Debt |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt 2024 Amended Revolving Credit Facility There were no borrowings outstanding under the 2024 Amended Revolving Credit Facility as of September 30, 2026 and December 31, 2025. The Company was in compliance with all covenants associated with the 2024 Amended Revolving Credit Facility as of September 30, 2026. On February 23, 2024, the Company entered into an Amended and Restated Credit Agreement for a -year senior secured revolving credit syndication loan (2024 Revolving Credit Facility) with four banks for a total commitment of $125.0 million. The 2024 Revolving Credit Facility provides for an incremental facility in an amount equal to $50.0 million plus 100% of Consolidated Adjusted EBITDA based on the most recent consolidated financial information. In addition, the 2024 Revolving Credit Facility includes a $10.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the 2024 Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. As of September 30, 2026 and December 31, 2025, no letters of credit were issued under the 2024 Revolving Credit Facility. The 2024 Revolving Credit Facility is guaranteed by Flywire’s current and future material domestic subsidiaries and is secured by substantially all of the assets of the borrowers and guarantors thereunder, subject to customary exceptions. On August 1, 2025, the Company entered into an amendment (the 2025 Revolving Credit Facility Amendment) to the 2024 Revolving Credit Facility with five banks to increase the total commitments from $125.0 million to $300.0 million and make certain conforming and administrative changes. The 2024 Revolving Credit Facility, as amended by the 2025 Revolving Credit Facility Amendment, is hereinafter referred to as the 2024 Amended Revolving Credit Facility. Four of the lenders under the 2025 Revolving Credit Facility Amendment were existing lenders under the 2024 Revolving Credit Facility. Interest expense for the three months ended September 30, 2026 and 2025 was $0.5 million and $1.2 million, respectively. Interest expense for the nine months ended September 30, 2026 and 2025 was $1.1 million and $3.0 million, respectively. Interest expense consists primarily of interest expense, amortization of debt issuance costs, and unused commitment fees related to our 2024 Amended Revolving Credit Facility. Letters of Credit As of September 30, 2026 and December 31, 2025, the Company had outstanding and unused letters of credit in the amount of approximately $7.9 million and $7.9 million, respectively, for the purpose of protecting third-party service providers against defaults. These outstanding letters of credit do not reduce the borrowing capacity or impact the available borrowings under the Company's 2024 Amended Revolving Credit Facility.
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