Canadian Regulatory Impact
Q: How will Canadian regulations affect revenue and guidance?
A: Canadian regulatory changes will impact revenue by low-teens millions for the full year, affecting 14% of our business in Canadian higher education. Q1 will see a mid-single-digit million impact, and we expect Q1 to be our slowest growth quarter. Despite this, we are confident in our 30% growth forecast.

2024 Guidance and Margin Outlook
Q: Explain the 2024 revenue and margin guidance.
A: We guided revenue between $483 million and $509 million, anticipating 30% growth. Adjusted gross margins may decline by 100 to 200 basis points due to revenue mix shifts, but we expect continued strong adjusted EBITDA throughput.

Net Revenue Retention Drivers
Q: What's driving the 125% net revenue retention rate?
A: Our NRR of 125% is driven by expanding our footprint inside clients and supplying more products. We're increasing student penetration, payment volumes, and adding new services like domestic capabilities. Land-and-expand strategies with existing clients contribute to strong NRR growth.

Client Growth and Sales Efficiency
Q: What's behind the strong client additions?
A: We added over 170 clients this quarter, with education leading in client wins. Our investments in go-to-market are yielding high efficiency, with sales becoming productive faster and win rates increasing. Average deal size is slightly lower but within a strong range.

Healthcare Vertical Outlook
Q: How will you accelerate growth in healthcare?
A: We're focusing on offering a range of solutions tailored to hospital needs, expanding into subsegments like orthopedic clinics, and growing with existing clients. We aim to see a return to better growth in 2024 for our healthcare business.

India Market Performance
Q: How did India perform, especially FX volumes?
A: India showed strong growth in line with our corporate average. The FX percentage was up slightly in Q4 versus Q3, indicating a healthy result. Partnerships with top Indian banks enhance our user experience and volume capture.

Payer Services Expansion
Q: What's the progress in payer services initiatives?
A: Our payer services, including bundling insurance at checkout, have generated over $10 million from the Australian insurance opportunity. We're leveraging our position to offer additional services without significant marketing spend, addressing more needs of payers.

CFO Transition
Q: How will the CFO transition affect operations?
A: Mike Ellis expressed confidence in Flywire's position and smooth transition to Cosmin. The company remains focused on execution, with no expected changes in how we manage our finances or growth investments.

Seasonality and Q1 Expectations
Q: How will seasonality affect upcoming quarters?
A: Due to Canadian regulatory changes, Q1 will be our slowest growth quarter. We expect Q2 to be higher than average, with the second half around the annual growth rate. This shift in seasonality is incorporated into our 30% growth guidance.

Client Implementation Delays
Q: Have client implementation delays been resolved?
A: The vast majority of previously delayed implementations have gone live. We had a great quarter in deployments across all verticals and feel good about projects going live on time.