FLYW - Earnings call transcript Q1 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon and welcome to the Flywire Corporation First Quarter 2022 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Akil Hollis, VP of IR and FP&A. Please go ahead.

Akil Hollis

Thank you and good afternoon. call and Massaro, Mike Chief Financial today’s Rob Executive Ellis, on Officer. President Orgel, Operating me are Chief Mike Officer; Chief With Officer; and

filed, release, quarter be can ir.flywire.com. presentation earnings first at report press Our and, Form XXXX found when associated XX-Q quarterly on supplemental

During we statements. discussing will certain results information. Actual forward-looking the differ by materially these call, could from be forward-looking those contemplated

information refer on be would and differ discussing business risks actual like filings call the certain to Please to and our This our be to call also Mike measures. SEC cause to being over press will forward-looking We Massaro. for materially, these required financial more with the I regarding could non-GAAP will associated financial on statements measures. and release now disclosures related replay non-GAAP risk available that turn live webcast for factors to results is website. our

Mike Massaro

us Thank you, thank everyone you to Akil, is and today. joining that

an to our education revenue Mike We XXXX has a quarter. results strength by and Revenue into you less Flywire. representing in greater few XX%, as our short, In a XXX you during share that go Inc. Workplaces But our President appreciate as QX the within as from million, me and our our quarter. of first, added increased $XX.X in Rob highly FlyMate employer high-stakes, payment with talent. Flywire. minutes, year-over-year continue the verticals, out ancillary of Flywire to payments Total will businesses. on on let competitive for education, the detail list, CFO, most a quarter as to driven operating seen focuses the over about in community for quarter further highlights global performance financial Magazine’s to was during and Across as are a and a travel all strong interest XXXX few start and you know our financial being company. well our growth compared was named with clients predominantly strengthening our Flywire public In clients started focus volume such also for the excited healthcare, most quarter, Ellis, Orgel, marketplace BXB. XXXX. new and we of of our travel evidence industries show all of XXXX high-value XX% a COO choice now, new for By QX services Best

and Ultimately, world. digitization from often payment industries, payer difficult helping and and and and these get our customers both paid Within pay is seamlessly helping experiences in early stages, all over their easily are the for fragmented receiver. still we are clients the

where while we there even from better are our way costly critical secular payments, very the shift for to get with for Flywire solutions back office. removing trends years their In a come. these believe the clients activities manual growth in digitization positions more that our paid expect inevitable to macroeconomic need industries, We of like are towards uncertainties, coupled times well these as

spend that to few each are in the seeing we moments trends a industry want I discussing Now serve. we

XX% with checkpoint over starting traveler passenger data travelers, was the luxury TSA is showed positive it than by important to travel spending is This QX, validated more of measured period our the survey pandemic on First, the XX% have counts to said of XXXX. same now At which the whom recent started. show travel, in end report trends. reached of that pre-pandemic before continues of volumes them

X away Our ensure at much-needed trips are that report travelers also XX%, that get to showed they break. more half surveyed, of that booking for than once even

easing Common the $X,XXX past ACT apply trade rising period. platform recently of online are costs colleges without growth in medical pandemic that number crisis. debt a patient that favorable more an international more to due According XXXX, by a affordable. XX% Flywire. systems For had March restrictions the grown or as new are to applications travel the survey to scores. Post U.S. debt invest a reporting U.S. doctor years, are of couldn’t reported universities association need our affordability Americans Washington to and was SAT of continue and to same is per very to that for students hospital over hospitals for one-fourth surge or bills the as There prominent these XXXX, solutions healthcare than compared allow education of average health fueled the to experience out-of-pocket policies for in that industry’s Again, vertical, potential trends for imminent accelerating international Application, XX% found afford. hundreds In from The applicants XX, high since new make reported the the an that rate patient. exceeding PhRMA, of as technology-driven of applicants schools, And they healthcare, X and

would and of in our to AR level businesses BXB like them manager CFOs, respondents expansion annual teams finance finance processes per their stated process. profitability. second professionals, to continue to we of automate of accounts for slow out manage that figure increase are earnings many they more In As receivable. international solution cost and than ours XX% success their survey a need From know our back share a could actually way so much as to time, their around vertical, the better too if see receivable hold their CFOs and even money accounts

help large the about be Flywire, industries XXXX. serve these at further quite to that our We the continue positive and about confidence we here trends opportunities within excited

will few take spend previewing our Analyst week May a place which wanted Day, I minutes Finally, to XX. next on

competitive our for as advantages. reviewing be will our We vision opportunities Flywire well as and

We with to the have understanding a vertical leaders we will serve. the session industries of deepen our

growth be will existing and in detail key our our levers. We discussing within fit they many areas investment how

our strength and efforts. of the on touch ESG FlyMate ongoing our will community We

will that long Lastly, we the at data the we believe when looking helpful over business will share financial term. be points

We public a company. Analyst excited person at and others are next to our week you Day really as see in virtually first

QX earnings However, updates call, the excited more Rob? quarter. and I since to turn about operating our over our to initiatives share is share our this COO, we are to performance, and President to really the call during Rob would and like on our Orgel, results growth

Rob Orgel

Thanks, Mike, and good afternoon, everyone.

over existing like to quarters, successes lot I’d execution over new the highlight a recent our a travel, results strong our brings continued higher had on cross-selling quarter of verticals. This new Our best of our XX% addition reflected of added in some with than quarter consistent XXX, this group bringing And in We saw we with strategies. X,XXX. over count our strength of of to to clients the XXXX. client our clients. today across XX great with success Starting in clients. we growth

recovering because of areas new is due greater XXXX summer clients clients the the clients. travel XXX% for that clients quarter levels shrink deliver hesitancy larger in we continued One of to restrictions indicator the have These grew XXXX. our range our part in Our strong business levels the our will our since globally. destination travel many to this of among but part travel particularly activity across in return as COVID seen and that of clients with management net than summer revenue first time retention believe to European of growth return travel normal of

travel from generated did or we QX XXXX more During all revenue XXXX. we than of XXXX, our clients from

went and of in itineraries carefully of March Italy in signed As our destination They Italy, planned They new Flywire signed travel client, methods. I.D.I. an added footprint stays European and a in Torino, we with a France. TRAVEL XXXX Via example with specializes client. bespoke of in global and for in management as live variety Flywire mid-March. I.D.I. Based high-end, large early because payment

electronic by to we integrated solutions and platform. and Epic from I.D.I. earnings records We’re in our Systems’ I clients health in relationship early them. with also are the health have with calls, with healthcare, platforms with in are payment with addition who other expanding further to excited Continuing prior integrations forward expanding that referenced results look the France records with Italy our

expanded already This relationship our market. with the is CommonSpirit Flywire’s Systems. and to Illinois and expanded we We sites highlights across results than omnichannel sizable recently initiatives. XX relationship more care integrating in hospitals relationship and most Catholic by our with nonprofit system Texas in hospital engagement in with based large system largest with early CommonSpirit the saw headquartered second largest integrate from hospitals using We healthcare ability Epic states. our our impressive operates XXX X,XXX the networks hospital Chicago, CommonSpirit States. example, For Health, health United

weekly the made sign-ups planned increased patient and increased favorably SMS. and comparing greater increase increase via platform early XX% More in early and payments impacts how engagement page our enables with data from XX% greater hospital client a planned collections. average log-in we e-mail, than arrivals engagement, major uptick Our SMS page greater payments another the sign-ups, visitors ultimately patient correspond in engagement, seen than and to an in data showed in SMS we’ve single In that via to specifically, a collections. which and directly clients turn our XX% saw than improvement in digital patient e-mail log-in post of via pre-omnichannel a go-live e-mail

to within added vertical. to product for client. with results excited Switching early new we quarter, healthcare geographies. as strong performance the see Connecticut U.S. incredibly education of creation continue first show education, value our efforts signs We’re University continue the as across In engagement incremental omnichannel and clients to segments According we to of our a our the

in to replace professional university Education undergraduate as world Report, relationship undergraduate solutions, through the using fall education selected University United WPM, use campuses World that of and X with World an nearly and interest UConn improve look News We fourth over our will on-schedule further enrollment the XX through Rankings and XXXX. solutions to to new XXXX. which students. X,XXX solution. development payer the over integrated Times to receivables and payment we was the students and with incumbent Based the be students, Oxford both continue expanded With from pleased We schools of to & among forward with the experience. expanded our payments relationship colleges our regard within solution in colleges, Flywire’s education, the Kingdom integrated universities in Higher in of XX,XXX market we related XX,XXX we Oxford the acquired XX UConn and with XXXX to with and top colleges postgraduate ranked the University. graduate XXXX Flywire domestic comprehensive technology Oxford solution. number best U.S. WPM, Also cross-border our with public quarter some including the ranks in in and total our UConn for building all regional

expand and base Finally, existing this our customer with in segment, grow we continue to segment. customers BXB in our emerging

using For payment Flywire to capabilities Technologies. single, simple advertising. use for a functionality card domestic supports workflow Technologies is add full differentiated expanded well how formerly provided Technologies to relationship as known as is of are and intelligence the our with NetSuite Flywire customer to transfer. which marketing example, prepayment software Centro, aggregation automation providing Basis as to automation, to which multiple Basis domestic the using Basis our now of integration to deep international originally and payments and bundle, used illustrates a continues cloud-based Technologies, This options added as we version now experience but for invoice functionality provider software well is local its payers. for bank NetSuite as base solution value latest acceptance Flywire Basis provide into payment options leading as business

expansion ability profitability. for their found complexities surveyed our priority As what businesses, we those of validated cross-border revenue. impacts of recently payments in Mike yet their global companies conducted of as at sector: with BXB billion processes a professionals are we we XX% theme mentioned, to impeding and In million research $XXX in grow $X survey, continue the legacy identify systems collecting growth to said a They the that to and finance is previously key internationally.

way, global easier could expansion XX% they with they rates efforts. deal could Specifically, accelerate exchange an say if their in

These time lose Additionally, respondents to exact between XX% are to are X% XX% and the wasted solve time say solutions benefit stubbornly global free in of and clients. over of they to we With their average designed those receivables their help processing. our month operational business. parts tasks BXB customers our their process because revenue an payment experiences, our on manual issues inefficiencies value-added reduced, for the of due for are from of streamlined clients focus with up us,

channels. to Turning

of growth a partnerships good source channel for to Our Flywire. continued be

preferred payment EMEA system a in For the X,XXX and we agreement leading quarter, over regions. example, APAC partner a information with the student during announced universities Tribal Group, with

and and university in partnership clients provide payment education enables Flywire to seamless with the SITS Tribal payments. module a point for integration new Our every with process existing

addition universities around now that corporate the to the With are approaching of of underpinning are systems the Tribal, schools unique and in XX education integrations the we operating world. space

like Pix was our to FlyMates active network businesses. We Flywire’s I our report of expected in continue and of in by first payment economies government. Intelligence very can company. in implemented method Americas great enabling to demonstrates work quarter the adding call also continued results and the additional successfully and had Overall, our to global XXXX development published invest Flywire’s Ellis, see Pix, by now year. you with to Brazil. volume the for the the the CFO, payment region, over XX% we in team the our America alternatives biggest guidance digital payments Brazilian another Latin Flywire methods the turn ability to doing a across payment Market quarter global verticals additional for expanding in February by the for students move to would promoted our across payment payment This remainder Mike? review Mike to the network. new report, According of

Mike Ellis

I EBITDA. Good less profit, and Rob. of for everyone. afternoon, gross services, will Today, gross financial ancillary adjusted XXXX, including discussing our you, adjusted non-GAAP our Thank quarter adjusted first margin be metrics revenue

please U.S. Revenue XXXX. a included XX% read unaudited services For the QX Form when be representing filed our that earnings and preliminary increase financial generally principles, accounting in and prepared less will to accordance SEC. QX financial our was within with our the unaudited financial $XX.X compared accepted included statements ancillary release results statements for with million, XXXX XX-Q the in

We particularly QX to during We during when all by compared QX increase education travel our growth performance the billion volume, and Our strong cross-border in XX% due XXXX. we from volume to revenue revenue rate was regions, growth an verticals volume experienced from XXXX, payment verticals. driven international our and of $X.X payment in payment QX total in processed was total which payment volumes total increase an billion $X.X revenue and across types XXXX. processed

transaction fee payment payment Specifically, XX% XXXX, volume. increased to driven XX% XX% volume. platform increase XXXX, by in compared transaction QX increased in Platform and driven usage-based QX a revenue increase compared a usage-based revenue XX% to and by

for our gross XX% As vertical has quarter gross total QX which of for QX which XXXX. revenue model-driven mix line a compared software-like Comparing lower growth, versus margins. result faster our to included than expectations adjusted gross revenue transaction we $XX.X in adjusted generated payment XXXX. method our XXXX, gross Within grow was XXXX drove cards, our our platform credit revenue, transaction revenue, to the margins. million in more quarter mix adjusted generate for the profit, Adjusted increase QX XX.X%, representing QX margin with a

While spread structure consistent pricing the our years. net net revenue remained over the transaction our payment the X and method mix cost spread in average varied, generated from with the last QX

year adjusted to gross year in XXXX as While continue half dynamics we trends the in the resulting to mix adjusted our XXXX full slightly margin prior margin full seasonal of expect through these first the to XXXX. year year, business, but higher of move years, we the gross the below during near expect seen of second due

increased XXXX. was and result Moving increase during on the our QX an factors. were expenses XX% to operating of incurred were This for QX we XXXX. million a marketing expenses. Technology million development FlyMates activities due expenses to XX% $XX.X $X.X our of XXXX, was increase the where the primarily XXXX, by over over of incurred increase within the of and during increase million hiring development during for million of teams XX%. XXXX, over $XX.X $XX.X QX technology Selling and number This number QX an

our functions. past personnel new costs in due hiring the the of our product sales, added due XXX to contributed sales driving accounted also year, increase Sales the new over over ARR. commissions marketing FlyMates effectiveness where within to personnel increase XX% for and costs to we First, efforts strong and

QX QX and global to continued the costs And after COVID-related marketing with finally, an approximately were initiatives million the million administrative Incremental XXXX $XX.X activities, and to plans; costs, drive decreased $X.X to the travel compared quarter during generated with prior goals public Many well increase $X.X our was engagement. we XX% QX the the travel-related invest the the in offering. a COVID-impacted factors our two, expectations as occur: million XXXX public which line more the QX March increased of in restrictions year-over-year these These were by fees number during which sales teams The by offset increased visits and transaction years cash things associated professional the and and spent cost during costs. hiring, during with stock-based as contributed teams of during due factors as XXXX. primarily consisted as General increase. operating payer allowed of clients driving of to for XX% to XXXX, two public and departments; globally the significantly increases Second, our restrictions. capitalization, with where occurred but were our over in our for one, increased number and this a as on-site XXXX. equivalents $XX.X respect increased we FlyMates second, to in stockholders, over costs costs $XX.X insurance operating company incremental both decrease debt. EBITDA XXXX. and number of acquisition were: we X impacted increase decrease of important of the million over where past and XXXX, approximately prospects abatement our XX% expenses $XXX.X to cash compensation and person in-person on by year-over-year EBITDA in which number from marketing in XX% year in were first, XX, for XXXX. XXXX, QX With incurred over primary result and $X.X client of million long-term initial hiring finally we XX% was dispersed employee able QX secondary our as in conduct QX together of company, had million, able expense Adjusted a increase we in Adjusted during our collaborate of the of to to our and FlyMates million adjusted come EBITDA travel we

which As per outstanding, IPO. the of shares loss than outstanding March the shares to we timing million different share had XXX.X weighted of our common to stock is XX, calculate due XXXX, slightly net of average used

guidance currently XXXX, full continually Moving for company, on the monitor the as minimal we country. We to difficult circumstances in thoughts have exposure factors risk increasingly an are that year in we those globally. but with Ukraine, impacts from to are international our

events growth guidance our our of at million we continue to potential That midpoint. revenue revenue $XXX for which as in have these raised their rate and on services of an said to monitor XX% annual unfold. will business the in they to million, be We range impact results $XXX less the ancillary

respect we XX% expectations the With from our during announced QX during guidance is as to range ancillary of XXXX, midpoint EBITDA, to business the clients be million confidence clients which our the of XXXX and previously the an EBITDA to adjusted during year growth year. and pay a revenue and in fixed quarter services have XXXX and range view ramp-up continuation personnel respect XXXX. QX QX adjusted full rate on a guidance we will This seasonally reflect reflecting at million, verticals, alongside execution million, $XX across have quarter year impact nature lowest plans. the the we to XXXX revenue in in quarterly implemented our continued about we of cost does our expected which seasonality $XX investment XXXX. have impact XXXX, of to year-over-year to of current enter of our our basis million $XX the growth added the signed the be represents full $XX for With growth raised our during in due our less of to existing on of contributions full growth clients all Our increases of a

performance, negative will pleased reflected this but been QX adjusted quarter our adjusted seasonally call to XXXX. generate overall over Specifically, and EBITDA, XXXX are year QX the in to results to XXXX to I’d low like In guidance. has our of EBITDA we XXXX that, for full forward business we turn the conclusion, with questions. With operator look the continue financial rest and Operator?

Operator

from RBC Instructions] Dan first will Markets. come question Our Capital [Operator Perlin with

You may ahead. now go

Dan Perlin

about a client on clients, quarter. really Congratulations number. that’s guys. strong XXX Hey, had another question great new I a new wins.

Thanks. starting today there more a think, think travel these some build-out distributed? kind you added remaining, travel, be call expectation leading and out, this be XXXX? like an XX you as with travel. maybe called I wondering, the the lot are think about you’re you so? clients that pretty And anything the is fantastic. around impactful to Was into your think that when XXX we how most in that sizable we I’m of Mike, would do the of is about or likely So XX of that evenly it, about discussion

Rob Orgel

happy jump I’m So here and this. start to

so good a we’ve terms was of strong. segments We of as businesses. the very great So four wins been healthy Education have various across sort got Dan, largest meaning segment. question. distribution distribution, a wins like the would wins Wins all the feel the the looked had by quarters the in of stride in for other of vertical Travel quarter across account. we other the travel thanks Overall, terms well, in in of the particularly verticals.

our we is sort If significance a clients. across your along think terms see sort of of are terms question patterns historical those better that size. of we’d the very the ARR the accounts. of of much of say in part about there slightly the anything, average the was following lines they of sort in I second bit of What also

be the – you. added and that are we’ve we sizing list. shared would say, I very just client group we very So follows to the in our we’ve But overall, historically would it happy with with mix

Dan Perlin

solution And guys just Can follow-up out, you’ve think, us education relation go-to-market a Connecticut, sounds selling. Okay. University are domestic you you of remind down. got then both quick called it of in kind to I You the the which motion like took there?

So a of are or seeing win a my ready pretty you’re types back big that’s clients for term? you. book that change easier is, and lot a make finding got cross-border you of deals question back you’ve domestic book actually, to education. just in education near Are back it where you to finding more that those go both, that Thank are to order bigger success to

Rob Orgel

take I’ll as one So that well.

the well is about it’s of side. on and of there picture going how domestic couple how to in So we things a pleased to sort paint the are try domestic of

terms an a that able way to sort that example domestic probably tends have expand a the it and internationally. appreciate to this Remember, the here existing land and the other more domestic I’d UConn. be that experience to in market But offering the able do So add only UConn’s say we more you and that the an able that first is if sort focusing be domestic. internationally, announced also add to We question, And of U.S. the anything, for domestic. from we that we and in Previous was The offering. relationship. in to slightly is right probably, point Flywire, easier, we It’s on payment can win for it That take common frequent be the to those. add thing, as our would take client move take on for it’s client contrast net come new both or see doesn’t implied, know and where international of just of call, opposite. we’d domestic to Stanford. your of and on away us. take and are to client be us It internationally, U.S. that cross-border early both to and even lines I of an mix with as I’d the would be and international along

So that for in domestic U.S. our markets. us working in as both the international piece as is well

Dan Perlin

you That’s great. Thank very much.

Rob Orgel

Thank you.

Operator

from Kupferberg Jason with will question next America. Bank of come Our

You ahead. go may now

Unidentified Analyst

This is [indiscernible] Thanks for taking for question. Hey, Jason. guys. my

general XXXX question just for more had quarter, raising obviously, you it looks of guidance than kind your a XXXX So that. overall a guidance, are you like by but revenue guys strong guys

your can the Like or for that a of driving piece upside is just what travel BXB coming the from and mainly bit the verticals health So education and talk care maybe you well? little optimistic is about more more you. full kind as outlook the year? Thank

Mike Massaro

across One the highlight we is business. question. just thing Thanks the would for see confidence Yes. I

when say in how look full flowed And I’d at that guidance now. year we that, at you look so through

So good bit the remarks, a at lots across this covered I industries. trends we’re sectors, comments. business. right, there based QX. really, about all travel. where really good we global travel in is travel I we’re really is across definitely we seeing in we say clearly, the the the here callouts specifically the also prepared seeing. too, trends results performance called just But saw feel and my that But all point, And in of say education these I around encouraging out upside would definitely, would are additional and regions on is across education

big be callouts. would those So the

Unidentified Analyst

other whether And business on for talked or those side margin – Awesome. talk about, it’s of that the full you on the and just pieces changed year? just quantifying the you. you some Thank sales about any then piece, some in the Okay. can and just expectations so marketing of have investments the

Mike Massaro

investments on double-click of maybe numbers? the breakdown you just Rob, Mike can the do want the and cover cover to then –

Rob Orgel

I Sure. investment bit we an call. last we that plan little mean, have shared a in the about

resources as is We report got more you’ve Investor that as up growth elements about into although well will in there here. go-to-market as last really we quarters. scale a us coming few that the all Day I’d seen on quite the the really across say R&D, be of business We’ve growth revenue sharing also that we’ve bit focused the

In that at about of about really we’ve results the see because part, generated feel terms good sales that we’re there. starting and just excited marketing, my and least probably, most to we’re for

at which XXX we that only ARR look shared really think the about we really in generated QX if I the go-to-market well QX about by overall in signings. was about go-to-market adding that of function good that company, So the quarter, felt added ARR growth we investment, team. clients. We delivered signed good that we terms felt pipeline has for But inside has not that people

in come And that so very, board, over right? overall, of very resources a time. come that early we’re we’re you good results and the early expect about. But bit on return feel to Those their seeing, investment, we

the have, R&D an front, On we R&D ambitious plan. again,

more overall that of of about of in and upcoming investment Day, We our the new though, will major sort area we some the second us are but be plans all for for ramping with Investor expectations. as sharing us, areas team in the line

Unidentified Analyst

can the was was disclosed? with mean, just the that travel about Thank last for for NRR that just – and you. Okay. that compared pretty Cool. how the I I you could business piece travel talk one, if XXX% to the to And you how overall relative impressive.

Rob Orgel

Yes.

long-term our right also shared line So you was with averages healthy, over that very we’ve overall with time. generally in NRR

more travel. meaning of my sort healthy be business. within more the of a We that strong. that Travel travel terms happened to are There in size particularly of the very dynamics general is right? There called across NRR, transaction is of in average business. All in strength travel out transactions, happening. the to higher happening healthy, the return comments So very part

So we average of saw particularly of clients. healthy travel size. hot, see in very our terms the growth really say sort EMEA region I’d is the span we but of across transaction strength

Unidentified Analyst

Thanks. the Awesome. congrats quarter. Appreciate the and detail on

Rob Orgel

Thanks.

Operator

Wolfe Our next come will question with Peller from Darrin Research.

go now may ahead. You

Darrin Peller

the of I guys. you’re number the that investments levels clear adding Hey, average. with at it’s mean, paid these record the off customers versus XXX pretty

per quarter XXX about it’s think I before.

just and dive to I again a on but making the the investments want deliver I that. – see. to it’s So in do little great bit you’re margin on to

keep you So is guys hear add Is I run in up to if okay, don’t professionals. XXX an right you now adding alive? capacity That such about that forward view think that going the that from keep of enough Or a XXX where engineering more rate pass-through? operating help going think to the added me your rate to growth show can – little know maybe run some element said at you leverage have to cost. more but see have do – that we you standpoint in can rate of to I you a

Mike Massaro

the that’s So as investments we see result see Yes. can we the say and again, important to are part. talked we the ‘XX think QX. continue we’ve folks right? that pull really I and I’ll jump general, in in. these where really beyond, I’d first about start in is investments But for – to started the important it’s here ‘XX, –

the we will again, investments We leverage talked making for which that XXXX. I’d and in One in medium at building over about that, that EBITDA it to really to we’re results that true, right? But margins before, also long-term. way through industry this long-term, strong over the have of business we’ve margins the kind just looking highlight really thing it is EBITDA for we’re the hold is long-term. strong, leading see these the which expect We’re continue long-term to

see really And opportunities we see product we four four launched to Day. last to that’s hopefully but additional talk So shared what really will again, continue industries, Investor about And new launched we could call, the in sooner, industries, we the there invest. earnings Again, it’s what get we’ve products. realize these at now off. scaled people paying and go-to-market tech great to

So of a cases, again, new record Rob use driving so in about and and product strategy products industry investments, very deploying that have identifying land-and-expand tech confident across much. our track talked has that new

view would want remember, people on margins being in quite again, So are really to that, multiyear long-term really our EBITDA to it. addition these change And investments. feel about it doesn’t But strong. good

Darrin Peller

in But just follow-up, is any philosophically to whatsoever in, the view, doesn’t understand change of there you given Mike. your market just terms So I I change the mean, certain of as reach we’re I of what to front really long-term, to it the speaking, you be it you levels given continue the you? see margins? horizon is invest long-term consider opportunity, important to that opportunities Or given just mean, in

Mike Massaro

again, year, think do happen I the mean, we’re I us. to we We – flow-through flow-through At see you’re the year. And to but showed Yes. last on the it’s can to – unrealistic invest. some times not we continue are that. going continue to can that lost we happen same time, not this could think

to things at look can everything will say, sense. that we that look such at year. and show and make investments us else scale hopefully, last going these showed G&A that to as obviously We’re at And people continue we to look

I quite been a of in lightly any we’re have past, But taken also, not has think We position. team stewards cash that the we’ve good a right? investments capital.

based will on get we We – a ahead. these a ton get But there super penetration and could. opportunity, growth have market We continue total of huge low we there we could that sooner? ROI on could on do the to investments. again, we addressable again, I And this sooner? think

trying that we’re hopefully, to And that’s line. So clear. walk

Darrin Peller

don’t you if mind. follow-up, quick one Just

differentiation a why the One went expand of help we domestically, the – questions lot you land is the get guys why and to explain works.

that often? in much after cross-border be why with the get seems And customers to continues. door case. domestically So with resonating you are so the your It you clearly

Mike Massaro

down mean, to comes and tech. I people always I it Yes. – it believe

best And this, experts. are are our best within the so industry our look said industries. – when believe at We of you team they product, team of and people these again, I’ve the

of these the pain great And points so clients reputation the and have in they industry. understand

are providers, have think types deliver helps, three other I product. you together combination you technology, I including of again, a to tried have think which the And very great delivered modern two that by only problem, but And unique payment have you solves they complete really require these industries to but something or either something We’re in truly they is and sold piece to right? companies of plus there or the first of dated, solutions, we’re in technology, etcetera, So with that matter that coming payment relationships, with not banks, coming a software. look different, big at, but experts. that. see starting demonstrating without that a Stanford, of I you clearly to opportunity without And think deals team no that. like are – again, win UConn don’t Texas people A&M, And

for right? it multiyear time, take overnight, think I again, us. these but transform So industries don’t are strategies These will

Darrin Peller

guys. Thanks, Alright.

Operator

will Shirvaikar come from Citi. Our next Ashwin with question

now may go ahead. You

Ashwin Shirvaikar

traction seeing from you. Thank Hi, the sequential of then to student XQ? we of the the as travel guys. is Good results. you a strength in I for admissions that guys hear of and solid sort and basis, think well, just question. you that you’re is data guess given the modeling sustainable as an sort from should quarter-over-quarter that And shared especially look we road, and down

Mike Massaro

the way. we sure and of we’ve start, in thinking Mike strong will hit some then general, in so numbers an I’ll I States I’m to the feel sure, mean, That will input dive as Yes. everybody QX right obviously, But you’re in the data perspective. about Ellis, the confident. just admissions from United and why make referenced baseline. has it

Ashwin. that, about right You’re

to say but positive Again, think double-click you the and And generally be and what comes so has the travel. I quarterly less definitely encouraging their maybe so seasonality we continues the a And can that very it COVID to people we’re it aware, when just in impactful, are and definitely, around well definitely movement. we’re sign. definitely QX them numbers there see also navigating I’d all everyone on expecting. global mind? that’s trend, is that around is Mike, trends spreads

Mike Ellis

Yes. Sure.

would of data hear a expect admission for is you. indicative The to reasons. couple good from Ashwin, we of what

Mike about you adds recognize a about important half you first really portion piece foremost, think client first those education and of transactions the to one of have in in that talked and of half that’s get of second and those, big so That’s think I signs Rob year. get the driving to the the it. the if good year the

that a products lot all our relationships client we’ve has us taken I think in actually allowed and like. our and generate comfort us strategy across land-and-expand optimism we gives that will from education also, of incremental revenues what QX of the look that show can around to really

having revenue would of what our always signs, seeing the you expect with the second the QX quarter. what from on numbers, for seeing look But that we’re we’re we’re As data client on a year will our continue biggest historical XXXX. And know, half the we revenue is optimistic from admissions like and standpoint. based the success about

Ashwin Shirvaikar

And hiring on little more a of the keep talent, it. of Got to it. sort just Got in terms ability bit comment you could that?

Mike Massaro

in. Yes. I’ll jump

ability had strong to navigate, I the ability again, ability think, talent, in to our Our culture, we’ve find work. hire, always a investment future our great to of

it. by encouraged very aren’t. companies know We’re I most

thing you with of a us global have should realize FlyMates. The other is we footprint

advantage global And right? business. so is huge us, It’s a a to that

don’t have. to Our a the of of or regions a lot to in world flex that companies ability expand different strength is

for kind of that set It talent an us time how of continue that a plus amazing top so really, out over we mind to we I footprint, and the really company how global what huge think, focus of in And this of built it. carve many. combination of just advantage Executives FlyMates to always built a strong puts have for intend with culture, we this company. we is us. build is this Finding

Ashwin Shirvaikar

you. Thank

Operator

Raymond John next Our Davis from come question will with James.

You may go now ahead.

John Davis

Mike, guys. could embedded sort But impacts afternoon, FX of the any start guys comment good full Obviously, on with want I guide. global guys FX. if to Hi, company. in are curious just year just you a you

Mike Massaro

if anything think is look notable? everyone over But that I of risk it Yes. Ellis. again, cover But I’m happy hand our to of should do we business. to to lot want hedge there a know, to you out Mike,

Mike Ellis

Yes.

our or impacts the So hundreds for highlight. relatively relates that and gets gross small, John, impacted business The from not good are – to as And hear low FX minus. it big into plus it be you. could but enough to really adjusted margin line thousands of

the really to FX time needle been we So don’t changes operate our hedging very drive at minimal our and over all. how due within strategies business have or

John Davis

you the year. kind then, gross the points little And implies ramp throughout margins material levels. a below Okay. few a to of hundred about of a fairly slightly bit close rest Ellis, ‘XX Mike ramping talked of the basis That

comment a sure the what’s out called XX% going to back to I but little to credit just hopefully I mix – want year. So the cards bit that. think about to make you last ramp close in get to level just gross from it margin some XQ, Is maybe mix? the understand drive

Mike Ellis

get in higher-sized the work to transfer payments. higher in the what the the really hit to And about lower means seasonality for margins transfers year see what cross-border Sure, the and second bank have business, in when payment average business we’ve you QX. strong in of really you a and think card Essentially, mix relative what of that sizes, year. paid is versus education typically of for that QX to you that via that QX due you’ll industries, way in our back historically QX and is which reverting payment what business our seen had the And happens really, to we because the half method payment. expect utilization credit propensity the seasons John. historically, show due fact, half of that what saw a But of we’ve credit see similar we card will, first the bank

John Davis

talk me. one don’t of the but the an for get update? UK think know Okay, us any give maybe integration, what little Flywire has, curious can us you if or great. post-WPM of the how bit about if I market what – percentage we WPM like on the can overlap that’s you going, there last just stats in Mike, a then remind And and just opportunity

Mike Massaro

to continues Yes. It Sure. quite go to. Happy well.

the from call, in the conference. a clients the user we been last I think and come had actually all the mentioned already UK just back had in I announcement at for had

call which – people us the mentioned schedule against. execute is to for also we well mentioned on tech integration, think we to I quite that and on continues had that go

they which solution that so was have helped us in, payment lining integrated dollars any It’s XXX and a weren’t again, up – think actually or business there. shared up look is stream. additional And Oxford where relationship, a massive a there Rob you get So the Customers of And client positively it, through it. again, the if ended in at of been volume with that customers. in came we news I UK. in revenue they there came again, feel they of see for general, their that for monetizing is really platform clients like about software-based mentioned – They opportunity. bit announced much go billions we software. right, more of

going to And see thesis so is that our software customers, the their into network monetization and to quite is for a integrating you’re solution simple, drive going which great is payment of volume.

So on think key us total to a that. And piece billion plus. marching $XX that’s UK we market,

the I’ll in We UK hiring merging of much comment that too. doubled So market. the on pretty team two the top that in we’re by size together, our and even guess size, I team companies on,

probably go to So volume one travel the get see two you’ll folks and to multiyear will would again, Actually, Investor are meet of huge folks quite – WPM opportunity, going to as we payment all there that well. well. Day well, or that the plans ramp coming if who those be

John Davis

thanks, Okay, guys.

Operator

with will question from next Our Huang JPMorgan. come Tien-Tsin

go may ahead. You now

Tien-Tsin Huang

guys. you, with speak to nice Hey,

of is pipeline pipeline? to go-to-market of I related pull record a Just a am wanted pace? function with just bigger team, at – client wins, is I being of the forward and record a the questions that on which question, similar there to being know the Which other curious, the is replenished is my just the is a additions sales lot whatnot. productivity, better

Rob Orgel

Yes. I can jump in one. and that take

not we value along of actually add pipeline that Tien-Tsin, in did but count, So way. we client total expanded only good clients roster that the meaningfully actually, the

average replenished it outside those of even of not signings our we signings, did size. our clients but the ARR that. of with the So, substantially on average, line better only what actually pipeline in grew slightly in But it, the than ARR top were

have those you the significantly go-to-market don’t expansion. that’s move when again, that of invested so Obviously, overnight. dynamic see you and things sort And in sales

place. They then and sales. in people their those get to develop over lists prospect got those to got client convert and into have You have

seeing a So, the there. that actual right is is ARR pipeline progression, important the you QX perhaps really note and in an the the we more are one, was signs also for feel is of fact, important and we growth in make in in way the a the that overall point future. which But healthy

very of that. with happy we guess sides are I So, both

Tien-Tsin Huang

hear. to great that’s No, Amazing.

are go-to-market? short-term? around is does my consider But etcetera. that FlyMates that any that sales, follow-up would – upping in something Is is on you more So, in quick and that way your know you thinking inform I your just, in your investing the

Rob Orgel

things. We are really doing two

we everybody of first outlined out investment plan were called being still are right. for working the we plan, the year, investment we ambitious we in very for as that that on So, specifically that, all, and

are sales reps. still adding We

are of still other not are We go. we adding we in. Obviously, resources the go-to-market as unaware operating we climate that are

of We of in the the expansion. sales do going force but market on dynamics about there, what’s really are we feel out not unaware the good

investing of are that improving we So, in of training skills sales the force. and the sort

believe LTV We are in deliver. in sales the we We to itself. ROI Ultimately, believe the the that CAC. we force expanding

expected that on force. we And of path invest are that to we right the continuing be on so in to sales

of world to think not what’s mindful going mindful be going. to though, invest And the but is we keep do will everything we we again, spend, we and in go-to-market. where very the in sales we stand of will and will with how So, end, continue today I even on

Tien-Tsin Huang

That’s done. I much. for. looking Well Thanks Great. was so what

Operator

Cantwell from come will Jeff question next with Our Wells Fargo.

go now You ahead. may

Jeff Cantwell

any congrats little that you education? the that in results. guess confidence a Hey. a more maybe the question continue there yourselves in want non-U.S. are you you that incremental market? and might the you now generating I more out? winning a again. Thanks. taking more in understand gives is, then of check international say seeing net environment the qualitatively it opportunity talk kind expect volumes question This keep separately, What Thanks changes bit maybe different Are us you just And Is Did want you to on is Darrin’s about what I would that already? my you on that that are that call to of for areas? are TAM. that you Is Can domestic you now to the versus competitive will Do follow-up us? for ago? you retention kind to into year it seeing? that have penetrate help like in now the revenue that education question. to look how opportunity to that focusing say

Mike Massaro

that You want one, Rob?

Rob Orgel

start. can I

there So, questions multiple are obviously there, in Jeff.

will Let ones one try to and end, bigger give me towards I picture. you the catch of the the then

So, in sort to for right line education. continues our of retention excellent, in revenue long-term be net profile with education

comfortable so expand and we very work. land are the to continues And that

that we the software highest broader let of is believe and are best is out are Now, proposition to and and value the are me delivering drives market. in answer try we value step your which Like back distinctive take we we the a with question, the to that software have level there. still the payments, continue the delivering it from various teams

and travels cards. are. and fast reputation that we Word the And in it, continuing a on course, happening they if and technology the stellar at of But so the the you And is others the our to calling be inside have that that’s and the we example mentioned. there serve, teams like in have basis one our of clients to what’s really stronger UConn win support look probably markets to we reputation U.S., market. are the the of

do to continue we that. So,

like dynamics around innovate to we continue though, really do. also, interesting some things that We the

A/R them. for work umbrella know more plans, we and like and opportunity a XXX we all to us introduce another new the the under As to great get are we partnership that doing basis gives on of products Ascensus the delivering that e-store, again, Collect, schools around announced value and

It’s our helps when we continue smaller thing U.S. And business, at and are really, different. to reputationally that’s of really in doing delivering, us And – we everything so schools, although, Europe, results for here of internationally, the are and like are and kind both are list positive. what in many I look think the that these deepen the same although the or institutions perhaps our relationships U.S. again grow you

– now Spain. university first we think in I our are We signed public

have part? for education of happy can again, this So, everything we And what results of we public globally distinctive the multiple our do folks or did capabilities them. but with the we added had clients, any ability all Spanish we a Really catch with did to for that part the I see business. and understand is I Spanish Jeff, university. we miss

Jeff Cantwell

payment was that us maybe Can That maybe think of of you Thanks. you about as by for hoping question that And that? plans. interesting one size you more be? generated I about new a a can I and you Ascensus college those through. underneath could help And you describe little the what to Yes. tell alluded You just mind. follow-up, us just little those sounded might XXX are a revenue thought in talk savings wins? hood, type as that how that volumes am it long-winded the everything can was more this.

Rob Orgel

the both part mean school. of it’s ecosystem, I the and we portfolio the of services industry the apply that for again,

as We in the of those software a very have So, we in. we help that very think add to is to a inside ourselves schools set about great It’s tended right. payment a can that messy like the create and ecosystems flows system. noise believe XXX both be value flows. example, of paper-based, lot having plans that the services are

clients, plans then they the that And the get perspective, we those deliver access so receiving through school money deliver scale and relationship with an expand from can the a to ultimately the aren’t money to by mechanisms and payments used are footprint plans various us our from at And to and hopefully, further. and with help technology we working us Ascensus with that that to will they work those will those the our for to work them them for opportunity as And that well. establish schools to already with a be continue already. get

Jeff Cantwell

Thank Great. Okay. you.

Operator

Blair. Our Napoli next with question will come from Bob William

You many now go ahead.

Unidentified Analyst

solutions you education education Congrats success This competition if and in might related Thank questions. on you. is as compares and replacing are particular, success the been travel how for your your that on continued I a vertical? maybe you question, to travel, taking you efforts how in the vertical. past mine Many Thank in and but team. Spencer the your And in the ramping inform Hi answered, about Bob wondering also was have Napoli. could of James the for talk results.

Mike Massaro

It’s Mike. Spencer. first, are Thanks I would spot will on. it. Sure. take I you say competition-wise,

You see industry, competitors by different by sometimes even geography.

find you have cards. they a via it they around local again, Again, again, when in will to you they sometimes wires in in, them companies will And focused these see see global typically them So, bank local travel, manual geo. acquirers. on Like of typically most accept way one are you just usually varies. a Again, destination to of a and/or will partner. are huge are a one. geography, going add bank-related acquiring But coming pain management someone lot within manual payments local And are one payments or for rail. folks had domestic

with are So, right. really sub-sector, you again, really use the what case the sub-segment travel, of a satisfy need you of capabilities competing to is a

of payments this with of then foreign of acquirer. system And coming is has deal equipped to integrate that all of with handling think isn’t messy record. their you in If overseas, That reconciliation the still and are all really have money a with into transactions. manual to bank all types They to wires. best from they local local dealing traditionally be acquirer lots

like with a travel. we And into away a invoice and that then record method so are connecting for more are of coming whole different It’s provide that ERP all of takes we and or manual work system again, story bringing platform solution really that with vehicle. coming when in, acceptance their in we and/or global payment system bookings And bank-related it around more payments generation. a a third-party card are

competition where in frankly of a that’s don’t see ton competing really, there. So, against. I we are

plus who of really does with travel As a who is that’s you client growing a of it would in that set companies, very base help. imagine, coming capabilities, rapidly

is are we methods world. That flow settlement, where again, and those operator so they are really is the entire travel for just of that doing no the around across it’s what where no getting are And travel is one we streamlining matter matter operator. payment funds, from, coming that going originated all different settlement

Second and part we of an your the everybody additional question hopefully, sub-segments, vertical, that products added from take since XX is around education with education taken what do one lessons into growing sees we have over product to Well, countries verticals. perspective. in it business had started

is scaling that so is there, – lot right. of And obviously a there lessons

We healthcare. have added

that’s BXB. sector added travel the emerging have We and

the competitors I product don’t across of experts the those assume and in in the say couple things matter, again, look industry, all industry They product as it a are problem so true sectors really at market fit, we validate is And market deep is right? that the fit in And what accepting would of best in hold the that customer, be lot how Dive the with really which industries. kind knowing we of a do, card industries, does right. at payment, a right. just again, card those accepting like that our

why as or that So, about regions sales languages, speak the that’s the first, it’s whether travel, right. servicing team, that understand that us client are side. see And passionate our those travel on people you on within the scale the finding travel, side that’s

bucket first that or I third for product the execute first market two put Nail buckets. And iterate. that the say the experts So, it. would would one then I fit to is and in a the at of hire team great industry, is

For a us, decade, have for we right. over it’s something done

is great executing. team really Our at

you go and land-and-expand feedback in right, the look mentioned, to Rob we out know other that in What then to build and know how They to education that these industries, so from those is that’s when execute, solicit driving morning. get pain do led points And they things pipelines, which results up at how customers. have, more deliver the strategy. what

So, deliver looking in over those we travel, clients about time. but a for point also use it’s solving can continue that additional software really for for pain to them, major cases getting

examples So, take. that those are few we a

Unidentified Analyst

And That’s the – one mix quarter-over-quarter. geography or that of by maybe up higher follow-up, pipeline by hear maybe? existing your call versus terms pipeline great. in you. your to base, geography Anything good see a Thank anything out is the pipeline, to in

Rob Orgel

of steadily U.S. to in But we I are the great sort numbers is very in strength great think the have right. excited overall, that strength to well every go about of make everywhere. poke seeing part in doing EMEA, also. sure and growth I Latin America very APAC,

strength some in are global other we geographies to And team. right. well, of in again, invest as excited our good these So,

potential placing at very for of markets stages us. earliest in the We sales are talent large very

to have the physical countries and presence the any on America, able And excited really have like, whole it. Europe, so adding we Northern start today ground swaths be don’t to in where feet of Europe and Latin to forward in look major to

Unidentified Analyst

the Great. Thank for you questions.

Operator

SMBC comes Our with next Securities. Nikko question from Bauch Andrew

ahead. go now may You

Andrew Bauch

understand, in it margin? that quarter mean that see I of on But throughout guys. ultimately payment been I if primary trying you it element when a down about it what and assume the gross I the I it’s particularly to not squeezing strong wanted we lines sequential second me am business, the two gross why quarter-over-quarter. upside quarter? way. should And variables, asked the sequentially in. two Hey mean vertical know in we before. I it’s mix education of the may confidence called out of particularly in drill do something ramp gives ask travel? a the outperforms, side year, guess verticals different was I the in could the that for remainder isolating I Thanks those being to margin mix variables on you mean was travel to know once And again. the hopefully, I limit talking the I

Rob Orgel

this. I is start all Rob. with can This of

margin look thus is far, call indicated where the So, in QX, extent to bank is what mix and the changes QX sort with going be But skewed very have strong we carry to have we more notably, dynamics QX And QX, education, a cross-border is transfers, seen those that, will on be to about you in of and of in very do like QX well. see sort historically clear what to most medium as education. strong just a rates. higher in likely

it margin been off So, and gross not two driven the traditionally highest our it’s I mentioned. only adjusted quarter that just dynamics biggest our is quarter,

are doing We still of around all businesses. lot a our

to we payers travel, the we kinds in in So, that. various of that continue are in But do note of adjust, them of primary that still as software of our of continue the serve, more dynamics is to we we in continue mix all new that a capabilities, as the we card version bit one today’s businesses. see sort yes, the And see as tune and right. mix will present invest we to capabilities, to we early

of the – bit the side there on doing of where around as gross and where are a margin see is be some we the well. things that But presumably business lower in all will that adjusted innovating opposite and some You direction will other mix, are continue we things. that quarters go more to corners the can card and

for below gross but we get where we expectation full near, about that have that’s will guidance the year given overall the slightly our last year, the adjusted year. margin so And

Andrew Bauch

your I WPM another could And on that a you then valuations could in market clear. similar hands and playbook? opportunities horizon, very mean – converting Thank are that verticals of go solutions. as guys there are how with That’s much particularly other follow far you. I No. mean process the into are have about the given do question volume things integrated lot where M&A, I we thinking that additional know as full and and on what you

Mike Massaro

Yes. take one. Andrew, will I that

seen additional base, to the use and have market. be not to as valuation focus continue we sitting industry? three NRR quite expand drive an we vertical? pillars M&A, the it believe How on or again, continue add we pillars. I to would that in How active. can existing customer third capability in the So, new private we potentially to a say in for can an much least across Definitely likely, we adjustment to layer probably three those an in can can on

are and you but markets see seen starting far to public on the see are domain there nothing it, in to about are articles the so I the public side. you starting think in out what talking you it, like

when again, I we M&A, it to think so And are right. picky comes

we client XX% high in done. FlyMate have have deals We percentile or retention, retention the employee high-XX

so time, going be the same all over a our going FlyMates is And is the are are I professionals. and quite wouldn’t it of group to say great a well. executing But at Integration by we It’s well. bit capacity quite limited picky. WPM.

deal find successful just that that go a another like looks Flywire. we deal think to be would we So, for got

Andrew Bauch

sense. of lot forward you looking a seeing Makes to week. next No. And guys

Mike Massaro

Thanks.

Operator

question from last with Autonomous Ken come Suchoski will Research. Our

may go ahead. now You

Ken Suchoski

deals normalize this believe of just and sales vertical travel is same-store improve? bunch travel to I to continues that to wanted And and is recovery Just going during you I Hi. Can on Good talk go that about trends are you since that much – there looking the to further as basis signed because taking to in in travel COVID room I travel just a so evening a Thanks everyone. for the how you questions. out at my you about confident there. wanted to ask understand vertical. how the recovery? called prior upside strong

Mike Massaro

that. if you Rob, ramp off pile pulled at our if start. And travel, I to even foot want. say to but in, client will I like look Sure. can the would it you comes continued adds, feel obviously, gas the pandemic when we really you don’t we during

obviously within of sector, growth would as At a fully here So, clients well comes time, of say performing hopefully I seeing opportunity the some is those there of pandemic. the world right. same the tons out you is that are

are the early We early, in stages.

highlighted. accommodations, trillion have So, nearly between a total of we companies, if that market you that depth is addressable look there destination at luxury management lot in tour $X.X sub-sectors operators, the

about as you all mentioned that quite But and think investment right. only teams, a going part we where ramp There well, have of So, within to after investment not geographies to there, really major don’t some start continue which not will good again, throughout investment big North EMEA, it early and is we make we in investments is this in but think I for at year. only yet, quite Pacific, ramp look year continue that making yet that plan. America travel, in and teams sector travel have the Asia even stages to feel performing well, Rob this

But the that like multi So, again, this it business over I really feel good obviously, quite pandemic. that I the from not see for grow and just, feel happens will comeback time. about ramping something it years, the over nicely is

Ken Suchoski

business the Great. Thanks thesis. then as follow-up, Okay. Mike. is to of the my big a And part wanted I into dig domestic because just bit it a

when just And just remind so on quickly the domestic what can but that early about company still you expect is just is – And lift then to in ARPU ramp. how very you payments? it’s domestic us I talk days, the payments? how curious penetrated could think you I adding

Mike Massaro

want Yes. Rob, do one? that you

Rob Orgel

Yes. that. take I am happy to

part the are earliest So, domestic penetrating of opportunity. is, very in first we innings that

have as mind, client the we we base. very other in your focused on will of penetrated Ken, this it small think create a the as create percentage question, we businesses I mostly side, domestic Keep was education where in So, our opportunity, well.

to it BXB. very as would or are travel early similarly in domestic relate We

And all earliest very innings us, us, are all so opportunity right. and for a opportunities the those with of for upside great in

perspective, focusing, we able to students sort answering and are larger when on have the real first at get accounts the foremost, as there we as those in this from of seen and of an we each So, revenue look we of question education multiplier right. is bring population the take of on in the products. of forward domestic suite opportunity The rest a and alongside our cross-border,

Ken Suchoski

BXB like on domestic Yes. No, the there payments absolutely. is big build out the a side travel And lift you mentioned, and to Rob?

Rob Orgel

it I say payment building that but work been have – verticals. that the we we as there no Not in global terms won’t of serve a time network we the network, long is involved, for were to built mindful are multiple capabilities.

licensing, of And and very is global network. networks across to leverageable that a The for across up out the across the the those there, very you market, is the of some that of so countries all heavy there and the appropriate verticals. leverageable the with lot be and how the serve accounts, work again, the sure. get payment But is setting lifting work partners you how figuring done

lot lot a there. we see scale So, of a of leverage,

Ken Suchoski

Thanks Alright. very much.

Mike Massaro

network investments on to would tack right. one help also is, making remember, we Ken, the those Just expansion, geographically they only with to just help payment but not that, go-to-market, say I are thing with

like So, have you multiple it. clients in country got pick verticals across a Spain,

You students over from have all it to world. the going

You over coming have right. all out students world, of it the

of the are we making being across investments, really all when those they So, are beauty the is which the model. leveraged business,

Ken Suchoski

a great Alright. Yes. next absolutely, point. it. it’s I No, Thanks I guys. will you see appreciate week.

Operator

concludes The attending presentation. This Thank concluded. you question-and-answer has our now for session. today’s conference

now may You disconnect.

Flywire (FLYW) 15 May 222022 Q1 Earnings call transcript