Q1 2024 Flywire Corp Earnings Call Transcript
Key Points
- Flywire Corp (FLYW) reported a strong Q1 FY24 with revenue of $110.2 million, marking a 24% year-over-year increase.
- Adjusted gross profit for Q1 FY24 reached $71.9 million, a 20% increase year-over-year.
- Adjusted EBITDA for the quarter was $13.2 million, nearly doubling from $7 million in Q1 2023.
- Flywire Corp (FLYW) has expanded its client base to over 4,000, nearly doubling since its IPO in 2021, and now serves clients in over 50 countries.
- The company demonstrated strong global diversification, with the ability to process payments in over 140 currencies from more than 240 countries and territories.
- Flywire Corp (FLYW) faces challenges due to tightening student visa policies in key education markets, which could impact its education business segment.
- The company noted a high single-digit percentage headwind related to its Canadian higher-education business due to external factors.
- FX rates posed a $1.2 million headwind against the guidance provided for Q1, impacting financial performance.
- Adjusted gross margin for Q1 FY24 was down 200 basis points from Q1 2023, primarily due to the growth of transaction revenue versus platform revenue.
- There is ongoing uncertainty in the macro environment, which could affect future performance and growth rates.
Greetings and welcome to Flywire Corporation's First Quarter 2024 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. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded and it is now my pleasure to introduce your host, Mr. Akin Hollis, VP, Financial Planning and Analysis. Thank you, Mr. Hollis, you may begin.
Thank you and good afternoon. With me on today's call.
Are Mike Massaro, Chief Executive Officer, Bob Largo, President and Chief Operating Officer, and causing PicoWay Chief Financial Officer, our first quarter 2024 earnings press release, supplemental presentation and when filed Form 10-Q can be found at ir dot fireeye.com.
During the call, we will be discussing certain forward-looking information.
Actual results could differ materially
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