Rob Orgel: I can jump in and take that one first, J.D. So the number we shared was over 185 clients, client side and across all the verticals. But certainly the lead in that was the travel business, whereas in prior quarters, we signed up a great list of clients into that part of the business. The point that we would tie it to is that it was the best quarter in the company’s history in terms of aggregate ARR or deal size that we signed. So these deals are healthy in the size that they represent adding up to that record ARR for a quarter for the company.
Operator: Next question comes from the line of Dan Perlin with RBC Capital Markets.
Dan Perlin: So Mike, I just the StudyLink deal, $6 million to $7 million of revenue, so clearly it’s not a big deal. You raised $260 million in the quarter. Can you just talk a little bit about like where you’re looking to kind of place these bets? Should we be expecting like a series of smaller deals? I’m not sure what the consideration was, in fact, for this one. So if you wanted to add that, that’d be great. But like, should we be thinking that there’s more, just a series of smaller ones that you’re kind of strategically going after? Or are there some that could be potentially bigger that this one’s kind of just a teaser, I guess, to get started?
Michael Massaro: Yes, sure. Happy to. So, we continue to look at deals of all sizes, we’ve mentioned before kind of less than 200, 200 to 600, and 600 plus. Regardless of size, our criteria we talked about before needs to be met, and it needs to be a compelling deal. And so if you kind of look, I think you spoke earlier. I think the StudyLink deal fits very much in that footprint of hitting the pillars being something that we have clear view of synergy too and something that we can consume relatively easily and move forward with those synergies. So again, we don’t always control when deals become available, but I can tell you we have a lot of activity underway. We continue to be encouraged with the growing list of potential targets that we see.
But you have to have a few things come together. You have to have those, the hitting of the pillars. We talked before as well about the synergies and having a clear path to synergies and why it should be a Flywire deal. And so that’s important. You then have culture, you have tech, and all of that has to come together with a reasonable valuation and it has to come together in a way in which the deal is able to be one, right? We can’t force anyone to sell their company to us. So that all has to come together. I would say this fit our model. It’s something we’ve known and tracked for a while. And I would expect us to continue to be very active, and more opportunities to come forward in the coming quarters too.
Michael Ellis: I’ll just add that the aggregate purchase price was $34.9 million and then an additional $3.9 million of earn out consideration.
Dan Perlin: Just quickly, kind of near the end of the quarter, and maybe I should know this, but like WPM, there was some questions whether or not the payment flows were going to come in the third quarter or fourth quarter given the timing of calendar. So can you just confirm either they were in this quarter or they’re expected to fall into 4Q? Thank you.
Rob Orgel: I can jump in on that. Rob speaking. Look, overall, the UK Education business performed really well. It performed really well on the basis of strength from WPM clients that we integrated, it performed really well on the basis of non-WPM related clients. We mentioned the success with UCL in my comments. So the business is really strong and we see good signs to keep us confident that geography will continue to perform well. So don’t think that it’s really about shift so much as about just strength in the UK Market that helped us perform well there.
Michael Massaro: The only thing I’d add is also in the comments, we made a comment of. Some deployments delayed going live, right? That was a factor, but it wasn’t a massive factor for the quarter. We highlighted the big impacts for the quarter through Mike’s comments.
Operator: Next question comes from the line of Darrin Peller with Wolfe Research.
Darrin Peller: The bookings in the new customer adds all sound really constructive and yet the volume growth rates came in shy of what we, I know we in The Street were expecting from a growth rate standpoint. And I know you called out India. I think you said the India inbound volume from India, I should say was a bit slower. And maybe the late implementations had a mild impact. I guess I’m not quite sure if I understood the nuances of what really happened there yet. I know you touched on it. But if you could help us understand a little bit more detail of what actually is going on the volume side and the trends and really your conviction going forward given all this new business you’re adding on top of that? And maybe couple that with just remind us on the delayed implementation side, if that had an impact on volume, too?
Michael Massaro: So obviously, the volumes grew well, biggest quarter ever and we saw growth across our domestic business, we saw growth across FX and international business. And we continue to add these good clients, as you say, that are growing FX business as well as strength on things that don’t have the associated volume. Keep in mind that some of the revenue growth comes from things like the student insurance business that don’t have the time and associated volume with them. But overall, we’re really pleased with volume growth and the fact that these new clients bring on sort of good FX volume as well as good time domestic volume. And we continue to view that as tracking in line.
