A Mixed Quarter For Flywire
Aug 14, 2024
Flywire, the payments processor specializing in education and business-to-business, reported its Q2 results recently. There was some good here - 22% revenue growth on the back of 19% growth in payment volume, and improved margins. There were also a few things I didn't like - continued massive share dilution (share count was up 12%), and cash from operations sliding back into negative territory for the second quarter in a row. The company announced yet another acquisition, this one of B2B receivables platform Invoiced. A $150 million share repurchase program might take an edge out of share dilution, but it won't reduce shares. Flywire is on probation. I'm dropping the fair value to $19, and this is one that might be sold if some of these trends continue.
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