Flywire’s first quarter results for 2025 were well received by the market, reflecting strength in both top-line growth and operational execution despite a challenging macroeconomic environment. Management attributed the momentum to continued demand across core verticals—especially education, travel, and healthcare—and a surge in new client acquisitions, with over 200 new clients signed. CEO Mike Massaro emphasized the company’s ability to adapt and thrive: “We are not just weathering headwinds, we are using them to become stronger and fuel our future growth.” The company’s strategic focus on product integration, operational discipline, and differentiated payments technology helped offset headwinds in markets like Canadian higher education.
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Flywire (FLYW) Q1 CY2025 Highlights:
- Revenue: $133.5 million vs analyst estimates of $128.5 million (17% year-on-year growth, 3.9% beat)
- Revenue Guidance for Q2 CY2025 is $124.4 million at the midpoint, above analyst estimates of $121.7 million
- Operating Margin: -8.2%, down from -5.2% in the same quarter last year
- Billings: $133 million at quarter end
- Market Capitalization: $1.38 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions Flywire’s Q1 Earnings Call
- John Davis (Raymond James): Asked about the rationale for revenue growth acceleration in the second half of the year. CFO Cosmin Pitigoi pointed to easier comparisons, recovery in Canadian education, and new client ramp-ups in healthcare and B2B as primary drivers.
- Timothy Chiodo (UBS): Inquired about the growth contribution of the U.K. education segment. Pitigoi revealed the U.K. is now Flywire’s largest education market, driven by strong SFS software adoption and new product introductions.
- Tien-Tsin Huang (JPMorgan): Sought clarification on the sources of upside in the quarter and areas of management conviction. Pitigoi and CEO Mike Massaro highlighted travel as the main driver and noted U.S. higher education software wins as a positive trend.
- Dan Perlin (RBC Capital): Asked about Flywire’s addressable opportunity in non-traditional education markets and the speed of travel client onboarding. President Rob Orgel explained that Flywire addresses 20 major additional markets and noted that travel business deployments are typically rapid.
- Tyler DuPont (Bank of America): Requested updates on competitive dynamics and the impact of operational reviews on margins. Massaro emphasized Flywire’s product-led differentiation and ongoing cost discipline, while Pitigoi confirmed continued expense management and flexibility for margin commitments.
Catalysts in Upcoming Quarters
In the quarters ahead, the StockStory team will watch (1) the trajectory of travel and healthcare vertical growth and their ability to offset education headwinds, (2) signs of improved operating leverage as automation and operational changes are implemented, and (3) adoption rates for new software offerings, particularly Student Financial Services in the U.K. and U.S. Progress in non-traditional education markets and successful integration of recent acquisitions will also be important markers.
Flywire currently trades at $11.34, up from $10.05 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free).
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