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3Q 2025 Earnings Supplement November 4, 2025
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Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this presentation, including statements regarding the outcome of the operational and portfolio reviews, the costs, cash outlays, benefits, timing and financial impacts of the actions that may be taken or transactions entered into in connection with the operational and portfolio reviews, expected benefits and synergies of the acquisition of Sertifi LLC, the benefits of Sertifi's platform, financial results and margins, Flywire’s ability to successfully implement Flywire’s business plan, future results of operations and financial position, business strategy and plans and Flywire’s objectives for future operations, are forward -looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plans,” “potential,” “seeks,” “projects,” “should,” “could” and “would” and similar expressions are intended to identify forward -looking statements, although not all forward-looking statements contain these identifying words. Flywire has based these forward-looking statements largely on Flywire’s current expectations and projections about future events and financial trends that Flywire believes may affect Flywire’s financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov. Additional factors may be described in those sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, expected to be filed with the SEC in the fourth quarter of 2025. In light of these risks, uncertainties and assumptions, the forward -looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events or performance. In addition, projections, assumptions and estimates of the future performance of the industries in which Flywire operates and the markets it serves are inherently imprecise and subject to a high degree of uncertainty and risk. All financial projections contained in this presentation are forward -looking statements and are based on Flywire’s management’s assessment of such matters. It is unlikely, however, that the assumptions on which Flywire has based its projections will prove to be fully correct or that the projected figures will be attained. Flywire’s actual future results may differ materially from Flywire’s projections, and it makes no express or implied representation or warranty as to attainability of the results reflected in these projections. Investments in Flywire’s securities involve a high degree of risk and should be regarded as speculative. The information in this presentation is provided only as of November 4, 2025, and Flywire undertakes no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law. This presentation contains certain non-GAAP financial measures as defined by SEC rules. Flywire has provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix. The company has not provided a quantitative reconciliation of forecasted FX-Neutral Revenue Less Ancillary Services Growth to forecasted GAAP Revenue Growth or forecasted Adjusted EBITDA Margin Growth to forecasted GAAP Net Income Margin Growth or to forecasted GAAP net income (loss) before income taxes within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of the company's stock and in foreign exchange rates.
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Powerful Differentiated Business Model
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Q3 2025 Performance
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GAAP Financial Highlights Q3 2025 $200.1M Revenue 62.3 % Gross Margin $29.6M* Net Income *Q3 2025 includes a $0.6M FX loss
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Key Operating Metrics (Non-GAAP) Q3 2025 $13.9B +26.4%1 Total payment volume $194.1M +28.2%1 Revenue Less Ancillary Services $127.5M 65.7%2 Adjusted Gross Profit $57.1M 29.4%2 Adjusted EBITDA 1. Represents Y-o-Y Growth as compared to Q324 2. Represents Margins as % of RLAS (Revenue Less Ancillary Services) See Appendix for reconciliation to GAAP amounts
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Q3 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide2 Beat 3Q 2025 3Q 2025 Total RLAS1 $194.1 $181.1 +$13.0 Y/Y RLAS Spot Growth (%) 28.2% 19.6% +860 bps Y/Y RLAS FxN Growth (%) 26.3% 17.0% +930 bps Sertifi Revenue1 $12.9 $10.5 +$2.4 RLAS - ex Sertifi1 $181.2 $170.6 +$10.6 Y/Y RLAS FxN Growth ex Sertifi (%) 17.8% 10.0% +780 bps aEBITDA1 $57.1 $52.3 +$4.8 aEBITDA Margin expansion - YoY +155 bps +100 bps +55 bps RLAS variance to Guide Mid-Point: ✔Beat FxN Revenue growth by ~930bps primarily due to better than expected macro, along with new client ramp in HC and B2B ✔Sertifi Revenue of $12.9M, stronger performance by ~$2.4M ✔Reported $ Spot revenue beat by $13M with ~$2M coming from Sertifi revenue beat and $10.6M from operational outperformance Adjusted EBITDA Variance Mid-Point: ✔Adjusted EBITDA margin was well ahead of the guide driven by top line beat and operational discipline 1. In US dollars millions 2.Refers to mid-point of guidance ranges, where applicable
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Technology & Development1 General & Admin1 Driving Productivity/Leverage Across All Opex Lines Opportunities to scale ● Leaning more into digital marketing for Travel ● Efficient upsells through customer education tools ● Faster Relationship Managers (RM) ramp up/ knowledge assistants/chatbots for internal use ● Coding with AI… Increase feature velocity and engineering productivity shortening development timelines ● Data architecture investments to drive insights and predictive/ML/AI capabilities ● Highly scalable support, compliance and legal functions thanks to automation initiatives ● Procurement - vendor consolidation of systems Sales & Marketing1 1. Measures non-GAAP operating expenses as % of revenue less ancillary services (RLAS)
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Spotlight: SFS Strategy
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Students fear confusing bills, inflexible deadlines & payment completion Staff overwhelmed by manual payment reconciliation & student inquiries Collections feel punitive, damaging student credit & relationships IT teams daunted, juggling multiple disconnected systems
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Helps domestic and international students pay tuition on time with flexible options Finance teams are able to automate reconciliation & better assist students CFOs have complete visibility into cash flow & improved collections IT leaders enjoy one technical partner and ease of management & upgrades
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12 The Journey Ahead, Together Our mission to support your institution’s goals Unify & support the entire student journey Simplify all domestic & international payments Drive student enrollment & retention
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UK SFS Client Example Anglia Ruskin University: Before & After SFS
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BEFORE. ARU Open Portal ✘ No visibility into account balance ✘ Limited payment plan set-up ✘ No secure authentication ✘ Payer entered an amount with no validation against their account balance
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AFTER. ARU & SFSAccount Summary ✔ Users single sign-on through ARU Student Portal ✔ Account Summary pulls information in real-time showing them their balance ✔ Ability to setup Authorized Users ✔ ARU can configure “Quick Links” to provide more information to the the student such as setting up “Accomodations”
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AFTER. ARU & SFSAccount Activity ✔ Account Activity shows the user the details of all Charges, Payments, and Credits in a clear and concise fashion so they know what makes up their student balance ✔ This is all updated in real-time
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AFTER. ARU & SFS“Paper Statement” ✔ Users can print a statement of their account activity ✔ Statement includes Charges, Payments, and Credits ✔ Additionally important messages can be added to the statement
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AFTER. ARU & SFSPayment Plan ✔ Students and authorized users can now enroll in a payment plan ✔ Payment plans are updated in real-time with the finance system
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UK: Multiple Paths to Move all the Money Agresso/Unit 4 TribalOracle Student Cloud / Fusion Tailored Implementation Strategies for Major Core Systems Ellucian/Banner Deploy SFS to Create Payment Portal Objective: Work with each school’s systems & processes to enable Flywire payment experiences across domestic & international students Popular Core Finance System in UK Higher Ed SFS Integration for UK Introduced 2025 Popular Global Student Information Systems* SFS Integration for US and UK expected in 2026 SFS Integration available in US and UK Popular SIS and Finance System in UK Higher Ed Deep Partnership / Integration with FLYW Delivers SFS-like experience for some clients Deploy SFS or Integrate to Create Payment Portal Both Full SFS Deployment and Tribal Integration Enable Flywire Objective to Move all the Money *Note: Flywire also integrates with other core UK education systems like SAP, Thesis, etc. Oracle / Peoplesoft
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US & UK SFS Illustrative Unit Economics ~2-3x GP1 uplift XB (cross-border) only XB Software revenue Full SFS Suite Domestic payment processing revenue ~2-3x uplift on GP1 basis (at full ramp) Notes: ● US unit economics - Illustrative based on typical clients that have moved from XB (cross-border)-only to full SFS suite and gone live. ● For the UK, in particular, these are our expectations based on the sample of 4 SFS clients ● Bar sizes are illustrative, not drawn to scale ● Refers to fully ramped clients Increased XB utilization based on improved user experience & positions SaaS fees &/or Payment Plan fees Credit/debit card & ACH processing fees 1. GP is defined as non-GAAP Gross Profit in $ terms
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Full Suite SFS XB + Software Module Many Ways to Win Clients & Expand with Them in the US Increasingly going from XB to Full Suite SFS Most Common Path ● From XB - XB + software - then to full SFS - SMU, Central Washington Examples of Leapfrogging Normal Sales Cycle: ● From 0 to SFS - UConn, Blinn College ● From XB to full SFS - UVA, Stanford # Number of Flywire clients Revenue TAM potential. XB ~1000 ~110 Upsell motion.
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Spotlight: B2B & Invoiced
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Invoiced Synergies via Existing Client Payments Upsell is a Revenue & Gross Profit Multiplier Software Platform for Nonprofits CASE STUDIES National Food Distributor 39x 6x 3x 10x ARR expansion from Payments UpsellLEGEND Gross profit expansion from Payments Upsell Healthcare Workforce Solutions 14x 5x National Food Distributor
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When We Land with AR Software & Payments, We Integrate Critical Workflows for Customers + many more BanksCards Alternative Methods In-app integration AR Software Workflows Payment Execution Invoiced by Flywire is the last mile that connects businesses’ ERP to their AR billing and payments 24 What delights the finance leads we sell to? ✔Best-in-class payment capabilities: ○140+ currencies ○APMs ○Surcharging ✔Embedded in industry- leading AR software ✔Automation tools ✔Deep ERP integrations ✔Payer-friendly interface AR Software Workflows
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14 Days Faster Avg cash collection acceleration 3 months post onboarding AI Expands Flywire’s Advantage in B2B Invoiced Proven Market Impact. 70%↑ Faster Reconciliation Dramatic efficiency gains 23%↑ Higher Collections Improved recovery rates 45%↑ Faster Setup Workflow implementation speed AI is Redefining Finance Operations ● 60% faster settlements ● 70% fewer manual tasks ● Industry-leading automation platform ● AI is transforming how finance works Our Competitive Edge ● Early-to-market AI invoice-to-cash ● Proven enterprise adoption ● Transforming B2B payments at scale ● Trusted leader in AI-driven finance Transforming A/R into a Growth Driver ● Scales without added headcount ● Strengthens customer relationships ● Predictive, data-driven cash flow ● Smarter, faster finance operations
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2025 & Q4 Financial Outlook
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Guidance Context and Assumptions ● Canada and Australia. Expect revenues from Canada and Australia to decline by approximately -10% YoY driven by Canada demand weakness. ● US Edu: Guidance assumes low single digit revenue growth for FY 2025, driven by declines in first year students expected to be offset by new wins and market share gains, with strength in domestic business. ● Visa declines in our Big 4 Education markets (primarily Canada, Australia, and the U.S.) are expected to create approximately a mid-single-digit percentage headwind to organic revenue growth. ● The Healthcare business: Low teens expected growth YoY, mostly from key client ramp. ● Travel & B2B + UK and non-Big 4 EDU: continued strong expected growth above organic company average, though decelerating from prior year. ● China holiday dynamics in October factored into 4Q guide, best to look at H2 YoY growth, to normalize across quarters. ● Adjusted EBITDA margin expansion higher in H1 vs H2 given timing of restructuring and investments, while managing opex and hiring in a data dependent manner. FY 2025 Guidance Context: Revenue and Margins
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Q4 2025 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted FX Neutral revenue to GAAP revenue and Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire's stock and in foreign exchange rates. 3. As of 09/30/2025 exchange rates. At the time of 3Q earnings report FX changes vs 09/30/2025 rates were relatively immaterial FX-Neutral Revenue Less Ancillary Services Growth Adjusted EBITDA1 Margin Expansion (YoY) Total Flywire 23-27% YoY FXN (including Sertifi2) 50-200 bps (including Sertifi) 13-15% FXN ex Sertifi RLAS $12-14M Sertifi revenue contribution Estimated FX impact on RLAS ~ 3%3
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+75 bps increase at midpoint vs. previous guidance FY 2025 Outlook FX-Neutral Revenue Less Ancillary Services Growth Adjusted EBITDA1 Margin Expansion (YoY) Total Flywire 23-25% YoY FXN (including Sertifi2) 330-370 bps (including Sertifi) 14-16% YoY FXN ex Sertifi RLAS $42-44M2 Sertifi revenue contribution Estimated FX impact on RLAS ~ 1.5%3 Guidance Raised to: 1. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire's stock and in foreign exchange rates. 2. Sertifi acquisition closed on 02.24.2025 3. As of 09/30/2025 exchange rates
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Capital Allocation and Structure
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Capital Allocation Strategy Overview Organic Growth Investments Geographic expansion GTM enhancement Deeper software integrations Ecosystem expansions with Strategic Payables & International Agent solutions 31 Strategic Acquisitions Accelerate within existing industry and / or geographies New product capability for cross-sells & upsells Enter new geographies or regions Share Buybacks Share Repurchase Program enables purchasing when projected return exceeds our cost of equity Prudent approach in maintaining operational liquidity and financial flexibility for organic investments & strategic M&A 2
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● Cash represents corporate cash, cash equivalents, and investments (i.e. excludes client cash) ● Cash primarily driven by Sertifi acquisition, net of cash acquired and post acquisition payments ● Other includes debt issuance costs, proceeds from option exercises, issuance of ESPP stock, and FX (US$M) 3Q25 YTD Cash Walk 4 1. FCF: Free Cash Flow; 2. CFFO: Cash Flow From Operations, excluding client cash flows; 3. IDSW: Internally Developed Software; 4. SBB: Share Buyback $48M FCF1 3 2
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3Q25 Share Buyback Update (US$M) Share repurchases over the last 5 quarters Authorized $300M (-) Purchases through 09/30/25 $(108M) Remaining $192M ● Share repurchase program started in Q3’24 with $150M authorization, in Q2’25 increased to $300M ● Approximately $64M spent on share repurchases through Q3’25 and $108M since program inception
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Appendix
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FX Neutral Revenue Less Ancillary Services* $USD in Millions (unaudited) *FX Neutral Revenue Less Ancillary Services: FX neutral revenue less ancillary services is adjusted for the impact of foreign currency rate fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of changes in foreign currency exchange rates year-over-year. Foreign currency exchange impact in the current period is calculated using prior period monthly average exchange rates applied to the current period foreign currency amounts.
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Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations $USD in Millions (unaudited)
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Revenue Disaggregation by Revenue Type $USD in Millions (unaudited)
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Net Loss to Adjusted EBITDA Reconciliation $USD in Millions (unaudited)
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Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited)