Shares of Flywire Corp. (NASDAQ: FLYW) surged over 5% in extended trading on November 7, 2024, after the payments enablement and software company reported strong third-quarter results and raised its full-year guidance.

Flywire's Q3 revenue grew 27.2% year-over-year to $156.8 million, exceeding analysts' expectations of $148.8 million. The company attributed this growth to higher payment volumes from new and existing clients across its core verticals, including education, healthcare, and travel.

The company's adjusted EBITDA for the quarter came in at $42.2 million, surpassing the consensus estimate of $39.6 million. Flywire's adjusted gross margin improved to 67.3%, up from 68.6% in the year-ago period.

Encouraged by its solid performance, Flywire raised its full-year 2024 revenue guidance range to $495 million to $503 million, up from its previous outlook. The company also increased its adjusted EBITDA forecast to $76 million to $80 million for the fiscal year.

In the earnings release, Flywire's CEO, Mike Massaro, highlighted the company's diversified business and robust performance, saying, "These results reflect our diversified business, strength of our land and expand Go To Market motion, and strong performance culture of our Flymates."