Nate Svenson

Nate Svenson with Deutsche Bank Securities inquired about the prudence of Flywire's macro assumptions for U.S. (30% visa decline) and Australia (flat visas despite 9% growth in new international student places), and sought more color on Student Financial Software (SFS) performance, including its 3x ARR growth, new signings, pipeline, and expansion opportunities outside the Big Four markets.

Answer

Cosmin Pitigoi, Chief Financial Officer, explained that the U.S. visa assumption reflects a prudent approach given early-year data and last year's high-teens decline in first-year payers, while Australia's flat visa assumption is also conservative despite strong execution. Rob Orgel, President and Chief Operating Officer, highlighted SFS's successful year with 13 full-suite deals driving 3x ARR growth, noting strong product positioning and pipeline. He clarified that non-Big Four success is driven by core cross-border and domestic payment capabilities, not SFS, which is primarily focused on the U.S. and U.K.

Nate Svenson asked about Flywire's prudent macro assumptions for 2026, specifically the projected 30% decline in U.S. visas and flat Australian visas despite reported 9% growth in new international student places. He also inquired about the Student Financial Software (SFS) performance, noting a threefold increase in signed ARR, and the potential for SFS expansion into non-Big 4 geographies.

Answer

Cosmin Pitigoi (CFO) explained that the U.S. visa assumption reflects prudence given early-year data and a high-teens decline in first-year payers last year, offset by retention and higher tuition. For Australia, he noted past outperformance against conservative assumptions and continued strong execution. Rob Orgel (President and COO) detailed SFS success, including 13 full suite wins driving the 3x ARR growth, and confirmed SFS is currently focused on the U.S. and U.K., with non-Big 4 growth driven by core cross-border and domestic payment capabilities.