Flywire (FLYW) The 44th Annual William Blair Growth Stock Conference summary

Financial performance and growth

• 2023 revenue exceeded initial post-IPO estimates by $130 million, with EBITDA $40 million above expectations.

• Total Payment Volume reached $24 billion, with nearly 4,000 clients as of 2024.

• Net revenue retention averaged 125% over six years, driving strong cohort growth.

• 2024 outlook projects high-20s revenue growth and 320 basis points EBITDA margin expansion.

• Q1 2024 outperformed revenue and EBITDA targets despite a high single-digit million dollar headwind.

Business model and differentiation

• Combines vertical-specific software with proprietary payment infrastructure, enabling digitization of complex payments.

• Owns and controls global payment network, including bank accounts and processing agreements, with 80% of volume via bank transfer.

• Offers industry-specific go-to-market teams and tailored solutions for education, healthcare, travel, and B2B payments.

• Clients sign a single agreement, gaining access to software and all payment methods, reducing complexity.

• The network is considered a unique, unmatched global asset, supporting scale and flexibility.

Industry verticals and market opportunity

• Penetration remains in high single digits across massive total addressable markets, indicating significant growth potential.

• Education: Cross-border and domestic tuition payments, with domestic product adoption offering 3x-5x revenue potential if fully utilized.

• Healthcare: Focus on out-of-pocket payments for large health systems, with new strategies targeting specialty centers.

• Travel: Now the second largest vertical, automating high-ticket, complex payments for luxury travel providers.

• B2B: Digitizes international invoicing and payments, automating processes for global businesses.