Business
Flywire Reports Third Quarter 2022 Financial Results
Third Quarter Revenue Increased 40% Year-over-Year Third Quarter Revenue Less Ancillary Services Increased 43% Year-over-Year Third Quarter Total Payment
About this update from Flywire Corporation - Voting
[{"type":"text","content":"Third Quarter Revenue Increased 40% Year-over-Year Third Quarter Revenue Less Ancillary Services Increased 43% Year-over-Year Third Quarter Total Payment Volume Increased 33% Year-over-Year BOSTON, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a global payments enablement and software company, today reported financial results for its third quarter ended September 30, 2022. “I’m pleased to report another strong quarter for Flywire, where we delivered strong year-over-year adjusted gross profit and EBITDA, with revenue at an all-time high,” said Mike Massaro, CEO of Flywire. “We continue to see the benefits of the ongoing execution of our growth strategies with notable success in our key investment areas, as we efficiently win new clients and cross-sell existing ones. Once again, our global team of FlyMates go above and beyond to help our clients achieve meaningful ROI, and deliver value to their payers. Despite the macroeconomic backdrop, the sustainability of our business model, combined with the resilience of the industries we serve, continue to position us well for ongoing success.” Third Quarter 2022 Financial Highlights: GAAP Results Revenue increased 40% to $95.2 million in the third quarter of 2022, compared to $67.8 million in the third quarter of 2021.Gross Profit increased to $61.3 million, resulting in Gross Margin of 64.4%, for the third quarter of 2022, compared to Gross Profit of $44.6 million and Gross Margin of 65.8% in the third quarter of 2021.Net loss was $4.3 million in the third quarter of 2022, compared to net income of $10.0 million in the third quarter of 2021. Key Operating Metrics and Non-GAAP Results Total Payment Volume increased 33% to $7.0 billion in the third quarter of 2022, compared to $5.3 billion in the third quarter of 2021.Revenue Less Ancillary Services increased 43% to $88.9 million in the third quarter of 2022, compared to $62.0 million in the third quarter of 2021.Adjusted Gross Profit of $61.3 million, resulting in Adjusted Gross Margin of 69.0% in the third quarter of 2022, compared to Adjusted Gross Profit of $44.6 million and Adjusted Gross Margin of 71.9% in the third quarter of 2021.Adjusted EBITDA was $18.2 million in the third quarter of 2022, compared to $17.6 million in the third quarter of 2021. Business Highlights: Announced a...