Fourth Quarter Revenue Increased 37.5% Year-over-Year
Fourth Quarter Revenue Less Ancillary Services Increased 42.6% Year-over-Year
Company Provides First Quarter and Fiscal-Year 2024 Outlook
“Our strong fourth quarter results, which included nearly 43% year over year growth in revenue less ancillary services, capped off an exceptional year for
Fourth Quarter 2023 Financial Highlights:
GAAP Results
- Revenue increased 37.5% to
$100.5 million in the fourth quarter of 2023, compared to$73.1 million in the fourth quarter of 2022. - Gross Profit increased to
$61.8 million , resulting in Gross Margin of 61.5%, for the fourth quarter of 2023, compared to Gross Profit of$41.5 million and Gross Margin of 56.8% in the fourth quarter of 2022. - Net income was
$1.3 million in the fourth quarter of 2023, compared to net loss of$1.1 million in the fourth quarter of 2022.
Key Operating Metrics and Non-GAAP Results
- Total Payment Volume increased 33.2% to
$5.4 billion in the fourth quarter of 2023, compared to$4.1 billion in the fourth quarter of 2022. - Revenue Less Ancillary Services increased 42.6% to
$96.1 million in the fourth quarter of 2023, compared to$67.4 million in the fourth quarter of 2022. Revenue Less Ancillary Services in the fourth quarter of 2023 was estimated to be favorably impacted by changes in foreign exchange rates betweenSeptember 30, 2023 andDecember 31, 2023 by approximately$0.7 million . - Adjusted Gross Profit increased to
$63.5 million , resulting in Adjusted Gross Margin of 66.1% in the fourth quarter of 2023, compared to Adjusted Gross Profit of$44.5 million and Adjusted Gross Margin of 66.0% in the fourth quarter of 2022. Prior year Adjusted Gross Profit and Adjusted Gross Margin have been recast to align with the updated methodology as described in the Key Operating Metrics and Non-GAAP Financial Measures section below. - Adjusted EBITDA increased to
$7.7 million in the fourth quarter of 2023, compared to$1.0 million in the fourth quarter of 2022.
Fiscal-Year 2023 Financial Highlights:
GAAP Results
- Revenue increased 39.3% to
$403.1 million in fiscal-year 2023, compared to$289.4 million in fiscal-year 2022. - Gross Profit increased to
$247.4 million , resulting in Gross Margin of 61.4%, for fiscal-year 2023, compared to Gross Profit of$174.9 million and Gross Margin of 60.4% in fiscal-year 2022. - Net loss was
$8.6 million in fiscal-year 2023, compared to net loss of$39.3 million in fiscal-year 2022.
Key Operating Metrics and Non-GAAP Results
- Total Payment Volume increased 32.9% to
$24.0 billion in fiscal-year 2023, compared to$18.1 billion in fiscal-year 2022. - Revenue Less Ancillary Services increased 42.8% to
$381.5 million in fiscal-year 2023, compared to$267.1 million in fiscal-year 2022. - Adjusted Gross Profit increased to
$254.1 million , resulting in Adjusted Gross Margin of 66.6% in fiscal-year 2023, compared to Adjusted Gross Profit of$181.9 million and Adjusted Gross Margin of 68.1% in fiscal-year 2022. Fiscal-year 2022 Adjusted Gross Profit and Adjusted Gross Margin have been recast to align with the updated methodology as described in the Key Operating Metrics and Non-GAAP Financial Measures section below. - Adjusted EBITDA increased to
$42.0 million in fiscal-year 2023, compared to$14.9 million in fiscal-year 2022, a 546 basis point expansion of our Adjusted EBITDA as a percentage of revenue less ancillary services.
Fiscal-Year 2023 Business Highlights:
- In education, the Company continued to expand its higher education footprint globally including notable growth in the
United Kingdom and throughoutAsia-Pacific . - The Company also continued to see success in its land and expand strategy in the
U.S. , increasing the footprint of its full-suite solution, and landing many blue-chip clients. - In travel, the Company experienced a significant increase in terms of clients signed and revenue realization from existing clients.
- In B2B, the Company continued to sign larger enterprise deals and drive utilization among existing clients.
- In healthcare, the Company accelerated our partnership strategy, solidifying relationships with Cerner and FinThrive.
- The Company bolstered its global payment network with a focus on supporting its strategic payer markets like
India andChina , enhancing its relationships with WeChat Pay as well as three of the largest banks inIndia . - The Company continued its strong track record of strategic M&A with the acquisition of StudyLink.
First Quarter and Fiscal-Year 2024 Outlook:
“For Fiscal-Year 2024 we expect revenue less ancillary services to grow 30% at the midpoint of our guidance. We also expect to generate an approximately 320 basis point improvement in adjusted EBITDA as a percentage of revenue less ancillary services at the midpoint of our guidance,” said
Based on information available as of
Fiscal-Year 2024* | |
Revenue | |
Revenue Less Ancillary Services | |
Adjusted EBITDA** |
First Quarter 2024* | |
Revenue | |
Revenue Less Ancillary Services | |
Adjusted EBITDA** |
*The Company has assumed foreign exchange rates prevailing as of
**
These statements are forward-looking and actual results may differ materially. Refer to the “Safe Harbor Statement” below for information on the factors that could cause Flywire’s actual results to differ materially from these forward-looking statements.
Conference Call
The Company will host a conference call to discuss fourth quarter and fiscal-year 2023 financial results today at
Key Operating Metrics and Non-GAAP Financial Measures
- Revenue Less Ancillary Services. Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP after excluding (i) pass-through cost for printing and mailing services and (ii) marketing fees. The Company excludes these amounts to arrive at this supplemental non-GAAP financial measure as it views these services as ancillary to the primary services it provides to its clients.
- Adjusted Gross Profit and Adjusted Gross Margin. Adjusted gross profit represents Revenue Less Ancillary Services less cost of revenue adjusted to (i) exclude pass-through cost for printing services, (ii) offset marketing fees against costs incurred and (iii) exclude depreciation and amortization, including accelerated amortization on the impairment of customer set-up costs tied to technology integration. Adjusted Gross Margin represents Adjusted Gross Profit divided by Revenue Less Ancillary Services. Management believes this presentation supplements the GAAP presentation of Gross Margin with a useful measure of the gross margin of the Company’s payment-related services, which are the primary services it provides to its clients. Beginning with the quarter ended
December 31, 2022 ,Flywire has excluded depreciation and amortization from the calculation of its adjusted Gross Profit, which it believes enhances the understanding of the Company’s operating performance and enables more meaningful period to period comparisons. The Company’s previously reported Adjusted Gross Profit and Adjusted Gross Margin for the three months and twelve months endedDecember 31, 2022 were recast to conform to the updated methodology and are reflected herein for comparison purposes. - Adjusted EBITDA. Adjusted EBITDA represents EBITDA further adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) the impact from the change in fair value measurement for contingent consideration associated with acquisitions,(iii) gain (loss) from the remeasurement of foreign currency, (iv) indirect taxes related to intercompany activity, (v) acquisition related transaction costs, if applicable, and (vi) employee retention costs, such as incentive compensation, associated with acquisition activities. Management believes that the exclusion of these amounts to calculate Adjusted EBITDA provides useful measures for period-to-period comparisons of the Company’s business.
- Revenue Less Ancillary Services at Constant Currency. Revenue Less Ancillary Services at Constant Currency represents Revenue Less Ancillary Services adjusted to show presentation on a constant currency basis. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.
Flywire analyzes Revenue Less Ancillary Services on a constant currency basis to provide a comparable framework for assessing how the business performed excluding the effect of foreign currency fluctuations.
These non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for the Company’s revenue, gross profit, gross margin or net income (loss) prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations of Revenue Less Ancillary Services, Revenue Less Ancillary Services at Constant Currency, Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA to the most directly comparable GAAP financial measure are presented below.
About
Safe Harbor Statement
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth, and Flywire’s objectives for future operations.
Contacts
Investor Relations:
ir@Flywire.com
Media:
Sarah.King@Flywire.com
flywirepr@walkersands.com
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||||
(Unaudited) (Amounts in thousands, except share and per share amounts) | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Revenue | $ | 100,545 | $ | 73,053 | $ | 403,094 | $ | 289,375 | |||||||||
Costs and operating expenses: | |||||||||||||||||
Payment processing services costs | 36,780 | 29,585 | 147,339 | 107,933 | |||||||||||||
Technology and development | 16,898 | 12,692 | 62,028 | 50,257 | |||||||||||||
Selling and marketing | 28,830 | 20,287 | 107,621 | 78,456 | |||||||||||||
General and administrative | 28,065 | 19,860 | 107,624 | 82,949 | |||||||||||||
Total costs and operating expenses | 110,573 | 82,424 | 424,612 | 319,595 | |||||||||||||
Loss from operations | $ | (10,028 | ) | $ | (9,371 | ) | $ | (21,518 | ) | $ | (30,220 | ) | |||||
Other income (expense): | |||||||||||||||||
Interest expense | (92 | ) | (327 | ) | (372 | ) | (1,211 | ) | |||||||||
Interest income | 5,638 | 1,787 | 13,349 | 3,244 | |||||||||||||
Gain (loss) from remeasurement of foreign currency | 7,707 | 5,915 | 4,189 | (9,172 | ) | ||||||||||||
Total other income (expense), net | 13,253 | 7,375 | 17,166 | (7,139 | ) | ||||||||||||
Income (loss) before provision for income taxes | 3,225 | (1,996 | ) | (4,352 | ) | (37,359 | ) | ||||||||||
Provision for (benefit from) income taxes | 1,938 | (867 | ) | 4,214 | 1,988 | ||||||||||||
Net income (loss) | $ | 1,287 | $ | (1,129 | ) | $ | (8,566 | ) | $ | (39,347 | ) | ||||||
Foreign currency translation adjustment | 3,731 | (1,105 | ) | 3,232 | (1,513 | ) | |||||||||||
Comprehensive income (loss) | $ | 5,018 | $ | (2,234 | ) | $ | (5,334 | ) | $ | (40,860 | ) | ||||||
Net income (loss) attributable to common stockholders - basic and diluted | $ | 1,287 | $ | (1,129 | ) | $ | (8,566 | ) | $ | (39,347 | ) | ||||||
Net income (loss) per share attributable to common stockholders - basic | $ | 0.01 | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.36 | ) | ||||||
Net income (loss) per share attributable to common stockholders - diluted | $ | 0.01 | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.36 | ) | ||||||
Weighted average common shares outstanding - basic | 121,690,938 | 107,925,637 | 114,828,494 | 107,935,514 | |||||||||||||
Weighted average common shares outstanding - diluted | 128,877,877 | 107,925,637 | 114,828,494 | 107,935,514 | |||||||||||||
Condensed Consolidated Balance Sheets | |||||||||
(Unaudited) (Amounts in thousands, except share amounts) | |||||||||
2023 | 2022 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 654,608 | $ | 349,177 | |||||
Restricted cash | — | 2,000 | |||||||
Accounts receivable, net | 18,215 | 13,697 | |||||||
Unbilled receivables, net | 10,689 | 5,268 | |||||||
Funds receivable from payment partners | 113,945 | 62,970 | |||||||
Prepaid expenses and other current assets | 18,227 | 17,531 | |||||||
Total current assets | 815,684 | 450,643 | |||||||
Property and equipment, net | 15,134 | 13,317 | |||||||
Intangible assets, net | 108,178 | 97,616 | |||||||
121,646 | 97,766 | ||||||||
Other assets | 19,089 | 14,945 | |||||||
Total assets | $ | 1,079,731 | $ | 674,287 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 12,587 | $ | 13,325 | |||||
Funds payable to clients | 210,922 | 124,305 | |||||||
Accrued expenses and other current liabilities | 43,315 | 34,423 | |||||||
Deferred revenue | 6,968 | 5,223 | |||||||
Total current liabilities | 273,792 | 177,276 | |||||||
Deferred tax liabilities | 15,391 | 12,149 | |||||||
Other liabilities | 4,431 | 2,959 | |||||||
Total liabilities | 293,614 | 192,384 | |||||||
Commitments and contingencies (Note 16) | |||||||||
Stockholders’ equity: | |||||||||
Preferred stock, | — | — | |||||||
Voting common stock, | 11 | 10 | |||||||
Non-voting common stock, | 1 | 1 | |||||||
(747 | ) | (748 | ) | ||||||
Additional paid-in capital | 959,302 | 649,756 | |||||||
Accumulated other comprehensive income (loss) | 1,320 | (1,912 | ) | ||||||
Accumulated deficit | (173,770 | ) | (165,204 | ) | |||||
Total stockholders’ equity | 786,117 | 481,903 | |||||||
Total liabilities and stockholders’ equity | $ | 1,079,731 | $ | 674,287 | |||||
Condensed Consolidated Statement of Cash Flows | |||||||||
(Unaudited) (Amounts in thousands) | |||||||||
Year Ended | |||||||||
2023 | 2022 | ||||||||
Cash flows from operating activities: | |||||||||
Net loss | $ | (8,566 | ) | $ | (39,347 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||
Depreciation and amortization | 15,764 | 12,304 | |||||||
Stock-based compensation expense | 43,726 | 30,259 | |||||||
Amortization of deferred contract costs | 1,789 | 1,799 | |||||||
Change in fair value of contingent consideration | 380 | (2,805 | ) | ||||||
Deferred tax provision (benefit) | 72 | (1,708 | ) | ||||||
Provision for uncollectible accounts | 326 | 152 | |||||||
Non-cash interest expense | 298 | 348 | |||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||
Accounts receivable | (2,082 | ) | (323 | ) | |||||
Unbilled receivables | (5,394 | ) | (1,928 | ) | |||||
Funds receivable from payment partners | (50,975 | ) | (30,917 | ) | |||||
Prepaid expenses, other current assets and other assets | (4,279 | ) | (11,318 | ) | |||||
Funds payable to clients | 86,616 | 48,932 | |||||||
Accounts payable, accrued expenses and other current liabilities | 5,548 | 6,761 | |||||||
Contingent consideration | (467 | ) | (4,510 | ) | |||||
Other liabilities | (1,260 | ) | (1,872 | ) | |||||
Deferred revenue | (871 | ) | (400 | ) | |||||
Net cash provided by operating activities | 80,625 | 5,427 | |||||||
Cash flows from investing activities: | |||||||||
Capitalization of internally developed software | (5,004 | ) | (5,717 | ) | |||||
Purchases of property and equipment | (1,009 | ) | (1,353 | ) | |||||
Business acquisition, net of cash acquired | (32,764 | ) | (17,140 | ) | |||||
Contingent consideration paid for acquisitions | — | (453 | ) | ||||||
Net cash used in investing activities | (38,777 | ) | (24,663 | ) | |||||
Cash flows from financing activities: | |||||||||
Proceeds from issuance of common stock under public offering, net of underwriter discounts and commissions | 261,119 | — | |||||||
Payments of costs related to public offering | (1,062 | ) | — | ||||||
Payment of long-term debt | — | (25,939 | ) | ||||||
Contingent consideration paid for acquisitions | (1,207 | ) | (3,701 | ) | |||||
Payments of tax withholdings for net settled option exercises | (8,483 | ) | (2,564 | ) | |||||
Proceeds from the issuance of stock under Employee Stock Purchase Plan | 2,691 | 1,271 | |||||||
Proceeds from exercise of stock options | 10,360 | 6,963 | |||||||
Net cash provided by (used in) financing activities | 263,418 | (23,970 | ) | ||||||
Effect of exchange rates changes on cash and cash equivalents | (1,835 | ) | 5,023 | ||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 303,431 | (38,183 | ) | ||||||
Cash, cash equivalents and restricted cash, beginning of year | $ | 351,177 | $ | 389,360 | |||||
Cash, cash equivalents and restricted cash, end of year | $ | 654,608 | $ | 351,177 | |||||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||
(Amounts in millions, except percentages) | ||||||||||||||||||
Modified Methodology | ||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue | $ | 100.5 | $ | 73.1 | $ | 403.1 | $ | 289.4 | ||||||||||
Adjusted to exclude gross up for: | ||||||||||||||||||
Pass-through cost for printing and mailing | (4.0 | ) | (5.3 | ) | (19.4 | ) | (20.4 | ) | ||||||||||
Marketing fees | (0.4 | ) | (0.4 | ) | (2.2 | ) | (1.9 | ) | ||||||||||
Revenue Less Ancillary Services | $ | 96.1 | $ | 67.4 | $ | 381.5 | $ | 267.1 | ||||||||||
Payment processing services costs | 36.8 | 29.6 | 147.3 | 107.9 | ||||||||||||||
Hosting and amortization costs within technology and development expenses | 1.9 | 2.0 | 8.4 | 6.6 | ||||||||||||||
Cost of Revenue | $ | 38.7 | $ | 31.6 | $ | 155.7 | $ | 114.5 | ||||||||||
Adjusted to: | ||||||||||||||||||
Exclude printing and mailing costs | (4.0 | ) | (5.3 | ) | (19.4 | ) | (20.4 | ) | ||||||||||
Offset marketing fees against related costs | (0.4 | ) | (0.4 | ) | (2.2 | ) | (1.9 | ) | ||||||||||
Exclude depreciation and amortization | (1.7 | ) | (3.0 | ) | (6.7 | ) | (7.0 | ) | ||||||||||
Adjusted Cost of Revenue | $ | 32.6 | $ | 22.9 | $ | 127.4 | $ | 85.2 | ||||||||||
Gross Profit | $ | 61.8 | $ | 41.5 | $ | 247.4 | $ | 174.9 | ||||||||||
Gross Margin | 61.5 | % | 56.8 | % | 61.4 | % | 60.4 | % | ||||||||||
Adjusted Gross Profit | $ | 63.5 | $ | 44.5 | $ | 254.1 | $ | 181.9 | ||||||||||
Adjusted Gross Margin | 66.1 | % | 66.0 | % | 66.6 | % | 68.1 | % | ||||||||||
Previous Methodology | ||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Revenue | $ | 100.5 | $ | 73.1 | $ | 403.1 | $ | 289.4 | ||||||||||
Adjusted to exclude gross up for: | ||||||||||||||||||
Pass-through cost for printing and mailing | (4.0 | ) | (5.3 | ) | (19.4 | ) | (20.4 | ) | ||||||||||
Marketing fees | (0.4 | ) | (0.4 | ) | (2.2 | ) | (1.9 | ) | ||||||||||
Revenue Less Ancillary Services | $ | 96.1 | $ | 67.4 | $ | 381.5 | $ | 267.1 | ||||||||||
Payment processing services costs | 36.8 | 29.6 | 147.3 | 107.9 | ||||||||||||||
Hosting and amortization costs within technology and development expenses | 1.9 | 2.0 | 8.4 | 6.6 | ||||||||||||||
Cost of Revenue | $ | 38.7 | $ | 31.6 | $ | 155.7 | $ | 114.5 | ||||||||||
Adjusted to: | ||||||||||||||||||
Exclude printing and mailing costs | (4.0 | ) | (5.3 | ) | (19.4 | ) | (20.4 | ) | ||||||||||
Offset marketing fees against related costs | (0.4 | ) | (0.4 | ) | (2.2 | ) | (1.9 | ) | ||||||||||
Adjusted Cost of Revenue | $ | 34.3 | $ | 25.9 | $ | 134.1 | $ | 92.2 | ||||||||||
Gross Profit | $ | 61.8 | $ | 41.5 | $ | 247.4 | $ | 174.9 | ||||||||||
Gross Margin | 61.5 | % | 56.8 | % | 61.4 | % | 60.4 | % | ||||||||||
Adjusted Gross Profit | $ | 61.8 | $ | 41.5 | $ | 247.4 | $ | 174.9 | ||||||||||
Adjusted Gross Margin | 64.3 | % | 61.6 | % | 64.8 | % | 65.5 | % | ||||||||||
EBITDA and Adjusted EBITDA | ||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||
Net income (loss) | $ | 1.3 | $ | (1.1 | ) | $ | (8.6 | ) | $ | (39.3 | ) | |||||||
Interest expense | 0.1 | 0.3 | 0.4 | 1.2 | ||||||||||||||
Interest income | (5.6 | ) | (1.7 | ) | (13.3 | ) | (3.2 | ) | ||||||||||
Provision for income taxes | 1.9 | (0.9 | ) | 4.2 | 2.0 | |||||||||||||
Depreciation and amortization | 4.3 | 4.9 | 16.4 | 14.1 | ||||||||||||||
EBITDA | 2.0 | 1.5 | (0.9 | ) | (25.2 | ) | ||||||||||||
Stock-based compensation expense and related taxes | 12.9 | 7.9 | 45.2 | 31.2 | ||||||||||||||
Change in fair value of contingent consideration | 0.0 | (3.1 | ) | 0.4 | (2.8 | ) | ||||||||||||
(Gain) loss from remeasurement of foreign currency | (7.7 | ) | (6.0 | ) | (4.2 | ) | 9.1 | |||||||||||
Indirect taxes related to intercompany activity | — | 0.1 | 0.2 | 0.4 | ||||||||||||||
Acquisition related transaction costs | 0.4 | 0.4 | 0.4 | 0.8 | ||||||||||||||
Acquisition related employee retention costs | 0.1 | 0.2 | 0.9 | 1.4 | ||||||||||||||
Adjusted EBITDA | $ | 7.7 | $ | 1.0 | $ | 42.0 | $ | 14.9 | ||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
Transaction | Platform and Usage-Based Fee | Revenue | Transaction | Platform and Usage-Based Fee | Revenue | |||||||||||||||||||||||
Revenue | $ | 81.9 | $ | 18.6 | $ | 100.5 | $ | 329.7 | $ | 73.4 | $ | 403.1 | ||||||||||||||||
Adjusted to exclude gross up for: | ||||||||||||||||||||||||||||
Pass-through cost for printing and mailing | — | (4.0 | ) | (4.0 | ) | — | (19.4 | ) | (19.4 | ) | ||||||||||||||||||
Marketing fees | (0.4 | ) | — | (0.4 | ) | (2.2 | ) | — | (2.2 | ) | ||||||||||||||||||
Revenue Less Ancillary Services | $ | 81.5 | $ | 14.6 | $ | 96.1 | $ | 327.5 | $ | 54.0 | $ | 381.5 | ||||||||||||||||
Percentage of Revenue | 81.5 | % | 18.5 | % | 100.0 | % | 81.8 | % | 18.2 | % | 100.0 | % | ||||||||||||||||
Percentage of Revenue Less Ancillary Services | 84.8 | % | 15.2 | % | 100.0 | % | 85.8 | % | 14.2 | % | 100.0 | % | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
Transaction | Platform and Usage-Based Fee | Revenue | Transaction | Platform and Usage-Based Fee | Revenue | |||||||||||||||||||||||
Revenue | $ | 56.7 | $ | 16.4 | $ | 73.1 | $ | 224.2 | $ | 65.2 | $ | 289.4 | ||||||||||||||||
Adjusted to exclude gross up for: | ||||||||||||||||||||||||||||
Pass-through cost for printing and mailing | — | (5.3 | ) | (5.3 | ) | — | (20.4 | ) | (20.4 | ) | ||||||||||||||||||
Marketing fees | (0.4 | ) | — | (0.4 | ) | (1.9 | ) | — | (1.9 | ) | ||||||||||||||||||
Revenue Less Ancillary Services | $ | 56.3 | $ | 11.1 | $ | 67.4 | $ | 222.3 | $ | 44.8 | $ | 267.1 | ||||||||||||||||
Percentage of Revenue | 77.6 | % | 22.4 | % | 100.0 | % | 77.5 | % | 22.5 | % | 100.0 | % | ||||||||||||||||
Percentage of Revenue Less Ancillary Services | 83.5 | % | 16.5 | % | 100.0 | % | 83.2 | % | 16.8 | % | 100.0 | % | ||||||||||||||||
Adjusted EBITDA Margin | |||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Revenue (A) | $ | 100.5 | $ | 73.1 | $ | 403.1 | $ | 289.4 | |||||||||||
Revenue less ancillary services (B) | 96.1 | 67.4 | 381.5 | 267.1 | |||||||||||||||
EBITDA (C) | 2.0 | 1.5 | (0.9 | ) | (25.2 | ) | |||||||||||||
Adjusted EBITDA (D) | 7.7 | 1.0 | 42.0 | 14.9 | |||||||||||||||
EBITDA Margin (C/A) | 2.0% | 2.0% | -0.2% | -8.7% | |||||||||||||||
Adjusted EBITDA Margin (D/A) | 7.6% | 1.3% | 10.4% | 5.1% | |||||||||||||||
EBITDA Margin using RLAS (C/B) | 2.1% | 2.2% | -0.2% | -9.5% | |||||||||||||||
Adjusted EBITDA Margin using RLAS (D/B) | 8.0% | 1.4% | 11.0% | 5.6% | |||||||||||||||
Revenue Less Ancillary Services at Constant Currency: | |||||||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||||||
2023 | 2022 | Growth | 2023 | 2022 | Growth | ||||||||||||||||||||||
Revenue | $ | 100.5 | $ | 73.1 | 37.5 | % | $ | 403.1 | $ | 289.4 | 39.3 | % | |||||||||||||||
Ancillary services | (4.4 | ) | (5.7 | ) | (21.6 | ) | (22.3 | ) | |||||||||||||||||||
Revenue Less Ancillary Services | 96.1 | 67.4 | 42.6 | % | 381.5 | 267.1 | 42.8 | % | |||||||||||||||||||
Effects of foreign currency rate fluctuations | (1.5 | ) | — | 1.4 | — | ||||||||||||||||||||||
Revenue Less Ancillary Services at Constant Currency | $ | 94.6 | $ | 67.4 | 40.4 | % | $ | 382.9 | $ | 267.1 | 43.4 | % | |||||||||||||||
Guidance | ||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||
Low | High | Low | High | |||||||||||||
Revenue | $ | 109.9 | $ | 117.1 | $ | 500.6 | $ | 534.6 | ||||||||
Adjusted to exclude gross up for: | ||||||||||||||||
Pass through cost for printing and mailing | (3.6 | ) | (5.6 | ) | (16.4 | ) | (21.4 | ) | ||||||||
Marketing fees | (0.3 | ) | (0.5 | ) | (1.2 | ) | (4.2 | ) | ||||||||
Revenue Less Ancillary Services | $ | 106.0 | $ | 111.0 | $ | 483.0 | $ | 509.0 | ||||||||
Adjusted EBITDA | $ | 9.0 | $ | 11.0 | $ | 65.0 | $ | 76.0 | ||||||||
Source:
2024 GlobeNewswire, Inc., source