The following is a summary of the Flywire Corporation (FLYW) Q1 2024 Earnings Call Transcript:
Financial Performance:
Flywire Corporation reported Q1 2024 revenue less ancillary services of $110.2 million, an increase of 24% year-over-year.
Adjusted gross profit for the quarter was $71.9 million, an increase of 20% year-over-year.
Adjusted EBITDA was $13.2 million for the quarter, increasing by $6.2 million year-over-year.
Q1 performance saw a decline compared to expectations, largely due to changes in international student enrollment policy in Canada.
Business Progress:
Flywire now has over 4,000 clients located in over 50 countries, which is nearly a 2x increase since their IPO in 2021.
Flywire plans to increase investment in sales and relationship managers by more than 15% in 2024.
Expansion in the global team, known as FlyMates, for new client acquisition is ongoing.
Innovations in product and payment, like the introduction of third-party financing options in healthcare, are being pursued.
Flywire witnessed an increase of 100% YoY in their healthcare sector pipeline, attributed to changes in their go-to-market strategy and new sales leadership.
The company is experiencing robust client additions, especially in the travel sector, and continues to see growth in acquiring new clients and expanding existing ones in the education sector across multiple countries.
More details: Flywire IR
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