Flywire Corporation (NASDAQ:FLYW) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET

Company Representatives

Mike Massaro - Chief Executive Officer

Rob Orgel - President and Chief Operating Officer

Mike Ellis - Chief Financial Officer.

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

Conference Call Participants

Bob Napoli - William Blair

Dan Perlin - RBC Capital Markets

Andrew Bauch - SMBC Nikko

Darrin Peller - Wolfe Research

Ashwin Shirvaikar - Citi

John Davis - Raymond James

Joel Riechers - Trust Securities

Ken Suchoski - Autonomous Research

Jeff Cantwell - Wells Fargo

Operator

Greetings ladies and gentlemen and welcome to Flywire Corporation Second Quarter of 2022 Earnings Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Akil Hollis, Vice President of Investor Relations and FP&A. Thank you.

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 second quarter 2022 Earnings Press Release, Supplemental Presentation and, when filed, associated quarterly report on Form 10-Q can be found at www.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 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 today. We are excited to share our Q2, 2022 results with all of you, and provide more insights on the future of Flywire. We saw strong performance in the second quarter, and 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.

As you will see from our results, we continued to have success in penetrating the significant total addressable market that our education, healthcare, travel and B2B verticals represent. Total payment volume for the quarter increased 49% compared to Q2, 2021. Revenue, less ancillary services was $51.5 million, represent a year-over-year revenue growth of 56%, even despite increasing FX headwind.