Business
Flywire Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Fourth Quarter Revenue Increased 55% Year-over-Year Fourth Quarter Revenue Less Ancillary Services Increased 56% Year-over-YearFourth Quarter Total Payment
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Fourth Quarter Revenue Increased 55% Year-over-Year Fourth Quarter Revenue Less Ancillary Services Increased 56% Year-over-YearFourth Quarter Total Payment Volume Increased 75% Year-over-YearCompany Provides Fiscal Year 2022 Outlook BOSTON, March 02, 2022 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (the “Company”) a global payments enablement and software company, today reported preliminary and unaudited financial results for its fourth quarter and fiscal year 2021. \"Flywire delivered strong results in 2021, with total annual revenue increasing 53% and total annual revenue less ancillary services increasing 58% year-over-year. The demand for domestic and cross-border payments led to another strong quarter of revenue growth, backed by our success in growing existing clients, winning new clients, and expanding our channel partnerships around the world,” said Mike Massaro, CEO of Flywire. \"We now have over 2,500 clients in our four primary verticals. Our clients rely on us to get paid, and help their customers pay easily from anywhere in the world. They are also trusting us to leverage our software to solve deeper and more complex payment flows and a wide variety of transaction types. Looking ahead, we plan to build on this foundation and continue to deliver market-leading, vertical-specific software that drives value in payments. We also expect to significantly expand our Go-To-Market teams and strengthen and grow our FlyMate community to help us capitalize on the massive and growing opportunity that is in front of us.\" Fourth Quarter 2021 Financial Highlights1: GAAP Results Revenue increased 55% to $51.4 million in the fourth quarter of 2021, compared to $33.2 million in the fourth quarter of 2020.Gross margin decreased 1.0% in absolute terms to 59.7% in the fourth quarter of 2021, compared to 60.7% in the fourth quarter of 2020.Net loss was $(11.2) million in the fourth quarter of 2021, compared to Net loss of $(4.0) million in the fourth quarter of 2020. 1 See “Financial Disclosure Advisory” below Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 75% to $3.1 billion in the fourth quarter of 2021, compared to $1.8 billion in the fourth quarter of 2020.Revenue Less Ancillary Services increased 56% to $45.9 million in the fourth quarter of 2021, compared to $29.4 million in the fourth quarter ...