Flywire Posts 33% YoY Increase in Payment Volume for Q3 2022

Flywire, a global payments enablement and software company, has released its financial results for the third quarter of 2022 (Q3 2022), showing a 33% increase in payment volume on a YoY basis.

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In the quarter ended on September 2022, The revenue less ancillary services was $88.9 million, representing a year-over-year revenue growth of 43%, which reached an all-time high for quarterly revenue.

The total payment volume for the quarter was $7.0 billion, rose 33% compared to $5.3 billion in the same period of last year.

Adjusted gross profit for the quarter was $61.3 million in Q3 2022, an increase of 38% compared to $44.6 million in Q3 2021.

Adjusted EBITDA for the quarter was $18.2 million, an increase of 3% over the $17.6 million reported for Q3 2021.

With respect to capitalization as of September 30, 2022, the company had $349.2 million in cash and cash equivalents and $25.9 million in long-term debt. 

As of September 30, 2022, Flywire had 108.9 million shares of common stock outstanding, which is slightly different than the weighted average shares outstanding used to calculate net income and loss per share due to the timing of shares issued during the quarter.