Flywire Corp (FLYW) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19
	10-K	10-K	10-K	10-K
Revenues:
Canada				9.0
Other				85.9
Total revenues	289.4	201.1	131.8	94.9
Revenue growth	43.9%	52.6%	38.8%
Cost of goods sold	0.0	0.0	0.0	0.0
Gross profit	289.4	201.1	131.8	94.9
Gross margin	100.0%	100.0%	100.0%	100.0%
Selling, general and administrative [+]	161.4	112.9	75.3	60.6
Sales and marketing	78.5	51.3	32.6	26.6
General and administrative	82.9	61.6	42.7	34.0
Research and development	50.3	31.3	24.5	15.0
Other operating expenses	104.5	67.9	45.9	35.5
EBITDA [+]	-17.7	-4.3	-9.0	-13.7
EBITDA growth	316.0%	-52.8%	-34.3%
EBITDA margin	-6.1%	-2.1%	-6.8%	-14.5%
Depreciation	3.2	2.3	1.9	1.2
EBITA	-20.9	-6.6	-10.9	-15.0
EBITA margin	-7.2%	-3.3%	-8.3%	-15.8%
Amortization of intangibles	9.1	6.7	4.9	2.5
EBIT [+]	-30.0	-13.3	-15.8	-17.5
EBIT growth	126.4%	-16.2%	-9.4%
EBIT margin	-10.4%	-6.6%	-12.0%	-18.4%
Non-recurring items	0.2
Interest expense, net [+]	-2.0	2.0	2.4	2.5
Interest expense	1.2	2.0	2.5	2.5
Interest income	3.2		0.1
Other income (expense), net [+]	-9.1	-10.6	0.0	0.4
Other	-5.9	0.1	0.7	0.5
Pre-tax income	-37.4	-25.9	-18.3	-19.6
Income taxes	2.0	2.2	-7.2	0.6
Tax rate			39.2%
Net income	-39.3	-28.1	-11.1	-20.1
Net margin	-13.6%	-14.0%	-8.4%	-21.2%

Basic EPS [+]	($0.36)	($0.39)	($0.60)	($1.25)
Growth	-7.7%	-34.7%	-51.7%
Diluted EPS [+]	($0.36)	($0.39)	($0.60)	($1.25)
Growth	-7.7%	-34.7%	-51.7%

Shares outstanding (basic) [+]	107.9	71.2	18.4	16.1
Growth	51.7%	287.0%	14.5%
Shares outstanding (diluted) [+]	107.9	71.2	18.4	16.1
Growth	51.7%	287.0%	14.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.