Flywire Corp (FLYW) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Flywire Corporation Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Akil Hollis. Please go ahead.

您好，歡迎來到 Flywire Corporation 2022 年第四季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我很高興向您介紹主持人 Akil Hollis。請繼續。

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

謝謝，下午好。與我一起參加今天電話會議的有首席執行官邁克·馬薩羅 (Mike Massaro)； Rob Orgel，總裁兼首席運營官；和首席財務官 Mike Ellis。

Our fourth quarter and fiscal year 2022 earnings press release, supplemental presentation and (inaudible) when filed associated annual report on Form 10-K can be found at ir.flywire.com.

我們的第四季度和 2022 財年收益新聞稿、補充演示文稿和（聽不清）在 10-K 表格上提交的相關年度報告可在 ir.flywire.com 上找到。

During the call, we will be discussing certain forward-looking information. Actual results could differ materially from those contemplated by these forward-looking statements. We will also be discussing certain non-GAAP financial measures. Please refer to our press release and SEC filings for more information on the risks regarding these forward-looking statements that could cause actual results to differ materially. Risk factors associated with our business and required disclosures related to non-GAAP financial measures.

在通話期間，我們將討論某些前瞻性信息。實際結果可能與這些前瞻性陳述中預期的結果存在重大差異。我們還將討論某些非 GAAP 財務措施。請參閱我們的新聞稿和 SEC 文件，了解有關這些前瞻性陳述可能導致實際結果出現重大差異的風險的更多信息。與我們的業務相關的風險因素以及與非 GAAP 財務措施相關的要求披露。

This call is being webcast live and will be available for replay on our website. I would now like to turn the call over to Mike Massaro.

此電話會議正在進行網絡直播，可在我們的網站上重播。我現在想把電話轉給 Mike Massaro。

Thank you, Akil, and thank you to everyone that is joining us today. We are pleased to share our Q4 and fiscal year 2022 results here with you all today. These results continue to show strong performance across the business. We are also eager to share our business priorities and financial outlook for 2023, as well, during this call. In a few minutes, Rob Orgel, our President and COO; as well as Mike Ellis, our CFO, will go into greater detail about our results during the quarter. But first, I will start with a few financial highlights.

謝謝 Akil，也感謝今天加入我們的每一個人。我們很高興今天在這裡與大家分享我們第四季度和 2022 財年的業績。這些結果繼續顯示出整個企業的強勁表現。我們也渴望在這次電話會議中分享我們 2023 年的業務重點和財務前景。幾分鐘後，我們的總裁兼首席運營官 Rob Orgel；以及我們的首席財務官 Mike Ellis 將更詳細地介紹本季度的業績。但首先，我將從一些財務亮點開始。

First, let's start with the fourth quarter. Revenue less ancillary services was $67.4 million, representing year-over-year growth of 47% or 57% on a constant currency basis. Adjusted gross profit for the quarter was $44.5 million, an increase of 40% year-over-year and adjusted EBITDA was $1 million for the quarter. As our Q4 results now cap off another great year for Flywire, I want to take a few moments to talk about some of the things we were able to achieve in fiscal year 2022, a truly exceptional year for Flywire.

首先，讓我們從第四季度開始。扣除輔助服務後的收入為 6740 萬美元，按固定匯率計算同比增長 47% 或 57%。本季度調整後的毛利潤為 4450 萬美元，同比增長 40%，調整後的 EBITDA 為 100 萬美元。由於我們的第四季度業績為 Flywire 又一個偉大的一年畫上了句號，我想花點時間談談我們在 2022 財年取得的一些成就，這對 Flywire 來說是真正非凡的一年。

Starting with our fiscal year 2022 financial highlights. Flywire revenue, less ancillary services, grew by 47% or 55% on a constant currency basis. Our adjusted gross profit grew 40%, and our adjusted EBITDA was $14.9 million despite our record investment year. In FY 2022, we also added more than 590 clients across all verticals and now serve more than 3,100 globally. We moved more than $18 billion around the world. We saw significant growth in our travel vertical, more than tripling the revenue of this business. And we completed the acquisition of Cohort Go and continue to successfully integrate the WPM business, finishing the year with over 40 clients for our combined solutions.

從我們的 2022 財年財務亮點開始。按固定匯率計算，Flywire 收入減去輔助服務後增長了 47% 或 55%。儘管我們創紀錄的投資年度，但我們調整後的毛利潤增長了 40%，調整後的 EBITDA 為 1490 萬美元。在 2022 財年，我們還在所有垂直領域增加了 590 多個客戶，現在為全球 3,100 多個客戶提供服務。我們在全球轉移了超過 180 億美元。我們看到了垂直旅遊的顯著增長，使該業務的收入增長了兩倍多。我們完成了對 Cohort Go 的收購，並繼續成功整合 WPM 業務，在這一年結束時，我們的組合解決方案擁有 40 多家客戶。

These great achievements are in addition to significant progress in our 3 key investment areas for 2022. First, we continue to enhance our go-to-market efforts with a key focus on sales effectiveness, client delivery capacity and efficient digital acquisition. In Q4, we saw more than 100% year-on-year increase in pipeline creation by our global sales team and continue to see strong ROI of our investment in our digital marketing efforts, with more than 65% year-over-year increase in marketing sourced deals in our travel vertical alone. Our strong track record of LTV to CAC, (inaudible) combined with our proven unit economics continue to give us confidence in our go-to-market investments.

這些偉大的成就是我們在 2022 年的 3 個關鍵投資領域取得重大進展的補充。首先，我們繼續加強我們的上市工作，重點關註銷售效率、客戶交付能力和高效的數字獲取。在第 4 季度，我們的全球銷售團隊創造的銷售渠道同比增長超過 100%，並且繼續看到我們對數字營銷工作的投資獲得了強勁的投資回報率，同比增長超過 65%僅在我們的旅遊垂直市場中進行營銷採購交易。我們在 LTV 到 CAC 方面的良好記錄（聽不清）與我們經過驗證的單位經濟學相結合，繼續讓我們對我們的上市投資充滿信心。

Second, we continue to expand our Flywire Advantage, (inaudible) part of our long-term vision to power the ecosystems in our core industries of education, health care, travel and B2B payments. As an example, following our acquisition of Cohort Go in July of last year, we have delivered new features and migrated the first wave of agent partners into the Flywire platform. We've leveraged Cohort Go's (inaudible) pay any school capability to allow Flywire agent the ability to pay a much broader set of educational institutions as they are no longer limited to sending tuition payments to only Flywire contracted schools. Educational agents, international students and client institutions all benefit from these investments, driving growth and further delivery of value to multiple stakeholders in the ecosystem.

其次，我們繼續擴大我們的 Flywire 優勢，（聽不清）這是我們為教育、醫療保健、旅遊和 B2B 支付等核心行業的生態系統提供動力的長期願景的一部分。例如，在去年 7 月收購 Cohort Go 之後，我們推出了新功能並將第一批代理合作夥伴遷移到 Flywire 平台。我們利用 Cohort Go（聽不清）向任何學校付款的功能，使 Flywire 代理能夠向更廣泛的教育機構付款，因為他們不再局限於僅向 Flywire 簽約學校發送學費。教育機構、國際學生和客戶機構都從這些投資中受益，推動增長並進一步為生態系統中的多個利益相關者提供價值。

And our third key investment area was to strengthen and grow our (inaudible) flying community. Flywire is committed to providing FlyMates a place where they can build their careers of a lifetime, and you see this reflected in the ways in which we invest in them and their career growth. We expanded and invested in our employee resource groups, which provides spaces for FlyMates to come together, connect around shared interest and foster meaningful conversations. We strengthened our internal mobility program called (inaudible) One Flywire that focuses on upskilling and providing new opportunities for growth as well as training and education for our people managers. Flymates attest that these experiences provide them with incredible growth opportunities, both personally and professionally. We are thrilled to continue to be recognized for our award-winning culture, including recently, where Flywire was named a Best Workplace in Financial Services by Fortune Magazine and a Top Place to Work by the Boston Globe. A lot of this is detailed in our inaugural Environmental, Social and Governance Report, which was released in December of 2022, whether through the work of our charitable foundation or through the community service trips our FlyMates embark on, we believe that being a force for good to be linked to generating growth and long-term value. We look forward to evolving our ESG efforts in 2023 and beyond.

我們的第三個關鍵投資領域是加強和發展我們的（聽不清）飛行社區。 Flywire 致力於為 FlyMates 提供一個可以打造終生事業的場所，您可以從我們對他們的投資方式和他們的職業發展中看到這一點。我們擴大並投資了我們的員工資源組，這為 FlyMate 提供了聚集在一起的空間，圍繞共同的興趣建立聯繫並促進有意義的對話。我們加強了名為（聽不清）One Flywire 的內部流動計劃，該計劃側重於提高技能並為我們的人事經理提供新的增長機會以及培訓和教育。 Flymates 證明，這些經歷為他們提供了令人難以置信的個人和職業發展機會。我們很高興能夠繼續因其屢獲殊榮的文化而受到認可，包括最近，Flywire 被財富雜誌評為金融服務最佳工作場所，並被波士頓環球報評為最佳工作場所。我們在 2022 年 12 月發布的首份環境、社會和治理報告中詳細介紹了其中的很多內容，無論是通過我們的慈善基金會的工作，還是通過我們的 FlyMate 開展的社區服務之旅，我們相信，作為一種力量，最好與產生增長和長期價值聯繫起來。我們期待在 2023 年及以後改進我們的 ESG 工作。

We truly had a fantastic 2022, and our team is quite proud of what we have accomplished. We've demonstrated that we can execute against our multiple growth levers to accelerate our business and have a proven track record of growing with existing clients, growing with new clients, expanding our partner ecosystem, scaling into new geographies and pursuing and integrating value-enhancing acquisitions.

我們真的度過了一個美妙的 2022 年，我們的團隊為我們所取得的成就感到非常自豪。我們已經證明，我們可以利用我們的多個增長槓桿來加速我們的業務，並且在與現有客戶一起成長、與新客戶一起成長、擴展我們的合作夥伴生態系統、擴展到新的地區以及追求和整合價值提升方面擁有良好的記錄收購。

We also demonstrated our ability to be laser-focused on efficiency, investing in high potential ROI areas like targeted sales, new software functionality and network capabilities, while controlling costs in other areas like consolidating tools and vendor management. This is an important balance we continue to aim to strike and proves that we can deliver more value to clients than payers with efficient deployment of our resources.

我們還展示了我們專注於效率的能力，投資於目標銷售、新軟件功能和網絡功能等高潛在投資回報率領域，同時控制整合工具和供應商管理等其他領域的成本。這是我們繼續致力於實現的重要平衡，並證明通過有效部署我們的資源，我們可以為客戶提供比付款人更多的價值。

We are proud of what we have accomplished, but we are also excited for what is ahead for Flywire. As we look at 2023, we remain focused on investing in go-to-market, expanding our Flywire advantage and strengthening and growing our FlyMate community.

我們為我們所取得的成就感到自豪，但我們也為 Flywire 的未來感到興奮。展望 2023 年，我們將繼續專注於投資上市、擴大我們的 Flywire 優勢以及加強和發展我們的 FlyMate 社區。

First, we are working to optimize our go-to-market motion, to improve the effectiveness of our sales and relationship management teams and accomplish more with our recent investments. To enable this, we plan to continue to enhance our capabilities of our sales, relationship management, marketing and revenue operations function. We continue to refine our delivery capacity and follow through on our digital acquisition strategy. A key part of our focused go-to-market this year will be around accelerating our channel and technology partners across all verticals. We have over 80 technology integrations across our business and our ability to integrate directly with our partners makes the onboarding process and technology implementation faster, more efficient for our clients, further enhancing our defensible moat in the industries that we serve. For example, our channel strategy in health care with (inaudible) Epic and Cerner, 2 of the largest EHRs in the industry, enables us to embed deeper into the workflows of our clients, making us stickier within our accounts while also helping us accelerate new wins. This is a winning model for us, and we expect to see similar trends play out across other verticals.

首先，我們正在努力優化我們的上市行動，提高我們的銷售和關係管理團隊的效率，並通過我們最近的投資取得更多成就。為實現這一目標，我們計劃繼續增強我們在銷售、關係管理、營銷和收入運營職能方面的能力。我們繼續完善我們的交付能力，並貫徹我們的數字收購戰略。我們今年專注於上市的一個關鍵部分將圍繞加速我們在所有垂直領域的渠道和技術合作夥伴。我們在我們的業務中有超過 80 種技術集成，我們與合作夥伴直接集成的能力使我們的客戶的入職流程和技術實施更快、更高效，進一步增強了我們在我們所服務的行業中的防禦護城河。例如，我們與（聽不清）Epic 和 Cerner 這兩家業內最大的 EHR 在醫療保健方面的渠道戰略使我們能夠更深入地融入客戶的工作流程，使我們在客戶中更具粘性，同時也幫助我們加速新的贏了。這對我們來說是一個成功的模式，我們希望看到類似的趨勢在其他垂直領域發揮作用。

As for expanding our Flywire Advantage, we remain focused on product and payment innovation to power the vertical ecosystems in the industries that we serve. We have talked already about the success in our initiatives within education agents paying non-Flywire clients. We are also excited about the progress we are making in the (inaudible) 529 savings plan market. Flywire is now able to streamline and digitize the payment process for tuition payments from (inaudible) 529 plan even if the recipient is not a Flywire client. And we are making great progress in payer services, bringing new solutions to market that provide benefit to the various stakeholders in our ecosystems. These payer services are adjacent TAM expansion opportunities, and we believe they can enhance the lifetime value of our payer and deliver value for Flywire over time.

至於擴大我們的 Flywire 優勢，我們仍然專注於產品和支付創新，以推動我們所服務行業的垂直生態系統。我們已經談到了我們在向非 Flywire 客戶付款的教育機構中的舉措取得的成功。我們也對我們在（聽不清）529 儲蓄計劃市場取得的進展感到興奮。 Flywire 現在能夠簡化和數字化來自（聽不清）529 計劃的學費支付流程，即使收款人不是 Flywire 客戶也是如此。我們在支付服務方面取得了巨大進步，將新的解決方案推向市場，為我們生態系統中的各種利益相關者帶來好處。這些付款人服務是相鄰的 TAM 擴展機會，我們相信它們可以提高付款人的生命週期價值，並隨著時間的推移為 Flywire 創造價值。

Lastly, we will continue to be focused on strengthening growing our FlyMates community. We will continue to provide our globally distributed FlyMates the resources they need to succeed. We will continue to support and develop top talent while finding opportunities to streamline internal processes, helping Flywire scale across all disciplines. Our FlyMates have always excelled in execution. It is one of our core values, and they deserve the opportunity to be freed up from unnecessary and cumbersome tasks. We are in a strong position to keep investing in our FlyMates and particularly around the areas of learning and development, well-being and diversity, equity and inclusion. I now wanted to spend a few minutes reviewing the trends we are seeing across our verticals and geographies, which is giving us even more confidence in our plan for the year and for the long term.

最後，我們將繼續專注於加強 FlyMates 社區的發展。我們將繼續為分佈在全球的 FlyMate 提供他們成功所需的資源。我們將繼續支持和培養頂尖人才，同時尋找機會簡化內部流程，幫助 Flywire 擴展到所有學科。我們的 FlyMates 在執行方面始終表現出色。這是我們的核心價值觀之一，他們應該有機會從不必要和繁瑣的任務中解放出來。我們有能力繼續投資我們的 FlyMate，尤其是在學習和發展、福祉和多樣性、公平和包容等領域。我現在想花幾分鐘回顧一下我們在垂直行業和地區看到的趨勢，這讓我們對今年和長期的計劃更有信心。

Across higher education, where we benefit from a geographically diversified business, we are continuing to see positive student mobility trends across the world. For example, according to the Australian government, Australia has issued more than 120,000 visas to international students since borders reopened. And student visa grants for January to September 2022 were the highest ever, while working holiday visas also surpassed 2019 levels. Additionally, according to the 2022 Open Doors Report on International Education Exchange, (inaudible) the United States saw an increase of 80% year-over-year in new international and student enrollment in the 2021-2022 academic year, a return to pre-pandemic levels. Overall, we remain optimistic about international education and confident in our ability to keep winning clients and delivering value to students and families around the world.

在高等教育中，我們受益於地域多元化的業務，我們繼續看到世界各地積極的學生流動趨勢。例如，據澳大利亞政府稱，自邊境重新開放以來，澳大利亞已向國際學生簽發了超過 12 萬份簽證。 2022 年 1 月至 2022 年 9 月的學生簽證發放量是有史以來最高的，而打工度假簽證也超過了 2019 年的水平。此外，根據 2022 年國際教育交流門戶開放報告，（聽不清）美國在 2021-2022 學年的國際新生和學生入學人數同比增長 80%，回歸到大流行水平。總的來說，我們對國際教育仍然持樂觀態度，並相信我們有能力繼續贏得客戶並為世界各地的學生和家庭創造價值。

In health care, we continue to see hospitals and health systems prioritizing their revenue cycle management as the patient financial crisis accelerate. And according to our recent report, 90% of health care CIOs surveyed, say patient collection is a key metric their job performance is measured against. We are continuing to expand our software capabilities to help address these market challenges and enable these hospital executives to meet their goals.

在醫療保健領域，隨著患者財務危機的加速，我們繼續看到醫院和衛生系統將其收入周期管理放在首位。根據我們最近的報告，接受調查的 90% 的醫療保健 CIO 表示，患者收集是衡量他們工作績效的關鍵指標。我們將繼續擴展我們的軟件功能，以幫助應對這些市場挑戰，並使這些醫院高管能夠實現他們的目標。

In travel, there continues to be strong momentum in the subsectors we support. Our clients consisting of travel operators, destination management companies and accommodations providers benefit from outsized demand from travelers for luxury travel experiences. According to our Annual Travel Survey, more than 80% of luxury travelers surveyed said they're spending more on travel in 2023 compared with what they spent in 2022. And 84% say their vacations this year will be longer than those they took last year. We are also very encouraged about (inaudible) (inaudible) Aegis reopening over the prior few months and expect to see strong growth from clients in Southeast Asia as well as continued growth in travelers from China and Japan.

在旅遊方面，我們支持的子行業繼續保持強勁勢頭。我們的客戶包括旅行社、目的地管理公司和住宿提供商，他們受益於旅行者對奢華旅行體驗的巨大需求。根據我們的年度旅行調查，超過 80% 的受訪豪華旅行者表示，與 2022 年相比，他們在 2023 年的旅行支出更多。84% 的人表示，他們今年的假期將比去年更長.我們也對（聽不清）（聽不清）Aegis 在前幾個月重新開放感到非常鼓舞，並預計東南亞客戶將強勁增長，中國和日本的旅客也會持續增長。

And lastly, in B2B, our largest market size opportunity, we are seeing success with our go-to-market efforts and ability to support major enterprise software systems like (inaudible) NetSuite and Salesforce. As finance professionals continue to view their ERP as their single source of truth, we believe we have a major opportunity to help them augment their ERP deployment, when it comes to receiving payments. In a recent survey we conducted of global finance professionals, we found that as companies scale, they have challenges collecting global payments within their ERP systems. These challenges include invoicing in local languages and acceptance of multiple currencies, negatively impacting their DSO. Importantly, 89% of those surveyed said they think they could save money if more of the cross-border receivables processed was integrated into their ERP system. This is exactly the use case that Flywire is able to address.

最後，在我們最大的市場規模機會 B2B 中，我們在進入市場的努力和支持主要企業軟件系統（如（聽不清）NetSuite 和 Salesforce）的能力方面取得了成功。隨著財務專業人士繼續將他們的 ERP 視為他們唯一的真實來源，我們相信我們有一個重要的機會來幫助他們在接收付款時增強他們的 ERP 部署。在我們最近對全球金融專業人士進行的一項調查中，我們發現隨著公司規模的擴大，他們在 ERP 系統中收集全球付款方面遇到了挑戰。這些挑戰包括以當地語言開具發票和接受多種貨幣，這對其 DSO 產生了負面影響。重要的是，89% 的受訪者表示，他們認為，如果將更多處理的跨境應收賬款集成到他們的 ERP 系統中，他們可以節省資金。這正是 Flywire 能夠解決的用例。

In closing, I cannot be more proud of the progress we made in all areas in 2022 and more excited for the year ahead. I would now like to turn the call over to Rob Orgel, our President and COO, to review some operational highlights from the quarter. Rob?

最後，我對我們在 2022 年在所有領域取得的進展感到無比自豪，並對來年更加興奮。我現在想把電話轉給我們的總裁兼首席運營官 Rob Orgel，回顧本季度的一些運營亮點。搶？

(inaudible) Thanks, Mike. Good afternoon, everyone. Our strong results this year reflect continued execution of our growth strategies, carrying forward what was an excellent 2022 of execution and delivering results. After a significant investment year in 2022, we are working to scale our business efficiently as we move through 2023. We will focus on leveraging the incredible talent added to the company last year (inaudible) and this year's efforts.

（聽不清）謝謝，邁克。大家下午好。我們今年的強勁業績反映了我們對增長戰略的持續執行，延續了 2022 年出色的執行和成果。在 2022 年進行了重大投資之後，我們正在努力在 2023 年之前有效地擴展我們的業務。我們將專注於利用去年（聽不清）和今年的努力為公司增加的令人難以置信的人才。

In terms of the core business, we will focus our teams on revenue growth and efficiency initiatives across our business. In terms of our innovation areas, such as strategic payables and payer services we are focusing on advancing revenue generation from these areas. There will be some hiring in 2023, but it is expected to be narrowly focused on areas of greatest need and highest return on spend. All in, the run rate spend added in 2023 is expected to be at least 60% less than last year's expansion, and that is into a much larger underlying business given the over 55% currency-neutral growth in 2022 that Mike referenced in his opening comments.

在核心業務方面，我們將把團隊重點放在整個業務的收入增長和效率計劃上。就我們的創新領域而言，例如戰略應付款和付款人服務，我們正專注於促進這些領域的創收。 2023 年將進行一些招聘，但預計將集中在最需要和支出回報最高的領域。總而言之，預計 2023 年增加的運行率支出將比去年的擴張至少減少 60%，考慮到邁克在開場白中提到的 2022 年超過 55% 的貨幣中性增長，這是一個更大的基礎業務評論。

As you will see further when we get to the guidance discussion, our strong underlying business and a focused and disciplined plan for 2023 position us for our forecasted adjusted EBITDA improvement in 2023 and also for continued growth and improved efficiency in 2024.

正如您將在我們進行指導討論時進一步看到的那樣，我們強大的基礎業務和 2023 年的重點和紀律計劃使我們能夠在 2023 年實現我們預測的調整後 EBITDA 改善，並在 2024 年實現持續增長和提高效率。

Turning to the business performance in Q4 and 2022, we continue to see good results in 2 important metrics of our go-to-market performance. First, we grew existing clients with our (inaudible) NRR continuing for full year 2022 at 124%, supported by client volume growth and expansions and despite the offsetting impact from the FX headwinds we faced in 2022. In terms of new clients, we added over 145 new clients in the quarter, continuing our strong quarter-by-quarter performance through 2022.

談到第四季度和 2022 年的業務表現，我們繼續在我們的上市表現的兩個重要指標中看到良好的結果。首先，我們增加了現有客戶，我們的（聽不清）NRR 在 2022 年全年保持 124%，這得益於客戶數量的增長和擴張，儘管我們在 2022 年面臨的外匯逆風帶來了抵消影響。在新客戶方面，我們補充說本季度有超過 145 個新客戶，在 2022 年之前繼續保持強勁的季度業績。

To highlight how we plan to continue this success, I'd like to highlight our 2023 strategic direction for our 4 verticals, share some of the exemplary 2022 successes, and then in a few minutes, mention other operational achievements that are important to our overall efficiency and scalability.

為了強調我們計劃如何繼續取得成功，我想強調我們 4 個垂直領域的 2023 年戰略方向，分享一些 2022 年成功的典範，然後在幾分鐘內提及對我們整體而言重要的其他運營成就效率和可擴展性。

Starting today with education. In 2023, we will continue to drive growth in our core markets as well as targeted newer markets. We plan to continue to focus on moving as much of our clients' total payment flows as possible, both international and domestic. That strategy, including continued success with our full suite solution (inaudible) is core to our strong NRR and simultaneously drives client loyalty and satisfaction. We will invest to improve our global payment network with carefully selected international and domestic payment capability improvements. This strategy around managing domestic and international flows has worked for us in many of our most important global markets, and our teams are focused on its continued success.

從今天開始教育。 2023 年，我們將繼續推動核心市場和目標新興市場的增長。我們計劃繼續專注於盡可能多地轉移客戶的國際和國內總支付流量。該戰略，包括我們的全套解決方案（聽不清）的持續成功是我們強大的 NRR 的核心，同時提高了客戶忠誠度和滿意度。我們將通過精心選擇的國際和國內支付能力改進來投資改善我們的全球支付網絡。這種圍繞管理國內和國際流動的戰略在我們許多最重要的全球市場中為我們奏效，我們的團隊專注於它的持續成功。

Second, we are focusing on effective collaboration and great integrations with partners like (inaudible) Ellucian and Tribal as well as many others. Finally, we are continuing to focus on excellence in execution in key payer markets like India and China, where our work with agents and pay any school (inaudible) capabilities are proving very effective.

其次，我們專注於與（聽不清）Ellucian 和 Tribal 以及許多其他合作夥伴的有效協作和良好整合。最後，我們將繼續專注於印度和中國等主要支付市場的卓越執行，我們與代理商的合作以及支付任何學校（聽不清）的能力被證明非常有效。

Finally, we will continue our efforts to drive commercialization of our strategic payables as described back on our spring Analyst Day.

最後，我們將繼續努力推動戰略應付款的商業化，正如我們在春季分析師日所描述的那樣。

(inaudible) St. Louis University exemplifies our continued growth with existing U.S. clients. SLU, founded over 200 years ago, is one of the nation's oldest Catholic universities and home to over 13,000 students. Flywire originally signed SLU in 2015 to support their cross-border students. However, after years of growing with them as a client, we have recently expanded our product offerings by launching our full-suite comprehensive receivable (inaudible) solution. This will help provide flexible extended payment options to families as well as help facilitate repayment options for students who have fallen behind.

（聽不清）聖路易斯大學證明了我們與現有美國客戶的持續增長。 SLU 成立於 200 多年前，是美國最古老的天主教大學之一，擁有 13,000 多名學生。 Flywire 最初於 2015 年簽署了 SLU，以支持其跨境學生。然而，在作為客戶與他們一起成長多年之後，我們最近通過推出全套綜合應收賬款（聽不清）解決方案擴展了我們的產品範圍。這將有助於為家庭提供靈活的延期付款選擇，並有助於為落後的學生提供還款選擇。

We are also building our client base in newer markets. For example, we recently leveraged our integration with (inaudible) Adapt IP a leading South Africa-based software provider for the higher education sector to sign the University of Johannesburg. This is a public university in South Africa with a student population of greater than 50,000, of which over 3,000 are international students from 80-plus countries. Flywire is supporting the University of Johannesburg with our cross-border payment solution. Overall, we remain excited about the opportunities to expand in South Africa, which has over 25 public universities and over 40 private universities hosting over 45,000 international students per year.

我們還在新興市場建立客戶群。例如，我們最近利用我們與（聽不清）Adapt IP 的整合，Adapt IP 是南非領先的高等教育軟件提供商，與約翰內斯堡大學簽約。這是南非的一所公立大學，學生人數超過50,000，其中3,000多名是來自80多個國家的國際學生。 Flywire 通過我們的跨境支付解決方案為約翰內斯堡大學提供支持。總體而言，我們仍然對在南非擴張的機會感到興奮，南非擁有超過 25 所公立大學和 40 多所私立大學，每年接待超過 45,000 名國際學生。

In terms of our most recent acquisition, we have efficiently integrated Cohort Go (inaudible) into our education vertical. Cohort Go brought us the ability to pay over 2,400 incremental schools globally. And since the acquisition, education agents at Flywire's existing network have paid over 450 non-Flywire schools. We are working to grow our pay any school (inaudible) capabilities and look forward to welcoming an expanded set of institutions into our ecosystem in 2023. This, in turn, aids our education sales team in building a strong pipeline of new potential clients for our international cross-border and domestic education solutions. Our (inaudible) agent solutions platform enables agents to have a single place to track all of their students' tuition payments regardless of the school being a current Flywire client or not. Additionally, we are on track with integrating Cohort Go's insurance cross-sell platform into Flywire's agent platform for the beginning of the second quarter of 2023, adding another cross-sell dimension to the acquisition, all in line with our original integration plan.

就我們最近的收購而言，我們已經有效地將 Cohort Go（聽不清）整合到我們的教育垂直領域中。 Cohort Go 使我們能夠支付全球 2,400 多所增量學校的費用。自收購以來，Flywire 現有網絡的教育代理已向 450 多所非 Flywire 學校支付了費用。我們正在努力提高支付任何學校（聽不清）的能力，並期待在 2023 年歡迎更多機構加入我們的生態系統。這反過來又有助於我們的教育銷售團隊為我們的新潛在客戶建立強大的渠道國際跨境及國內教育解決方案。我們的（聽不清）代理解決方案平台使代理能夠在一個地方跟踪所有學生的學費支付，無論學校當前是否是 Flywire 客戶。此外，我們有望在 2023 年第二季度初將 Cohort Go 的保險交叉銷售平台整合到 Flywire 的代理平台中，為收購增加另一個交叉銷售維度，這一切都符合我們最初的整合計劃。

With regard to (inaudible) WPM, we have passed the 12-month mark since the acquisition. We signed 8 new schools during the fourth quarter for a total of 41 at the end of the year and 8 schools went live on the integrated WPM and Flywire solution during the fourth quarter. This includes Sheffield University, which has over 11,000 international students and went live with Flywire's international and domestic card solution within the WPM integrated payment platform.

關於（聽不清）WPM，自收購以來我們已經過了 12 個月大關。我們在第四季度簽約了 8 所新學校，到年底總數達到 41 所，並且有 8 所學校在第四季度啟用了集成的 WPM 和 Flywire 解決方案。其中包括謝菲爾德大學，該大學擁有超過 11,000 名國際學生，並在 WPM 集成支付平台中啟用了 Flywire 的國際和國內卡解決方案。

Moving on to health care. Our health care vertical enjoyed many successes in 2022, including delivering incredible results for our clients and also used 2022 to position itself for, what should be, an even better 2023. We signed over 15 new clients and expanded services with 22 existing clients during the year. We expanded in a variety of ways, which include bringing on new hospital facilities and cross-selling additional products. We are seeing momentum in our pipeline, driven by implementing our go-to-market approach and creating dedicated teams to sell into Cerner and Epic ecosystems. Our partnership with Cerner supports our ongoing expansion with (inaudible) Munson Health care. Munson is Northern Michigan's largest and leading health care system serving the region's 540,000 residents. Due to our track record of facilitating increased collections through our digital self-service strategy across 30-plus Munson practices, we are now slated to integrate 44 incremental practices at Munson's central business offerings.

繼續醫療保健。我們的醫療保健垂直領域在 2022 年取得了許多成功，包括為我們的客戶帶來了令人難以置信的成果，還利用 2022 年為自己定位，應該是，更好的 2023 年。我們在 2022 年簽署了超過 15 個新客戶並擴展了與 22 個現有客戶的服務年。我們以多種方式進行擴張，包括引入新的醫院設施和交叉銷售其他產品。在實施我們的上市方法和創建專門的團隊以銷售到 Cerner 和 Epic 生態系統的推動下，我們看到了我們的管道中的勢頭。我們與 Cerner 的合作夥伴關係支持我們與（聽不清）Munson Health care 的持續擴張。 Munson 是北密歇根州最大且領先的醫療保健系統，為該地區的 540,000 名居民提供服務。由於我們在 30 多個 Munson 實踐中通過我們的數字自助服務策略促進增加收款的記錄，我們現在計劃在 Munson 的中央業務產品中集成 44 個增量實踐。

To give another example, Advent Health, a faith-based nonprofit health care system headquartered in Florida, with an integrated network spanning 46 hospital campuses across 9 states, leveraged our expanded integration into Epic EHR system as they went through a system consolidation process going from multiple EHRs to consolidating (inaudible) one. Flywire's ability to integrate with multiple EHR systems helped Advent operate in a hybrid environment during the transition process. We look forward to continuing our work with Advent.

再舉一個例子，Advent Health，一家總部位於佛羅里達州的基於信仰的非營利性醫療保健系統，其綜合網絡跨越 9 個州的 46 個醫院校園，在他們經歷了系統整合過程時，利用了我們與 Epic EHR 系統的擴展集成多個 EHR 合併（聽不清）一個。 Flywire 與多個 EHR 系統集成的能力幫助 Advent 在過渡過程中在混合環境中運營。我們期待與 Advent 繼續合作。

In our travel vertical, we are going from strength to strength. Following seasonally high volume from European destination management companies over the summer, we enjoyed record setting revenue in the Asia Pacific region in Q4 as the region reopened post pandemic. Our travel revenue in the Asia Pacific region in Q4 2022 alone exceeded 80% of our revenue for Q4 2021 for all of our travel verticals combined. This was driven by our strong client acquisitions in Asia, some of which we highlighted on our prior call.

在我們的垂直旅行中，我們正在不斷壯大。繼夏季歐洲目的地管理公司的季節性高流量之後，隨著該地區在大流行後重新開放，我們在第四季度享受了創紀錄的亞太地區收入。僅 2022 年第四季度，我們在亞太地區的旅遊收入就超過了 2021 年第四季度所有旅遊垂直領域總收入的 80%。這是由我們在亞洲的強大客戶收購推動的，其中一些我們在之前的電話會議上強調了。

Our software integrations with leading online travel booking and reservation systems such as (inaudible) Roomba, (inaudible) Desk 24 and RuCommerce, enabled many of our APAC customers to onboard in a self-service manner with minimal consultation required. Our past investments in building out software integrations with leading regional systems of record and travel vertical help us efficiently acquire new clients across geographies.

我們的軟件與領先的在線旅遊預訂和預訂系統集成，例如（聽不清）Roomba、（聽不清）Desk 24 和 RuCommerce，使我們的許多亞太地區客戶能夠以自助服務方式加入，而無需諮詢。我們過去在構建與領先的區域記錄和旅行垂直系統的軟件集成方面的投資幫助我們有效地獲得跨地區的新客戶。

Highlighting our success with enterprise clients, we were able to leverage our partnership with the American Resort Development Association as well as our partnership with (inaudible) SPI Software to sign Xevo Wyndham. (inaudible) Veeva Wyndham has been developing and managing 8 resorts in the Dominican Republic, Mexico and the Bahamas for over 35 years.

為了突出我們與企業客戶的成功，我們能夠利用我們與美國度假村開發協會的合作夥伴關係以及我們與（聽不清）SPI Software 的合作夥伴關係來簽署 Xevo Wyndham。 （聽不清）35 年來，Veeva Wyndham 一直在多米尼加共和國、墨西哥和巴哈馬群島開發和管理 8 個度假村。

We are also pleased with the growth of our B2B vertical. We are expanding our integrations with leading ERP systems of record to drive higher adoption of our invoicing and AR collection solutions. For example, last week, we announced our recently completed integration with (inaudible) Brand Connect, a market-leading franchise management software provider for over 1,500 brands looking to grow their business, both domestically and internationally. Flywire is the preferred payments provider on the Brand Connect platform. Brand Connect is expected to expand Flywire's B2B payments platform through its marketplace to enable franchisers to easily collect royalties and fees from franchisees in different currencies around the world.

我們也對 B2B 垂直領域的發展感到滿意。我們正在擴大與領先的 ERP 記錄系統的集成，以推動我們的發票和 AR 收集解決方案的更高采用率。例如，上週，我們宣布我們最近完成了與（聽不清）Brand Connect 的整合，Brand Connect 是市場領先的特許經營管理軟件提供商，為 1,500 多個希望在國內和國際上發展業務的品牌提供服務。 Flywire 是 Brand Connect 平台上的首選支付服務提供商。 Brand Connect 有望通過其市場擴展 Flywire 的 B2B 支付平台，使特許經營商能夠輕鬆地以全球不同貨幣向特許經營商收取特許權使用費和費用。

An example of a restaurant franchise client we are working with is (inaudible) Dickie's Barbecue Pit, the world's largest barbecue concept. Dickie's was founded in 1941, and is headquartered in Dallas, Texas, with over 550 locations across the United States and 8 other countries, including Brazil, Japan and Singapore. Dickie's continues its international push, having announced plans to develop 65 new locations in Canada and 40 new locations in the Philippines. (inaudible) Jim Perkins, Executive Vice President of International Development supported Dickie's had just to say about the relationship with Flywire," My experience with global remittances (inaudible) before Flywire was characterized by payments being a number of days late, being hit with hidden fees and managing a difficult reconciliation process. Working with and incorporating Flywire as the payment option has been a productivity improvement for my partners, as well as a clear path to timely and financial clarity for all involved." We look forward to supporting Dickie's on their global expansion efforts.

與我們合作的餐廳特許經營客戶的一個例子是（聽不清）Dickie's Barbecue Pit，這是世界上最大的燒烤概念店。 Dickie's 成立於 1941 年，總部位於得克薩斯州達拉斯，在美國和其他 8 個國家（包括巴西、日本和新加坡）設有 550 多個分店。 Dickie's 繼續其國際化進程，宣布計劃在加拿大開設 65 家新店，在菲律賓開設 40 家新店。 （聽不清）國際發展執行副總裁 Jim Perkins 支持 Dickie's 剛剛談到與 Flywire 的關係，“我在 Flywire 之前進行全球匯款（聽不清）的經歷的特點是付款延遲數天，受到隱藏的打擊費用和管理困難的對賬流程。使用 Flywire 並將其作為支付選項，提高了我的合作夥伴的工作效率，並為所有相關人員提供了及時和財務清晰的明確途徑。”我們期待著支持 Dickie's 的全球擴張努力。

We also continue to strengthen our channel partnership strategy in our B2B vertical. We announced a partnership with (inaudible) Huntington Bank last quarter, the 15th largest bank in the U.S. with $178 billion in assets and nearly $6 billion in annual revenue. Based in Columbus, Ohio, Huntington has thousands of clients throughout the Midwest, Southeast and we will work with Huntington to find ways for Flywire to serve them.

我們還繼續加強我們在 B2B 垂直領域的渠道合作戰略。上個季度，我們宣布與（聽不清）亨廷頓銀行建立合作夥伴關係，亨廷頓銀行是美國第 15 大銀行，擁有 1780 億美元的資產和近 60 億美元的年收入。 Huntington 總部位於俄亥俄州哥倫布市，在中西部和東南部擁有數以千計的客戶，我們將與 Huntington 合作尋找 Flywire 為他們提供服務的方式。

Stepping out of our verticals and moving to highlight our efforts towards efficiency and scale. One example of our recent progress is that we launched the first instance of our AI chatbot for our customer support function at the end of the fourth quarter. Our overarching goal with the launch is to significantly reduce the assisted payer interaction volume of our high-quality payer support. We'll be adding more API enabled support for the chatbot as this automation enables our customer support team to achieve faster inquiry resolution, scale efficiently and focus their time and attention on more complex client needs. This is just one of many areas where we are aiming to use automation and analytics to drive more efficiency in the business.

走出我們的垂直領域，轉而強調我們為提高效率和規模所做的努力。我們最近取得進展的一個例子是，我們在第四季度末為客戶支持功能推出了第一個人工智能聊天機器人實例。我們此次發布的總體目標是顯著減少我們高質量付款人支持的輔助付款人交互量。我們將為聊天機器人添加更多啟用 API 的支持，因為這種自動化使我們的客戶支持團隊能夠更快地解決查詢問題、有效地擴展並將他們的時間和注意力集中在更複雜的客戶需求上。這只是我們旨在使用自動化和分析來提高業務效率的眾多領域之一。

Overall, you can see we had a strong year and another very active quarter with Flywire's global team of FlyMates doing great work across our verticals and across the company to end the year.

總體而言，您可以看到我們度過了一個強勁的一年和另一個非常活躍的季度，Flywire 的全球 FlyMates 團隊在我們的垂直領域和整個公司做了出色的工作，以結束今年。

I would now like to turn the call over to Mike Ellis, our CFO, to review our results for the fourth quarter and full year as well as our guidance for Q1 and 2020 period. Mike?

我現在想把電話轉給我們的首席財務官 Mike Ellis，以審查我們第四季度和全年的業績以及我們對第一季度和 2020 年期間的指導。麥克風？

(inaudible) Thank you, Rob. Good afternoon, everyone. Today, I'll provide a quick recap of a great 2022 and an overview of our excellent results for the fourth quarter. I will then discuss our outlook for full year (inaudible) 2023 and Q1 2023. As a reminder, today's discussion includes non-GAAP financial measures. Please refer to the tables in our earnings press release for a reconciliation from non-GAAP to the most directly comparable GAAP financial measure. For full year 2022, we reported revenue less ancillary services of $267.1 million, representing an increase of $86.0 million in absolute terms and a 47% growth rate. Foreign exchange headwinds meaningfully reduced our revenue and revenue growth rate during 2022. Specifically, on a constant dollar basis, our growth rate would have been 55%, representing a full year 2022 FX headwinds of approximately $14.2 million.

（聽不清）謝謝你，羅伯。大家下午好。今天，我將簡要回顧 2022 年的精彩表現，並概述我們第四季度的出色業績。然後我將討論我們對 2023 年全年（聽不清）和 2023 年第一季度的展望。提醒一下，今天的討論包括非 GAAP 財務措施。請參閱我們的收益新聞稿中的表格，了解從非 GAAP 到最直接可比的 GAAP 財務指標的調節。對於 2022 年全年，我們報告扣除輔助服務的收入為 2.671 億美元，絕對值增加 8600 萬美元，增長率為 47%。外匯逆風顯著降低了我們在 2022 年的收入和收入增長率。具體而言，按不變美元計算，我們的增長率為 55%，這意味著 2022 年全年的外匯逆風約為 1420 萬美元。

In addition, despite our record investment year, we generated adjusted EBITDA of $14.9 million, essentially right at the midpoint of our revised full-year guidance but well above the full-year guidance we provided at the start of 2022.

此外，儘管我們的投資年度創紀錄，但我們的調整後 EBITDA 為 1,490 萬美元，基本上正好處於我們修訂後的全年指導的中點，但遠高於我們在 2022 年初提供的全年指導。

Moving on to our Q4 2022 results. Revenue less ancillary services was $67.4 million, representing a 47% growth rate compared to Q4 2021. The FX headwinds also meaningfully reduced our revenue and revenue growth rate during Q4 2022. Specifically, on a constant currency basis, our revenue growth rate for Q4 2022 would have been 57%, representing an FX headwind of approximately $4.6 million during the quarter. However, compared to our guidance provided in November 2022 for Q4 2022, FX changes resulted in a tailwind of over $1.0 million.

繼續我們 2022 年第四季度的結果。減去輔助服務後的收入為 6740 萬美元，與 2021 年第四季度相比增長率為 47%。外匯逆風也顯著降低了我們 2022 年第四季度的收入和收入增長率。具體而言，按固定匯率計算，我們 2022 年第四季度的收入增長率本應為 57%，代表本季度約 460 萬美元的外匯逆風。然而，與我們在 2022 年 11 月為 2022 年第四季度提供的指導相比，外匯變化帶來了超過 100 萬美元的順風。

Our revenue growth rate was driven predominantly by an increase in total payment volume, particularly due to strong growth from our international cross-border payment volumes in our education and travel verticals. We processed $4.1 billion in total payment volume during Q4 2022, which was an increase of 29% from the $3.1 billion we processed during Q4 2021.

我們的收入增長率主要是由總支付量的增加推動的，特別是由於我們在教育和旅遊垂直領域的國際跨境支付量的強勁增長。我們在 2022 年第四季度處理了 41 億美元的總支付量，比 2021 年第四季度處理的 31 億美元增長了 29%。

Specifically, transaction revenue less ancillary services increased 49% compared to Q4 2021 driven by a 34% increase in transaction payment volumes. Platform and usage (inaudible) based fee revenue increased 35% compared to Q4 2021 driven by a 10% increase in platform and usage-based payment volume as well as nonpayment volume-related increases in SaaS-based and other platform and usage-based fees.

具體而言，在交易支付量增長 34% 的推動下，與 2021 年第四季度相比，扣除輔助服務的交易收入增長了 49%。與 2021 年第四季度相比，基於平台和使用（聽不清）的費用收入增長了 35%，這是由於平台和基於使用的支付量增加了 10%，以及基於 SaaS 和其他平台和基於使用的費用的非支付量相關增長.

Moving on to adjusted gross profit. I'd like to start by outlining the change in our methodology for reporting on adjusted gross profit and adjusted gross margin. And note 2 onetime items that impacted Q4 and the full year 2022. We have revised our methodology for calculating adjusted gross profit and the result of adjusted gross margin to add back depreciation and amortization costs included in cost of revenue. We believe adding back these noncash items enhances the understanding of the company's operating performance and enables more meaningful period-to-period comparisons.

繼續調整後的毛利。我想首先概述我們報告調整後毛利和調整後毛利率的方法的變化。並註意影響第四季度和 2022 年全年的 2 個一次性項目。我們修改了計算調整後毛利和調整後毛利率結果的方法，以加回包含在收入成本中的折舊和攤銷成本。我們認為，加回這些非現金項目可以增強對公司經營業績的了解，並可以進行更有意義的期間比較。

The 2 onetime items reported during Q4 are: first, accelerated amortization of a specific health care technology asset as we consolidate platforms; and second, a onetime charge in Q4 that related to a delayed and distributed invoice from payment partner. During Q4 2022, based on the revised methodology, we generated $44.5 million in adjusted gross profit, representing a 40% increase compared to the $31.8 million reported for Q4 2021. Adjusted gross margin was 66.0% for Q4 2022 compared to 69.3% for Q4 2021, representing a decline of approximately 325 basis points. Under the previous methodology, adjusted gross profit was $41.5 million for Q4 2022, representing an increase of $10.8 million or 35% from $30.7 million reported for Q4 2021. Adjusted gross margins were 61.6% and 56.9% for Q4 2022 and 2021, respectively, representing a decrease of approximately 530 basis points year-over-year.

第四季度報告的 2 個一次性項目是：第一，隨著我們整合平台，加速特定醫療保健技術資產的攤銷；其次，第四季度的一次性收費與付款合作夥伴的延遲和分發發票有關。在 2022 年第四季度，根據修訂後的方法，我們產生了 4450 萬美元的調整後毛利潤，與 2021 年第四季度報告的 3180 萬美元相比增長了 40%。2022 年第四季度的調整後毛利率為 66.0%，而 2021 年第四季度為 69.3% ，下降了約 325 個基點。根據之前的方法，2022 年第四季度調整後的毛利潤為 4150 萬美元，比 2021 年第四季度報告的 3070 萬美元增加 1080 萬美元或 35%。2022 年第四季度和 2021 年調整後的毛利率分別為 61.6% 和 56.9%，分別代表同比減少約530個基點。

As we have stated during previous quarter earnings calls, the decrease in adjusted gross margin during Q4 2022 was primarily due to the growth of our travel and B2B verticals. Credit cards are especially popular in the travel and B2B verticals, and these verticals strong growth in the quarter led to higher overall credit card mix. These transactions have good unit economics, but lower adjusted gross margin that reflects their higher monetization offset by higher processing costs. The impact of the onetime items under the previous methodology was a reduction of approximately 220 basis points related to accelerated amortization and a reduction of approximately 45 basis points from the delayed disputed invoice from the payment partner. The accelerated amortization gets excluded in the revised methodology.

正如我們在上一季度財報電話會議上所說，2022 年第四季度調整後毛利率的下降主要是由於我們的旅遊和 B2B 垂直行業的增長。信用卡在旅遊和 B2B 垂直領域尤其受歡迎，這些垂直領域在本季度的強勁增長導致整體信用卡組合更高。這些交易具有良好的單位經濟效益，但調整後的毛利率較低，反映出較高的貨幣化被較高的加工成本所抵消。根據以前的方法，一次性項目的影響是與加速攤銷相關的減少約 220 個基點，以及來自付款合作夥伴的延遲爭議發票減少約 45 個基點。加速攤銷被排除在修訂後的方法中。

Two things I would reiterate, #1, we prioritize adjusted gross profit generation growth over resulting adjusted gross margin; and #2, our spreads have remained relatively consistent and stable over the last (inaudible) 7 reported quarters. Finally, under either metric, we delivered an adjusted gross margin for the year within the adjusted gross margin range we provided during our Analyst Day during May of 2022.

我要重申兩件事，#1，我們優先考慮調整後的毛利潤增長而不是調整後的毛利率；和#2，我們的利差在過去（聽不清）7 個報告季度中保持相對一致和穩定。最後，根據任一指標，我們在 2022 年 5 月分析師日期間提供的調整後毛利率範圍內交付了當年調整後的毛利率。

Moving on to operating expenses. Technology and development expenses were $12.7 million for Q4 2022, an increase of 40% over the $9.1 million incurred during Q4 2021. The increase was primarily the result of adding FlyMates to our engineering and technology team since Q4 2021, which drove increases in employee-related costs, including stock-based compensation, consistent with our plans going into the year that we would be investing in this area.

繼續經營費用。 2022 年第四季度的技術和開發費用為 1270 萬美元，比 2021 年第四季度的 910 萬美元增加了 40%。增加的主要原因是自 2021 年第四季度以來我們的工程和技術團隊增加了 FlyMate，這推動了員工數量的增加-相關成本，包括基於股票的薪酬，這與我們進入這一領域的投資年度的計劃一致。

Selling and marketing expenses were $20.3 million for Q4 2022, an increase of 28% over the $15.9 million incurred during Q4 of 2021. This increase was driven by adding FlyMates via direct hiring and our 2 acquisitions since Q4 2021 into our sales and marketing teams, which drove increases in employee-related costs, including stock-based compensation. In addition, we incurred more costs associated with third-party commissions as a result of our revenue growth during Q4 2022 compared to Q4 2021.

2022 年第四季度的銷售和營銷費用為 2030 萬美元，比 2021 年第四季度的 1590 萬美元增長了 28%。這一增長是由於通過直接招聘增加 FlyMate 以及我們自 2021 年第四季度以來的 2 次收購進入我們的銷售和營銷團隊，這推動了員工相關成本的增加，包括基於股票的薪酬。此外，與 2021 年第四季度相比，由於 2022 年第四季度的收入增長，我們產生了更多與第三方佣金相關的成本。

General and administrative expenses were $19.9 million during Q4 2022, an increase of 14% over the $17.5 million incurred during Q4 2021. This increase was driven by adding FlyMates across these functions, which include costs associated with our client and payer service teams, resulting in an increase in employee-related costs, including stock-based compensation. In addition, we incurred more costs associated with soft compliance as well as other costs associated with operating as a public company.

2022 年第四季度的一般和行政費用為 1990 萬美元，比 2021 年第四季度的 1750 萬美元增長了 14%。這一增長是由於在這些職能部門增加了 FlyMate，其中包括與我們的客戶和付款人服務團隊相關的成本，導致與員工相關的成本增加，包括基於股票的薪酬。此外，我們還承擔了更多與軟合規相關的成本以及與作為上市公司運營相關的其他成本。

Adjusted EBITDA for the quarter was $1.0 million, an increase of $2.7 million over the negative $1.7 million reported for Q4 2021. Our adjusted EBITDA margin increased over 500 basis points in Q4 2022 compared to Q4 2021 due to strong adjusted gross profit growth, offset by increased operating expenses as discussed previously.

本季度調整後的 EBITDA 為 100 萬美元，比 2021 年第四季度報告的負 170 萬美元增加了 270 萬美元。與 2021 年第四季度相比，我們調整後的 EBITDA 利潤率在 2022 年第四季度增加了 500 多個基點，這是由於調整後的毛利增長強勁，抵消了如前所述，增加了運營費用。

Moving on to the balance sheet. With respect to capitalization as of December 31, 2022, we had $349 million in cash and cash equivalents and no long-term debt. As of December 31, 2022, we had 109.3 million shares of common stock outstanding, which is slightly different from the weighted average shares outstanding used to calculate net loss per share due to the timing of shares issued during the quarter.

轉到資產負債表。關於截至 2022 年 12 月 31 日的資本化，我們擁有 3.49 億美元的現金和現金等價物，沒有長期債務。截至 2022 年 12 月 31 日，我們有 1.093 億股已發行普通股，由於本季度發行股票的時間，這與用於計算每股淨虧損的加權平均已發行股票略有不同。

One last item on 2022. While we plan to get our 10-K filing out tomorrow, it turns out a little more time is needed to complete the required (inaudible) SOX 404 documentation process for our first year as a large accelerated filer. If we were not subject to (inaudible) SOX 404, we would have filed on time. Therefore, we will be filing for the standard 15-day extension and expect to file our Form 10-K within the 15-day extension period.

關於 2022 年的最後一項。雖然我們計劃明天提交 10-K 文件，但事實證明，我們作為大型加速文件管理器的第一年需要更多時間來完成所需的（聽不清）SOX 404 文件流程。如果我們不受（聽不清）SOX 404 的約束，我們就會按時提交。因此，我們將申請標準的 15 天延期，並期望在 15 天的延期期內提交我們的 10-K 表格。

Moving on to guidance, 2023. We expect revenue less ancillary services to be in the range of $353 million to $354 million for full year 2023, representing a 34% revenue growth rate at the midpoint. Our full year 2023 expectations reflect an organic revenue growth rate of 31% with the annualization of Cohort Go representing the remainder. This guidance is based on foreign exchange rates as of 12/31/2022.

繼續指導，2023 年。我們預計 2023 年全年收入減去輔助服務將在 3.53 億美元至 3.54 億美元之間，中點收入增長率為 34%。我們對 2023 年全年的預期反映了 31% 的有機收入增長率，其餘部分為 Cohort Go 的年化率。本指南基於截至 2022 年 12 月 31 日的外匯匯率。

With respect to adjusted EBITDA margin, we expect to deliver a 300 basis point increase during full year 2023 compared to the reported adjusted EBITDA margin for 2022 in spite of expected continued FX headwinds. Adjusted EBITDA is expected to be in the range of $28 million to $34 million.

關於調整後的 EBITDA 利潤率，我們預計 2023 年全年將比報告的 2022 年調整後 EBITDA 利潤率增加 300 個基點，儘管預計外匯逆風將持續存在。調整後的 EBITDA 預計在 2800 萬至 3400 萬美元之間。

We expect 2023 to be a year in which we show scale, while at the same time investing in sales and marketing and other key roles as we continue to deliver strong revenue growth across the verticals in which we operate.

我們預計 2023 年將是我們展示規模的一年，同時投資於銷售和營銷以及其他關鍵角色，因為我們將繼續在我們經營的垂直領域實現強勁的收入增長。

For Q1 2023, revenue less ancillary services is expected to be in the range of $81 million to $85 million, which represents a year-over-year revenue growth rate of 40% at the midpoint. This guidance is based on foreign exchange rates as of 12/31/2022.

對於 2023 年第一季度，扣除輔助服務的收入預計在 8100 萬美元至 8500 萬美元之間，這意味著中點的收入同比增長率為 40%。本指南基於截至 2022 年 12 月 31 日的外匯匯率。

With respect to adjusted EBITDA, we expect Q1 adjusted EBITDA to be in the range of $3 million to $5 million, which at the midpoint represents a $2.1 million year-over-year increase compared to our reported adjusted EBITDA for Q1 2023. At the midpoint, our adjusted EBITDA margin approximately 4.8%, which represents an expansion of 158 basis points year-over-year compared to Q1 2022. We expect to deliver adjusted EBITDA margin expansion in each quarter of 2023. However, due to the seasonality of our business, adjusted EBITDA margin expansion will vary by quarter, but are forecasting a 300 basis point increase for the full year of 2023.

關於調整後的 EBITDA，我們預計第一季度調整後的 EBITDA 將在 300 萬美元至 500 萬美元之間，與我們報告的 2023 年第一季度調整後的 EBITDA 相比，中點代表同比增長 210 萬美元。在中點，我們調整後的 EBITDA 利潤率約為 4.8%，與 2022 年第一季度相比同比增長 158 個基點。我們預計將在 2023 年每個季度實現調整後的 EBITDA 利潤率增長。但是，由於我們業務的季節性，調整後的 EBITDA 利潤率擴張將因季度而異，但預計 2023 年全年將增長 300 個基點。

In conclusion, we executed very well and are pleased with our financial results for 2022. We are optimistic about our expected 2022 results due to the resiliency of our verticals and the strong underlying economics of our business.

總之，我們執行得非常好，並對我們 2022 年的財務業績感到滿意。由於我們垂直行業的彈性和我們業務強大的基礎經濟，我們對我們 2022 年的預期業績持樂觀態度。

With that, I'd like to turn the call over to the operator for questions. Operator?

有了這個，我想把電話轉給接線員提問。操作員？

(Operator Instructions) The first question is from Dan Perlin of RBC Capital Markets.

（操作員說明）第一個問題來自 RBC 資本市場的 Dan Perlin。

I wanted to (inaudible) I pointed to drill down a little bit on the guidance for the moment in the range that you guys gave. What kind of assumptions are you making in terms of expectations from a macro perspective? And then, how much is kind of predicated off of, I guess, just what we might consider to be kind of like noncyclical growth from net new clients and things of that nature that are rolling on the system where you have good visibility today relative to just kind of the volume-based business?

我想（聽不清）我指的是在你們給出的範圍內深入了解目前的指導。從宏觀角度來看，您在預期方面做出了什麼樣的假設？然後，我猜有多少是基於我們可能認為是淨新客戶的非週期性增長以及在系統上滾動的那種性質的東西，你今天相對於只是一種基於數量的業務？

Dan, thanks for the question. This is Mike. Obviously, we operate in markets that we believe traditionally have been quite resilient in kind of economic uncertainty or downturns. Our modeling for this year, obviously assumes these industries will continue to be resilient. People may remember we do our model builds kind of bottoms up. It starts with that strong net revenue retention number. That's the existing client number, as you mentioned, have good visibility kind of into those numbers and that strong client adds that we have there and how we can grow that revenue. And we obviously kind of add on top of that NRR. So you can look at the supplement material, there's a great NRR diagram in there as well. And then kind of look at where we finished FY '22 for new client signs, another kind of record year for us. So that's another good indicator, right? So NRR plus new clients going live -- and then we -- it is clearly critical in our model that we get these clients live, right? That's how you actually realize that revenue. So that's a big focus and obviously an assumption baked into the model for '23. And then you can also look at our pipeline numbers that we shared on the call earlier, where we're actually seeing pretty good growth in that pipeline, right, again, leading to confidence in 2023 client signs. And there isn't a huge part of revenue in a given year, as you're aware, that comes from net new client wins in that year, but that's another good indicator that helps in our model assumptions for growth. To just cover a couple of other assumptions, FX rates, our assumption is 12/31/22 rate stability and that will do what it does, and we'll continue to be very transparent in that regard. Our assumptions around APAC travelers and students, we said prior that we've kind of assumed this rolling recovery throughout 2023. That's kind of consistent for us as we've been dealing with all types of recovery from the pandemic. And so you can expect our modeling for 2023 to assume the similar kind of approach. We're not really assuming there's anything kind of extreme or massive change in the world, whether positive or negative. Obviously, that could have some downside or upside to the range, but obviously something we can't really predict.

丹，謝謝你的提問。這是邁克。顯然，我們在我們認為傳統上在經濟不確定性或衰退中具有相當彈性的市場中運營。我們今年的模型顯然假設這些行業將繼續保持彈性。人們可能記得我們的模型構建有點自下而上。它始於強大的淨收入保留數字。正如您所提到的，這是現有的客戶數量，對這些數字有很好的了解，並且強大的客戶補充說我們在那里以及我們如何增加收入。我們顯然在 NRR 之上添加了一些內容。所以你可以看看補充材料，那裡也有一個很棒的 NRR 圖。然後看看我們在 22 財年為新客戶標誌完成的地方，這對我們來說是另一種創紀錄的一年。所以這是另一個很好的指標，對吧？所以 NRR 加上新客戶上線——然後我們——在我們的模型中讓這些客戶上線顯然至關重要，對吧？這就是您實際實現收入的方式。所以這是一個很大的重點，顯然是 23 年模型中的一個假設。然後你還可以看看我們之前在電話會議上分享的管道數字，我們實際上看到管道的增長非常好，正確的，再次導致對 2023 年客戶跡象的信心。正如你所知，在給定的一年中，收入的很大一部分來自當年淨贏得的新客戶，但這是另一個有助於我們模型增長假設的好指標。僅涵蓋其他幾個假設，即匯率，我們的假設是 22 年 12 月 31 日的匯率穩定，這將起到它的作用，我們將在這方面繼續保持非常透明。我們對亞太地區旅行者和學生的假設，我們之前說過，我們假設這種滾動復甦將在整個 2023 年結束。這對我們來說是一致的，因為我們一直在處理從大流行中恢復的各種類型。因此，您可以期待我們 2023 年的建模採用類似的方法。我們並不是真的假設世界上有任何極端或巨大的變化，無論是積極的還是消極的。顯然，這可能會對范圍產生一些下行或上行，但顯然是我們無法真正預測的。

And the last comment, I guess, I'd make on just assumptions in how we modeled for the year. The thing that probably makes us most proud about the business that we have is that we have these multiple levers for growth. And quarter after quarter, you've seen us whether it's industry growth, whether it's product expansion, whether it's a geography that we've added or expanded, those levers that we have give us a lot of confidence as we look at our modeling for the year. But hopefully, that gives you a little context as to what the assumptions are in the model and how we're looking at '23.

最後的評論，我想，我只是假設我們如何為這一年建模。可能讓我們對我們所擁有的業務感到最自豪的是，我們擁有這些多種增長槓桿。一個又一個季度，你已經看到我們是否是行業增長，是否是產品擴展，是否是我們添加或擴展的地理區域，當我們查看我們的建模時，這些槓桿給了我們很大的信心那一年。但希望這能讓您了解模型中的假設以及我們如何看待 23 年。

Just a quick follow-up on kind of the concept of expanding the Flywire Advantage. You mentioned a few times here kind of your ability to effectuate payments, but yet not have them as kind of Flywire, I guess, payment clients yet for schools. And I think you mentioned Cohort Go and then you also mentioned in the context of (inaudible) 529 savings plan. So my question, I guess, is that sounds like it's becoming a little bit of a bigger opportunity for you. I'm just wondering, how do you envision that building over time? Is your expectation that you're going to convert those over directly to Flywire payments within that -- within your network? And is that just like purpose built to build a much bigger funnel for your opportunities, going forward?

只是對擴展 Flywire Advantage 概念的快速跟進。你在這裡多次提到你有能力實現付款，但我想還沒有像 Flywire 這樣的學校付款客戶。我想你提到了 Cohort Go，然後你也在（聽不清）529 儲蓄計劃的背景下提到了。所以我想我的問題是，這聽起來對你來說是一個更大的機會。我只是想知道，隨著時間的推移，你如何看待這座建築？您是否期望在您的網絡內將這些直接轉換為 Flywire 支付？這是否就像旨在為您的機會建立更大的渠道一樣，向前邁進？

Yes. Sure thing. Mike, again. You're exactly right. I mean one of the things we noticed, not only in the agents business, including the Cohort Go acquisition, but also the Flywire agent relationships we had prior to Cohort Go and in the (inaudible) 529 aspect. When we look at kind of enabling the broader vertical ecosystems in education, it's kind of those connection points that people find really important, right? So if you think of agents helping a student or a family make a payment and then also that flowback of potential commission dollars, that's an interesting part of an ecosystem, right? And so by being able to deliver a solution that not only streamlines the payments to our existing clients that we already have, but also sits there and says, "Hey, we've enabled this now where you can actually make these payments and we can help streamline them into other institutions we're not yet working with." That actually gives us an opportunity to revisit that conversation with those institutions we're not yet working with. So already have a proven track record of being able to turn some of those into clients and we'll continue to use that as a lever.

是的。當然可以。邁克，再來一次。你完全正確。我的意思是我們注意到的一件事，不僅在代理業務中，包括 Cohort Go 的收購，而且還有我們在 Cohort Go 之前和（聽不清）529 方面的 Flywire 代理關係。當我們考慮在教育中啟用更廣泛的垂直生態系統時，人們發現這些連接點非常重要，對吧？因此，如果您想到代理商幫助學生或家庭進行付款，然後還有潛在佣金的回流，那是生態系統中一個有趣的部分，對吧？因此，通過能夠提供一個解決方案，不僅可以簡化我們現有客戶的付款，而且可以坐在那裡說，“嘿，我們現在已經啟用了這個，你可以實際進行這些付款，我們可以幫助將它們簡化為我們尚未與之合作的其他機構。”這實際上讓我們有機會重新審視與我們尚未合作的那些機構的對話。因此，已經擁有能夠將其中一些轉化為客戶的可靠記錄，我們將繼續使用它作為槓桿。

And the 529 is just another great example of that, right? Like as you look at the problem we solve, right, think of our position, we can now go to not only our clients, but even institutions that haven't yet decided to work with us, and say we've solved this, right? And we're already helping drive value with our solution and they can come to us and say, "Geez, I thought they could do more. So it's a great lever to fill that top of the funnel and just a way in which we look at the ecosystems and expanding our focus on them.

529 只是另一個很好的例子，對吧？就像你看著我們解決的問題一樣，想想我們的立場，我們現在不僅可以去找我們的客戶，甚至還可以去找那些還沒有決定與我們合作的機構，說我們已經解決了這個問題，對吧？我們已經在通過我們的解決方案幫助推動價值，他們可以來找我們說，“天哪，我認為他們可以做得更多。所以這是一個很好的槓桿來填補漏斗的頂部，也是我們尋找的一種方式在生態系統中，並擴大我們對它們的關注。

The next question is from Jason Kupferberg of Bank of America.

下一個問題來自美國銀行的 Jason Kupferberg。

Maybe just starting, I wanted to actually come back to that chart, Mike, that you referenced in the deck, I thought that was pretty helpful on the NRrR side. I mean how should we think about the potential for the NRR in the business in 2023 relative to 2022?

也許剛剛開始，我想真正回到那個圖表，邁克，你在甲板上提到的，我認為這對 NRrR 方面非常有幫助。我的意思是，相對於 2022 年，我們應該如何考慮 2023 年業務中 NRR 的潛力？

You want to (inaudible) Rob?

你想（聽不清）搶？

Sure, I can jump in here. Hi, Jason. So NRR has been something that we've shared in, I think, every call now since we started, we've given you the annual figures, and you can see that the figures for this year once again are coming in, in the range that we've been sharing, and we've been guiding as sort of part of that 3-year average. We expect that there are sort of all the levers available to us to continue in that vein very much going forward. So when you look at geographic expansion, new product adoption, the ecosystem expansion, things like the 529 that we just talked about, all of those drive towards that same NRR. And so again, we see super positive results, stepping in just a little bit more operational. I think we continue to do what we've always done really well, which is serve our clients and deliver great results. And with that, we're continuing to earn the right to do more and more for them. And examples like St. Louis University (inaudible) that I quoted earlier, that's a client that many years later, chooses to do a major expansion with us, and that will be a client for which we'll see improved revenue opportunity. So net-net, expecting to see things very much in the spirit and that all is a main contributor to the growth algorithm for the company.

當然，我可以跳進去。嗨，傑森。所以 NRR 一直是我們分享的東西，我想，自從我們開始以來的每一次電話會議，我們都給了你年度數據，你可以看到今年的數據再次進入範圍內我們一直在分享，我們一直在指導這 3 年平均值的一部分。我們希望我們可以使用所有可用的槓桿來繼續向前發展。因此，當您查看地理擴張、新產品採用、生態系統擴張，以及我們剛才談到的 529 之類的東西時，所有這些都會推動相同的 NRR。因此，我們又一次看到了非常積極的結果，只是稍微增加了一些操作性。我認為我們將繼續做我們一直做得很好的事情，即為我們的客戶服務並取得出色的成果。因此，我們將繼續贏得為他們做更多事情的權利。以及我之前引用的聖路易斯大學（聽不清）這樣的例子，這是一個多年後的客戶，選擇與我們進行重大擴張，這將是一個我們將看到增加收入機會的客戶。所以 net-net，期待以精神看待事物，這一切都是公司增長算法的主要貢獻者。

Yes. The only thing I would add, this is Mike Ellis, is that don't forget that the FX headwinds that we experienced during 2022 are, in theory, not going to be as significant in '23. So we remain bullish about our NRR prospects for '23.

是的。我唯一要補充的是，這是邁克埃利斯，不要忘記我們在 2022 年經歷的外匯逆風，理論上，在 23 年不會那麼重要。因此，我們仍然看好 23 年的 NRR 前景。

And just any comments around free cash flow expectations for 2023?

關於 2023 年自由現金流預期的任何評論？

This is Mike Ellis. So we have not guided on a free cash flow basis, but I can tell you that from a free cash flow standpoint, some of the areas, where we have capitalized cost, most simply, you think of the build-out of offices or computer equipment for our FlyMates. In addition to that, think of capitalized R&D development costs associated with internal software and then also in accordance with general accepted accounting principles, some of the capitalized sales commissions which get amortized. It's something, Jason that I'm happy to consider in the future, relative to disclosing what free cash flows would potentially look like for the business.

這是邁克埃利斯。所以我們沒有在自由現金流的基礎上進行指導，但我可以告訴你，從自由現金流的角度來看，我們已經將成本資本化的一些領域，最簡單地說，你會想到辦公室或電腦的擴建我們的 FlyMate 設備。除此之外，想想與內部軟件相關的資本化研發開發成本，然後根據公認的會計原則，一些資本化的銷售佣金被攤銷。傑森，這是我很樂意在未來考慮的事情，相對於披露企業的自由現金流量可能是什麼樣子。

But no, like big items pending that are worthwhile calling out?

但是不，就像值得大聲疾呼的待處理大項目一樣？

No.

不。

The next question is from Ashwin Shirvaikar of Citi.

下一個問題來自花旗銀行的 Ashwin Shirvaikar。

Good results, guys, congratulations. I wanted to ask about sort of the range of outlook that you've provided, what combination of factors might drive sort of the lower part of the range versus the upper part of the range? And in terms of just specifically the upper part, given you do have kind of a tendency to do better? Are there factors that are kind of external such as timing of new clients, M&A, things like that, that are embedded there? Or is it all organic and powering through with NRR and such?

好結果，伙計們，恭喜。我想問一下你提供的前景範圍，哪些因素的組合可能會導致範圍的下部與範圍的上部？就上半部分而言，考慮到你確實有做得更好的傾向？是否有一些外部因素，例如新客戶的時機、併購等，是嵌入其中的？或者這一切都是有機的，並通過 NRR 等提供動力？

Hi, Ashwin, it's Mike. So I'd go back and highlight a bit, we have pretty good confidence in the range that we put out there, obviously, because of the NRR, because of the new client signs we had, a record last year. And then on top of that being the strong pipeline numbers that we just reported. And so, from that is really where we get the confidence in the organic elements of it. Obviously, we're not making any big assumptions around inorganic moves. There's some lagging of the cohort numbers and that will obviously hit mostly Q1 and Q2, but it'd be a relatively small component of the growth. And when you really look at where could our performance come, I'll highlight a couple of areas. I mentioned that rolling recovery -- and I think it's the right thing to do as we model this business. You saw us do it in '21. You saw us do it in '22 as the world was recovering in different regions and different industries at different times. And we've made those similar assumptions. So again, if you see the APAC region, not only from a destination perspective for travel, which '23 is really the first opportunity for that region to come back as a tourist destination, right, didn't really happen in '22. So that's a good example of where that could happen faster than we think and potentially provide some upside similar in student numbers, right, good indications from places like Australia, and some of the traveling coming out of China. But at the same time, we've made assumptions that has -- that is kind of a rolling recovery through the year. And so we encourage people to really just remember the cyclicality of the business. And you could see our performance in, obviously, travel and the international student side. And B2B, for that matter, really seeing some great traction in the pipeline build in B2B. So that's what I'd highlight as potential areas there.

嗨，阿什溫，我是邁克。所以我要回去強調一點，我們對我們在那裡推出的範圍非常有信心，顯然，因為 NRR，因為我們有新的客戶跡象，去年創下了紀錄。然後最重要的是我們剛剛報告的強大的管道數字。因此，我們真正從中獲得了對它的有機元素的信心。顯然，我們並沒有對無機物走勢做出任何重大假設。群組數量有些滯後，這顯然主要影響第一季度和第二季度，但它在增長中所佔的比例相對較小。當你真正看到我們的表現可以從哪裡來時，我會強調幾個方面。我提到了滾動恢復——我認為這是我們為這項業務建模時要做的正確事情。你看到我們在 21 年做到了。你看到我們在 22 年做到了，因為世界在不同的地區和不同的行業在不同的時間復甦。我們做出了類似的假設。再一次，如果你看到亞太地區，不僅從旅遊目的地的角度來看，23 年確實是該地區作為旅遊目的地回歸的第一個機會，對吧，22 年並沒有真正發生。因此，這是一個很好的例子，說明這可能比我們想像的更快發生，並可能在學生人數方面提供一些類似的好處，正確的，來自澳大利亞等地的良好跡象，以及一些來自中國的旅行。但與此同時，我們做出了假設——這是一種全年的滾動復甦。因此，我們鼓勵人們真正記住業務的周期性。你可以看到我們在旅行和國際學生方面的表現。就此而言，B2B 確實在 B2B 的管道構建中看到了一些巨大的牽引力。這就是我要強調的潛在領域。

And in terms of just EBITDA margin, you're obviously getting to -- close to upper single digits, (inaudible) I think at the middle of the range, if I'm not mistaken. And that's kind of on track with what you said what you said before. But underlying that, if you could talk about the key areas of investment that you're continuing to make, what are those areas? Maybe if you could potentially even size that -- those investments? Are those kind of -- would you consider those discretionary and you're doing them because you can -- can they be turned off, should macro get worse, things like that? If you could comment on that flexibility?

就 EBITDA 利潤率而言，你顯然正在接近 - 接近上個位數，（聽不清）我認為在範圍的中間，如果我沒記錯的話。這與你之前所說的有點吻合。但在此基礎上，如果你能談談你將繼續進行的投資的關鍵領域，這些領域是什麼？也許如果你有可能甚至規模 - 那些投資？那些 - 你會考慮那些自由裁量權並且你正在這樣做是因為你可以 - 他們可以關閉，如果宏觀變得更糟，諸如此類的事情？您是否可以評論一下這種靈活性？

Yes. Ashwin, I'll step in here and start. This is Rob. What I outlined in my comments was a plan for the year that involves significantly less hiring, significantly less investment than in 2022, but at the same time continuing to selectively add people, where they are most valuable to the business. That will take primary form in terms of continuing to invest in go to market. We have this incredible opportunity in front of us, and we want to continue to invest in that. We need to add sales reps to cover expanding quota and ARR expectations that we need to fulfill. So that's a pretty significant charge. And then there's very carefully placed roles that are important to us as we scale the company. But what you see overall is restraint in adding people and restraint in nonpersonnel expense that is also built into our plan. And obviously, if the world is a very different place than the one we're planning on, we do have the ability to alter our plan, but the plan that we have is one that we think puts people in the most important spots. And again, with sort of 66 -- sorry, sorry, more than 60% less in-year expense against a company that's 55% bigger in constant dollar terms. We do hope that what you're seeing in this is an impressive step towards scale and efficiency that is built into this plan.

是的。 Ashwin，我會介入並開始。這是羅布。我在評論中概述的是今年的計劃，與 2022 年相比，招聘人數和投資明顯減少，但同時繼續有選擇地增加對業務最有價值的人員。就繼續投資上市而言，這將採取主要形式。我們面前有這個難以置信的機會，我們希望繼續投資於此。我們需要增加銷售代表來滿足我們需要滿足的不斷擴大的配額和 ARR 期望。所以這是一筆相當可觀的費用。然後，在我們擴大公司規模時，對我們來說很重要的角色非常謹慎。但總體而言，你看到的是在增加人員和非人事費用方面的限制，這也包含在我們的計劃中。顯然，如果世界與我們的計劃截然不同，我們確實有能力改變我們的計劃，但我們擁有的計劃是我們認為將人們放在最重要位置的計劃。再一次，大約有 66 家——對不起，對不起，與一家按不變美元計算規模大 55% 的公司相比，年內支出減少了 60% 以上。我們確實希望您在本文中看到的是朝著本計劃內置的規模和效率邁出的令人印象深刻的一步。

The next question is from John Davis of Raymond James.

下一個問題來自 Raymond James 的 John Davis。

Actually, Rob, I wanted to follow up on that a little bit -- or Mike, too. But if we think about it, obviously, you've made significant investments in 2022 and some of those kind of (inaudible) lap you hired throughout the year. So as we kind of go into '24, all else equal, could we see a step up in kind of the margin expansion, obviously, the midpoint is 300 basis points this year. But just trying to think -- I mean, if we go back to Analyst Day, you guys talked about 300 to 600 basis points a year. I appreciate the 300 this year. But just trying to think about like how we see the cadence going forward. So any comment there would be helpful.

實際上，Rob，我想稍微跟進一下——或者 Mike 也想跟進一下。但是，如果我們考慮一下，很明顯，您在 2022 年進行了大量投資，並且全年都僱用了一些（聽不清的）圈子。因此，當我們進入 24 年時，在其他條件相同的情況下，我們能否看到利潤率擴張有所加快，顯然，今年的中點是 300 個基點。但只是想一想——我的意思是，如果我們回到分析師日，你們每年談論 300 到 600 個基點。我很感激今年的300。但只是想想想我們如何看待未來的節奏。所以任何評論都會有所幫助。

Yes, J.D. Thanks for the question. So obviously, we're not quite ready to talk about 2024 yet in terms of specific numbers. But you're right in calling out that as we look at this year's plan, we had a significant amount of annualization expense of the investments that we made last year that roll into this year. And obviously, that all factors into the plan that we presented to you and the guidance that we've given today.

是的，J.D. 謝謝你的提問。很明顯，我們還沒有準備好談論 2024 年的具體數字。但是你說得對，在我們看今年的計劃時，我們有大量的年化費用，這些費用是我們去年進行的投資投入到今年的。顯然，所有這些因素都會影響到我們向您展示的計劃和我們今天提供的指導。

If you look at the effect of this year's hiring on 2024, it will be significantly lower. And so in terms of sort of that base that rolls, it will roll way less into next year. Now where we choose to go with that, we'll update you on a little bit later in the year because obviously, we've got to lay out our 2024 plan for you when the time is right. But yes, we understand your point around how essentially, there's a lot of OpEx efficiency opportunity that comes from us hiring this year.

如果你看今年的招聘對2024年的影響，會明顯降低。因此，就滾動的基礎而言，它將在明年滾動得更少。現在我們選擇這樣做，我們會在今年晚些時候向您更新，因為顯然，我們必須在適當的時候為您制定 2024 年計劃。但是，是的，我們理解你的觀點，從本質上講，我們今年的招聘帶來了很多提高 OpEx 效率的機會。

And then I think yesterday, we got China's student visa update for January, and I think it was up pretty significantly, I think 150% over last year. Obviously, there was some (inaudible) Omocron issues and China is obviously reopening. But Mike Massaro, any comments on China reopening and what the impact is, kind of what you've seen quarter-to-date? Obviously, the 1Q guide is strong. But I'm just curious kind of what you're seeing out of China specifically.

然後我想昨天，我們收到了中國 1 月份的學生簽證更新，我認為它有相當大的增長，我認為比去年增長了 150%。顯然，存在一些（聽不清）Omocron 問題，中國顯然正在重新開放。但是 Mike Massaro，關於中國重新開放的任何評論及其影響是什麼，你在本季度迄今看到的是什麼？顯然，1Q 指南很強。但我只是很好奇你在中國具體看到了什麼。

Yes. I mean, J.D., we continue to be quite encouraged. I mean, we're seeing healthy revenue growth on China outbound volumes. I'd also say there's a lot of positive anecdotal statements, right? You're seeing internal travel numbers inside China get stronger. You're seeing flight numbers start to return. You're seeing a lot of good indicators. And so again, I think we made the right assumptions of this kind of rolling recovery. Remember, there's cyclicality to when students will start in Australia versus when they start in the U.K. and Europe and the United States. And so they don't all show up at the same time, all the same times around the world, right? There's that cyclicality that's important to understand, and we bake that, of course, into our model. I'd also just highlight the impacts potentially for our travel business. It's very positive as well, right? You have travelers that really in 2022 didn't travel the world much. And so if you think of our client footprint and the success we saw in travel in '22, it was really heavy destination oriented to the U.S. and -- the Americas and Europe effectively. And so now you've got Asia as a destination market, but you also have the travelers that were oftentimes heavily restricted leaving Asia, also hitting the other destinations where we have clients. So we feel really good with the trends we're seeing. Again, you got to see how the year plays out, and we're not expecting any significant change. We're expecting this rolling recovery.

是的。我的意思是，J.D.，我們繼續受到鼓舞。我的意思是，我們看到中國出境業務收入的健康增長。我還要說有很多正面的軼事陳述，對吧？你會看到中國境內的內部旅行數字變得更強。您會看到航班號開始恢復。你看到了很多好的指標。因此，我認為我們對這種滾動復甦做出了正確的假設。請記住，學生何時在澳大利亞開始與他們在英國、歐洲和美國開始的時間存在周期性。所以他們不會同時出現在世界各地，對吧？理解週期性很重要，當然，我們將其融入到我們的模型中。我還要強調對我們的旅遊業務的潛在影響。這也很積極，對吧？您的旅行者在 2022 年並沒有經常環遊世界。因此，如果您考慮我們的客戶足跡以及我們在 22 年的旅行中取得的成功，那麼它確實是面向美國以及美洲和歐洲的重要目的地。所以現在你把亞洲作為目的地市場，但你也有經常受到嚴格限制離開亞洲的旅客，也有前往我們有客戶的其他目的地。因此，我們對所看到的趨勢感到非常滿意。同樣，您必須看看這一年的結果如何，我們預計不會有任何重大變化。我們期待這種滾動復甦。

The next question is from Bob Napoli of William Blair.

下一個問題來自威廉·布萊爾的鮑勃·那不勒斯。

Just wanted to follow up on the pipeline, the mix of the pipeline versus a year ago, I did miss the numbers you had at the beginning, but just any color on how that (inaudible) mix, what the size of the pipeline is? And have you seen significant changes in the mix, say, from a year ago by vertical?

只是想跟進管道，管道的混合與一年前相比，我確實錯過了你開始時的數字，但只是關於（聽不清）混合方式的任何顏色，管道的大小是多少？你是否看到了垂直組合的顯著變化，比如說，與一年前相比？

Yes. Hi Bob, it's Rob. I'll start with this and others can jump in if they like. So pipeline overall growth number is super healthy. You heard Mike talk about the Q4 over Q4 100% growth, 70% growth for the sort of the full year as compared to prior. And so we feel really good that our investments in that sales team are yielding pipeline expansion and improvement. And so as it speaks to the verticals and the geographies, we are seeing a continued trend of the strength of Flywire's global business. So EMEA has been particularly strong for us. I'd say it has distinguished itself in terms of sort of the quantity of deals and ARR. The U.S., obviously, is also a major market for us continuing to see lots of deals across the verticals. I feel good about the ARR that we are signing on as well as the expansion of the pipelines across each of the verticals. So overall, I think sort of the last metric of that ilk, just to try to kind of give you the whole picture there, Bob, is when we look at the deal sizes, the deal sizes remain very healthy as well. We're actually seeing expanding deal sizes by our forecast ARR methodologies. And so we feel good about that dynamic that we're seeing in the market as well.

是的。嗨，鮑勃，我是羅伯。我將從這裡開始，其他人可以根據需要加入。因此，管道整體增長數字非常健康。你聽到邁克談到第四季度比第四季度增長 100%，與之前相比全年增長 70%。因此，我們對我們對該銷售團隊的投資正在產生管道擴展和改進感到非常高興。因此，就垂直領域和地域而言，我們看到 Flywire 全球業務實力的持續趨勢。所以 EMEA 對我們來說特別強大。我想說它在交易數量和 ARR 方面脫穎而出。顯然，美國也是我們繼續看到許多垂直領域交易的主要市場。我對我們正在簽署的 ARR 以及在每個垂直領域的管道擴展感到滿意。所以總的來說，我認為這是最後一個指標，鮑勃，只是為了讓你了解整個情況，當我們查看交易規模時，交易規模也保持非常健康。通過我們預測的 ARR 方法，我們實際上看到交易規模在擴大。因此，我們對市場上看到的這種動態也感到滿意。

And Bob, this is Mike. The only thing I'd add is just great work by marketing and demand gen as well to fill the top of the funnel. That's another area that we get quite excited about as some of the comments earlier were about the building of that demand gen on the top of the funnel, too.

鮑勃，這是邁克。我唯一要補充的是市場營銷和需求生成的出色工作以及填補漏斗頂部的工作。這是另一個讓我們感到非常興奮的領域，因為之前的一些評論也是關於在渠道頂部建立需求生成的。

And then the follow-up, just the competitive environment, your win rate, I mean, obviously, nice revenue retention. I appreciate that chart. But any comments on competitive (inaudible) win rate? Any your thoughts on churn. I mean, as you're getting much bigger and lapping, I mean some -- you probably get some churn. But just anything on that point.

然後是後續，只是競爭環境，你的贏率，我的意思是，很明顯，很好的收入保留。我很欣賞那個圖表。但對競爭性（聽不清）勝率有何評論？你對客戶流失有什麼看法。我的意思是，當你變得越來越大並且越來越多時，我的意思是一些 - 你可能會受到一些影響。但是關於這一點的任何事情。

Yes, Bob, this is Mike. No big shift in competitive dynamics. We feel like we compete well. As folks probably know, we compete in the verticals, not really across verticals against many players. And so we feel like our investments in go-to-market have been good. If anything, we feel like we're competing as good if not better than we have and continue to invest in that.

是的，鮑勃，這是邁克。競爭動態沒有大的變化。我們覺得我們競爭得很好。正如人們可能知道的那樣，我們在垂直領域競爭，而不是真正跨越垂直領域與許多玩家競爭。因此，我們覺得我們在進入市場方面的投資一直很好。如果有的話，我們覺得我們的競爭力即使不比我們現在的好，也一樣好，並繼續投資於此。

We had mentioned -- you mentioned churn, we've mentioned previously that we'll be lapping some of the churn from health care from last Q4. And so feel good to be there, but it is, in general, low overall, not a lot of revenue concentration as we've talked about as well in the business at any given one client.

我們已經提到過——你提到了客戶流失，我們之前已經提到過，我們將解決去年第四季度醫療保健領域的一些客戶流失問題。在那裡感覺很好，但總的來說，總體而言，收入集中度不高，正如我們在任何給定客戶的業務中所討論的那樣。

The next question is from Darrin Peller of Wolfe Research.

下一個問題來自 Wolfe Research 的 Darrin Peller。

A couple of quick ones. Just one is on the margin outlook and the opportunities there. I know that you obviously are within that 300 to 600 basis point range, and you talked about there, potentially, even before, this being a little on the lower end just as you annualize all the hiring you did. So what's the structural? Like when we think about the annualizing impact, what's the structural profitability improvement that you see occurring in this year had it not been just for annualizing? And then, I guess, more importantly, your commitment to letting that profitability trend continue as well as obviously seeing not just on an adjusted earnings basis, but paying attention to stock comp and paying attention to a little bit more pure operating income.

幾個快速的。只有一個是關於利潤率前景和那裡的機會。我知道你顯然在 300 到 600 個基點的範圍內，你甚至在之前就曾談到過，這有點偏低，就像你對所有招聘進行年度化一樣。那麼什麼是結構呢？就像當我們考慮年化影響時，如果不只是年化，你看到今年發生的結構性盈利能力改善是什麼？然後，我想，更重要的是，你承諾讓這種盈利趨勢繼續下去，並且顯然不僅要在調整後的收益基礎上看，還要關注股票價格，並關注更多的純營業收入。

It's Mike Ellis here. So essentially, most of our cost does come from the carryover impact of the investment year that we've had in 2022. And then you have -- what we're planning on 2023 doing. But essentially, it's the investment in our people. Really, as Rob indicated, that go-to-market strategy and to a lesser extent, our engineering and technical teams to kind of drive product enhancements, really trying to just wrap the entire Flywire Advantage in delivering to our clients. So that's where the most of the investment comes in, in 2022 and carries over into '23. Other than that, it really comes down to a normal operating cost business where you have your normal salary increases will have an impact. You have incremental revenue share agreements and commissions associated with the delivery of our revenue performance and then just your regular standard inflationary impacts.

我是邁克·埃利斯。所以從本質上講，我們的大部分成本確實來自我們在 2022 年的投資年度的結轉影響。然後你就有了——我們計劃在 2023 年做的事情。但本質上，這是對我們員工的投資。實際上，正如 Rob 所指出的那樣，我們的工程和技術團隊在一定程度上推動了產品上市戰略，並在較小程度上推動了產品的改進，真正試圖將整個 Flywire 優勢包裝在交付給我們客戶的過程中。因此，這就是 2022 年大部分投資的來源，並延續到 23 年。除此之外，它實際上歸結為正常的運營成本業務，您的正常加薪會產生影響。您有與我們的收入績效交付相關的增量收入分成協議和佣金，然後只是您的常規標准通貨膨脹影響。

Just one quick follow-up and probably more for Mike or Rob, but either one is fine. I guess when we think about the opportunity and the integration of some of the deal, basically, whether it's WPM or Cohort Go and what it's done for the business so far in terms of your expectations for '23. And I know, putting aside just the pure inorganic benefit, but I'm really referring to the revenue synergy opportunities to it. Just maybe you could touch on what's embedded, if anything, in there and how it's coming along.

只是一個快速的跟進，可能更多的是 Mike 或 Rob，但任何一個都可以。我想當我們考慮一些交易的機會和整合時，基本上，無論是 WPM 還是 Cohort Go，以及到目前為止，根據您對 23 年的期望，它為企業所做的一切。而且我知道，拋開純粹的無機收益，但我真的指的是它的收入協同機會。只是也許你可以觸及其中嵌入的內容（如果有的話）以及它是如何出現的。

Hi, Darrin, so this is Mike again. I would say the -- those 2 deals were not deals as you kind of highlighted, we did for the inorganic add benefit. It was -- there were strategic deals that fit kind of our 3 pillars we've talked about before. And as we've highlighted, are critical to future multiyear synergy really. So first, just starting (inaudible) an order WPM, 40-plus clients signed for the integrated solution. This year is about getting those clients live. I'm sure people will say, well, aren't you going to sign more? I'm sure we'll sign more. We're heading off to our big U.K. conference here in the next week or so, which is a great event, and we'll see a lot of those clients and talk a lot about how we're rolling out that integrated solution. So really excited about that, but I couldn't be happier with how we ended the year with the number of clients signed on to that integrated solution. The combined team in the U.K. is doing a great job working through that with the clients really coming together as a team. So couldn't be happier there.

嗨，達林，我又是邁克。我會說——那兩筆交易並不是你強調的那樣，我們這樣做是為了增加無機收益。它是 - 有一些戰略交易符合我們之前討論過的三大支柱。正如我們所強調的那樣，這對未來的多年協同作用確實至關重要。因此，首先，剛剛開始（聽不清）訂單 WPM，40 多個客戶簽署了集成解決方案。今年是讓這些客戶活下來。我敢肯定人們會說，好吧，你不打算簽更多嗎？我相信我們會簽更多。我們將在下週左右前往這裡參加我們在英國舉行的大型會議，這是一個很棒的活動，我們將見到很多這樣的客戶，並就我們如何推出該集成解決方案進行大量討論。對此真的很興奮，但我對我們在這一年結束時簽署該集成解決方案的客戶數量感到非常高興。英國的合併團隊在與客戶真正團結在一起的過程中做得很好。所以在那裡不能更快樂。

Shifting to Cohort, obviously, a little less time in July or so since that deal. So we talked on this call about our first step in the technology integration between the 2 platforms and getting all the kind of agent activity on one single platform. We talked about the pay any school (inaudible) capability that accelerates our ability to make more payouts. Those are all revenue increasing, revenue synergies for us. And then we also kind of gave out a bit of a nugget around payer services as well and just the fact that, that ties into expanding that Flywire Advantage and Cohort's really a cornerstone of that. And accelerating that across our entire payer base is another exciting part for 2023. So I feel really good about it. Our teams are really coming together well. I couldn't be happier with how those deals went down in the integrations.

顯然，自那筆交易以來，7 月左右的時間就少了一點。因此，我們在這次電話會議上談到了我們在兩個平台之間進行技術集成以及在一個平台上獲得所有類型的代理活動的第一步。我們談到了支付任何學校（聽不清）的能力，這加快了我們進行更多支出的能力。這些都是收入增加，對我們來說是收入協同效應。然後我們也提供了一些關於支付服務的金塊，事實上，這與擴大 Flywire 優勢有關，而 Cohort 確實是其中的基石。 2023 年的另一個令人興奮的部分是在我們整個支付基礎上加速這一過程。所以我對此感覺非常好。我們的團隊真的很團結。我對這些交易在整合中的失敗感到非常高興。

The last question is from Tien-Tsin Huang of JPMorgan.

最後一個問題來自摩根大通的Tien-Tsin Huang。

Just on the -- building on Bob's question around pipeline and ARR. I'm just curious, '23, should we expect it to come more from upsell versus new clients? I'm asking, but I heard Bob, you say, deal sizes are up. So I wonder if we could see any risk of sales cycles or implementation cycles lengthening as we're also hearing enterprises. I'm sure schools thinking the same thing around being more careful around their spend. So just trying to understand those -- the interplay of all of that, if that makes sense.

就在 - 基於鮑勃關於管道和 ARR 的問題。我只是好奇，'23，我們是否應該期望它更多地來自追加銷售而不是新客戶？我在問，但我聽說鮑勃，你說，交易規模擴大了。所以我想知道我們是否會看到任何銷售週期或實施週期延長的風險，因為我們也在聽取企業的意見。我敢肯定，學校在更加謹慎地花錢方面也有同樣的想法。所以只是想了解那些——所有這些的相互作用，如果這有意義的話。

Yes. Yes, Tien-tsin, let me see if I can try to sort of organize the pieces of the puzzle here. Remember, our growth algorithm, right, you're now well versed in it, but sort of that NRR is not really sort of subject to so much to the kind of dynamics you described, right? That is largely a function of our ongoing relationship and relationship building and there's some expansion in there, but that is mostly a function of just us keeping doing what we're doing for our clients. Then there's the full year growth of clients that signed last year. So those aren't included in the NRR, but they will have expanded revenue in the full year period this year. And then there's the new customer piece. And that new customer piece is the smallest of the 3 in our overall sort of growth formula. And so we're always paying attention to that. There has been, I think, general consistency around the sort of the patterns, especially around education, travel. We have very fast deployments around travel, those, as we said before, tend to range in a couple of weeks. I think the 2 areas where you're right, we have true enterprise class deployments in health care. They're hard. And we have seen occasions where those go longer than we expect. So there is absolutely sort of that possibility there. But again, it's inside the diversified business of everything we've got, that's really just sort of a piece of the puzzle, but not, I guess, I'd say, a determinative piece of the puzzle. So overall, we feel good about sort of the growth model that we've got here, and we'll tackle where we run into a little harder deployment here and there, but I don't think that's the -- don't look at that as sort of the major stressor of the year.

是的。是的，Tien-tsin，讓我看看我能不能試著整理一下這裡的拼圖。請記住，我們的增長算法，對吧，您現在已經精通它，但是 NRR 並沒有真正受到您描述的那種動態的影響，對吧？這在很大程度上是我們持續關係和關係建立的一個功能，並且在那裡有一些擴展，但這主要是我們繼續為客戶做我們正在做的事情的一個功能。然後是去年簽約的客戶的全年增長。所以這些不包括在 NRR 中，但他們將在今年全年期間擴大收入。然後是新的客戶部分。而這個新客戶是我們整體增長公式中三個客戶中最小的一個。所以我們一直在關注這一點。我認為，圍繞這種模式，尤其是在教育、旅行方面，存在普遍的一致性。我們在旅行方面有非常快速的部署，正如我們之前所說，這些部署往往會在幾週內完成。我認為你是對的 2 個領域，我們在醫療保健領域擁有真正的企業級部署。他們很難。我們已經看到過比我們預期的時間更長的情況。所以那裡絕對有這種可能性。但同樣，它在我們所擁有的一切的多元化業務中，這實際上只是拼圖的一部分，但我想，我想說，這不是拼圖的決定性部分。所以總的來說，我們對這裡的增長模式感到滿意，我們將解決我們在這里和那裡遇到的更難部署的地方，但我不認為那是 - 不要看那是今年的主要壓力源。

Just a quick follow-up, and I'll let you guys go. Just on the gross margin front. I know there's always puts and takes for that. Can you just walk us through what maybe the quarter and for the full year, what we might expect there?

只是快速跟進，我會讓你們離開。就毛利率而言。我知道總是有看跌期權。您能否帶我們了解一下本季度和全年的情況，我們在那裡可能會有什麼期望？

Sure. It's Mike Ellis here. Essentially, just as you've always heard me say, we're really focused on driving adjusted gross profit dollars, but I will tell you that the reduction that we experienced in 2022 predominantly due to the transactional revenue growth outpacing our platform and usage-based revenue growth. And we do expect transactional to outpace in the 2023 year, but both growing nicely, but to a lesser extent. So as a result, we believe that adjusted gross margins will decline in 2023, but at a much lower percentage, somewhere in the 1% to 1.5% range is probably the right number to think about.

當然。我是邁克·埃利斯。從本質上講，就像你一直聽到我說的那樣，我們真的專注於推動調整後的毛利潤美元，但我會告訴你，我們在 2022 年經歷的減少主要是由於交易收入增長超過了我們的平台和使用-基於收入增長。我們確實預計交易將在 2023 年超過，但兩者都增長良好，但程度較小。因此，我們認為調整後的毛利率將在 2023 年下降，但百分比要低得多，在 1% 至 1.5% 的範圍內可能是值得考慮的正確數字。

And then the final thing I would just add relative to adjusted gross margins is just remember that there's seasonality within that, right? So during Q3, a big educational quarter, big cross-border. So as a result, you'll see the higher adjusted gross margins during the latter part of 2023.

然後我要補充的關於調整後毛利率的最後一件事就是記住其中有季節性，對吧？所以在第三季度，一個大的教育區，一個大的跨境。因此，您將在 2023 年下半年看到更高的調整後毛利率。

We have reached the end of the question-and-answer session. I would like to turn the floor back over to Mike Massaro for any closing comments. Please go ahead, sir.

我們已經結束了問答環節。我想將發言權轉回 Mike Massaro 以徵求任何結束意見。請繼續，先生。

I know we're a little bit over, but I just want to thank everybody for taking the time and spending time with us here and appreciate all the work going into learning more about Flywire. Thanks very much.

我知道我們有點結束了，但我只想感謝大家花時間在這里和我們在一起，感謝所有為進一步了解 Flywire 所做的工作。非常感謝。

This concludes today's teleconference. Thank you for joining us. You may now disconnect your lines.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開線路。