Third Quarter Revenue Increased 29.5% Year-over-Year
Third Quarter Revenue Less Ancillary Services Increased 31.4% Year-over-Year
Company Raises Full Year Outlook Before FX Impacts
"We are pleased with our third quarter results, where we generated our highest quarter of revenue and adjusted EBITDA, ever,” said
Third Quarter 2023 Financial Highlights:
GAAP Results
- Revenue increased 29.5% to
$123.3 million in the third quarter of 2023, compared to$95.2 million in the third quarter of 2022. - Gross Profit increased to
$78.4 million , resulting in Gross Margin of 63.6%, for the third quarter of 2023, compared to Gross Profit of$61.3 million and Gross Margin of 64.4% in the third quarter of 2022. - Net income was
$10.6 million in the third quarter of 2023, compared to net (loss) of$(4.3) million in the third quarter of 2022.
Key Operating Metrics and Non-GAAP Results
- Total Payment Volume increased 26% to
$8.9 billion in the third quarter of 2023, compared to$7.0 billion in the third quarter of 2022. - Revenue Less Ancillary Services increased 31.4% to
$116.8 million in the third quarter of 2023, compared to$88.9 million in the third quarter of 2022. Revenue Less Ancillary Services in the third quarter of 2023 was estimated to be unfavorably impacted by changes in foreign exchange rates betweenJune 30, 2023 andSeptember 30, 2023 by approximately$1.4 million . - Adjusted Gross Profit increased to
$80.1 million , resulting in Adjusted Gross Margin of 68.6% in the third quarter of 2023, compared to Adjusted Gross Profit of$62.6 million and Adjusted Gross Margin of 70.4% in the third quarter of 2022. Third quarter 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
$27.5 million in the third quarter of 2023, compared to$18.2 million in the third quarter of 2022.
Recent Business Highlights:
- Acquired StudyLink to accelerate expansion in the Australian higher education market
- Signed more than 185 new clients in the third quarter of 2023
- Signed the highest number of net new clients in the travel vertical in the third quarter
- Third quarter 2023 was the highest quarter of revenue and adjusted gross profit ever for the Company
- Completed a follow-on offering of 8,500,000 shares of voting common stock. The Company raised
$260.1 million after underwriter discounts and commissions and issuance costs - Appointed
Gretchen Howard , a former Fidelity, Google and Robinhood executive who brings deep operating experience, to its Board of Directors
Fourth Quarter and Fiscal-Year 2023 Outlook:
"We were very pleased with how we performed during the third quarter and believe that the 43% year-to-date growth rate in revenue less ancillary services reflects the strength of our business. As a result of this success, we are raising our Fiscal-Year outlook before FX impacts,” said
Based on information available as of
Fourth Quarter 2023* | |
Revenue | |
Revenue Less Ancillary Services | |
Adjusted EBITDA** |
Fiscal-Year 2023* | |
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 third quarter 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 endedSeptember 30, 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) interest income, (iv) gain (loss) from the remeasurement of foreign currency, (v) indirect taxes related to intercompany activity, (vi) acquisition related transaction costs, if applicable, and (vii) 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 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
pro-flywire@prosek.com
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | |||||||||||||||
(Unaudited) (Amounts in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue | $ | 123,323 | $ | 95,232 | $ | 302,549 | $ | 216,322 | |||||||
Costs and operating expenses: | |||||||||||||||
Payment processing services costs | 42,900 | 32,275 | 110,559 | 78,348 | |||||||||||
Technology and development | 14,591 | 13,385 | 45,130 | 37,565 | |||||||||||
Selling and marketing | 27,084 | 21,674 | 78,791 | 58,169 | |||||||||||
General and administrative | 26,862 | 24,246 | 79,559 | 63,089 | |||||||||||
Total costs and operating expenses | 111,437 | 91,580 | 314,039 | 237,171 | |||||||||||
Income (loss) from operations | $ | 11,886 | $ | 3,652 | $ | (11,490 | ) | $ | (20,849 | ) | |||||
Other income (expense): | |||||||||||||||
Interest expense | (99 | ) | (400 | ) | (280 | ) | (884 | ) | |||||||
Interest income | 3,841 | 1,273 | 7,711 | 1,457 | |||||||||||
Loss from remeasurement of foreign currency | (4,233 | ) | (7,520 | ) | (3,518 | ) | (15,087 | ) | |||||||
Total other income (expense), net | (491 | ) | (6,647 | ) | 3,913 | (14,514 | ) | ||||||||
Income (loss) before provision for income taxes | 11,395 | (2,995 | ) | (7,577 | ) | (35,363 | ) | ||||||||
Provision for income taxes | 752 | 1,277 | 2,276 | 2,855 | |||||||||||
Net income (loss) | $ | 10,643 | $ | (4,272 | ) | $ | (9,853 | ) | $ | (38,218 | ) | ||||
Foreign currency translation adjustment | (2,581 | ) | (273 | ) | (499 | ) | (408 | ) | |||||||
Comprehensive income (loss) | $ | 8,062 | $ | (4,545 | ) | $ | (10,352 | ) | $ | (38,626 | ) | ||||
Net income (loss) attributable to common stockholders - basic and diluted | $ | 10,643 | $ | (4,272 | ) | $ | (9,853 | ) | $ | (38,218 | ) | ||||
Net income (loss) per share attributable to common stockholders - basic | $ | 0.09 | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.36 | ) | ||||
Net income (loss) per share attributable to common stockholders - diluted | $ | 0.08 | $ | (0.04 | ) | $ | (0.09 | ) | $ | (0.36 | ) | ||||
Weighted average common shares outstanding - basic | 116,492,191 | 107,925,637 | 112,495,539 | 107,562,799 | |||||||||||
Weighted average common shares outstanding - diluted | 125,480,393 | 107,925,637 | 112,495,539 | 107,562,799 | |||||||||||
Condensed Consolidated Balance Sheets | |||||||
(Unaudited) (Amounts in thousands, except share amounts) | |||||||
2023 | 2022 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 638,205 | $ | 349,177 | |||
Restricted cash | — | 2,000 | |||||
Accounts receivable, net | 18,151 | 13,697 | |||||
Unbilled receivables, net | 6,779 | 5,268 | |||||
Funds receivable from payment partners | 80,499 | 62,970 | |||||
Prepaid expenses and other current assets | 18,793 | 17,531 | |||||
Total current assets | 762,427 | 450,643 | |||||
Property and equipment, net | 15,241 | 13,317 | |||||
Intangible assets, net | 88,287 | 97,616 | |||||
97,173 | 97,766 | ||||||
Other assets | 19,288 | 14,945 | |||||
Total assets | $ | 982,416 | $ | 674,287 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 17,574 | $ | 13,325 | |||
Funds payable to clients | 132,467 | 124,305 | |||||
Accrued expenses and other current liabilities | 38,255 | 34,423 | |||||
Deferred revenue | 3,812 | 5,223 | |||||
Total current liabilities | 192,108 | 177,276 | |||||
Deferred tax liabilities | 11,271 | 12,149 | |||||
Other liabilities | 3,719 | 2,959 | |||||
Total liabilities | 207,098 | 192,384 | |||||
Commitments and contingencies (Note 16) | |||||||
Stockholders’ equity: | |||||||
Preferred stock, | — | — | |||||
Voting common stock, | 11 | 10 | |||||
Non-voting common stock, | 1 | 1 | |||||
(748 | ) | (748 | ) | ||||
Additional paid-in capital | 953,522 | 649,756 | |||||
Accumulated other comprehensive loss | (2,411 | ) | (1,912 | ) | |||
Accumulated deficit | (175,057 | ) | (165,204 | ) | |||
Total stockholders’ equity | 775,318 | 481,903 | |||||
Total liabilities and stockholders’ equity | $ | 982,416 | $ | 674,287 | |||
Condensed Consolidated Statement of Cash Flows | |||||||
(Unaudited) (Amounts in thousands) | |||||||
Nine Months Ended | |||||||
2023 | 2022 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | $ (9,853 | ) | $ | (38,218 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization | 11,774 | 9,186 | |||||
Stock-based compensation expense | 31,299 | 22,461 | |||||
Amortization of deferred contract costs | 367 | 243 | |||||
Change in fair value of contingent consideration | 380 | 297 | |||||
Deferred tax benefit | (896 | ) | (527 | ) | |||
Provision for uncollectible accounts | 525 | 86 | |||||
Non-cash interest expense | 242 | 268 | |||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||
Accounts receivable | (4,979 | ) | (4,316 | ) | |||
Unbilled receivables | (1,511 | ) | (2,305 | ) | |||
Funds receivable from payment partners | (17,529 | ) | (2,090 | ) | |||
Prepaid expenses, other current assets and other assets | (4,536 | ) | (7,674 | ) | |||
Funds payable to clients | 8,163 | (3,798 | ) | ||||
Accounts payable, accrued expenses and other current liabilities | 10,148 | 4,359 | |||||
Contingent consideration | (467 | ) | (4,524 | ) | |||
Other liabilities | (882 | ) | (446 | ) | |||
Deferred revenue | (1,368 | ) | (730 | ) | |||
Net cash used in operating activities | 20,877 | (27,728 | ) | ||||
Cash flows from investing activities: | |||||||
Capitalization of internally developed software | (4,148 | ) | (4,129 | ) | |||
Purchases of property and equipment | (943 | ) | (1,059 | ) | |||
Business acquisition, net of cash acquired | — | (16,923 | ) | ||||
Contingent consideration paid for acquisitions | — | (453 | ) | ||||
Net cash used in investing activities | (5,091 | ) | (22,564 | ) | |||
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 | (447 | ) | — | ||||
Contingent consideration paid for acquisitions | (1,207 | ) | (3,320 | ) | |||
Payments of tax withholdings for net settled option exercises | — | (2,564 | ) | ||||
Proceeds from the issuance of stock under Employee Stock Purchase Plan | 2,691 | 1,271 | |||||
Proceeds from exercise of stock options | 8,519 | 5,222 | |||||
Net cash provided by (used in) financing activities | 270,675 | 609 | |||||
Effect of exchange rates changes on cash and cash equivalents | 567 | 11,553 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 287,028 | (38,130 | ) | ||||
Cash, cash equivalents and restricted cash, beginning of year | $ | 351,177 | $ | 389,360 | |||
Cash, cash equivalents and restricted cash, end of year | $ | 638,205 | $ | 351,230 | |||
Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||
(Amounts in millions, except percentages) | ||||||||||||||||
Modified Methodology | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | 123.3 | $ | 95.2 | $ | 302.5 | $ | 216.3 | ||||||||
Adjusted to exclude gross up for: | ||||||||||||||||
Pass-through cost for printing and mailing | (5.2 | ) | (5.4 | ) | (15.4 | ) | (15.1 | ) | ||||||||
Marketing fees | (1.3 | ) | (0.9 | ) | (1.8 | ) | (1.5 | ) | ||||||||
Revenue Less Ancillary Services | $ | 116.8 | $ | 88.9 | $ | 285.3 | $ | 199.7 | ||||||||
Payment processing services costs | 42.9 | 32.3 | 110.6 | 78.3 | ||||||||||||
Hosting and amortization costs within technology and development expenses | 2.0 | 1.6 | 6.5 | 4.6 | ||||||||||||
Cost of Revenue | $ | 44.9 | $ | 33.9 | $ | 117.1 | $ | 82.9 | ||||||||
Adjusted to: | ||||||||||||||||
Exclude printing and mailing costs | (5.2 | ) | (5.4 | ) | (15.4 | ) | (15.1 | ) | ||||||||
Offset marketing fees against related costs | (1.3 | ) | (0.9 | ) | (1.8 | ) | (1.5 | ) | ||||||||
Exclude depreciation and amortization | (1.7 | ) | (1.3 | ) | (5.0 | ) | (3.7 | ) | ||||||||
Adjusted Cost of Revenue | $ | 36.7 | $ | 26.3 | $ | 94.9 | $ | 62.6 | ||||||||
Gross Profit | $ | 78.4 | $ | 61.3 | $ | 185.4 | $ | 133.4 | ||||||||
Gross Margin | 63.6 | % | 64.4 | % | 61.3 | % | 61.7 | % | ||||||||
Adjusted Gross Profit | $ | 80.1 | $ | 62.6 | $ | 190.4 | $ | 137.1 | ||||||||
Adjusted Gross Margin | 68.6 | % | 70.4 | % | 66.7 | % | 68.7 | % | ||||||||
Previous Methodology | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | 123.3 | $ | 95.2 | $ | 302.5 | $ | 216.3 | ||||||||
Adjusted to exclude gross up for: | ||||||||||||||||
Pass-through cost for printing and mailing | (5.2 | ) | (5.4 | ) | (15.4 | ) | (15.1 | ) | ||||||||
Marketing fees | (1.3 | ) | (0.9 | ) | (1.8 | ) | (1.5 | ) | ||||||||
Revenue Less Ancillary Services | $ | 116.8 | $ | 88.9 | $ | 285.3 | $ | 199.7 | ||||||||
Payment processing services costs | 42.9 | 32.3 | 110.6 | 78.3 | ||||||||||||
Hosting and amortization costs within technology and development expenses | 2.0 | 1.6 | 6.5 | 4.6 | ||||||||||||
Cost of Revenue | $ | 44.9 | $ | 33.9 | $ | 117.1 | $ | 82.9 | ||||||||
Adjusted to: | ||||||||||||||||
Exclude printing and mailing costs | (5.2 | ) | (5.4 | ) | (15.4 | ) | (15.1 | ) | ||||||||
Offset marketing fees against related costs | (1.3 | ) | (0.9 | ) | (1.8 | ) | (1.5 | ) | ||||||||
Adjusted Cost of Revenue | $ | 38.4 | $ | 27.6 | $ | 99.9 | $ | 66.3 | ||||||||
Gross Profit | $ | 78.4 | $ | 61.3 | $ | 185.4 | $ | 133.4 | ||||||||
Gross Margin | 63.6 | % | 64.4 | % | 61.3 | % | 61.7 | % | ||||||||
Adjusted Gross Profit | $ | 78.4 | $ | 61.3 | $ | 185.4 | $ | 133.4 | ||||||||
Adjusted Gross Margin | 67.1 | % | 69.0 | % | 65.0 | % | 66.8 | % | ||||||||
EBITDA and Adjusted EBITDA | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Net income (loss) | $ | 10.6 | $ | (4.3 | ) | $ | (9.9 | ) | $ | (38.2 | ) | |||||
Interest expense | 0.1 | 0.4 | 0.3 | 0.9 | ||||||||||||
Provision for income taxes | 0.8 | 1.3 | 2.3 | 2.9 | ||||||||||||
Depreciation and amortization | 4.0 | 3.4 | 12.1 | 9.2 | ||||||||||||
EBITDA | 15.5 | 0.8 | 4.8 | (25.2 | ) | |||||||||||
Stock-based compensation expense and related taxes | 11.6 | 9.3 | 32.3 | 23.3 | ||||||||||||
Change in fair value of contingent consideration | 0.0 | 1.3 | 0.4 | 0.3 | ||||||||||||
Interest income | (3.8 | ) | (1.3 | ) | (7.7 | ) | (1.5 | ) | ||||||||
Loss from remeasurement of foreign currency | 4.2 | 7.5 | 3.5 | 15.1 | ||||||||||||
Indirect taxes related to intercompany activity | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||
Acquisition related transaction costs | 0.0 | 0.2 | 0.0 | 0.4 | ||||||||||||
Acquisition related employee retention costs | (0.1 | ) | 0.3 | 0.8 | 1.2 | |||||||||||
Adjusted EBITDA | $ | 27.5 | $ | 18.2 | $ | 34.3 | $ | 13.9 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Transaction | Platform and Usage-Based Fee | Revenue | Transaction | Platform and Usage-Based Fee | Revenue | |||||||||||||||||||
Revenue | $ | 104.6 | $ | 18.7 | $ | 123.3 | $ | 247.7 | $ | 54.8 | $ | 302.5 | ||||||||||||
Adjusted to exclude gross up for: | ||||||||||||||||||||||||
Pass-through cost for printing and mailing | — | (5.2 | ) | (5.2 | ) | — | (15.4 | ) | (15.4 | ) | ||||||||||||||
Marketing fees | (1.3 | ) | — | (1.3 | ) | (1.8 | ) | — | (1.8 | ) | ||||||||||||||
Revenue Less Ancillary Services | $ | 103.3 | $ | 13.5 | $ | 116.8 | $ | 245.9 | $ | 39.4 | $ | 285.3 | ||||||||||||
Percentage of Revenue | 84.8 | % | 15.2 | % | 100.0 | % | 81.9 | % | 18.1 | % | 100.0 | % | ||||||||||||
Percentage of Revenue Less Ancillary Services | 88.4 | % | 11.6 | % | 100.0 | % | 86.2 | % | 13.8 | % | 100.0 | % | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
Transaction | Platform and Usage-Based Fee | Revenue | Transaction | Platform and Usage-Based Fee | Revenue | |||||||||||||||||||
Revenue | $ | 77.1 | $ | 18.1 | $ | 95.2 | $ | 167.5 | $ | 48.8 | $ | 216.3 | ||||||||||||
Adjusted to exclude gross up for: | ||||||||||||||||||||||||
Pass-through cost for printing and mailing | — | (5.4 | ) | (5.4 | ) | — | (15.1 | ) | (15.1 | ) | ||||||||||||||
Marketing fees | (0.9 | ) | — | (0.9 | ) | (1.5 | ) | — | (1.5 | ) | ||||||||||||||
Revenue Less Ancillary Services | $ | 76.2 | $ | 12.7 | $ | 88.9 | $ | 166.0 | $ | 33.7 | $ | 199.7 | ||||||||||||
Percentage of Revenue | 81.0 | % | 19.0 | % | 100.0 | % | 77.4 | % | 22.6 | % | 100.0 | % | ||||||||||||
Percentage of Revenue Less Ancillary Services | 85.7 | % | 14.3 | % | 100.0 | % | 83.1 | % | 16.9 | % | 100.0 | % | ||||||||||||
Revenue Less Ancillary Services at Constant Currency | |||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||
2023 | 2022 | Growth Rates | 2023 | 2022 | Growth Rates | ||||||||||||||
GAAP revenue | $ | 123.3 | $ | 95.2 | 29.5% | $ | 302.5 | $ | 216.3 | 39.9% | |||||||||
Ancillary services | $ | 6.5 | $ | 6.3 | $ | 17.2 | $ | 16.6 | |||||||||||
Revenue less ancillary services | $ | 116.8 | $ | 88.9 | 31.4% | $ | 285.3 | $ | 199.7 | 42.9% | |||||||||
Effects of foreign currency rate fluctuations | $ | (2.30 | ) | $ | 2.80 | ||||||||||||||
Revenue less ancillary services at constant currency | $ | 114.5 | $ | 88.9 | 28.8% | $ | 288.1 | $ | 199.7 | 44.3% | |||||||||
Supplemental Outlook Details
The following table provides a reconciliation of Fiscal Year 2023 outlook to the prior outlook provided in August:
(Unaudited) | |||||||||||||||
Fiscal Year 2023 | |||||||||||||||
(in millions) | Midpoint of Outlook in August | Increase (1) | Currency Fluctuations from Prior Outlook (2) | Midpoint of Outlook in November | |||||||||||
Revenue | $ | 400 | $ | 0.5 | $ | (3.8 | ) | $ | 396.7 | ||||||
Revenue Less Ancillary Services | $ | 376 | $ | 1.8 | $ | (3.8 | ) | $ | 374.0 |
Fourth Quarter 2023 | |||||||||||||||
(in millions) | Midpoint of Outlook in August | Increase (1) | Currency Fluctuations from Prior Outlook (2) | Midpoint of Outlook in November | |||||||||||
Revenue | $ | 96.2 | $ | 0.3 | $ | (2.5 | ) | $ | 94.0 | ||||||
Revenue Less Ancillary Services | $ | 88.4 | $ | 2.6 | $ | (2.5 | ) | $ | 88.5 | ||||||
(1) Reflects the assumed impact of the StudyLink acquisition and underlying organic strength in our business.
(2) Flywire’s updated outlook reflects foreign exchange rates prevailing as of
Guidance | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
Low | High | Low | High | ||||||||||||
Revenue | $ | 91.5 | $ | 96.5 | $ | 394.1 | $ | 399.3 | |||||||
Adjusted to exclude gross up for: | |||||||||||||||
Pass through cost for printing and mailing | (4.9 | ) | (5.7 | ) | (20.3 | ) | (21.1 | ) | |||||||
Marketing fees | (0.1 | ) | (0.3 | ) | (1.8 | ) | (2.2 | ) | |||||||
Revenue Less Ancillary Services | $ | 86.5 | $ | 90.5 | $ | 372.0 | $ | 376.0 | |||||||
Adjusted EBITDA | $ | 1.0 | $ | 4.0 | $ | 35.0 | $ | 39.0 | |||||||
Source:
2023 GlobeNewswire, Inc., source