Flywire Corp (FLYW) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Flywire Corporation first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Flywire Corporation 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Masha Kahn, Vice President, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁瑪莎·卡恩 (Masha Kahn)。謝謝。你可以開始了。

Thank you, and good afternoon. With us on today's call are Mike Massaro, Chief Executive Officer; Rob Orgel, President and Chief Operating Officer; and Cosmin Pitigoi, Chief Financial Officer. Our first quarter 2025 earnings press release, supplemental presentation and when filed, Form 10-Q can be found at ir.flywire.com.

謝謝，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 和財務長 Cosmin Pitigoi。我們的 2025 年第一季收益新聞稿、補充報告以及提交的 10-Q 表可在 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'll also be discussing certain non-GAAP financial measures.

在通話期間，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。

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. This call is being webcast live and will be available for replay on our website.

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披露和對帳。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 who is joining us here today. We know there's a lot on everyone's mind, particularly regarding the broader economic landscape and various other external factors. While we acknowledge the challenging macro environment, I have never felt more proud of our performance or more confident in the future of Flywire.

謝謝你，瑪莎，也感謝今天在場的每一個人。我們知道每個人都有很多想法，特別是關於更廣泛的經濟狀況和其他各種外部因素。儘管我們承認宏觀環境充滿挑戰，但我從未對我們的業績感到如此自豪，也從未對 Flywire 的未來如此充滿信心。

Let me take a few moments to tell you why. First, at Flywire, we remain laser-focused on what we can control, driving innovation, delivering exceptional value to our clients and executing on our strategic initiatives. We are not just weathering headwinds. We are using them to become stronger and fuel our future growth. We continue to see huge demand for Flywire solutions as evident by our signing of 200 new clients this past quarter. Our pipeline is strong, our solutions drive results, our team is focused.

讓我花一點時間告訴你原因。首先，在飛匯，我們始終專注於我們能夠控制的事情，推動創新，為客戶提供卓越的價值，並執行我們的策略計劃。我們不僅僅是在抵禦逆風。我們正在利用它們變得更強大並推動我們未來的發展。我們繼續看到對 Flywire 解決方案的巨大需求，這從我們上個季度簽約的 200 個新客戶可以看出。我們的管道強大，我們的解決方案推動成果，我們的團隊專注。

Second, we have built a resilient business, one that has proven its ability to adapt and thrive in challenging times. These shifting and uncertain macroeconomic conditions are creating unique opportunities and our FlyMates are capitalizing on them.

其次，我們建立了一個具有韌性的企業，該企業已證明其有能力在充滿挑戰的時期適應並蓬勃發展。這些不斷變化且不確定的宏觀經濟條件正在創造獨特的機會，而我們的 FlyMates 正在利用這些機會。

As our clients and prospects increasingly focus on ROI enhancing initiatives and vendor consolidation, Flywire stands out by delivering a suite of products, clear cost savings and operational efficiencies. Our clients consistently express their appreciation for our solutions, and we are proud to maintain a very low churn rate, reflecting the strong partnerships we have built. This resilience is rooted in our core strength, our software-driven payments platform that sets us apart and enables us to deliver significant value, efficiency and superior experience.

隨著我們的客戶和潛在客戶越來越關注提高投資回報率的舉措和供應商整合，飛匯透過提供一系列產品、明顯的成本節約和營運效率脫穎而出。我們的客戶始終對我們的解決方案表示讚賞，我們很自豪能夠保持非常低的客戶流失率，這反映了我們建立的牢固的合作夥伴關係。這種韌性根植於我們的核心優勢，即我們的軟體驅動的支付平台，它使我們脫穎而出，並使我們能夠提供巨大的價值、效率和卓越的體驗。

Third, Flywire's unique position in the market is driven by our powerful combination of specialized vertical-specific software, our proprietary global payment network and comprehensive payment platform. Thanks to this combination, we can go to market in our core industries with a robust product suite that offers clients a single source solution to manage all their payments, pricing and support while providing their customers a superior payment experience. We have powerful software integrations that seamlessly fit into our clients' back-end system, making us fast to implement and deepening our moat.

第三，Flywire 在市場上的獨特地位得益於我們強大的專業垂直特定軟體、專有的全球支付網路和綜合支付平台的組合。透過這種結合，我們可以憑藉強大的產品套件進入核心行業的市場，為客戶提供單一來源的解決方案來管理他們的所有付款、定價和支持，同時為他們的客戶提供卓越的支付體驗。我們擁有強大的軟體整合功能，可無縫融入客戶的後端系統，使我們能夠快速實施並深化我們的護城河。

And because we control our network, we provide our clients with daily settlement, reconciled to the penny for both international and domestic payments. Flywire's unique approach enables us to power the vertical ecosystems that we serve and helps us stand out from standard payment processors and horizontal competitors.

而且由於我們控制自己的網絡，我們可以為客戶提供每日結算，以精確到分的金額對帳國際和國內支付。Flywire 的獨特方法使我們能夠為我們服務的垂直生態系統提供支持，並幫助我們從標準支付處理商和橫向競爭對手中脫穎而出。

And finally, we believe in the long-term success of our core verticals, and we believe there will be continued demand for our solutions. Take international education, for example. The desire for international education is driven by more than academics. It is about gaining global perspective, experiencing new cultures and pursuing opportunities often unavailable at home.

最後，我們相信我們的核心垂直產業能夠取得長期成功，我們也相信我們的解決方案將持續受到需求。以國際教育為例。對國際教育的渴望不僅受到學術的驅動。它是關於獲得全球視野、體驗新文化和尋求在國內通常無法獲得的機會。

Top talent seeks environments where their skills are valued and rewarded, and international students are key drivers of innovation, economic growth and future leadership. We believe that long-term trends like global skill shortages and aging populations, especially in developed countries, will continue to fuel demand for global education for years to come. International students also generate significant economic value for local communities and sustain the institutions that educate them. In short, the global competition for talent and the enduring appeal of international education remain powerful forces shaping the future.

頂尖人才尋求能夠重視和獎勵其技能的環境，而國際學生是創新、經濟成長和未來領導力的關鍵驅動力。我們相信，全球技能短缺和人口老化等長期趨勢（尤其是在已開發國家）將在未來幾年繼續推動全球教育的需求。國際學生也為當地社區創造了巨大的經濟價值，並維持了教育他們的機構的運作。簡而言之，全球人才競爭和國際教育的持久吸引力仍然是塑造未來的強大力量。

Now moving on to something we announced last quarter, our operational and portfolio review. As part of this review, the organization is streamlining its structure, removing management layers across various areas. This involves consolidating reporting lines within payments and product, data and analytics, IT systems and strategy and business operations functions while also optimizing investments in capital allocation across products, geographies and verticals to drive greater efficiency and impact.

現在來談談我們上個季度宣布的事情，即我們的營運和投資組合審查。作為此次審查的一部分，該組織正在精簡其結構，取消各領域的管理層級。這涉及整合支付和產品、數據和分析、IT 系統和策略以及業務營運職能內的報告線，同時優化跨產品、地理和垂直領域的資本配置投資，以提高效率和影響力。

Under the direction of our newly appointed Chief Payments Officer, Flywire is accelerating its payment strategy and technical alignment across all verticals, driving significant product innovation. This change centralizes strategy, business development, operations, monetization and product management for all payment-related aspects under one team. We are actively utilizing data analytics and fostering initiatives to build new acceptance rails, increased localization, expand domestic payment capabilities and leverage AI to streamline onboarding support in KYC processes.

在我們新任命的首席支付官的指導下，Flywire 正在加速其所有垂直領域的支付策略和技術協調，推動重大產品創新。這項變更將所有與支付相關的策略、業務開發、營運、貨幣化和產品管理集中在一個團隊之下。我們正在積極利用數據分析和培育措施來建立新的接受軌道、提高本地化程度、擴大國內支付能力並利用人工智慧來簡化 KYC 流程中的入職支援。

From these efforts, we are already seeing results with the launch of our enhanced recurring payment capabilities introduced in the first quarter and improved cost and speed of payments in the United States. We are also happy to announce yet another partnership in India to support flows to further expand loan acceptance solutions in this key payer market. We believe our global payment network and payment capabilities are truly differentiated and this is an important step to take a competitive advantage in the verticals we serve.

透過這些努力，我們已經看到了成果，我們在第一季推出了增強型定期付款功能，並提高了美國的付款成本和速度。我們也很高興地宣佈在印度建立另一個合作夥伴關係，以支持進一步擴大這一主要付款人市場的貸款接受解決方案。我們相信，我們的全球支付網路和支付能力確實與眾不同，這是我們在所服務的垂直領域取得競爭優勢的重要一步。

As part of the operational and portfolio review, we are tackling several areas to ensure continued OpEx discipline, and efficient capital allocation. We are investing in procurement and vendor management functions in reviewing our global footprint to optimize costs.

作為營運和投資組合審查的一部分，我們正在解決幾個領域的問題，以確保持續的營運支出紀律和高效的資本配置。我們正在投資採購和供應商管理職能，以審查我們的全球足跡，從而優化成本。

Our team continues to refine pricing strategies across our portfolio to maintain competitiveness and profitability, reflecting the unique value proposition of our integrated global payment network, shared platform and a growing suite of software products. We are optimizing performance across our teams, reprioritizing the utilization of resources for key projects, increasing productivity with new technologies, aligning our investments to value creation and diligently measuring results to ensure accountability and continuous improvement.

我們的團隊不斷完善我們產品組合的定價策略，以保持競爭力和獲利能力，體現我們整合的全球支付網路、共享平台和不斷增長的軟體產品套件的獨特價值主張。我們正在優化整個團隊的績效，重新調整重點項目的資源利用率，利用新技術提高生產力，使我們的投資與價值創造保持一致，並認真衡量結果以確保問責和持續改進。

And we are further aligning hiring and compensation to drive a high-performance culture, minimizing duplicate roles, enhancing geographic alignment. These efforts ensure that our platform is supported by a highly motivated, skilled and efficient team of fly mates.

我們正在進一步協調招募和薪酬，以推動高績效文化，最大限度地減少重複角色，加強地理協調。這些努力確保我們的平台得到一支積極主動、技術嫻熟、高效的飛行夥伴團隊的支持。

Additionally, we are progressing with a digital transformation initiative to create a more focused approach to data, analytics and system transformation. We are investing in our data architecture, leveraging structured data across our unique verticals, which will enable us to generate real-time insights, predictive capabilities and generating unique and innovative AI use cases for our teams and our clients.

此外，我們正在推動數位轉型計劃，以創建更有針對性的數據、分析和系統轉型方法。我們正在投資我們的數據架構，利用我們獨特垂直領域的結構化數據，這將使我們能夠為我們的團隊和客戶產生即時洞察、預測能力並產生獨特和創新的人工智慧用例。

Using data and AI to drive more efficient processes and insights and to maximize long-term value, we are also investing in the foundational work to truly set up for speed, accuracy and enterprise-wide AI deployment.

利用數據和人工智慧來推動更有效率的流程和洞察力並最大化長期價值，我們也正在投資基礎工作，以真正實現速度、準確性和企業範圍的人工智慧部署。

At the same time, we are optimizing our systems and tools, consolidating our vendor footprint and automating processes. For example, we accelerated the process to onboard new clients, driving significant improvement in the client experience while reducing internal manual processes. These initiatives collectively demonstrate Flywire's commitment to driving productivity, optimizing investments and streamlining operations. This digital transformation will further enhance our platform capabilities and provide deeper insights for our teams and our clients.

同時，我們正在優化我們的系統和工具，鞏固我們的供應商足跡並將流程自動化。例如，我們加快了新客戶的入職流程，並顯著改善了客戶體驗，同時減少了內部手動流程。這些措施共同體現了飛匯致力於提高生產力、優化投資和簡化營運的承諾。這次數位轉型將進一步增強我們的平台能力，並為我們的團隊和客戶提供更深入的見解。

To close, I want to highlight some of the powerful fundamentals that position Flywire for long-term growth and success. We are building something truly differentiated, combining vertical tailored software and modern payments, helping to digitize global payment flows. Our solutions are not simply bolted on. We are deeply integrated with our clients' core business processes, enabling them to operate more efficiently at scale.

最後，我想強調 Flywire 實現長期成長和成功的一些強大基本面。我們正在建立真正差異化的產品，將垂直客製化軟體與現代支付相結合，幫助實現全球支付流程的數位化。我們的解決方案並不是簡單地附加上去的。我們與客戶的核心業務流程深度整合，使他們能夠更有效率地大規模營運。

This is at the heart of how we solve complex problems for our clients, whether it is managing receivables, streamlining their back office or delivering seamless payment experiences across borders. We are also innovating quickly. Our strong land and expand motion is proving that when clients experience the value of one Flywire product they often grow with us, adopting additional solutions like student financial services software or our payables product. That organic expansion is accelerating recurring revenue and deepening our long-term client relationships.

這是我們為客戶解決複雜問題的核心，無論是管理應收帳款、簡化後台辦公室或提供跨國無縫支付體驗。我們也在快速創新。我們強大的落地和擴張動力證明，當客戶體驗到一款 Flywire 產品的價值時，他們通常會與我們一起成長，採用學生金融服務軟體或我們的應付款項產品等其他解決方案。這種有機擴張正在加速經常性收入並加深我們與客戶的長期關係。

In education, we continue to gain traction in new markets and with top institutions globally. In B2B and travel, our recent acquisitions like Invoiced and Sertifi are unlocking new capabilities in creating powerful cross-sell opportunities. Rob will speak more about the momentum we're seeing in areas like SFS and StudyLink globally.

在教育領域，我們繼續在新市場和全球頂尖機構中取得進展。在 B2B 和旅遊領域，我們最近收購的 Invoiced 和 Sertifi 等公司正在釋放新的能力，創造強大的交叉銷售機會。Rob 將進一步談論我們在全球範圍內看到的 SFS 和 StudyLink 等領域的發展勢頭。

Our business is growing. We are profitable, and we continue to win new clients and deliver significant value to them. Flywire's success is driven by deep industry knowledge and the passion of our team. In the face of a tough macroeconomic climate and geopolitical uncertainty, our team has shown grit agility and unwavering focus.

我們的業務正在成長。我們實現了盈利，並不斷贏得新客戶並為他們帶來巨大的價值。Flywire 的成功得益於深厚的行業知識和我們團隊的熱情。面對嚴峻的宏觀經濟環境和地緣政治不確定性，我們的團隊展現了堅韌的敏捷性和堅定不移的專注力。

And it's you, our FlyMates, the product managers the engineers, operational and corporate teams and many customer-facing champions who are making it happen. You are the ones delivering real value, solving hard problems, helping to win client trust all over the world. Thank you for your continued hard work and dedication.

正是你們，我們的 FlyMates、產品經理、工程師、營運和企業團隊以及許多面向客戶的擁護者，讓這一切成為現實。你們提供真正的價值，解決難題，幫助贏得世界各地客戶的信任。感謝您一直以來的辛勤工作和奉獻精神。

Now I would like to turn the call over to Rob Orgel, our President and COO, to discuss vertical and operational performance. Rob?

現在，我想將電話轉給我們的總裁兼營運長 Rob Orgel，討論垂直和營運績效。搶？

Good evening. I'll share operational and client highlights today, focusing on how our strategy drives performance across key verticals and markets. Let me jump right in with education first. I know a top-of-mind question is the macro trend for international education and what's happening around the world, in particular, how important destination markets are managing policies that relate to international student numbers.

晚安.今天我將分享營運和客戶亮點，重點介紹我們的策略如何推動關鍵垂直產業和市場的表現。首先讓我直接討論教育。我知道人們最關心的問題是國際教育的宏觀趨勢以及世界各地正在發生的事情，特別是目的地市場在管理與國際學生人數相關的政策方面有多重要。

Our strong results in Q1 occurred in a climate with meaningful Visa and macroeconomic pressures. Our continuing view is that the underlying value and underlying demand for international education remains strong. But that the rapidly changing landscape means it's a very dynamic international education market.

在 Visa 和宏觀經濟面臨巨大壓力的環境下，我們第一季取得了強勁業績。我們始終認為，國際教育的潛在價值和潛在需求仍然強勁。但快速變化的情況意味著這是一個非常活躍的國際教育市場。

As I'll outline, Flywire is leveraging our global footprint to capture the movements between destination countries leveraging our full solution platform to support clients and grow revenue and deepening our agent and banking network to capture an increasing share of international students.

正如我將概述的那樣，Flywire 正在利用我們的全球影響力來捕捉目的地國家之間的流動，利用我們的完整解決方案平台來支持客戶並增加收入，並深化我們的代理商和銀行網絡以吸引越來越多的國際學生。

In terms of how our global footprint helps us, an emerging trend is that international education is expanding beyond traditional markets with Germany, France, Japan and Singapore experiencing significant growth. Flywire is capitalizing on this shift by making strategic investments in local payment capabilities and focusing sales efforts to capture the expansive client opportunities in these and similar countries.

就我們的全球影響力如何幫助我們而言，一個新興趨勢是國際教育正在超越傳統市場，德國、法國、日本和新加坡都經歷了顯著的成長。Flywire 正在利用這一轉變，對本地支付能力進行策略性投資，並集中銷售力量來抓住這些國家和類似國家的廣大客戶機會。

While the traditional big four markets of the US, UK, Canada and Australia are approximately 40% of global international students, there are still another almost 40% going to Flywire's next 20 addressable markets, and we can continue to expand in those markets and potentially add more.

雖然美國、英國、加拿大和澳洲這四大傳統市場約佔全球國際學生總數的 40%，但還有近 40% 的學生流向了 Flywire 的下 20 個潛在市場，我們可以繼續在這些市場擴張，並有可能增加更多市場。

A few examples include our new domestic contract in Mexico with International House Mexico, growing success in France, including deeper integrations with College de Paris and American University in Paris, and the addition of two new education clients in Singapore, East Asia Institute of Management and Singapore University of Technology and design. These demonstrate the importance of being local and offering compelling value on both domestic and cross-border payments.

一些例子包括我們與墨西哥國際中心簽訂的墨西哥新國內合約、在法國的持續成功（包括與巴黎學院和巴黎美國大學的更深層次的融合）以及在新加坡增加了兩個新的教育客戶——東亞管理學院和新加坡科技設計大學。這些都表明了本地化以及在國內和跨境支付中提供引人注目的價值的重要性。

In terms of how our platform helps us, we continue to push to do more for our clients. We're pushing to handle more and more of their payment volume, and we are handling broader aspects of the student experience. For example, we continue to make progress expanding StudyLink globally with our recent win at the University of Niagara Falls in Canada, following last quarter's Birkbeck expansion in the UK. In times when absolute student numbers are uncertain, these significant expansions of software capability enable us to capture more opportunities in the market.

就我們的平台如何幫助我們而言，我們將繼續努力為客戶做更多的事情。我們正在努力處理越來越多的支付量，並且我們正在處理學生體驗的更廣泛的方面。例如，繼上個季度在英國伯貝克學院擴張之後，我們最近在加拿大尼亞加拉瀑布大學贏得了 StudyLink 的合作，繼續在全球範圍內推進 StudyLink 的擴張。在絕對學生人數不確定的時期，軟體功能的顯著擴展使我們能夠抓住更多的市場機會。

Now focusing on the UK; our UK education segment is experiencing remarkable momentum driven in part by the successful launch of our student financial software last year. We have four new SFS clients signed and committed to roll out in Q2. These UK universities will leverage SFS to manage a comprehensive range of student fees, including applications, deposits, tuition, accommodation and payment plans, streamlining the entire student financial journey.

現在重點關注英國；我們的英國教育部門正經歷著顯著的發展勢頭，部分原因是去年我們成功推出了學生財務軟體。我們已與四個新的 SFS 客戶簽約並承諾在第二季推出。這些英國大學將利用 SFS 管理全面的學生費用，包括申請、押金、學費、住宿和付款計劃，從而簡化整個學生的財務流程。

Our recent flagship UK Education Conference generated significant interest from new clients, and we're excited about our pipeline for SFS in the UK market. A key recent win was securing the University of Greenwich in a competitive RFP. Our success was driven by our unique software capabilities that seamlessly integrate domestic cross-border and collections management into a single user-friendly system. This win positions us to capture all the main payments throughout the student's academic life cycle.

我們最近舉辦的英國教育旗艦會議引起了新客戶的極大興趣，我們對 SFS 在英國市場的銷售管道感到非常興奮。最近的一項關鍵勝利是在競爭激烈的 RFP 中贏得了格林威治大學的青睞。我們的成功得益於我們獨特的軟體功能，該功能將國內跨境和收款管理無縫整合到一個用戶友好的系統中。這次勝利使我們能夠在學生的整個學術生涯中收取所有主要費用。

Beyond new client acquisitions, we're expanding our footprint with prestigious institutions like Oxford and Cambridge by adding new colleges and successfully upselling our payables and refunds capabilities to our existing UK clients. With the addition of SFS, StudyLink and payables to our product suite, we've solidified our market presence in the UK, and our sales and customer teams continue to capitalize on this strong momentum.

除了獲得新客戶之外，我們還透過增加新學院並成功向現有的英國客戶推銷我們的應付帳款和退款能力，擴大了與牛津和劍橋等知名機構的合作範圍。隨著 SFS、StudyLink 和應付款項加入我們的產品套件，我們鞏固了在英國的市場地位，我們的銷售和客戶團隊將繼續利用這一強勁勢頭。

Moving on to the US. While the US education sector presents some forecasting complexities in part due to recent news regarding Visa replications and restorations as well as questions on overall long-term immigration policy, we are proactively monitoring the situation and quickly adjusting our strategies accordingly.

繼續前往美國。儘管美國教育產業的預測存在一些複雜性，部分原因是最近有關簽證複製和恢復的消息以及對​​整體長期移民政策的疑問，但我們正在積極監測情況並迅速調整我們的策略。

Importantly, our focus extends beyond just international students. We are deeply invested in software integrations and solving complex pain points for all students regardless of their origin, whether it's domestic payment processing, tuition management or collections, our solutions are designed to enhance the overall student experience. This means that even with potential Visa fluctuations, we are confident in our ability to thrive by delivering critical value to our education clients.

重要的是，我們的關注點不僅限於國際學生。我們大力投資軟體集成，解決所有學生的複雜痛點，無論他們來自哪裡，無論是國內支付處理、學費管理還是收款，我們的解決方案旨在提升整體學生體驗。這意味著，即使 Visa 可能出現波動，我們仍有信心透過為教育客戶提供關鍵價值來實現蓬勃發展。

We are generating strong results with our US strategy to capture additional payment flows, accelerate SFS adoption and displaced legacy incumbents. In Q1, US Education had its most successful quarter in terms of signed ARR from full suite SFS deals, securing five new deals in the first quarter along with several additional deals for our collections management and third-party invoicing solutions.

我們的美國策略正在取得強勁成果，以獲取更多支付流量、加速 SFS 的採用並取代傳統的既有企業。在第一季度，美國教育部在簽署的全套 SFS 交易 ARR 方面取得了最成功的一個季度，在第一季度達成了五項新交易，同時也為我們的收款管理和第三方發票解決方案達成了幾項額外交易。

We'll be working hard to get these clients live and generating revenue within the year. The domestic SFS offering also presents a significant land-and-expand opportunity with only an estimated 10% attach rate among our existing US cross-border education clients.

我們將努力讓這些客戶在年內活躍並創造收入。國內 SFS 產品也提供了重要的落地和擴張機會，在我們現有的美國跨國教育客戶中，其附加率僅為 10%。

Moving to Australia and Canada. Both Australia and Canada have just had elections. And while this may help bring some clarity to policy, there are some continuing market uncertainty around potential policy shifts. While the sector waits for more policy clarity, we are focused on our clients and their students.

移居澳洲和加拿大。澳洲和加拿大都剛剛舉行了選舉。雖然這可能有助於使政策更加明確，但市場對於潛在的政策轉變仍存在一些不確定性。在該行業等待更多政策明確性的同時，我們專注於我們的客戶及其學生。

As an example, the University of Niagara Falls adoption StudyLink in Canada was a notable product expansion for both StudyLink and for us in Canada. We're also working with our clients to strategically utilize our agent network to attract students for more diverse geographic regions given the reduced volumes from India to Canada we've previously discussed.

例如，加拿大尼加拉瀑布大學採用 StudyLink 對 StudyLink 和我們在加拿大來說都是一次顯著的產品擴充。鑑於我們之前討論過的從印度到加拿大的留學人數減少，我們還在與客戶合作，策略性地利用我們的代理商網絡來吸引更多不同地理區域的留學生。

In Australia, we have seen the market be more resilient to this point in the year than we previously anticipated. But we are also fresh off an election that occurred just days ago. We believe we outperformed the overall market as measured by incoming international student volumes based on the same factors I mentioned above. More wins, more product adoption and more agent-assisted payment volume.

在澳大利亞，我們看到今年此時的市場彈性比我們之前預期的要大。但我們幾天前才剛結束了選舉。我們相信，基於我上面提到的相同因素，以入境國際學生數量來衡量，我們的表現優於整體市場。更多的勝利、更多的產品採用和更多的代理協助支付量。

Adding new wins like Charles Stewart University and Federation University helped our performance alongside our portfolio that has a favorable weighting towards top-tier institutions. While Australia continues to exhibit strong demand, universities are rapidly filling available seats in the first half of the year. Their second half enrollment, which may be adjusted downward to reflect their observing of the Visa caps, which we have already assumed in our full year guidance. You can see there's a lot of very positive client and product activity from our education team globally.

新增查爾斯史都華大學和聯邦大學等新大學​​有助於提升我們的業績，同時我們的投資組合也對頂尖機構具有有利的權重。儘管澳洲繼續表現出強勁的需求，但各大學的上半年招生名額正在迅速填滿。他們的下半年入學人數可能會向下調整，以反映他們對 Visa 上限的觀察，我們已經在全年指導中假設了這一點。您可以看到，我們的全球教育團隊有許多非常積極的客戶和產品活動。

Now let me shift gears to our travel vertical. We are replicating the success of our education vertical expansion in the travel sector, where we continue to see strong momentum in both customer acquisition and revenue growth. Our differentiated approach featuring advanced integration capabilities, competitive pricing and solutions tailored to the needs of travel businesses positions us as a true partner to our clients.

現在讓我轉到我們的旅遊垂直話題。我們正在旅遊領域複製教育垂直擴張的成功，我們在該領域繼續看到客戶獲取和收入成長的強勁勢頭。我們採用差異化的方法，具有先進的整合能力、有競爭力的價格和針對旅遊企業需求量身定制的解決方案，使我們成為客戶真正的合作夥伴。

In Q1 2025, Notable new clients include Haman Group in Norway, a leading inbound tour operator in Scandinavia, which selected Flywire for our seamless booking system integration multicurrency payment capabilities and diverse payment options. OZEN reserve in the Maldives also joined our client base, drawn by strong referrals and our cost-effective solutions further establishing Flywire in the luxury travel market. We also saw promising early traction with luxury and boutique accommodation providers onboarding 21 new clients in Q1.

2025 年第一季度，值得注意的新客戶包括斯堪的納維亞半島領先的入境旅遊業者挪威的 Haman Group，該公司選擇 Flywire 是因為我們無縫預訂系統整合的多幣種支付功能和多樣化的支付方式。馬爾地夫的 OZEN 度假村也加入了我們的客戶群，他們被強大的推薦和我們經濟高效的解決方案所吸引，進一步確立了 Flywire 在豪華旅遊市場的地位。我們也看到了早期的良好勢頭，豪華和精品住宿提供者在第一季吸收了 21 名新客戶。

The Sertifi acquisition is transformative, unlocking opportunities with luxury and boutique hotels and monetizing payments tied to critical workflows. We also anticipate substantial growth through significantly enhancing Sertifi's payment upselling efforts, leveraging Flywire's extensive payment infrastructure and network, which has the potential to unlock billions in incremental volume. This strategic acquisition provides us with both breadth of geographic reach and depth of product offerings, positioning us to build a highly scalable and substantial business within the travel sector.

Sertifi 的收購具有變革性，它為豪華酒店和精品酒店帶來了機遇，並將與關鍵工作流程相關的支付貨幣化。我們也預計，透過大幅增強 Sertifi 的支付追加銷售力度，利用 Flywire 廣泛的支付基礎設施和網絡，有可能釋放數十億美元的增量金額，從而實現大幅增長。此次策略收購為我們提供了廣泛的地理覆蓋範圍和深度的產品供應，使我們能夠在旅遊業內建立高度可擴展且實質的業務。

In Q1 2025, Sertifi achieved notable milestones, including a large US based hotel management company that operates a broad portfolio of branded properties across the country. The client expanded its use of Sertifi pay to include credit card and ACH processing at 65 properties aiming to lower fees and expedite payments.

2025 年第一季度，Sertifi 取得了顯著的里程碑，包括成為一家總部位於美國的大型酒店管理公司，該公司在全國經營著廣泛的品牌酒店組合。客戶擴大了 Sertifi pay 的使用範圍，包括 65 處房產的信用卡和 ACH 處理，旨在降低費用並加快付款。

Furthermore, we are actively developing plans to leverage Flywire's global go-to-market expertise to accelerate certified international expansion. Integration efforts between Flywire and Sertifi are progressing well, with both teams energized by the cross-selling opportunities and the better together value proposition.

此外，我們正在積極制定計劃，利用 Flywire 的全球市場專業知識來加速認證的國際擴張。Flywire 和 Sertifi 之間的整合工作進展順利，雙方團隊都對交叉銷售機會和更好的共同價值主張感到振奮。

While the broader travel sector is sensitive to macroeconomic conditions, we are currently not observing significant macro-driven headwinds impacting our business. With strong marketing and sales efficiency and travel and great customer retention, we continue to invest in growing our client base and serving our clients.

雖然整個旅遊業對宏觀經濟狀況很敏感，但我們目前並未觀察到影響我們業務的重大宏觀不利因素。憑藉強大的行銷和銷售效率以及旅行和出色的客戶保留率，我們將繼續投資擴大客戶群並為客戶提供服務。

Combining our existing travel business with Sertifi, we now have an over $100 million travel business in Flywire based on the last 12-month run rate. It's a platform that serves across multiple segments, multiple geographies and increasingly diverse use cases with our clients. We provided more details in this quarter's earnings supplement, and we encourage you to look those over to see how we continue to grow a sizable business with attractive unit economics.

將我們現有的旅遊業務與 Sertifi 相結合，根據過去 12 個月的運行率，我們現在在 Flywire 擁有超過 1 億美元的旅遊業務。它是一個服務於多個領域、多個地區和日益多樣化的客戶用例的平台。我們在本季度的收益補充中提供了更多詳細信息，我們鼓勵您查看這些詳細信息，以了解我們如何繼續發展具有吸引力單位經濟效益的規模龐大的業務。

Moving on to our B2B vertical. In our B2B vertical, we're seeing payment volume monetization as well as cross-selling opportunities and increased client adoption, thanks to our invoice to cash and embedded payments solution. This joint software and payments value proposition led to a significant win with Sojourn, a leading marketing technology company for hospitality.

繼續我們的 B2B 垂直領域。在我們的 B2B 垂直領域，由於我們的發票到現金和嵌入式支付解決方案，我們看到了支付量貨幣化以及交叉銷售機會和客戶採用率的提高。這項聯合軟體和支付價值主張使該公司與領先的飯店行銷科技公司 Sojourn 取得了重大勝利。

Sojourn aims to benefit from Flywire's invoice software ability to reduce time to pay and customer churn due to nonpayment, along with automated payment reconciliation for bank transfers, a key value proposition for them.

Sojourn 旨在利用 Flywire 的發票軟體功能來減少付款時間和因未付款而導致的客戶流失，同時實現銀行轉帳的自動付款對賬，這對他們來說是一個關鍵的價值主張。

Flywire's B2B solution addresses pain points like a lack of customer portals, payment reconciliation issues and customer churn. Key wins with companies like 9Round Kickboxing, insurance for students, and Olé Life highlight Flywire's ability to streamline invoicing, automate cash application, reduce FX fees and offer local payment options. These solutions integrate with systems of record, manage charge-backs and enable local payments without our clients requiring a local entity.

Flywire 的 B2B 解決方案解決了缺乏客戶入口網站、支付對帳問題和客戶流失等痛點。與 9Round Kickboxing、學生保險和 Olé Life 等公司合作的關鍵勝利凸顯了 Flywire 簡化發票、自動化現金應用、降低外匯費用和提供本地支付選項的能力。這些解決方案與記錄系統集成，管理退款並支援本地支付，而無需我們的客戶需要本地實體。

Wrapping up with health care, we believe Flywire's health care business is preparing to enter a period of strong growth. Validated by a key deal closure and robust integrations with major EHR systems. We won this deal due to our unique ability to offer a comprehensive solution. While many companies compete in specific areas like financing, engagement or payments, Flywire is the only provider that integrates all of these functionalities into a single seamless offering.

總結醫療保健，我們相信 Flywire 的醫療保健業務正準備進入強勁增長期。透過關鍵交易的結束和與主要 EHR 系統的緊密整合進行驗證。我們憑藉提供全面解決方案的獨特能力贏得了這筆交易。儘管許多公司在融資、參與或支付等特定領域競爭，但 Flywire 是唯一將所有這些功能整合到單一無縫產品中的供應商。

This success has significantly expanded the 2025 pipeline, driven new wins and increased demo requests due to our comprehensive offering and the recent major client win. In conclusion, I am pleased with the resiliency of our teams and alignment on strategy. I am confident we are building a stronger business for the long term.

由於我們提供全面的產品和最近贏得的主要客戶，這一成功顯著擴展了 2025 年的管道，帶來了新的勝利並增加了演示請求。總而言之，我對我們團隊的韌性和策略協調感到滿意。我相信我們正在打造一個更強大的長期業務。

Now let me turn the call over to Cosmin, who will take us through the numbers in more detail.

現在，讓我將電話轉給科斯明，他將向我們更詳細地介紹這些數字。

Good afternoon, everyone. Today, I'll walk you through our Q1 2025 financial performance and then discuss our outlook for the rest of the year. Turning to our performance this quarter. Let's start with revenue.

大家下午好。今天，我將向您介紹我們 2025 年第一季的財務業績，然後討論我們對今年剩餘時間的展望。談談我們本季的表現。讓我們從收入開始。

Revenue less ancillary services was $128.7 million in Q1, representing a 16.8% year-over-year growth rate or 18.6% on an FX-neutral basis. Excluding Sertifi, revenue was $124 million in Q1, representing a 12.6% year-over-year or 14.4% on an FX-neutral basis. This was above the high end of our guidance, primarily driven by outperformance in Flywire, travel and Australian education businesses.

第一季扣除輔助服務後的營收為 1.287 億美元，年增 16.8%，剔除匯率因素後成長 18.6%。不包括 Sertifi，第一季的營收為 1.24 億美元，年增 12.6%，按外匯中性計算成長 14.4%。這高於我們預期的高端，主要得益於 Flywire、旅遊和澳洲教育業務的優異表現。

Sertifi contributed $4.7 million since acquisition in late February which was approximately $1 million above the midpoint of our $3 million to $4 million range. Canada higher education revenue results continue to be impacted by macro headwinds, shaving 3 points of growth this quarter.

Sertifi 自 2 月底收購以來貢獻了 470 萬美元，比我們 300 萬至 400 萬美元範圍的中點高出約 100 萬美元。加拿大高等教育收入結果持續受到宏觀不利因素的影響，本季成長率下降了 3 個百分點。

Looking at the two components of our revenue, transaction revenue is based on fees as a percent of transaction value, while platform and other revenue consists of software like fees. Starting with transaction revenue, we saw a 14% year-over-year increase, approximately 2 percentage points of which were attributable to certify. This was driven by a 28% increase in transaction-related payment volume, 1 percentage point of which was attributable to Sertifi, primarily in our education vertical as well as travel.

從我們收入的兩個組成部分來看，交易收入是基於費用佔交易價值的百分比，而平台和其他收入則包括軟體費用。從交易收入開始，我們看到年增 14%，其中約 2 個百分點歸因於認證。這是由於交易相關支付量增加了 28%，其中 1 個百分點歸功於 Sertifi，主要集中在我們的教育垂直領域以及旅遊領域。

Our domestic education business in the UK is growing strongly, including the launch of SFS products. Similarly, the US education business is seeing strong growth in domestic payment volumes. And while the monetization rate is lower compared to cross-border, our cross-border spreads remain relatively stable, and we see domestic payments as a substantial market opportunity globally.

我們在英國的國內教育業務正在強勁成長，包括推出SFS產品。同樣，美國教育業務的國內支付量也呈現強勁成長。雖然與跨國相比貨幣化率較低，但我們的跨國利差仍然相對穩定，我們認為國內支付是全球一個巨大的市場機會。

Platform and other revenues increased 35% year-over-year, primarily driven by platform fees that do not carry payment volumes, specifically revenue associated with the contribution from Sertifi of approximately $3 million and invoiced of approximately $1.5 million and improvements in our health care business.

平台和其他收入年增 35%，主要得益於不包含支付量的平台費用，特別是與 Sertifi 貢獻約 300 萬美元和發票約 150 萬美元相關的收入以及我們醫療保健業務的改善。

Adjusted gross profit increased to $82.5 million during the quarter, up 14.6% year-over-year. Adjusted gross margin was 64% in Q1 2025, which represents a decrease of about 110 basis points compared to Q1 2024. Excluding Sertifi, adjusted gross profit grew 10% to $79 million, with margins down by approximately 150 bps on due to mix effects from higher growth of the travel vertical and some FX on settlement losses.

本季調整後毛利增至 8,250 萬美元，年增 14.6%。2025 年第一季調整後毛利率為 64%，與 2024 年第一季相比下降約 110 個基點。不包括 Sertifi，調整後的毛利成長 10% 至 7,900 萬美元，利潤率下降約 150 個基點，原因是旅遊垂直產業成長加快以及結算損失的部分外匯影響。

Adjusted EBITDA was above the midpoint of our guide and grew to $21.6 million for the quarter. Excluding Sertifi, adjusted EBITDA margin was up nearly 480 basis points year-over-year. This split adjusted EBITDA at $20.6 million, up 56% compared to the $13.2 million in Q1 2024. The strength in adjusted EBITDA margin was driven by gross profit growth and disciplined expense management.

調整後的 EBITDA 高於我們指南的中點，本季成長至 2,160 萬美元。不包括 Sertifi，調整後的 EBITDA 利潤率年增近 480 個基點。此次拆分調整後的 EBITDA 為 2,060 萬美元，較 2024 年第一季的 1,320 萬美元成長 56%。調整後的 EBITDA 利潤率的強勁增長得益於毛利的增長和嚴格的費用管理。

We aim to continue achieving meaningful operating leverage as non-GAAP OpEx grow significantly slower than gross profit. Excluding Sertifi, non-GAAP OpEx was slightly down year-over-year in Q1. Our non-GAAP G&A costs as a percent of revenue decreased by 443 basis points in the first quarter and by approximately 8% in dollar terms as we continue to streamline and automate manual processes.

由於非公認會計準則營運支出的成長速度明顯低於毛利，我們的目標是繼續實現有意義的營運槓桿。不包括 Sertifi，第一季非 GAAP 營運支出較去年同期略有下降。由於我們繼續簡化和自動化手動流程，我們的非 GAAP G&A 成本佔收入的百分比在第一季度下降了 443 個基點，以美元計算下降了約 8%。

We continue to also take a very disciplined approach to stock-based compensation based on employee performance and including the recent restructuring. Including Sertifi, we expect stock-based compensation to be in the range of 12% to 13% of revenue for full year 2025, which is lower compared to 2024.

我們將繼續採取非常嚴謹的方法，根據員工績效以及最近的重組來制定股票薪酬。包括 Sertifi 在內，我們預計 2025 年全年股票薪酬將佔營收的 12% 至 13%，低於 2024 年。

To close out the income statement, in Q1, we had a GAAP net loss of $4.2 million, representing a year-over-year improvement of approximately $2 million. Restructuring costs of $7.3 million and $2.5 million in acquisition-related expenses weighed on net income this quarter, but we still expect slightly positive GAAP net income results on a full year basis, excluding Sertifi.

總結一下損益表，在第一季度，我們的 GAAP 淨虧損為 420 萬美元，年增約 200 萬美元。730 萬美元的重組成本和 250 萬美元的收購相關費用對本季度的淨收入造成了壓力，但我們仍然預計全年 GAAP 淨收入（不包括 Sertifi）將略有正增長。

Turning to capital allocation. In the first quarter of 2025, we repurchased $3.6 million Flywire shares under our previously announced stock repurchase program for approximately $49 million, with $57 million remaining in the current buyback program. Flywire has consistently high free cash flow conversion and a strong balance sheet, which enables us to continue to return capital to shareholders.

轉向資本配置。2025 年第一季度，我們根據先前宣布的股票回購計畫回購了價值約 4,900 萬美元的 360 萬美元 Flywire 股票，目前回購計畫剩餘 5,700 萬美元。Flywire 擁有持續較高的自由現金流轉換率和強勁的資產負債表，這使我們能夠繼續向股東返還資本。

Moving on to guidance. While current visibility remains limited due to the evolving global landscape, we are confident in our strong product portfolio, client retention and established product market fit. We are proactively investing in automation and product development to further enhance our offerings with a focus on scale and productivity across all areas to drive strong gross profit growth expand margins and strong cash flows, and we will continue to lean in to emerge stronger from market downturns.

繼續指導。儘管由於全球情勢的變化，目前的可見度仍然有限​​，但我們對我們強大的產品組合、客戶保留率和成熟的產品市場契合度充滿信心。我們正積極投資於自動化和產品開發，以進一步增強我們的產品，重點關注各個領域的規模和生產力，以推動強勁的毛利成長、擴大利潤率和強勁的現金流，我們將繼續努力在市場低迷時期變得更加強大。

The news flow around US education market, specifically around international students in China-US tensions may weigh on demand. We will be data dependent as we approach our peak Q3 season. including engaging with both universities and agent networks, watching cross-border trends and observing external data, such as the US visa trends in the crucial summer months to lead up to our peak Q3 quarter.

有關美國教育市場的消息，特別是中美緊張局勢下的國際學生的消息可能會對需求產生影響。隨著我們接近第三季的旺季，我們將依賴數據，包括與大學和代理商網路合作，關注跨境趨勢和觀察外部數據，例如在關鍵夏季的美國簽證趨勢，以達到我們第三季度的旺季。

Our current expectation is that US revenue growth will be in the low single digits and expect F1 visas to be down slightly more than last year. This compares to last year US education revenue up 13% and Visa's down approximately 10%. To frame the potential scenarios in US education, it is important to keep in mind a few dimensions. First, only a portion of the students in the US are first-year students.

我們目前的預期是，美國的收入成長將處於低個位數，並且預計 F1 簽證數量將比去年略有下降。相比之下，去年美國教育收入成長了 13%，而 Visa 的收入則下降了約 10%。為了建構美國教育的潛在情景，重要的是要牢記幾個方面。首先，美國的學生中只有一部分是一年級學生。

And while students from China and India are the largest corridors, these two source countries account for less than half of our cross-border revenues. In addition, US tuition payments are generally split across the second half of the current year and earl 2026, depending on tuition timing.

儘管來自中國和印度的學生是我們最大的留學管道，但這兩個生源國的收入還不到我們跨國收入的一半。此外，美國學費支付一般分攤到當年下半年和2026年初，取決於學費支付時間。

Before discussing guidance, please note that while we split out Sertifi in Q1 guidance, given the acquisition timing, going forward, we will plan to combine and report adjusted EBITDA for total company only. However, we are going to continue to provide revenue separately for Sertifi this year.

在討論指導之前，請注意，雖然我們在第一季度指導中拆分了 Sertifi，但考慮到收購時機，未來我們計劃合併並僅報告整個公司的調整後 EBITDA。不過，今年我們將繼續為 Sertifi 單獨提供收入。

Now on to full year revenue guidance. Following a strong Q1 start with better-than-expected trends in Australia education, health care and travel sectors, balanced by cautious growth assumptions in our US education business, we are maintaining our full year 2025 revenue guidance for FX neutral revenue less ancillary services growth in the range of 10% to 14%, excluding certifying.

現在來看看全年收入指引。由於第一季開局強勁，澳洲教育、醫療保健和旅遊業的趨勢好於預期，加上我們對美國教育業務的成長持謹慎態度，我們維持 2025 年全年收入指引，即外匯中性收入減去輔助服務成長率將在 10% 至 14% 之間（不包括認證）。

With Sertifi, we are guiding to 17% to 23% FX neutral revenue growth. As you see in the supplement, this now assumes a US education revenue growth of low single digits Australia and Canada education assumed to be down in the high 20% year-over-year and health care growing in the high single digits, with the rest of the business growing above the midpoint of the guide on average.

借助 Sertifi，我們預計外匯中性收入成長率將達到 17% 至 23%。正如您在補充資料中看到的，現在假設美國教育收入成長率為低個位數，澳洲和加拿大教育收入成長率假設為同比下降 20% 左右，醫療保健收入成長率為高個位數，其餘業務收入成長率平均高於指南的中點。

On travel, we are not flowing through the recent outperformance of our travel business for the remainder of the year as we believe it is prudent given the potential softer macro. Similarly, Sertifi revenues are expected to remain in the range of $35 million to $40 million, even as we have exceeded the Q1 estimate. On FX with the weaker US rates, we now expect the FX impact on full year revenue to be around a negative 1%.

在旅遊方面，我們不會將近期旅遊業務的優異表現延續到今年剩餘時間，因為考慮到潛在的宏觀經濟疲軟，我們認為這是謹慎的做法。同樣，儘管我們已經超過了第一季的預期，但 Sertifi 的收入預計仍將保持在 3500 萬美元至 4000 萬美元之間。由於美國利率走弱，我們目前預計外匯對全年收入的影響約為負 1%。

Moving on to full year EBITDA guidance. We are not changing our prior guidance and maintaining our plans to drive operational efficiencies across the year, starting with the restructuring announced last quarter. Our core Flywire margin expansion guidance remains unchanged and adjusted for the addition of Sertifi, our full year guidance implies 100 bps to 300 bps of margin expansion.

繼續全年 EBITDA 指導。我們不會改變先前的指導方針，並維持全年提高營運效率的計劃，從上個季度宣布的重組開始。我們的核心 Flywire 利潤率擴張指引保持不變，並根據 Sertifi 的加入進行了調整，我們的全年指引意味著利潤率擴張 100 個基點至 300 個基點。

However, as we highlighted last quarter, we've reduced OpEx growth after the last few years of high investment cycles, and we plan to reinvest a portion of our cost savings from the restructuring efforts back into the business and selectively continue hiring to the second half of the year. However, all this will be data dependent as we balance hiring and additional OpEx levers from the operational review giving us confidence in managing our margin commitments even in a more difficult macro scenario.

然而，正如我們上個季度所強調的那樣，在經歷了過去幾年的高投資週期後，我們已經降低了營運支出的成長，我們計劃將重組工作中節省的部分成本重新投資到業務中，並有選擇地繼續招聘到今年下半年。然而，所有這些都將依賴數據，因為我們要平衡招聘和來自營運審查的額外營運支出槓桿，這使我們有信心即使在更困難的宏觀情況下也能管理我們的保證金承諾。

Shifting to Q2 guidance. As communicated last quarter, following a higher growth in Q1, we expect some tougher lapping in Q2 and Q3 this year. As a result, we expect FX-neutral revenue growth, excluding Sertifi to be in the 7% to 11% range year-over-year.

轉向第二季度指引。正如上個季度所傳達的，繼第一季實現更高成長之後，我們預計今年第二季和第三季的競爭將更加激烈。因此，我們預計不包括 Sertifi 在內的外匯中性收入成長率將達到 7% 至 11% 之間。

Including Sertifi revenue of $10 million to $12 million in Q2, we expect FX-neutral revenue growth to be in the 17% to 23% range year-over-year. Note that we are estimating no FX headwind in Q2 based on spot rates as of March 31, 2025. Adjusted EBITDA margins are expected to continue to expand year-over-year, albeit at a slower pace compared to Q1, and we anticipate a 150 bps to 350 bps margin improvement in Q2.

包括第二季 Sertifi 的 1,000 萬至 1,200 萬美元收入在內，我們預計扣除匯率因素，營收成長率將達到 17% 至 23% 之間。請注意，根據截至 2025 年 3 月 31 日的現貨匯率，我們估計第二季不會出現外匯逆風。調整後的 EBITDA 利潤率預計將繼續同比擴大，儘管與第一季相比增速有所放緩，我們預計第二季利潤率將提高 150 個基點至 350 個基點。

In closing, we're focused on strategic investments in data and AI to improve operational efficiency and pursuing geographic expansion in travel and education where returns are attractive. While our guidance doesn't account for a global recession, we are prepared to adjust investments and hiring to maintain financial flexibility and continue driving strong cash flows.

最後，我們專注於數據和人工智慧的策略性投資，以提高營運效率，並在回報有吸引力的旅遊和教育領域尋求地理擴張。雖然我們的指引沒有考慮到全球經濟衰退，但我們準備好調整投資和招聘，以保持財務靈活性並繼續推動強勁的現金流。

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

現在我將把問題交還給接線員。操作員？

(Operator Instructions) One moment while we poll for our first question. John, your line is live.

（操作員指示）請稍等，我們正在調查第一個問題。約翰，你的線路已通。

Sorry, guys. I was on mute there. Cosmin, I just wanted to start with the FX-neutral guidance FX Sertifi for the second quarter at 9%. I think the full year guide would imply at the midpoint you're going to accelerate back to, call it, 12% in the second half.

抱歉，各位。我當時處於靜音狀態。科斯明，我只是想從第二季 9% 的外匯中性指導 FX Sertifi 開始。我認為全年指引暗示在中期你將加速回到下半年的 12%。

So I just really want to understand the drivers there. I know the comps get easy but obviously very uncertain kind of macro backdrop. So I want to understand the slowdown in 2Q and then the reacceleration in the back half.

所以我真的想了解那裡的驅動因素。我知道比較起來很容易，但宏觀背景顯然非常不確定。所以我想了解第二季的放緩以及下半年的重新加速。

Yes. Thanks, JD. So let me walk you quickly through the sort of the shape of the year. So as you saw from Q1 into Q2 and Q3, it is lapping. The way to think about Q2 also, there's that sort of Easter holiday effect. As you think about sort of starting with Q2 and Q3 building back up to Q4 there's a few things. The most notable one we've talked about, which is Canada.

是的。謝謝，JD。那麼讓我快速地向你們介紹一下今年的情況。因此，正如您從 Q1 到 Q2 和 Q3 所看到的，它是重疊的。思考第二季時，也會有復活節假期效應。當您考慮從 Q2 和 Q3 開始並重新建造 Q4 時，有幾件事需要考慮。我們討論過的最引人注目的國家是加拿大。

So you heard me in my prepared remarks that, that's about a 3 point impact in the first quarter. That sort of carries and actually gets a little bit more into Q2 just given the timing of Canadian payments. And then in the second half because of that first year payment dynamic we talked about, that's expected to come back. So that's roughly 3 points there that would build towards that second half and Q4 acceleration.

所以你們在我的準備好的發言中聽到了我所說的話，這對第一季的影響大約是 3 個百分點。考慮到加拿大付款的時間，這種影響實際上會在第二季度增加。然後，由於我們談到的第一年付款動態，預計下半年這種情況將會恢復。因此，這大約是 3 點，將為下半年和第四季的加速奠定基礎。

The other two or three points that build towards the sort of the Q4 acceleration are one, obviously, there's an easier lap as you think about Q4, where we had a significant lowering of the growth rate going from Q3 into Q4. And then we talked about the head count -- sorry, the health care sort of large client that is ramping in the second half.

第四季加速的另外兩三個因素是，第一，顯然，第四季的運作會比較輕鬆，從第三季到第四季，我們的成長率顯著降低。然後我們討論了員工人數——抱歉，是下半年正在增加的醫療保健大客戶。

But we also have a number of other clients. You heard Rob talk about a number of SFS clients, and we're, again, excited about the B2B business is doing really well. So there's a number of clients ramping also into the second half. So really, all those give us comfort around the overall 12% midpoint excluding Sertifi.

但我們還有許多其他客戶。您聽到 Rob 談論了許多 SFS 客戶，我們再次對 B2B 業務的良好發展感到興奮。因此，許多客戶也正在進入下半年。因此，實際上，所有這些都讓我們對不包括 Sertifi 在內的整體 12% 中點感到放心。

And then, Mike, maybe a bigger picture. If we just take a step back, obviously, there's been a lot of conversation around demand of international students to go abroad for school. I'm curious if that's had any impact on conversations with the schools themselves. Are they less in a hurry? Is there less willingness for them to have a conversation to sign up new customers? Just curious how the sales cycle has been impacted by what's going on the demand side.

然後，麥克，也許這是一個更大的圖景。如果我們退一步來看，顯然，關於國際學生出國留學的需求已經有很多討論。我很好奇這是否對與學校本身的對話產生了影響。他們是不是不那麼著急了？他們是否不太願意透過交談來吸引新客戶？只是好奇銷售週期如何受到需求方的影響。

Yes. JD, on the two sides, I mean, obviously, we put up great client acquisition numbers, as Rob highlighted, we're not seeing any kick-out in demand. I mean remember, we've been around for well over a decade. We've seen multiple macroeconomic climates. Our clients look to our software and our solution is helping them digitize, helping them perform better, do more with less.

是的。京東，就雙方而言，我的意思是，顯然，我們提供了出色的客戶獲取數據，正如 Rob 所強調的那樣，我們沒有看到任何需求的流失。我的意思是記住，我們已經存在十多年了。我們已經看到了多種宏觀經濟環境。我們的客戶期待我們的軟體，我們的解決方案可以幫助他們數位化，幫助他們表現得更好，並用更少的資源做更多的事情。

And so we don't see any -- if anything, it's people looking at opportunities to replatform or use technology better I think that's a general trend in tech. And when it comes to the actual student demand side of it too, I think people need to remember, international students, their families is often been a lifelong plan to study abroad, sometimes they're continuing on legacy, sometimes they're both the generational ambition of the family to have someone kind of seek that next level of higher education.

因此，我們沒有看到任何——如果有的話，那就是人們正在尋找重新平台化或更好地利用技術的機會，我認為這是技術領域的總體趨勢。當談到實際的學生需求方面時，我認為人們需要記住，國際學生，他們的家庭往往有出國留學的終身計劃，有時他們延續傳統，有時他們既是家庭的世代願望，也希望有人尋求更高層次的高等教育。

So the students, these families, they have multiple choices they can go to various geographies. But I think the US is still the number 1 market for international students. We've not seen any data that we think that's going to change and a lot goes into that family and that student's decision to choose a country and a market.

因此，學生和家庭有多種選擇，可以去不同的地方。但我認為美國仍然是國際學生的第一大市場。我們還沒有看到任何數據表明這種情況會發生變化，而且很大程度上取決於家庭和學生對國家和市場的選擇。

So we think in any scenario, international students are going to be resilient, and they're going to pursue kind of a better life and improvement. And we think our clients keep looking for ways to just improve and automate what our legacy outdated tech systems that they have in a lot of their software stack, and we're here to help them do that.

因此，我們認為，無論在何種情況下，國際學生都會具有韌性，他們會追求更好的生活和進步。我們認為，我們的客戶一直在尋找方法來改進和自動化他們在許多軟體堆疊中保留的過時的技術系統，而我們在這裡幫助他們做到這一點。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great. Thank you for taking the question. I want to talk a little bit about the UK mix. So you made some comments around the momentum in the UK. At least in estimates, I believe the UK business is just shy in terms of its mix of revenue relative to the US. So it's a pretty important market.

偉大的。感謝您回答這個問題。我想稍微談談英國的混合。所以您對英國的發展勢頭髮表了一些評論。至少在估計中，我認為英國業務的收入結構相對於美國而言是相對較低的。所以這是一個非常重要的市場。

If you could talk just broadly around kind of a rough range around the type of growth you're seeing in the UK. The reason for this is we can kind of get a sense of the growth contribution. So it's roughly 20% of revenue growing roughly XY percent-ish. We can kind of get a sense of what the revenue growth contribution is. Thanks.

如果您可以大致談談您在英國看到的成長類型。這樣做的原因是我們可以大致了解成長貢獻。因此，大約有 20% 的收入增長了大約 XY 百分比。我們可以大致了解一下收入成長的貢獻是什麼。謝謝。

Yes. Thanks, Tim. Maybe I'll start and I'll pass it over to Rob, if there's any follow-up. But just in terms of overall UK is now actually our largest market. We don't necessarily break it out. It is in the EMEA numbers in the 10-Q, but it is -- and it is now our largest market in education.

是的。謝謝，蒂姆。如果有任何後續情況，也許我會開始並將其交給 Rob。但就整體而言，英國現在實際上是我們最大的市場。我們不一定要打破它。這是 10-Q 財報中的 EMEA 數據，但它是——現在它是我們最大的教育市場。

And so we've obviously seen very strong growth. You've heard us talk about it last year. You saw EMEA, that part of the business is growing almost 60%. Now obviously, that's a very large business. So there's sort of a natural law of large numbers in that as you continue growing at that scale.

因此我們顯然看到了非常強勁的成長。去年您就聽我們談論過這個話題。您看到 EMEA 地區，該部分業務成長了近 60%。顯然，這是一筆非常大的業務。因此，當你繼續以這種規模成長時，就會出現一種大數自然定律。

But we're excited about -- of course, a lot of products that have been driving that growth in the past. And now we've got new products, as you heard from Rob, the domestic component of it -- it's growing, and we're excited about it. And obviously, the clients are interested in it the same with the US. But hopefully, that gives you a little bit of a framing.

但我們對此感到興奮——當然，許多產品在過去一直推動著這種成長。現在我們有了新產品，正如你從羅布那裡聽到的，它的國內部分正在增長，我們對此感到興奮。顯然，客戶對此的興趣與美國一樣。但希望這能給你一點框架。

And it's Rob. I'll just add on quickly that the product suite we're bringing to the UK is really quite distinctive and unique. You heard me comment on the four SFS clients already. That's a product that we only recently introduced in the UK market, and I was at our UK conference earlier in the quarter in Q1 and believe we have a very bright future in terms of SFS.

他是羅布。我只想快速補充一點，我們帶到英國的產品套件確實非常獨特。您已經聽到我對四個 SFS 用戶端的評論了。這是我們最近才在英國市場推出的產品，我參加了本季第一季早些時候的英國會議，我相信我們在 SFS 方面擁有非常光明的前景。

It's not the only product that we're bringing to the UK, right? We brought StudyLink to the UK and shared our first win on that platform as well as payables, third-party invoicing and other capabilities that we have there. So a lot of seeds of growth being planted for the future.

這不是我們帶到英國的唯一產品，對吧？我們將 StudyLink 帶到了英國，並分享了我們在該平台上的首個勝利以及我們在那裡擁有的應付款項、第三方發票和其他功能。因此，許多成長的種子已經為未來埋下。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Thanks so much. I'm just curious, just thinking about the sources of upside this quarter. It sounds like it was Australia, of course, travel. But is there a way to maybe to rank in reminds what came in a little bit ahead of plan? And where do you have a little bit more conviction on growth versus the last time we got on the call together. I heard where the visibility is tough. I'm curious where you have maybe a little bit more conviction on the upside.

非常感謝。我只是好奇，只是想思考本季上漲的來源。聽起來當然是去澳洲旅行了。但有沒有辦法可以提前排名提醒大家計畫中發生的事情呢？與我們上次通話時相比，您對哪些方面的成長更有信心？我聽說那裡能見度很差。我很好奇，您對哪些方面更有信心。

Yes. It's Cosmin. So I think for us, it's been -- travel has been consistent and now with Sertifi. We saw that across both Sertifi and our existing travel business. And so of course, with all the questions around the macro, we've seen very strong growth in both the sides. I would say travel is the number 1 driver. And again, very excited about that vertical overall.

是的。我是科斯明。所以我認為對我們來說，旅行一直是一致的，現在又有了 Sertifi。我們在 Sertifi 和我們現有的旅遊業務中都看到了這一點。當然，儘管圍繞著宏觀經濟存在諸多問題，但我們看到雙方都出現了非常強勁的成長。我想說旅行是第一個驅動力。再次強調，我對整個垂直產業感到非常興奮。

Australia was the other component a little bit less, but sort of less negative than we expected. And as you saw from Rob's comments, we had the elections, and we're going to have to watch the performance there. But it was encouraging at least that the year didn't start as low as we thought.

另一個因素是澳大利亞，影響略小，但比我們預期的要小。正如你從羅布的評論中看到的，我們舉行了選舉，我們必須觀察那裡的表現。但至少令人鼓舞的是，今年的開局並不像我們想像的那麼低。

And that's all we sort of reduced a little bit on the Australia impact that we thought we would see as you saw from down 30% to down in the high 20s. For travel, however, we felt it was prudent not to flow through that upside until we watch the macro a bit more, but certainly, very excited about the trends there to start out the year.

這就是我們對澳洲的影響的一點減弱，我們認為我們會看到這種影響從下降 30% 下降到 20% 以上。然而，對於旅遊業而言，我們認為在進一步觀察宏觀經濟之前，不去利用這一優勢是明智之舉，但毫無疑問，我們對今年年初的趨勢感到非常興奮。

Yes. The only thing I'd add -- and this is Mike, is obviously US higher ed and we continue to layer in just more software there. And I think that's something that when you look at us consistently just taking business from incumbents in that space. We think that's something that we're excited about. Happy with the team's performance in Q1 and really excited to see what they can do in the future.

是的。我唯一要補充的是——這是麥克，顯然是美國高等教育，我們將繼續在那裡添加更多的軟體。我認為，當你看到我們一直在從該領域的現有企業手中搶奪業務時，你就會明白這一點。我們認為這是令我們興奮的事。對球隊在第一季的表現感到滿意，並且非常期待看到他們未來能取得什麼成就。

Just really quickly, I know it's probably not in the minds of everyone, it's just health care is doing a little bit better in terms of your outlook there as well. Does it feel like you're sort of turning the corner and getting to a good place because it does feel like it's very insulated from everything that everyone was worried about.

只是很快，我知道這可能不是每個人都想到的，從你的前景來看，醫療保健也做得更好了。是不是感覺自己好像已經轉危為安，到達了一個好地方，因為確實感覺自己已經遠離了所有人所擔心的一切。

Yes. Tien-Tsin, it's Rob here. So just as you said, we are excited about what's happening in that business. The thing I tried to call out in my comment was we do have a unique set of capabilities, right? Being able to do the three things I called out together is, in fact, unique and it's getting the attention of many players in the market.

是的。Tien-Tsin，我是 Rob。正如您所說，我們對該行業的發展感到興奮。我在我的評論中試圖指出的是，我們確實擁有一套獨特的能力，對嗎？能夠同時做到我所說的這三件事，實際上是獨一無二的，並且引起了市場上許多參與者的注意。

So if you look not just at the win that we've called out, there's other good things going on in the business in terms of indications from clients that they're interested in more of our capabilities as well as growth in pipeline growth in demos, growth in all the activity inside that business. So we do feel we've turned the corner in an interesting way.

因此，如果您不僅關注我們所宣稱的勝利，還會看到業務中正在發生的其他好事，例如客戶表示他們對我們的更多功能感興趣，以及渠道的增長、演示的增長、業務內部所有活動的增長。所以我們確實覺得我們已經以一種有趣的方式扭轉了局面。

Dan Perlin, RBC Capital.

加拿大皇家銀行資本管理公司的 Dan Perlin。

Thanks, Mike, you made a comment about education, shifting to some maybe nontraditional markets. I think you said you got the big four, it's 40% of global education, but you have like 20 other markets that represent another 40%. So my question is how much of those, let's say, 20 markets today is Flywire addressable and then if there's not the case, is there something that you can bring to bear in that market, let's say, in the next 6 to 9 months?

謝謝，麥克，你對教育、轉向一些非傳統市場發表了評論。我想你說過，四大教育巨頭佔了全球教育市場的 40%，但另外還有 20 個市場佔了另外 40%。所以我的問題是，假設目前有 20 個市場，Flywire 有多少可以涵蓋？如果沒有，那麼在未來 6 到 9 個月內，你們能在這些市場中扮演什麼角色？

Dan, it's Rob here. That was actually my comment. So I'll --.

丹，我是羅布。這實際上是我的評論。所以我會--.

I'm sorry.

對不起。

Sorry, yes -- no worry. So when we -- when I sort of presented that detail, that's talking about the next 20 markets that we do address, right? And so there's sort of two vectors of growth ahead of us. So within those 20 markets in which we have existing clients and volumes, we have an opportunity to go penetrate those markets further, we also -- if we do see those markets continue to grow in popularity, we have the opportunity to capture sort of more share in those markets as their popularity increases.

抱歉，是的——不用擔心。所以當我們——當我介紹這個細節時，那是在談論我們要解決的下 20 個市場，對嗎？因此，我們面前有兩種成長方向。因此，在我們擁有現有客戶和交易量的 20 個市場中，我們有機會進一步滲透這些市場，如果我們確實看到這些市場繼續受到歡迎，那麼隨著這些市場的受歡迎程度不斷提高，我們也有機會在這些市場中佔據更多的份額。

So that's within that sort of next 40% that I addressed. There are still, obviously, markets in that remaining, call it, 20% that are opportunities for us to go and enable for growth. That's not what we're calling out today. And my point was to focus on the next 20, which are the majority markets and the bigger markets that we can make progress in. But now that those are good opportunities for us to go land more clients and capture more payments.

這就是我之前提到的接下來的 40% 的範圍。顯然，剩下的 20% 的市場仍然有讓我們進入並實現成長的機會。這不是我們今天所呼籲的。我的觀點是關注接下來的 20 個市場，它們是我們可以取得進展的主流市場和更大的市場。但現在這些對我們來說都是獲得更多客戶和獲得更多付款的好機會。

Got it. That's great. Thanks for the clarity. Just a quick follow-up on the travel customer growth. In one of the slides, I mean, you put up some interesting dynamics there and you also put the revenue growth kind of contributions over kind of a year-on-year perspective. I guess the question is when we think about like the implementation backlog, how big is that today? And kind of what time frame would you be thinking about getting that converted?

知道了。那太棒了。謝謝你的澄清。只是對旅遊客戶成長進行快速跟進。我的意思是，在其中一張投影片中，您提出了一些有趣的動態，並且還將收入成長的貢獻放在了同比角度上。我想問題是，當我們考慮實施積壓時，今天它有多大？您考慮在什麼時間範圍內實現這項轉換？

Rob again here. So in one of the beautiful things about the travel businesses they tend to deploy far faster. So that's true both on the Flywire side as well as on the Sertifi side as compared to some of the conversations we have in the other verticals where the enterprise nature means it takes a little longer. These go very, very quickly. And we've talked about sort of an average duration that's measured in a small number of weeks or even less and not sort of these longer periods. So the conversion is quick.

羅布又來這裡了。因此，旅遊業務的一大優點是它們的部署速度往往更快。與我們在其他垂直行業中進行的一些對話相比，Flywire 和 Sertifi 的情況都是如此，因為其他行業的企業性質意味著需要更長的時間。這些進展非常非常快。我們討論的是以幾週甚至更短的時間來衡量的平均持續時間，而不是較長的時間段。所以轉換很快。

Jason Kupferberg, Bank of America.

美國銀行的傑森‧庫普弗伯格（Jason Kupferberg）。

Good afternoon. This is Tyler DuPont on for Jason. I wanted to start by asking about the competitive positioning within education and whether there have been any changes to the landscape due to the current geopolitical environment?

午安.我是泰勒杜邦 (Tyler DuPont)，代替傑森 (Jason)。我想先問教育領域的競爭定位，以及目前的地緣政治環境是否改變了？

It was encouraging to hear your SFS solution is beginning to gain more traction among higher ed institutions. But sort of given where we are today, it will be great to hear your thoughts. For example, are you seeing competitors competing more aggressively on price to win? Or is it more steady as she goes, just in a more muted demand environment? Just any clarity around competitive dynamics, given the market that we're in right now?

聽到您的 SFS 解決方案開始在高等教育機構中獲得更多關注，我們感到非常鼓舞。但考慮到我們今天的狀況，聽到您的想法將是一件非常愉快的事情。例如，您是否看到競爭對手在價格上展開更激烈的競爭以求取勝？或者，隨著需求環境的減弱，她的情況會變得更穩定嗎？考慮到我們目前所處的市場，對競爭動態有什麼清晰的認知嗎？

Yes. I would say we've always kind of competed off of product performance/results in our people. And I don't think that's really changed in education. If anything, we're we still have a global footprint of clients. The competitive landscape that we have in the United States with the incumbents is very different than what we see around the world, right?

是的。我想說的是，我們一直以來都是以產品性能/員工成果來競爭。我不認為教育方面的情況有實質的改變。無論如何，我們仍然擁有遍佈全球的客戶。我們在美國與現任政府之間的競爭格局與我們在世界各地看到的非常不同，對嗎？

We are not seeing those similar players in the other 40-plus markets. When we think about the software assets we have, to take to these other markets, as Rob highlighted on the call, we can actually introduce products from Australia into the UK, the US products into Canada and the UK and really helped grow revenue and so we've always had a great reputation of solving problems in higher ed.

在其他 40 多個市場中我們並沒有看到類似的參與者。當我們考慮我們擁有的軟體資產時，為了進入這些其他市場，正如 Rob 在電話中所強調的那樣，我們實際上可以將澳洲的產品引入英國，將​​美國的產品引入加拿大和英國，並真正幫助增加收入，因此我們在解決高等教育問題方面一直享有盛譽。

And I think what we're just seeing is multiple product suite offerings and getting lots of client references. And I think that's a flywheel that will benefit us. I said earlier that we've taken business from incumbents. We continue to do it. we compete very well. Our team is very competitive in nature and wants to win, and that's what we do.

我認為我們所看到的是多種產品套件的提供和大量客戶的推薦。我認為這是一個對我們有利的飛輪。我之前說過，我們已經從現任者手中搶走了業務。我們會繼續這樣做。我們競爭非常激烈。我們的團隊本質上非常具有競爭性並且渴望勝利，這就是我們所做的。

And then just any update regarding the operational and business portfolio review you mentioned? I Know you mentioned it a bit in the prepared remarks, but just sort of perhaps if you can clarify how far along in the process we are? How we should be thinking about margin implications?

那麼，您提到的營運和業務組合審查有什麼更新嗎？我知道您在準備好的發言中提到了這一點，但您能否澄清一下我們目前進展到哪一步了？我們該如何考慮利潤影響？

See FY25 margin expansion guide is now 200 bps at the midpoint. I think it was 300 bps as of last quarter. Is any of that due to the review? What sort of investments are you making there to that's driving that? Just any clarity around the review and margin implications?

請參閱 FY25 利潤率擴張指南，目前中間值為 200 個基點。我認為截至上個季度，這個數字是 300 個基點。這些是不是跟審查有關？您在那裡進行了哪些投資來推動這一目標？對審查和保證金影響有任何澄清嗎？

Yes. Sure. This is Mike. I'll start, and I'm sure Cosmin will jump in too. I had a whole bunch of areas in my prepared remarks that I called out. I mean we're looking at -- everything is on the table. And I think management and the Board is everything from how do we structure ourselves, the restructuring we announced prior, and that is everything from how we organize departments how we're using dollars to reinvest in certain areas like automation, I called out things like procurement as being something that had never really been fully consolidated and been an aggressive area where we sought large cost savings opportunities. There's more we can do there.

是的。當然。這是麥克。我先開始，我相信 Cosmin 也會加入。我在準備好的發言中提到了很多方面。我的意思是我們正在考慮——一切都擺在桌面上。我認為管理層和董事會對一切都至關重要，從我們如何構建自身結構，到我們之前宣布的重組，從我們如何組織部門，到我們如何使用資金在某些領域（如自動化）進行再投資，我指出採購等事項從未真正得到完全整合，並且是我們積極尋求大幅節約成本機會的領域。我們還可以做更多的事情。

When you look at a vertical, we're looking at every single product within that vertical and understanding how it's priced and making insurance priced properly for the value that's being delivered in that product. And so looking at all areas of operating costs and everything to just run the best business we can and control what we can control and Cosmin anything you might have.

當您查看垂直行業時，我們會查看該垂直行業中的每種產品，並了解它的定價方式，並根據該產品所提供的價值對保險進行合理的定價。因此，我們要審視所有營運成本領域以及所有可能的情況，盡力經營好業務，控制我們能夠控制的一切，以及你可能擁有的一切。

Yes. So from a sort of cost perspective, obviously, Q1, you saw overall OpEx as a percent of revenue was down significantly. G&A was down, in particular, I called that out. And that was really even before we got started with kind of the restructuring and some of the operational reviews.

是的。因此，從成本角度來看，顯然，第一季度，您會看到整體營運支出佔收入的百分比大幅下降。我特別指出了 G&A 支出下降的情況。這實際上是在我們開始重組和一些營運審查之前。

So I feel good that the rest of the year, we have those levers and we can continue to drive operating leverage, not just on the non-GAAP costs, but also, as you heard me start talking about stock-based comp, too. And so we're looking at it together, and that's with -- when I look at margins for the year, as we sort of plan for any scenarios, we feel quite good that we have enough levers and capabilities to ensure that we can meet those commitments on the margin side and drive that free cash flow that we talk about.

因此，我感覺很好，在今年剩餘的時間裡，我們擁有這些槓桿，我們可以繼續推動經營槓桿，不僅僅是在非公認會計準則成本上，而且，正如你聽到我開始談論的基於股票的補償。因此，我們正在一起研究這個問題，當我查看今年的利潤率時，當我們為任何情況制定計劃時，我們感覺很好，我們有足夠的槓桿和能力來確保我們能夠履行利潤方面的承諾並推動我們所談論的自由現金流。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Yeah. Good afternoon. Thanks for taking the questions. The disclosures comparing the education versus the travel vertical are interesting. Is there any way to think about the NRR opportunity between the two verticals?

是的。午安.感謝您回答這些問題。教育與旅遊垂直領域的比較揭露很有趣。有什麼方法可以考慮兩個垂直產業之間的 NRR 機會嗎？

Yes. Chris, this is Cosmin. Maybe I'll start. Yes. Look, it's going to be a little bit different than what we've looked at before. Obviously, the travel business has -- although it has a very similar characteristic of land and expand, which drives that vertical you also have a different market growth dynamic.

是的。克里斯，這是科斯明。也許我會開始。是的。你看，它與我們之前看到的有些不同。顯然，儘管旅遊業具有非常相似的登陸和擴張特徵，但推動該垂直行業的同時也具有不同的市場成長動力。

But the way we think about it is in the same disclosure if you want to sort of understand a bit of the components of growth, the slide that has this year's growth for travel sort of last year -- sorry, growth for travel. You can see that a lot of the growth comes from new signs and from client ramp and a little bit less from volume growth from the market itself and continuing to see again, we have upsell and cross-sell. And as we build out the capabilities and the synergies with certified, that bucket then can grow even more.

但是，如果您想了解增長的一些組成部分，我們思考的方式是相同的，幻燈片上顯示的是今年的旅遊業增長情況，類似於去年的旅遊業增長情況 - 抱歉，是旅遊業的增長情況。您可以看到，許多成長來自新標誌和客戶成長，而來自市場本身的銷售成長則略少，並且繼續看到，我們有追加銷售和交叉銷售。隨著我們的能力和與認證的協同作用的不斷增強，這個數字還會進一步增長。

So I'd point you to that chart to give you a sense, we don't disclose NRR just for travel, but it is a healthy number. But that chart gives you a sense for at least the growth algorithm, the way to think about the travel business going forward, which, again, will be an important one for us since it will be almost a quarter of our business into next year.

因此，我想向您指出該圖表，讓您了解一下，我們不會只為旅行披露 NRR，但這是一個健康的數字。但該圖表至少可以讓您了解成長演算法，思考未來旅遊業務的方式，這對我們來說非常重要，因為它將占我們明年業務的近四分之一。

Yes. And Chris, I'll just add anecdotally. The thing to realize is we have a track record of adding software products, right? And so if you look at the Sertifi acquisition, heavily software-based revenue stream, but also our clients tell us all the time what additional problems we can help them solve and so that's part of the product in engineering and tech investment we're making, right, is to identify those other things similar to what we've done in education, layer in additional products, solve more value, drive additional growth.

是的。克里斯，我只是想補充一些軼事。要意識到的是，我們有添加軟體產品的記錄，對嗎？因此，如果你看一下 Sertifi 的收購，它主要基於軟體的收入來源，但我們的客戶也一直告訴我們，我們可以幫助他們解決哪些其他問題，所以這是我們在工程和技術投資產品的一部分，對吧，就是確定那些與我們在教育領域所做的事情類似的其他事情，增加額外的產品，解決更多價值，額外的增長。

And we have a lot of really interesting things that clients want us to after, some of which we already are starting to go after and seeing good results, but we think the future is really bright about layering more software products to help drive value.

我們有很多真正有趣的事情是客戶希望我們做的，其中一些我們已經開始做並且看到了良好的結果，但我們認為，透過分層更多的軟體產品來幫助推動價值，未來是光明的。

And then just, I guess, a follow-up to that. When you think about NRR for the company, I mean, historically, it's been over 120%. And it's 114% last year, going to come down a little bit. But when you think about the long term, can you kind of talk about where you think this business should be at?

然後，我想，這只是對此的後續行動。當您考慮公司的 NRR 時，我的意思是，從歷史上看，它已經超過 120%。去年這一數字為 114%，今年將會略有下降。但是當您從長遠角度考慮時，您能否談談您認為這項業務應該處於什麼位置？

Yes. Look, obviously, as you saw even last year, Canada alone put 10 points of pressure on NRR. We have Australia and others. So the market itself is swimming upriver, if you will. Obviously, we're getting stronger and still moving quite fast despite all of that, we're growing quite well.

是的。顯然，正如你所看到的，即使在去年，加拿大也對 NRR 施加了 10 個百分點的壓力。還有澳洲和其他國家。因此，如果你願意的話，市場本身正在逆流而上。顯然，我們正在變得更加強大，儘管如此，我們仍然發展得相當快，而且發展得相當好。

But I think the way to think about the long-term growth, even if you were to take Canada and Australia, which were down high 20%, those two markets alone this year put almost 4 points of pressure on the growth rate so -- versus if you would assume just them being flat.

但我認為，從長期成長的角度來看，即使以加拿大和澳洲為例，這兩個市場的成長率下降了 20%，但僅這兩個市場今年就對成長率造成了近 4 個百分點的壓力——而如果你假設它們持平的話。

So you've heard us talk before about we don't need the headwinds to turn into tailwinds even in a more normalized environment for a couple of these markets we will be growing obviously much faster than we are. And so -- and again, with health care kind of recovering the travel business becoming a bigger portion and growing faster.

所以你之前聽我們說​​過，我們不需要逆風變成順風，即使在這些市場更正常的環境中，我們的成長速度顯然也會比現在快得多。因此，隨著醫療保健產業的復甦，旅遊業將佔據更大的比重，並且成長速度更快。

Obviously, there's a lot of hope in that. And as we look into the second half into the future, obviously, that's where we're hoping to be. Obviously, we have to watch the macro environment, that's been the biggest pressure on that NRR number, which, again, if you look at it excluding some of these headwinds, it would be in that same region.

顯然，這裡面蘊藏著很大的希望。當我們展望未來下半年時，顯然，這就是我們所希望的。顯然，我們必須關注宏觀環境，這是對 NRR 數字的最大壓力，同樣，如果你排除其中一些不利因素，它將處於同一區域。

But again, we're dealing with those headwinds right now. So many other levers, as we've talked about that help us get there and increasingly even more if you've talked several new products, the domestic opportunities and so forth, which, again, would build into that NRR algorithm.

但我們現在又要應付這些阻力了。正如我們所討論的，還有許多其他槓桿可以幫助我們實現目標，如果你談到幾種新產品、國內機會等等，那麼這些槓桿的作用就會越來越大，這些又會融入到 NRR 演算法中。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Hi, good afternoon, and thank you for taking my question. I just had a modeling question about EBITDA for the back half of the year. And I understand that things are very fluid and subject to change. But if my math is correct, it's coming out to about 40 bps of expansion in the second half of the year. I'm just curious how we should think about that from a cadence standpoint in the third and the fourth quarter as it stands today, how you're thinking about the timing of investments or any other puts and takes there?

大家好，下午好，感謝您回答我的問題。我剛剛有一個關於下半年 EBITDA 建模的問題。我明白事情是瞬息萬變的，隨時都可能改變。但如果我的計算正確的話，今年下半年的擴張幅度將達到約 40 個基點。我只是好奇，就目前的情況而言，我們應該如何從第三季和第四季的節奏角度來考慮這個問題，您如何考慮投資時機或任何其他的投入和產出？

Yes. So the way I would think about it is, obviously, a bit more expansion in the first half, partially is just the timing of the restructuring and some of the costs we talked about, unlock some of the mix component that I think you've noticed, obviously, you're bringing Sertifi in and investing behind that.

是的。因此，我的想法是，顯然，上半年會有更多的擴張，部分原因在於重組的時機以及我們談到的一些成本，解鎖一些我認為你已經注意到的混合成分，顯然，你正在引入 Sertifi 並在其背後進行投資。

So that part also comes in later in the year. And we're -- to some extent, again, I would think of it as us reallocating some of the savings into areas that Mike talked about, sort of think of the data analytics and other areas that help us grow scale. So that's why you're seeing sort of a little bit lower expansion in the second half. However, again, all of that is sort of data dependent. We're watching the macro and we then have levers to enable us to ensure that we can meet those commitments.

因此這部分內容也將在今年稍後推出。在某種程度上，我再次認為我們將部分節省的資金重新分配到麥克談到的領域，例如數據分析和其他有助於我們擴大規模的領域。這就是為什麼你會看到下半年擴張速度略有下降。然而，所有這些都依賴數據。我們正在關注宏觀因素，然後採取各種手段來確保我們能夠履行這些承諾。

And lastly, I'll say, historically, obviously, that's one area where we've been able to manage last year. As you recall, we had almost a $30 million headwind that we have to work against. And ended up exceeding on the margin side. So we do have levers, but also we will look to invest in the areas where we see future potential, especially in times like this where our customers need us most.

最後，我想說，從歷史上看，顯然這是我們去年能夠管理的領域。大家還記得，我們​​面臨近 3000 萬美元的逆風，我們必須克服這些困難。最終在利潤方面超乎預期。因此，我們確實有槓桿，但我們也會尋求在我們看到未來潛力的領域進行投資，特別是在我們的客戶最需要我們的時候。

And as a follow-up, I wanted to ask about the gross profit per customer slide, slide 18, particularly for travel. The expansion potential is pretty remarkable there, but if I'm looking at that chart, there's a bit of a dip from year one to year two, and then there's a pretty significant ramp up from three to four. I was hoping you could kind of walk us through how business -- how that expands over the course of a travel customer relationship. This seems to be a little different from what we're used to within the education vertical.

作為後續問題，我想問第 18 張投影片中每位客戶的毛利，特別是旅行方面的毛利。那裡的擴張潛力相當驚人，但如果我看圖表，就會發現從第一年到第二年略有下降，而從第三年到第四年則出現相當顯著的上升。我希望您能向我們介紹一下業務—在旅遊客戶關係發展過程中業務是如何擴展的。這似乎與我們在教育垂直領域所習慣的有些不同。

Yes, I can start. It's Cosmin. Yes. So the year one for us because people ask about the travel of macro, we started the travel business in the middle of COVID. So you're -- sort of the first year there and the dynamics there are mostly sort of the pre and during COVID years, and that's why I would say that's what you're seeing, that sort of dip and then the pickup in the future. So hopefully, that helps. It's a little bit of a -- sort of a one-off, I would say, hopefully, because obviously that was an extreme case.

是的，我可以開始。我是科斯明。是的。因此，對我們來說，這是第一年，因為人們詢問宏觀旅行的情況，所以我們在 COVID 期間開始了旅遊業務。所以你 — — 這是那裡的第一年，那裡的動態主要是新冠疫情之前和期間的動態，這就是為什麼我會說這就是你所看到的，那種下降，然後是未來的回升。希望這能有所幫助。我希望這只是一個特例，因為顯然這是一個極端的例子。

But otherwise, we feel pretty good about the overall profitability of those customers and growing positive gross profit dollars, especially now with the addition of Sertifi with software, as you saw, 70% of the business, that definitely improves the overall gross margin profile for the travel business.

但除此之外，我們對這些客戶的整體盈利能力和不斷增長的毛利感到非常滿意，尤其是現在增加了 Sertifi 軟體，正如您所見，佔業務的 70%，這無疑改善了旅遊業務的整體毛利率狀況。

At this time, I would like to turn the floor back to management for closing comments.

現在，我想將發言權交還給管理階層，請他們發表最後評論。

Thanks, everybody, for the time today, and I appreciate you joining the call. Bye.

感謝大家今天的寶貴時間，我很感謝你們參加這次電話會議。再見。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。