7Baggers

Flywire Corp
(NASDAQ:FLYW) 

FLYW stock logo

Flywire ensures high-value payments are delivered fast and friction-free so organizations can deliver on their customers' most important moments.

Founded: 2009
Founder: Iker Marcaide 
CEO: Mike Massaro  
Sector:
Industry:
Payment Service
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 
                       
      revenue
    		157,544,000 200,138,000 131,891,000 133,452,000 117,550,000 156,815,000 103,676,000 114,103,000 100,545,000 123,323,000 84,869,000 94,357,000 73,053,000 95,232,000 56,537,000 64,553,000 51,394,000 67,788,000 36,976,000 
      yoy
    		34.02% 27.63% 27.21% 16.96% 16.91% 27.16% 22.16% 20.93% 37.63% 29.50% 50.11% 46.17% 42.14% 40.49% 52.90%     
      qoq
    		-21.28% 51.75% -1.17% 13.53% -25.04% 51.25% -9.14% 13.48% -18.47% 45.31% -10.06% 29.16% -23.29% 68.44% -12.42% 25.60% -24.18% 83.33%  
      costs and operating expenses:
    		                   
      payment processing services costs
    		63,592,000 72,318,000 53,887,000 50,563,000 41,384,000 54,557,000 39,899,000 41,650,000 36,780,000 42,900,000 33,804,000 33,855,000 29,585,000 32,275,000 21,820,000 24,253,000 19,254,000 21,724,000 13,122,000 
      technology and development
    		18,540,000 17,650,000 17,106,000 16,911,000 17,370,000 16,695,000 15,834,000 16,737,000 16,898,000 14,591,000 16,016,000 14,523,000 12,692,000 13,385,000 13,204,000 10,976,000 9,092,000 7,752,000 6,929,000 
      selling and marketing
    		40,134,000 41,911,000 38,377,000 36,569,000 33,353,000 34,228,000 31,771,000 30,083,000 28,830,000 27,084,000 27,273,000 24,434,000 20,287,000 21,674,000 18,887,000 17,608,000 15,897,000 12,540,000 10,906,000 
      general and administrative
    		36,243,000 36,006,000 30,175,000 33,058,000 31,218,000 31,065,000 31,959,000 31,596,000 28,065,000 26,862,000 24,584,000 28,113,000 19,860,000 24,246,000 20,023,000 18,820,000 17,478,000 14,676,000 13,578,000 
      restructuring
    		  1,351,000 7,339,000                
      total costs and operating expenses
    		158,509,000 167,885,000 140,896,000 144,440,000 123,325,000 136,545,000 119,463,000 120,066,000 110,573,000 111,437,000 101,677,000 100,925,000 82,424,000 91,580,000 73,934,000 71,657,000 61,721,000 56,692,000 44,535,000 
      income from operations
    		-965,000 32,253,000 -9,005,000 -10,988,000 -5,775,000 20,270,000 -15,787,000 -5,963,000 -10,028,000 11,886,000 -16,808,000 -6,568,000 -9,371,000 3,652,000 -17,397,000 -7,104,000 -10,327,000 11,096,000 -7,559,000 
      yoy
    		-83.29% 59.12% -42.96% 84.27% -42.41% 70.54% -6.07% -9.21% 7.01% 225.47% -3.39% -7.55% -9.26% -67.09% 130.15%     
      qoq
    		-102.99% -458.17% -18.05% 90.27% -128.49% -228.40% 164.75% -40.54% -184.37% -170.72% 155.91% -29.91% -356.60% -120.99% 144.89% -31.21% -193.07% -246.79%  
      operating margin %
    		-0.61% 16.12% -6.83% -8.23% -4.91% 12.93% -15.23% -5.23% -9.97% 9.64% -19.80% -6.96% -12.83% 3.83% -30.77% -11.00% -20.09% 16.37% -20.44% 
      other income:
    		                   
      interest expense
    		-540,000 -1,197,000 -1,065,000 -724,000 -135,000 -128,000 -133,000 -142,000 -92,000 -99,000 -78,000 -103,000 -327,000 -400,000 -266,000 -218,000 -217,000 -542,000 -629,000 
      interest income
    		848,000 769,000 1,089,000 2,934,000 4,872,000 4,970,000 5,719,000 5,879,000 5,638,000 3,841,000 1,935,000 1,935,000        
      gain from remeasurement of foreign currency
    		968,000 -626,000 3,947,000 3,576,000 -13,866,000 5,457,000 998,000 -4,376,000   -755,000 1,470,000        
      gain on available-for-sale debt securities
    		  8,000 158,000                
      total other income
    		1,276,000 -1,054,000 3,979,000 5,944,000 -9,129,000 10,299,000 6,584,000 1,361,000 13,253,000 -491,000 1,102,000 3,302,000        
      income before income taxes
    		311,000 31,199,000                  
      provision for income taxes
    		278,000 1,568,000 6,981,000 -884,000 995,000 -8,327,000 4,677,000 1,615,000 1,938,000 752,000 1,107,000 417,000 -867,000 1,277,000 1,078,000 500,000   273,000 
      net income
    		33,000 29,631,000 -12,007,000 -4,160,000 -15,899,000 38,896,000 -13,880,000 -6,217,000 1,287,000 10,643,000 -16,813,000 -3,683,000 -1,129,000 -4,272,000 -23,797,000 -10,149,000 -11,281,000 9,994,000 -18,146,000 
      yoy
    		-100.21% -23.82% -13.49% -33.09% -1335.35% 265.46% -17.44% 68.80% -213.99% -349.13% -29.35% -63.71% -89.99% -142.75% 31.14%     
      qoq
    		-99.89% -346.78% 188.63% -73.83% -140.88% -380.23% 123.26% -583.06% -87.91% -163.30% 356.50% 226.22% -73.57% -82.05% 134.48% -10.03% -212.88% -155.08%  
      net income margin %
    		0.02% 14.81% -9.10% -3.12% -13.53% 24.80% -13.39% -5.45% 1.28% 8.63% -19.81% -3.90% -1.55% -4.49% -42.09% -15.72% -21.95% 14.74% -49.08% 
      other comprehensive income:
    		                   
      foreign currency translation adjustment
    		-2,708,000 -1,917,000 6,655,000 2,677,000 -7,330,000 4,904,000 193,000 -1,361,000 3,731,000 -2,581,000 2,449,000 -367,000 -1,105,000 -273,000 -45,000 -90,000 -105,000 -343,000 -76,000 
      unrealized gains on available-for-sale debt securities, net of taxes
    		-8,000 20,000   -441,000 702,000              
      total other comprehensive income
    		-2,716,000 -1,897,000 6,619,000 2,548,000 -7,771,000 5,606,000 140,000             
      comprehensive income
    		-2,683,000 27,734,000   5,796,000 44,502,000   -2,588,000 8,062,000   -9,656,500 -4,545,000   -4,221,000 9,651,000  
      net income attributable to common stockholders – basic and diluted
    		33,000 29,631,000   -15,899,000 38,896,000   -2,463,250 10,643,000   -9,554,500 -4,272,000   -4,204,250 9,994,000  
      net income per share
    		 0.24 -0.1 -0.03 -0.13 0.31 -0.11 -0.05 0.02 0.09 -0.15 -0.03  -0.04 -0.22 -0.1 -0.11 0.1 -0.35 
      weighted-average common shares outstanding – basic
    		122,377,814 122,434,615   124,269,820 124,887,591    116,492,191    107,925,637    104,486,136  
      weighted-average common shares outstanding – diluted
    		127,747,476 127,675,613   129,339,462 129,155,010    125,480,393    107,925,637    118,445,907  
      income before provision for income taxes
    		  -5,026,000 -5,044,000 -14,904,000 30,569,000 -9,203,000 -4,602,000 3,225,000 11,395,000 -15,706,000 -3,266,000 -1,996,000 -2,995,000 -22,719,000 -9,649,000 -9,941,000 10,340,000 -17,873,000 
      unrealized losses on available-for-sale debt securities, net of taxes
    		  -36,000 -129,000   -53,000             
      comprehensive loss
    		  -5,388,000 -1,612,000   -13,740,000 -7,578,000   -14,364,000 -4,050,000   -23,842,000 -10,239,000   -18,222,000 
      net loss attributable to common stockholders – basic and diluted
    		  -12,007,000 -4,160,000   -13,880,000    -16,813,000    -23,797,000    -18,154,000 
      weighted-average common shares outstanding – basic and diluted
    		  121,852,349 123,235,263   124,562,015    111,133,221    107,426,898    52,496,862 
      net loss attributable to common stockholders - basic and diluted
    		       -6,217,000    -3,683,000    -10,149,000    
      weighted-average common shares outstanding - basic and diluted
    		       123,143,343 114,828,494   109,787,528 107,935,514   106,739,771 71,168,054   
      loss from remeasurement of foreign currency
    		        -879,500 -4,233,000          
      change in fair value of preferred stock warrant liability
    		                  -9,803,000 
      other income
    		            7,702,000 -6,247,000 -5,056,000  603,000 -214,000 118,000 
      total other expenses
    		            -3,628,500 -6,647,000 -5,322,000 -2,545,000 386,000 -756,000 -10,314,000 
      other expense:
    		                   
      other expense
    		               -2,327,000    
      provision forincome taxes
    		                204,500 346,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 
                         
        assets
      		                   
        current assets:
      		                   
        cash and cash equivalents
      		330,303,000 354,914,000 249,686,000 190,507,000 495,242,000 565,035,000 539,300,000 619,014,000 654,608,000 638,205,000 328,063,000 327,081,000 349,177,000 349,230,000 360,584,000 365,745,000 385,360,000 449,130,000 412,026,000 
        short-term investments
      		24,692,000 22,430,000 24,545,000 64,823,000 115,848,000 116,091,000 31,694,000             
        accounts receivable
      		34,776,000 40,354,000 29,700,000 33,585,000 23,703,000 27,510,000 20,275,000 19,688,000 18,215,000 18,151,000 19,284,000 17,938,000 13,697,000 17,755,000 16,604,000 13,787,000 12,968,000 12,949,000 11,621,000 
        unbilled receivables, net of allowance of 45 and 36, respectively
      		20,522,000                   
        funds receivable from payment partners
      		155,455,000 133,398,000 88,236,000 64,237,000 90,110,000 130,391,000 84,974,000 76,231,000 113,945,000 80,499,000 43,321,000 28,647,000 62,970,000 34,143,000 20,182,000 19,153,000 28,286,000 21,896,000 17,025,000 
        prepaid expenses and other current assets
      		36,540,000 41,149,000 38,857,000 31,947,000 22,528,000 24,847,000 21,633,000 16,222,000 18,227,000 18,793,000 16,272,000 16,206,000 17,531,000 14,317,000 12,117,000 8,725,000 9,834,000 10,208,000 10,821,000 
        total current assets
      		602,288,000 606,128,000 448,756,000 396,530,000 762,884,000 875,533,000 710,928,000 739,150,000 815,684,000 762,427,000 413,719,000 395,893,000 450,643,000 423,090,000 415,447,000 413,621,000 443,788,000 499,943,000 457,499,000 
        long-term investments
      		 4,394,000 14,885,000 18,069,000 50,125,000 40,357,000 26,721,000             
        property and equipment
      		22,125,000 20,356,000 18,884,000 17,391,000 17,160,000 17,684,000 17,074,000 15,588,000 15,134,000 15,241,000 14,701,000 14,274,000 13,317,000 12,098,000 11,579,000 10,080,000 9,442,000 8,690,000 7,536,000 
        intangible assets
      		189,050,000 194,199,000 199,587,000 202,014,000 118,684,000 126,966,000 101,303,000 103,421,000 108,178,000 88,287,000 92,522,000 95,079,000 97,616,000 97,150,000 86,079,000 90,542,000 93,598,000 63,379,000 65,033,000 
        goodwill
      		406,507,000 406,149,000 406,439,000 402,715,000 149,558,000 156,292,000 120,657,000 119,720,000 121,646,000 97,173,000 98,967,000 98,329,000 97,766,000 95,239,000 81,643,000 84,666,000 85,841,000 44,632,000 44,656,000 
        other assets
      		33,343,000 28,641,000 25,796,000 23,629,000 24,035,000 23,200,000 22,029,000 20,836,000 19,089,000 19,288,000 18,664,000 17,399,000 14,945,000 13,646,000 11,020,000 10,638,000 7,176,000 6,340,000 5,365,000 
        total assets
      		1,253,313,000 1,259,867,000 1,114,347,000 1,060,348,000 1,122,446,000 1,240,032,000 998,712,000 998,715,000 1,079,731,000 982,416,000 638,573,000 620,974,000 674,287,000 641,223,000 605,768,000 609,547,000 639,845,000 622,984,000 580,089,000 
        liabilities and stockholders’ equity
      		                   
        current liabilities:
      		                   
        accounts payable
      		15,298,000 18,858,000 17,484,000 15,069,000 15,353,000 23,182,000 13,509,000 15,385,000 12,587,000 17,574,000 11,658,000 14,169,000 13,325,000 13,819,000 9,242,000 8,764,000 10,242,000 12,799,000 10,454,000 
        funds payable to clients
      		310,799,000 302,943,000 154,029,000 106,613,000 217,788,000 298,239,000 116,191,000 124,111,000 210,922,000 132,467,000 81,958,000 63,962,000 124,305,000 71,574,000 62,314,000 54,928,000 71,302,000 66,855,000 45,511,000 
        accrued expenses and other current liabilities
      		55,715,000 52,665,000 49,507,000 53,022,000 49,297,000 46,227,000 43,536,000 37,385,000 43,315,000 38,255,000 35,044,000 34,345,000 33,109,000 29,992,000 27,456,000 21,588,000 22,726,000 18,531,000 14,084,000 
        deferred revenue
      		19,951,000 21,454,000 19,220,000 21,228,000 7,337,000 7,692,000 4,183,000 5,619,000 6,968,000 3,812,000 2,845,000 3,755,000 5,223,000 4,759,000 5,338,000 5,312,000 5,488,000 1,330,000 836,000 
        total current liabilities
      		401,763,000 395,920,000 240,240,000 195,932,000 289,775,000 375,340,000 177,419,000 182,500,000 273,792,000 192,108,000 131,505,000 116,252,000 177,276,000 122,931,000 105,867,000 91,248,000 117,477,000 107,095,000 77,964,000 
        deferred tax liabilities
      		12,900,000 13,009,000 14,504,000 13,216,000 12,643,000 15,573,000 14,744,000 14,587,000 15,391,000 11,271,000 12,086,000 12,069,000 12,149,000 12,640,000 7,546,000 8,147,000 8,401,000 657,000 663,000 
        other liabilities
      		3,479,000 6,812,000 7,180,000 6,935,000 5,261,000 5,874,000 3,989,000 4,643,000 4,431,000 3,719,000 3,906,000 2,469,000 2,941,000 3,479,000 3,192,000 3,452,000 2,237,000 1,587,000 2,037,000 
        total liabilities
      		418,142,000 430,741,000 321,924,000 276,083,000 307,679,000 396,787,000 196,152,000 201,730,000 293,614,000 207,098,000 147,497,000 130,810,000 192,384,000 166,625,000 143,231,000 131,430,000 157,644,000 135,272,000 105,111,000 
        commitments and contingencies
      		                   
        stockholders’ equity:
      		                   
        preferred stock, 0.0001 par value...
      		                   
        voting common stock, 0.0001 par value...
      		13,000 13,000 13,000 13,000 13,000 13,000 11,000 11,000 11,000 11,000 10,000 10,000 10,000 10,000 10,000 10,000  10,000 10,000 
        non-voting common stock, 0.0001 par value...
      		      1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000  1,000 1,000 
        treasury voting common stock, at cost; 10,249,429 and 4,670,974 shares as of december 31, 2025 and december 31, 2024, respectively
      		-118,636,000                   
        additional paid-in capital
      		1,108,679,000 1,090,002,000 1,071,085,000 1,053,289,000 1,033,958,000 1,016,349,000 997,057,000 977,743,000 959,302,000 953,522,000 677,343,000 662,067,000 649,756,000 640,217,000 623,611,000 615,349,000  603,319,000 600,236,000 
        accumulated other comprehensive income
      		2,488,000 5,204,000 7,101,000 482,000 -2,066,000 5,705,000 99,000 -41,000 1,320,000  170,000        49,000 
        accumulated deficit
      		-157,373,000 -157,406,000 -187,037,000 -175,030,000 -170,870,000 -154,971,000 -193,867,000 -179,987,000 -173,770,000 -175,057,000 -185,700,000 -168,887,000 -165,204,000 -164,075,000 -159,803,000 -136,006,000  -114,576,000  
        total stockholders’ equity
      		835,171,000 829,126,000 792,423,000 784,265,000 814,767,000 843,245,000 802,560,000 796,985,000 786,117,000 775,318,000 491,076,000 490,164,000 481,903,000 474,598,000 462,537,000 478,117,000  487,712,000 474,978,000 
        total liabilities and stockholders’ equity
      		1,253,313,000 1,259,867,000 1,114,347,000 1,060,348,000 1,122,446,000 1,240,032,000 998,712,000 998,715,000 1,079,731,000 982,416,000 638,573,000 620,974,000 674,287,000 641,223,000 605,768,000 609,547,000    
        unbilled receivables, net of allowance of 31 and 36, respectively
      		 13,883,000                  
        long-term debt
      		 15,000,000 60,000,000 60,000,000          25,939,000 25,939,000 25,939,000 25,939,000 25,933,000 24,447,000 
        treasury voting common stock, at cost; 9,522,905 and 4,670,974 shares as of september 30, 2025 and december 31, 2024, respectively
      		 -108,687,000                  
        unbilled receivables, net of allowance of 38 and 36, respectively
      		  17,732,000                 
        treasury voting common stock, 8,769,147 and 4,670,974 shares as of june 30, 2025 and december 31, 2024, respectively, held at cost
      		  -98,739,000                 
        unbilled receivables, net of allowance of 25 and 36, respectively
      		   11,431,000                
        treasury voting common stock, 8,214,435 and 4,670,974 shares as of march 31, 2025 and december 31, 2024, respectively, held at cost
      		   -94,489,000                
        unbilled receivables, net of allowance of 36 and 27, respectively
      		    15,453,000               
        treasury voting common stock, 4,670,974 and 2,315,045 shares as of december 31, 2024 and 2023, respectively, held at cost
      		    -46,268,000               
        unbilled receivables, net of allowance of 27 and 27, respectively
      		     11,659,000              
        treasury voting common stock, 3,580,637 and 2,315,045 shares as of september 30, 2024 and december 31, 2023, respectively, held at cost
      		     -23,851,000              
        unbilled receivables, net of allowance of 25 and 27, respectively
      		      13,052,000             
        treasury voting common stock, 2,295,038 and 2,315,045 shares as of june 30, 2024 and december 31, 2023, respectively, held at cost
      		      -741,000             
        unbilled receivables, net of allowance of 18 and 27, respectively
      		       7,995,000            
        treasury voting common stock, 2,300,541 and 2,315,045 shares as of march 31, 2024 and december 31, 2023, respectively, held at cost
      		       -742,000            
        restricted cash
      		           2,000,000 2,000,000 2,000,000 2,000,000 4,000,000 4,000,000 4,000,000 5,000,000 
        unbilled receivables
      		        10,689,000 6,779,000 6,779,000 4,021,000 5,268,000 5,645,000 3,960,000 2,211,000 3,340,000 1,760,000 1,006,000 
        treasury voting common stock, 2,315,045 and 2,317,722 shares as of december 31, 2023 and 2022, respectively, held at cost
      		        -747,000           
        treasury voting common stock, 2,317,722 shares as of september 30, 2023 and december 31, 2022, held at cost
      		         -748,000          
        accumulated other comprehensive loss
      		         -2,411,000  -2,279,000 -1,912,000 -807,000 -534,000 -489,000  -294,000  
        treasury voting common stock, 2,317,722 shares as of june 30, 2023 and december 31, 2022, held at cost
      		          -748,000         
        contingent consideration
      		           21,000 1,314,000 2,787,000 1,517,000 656,000 7,719,000 7,580,000 7,079,000 
        contingent consideration, net of current portion
      		           20,000 18,000 1,636,000 687,000 2,644,000 3,590,000   
        treasury voting common stock, 2,317,722 shares as of march 31, 2023 and december 31, 2022, held at cost
      		           -748,000        
        treasury voting common stock, 2,317,722 shares as of december 31, 2022 and 2021, held at cost
      		            -748,000       
        treasury voting common stock, 2,317,722 shares as of september 30, 2022 and december 31, 2021, held at cost
      		             -748,000      
        treasury voting common stock, 2,317,722 shares as of june 30, 2022 and december 31, 2021, held at cost
      		              -748,000     
        treasury voting common stock, 2,317,722 shares as of march 31, 2022 and december 31, 2021, held at cost
      		               -748,000    
        liabilities, convertible preferred stock, redeemable convertible preferred stock and stockholders’ equity
      		                   
        preferred stock warrant liability
      		                   
        convertible preferred stock (series a, b, b1, b1-nv, c and d), 0.0001 par value...
      		                   
        redeemable convertible preferred stock (series e-1, e-2, f1 and f-2), 0.0001 par value...
      		                   
        redeemable convertible preferred stock (series e-1, e-2, f-1 and f-2), 0.0001 par value...
      		                   
        stockholders’ (deficit) equity:
      		                   
        treasury stock
      		                 -748,000 -748,000 
        total liabilities, convertible preferred stock, redeemable convertible preferred stock and stockholders’ (deficit) equity
      		                 622,984,000 580,089,000 
        accumulated
      		                  -124,570,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 
                          
          cash flows from operating activities:
        		                  
          net income
        		33,000    -15,899,000              
          adjustments to reconcile net income to net cash from operating activities:
        		                  
          unrealized loss on remeasurement of foreign currency
        		                  
          depreciation and amortization
        		7,021,000 6,767,000 6,768,000 5,502,000 4,654,000 4,246,000 4,204,000 4,259,000 3,990,000 3,898,000 4,145,000 3,731,000 3,118,000 3,402,000 2,967,000 2,817,000 2,427,000 2,266,000 
          stock-based compensation expense
        		18,304,000 17,733,000 17,522,000 18,218,000 16,537,000 16,493,000 17,061,000 14,842,000 12,427,000 11,320,000 11,376,000 8,603,000 7,798,000 8,529,000 8,437,000 5,495,000 3,390,000 2,778,000 
          amortization of deferred contract costs
        		497,000 399,000 392,000 376,000 146,000 309,000 275,000 242,000  139,000 119,000 109,000 1,556,000 82,000 89,000 72,000 66,000 74,000 
          change in fair value of contingent consideration
        		-678,000 -721,000 -667,000 165,000 10,000 -94,000 -416,000 -478,000 0 -30,000 0 410,000 -3,102,000 1,247,000 -880,000 -70,000 191,000 481,000 
          deferred tax provision
        		  -171,000 1,174,000         -1,181,000 -426,000 -48,000 -53,000 19,000 -10,000 
          change in provision for uncollectible accounts
        		732,000 1,377,000                 
          non-cash interest income
        		   -508,000               
          amortization of debt issuance costs
        		98,000 81,000                 
          net accretion of discounts and amortization of premiums on investments
        		5,000 -17,000                 
          changes in operating assets and liabilities, net of acquisitions:
        		                  
          accounts receivable
        		4,772,000 -11,754,000 3,661,000 -3,492,000 3,766,000 -7,119,000 -482,000 -1,457,000 2,897,000 1,207,000 -1,862,000 -4,324,000 3,993,000 -607,000 -2,870,000 -839,000 879,000 -1,338,000 
          unbilled receivables
        		-6,567,000 4,338,000 -6,301,000 4,068,000 -3,794,000 1,393,000 -5,057,000 2,694,000 -3,883,000 0 -2,758,000 1,247,000 377,000 -1,685,000 -1,749,000 1,129,000 -1,580,000 -754,000 
          funds receivable from payment partners
        		-21,030,000 -44,560,000 -23,999,000 25,873,000 40,281,000 -45,417,000 -8,743,000 37,714,000 -33,446,000 -37,178,000 -14,674,000 34,323,000 -28,827,000 -10,194,000 -1,029,000 9,133,000 -6,390,000 -4,871,000 
          prepaid expenses, other current assets and other assets
        		3,582,000 -3,436,000 -8,717,000 -9,151,000 1,862,000 -2,763,000 -6,284,000 1,863,000 257,000 -3,506,000 -202,000 -828,000 -3,644,000 -3,997,000     
          funds payable to clients
        		8,495,000 147,102,000 47,416,000 -111,175,000 -80,451,000 182,048,000 -7,920,000 -86,810,000 78,453,000 50,510,000 17,996,000 -60,343,000 52,730,000 5,190,000 7,386,000 -16,374,000 4,447,000 21,344,000 
          accounts payable, accrued expenses and other current liabilities
        		-2,812,000 10,194,000 2,473,000 -5,130,000 -5,143,000 6,638,000 4,296,000 -2,489,000 -4,600,000 9,027,000 -1,659,000 2,780,000 2,402,000 3,026,000 4,948,000 -3,615,000 327,000 7,806,000 
          contingent consideration
        		-401,000        0 0 0 -467,000 14,000 0 0 -4,524,000 0 0 
          other liabilities
        		-3,218,000 2,934,000 -137,000 -255,000 -526,000 -342,000 -335,000 -340,000 -378,000 -308,000 -161,000 -413,000 -1,426,000 318,000 -379,000 -385,000 538,000 -499,000 
          deferred revenue
        		-1,553,000 1,853,000 -2,171,000 -469,000 -318,000 2,473,000 -1,436,000 -1,349,000 497,000 1,095,000 -937,000 -1,526,000 330,000 -873,000 148,000 -5,000 -261,000 538,000 
          net cash from operating activities
        		4,886,000 150,100,000 24,079,000 -78,890,000 -41,459,000 190,341,000 -19,321,000 -38,093,000 59,748,000 46,529,000 -4,806,000 -20,846,000 33,155,000 -137,000 -10,586,000 -17,005,000 -7,674,000 38,358,000 
          capital expenditures
        		-3,083,000 -2,761,000 -2,569,000 -1,418,000 -837,000 -1,496,000 -2,394,000 -1,503,000 -922,000 -1,608,000 -1,634,000 -1,822,000 -1,882,000 -1,555,000 -2,326,000 -1,259,000 -1,455,000 -1,766,000 
          free cash flows
        		1,803,000 147,339,000 21,510,000 -80,308,000 -42,296,000 188,845,000 -21,715,000 -39,596,000 58,826,000 44,921,000 -6,440,000 -22,668,000 31,273,000 -1,692,000 -12,912,000 -18,264,000 -9,129,000 36,592,000 
          cash flows from investing activities:
        		                  
          acquisitions of businesses, net of cash acquired
        		0 -5,086,000 0 -319,835,000 208,000              
          purchase of short-term and long-term investments
        		-1,894,000 603,000 450,000 -15,252,000 -33,298,000 -102,138,000             
          proceeds from the maturity and sale of short-term and long-term investments
        		1,912,000 12,391,000 43,622,000 98,712,000 23,719,000              
          capitalization of internally developed software
        		-2,693,000 -2,421,000 -2,082,000 -1,310,000 -736,000 -1,277,000 -2,045,000 -1,259,000 -856,000 -1,336,000 -1,444,000 -1,368,000       
          purchases of property and equipment
        		-390,000 -226,000 -547,000 -187,000 -101,000 -219,000 -349,000 -255,000 -66,000 -272,000 -190,000 -481,000 -1,882,000 -1,555,000 -2,326,000 -1,307,000 -1,455,000 -1,766,000 
          net cash from investing activities
        		-3,065,000 5,261,000 41,443,000 -237,872,000 -10,208,000 -143,358,000 -60,720,000 -1,514,000 -33,686,000 -1,608,000 -1,634,000 -1,849,000 -2,099,000 -18,931,000 -2,326,000 -1,307,000 -57,566,000 -1,766,000 
          cash flows from financing activities:
        		                  
          proceeds from issuance of revolving credit facility
        		0 0 0 125,000,000               
          payment of revolving credit facility
        		-15,000,000 -45,000,000 0 -65,000,000               
          proceeds from issuance of common stock under public offering, net of underwriting discount and commissions
        		                  
          payments of costs related to public offering
        		        -615,000          
          payment of debt issuance costs
        		0                  
          contingent consideration paid for acquisitions
        		401,000 -1,429,000         0 -1,207,000 0 2,867,000 0 -3,320,000 0 0 
          payments of tax withholdings for net settled equity awards
        		-957,000 -893,000                 
          common stock repurchased
        		-10,014,000 -10,015,000 -5,000,000 -49,304,000 -20,857,000              
          proceeds from the issuance of stock under employee stock purchase plan
        		811,000 1,285,000 0 1,242,000 0 1,693,000 0 1,415,000 0 1,827,000 0 864,000 0      
          proceeds from exercise of stock options
        		239,000 311,000 376,000 1,377,000 1,657,000 729,000 1,610,000 1,617,000 1,841,000 2,475,000 3,900,000 2,144,000 1,741,000 2,929,000 1,222,000 1,071,000 2,830,000 306,000 
          deferred acquisition payment
        		0                  
          net cash from financing activities
        		-24,520,000 -57,499,000 -8,022,000 11,639,000 -21,029,000 -20,461,000 1,610,000 2,249,000 -7,257,000 264,974,000 3,900,000 1,801,000 -24,579,000 2,392,000 1,222,000 -3,005,000 2,836,000 -194,000 
          effect of exchange rates changes on cash and cash equivalents
        		-1,912,000 7,366,000 1,679,000 388,000 2,903,000 -787,000 -1,283,000 1,764,000 -2,402,000 247,000 1,522,000 -1,202,000   4,529,000 1,702,000 -1,366,000 -294,000 
          net change in cash and cash equivalents
        		                  
          cash and cash equivalents, beginning of period
        		0 0 0 495,242,000  0             
          cash and cash equivalents, end of period
        		-24,611,000 105,228,000 59,179,000 190,507,000  25,735,000             
          unrealized gain on foreign exchange rates
        		                  
          deferred tax benefit
        		     -5,555,000 -402,000 -643,000  -312,000 36,000 -620,000       
          net decrease in cash and cash equivalents
        		 105,228,000 59,179,000 -304,735,000               
          supplemental disclosures of cash flow and noncash information
        		                  
          purchase of property and equipment in accounts payable
        		 -114,000 60,000 79,000    11,000    27,000    48,000   
          issuance of common stock upon settlement of restricted stock units
        		       19,883,000    15,072,000       
          issuance of common stock for retention bonus
        		       324,000    700,000       
          accrued excise tax related to common stock repurchased
        		 31,000 -191,000 479,000               
          net loss
        		  -12,007,000 -4,160,000   -13,880,000 -6,217,000   -16,813,000 -3,683,000 -1,129,000 -4,272,000 -23,797,000 -10,149,000 -11,281,000 9,994,000 
          adjustments to reconcile net loss to net cash from operating activities:
        		                  
          other
        		                 61,000 
          provision for uncollectible accounts
        		   28,000 41,000 -3,000 -105,000 -16,000   516,000 83,000       
          non-cash interest expense
        		   46,000 46,000 46,000 46,000 92,000 56,000 98,000 72,000 72,000 80,000 110,000 77,000 81,000 81,000 71,000 
          payment of long-term debt issuance costs
        		    0 0 0 -783,000         0  
          payments of tax withholdings for net settled option exercises
        		   -1,676,000         0 -1,808,000 0 -756,000   
          repayment of long-term debt
        		                0  
          net increase in cash, cash equivalents and restricted cash
        		        16,403,000    -53,000 -11,354,000 -7,161,000 -19,615,000 -63,770,000 36,104,000 
          cash, cash equivalents and restricted cash, beginning of year
        		                  
          cash, cash equivalents and restricted cash, end of year
        		                  
          accretion of discounts on investments, net of amortization of premiums
        		     -908,000             
          proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions
        		                  
          net increase in cash and cash equivalents
        		                  
          proceeds from sale of long-term investments
        		                  
          net decrease in cash, cash equivalents and restricted cash
        		       -35,594,000   -1,018,000 -22,096,000       
          cash, cash equivalents and restricted cash, beginning of period
        		       654,608,000  0 0 351,177,000  0 0 389,360,000  0 
          cash, cash equivalents and restricted cash, end of period
        		       619,014,000  310,142,000 -1,018,000 329,081,000  -11,354,000 -7,161,000 369,745,000  36,104,000 
          reconciliation of cash, cash equivalents and restricted cash
        		                  
          cash and cash equivalents
        		       619,014,000    327,081,000    365,745,000   
          restricted cash
        		           2,000,000    4,000,000   
          cash, cash equivalents and restricted cash
        		       619,014,000    329,081,000    369,745,000   
          amortization of contract costs
        		                  
          change in fair value of preferred stock warrant liability
        		                0 0 
          asset acquisition, net of cash acquired
        		                0 0 
          proceeds from initial public offering, net of underwriting discount and commissions
        		                  
          payment of costs related to initial public offering
        		                0 -1,015,000 
          proceeds from issuance of long-term debt
        		                6,000  
          proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
        		                0 0 
          proceeds from exercise of warrants
        		                0 0 
          benefit from uncollectible accounts
        		                  
          business acquisition, net of cash acquired
        		                  
          payments of tax withholdings for net settled stock option exercises
        		                  
          cash paid during the period for interest
        		               95,000   
          payment of deferred offering costs related to initial public offering
        		                  
          bad debt expense
        		             13,000 53,000 20,000 75,000 10,000 
          acquisition of businesses, net of cash acquired
        		                  
          proceeds from initial public offering, net of underwriting discounts and commissions
        		                 0 
          effect of exchange rate changes on cash and cash equivalents
        		                  
          changes in operating assets and liabilities, net of acquisition:
        		                  
          prepaid expenses and other current assets
        		               262,000   
          accretion of redeemable convertible preferred stock
        		                  
          deferred offering costs related to initial public offering included in accounts payable, accrued expenses and other current liabilities
        		                  
          repurchase of common stock
        		                  
          deferred consideration paid for acquisitions
        		                  
          prepaid expenses and other assets
        		                 407,000 
          payment of long-term debt