Business
Flywire Reports First Quarter 2022 Financial Results
First Quarter Revenue Increased 43% Year-over-Year First Quarter Revenue Less Ancillary Services Increased 47% Year-over-YearFirst Quarter Total Payment
About this update from Flywire Corporation - Voting
[{"type":"text","content":"First Quarter Revenue Increased 43% Year-over-Year First Quarter Revenue Less Ancillary Services Increased 47% Year-over-YearFirst Quarter Total Payment Volume Increased 46% Year-over-Year BOSTON, May 10, 2022 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (the “Company”) a global payments enablement and software company, today reported financial results for its first quarter ended March 31, 2022. \"Flywire posted a strong start to 2022, with first quarter revenue increasing 43% and revenue less ancillary services increasing 47% compared to the first quarter of 2021, driven primarily by growth in education and travel,” said Mike Massaro, CEO of Flywire. \"We added over 130 clients in Q1, the most clients added in a quarter since our IPO, reflecting the continued execution of our growth strategies and investments. Our primary verticals have been resilient despite global and macro uncertainties, with strong secular tailwinds that we believe will continue to drive our growth in 2022 and beyond.\" First Quarter 2022 Financial Highlights: GAAP Results Revenue increased 43% to $64.6 million in the first quarter of 2022, compared to $45.0 million in the first quarter of 2021.Gross margin was 60.1% in the first quarter of 2022, compared to 61.3% in the first quarter of 2021.Net loss was $(10.1) million in the first quarter of 2022, compared to net loss of $(8.7) million in the first quarter of 2021. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 46% to $4.2 billion in the first quarter of 2022, compared to $2.9 billion in the first quarter of 2021.Revenue Less Ancillary Services increased 47% to $59.3 million in the first quarter of 2022, compared to $40.2 million in the first quarter of 2021.Adjusted Gross Margin decreased 3.2% in absolute terms to 65.5% in the first quarter of 2022, compared to 68.7% in the first quarter of 2021.Adjusted EBITDA was $1.8 million in the first quarter of 2022, compared to $7.0 million in the first quarter of 2021. Business Highlights: Announced a partnership with Ascensus, whose technology and expertise help millions of people save for education, retirement, and healthcare, to digitize tuition payments from 529 college savings plans in the U.S.Became the exclusive international payments partner for Adapt IT, a leading software company in South Africa, to streamline and ...