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Business Combinations (Tables) - Cohort Go [Member]
3 Months Ended
Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]  
Summary of Purchase Consideration

Pursuant to the terms of the business combination agreement, the Company acquired Cohort Go for estimated total purchase consideration of $33.0 million or $23.1 million, net of cash acquired, which consisted of (in thousands):

Cash consideration, net of cash acquired

 

$

17,140

 

Estimated fair value of shares of common stock

 

 

4,287

 

Estimated fair value of contingent consideration

 

 

1,695

 

Total purchase consideration, net of cash acquired

 

$

23,122

 

Contingent consideration, which totaled up to $1.7 million represented additional payments that Flywire was required to make which was dependent upon Cohort Go's achievement of specific post-acquisition milestones and was subject to exchange rate fluctuation adjustment between the U.S. Dollar and Australian Dollar. During March 2023, the Company made a payment of contingent consideration in the amount of $1.7 million, in the form of cash, based on Cohort Go's successful and timely achievement of the contracted milestones. No additional contingent consideration is due or payable with respect to the Cohort Go acquisition.

Summary of Fair Value Of the Assets Acquired and Liabilities Assumed

The table summarizes the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed (in thousands):

Cash

 

$

9,880

 

Accounts receivable

 

 

558

 

Funds receivable from payment partners

 

 

3,767

 

Prepaid expenses and other current assets

 

 

314

 

Other assets

 

 

494

 

Goodwill

 

 

16,197

 

Identifiable intangible assets

 

 

16,408

 

Total assets acquired

 

 

47,618

 

Deferred tax liabilities

 

 

5,012

 

Deferred revenue

 

 

264

 

Funds payable to clients

 

 

4,071

 

Accounts payable

 

 

1,740

 

Accrued expenses and other current liabilities

 

 

3,529

 

Total liabilities assumed

 

 

14,616

 

Net assets acquired

 

 

33,002

 

Less: cash acquired

 

 

9,880

 

Net assets, less cash acquired

 

$

23,122

 

Schedule of Estimated Fair Value of the Identified Intangible Assets

The following table reflects the estimated fair values of the identified intangible assets of Cohort Go and their respective weighted-average estimated amortization periods.

Estimated
Fair Values

Weighted-
Average
Estimated
Amortization
Periods

(in thousands)

(years)

Developed technology

$

5,356

7

Agent and customer relationships

11,052

13

$

16,408

Summary of Unaudited Pro Forma Financial Information

 

Three Months Ended March 31, 2022

 

 

Actual

 

 

Pro Forma

 

 

(in thousands)

 

Revenue

 

$

64,553

 

 

$

70,217

 

Net Loss

 

$

(10,149

)

 

$

(9,373

)