Growth Outlook and Margin Expansion
Q: How should we think about future growth and margins?
A: Despite a 26% revenue growth this year, including a $30 million unexpected headwind due to Canada, we remain a Rule of 40 company. Adjusted EBITDA margin is 16% this year, and we expect to grow margins by 300 to 600 basis points next year, starting at the low end.

Profitability Goals and Future Growth Targets
Q: Any thoughts on profitability and future growth guidance?
A: We're on track to achieve GAAP net income profitability next year by managing OpEx and expecting stock-based comp as a percentage of revenue to decline. While we won't guide for 2025 yet, we expect to maintain strong Rule of 40 performance, despite no snapback in Canada.

Regulatory Risks Impacting Education Vertical
Q: What's the impact of regulatory changes in Canada and Australia?
A: In Canada, political tensions and government policies have caused meaningful demand destruction in student numbers, affecting revenue. We continue to acquire new clients but expect revenue to remain flat. In Australia, we anticipate growth moderating to at or below corporate average next year but still see it as a growth market.

Net Revenue Retention and Its Drivers
Q: How is NRR trending and what are its drivers?
A: Excluding Canada, NRR remains over 120%, consistent with historical ranges. Including Canada, NRR will decrease. Key drivers are adoption and utilization within existing clients, product expansion, and expanding with customer profiles. These underlying strengths remain strong.

Capital Allocation Strategy
Q: How are you approaching M&A versus buybacks?
A: We invested $70 million in Q3 between M&A and our buyback program. We're positioned to invest in our business, execute M&A, and be aggressive with buybacks. M&A focuses on accelerating industry solutions, driving NRR through upsells, and expanding into new areas.

International Expansion Opportunities
Q: What are your growth opportunities outside Canada and Australia?
A: Education is a global opportunity. Europe collectively is a major market for us. We're also focusing on Mexico and other Latin American markets, as well as Asia-Pacific, including Japan. We see significant growth potential globally.

Customer Adds and Vertical Performance
Q: Can you provide color on customer additions and verticals?
A: We added over 200 net new customers, with slightly more in travel than education. Education is growing in line with company average, B2B is growing meaningfully above average, and healthcare has returned to growth. Average ARR per deal was down slightly but overall progress is good.

Health Care Vertical's Growth
Q: How did the healthcare vertical perform?
A: We're pleased to see healthcare return to growth. We're adding new clients and expanding with existing ones, driving ROI, and expect healthcare to continue as a growth business, albeit with moderate growth relative to the overall company.

Monetization of Student Financial Software
Q: How is SFS adoption impacting monetization?
A: SFS is a revenue multiplier, offering license revenue, payment plan revenue, and card transaction volume. We have low penetration in our installed base—single-digit percentage—so there's significant opportunity to grow. We're seeing acceleration in wins and have made changes to our go-to-market strategy to further this growth.

Australian Market Outlook
Q: How do regulatory changes affect growth in Australia?
A: We're assuming Australian regulations will proceed as proposed, potentially moderating growth. However, Australia remains an opportunity to grow through new client sign-ups and expanding offerings like StudyLink and Cohort Go.

Impact of Education Volume Timing
Q: How did education volume timing affect the quarter?
A: A shift of $1–2 million in education volumes moved from Q4 to Q3 due to billing dates and payment timing, slightly benefiting Q3. This dynamic can also affect Q4 into Q1 but is within expected fluctuations.

Engagement with Agents
Q: How does increased school engagement with agents impact you?
A: It's a great opportunity. Our StudyLink platform helps schools connect with agents, meeting a growing need in the market. We believe this will drive more student awareness and benefit our business.

WPM Acquisition Progress
Q: What's the update on implementing WPM's clients?
A: The WPM acquisition helped us establish relationships with more institutions. Growth comes from implementing Flywire capabilities, starting with cross-border payments and moving to domestic. The integration is proceeding as expected, with ongoing opportunities to expand with new and existing clients.