Flywire Corp

Latest Results (07.08.2024):

Revenue Growth

Flywire Corp reported a 22% increase in revenue for the second quarter of 2024, reaching $103.7 million compared to $84.9 million in the second quarter of 2023. This growth was driven by the company's ability to sign more than 200 new clients and expand its revenue streams despite facing headwinds in the Canadian market.

Gross Profit and Margin

In the second quarter of 2024, Flywire Corp's gross profit increased to $61.9 million, resulting in a gross margin of 59.7%. This is an improvement from the second quarter of 2023, where the gross profit was $48.8 million with a gross margin of 57.5%. The increase in gross margin reflects the company's efficient cost management and revenue growth.

Net Loss Reduction

Flywire Corp reported a net loss of $13.9 million for the second quarter of 2024, which is an improvement compared to the net loss of $16.8 million in the second quarter of 2023. The reduction in net loss indicates the company's progress towards achieving profitability while continuing to invest in growth initiatives.

Adjusted EBITDA Improvement

Flywire Corp's adjusted EBITDA for the second quarter of 2024 increased to $5.8 million, compared to $(0.1) million in the second quarter of 2023. This significant improvement in adjusted EBITDA demonstrates the company's enhanced operational efficiency and ability to generate positive cash flow from its core business activities.

Share Repurchase Program

Flywire Corp's Board of Directors authorized a $150 million share repurchase program as part of its capital allocation strategy to maximize shareholder value. This program reflects the company's confidence in its long-term potential and strong balance sheet, allowing it to continue investing in growth while returning capital to shareholders.