Q2 2024 Flywire Corp Earnings Call Transcript
Key Points
- Revenue less ancillary services increased by 26% year over year to $99.9 million.
- Adjusted EBITDA was $5.8 million, showing a significant year-over-year increase of $5.9 million.
- The acquisition of Invoiced is expected to enhance Flywire Corp (FLYW)'s B2B payments solution with workflow automation software.
- Strong performance in the travel vertical, which grew over 55% year over year for the first half of the year.
- The company announced a $150 million share repurchase program, reflecting confidence in long-term potential and strong liquidity.
- Revenue headwinds from Canadian government actions involving student study permits, impacting growth.
- Lower-than-expected rolling recovery in Canada, creating a mid to high single digits negative impact.
- Health care vertical faced challenges, including client churn and divestitures, impacting growth.
- FX rates created a slight headwind of approximately $140,000 during the quarter.
- Net income reflected a loss of $14 million, although this was an improvement year-over-year.
Greetings and welcome to Flywire Corporation's second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Allison MacLeod, Chief Marketing Officer. Thank you, Ms. McLeod, you may begin.
Thank you and good afternoon. With us on today's call are Mike Massaro, Chief Executive Officer; Rob Orgel, President and Chief Operating Officer; and Cosmin Pitigoi, Chief Financial Officer.
Our second quarter 2024 earnings press release, supplemental presentation and when filed 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. 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
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