false0001580560MA00015805602026-08-042026-08-04

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

FLYWIRE CORPORATION

(Exact name of Registrant as specified in its charter)

Delaware	001-40430	27-0690799
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

141 Tremont St #10

Boston, MA 02111

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (617) 329-4524

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Voting Common Stock, $0.0001 par value per share	FLYW	The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02.	Results of Operations and Financial Condition.

On August 4, 2026, Flywire Corporation (“Flywire” or the “Company”) issued a press release (the “Press Release”) and is holding a conference call regarding its preliminary and unaudited financial results for the quarter ended June 30, 2026. The Press Release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Various statements to be made during the conference call are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s future operating results and financial position, Flywire’s business strategy and plans, market growth, and Flywire’s objectives for future operations. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, Flywire’s future financial performance, including its expectations regarding FX Neutral Revenue Less Ancillary Services growth, Adjusted EBITDA margin growth and foreign exchange rates. Risks that may cause actual results to differ materially from these forward looking statements include, but are not limited to: Flywire’s ability to execute its business plan and effectively manage its growth; Flywire’s cross-border expansion plans and ability to expand internationally; anticipated trends, growth rates, and challenges in Flywire’s business and in the markets in which Flywire operates; the sufficiency of Flywire’s cash and cash equivalents to meet its liquidity needs; political, economic, foreign currency exchange rate, inflation, legal, social and health risks, that may affect Flywire’s business or the global economy; Flywire’s beliefs and objectives for future operations; Flywire’s ability to develop and protect its brand; Flywire’s ability to maintain and grow the payment volume that it processes; Flywire’s ability to further attract, retain, and expand its client base; Flywire’s ability to develop new solutions and services and bring them to market in a timely manner; Flywire’s expectations concerning relationships with third parties, including financial institutions and strategic partners; the effects of increased competition in Flywire’s markets and its ability to compete effectively; recent and future acquisitions or investments in complementary companies, products, services, or technologies; uncertainties associated with the timing and scope of future repurchases by FLYW of its common stock under its repurchase program, which may be discontinued, accelerated, suspended or delayed at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; Flywire’s ability to enter new client verticals, including its relatively new hospitality sector; Flywire’s expectations regarding anticipated technology needs and developments and its ability to address those needs and developments with its solutions; Flywire’s ability to implement its technology and systems transformation program; Flywire’s expectations regarding its ability to meet existing performance obligations and maintain the operability of its solutions; Flywire’s expectations regarding the effects of existing and developing laws and regulations, including with respect to payments and financial services, taxation, privacy and data protection; Flywire’s ability to adapt its business to changes in government policy regarding tariffs and immigration; economic and industry trends, including the risk of a global recession, projected growth, or trend analysis; the effects of global events and geopolitical conflicts, including without limitation the ongoing hostilities in Ukraine and involving Israel, Hamas and Iran; Flywire’s ability to adapt to recommended or implemented U.S. policy changes, in particular those that impact higher education, the desire for foreign students to study in the U.S., immigration and visa policy, and changes to regulatory agencies and depth of enforcement of regulations; Flywire’s ability to adapt to changes in U.S. federal income or other tax laws or the interpretation of tax laws, including the Inflation Reduction Act of 2022 and The One Big Beautiful Bill Act of 2025; Flywire’s ability to attract and retain qualified employees; Flywire’s ability to maintain, protect, and enhance its intellectual property; Flywire’s ability to maintain the security and availability of its solutions; the increased expenses associated with being a public company; the future market price of Flywire’s common stock; and other factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. Additional factors may be described in those sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, expected to be filed in the third quarter of 2026. The information conveyed on the conference call is provided only as of the date of the conference call, and Flywire undertakes no obligation to update any forward-looking statements presented during the conference call on account of new information, future events, or otherwise, except as required by law.

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Item 7.01.	Regulation FD Disclosure.

On August 4, 2026, the Company provided an investor presentation that will be made available on the investor relations section of the Company’s website at https://ir.flywire.com/. The investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

This information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01.	Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Flywire Corporation Press Release dated August 4, 2026.
99.2		Flywire Corporation Investor Presentation dated August 4, 2026.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FLYWIRE CORPORATION
By:		/s/ Cosmin Pitigoi
Name:		Cosmin Pitigoi
Title:		Chief Financial Officer

Dated August 4, 2026

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Q2 2026 Earnings SupplementAugust 4, 2026 Exhibit 99.2

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Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.  All statements other than statements of historical facts contained in this presentation, including statements regarding the outcome of the operational and portfolio reviews, the costs, cash outlays, benefits, timing and financial impacts of the actions that may be taken or transactions entered into in connection with the operational and portfolio reviews, Flywire’s ability to successfully implement Flywire’s business plan, future results of operations and financial position, business strategy and plans, market growth and Flywire’s objectives for future operations, are forward -looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plans,” “potential,” “seeks,” “projects,” “should,” “could” and “would” and similar expressions are intended to identify forward -looking statements, although not all forward-looking statements contain these identifying words. Flywire has based these forward-looking statements largely on Flywire’s current expectations and projections about future events and financial trends that Flywire believes may affect Flywire’s financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of Flywire's Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the end quarter ended March 31, 2026, which are on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov. Additional factors may be described in those sections of Flywire’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, expected to be filed with the SEC in the third quarter of 2026. In light of these risks, uncertainties and assumptions, the forward -looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events or performance.In addition, projections, assumptions and estimates of the future performance of the industries in which Flywire operates and the markets it serves are inherently imprecise and subject to a high degree of uncertainty and risk. All financial projections contained in this presentation are forward -looking statements and are based on Flywire’s management’s assessment of such matters. It is unlikely, however, that the assumptions on which Flywire has based its projections will prove to be fully correct or that the projected figures will be attained. Flywire’s actual future results may differ materially from Flywire’s projections, and it makes no express or implied representation or warranty as to attainability of the results reflected in these projections. Investments in Flywire’s securities involve a high degree of risk and should be regarded as speculative.The information in this presentation is provided only as of August 4, 2026, and Flywire undertakes no obligation to update any forward-looking statements contained in this presentation on account of new information, future events, or otherwise, except as required by law. This presentation contains certain non-GAAP financial measures as defined by SEC rules. Flywire has provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix. The company has not provided a quantitative reconciliation of forecasted FX-Neutral Revenue Less Ancillary Services Growth to forecasted GAAP Revenue Growth or forecasted Adjusted EBITDA Margin Growth to forecasted GAAP Net Income Margin Growth or to forecasted GAAP net income (loss) before income taxes within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of the company's stock and in foreign exchange rates.

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Backed by highly localized, verticalized support Clients Look to Flywire to Solve Payments Complexity ClientDelivered inclient’s environment One integration Settled in their currency Posted to system of record Disputes handled end-to-end Around-the-clock team with excellent payment and product knowledge across 25 languages and 16 countries An AI-first strategy that pairs rapid self-service with skilled care for complex cases Flywire Handlescomplexity Specialized workflows Compliance & screening FX, banking & settlement ERP integration & reconciliation Global payer support PayerSelects from available payment methods Bank transfers Cards Local wallets Emerging methods

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240+ countries & territories 1,200+ local payment options 140+ currenciesreported Optimized intelligenttransaction routing ~6,000 geographic corridors Domestic + cross-borderpayments Scalable global settlement infrastructure Broad local clearing & local payment methods Our GlobalNetwork Today We’ve built a global, regulatory-grade infrastructure platform that is very hard to replicate

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Generic processors go a mile wide. Flywire goes a mile deep. Generic Processor Flywire What Flywire Does Tax & FX compliance Handles country-specific FX controls and regulatory docs before fund outflow Tax obligations vary by market - we manage where required (e.g. WHT in India, Brazil) KYC & regulatory System of Record reconciliation Integrates to each institution’s ERP; Built-in audit trails/reporting End-to-end transaction visibility – verified 'good funds' leads to better cash flow insight Payment Journey Stage Example: Education Tuition Payment Journey Local in, local out – collects in local currency via a large local banking network Local payment methods tailored to payer markets and use cases Many ways to pay Client KYC review; ensures funds reach legitimate destinations for legitimate purposes Rigorous transaction monitoring, regulation compliance, and currency controls Multi-jurisdictional - not a single-country vendor 1 2 3 4 Refunds & disputes Returns funds to original sender, offloading global AML and complexity from the client Manages the chargeback and dispute process end-to-end 5 A generic processor moves money. Flywire manages complexity: moving money globally, compliantly, efficiently and accurately

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Capability Point Solutions Generic Processor Flywire What Flywire Does Workflows + Payments connected Contracts, approvals, and payments in a single workflow Full agreement management for Hospitality Travel-specific payment types Partial Flexible scheduling of installments Group and split payments: each payer chooses their method and currency based on one Flywire shared balance. Enterprise-grade security & compliance Partial Standard AML, compliance, and global security built-in Tailored tools and approaches by geography and payment type Global payment support Limited Some Extensive Seamless, localized experience with transparent exchange rates and round-the-clock multilingual support Workflow automation Limited Automated invoicing, payment matching and recon Payables offering for subcontractors/vendors Workflows, agreements and payments triggered in one flow Unified reporting & visibility Partial Real-time visibility across deposits, billing, and recon Single source of truth for booking/reporting Travel-specific integrations Limited Limited Integrates directly with PMS/CRM/accounting software Eliminates manual data entry that others require Generic processors go a mile wide. Flywire goes a mile deep. Example: How Flywire Serves Travel Clients

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Spotlight: SFS Delivering Measurable Impact

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Due by 05/31/2026 Student Financial Software Billing &Account Presentment eBill 1098-T Sponsored billing eRefunds The complete platform for every student – from enrollment to collections Payments Domestic International Refunds eStore PaymentPlans Collections Management Flexible plans Real-time rebalancing Pre-collect Past-due Agency management Your Flywire University balance due has qualified for a payment plan. Please go to: https://flywireU.. myflywire.com Your FlywireU balance due has qualified for a payment plan. Please go to: https://flywireU.myflywire.com Due by 05/31/2026 01/31/2026 01/31/2026 01/31/2026 Due by 05/18/2026 Due by 05/18/2026 01/10/2026 01/10/2026 01/10/2026 Built for ALL Students Deep SIS Integrations Global Payment Network

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CASE STUDY Before Flywire SFSFall 2024 With Flywire SFS Payment Plan Default Rate Drops from 34% to 2% Initial license of Flywire XB in 2019 > Went live with Flywire SFS in 2025 CASE STUDY The typical default rate on Flywire payment is historically less than 5% 34% default rate Less than 2% default rate Fall 2025

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Replacing a sunset Unit4 module became the catalyst for turning finance into a strategic driver of thestudent experience “We couldn’t find anything else on the market that came close to it.” Chris Billington Head of Finance Shared Services Measurable Impact With Flywire SFS Consolidating tuition & accommodation payments ontoFlywire's Student Financial Software, integrated with Unit4 92% payment plan completion up from 60% –a 50%+ increase 6-Figure merchant fee savings from consolidating global payments and refined payment options with improved client economics Real-Time Transparency Self-service balances via Unit4 integration — balance enquiries virtually eliminated Fewer Escalations Staff resolvequeries at first contact, freeingtime for complex student needs Expanded Payment Choice 140+ local currencies and preferred local payment methods, all in one platform CASE STUDY

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Spotlight: Digital Transformation (ADAPT)

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Digital Transformation: Project ADAPT Speed Savings Scale Accelerate time to insight and organizational agility Example: Reduce sales quote generation and deal approval timelines Rationalize the tech stack and focus our human capital Example: Deprecate >30 duplicative systems and footprint Build a scalable, AI-ready infrastructure Example: Support growth with optimized targeted hiring Standardization Create a unified set of processes + data models across the org Example: Standardize global People workflows and core Finance workflows

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People + AI Agents Democratized Certified Data Redesigned end-to-end processes Unified & simplified enterprise systems Workflows reimagined from the ground up to eliminate friction, reduce handoffs, and drive outcomes. Consolidated, modern core systems providing a single source of truth and a scalable foundation for growth. Accurate, consistent, and trusted data available to everyone — people and AI agents — across the organization. Working side by side to get from insight to action — faster. Re-architecting the Operating Model A Multi-year Transformation INSIGHT DECISION ACTION From insight to action BUSINESS OUTCOMES Faster answers, fewer handoffs & less work for Sales & Marketing, R&D/Product, G&A S&M R&D / Product G&A Higher revenue per rep Shorter sales cycles Better client targeting Faster innovation and iteration Better product decisions Agent-ready architecture Greater productivity Scalable operations

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AI is already driving operating leverage across the business Scaling throughput across every function without proportional cost increases Rearchitecting data & operating systems so people & AI agents work side-by-side – structurally lowering the cost of scale AGENT-READYBY DESIGN More ARR per rep with shorter implementation cycles ~45% of support inquiries auto-resolved without human intervention Months → weeks for complex codeConversions and migrations Less manual work, more automation Customer Support& Experience Engineering& Product Sales & Implementation Finance & Core Operations Self-service rate reached44.7% in Q2'26 Handling time andcost per contact down 30% Contact volume grew~19% in 1H26 while teamsize declined by 2% AI code writing and automated prototyping are accelerating development timelines → 200+ engineeringhours savedon just two SFS projects(80 hrs on an API migration+ 120 hrs on security improvements) AI-driven CRM automationmatches the right productsto clients with greater precision→ boosted revenueper rep AI-assisted implementations→ faster clientonboarding AI-powered document verificationautomates cross-border compliance→ thousands of hours savedAI now runs routine analysis→ saving FTE time for higher-judgment work Manual Reporting down sharply and critical reports now generated in a fraction of time vs days before Step change in productivity gains for finance teams

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Our 2026E OPEX can scale efficiently A Multi-year Transformation LOWERSCALING 34% Sales & Relationship Management(Education, Healthcare, Travel, B2B) MODERATESCALING 29% MarketingEngineeringProductGlobal Payments HIGHSCALING 37% G&AOperations IT Risk & Security Scaling classification reflects expected cost growth relative to gross profit over the mid-term: High = largely fixed costs Moderate = mix of fixed and variable costs Lower = largely variable, expected to grow with volume

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Proven Operating Leverage as the Platform Scales aEBITDA/Headcount (1) (FTE) Adj. Gross Profit/Headcount (1) (FTE) 2022 2023 2024 2025 2022 2023 2024 2025 EBITDA- centric profitability inflected as we scaled Grew aGP/FTE efficiency Note (1): The average approximate number of FlyMates, including full-time employees and contractors, for the trailing four quarters.

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$167.7M revenue $(8.1M)* net loss 53.4% gross margin *Q2 2026 includes a $2.9M FX loss compared to a $3.9M FX gain and $1.4M restructuring costs in Q2 2025 GAAPFinancial HighlightsQ2 2026

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Key Operating Metrics (Non-GAAP)Q2 2026 $8.2B total paymentvolume+38.2%1 YoY $92.7M adjusted gross profit19.0%1 YoY, 56.6%2 $24.0M adjusted EBITDA44.5%1 YoY, 14.6%2 $163.8M revenue less ancillary services+28.5%1 YoY 1. Represents Y-o-Y Growth as compared to Q225 2. Represents Margins as % of RLAS (Revenue Less Ancillary Services) See Appendix for reconciliation to GAAP amounts

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Q2 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide2 Beat Q2 2026 Q2 2026 Total RLAS1 $164 $156 +$8 Y/Y RLAS Spot Growth (%) 28% 23% ~550 bps Y/Y RLAS FxN Growth (%) 27% 21% ~590 bps aEBITDA1 $24 $21 +$2.5 aEBITDA Margin expansion - YoY ~+160 bps +75 bps +85 bps RLAS variance toGuide Mid-Point: Beat FxN Revenue growth by ~ 590 bps primarily due to higher payment processing revenues, strength in Travel/EDU Reported $ Spot revenue beat by $8M Adjusted EBITDA Variance Mid-Point: Adjusted EBITDA was $2.5M ahead of the guide driven by top line beat and operational cost discipline 1. In US dollars millions 2.Refers to mid-point of guidance ranges, where applicable

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Coding with AI… Increase feature velocity and engineering productivity shortening development timelines Technical support streamlined with AI...issue triage and preliminary solutions managed via AI tools Data architecture investments to drive insights and predictive/ML/AI capabilities Highly scalable support, compliance and legal functions thanks to automation initiatives Procurement - vendor consolidation of systems, new procurement policy Leaning more into digital marketing for Travel Efficient upsells through customer education tools Faster Relationship Managers (RM) ramp up/ knowledge assistants/chatbots for internal use/competitive intelligence Driving Productivity/Leverage Across All Opex Lines Opportunities to Scale 1. Measures non-GAAP operating expenses as % of revenue less ancillary services (RLAS) Technology & Development 1 General & Admin 1 Sales & Marketing 1

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Selected Customer Wins: Q2 2026 Strong New Client Wins & Expansion Across Existing Customers SIGNED SFS ACCOUNTS NEW LIVE ACCOUNTS & MAJOR EXPANSIONS Large Florida University Private Liberal ArtsUniversity in Vermont

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2026 & Q3 Financial Outlook

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Q3 2026 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted FX Neutral revenue to GAAP revenue and Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire's stock and in foreign exchange rates. 2. As of 6/30/2026 exchange rates. As of August 4, 2026 FX changes vs 6/30/2026 rates were relatively immaterial FX-Neutral Revenue Less Ancillary Services Growth Adjusted EBITDA1 Margin Expansion (YoY) Total Flywire 16-22% YoY FXN 100-300 bps Estimated FX Benefit on RLAS: ~0-1% 2

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FY 2026 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to income taxes which are directly impacted by unpredictable fluctuations in the market price of Flywire's stock and in foreign exchange rates 2. As of 6/30/2026 exchange rates. As of August 4, 2026 FX changes vs 6/30/2026 rates were relatively immaterial FX-Neutral Revenue Less Ancillary Services Growth Adjusted EBITDA1 Margin Expansion (YoY) Total Flywire 21-27% YoY FXN 200-400 bps Estimated FX Benefit on RLAS: ~2% 2

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FY 2026 Guidance Assumptions EDU Macro Assumptions (Unchanged) Revenue Approx. 1.5% inorganic growth from Sertifi. Approx. 3-4% coming from payment processing ramps. Gross Margins Adjusted Gross Profit margin expected to decline ~350 bps in FY2026 due to payment processing ramp. Excl ramp, GM % decline would be ~200 bps for FY26, and exiting into 2027 in the normal ~100-200 bps annual range. aEBITDA (%) Improved productivity & operating leverage, supporting our ability to grow operating expenses more efficiently relative to gross profit. 2026 Guidance Context North America U.S. visas down 30%; CAN visas down 10%. Offset by new client growth & upsells to domestic payments. US education revenue to grow LSD % in 2026. CAN EDU expected to grow > 10% YoY. EMEA Assuming visa approvals moderately down in the UK. Watching Q3-Q4 peak. Continued strong EMEA revenue growth (above company average) from further market share gains. APAC Assuming flat visas in AUS, while still assuming modest LSD revenue growth. Watching tighter visa requirements for Indian students.

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UK USA CANADA AUSTRALIA Recent Visa/ Int’l Student Developments in Big 4 Markets Stiffer compliance thresholds causing universities to reduce recruitment in “high-risk” student source countries Significantly higher rejection rates & visa processing delays concentrated in South Asia and Africa Int’l student visas capped at 4 years - need to apply for extension for longer programs Stricter review now decides if green card applicants adjust status in the US or forced to apply abroad $100,000 H-1B visa fee ruled unlawful, blocked by federal court 2026 Visa Cap at 155,000 — a 49% cut from 2025. But exemption for Master's and PhD students at public institutions. Provincial labour focus: eg prioritizing public postsecondary programs aligned with provincial labour market needs. Non-refundable application fee hikes as of July 2026: student visa costs AU$2,500, and Temporary Graduate visa is AU$5,750. Maintained target of 295,000 new int’l students for 2027 despite declining visa trends

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Capital Allocation & Structure

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Capital Allocation Strategy Overview Organic Growth InvestmentsGeographic expansion GTM enhancement Deeper software integrations Ecosystem expansions with Strategic Payables & International Agent solutions StrategicAcquisitionsAccelerate within existing industry and / or geographies New product capability for cross-sells & upsells Enter new geographies or regions ShareBuybacks Share Repurchase Program enables purchasing when projected return exceeds our cost of equity Prudent approach in maintaining operational liquidity and financial flexibility for organic investments & strategic M&A

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Maintained strong total liquidity while returning capital Cash declined $50M from Q1 to Q2 2026, primarily driven by share repurchases, fulfilling our buyback commitment FCF reflects expected seasonal cash flow patterns and one-time transformation-related cash outflows; excluding these items, FCF would have been positive. 2Q26 Cash & Liquidity Walk (US$M) (1) 217 03/31/26 Corporate Cash (1) (4) (49) 167 FCF (1) SBB 06/30/26 Corporate Cash (1) Credit Facility (Unfunded) 300 467 06/30/26 Total Liquidity ~ 3 Other (1) Please see definitions and reconciliations to the comparable GAAP metrics in the appendix

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Share Buyback (SBB): ~$177M since program start Authorized $300M (-) Purchases through 06/30/26 $(177M) Remaining $123M We repurchased 3.1 M shares at an average price of $15.65 in 2Q26 Since program start, 12.1M shares have been repurchased at an average price of $14.68 (US$M) Shares Repurchased 2.3M 5.7M 4.0M 12.1M Average Price1 $18.84 $13.04 $14.62 $14.68 1 Excludes Commissions

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Appendix

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Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Revenue Less Ancillary Services Disaggregation by Revenue Type $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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FX Neutral Revenue Less Ancillary Services Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Net Loss to Adjusted EBITDA Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Non-GAAP Operating Expenses Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Free Cash Flow Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Corporate Cash Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided. 

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Non-GAAP Definitions Revenue Less Ancillary Services. Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP less (i) pass-through cost for printing and mailing services and (ii) marketing fees. Adjusted Gross Profit and Adjusted Gross Margin. Adjusted gross profit represents Revenue Less Ancillary Services less cost of revenue adjusted to (i) exclude pass-through cost for printing services, (ii) offset marketing fees against costs incurred and (iii) exclude depreciation and amortization, including accelerated amortization on the impairment of customer set-up costs tied to technology integration, if applicable. Adjusted Gross Margin represents Adjusted Gross Profit divided by Revenue Less Ancillary Services. Adjusted EBITDA. EBITDA represents our consolidated net income (loss) in accordance with GAAP adjusted to exclude (i) interest expense, (ii) interest income, (iii) (benefit from) provision for income taxes and (iv) depreciation and amortization. Adjusted EBITDA represents EBITDA further adjusted by excluding (a) stock-based compensation expense and related payroll taxes, (b) the impact from the change in fair value measurement for contingent consideration associated with acquisitions,(c) gain (loss) from the remeasurement of foreign currency, (d) indirect taxes related to intercompany activity, (e) acquisition related transaction costs, (f) employee retention costs, such as incentive compensation, associated with acquisition activities, (g) restructuring costs, and (h) gain (loss) from investments. Adjusted EBITDA Margin. Adjusted EBITDA Margin represents Adjusted EBITDA divided by Revenue Less Ancillary Services. FX Neutral Revenue Less Ancillary Services. FX Neutral Revenue Less Ancillary Services represents Revenue Less Ancillary Services adjusted to show presentation on a FX Neutral basis. The FX Neutral information presented is calculated by translating current-period results using prior-period weighted average foreign currency exchange rates.

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Non-GAAP Definitions Non-GAAP Operating Expenses. Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv) employee retention costs, such as incentive compensation, associated with acquisition activities, (v) the impact from the change in fair value measurement for contingent consideration associated with acquisitions and (vi) restructuring costs. Free Cash Flow. Free Cash Flow represents the Company’s net cash provided by (used in) operating activities less (i) purchases of property and equipment and (ii) capitalization of internally developed software and excluding (iii) changes in funds receivable from payment partners and (iv) changes in funds payable to clients, Corporate Cash. Corporate Cash represents the Company’s (i) cash and cash equivalents, (ii) short-term investments, (iii) long-term investments, excluding (iv) funds receivable from payment partners and (v) funds payable to clients.