Flywire (FLYW) Goldman Sachs Communacopia + Technology Conference 2026 summary

Strategic financial targets and growth drivers

• Ambition set for $1 billion revenue and 30% adjusted EBITDA margins in the next few years, based on organic growth and prudent macro assumptions.

• Key growth pillars include high-retention enterprise clients in education and travel, expansion in B2B healthcare, and benefits from the Sertifi acquisition.

• Revenue growth is increasingly diversified, with travel and domestic education outpacing cross-border education.

• Free cash flow, margins, and GAAP profitability are now emphasized alongside revenue growth.

• Financial framework is designed to withstand challenging macroeconomic conditions.

Operational efficiency and transformation

• Transformation investment is expected to peak in 2027, after which operating costs should remain relatively flat while supporting strategic priorities.

• OpEx growth has slowed to single digits due to prior investments and ongoing transformation, not cost-cutting.

• Project ADAPT, a digital transformation initiative, is midway through an 18-month journey, focusing on process redesign, systems consolidation, and data infrastructure.

• AI and data-driven productivity improvements are targeted at individual, functional, and enterprise levels.

• Productivity gains of 20–30% are considered achievable through foundational investments.

Business diversification and vertical performance

• Education, travel, and B2B healthcare are all contributing to growth, with travel now nearly matching the size of the U.K. education business.

• Domestic education and SFS cross-sell are driving above-average growth, while cross-border education remains important but is becoming a smaller share.

• Non-big four education markets are growing over 30% and increasing their share of total revenue.

• Travel vertical is expanding geographically and into new sub-verticals, with Sertifi acquisition boosting payment monetization and international reach.

• Healthcare growth is below company average but can be volatile due to large enterprise wins like Cleveland Clinic.