Flywire Corporation Voting Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Awesome. Yeah, thanks, Will. Glad to be here.

Awesome. Two-part question, my favorite kind. Let me start with the first one. First, in terms of the building blocks, and how we thought about it. Listen, the $1 billion and 30%, it is an organic target and it is our usual approach of being prudent and data-dependent overall. As you think about the building blocks, I would start with the enterprise client and the fact that a large majority of our both education and travel clients are those clients that we call enterprise, which is above $100,000 in revenue per year. And those clients stay with us. They see the high ROI of our software and the combination of capabilities that we provide. And as you have heard us say, they are lower than 1% churn, so very high retention of those clients. So that creates a sustainable base on which to build. And so that is sort of part one.

Then, you go to our still our biggest vertical, education. Strong growth there but increasingly diversified components of that growth and the growth algorithm as we will talk about it later. Seeing that cross-sell on the domestic side, that is driving a lot of the growth there too. That is the second piece. Now look, travel is now in its own right bigger than the U.S., nearing the size of the U.K. kind of education business. It is big TAM, the clients see the ROI there, and we have the breadth of clients now with smaller and larger, and also just the depth of product.

Which we did not have before the Sertifi acquisition, so that is great. Then lastly, B2B healthcare. Healthcare, both big growth drivers this year and continuing to deliver. So kind of firing on all engines. Those are the building blocks. Then to your second point, why now? Look, it is aligned with my, and our guidance principles, which is you start with transparency. As we are doing our normal medium-term kind of planning, those numbers are starting to come into focus, and they do not require macro to get better. We actually assumed in that a very prudent kind of macro environment from our perspective. As we think about that billion dollars and the 30%, felt that it is coming into focus, so helping folks kind of plan around that. Second, it is data dependent.

We will see how things play out and we will let you all know. But third, I think notice the balance. We have always talked about revenue. Revenue is still obviously a huge focus for us and growth, but now we have free cash flow, we have margins, and certainly GAAP profitability as we are pivoting this year. So those are also important balancing aspects. I wanted to bring that in. But listen, I will just finish with this financial framework was built to withstand a tough macro. It was not built to assume it gets better.

Right. We have tried to kind of balance that expectation externally.

I would think of it as sort of structural. It's not a cost-cutting exercise. It's already happening. If you look back, if I start just go back a few years, as you know, we've grown and scaled, we've invested. We've kind of gone through a large investment scale kind of cycle. Since IPO, that's both organically and inorganically. If you look, then zoom in the last couple of years, even in 2025 and 2026, obviously Sertifi was our big acquisition last year, but if you adjust for that, to some extent, you look organic OpEx, it's actually not growing that much. It's probably single-digit growth. Even before kind of doing the transformation, we're already growing at scale on a much smaller kind of OpEx level of growth because of that early investment.

Today, we're in the middle of the transformation that we announced, which has become kind of our mindset internally at the company. That allows us to drive growth at lower cost to some extent. The way to think about the drivers there are across a few different areas. One, it's the G&A or functions that we talked about is about a third of the costs. Those are opportunities for us to simplify a lot of the systems, and we'll talk about kind of the transformation project itself. Able to simplify that, reduce a lot of those manual costs.

Second, you have kind of the R&D and engineering areas, which, again, we can do a lot more in those areas with a lot less. Third, one that we talked about it, but not as much, is the enterprise versus non-enterprise client approach. How you tier support and how you look at enterprise clients, given that we're so focused on that, and that's one of the big drivers of growth even in the future. You can obviously change your client support models internally. That makes your sales and marketing, kind of the other component, also pretty manageable. As we look ahead, feel pretty comfortable that OpEx, as I said, will be kind of growing a little bit into next year as you kind of peek through this transformation investment phase.

But then managing the growth, again, in line with the organic kind of assumptions on the revenue side, which have been, again, pretty prudent.