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flywire Flywire Reports Second Quarter 2021 Financial Results August 10 , 2021 Revenue Increased 56 % Year - over - Year Revenue Less Ancillary Services Increased 77 % Year - over - Year Total Payment Volume was $ 1.9 Billion , up 85 % Year - over - Year Company Provides Fiscal - Year 2021 Outlook BOSTON , Aug. 10 , 2021 ( GLOBE NEWSWIRE ) -- Flywire Corporation ( Nasdaq : FLYW ) ( " the Company " ) a global payments enablement and software company , today reported financial results for its second quarter of 2021 . " I am pleased to report that we generated strong second quarter results , our first in our journey as a publicly traded company , " said Mike Massaro , CEO of Flywire . " We believe our performance , as highlighted by our revenue growth , continues to demonstrate the demand for digital payments solutions and our ability to help our clients get paid and help their customers pay with ease from anywhere in the world . Additionally , in Q2 we saw positive growth trends with new client acquisition across our key verticals of education , healthcare , travel and B2B , as well as increased adoption of our solutions with current clients . " Second Quarter 2021 Financial Highlights : GAAP Results • Revenue increased 56 % to $ 37.0 million in the second quarter of 2021 , compared to $ 23.8 million in the second quarter of 2020 . • Gross margin increased 11.6 % in absolute terms to 60.8 % in the second quarter of 2021 , compared to 49.2 % in the second quarter of 2020 . • Net loss was $ 18.1 million in the second quarter of 2021 , compared to $ 16.0 million in the second quarter of 2020. The increase in the Company's net loss was primarily due to the revaluation of our preferred stock warrants resulting in a non - cash charge of $ 9.8 million during the second quarter of 2021 due to the initial public offering in May 2021 . Key Operating Metrics and Non - GAAP Results • Total Payment Volume increased 85 % to $ 1.9 billion in the second quarter of 2021 , compared to $ 1.0 billion in the second quarter of 2020 . • Revenue Less Ancillary Services increased 77 % to $ 33.0 million in the second quarter of 2021 , compared to $ 18.6 million in the second quarter of 2020 . • Adjusted Gross Margin increased 5.3 % in absolute terms to 68.2 % in the second quarter of 2021 , compared to 62.9 % in the second quarter of 2020 . • Adjusted EBITDA was $ ( 0.1 ) in the second quarter of 2021 , compared to $ ( 7.0 ) million in the second quarter of 2020 . Fiscal - Year 2021 Outlook : Based on information available as of August 10 , 2021 , for fiscal year 2021 Flywire expects the following : • Revenue of $ 173 to $ 178 million • Revenue Less Ancillary Services of $ 158 to $ 161 million ● Adjusted EBITDA of $ 4 to $ 6 million * * Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income ( loss ) or to forecasted GAAP income ( loss ) before income taxes within this earnings release because the company is unable , without making unreasonable efforts , to calculate certain reconciling items with confidence . These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of the company's stock . Conference Call The Company will host a conference call to discuss second quarter 2021 financial results today at 5:00 pm ET . Hosting the call will be Mike Massaro , CEO , Rob Orgel , President and COO , and Mike Ellis , CFO . The conference call can be accessed live via webcast from the Company's investor