Business
Flywire Reports Second Quarter 2021 Financial Results
Revenue Increased 56% Year-over-Year Revenue Less Ancillary Services Increased 77% Year-over-YearTotal Payment Volume was $1.9 Billion, up 85%
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Revenue Increased 56% Year-over-Year Revenue Less Ancillary Services Increased 77% Year-over-YearTotal Payment Volume was $1.9 Billion, up 85% Year-over-YearCompany Provides Fiscal-Year 2021 Outlook BOSTON, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (“the Company”) a global payments enablement and software company, today reported financial results for its second quarter of 2021. “I am pleased to report that we generated strong second quarter results, our first in our journey as a publicly traded company,” said Mike Massaro, CEO of Flywire. “We believe our performance, as highlighted by our revenue growth, continues to demonstrate the demand for digital payments solutions and our ability to help our clients get paid and help their customers pay with ease from anywhere in the world. Additionally, in Q2 we saw positive growth trends with new client acquisition across our key verticals of education, healthcare, travel and B2B, as well as increased adoption of our solutions with current clients.\" Second Quarter 2021 Financial Highlights: GAAP Results Revenue increased 56% to $37.0 million in the second quarter of 2021, compared to $23.8 million in the second quarter of 2020.Gross margin increased 11.6% in absolute terms to 60.8% in the second quarter of 2021, compared to 49.2%in the second quarter of 2020.Net loss was $18.1 million in the second quarter of 2021, compared to $16.0 million in the second quarter of 2020. The increase in the Company’s net loss was primarily due to the revaluation of our preferred stock warrants resulting in a non-cash charge of $9.8 million during the second quarter of 2021 due to the initial public offering in May 2021. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 85% to $1.9 billion in the second quarter of 2021, compared to $1.0 billion in the second quarter of 2020.Revenue Less Ancillary Services increased 77% to $33.0 million in the second quarter of 2021, compared to $18.6 million in the second quarter of 2020.Adjusted Gross Margin increased 5.3% in absolute terms to 68.2% in the second quarter of 2021, compared to 62.9% in the second quarter of 2020.Adjusted EBITDA was $(0.1) in the second quarter of 2021, compared to $(7.0) million in the second quarter of 2020. Fiscal-Year 2021 Outlook: Based on information available as of August 10, 2021, ...