Flywire Corp (FLYW) 2024 Q3 法說會逐字稿

Good day, and welcome to the Flywire third-quarter of 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Flywire 2024 年第三季財報電話會議。（操作員指令）

Also, please be aware that today's call is being recorded. I would now like to turn the call over to Masha Kahn, investor relations. Please go ahead.

另外，請注意，今天的通話正在錄音。現在我想將電話轉給投資者關係部瑪莎·卡恩 (Masha Kahn)。請繼續。

Thank you and good afternoon. With us in today's call are Mike Massaro, Chief Executive Officer; Rob Orgel, President and Chief Operating Officer; and Cosmin Pitigoi, Chief Financial Officer.

謝謝您，下午好。參加今天電話會議的有執行長 Mike Massaro；總裁兼營運長 Rob Orgel；以及財務長 Cosmin Pitigoi。

Our third-quarter 2024 earnings press release, supplemental presentation, and when filed Form 10-Q can be found at ir.flywire.com

我們的 2024 年第三季收益新聞稿、補充介紹以及提交的 10-Q 表可在 ir.flywire.com 上找到

During the call, we'll discuss certain forward-looking information. Actual results could differ materially from those contemplated by these forward-looking statements. We'll 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, and the required disclosures and reconciliations related to non-GAAP financial measures.

在通話中，我們將討論某些前瞻性資訊。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。我們也將討論某些非公認會計準則財務指標。請參閱我們的新聞稿和美國證券交易委員會(SEC) 文件，以獲取有關這些前瞻性陳述的風險的更多信息，這些風險可能會導致實際結果大不相同，以及與非公認會計準則財務指標相關的所需揭露和對帳。

Unless otherwise stated, all references on this call to revenue, cost of revenue, gross profit and gross margins, sales and marketing expense, technology and development expense, and general administrative expense are on a non-GAAP basis. This call is being webcast live and will be available for replay on our website.

除非另有說明，本次電話會議中對收入、收入成本、毛利和毛利率、銷售和行銷費用、技術和開發費用以及一般管理費用的所有引用均基於非 GAAP 基礎。本次電話會議將進行網路直播，並可在我們的網站上重播。

I would now like to turn the call over to Mike Massaro.

現在我想將電話轉給麥克馬薩羅。

Thank you, Masha, and thank you to everyone that is joining us today. Before we go into details about the quarter, I want to provide some context on what we have accomplished as a public company and how we are looking toward the future.

謝謝你，瑪莎，也感謝今天與我們一起的每個人。在我們詳細介紹本季的情況之前，我想先介紹一下我們作為一家上市公司所取得的成就以及我們對未來的展望。

Since our IPO in 2021, we have doubled the business in terms of revenue and surpassed the revenue, gross profit, and adjusted EBITDA margin objectives we had set at the time of our IPO. We plan to double the revenue yet again over the next several years while improving profitability and the cash flow generation of the company.

自 2021 年 IPO 以來，我們的業務收入翻了一番，並超越了我們在 IPO 時設定的收入、毛利和調整後 EBITDA 利潤率目標。我們計劃在未來幾年內再次將收入翻一番，同時提高公司的獲利能力和現金流產生能力。

We expect to accomplish this through a combination of business improvements we have already made and the investments we are making. We now have 4,000-plus loyal clients in 50 countries across numerous verticals and subverticals with great revenue diversification, and we have more than 1,300 FlyMates focused on execution and building high-performance teams.

我們希望透過已進行的業務改進和正在進行的投資來實現這一目標。目前，我們在 50 個國家/地區擁有超過 4,000 個忠實客戶，涉及眾多垂直和子垂直領域，收入多樣化，並且我們擁有超過 1,300 名 FlyMate，專注於執行和打造高績效團隊。

We have powerful sales and customer success engines in each industry we serve, and we have a robust global payments infrastructure that was able to support the nearly 2 times total payment volume spike in Q3 compared to the average volume process during the first two quarters of this year.

我們在所服務的每個行業都擁有強大的銷售和客戶成功引擎，並且我們擁有強大的全球支付基礎設施，能夠支持第三季度總支付量激增近兩倍，而這一增幅是今年前兩季的平均支付量。

Our combination of next-gen payments platform, proprietary global payment network, and vertical-specific software create a powerful value proposition, further strengthened by our efficient go-to-market engine and existing client relationships.

我們將下一代支付平台、專有全球支付網路和垂直專用軟體結合，創造了強大的價值主張，並透過我們高效的市場進入引擎和現有的客戶關係進一步加強。

I am very proud of our teams, product capabilities, and our ability to prioritize investments to further optimize our cost structure and deliver more value to our clients, their payers, and to our shareholders. Our core business is operating well because we are focusing on the things we can control. We are deepening our relationships and seeing revenue growth at existing clients. We are reducing the small amount of client churn we have.

我對我們的團隊、產品能力以及優先投資的能力感到非常自豪，這進一步優化了我們的成本結構，為我們的客戶、他們的付款人和股東提供了更多的價值。我們的核心業務運作良好，因為我們專注於我們能夠控制的事情。我們正在深化與現有客戶的關係並看到收入成長。我們正在減少少量的客戶流失。

We are expanding our value proposition, and we are managing both gross margins and our operating costs to further deliver to the bottom line. We are landing more clients in every vertical around the world. Education continues to prosper well. We see strong growth in travel and B2B, and our healthcare business returned to modest revenue growth during the quarter as well.

我們正在擴大我們的價值主張，並管理毛利率和營運成本，以進一步實現盈利。我們正在全球各個垂直領域吸引更多的客戶。教育事業持續繁榮。我們看到旅遊和 B2B 業務強勁成長，我們的醫療保健業務在本季也恢復了適度的收入成長。

As well as we're doing, we continue to face a well-understood macro dynamic in our education business, specifically related to limits on foreign students imposed by the Canadian government with potential future actions by the Australian government. These have put pressure on our revenue growth rate over the last number of quarters despite very strong execution by our team.

同時，我們在教育業務中也繼續面臨眾所周知的宏觀動態，特別是與加拿大政府對外國學生的限制以及澳洲政府未來可能採取的行動有關的動態。儘管我們的團隊執行力很強，但這些問題在過去幾季仍給我們的營收成長率帶來壓力。

Even in the face of these headwinds, Flywire continues to grow at scale, helping our clients digitize large and complex payments all over the world. With that context, I am pleased to share our Q3 2024 results with all of you, demonstrating continued strong performance across our business.

即使面臨這些阻力，Flywire 仍繼續大規模發展，幫助我們的客戶在世界各地實現大額複雜支付的數位化。基於此，我很高興與大家分享我們 2024 年第三季的業績，證明我們整個業務持續表現強勁。

Revenue, less ancillary services, was $151.4 million, an increase of 29.6% year over year. Adjusted gross profit for the quarter was $101.9 million, an increase of 27.2% year over year. Adjusted EBITDA was $42.2 million for the quarter, increasing by $14.7 million year over year, and adjusted EBITDA margin expanded by nearly 429 basis points year over year with strong free cash flow conversion.

營收減去輔助服務為 1.514 億美元，年增 29.6%。本季調整後毛利為 1.019 億美元，年增 27.2%。本季調整後 EBITDA 為 4,220 萬美元，較去年同期增加 1,470 萬美元，調整後 EBITDA 利潤率較去年同期擴大近 429 個基點，自由現金流轉換強勁。

As a result of our strong growth combined with meaningful operating leverage, Flywire has been and expects to continue to be a Rule of 40 company.

由於我們強勁的成長勢頭和有意義的經營槓桿，Flywire 已經成為並預計將繼續成為「40 法則」公司。

We are proud we have built a durable business where we have been able to drive solid revenue growth, gain market share, expand our total addressable market, and deliver innovative solutions to the industries we serve. As we look ahead, our goal is to continue to balance strong top-line growth with margin expansion and deliver strong cash flows and GAAP net income profitability.

我們很自豪已經建立了持久的業務，能夠推動穩健的收入成長、獲得市場份額、擴大我們的整體目標市場，並為我們服務的行業提供創新的解決方案。展望未來，我們的目標是繼續平衡強勁的營收成長與利潤率擴張，實現強勁的現金流和 GAAP 淨收入獲利能力。

With that, I will now share some progress we made in Q3 against our three-pronged strategy of optimizing our go-to-market capabilities, expanding our Flywire advantage, and strengthening our FlyMate community.

接下來，我將分享我們在第三季度取得的一些進展，這些進展符合我們的三管齊下的策略，即優化我們的市場進入能力、擴大我們的 Flywire 優勢以及加強我們的 FlyMate 社群。

First on our go-to-market capabilities. We believe we have a data-driven and disciplined approach to how we optimize revenue growth and efficiency across sales, marketing, and customer success. We prioritize high- ROI marketing activities, ensuring our investments directly support revenue growth across our verticals.

首先是我們的市場進入能力。我們相信，我們擁有一種數據驅動且規範的方法來優化銷售、行銷和客戶成功的收入成長和效率。我們優先考慮高投資報酬率的行銷活動，確保我們的投資直接支持各個垂直領域的收入成長。

All of this rigor helps drive strong revenue growth, logo retention, pipeline development, and new client signings, and at the same time a reduction in average deal cycle time. This approach strengthens our confidence in scaling strategic investments across sales and marketing within diverse verticals and regions.

所有這些嚴謹性有助於推動強勁的收入成長、品牌保留、通路開發和新客戶簽約，同時縮短平均交易週期。這種方法增強了我們擴大不同垂直產業和地區的銷售和行銷策略投資的信心。

By testing and optimizing initiatives in one market and expanding proven successes into another while adapting only for the essential local operating requirements, we have a proven playbook that helps us optimize our impact and ensure efficient growth across geographies.

透過在一個市場測試和優化舉措，並將已證實的成功經驗擴展到另一個市場，同時僅適應基本的本地營運要求，我們擁有一套行之有效的策略，可幫助我們優化影響力並確保跨地域的有效成長。

Last quarter, we held our inaugural client conference in the United States. Modeled on the success of our conference in the UK. We brought together more than 100 colleges and universities reinforcing the significant ROI our full suite solution is delivering to institutions who use it to manage billing, one-time payments, payment plans, and past due collections.

上個季度，我們在美國舉辦了首次客戶會議。以我們在英國舉行的會議的成功為藍本。我們匯集了 100 多所學院和大學，增強了我們的全套解決方案為使用它來管理帳單、一次性付款、付款計劃和逾期收款的機構帶來的顯著投資回報率。

This event further highlighted the growth potential within our existing clients who are already using our cross-border solution and are increasingly focused on the value we can deliver from our full-suite domestic offering.

這次活動進一步凸顯了我們現有客戶的成長潛力，他們已經在使用我們的跨境解決方案，並且越來越關注我們全套國內服務所能提供的價值。

The focused efforts of our teams to integrate and cross-sell our offerings are yielding substantial results in the US market, which Rob will detail shortly. In addition to our go-to-market investments, we've also made great progress expanding our Flywire advantage.

我們的團隊致力於整合和交叉銷售我們的產品，並在美國市場取得了豐碩的成果，Rob 將很快詳細介紹。除了我們的市場投資之外，我們在擴大飛匯優勢方面也取得了巨大進展。

We remain focused on delivering product and payment innovation to power the vertical ecosystems in which we operate. In Q3, we enabled $11 billion in total payment volume across multiple payment types, including local bank transfers, credit and debit cards, and alternative payment methods. The majority of our payment volume is not card-related and is completed over our global payment network, a significant differentiator for Flywire.

我們將繼續專注於提供產品和支付創新，為我們營運的垂直生態系統提供動力。第三季度，我們實現了多種支付類型的總支付量 110 億美元，包括本地銀行轉帳、信用卡和金融卡以及其他支付方式。我們的大部分支付量與卡片無關，而是透過我們的全球支付網路完成，這是 Flywire 的一個顯著差異化因素。

Ultimately, we want to allow payers to use any and all payment options available to them in any country, allow them to transparently choose the one that they want, and provide it to them with great value informed by cost, speed, reliability, and trust.

最終，我們希望允許付款人使用任何國家/地區提供的任何付款方式，讓他們透明地選擇所需的付款方式，並根據成本、速度、可靠性和信任度為他們提供巨大的價值。

We want this transaction to complete over our global network in the most efficient and effective way possible and do so at healthy margins for Flywire. Here are just some of the ways we strengthen our global payment network and payment acceptance capabilities this quarter in the APAC region specifically.

我們希望這筆交易能夠透過我們的全球網路以最高效、最有效的方式完成，並為 Flywire 帶來豐厚的利潤。以下只是我們本季在亞太地區加強全球支付網路和支付接受度的一些方法。

We went live with our second banking partner in Vietnam, Vietnam International Bank, VIB, which augments our existing bank transfer offering and expands our presence in Vietnam, our fifth largest payer market by FX money moved. The integration provides a fully digital payment experience for payers, and our API integration with VIB increases payment processing and delivery speeds.

我們與越南的第二家銀行合作夥伴越南國際銀行(VIB) 合作，這增強了我們現有的銀行轉帳服務，擴大了我們在越南的業務，越南是我們按外匯資金轉移計算的第五大支付市場。這種集成為付款人提供了完全數位化的支付體驗，我們與 VIB 的 API 整合提高了支付處理和交付速度。

Crossing over to Singapore, we further enhanced our payment capabilities and are working with a leading university client to roll out dynamic QR codes and instant local currency bank transfers through PayNow. These types of local banking partnerships alongside our enhancements to payment acceptance capabilities further strengthen our global banking network and solidify our competitive moat for processing large complex payments both internationally and domestically.

在新加坡，我們進一步增強了我們的支付能力，並正在與一家領先的大學客戶合作，透過 PayNow 推出動態二維碼和即時當地貨幣銀行轉帳。這些類型的本地銀行合作夥伴關係以及我們對支付接受能力的增強進一步加強了我們的全球銀行網絡，並鞏固了我們處理國際和國內大型複雜支付的競爭優勢。

And finally, we continue to focus on strengthening and growing our FlyMate community. Our culture is underpinned by our commitment to building high-performance teams. We believe a cornerstone of our success is equipping our FlyMates with the right tools, training, and other resources necessary to build their careers of a lifetime here at Flywire.

最後，我們將繼續致力於加強和發展我們的 FlyMate 社群。我們的文化以我們致力於打造高績效團隊為基礎。我們相信，我們成功的基石是為我們的 FlyMate 配備適當的工具、培訓和其他必要資源，以便他們在 Flywire 打造一生的職業生涯。

Lastly, our thoughts go out to our FlyMates based in Valencia, Spain as they deal with the impacts of the historic flooding that took place just about a week ago. While we have had minimal business impact from the effects of the natural disaster, we continue to work directly with our FlyMates in the region to identify emerging needs and provide support to the local community as they recover.

最後，我們向位於西班牙瓦倫西亞的 FlyMates 表示慰問，他們正在應對一週前發生的歷史性洪水帶來的影響。雖然我們的業務受到自然災害的影響很小，但我們仍繼續與該地區的 FlyMates 直接合作，以確定新出現的需求，並在當地社區恢復期間提供支援。

I continue to be inspired each day by the efforts of FlyMates all over the world that dedicate their time and resources to serving others and supporting their local communities.

我每天都受到世界各地 FlyMates 的努力的啟發，他們奉獻自己的時間和資源來服務他人並支持當地社區。

In closing, I am pleased with the results we delivered in the third quarter. Performing well in spite of the headwinds from Canada underscores the resilience of our business, the ingenuity of our people, and execution of our unique strategy across industries and geographies.

最後，我對我們第三季的業績感到滿意。儘管面臨來自加拿大的阻力，我們仍然表現良好，這凸顯了我們業務的韌性、員工的聰明才智以及我們跨行業和跨地區獨特策略的執行力。

I would now like to turn the call over to Rob Orgel to review some operational highlights from the quarter. Rob?

現在，我想將電話轉給 Rob Orgel，讓他回顧一下本季的一些營運亮點。搶？

Thanks, Mike. It was another strong quarter of growth and adjusted EBITDA performance for the company. We have added more than 200 clients across all four core verticals with new clients in the travel vertical, modestly outnumbering those added in education.

謝謝，麥克。這是該公司又一個成長和調整後 EBITDA 表現強勁的季度。我們在四個核心垂直領域增加了超過 200 個客戶，其中旅遊垂直領域的新客戶數量略多於教育領域新增的客戶數量。

Healthcare returned to growth for Q3 compared to last year's Q3, and we continued to focus on go-to-market scale and efficiency in Q3 and saw year-over-year improvements in both pipeline creation and average deal length across the business.

與去年第三季相比，醫療保健產業在第三季恢復了成長，我們繼續專注於第三季的市場進入規模和效率，整個業務的通路創建和平均交易長度都比去年同期有所改善。

This quarter's results were driven by the continued execution of our five strategic growth pillars, which include growth with existing clients, new client wins, expansion to new industries, geographies, and products, and finally, growth from our strategic value-enhancing acquisitions.

本季的業績得益於我們五大策略成長支柱的持續執行，包括現有客戶的成長，新客戶的贏得，新產業、新地區和新產品的擴張，以及最終透過策略增值收購實現的成長。

Let me show how these pillars worked across our verticals. I'll start with education, our largest vertical. As most of you know, Q3 has typically been our seasonally largest quarter tied to it being the peak tuition period in the US, UK, and several other major student education markets.

讓我展示一下這些支柱如何在我們的垂直領域中發揮作用。我先從我們最大的垂直產業——教育開始。大多數人都知道，第三季通常是我們季度中最大的季度，因為它是美國、英國和其他幾個主要學生教育市場的學費高峰期。

This Q3 included strength across multiple geographies, products, and education subsectors, and also showed resilience in the face of several notable pressures tied to visa and immigration policy shifts. Most notably, the UK was a major growth market, and the strength in the UK came from a broad range of source countries.

第三季度，多個地區、產品和教育子行業均表現強勁，在面對與簽證和移民政策變化相關的若干顯著壓力時也表現出韌性。最值得注意的是，英國是一個主要的成長市場，英國的實力來自廣泛的來源國。

Our US and UK growth, combined with growth in many emerging destination markets, all reflect the increasing diversity of our client base, increased resilience to changes in student country preferences, and the impacts of our agent and overall growth strategy. To go even further into the underlying strength of the business, in our UK higher education segment, revenue growth accelerated this quarter on a year-over-year basis.

我們在美國和英國的成長，加上許多新興目的地市場的成長，都反映了我們客戶群的日益多樣化，對學生國家偏好變化的增強的適應能力，以及我們的代理和整體成長策略的影響。進一步了解業務的潛在優勢，在我們的英國高等教育部門，本季的收入成長同比有所加快。

Note that approximately a third of the UK education revenue added year over year was driven by new customers and roughly the other two-thirds coming from existing clients, showing our ability to drive revenue with existing and new clients. A few examples here would include recent go-lives with clients such as University of Manchester and deeper ERP integrations that help drive share gains with existing clients such as City, University of London.

請注意，英國教育收入年增約三分之一來自新客戶，其餘約三分之二來自現有客戶，這表明我們有能力透過現有和新客戶創造收入。這裡的一些例子包括最近與曼徹斯特大學等客戶進行的上線，以及更深入的 ERP 集成，這有助於推動與倫敦城市大學等現有客戶的份額成長。

Our product has been shown to deliver strong ROI to universities and is highly differentiated in the market, helping sustain a strong win rate and higher share gains. In our US education segment, nearly a thousand institutions in the US rely on Flywire to streamline the cross-border tuition payment experience for their international students.

事實證明，我們的產品能夠為大學帶來強勁的投資回報率，並在市場上具有高度的差異化，有助於維持強勁的勝率和更高的份額成長。在我們的美國教育領域，美國近一千家機構依靠 Flywire 來簡化其國際學生的跨境學費支付體驗。

Flywire a full suite solution, including our domestic tuition payment platform, addresses some of the most challenging issues in domestic payments such as managing dynamic payment plans and past due collections, which are important components of our full suite solution.

Flywire 是一套全套解決方案，包括我們的國內學費支付平台，解決了國內支付中一些最具挑戰性的問題，例如管理動態支付計劃和逾期收款，這些都是我們全套解決方案的重要組成部分。

This quarter, we went live with one of the largest private accredited art and design schools in the nation. We initially signed with this institution back in 2014 for our cross-border payments processing solution and went live with our full-suite student financial services solution during this quarter to help automate back-office reconciliation efforts that previously required a lot of manual efforts by staff. Overall, we continue to see a long runway of existing cross-border-only clients to add to our domestic payment offerings.

本季度，我們與國內最大的私立認證藝術與設計學校之一合作。我們最初於2014 年與該機構簽署了跨境支付處理解決方案，並在本季度推出了全套學生金融服務解決方案，以幫助實現後台對帳工作的自動化，而此前這些對帳工作需要工作人員進行大量手動操作。總體而言，我們繼續看到現有的跨境客戶長期加入我們的國內支付服務。

With that, I'll pivot toward our Canadian and Australian education market segments. Canada remains a very challenging international student market for both Canadian higher education institutions and for Flywire. Recent developments don't suggest a prompt recovery in international student growth in Canada. Canada and India continue to have tense political dialogue, and Canada is continuing down the path of restrictive immigration policies.

因此，我將把重點轉向加拿大和澳洲的教育市場領域。對於加拿大高等教育機構和 Flywire 來說，加拿大仍然是一個非常具有挑戰性的國際學生市場。最近的發展並不表明加拿大的國際學生數量會迅速增長。加拿大和印度的政治對話持續緊張，加拿大繼續推行限制移民政策。

It is hard to predict how many of the available seats within the caps will actually get filled by international students and in which periods. So we are taking a long view on Canada and continue to work hard to serve existing clients, expand our client footprint by winning more Canadian institutions, and expand our product footprint in that market.

很難預測限額內的可用席位中有多少實際上會被國際學生填補，以及在哪些時期。因此，我們對加拿大有著長遠的眼光，並繼續努力服務現有客戶，透過贏得更多加拿大機構來擴大我們的客戶足跡，並擴大我們在該市場的產品足跡。

In the absence of better news that builds demonstrated momentum with student volumes, we are preparing for 2025 revenue in Canada to be relatively flat with 2024. There are headlines about caps and immigration policy emerging from Australia as well.

在沒有更好的消息來證明學生人數的成長勢頭的情況下，我們準備將 2025 年加拿大的收入與 2024 年的收入相對持平。澳洲也出現了有關限制和移民政策的新聞頭條。

Australian education is a smaller market for us compared to Canadian education. Overall Australian education is a high single-digit percentage of our revenue which includes our legacy higher education cross-border revenue and revenue related to our acquisitions of StudyLink and Cohort Go. Yet we are seeing early moderation in the revenue growth rate, and we are watching Australian developments closely. We will provide guidance for our expectations for 2025 next quarter.

與加拿大教育相比，澳洲教育對我們來說是一個較小的市場。總體而言，澳洲教育占我們收入的個位數較高百分比，其中包括我們傳統的高等教育跨境收入以及與我們收購 StudyLink 和 Cohort Go 相關的收入。然而，我們看到收入成長率早期出現放緩，我們正在密切關注澳洲的發展。我們將在下個季度提供 2025 年的預期指引。

Now, moving on to travel, we have the travel vertical expertise, client support know-how, and integrations into commonly used travel-specific ERP systems of record that allow us to win against or replace both local and regional payment processors, as well as some of our larger vertical agnostic competitors in the space.

現在，我們談到旅遊，我們擁有旅遊垂直專業知識、客戶支援專業知識以及與常用旅遊專用 ERP 記錄系統的集成，這些使我們能夠戰勝或取代本地和區域支付處理器，以及我們在該領域的一些較大的垂直不可知競爭對手。

During the quarter, several of the new clients signed came from Flywire replacing direct competitors in the travel vertical. For example, we signed Ansova Travel, a luxury travel provider based in Ho Chi Minh City, Vietnam that creates customized journeys through Vietnam, Cambodia, Laos, and Thailand. Ansova chose to replace their prior payments provider with Flywire due to our travel vertical expertise and dedicated client support team.

本季度，簽約的幾位新客戶來自飛匯，取代了旅遊垂直領域的直接競爭對手。例如，我們簽署了總部位於越南胡志明市的豪華旅行提供商 Ansova Travel，該公司提供穿越越南、柬埔寨、寮國和泰國的客製化旅程。由於我們擁有旅遊垂直專業知識和專門的客戶支援團隊，Ansova 選擇以 Flywire 取代其先前的支付提供者。

Since going live during the quarter, the client has exceeded our expectations around platform utilization, and we look forward to continuing to support their growth. We are also seeing momentum moving up market in terms of sizing larger projected ARR clients.

自從本季上線以來，客戶在平台利用率方面已經超出了我們的預期，我們期待繼續支持他們的成長。我們也看到，就預期 ARR 客戶規模而言，市場呈現上升動能。

For example, this quarter, we signed Karma Group, a luxury accommodations provider with over 40 properties across Asia and Europe that was attracted by Flywire's efficient flows, strong ERP integrations, cross-border network, and split payment functionality. Flywire is starting to get brand recognition and referrals in this luxury accommodation subvertical.

例如，本季度，我們簽約了Karma Group，這是一家在亞洲和歐洲擁有40 多家酒店的豪華住宿提供商，該集團被Flywire 高效的流程、強大的ERP 集成、跨境網絡和分期付款功能所吸引。Flywire 開始在這個豪華住宿垂直領域獲得品牌認可和推薦。

Overall, we remain excited about the opportunities in the travel vertical. We are still in the early innings of our growth journey. In healthcare, I'll highlight the return to modest year-over-year revenue growth this quarter, thanks to both new clients and deepening partner relationships. We expanded our relationship with our client Banner Health to manage payments across the health system's extensive footprint of over 30 sites.

總體而言，我們仍然對旅遊垂直領域的機會感到興奮。我們仍處於成長之旅的初期。在醫療保健領域，我要強調的是，由於新客戶的加入和合作夥伴關係的不斷加深，本季度醫療保健收入比去年同期實現了適度增長。我們擴大了與客戶 Banner Health 的關係，以管理整個醫療系統覆蓋的 30 多個站點的付款。

To help Banner provide an improved patient experience and a consolidated billing experience, among other operational benefits, we work together on a new integrated solution called Banner One that brings some of their affiliated partner practices onto the Flywire platform. This allows Banner patients to view and pay more of their bills associated with their care in one place, which previously required separate logins.

為了幫助 Banner 提供更好的患者體驗和整合的計費體驗以及其他營運優勢，我們共同開發了一種名為 Banner One 的新整合解決方案，將他們的一些附屬合作夥伴實踐引入 Flywire 平台。這使得 Banner 的患者可以在一個地方查看和支付更多與其護理相關的帳單，而以前需要單獨登入。

Prior to this new initiative, Banner has already seen a 38% reduction in bad debt expense as a percentage of net revenue since going live with Flywire solution.

在實施這項新措施之前，Banner 自採用 Flywire 解決方案以來，壞帳費用佔淨收入的比例已降低了 38%。

Finally, moving to our B2B vertical, this quarter, we saw organic revenue growth well above the corporate average on a year-over-year basis, albeit off of a smaller base compared to our other verticals. Our strategy involves a focus on subverticals believing that this focus and subject matter expertise that comes with it can help us expand and win faster in the subverticals.

最後，轉向我們的 B2B 垂直市場，本季度，我們看到有機收入成長率遠高於去年同期的企業平均水平，儘管與我們的其他垂直市場相比，基數較小。我們的策略是專注於子垂直行業，我們相信這種關注和隨之而來的專業知識可以幫助我們在子垂直行業中更快地擴張和獲勝。

We continue to have great traction within the insurance subvertical of B2B from a combination of in-person events, digital acquisition, and direct sales outreach. For example, this quarter, we brought on new clients including Redbridge and reinsurance and consulting services provider focused on Latin America and the Caribbean.

透過現場活動、數位收購和直接銷售推廣等方式，我們繼續在 B2B 保險垂直領域保持強勁勢頭。例如，本季度，我們引入了新客戶，包括Redbridge以及專注於拉丁美洲和加勒比地區的再保險和諮詢服務提供者。

Through a single integration, Redbridge utilizes Flywire to offer dozens of local payment options to their members and agents, while significantly reducing manual work throughout the billing and collections process.

透過單一集成，Redbridge 利用 Flywire 為其會員和代理商提供數十種本地支付選項，同時顯著減少整個計費和收款過程中的手動工作。

This collaboration strengthens Flywire insurance market positioning while paving the way for expanded use cases with Redbridge across their insurance business segments. We also saw integration progress following last quarter's acquisition of invoiced.

此次合作加強了 Flywire 保險市場的定位，同時為 Redbridge 在其保險業務部門中擴大使用案例鋪平了道路。繼上個季度收購 Invoice 之後，我們也看到了整合進展。

We have introduced a fully integrated software and payment solution to clients and prospects, and we are able to sell software payments or the integrated software and payment solution. We have our first client live and transacting on the joint solution, and we have built an active pipeline of more than 50 businesses that we expect to start to close in the coming months.

我們向客戶和潛在客戶推出了完全整合的軟體和支付解決方案，並且我們能夠銷售軟體支付或整合的軟體和支付解決方案。我們的第一位客戶已經在聯合解決方案上線並開始交易，我們也建立了超過 50 家企業的活躍管道，預計未來幾個月內將開始完成交易。

I will now turn the call over to Cosmin to provide an update on our financial performance this quarter.

現在我將把電話轉給科斯明，讓他介紹我們本季的財務表現。

Thank you, Rob, and good afternoon, everyone. First, I'd like to thank our clients, partners, and employees for helping us deliver another strong quarter.

謝謝你，羅布，大家下午好。首先，我要感謝我們的客戶、合作夥伴和員工幫助我們又取得了一個強勁的季度業績。

Today, I'll provide an overview of our results for the third quarter and then discuss our outlook for Q4 and the fiscal year. We beat the high end of our revenue range and our adjusted EBITDA guidance and are raising our full year revenue and adjusted EBITDA margins expectations despite the external macro headwind.

今天，我將概述我們第三季的業績，然後討論我們對第四季和財年的展望。儘管面臨外部宏觀阻力，但我們的收入仍超出預期，且調整後 EBITDA 利潤率也超出預期，並且我們提高了全年收入和調整後 EBITDA 利潤率的預期。

At the midpoint, we are a Rule of 40 company as defined as revenue less ancillary services growth plus adjusted EBITDA margin.

從中間點來看，我們是一家「40規則」公司，定義為收入減去輔助服務成長加上調整後的 EBITDA 利潤率。

Turning to our performance this quarter, starting with revenue. Revenue less ancillary services was $151.4 million in Q3, representing a 29.6% year-over-year growth rate despite a high single digit percentage point headwind related to our Canadian higher education business. Q3 revenue came in above expectations beating our midpoint, driven primarily by two factors.

談談我們本季的表現，先從收入開始。第三季減去輔助服務的收入為 1.514 億美元，儘管與加拿大高等教育業務相關的阻力高達個位數百分點，但同比增長率仍為 29.6%。第三季營收超出預期，超過了我們的中間值，主要受兩個因素推動。

First, the education vertical was stronger compared to our expectations during the peak tuition season, in particular from a strong UK performance. As noted before, while we try to anticipate the timing of Q3 versus Q4 in tuition payments, there are small shifts in seasonality every year with this year seeing a stronger-than-expected Q3 timing.

首先，在學費旺季，教育垂直產業的表現超出了我們的預期，尤其是英國的強勁表現。如前所述，雖然我們試圖預測第三季與第四季學費支付的時間，但每年的季節性都會有細微的變化，今年第三季的時間安排強於預期。

Second, FX rates created a tailwind of approximately $2.5 million during the quarter as the US dollar continued to weaken versus the 630 spot rates. We continue to see strong volume growth with total payment volumes during the quarter reaching $11 billion, nearly double the average TPV of the prior two quarters, and growing 24% year over year, driven by a strong education peak season reflecting the strength and scale of our platform and operational capabilities.

其次，由於美元兌 630 現貨匯率持續走弱，外匯匯率在本季產生了約 250 萬美元的順風。我們繼續看到強勁的交易量成長，本季的總支付量達到 110 億美元，幾乎是前兩個季度平均 TPV 的兩倍，同比增長 24%，這得益於教育旺季的強勁增長，反映了我們的平台和營運能力。

From a monetization standpoint, our spreads have remained relatively consistent and in line with the last several reporting quarters. Looking at the two components of our revenue, transaction revenue is primarily based on fees as a percent of transaction value, while platform and other revenues consist largely of fees earned from software subscription and usage-based fees.

從貨幣化的角度來看，我們的利差保持相對穩定，與過去幾個報告季度保持一致。從我們收入的兩個組成部分來看，交易收入主要基於交易價值的百分比費用，而平台和其他收入主要包括軟體訂閱費用和基於使用的費用。

Starting with transaction revenue, we saw a 28.9% year-over-year increase driven by 32% increase in transaction-related payment volume, primarily in our international education subvertical, as well as our travel vertical.

從交易收入開始，我們看到年增 28.9%，這得益於交易相關支付量成長 32%，主要集中在國際教育垂直領域以及旅遊垂直領域。

Platform and other revenues increased 34.8% year over year, primarily driven by the platform fees that do not carry payment volumes. Specifically, revenue associated with the contribution from StudyLink of $1.8 million and invoiced acquisition of $0.9 million. Platform-related payment volumes of $2.2 billion were up 1% year over year as some of our platform revenues include software revenues that do not have associated TPV volumes.

平台及其他收入年增34.8%，主要由於不包含支付量的平台費用。具體而言，與 StudyLink 貢獻相關的收入為 180 萬美元，與發票收購相關的收入為 90 萬美元。平台相關22 億美元的支付量年增 1%，因為我們的部分平台收入包括沒有相關 TPV 量的軟體收入。

Adjusted gross profit increased to $101.9 million during the quarter, up 27.2% year over year. Adjusted gross profit margin was 67.3% for Q3 2024, which is a decline of about 130 basis points compared to Q3 2023. Business mix continues to put downward pressure with travel and B2B growing faster with the more prevalent use of credit cards, partially offset by stronger trends across our main education corridors and continued payment costs optimization.

本季調整後毛利增至 1.019 億美元，年增 27.2%。2024 年第三季調整後毛利率為 67.3%，與 2023 年第三季相比下降約 130 個基點。隨著信用卡使用的越來越普遍，旅遊和B2B業務成長越來越快，業務組合繼續帶來下行壓力，但我們主要教育管道的強勁趨勢和持續的支付成本優化部分抵消了這種壓力。

Note that FX shifts that occurred during settlement of transactions, such as the negative impact this quarter are largely offset by FX hedges, which are booked in opex resulting in a mitigated impact on adjusted EBITDA.

請注意，交易結算期間發生的外匯變化（例如本季的負面影響）在很大程度上被外匯對沖所抵消，這些對沖計入營運支出，從而減輕了對調整後 EBITDA 的影響。

Adjusted EBITDA was $2.2 million above the midpoint of our guide and grew to $42.2 million for the quarter compared to $27.5 million in Q3 2023. Adjusted EBITDA margin was up 429 bps year over year. Let me unpack how we balance driving top-line growth with long-term productivity and incremental margins by optimizing all of our operations and support functions.

調整後的 EBITDA 比我們的指導中點高出 220 萬美元，與 2023 年第三季的 2,750 萬美元相比，本季成長至 4,220 萬美元。調整後的 EBITDA 利潤率年增 429 個基點。讓我來解釋一下如何透過優化我們的所有營運和支援功能來平衡推動營收成長與長期生產力和增量利潤。

We're looking at opex both as a percent of revenue less ancillary services and percent of adjusted gross profit, both in the quarter but also of the trailing 12 months to account for seasonality, and setting long-term, best-in-class productivity targets across our key metrics.

我們將營運支出視為收入減去輔助服務的百分比以及調整後毛利的百分比，既包括本季度，也包括過去 12 個月，以考慮季節性因素，並設定長期、一流的生產力我們的關鍵指標目標。

First, starting with sales and marketing spend of $27 million in Q3 represented 17.8% of revenue and 26.5% of gross profit, improving by 160 bps and 184 bps year over year, respectively. We continue to invest in our go-to-market capabilities, especially across travel and B2B verticals, while at the same time, streamlining our go-to-market functions to improve our LTV to CAC metrics.

首先，第三季銷售和行銷支出為 2,700 萬美元，佔營收的 17.8% 和毛利的 26.5%，年比分別提高 160 個基點和 184 個基點。我們將繼續投資於我們的市場進入能力，特別是在旅遊和 B2B 垂直領域，同時簡化我們的市場進入功能以改善我們的 LTV 與 CAC 指標。

Second, G&A spend of $21.3 million in Q3 represented 14.1% of revenue and 20.9% of gross profit, improving by 323 bps and 432 bps year over year, respectively. As we invest in our data capabilities, we expect to continue to optimize and drive productivity across our customer funnel and automation in our operational and functional areas.

其次，第三季的一般及行政管理費用為 2,130 萬美元，佔營收的 14.1% 和毛利的 20.9%，分別比去年同期提高了 323 個基點和 432 個基點。隨著我們對數據能力的投資，我們希望繼續優化並提高整個客戶管道的生產力以及營運和職能領域的自動化。

Finally, our technology and development spend of $11.9 million in Q3 represented 7.9% of revenue and 11.7% of gross profit, respectively improving by 70 bps and 81 bps year over year as we continue to gain scale in our platform and engineering productivity.

最後，隨著我們平台和工程生產力的不斷擴大，我們在第三季度的技術和開發支出為1,190 萬美元，佔收入的7.9% 和毛利的11.7%，分別比去年同期提高了70 個基點和81 個基點。

To close out the income statement. In Q3, GAAP net income was $38.9 million, improving year over year by approximately $28.3 million. Q3 includes an income tax benefit of approximately $8.3 million based on full year tax estimates and the mid-single-digit millions FX gains on intercompany balances, which we don't expect to recur in Q4.

結清損益表。第三季度，GAAP淨收入為3,890萬美元，年增約2,830萬美元。第三季包括根據全年稅收估計得出的約 830 萬美元的所得稅收益和公司間餘額的中個位數數百萬美元的外匯收益，我們預計這筆收益不會在第四季度再次出現。

Our balance sheet remains strong. We ended the quarter with $721.5 million of cash, cash equivalents, and investments with no outstanding debt. Turning to capital allocation. We continue generating strong cash flows in the third quarter and repurchased 1.3 million shares for roughly $23 million inclusive of commissions under our share repurchase program.

我們的資產負債表依然強勁。截至本季末，我們的現金、現金等價物及投資總額為 7.215 億美元，且無未償還債務。轉向資本配置。我們在第三季繼續產生強勁的現金流，並根據我們的股票回購計畫回購了 130 萬股，價值約 2,300 萬美元（包括佣金）。

We also utilize $45 million net of cash acquired for the acquisition of invoiced. Our capital allocation priorities remain the same. We'll continue investing organically, making strategic acquisitions, and execute our buyback opportunistically to take advantage of short-term dislocations in our equity value as we focus on executing and building long-term value for our shareholders.

我們也利用 4,500 萬美元的淨現金來收購發票。我們的資本配置重點維持不變。我們將繼續進行有機投資，進行策略性收購，並適時進行回購，以利用股權價值的短期錯位，因為我們專注於為股東實現和創造長期價值。

Moving on to guidance. For full year 2024, we're flowing through the Q3 beat and holding Q4 in line with prior midpoint of guidance across revenue and adjusted EBITDA. On an FX-neutral basis across second half, were approximately in line with our prior revenue guidance midpoint.

繼續指導。就 2024 年全年而言，我們將順利完成第三季的業績，並使第四季度的收入和調整後 EBITDA 與先前預期的中點保持一致。按下半年的外匯中性基礎計算，大約與我們先前的收入預期中位數一致。

For full year 2024, we expect revenue to be in the range of $479 million to $485 million based on spot foreign exchange rates as of September 30th, 2024. This represents a year-over-year growth rate of approximately 26% at the midpoint.

對於 2024 年全年，我們預計收入將在 4.79 億美元至 4.85 億美元之間，基於 2024 年 9 月 30 日的即期外匯匯率。這意味著中間值的同比增長率約為 26%。

For 2024, we're raising the low end of our full year adjusted EBITDA outlook in the range of $76 million to $80 million. At the midpoint, our full year 2024 guidance, we expect to generate approximately 520 basis points of adjusted EBITDA margin improvement on a year-over-year basis. This improvement reflects opex efficiencies and cost discipline across the teams, allowing us to look ahead toward sustained GAAP net income profitability as we exit into next year and beyond.

對於 2024 年，我們將全年調整後 EBITDA 預期的低階上調至 7,600 萬美元至 8,000 萬美元之間。根據我們 2024 年全年指引的中點，我們預計調整後的 EBITDA 利潤率將年增約 520 個基點。這項改進反映了整個團隊的營運支出效率和成本紀律，使我們能夠展望明年及以後持續的 GAAP 淨收入獲利能力。

Shifting to Q4 2024, revenue and adjusted EBITDA remain approximately in line with our prior midpoints of guidance.

轉向 2024 年第四季度，收入和調整後的 EBITDA 仍與我們先前指導的中點大致一致。

Revenues are expected to be in the range of $118 million to $124 million. A few puts and takes as guidance context for Q4. This includes a benefit of approximately $2 million mostly from the invoiced acquisition and very low single-digit million dollars FX tailwind year over year. And as noted, we did see a stronger Q3 seasonality versus expectations across second half of 2024.

預計收入在 1.18 億美元至 1.24 億美元之間。以下列出一些可作為第四季指導內容的事項。這包括約 200 萬美元的收益，主要來自發票收購，以及同比極低的個位數百萬美元的外匯順風。如前文所述，我們確實看到 2024 年下半年第三季的季節性表現強於預期。

We expect Q4 adjusted EBITDA to be in the range of $15 million to $19 million, implying about a 600 bps margin increase at the midpoint on a year-over-year basis. In closing, we are agile and disciplined in terms of managing our costs. We remain optimistic about our product differentiation, the diversity of our business model, profitable growth opportunities across all our verticals, and our ability to deliver significant shareholder value.

我們預計第四季度調整後的 EBITDA 在 1,500 萬美元至 1,900 萬美元之間，這意味著中間值利潤率與去年同期相比增加約 600 個基點。最後，我們在成本管理方面靈活且嚴謹。我們對我們的產品差異化、我們商業模式的多樣性、我們所有垂直領域的獲利成長機會以及我們為股東創造重大價值的能力保持樂觀。

As Mike said, our ambition remains to double the size of our revenue over the next several years, continuing to be a Rule of 40 company with strong cash flow generation while pivoting to sustaining GAAP net income profitability.

正如麥克所說，我們的目標仍然是在未來幾年內將我們的收入翻一番，繼續成為一家擁有強勁現金流的「40規則」公司，同時致力於維持 GAAP 淨收入獲利能力。

I'll now turn it back over to the operator for questions. Operator?

現在我將把電話轉回給接線員以便回答問題。操作員？

(Operator Instructions) Darrin Peller, Wolfe Research.

（操作員指示） Darrin Peller，Wolfe Research。

Hey, guys, thanks. Thank you. Maybe just start off with, first of all, the customer ads continue to trend well. And so, maybe if you could help us understand the 200-plus ads, breaking it down by subcategory verticals you're seeing traction, whether it's travel or education still.

嘿，夥計們，謝謝您。謝謝。也許首先，客戶廣告持續呈現良好趨勢。因此，如果您能幫助我們理解這 200 多個廣告，並按您看到的關注度較高的子類別垂直細分，無論是旅遊還是教育。

And obviously just reminding us what's driving those new ads. And then maybe just a little more color on the subsegment strength. Again obviously the nuances on the government impacts from Australia and Canada, but putting that aside, I mean, how the growth is really trending in the education side would be helpful. Thanks guys.

顯然這只是提醒我們推動這些新廣告的因素。然後也許只需要在子段強度上添加更多顏色。顯然，澳洲和加拿大政府的影響力存在細微差別，但拋開這一點不談，我的意思是，了解教育的成長趨勢究竟如何將會有所幫助。謝謝大家。

Yeah, Darrin, I can jump in and start with that. So let me start with your point on the customers and then talk a little bit more broadly about the verticals. So as you called out once again, another quarter with over 200 net new additions. For each of the past couple of calls, I've outlined whether it was EDU or travel that came out on the top as the numbers have been relatively close for a sequence of quarters.

是的，達林，我可以從那裡開始。那麼，讓我先從關於客戶的觀點開始，然後再更廣泛地談論垂直領域。正如您再次提到的，另一個季度的淨新增人數超過 200 人。在過去的幾次電話會議中，我都概述了教育或旅遊是否名列前茅，因為在一系列季度中，這兩個數字相對接近。

This time travel came out slightly above EDU, but if you look in both of them, we saw the kind of diversity that we like across the client wins. So focusing first on the travel, they were across our subsegments and nicely distributed. If you look in EDU, they were distributed across our subsegments, but also very broadly distributed geographically, right, wins in the Americas, wins in Europe, and wins across the Asia Pacific region. Healthcare, it's always a much smaller number of deals, but positive deals there.

這次時間旅行的結果略高於 EDU，但如果你看一下這兩者，我們會發現客戶端獲勝體現了我們喜歡的多樣性。因此，我們首先關注的是旅行，它們遍布我們的各個細分市場，並且分佈良好。如果你看看 EDU，它們分佈在我們的各個子領域，而且在地理上分佈也非常廣泛，在美洲獲勝，在歐洲獲勝，在亞太地區獲勝。醫療保健領域的交易數量總是少得多，但交易卻是正面的。

And we did call out in my comments that the B2B wins were actually up notably over Q3 in the prior year. So overall, the other question you often ask is around ARR. Average ARR per deal was down just a bit. So but still feeling good about where we are on our progress for the year, if you add up the progress over the last couple of quarters plus these results for Q3.

我們確實在評論中指出，B2B 收益實際上比去年第三季有顯著成長。所以總的來說，您經常問的另一個問題是關於 ARR。每筆交易的平均 ARR 略有下降。因此，如果將過去幾季的進展加上第三季的結果加起來，我們仍然對今年的進展感到滿意。

So if you look at that, that was the customer count and a little bit of analysis there. If you want to talk about the verticals, again, felt good about our vertical progress. So education growing right in line with the company average. If you look at B2B growing meaningfully above the company average on an organic basis and even more if you take into account the contribution from invoiced.

所以如果你看一下，那就是客戶數量和一點點分析。如果您想談論垂直領域，再次，對我們的垂直進展感到滿意。因此教育成長與公司平均值一致。如果您觀察 B2B 在有機基礎上的成長情況，您會發現其成長速度明顯高於公司平均水平，如果考慮到發票的貢獻，其成長速度甚至會更高。

If you look in the travel business, again, continuing to grow very nicely. Ad happy to call out healthcare as having returned to growth, albeit modest growth. We're happy to see that result.

如果你看一下旅遊業，你會發現它仍然保持著良好的成長勢頭。廣告高興地宣布醫療保健已恢復成長，儘管成長幅度不大。我們很高興看到這個結果。

That's encouraging to hear, especially on the healthcare side. I appreciate that. And just thinking about the opportunities and what you see in the market from a regulatory landscape standpoint. I mean, anything you can help us with understanding in terms of incremental risks or you think we have a pretty good handle on where things are now from what we saw the last couple of quarters already? Just anything new I guess on your side. Thanks, again.

聽到這個消息令人鼓舞，特別是在醫療保健方面。我很感激。只是從監管環境的角度來思考機會以及您在市場中看到的情況。我的意思是，您能否幫助我們了解增量風險，或者您認為從過去幾季的情況來看，我們對當前的情況有很好的把握？我猜你這邊只是一些新事物。再次感謝。

Yeah, I mean, I'll sort of hit the high points of some of my comments. Look the two countries that this is a conversation about are predominantly Canada and Australia. In Canada, what we've seen is that there's both a political stress associated with the largest corridor there, which is the India to Canada corridor, as well as the Canadian government continuing to basically hold the tone of a relatively firm policy there that would limit students.

是的，我的意思是，我會大致談談我的一些評論的重點。看看這次談話中涉及的兩個國家主要是加拿大和澳洲。在加拿大，我們看到，該國最大的走廊，即印度至加拿大走廊，面臨政治壓力，而加拿大政府繼續基本上保持相對堅定的政策基調，這將限制學生。

So the high point of what I called out there or the key point I should say is that the effect of all that has been meaningful demand destruction in terms of the number of students that are applying and therefore, having the chance to go against that cap.

因此，我在這裡所說的重點或關鍵點是，所有這些的影響都對申請人數產生了重大需求破壞，因此有機會突破上限。

If you look what it means for us, we continue to execute very well in Canada in terms of new client acquisition, in terms of land and expand, like all of our usual things continue to work. And so, you can think of that relatively flat as being the product of continuing to expand with and land new clients.

如果你看看這對我們意味著什麼，我們在加拿大的新客戶獲取、土地和擴張方面繼續表現良好，就像我們所有平常的事情一樣繼續運作。因此，您可以認為這種相對平穩的成長是公司不斷擴張和獲得新客戶的結果。

But in an environment where you sort of think of that same-store sales as having the potential to still be negatively impacted by this demand destruction when we compare what we anticipate for next year versus the current year.

但是，當我們將明年的預期與今年的預期進行比較時，您會發現同店銷售額仍然有可能受到這種需求破壞的負面影響。

And Australia, just to cover that, look, it's a very different thing, right? Canada, frankly it's down to sort of high single-digit percentage of revenue. So it's not the size business. I would remind you that when we talked about this a year ago, but if you look at Australia, it's a mid to high single-digit percentage of our revenue, but the climate there is not nearly as challenging as what I just described for Canada.

而澳大利亞，僅就這一點而言，看，這是一個非常不同的事情，對嗎？坦白說，加拿大的收入只佔個位數的較高百分比。所以這不是規模的問題。我想提醒大家，我們一年前就討論過這個問題，但如果你看看澳大利亞，這只占我們收入的中高個位數百分比，但那裡的環境並不像我剛才描述的加拿大那麼具有挑戰性。

So we've overall assumed that there'll be a moderation of the growth rate there. So it was well above the corporate average this year. We assume that it will go to at or below the corporate average next year but continue overall to be a growth market for us.

因此我們總體上假設那裡的成長率將會有所放緩。因此，今年的業績遠高於企業平均。我們預計明年其銷售額將達到或低於企業平均水平，但總體而言對我們來說仍是一個成長型市場。

And Darren, this is Mike. I'll just jump in, and I'll cover the US. As I know there's a a lot of questions probably coming out around just the US administrative change.

達倫，這是麥克。我就直接跳進去，報道美國的情況。據我所知，圍繞美國行政變革可能會出現很多問題。

I think there have been positive comments -- time to continue to watch what policy could evolve, but there's been positive comments around supporting legal immigration, potentially even green card ownership for international students, which would be a positive.

我認為已經有一些積極的評論——我們需要繼續關注政策的演變，但是對於支持合法移民，甚至可能為國際學生提供綠卡，已經有一些積極的評論，這將是積極的。

The US is the number one market, and as you look at places like Canada and Australia potentially being restrictive, I think the US has an opportunity to grow and obviously, we're going to watch that market closely as well just in the global numbers of international students.

美國是第一大市場，而加拿大和澳洲等地可能會採取限制措施，我認為美國有成長的機會，顯然，我們也將密切關注該市場，從全球數據來看國際學生。

John Davis, Raymond James.

約翰戴維斯、雷蒙詹姆斯。

Hey, afternoon, guys. Cosmin and Mike, I just wanted to put together two of your comments in the release and in the prepared remarks. Cosmin, you talked about continuing to be a Rule of 40 company. And then Mike, I think you said you expect to double the business over the next several years.

嘿，大家下午好。科斯明和麥克，我只是想把你們在新聞稿和準備好的發言中的兩則評論放在一起。科斯明，您談到了繼續成為一家遵守 40 條規則的公司。然後麥克，我想你說過你希望在未來幾年內業務翻一番。

So given margin guidance this year is about 16% and what your mid-term targets are, so we can think about margins probably being in the 20%-ish range next year? So I think doubling the business over the next, call it three years was probably kind of mid-20s growth. But just any comments on how we should think about the growth of the business from here, understanding you've got some headwinds from Australia heading into 25?

那麼，考慮到今年的利潤率指導價約為 16% 以及您的中期目標是什麼，我們可以認為明年的利潤率可能在 20% 左右嗎？所以我認為在未來三年內業務翻倍可能就是 20% 左右的成長。但是，對於我們應該如何看待現在的業務成長，您有什麼評論嗎？

Yeah, I'll start and Cosmin will probably jump in and talk a little bit about just how people should think about the framework. Obviously, we think -- we put up some pretty good numbers so far for this year, I mean, near 26% growth. That's with a $30 million headwind that was unexpected. Obviously, really strong record of expanding margins continued year upon year for us.

是的，我先開始，科斯明可能會加入並談談人們應該如何看待這個框架。顯然，我們認為——今年到目前為止我們取得了一些相當不錯的成績，成長率接近 26%。這是出乎意料的 3000 萬美元逆風。顯然，我們的利潤率逐年保持強勁成長。

And so I think anybody can kind of add what that headwind is into our number and see where our growth rate would have been. And would have been also even better than what we're doing here.

因此，我認為任何人都可以將這種逆風添加到我們的數字中，看看我們的成長率會是多少。而且還會比我們在這裡所做的更好。

But we're doing that with a pretty significant headwind. We mentioned in some of the comments, and Rob mentioned just in his last answer there's no snapback we're expecting coming from Canada. It's likely to improve over time. So obviously, we're not guiding '25 yet, but I think people should consider us a Rule of 40 company with increasing EBITDA margin expansion as you said within our prior range.

但我們這樣做時面臨相當大的阻力。我們在一些評論中提到過，Rob 也在他最後的回答中提到，我們預計加拿大不會有任何反擊。隨著時間的推移，它可能會得到改善。因此，很明顯，我們還沒有指導‘25’，但我認為人們應該將我們視為一家 40 規則公司，正如您所說，EBITDA 利潤率在我們之前的範圍內不斷擴大。

And I'll let Cosmin maybe unpack a little more of the framework.

也許我會讓科斯明進一步闡釋一下框架。

Yeah, thanks. Thanks. JD. So the way to think about -- as we look at next year, first, as I said look long-term Rule of 40 and continuing to drive strong revenue growth.

是的，謝謝。謝謝。京東。所以，當我們展望明年時，首先要思考的是，正如我所說，著眼於長期的「40 法則」並繼續推動強勁的收入成長。

I think as you look at this year, in particular I think is a good starting point and think of -- let me start with revenue, and then I'll double-click into margins, a little bit like you said right? So revenue is 26% at the midpoint in Q4, very similar to the full year. And as I've said in my remarks, about roughly 2 points of that is from inorganic growth and call it another low sort of single digit is from FX. Obviously, in Q4, that's a little bit more. You've seen FX moving around quite a bit.

我認為當你回顧今年時，我認為這是一個很好的起點，想想——讓我從收入開始，然後我會雙擊利潤率，有點像你說的對吧？因此，第四季中期收入成長了 26%，與全年收入非常相似。正如我在評論中所說，其中約 2 個百分點來自無機成長，另一個低個位數成長來自外匯。顯然，在第四季度，這個數字還會更多。您已經看到 FX 四處移動了不少。

I still plan to start guiding with FX neutral next year, but net-net, when you look at the combination of that sort of on an FX neutral organic basis, we're in the low, low 20s there plus. But again, really strong growth for the year. Then as you look at next -- in terms of margin, margin this year -- just to clarify, adjusted EBITDA margin is 16%. And we've said historically that we're going to grow 300 bps to 600 bps.

我仍計劃明年開始以外匯中性作為指引，但淨值方面，當你以外匯中性有機基礎來看待這種組合時，我們的淨值處於 20 多一點的低點。但今年的成長確實強勁。然後，當您接下來查看——就利潤率、今年的利潤率而言——需要澄清的是，調整後的 EBITDA 利潤率為 16%。我們曾說過，我們將成長 300 個基點至 600 個基點。

As you look into next year, we feel comfortable as usual kind of starting at the low end of that and ensuring that we continue investing as I've said in many different areas for us. So overall we feel good about the Rule of 40. Obviously, we're well in that even this year with the 8-point headwind. And so, as we exit the quarter -- look, we're not giving 2025 guidance right now.

展望明年，我們將像往常一樣感到安心，從低端開始，並確保我們繼續在許多不同領域進行投資，正如我所說的那樣。所以整體來說我們對 40 法則感到滿意。顯然，即使今年面臨 8 分的逆風，我們仍然表現得很好。因此，當我們結束本季時——你看，我們現在不會給出 2025 年的指引。

But we're going to get through sort of the December peak season, and we'll see how it kind of plays out as we do our usual planning cycle. But I feel really, really good about kind of where we are as a business. And despite all of these pressures, the team is executing at a sort of admirable pace. So very excited about the future.

但我們將度過 12 月的旺季，並按照我們通常的規劃週期觀察其進展。但我對我們的業務現狀感到非常非常滿意。儘管面臨所有這些壓力，該團隊仍然以令人欽佩的速度執行任務。我對未來非常興奮。

OK, great, and then just as a quick follow-up. Mike, a little bit on capital allocation. Obviously, you have $600 million, $700 million of cash on the balance sheet. Maybe talk a little about the M&A pipeline and how you guys think about M&A versus buyback kind of given where the stock is trading?

好的，太好了，然後只是一個快速的後續問題。麥克，我想談談資本配置。顯然，你的資產負債表上有 6 億美元、7 億美元的現金。或許可以談談併購管道，以及考慮股票交易的情況，你們如何看待併購與回購？

Yeah, sure. And even following up to your other question, obviously M&A is an accelerant to what we just talked about, as well as you look forward, not something we're including in those numbers. So I think, if you look at just capital allocation, I mean we put $70 million into investment in Q3, right, between invoice plus the buyback program.

是的，當然。甚至回答您的另一個問題，顯然併購是我們剛才談論的以及您所期望的加速器，而不是我們在這些數字中包含的東西。所以我認為，如果只看資本配置，我的意思是我們在第三季投入了 7,000 萬美元的投資，包括發票和回購計畫。

And again, we feel like we're in a unique position to be able to invest in our business still significantly, continue to evaluate and potentially execute M&A, and then be aggressive with our buyback.

而且，我們再次感到自己處於一個獨特的地位，能夠繼續對我們的業務進行大量投資，繼續評估並可能執行併購，然後積極進行回購。

And so, again, the M&A pillars still hold true for us. How do we accelerate existing industry solutions we're in, how do we find additional solutions that we think can help drive ARR, further at existing client relationships and upsells, and potentially, where to expand into new industries or geographies?

因此，對我們來說，併購支柱仍然適用。我們如何加速我們所處的現有行業解決方案，如何找到我們認為可以幫助推動 ARR 的其他解決方案，進一步建立現有客戶關係和追加銷售，以及潛在地擴展到新行業或地區？

The challenging part is you get to find a company that doesn't take you off your technology vision, doesn't take you off your growth and your profitability trajectory that culturally fits. And that actually has some level of logic in the way it wants to be valued. And you have to be able to execute all that when it comes to M&A.

挑戰在於，你要找到一家既不會阻礙你的技術願景，又不會阻礙你的成長和獲利軌跡，並且符合你的文化的公司。而其價值評估方式其實具有一定程度的邏輯。當涉及到併購時，你必須能夠執行所有這些。

So we think we're in a great spot for it having pulled off the invoice acquisition which continues to go well in Q3, having done $23million-plus of buyback. And we're in a good position to be able to continue to do all three of those things.

因此，我們認為我們處於一個很好的位置，因為我們完成了發票收購，並且在第三季度繼續進展順利，已經完成了超過 2,300 萬美元的回購。我們處於有利地位，能夠繼續做這三件事。

Tim Chiodo, UBS.

瑞銀的 Tim Chiodo。

This is Pat Ennis on for Tim. Thanks for taking the question. I heard your prepared remarks on the strength from the UK education vertical, which is definitely encouraging. I wanted to revisit the WPM acquisition briefly. Could you maybe just update us on where you are in terms of implementations there with the roughly 170 university and college clients they had? I believe the last we heard was around 55 clients as of Q2 2023.

這是帕特·恩尼斯 (Pat Ennis) 代替蒂姆。感謝您回答這個問題。我聽到了您關於英國教育垂直領域實力的準備好的發言，這無疑令人鼓舞。我想簡單回顧一下 WPM 收購案。您能否向我們介紹一下您為大約 170 所大學和學院客戶實施的具體情況？我相信我們最後聽到的消息是截至 2023 年第二季大約有 55 個客戶。

And then just as a follow-up, is most of the opportunity now there that remains on the domestic education payment side outside of growing with existing customers?

然後作為後續問題，除了現有客戶的成長之外，現在國內教育支付方面是否還存在大部分機會？

Yeah, this is Rob. I'll start and others may chime in. So I think it's important to understand sort of what WPM did and what WPM didn't do, right? So WPM was helpful for us in terms of its ability to help us establish relationships with more institutions. But the business itself was essentially a relatively flat revenue business.

是的，這是羅布。我先開始，其他人可以加入。因此我認為了解 WPM 做了什麼、沒做什麼很重要，對嗎？因此，WPM 幫助我們與更多機構建立關係，這對我們很有幫助。但該業務本身本質上是一個收入相對平穩的業務。

All of the growth has come from implementing Flywire capabilities inside a set of institutions there. And as we described all along, that was an evolutionary path where we expected we would start with the ability to do cross-border. We would move from there to being able to increasingly do domestic, and it's gone exactly as we would have expected in that regard with the opportunity for us to keep going, right?

所有的成長都來自於在一系列機構內部實施 Flywire 功能。正如我們一直所描述的，這是一條進化道路，我們預計將從跨國能力開始。我們將從那裡開始，越來越多地從事國內業務，一切都正如我們所預期的那樣，我們有機會繼續前進，對嗎？

So we've increasingly picked up domestic. We are implementing what we call sort of our one-door strategy of trying to move more and more of the payment volume for each of these schools and continuing to bring new software capabilities from Flywire into the market.

因此我們越來越多地選擇國內市場。我們正在實施所謂的“一門策略”，嘗試為每所學校轉移越來越多的支付量，並繼續將 Flywire 的新軟體功能推向市場。

And so, that is the sort of dynamic that has generated the positive results in the UK. So we're certainly increasing our footprint. My comment was that, of the growth in this past quarter that two-thirds of it came from growing with existing clients, one-third from new clients. And we believe we've got lots of new clients to go and lots of growth to continue to achieve within the installed base.

所以，這種動態已經在英國產生了正面成果。因此我們肯定會增加我們的足跡。我的評論是，上個季度的成長中有三分之二來自現有客戶的成長，三分之一來自新客戶。我們相信，我們有大量新客戶，並且在安裝基礎上也將繼續實現大量成長。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Hi, guys. Thanks for the questions. Cosmin, you talked a lot recently about focusing on things like free cash flow and profitability. And I guess in your prepared remarks, you mentioned sort of the sustained GAAP net income goal. So I know it's early days, but maybe you could give us some thoughts on how you're thinking about disclosures or guidance across these metrics as we head into '25.

嗨，大家好。感謝您的提問。科斯明，您最近多次談論關注自由現金流和盈利能力等方面的問題。我想，在您準備好的發言中，您提到了持續的 GAAP 淨收入目標。所以我知道現在還為時過早，但也許您可以給我們一些想法，關於我們在進入25年之際如何考慮這些指標的披露或指導。

And then kind of following up on JD's question earlier, if I think back to the 2022 Investor Day, where you laid out your mid-term growth targets, I don't know if you've given any consideration to maybe providing an update to the street on where you see normalized growth, particularly, given all the moving pieces in the business in Canada and Australia, et cetera, just to help us draw a line in the sand with regards to the future growth profile from here.

然後，關於 JD 之前的問題，如果我回想一下 2022 年投資者日，您在會上提出了中期增長目標，我不知道您是否考慮過提供更新信息考慮到加拿大、澳大利亞等地業務的所有變動，您可以看到正常化成長的趨勢，這只是為了幫助我們為未來的成長前景劃清界線。

OK, let me start with your first two questions on free cash flow and profitability, and then I'll pass it back to Mike on the last part. So starting with the free cash flow profitability, as you can see still strong performance in Q3 and even for this year. Obviously, after a strong Q3, we feel like we're on track to get to that net GAAP -- net income GAAP profitability as we go into next year. And the way to think about that is you've heard us talk about we're not just obviously still growing revenue at a solid pace.

好的，讓我先回答您關於自由現金流和盈利能力的前兩個問題，然後我會將最後一部分交還給麥克。因此，從自由現金流獲利能力開始，您可以看到第三季乃至今年的表現仍然強勁。顯然，在第三季度表現強勁之後，我們感覺我們預計將在明年實現淨 GAAP ——淨收入 GAAP 盈利能力。思考這個問題的方式是，您已經聽到我們談論過，我們的收入顯然並未繼續保持穩定的成長。

We're growing gross profit. But underneath that, we're looking, as you can see, at each and every line item on our OpEx and managing that. As you know, we've always done sort of with great discipline and applying even more rigor as we look at the metrics there. As you look at adjusted EBITDA, all the way down to free cash flow and net income, we also are looking at stock-based comp, for example, which is kind of the other big line item between those two.

我們的毛利正在成長。但正如您所看到的，在這之下，我們正在查看營運支出的每一項並對其進行管理。如您所知，我們始終以極為嚴謹的態度開展工作，在審視指標時更是採取了更嚴格的措施。當您查看調整後的 EBITDA、一直到自由現金流和淨收入時，我們也會查看股票薪酬，這是兩者之間的另一個重要項目。

And that's, again, another metric where as we pass the four-year anniversary of our IPO and again looking at that as a percent of revenue we've been already sort of -- we're in the range kind of our peers kind of in the middle, maybe even better depending on how you look at it as far as stock-based comp as a percent of revenue. And as we look ahead, certainly as we pass the IPO sort of anniversary next year, we expect that percent to start to moderate and start to come down.

這是另一個指標，當我們度過 IPO 四週年紀念日時，再看看收入的百分比，我們已經在某種程度上處於同行的範圍內處於中間水平，甚至可能更好，這取決於您如何看待股票薪酬佔收入的百分比。展望未來，隨著明年 IPO 週年紀念日的到來，我們預計該百分比將開始放緩並開始下降。

So again, we're managing all those components well to sort them, which gives us that confidence around the GAAP net income profitability going forward. So and to wrap up on your question around disclosures.

因此，我們再次妥善管理所有這些組成部分並對其進行分類，這使我們對未來的 GAAP 淨收入獲利能力充滿信心。所以，現在來總結你關於披露的問題。

Again, you'll see us -- started a bit this quarter, but you'll see us much more provide those kind of breakdowns of what those are and the forecast behind those including tying back to free cash flow and GAAP net income. So but feel good kind of where the year is exiting there as we look ahead.

再次，您會看到我們 - 本季度開始了一些工作，但您會看到我們更多地提供這些細分內容以及背後的預測，包括與自由現金流和 GAAP 淨收入的聯繫。所以，當我們展望未來時，我們對這一年即將結束感到高興。

Yeah, just on the FY25 and looking forward, obviously, not guiding for next year yet but you should obviously be looking at this year and there's no snapback we're expecting for a place like Canada to kind of come back, right?

是的，只是針對 25 財年並展望未來，顯然還沒有為明年提供指導，但你顯然應該關註今年，我們預計加拿大這樣的地方不會出現反彈，對吧？

So that, in itself takes you off that 30% number as we've been clear about all year. And I think as we look forward, you can expect that to kind of improve over time from, obviously, the big reduction down in a market like Canada. And again, we think we're building a pretty great company here with strong Rule of 40 growth and profitability. And that's what we expect for the future.

因此，這本身就會讓你脫離 30% 這個數字，正如我們全年一直明確表示的那樣。而且我認為，展望未來，你可以預期這種情況會隨著時間的推移而改善，顯然，加拿大等市場的降幅會很大。而且，我們認為我們正在建立一家非常優秀的公司，擁有強勁的「40規則」成長和獲利能力。這正是我們對未來的期望。

That's great color, guys. For my follow-up, maybe we can talk about the education business from a higher-picture perspective. Obviously, so much time spent discussing Canada and Australia, and obviously a ton of focus on the US and UK given the size of those markets. But I think Rob, in his prepared remarks, talked about the strength of emerging destinations.

夥計們，這顏色真棒。接下來，我們可以從更高的角度來談談教育業務。顯然，我們花了很多時間討論加拿大和澳大利亞，而且考慮到美國和英國市場的規模，我們顯然將大量注意力放在了這兩個國家上。但我認為羅佈在他的準備好的發言中談到了新興目的地的優勢。

So maybe you could take a step back and talk about some of the areas whether you're currently in or areas for international expansion in the future that you're excited about, that maybe could help accelerate growth rates as we think about Flywire profile in the education business over the medium to long term, whether that's Europe, LatAm, or anywhere else you're excited about.

因此，也許您可以退一步談談您目前所處的領域或未來國際擴張的一些領域，這些領域讓您感到興奮，也許可以幫助加快增長率，因為我們在考慮 Flywire 的概況中長期的教育業務，無論是歐洲、拉丁美洲或任何您感興趣的地方。

Yeah, happy to take that. So in fact, really welcome the question because we talked so much about these couple countries. But in fact the education is a very global opportunity, and we are a very globally capable company with the ability to grow in many places. So we don't talk about the individual countries of Europe so much because individually they sort of don't rank as high on the table.

是的，很高興接受這個。所以事實上，我們非常歡迎這個問題，因為我們對這兩個國家進行了大量討論。但事實上，教育是一個非常全球化的機會，我們是一家非常具有全球能力的公司，有能力在許多地方發展。因此，我們不太談論歐洲個別國家，因為它們個別國家的排名並不高。

But collectively that's a major market and an opportunity where we play very well. If you look at Latin America, we've called out in prior comments, in particular, our interest in Mexico. We believe that's a substantial market and believe we are building and delivering the right capabilities to continue to grow there.

但總的來說，這是一個重要的市場，也是我們能夠很好地發揮的機會。如果你看看拉丁美洲，我們在之前的評論中已經特別提到了我們對墨西哥的興趣。我們相信這是一個巨大的市場，並相信我們正在建立和提供正確的能力以繼續在那裡發展。

And across APAC, where -- whether it's Japan, I guess, we've talked a bit about Australia, but a number of the other markets there are all meaningful opportunities for us to continue. And again, it's the cross-border capabilities, it's the domestic capabilities, and some of our emerging products as well.

在整個亞太地區，無論是日本，我想我們已經談了一些關於澳洲的事情，但其他一些市場也都為我們提供了繼續發展的有意義的機會。再次強調，這是跨境能力，這是國內能力，也是我們的一些新興產品。

Thank you, Rob. Appreciate it.

謝謝你，羅布。非常感謝。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Hey, thanks for taking the question. You mentioned that third quarter benefited from more of the education volumes falling into the quarter versus fourth quarter of last year. And I know some of that was timing around the weekend. Can we get a sense of the size of that impact on what was in versus out versus the previous for you guys? And then my follow-up would be on the student financial software.

嘿，謝謝你回答這個問題。您提到，與去年第四季相比，第三季受益於更多教育業務量的下降。我知道其中一些是在周末進行的。我們能否了解一下這對你們現在、過去和之前的影響有多大？然後我的後續工作是研究學生財務軟體。

I think that the deck really lays it out on how you have this holistic approach. And could you kind of compare and contrast the monetization opportunity for institutions that are adopting student financial software versus those that aren't?

我認為這套簡報確實闡述瞭如何採取這種整體方法。您能否比較一下採用學生財務軟體的機構與未採用學生財務軟體的機構的獲利機會？

Yeah, so this is Mike, I'll jump in. So you can think of it low single-digit millions it's kind of that $1 million or so kind of around that area that is on that kind of crossover line. Remember Q3 to Q4, you just have bill due dates that are out on that period of time, right?

是的，我是麥克，我來加入吧。因此，您可以將其想像為低個位數數百萬，也就是 100 萬美元左右，處於這種交叉線上的該區域。記住第三季度到第四季度，您在那段時間內有帳單到期日，對嗎？

So that that $1 million to $2 million is kind of this line that can cross into Q3 and Q4 just when based on the bill due dates are out, whether people are paying early or paying later for those bills. That's the same dynamic that exists for Q4 and Q1, right? And so, as you go back and think of Cosmin's comments around the second half.

因此，100 萬美元到 200 萬美元是一條可以跨越到第三季和第四季的線，這取決於帳單到期日，無論人們是提前支付還是延期支付這些帳單。這與 Q4 和 Q1 存在的動態相同，對嗎？因此，當您回過頭來思考科斯明在下半場的評論時。

It's really important to understand when we talk about that second half, you don't always know exactly how that's going to fall into Q3 or Q4. And that same dynamic exists for a Q4, a Q1, right? And so, we do our best assumption based on how we see those due dates coming out at our clients, but we don't control when people pay and we don't control the bill due date for those quarters.

當我們談論下半年時，理解這一點非常重要，你並不總是知道它將如何落入第三季或第四季。Q4 和 Q1 也存在同樣的動態，對嗎？因此，我們根據客戶的到期日做出最佳假設，但我們無法控制人們的付款時間，也無法控制這些季度的帳單到期日。

And I can jump in and talk a little bit about sort of the student SFS software. So the reason why we get excited about that opportunity is it is a revenue multiplier for most of the schools where it would get deployed.

我可以加入並稍微談論學生 SFS 軟體。我們之所以對這個機會感到興奮，是因為它對大多數部署該技術的學校來說都可以帶來收入倍增。

Someone who deploys that full SFS suite is going to sign up with us. And the combination of revenue streams for us is sort of licensed -- SaaS-style license revenue plus payment plan revenue associated with the payment plans that students choose to set up.

部署完整 SFS 套件的人將會與我們簽約。我們的收入來源組合是一種許可證——SaaS 風格的授權收入加上與學生選擇的付款計劃相關的付款計劃收入。

Plus there's a volume of card activity associated with those that choose to pay with card. So all those are our revenue streams for us, all of those at healthy margins. And that's why we are so eager to continue our land and expand where we get more clients to sign up for that full SFS suite. I'd remind you that we're relatively lowly penetrated in our installed base.

此外，選擇用卡片支付的人會進行大量的卡片活動。所以這些都是我們的收入來源，而且利潤率都很可觀。這就是為什麼我們如此渴望繼續我們的土地和擴張，以讓更多的客戶註冊完整的 SFS 套件。我要提醒你，我們的安裝基礎滲透率相對較低。

So at sort of single-digit percentage penetrated in that installed base. There's a lot of opportunity to grow and felt really good about the momentum and the activity. I guess, even the vibe at our Fly Fusion event where we did our first full customer event here in the US bringing together a whole range of clients where they could hear more about our capabilities and really get that picture of everything we could do for them.

因此，在安裝基數中滲透率約為個位數。有很多成長的機會，對於這種勢頭和活動感到非常高興。我想，甚至在我們在美國舉辦的首場完整的客戶活動 Fly Fusion 活動上，我們聚集了各種各樣的客戶，他們可以更多地了解我們的能力，真正了解我們能為他們做的一切。

Really interesting opportunity. Thanks, guys.

確實有趣的機會。謝謝大家。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

Thank you very much. And sorry, if you've already addressed some of this. I'm jumping around. But I wanted to ask in terms of your NRR and retention is that's obviously a massive component of growth even though, on a lot of times that doesn't get the attention versus some of the other drivers.

非常感謝。如果您已經解決了其中的一些問題，那我們深感抱歉。我跳來跳去。但我想問的是，就您的 NRR 和保留率而言，這顯然是成長的重要組成部分，儘管很多時候與其他一些驅動因素相比，它並沒有引起人們的注意。

Can you just talk about like what the -- how we should think about the composition of that revenue retention metric right now, and then how we should be anticipating that should evolve over 2025 and beyond long term? I think that's one of the things that we get a lot of questions from investors on is, is the durability of that growth.

您能否談談我們現在應該如何看待收入保留指標的組成，以及我們應該如何預測 2025 年及以後的長期發展？我認為投資者向我們提出的許多問題之一就是這種成長的持久性。

Yeah, let me jump in there and Mike may jump in at the end here. So let me take sort of the second part first, James, which was just to talk about sort of where we are on NRR, and then I'll come back to sort of the components of it and the durability of those dynamics.

是的，讓我跳進去，麥克可能最後也跳進去。所以詹姆斯，讓我先談談第二部分，也就是談論我們在 NRR 方面的現狀，然後我會回到它的組成部分以及這些動態的持久性。

So I think this -- on these calls, you all have been quite accustomed to us talking about NRR and the range in which NRR is falling and landing. And what we are happy to say is, like, if you take out Canada and all the effects of Canada that we've talked about already on the call, NRR for all the rest of the business continues to perform sort of inside that historical range.

所以我認為——在這些電話會議上，大家都已經習慣了我們談論 NRR 以及 NRR 下降和著陸的範圍。我們很高興地說，如果你去掉加拿大，以及我們在電話會議上討論過的所有加拿大的影響，其餘業務的 NRR 將繼續在歷史範圍內表現良好。

So just a bit over the 120% that we've called out on many previous calls. And so, if you take into account Canada, which when we share future NRR and do some of our usual reporting, you'll see that will take an effect on the overall corporate NRR. It would have to, given the effects taking place in Canada. And that will bring it down.

因此，這個數字略高於我們先前多次呼籲的 120%。因此，如果考慮到加拿大，當我們分享未來的 NRR 並進行一些常規報告時，您會發現這會對整體企業 NRR 產生影響。考慮到加拿大發生的影響，它必須這麼做。這就能使它下降。

But the drivers of NRR remain as strong as ever. So if you didn't have sort of this particular effect associated with Canada, you point to the drivers of NRR. And we'd say, first, there's everything we do sort of around adoption and utilization and best practices within existing clients. That continues to be one of the primary elements of it.

但 NRR 的驅動力依然一如既往的強勁。因此，如果您沒有了解與加拿大相關的這種特殊影響，您可以指出 NRR 的驅動因素。我們首先要說的是，我們所做的一切都是圍繞著現有客戶的採用、利用和最佳實踐。這仍然是其中的主要因素之一。

The activity that's driven by our agent investment and network and all of those dimensions continue to perform very well for us, and we believe will continue going forward. Second dimension was everything we do around sort of product expansion as part of our land and expand. I just talked about the domestic, we do that across all our verticals.

由我們的代理商投資和網絡以及所有這些維度所推動的活動繼續為我們帶來良好的表現，我們相信這種勢頭將持續下去。第二個維度是我們圍繞產品擴張所做的一切都是土地擴張的一部分。我剛才談到了國內市場，我們在所有垂直領域都這樣做。

Hospitals do the things like Banner One. Schools do the things like the art institute that I referenced earlier in the comment. So that product expansion has always been and we expect will continue to be the second key driver of NRR.

醫院做著類似 Banner One 的事。學校做的事情類似於我之前在評論中提到的藝術學院的事情。因此，產品擴張一直是並且我們預計將繼續成為 NRR 的第二大關鍵驅動力。

And the third piece is expanding the profile of our customers. So it is frequently the case across each of our verticals that you win some portion of their business before you get the chance to win all of it. So imagine B2B giving us one or a few subsidiaries or corridors before they give us even more of their opportunity with similar concepts across the other verticals.

第三部分是擴大我們的客戶形象。因此，在我們每個垂直行業中，經常會出現這樣的情況：在你有機會贏得全部業務之前，你先贏得了他們部分業務。想像一下，B2B 先為我們提供一家或幾家子公司或管道，然後再在其他垂直領域以類似的概念為我們提供更多機會。

And we believe that is very much the continuing dynamic for Flywire as well. So all the underlying strengths and dynamics of our NRR are there, and we expect they'll persist healthily going forward.

我們相信，這也是 Flywire 持續發展的動力。因此，我們的 NRR 的所有潛在優勢和動力都還存在，我們預計它們將在未來繼續健康地持續下去。

That's great. And then just wanted to -- just on the point around agents, I mean that's something that we're hearing that a lot of schools themselves are increasing direct engagement with, et cetera. How does that impact, if at all, your using of that channel to try to drive growth? Is that something that makes sense to collaborate with the schools and their increased engagement with agents, or is it just better left to be run in parallel?

那太棒了。然後只是想 - 只是關於代理商的問題，我的意思是我們聽說很多學校本身正在增加與代理商的直接接觸等等。如果有的話，這會對您利用該管道推動成長產生什麼影響？與學校合作並增加與代理商的接觸是否有意義，還是最好同時進行？

Yeah, hey, James, it's Mike. I -- there's a great opportunity for us. I mean, if you think of what Rob had talked about around the StudyLink asset, as well as what we've done with agents and payment processing, it's a huge opportunity when it comes to how we're engaging our clients. As we said back in the StudyLink acquisition time frame, we don't think it's limits are in Australia.

是的，嘿，詹姆斯，我是麥克。我——這對我們而言是一個很好的機會。我的意思是，如果你想想 Rob 所談論的 StudyLink 資產，以及我們在代理商和支付處理方面所做的事情，那麼這對我們如何吸引客戶來說是一個巨大的機會。正如我們在 StudyLink 收購期間所說的那樣，我們認為它的限制並不在澳洲。

And there's other geographies in which that product will help schools better connect to the agent community and help drive more student awareness to their university. And we think that's going to be a growing need in the market. And so, we're excited to have those assets and already doing it now.

在其他地區，該產品將幫助學校更好地與代理商社區建立聯繫，並幫助提高更多學生對其大學的認識。我們認為這將成為市場日益增長的需求。因此，我們很高興擁有這些資產並且現在已經在這樣做了。

That's great. Thanks for that, Mike.

那太棒了。謝謝你，麥克。

Andrew Schmidt, Citigroup.

花旗集團的安德魯·施密特。

Hey, guys. Thanks for taking my questions and good to see the stability and growth here. Maybe you could just go back to SFS. It was really good to see the stat broken out here.

嘿，大家好。感謝您回答我的問題，很高興看到這裡的穩定與發展。也許您可以回到 SFS。很高興看到這裡的統計數據。

If you just talk about whether you're seeing a higher attach rate on new wins in education, that'd be great. And then, going back to the base, obviously. a big opportunity. Maybe talk about just how the sales motion there has evolved and if there's opportunity to just accelerate the growth and the penetration there. Thanks so much.

如果您只是談論是否看到教育領域新成果的附加率更高，那就太好了。然後顯然是回到基地。一個巨大的機會。也許可以談談那裡的銷售動態是如何演變的，以及是否有機會加速那裡的成長和滲透。非常感謝。

Yeah. So this is Rob. As I mentioned in one of my comments we are seeing some acceleration in the pace of those wins, and we're also doing things to try to further that acceleration, right? So we have made changes in our go-to-market team. We feel very good about some of the talent that we have brought in, including sales leadership for that US EDU opportunity. Of course, we feel good about our leadership in other markets as well.

是的。這就是羅布。正如我在其中一條評論中提到的那樣，我們看到這些勝利的步伐有所加快，而且我們也在採取措施試圖進一步加速這種加速，對嗎？因此，我們對行銷團隊做出了調整。我們對所引進的一些人才感到非常滿意，其中包括美國教育機會的銷售領導。當然，我們對自己在其他市場的領導地位也感到滿意。

And the second thing there is efforts like the Fly Fusion event are meaningful in terms of getting people to understand the opportunity. I think there are for many, an understanding of what we do, but this was a chance to really present those capabilities way more clearly to an audience that can influence the pace of winds.

第二件事是，像 Fly Fusion 活動這樣的努力對於讓人們了解這個機會非常有意義。我認為很多人已經了解我們所做的事情，但這是一個向可以影響風速的觀眾更清楚地展示這些能力的機會。

So we feel we're doing a lot in that go-to-market set of motions to increase the pace there and continue to believe that we absolutely have the best platform and technology out there. And so, our job and our intention is to go out and make sure people get that and sign on with Flywire.

因此，我們認為我們在進入市場的一系列舉措中做了很多工作來加快步伐，並繼續相信我們絕對擁有最好的平台和技術。因此，我們的工作和意圖是確保人們能夠獲得這些資訊並與 Flywire 簽約。

Got it. Thank you so much, Rob. And then, maybe just going back to Australia, the -- appreciate the comments on expecting moderation and growth, but just a finer point on that. Does that assume that caps go into place in Australia or does it assume the status quo? And then obviously, a big offset something you guys have leveraged over time is increasing penetration.

知道了。非常感謝，羅布。然後，也許只是回到澳大利亞， - 感謝關於期待適度和增長的評論，但只是對此有一個更細緻的闡述。這是否假設澳洲已經實施上限，還是假設現狀不變？然後顯然，隨著時間的推移，你們所利用的一個很大的抵消因素就是滲透率的提高。

It still seems like there's a lot of opportunity down there to continue to drive that. So maybe just -- what the assumptions are behind the monitoring growth and then ability to improve the penetration on the other side. Any details around those items would be great. Thank you so much.

看起來仍然有很多機會可以繼續推動這一進程。所以也許只是——監測成長背後的假設是什麼，然後提高另一方面的滲透率的能力。有關這些物品的任何詳細資訊都很有用。太感謝了。

Yeah, good, good, good points both of them. So as things stand currently in Australia, the proposal has not been formally approved. We are working under the assumption that they will move forward with the regulations as proposed and/or that sort of -- that there will be some implication or impact of the way those regulations are being put forward. So that's sort of the underlying assumption there.

是的，他們兩人的觀點都很好。因此就澳洲目前的情況而言，該提案尚未獲得正式批准。我們假設他們會按照提議推進法規，並且/或這些法規的提出方式將產生一定的影響。這就是其中的基本假設。

But you're right. The other thing about Australia is it's a big opportunity for us to continue to grow. So there's our traditional cross-border business. There's the ability to present StudyLink.

但你是對的。澳洲的另一個特點是它為我們繼續發展提供了巨大的機會。這就是我們的傳統跨境業務。有能力展現 StudyLink。

And we also have the capabilities that we acquired via Cohort Go. All of those are opportunities to continue to look for places where we can grow the business. StudyLink is a great platform, very popular in Australia. And with continuing growth opportunities there and on sort of core Flywire, lots of schools still to sign up.

我們還擁有透過 Cohort Go 獲得的能力。所有這些都是繼續尋找能夠發展業務的地方的機會。StudyLink是一個很棒的平台，在澳洲非常受歡迎。隨著 Flywire 和核心業務的持續成長，仍有許多學校尚未簽約。

That's super helpful. Thank you so much.

這非常有幫助。太感謝了。

Cris Kennedy, William Blair.

克里斯甘迺迪，威廉布萊爾。

Great. Thanks for squeezing me in here. Can you just talk a little bit more about the healthcare vertical, some growth, and just talk about what you guys have done to improve the growth there? Thank you.

偉大的。謝謝你把我擠在這裡。您能否再多談談醫療保健垂直領域的一些成長情況，以及您為促進該領域的成長所做的工作？謝謝。

I think this one comes to me as well. It's Rob speaking. We were really pleased to be able to see the healthcare business return to growth. The thing that was great about it was that we continued to please clients, serve them well, drive ROI, and get the opportunity to grow with clients. Banner One that we talked about on the call being a perfect example. But there are others that are bringing us more of their facilities and more opportunities to keep growing with them.

我覺得我也遇到這種情況了。我是羅布。我們非常高興看到醫療保健業務恢復成長。最棒的事情是，我們繼續取悅客戶，為他們提供良好的服務，提高投資報酬率，並獲得與客戶共同成長的機會。我們在電話中談到的 Banner One 就是一個很好的例子。但其他公司也為我們帶來了更多的設施和更多共同成長的機會。

Second piece was adding new clients, also successful in that. Now, we don't want to kind of call this too, too much in the sense that we're also indicating, hey, this is a business that as we continue to improve will be a growth business, but a moderate growth relative to the overall Flywire business.

第二部分是增加新客戶，同樣取得了成功。現在，我們不想把這個叫做太多，因為我們也表明，嘿，這是一個隨著我們不斷改進而增長的業務，但相對於其他業務來說，增長是溫和的。

But we feel really good about some of the motions that we have in market and feel good about our team and our -- again, grateful to see the second half growth.

但我們對市場上的一些動向感到非常滿意，對我們的團隊感到滿意——再次很高興看到下半年的成長。

Great, thanks for taking the question.

太好了，謝謝您回答這個問題。

Thanks, Cris.

謝謝，克里斯。

Thanks, everyone.

謝謝大家。

And that concludes our question-and-answer session. In addition to today's call, we want to thank you for attending today's presentation and you may now disconnect your lines. Goodbye.

我們的問答環節到此結束。除了今天的電話會議之外，我們還想感謝您參加今天的演講，您現在可以掛斷電話了。再見。