Business
Flywire Reports First Quarter 2023 Financial Results
First Quarter Revenue Increased 46.1% Year-over-Year First Quarter Revenue Less Ancillary Services Increased 50.3% Year-over-Year or 56.7% on a Constant
About this update from Flywire Corporation - Voting
[{"type":"text","content":"First Quarter Revenue Increased 46.1% Year-over-Year First Quarter Revenue Less Ancillary Services Increased 50.3% Year-over-Year or 56.7% on a Constant Currency Basis First Quarter Gross Profit Increased 50.3% and Adjusted Gross Profit Increased 49.8% Year-over-Year Company Provides Second Quarter and Fiscal-Year 2023 Outlook BOSTON, May 09, 2023 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its first quarter ended March 31, 2023. \"Our excellent results in the first quarter are a testament to our ability to balance top line growth with ongoing efficiency initiatives,\" said Mike Massaro, CEO of Flywire. \"In response to continued demand for our solutions across the education, healthcare, travel and B2B verticals, Flywire achieved our largest sales quarter in company history, with a record number of clients signed. Our strong performance is underpinned by positive tailwinds across the industries that we serve, as well as our global team of FlyMates continuing to deliver value for clients, payers and partners. Our results give us even more confidence in our winning strategy and path ahead, and we are eager to capitalize on our momentum as we progress throughout the year.\" First Quarter 2023 Financial Highlights: GAAP Results Revenue increased 46.1% to $94.4 million in the first quarter of 2023, compared to $64.6 million in the first quarter of 2022.Gross Profit increased to $58.3 million, resulting in Gross Margin of 61.8%, for the first quarter of 2023, compared to Gross Profit of $38.8 million and Gross Margin of 60.1% in the first quarter of 2022.Net loss was $3.7 million in the first quarter of 2023, compared to net loss of $10.1 million in the first quarter of 2022. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 35.8% to $5.7 billion in the first quarter of 2023, compared to $4.2 billion in the first quarter of 2022.Revenue Less Ancillary Services increased 50.3% to $89.1 million in the first quarter of 2023, compared to $59.3 million in the first quarter of 2022. Revenue Less Ancillary Services was unfavorably impacted by foreign currency exchange rates year-over-year by $3.8 millionRevenue Less Ancillary Services at Constant Currency increased 56.9% year-over-year Adjust...