Business
Flywire Reports Second Quarter 2023 Financial Results
Second Quarter Revenue Increased 50.3% Year-over-Year Second Quarter Revenue Less Ancillary Services Increased 54.4% Year-over-Year or 56.7% on a Constant
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Second Quarter Revenue Increased 50.3% Year-over-Year Second Quarter Revenue Less Ancillary Services Increased 54.4% Year-over-Year or 56.7% on a Constant Currency Basis Second Quarter Gross Profit Increased 47.0% and Adjusted Gross Profit Increased 46.8% Year-over-Year Company Provides Third Quarter Outlook and Raises Fiscal-Year 2023 Outlook BOSTON, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its second quarter ended June 30, 2023. \"I am extremely proud to report our excellent second quarter results, which capped off a strong first half of the year for us,” said Mike Massaro, CEO of Flywire. \"Our performance and momentum across the business is a testament to the efforts of our global FlyMates who continue to execute against our growth strategies. Our ability to leverage high ROI initiatives to drive adjusted EBITDA gives us confidence for the second half of the year, leading us to increase our guidance for fiscal year 2023.” Second Quarter 2023 Financial Highlights: GAAP Results Revenue increased 50.3% to $84.9 million in the second quarter of 2023, compared to $56.5 million in the second quarter of 2022.Gross Profit increased to $48.8 million, resulting in Gross Margin of 57.5%, for the second quarter of 2023, compared to Gross Profit of $33.2 million and Gross Margin of 58.8% in the second quarter of 2022.Net loss was $(16.8) million in the second quarter of 2023, compared to net loss of $(23.8) million in the second quarter of 2022. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 43% to $4.1 billion in the second quarter of 2023, compared to $2.9 billion in the second quarter of 2022.Revenue Less Ancillary Services increased 54.4% to $79.5 million in the second quarter of 2023, compared to $51.5 million in the second quarter of 2022. Revenue Less Ancillary Services at Constant Currency increased 56.7% year-over-year Adjusted Gross Profit increased to $50.5 million, resulting in Adjusted Gross Margin of 63.5% in the second quarter of 2023, compared to Adjusted Gross Profit of $34.4 million and Adjusted Gross Margin of 66.8% in the second quarter of 2022. Second quarter of 2023 Adjusted Gross Profit and Adjusted Gross Margins were negatively impacted approxim...