Flywire Corporation (NASDAQ:FLYW) Q2 2023 Earnings Conference Call August 8, 2023 5:30 PM ET

Company Participants

Mike Massaro - Chief Executive Officer

Rob Orgel - President, Chief Operating Officer

Mike Ellis - Chief Financial Officer

Akil Hollis - Investor Relations

Conference Call Participants

Dan Perlin - RBC Capital Markets

Tyler DuPont - Bank of America

Ashwin Shirvaikar - Citi

John Davis - Raymond James

Rob Napoli - William Blair

Darrin Peller - Wolfe Research

Tien-tsin Huang - JP Morgan

Joel Richards - Truist Securities

Charles Nabhan - Stephens

Operator

Greetings, and welcome to the Flywire Corporation, Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Akil Hollis. Thank you, Akil. You may begin.

Akil Hollis

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

Our second quarter 2023 earnings press release, supplemental presentation and when filed, Form 10-Q can be found at ir.flywire.com.

During the call, we will be discussing certain forward-looking information. Actual results could differ materially from those contemplated by these forward-looking statements. We will also be discussing certain non-GAAP financial measures.

Please refer to our press release and SEC filings for more information on the risks regarding these forward-looking statements that could cause actual results to differ materially 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.

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

Mike Massaro

Thank you, Akil and thank you to everyone that is joining us this afternoon. We are excited to share our Q2 2023 results, which show continued strong performance and momentum across the business. In a few minutes, Rob Orgel, our President and COO, as well as Mike Ellis, our CFO, will go into greater detail about our results for the quarter. But it will first share some highlights for our second quarter.

Revenue Less Ancillary Services was $79.5 million during the quarter, representing year-over-year growth of 54.4% or 56.7% on a constant currency basis. Adjusted gross profit for the quarter was $50.5 million, an increase of 46.8% year-over-year. And adjusted EBITDA was negative $0.1 million for the quarter, representing a $6 million increase in our adjusted EBITDA versus Q2 of 2022. Based on this quarter's results and our outlook for the second half of the year, we are also increasing our guidance for 2023 and these details will be shared later in the call.