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Flywire Q4 2024 Earnings Report
Flywire reported strong fourth quarter and fiscal-year 2024 financial results, with significant revenue and adjusted EBITDA growth.
Key Takeaways
Flywire concluded a strong 2024 with robust fourth-quarter performance, achieving 17% revenue growth and a 680 basis point increase in adjusted EBITDA margin, despite a complex macroeconomic environment. The company also announced the acquisition of Sertifi to expand its Travel vertical.
Fourth quarter revenue increased 17.0% year-over-year to $117.6 million.
Adjusted EBITDA grew to $16.7 million in Q4 2024, up from $7.7 million in Q4 2023, with adjusted EBITDA margins increasing by 680 bps.
Total Payment Volume increased 27.6% to $6.9 billion in the fourth quarter of 2024.
The company signed over 800 new clients in fiscal-year 2024, surpassing the 700 new clients signed in fiscal-year 2023.
Forward Guidance
Flywire anticipates FX-neutral revenue less ancillary services growth of 10-14% and an increase in adjusted EBITDA margin of 200-400 basis points for fiscal-year 2025, excluding the Sertifi acquisition.
Positive Outlook
- Anticipated revenue less ancillary services growth of 10-14% on an FX-neutral basis for fiscal-year 2025.
- Projected increase in adjusted EBITDA margin of 200-400 basis points for fiscal-year 2025.
- Expected strong performance from the combined travel vertical.
- Emerging B2B vertical is expected to exceed historical growth rates.
- Sertifi acquisition is expected to provide incremental revenue of $30.0-40.0 million in fiscal year 2025.
Challenges Ahead
- Approximately 3 percentage points of headwind from FX throughout the year.
- Guidance excludes any potential lessening of macroeconomic headwinds.
- Restructuring impacting approximately 10% of the workforce.
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