Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”) a
global payments enablement and software company, today reported
financial results for its first quarter ended March 31, 2024.
"We are pleased with our 2024 first quarter results, where we
signed more than 200 new clients, the highest the company has
signed in a quarter," said Mike Massaro, CEO of Flywire. “This
solid start to our year reflects the strength and resilience of our
global and diversified business and underscores the penetration
opportunity we have in the end markets we serve. Looking ahead, I
remain confident that our focus on optimizing our Go-To-Market
capabilities, expanding our Flywire Advantage and strengthening our
FlyMate community will position us well for the future.”
First Quarter 2024 Financial Highlights:
GAAP Results
- Revenue increased 21% to $114.1
million in the first quarter of 2024, compared to $94.4 million in
the first quarter of 2023.
- Gross Profit increased to $70.4 million, resulting in Gross
Margin of 61.7%, for the first quarter of 2024, compared to Gross
Profit of $58.3 million and Gross Margin of 61.8% in the first
quarter of 2023.
- Net loss was $6.2 million in the first quarter of 2024,
compared to net loss of $3.7 million in the first quarter of
2023.
Key Operating Metrics and Non-GAAP Results
- Total Payment Volume increased 23% to $7.0 billion in the first
quarter of 2024, compared to $5.7 billion in the first quarter of
2023.
- Revenue Less Ancillary Services increased 24% to $110.2 million
in the first quarter of 2024, compared to $89.1 million in the
first quarter of 2023. Revenue Less Ancillary Services in the first
quarter of 2024 was estimated to be unfavorably impacted by changes
in foreign exchange rates between December 31, 2023 and March 31,
2024 by approximately $1.2 million.
- Adjusted Gross Profit increased to $71.9 million, resulting in
Adjusted Gross Margin of 65.2% in the first quarter of 2024,
compared to Adjusted Gross Profit of $59.9 million and Adjusted
Gross Margin of 67.2% in the first quarter of 2023.
- Adjusted EBITDA increased to $13.2 million in the first quarter
of 2024, compared to $7.0 million in the first quarter of
2023.
First Quarter 2024 Business Highlights:
- Signed more than 200 new clients, the highest the company has
signed in a quarter, and Flywire now supports more than 4,000
clients globally.
- In the company’s travel vertical, signed a historical high of
projected ARR in a single quarter.
- Strengthened management team with appointment of Cosmin Pitigoi
as Chief Financial Officer.
- Integrated with State Bank of India (SBI), India’s largest
public sector bank, to digitize education payments from the
region.
- Signed partnership with VTEX, a digital commerce platform in
Latin America, to deliver an integrated digital payment experience
to higher education institutions across Latin America.
Second Quarter and Fiscal-Year 2024
Outlook:
“I am excited by the culture and the long term growth
opportunity at Flywire. It's clear that our four verticals are at a
very early stage in truly automating their payments capabilities,
and we are uniquely positioned to capture share with our ‘software
drives value in payments’ approach,” said Cosmin Pitigoi, CFO of
Flywire. “For Fiscal-Year 2024 we are maintaining our top line
growth expectations on a constant currency basis and our Adjusted
EBITDA margin expansion expectations remain in line with prior
guidance at approximately 320 basis points. Second quarter guidance
is adjusted for foreign exchange impacts and a shift in
expectations related to our Canadian education business.”
Based on information available as of May 7, 2024, Flywire
anticipates the following results for the second quarter and
Fiscal-Year 2024.
|
Fiscal-Year 2024* |
Revenue |
$491 to $519 million |
Revenue Less Ancillary Services |
$478 to $498` million |
Adjusted EBITDA** |
$64 to $75 million |
|
Second Quarter 2024* |
Revenue |
$99 to $108 million |
Revenue Less Ancillary Services |
$96 to $104 million |
Adjusted EBITDA** |
$1 to $4 million |
*The Company has assumed foreign exchange rates prevailing as of
March 31, 2024.
**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 Flywire is unable, without making
unreasonable efforts, to calculate certain reconciling items with
confidence. These items include, but are not limited to income
taxes which are directly impacted by unpredictable fluctuations in
the market price of Flywire's stock.
These statements are forward-looking and actual results may
differ materially. Refer to the “Safe Harbor Statement” below for
information on the factors that could cause Flywire’s actual
results to differ materially from these forward-looking
statements.
Conference Call
The Company will host a conference call to discuss
first quarter 2024 financial results today at 5:00 pm ET. Hosting
the call will be Mike Massaro, CEO, Rob Orgel, President and COO,
and Cosmin Pitigoi, CFO. The conference call can be accessed live
via webcast from the Company's investor relations website at
https://ir.flywire.com/. A replay will be available on the investor
relations website following the call.
Key Operating Metrics and Non-GAAP Financial
Measures
Flywire uses non-GAAP financial measures to supplement financial
information presented on a GAAP basis. The Company believes that
excluding certain items from its GAAP results allows management to
better understand its consolidated financial performance from
period to period and better project its future consolidated
financial performance as forecasts are developed at a level of
detail different from that used to prepare GAAP-based financial
measures. Moreover, Flywire believes these non-GAAP financial
measures provide its stakeholders with useful information to help
them evaluate the Company’s operating results by facilitating an
enhanced understanding of the Company’s operating performance and
enabling them to make more meaningful period to period comparisons.
There are limitations to the use of the non-GAAP financial measures
presented here. Flywire’s non-GAAP financial measures may not be
comparable to similarly titled measures of other companies. Other
companies, including companies in Flywire’s industry, may calculate
non-GAAP financial measures differently, limiting the usefulness of
those measures for comparative purposes.
Flywire uses supplemental measures of its performance which are
derived from its consolidated financial information, but which are
not presented in its consolidated financial statements prepared in
accordance with GAAP. These non-GAAP financial measures include the
following:
- Revenue Less Ancillary Services. Revenue Less Ancillary
Services represents the Company’s consolidated revenue in
accordance with GAAP after excluding (i) pass-through cost for
printing and mailing services and (ii) marketing fees. The Company
excludes these amounts to arrive at this supplemental non-GAAP
financial measure as it views these services as ancillary to the
primary services it provides to its clients.
- Adjusted Gross
Profit and Adjusted Gross Margin. Adjusted gross profit represents
Revenue Less Ancillary Services less cost of revenue adjusted to
(i) exclude pass-through cost for printing services, (ii) offset
marketing fees against costs incurred and (iii) exclude
depreciation and amortization, including accelerated amortization
on the impairment of customer set-up costs tied to technology
integration. Adjusted Gross Margin represents Adjusted Gross Profit
divided by Revenue Less Ancillary Services. Management believes
this presentation supplements the GAAP presentation of Gross Margin
with a useful measure of the gross margin of the Company’s
payment-related services, which are the primary services it
provides to its clients.
- Adjusted EBITDA.
Adjusted EBITDA represents EBITDA further adjusted by excluding (i)
stock-based compensation expense and related payroll taxes, (ii)
the impact from the change in fair value measurement for contingent
consideration associated with acquisitions,(iii) gain (loss) from
the remeasurement of foreign currency, (iv) indirect taxes related
to intercompany activity, (v) acquisition related transaction
costs, if applicable, and (vi) employee retention costs, such as
incentive compensation, associated with acquisition activities.
Management believes that the exclusion of these amounts to
calculate Adjusted EBITDA provides useful measures for
period-to-period comparisons of the Company’s business.
- Revenue Less
Ancillary Services at Constant Currency. Revenue Less Ancillary
Services at Constant Currency represents Revenue Less Ancillary
Services adjusted to show presentation on a constant currency
basis. The constant currency information presented is calculated by
translating current period results using prior period weighted
average foreign currency exchange rates. Flywire analyzes Revenue
Less Ancillary Services on a constant currency basis to provide a
comparable framework for assessing how the business performed
excluding the effect of foreign currency fluctuations.
- Non-GAAP Operating Expenses - Non-GAAP Operating Expenses
represents GAAP Operating Expenses adjusted by excluding (i)
stock-based compensation expense and related payroll taxes, (ii)
depreciation and amortization, (iii) acquisition related
transaction costs, if applicable, (iv) employee retention costs,
such as incentive compensation, associated with acquisition
activities and (v) the impact from the change in fair value
measurement for contingent consideration associated with
acquisitions.
These non-GAAP financial measures are not meant to be considered
as indicators of performance in isolation from or as a substitute
for the Company’s revenue, gross profit, gross margin, net income
(loss) or operating expenses prepared in accordance with GAAP and
should be read only in conjunction with financial information
presented on a GAAP basis. Reconciliations of Revenue Less
Ancillary Services, Revenue Less Ancillary Services at Constant
Currency, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted
EBITDA and Non-GAAP Operating Expenses to the most directly
comparable GAAP financial measure are presented below. Flywire
encourages you to review these reconciliations in conjunction with
the presentation of the non-GAAP financial measures for each of the
periods presented. In future fiscal periods, Flywire may exclude
such items and may incur income and expenses similar to these
excluded items. 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 it is unable, without
making unreasonable efforts, to calculate certain reconciling items
with confidence. These items include but are not limited to income
taxes which are directly impacted by unpredictable fluctuations in
the market price of Flywire's stock.
About Flywire
Flywire is a global payments enablement and software company.
Flywire combines its proprietary global payments network, next-gen
payments platform and vertical-specific software to deliver the
most important and complex payments for its clients and their
customers.
Flywire leverages its vertical-specific software and payments
technology to deeply embed within the existing A/R workflows for
its clients across the education, healthcare and travel vertical
markets, as well as in key B2B industries. Flywire also integrates
with leading ERP systems, so organizations can optimize the payment
experience for their customers while eliminating operational
challenges.
Flywire supports more than 4,000 clients with diverse payment
methods in more than 140 currencies across 240 countries and
territories around the world. Flywire is headquartered in Boston,
MA, USA with additional offices around the globe. For more
information, visit www.flywire.com. Follow Flywire
on X (formerly known as Twitter), LinkedIn
and Facebook.
Safe Harbor Statement
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements regarding Flywire’s
future operating results and financial position, Flywire’s business
strategy and plans, market growth, and Flywire’s objectives for
future operations. Flywire intends such forward-looking statements
to be covered by the safe harbor provisions for forward-looking
statements contained in Section 21E of the Securities Exchange Act
of 1934 and the Private Securities Litigation Reform Act of 1995.
In some cases, you can identify forward-looking statements by terms
such as, but not limited to, “believe,” “may,” “will,”
“potentially,” “estimate,” “continue,” “anticipate,” “intend,”
“could,” “would,” “project,” “target,” “plan,” “expect,” or the
negative of these terms, and similar expressions intended to
identify forward-looking statements. Such forward-looking
statements are based upon current expectations that involve risks,
changes in circumstances, assumptions, and uncertainties. Important
factors that could cause actual results to differ materially from
those reflected in Flywire's forward-looking statements include,
among others, Flywire’s future financial performance, including its
expectations regarding Revenue, Revenue Less Ancillary Services,
and Adjusted EBITDA and foreign exchange rates. Risks that may
cause actual results to differ materially from these forward
looking statements include, but are not limited to: Flywire’s
ability to execute its business plan and effectively manage its
growth; Flywire’s cross-border expansion plans and ability to
expand internationally; anticipated trends, growth rates, and
challenges in Flywire’s business and in the markets in which
Flywire operates; the sufficiency of Flywire’s cash and cash
equivalents to meet its liquidity needs; political, economic,
foreign currency exchange rate, inflation, legal, social and health
risks, that may affect Flywire’s business or the global economy;
Flywire’s beliefs and objectives for future operations; Flywire’s
ability to develop and protect its brand; Flywire’s ability to
maintain and grow the payment volume that it processes; Flywire’s
ability to further attract, retain, and expand its client base;
Flywire’s ability to develop new solutions and services and bring
them to market in a timely manner; Flywire’s expectations
concerning relationships with third parties, including financial
institutions and strategic partners; the effects of increased
competition in Flywire’s markets and its ability to compete
effectively; recent and future acquisitions or investments in
complementary companies, products, services, or technologies;
Flywire’s ability to enter new client verticals, including its
relatively new business-to-business sector; Flywire’s expectations
regarding anticipated technology needs and developments and its
ability to address those needs and developments with its solutions;
Flywire’s expectations regarding litigation and legal and
regulatory matters; Flywire’s expectations regarding its ability to
meet existing performance obligations and maintain the operability
of its solutions; Flywire’s expectations regarding the effects of
existing and developing laws and regulations, including with
respect to payments and financial services, taxation, privacy and
data protection; economic and industry trends, projected growth, or
trend analysis; Flywire’s ability to adapt to changes in U.S.
federal income or other tax laws or the interpretation of tax laws,
including the Inflation Reduction Act of 2022; Flywire’s ability to
attract and retain qualified employees; Flywire’s ability to
maintain, protect, and enhance its intellectual property; Flywire’s
ability to maintain the security and availability of its solutions;
the increased expenses associated with being a public company; the
future market price of Flywire’s common stock; and other factors
that are described in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of Flywire's Annual Report on Form 10-K for
the year ended December 31, 2023, which is on file with the
Securities and Exchange Commission (SEC) and available on the SEC's
website at https://www.sec.gov/. Additional factors may be
described in those sections of Flywire’s Quarterly Report on Form
10-Q for the quarter ended March 31, 2024, expected to be filed
with the SEC in the second quarter of 2024. The information in this
release is provided only as of the date of this release, and
Flywire undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
Contacts
Investor Relations:Akil
Hollisir@Flywire.com
Media:Sarah
KingSarah.King@Flywire.com
Prosek Partnerspro-flywire@prosek.com
|
Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss) |
(Unaudited) (Amounts in thousands, except share and per
share amounts) |
|
|
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
114,103 |
|
|
$ |
94,357 |
|
Costs and operating expenses: |
|
|
|
|
Payment processing services costs |
|
|
41,650 |
|
|
|
33,855 |
|
Technology and development |
|
|
16,737 |
|
|
|
14,523 |
|
Selling and marketing |
|
|
30,083 |
|
|
|
24,434 |
|
General and administrative |
|
|
31,596 |
|
|
|
28,113 |
|
Total costs and operating expenses |
|
|
120,066 |
|
|
|
100,925 |
|
Loss from operations |
|
$ |
(5,963 |
) |
|
$ |
(6,568 |
) |
Other income (expense): |
|
|
|
|
Interest expense |
|
|
(142 |
) |
|
|
(103 |
) |
Interest income |
|
|
5,879 |
|
|
|
1,935 |
|
Gain (loss) from remeasurement of foreign currency |
|
|
(4,376 |
) |
|
|
1,470 |
|
Total other income (expense), net |
|
|
1,361 |
|
|
|
3,302 |
|
Loss before provision for income taxes |
|
|
(4,602 |
) |
|
|
(3,266 |
) |
Provision for income taxes |
|
|
1,615 |
|
|
|
417 |
|
Net Loss |
|
$ |
(6,217 |
) |
|
$ |
(3,683 |
) |
Foreign currency translation adjustment |
|
|
(1,361 |
) |
|
|
(367 |
) |
Comprehensive loss |
|
$ |
(7,578 |
) |
|
$ |
(4,050 |
) |
Net loss attributable to common stockholders - basic and
diluted |
|
$ |
(6,217 |
) |
|
$ |
(3,683 |
) |
Net loss per share attributable to common stockholders - basic and
diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.03 |
) |
Weighted average common shares outstanding - basic and diluted |
|
|
123,143,343 |
|
|
|
109,787,528 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Balance Sheets |
(Unaudited) (Amounts in thousands, except share
amounts) |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
619,014 |
|
|
$ |
654,608 |
|
Accounts receivable, net |
|
|
19,688 |
|
|
|
18,215 |
|
Unbilled receivables, net |
|
|
7,995 |
|
|
|
10,689 |
|
Funds receivable from payment partners |
|
|
76,231 |
|
|
|
113,945 |
|
Prepaid expenses and other current assets |
|
|
16,222 |
|
|
|
18,227 |
|
Total current assets |
|
|
739,150 |
|
|
|
815,684 |
|
Property and equipment, net |
|
|
15,588 |
|
|
|
15,134 |
|
Intangible assets, net |
|
|
103,421 |
|
|
|
108,178 |
|
Goodwill |
|
|
119,720 |
|
|
|
121,646 |
|
Other assets |
|
|
20,836 |
|
|
|
19,089 |
|
Total assets |
|
$ |
998,715 |
|
|
$ |
1,079,731 |
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
15,385 |
|
|
$ |
12,587 |
|
Funds payable to clients |
|
|
124,111 |
|
|
|
210,922 |
|
Accrued expenses and other current liabilities |
|
|
37,385 |
|
|
|
43,315 |
|
Deferred revenue |
|
|
5,619 |
|
|
|
6,968 |
|
Total current liabilities |
|
|
182,500 |
|
|
|
273,792 |
|
Deferred tax liabilities |
|
|
14,587 |
|
|
|
15,391 |
|
Other liabilities |
|
|
4,643 |
|
|
|
4,431 |
|
Total liabilities |
|
|
201,730 |
|
|
|
293,614 |
|
Commitments and contingencies (Note 16) |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as
of March 31, 2024 and December 31, 2023; and no shares issued and
outstanding as of March 31, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Voting common stock, $0.0001 par value; 2,000,000,000 shares
authorized as of March 31, 2024 and December 31, 2023; 124,555,591
shares issued and 122,255,050 shares outstanding as of March 31,
2024; 123,010,207 shares issued and 120,695,162 shares outstanding
as of December 31, 2023 |
|
|
11 |
|
|
|
11 |
|
Non-voting common stock, $0.0001 par value; 10,000,000 shares
authorized as of March 31, 2024 and December 31, 2023; 1,873,320
shares issued and outstanding as of March 31, 2024 and December 31,
2023 |
|
|
1 |
|
|
|
1 |
|
Treasury voting common stock, 2,300,541 and 2,315,045 shares as of
March 31, 2024 and December 31, 2023, respectively, held at
cost |
|
|
(742 |
) |
|
|
(747 |
) |
Additional paid-in capital |
|
|
977,743 |
|
|
|
959,302 |
|
Accumulated other comprehensive income (loss) |
|
|
(41 |
) |
|
|
1,320 |
|
Accumulated deficit |
|
|
(179,987 |
) |
|
|
(173,770 |
) |
Total stockholders’ equity |
|
|
796,985 |
|
|
|
786,117 |
|
Total liabilities and stockholders’ equity |
|
$ |
998,715 |
|
|
$ |
1,079,731 |
|
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statement of Cash
Flows |
(Unaudited) (Amounts in thousands) |
|
|
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
Net loss |
|
$ |
(6,217 |
) |
|
$ |
(3,683 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
Depreciation and amortization |
|
|
4,259 |
|
|
|
3,731 |
|
Stock-based compensation expense |
|
|
14,842 |
|
|
|
8,603 |
|
Amortization of deferred contract costs |
|
|
242 |
|
|
|
109 |
|
Change in fair value of contingent consideration |
|
|
(478 |
) |
|
|
410 |
|
Deferred tax provision (benefit) |
|
|
(643 |
) |
|
|
(620 |
) |
Provision for uncollectible accounts |
|
|
(16 |
) |
|
|
83 |
|
Non-cash interest expense |
|
|
92 |
|
|
|
72 |
|
Changes in operating assets and liabilities, net of
acquisitions: |
|
|
|
|
Accounts receivable |
|
|
(1,457 |
) |
|
|
(4,324 |
) |
Unbilled receivables |
|
|
2,694 |
|
|
|
1,247 |
|
Funds receivable from payment partners |
|
|
37,714 |
|
|
|
34,323 |
|
Prepaid expenses, other current assets and other assets |
|
|
1,863 |
|
|
|
(828 |
) |
Funds payable to clients |
|
|
(86,810 |
) |
|
|
(60,343 |
) |
Accounts payable, accrued expenses and other current
liabilities |
|
|
(2,489 |
) |
|
|
2,780 |
|
Contingent consideration |
|
|
— |
|
|
|
(467 |
) |
Other liabilities |
|
|
(340 |
) |
|
|
(413 |
) |
Deferred revenue |
|
|
(1,349 |
) |
|
|
(1,526 |
) |
Net cash provided by operating activities |
|
|
(38,093 |
) |
|
|
(20,846 |
) |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
Capitalization of internally developed software |
|
|
(1,259 |
) |
|
|
(1,368 |
) |
Purchases of property and equipment |
|
|
(255 |
) |
|
|
(481 |
) |
Net cash used in investing activities |
|
|
(1,514 |
) |
|
|
(1,849 |
) |
Cash flows from financing activities: |
|
|
|
|
Payment of debt issuance costs |
|
|
(783 |
) |
|
|
— |
|
Contingent consideration paid for acquisitions |
|
|
— |
|
|
|
(1,207 |
) |
Proceeds from the issuance of stock under Employee Stock Purchase
Plan |
|
|
1,415 |
|
|
|
864 |
|
Proceeds from exercise of stock options |
|
|
1,617 |
|
|
|
2,144 |
|
Net cash provided by (used in) financing activities |
|
|
2,249 |
|
|
|
1,801 |
|
Effect of exchange rates changes on cash and cash equivalents |
|
|
1,764 |
|
|
|
(1,202 |
) |
Net increase (decrease) in cash, cash equivalents and
restricted cash |
|
|
(35,594 |
) |
|
|
(22,096 |
) |
Cash, cash equivalents and restricted cash, beginning of
year |
|
$ |
654,608 |
|
|
$ |
351,177 |
|
Cash, cash equivalents and restricted cash, end of
year |
|
$ |
619,014 |
|
|
$ |
329,081 |
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures |
(Amounts in millions, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedMarch 31, |
|
|
2024 |
|
2023 |
Revenue |
|
$ |
114.1 |
|
|
$ |
94.4 |
|
Adjusted to exclude gross up for: |
|
|
|
|
Pass-through cost for printing and mailing |
|
|
(3.6 |
) |
|
|
(4.9 |
) |
Marketing fees |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
Revenue Less Ancillary Services |
|
$ |
110.2 |
|
|
$ |
89.1 |
|
Payment processing services costs |
|
|
41.7 |
|
|
|
33.9 |
|
Hosting and amortization costs within technology and development
expenses |
|
|
2.0 |
|
|
|
2.2 |
|
Cost of Revenue |
|
$ |
43.7 |
|
|
$ |
36.1 |
|
Adjusted to: |
|
|
|
|
Exclude printing and mailing costs |
|
|
(3.6 |
) |
|
|
(4.9 |
) |
Offset marketing fees against related costs |
|
|
(0.3 |
) |
|
|
(0.4 |
) |
Exclude depreciation and amortization |
|
|
(1.5 |
) |
|
|
(1.6 |
) |
Adjusted Cost of Revenue |
|
$ |
38.3 |
|
|
$ |
29.2 |
|
Gross Profit |
|
$ |
70.4 |
|
|
$ |
58.3 |
|
Gross Margin |
|
|
61.7 |
% |
|
|
61.8 |
% |
Adjusted Gross Profit |
|
$ |
71.9 |
|
|
$ |
59.9 |
|
Adjusted Gross Margin |
|
|
65.2 |
% |
|
|
67.2 |
% |
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Net income (loss) |
|
$ |
(6.2 |
) |
|
$ |
(3.7 |
) |
Interest expense |
|
|
0.1 |
|
|
|
0.1 |
|
Interest income |
|
|
(5.9 |
) |
|
|
(1.9 |
) |
Provision for income taxes |
|
|
1.6 |
|
|
|
0.4 |
|
Depreciation and amortization |
|
|
4.5 |
|
|
|
3.8 |
|
EBITDA |
|
|
(5.9 |
) |
|
|
(1.3 |
) |
Stock-based compensation expense and related taxes |
|
|
15.1 |
|
|
|
9.0 |
|
Change in fair value of contingent consideration |
|
|
(0.5 |
) |
|
|
0.4 |
|
(Gain) loss from remeasurement of foreign currency |
|
|
4.4 |
|
|
|
(1.5 |
) |
Indirect taxes related to intercompany activity |
|
|
0.1 |
|
|
|
0.1 |
|
Acquisition related employee retention costs |
|
|
0.0 |
|
|
|
0.3 |
|
Adjusted EBITDA |
|
$ |
13.2 |
|
|
$ |
7.0 |
|
|
|
Three Months EndedMarch 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue |
|
$ |
114.1 |
|
|
$ |
94.4 |
|
Ancillary services |
|
|
(3.9 |
) |
|
|
(5.3 |
) |
Revenue Less Ancillary Services |
|
|
110.2 |
|
|
|
89.1 |
|
Effects of foreign currency rate fluctuations |
|
|
(0.2 |
) |
|
|
— |
|
Revenue Less Ancillary Services at Constant Currency |
|
$ |
110.0 |
|
|
$ |
89.1 |
|
|
|
Three Months EndedMarch 31, |
(in millions) |
|
2024 |
|
|
2023 |
|
GAAP Technology and development |
|
$ |
16.7 |
|
|
$ |
14.5 |
|
(-) Stock-based compensation expense and related taxes |
|
|
(2.6 |
) |
|
|
(1.6 |
) |
(-) Depreciation and amortization |
|
|
(1.9 |
) |
|
|
(1.7 |
) |
(-) Acquisition related employee retention costs |
|
|
— |
|
|
|
(0.1 |
) |
Non-GAAP Technology and development |
|
$ |
12.2 |
|
|
$ |
11.1 |
|
|
|
|
|
|
GAAP Selling and marketing |
|
$ |
30.1 |
|
|
$ |
24.4 |
|
(-) Stock-based compensation expense and related taxes |
|
|
(4.1 |
) |
|
|
(2.6 |
) |
(-) Depreciation and amortization |
|
|
(1.9 |
) |
|
|
(1.3 |
) |
(-) Acquisition related employee retention costs |
|
|
— |
|
|
|
(0.2 |
) |
Non-GAAP Selling and marketing |
|
$ |
24.1 |
|
|
$ |
20.3 |
|
|
|
|
|
|
GAAP General and administrative |
|
$ |
31.6 |
|
|
$ |
28.1 |
|
(-) Stock-based compensation expense and related taxes |
|
|
(8.4 |
) |
|
|
(4.8 |
) |
(-) Depreciation and amortization |
|
|
(0.7 |
) |
|
|
(0.7 |
) |
(-) Change in fair value of contingent consideration |
|
|
0.5 |
|
|
|
(0.4 |
) |
Non-GAAP General and administrative |
|
$ |
23.0 |
|
|
$ |
22.2 |
|
|
|
|
|
|
|
|
|
|
Guidance |
|
|
Three Months EndedJune 30, 2024 |
|
Year EndedDecember 31, 2024 |
|
Low |
|
High |
|
Low |
|
High |
|
|
|
|
|
|
|
|
Revenue |
$ |
99.0 |
|
|
$ |
108.0 |
|
|
$ |
491.0 |
|
|
$ |
519.0 |
|
Adjusted to exclude gross up for: |
|
|
|
|
|
|
|
Pass through cost for printing and mailing |
|
(2.9 |
) |
|
|
(3.8 |
) |
|
|
(10.8 |
) |
|
|
(18.1 |
) |
Marketing fees |
|
(0.1 |
) |
|
|
(0.2 |
) |
|
|
(2.2 |
) |
|
|
(2.9 |
) |
Revenue Less Ancillary Services |
$ |
96.0 |
|
|
$ |
104.0 |
|
|
$ |
478.0 |
|
|
$ |
498.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
1.0 |
|
|
$ |
4.0 |
|
|
$ |
64.0 |
|
|
$ |
75.0 |
|
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