Flywire First Quarter 2025: Revenue Increased 17.0% Year-over-Year

Flywire Corporation (Nasdaq: FLYW) (“Flywire” or the “Company”), a global payments enablement and software company, has reported financial results for its first quarter ended March 31, 2025.

"We are pleased with our 2025 first quarter results, as we signed more than 200 new clients, led by our Travel and Education verticals, and exceeded the high end of our FX Neutral Revenue Guidance, while expanding Adjusted EBITDA margins above our guidance mid-point," said Mike Massaro, CEO of Flywire. “This solid start to our year reflects ongoing sales momentum, the strength and resilience of our global and diversified business, as well as strategic changes that came out of our operational review tied to capital allocation and performance culture. Importantly, our core business is thriving, showing low client churn and clear evidence that our clients deeply value our services.”

"Looking ahead, we plan to continue to make strategic and operational decisions to support our clients and position us for even greater strength and long-term success, while investing and optimizing the business to emerge even stronger as we exit the year."

First Quarter 2025 Financial Highlights:

GAAP Results

• Revenue increased 17.0% to $133.5 million in the First quarter of 2025, compared to $114.1 million in the First quarter of 2024. Sertifi positively impacted revenue by $4.7 million in the First quarter of 2025 or 4.1% year over year.
• Gross Profit increased to $80.5 million, resulting in Gross Margin of 60.3%, for the First quarter of 2025, compared to Gross Profit of $70.4 million and Gross Margin of 61.7% in the First quarter of 2024.
• Net loss was ($4.2) million in the First quarter of 2025, compared to net loss of ($6.2) million in the First quarter of 2024.
  
  

Key Business Performance highlights:

• Signed more than 200 new clients across all verticals.
• Scaled the fast-growing Travel vertical, adding key clients like Haman Group, Scandinavia's largest inbound tour operator, and expanding Sertifi solutions across leading hotel brands and multinational hospitality management companies.
• Appointed a Chief Payments Officer to accelerate product and payment innovation.
• Expanded our footprint in India, partnering with the second-largest non-banking financial company in India (Avanse) and India's largest public sector bank (State Bank of India) to capitalize on the billion dollars of payment volume from education loans.
• Strengthened our software integrations with leading ERPs for the higher education industry, including Ellucian, Workday, and Unit4.
• More than $2 billion in 529 tuition payments were delivered directly to colleges and universities in the U.S. using our platform in 2024, benefitting more than 750 U.S. institutions.

Key Operating Metrics and Non-GAAP Results

• Total Payment Volume increased 20.4% to $8.4 billion in the First quarter of 2025, compared to $7.0 billion in the First quarter of 2024. Excluding Sertifi, Total Payment Volume increased 19.1% to $8.3 billion in the First quarter of 2025, compared to $7.0 billion in the First quarter of 2024.
• Revenue Less Ancillary Services increased 16.8% to $128.7 million in the First quarter of 2025, compared to $110.2 million in the First quarter of 2024. On an FX-neutral basis, Revenue Less Ancillary Services increased 18.6% year-over-year. Excluding Sertifi, Revenue Less Ancillary Services increased 12.6% year over year to $124 million or 14.4% year over year on an FX-Neutral basis in the First quarter of 2025.
• Adjusted Gross Profit increased to $82.5 million, up 14.6% compared to $71.9 million in the First quarter of 2024. Adjusted Gross Margin was 64.1% in the First quarter of 2025 compared to 65.2% in the First quarter of 2024.
• Adjusted EBITDA increased to $21.6 million in the First quarter of 2025, compared to $13.2 million in the First quarter of 2024. Our adjusted EBITDA margins increased 476 bps year-over-year to 16.8% in the First quarter of 2025. Excluding Sertifi, adjusted EBITDA was $20.6 million compared to $13.2 million in the First quarter of 2024.
• We repurchased 3.6 million shares of our common stock for approximately $49 million (including commissions), with approximately $57 million remaining in the share repurchase program as of the end of the First quarter 2025

Guidance

”First quarter 2025 performance meaningfully beat across both FX Neutral Revenue Growth and Adjusted EBITDA Margin Growth, as we're driving revenue growth and margin expansion through effective execution, with a sharp focus on strategic investments and operational efficiency,” said Flywire's CFO, Cosmin Pitigoi. “This approach is enabling us to win new clients, particularly in our key travel and education verticals, while maintaining our full-year 2025 financial outlook despite macroeconomic challenges.”

Read the complete results here: https://ir.flywire.com/news-releases/news-release-details/flywire-reports-first-quarter-2025-financial-results