Flywire Corporation (NASDAQ:FLYW) Q3 2022 Earnings Conference Call November 8, 2022 5:00 PM ET

Company Participants

Akil Hollis - Vice President of Investor Relations and FP&A

Mike Massaro - Chief Executive Officer

Rob Orgel - President and Chief Operating Officer

Mike Ellis - Chief Financial Officer

Conference Call Participants

Bob Napoli - William Blair

Andrew Bauch - Nikko Securities

Will Nance - Goldman Sachs

Tien-Tsin Huang - J.P. Morgan

Darrin Peller - Wolfe Research

Ashwin Shirvaikar - Citi

Dan Perlin - RBC Capital Markets

John Davis - Raymond James

Tyler DuPont - Bank of America

Joel Riechers - Truist

Operator

Greetings, and welcome to the Flywire Corporation Third Quarter 2022 Earnings Call. [Operator instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Akil Hollis, vice president of investor relations and SP&A. Thank you.

You may begin.

Akil Hollis

Thank you, and good afternoon. With me on today's call are Mike Massaro, chief executive officer; Rob Orgel, president and chief operating officer; and Mike Ellis, chief financial officer. Our third quarter 2022 earnings press release, supplemental presentation and when filed, associated quarterly report on 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. Risk factors associated with our business and required disclosures related to non-GAAP financial measures. This call is being webcast live and will be available for replay on our Web site.

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 today. We are pleased to share our Q3 2022 results, and strong performance across the business, amidst the current macroeconomic environment. In a few minutes, Rob Orgel, our president and COO, as well as Mike Ellis, our CFO, will go into greater detail about our operating and financial performance during the quarter, but first, I will start with a few financial highlights.

During the quarter, our revenue less ancillary services was $88.9 million, representing a year-over-year revenue growth of 43%. This was an all-time high for quarterly revenue and was delivered in the face of meaningful foreign exchange rate changes. For context, this year-over-year growth rate would have been over 50%, but for the impact of FX rates. Adjusted gross profit for the quarter was $61.3 million in Q3, an increase of 38% year over year.