Slide 1: 1Q 2025 Earnings Supplement
Exhibit 99.2 1Q 2025 Earnings Supplement May 6, 2025
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 Strategy to Date
Our Strategy to Date Software drives value in payments + The Flywire Advantage 1 Strong “North Star” Thesis 2 Differentiated Core Assets Vertical Expertise 3 in Big Markets + Deep vertical expertise
Slide 4: Q1 2025 Performance
Q1 2025 Performance
Slide 5: GAAP Financial Highlights Q1 2025
GAAP Financial Highlights Q1 2025 $133.5M Revenue 60.3 % Gross Margin ($4.2) M* Net Loss *Q1 2025 includes a $3.6m FX gain and ($7.3M) of restructuring costs
Slide 6: Key Operating Metrics (Non-GAAP) Q1 2025
Key Operating Metrics (Non-GAAP) Q1 2025 $8.4B +20.4%1 Total payment volume $128.7M +16.8%1 Revenue Less Ancillary Services $82.5M 64.1%2 Adjusted Gross Profit $21.6M 16.8%2 Adjusted EBITDA 1. Represents Y-o-Y Growth as compared to Q124 2. Represents Margins as % of RLAS (Revenue Less Ancillary Serv
Slide 7: Q1 Actual Performance vs Guidance: Strong Beat Across the Board
Q1 Actual Performance vs Guidance: Strong Beat Across the Board Guide* Actual Delta (bps) Delta US$ FXN RLAS (ex Sertifi) 12.5% 14.4% 190 bps – FX headwind $3M $2M $1M FX headwind to growth (250) bps (184) bps 66 bps Spot growth 10.0% 12.5% 250 bps Reported RLAS (ex Sertifi) $121M $124M $3M Sertifi
Slide 8: Full Product Suite Strategy in Education
Full Product Suite Strategy in Education
Slide 9: Powerful Education Flywheel
Powerful Education Flywheel Network effects Investment in geo expansion & local payment options Network of bank, loan & fintech partners Expansive footprint of education clients & agents High volume of students / payers Product innovation & expanding product suite
Slide 10: Broad, Innovative Product Suite
Demand Fulfillment Application Enrollment Post-Enrollment Broad, Innovative Product Suite Flywire drives value across the student journey, on behalf of schools and agents Agents Network StudyLink In Market Recruitment Collaboration StudyLink Accept & Pay Payex SFS Collection Management eStore Payabl
Slide 11: Software-Driven Offerings Across Major Markets
Software-Driven Offerings Across Major Markets Cross-Border Domestic SFS (Billing & Payments, Collection Mgmt, eStore) Third-Party Invoicing Cross-Border Domestic SFS (Billing & Payments, Collection Mgmt, eStore) Payables Cross-Border Domestic SFS (Billing & Payments) Cross-Border StudyLink Payables
Slide 12: UK SFS Exciting new product launch
UK SFS Exciting new product launch
Slide 13: Typical UK University without SFS
Students don’t know how much they actually owe & have limited payment plan options Lack of communication options to promote self-service & drive timely payment No student portal to self-serve & limitations for families to contribute to account balance Staff overwhelmed by siloed & manual processes,
Slide 14: Student Financial Software (UK)
Mobile first experience Robust communications drive action Self-service options for staff & students Authorised user access Customise plans to meet unique needs Real-time account updates to & from finance system Student Financial Software (UK) All-in-one student account portal
Slide 15: UK University with SFS
Students can clearly see how much they owe & pay fees on time with flexible options One unified, integrated system with built-in communications University teams have complete visibility into cash flow with improved efficiencies Finance teams are able to automate account statements & payment plans an
Slide 16: Travel at Flywire Investing Behind Our Success
Travel at Flywire Investing Behind Our Success
Slide 17: Delivering Tangible Value for Travel Clients
Delivering Tangible Value for Travel Clients Payment options Software driven workflows Reduced fees and costs Elevated guest experience Easy implementation Flywire allows payers to pay in 140+ currencies from 240+ countries via multiple methods, including credit card, online and offline bank transfe
Slide 18: Building the Next Education Vertical
Building the Next Education Vertical Travel’s trajectory is similar to Education in the first 5 years EDU Travel Customer Growth Over Time Gross Profit Per Customer ($ ‘000s) Pre Sertifi Business Strong gross profit dollar growth trajectory in Travel, similar to early growth of EDU Most recently ~12
Slide 19: Flywire Travel Growth Algorithm
Flywire Travel Growth Algorithm Significant growth over the last 6 years with strong client acquisition 19 Travel Customer Growth Over Time Flywire Travel Revenue Growth from 2023 to 2024 2023 Revenue New Signs + Client Ramp Market + Volume Growth Upsell / Cross-Sell < 1% Revenue Churn ~40M $60M+ 20
Slide 20: Differentiated Travel Solution Fueling Growth
Manual invoicing & collection required 3 FTEs Automated payment reminders via our invoicing solution Poor customer service with a large payments provider Support from a dedicated account management team Specific integration needed to simplify process Simplified process through an integration with Ro
Slide 21: Solving Problems for Luxury Hotels
Hotel Description Use Case Details Collection of luxury properties across Capri, Paris, Rome & Milan Enterprise level account today (Capri) with potential to expand Size: 20-30 rooms per location FX %: High share of int’l payments Payment Use Case: capture deposit payment via payments links Luxury e
Slide 22: Sertifi Event Workflow with Agreements and Pay
Booking (Pre-Event) During Event Payments 1 Guest contacts hotel to inquire about event availability and booking details 2 Hotel works with customer to select & negotiate events space with related details 3 Contract is signed & initial deposit is collected to hold event space; data sent to hotel sys
Slide 23: Flywire & Sertifi: Path to Stronger Growth
Flywire & Sertifi: Path to Stronger Growth 1 2 3 4 Sertifi has 20,000+ existing hotel locations, including 2,000+ independent and boutiques Cross-selling Flywire represents $50M+ of revenue opportunity for subset of identified hotels Sertifi’s business is 90% US focused today $100M+ revenue opportun
Slide 24: Sertifi by the Numbers
Sertifi by the Numbers Sertifi adds a growing software asset to Travel’s core business +30+% Revenue1 vs. Q1 2024 ~70.0% SaaS Revenue3 in 2024 ~10.0% Client Location Penetration3 in 2024 ~21K Up 15% since 2023 Q1’25 Growth Client Locations2 Revenue Mix Sertifi Pay 1) Pro-forma revenue growth assumin
Slide 25: Sertifi Wins vs. Direct Competitors
Sertifi Wins vs. Direct Competitors Our focus on specialized workflows avoids competition in the branded hotel ecom/POS space Where do Flywire and Sertifi Compete? (Type of Workflow vs. Hotel Type) Events & Catering Workflow Smaller, Luxury Independent Hotels Direct Room Workflow Larger Branded Hote
Slide 26: Complimentary Geo & Product Footprints
Complimentary Geo & Product Footprints Flywire Travel and Sertifi have complimentary revenue mixes TRAVEL REVENUE REVENUE ~90.0% ~10.0% ~90.0% ~10.0% <1.0% ~99.0% ~70.0% ~30.0% Combined Business
Slide 27: Our Ambition: Flying to New Heights
~$100M+ Trailing 12M Pro-forma (Flywire Travel + Sertifi) Travel Sertifi Software and Payment Opportunity with Hotels Our Ambition Flying to New Heights Our ambition is to expand top line by multiples of current run rate Our Travel growth algorithm is a balanced combination of: + Customer Growth (NR
Slide 28: Financial Outlook
2025 &Q2 Financial Outlook FY $MLER EY Ste TF
Slide 29: Guidance Context
Guidance Context In Canada and Australia, given better performance of AU in Q1, expecting on average a high 20s % decline YoY in each Market US Edu: Expected growth in the low single digits given softness in the cross-border business as we watch F1 Visa and other incoming data, while expecting stron
Slide 30: Q2 2025 Outlook
Q2 2025 Outlook FX-Neutral Revenue Less Ancillary Services Growth Adjusted EBITDA1 margin expansion (YoY) Total Flywire 17-23% YoY FXN 150-350 bps (including Sertifi) 7-11% FXN ex Sertifi RLAS $10-12M Sertifi revenue Contribution 1. Flywire has not provided a quantitative reconciliation of forecaste
Slide 31: FY 2025 Outlook
FY 2025 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 32: Capital Allocation and Structure
Capital Allocation and Structure
Slide 33: 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 34: 1Q25 Cash Walk
Cash represents corporate cash, cash equivalents, and investments (i.e. excludes client cash) Cash decrease primarily driven by $320M Sertifi acquisition, net of cash acquired Other includes proceeds from option exercises, issuance of ESPP stock, and FX (US$M) 1Q25 Cash Walk 1. SBB - Share Buyback 5
Slide 35: Share Repurchases
Share Repurchases Authorized $150M (-) Purchases through 03/31/25 $(93M) Remaining $57M Flywire began its share repurchase program in Q3’24 Approximately $49M of total cash was spent on share repurchases in 1Q25 $23M $21M $49M Q3’24 Q4’24 Q1’25
Slide 36: Appendix
Appendix ¥$t t ER CY SM LCF
Slide 37: FX Neutral Revenue Less Ancillary Services
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 removi
Slide 38: Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations
Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations $USD in Millions (unaudited) Three Months Ended March 31, 2025 2024 Revenue $ 133.5 $ 114.1 Adjusted to exclude gross up for: Pass-through cost for printing and mailing (4.4) (3.6) Marketing fees (0.3) (0.3) Revenue Less Ancilla
Slide 39: Revenue Disaggregation by Revenue Type
Revenue Disaggregation by Revenue Type $USD in Millions (unaudited) Three Months Ended March 31, 2025 Platform and Other Revenues Revenue Transaction $ 108.5 Pass-through cost for printing and mailing Adjusted to exclude gross up for: Marketing fees Revenue Less Ancillary Services Percentage of Reve
Slide 40: Net Loss to Adjusted EBITDA Reconciliation
Net Loss to Adjusted EBITDA Reconciliation $USD in Millions (unaudited) Three Months Ended March 31, 2025 2024 Net loss Interest expense Interest income $ (4.2) $ (6.2) 0.7 0.1 (2.9) (5.9) Provision for income taxes (0.9) 1.6 Depreciation and amortization 5.9 4.5 EBITDA (1.4) (5.9) Stock-based compe
Slide 41: Net Margin, EBITDA Margin and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, Adjusted EBITDA Margin and Adjusted EBITDA Margin excluding Sertifi $USD in Millions (unaudited) Three Months Ended March 31, 2025 2024 Revenue (A) $ 133.5 $ 114.1 Revenue less ancillary services (B) $ 128.7 $ 110.2 Revenue less ancillary services excluding Sertifi (C) $ 1
Slide 42: Reconciliation of Non-GAAP Operating Expenses
Reconciliation of Non-GAAP Operating Expenses $USD in Millions (unaudited) Three Months Ended March 31, 2025 2024 GAAP Technology and development $ 16.9 $ 16.7 (-) Stock-based compensation expense and related taxes (-) Depreciation and amortization (3.2) (2.6) (1.6) (1.9) Non-GAAP Technology and dev