Flywire Corporation (FLYW) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Flywire Corporation's second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候等候。歡迎參加 Flywire Corporation 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I'd now like to hand the conference over to Masha Kahn, Vice President of Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Masha Kahn。請開始。

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

謝謝，各位午安。今天與會的有執行長 Mike Massaro；總裁兼營運長 Rob Orgel；以及財務長 Cosmin Pitigoi。

Our second-quarter 2026 earnings press release, supplemental presentation, and when filed, Form 10-Q are available at ir.flywire.com.

我們 2026 年第二季財報新聞稿、補充簡報，以及（提交後的）Form 10-Q，可於 ir.flywire.com 取得。

Today's call is being recorded and will be available for replay on our website.

今天的電話會議將被錄音，並會在我們網站上提供重播。

During the call, we'll be discussing certain forward-looking information. Actual results could differ materially from those contemplated by these statements. In addition, unless otherwise indicated, all financial measures discussed on this conference call are non-GAAP financial measures. Please refer to our press release and SEC filings for more information on the risks related to forward-looking statements and the required reconciliations of non-GAAP financial measures.

在本次電話會議中，我們將討論若干前瞻性資訊。實際結果可能與這些陳述所預期者有重大差異。此外，除非另有說明，本次電話會議中討論的所有財務衡量指標均為非 GAAP 財務指標。有關前瞻性陳述相關風險，以及非 GAAP 財務指標所需調節表，請參閱我們的新聞稿與 SEC 申報文件以取得更多資訊。

With that, I'll turn the call over to Mike Massaro.

接下來，我把電話交給 Mike Massaro。

Thank you, Masha, and thank you to those joining us today. We are excited to announce yet another quarter of strong revenue and EBITDA growth, as well as momentum in the business continuing to build.

謝謝你，Masha，也感謝今天加入我們的各位。我們很高興宣布，本季再度實現強勁的營收與 EBITDA 成長，且業務動能持續增強。

Signed deals are getting bigger, and clients are replacing legacy providers and point solutions to consolidate onto Flywire. We will take you through the quarter in much more detail, but first, I want to step back because I want stakeholders to see Flywire the way we do.

簽約案規模持續變大，客戶也正以 Flywire 取代傳統供應商與單點解決方案，以整合至 Flywire 平台。我們將更詳細帶各位回顧本季表現，但首先我想先退一步，因為我希望利害關係人能以我們的視角來看待 Flywire。

We continue to deliver solid growth, and the quality of that growth is improving. We are converting incremental dollars of gross profit into durable earnings, expanding our free cash flow, and we believe we are well-positioned to continue gaining market share.

我們持續交出穩健成長，而且成長品質正在提升。我們正把新增的毛利美元轉化為可持續的獲利，擴大自由現金流，並相信我們已具備持續提升市占率的良好條件。

Let me explain why Flywire's moats and financial model don't just coexist, they compound, each getting stronger as we scale.

我來說明為什麼 Flywire 的護城河與財務模型不只是並存，而是相互加乘：隨著規模擴大，兩者都會更強。

You know the Flywire model. We go where others are unwilling or unable to go, embedding into complex, mission-critical workflows, and solving payment challenges that are larger, more international, and far more difficult than simple checkout transactions.

各位都了解 Flywire 的模式。我們進入其他人不願意或無法進入的領域，嵌入複雜且攸關任務的關鍵工作流程，解決比單純結帳交易更大、更國際化、也更困難的支付挑戰。

That complexity is our moat, and it deepens on its own. Rising regulation, expanding global flows, and deeper integration requirements are headwinds for simpler competitors and tailwinds for Flywire. Once deployed, we become critical infrastructure, with revenue churn across enterprise clients in education and travel below 1% as of 2025.

這種複雜性就是我們的護城河，而且會自我加深。監管趨嚴、全球資金流擴大，以及更深度的整合需求，對較簡單的競爭者是逆風，對 Flywire 則是順風。一旦部署完成，我們就成為關鍵基礎設施；截至 2025 年，我們在教育與旅遊領域的企業客戶營收流失率低於 1%。

So today, I also want to put our model into financial terms, what it means for revenue, margins, and cash flow over the next few years.

因此今天我也想用財務角度來說明我們的模式：未來幾年對營收、利潤率與現金流的意涵。

As CEO, I am focused on three core metrics.

身為執行長，我聚焦三項核心指標。

First, revenue and gross profit dollar growth. On this foundation, we are aiming to achieve $1 billion of annual organic revenue within the next few years. Given the free cash flow this business is expected to generate, acquisitions remain an additional powerful lever.

第一，營收與毛利美元的成長。在此基礎上，我們目標是在未來幾年內達成每年 10 億美元的有機營收。鑑於本業預期可產生的自由現金流，併購仍是另一個強而有力的槓桿。

Our diversification engine underpins the path. Growth outside our traditional Big Four education markets continues to outpace the overall business. Differentiated software offerings like SFS are driving domestic growth above and beyond visa trends.

我們的多元化引擎支撐這條路徑。在傳統教育「四大市場」之外的成長，持續快於整體業務。像 SFS 這類差異化軟體產品，正推動國內成長，且超越簽證趨勢所帶來的影響。

Travel continues to perform well, and the payments modernization in our hospitality business is outperforming our expectations. And our smaller verticals, B2B and healthcare, are gaining scale and becoming growth contributors on their own.

旅遊業務持續表現良好，而我們在旅宿業務的支付現代化進展也優於預期。此外，我們較小的垂直領域——B2B 與醫療保健——正在擴大規模，並逐步成為獨立的成長貢獻來源。

Second, EBITDA margin progression. We believe a 30% adjusted EBITDA margin is achievable over the next few years. With most of the expansion coming from operating leverage, we can already see in our expense base.

第二，EBITDA 利潤率的提升。我們相信未來幾年可達成 30% 的調整後 EBITDA 利潤率。其中大部分擴張將來自營運槓桿，我們已能在費用結構中看見。

The productivity gains from our transformation are real. They're improving both LTV to CAC and our cost to serve, proving that operating expenses can grow well below gross profit growth for longer.

我們轉型帶來的生產力提升是真實存在的。它們同時改善 LTV 對 CAC 的比率與我們的服務成本，證明營運費用在更長時間內可以遠低於毛利成長率。

Scaling fast organically and through acquisitions naturally adds costs and friction across systems, vendors, and processes. We are consolidating that into a leaner foundation, purpose-built for the next phase of growth and scale.

無論是有機快速擴張或透過併購擴張，系統、供應商與流程之間都會自然增加成本與摩擦。我們正將其整併為更精實的基礎，並為下一階段的成長與規模量身打造。

At the center of this is our payment platform investment. We are unifying systems onto a single modern payment architecture. And our digital transformation is re-architecting our internal operating systems so that our people and AI agents can seamlessly work side by side to structurally lower our cost to scale.

其中核心是我們對支付平台的投資。我們正把系統統一到單一的現代化支付架構上。同時，我們的數位轉型正在重新架構內部營運系統，讓員工與 AI 代理能無縫並肩工作，從結構上降低我們擴張規模的成本。

Because these investments fundamentally change how work gets done, the operating leverage they create is durable.

由於這些投資從根本上改變了工作的完成方式，因此它們所創造的營運槓桿具有持久性。

And third, multiyear free cash flow and GAAP earnings growth. Free cash flow generation and capital efficiency are central to long-term shareholder value. We remain highly committed to strong free cash flow conversion alongside continued discipline on stock-based compensation and dilution.

第三，多年期的自由現金流與 GAAP 獲利成長。自由現金流的產生能力與資本效率，是長期股東價值的核心。我們仍高度承諾在持續嚴控以股票為基礎的薪酬與稀釋的同時，維持強勁的自由現金流轉換率。

Combined with a strong balance sheet, this cash flow generation is a powerful source of strategic flexibility. We can invest organically, repurchase shares, and stay opportunistic on M&A, all from a position of strength and all while growing free cash flow per share.

再加上強健的資產負債表，這種現金流產生能力提供了強大的策略彈性。我們可以進行有機投資、回購股票，並在併購上保持機會主義——都能在有利的基礎上進行，同時提升每股自由現金流。

Durable gross profit growth, compounding earnings, and expanding free cash flow. That is how we intend to build shareholder value. But reaching our $1 billion annual organic revenue target requires high conviction and concentrated investment.

可持續的毛利成長、複利式的獲利成長，以及擴大的自由現金流。這就是我們打造股東價值的方式。但要達成每年 10 億美元的有機營收目標，需要高度信念與集中投資。

Today, we are directing our capital into three core areas.

今天，我們正把資本投入三個核心領域。

First, gaining share and expanding our software moat. We are actively investing to expand our software and workflow capabilities across all verticals, such as investing in more functionality and integrations for SFS and taking our hospitality software from a historically US-focused business into a global hospitality platform.

第一，提升市占並擴大我們的軟體護城河。我們正積極投資，以擴展各垂直領域的軟體與工作流程能力，例如為 SFS 投入更多功能與整合，並將我們的旅宿軟體從過去以美國為主的業務，推進為全球旅宿平台。

Second, expanding our payments platform. As our volume scales, we are driving operational discipline to improve unit economics and strengthen our value proposition. Better corridor economics, deeper local banking relationships, and a cost per transaction that is expected to decline as we grow.

第二，擴展我們的支付平台。隨著交易量擴大，我們正推動營運紀律以改善單位經濟效益並強化價值主張。更佳的通道（corridor）經濟效益、更深的在地銀行合作關係，以及隨著成長而預期下降的每筆交易成本。

Third, our digital transformation, a major priority in strengthening internal operations through data architecture investments, AI integration, and systems consolidation. This is designed to drive productivity and long-term operating leverage across the business. Cosmin will walk you through the rigorous financial framework we use to evaluate these organic investments alongside our broader capital allocation and share repurchase strategy.

第三，我們的數位轉型：透過資料架構投資、AI 整合與系統整併，強化內部營運，這是重大優先事項。其目的在於提升生產力，並在全公司推動長期營運槓桿。Cosmin 將帶各位了解我們用以評估這些有機投資的嚴謹財務框架，以及我們更廣泛的資本配置與股票回購策略。

Our ability to confidently execute this capital strategy stems directly from our resilience in the market. Our team continues to deliver in an uncertain macroenvironment. What matters most is that clients are seeing ROI from consolidating their payment flows on Flywire. Some clients need help to grow, while others are automating to reduce costs.

我們能夠有信心地執行這項資本策略，直接源自我們在市場中的韌性。在不確定的總體環境下，我們的團隊仍持續交付成果。最重要的是，客戶正從把其支付流整合到 Flywire 中看到投資報酬率（ROI）。有些客戶需要協助成長，另一些則在自動化以降低成本。

Across all market conditions, the value Flywire delivers speaks for itself, and interest in our solutions continues to grow both in markets that are under pressure and those that benefit from higher numbers of international students.

在各種市場情境下，Flywire 所提供的價值不言自明；無論是在承受壓力的市場，或是在受惠於國際學生人數增加的市場，對我們解決方案的興趣都持續升溫。

Let me be direct about the current environment. The macro backdrop remains challenging. We see recent negative trends in UK visas. Australia has raised visa fees again, and regulations in both the US and the UK have become more stringent. Enterprise sales cycles are long, and large healthcare deals like Cleveland Clinic can boost growth one year and create a tough comp the next.

我想直接談談目前的環境。總體背景仍具挑戰。我們看到英國簽證近期出現負面趨勢。澳洲再次提高簽證費用，而美國與英國的法規也變得更為嚴格。企業銷售週期很長，且像 Cleveland Clinic 這類大型醫療保健交易，可能在某一年推升成長，並在下一年形成艱難的比較基期。

But here's what really matters: the Flywire business is vertically diverse, geographically diverse, and has multiple product growth levers. This means we can navigate challenging macro conditions while hitting the framework I just described. We don't need conditions to improve to build a business with $1 billion in annual organic revenue with 30% margins.

但真正重要的是：Flywire 的業務在垂直領域上多元、在地理上多元，並且擁有多個產品成長槓桿。這意味著，即使在充滿挑戰的總體環境下，我們仍能在達成我剛才描述的框架目標的同時，靈活應對。我們不需要等環境改善，也能打造一個年有機營收達 10 億美元、且利潤率達 30% 的業務。

And in some ways, the industry pressure works in our favor. When institutions face cost and volume pressure, the case for automating manual payment flows gets stronger, not weaker. When they consider choosing a partner for the future, they look to companies that are innovating, growing, and financially strong.

而在某些方面，產業壓力反而對我們有利。當機構面臨成本與量能壓力時，自動化手動付款流程的理由只會更強，而不是更弱。當他們考慮選擇未來的合作夥伴時，他們會看向那些持續創新、持續成長、且財務穩健的公司。

Ultimately, Flywire is succeeding on the strength of our business, not because of easy market conditions.

歸根結底，Flywire 的成功來自我們業務本身的實力，而不是因為市場環境輕鬆。

But let me now shift to AI and how it is becoming an enabler for Flywire. AI increases the value of whoever owns the workflow and the data, and we own both. This quarter, I want to show you how this thesis is playing out in delivering real results, not projections.

接下來我想把話題轉到 AI，以及它如何逐漸成為 Flywire 的賦能者。AI 會提升擁有工作流程與資料者的價值，而這兩者我們都擁有。本季我想向各位展示，這個論點如何正在帶來真實成果，而不是僅僅是預測。

About 45% of customer inquiries now resolve automatically without human intervention. And with the support platform adopting generative AI across chat, email, and phone, we are targeting over 50% auto-resolution rate by the end of the year.

目前約有 45% 的客戶詢問可在無需人工介入的情況下自動解決。隨著支援平台在聊天、電子郵件與電話全面採用生成式 AI，我們的目標是在年底前將自動解決率提升至 50% 以上。

More broadly, AI is embedded across Flywire's engineering and product teams with frontier models, shared best practices, strong governance, and autonomous agents handling tasks like code retirement, conflict resolution, bug fixing, and test maintenance. This allows our teams to focus on building new products, making digital transformation a fundamental shift in how work gets done, not just a cost-saving initiative.

更廣泛而言，AI 已透過前沿模型、共享最佳實務、強健治理，以及可自主執行任務的代理（例如程式碼退役、衝突解決、修復錯誤與測試維護），深度嵌入 Flywire 的工程與產品團隊。這讓團隊能把重心放在打造新產品上，使數位轉型成為工作完成方式的根本改變，而不只是節省成本的措施。

And AI is transforming our go-to-market as well. Enablement is now always on. AI captures winning tactics from live client conversations and delivers them as continuous coaching, cutting new hire ramp times and scaling the Flywire way without additional management overhead.

AI 也正在改變我們的 go-to-market（市場推進）方式。賦能（enablement）如今是隨時在線、持續運作。AI 會從即時客戶對話中擷取致勝戰術，並以持續教練式指導的形式交付，縮短新進人員上手時間，並在不增加額外管理負擔的情況下擴大「Flywire 的做法」。

In closing, none of this happens without our Flymates. We recently completed our company-wide engagement survey called Flyover, and the results were strongly positive. Our teams are embracing AI and the productivity it unlocks. And they tell us they feel more creative and more energized in their work.

最後，這一切都離不開我們的 Flymates。我們最近完成了全公司參與度調查「Flyover」，結果非常正面。團隊正在擁抱 AI 以及它所釋放的生產力。他們也告訴我們，他們在工作中感到更有創意、也更有活力。

Ultimately, transformations succeed when people lean into them. Flymates are doing this, and that kind of organizational momentum is rare.

最終，轉型能否成功，取決於人們是否願意投入其中。Flymates 正在這麼做，而這種組織動能相當罕見。

Flywire is a great business with a powerful financial model and an exceptional team, and we are built to keep getting stronger.

Flywire 是一家優秀的企業，擁有強大的財務模型與卓越的團隊，而我們也具備持續變得更強的基礎。

With that, I will hand it over to Rob to take you through more details on the execution from the quarter. Rob?

接下來，我把時間交給 Rob，請他帶各位更深入了解本季的執行情況細節。Rob？

Thanks, Mike. Q2 results continue to reinforce the fact that our modern product portfolio is widening our competitive moat, and we are systematically taking share from traditional payment processors and point solution providers across every vertical we serve.

謝謝，Mike。第二季的結果持續印證：我們現代化的產品組合正在擴大我們的競爭護城河，而我們也正有系統地在所服務的每一個垂直領域，從傳統支付處理商與單點解決方案供應商手中取得市占。

We signed over 200 new clients across 45 countries and all verticals, the second consecutive quarter at that level. Signed ARR continues to benefit from existing client land and expand as well as larger average deal sizes.

我們在 45 個國家、涵蓋所有垂直領域，簽下超過 200 家新客戶，這已是連續第二季達到該水準。簽約 ARR 持續受惠於既有客戶的落地與擴張（land and expand），以及更高的平均交易規模。

Travel led the new client count, followed by education, and we are very excited about the pace of signings even as we deliberately move toward larger, more strategic engagements.

旅遊在新客戶數量上領先，其次是教育；即便我們刻意朝向更大、更具策略性的合作案前進，我們仍對簽約速度感到非常振奮。

Last quarter, I laid out three themes defining our business: strategic vendor consolidation, geographic diversification, and software-led monetization. Those weren't one-quarter observations. They're structural growth drivers. So today, I want to walk you through how each of these three themes is driving consistent results.

上季我提出三個界定我們業務的主題：策略性供應商整併、地理多元化，以及以軟體為主導的變現。這些不是單一季度的觀察。它們是結構性的成長驅動因素。因此今天，我想帶各位看看這三個主題如何各自推動一致且持續的成果。

Starting with strategic vendor consolidation, our client conversations typically start in the same place. We hear about too many vendors, too many manual workflows, too much payment complexity, and a great many of those conversations end in the same great place, consolidation onto Flywire.

先從策略性供應商整併談起，我們與客戶的對話通常都從同一個起點開始。我們聽到的是：供應商太多、手動工作流程太多、支付複雜度太高；而其中相當多的對話，最後都在同一個理想終點收束——整併到 Flywire。

As an example, the University of Liverpool has signed for our SFS platform in the UK, a win that showcases the full value of the suite. Liverpool has everything that makes student finance hard: a large international enrollment paying from dozens of countries, domestic students on plans, parent access requirements, refunds, hardship cases, and more, all running through manual processes and a patchwork of systems. We're consolidating that onto one platform.

例如，利物浦大學已在英國簽約採用我們的 SFS 平台，這是一個能展現整套方案完整價值的勝利案例。利物浦具備所有讓學生財務變得困難的因素：大量國際學生從數十個國家付款、本地學生採用分期方案、家長存取權限需求、退款、困難救助個案等等，而這些都透過手動流程與拼湊式系統在運作。我們正把這些整併到單一平台上。

For students and families, a modern portal with real-time balances, authorized parent access, and self-service payment plans.

對學生與家庭而言，是一個現代化入口網站，提供即時餘額、授權家長存取，以及自助式分期付款方案。

For the university, a real-time integration with their Unit4 ERP that will eliminate many hours of manual posting work, reduce merchant fees, and give their finance team a unified, automated view of student financial activity.

對大學而言，與其 Unit4 ERP 的即時整合將消除大量手動入帳工時、降低商戶手續費，並讓財務團隊以統一且自動化的方式掌握學生財務活動全貌。

We continue to see strong interest in SFS in the UK.

我們持續看到英國市場對 SFS 的高度興趣。

In the US, we signed three new SFS deals this quarter, with an ARR value double the signings in the same quarter of 2025. And our pipeline continues to build. When an institution is genuinely ready to switch providers, we believe we win those opportunities with SFS far more than our competitors.

在美國，我們本季簽下三筆新的 SFS 合約，其 ARR 價值是 2025 年同季簽約金額的兩倍。而我們的管線也持續累積。當一所機構真正準備好更換供應商時，我們相信相較於競爭對手，我們以 SFS 贏下這些機會的機率高得多。

What's driving these wins is ROI institutions can measure. SFS pays for itself across three dimensions.

推動這些勝利的關鍵，是機構可衡量的投資報酬率（ROI）。SFS 會在三個面向上回本。

First, operational efficiency. Automating billing, payment plans, and past-due outreach has reduced inbound student contact volume, in some cases by 40%, letting school student finance teams run leaner even as enrollment complexity grows.

第一，營運效率。自動化帳單、分期付款方案與逾期催收外聯，已降低學生來電/來信等入站聯絡量，在某些案例中降幅達 40%，使學校的學生財務團隊即便在招生結構更複雜的情況下，也能以更精實的人力運作。

Second, cash flow. Self-service payment plans have driven roughly 50% higher plan enrollment, with default rates falling from as high as 34% to below 2%.

第二，現金流。自助式分期付款方案使方案參與率提升約 50%，同時違約率從最高可達 34% 降至 2% 以下。

And third, revenue recovery, a solution we pioneered. Our clients have now collected more than $360 million in past-due tuition in-house, saving over $70 million in agency fees. And for many institutions, the ROI is highly attractive compared to the license fees they pay Flywire.

第三，收入追回（revenue recovery），這是我們率先開創的解決方案。我們的客戶目前已在校內自行收回超過 3.6 億美元的逾期學費，節省超過 7,000 萬美元的代收機構費用。對許多機構而言，相較於他們支付給 Flywire 的授權費用，這樣的 ROI 極具吸引力。

That is the essence of consolidation, one billing-to-collection platform, replacing a billing vendor, a payment plan vendor, and a collection agency and paying for itself in the process.

這就是整併的精髓：以一個從帳單到催收的一體化平台，取代帳單供應商、分期付款方案供應商與催收機構，並在此過程中實現自我回本。

Shifting to experiential travel. Our deal sizes are rising as travel groups merge and migrate more of their entities onto Flywire rails. Again, consolidation working in our favor. Win rates continue to improve. Our brand carries real weight in this market, and the TAM remains largely unpenetrated across golf, hiking, cycling, and many other luxury experiences.

接著談體驗式旅遊。隨著旅遊集團併購整合，並將更多旗下實體遷移到 Flywire 的支付軌道上，我們的交易規模正在上升。再次證明，整併對我們有利。贏單率持續改善。我們的品牌在這個市場具有實質影響力，而在高爾夫、健行、騎行以及許多其他奢華體驗領域，TAM 仍大多尚未被充分滲透。

The second theme is geographic diversification, and we drove strong growth outside our traditional Big Four markets of the US, UK, Canada, and Australia. We saw education revenue grow outside those markets by over 30% year over year in Q2, and approximately two-thirds of the new education clients we signed were in growth markets outside the Big Four.

第二個主題是地理多元化；我們在傳統的四大市場——美國、英國、加拿大與澳洲——之外，推動了強勁成長。第二季在這些市場之外的教育營收年增超過 30%，而我們簽下的新教育客戶中，約三分之二來自四大市場以外的成長型市場。

In Europe, international students continue to diversify destination markets, and European universities are responding. Some are introducing more English-language programs, and some are charging higher fees. We are particularly happy to see strong share gains in Spain and Switzerland and continued strong momentum in the private K-12 segment. We are positioning Flywire to benefit from trends favoring student and tuition growth in continental Europe.

在歐洲，國際學生持續分散其留學目的地市場，而歐洲的大學也正在回應。有些學校正在推出更多英語授課課程，也有些正在提高學費。我們特別樂見在西班牙與瑞士取得強勁的市占提升，以及私立 K-12（幼兒園至高中）領域持續強勁的動能。我們正讓 Flywire 站在有利位置，以受惠於有利於歐洲大陸學生人數與學費成長的趨勢。

In Asia, we are executing well in markets that are opening up to international students. South Korea and Japan are actively courting international enrollment to help address shrinking domestic workforces. We are winning there. This quarter, we went live with a number of prestigious universities in both countries, and our regional pipeline continues to build.

在亞洲，我們在那些正逐步向國際學生開放的市場執行表現良好。南韓與日本正積極吸引國際入學，以協助因應國內勞動力萎縮。我們在那裡持續勝出。本季，我們在兩國多所享有盛名的大學正式上線，我們的區域商機管線也持續累積。

Wrapping up my comments on why we win in global education. In Canada and Australia, where the broader markets remain under policy pressure, our growth is powered by share gains. This quarter, we started processing payments for Sheridan, a major Canadian college, where international students make up over 8,000 of roughly 20,000 enrolled; and for Bond University, Australia's first private nonprofit university, a prestigious Gold Coast institution with one of the highest international student ratios in the country. Wins like these in constrained markets are the clearest evidence of our share gains.

總結我對於我們為何能在全球教育領域勝出的說明。在加拿大與澳洲，整體市場仍受政策壓力影響之際，我們的成長主要由市占提升所驅動。本季，我們開始為加拿大大型學院 Sheridan 處理付款，該校約 20,000 名在校生中，國際學生超過 8,000 名；同時也開始為澳洲第一所私立非營利大學、位於黃金海岸的知名學府 Bond University 處理付款，該校擁有全國最高的國際學生占比之一。在受限市場中取得這類勝利，是我們市占提升最明確的證據。

Finally, speaking to our software-led monetization, our software-led approach has been a key catalyst for capturing and monetizing payment volume. It's at the heart of Flywire doing what others can't. Our hospitality software, which is used across over 20,000 properties, streamlines workflows, and where it's combined with our payments offerings, replaces costly and insecure manual card processing with customer-initiated payments such as ACH, card surcharging, and local methods, along with providing enhanced security from capabilities like 3D Secure.

最後，談到我們以軟體為核心的變現策略，我們的軟體導向方法一直是捕捉並變現支付量的關鍵催化劑。這正是 Flywire 能做到他人做不到之事的核心。我們的旅宿軟體已在超過 20,000 個物業中使用，可簡化工作流程；當其與我們的支付產品結合時，能以由客戶發起的付款方式（如 ACH、信用卡附加費（card surcharging）及本地支付方式）取代成本高且不安全的人工刷卡處理，同時透過 3D Secure 等功能提供更強的安全性。

The results are striking. Payment fees drop meaningfully, in some cases by more than half, and win rates on disputed transactions more than double.

成果相當顯著。支付手續費大幅下降，在某些情況下甚至減少超過一半，而爭議交易的勝訴率則提升至兩倍以上。

Our ideal hospitality customers are luxury resorts and properties managing high-value stays and complex events. Notable recent wins include contracts with large hotel management groups such as Peregrine Hospitality, Avion Hospitality, and Marcus Hotels & Resorts, each of which owns or manages a portfolio of hotels and resorts great for our hospitality solutions.

我們理想的旅宿客戶是豪華度假村，以及管理高價住宿與複雜活動的物業。近期值得一提的勝利包括與大型飯店管理集團簽約，例如 Peregrine Hospitality、Avion Hospitality 與 Marcus Hotels & Resorts；這些集團各自擁有或管理一系列飯店與度假村，非常適合導入我們的旅宿解決方案。

Having proven the model in the US, we've signed more than 40 locations across Europe and Asia year to date, and we believe we are just getting started.

在美國驗證此模式後，截至目前我們今年已在歐洲與亞洲簽下超過 40 個據點，我們相信這才剛剛開始。

In education, as we deepen the software layer around our payments platform, clients are renewing for longer terms and on economics increasingly favorable to us because the software has become embedded in how they operate. We see this dynamic of longer and better terms compounding over time as we continue to deliver for our clients.

在教育領域，隨著我們在支付平台周邊加深軟體層，客戶正以更長的合約期限續約，且在經濟條款上愈來愈有利於我們，因為軟體已深度嵌入其營運方式。我們看到這種「更長且更佳條款」的動能，會隨著我們持續為客戶交付價值而隨時間累積放大。

We're seeing software-led monetization work across our other verticals, too. In healthcare, the patient financial experience platform is now live with payment processing across multiple clients, including additional go-lives in Q2, a good example of software attaching to payment processing.

我們也看到以軟體為核心的變現策略在其他垂直領域同樣奏效。在醫療保健方面，病患財務體驗平台目前已在多家客戶上線並進行支付處理，且在第二季也有新增上線案例，這是軟體與支付處理綁定的良好例證。

In B2B, we replaced the legacy pattern, invoicing out of the ERP, payments through the bank, and heavily manual workflows with a single invoice-to-cash platform from Flywire.

在 B2B 方面，我們以 Flywire 的單一「從開立發票到收款（invoice-to-cash）」平台，取代了傳統模式：在 ERP 中開票、透過銀行收款，以及高度仰賴人工的工作流程。

What is most exciting right now is our velocity and depth of capture. Increasingly, new B2B clients are adopting both our invoice software and payments from day 1.

目前最令人振奮的是我們的導入速度與捕捉深度。愈來愈多新的 B2B 客戶從第一天起就同時採用我們的發票軟體與支付服務。

This quarter's wins show the breadth of demand: a digital asset management company automating its AR operation, a wealth management firm signing for the full suite of invoice plus payments, and an international insurer collecting premiums globally, all serving finance teams drowning in manual work for whom a unified AR and payments platform is an immediate measurable efficiency gain.

本季的勝利展現了需求的廣度：一家數位資產管理公司將其應收帳款（AR）作業自動化；一家財富管理公司簽約採用完整套件（發票加支付）；以及一家國際保險公司在全球收取保費。這些客戶都服務於被大量人工工作淹沒的財務團隊，對他們而言，整合式 AR 與支付平台能立即帶來可量化的效率提升。

Those three themes, consolidation, diversification, software-led monetization, aren't just how Q2 played out. They're how we expect this business to build for years.

這三大主題——整合、分散化、以軟體為核心的變現——不僅是第二季的寫照。它們也是我們預期未來多年業務將如何持續打造與成長的方式。

Cosmin will now take you through the strong financial performance this quarter and future outlook. Cosmin?

接下來將由 Cosmin 帶各位回顧本季強勁的財務表現與未來展望。Cosmin？

Thank you, Rob. I will cover our financial performance for Q2 2026, discuss our capital allocation philosophy, and provide our updated full-year outlook and additional details behind the longer-term ambitions.

謝謝你，Rob。我將說明我們 2026 年第二季的財務表現，討論我們的資本配置理念，並提供更新後的全年展望，以及支撐長期目標的更多細節。

Q2 performance trend underscores the resilience of our diversified portfolio with results coming in ahead of expectations. Total revenue less ancillary services reached $164 million, up over 28% on a spot basis and 27% FX-neutral growth.

第二季的表現趨勢凸顯我們多元化投資組合的韌性，實際結果優於預期。扣除附屬服務後的總營收達 1.64 億美元，按即期匯率計年增超過 28%，按固定匯率（FX-neutral）計成長 27%。

Our outperformance versus the midpoint of our guide on an FX-neutral basis was largely driven by our travel segment, which continues to pace ahead of our expectations. This strength was specifically fueled by hospitality payments being on a strong ramp.

按固定匯率計，我們相較於指引中位數的超預期表現，主要由旅遊業務帶動，該業務持續跑贏我們的預期。這股強勁動能特別來自旅宿支付的快速爬坡成長。

Our education revenues were also ahead of expectations. The stronger-than-expected payment processing volumes from healthcare alongside our B2B invoice migration drove an approximately 7-point growth tailwind to payment processing in Q2, ahead of the mid-single-digit impact we guided to. We expect the payment ramp to decelerate in second half as we annualize these revenue streams' go-lives.

我們的教育營收也高於預期。醫療保健的支付處理量高於預期，加上我們 B2B 發票遷移的推進，使第二季支付處理帶來約 7 個百分點的成長順風，優於我們先前指引的中個位數影響。隨著我們對這些營收來源的上線進行年化處理，我們預期下半年支付爬坡將放緩。

Transaction revenue was $135.9 million, up 35% year over year. This was driven by 43% growth in transaction payment volume with continued contribution from education, both cross-border and domestic, as well as travel. As a reminder, quarter-to-quarter blended yield can vary with mix, especially as domestic payments ramp up.

交易營收為 1.359 億美元，年增 35%。主要由交易支付量年增 43% 所帶動，教育（含跨境與國內）以及旅遊業務均持續貢獻。提醒各位，綜合收益率（blended yield）在季度間可能因組合而波動，尤其是在國內支付快速爬坡時。

Higher domestic volumes and greater credit card penetration carry different economics than cross-border flows. On a like-for-like basis, pricing remains stable and competitive behavior continues to be disciplined.

較高的國內交易量與更高的信用卡滲透率，其經濟性與跨境資金流不同。在同口徑比較下，我們的定價維持穩定，競爭行為也持續保持理性克制。

Our spreads reflect the value we deliver: compliance, reconciliation, ERP integrations, and enterprise-grade infrastructure, not commodity payment processing.

我們的利差反映的是我們所交付的價值：合規、對帳、ERP 整合，以及企業級基礎設施，而非商品化的支付處理。

Platform and other revenues were $28 million, up 3% year over year, primarily driven by growth in hospitality. Adjusted gross profit reached $93 million, increasing 19% year over year at spot. Importantly, this 19% gross profit dollar growth is successfully converting into adjusted EBITDA margin expansion, demonstrating real operating leverage.

平台及其他營收為 2,800 萬美元，年增 3%，主要由旅宿業務成長帶動。調整後毛利達 9,300 萬美元，按即期匯率計年增 19%。重要的是，這 19% 的毛利金額成長正成功轉化為調整後 EBITDA 利潤率擴張，展現出實質的營運槓桿。

Adjusted EBITDA was $24 million, resulting in a 14.6% margin and expanding approximately 160 bps year over year, which was above the upper end of our guide. The strength in adjusted EBITDA reflects gross profit growth and continued operating leverage across every expense category.

調整後 EBITDA 為 2,400 萬美元，利潤率 14.6%，年增約 160 個基點，且高於我們指引區間的上緣。調整後 EBITDA 的強勁表現反映毛利成長，以及在各項費用類別上持續展現的營運槓桿。

Our adjusted gross margin of 56.6% was down by approximately 450 basis points. Margin dynamics are driven by three factors: mix, FX, and temporary large payment processing ramps, not competitive pressure.

我們的調整後毛利率為 56.6%，下降約 450 個基點。毛利率變動主要由三項因素驅動：組合、匯率，以及大型支付處理的短期爬坡，而非競爭壓力。

This quarter, the margin change was primarily driven by approximately 300 basis points from the mix contribution of higher payment processing revenues from healthcare and B2B that began ramping in the second half of 2025.

本季毛利率變動主要來自約 300 個基點，係因醫療保健與 B2B 的較高支付處理營收組合貢獻所致；這些業務自 2025 年下半年開始爬坡。

The balance of the margin change was due to continued vertical mix shifts. FX on settlement impact in Q2 was $0.7 million on an absolute basis, but we did benefit from a favorable year-over-year comparison given the headwind we experienced in Q2 2025. Excluding the approximately 300 basis points from this ramp activity, our normalized gross margin decline would have been around 150 basis points, which is squarely within our expected normal annual range of 100- to 200-basis-point decline. We emphasize that these current ramp dynamics are temporary and will be largely complete by the end of 2026.

其餘的毛利率變動則來自垂直領域組合的持續轉移。第二季結算端的匯率影響在絕對金額上為 70 萬美元，但由於我們在 2025 年第二季曾遭遇逆風，因此今年的年對年比較相對有利。若排除上述爬坡活動帶來的約 300 個基點影響，我們的常態化毛利率下降約為 150 個基點，完全落在我們預期的正常年度區間（下降 100 至 200 個基點）之內。我們強調，目前這些爬坡動態屬於暫時性，並將在 2026 年底前大致完成。

In Q2, we had a GAAP net loss of $8 million, improving versus a $12 million loss a year ago. The second quarter is our smallest revenue quarter, with net income and free cash flow generation seasonally depressed and expected to reverse in Q3 and both be strongly positive for the full year.

第二季我們的 GAAP 淨損為 800 萬美元，較去年同期 1,200 萬美元的淨損有所改善。第二季是我們營收最小的季度，淨利與自由現金流的產生具有季節性下滑，預期將在第三季反轉，且全年兩者都將呈現強勁正值。

Turning to capital allocation. We are disciplined allocators. Every dollar competes on expected return through an IRR framework that weighs organic investment, share repurchases, and M&A against one another. That is why we repurchase shares aggressively into dislocation and why organic investment is concentrated in our highest conviction areas and why we remain patient on M&A.

接著談資本配置。我們是紀律嚴明的資本配置者。每一美元都會在一個以 IRR（內部報酬率）為核心的框架下，依預期報酬彼此競爭；該框架會將有機投資、股票回購與併購（M&A）相互權衡。因此，我們會在市場出現錯價時積極回購股票；我們的有機投資也集中在最具信心的領域；同時我們對併購保持耐心。

Our balance sheet remains strong, with approximately $167 million in corporate cash, giving us significant financial flexibility to remain opportunistic, manage dilution, pursue acquisitions while continuing to invest in the business.

我們的資產負債表依然強健，企業現金約 1.67 億美元，讓我們具備相當大的財務彈性，可把握機會、管理稀釋、推動收購，同時持續投資於業務。

Moving to guidance. We are raising both revenue and EBITDA guidance for the full year of 2026. We now expect 21% to 27% FX-neutral revenue growth, with approximately 3 to 4 points from payment processing ramps in B2B and healthcare and roughly 1.5 points of inorganic contribution as we lap Sertifi.

接著談財測。我們上調 2026 全年營收與 EBITDA 指引。我們目前預期以固定匯率（FX-neutral）計算的營收成長為 21% 至 27%，其中約 3 到 4 個百分點來自 B2B 與醫療保健領域的支付處理放量（ramp），另約 1.5 個百分點來自無機成長貢獻，因為我們將跨越（lap）Sertifi 的併入基期。

Full-year 2026 adjusted gross profit is expected to grow at high-teens year-over-year at spot. We expect approximately 200 to 400 basis points of full year EBITDA margin expansion, reaching approximately 23% at the midpoint.

2026 全年調整後毛利預期在即期匯率（spot）下年增高十位數百分比（high-teens）。我們預期全年 EBITDA 利潤率擴張約 200 至 400 個基點，中位數約達 23%。

Stock-based compensation remains targeted at approximately 10% of revenue, and we are aiming to reduce our new stock issuance in dollar terms every year.

以股票為基礎的薪酬（SBC）仍以約占營收 10% 為目標，我們也力求每年以美元金額計降低新增股票發行。

Alongside this, we continue managing growth and net dilution in a disciplined manner, targeting less than 2% dilution this year and less than 3% on an ongoing basis. Furthermore, we maintain our expectations of free cash flow conversion of 70% to 75% of adjusted EBITDA and upgrade our expectations for GAAP net income to grow fourfold this year to over $50 million.

同時，我們持續以紀律方式管理成長與淨稀釋，目標是今年稀釋低於 2%，長期維持低於 3%。此外，我們維持自由現金流轉換率為調整後 EBITDA 的 70% 至 75% 的預期，並上調 GAAP 淨利預期：今年將成長四倍至超過 5,000 萬美元。

Our Q2 performance, combined with more upside from payment-related product ramps through the remainder of the year, leads to upgraded full-year 2026 guidance despite our more cautious assumptions around education revenues.

我們第二季的表現，加上今年剩餘期間支付相關產品放量帶來的更多上行空間，使我們即便對教育營收採取更審慎的假設，仍上調 2026 全年指引。

Before I walk through the details, let me flag the shape of the growth from here. Several of our newer revenue streams are ramping faster than we planned this year: payment processing in both B2B and healthcare and Sertifi domestic payment processing, which is accelerating ahead of our expectations. That's a good problem. These investments are converting sooner than we modeled.

在我說明細節之前，先提示一下接下來的成長形態。我們幾個較新的營收來源今年放量速度快於原先規劃：B2B 與醫療保健的支付處理，以及 Sertifi 的國內支付處理，其加速幅度超出我們預期。這是個好問題。這些投資的轉化時間點比我們模型假設更早。

This has two consequences worth setting up front. First, this accelerated ramp makes 2026 a stronger revenue base, which creates a tougher comparison as we move to the second half and into next year. Separately, and as we assumed coming into the year, we expect UK education revenue growth to slow. That's already baked into our outlook.

這帶來兩個值得先行說明的影響。第一，放量加速使 2026 的營收基礎更強，當我們進入下半年與明年時，對比基期會更具挑戰。另外，如同我們年初的假設，我們預期英國教育營收成長將放緩。這已反映在我們的展望中。

Second, because these streams carry lower gross margins than our blended average, full-year gross margin decline would be higher than the range we previously discussed, closer to 350 basis points on a reported basis and closer to 200 if normalized for the current payment ramps in healthcare and B2B.

第二，由於這些收入流的毛利率低於我們的綜合平均，全年毛利率下滑幅度將高於我們先前討論的區間；以報表口徑（reported basis）看更接近 350 個基點；若就醫療保健與 B2B 目前的支付放量進行常態化（normalized），則更接近 200 個基點。

Let me be clear on that second point because it matters. These ramps pressure gross margin but not EBITDA. The pressure is pure mix. Processing volume carries a lower gross margin rate but very little incremental OpEx because it runs over infrastructure and relationships we already have. So every gross profit dollar converts to EBITDA at a high rate.

我想把第二點講清楚，因為這很重要。這些放量會壓抑毛利率，但不會壓抑 EBITDA。壓力完全來自組合（mix）。處理量的毛利率較低，但幾乎不需要額外的營運費用（OpEx），因為它運行在我們既有的基礎設施與合作關係之上。因此，每一美元毛利都能以很高的比例轉化為 EBITDA。

Q3 2026 guidance. Our approach to guidance hasn't changed: prudent, transparent, and data dependent. Visibility into the peak is always relatively limited at this point in the year. So we've talked to agents and to our clients, but we don't take that input at face value.

2026 年第三季指引。我們對指引的做法沒有改變：審慎、透明、並以數據為依據。在一年中的這個時間點，對旺季的能見度一向相對有限。因此我們與代理商及客戶溝通，但不會照單全收。

In the US, they expect declines but are more optimistic on average than our assumptions. And we've held to a 30% visa decline.

在美國，他們預期會下滑，但平均而言比我們的假設更樂觀。而我們仍維持簽證下滑 30% 的假設。

In the UK, we are seeing higher visa rejection rates in Q1, and we've baked that in.

在英國，我們看到第一季簽證拒簽率更高，並已將其納入假設。

In both cases, we weigh what we hear against what we're seeing in our own data, and we've set our assumptions from there.

在兩種情況下，我們都會把外部回饋與我們自身數據所呈現的情況相互對照，並據此設定假設。

For Q3 2026, we expect FX-neutral revenue growth of 16% to 22% year over year. At current spot rates, we anticipate almost no FX tailwind. Gross profit dollar growth is expected in the low-teens range at spot rates, including an estimated 1-point headwind from FX on settlement year-over-year dynamics.

對於 2026 年第三季，我們預期以固定匯率計算的營收年增 16% 至 22%。以目前即期匯率來看，我們預期幾乎沒有匯率順風。以即期匯率計算，毛利金額年增預期為低十位數百分比（low-teens），其中包含因結算（settlement）在年對年動態下，匯率帶來約 1 個百分點的逆風。

Adjusted EBITDA margin is expected to expand by approximately 200 basis points year-over-year at the midpoint of our guidance.

調整後 EBITDA 利潤率預期在指引中位數下，年對年擴張約 200 個基點。

One timing dynamic on the Q3 versus Q4 split. A meaningful share of our education volume settles around UK deadlines in early October, right as the Chinese national holidays fall in late September and early October. Payers heading off to the holiday may settle ahead of that deadline, pulling volume that would land in Q4 forward into Q3. That moved roughly 2 points of growth from Q4 to Q3 last year.

關於第三季與第四季拆分的一個時間點因素。我們相當一部分的教育交易量會在英國 10 月初的截止日前後結算，而此時正逢中國國定假日落在 9 月下旬與 10 月上旬。準備放假出行的付款人可能會在截止日前提前結算，將原本會落在第四季的量提前到第三季。去年這使約 2 個百分點的成長從第四季移到第三季。

That cuts both ways in this year's comparisons. Q3 is lapping a quarter elevated by that pull forward, while Q4 is lapping a base reduced by it. So Q4's year-over-year growth rate will look better than the underlying trend, and Q3's worse, assuming no repeat of the Chinese payer behavior this year.

這在今年的比較中會雙向影響。第三季是在一個因提前結算而墊高的季度基期之上進行比較，而第四季則是在一個因此被壓低的基期之上比較。因此，若今年不再出現中國付款人同樣的行為，第四季的年增率看起來會優於基本趨勢，而第三季則會較差。

Holiday timing differs slightly this year, and payer behavior is hard to predict. Either way, the cleaner read is to look at our performance for the second half as a whole.

今年假期時間略有不同，付款人行為也難以預測。無論如何，更乾淨的解讀方式是看我們整個下半年的整體表現。

In closing, as we scale toward our $1 billion in revenue and 30% adjusted EBITDA margin goal over the next few years, we're focused on structural operating leverage. Transformation investment peaks in 2027, with material savings expected to come through thereafter, so we expect operating costs to stay roughly flat beyond that, while continuing to invest in strategic priorities.

最後，當我們在未來幾年朝著營收 10 億美元與調整後 EBITDA 利潤率 30% 的目標擴張時，我們聚焦於結構性的營運槓桿。轉型投資將在 2027 年達到高峰，之後預期會逐步釋出可觀的節省，因此我們預期在那之後營運成本將大致持平，同時仍會持續投資於策略優先事項。

Investments in consolidating platforms, scaling data, AI, systems, and automation are already boosting engineering and sales output, letting us streamline R&D, optimize sales and marketing, and redeploy savings into growth priorities and AI-enabling architecture. Even through this planned peak investment period, we have contained OpEx growth, and we are now targeting approximately 25% adjusted EBITDA margin by 2027.

在整合平台、擴展數據、AI、系統與自動化方面的投資，已在提升工程與銷售產出，使我們得以精簡研發（R&D）、優化銷售與行銷，並將節省下來的資源重新部署到成長優先事項與支援 AI 的架構上。即便在這段規劃中的投資高峰期，我們也控制了營運費用成長，並且目前目標是在 2027 年達到約 25% 的調整後 EBITDA 利潤率。

In closing, Q2 demonstrated the durability of our diversified platform and the scalability of our operating model. We are managing for a specific outcome: durable, profitable growth in an environment where top-line growth is normalizing.

最後，第二季展現了我們多元化平台的韌性，以及我們營運模式的可擴展性。我們正以一個明確結果為目標進行管理：在營收成長趨於常態化的環境中，實現具韌性且可獲利的成長。

And here's what gives us confidence: operating leverage compounds independent of the top-line cycle. So even as revenue growth moderates, and we do expect it to, the algorithm holds. The combination of growth and profitability we deliver stays firmly in the range this business has always targeted. That is the promise of our digital transformation, margin expansion that holds its scale through the cycle quarter after quarter.

而讓我們有信心的是：營運槓桿的累積不受營收循環影響。因此，即便營收成長放緩——我們也確實預期會放緩——這套演算法仍然成立。我們所交付的成長與獲利組合，仍穩定落在這項業務一貫鎖定的區間內。這就是我們數位轉型所承諾的：利潤率擴張能在景氣循環中維持規模，季度接著季度。

Along with our Flymates embracing our vision, I am very excited about what we're building and how far it lets us scale.

加上我們的 Flymates 也擁抱我們的願景，我對我們正在打造的事物以及它讓我們能擴張到多遠感到非常振奮。

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

接下來我把時間交回給接線員進行提問。接線員？

(Operator Instructions) Nate Svensson, Deutsche Bank.

（接線員指示）德意志銀行 Nate Svensson。

Hey, guys. Nice results. I think I'll start off just asking about the international visa situation in the US. I know there's been a lot of proposals and news articles written on potential new regulations. So wondering from your perspective, probability of any of these proposals going through and sort of any, I guess, concerns that this could create some demand destruction similar to what we saw in other geographies.

各位好。成果很不錯。我想先從美國的國際簽證情況問起。我知道最近有很多提案與新聞報導在談可能的新規範。所以想請教以你們的角度來看，這些提案通過的機率如何？以及我想，是否有任何疑慮，可能會造成某種需求破壞，類似我們在其他地區看到的情況。

And then I'm thinking more broadly speaking, still feels like the 30% visa reduction looks conservative, but I know we're kind of right in the heart of the most important months here for F-1 visa issuances. So I'm wondering if you'd give any color that you have either from your end clients or some of the third parties that you work with on what's going on in the US.

然後更廣泛來看，我仍覺得 30% 的簽證減少假設看起來偏保守，但我知道我們正處在 F-1 簽證核發最重要的幾個月份的核心時段。所以想請你們分享一些你們掌握的資訊，不論是來自你們的終端客戶，或是你們合作的第三方，關於美國目前的狀況。

Hey, Nate, it's Mike. Yeah, I mean, as you mentioned, I'll start, and I'll let Cosmin talk to a little more of the specifics around what's in the guide.

嗨，Nate，我是 Mike。是的，我的意思是，如你所提到的，我先開頭，然後我會讓 Cosmin 再多談一些指引（guide）裡的具體內容。

Obviously, you're seeing various headlines around the world continue. And again, I think that's part of the reason coming off last year, we've kind of taken the prudent approach to how we look at this and looking at it by region and by market.

很明顯地，你會看到全球各地持續出現各種新聞標題。而且我想，這也是我們在去年之後，採取較為審慎方式來看待這件事的部分原因：按地區、按市場來分析。

And so again, a lot of these are exactly what you said, they're statements, they're proposed policies, not kind of approved policies. They're not in place. And historically, we've seen the headlines oftentimes be a lot worse than the actual end results. And so again, we're being prudent.

因此再說一次，很多如你所說的，都是聲明、是政策提案，而不是已核准的政策。它們尚未落地實施。而從歷史經驗來看，新聞標題往往比最終結果嚴重得多。所以我們再次強調，我們會保持審慎。

Cosmin, I think, has taken that into account in the way in which he looks at different regions in the guide, and I'll let him comment on that.

我想 Cosmin 在他看待指引中不同地區的方式上，已把這些因素納入考量，我讓他來補充評論。

Yeah. So I think, as you said, Nate, we've always looked at it taking a prudent approach with that 30% decline. And we're about a month into the quarter, so we do have some visibility into the overall trends. As you know, usually US peaks around August, and so we do have some visibility into that, but feel pretty good that we've taken the right prudent approach.

是的。所以我想，如你所說，Nate，我們一直以來都採取審慎的方式，並以 30% 的下滑作為假設。而我們進入本季大約一個月了，所以對整體趨勢確實有一些能見度。如你所知，美國通常在 8 月達到高峰，因此我們對此也有一定掌握，但我們對於採取正確且審慎的做法感覺相當不錯。

And let's look at the multiyear thing that we look at. So feel good that we've taken a pretty good approach in terms of being prudent around the US assumptions.

另外我們也會看多年度的趨勢。所以我們對於在美國假設上採取相當審慎的做法感到放心。

Yes, agreed, and appreciate the color. For a follow-up, I wanted to ask on the three new US SFS signings, specifically on the commentary that they came in at double the ARR of the prior-year quarter. So I wonder if you could talk about the ARR portion of that specifically and what's kind of driving the strong year-over-year expansion? I assume a lot of it is kind of the land and expand strategy that you've talked about before. Anything on pricing? And then maybe beyond the recent deal signings, kind of how sustainable do you think the growth in ARR with these SFS wins is going forward?

好的，同意，也謝謝你們補充說明。追問一下，我想問關於三筆新的美國 SFS 簽約，特別是你們提到它們的 ARR 是去年同期的兩倍。所以想請你們談談其中 ARR 的部分，究竟是什麼在推動如此強勁的年增擴張？我猜很多是你們之前談過的「先切入再擴張（land and expand）」策略。定價方面有什麼因素嗎？另外，除了近期的成交簽約之外，你們認為這些 SFS 勝單帶來的 ARR 成長，往後的可持續性如何？

Yeah, this is Rob. I'll jump in here. Obviously, we're excited about the progress we've made here. You called it out right in what we called out in the comments with the doubling of ARR for those US deals.

是的，我是 Rob。我來補充。很明顯地，我們對目前取得的進展感到興奮。你也點出了我們在評論中提到的重點：這些美國交易的 ARR 翻倍。

It's all part of the strategy. We are focused on full-suite deals. We are focused on enterprise. We are doing what we think are the right things to do to make sure we are putting a very skilled and expert sales team in the field to deliver this kind of enterprise-quality deal.

這都是策略的一部分。我們聚焦在全套（full-suite）交易。我們聚焦在企業客戶。我們正在做我們認為正確的事情，確保我們在前線配置一支非常熟練且專業的銷售團隊，以交付這類具企業級品質的交易。

And further, I think our name is getting better and better in the market. As we've delivered for some of the logos and institutions that you've heard us talk about on previous calls, it's a very connected industry where people talk to each other, and our name is very good out there.

此外，我認為我們的品牌在市場上的能見度與口碑越來越好。當我們為你們在先前電話會議中聽過的那些標誌性客戶與機構交付成果後，這是一個高度連結的產業，大家彼此會交流，而我們在外面的名聲非常好。

So in terms of confidence going forward, feel very good about the second half quality of pipeline and what we expect to see for the rest of the year.

所以就對未來的信心而言，我們對下半年管線（pipeline）的品質，以及我們預期今年剩餘時間將看到的表現，都感到非常有信心。

Yeah, makes sense. Congrats again.

了解。再次恭喜。

Dan Perlin, RBC Capital Markets.

RBC Capital Markets 的 Dan Perlin。

Thanks. Good results here. I just wanted to ask Mike about kind of the mix of what you envision this $1 billion organic revenue to look like as you think about education, travel, B2B, healthcare. How do you think that will change through the course of this, I guess, multiyear strategy?

謝謝。這次結果很好。我想請教 Mike，關於你們所設想的 10 億美元有機營收（organic revenue）的組成：當你們思考教育、旅遊、B2B、醫療保健等板塊時，你認為在這個我想是多年度策略的推進過程中，組合會如何變化？

Obviously, Cosmin gave some financial implications for this, but I'm just wondering how you think that might look.

很明顯 Cosmin 已經談到一些財務層面的影響，但我想了解你認為實際上可能會呈現什麼樣子。

Yeah. Hey, Dan. Thanks for the question. I would say, think of the things that have driven our growth so far, right? I mean, you've seen great growth, and we've called it out in travel and in B2B. We expect those trends to continue.

好的。嗨，Dan。謝謝你的問題。我會說，先想想迄今為止推動我們成長的因素，對吧？我的意思是，你已經看到很好的成長，我們也特別點出旅遊與 B2B 的強勁成長。我們預期這些趨勢會持續。

At the same time, the education business continues to perform well, we continue to layer in software there. And I would say that kind of fits into where we kind of expect it to go. Think of more software in education, continued growth in the travel and B2B segments in particular.

同時，教育業務持續表現良好，我們也持續在其中疊加更多軟體。我會說，這與我們預期的方向相符。也就是：教育領域導入更多軟體，旅遊與 B2B 這些板塊，特別是它們，持續成長。

And I'd really say it goes there. Obviously, the hospitality expansion internationally is a key part of that that we expect to have a multiyear effect. And so I would say those are the organic levers that we expect to kind of play out.

我想大致就是這樣。很明顯地，國際市場的旅宿（hospitality）擴張是其中關鍵的一環，我們預期它會帶來多年度的影響。所以我會說，這些就是我們預期會逐步發揮作用的有機成長槓桿。

And you may see a slight mix shift, but I would say it's pretty consistent with what you've seen in the last few years.

你可能會看到組合略有變動，但我會說，整體上與你在過去幾年看到的情況相當一致。

Okay, that's great. And then just going back to the geographic diversification here, again, the education markets that are outside the Big Four grew 30% this quarter. It was 40% last quarter. It's 30% before that. So it's continuing to materially outpace everything. And then I heard Japan and South Korea actively looking for students. So I'm just trying to get a sense of how big that market is today in terms of the overall mix? And obviously, that's a positive mix shift in terms of incremental growth, which we're not having to deal with so much of the regulatory issues. Just anything around that would be helpful. Thank you.

好的，很棒。接著回到地理多元化這一塊，再次確認一下，本季「四大」以外的教育市場成長 30%。上季是 40%。再之前是 30%。所以它持續明顯領先其他所有項目。另外我也聽到日本與南韓正在積極招收學生。所以我想了解，這個市場目前在整體組合中大概有多大？而且很明顯地，從增量成長的角度來看，這是一個正向的組合轉移，因為我們不需要那麼多去面對監管議題。任何相關補充都會很有幫助。謝謝。

Yeah, I can jump in. Rob here. So I think we've called out previously that sort of that way of segmenting that we're talking about the business is low-teens percentage of 2025 revenue.

好的，我可以回答。我是 Rob。所以我想我們之前有提到過，我們現在談的這種分法下，該業務在 2025 年營收中大約是低十幾個百分比（low-teens percentage）。

As you called out, we saw 30% growth in that beyond the Big Four education in this most recent quarter. I made a trip to the region just a little bit ago, and you really feel sort of the opportunity that we have there. I got to visit a number of institutions, got to hear from them the manner in which Flywire really can solve problems that are front and center for them. And so you see them adapting to the interest in those regions of international students to come to them, and you see us adapting our solutions to be able to serve them well.

如你所指出的，我們在最近這一季看到「四大」以外的教育市場成長 30%。我不久前去那個地區出差一趟，你確實能感受到我們在那裡的機會。我拜訪了多所機構，也聽他們分享 Flywire 如何真正解決他們最迫切、最核心的問題。因此你會看到他們在因應那些地區國際學生想前往就讀的興趣，同時也看到我們在調整我們的解決方案，以便能更好地服務他們。

That's great. Thanks, Rob.

太好了。謝謝你，Rob。

Madison Suhr, Raymond James.

Madison Suhr，Raymond James。

Hey, good afternoon, guys. Appreciate you taking the questions. I want to start on the UK. Obviously, the key market for you guys comprises about a quarter of revenue. I know visa trends have been challenged, but can you maybe touch on where you see the most opportunity in the region, whether that's domestic cross-sell, SFS penetration?

嗨，各位下午好。感謝你們回答問題。我想先從英國談起。顯然，對你們而言這是關鍵市場，約占營收的四分之一。我知道簽證趨勢面臨挑戰，但你們能否談談你們在該地區看到的最大機會在哪裡？例如國內交叉銷售、SFS 滲透率？

And do you think the region could still grow kind of above company growth rates for the year despite some of these visa headwinds?

另外，儘管有一些簽證逆風，你們認為該地區今年仍有可能以高於公司整體成長率的速度成長嗎？

So maybe I'll start just on the assumptions and the guide, and I'll pass it to Rob to talk a bit more.

我先從假設與指引談起，然後交給 Rob 再多補充一些。

So yes, UK, the macro backdrop clearly softens, so we thought it was obviously prudent to adjust our visa assumptions. And so we're assuming that if you think about it roughly in the last couple of years, we've seen UK visa declines in the mid-teens, and so we're assuming roughly bigger declines than that.

是的，英國的總體環境明顯轉弱，因此我們認為調整簽證假設顯然是審慎之舉。如果回顧過去幾年，英國簽證下滑大約在十幾個百分點的中段，因此我們現在假設的下滑幅度大致會比那更大。

However, with that, we're still assuming that the UK remains an important growth driver for us, even though we're assuming deceleration into the second half from the UK because of, again, many of the levers that we've talked about before.

不過即便如此，我們仍假設英國對我們而言依然是重要的成長驅動力；只是由於我們先前談過的多項槓桿因素，我們假設英國在下半年會出現成長放緩。

Also because, again, the visa declines are right now. The quarter to date that you've seen is a small sample size. Feel good from what we've heard from on the ground, but we're taking a prudent approach.

另外，簽證下滑目前正在發生。你們看到的本季迄今數據樣本量還很小。根據我們從當地聽到的情況，我們感覺不錯，但我們採取審慎的做法。

So maybe I'll let Rob talk a bit about the drivers and the levers we have in the market.

那我先請 Rob 談談我們在該市場的驅動因素與可運用的槓桿。

Yeah. In terms of the market opportunity, we feel really good about our positioning in the UK. If you remember from some of my comments on prior calls, we talked about the desire to sort of move all the money on behalf of our clients and having two main mechanisms or levers that we can use to accomplish that result.

好的。就市場機會而言，我們對在英國的定位非常有信心。如果你還記得我在先前電話會議的一些評論，我們談到希望代表客戶「移動」他們所有資金，並且有兩個主要機制或槓桿可以用來達成這個結果。

So one of them is ways we talk about it is the number of clients where we see ourselves moving 90% or more of their money using sort of our internal methodology for all that. We previously shared we had approximately 12 in that category. We continue to grow that number. We call that number about 20 now.

其中之一，我們的說法是：依據我們內部的方法論，能讓我們移動其 90% 或以上資金的客戶數量。我們先前分享過，當時大約有 12 家屬於這一類。我們持續增加這個數字。現在我們稱大約有 20 家。

Second big dimension is growth in SFS footprint inside the country. Obviously, our attach rate is still very low, and we're working to build that. And one of the main things we're doing and making very good progress with is increasing the number of integrations that we have into what are the core systems that serve the university community there.

第二個重要面向，是在該國擴大 SFS 的覆蓋版圖。顯然，我們的附加率仍然很低，我們正在努力提升。我們正在做、且進展非常好的一件主要事情，是增加我們與當地服務大學社群之核心系統的整合數量。

And so you've heard us call out progress with Unit4, with Oracle. We've certainly talked about our work with Tribal. All of that is part of the ability to expand there. And as the UK schools see us being successful with their peers, they are that much more inclined to work with us.

因此你們聽過我們提到與 Unit4、Oracle 的進展。我們也確實談過與 Tribal 的合作。這些都是我們在當地擴張能力的一部分。而當英國學校看到我們在同業之間取得成功時，他們就更願意與我們合作。

Okay, great. And then I want to follow up on the non-Big Four region as well. Obviously, it sounds like the near-term focus is more on winning clients that have a healthy level of international student enrollment. But just as we think about the longer-term opportunity there, do you think you have a similar ability to cross-sell adjacent products into that region?

好的，很棒。我也想追問一下非四大市場（non-Big Four）地區。顯然，聽起來你們短期的重點更偏向爭取國際學生入學人數健康的客戶。但從較長期的機會來看，你們是否認為也有類似的能力，能在該地區交叉銷售相鄰產品？

And I'm really just trying to get a sense of, for the non-Big Four specifically, what can drive NRR growth in that region over time?

我主要是想了解，特別針對非四大市場，長期而言有哪些因素可以驅動該地區的 NRR 成長？

Hey, Madison, this is Mike. I think if you look at our other offerings in the education suite, we've always had global aspirations for those, and I think we continue to have them. I think what we see in a lot of international markets is part of a readiness question. You'll see whether it's the student information systems, whether it's the partnerships, the integrations needed.

嗨，Madison，我是 Mike。我認為如果你看我們教育產品套件中的其他產品，我們一直對它們抱持全球化的企圖，我想我們現在仍然如此。我認為我們在許多國際市場看到的是一個「準備度」的問題。你會看到不論是學生資訊系統、合作夥伴關係，或所需的整合。

Oftentimes, we're digitizing that payment experience, and that is significant for them. And when they think of like a full student account portal and like the software you would see here in the United States or in a major market, they're not quite ready for that yet.

很多時候，我們是在將付款體驗數位化，而這對他們而言意義重大。當他們想到完整的學生帳戶入口網站，以及你在美國或主要市場會看到的那種軟體時，他們還沒有完全準備好。

So it'll be opportunistic whenever we see those opportunities. But also, it's a huge opportunity in the top four markets. So our focus is on that, it's on executing there, but we see opportunity for a lot of our products outside of the top four as well, just over that kind of longer-term horizon.

因此，只要我們看到機會，就會採取機會導向的方式推進。但同時，在四大市場也存在巨大的機會。所以我們的重點是在那裡、在那裡執行；不過從較長期的視角來看，我們也看到在四大市場之外，許多產品同樣有機會。

Okay. I appreciate you taking the questions.

好的。感謝你們回答問題。

Michael Infante, Morgan Stanley.

Michael Infante，Morgan Stanley。

Yeah. Thanks for taking my question. I wanted to ask a bigger question to contextualize the multiyear SFS opportunity and how you expect unit economics to evolve. You've obviously spoken in the past about SFS being a real multiplier effect to both revenue and gross profit. But at the same time, the mix is obviously shifting more toward domestic volumes, carry structurally lower yields than cross-border.

是的。謝謝讓我提問。我想問一個更宏觀的問題，以便理解多年期的 SFS 機會，以及你們預期單位經濟（unit economics）會如何演變。你們過去顯然談過，SFS 對營收與毛利都有很強的乘數效應。但同時，組合也明顯正更多轉向國內交易量，而其收益率結構性地低於跨境交易。

So I'm just curious how you think about the offsets to that mix shift on a relative basis and how much incremental volume you really think you can capture with SFS and really what it looks like over the next few years as you march toward that billion-dollar revenue target.

因此我想了解，你們如何看待這種組合轉移的相對抵銷因素？你們認為透過 SFS 實際上能捕捉多少增量交易量？以及在未來幾年、朝著 10 億美元營收目標邁進的過程中，整體會呈現什麼樣貌？

Yeah. Hey, Michael, it's Mike, and then I'll hand it over to Cosmin to double-click on the numbers.

好的。嗨，Michael，我是 Mike，然後我會把問題交給 Cosmin，請他再深入說明數字。

Think of it at this level of the kind of gross margin mix being a positive. It is a mix, like you said, of software and domestic, but it still blends to something that is very good for Flywire and helpful in maintaining strong gross margins.

可以從這個層面來看：毛利率的組合對我們是正面的。如你所說，這是軟體與國內交易的組合，但加總後仍能形成對 Flywire 非常有利的水準，並有助於維持強勁的毛利率。

I would also say, think through the dynamic that we mentioned on the call as well around over time, we're seeing our economics actually improve in SFS over time. And so you're seeing average deal size go up, you're seeing renewals be strong. Those are both things that to us are very strong positives.

我也想補充，回到我們在電話會議中提到的動態：隨著時間推移，我們看到 SFS 的經濟性其實在改善。因此你會看到平均交易（合約）規模上升、續約表現強勁。這兩點對我們而言都是非常強的正面訊號。

And ultimately, when you get SFS, you get all the volume. You are dealing with all the domestic, all the cross-border volume going through one platform. So that is core part of the strategy. That is how we think we're maximizing value for our clients.

而且最終，一旦你導入 SFS，你就能取得所有交易量。你是在同一個平台上處理所有國內與所有跨境的交易量。所以這是策略的核心部分。這也是我們認為能為客戶創造最大價值的方式。

And I'll let Cosmin double-click on the financial profile.

我讓 Cosmin 再深入說明財務輪廓。

Yeah. So in terms of the numbers, one disclosure we have around the size of the business, the domestic business in the US is about a third overall, is what we've said. And think of that as, in terms of revenue growth, as above company average.

好的。就數字而言，我們曾揭露過業務規模：美國的國內業務約占整體的三分之一。而就營收成長來看，可以把它視為高於公司平均。

In general, it's been there. Given what you heard from Rob as far as SFS success, we expect that third of the US business to continue growing faster. And that's one of the reasons why we're able to see and guide US education revenue to grow into low-single digits this year, given the pressure on the cross-border side. So really strong growth there from the domestic side.

整體而言一直如此。考量你剛才從 Rob 那裡聽到的 SFS 成功，我們預期美國業務中這三分之一的部分將持續更快成長。這也是為什麼在跨境端承壓的情況下，我們仍能看到並指引今年美國教育營收成長落在低個位數。因此國內端的成長非常強勁。

And yes, in terms of the gross margin, it's still very positive. And again, once you move from cross-border to domestic, you get more of the payment plans, you get software, as Mike said. There's a good, solid 2 to 3x kind of gross profit dollar increase and, again, runs over the same kind of cost rails for us. So as you heard me talk, that's a strong EBITDA dollar flow from that because it is on existing clients and existing infrastructure.

是的，就毛利率而言，仍然非常正面。再說一次，一旦你從跨境轉向國內市場，就會有更多的分期付款方案，也會有軟體收入，如 Mike 所說。毛利金額大約會有 2 到 3 倍的穩健提升，而且同樣地，對我們而言仍是在相同的成本軌道上運行。所以如同你聽到我所說的，因為這是在既有客戶與既有基礎設施上發生的，因此會帶來很強的 EBITDA 金額流入。

Makes a ton of sense. And just a quick housekeeping follow-up on Madison's question just on the UK revenue growth. I think you guys removed that commentary in the presentation about the UK and the MEA growing at or above company average. I guess, should we be assuming that UK revenue growth is dilutive to the aggregate business this year? And if so, by how much? Like the visa expectation was obviously reduced marginally, but that's obviously your deepest SFS and domestic payments markets. I'm just trying to contextualize that dynamic. Thank you, guys.

非常合理。另外針對 Madison 的問題，關於英國營收成長，我再做個簡短的行政性追問。我想你們在簡報中移除了「英國與 MEA 的成長等於或高於公司平均」的那段說明。那我們是否應該假設今年英國營收成長會稀釋整體業務的成長？如果是的話，大概會稀釋多少？像簽證的預期顯然只是小幅下修，但那畢竟是你們最深耕的 SFS 與國內支付市場。我只是想把這個動態放在脈絡中理解。謝謝各位。

Yeah. So at least the way I think about the UK is, it decelerates into second half given these assumptions. And again, this is us taking a prudent view. Still a lot of the quarter to go, and we'll update you there. But yes, it is assumed that UK would at least exit at a lower rate than the overall company. And then I will just again remind you, we're taking a prudent approach.

是的。至少我看英國的方式是，在這些假設下，它在下半年會放緩。而且再說一次，這是我們採取審慎觀點的結果。本季還有很多時間，我們會再向各位更新。但沒錯，我們的假設是英國至少在期末的成長率會低於整體公司。我也再次提醒，我們採取的是審慎的做法。

And second, that we have SFS and other levers there that give us confidence that long term it will continue to gain share. And again, you heard some of the stats from Rob around our ability to gain more of those types of 90% clients.

第二點是，我們在那裡有 SFS 與其他槓桿，讓我們對長期持續提升市占有信心。而且你也聽到 Rob 提到一些數據，說明我們有能力爭取更多那種 90% 類型的客戶。

So again, it's all in the guide. And again, that's overall taking a prudent approach to the overall guide, given that view.

所以再說一次，這些都已反映在指引裡。同樣地，基於上述觀點，我們對整體指引採取審慎的方式。

Chris Kennedy, William Blair.

Chris Kennedy，William Blair。

Yeah, good afternoon. Thanks for taking the question. Cosmin, you mentioned the stronger revenue guidance this year may create a more difficult comp as we get into 2027. I know you're not going to give official guidance, but any way to think about some of those growth dynamics as we get into 2027?

是的，午安。謝謝讓我提問。Cosmin，你提到今年較強的營收指引，可能會讓我們進入 2027 年時的比較基期更具挑戰。我知道你不會提供正式指引，但有沒有什麼方式可以思考 2027 年的一些成長動態？

Yeah. I think generally, as always around this time of halfway through the year, you can look at exit rates. I think given some of the dynamics I talked about in terms of timing, I think looking at second half, and so that is sort of a high-teens FX-neutral growth rate. But then if you kind of take out the sort of call it 2 to 3 points, or call it closer to 3 points or so, of payment processing ramps that I talked about in the second half, you get closer to a kind of normalized for payment ramps of roughly in the mid-teens. And that's kind of how you tie back to also kind of a normalized gross margin decline comment into next year.

是的。我想一般而言，跟往年一樣，在一年過半的這個時間點，你可以看期末（exit）成長率。考量我提到的一些時點因素，我認為看下半年，會是外匯中性（FX-neutral）的高十幾％成長率。但如果你把我提到的下半年支付處理（payment processing）爬坡所帶來的大約 2 到 3 個百分點（或更接近 3 個百分點）的影響扣除，你會更接近一個排除支付爬坡後、較為常態化的中十幾％成長。這也就是你如何把它連結回我們對明年毛利率常態化下滑的評論。

And then the only thing I would add to that is just remember that this year Q1 was extremely strong. We obviously have organic and inorganic piece, but then we had a mid-single-digit tailwind and really strong performance from EDU in Q1. So that's the other component to think about. So hopefully those help kind of, again, still early and we're not yet guiding into next year, but those comments should help directionally start to think about next year.

另外我唯一想補充的是，請記得今年第一季非常強勁。我們當然有有機與無機的部分，但第一季還有中個位數的順風，以及 EDU 在第一季非常強的表現。所以這是另一個需要納入思考的因素。希望這些能幫助你大致理解；再說一次，現在還早，我們也還沒有對明年提供指引，但這些評論應該能在方向上幫你開始思考明年。

Great. Thanks for that. And then, can you give any more color on your K-12 business and kind of compare and contrast that relative to higher ed? Thanks for taking the questions.

很好。謝謝你的說明。另外，你能否再多談一些你們的 K-12 業務，並且相較於高等教育（higher ed）做一些對比？謝謝讓我提問。

Yeah. Hey, Chris, Rob here. So K-12 has been a long-term segment for us. It's not a new thing that we talk about pursuing. What has been interesting is that around the world there are interesting pockets, interesting markets where we may not previously have pursued that, and we are now going ahead and doing that.

好的。嗨，Chris，我是 Rob。K-12 一直是我們的長期細分市場。這不是我們最近才開始談要去追求的新方向。有趣的是，在全球各地有一些很有意思的區塊、很有意思的市場，我們過去可能沒有去追求，但現在我們正著手推進。

It's all part of what you would call under the umbrella of sort of diversifying international mobility, and we are making sure that our sales team is looking out for those opportunities, and we're seeing ourselves winning good ones.

這都屬於你所說的「國際流動性多元化」這個大方向的一部分；我們也確保銷售團隊在留意這些機會，而我們也看到自己贏下了一些不錯的案子。

Thanks, guys.

謝謝各位。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，JPMorgan。

Hey, thanks so much. You went through a lot here. I just wanted to ask on just thinking about your expense base and visibility there given what you talked about, for example, your priorities around AI, and then you have the scaling efforts beyond the Big Four, you're scaling SFS. I'm just curious, is there any change in your visibility on expenses, especially given AI inference costs, maybe some of your productivity of people, that kind of thing? Thank you.

嗨，非常感謝。你們剛剛涵蓋了很多內容。我想問的是，考量你提到的事項，例如你們在 AI 上的優先事項，以及你們在四大（Big Four）之外的擴張、SFS 的擴張，關於費用基礎與可見度（visibility）你們怎麼看？我很好奇，你們對費用的可見度是否有任何改變，特別是考量 AI 推論成本（inference costs），以及人員生產力之類的因素？謝謝。

Yeah. Thanks, Tien-Tsin. I think we've obviously gained quite a bit of better visibility into our OpEx as we've dug deeper over the last few years as we've gone through a lot of transformation. I think -- think of the improvements from the transformation and the investments as benefiting sort of three different components of the business.

是的。謝謝你，Tien-Tsin。我想很明顯地，隨著我們在過去幾年深入推進並經歷大量轉型，我們對營運費用（OpEx）的可見度確實提升了不少。我認為——把轉型帶來的改善與投資的效益，視為對業務三個不同面向的助益。

One is just the individual Flymate. Once you hand them a lot of these AI tools, I think everyone is individually more productive, and then functions and enterprise.

第一是個別的 Flymate。一旦你把這些 AI 工具交到他們手上，我認為每個人的個人生產力都更高，然後是各職能與企業層面。

So functions become more productive. We give you examples all the time around client service, but sales and marketing, risk operations, payments, certainly the engineering team all have access to the latest LLMs, and most of the code is being written through that. So it's a good share of that.

因此各職能變得更有效率。我們一直舉例說明客戶服務，但銷售與行銷、風險營運、支付，當然還有工程團隊，都能使用最新的 LLM，而大多數程式碼都是透過它來撰寫的。所以那部分占比相當高。

And then obviously, G&A, we're watching the opportunity to reduce manual work. So all those things are benefiting along the way, and so we haven't had any surprises as far as OpEx. And so we feel pretty good that, again, this year is up in the mid- to low-single digits.

然後很明顯地，在一般與行政（G&A）方面，我們也在觀察降低人工工作的機會。所以這些都在一路帶來效益，因此就 OpEx 而言我們沒有遇到任何意外。因此我們對此相當有信心；再說一次，今年大約是中到低個位數的成長。

Next year, as you kind of look at the implied, it'll be in the low- to mid-single-digit growth. And then again, based on what you heard from my remarks, expect it to be relatively flat. And we feel quite good about that just given the visibility into the cost base and the improvements on the transformation side, which really hit on the enterprise-level opportunities for us to be more efficient across the whole enterprise, which is quite unique, I think, for us in terms of the approach to transformation.

明年，如果你看隱含的數字，會是低到中個位數的成長。然後再說一次，根據你從我發言中聽到的內容，預期會相對持平。我們對此感覺相當好，因為我們對成本基礎的可見度，以及轉型面的改善都很清楚；這些改善真正切中企業層級的機會，讓我們能在整個企業範圍內更有效率。我認為就我們的轉型方法而言，這對我們來說相當獨特。

That's great, Cosmin. Thanks for that. I think you said real quick, just on the M&A front, it sounds like you're still being patient there. I'm just curious if that's an appetite thing or resourcing or maybe a valuation, given patience. Any additional color? Thank you.

很棒，Cosmin。謝謝你的說明。我再很快問一下，關於併購（M&A），聽起來你們仍然保持耐心。我想了解這是偏好（appetite）問題、資源配置（resourcing）問題，還是估值（valuation）因素，才會說要有耐心？能否再多給一些顏色？謝謝。

Yeah. Hey, Tien-Tsin, it's Mike. I think we continue to like to see the organic investment opportunities we have in front of us. I would say from a capital allocation perspective, if there's a chance to buy back our stock, we still think there's some dislocation there. And so think of us as being very active, but also knowing we have two deals that we're continuing to integrate and want to make sure they go well.

是的。嗨，Tien-Tsin，我是 Mike。我認為我們仍然喜歡看到擺在我們面前的有機投資機會。從資本配置的角度來看，如果有機會回購我們的股票，我們仍然認為那裡存在一些錯位。所以可以把我們視為非常積極，但同時也知道我們有兩筆交易正在持續整合，我們希望確保整合順利。

So our team is still paying attention quite well to what's out there in the market. And we have to find the right balance of something that fits our strategy, something that we believe is good for shareholders, and also something that we think is priced at a reasonable rate to make it interesting and exciting for us. And I think you still see some of that private/public dislocation in valuation.

因此，我們的團隊仍然非常密切地關注市場上有哪些機會。我們必須在幾件事之間找到適當的平衡：符合我們策略的標的、我們相信對股東有利的標的，以及我們認為以合理價格定價、能讓我們覺得有吸引力且令人興奮的標的。而我認為你仍然可以看到私募/公募在估值上的一些錯位。

So being patient, but again, don't think we're missing out on anything right now.

所以我們會保持耐心，但同樣地，我不認為我們現在錯過了任何事情。

Okay. Thank you all for the update.

好的。謝謝大家提供最新進展。

Jeff Cantwell, Seaport Research.

Jeff Cantwell，Seaport Research。

Hey, thanks, guys. I wanted to ask you about the future $1 billion revenue and 30% adjusted EBITDA margins. Numbers both are positive here. So as you think ahead, can you maybe help us out on the timing? Do you see that happening perhaps in two or maybe three years, for example, just trying to get a feel for that because if current trends hold, seems like those potentially can happen sooner rather than later.

嗨，謝謝各位。我想問一下未來 10 億美元營收以及 30% 調整後 EBITDA 利潤率的目標。這兩個數字看起來都很正面。所以往前看，在時程上你們能否提供一些協助？你們是否認為可能在兩年或三年內達成，例如我只是想掌握一下感覺，因為如果目前趨勢延續，似乎這些可能會比預期更早發生。

And just to underline what Dan asked about, are there any particular callouts from a vertical standpoint as you think about the $1 billion target in particular? It seems like Sertifi and core travel have been doing well for a decent amount of time. So that's the reason for the confidence in this $1 billion target. Are you able to talk more about that? Thanks.

另外再強調 Dan 剛才問的，當你們思考 10 億美元目標時，從垂直領域的角度是否有任何特別需要點出的地方？看起來 Sertifi 和核心旅遊業務已經表現良好一段時間了。所以這也是你們對 10 億美元目標有信心的原因。你們能否再多談一些？謝謝。

Yeah. Thanks. So yeah, we're obviously very excited about this milestone, and since it's coming closer into our sights as part of our normal sort of planning cycle, think of it as our normal three-year planning cycle. We didn't want to put a date out there, specific fiscal year. Think of it less as a point in time, more of a milestone and moving through it. I think one way to think about it is, listen, we've given you also roughly 25% EBITDA margins into next year, so that gives you some level of a stepping stone.

是的。謝謝。所以，是的，我們顯然對這個里程碑非常興奮，而且隨著它在我們正常的規劃週期中逐漸進入視野——可以把它視為我們一般的三年規劃週期——我們不想在這裡給出一個日期、某個特定的會計年度。與其把它當作某個時間點，不如把它視為一個里程碑，並在過程中持續推進。其中一種思考方式是：你看，我們也給了你們明年大約 25% 的 EBITDA 利潤率，這提供了一個階梯式的參考。

And so I think in terms of the mix, we may get to a sustainable annualized run rate of the revenue or the margin at different points in time around that sort of three-year planning, whether that's 12 months around that. We're not too stressed about that. We feel good about this overall number. And again, remember, we've taken the same approach with this, which is prudent. And it is all organic. That gives us, I think, optionality in the future. And you do the math on the free cash flow. I think it's quite an exciting view from a free cash flow and a share count perspective given the dilution targets that kind of set up, so.

因此我認為就組合而言，我們可能會在那個三年規劃的不同時間點，達到營收或利潤率的可持續年化運行率，可能前後相差 12 個月左右。我們對此不會太焦慮。我們對這個整體數字很有信心。而且再次提醒，我們對此採取的是同樣審慎的做法。而且這完全是有機成長。我認為這也讓我們在未來有更多選擇性。你們可以自己算一下自由現金流。我認為從自由現金流與股數的角度來看，考量到所設定的稀釋目標，這是一個相當令人振奮的展望，所以。

Yeah. And Jeff, I'll just add this. Mike. I would say we expect all our verticals to contribute to getting to that milestone. But if you look at really some of the stuff we're seeing, adding more software and geographic growth in non-top-four education being notable.

是的。Jeff，我再補充一下。我是 Mike。我會說，我們預期所有垂直領域都會為達成那個里程碑做出貢獻。但如果你看我們目前看到的一些情況，增加更多軟體，以及在非前四大教育市場的地域成長，特別值得注意。

If you look at travel, the combination of the luxury, experiential, and hospitality businesses, both are seeing really good metrics, deal size being increased, sales cycles trending faster. You'll feel really good about our ability to layer in additional products, different geographies, subsegments into that business. So you'll feel really good about the path to get there, and we have lots of different growth levers to help us.

如果看旅遊業務，奢華、體驗式以及飯店款待（hospitality）業務的組合，都呈現非常好的指標，交易規模在增加，銷售週期也呈現加快的趨勢。你會對我們在該業務中疊加更多產品、拓展不同地理區域與子細分市場的能力感到很有信心。所以你會對達成目標的路徑感到很踏實，而我們也有很多不同的成長槓桿可以推動。

Okay. Thanks for all that color. And then my other one was the announcement about Driftwood that you guys highlighted during the quarter. They have brands like Marriott and Hyatt and Hilton under their umbrella. So I'm curious if you can tell us anything on how that came about.

好的。謝謝這些補充說明。另外我想問的是你們在本季特別提到的 Driftwood 公告。他們旗下有像 Marriott、Hyatt 和 Hilton 這些品牌。所以我很好奇你們能否談談這是如何促成的。

And since I thought that was an interesting callout by you guys to talk about it within the hospitality vertical. It also sounded like a land and expand opportunity you guys executed on. So just wanting more details and hear you guys talk about that and maybe anything on what the ramping is that we should be aware of there as far as we're having them involved and so forth. Thanks.

而且我覺得你們特別在飯店款待（hospitality）垂直領域中提到它，是個很有意思的重點。聽起來也像是你們執行了一個「先落地再擴張（land and expand）」的機會。所以想要更多細節，聽你們談談這件事，以及在導入、爬坡（ramping）方面是否有任何我們需要留意的地方，例如他們參與的程度等等。謝謝。

Yeah, so this is Rob speaking. Just a quick reminder of sort of the structure of the industry. You have the major brands. You have hospitality management companies that tend to either own or operate a whole series of hotels. They may operate them under multiple different brand marquees. And then you've got the properties themselves.

好的，這裡是 Rob。先快速提醒一下這個產業的結構。你有主要品牌方。你有飯店管理公司（hospitality management companies），通常會擁有或營運一系列飯店。它們可能在多個不同的品牌旗幟下營運。然後還有各個飯店物業本身。

So Driftwood is a great example of a hospitality management company with a great portfolio of clients. They have worked with us across a whole bunch.

所以 Driftwood 就是一個很好的例子：一家飯店管理公司，擁有很強的客戶組合。他們在很多方面都與我們合作過。

And as you saw in the press release, we're doing sign-and-pay, authorization, and payment across a whole range of their properties.

而如你在新聞稿中所看到的，我們正在其多個物業範圍內提供簽署並付款（sign-and-pay）、授權（authorization）以及支付（payment）等服務。

That concludes today's question-and-answer session. This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的問答環節到此結束。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。