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Mar 31, 2023
Flywire Q1 2023 Earnings Report
Flywire's Q1 2023 financial results were reported, demonstrating strong revenue growth and client acquisition.
Key Takeaways
Flywire reported a strong first quarter with revenue increasing by 46.1% year-over-year to $94.4 million and a net loss of $3.7 million, an improvement from the previous year. The company also achieved its largest sales quarter in history, signing a record number of new clients.
Revenue increased by 46.1% year-over-year, reaching $94.4 million.
Gross profit increased to $58.3 million, with a gross margin of 61.8%.
Net loss improved to $3.7 million, compared to $10.1 million in the first quarter of 2022.
Total Payment Volume increased 35.8% to $5.7 billion.
Forward Guidance
Flywire anticipates revenue between $76 to $81 million and revenue less ancillary services between $71 to $75 million for the second quarter of 2023. For the full year 2023, the company anticipates revenue between $380 to $398 million and revenue less ancillary services between $360 to $370 million.
Positive Outlook
- Second Quarter 2023 Revenue is expected to be $76 to $81 million
- Second Quarter 2023 Revenue Less Ancillary Services is expected to be $71 to $75 million
- Second Quarter 2023 Adjusted EBITDA is expected to be between $(5) to $(3) million
- Fiscal-Year 2023 Revenue is expected to be $380 to $398 million
- Fiscal-Year 2023 Revenue Less Ancillary Services is expected to be $360 to $370 million
Challenges Ahead
- Second Quarter 2023 Adjusted EBITDA is expected to be negative
- Foreign exchange rates prevailing as of March 31, 2023 have been assumed.
- Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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