Financial PerformanceFLYW reported sound 3Q results with revenues 3% above expectations and a $10 million increase to the low end of the FY24 guidance.
Market PositionTotal payment volume grew 24% to $11 billion, surpassing both the Street's and internal expectations.
ValuationFLYW is currently trading at ~16x FY25E EV/EBITDA, which is seen as very attractive given its 23%+ organic growth, 300+ bps of annual EBITDA margin expansion, and ability to convert 80%+ of EBITDA to FCF.