Flywire Corporation - Voting · NASDAQ:FLYW
Flywire Corporation - Voting — Flywire — Q3 2026 Earnings Presentation
38 slides from Flywire Corporation - Voting's earnings presentation, Nov 3, 2026
Slide 1: Q3 2026 Earnings Supplement
Q3 2026 Earnings Supplement November 3, 2026 Exhibit 99.2
Slide 2: Disclosures
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, in
Slide 3: Our FlyMates Global Payment Platform
Our FlyMates Global Payment Platform Industry- Leading Software ✔Switching from Flywire = major systems overhaul ✔Scale unlocks deeper capabilities over time ✔Domain knowledge compounds with tenure Vertical software deeply integrated into clients’ core systems Vertical experts with in-region presenc
Slide 4: Clients Look to Flywire to Solve Payments Complexity
Backed by highly localized, verticalized support Clients Look to Flywire to Solve Payments Complexity Client Delivered in client’s environment ✔ One integration ✔ Settled in their currency ✔ Posted to system of record ✔ Disputes handled end-to-end ✔Around-the-clock team with excellent payment and pr
Slide 5: A Moat Built on Complexity & Network
Broad Solutions with Some ERP Integrations A Moat Built on Complexity & Network → A network across 240+ countries and territories → High switching costs and network complexity create durable competitive advantage → The deeper the vertical, the harder to replicate – and the harder to leave VERTICAL S
Slide 6: Our Global Network Today
240+ countries & territories 1,200+ local payment options 140+ currencies Optimized intelligent transaction routing ~6,000 geographic corridors Domestic + cross-border payments Scalable global settlement infrastructure Broad local clearing & local payment methods Our Global Network Today We’ve built
Slide 7: US EDU Spotlight
US EDU Spotlight
Slide 8: Typical manual workflows for Student Finance Offices
Typical manual workflows for Student Finance Offices SIS / ERP Payment processor International payments Payment plan provider Paper checks & 529s Messaging tool Collection agency Spreadsheets Student Financial Office Deposit portal Billing vendor
Slide 9: How to get every financial moment right, for every student
How to get every financial moment right, for every student FRAGMENTED FINANCIAL EXPERIENCE Scattered touches across tools and to-do lists Acceptance & Enrollment Deposits post to the account Registration & Billing Statements that stay current Payment Arrangements Plans, 529, scholarships Account Man
Slide 10: 1,000,000+ payment plans activated through Flywire in the US
1,000,000+ payment plans activated through Flywire in the US When the experience is easier, more students find the help they need. +50% improvement schools have seen in payment plan adoption with Flywire 1. Payment plans activated through Flywire since SFS launched, Flywire platform data. 2. Client-
Slide 11: Your unified suite for every student financial moment
STUDENT FINANCIAL SOFTWARE Your unified suite for every student financial moment SFS Full Suite Billing Payments Payment Plans Collection Management Add-ons 1098-T Delivery eRefunds Secure Checkout Virtual Terminal Cashiering eStore Third-Party Invoicing Payer view $93M+ saved before accounts reach
Slide 12: Collect directly to keep more students and more revenue
Collect directly to keep more students and more revenue DOING MORE WITH LESS Chasing past-due balances is costly and ineffective, and collections agencies are an expensive last resort. Collection Management automates the process and gives students flexibility to pay or get on a plan, and stay enroll
Slide 13: Digitizing every way students pay
529 Savings Plans Corporate & Government Sponsors Federal Student Aid Outside Scholarships New University in the US Posted directly to the student account with all details and information attached DOING MORE WITH LESS Digitizing every way students pay Schools asked us to take the paper out of educat
Slide 14: Q3 2026 Performance
Q3 2026 Performance
Slide 15: GAAP Financial Highlights Q3 2026
$250.3M revenue $74.5M* net income 61.0% gross margin *Q3 2026 reflects a $39M Tax benefit ($25M recognized as a one-time benefit and $14M reflected in the full-year effective tax rate) related to the release of the valuation allowance. Also Q3 2026 includes $0.5M FX loss compared to a $0.6M FX loss
Slide 16: Key Operating Metrics (Non-GAAP) Q3 2026
Key Operating Metrics (Non-GAAP) Q3 2026 $17.8B total payment volume +27.7%1 YoY $155.8M adjusted gross profit 22.2%1 YoY, 63.7%2 $79.5M adjusted EBITDA 39.2%1 YoY, 32.5%2 $244.5M revenue less ancillary services +26.0%1 YoY 1. Represents Y-o-Y Growth as compared to Q325 2. Represents Margins as % of
Slide 17: Q3 Actual Performance vs. Guidance
Q3 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide2 Beat Q3 2026 Q3 2026 Total RLAS1 $245M $230M +$15M Y/Y RLAS Spot Growth (%) 26% 19% ~700 bps Y/Y RLAS FxN Growth (%) 26% 19% ~700 bps aEBITDA1 ~$80M $72M +$8M aEBITDA Margin expansion - YoY ~310 bps +200 bps ~110 bps RLAS
Slide 18: Operating efficiency initiatives with AI and modular architecture
● Coding with AI… code retirement, conflict resolution, bug fixes, and test maintenance — reallocating developer capacity toward core product innovation ● Transition to a modular "build once, deploy everywhere" payment architecture that eliminates legacy tech debt and increases feature deployment ve
Slide 19: Selected Customer Wins: Q3 2026
Selected Customer Wins: Q3 2026 Strong New Client Wins & Expansion Across Existing Customers 2 SIGNED SFS DEALS NEW LIVE ACCOUNTS & MAJOR EXPANSIONS Centennial College Private university in California
Slide 20: 2026 & Q4 Financial Outlook
2026 & Q4 Financial Outlook
Slide 21: Q4 2026 Outlook
Q4 2026 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 rec
Slide 22: FY 2026 Outlook
FY 2026 Outlook 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 i
Slide 23: FY 2026 Guidance Assumptions
FY 2026 Guidance Assumptions EDU Macro Assumptions: no change to revenue (ex CAN) - lowering some visa assumptions Revenue Approx. 3-4% coming from payment processing ramps. Additionally, Sertifi inorganic contributed approx. 1.5% of total Flywire growth. Gross Margins Adjusted Gross Profit margin e
Slide 24: Capital Allocation & Structure
Capital Allocation & Structure
Slide 25: Capital Allocation Strategy Overview
Capital Allocation Strategy Overview Organic Growth Investments Geographic expansion GTM enhancement Deeper software integrations Ecosystem expansions with Strategic Payables & International Agent solutions Strategic Acquisitions Accelerate within existing industry and / or geographies New product c
Slide 26: Q3 2026 Corporate Cash & Liquidity
Q3 2026 Corporate Cash & Liquidity Cash and liquidity bridge (US$M) (1) Please see definitions and reconciliations to the comparable GAAP metrics in the appendix 167 6/30/26 Corporate cash¹ +72 FCF (4) M&A (1) Other 234 9/30/26 Corporate cash¹ +300 Credit facility (undrawn) 534 9/30/26 total liquidi
Slide 27: Share Buybacks: ~$177M since program start
Share Buybacks: ~$177M since program start Authorized $300M (-) Repurchases through 09/30/26 ($177M) Remaining $123M ● Net dilution kept below 3% target: Buybacks expected to keep net dilution below 2% in 2026 ● Exceeded Dilution Offset: Repurchased 12.1M shares vs. 12.0M issued to employees or exer
Slide 28: Appendix
Appendix
Slide 29: Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations
Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 30: Revenue Less Ancillary Services Disaggregation by Revenue Type
Revenue Less Ancillary Services Disaggregation by Revenue Type $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 31: FX Neutral Revenue Less Ancillary Services Reconciliation
FX Neutral Revenue Less Ancillary Services Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 32: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 33: Non-GAAP Operating Expenses Reconciliation
Non-GAAP Operating Expenses Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 34: Net Margin, EBITDA Margin, and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 35: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 36: Corporate Cash Reconciliation
Corporate Cash Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 37: Non-GAAP Definitions
Non-GAAP Definitions ● Revenue Less Ancillary Services. Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP less (i) pass-through cost for printing and mailing services and (ii) marketing fees. ● Adjusted Gross Profit and Adjusted Gross Margin. Adjus
Slide 38: Non-GAAP Definitions
Non-GAAP Definitions ● Non-GAAP Operating Expenses. Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock- based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (i