,744 1,681 Revenue $ 36,976 $ 23,757 $ 81,967 $ 56,466 Major solutions Transactions $ 24,250 $ 11,224 $ 56,684 $ 36,441 Platform and usage-based fees 12,726 12,533 25,283 20,025 Revenue $ 36,976 $ 23,757 $ 81,967 $ 56,466 (1) No single country included in the other countries category represented 10% or more of revenue. Contract Balances from Contracts with Clients The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands): June 30, 2021 December 31, 2020 Accounts receivable, net of allowances $ 11,621 $ 11,573 Unbilled receivables 1,006 1,698 Deferred revenue—current 836 1,227 Deferred revenue—non-current 63 108 For the three months ended June 30, 2021 and 2020, the Company recognized $0.2 million and $0.1 million, respectively , |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | Note 3. Allowance for Doubtful Accounts Changes in the allowance for doubtful accounts for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Allowance for doubtful accounts at the beginning of the period $ (201 ) $ (306 ) $ (481 ) $ (306 ) Provisions 26 (237 ) (80 ) (237 ) Write-offs, net of recoveries 8 47 394 47 Allowance for doubtful accounts at the end of the period $ (167 ) $ (496 ) $ (167 ) $ (496 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurements as of June 30, 2021 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ — $ — $ — $ — $ — $ — Financial Liabilities: Foreign exchange contracts $ — $ — $ 12 $ 12 Contingent consideration — — 7,079 7,079 $ — $ — $ 7,091 $ 7,091 Fair Value Measurements as of December 31, 2020 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ 54 $ 54 $ — $ — $ 54 $ 54 Financial Liabilities: Preferred stock warrant liability — — $ 1,932 $ 1,932 Contingent consideration — — 12,500 12,500 $ — $ — $ 14,432 $ 14,432 During the three and six months ended June 30, 2021 and 2020, there were no transfers between Level 1, Level 2 or Level 3. Preferred stock warrant liability Immediately prior to the completion of the IPO, 182,467 preferred stock warrants were exercised for Series C Convertible Preferred Stock in a cashless net exercise. The preferred stock warrants were re-measured Upon the completion of the IPO, the Company’s unexercised preferred stock warrants were converted into common stock warrants and the associated preferred stock warrant liabilities were re-measured paid-in The preferred stock warrant liability in the table above consists of the pre-IPO Contingent consideration The following table presents the unobservable inputs incorporated into the valuation of contingent consideration: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Discount rate 4.15 % 14.5 % 4.15 % 14.5 % Probability of successful achievement * 0% - 100 % 90% - 100 % 0% - 100 % 90% - 100 % Performance period 1 year 2 years 1 year 2 years * Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them. Increases or decreases in any of the probabilities of success in which revenue targets are expected to be achieved would result in a higher or lower fair value measurement, respectively. Increases or decreases in the discount rate would result in a lower or higher fair value measurement, respectively. The following table summarizes the changes in the carrying value of the contingent consideration for the three and six months ended June 30, 2021 nd Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Beginning balance $ 5,465 $ 6,800 $ 12,500 $ 2,000 Additions — — — 7,100 Change in fair value 1,614 4,002 1,591 3,702 Contingent consideration paid — — (7,012 ) (2,000 ) Ending balance $ 7,079 $ 10,802 $ 7,079 $ 10,802 * Amounts of $3.2 million paid in excess of the fair value initially recorded in purchase accounting were classified as operating cash flows in the consolidated statements of cash flows during the six months ended June 30, 2021. Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the consolidated statements of cash flows during the six months ended June 30, 2020. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Note 5. Derivative Instruments As part of the Company’s foreign currency risk management program, the Company uses foreign currency forward contracts to mitigate the volatility related to fluctuations in the foreign exchange rates. These foreign currency forward contracts are not designated as hedging instruments. Derivative transactions such as foreign currency forward contracts are measured in terms of the notional amount; however, this amount is not recorded on the consolidated balance sheets and is not, when viewed in isolation, a meaningful measure of the risk profile of the derivative instruments. The notional amount is generally not exchanged but is used only as the underlying basis on which the value of foreign exchange payments under these contracts is determined. As of June 30, 2021 and December 31, 2020, respectively, the Company had 1,859 and 3,647 open foreign exchange contracts. As of June 30, 2021 and December 31, 2020, the Company had foreign currency forward contracts outstanding with a notional amount of $12.7 million and $11.8 million, respectively. The Company records all derivative instruments in the condensed consolidated balance sheets at their fair values. As of June 30, 2021, the Company recorded a liability of less than $0.1 million and as of December 31, 2020, the Company recorded an asset of less than $0.1 million related to outstanding foreign exchange contracts. The Company recognized a gain of less than $0.1 million during the three and six months ended June 30, 2021 and 2020, which was included as a component of general and administrative expense within the consolidated statements of operations and comprehensive loss. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 6. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands): June 30, 2021 December 31, 2020 Accrued employee compensation and related taxes $ 8,022 $ 9,371 Accrued vendor liabilities 1,159 2,542 Accrued income taxes payable 658 1,027 Accrued professional services 628 937 Other accrued expenses and current liabilities 3,617 1,114 $ 14,084 $ 14,991 |
Property And Equipment, Net
Property And Equipment, Net | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Note 7. Property and Equipment, net Property and equipment, net consisted of the following as of the dates presented (in thousands): June 30, 2021 December 31, 2020 Computer equipment and software $ 1,655 $ 1,465 Internal use software 4,967 1,779 Furniture and fixtures 632 687 Leasehold improvements 4,044 3,989 11,298 7,920 Less: Accumulated depreciation and amortization (3,762 ) (2,819 ) $ 7,536 $ 5,101 Depreciation and amortization expense for the three months ended June 30, 2021 and 2020 was $0.5 million and $0.5 million, respectively. Depreciatio n During the three and six months ended June 30, 2021, the Company sold $0.1 million of property and equipment with accumulated depreciation of $0.1 million. The Company recognized a gain on the sale of the fixed assets of less than $0.1 million. There were no write offs of assets during the three and six months ended June 30, 2020. As of June 30, 2021 and December 31, 2020, the carrying value of internal-used software was $4.6 million and $1.7 million, respectively. Amortization expense related to internal-use internal-use |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Note 8. Business Combinations There were no acquisitions accounted for business combinations completed in the three and six months ended June 30, 2021. Business Acquisition Completed in 2020 Simplificare Inc. On February 13, 2020, the Company completed its acquisition of Simplificare Inc. (“Simplee”), a provider of healthcare payment and collections software. The acquisition of Simplee was intended to further expand the capabilities of the Company and to acquire additional c l Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total purchase consideration of $86.5 million, which consists of (in thousands): Cash consideration, net of cash acquired $ 79,401 Estimated fair value of contingent consideration 7,100 Total purchase consideration, net of cash acquired $ 86,501 Contingent consideration represents additional payments that the Company may be required to make in the future, which totals up to $20.0 million depending on the Company reaching certain revenue and integration targets established for the years ended December 31, 2020 and 2021, as well as retaining key c , respectively one-year two-year The Company incurred $1.9 million in transaction costs related to the Simplee acquisition, of which less than $0.1 million and $1.3 million was incurred during the three and six months ended June 30, 2020, respectively. No costs were incurred during the three and six months ended June 30, 2021. Additionally, the Company incurred retention costs to compensate employees of Simplee for future services. These costs were included in personnel expense The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands): Cash $ 2,190 Accounts receivable 8,555 Prepaid expenses and other assets 1,578 Property and equipment, net 107 Deferred tax assets 6,587 Goodwill 31,696 Identifiable intangible assets 58,800 Total assets acquired 109,513 Deferred tax liabilities 15,092 Accounts payable 2,267 Accrued expenses and other liabilities 3,463 Total liabilities assumed 20,822 Net assets acquired 88,691 Less: cash acquired 2,190 Net assets, less cash acquired $ 86,501 Goodwill arising from the acquisition of $31.7 million was attributable to the workforce of Simplee and the synergies expected to arise from the acquisition. The Company expects that no goodwill from this acquisition will be deductible for income tax purposes. The following table reflects the estimated fair values of the identified intangible assets of Simplee and their respective weighted-average estimated amortization periods. Estimated Fair Values Weighted- Average Estimated Amortization Periods (in thousands) (years) Developed technology $ 10,500 8 C lient 48,300 12 $ 58,800 The results of Simplee have been included in the consolidated financial statements since the date of acquisition. Simplee’s consolidated revenue included in the consolidated financial statements for the three six Unaudited Pro Forma Financial Information The following unaudited pro forma financial information shows the results of the Company’s operations for the three and six months ended June 30, 2020 as if the acquisition had occurred on January 1, 2019. The unaudited pro forma financial information is presented for information purposes only and is not necessarily indicative of what would have occurred if the acquisition had occurred as of that date. The unaudited pro forma information is also not intended to be a projection of future results due to the integration of the acquired operations of Simplee. The unaudited pro forma information reflects the effects of applying the Company’s accounting policies and certain pro forma adjustments to the combined historical financial information of the Company and Simplee. The pro forma adjustments include: • incremental amortization expense associated with the estimated fair value of identified intangible assets and property and equipment; • revenue and cost of revenue adjustments as a result of the reduction in deferred revenue and the cost related to their estimated fair value; • incremental employee compensation expense for Simplee employees; and • the estimated tax impact of the above items. Six Months Ended June 30, 2020 Actual Pro Forma (in thousands) Revenue $ 56,466 $ 60,952 Net Loss $ (12,297 ) $ (13,852 ) |
Goodwill And Acquired Intangibl
Goodwill And Acquired Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangible Assets | Note 9. Goodwill and Acquired Intangible Assets Goodwill The following table summarizes the changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Beginning balance $ 44,618 $ 44,872 $ 44,650 $ 12,924 Goodwill related to Simplee acquisition — — — 31,696 Foreign currency translation adjustment 38 (39 ) 6 213 Ending balance $ 44,656 $ 44,833 $ 44,656 $ 44,833 No goodwill impairment was recorded during the six months ended June 30, 2021 and 2020. Acquired Intangible Assets Acquired intangible assets subject to amortization consisted of the following (in thousands): June 30, 2021 (in thousands) Gross Carrying Value* Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life (Years) Developed Technology $ 25,182 $ (8,618 ) $ 16,564 5.66 Client Relationships 52,402 (4,082 ) 48,320 10.35 Trade Name/Trademark 511 (511 ) — — Non-Compete 469 (320 ) 149 1.66 $ 78,564 $ (13,531 ) $ 65,033 * Includes less than $0.1 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets during the six months ended June 30, 2021. June 30, 2020 Gross Carrying Value* Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life (Years) Developed Technology $ 25,063 $ (6,595 ) $ 18,468 6.13 Client Relationships 52,312 (2,772 ) 49,540 10.88 Trade Name/Trademark 511 (504 ) 7 0.04 Non-Compete 469 (273 ) 196 2.05 $ 78,355 $ (10,144 ) $ 68,211 * Includes less than $0.1 million of foreign currency translation during the six months ended June 30, 2020. Amortization expense for the three months ended June 30, 2021 and 2020 was $1.7 million and $1.2 million, respectively. Amortization expense for the six months ended June 30, 2021 and 2020 was $3.3 million and $2.8 million, respectively. As of June 30, 2021, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands): Estimated Amortization Expense Remaining of fiscal year 2021 $ 3,310 2022 7,154 2023 7,626 2024 7,607 2025 7,162 Thereafter 32,174 $ 65,033 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 10. Debt The components of the Company’s outstanding debt as of each period presented, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Long term debt $ 25,000 $ 25,000 Less unamortized debt discount (363 ) (430 ) Less unamortized debt issuance costs (190 ) (218 ) Net carrying amount $ 24,447 $ 24,352 Loan and Security Agreement On January 16, 2018, the Company entered into a Loan and Security Agreement with a financial institution for a $25.0 million loan (the “LSA”) with interest at a rate of 8.5% per annum. The proceeds of the LSA were used to fund the acquisition of OnPlan. The LSA could be drawn down in three tranches. The first tranche of $15.0 million was drawn in January 2018, while the remaining two tranches were drawn in February 2019 and August 2019 for $5.0 million each. The LSA maturity date was January 22, 2022. The Company was obligated to make monthly interest payments on the loan. The LSA was interest only until either August 1, 2019 or February 1, 2020 pending on achieving certain revenue and margin targets. The Company incurred debt issuance costs of $0.2 million in connection with the issuance of the LSA. These issuance costs were amortized to interest expense, using the effective interest method, over the term of the loan. On December 31, 2018, the Company achieved the required targets, and deemed that the principal payments would not commence until February 1, 2020. The LSA does not include any financial covenants. The LSA contains negative covenants that restrict, among other things, the Company’s ability to sell asset s The LSA is subject to customary mandatory prepayment provisions and acceleration upon events of default for, among other things, non-payment, Amendments to Loan and Security Agreement On April 25, 2020, the Company entered into a Joinder and First Amendment to the Loan and Security Agreement for administrative matters. On May 18, 2020, the Company entered into a Joinder and Second Amendment to Loan and Security Agreement to refinance the LSA. As part of the amendment, the financial institution re-advanced May 2025 On June 2, 2020, December 9, 2020 and May 19, 2021, the Company entered into a Third, Fourth and Fifth Amendments, respectively, to the Loan and Security Agreement for administrative matters. All amendments were accounted for as debt modifications. Future Principal Payments As of June 30, 2021, the aggregate minimum future principal payments due in connection with the Company’s LSA in the next five years were as follows (in thousands): 2021 $ — 2022 — 2023 7,292 2024 12,500 2025 5,208 $ 25,000 Interest expense for the three months ended June 30, 2021 and 2020 was $0.6 million and $0.7, respectively. Interest expense for the six months ended June 30, 2021 and 2020 was $1.2 million and $1.3 million, respectively. Included in interest expense for the three months ended June 30, 2021 and 2020 is $0.1 million and $0.1 million of amortization of debt issuance cost and debt discount. Included in interest expense for the six months ended June 30, 2021 and 2020 is $0.1 million and $0.1 million of amortization of debt issuance cost and debt discount. On July 29, 2021, the Company closed a new loan facility that was used to pay off the existing debt under the LSA the |
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' (Deficit) Equity | Note 11. Stockholders’ (Deficit) Equity Preferred Stock Common Stock current non-voting non-voting that holders of voting common stock are entitled to one vote for each share on each matter properly submitted to the Company’s stockholders for their vote, while holders of non-voting common stock are not entitled to vote on such matters. Holders of voting common stock and non-voting common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. As of June 30, 2021, the Company had reserved shares of common stock for future issuance as follows: Issued and outstanding stock options 16,366,407 Available issuance under stock plans 9,864,400 26,230,807 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 12. Stock-Based Compensation 2021 Equity Incentive Plan The Company has stock-based compensation plans that provide for the award of equity incentives, including stock options, restricted stock awards, restricted stock units (RSUs), performance shares, performance units and other stock-based awards. No further awards can be made under the 2009 Equity Incentive Plan (2009 Plan) or 2018 Equity Incentive Plan (2018 Plan), however awards outstanding under the 2009 Plan and 2018 Plan will continue to be governed by their existing terms. With the establishment of the 2021 Equity Incentive Plan (the 2021 Plan) as further discussed below, upon the expiration, forfeiture, cancellation, or reacquisition of any stock-based awards granted under the 2009 Plan or 2018 Plan, and equal number of shares will become available for grant under the 2021 Plan. In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Plan, which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, RSU awards, performance awards and other forms of equity compensation (collectively, equity awards). A total of 9,201,156 shares of the common stock have been reserved for issuance under the 2021 Plan in addition to (i) any annual automatic evergreen increases in the number of shares of common stock reserved for issuance under the 2021 Plan and (ii) upon the expiration, forfeiture, cancellation, or reacquisition of any shares of common stock underlying outstanding stock awards granted under the 2009 Plan and 2018 Plan, an equal number of shares of common stock. In April 2021, the Company’s board of directors adopted, and in May 2021 its stockholders approved, the 2021 Employee Stock Purchase Plan (the 2021 ESPP), which became effective in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 1,639,810 shares of the Company’s common stock have been reserved for future issuance under the 2021 ESPP, in addition to any annual automatic evergreen increases in the number of shares of common stock reserved for future issuance under the 2021 ESPP. The price at which common stock is purchased under the 2021 ESPP is equal to 85% of the fair market value of a share of the Company’s common stock on the first or last day of the offering period, whichever is lower. Offering periods are generally 3 months long. As of June 30, 2021, the Company has not commenced any offering period under the Stock Options 1 During the three and six months ended June 30, 2021, the Company granted an aggregate of 1,030,185 and 3,898,650 shares of stock options with weighted average exercise prices of $6.17 and $16.83 per share, respectively. The fair value of options granted before the closing of the IPO was estimated at the grant date using the Black-Scholes model with the following assumptions: (i) expected term of 6.08 years, (ii) expected volatility of 42.4%, (iii) risk-free interest rate range of 0.53% to 1.21% and (iv) expected dividend yield of 0%. As of June 30, 2021, there was $27.7 million of total unrecognized compensation expense related to unvested stock options and restricted stock awards, which is expected to be recognized over a weighted-average period of 2.8 years. The following table summarizes the stock-based compensation expense for stock options and restricted stock awards granted to employees that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands): For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Technology and development $ 410 $ 170 $ 1,494 $ 333 Selling and marketing 751 348 3,396 599 General and administrative 1,235 471 7,870 892 Total stock-based compensation expense $ 2,396 $ 989 $ 12,760 $ 1,824 In February 2021, certain of the Company’s existing investors acquired 1,205,118 outstanding shares of common stock from employees of the Company, for a purchase price greater than the fair value of the common stock at the time of the transaction. As a result, the Company recorded $8.4 million in stock-based compensation during the six months ended June 30, 2021. The amount recorded as stock-based compensation represents the difference between the price paid and the estimated fair value at the date of the transaction. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Note 13. Net Loss per Share Flywire follows the two-class method when computing net income (loss) per share as the Company has issued shares that meet the definition of participating securities. Prior to the automatic conversion of all of its convertible preferred stock, and redeemable convertible preferred stock, into voting and non-voting common stock upon the completion of the IPO, the Company considered all series of its preferred stock and unvested common stock to be participating securities as the holders of such stock have the right to receive nonforfeitable dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible preferred stock or the redeemable convertible preferred stock as the preferred stockholders do not have a contractual obligation to share in the Company’s losses. Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting net income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding, including all potentially dilutive common shares, if the effect of such shares is dilutive. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the three and six months ended June 30, 2021 and 2020. For the three and six months ended June 30, 2021 and 2020, net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders. The rights, including the liquidation and dividend rights, of the Voting and Non-Voting Non-Voting Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (18,146 ) $ (15,997 ) $ (26,798 ) $ (12,297 ) Accretion of preferred stock to redemption value (8 ) (4 ) (13 ) (6 ) Net loss attributable to common shareholders - basic and diluted $ (18,154 ) $ (16,001 ) $ (26,811 ) $ (12,303 ) Denominator: Weighted average shares outstanding – basic and diluted 52,496,862 18,327,639 36,886,657 17,919,721 Net loss per share attributable to common stockholders – basic and diluted $ (0.35 ) $ (0.87 ) $ (0.73 ) $ (0.69 ) For periods the Company is in a loss positions, basic net loss per share attributable to common stockholders is the same as diluted net loss per share attributable to common stockholders. Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented: June 30, 2021 2020 Warrants for the purchase of common stock — 264,171 Warrants for the purchase of convertible preferred stock (as converted into common stock) — 381,000 Redeemable convertible preferred stock (as converted into common stock) — 54,208,461 Convertible preferred stock (as converted into common stock) — 11,239,920 Unvested restricted stock awards 375,771 981,441 Stock options to purchase common stock (as converted to common stock) 16,366,407 16,527,297 16,742,178 83,602,290 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 1 4 . Income Taxes The Company’s provision for income taxes during the interim periods is determined using an estimate of the Company’s annual effective tax rate, which is adjusted for certain discrete tax items during the interim period. The Company recorded an income tax expense of $0.3 million and an income tax expense of $0.3 million for the three months ended June 30, 2021 and 2020, respectively. The income tax expense for the three months ended June 30, 2021 was primarily attributable to foreign taxes. The tax expense for the three months ended June 30, 2020 was primarily attributable to foreign taxes. The Company recorded an income tax expense of $0.5 million and $7.4 million for the six months ended June 30, 2021 and 2020, respectively. The income tax expense for the six months ended June 30, 2021 was primarily attributable to foreign taxes. The tax benefit for the six months ended June 30, 2020 was primarily attributable to the release of the Company’s valuation allowance in connection with the acquisition of Simplee. This release was due to taxable temporary differences recorded as part of the Simplee acquisition which are a source of income to realize certain pre-existing The Company’s effective tax rate differs from the Federal statutory ra t The Company’s management evaluates the realizability of the Company’s deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during the foreseeable future. As of June 30, 2021, the Company continues to maintain a full valuation allowance of the U.S. net deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 1 5 Operating Leases In March 2021, the Company entered into a lease agreement for 680 square feet of office space in Tel Aviv, Israel. The term of the lease commenced on March 15, 2021 and continues until March 25, 2023. The Company has the option to extend the lease for an additional two-year In May 2021, the Company executed lease extensions on previously rented office space in Cluj, Romania and Singapore. Both extensions commence on May 15, 2021. The Cluj extension continues until March 31, 2024, and the Singapore extension continues until November 14, 2021. The Company is obligated to pay its portion of building operating and tax expenses under both agreeements. Future minimum lease payments for noncancelable operating leases as of June 30, 2021, are as follows (in thousands): Years Ending December 31, 2021 (remaining six months) $ 1,582 2022 1,722 2023 1,505 2024 446 2025 18 $ 5,273 Rent expense for the three months ended June 30, 2021 and 2020 was $0.6 million and $0.6 million respectively. Rent expense for the six months ended June 30, 2021 and 2020 was $1.1 million and $1.2 million, respectively. Legal proceedings The Company is subject to various legal proceedings and claims, the outcomes of which are subject to significant uncertainty. The Company records an accrual for legal contingencies when it is determined that it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In making such determinations, the Company evaluates, among other things, the degree of probability of an unfavorable outcome and, when it is probable that a liability has been incurred, and the ability to make a reasonable estimate of the loss. If the occurrence of liability is probable, the Company will disclose the nature of the contingency, and if estimable, will provide the likely amount of such loss or range of loss. As of June 30, 2021, the Company was not subject to any pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows. Indemnification In the ordinary course of business, the Company agrees to indemnify certain partners and clients against third party claims asserting infringement of certain intellectual property rights, data protection, damages caused to property or persons, or other liabilities relating to or arising from the Company’s payment platform or other contractual obligations. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has or |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 1 6 Debt On July 29, 2021, the Company entered into a three-year senior secured revolving credit syndication loan with three banks for a total commitment of $50.0 million. The revolving credit syndication loan is guaranteed by Flywire’s material domestic subsidiaries. One of the lenders in the syndicate is the existing debt holder under the LSA entered into in 2018 a d The secured revolving credit loan will consist of Alternate Base Rate (ABR) loans or Eurodollar Borrowings, at the Company’s option. ABR loans will bear interest at the ABR plus the applicable rate. Eurodollar Borrowings will bear interest at the Adjusted LIBO Rate plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate (b) the Federal Funds Effective Rate plus 1 2 one-month % to The credit agreement Non-compliance credit agreement |
Business Overview and Summary_2
Business Overview and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Initial Public Offering | Initial Public Offering On May 28, 2021, in connection with the Company’s initial public offering (“IPO”), the Company filed an amended and restated certificate of incorporation, which became effective on that date. The amended and restated certificate of incorporation authorized the issuance of 2,000,000,000 shares of voting common stock, 10,000,000 shares of non-voting On May 28, 2021, the Company completed its IPO, in which the Company issued and sold 12,006,000 shares of voting voting Immediately prior to the closing , including 182,467 shares of preferred stock issued upon exercise of a warrant immediately prior to the closing of the IPO, Prior to the closing IPO, the Company had to purchase shares of its convertible preferred stock outstanding, such warrants immediately prior to the closing of the IPO warrants to purchase 190,500 shares of the Company’s voting re-measured paid-in 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 |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The interim unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations, comprehensive loss, changes in convertible preferred stock, redeemable convertible preferred stock and stockholders’ equity ( ) , The results of operations for the six months ended June 30, 2021, are not necessarily indicative of results to be expected for the year ended December 31, 2021, any other interim periods or any future year or period. The accompanying consolidated balance sheet as of December 31, 2020 was derived from the Company’s audited consolidated financial statements for the year ended December 31, 2020. Certain information and note disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from the interim unaudited condensed consolidated financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s prospectus dated May 25, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended on May 26, 2021 (Prospectus). |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of Flywire Corporation and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Segment Information | Segment Information The Company has a single operating and reportable segment. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. For information regarding the Company’s revenue by geographic area, see Note 2. |
Impact of COVID-19 | Impact of COVID-19 On March 11, 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus (“COVID-19”) re-opening in-flow COVID-19; COVID-19 In response to the COVID-19 COVID-19 |
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 convertible |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and the accompanying notes. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock prior to the Company’s IPO and stock-based awards, the valuation of the preferred stock warrant liability up until the date of the Company’s IPO, impairment assessment of goodwill, intangibles and other long-lived assets, the valuation of acquired intangible assets and their useful lives, and the valuation of contingent consideration. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. |
Concentrations of Credit Risk, Financial Instruments and Significant Clients | Concentrations of Credit Risk, Financial Instruments and Significant C lients Financial instruments that potentially subject the Company to concentration of credit risk consists principally of cash, cash equivalents, accounts receivable and funds receivable from payment partners. The Company maintains its cash and cash equivalents with financial institutions that management believes are of high credit quality. To manage credit risk related to accounts receivable, the Company evaluates credit worthiness of its clients and maintains allowances, to the extent necessary, for potential credit losses based upon the aging of its accounts receivable balances and known collection issues. The Company has not experienced any material credit losses for the three and six months ended June 30, 202 1 0 The Company has corporate deposit balances with financial institutions which exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000. As part of the cash management proces s Accounts receivable are derived from revenue earned from Clients Clients June 30, December 31, 2021 2020 Client A 18 % 19 % Client B 13 % 10 % Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that have been June 30, December 31, 2021 2020 Partner A 12 % 24 % Partner B 13 % 12 % Partner C 22 % 12 % Partner D 10 % * * Less than 10% of total balance. During the three and six months ended June 30, 202 1 0 During the three months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 37.9% and 20.8% of the Company’s revenue, respectively, with the United Kingdom accounting for 12.0% and 10.4%, respectively and Canada accounting for 19.7% and 8.5%, respectively. No other countries accounted for 10% or more of revenue for the three months ended June 30, 2021 and 2020. During the six months ended June 30, 2021 and 2020, revenue from clients located outside of the United States in the aggregate accounted for 31.0% and 23.0% of the Company’s revenue, |
Deferred Offering Costs | Deferred Offering Costs The Company capitalized certain legal, accounting and other third-party fees that were directly associated with in-process paid-in |
Software Developed for Internal Use | Software Developed for Internal Use The Company capitalizes costs related to internal-use million |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and are included in selling and marketing expenses in the consolidated statements of operations and comprehensive loss. Advertising expenses for the three six |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted The following Accounting Standards Updates (“ASUs”) were issued by the Financial Accounting Standards Board (“FASB”) and not yet adopted by Flywire: ASU 2016-02, Leases (Topic 842) right-of-use ASU 2018-11, 2016-02 ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes step-up 2019-12 ASU 2021-04 Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), 815-40): 2021-04 2021-04 ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments 2016-13 2016-13 ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06 2020-06 |
Emerging Growth Company Status | Emerging Growth Company Status The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. |
Business Overview and Summary_3
Business Overview and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable And Funds Receivable | Accounts receivable are derived from revenue earned from Clients Clients June 30, December 31, 2021 2020 Client A 18 % 19 % Client B 13 % 10 % Funds receivable from payment partners consist primarily of cash held by the Company’s global payment processing partners that have been June 30, December 31, 2021 2020 Partner A 12 % 24 % Partner B 13 % 12 % Partner C 22 % 12 % Partner D 10 % * * Less than 10% of total balance. |
Revenue and Recognition (Tables
Revenue and Recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue Recognition [Abstract] | |
Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions | The following tables present revenue from contracts with clients disaggregated by geographical area and major solutions. The categorization of revenue by geographical location is determined based on where the client resides. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2021 2020 2021 2020 Primary geographical markets United States (“U.S.”) $ 22,964 $ 18,807 $ 56,538 $ 43,494 Canada 7,282 2,031 12,798 5,242 United Kingdom (“U.K.”) 4,454 2,461 7,887 6,049 Other Countries 1 2,276 458 4,744 1,681 Revenue $ 36,976 $ 23,757 $ 81,967 $ 56,466 Major solutions Transactions $ 24,250 $ 11,224 $ 56,684 $ 36,441 Platform and usage-based fees 12,726 12,533 25,283 20,025 Revenue $ 36,976 $ 23,757 $ 81,967 $ 56,466 (1) No single country included in the other countries category represented 10% or more of revenue. |
Summary of Accounts Receivable, Unbilled Receivables And Deferred Revenue From Contracts With Customers | The following table provides information about accounts receivable, unbilled receivables and deferred revenue from contracts with clients (in thousands): June 30, 2021 December 31, 2020 Accounts receivable, net of allowances $ 11,621 $ 11,573 Unbilled receivables 1,006 1,698 Deferred revenue—current 836 1,227 Deferred revenue—non-current 63 108 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of Allowance For Doubtful Accounts | Changes in the allowance for doubtful accounts for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Allowance for doubtful accounts at the beginning of the period $ (201 ) $ (306 ) $ (481 ) $ (306 ) Provisions 26 (237 ) (80 ) (237 ) Write-offs, net of recoveries 8 47 394 47 Allowance for doubtful accounts at the end of the period $ (167 ) $ (496 ) $ (167 ) $ (496 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 (in thousands): Fair Value Measurements as of June 30, 2021 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ — $ — $ — $ — $ — $ — Financial Liabilities: Foreign exchange contracts $ — $ — $ 12 $ 12 Contingent consideration — — 7,079 7,079 $ — $ — $ 7,091 $ 7,091 Fair Value Measurements as of December 31, 2020 Using: Level 1 Level 2 Level 3 Total Financial Assets: Foreign exchange contracts $ — $ — $ 54 $ 54 $ — $ — $ 54 $ 54 Financial Liabilities: Preferred stock warrant liability — — $ 1,932 $ 1,932 Contingent consideration — — 12,500 12,500 $ — $ — $ 14,432 $ 14,432 |
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration | The following table presents the unobservable inputs incorporated into the valuation of contingent consideration: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Discount rate 4.15 % 14.5 % 4.15 % 14.5 % Probability of successful achievement * 0% - 100 % 90% - 100 % 0% - 100 % 90% - 100 % Performance period 1 year 2 years 1 year 2 years * Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them. |
Summary of Changes in the Carrying Value of the Contingent Consideration | The following table summarizes the changes in the carrying value of the contingent consideration for the three and six months ended June 30, 2021 nd Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Beginning balance $ 5,465 $ 6,800 $ 12,500 $ 2,000 Additions — — — 7,100 Change in fair value 1,614 4,002 1,591 3,702 Contingent consideration paid — — (7,012 ) (2,000 ) Ending balance $ 7,079 $ 10,802 $ 7,079 $ 10,802 * Amounts of $3.2 million paid in excess of the fair value initially recorded in purchase accounting were classified as operating cash flows in the consolidated statements of cash flows during the six months ended June 30, 2021. Amounts of $0.7 million paid in excess of fair value initially recorded in purchase accounting were classified as operating cash flows in the consolidated statements of cash flows during the six months ended June 30, 2020. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following as of the dates presented (in thousands): June 30, 2021 December 31, 2020 Accrued employee compensation and related taxes $ 8,022 $ 9,371 Accrued vendor liabilities 1,159 2,542 Accrued income taxes payable 658 1,027 Accrued professional services 628 937 Other accrued expenses and current liabilities 3,617 1,114 $ 14,084 $ 14,991 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment ,Net | Property and equipment, net consisted of the following as of the dates presented (in thousands): June 30, 2021 December 31, 2020 Computer equipment and software $ 1,655 $ 1,465 Internal use software 4,967 1,779 Furniture and fixtures 632 687 Leasehold improvements 4,044 3,989 11,298 7,920 Less: Accumulated depreciation and amortization (3,762 ) (2,819 ) $ 7,536 $ 5,101 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations [Abstract] | |
Summary of Purchase Consideration | Pursuant to the terms of the agreement, the Company acquired all outstanding equity of Simplee for estimated total purchase consideration of $86.5 million, which consists of (in thousands): Cash consideration, net of cash acquired $ 79,401 Estimated fair value of contingent consideration 7,100 Total purchase consideration, net of cash acquired $ 86,501 |
Summary of Fair Value Of the Assests Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase consideration to the fair value of the assets acquired and liabilities assumed (in thousands): Cash $ 2,190 Accounts receivable 8,555 Prepaid expenses and other assets 1,578 Property and equipment, net 107 Deferred tax assets 6,587 Goodwill 31,696 Identifiable intangible assets 58,800 Total assets acquired 109,513 Deferred tax liabilities 15,092 Accounts payable 2,267 Accrued expenses and other liabilities 3,463 Total liabilities assumed 20,822 Net assets acquired 88,691 Less: cash acquired 2,190 Net assets, less cash acquired $ 86,501 |
Schedule of Estimated Fair Value of the Identified Intangible Assets | The following table reflects the estimated fair values of the identified intangible assets of Simplee and their respective weighted-average estimated amortization periods. Estimated Fair Values Weighted- Average Estimated Amortization Periods (in thousands) (years) Developed technology $ 10,500 8 C lient 48,300 12 $ 58,800 |
Summary of Unaudited Pro Forma Financial Information | Six Months Ended June 30, 2020 Actual Pro Forma (in thousands) Revenue $ 56,466 $ 60,952 Net Loss $ (12,297 ) $ (13,852 ) |
Goodwill And Acquired Intangi_2
Goodwill And Acquired Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in the Carrying Amount of Goodwill | The following table summarizes the changes in the carrying amount of goodwill for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Beginning balance $ 44,618 $ 44,872 $ 44,650 $ 12,924 Goodwill related to Simplee acquisition — — — 31,696 Foreign currency translation adjustment 38 (39 ) 6 213 Ending balance $ 44,656 $ 44,833 $ 44,656 $ 44,833 No goodwill impairment was recorded during the six months ended June 30, 2021 and 2020. |
Summary of Acquired Intangible Assets Subject to Amortization | Acquired intangible assets subject to amortization consisted of the following (in thousands): June 30, 2021 (in thousands) Gross Carrying Value* Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life (Years) Developed Technology $ 25,182 $ (8,618 ) $ 16,564 5.66 Client Relationships 52,402 (4,082 ) 48,320 10.35 Trade Name/Trademark 511 (511 ) — — Non-Compete 469 (320 ) 149 1.66 $ 78,564 $ (13,531 ) $ 65,033 * Includes less than $0.1 million of foreign currency translation adjustments and $0.1 million in acquired developed technology assets during the six months ended June 30, 2021. June 30, 2020 Gross Carrying Value* Accumulated Amortization Net Carrying Amount Weighted Average Remaining Life (Years) Developed Technology $ 25,063 $ (6,595 ) $ 18,468 6.13 Client Relationships 52,312 (2,772 ) 49,540 10.88 Trade Name/Trademark 511 (504 ) 7 0.04 Non-Compete 469 (273 ) 196 2.05 $ 78,355 $ (10,144 ) $ 68,211 * Includes less than $0.1 million of foreign currency translation during the six months ended June 30, 2020. |
Schedule of Estimated Annual Amortization Expense Of Intangible Assets | As of June 30, 2021, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands): Estimated Amortization Expense Remaining of fiscal year 2021 $ 3,310 2022 7,154 2023 7,626 2024 7,607 2025 7,162 Thereafter 32,174 $ 65,033 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Company's Outstanding Debt | The components of the Company’s outstanding debt as of each period presented, consisted of the following (in thousands): June 30, 2021 December 31, 2020 Long term debt $ 25,000 $ 25,000 Less unamortized debt discount (363 ) (430 ) Less unamortized debt issuance costs (190 ) (218 ) Net carrying amount $ 24,447 $ 24,352 |
Schedule Of Debt Instrument Future Principal Payments | As of June 30, 2021, the aggregate minimum future principal payments due in connection with the Company’s LSA in the next five years were as follows (in thousands): 2021 $ — 2022 — 2023 7,292 2024 12,500 2025 5,208 $ 25,000 |
Stockholders' (Deficit) Equity
Stockholders' (Deficit) Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Summary of Reserved Shares of Common Stock | As of June 30, 2021, the Company had reserved shares of common stock for future issuance as follows: Issued and outstanding stock options 16,366,407 Available issuance under stock plans 9,864,400 26,230,807 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the Stock Based Compensation Expense for Stock Options and Restricted Stock Awards Granted to Employees | The following table summarizes the stock-based compensation expense for stock options and restricted stock awards granted to employees that was recorded in the Company’s consolidated statements of operations and comprehensive loss (in thousands): For the Three Months Ended June 30, 2021 For the Three Months Ended June 30, 2021 For the Six Months Ended June 30, 2021 For the Six Months Ended June 30, 2020 Technology and development $ 410 $ 170 $ 1,494 $ 333 Selling and marketing 751 348 3,396 599 General and administrative 1,235 471 7,870 892 Total stock-based compensation expense $ 2,396 $ 989 $ 12,760 $ 1,824 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss $ (18,146 ) $ (15,997 ) $ (26,798 ) $ (12,297 ) Accretion of preferred stock to redemption value (8 ) (4 ) (13 ) (6 ) Net loss attributable to common shareholders - basic and diluted $ (18,154 ) $ (16,001 ) $ (26,811 ) $ (12,303 ) Denominator: Weighted average shares outstanding – basic and diluted 52,496,862 18,327,639 36,886,657 17,919,721 Net loss per share attributable to common stockholders – basic and diluted $ (0.35 ) $ (0.87 ) $ (0.73 ) $ (0.69 ) |
Schedule of Antidilutive Excluded from Computation of Earnings Per Share | Outstanding potentially dilutive securities, which were excluded from the diluted net loss per share calculations because they would have been antidilutive were as follows as of the dates presented: June 30, 2021 2020 Warrants for the purchase of common stock — 264,171 Warrants for the purchase of convertible preferred stock (as converted into common stock) — 381,000 Redeemable convertible preferred stock (as converted into common stock) — 54,208,461 Convertible preferred stock (as converted into common stock) — 11,239,920 Unvested restricted stock awards 375,771 981,441 Stock options to purchase common stock (as converted to common stock) 16,366,407 16,527,297 16,742,178 83,602,290 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments For Noncancelable Operating Leases | Future minimum lease payments for noncancelable operating leases as of June 30, 2021, are as follows (in thousands): Years Ending December 31, 2021 (remaining six months) $ 1,582 2022 1,722 2023 1,505 2024 446 2025 18 $ 5,273 |
Business Overview and Summary_4
Business Overview and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | May 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Common Stock, Shares Authorized | 2,000,000,000 | 2,000,000,000 | 146,898,270 | |||
Common Stock, Shares Authorized, Non-voting right | 10,000,000 | 10,000,000 | ||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 0 | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock, Par or Stated Value Per Share | 0.0001 | 0.0001 | $ 0.0001 | |||
Common Stock, Par or Stated Value Per Share, Non-voting right | $ 0.0001 | $ 0.0001 | ||||
Proceeds from initial public offering | $ 268,694,000 | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 6,300,000 | |||||
Cash, FDIC Insured Amount | $ 250,000 | 250,000 | ||||
Deferred offering costs | 1,000,000 | 1,000,000 | ||||
Advertising Expense | 600,000 | $ 300,000 | 1,100,000 | 600,000 | ||
Capitalized computer software | $ 5,000,000 | $ 1,800,000 | $ 3,200,000 | $ 700,000 | ||
Stock Issued During Period, Shares, Other | 182,467 | 182,467 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 190,500 | 190,500 | ||||
Computer Software, Intangible Asset [Member] | ||||||
Estimated useful life of intangible asset | 5 years | |||||
Accounts Payable [Member] | ||||||
Deferred offering costs | $ 900,000 | $ 900,000 | ||||
Accrued Expenses and Other Current Liabilities [Member] | ||||||
Deferred offering costs | $ 100,000 | $ 100,000 | ||||
Revenue Benchmark [Member] | ||||||
Percentage of revenue from customers | 10.00% | 10.00% | ||||
Revenue Benchmark [Member] | United States ("U.S.") [Member] | ||||||
Percentage of revenue from customers | 37.90% | 20.80% | 31.00% | 23.00% | ||
Revenue Benchmark [Member] | United Kingdom ("U.K.") [Member] | ||||||
Percentage of revenue from customers | 12.00% | 10.40% | 9.60% | 10.70% | ||
Revenue Benchmark [Member] | Canada [Member] | ||||||
Percentage of revenue from customers | 19.70% | 8.50% | 15.60% | 9.30% | ||
IPO [Member] | ||||||
Common Stock, Shares Authorized | 2,000,000,000 | |||||
Common Stock, Shares Authorized, Non-voting right | 10,000,000 | |||||
Preferred Stock, Shares Authorized | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | |||||
Common Stock, Par or Stated Value Per Share | 0.0001 | |||||
Common Stock, Par or Stated Value Per Share, Non-voting right | $ 0.0001 | |||||
Stock shares issued during the period shares | 12,006,000 | |||||
Shares Issued, Price Per Share | $ 24 | |||||
Proceeds from initial public offering | $ 263,800,000 | |||||
Underwriting discount | 19,400,000 | |||||
Other offering costs | $ 4,900,000 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 68,202,784 | |||||
Preferred Stock Warrants Conversion To Common Stock Warrants | 190,500 | |||||
Over-Allotment Option [Member] | ||||||
Number of Shares , Exercised | 1,566,000 |
Business Overview and Summary_5
Business Overview and Summary of Significant Accounting Policies - Summary of Accounts Receivable And Funds Receivable (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Accounts Receivable [Member] | Client A [Member] | ||
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items] | ||
Concentration risk, percentage | 18.00% | 19.00% |
Accounts Receivable [Member] | Client B [Member] | ||
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items] | ||
Concentration risk, percentage | 13.00% | 10.00% |
Partner A [Member] | Funds Receivable [Member] | ||
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items] | ||
Concentration risk, percentage | 12.00% | 24.00% |
Partner B [Member] | Funds Receivable [Member] | ||
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items] | ||
Concentration risk, percentage | 13.00% | 12.00% |
Partner C [Member] | Funds Receivable [Member] | ||
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items] | ||
Concentration risk, percentage | 22.00% | 12.00% |
Partner D [Member] | Funds Receivable [Member] | ||
Schedule Of Funds Receivable From Payment Partners Consist Primarily Of Cash Held [Line Items] | ||
Concentration risk, percentage | 10.00% |
Revenue and Recognition - Summa
Revenue and Recognition - Summary of Revenue From Contract With Customers Disaggregated By Geographical Area And Major Solutions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 36,976 | $ 23,757 | $ 81,967 | $ 56,466 |
Transactions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 24,250 | 11,224 | 56,684 | 36,441 |
Platform And Usage Based Fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,726 | 12,533 | 25,283 | 20,025 |
United States ("U.S.") [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 22,964 | 18,807 | 56,538 | 43,494 |
Canada [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,282 | 2,031 | 12,798 | 5,242 |
United Kingdom ("U.K.") [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,454 | 2,461 | 7,887 | 6,049 |
Other Countries [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,276 | $ 458 | $ 4,744 | $ 1,681 |
Revenue and Recognition - Sum_2
Revenue and Recognition - Summary of Accounts Receivable, Unbilled Receivables And Deferred Revenue From Contracts With Customers (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue Recognition [Abstract] | ||
Accounts receivable, net of allowances | $ 11,621 | $ 11,573 |
Unbilled receivables | 1,006 | 1,698 |
Deferred revenue—current | 836 | 1,227 |
Deferred revenue—non-current | $ 63 | $ 108 |
Revenue and Recognition - Addit
Revenue and Recognition - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred Revenue | $ 0.2 | $ 0.7 | $ 0.1 | $ 0.6 |
Allowance For Doubtful Accoun_3
Allowance For Doubtful Accounts - Summary of Allowance For Doubtful Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Receivables [Abstract] | ||||
Allowance for doubtful accounts at the beginning of the period | $ (201) | $ (306) | $ (481) | $ (306) |
Provisions | (26) | (237) | 80 | 237 |
Write-offs, net of recoveries | 8 | 47 | 394 | 47 |
Allowance for doubtful accounts at the end of the period | $ (167) | $ (496) | $ (167) | $ (496) |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Foreign exchange contracts | $ 54 | |
Financial Assets | 54 | |
Financial Liabilities: | ||
Foreign exchange contracts | $ 12 | |
Preferred stock warrant liability | 1,932 | |
Contingent consideration | 7,079 | 12,500 |
Financial Liabilities | 7,091 | 14,432 |
Level 3 [Member] | ||
Financial Assets: | ||
Foreign exchange contracts | 54 | |
Financial Assets | 54 | |
Financial Liabilities: | ||
Foreign exchange contracts | 12 | |
Preferred stock warrant liability | 1,932 | |
Contingent consideration | 7,079 | 12,500 |
Financial Liabilities | $ 7,091 | $ 14,432 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration (Detail) | Jun. 30, 2021yr | Jun. 30, 2020yr |
Discount rate [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.0415 | 0.145 |
Probability of successful achievement [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0 | 0.90 |
Probability of successful achievement [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 1 | 1 |
Performance period [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business Combination, Contingent Consideration, Liability, Measurement Input | 1 | 2 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Detail) - Contingent Consideration [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance | $ 5,465 | $ 6,800 | $ 12,500 | $ 2,000 |
Additions | 7,100 | |||
Change in fair value | 1,614 | 4,002 | 1,591 | 3,702 |
Contingent consideration paid | (7,012) | (2,000) | ||
Ending balance | $ 7,079 | $ 10,802 | $ 7,079 | $ 10,802 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in the Carrying Value of the Contingent Consideration (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Business Combination, Contingent Consideration Arrangements, Change In Contingent Consideration Liability Fair Value [Abstract] | ||
Amount paid in excess of fair value recorded in purchase accounting classified as operating cash flows | $ 3.2 | $ 0.7 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | May 28, 2021 | Jun. 30, 2021 |
Fair Value Disclosures Line Items [Line Items] | ||
Issuance of Series Convertible Preferred Stock upon net exercise of warrants shares | 182,467 | 182,467 |
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | $ 6.3 | |
Series C Convertible Preferred Stock [Member] | ||
Fair Value Disclosures Line Items [Line Items] | ||
Issuance of Series Convertible Preferred Stock upon net exercise of warrants | $ 6.4 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)Numbers | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Numbers | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)Numbers | |
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Derivatives, Liability notional amount | $ 1,932 | ||||
Foreign Exchange Forward [Member] | Maximum [Member] | |||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Dervative instrument not designated as hedging instrument, Gain Loss | $ 100 | $ 100 | $ 100 | $ 100 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Number of derivative instruments | Numbers | 1,859 | 1,859 | 3,647 | ||
Derivatives, Notional amount | $ 12,700 | $ 12,700 | $ 11,800 | ||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Maximum [Member] | |||||
Derivative Instruments And Hedging Activities Disclosure [Line Items] | |||||
Derivatives, Asset notional amount | $ 100 | $ 100 | |||
Derivatives, Liability notional amount | $ 100 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued expenses and other current liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued employee compensation and related taxes | $ 8,022 | $ 9,371 |
Accrued vendor liabilities | 1,159 | 2,542 |
Accrued income taxes payable | 658 | 1,027 |
Accrued professional services | 628 | 937 |
Other accrued expenses and current liabilities | 3,617 | 1,114 |
Accrued Expenses and Other Current Liabilities | $ 14,084 | $ 14,991 |
Property And Equipment, Net - S
Property And Equipment, Net - Schedule of Property Plant and Equipment ,Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,298 | $ 7,920 |
Less: Accumulated depreciation and amortization | (3,762) | (2,819) |
Property, Plant and Equipment, Net | 7,536 | 5,101 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,655 | 1,465 |
Internal use software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 4,967 | 1,779 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 632 | 687 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,044 | $ 3,989 |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation and amortization expense | $ 0.5 | $ 0.5 | $ 1 | $ 1 | |
Carrying value of internal use software | 4.6 | 4.6 | $ 1.7 | ||
Amortization expense related to internal use software | 0.1 | 0.1 | 0.2 | 0.1 | |
Property and Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Proceeds from sale of property plant and equipment | 0.1 | 0.1 | |||
Accumulated depreciation sale of property plant and equipment | $ 0.1 | 0.1 | |||
Gain on the sale of the fixed assets | $ 0.1 | ||||
Write offs of assets during the period | $ 0 | $ 0 |
Business Combinations - Summary
Business Combinations - Summary of Purchase Consideration (Detail) - Simplificare Inc [Member] - USD ($) $ in Thousands | Feb. 13, 2020 | Jun. 30, 2021 |
Business Acquisition [Line Items] | ||
Cash consideration, net of cash acquired | $ 79,401 | |
Estimated fair value of contingent consideration | 7,100 | |
Net assets, less cash acquired | $ 86,500 | $ 86,501 |
Business Combinations - Summa_2
Business Combinations - Summary of Fair Value Of the Assests Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Feb. 13, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 44,656 | $ 44,618 | $ 44,650 | $ 44,833 | $ 44,872 | $ 12,924 | |
Simplificare Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash | 2,190 | ||||||
Accounts receivable | 8,555 | ||||||
Prepaid expenses and other assets | 1,578 | ||||||
Property and equipment, net | 107 | ||||||
Deferred tax assets | 6,587 | ||||||
Goodwill | 31,696 | ||||||
Identifiable intangible assets | 58,800 | ||||||
Total assets acquired | 109,513 | ||||||
Deferred tax liabilities | 15,092 | ||||||
Accounts payable | 2,267 | ||||||
Accrued expenses and other liabilities | 3,463 | ||||||
Total liabilities assumed | 20,822 | ||||||
Net assets acquired | 88,691 | ||||||
Less: cash acquired | 2,190 | ||||||
Net assets, less cash acquired | $ 86,500 | $ 86,501 |
Business Combinations - Schedul
Business Combinations - Schedule of Estimated Fair Value of the Identified Intangible Assets (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Developed Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Values | $ 100 |
Simplificare Inc [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Values | 58,800 |
Simplificare Inc [Member] | Developed Technology [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Values | $ 10,500 |
Weighted-Average Estimated Amortization Periods | 8 years |
Simplificare Inc [Member] | Client Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Fair Values | $ 48,300 |
Weighted-Average Estimated Amortization Periods | 12 years |
Business Combinations - Summa_3
Business Combinations - Summary of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue | $ 36,976 | $ 23,757 | $ 81,967 | $ 56,466 |
Net Loss | $ (18,146) | $ (15,997) | $ (26,798) | (12,297) |
Simplificare Inc [Member] | ||||
Revenue | 56,466 | |||
Net Loss | (12,297) | |||
Pro Forma Revenue | 60,952 | |||
Pro Forma Net Loss | $ (13,852) |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 13, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||||||
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs | $ 1,591 | $ 3,702 | |||||||
Goodwill | $ 44,656 | $ 44,833 | 44,656 | 44,833 | $ 44,618 | $ 44,650 | $ 44,872 | $ 12,924 | |
Simplificare Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase consideration | $ 86,500 | 86,501 | |||||||
Amount of increase (decrease) in the value of a contingent consideration liability, Personnel Costs | 200 | 300 | 400 | 600 | |||||
Business acquisition transaction costs | 1,900 | 1,900 | |||||||
Business acquisition related costs | 0 | 100 | 0 | 1,300 | |||||
Business combination integration related costs | 900 | 1,400 | 1,700 | 2,100 | |||||
Goodwill | 31,696 | 31,696 | |||||||
Business acquisition goodwill expected tax deductible amount | $ 0 | $ 0 | |||||||
Business combination, pro forma information, revenue of acquiree since acquisition date, actual | $ 10,700 | $ 16,200 | |||||||
Simplificare Inc [Member] | Revenue And Integration Targets Milestone [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition contingent consideration liability | 20,000 | ||||||||
Simplificare Inc [Member] | Continuing Employment Of Key Employees [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition contingent consideration liability | $ 2,100 |
Goodwill And Acquired Intangi_3
Goodwill And Acquired Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Beginning balance | $ 44,618 | $ 44,872 | $ 44,650 | $ 12,924 |
Goodwill related to Simplee acquisition | 31,696 | |||
Foreign currency translation adjustment | 38 | (39) | 6 | 213 |
Ending balance | $ 44,656 | $ 44,833 | $ 44,656 | $ 44,833 |
Goodwill And Acquired Intangi_4
Goodwill And Acquired Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill impairment | $ 0 | $ 0 |
Goodwill And Acquired Intangi_5
Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 78,564 | $ 78,355 |
Accumulated Amortization | (13,531) | (10,144) |
Net Carrying Amount | 65,033 | 68,211 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 25,182 | 25,063 |
Accumulated Amortization | (8,618) | (6,595) |
Net Carrying Amount | $ 16,564 | $ 18,468 |
Weighted Average Remaining Life | 5 years 7 months 28 days | 6 years 1 month 17 days |
Client Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 52,402 | $ 52,312 |
Accumulated Amortization | (4,082) | (2,772) |
Net Carrying Amount | $ 48,320 | $ 49,540 |
Weighted Average Remaining Life | 10 years 4 months 6 days | 10 years 10 months 17 days |
Trade Name/Trademark | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 511 | $ 511 |
Accumulated Amortization | (511) | (504) |
Net Carrying Amount | $ 7 | |
Weighted Average Remaining Life | 14 days | |
Non-Compete Agreement | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 469 | $ 469 |
Accumulated Amortization | (320) | (273) |
Net Carrying Amount | $ 149 | $ 196 |
Weighted Average Remaining Life | 1 year 7 months 28 days | 2 years 18 days |
Goodwill And Acquired Intangi_6
Goodwill And Acquired Intangible Assets - Summary of Acquired Intangible Assets Subject to Amortization (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Foreign Curreny translation adjustments | $ 0.1 | $ 0.1 |
Technology-Based Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Acquired Intangible assets | $ 0.1 |
Goodwill And Acquired Intangi_7
Goodwill And Acquired Intangible Assets - Schedule of Estimated Annual Amortization Expense Of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Jun. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remaining of fiscal year 2021 | $ 3,310 | |
2022 | 7,154 | |
2023 | 7,626 | |
2024 | 7,607 | |
2025 | 7,162 | |
Thereafter | 32,174 | |
Finite Lived Intangible Assets Net | $ 65,033 | $ 68,211 |
Goodwill And Acquired Intangi_8
Goodwill And Acquired Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 1.7 | $ 1.2 | $ 3.3 | $ 2.8 |
Debt - Schedule of Company's Ou
Debt - Schedule of Company's Outstanding Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Long term debt | $ 25,000 | $ 25,000 |
Less unamortized debt discount | (363) | (430) |
Less unamortized debt issuance costs | (190) | (218) |
Net carrying amount | $ 24,447 | $ 24,352 |
Debt - Schedule Of Debt Instrum
Debt - Schedule Of Debt Instrument Future Principal Payments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Debt Instrument Future Principal Payments [Line Items] | ||
2021 | $ 0 | |
2022 | 0 | |
2023 | 7,292 | |
2024 | 12,500 | |
2025 | 5,208 | |
Total | $ 25,000 | $ 25,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 29, 2021 | May 18, 2020 | Aug. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jan. 16, 2018 |
Debt Instrument [Line Items] | ||||||||||
Interest expense | $ 629 | $ 679 | $ 1,250 | $ 1,276 | ||||||
Amortization of debt issuance cost and debt discount | $ 100 | $ 100 | 100 | 100 | ||||||
Proceeds from issuance of long-term debt | $ 4,167 | |||||||||
Loan And Security Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, Aggregrate amount | $ 25,000 | |||||||||
Debt instrument, Interest rate | 8.50% | |||||||||
Maturity date | May 1, 2025 | Jan. 22, 2022 | ||||||||
Debt issuance costs | $ 200 | |||||||||
Proceeds from issuance of long-term debt | $ 5,000 | $ 5,000 | $ 15,000 | |||||||
Joinder And Second Amendment To Loan And Security Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt issuance costs | $ 200 | |||||||||
Debt Refinanced amount | $ 4,200 | |||||||||
Debt instrument, interest rate description | floating per annum rate equal to the greater of (i) 5.25% above the prime rate; or (ii) 8.50%. | |||||||||
Joinder And Second Amendment To Loan And Security Agreement [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 8.50% | |||||||||
Joinder And Second Amendment To Loan And Security Agreement [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate | 5.25% | |||||||||
Subsequent Event [Member] | Term Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of term loan | $ 25,000 |
Stockholders' (Deficit) Equit_2
Stockholders' (Deficit) Equity - Additional information (Detail) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Stockholders' Equity Note [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 2,000,000,000 | 146,898,270 |
Common Stock, Par or Stated Value Per Share, Non Voting right | $ 0.0001 | |
Common Stock, Shares Authorized, Non Voting right | 10,000,000 |
Stockholders' (Deficit) Equit_3
Stockholders' (Deficit) Equity - Summary of Reserved Shares of Common Stock (Detail) - shares | Jun. 30, 2021 | May 31, 2021 |
Common stock reserved for issuance,Shares | 26,230,807 | 9,201,156 |
Issued and outstanding stock options [Member] | ||
Common stock reserved for issuance,Shares | 16,366,407 | |
Available issuance under stock plans [Member] | ||
Common stock reserved for issuance,Shares | 9,864,400 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of The Stock Based Compensation Expense For Stock Options And Restricted Stock Awards Granted To Employees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 2,396 | $ 989 | $ 12,760 | $ 1,824 |
Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 410 | 170 | 1,494 | 333 |
Selling and Marketing Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | 751 | 348 | 3,396 | 599 |
General and Administrative Expense [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 1,235 | $ 471 | $ 7,870 | $ 892 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | May 31, 2021 | Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance,Shares | 9,201,156 | 26,230,807 | 26,230,807 | |
Unrecognised compensation expense related to unvested stock options and restricted stock awards | $ 27.7 | $ 27.7 | ||
Number of outstanding common stock shares from employees acquired by existing investors | 1,205,118 | |||
Stock based compensation expense | $ 8.4 | |||
Unrecognised compensation expense,expected to be recognised over a weighted average period | 2 years 9 months 18 days | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance,Shares | 16,366,407 | 16,366,407 | ||
Share based compensation arrangement by share based payment award options,Granted in period | 1,030,185 | 3,898,650 | ||
Share based compensation arrangement by share based payment award options,Weighted average exercise price | $ 6.17 | $ 16.83 | ||
Share based acompensation arrangement by share based payment award fair value assumptions,Expected Term | 6 years 29 days | |||
Share based acompensation arrangement by share based payment award fair value assumptions,Expected Volatility | 42.40% | |||
Share based acompensation arrangement by share based payment award fair value assumptions,Risk free interest rate minimum | 0.53% | |||
Share based acompensation arrangement by share based payment award fair value assumptions,Risk free interest rate maximum | 1.21% | |||
Share based acompensation arrangement by share based payment award fair value assumptions,Expected dividend yield | 0.00% | |||
2021 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance,Shares | 1,639,810 | |||
Share based compensation arrangement by share based payment award price at which common stock is purchased,Percent | 85.00% | |||
2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted under plan,Vesting period | 4 years | |||
Stock option granted under plan,Expiration period | 10 years | |||
2018 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted under plan,Vesting period | 4 years | |||
Stock option granted under plan,Expiration period | 10 years | |||
2020 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted under plan,Vesting period | 4 years | |||
Stock option granted under plan,Expiration period | 10 years |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||||
Net loss | $ (18,146) | $ (15,997) | $ (26,798) | $ (12,297) |
Accretion of preferred stock to redemption value | (8) | (4) | (13) | (6) |
Net loss attributable to common shareholders - basic and diluted | $ (18,154) | $ (16,001) | $ (26,811) | $ (12,303) |
Denominator: | ||||
Weighted average shares outstanding - basic and diluted | 52,496,862 | 18,327,639 | 36,886,657 | 17,919,721 |
Net loss per share attributable to common stockholders - basic and diluted | $ (0.35) | $ (0.87) | $ (0.73) | $ (0.69) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Excluded from Computation of Earnings Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16,742,178 | 83,602,290 |
Warrants for the purchase of common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 264,171,000 |
Warrants for the purchase of convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 381,000,000 |
Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 54,208,461,000 |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 11,239,920 |
Unvested restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 375,771 | 981,441 |
Stock Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 16,366,407 | 16,527,297 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income tax expense (benefit) | $ 273 | $ 272 | $ 471 | $ (7,409) |
Provision For Income Tax [Member] | ||||
Income tax expense (benefit) | $ 300 | $ 300 | $ 500 | $ 7,400 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments For Non-cancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (remaining six months) | $ 1,582 |
2022 | 1,722 |
2023 | 1,505 |
2024 | 446 |
2025 | 18 |
Future minimum lease payments | $ 5,273 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) $ in Millions | May 31, 2021 | Mar. 31, 2021ft² | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) |
Commitments And Contingencies Disclosure [Line Items] | ||||||
Area of land | ft² | 680 | |||||
Option to extend the lease | two-year | |||||
Rent expense | $ | $ 0.6 | $ 0.6 | $ 1.1 | $ 1.2 | ||
Term of contract Commence date | Mar. 15, 2021 | |||||
Term of contract End date | Mar. 25, 2023 | |||||
RO | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Lease extension, date | May 15, 2021 | |||||
Term of contract End date | Mar. 31, 2024 | |||||
SG | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Lease extension, date | May 15, 2021 | |||||
Term of contract End date | Nov. 14, 2021 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | Jul. 29, 2021USD ($) |
Subsequent Event [Line Items] | |
Debt Instrument, Interest Rate, Effective Percentage | 1.50% |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Debt Prepayment Cost | $ 0.4 |
Subsequent Event [Member] | Term Loan [Member] | |
Subsequent Event [Line Items] | |
Repayments of term loan | 25 |
Subsequent Event [Member] | Revolving Credit Facility [Member] | |
Subsequent Event [Line Items] | |
Secured revolving credit, total commitment | $ 50 |
Revolving credit loan, interest rate description | ABR loans will bear interest at the ABR plus the applicable rate. Eurodollar Borrowings will bear interest at the Adjusted LIBO Rate plus the applicable rate. The ABR rate is based on the greatest of (a) the Prime Rate (b) the Federal Funds Effective Rate plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one-month Interest Period plus 1%. The adjusted LIBO rate is based on (a) the LIBO Rate multiplied by (b) the Statutory Reserve Rate. |
Subsequent Event [Member] | Revolving Credit Facility [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Interest Rate | 2.25% |
Subsequent Event [Member] | Revolving Credit Facility [Member] | Minimum [Member] | |
Subsequent Event [Line Items] | |
Debt Instrument, Interest Rate | 0.75% |