Flywire Corporation Announces Record Revenue of USD 84.9 Million for Second Quarter of Fiscal Year 2023
August 17, 2023
🌥️Earnings Overview
On August 8 2023, FLYWIRE CORPORATION ($NASDAQ:FLYW) reported their financial results for the second quarter of 2023 (ending June 30 2023), with a total revenue of USD 84.9 million, an increase of 50.1% from the same period in the prior year. Net income was USD -16.8 million compared to the previous year’s -23.8 million.
Share Price
The news of record revenue and strong growth had a positive impact on FLYWIRE CORPORATION stock. On Tuesday, the stock opened at $33.0 and showed encouraging signs of growth before closing at $32.2, down by 3.7% from the last closing price of 33.4. Flywire’s CEO Mike Massaro praised his team for the positive performance and credited his team’s hard work and dedication for the success.
He said, “This performance was driven by the hard work of our team, who have executed on our strategy to expand our reach into new markets and deepen our relationships in existing ones.” The company’s strong performance is promising for the future and investors are bullish about their prospects going forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Flywire Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 347.51 | -25.9 | -8.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Flywire Corporation. More…
| Operations | Investing | Financing |
| 7.37 | -24.51 | -16.49 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Flywire Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 638.57 | 147.5 | 4.43 |
Key Ratios Snapshot
Some of the financial key ratios for Flywire Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 45.0% | – | -6.6% |
| FCF Margin | ROE | ROA |
| 0.1% | -2.9% | -2.3% |
Analysis
GoodWhale has been conducting an analysis of FLYWIRE CORPORATION‘s wellbeing. According to our Star Chart classification, FLYWIRE CORPORATION is classified as a ‘cheetah’, which is a type of company that achieved high revenue or earnings growth, but is considered less stable due to lower profitability. This means that FLYWIRE CORPORATION will likely be attractive to investors who are looking for high-growth opportunities at the expense of some risk. Furthermore, FLYWIRE CORPORATION is strong in asset and growth, but weak in dividend and profitability. Overall, FLYWIRE CORPORATION has a high health score of 8/10 based on our analysis of its cashflows and debt. This indicates that the company is capable to safely ride out any crisis without the risk of bankruptcy. Therefore, investors who are looking for high-growth opportunities and are willing to take on some risk may find FLYWIRE CORPORATION to be an attractive investment. More…
Peers
The company competes with Mobi724 Global Solutions Inc, Appliqate Inc, and IronNet Inc.
– Mobi724 Global Solutions Inc ($TSXV:MOS)
Mobi724 Global Solutions Inc is a Canadian company that provides end-to-end mobile payment solutions. The company’s solutions include a mobile wallet, point-of-sale, and loyalty program. Mobi724 Global Solutions Inc has a market cap of 2.86M as of 2022, a Return on Equity of 24.7%. The company’s solutions are used by major retailers, such as 7-Eleven and Best Buy, in North America and Europe.
– Appliqate Inc ($OTCPK:APQT)
IronNet Inc is a publicly traded company with a market capitalization of $66.76 million as of 2022. The company has a negative return on equity of 2822.93%. IronNet Inc is engaged in the business of providing security solutions to businesses and organizations. The company’s products and services include firewall, intrusion detection and prevention, and vulnerability management.
Summary
Flywire Corporation reported their Q2 2023 earnings on August 8, showing a strong year-over-year growth of 50.1% in total revenue to USD 84.9 million. Net income was recorded at USD -16.8 million, improving from the prior year’s figure of USD -23.8 million. This positive news was not reflected in stock price, which dropped on the same day.
Investors should carefully consider Flywire’s financials before investing, as its revenues are heavily dependent on its customer base. The company’s ability to grow top-line sales and manage expenses will remain key metrics to watch going forward.
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