Business
Flywire Reports Fourth Quarter and Fiscal-Year 2022 Financial Results
Fourth Quarter Revenue Increased 42% Year-over-Year Fourth Quarter Revenue Less Ancillary Services Increased 47% Year-over-Year Fourth Quarter Revenue Less
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Fourth Quarter Revenue Increased 42% Year-over-Year Fourth Quarter Revenue Less Ancillary Services Increased 47% Year-over-Year Fourth Quarter Revenue Less Ancillary Services at Constant Currency Increased 57% Year-Over-Year Fourth Quarter Gross Profit Increased 35% and Adjusted Gross Profit Increased 40% Year-over-Year Company Provides First Quarter and Fiscal-Year 2023 Outlook BOSTON, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its fourth quarter and fiscal-year ended December 31, 2022. “Our excellent results in the fourth quarter capped off a tremendous year for Flywire. We continued to execute against our growth strategies, combined with increased demand for our solutions across our education, healthcare, travel and B2B verticals,” said Mike Massaro, CEO of Flywire. “After a significant investment year in 2022 that delivered exceptional results, we feel more confident than ever that we can scale our business efficiently as we head into 2023. With a focus on driving growth in core markets and industries, we plan to continue to execute against our winning strategy, including optimizing our Go-To-Market capabilities, deepening our Flywire Advantage, and strengthening our FlyMate community. We look forward to capitalizing on the momentum behind us to keep penetrating the substantial TAMs in the industries that we serve, and deliver even more value for our clients, payers, and partners.” Fourth Quarter 2022 Financial Highlights1: GAAP Results Revenue increased 42% to $73.1 million in the fourth quarter of 2022, compared to $51.4 million in the fourth quarter of 2021.Gross Profit increased to $41.5 million, resulting in Gross Margin of 56.8%, for the fourth quarter of 2022, compared to Gross Profit of $30.7 million and Gross Margin of 59.7% in the fourth quarter of 2021.Net loss was $1.1 million in the fourth quarter of 2022, compared to net loss of $11.2 million in the fourth quarter of 2021. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 29% to $4.1 billion in the fourth quarter of 2022, compared to $3.1 billion in the fourth quarter of 2021.Revenue Less Ancillary Services increased 47% to $67.4 million in the fourth quarter of 2022, compared to $45.9 million in ...