Business
Flywire Reports Third Quarter 2021 Financial Results
Revenue Increased 61% Year-over-Year Revenue Less Ancillary Services Increased 67% Year-over-YearTotal Payment Volume was $5.3 Billion, up 76%
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Revenue Increased 61% Year-over-Year Revenue Less Ancillary Services Increased 67% Year-over-YearTotal Payment Volume was $5.3 Billion, up 76% Year-over-YearCompany Updates Fiscal-Year 2021 Outlook BOSTON, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (“the Company”) a global payments enablement and software company, today reported financial results for its third quarter of 2021. “We experienced another strong quarter with growth across all areas of our business, resulting in revenue less ancillary services growth of 67% compared to the third quarter of 2020,” said Mike Massaro, CEO of Flywire. “We believe the next decade will bring a wave of digitization across the education, healthcare, travel and B2B industries and that Flywire is uniquely positioned to lead this trend with our powerful combination of software and payments.\" Third Quarter 2021 Financial Highlights: GAAP Results Revenue increased 61% to $67.8 million in the third quarter of 2021, compared to $42.1 million in the third quarter of 2020.Gross margin increased 1.4% in absolute terms to 65.8% in the third quarter of 2021, compared to 64.4%in the third quarter of 2020.Net income was $10.0 million in the third quarter of 2021, compared to $5.2 million in the third quarter of 2020. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 76% to $5.3 billion in the third quarter of 2021, compared to $3.0 billion in the third quarter of 2020.Revenue Less Ancillary Services increased 67% to $62.0 million in the third quarter of 2021, compared to $37.2 million in the third quarter of 2020.Adjusted Gross Margin decreased 0.9% in absolute terms to 71.9% in the third quarter of 2021, compared to 72.8% in the third quarter of 2020.Adjusted EBITDA was $17.6 million in the third quarter of 2021, compared to $10.2 million in the third quarter of 2020. Fiscal-Year 2021 Outlook: Based on information available as of November 9, 2021, for fiscal year 2021 Flywire expects the following: Revenue of $190 to $193 millionRevenue Less Ancillary Services of $174 to $176 millionAdjusted EBITDA of $22 to $24 million* *Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because the company is unable,...