Flywire Corporation (NASDAQ:FLYW) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET

Company Participants

Akil Hollis - Vice President, Investor Relations

Mike Massaro - Chief Executive Officer

Rob Orgel - President and Chief Operating Officer

Mike Ellis - Chief Financial Officer

Conference Call Participants

Dan Perlin - RBC Capital Markets

Darrin Peller - Wolfe Research

Ashwin Shirvaikar - Citi

John Davis - Raymond James

Tien-Tsin Huang - JPMorgan

Jeff Cantwell - Wells Fargo

Andrew Bauch - SMBC Nikko Securities

Ken Suchoski - Autonomous Research

Operator

Good afternoon and welcome to the Flywire Corporation First Quarter 2022 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Akil Hollis, VP of IR and FP&A. Please go ahead.

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 first 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 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 Q1 2022 results with all of you and appreciate the interest you continue to show in Flywire. In short, 2022 has started out strong for Flywire. 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, let me start with a few financial highlights from the quarter. Revenue less ancillary services was $59.3 million, representing a year-over-year revenue growth of 47%, driven predominantly by strength in our education and travel businesses. Total payment volume for the quarter increased 46% compared to Q1 2021. Across all our verticals, we added over 130 new clients during the quarter, our most new clients for a quarter as a public company. Flywire was also named to Inc. Magazine’s 2022 Best Workplaces list, further evidence of our focus on strengthening our FlyMate community and being seen as an employer of choice in a highly competitive global marketplace for talent.