Core Insights - Flywire Corporation has been accepted into Virtuoso's exclusive portfolio of luxury travel partners, enhancing its sales and marketing opportunities within the luxury travel sector [1][2] - Virtuoso comprises 2,300 preferred suppliers across 100 countries, with member agencies generating an average of $35 billion in annual sales, positioning Flywire within a significant market [1][8] - Flywire's technology and payment solutions are designed to provide seamless and secure payment experiences for high-end travelers, supporting over 140 currencies and diverse payment methods [3][7] Company Overview - Flywire is a global payments enablement and software company that integrates its proprietary global payments network and vertical-specific software to manage complex payments for clients [4][5] - The company supports over 4,600 clients in more than 240 countries and territories, focusing on industries such as education, healthcare, and travel [7] Industry Context - Virtuoso is a leading global travel agency network specializing in luxury and experiential travel, with over 1,200 agency locations and more than 20,000 travel advisors [8] - The network provides exclusive amenities and privileged access to its upscale clientele, further enhancing the value proposition for Flywire as a preferred partner [2][8]

Core Insights - Flywire Corporation has enabled over 100 U.S. colleges and universities to collect more than $320 million in past-due tuition, helping to retain over 161,000 at-risk students [1][2] - The adoption of Flywire's Student Financial Software (SFS) is driven by the need for U.S. higher education institutions to create sustainable revenue streams and improve student affordability through dynamic payment plans [2] - Flywire's Collection Management offering has proven to be cost-effective, helping institutions avoid the average 20% fee associated with sending students to collections [2] Company Solutions - Flywire's SFS includes features such as automated communications and payment plans, which have helped Purdue University recover over $1 million in revenue and save more than 300 students from collections [2][3] - The company has digitized over $2 billion in tuition payments through its 529 disbursement solution, eliminating the manual processing of over 502,000 checks for U.S. institutions [3] - Flywire's third-party invoicing solution enhances the payment experience for sponsors paying student tuition and fees, further streamlining the payment process [3] Partnerships and Integrations - Flywire has partnered with leading education technology providers to enhance its offerings, including tuition insurance through GradGuard and streamlined payment experiences through BlackBaud [5] - The company integrates with major ERP systems like Ellucian and NetSuite, improving operational efficiency for educational institutions [4][8] - Flywire supports over 4,600 clients globally, providing diverse payment methods in more than 140 currencies across over 240 countries [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-40430 FLYWIRE CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 27-0690799 (State or other jurisdiction ...

Financial Data and Key Metrics Changes - Revenue less ancillary services was $128.7 million in Q1 2025, representing a 16.8% year-over-year growth rate or 18.6% on an FX neutral basis [40] - Adjusted gross profit increased to $82.5 million during the quarter, up 14.6% year-over-year, with an adjusted gross margin of 64% [43] - GAAP net loss was $4.2 million, representing a year-over-year improvement of approximately $2 million [45] Business Line Data and Key Metrics Changes - Transaction revenues increased by 14% year-over-year, driven by a 28% increase in transaction-related payment volume [41] - Platform and other revenues increased by 35% year-over-year, primarily driven by platform fees and contributions from Certify [42] - The U.S. education business had its most successful quarter in terms of signed ARR from full suite SFS deals, securing five new deals in Q1 [30] Market Data and Key Metrics Changes - The UK education segment is now the largest market for the company, experiencing strong growth driven by the launch of new products [72] - Australia and Canada are expected to see high 20% year-over-year declines in education revenue due to market uncertainties [51] - The travel vertical continues to see strong momentum, with notable new clients and significant growth opportunities [34] Company Strategy and Development Direction - The company is focused on streamlining its structure and optimizing investments across products and geographies to drive efficiency [11] - A digital transformation initiative is underway to enhance data analytics and system capabilities, leveraging AI for operational efficiency [14] - The company aims to capitalize on the growing demand for international education and expand its footprint in emerging markets [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macro environment but expresses confidence in the company's performance and future growth [5] - The company is proactively monitoring visa trends and adjusting strategies to capture additional payment flows in the U.S. education sector [28] - Management expects U.S. education revenue growth to be in the low single digits, with a cautious outlook due to geopolitical tensions [48] Other Important Information - The company repurchased 3.6 million shares for approximately $49 million under its stock repurchase program [45] - Certify contributed $4.7 million since acquisition, exceeding initial expectations [41] - The company is maintaining its full-year 2025 revenue guidance for FX neutral revenue growth in the range of 10% to 14% excluding Certify [50] Q&A Session Summary Question: FX guidance and growth expectations - The CFO explained the expected slowdown in Q2 due to Canadian payment timing and the anticipated acceleration in the second half of the year [57][60] Question: Impact of international student demand on sales cycles - The CEO noted that there has been no decline in demand, and clients are looking for ways to improve their technology [61][64] Question: Growth in the UK market - The CFO confirmed that the UK is now the largest market for education, with strong growth driven by new product offerings [72] Question: Sources of upside in revenue growth - The CFO highlighted travel as the number one driver of growth, with Australia also showing better-than-expected performance [78][80] Question: Competitive positioning in education - The CEO stated that the company continues to compete based on product performance and is not seeing aggressive price competition [95][96] Question: Operational review and margin implications - The CEO discussed ongoing efforts to streamline operations and the potential for margin expansion through cost savings [99]

Financial Data and Key Metrics Changes - Revenue less ancillary services was $128.7 million in Q1 2025, representing a 16.8% year-over-year growth rate or 18.6% on an FX neutral basis [37] - Adjusted gross profit increased to $82.5 million during the quarter, up 14.6% year-over-year, with an adjusted gross margin of 64% [41] - GAAP net loss was $4.2 million, representing a year-over-year improvement of approximately $2 million [43] Business Line Data and Key Metrics Changes - Transaction revenue saw a 14% year-over-year increase, driven by a 28% increase in transaction-related payment volume [38] - Platform and other revenues increased by 35% year-over-year, primarily driven by platform fees and improvements in the healthcare business [40] - The travel vertical is experiencing strong momentum, with notable new clients and significant growth opportunities following the Certify acquisition [31][33] Market Data and Key Metrics Changes - The UK education segment is now the largest market for the company, with strong growth driven by new product offerings [68] - Australia and Canada are experiencing market uncertainty post-elections, but the company has seen resilience in Australia [29] - The international education market is expanding beyond traditional markets, with significant growth in Germany, France, Japan, and Singapore [20] Company Strategy and Development Direction - The company is focused on driving innovation, delivering exceptional value, and executing strategic initiatives despite macroeconomic challenges [4][5] - A digital transformation initiative is underway to enhance data analytics and system capabilities, aiming for operational efficiency and improved client insights [13][14] - The company is streamlining its structure and optimizing investments across products and geographies to drive greater efficiency [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging macro environment but remains confident in the company's performance and future growth potential [4][5] - The company expects U.S. education revenue growth to be in the low single digits, with potential impacts from geopolitical tensions affecting international student demand [46][49] - The outlook for the healthcare business is positive, with expectations of strong growth driven by unique integrated solutions [35][36] Other Important Information - The company repurchased 3.6 million shares for approximately $49 million, with $57 million remaining in the current buyback program [43] - The company is maintaining its full-year 2025 revenue guidance for FX neutral revenue growth in the range of 10% to 14% excluding Certify [49] Q&A Session Summary Question: FX guidance and growth expectations for the second half - Management explained the expected slowdown in Q2 due to seasonal effects and macroeconomic factors, with a reacceleration anticipated in the second half driven by client ramp-ups and easier comparisons [55][57][59] Question: Impact of international student demand on sales cycles - Management noted that despite macroeconomic pressures, demand for international education remains strong, and clients are looking to improve their technology solutions [60][62] Question: Growth contribution from the UK market - The UK is now the largest market for the company, with strong growth driven by new product offerings and successful client acquisitions [68][70] Question: Sources of upside in revenue growth - Travel and Australia were highlighted as key drivers of growth, with strong performance in both sectors despite macroeconomic uncertainties [73][75] Question: Competitive positioning in the education sector - Management emphasized that the company competes on product performance and results, with a strong reputation in the market and continued client acquisition [92][93]

Flywire First Quarter 2025 Financial Results [Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Flywire reported strong Q1 2025 results, driven by significant revenue and payment volume growth, expanded Adjusted EBITDA margins, and new client acquisition Q1 2025 GAAP Financial Highlights (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $133.5 million | $114.1 million | +17.0% | | Gross Profit | $80.5 million | $70.4 million | +14.3% | | Gross Margin | 60.3% | 61.7% | -1.4 p.p. | | Net Loss | ($4.2) million | ($6.2) million | Improved | Q1 2025 Key Operating & Non-GAAP Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Payment Volume | $8.4 billion | $7.0 billion | +20.4% | | Revenue Less Ancillary Services | $128.7 million | $110.2 million | +16.8% | | Adjusted EBITDA | $21.6 million | $13.2 million | +63.6% | | Adjusted EBITDA Margin (on RLAS) | 16.8% | 12.0% | +4.8 p.p. | - Signed over **200 new clients**, with strong performance in the Travel and Education verticals[3](index=3&type=chunk)[5](index=5&type=chunk) - Expanded in India by partnering with Avanse (a major non-banking financial company) and the State Bank of India to tap into education loan payment volume[3](index=3&type=chunk)[5](index=5&type=chunk) - Strengthened software integrations with leading ERPs like Ellucian, Workday, and Unit4 for the higher education industry[3](index=3&type=chunk)[5](index=5&type=chunk) - Appointed a Chief Payments Officer to drive product and payment innovation[3](index=3&type=chunk)[5](index=5&type=chunk) [Business Outlook / Guidance](index=3&type=section&id=Business%20Outlook%20%2F%20Guidance) Flywire reaffirmed its full-year 2025 guidance, projecting strong YoY growth in FX-Neutral Revenue Less Ancillary Services and Adjusted EBITDA Margin expansion Fiscal Year 2025 Guidance | Metric | Guidance | | :--- | :--- | | FX-Neutral Revenue Less Ancillary Services Growth | 17-23% YoY | | FX-Neutral Revenue Less Ancillary Services Growth (ex-Sertifi) | 10-14% YoY | | Sertifi Revenue Contribution | $35-40 million | | Adjusted EBITDA Margin Growth | +100-300 bps YoY | Second Quarter 2025 Guidance | Metric | Guidance | | :--- | :--- | | FX-Neutral Revenue Less Ancillary Services Growth | 17-23% YoY | | FX-Neutral Revenue Less Ancillary Services Growth (ex-Sertifi) | 7-11% YoY | | Sertifi Revenue Contribution | $10-12 million | | Adjusted EBITDA Margin Growth | +150-350 bps YoY | - The company is maintaining its **full-year 2025 financial outlook**, citing effective execution, strategic investments, and operational efficiency as drivers for revenue growth and margin expansion, which helps offset macroeconomic challenges[6](index=6&type=chunk) [Corporate Actions](index=4&type=section&id=Corporate%20Actions) The company executed a share repurchase program in Q1 2025, buying back **3.6 million shares** for approximately **$49 million**, with **$57 million** remaining authorized for future repurchases - In Q1 2025, Flywire repurchased **3.6 million shares** of common stock for about **$49 million** (including commissions)[5](index=5&type=chunk) - Approximately **$57 million** remains available in the share repurchase program as of the end of Q1 2025[5](index=5&type=chunk) - The repurchase program is flexible, with no obligation to purchase a specific number of shares, and can be modified or suspended at any time[11](index=11&type=chunk) [Consolidated Financial Statements](index=10&type=section&id=Consolidated%20Financial%20Statements) This section presents the detailed, unaudited GAAP financial statements for Q1 2025 and Q1 2024, including statements of operations, balance sheets, and cash flows [Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2025, Flywire reported revenue of **$133.5 million**, with an increased loss from operations of **($11.0) million**, but a net loss narrowed to **($4.2) million** from **($6.2) million** in Q1 2024 Q1 Statement of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $133,452 | $114,103 | | Total costs and operating expenses | $144,440 | $120,066 | | Loss from operations | ($10,988) | ($5,963) | | Net Loss | ($4,160) | ($6,217) | | Net loss per share - basic and diluted | ($0.03) | ($0.05) | [Balance Sheets](index=11&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Flywire's total assets were **$1.06 billion**, down from **$1.12 billion** at year-end 2024, primarily due to reduced cash, with total liabilities decreasing and goodwill/intangible assets increasing Balance Sheet Highlights (in thousands) | Metric | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $190,507 | $495,242 | | Total Assets | $1,060,348 | $1,122,446 | | Total Liabilities | $276,083 | $307,679 | | Total Stockholders' Equity | $784,265 | $814,767 | [Statement of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities increased to **($78.9) million**, investing activities used **($237.9) million** for acquisitions, and financing provided **$11.6 million**, leading to a **$304.7 million** decrease in cash Q1 Cash Flow Summary (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($78,890) | ($38,093) | | Net cash used in investing activities | ($237,872) | ($1,514) | | Net cash provided by financing activities | $11,639 | $2,249 | | Net decrease in cash | ($304,735) | ($35,594) | [Non-GAAP Financial Measures & Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) Flywire utilizes non-GAAP metrics like Revenue Less Ancillary Services, Adjusted Gross Profit, and Adjusted EBITDA to clarify core operational performance, providing detailed definitions and reconciliations to GAAP figures - Flywire uses non-GAAP measures to better understand and project financial performance[13](index=13&type=chunk)[14](index=14&type=chunk) - **Revenue Less Ancillary Services:** GAAP Revenue excluding pass-through costs and marketing fees[13](index=13&type=chunk)[14](index=14&type=chunk) - **Adjusted Gross Profit:** Revenue Less Ancillary Services minus adjusted cost of revenue[13](index=13&type=chunk)[14](index=14&type=chunk) - **Adjusted EBITDA:** Net income adjusted for interest, taxes, D&A, stock-based compensation, acquisition costs, and other specific items[13](index=13&type=chunk)[14](index=14&type=chunk) Reconciliation of Net Loss to Adjusted EBITDA (Q1 2025, in millions) | Line Item | Amount | | :--- | :--- | | Net loss (GAAP) | ($4.2) | | Adjustments (Interest, Taxes, D&A, etc.) | $2.8 | | EBITDA | ($1.4) | | Further Adjustments (Stock Comp, FX, etc.) | $23.0 | | **Adjusted EBITDA (Non-GAAP)** | **$21.6** | Reconciliation of Revenue and Gross Profit (Q1 2025, in millions) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | Revenue | $133.5 | ($4.8) | $128.7 (RLAS) | | Gross Profit | $80.5 | $2.0 | $82.5 (Adj. GP) | | Gross Margin | 60.3% | | 64.1% (Adj. GM) |

1Q 2025 Earnings Supplement May 6, 2025 Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this presentation, including statements regarding the outcome of the operational and portfolio reviews, the costs, cash outlays, benefits, timing and financial impacts of the actions that may b ...

Core Insights - Flywire Corporation reported a 17.0% year-over-year increase in revenue for the first quarter of 2025, reaching $133.5 million compared to $114.1 million in the same period of 2024 [4][23] - The company reaffirmed its fiscal year 2025 guidance, indicating strong performance and growth expectations despite macroeconomic challenges [5][6] Financial Performance - Revenue less ancillary services increased by 16.8% year-over-year to $128.7 million in Q1 2025, compared to $110.2 million in Q1 2024 [4][23] - Total payment volume rose by 20.4% to $8.4 billion in Q1 2025, up from $7.0 billion in Q1 2024 [4][23] - Adjusted EBITDA increased to $21.6 million in Q1 2025, compared to $13.2 million in Q1 2024, with adjusted EBITDA margins improving to 16.2% [10][36] Client Acquisition and Market Expansion - The company signed over 200 new clients in the first quarter, primarily in the travel and education sectors [3][4] - Flywire expanded its presence in India by partnering with major financial institutions to tap into the education loan payment market [4][18] Strategic Initiatives - A Chief Payments Officer was appointed to enhance product and payment innovation [4] - The company is focusing on strategic and operational decisions to support clients and strengthen its market position [3][5] Guidance and Future Outlook - Flywire anticipates FX-neutral revenue less ancillary services growth of 17-23% year-over-year for the fiscal year 2025 [6][7] - The company expects to maintain its full-year financial outlook while driving revenue growth and margin expansion [5][6]

Integrated solution enables Flywire to unlock new payment flows from India to academic destinations worldwide Flywire further expands footprint in India, capitalizes on the billions of dollars of payment volume from education loans BOSTON and MUMBAI, India, April 30, 2025 (GLOBE NEWSWIRE) -- Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments and enablement and software company, today announced its strategic partnership with Avanse Financial Services, India's second-largest education-focused non ...

NEW YORK, April 25, 2025 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of  Flywire Corporation (“Flywire” or the “Company”) (NASDAQ: FLYW).  Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980. The investigation concerns whether Flywire and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.  [Click here for information about joining the class action] On Februar ...