Flywire Corporation reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $156.8 million for the third quarter, marking a 27.2% increase from $123.3 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $374.6 million, up 23.8% from $302.5 million year-over-year. This growth was driven primarily by a 28.5% increase in transaction revenue, which totaled $134.4 million for the quarter and $314.9 million for the nine-month period.

Flywire's net income for the third quarter was $38.9 million, a substantial rise from $10.6 million in Q3 2023, while net income for the nine months was $18.8 million, compared to a net loss of $9.9 million in the prior year. The company also reported a significant increase in adjusted EBITDA, which reached $42.2 million for the third quarter, up from $27.5 million in the same quarter of 2023.

The company’s total assets increased to $1.24 billion as of September 30, 2024, up from $1.08 billion at the end of 2023. Cash and cash equivalents decreased to $565.0 million from $654.6 million, while accounts receivable rose to $27.5 million from $18.2 million. The increase in accounts receivable reflects higher transaction volumes and revenue growth.

Flywire has been active in strategic acquisitions, including the purchase of Invoiced, a SaaS B2B company, for approximately $53.7 million in August 2024, aimed at enhancing its B2B vertical. The acquisition contributed $0.9 million in platform revenue during the third quarter. Additionally, the company acquired StudyLink, an Australian SaaS education company, in November 2023 for about $37.6 million, which contributed $1.8 million in platform revenue in Q3 2024.

Operating expenses also increased, with total costs and operating expenses for the third quarter rising to $136.5 million from $111.4 million in the prior year. This increase was attributed to higher personnel costs and stock-based compensation, reflecting the company's investment in growth and expansion.

Flywire's share repurchase program, initiated in August 2024, allows for the repurchase of up to $150 million in common stock. As of September 30, 2024, the company had repurchased shares totaling $23.1 million under this program.

Overall, Flywire's performance in the third quarter of 2024 demonstrates strong revenue growth and a return to profitability, supported by strategic acquisitions and increased transaction volumes, despite rising operational costs.