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flywire Flywire Reports Third Quarter 2021 Financial Results November 9 , 2021 Revenue Increased 61 % Year - over - Year Revenue Less Ancillary Services Increased 67 % Year - over - Year Total Payment Volume was $ 5.3 Billion , up 76 % Year - over - Year Company Updates Fiscal - Year 2021 Outlook BOSTON , Nov. 09 , 2021 ( GLOBE NEWSWIRE ) Flywire Corporation ( Nasdaq : FLYW ) ( " the Company " ) a global payments enablement and software company , today reported financial results for its third quarter of 2021 . -- " We experienced another strong quarter with growth across all areas of our business , resulting in revenue less ancillary services growth of 67 % compared to the third quarter of 2020 , " said Mike Massaro , CEO of Flywire . " We believe the next decade will bring a wave of digitization across the education , healthcare , travel and B2B industries and that Flywire is uniquely positioned to lead this trend with our powerful combination of software and payments . " Third Quarter 2021 Financial Highlights : GAAP Results • Revenue increased 61 % to $ 67.8 million in the third quarter of 2021 , compared to $ 42.1 million in the third quarter of 2020 . • Gross margin increased 1.4 % in absolute terms to 65.8 % in the third quarter of 2021 , compared to 64.4 % in the third quarter of 2020 . • Net income was $ 10.0 million in the third quarter of 2021 , compared to $ 5.2 million in the third quarter of 2020 . Key Operating Metrics and Non - GAAP Results • Total Payment Volume increased 76 % to $ 5.3 billion in the third quarter of 2021 , compared to $ 3.0 billion in the third quarter of 2020 . • Revenue Less Ancillary Services increased 67 % to $ 62.0 million in the third quarter of 2021 , compared to $ 37.2 million in the third quarter of 2020 . • Adjusted Gross Margin decreased 0.9 % in absolute terms to 71.9 % in the third quarter of 2021 , compared to 72.8 % in the third quarter of 2020 . • Adjusted EBITDA was $ 17.6 million in the third quarter of 2021 , compared to $ 10.2 million in the third quarter of 2020 . Fiscal - Year 2021 Outlook : Based on information available as of November 9 , 2021 , for fiscal year 2021 Flywire expects the following : • Revenue of $ 190 to $ 193 million • Revenue Less Ancillary Services of $ 174 to $ 176 million • Adjusted EBITDA of $ 22 to $ 24 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 third 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 relations website at https://ir.flywire.com/ . A replay will be available on the investor relations website following the call . Key Operating Metrics and Non - GAAP Financial Measures table We use non - GAAP financial measures to supplement financial information presented on a GAAP basis . We believe that excluding certain items from