Flywire Corp. (FLYW): Key Takeaways from Investor Lunch with Management

We hosted an investor lunch in New York with FLYW mgmt, including CEO Mike Massaro and VP of Investor Relations Masha Kahn. The message from our meeting (which follows our CFO fireside chat last week) continues to be constructive, despite the myriad of headlines around international student trends. Mgmt remains focused on delivering against topline initiatives, which include integrating Sertifi into the core Flywire travel stack and driving SFS adoption. FLYW reiterated the better than expected US student visa trends, and seemed optimistic on the trajectory of UK student visas normalizing over time (although noted they are still going through the peak season). Further, we felt the messaging on achieving the $1bn in revenue and 30% EBITDA margins also seemed positive, with the company pointing towards 2028 or 2029 as target years. On operating leverage, the company noted they are balancing investment initiatives while driving operating leverage, helped by the significant organizational