Business
Flywire Reports Fourth Quarter and Fiscal-Year 2024 Financial Results
Fourth Quarter Revenue Increased 17.0% Year-over-Year Fourth Quarter Revenue Less Ancillary Services Increased 17.4% Year-over-Year Company Provides First
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Fourth Quarter Revenue Increased 17.0% Year-over-Year Fourth Quarter Revenue Less Ancillary Services Increased 17.4% Year-over-Year Company Provides First Quarter and Fiscal-Year 2025 Outlook BOSTON, Feb. 25, 2025 (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, 2024. \"Our fourth quarter results capped off another strong year for Flywire as we continued to grow the business while navigating a complex macro environment with significant headwinds,” said Mike Massaro, CEO of Flywire, “We continued to focus on business and bottom line growth and generated 17% revenue growth and 680 bps adjusted EBITDA margin growth in the quarter.” \"Looking ahead, we’re focused on driving effectiveness and discipline throughout our global business. We will be undertaking an operational and business portfolio review. The operational review will help ensure we are efficient and effective, with a focus on driving productivity and optimizing investments across all areas. Our comprehensive business portfolio review will focus on Flywire’s core strengths - such as complex, large-value payment processing, our global payment network, and verticalized software.” “One of the efficiency measures we are undertaking is a restructuring, which impacts approximately 10% of our workforce. It is difficult to say goodbye to so many FlyMates, and I want to thank them for their hard work as we endeavor to support them throughout this transition.” “As we refocus our teams on areas that we believe will drive Flywire’s future growth, we are excited to announce the acquisition of Sertifi, which is expected to accelerate the expansion of our fast-growing Travel vertical. Sertifi augments our travel product offering with a leading dedicated hotel property management system integration and expands our footprint across more than 20,000 hotel locations worldwide.\" Fourth Quarter 2024 Financial Highlights: GAAP Results Revenue increased 17.0% to $117.6 million in the fourth quarter of 2024, compared to $100.5 million in the fourth quarter of 2023.Gross Profit increased to $74.3 million, resulting in Gross Margin of 63.2%, for the fourth quarter of 2024, compared to Gross Profit of $61.8 million and Gros...