Flywire Posts Fourth Quarter and Full Year 2021 Results
Flywire Corporation (Nasdaq: FLYW) (the "Company") a global payments enablement and software company, has reported preliminary and unaudited financial results for its fourth quarter and fiscal year 2021.
"Flywire delivered strong results in 2021, with total annual revenue increasing 53% and total annual revenue less ancillary services increasing 58% year-over-year. The demand for domestic and cross-border payments led to another strong quarter of revenue growth, backed by our success in growing existing clients, winning new clients, and expanding our channel partnerships around the world,” said Mike Massaro, CEO of Flywire. "We now have over 2,500 clients in our four primary verticals. Our clients rely on us to get paid, and help their customers pay easily from anywhere in the world. They are also trusting us to leverage our software to solve deeper and more complex payment flows and a wide variety of transaction types. Looking ahead, we plan to build on this foundation and continue to deliver market-leading, vertical-specific software that drives value in payments. We also expect to significantly expand our Go-To-Market teams and strengthen and grow our FlyMate community to help us capitalize on the massive and growing opportunity that is in front of us."
Fourth Quarter 2021 Financial Highlights:
GAAP Results
Revenue increased 55% to $51.4 million in the fourth quarter of 2021, compared to $33.2 million in the fourth quarter of 2020.
Gross margin decreased 1.0% in absolute terms to 59.7% in the fourth quarter of 2021, compared to 60.7% in the fourth quarter of 2020.
Net loss was $(11.2) million in the fourth quarter of 2021, compared to Net loss of $(4.0) million in the fourth quarter of 2020.
Key Operating Metrics and Non-GAAP Results
Total Payment Volume increased 75% to $3.1 billion in the fourth quarter of 2021, compared to $1.8 billion in the fourth quarter of 2020.
Revenue Less Ancillary Services increased 56% to $45.9 million in the fourth quarter of 2021, compared to $29.4 million in the fourth quarter of 2020.
Adjusted Gross Margin decreased 1.6% in absolute terms to 66.9% in the fourth quarter of 2021, compared to 68.5% in the fourth quarter of 2020.
Adjusted EBITDA was $(1.9) million in the fourth quarter of 2021, compared to $1.8 million in the fourth quarter of 2020.
Fiscal Year 2021 Financial Highlights:
GAAP Results
Revenue increased 53% to $201.1 million in fiscal year 2021, compared to $131.8 million in fiscal year 2020.
Gross margin increased 2.0% in absolute terms to 62.3% in fiscal year 2021, compared to 60.3% in fiscal year 2020.
Net loss was $(28.0) million in the fiscal year 2021, compared to Net loss of $(11.1) million in fiscal year 2020.
Key Operating Metrics and Non-GAAP Results
Total Payment Volume increased 76% to $13.2 billion in fiscal year 2021, compared to $7.5 billion in fiscal year 2020.
Revenue Less Ancillary Services increased 58% to $181.1 million in fiscal year 2021, compared to $114.6 million in fiscal year 2020.
Adjusted Gross Margin decreased 0.3% in absolute terms to 69.1% in fiscal year 2021, compared to 69.4% in fiscal year 2020.
Adjusted EBITDA increased 266% to $22.7 million in fiscal year 2021, compared to $6.2 million in fiscal year 2020.
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