SEATTLE, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a trusted provider of digital financial services that transcend borders, today announced that its management team will present at the 2024 Wells Fargo TMT Summit. Date: Tuesday, December 3, 2024 Time: 1:30pm Pacific Time / 4:30pm Eastern Time The presentation will be webcast live from Remitly’s investor relations website at https://ir.remitly.com/. A replay of the event will be available on the investor relations web ...

Financial Data and Key Metrics - Revenue growth accelerated to 39% year-over-year in Q3 2024, reaching $336.5 million [7][34] - Adjusted EBITDA reached a record $46.7 million, with an adjusted EBITDA margin of nearly 14% [8][34] - Net income for the quarter was $1.9 million, compared to a $35.7 million net loss in Q3 2023 [47] - Send volume grew 42% to $14.5 billion, outpacing active customer growth [36] - Gross take rate was 2.32%, consistent with expectations [37] Business Line Performance - The company acquired a record number of new customers year-over-year, with quarterly active customers increasing 35% to 7.3 million [35] - Send volume per active customer increased 5%, the highest in the last nine quarters [36] - Revenue from regions outside India, the Philippines, and Mexico increased to over 50% of total revenue [37] - The mix of digital receive transactions increased by more than 420 basis points year-over-year [39] Market Performance - The U.S. revenue grew 36% year-over-year, while Rest of World revenue growth accelerated to 58% [37] - The company serves 30 send countries and over 170 receive countries, supporting more than 5,100 corridors [23] - Sub-Saharan Africa, including markets like Nigeria, Ghana, Kenya, and Tanzania, grew 50% year-over-year in terms of quarterly active users [97] Strategic Direction and Industry Competition - The company focuses on growth through acquiring new customers, expanding to new corridors, and extending into adjacent use cases like seafarers and micro businesses [12][13] - Remitly's digital-first positioning allows it to sustainably outgrow the market, with a 3% penetration in a $2 trillion addressable market [10][11] - The company plans to continue disciplined corridor expansion and targeted market entry strategies [13] Management Commentary on Operating Environment and Future Outlook - Management raised both revenue and adjusted EBITDA outlook for 2024, reflecting strong Q3 performance [30] - For 2025, the company expects low- to mid-20s revenue growth, with a focus on durable revenue and customer loyalty [55] - The company is committed to driving profitable growth through financial discipline and prudent resource allocation [33][93] Other Important Information - The company introduced an AI-powered virtual assistant, resolving issues four times faster than human associates [28] - Platform availability and uptime reached 99.93% year-to-date, with a goal of 100% [24] - The company launched faster bank-linked payment methods in the U.S. and expanded Interact in Canada [26] Q&A Session Summary Question: Impact of FX tailwinds on Q3 results and Q4 outlook - FX tailwinds, particularly in U.S. corridors, contributed to Q3 performance, but the company is not assuming these tailwinds will continue in Q4 [58][59] Question: Building blocks for 2025 revenue growth guidance - The company expects continued growth in quarterly active customers and volume growth outperforming revenue, similar to 2024 trends [65][66] Question: Marketing efficiency and operating leverage - Marketing spend per quarterly active customer declined 8.5% year-over-year, driven by efficiency in lower funnel marketing and word-of-mouth [43][75] Question: Macro impacts in October, particularly in U.S.-Mexico corridor - The company has not observed significant disruptions in the U.S.-Mexico corridor and continues to take market share [78] Question: Marketing spend in Q4 and its impact on 2025 - Q4 is a seasonally high marketing investment quarter, with a focus on new customer acquisition to set up strong growth for 2025 [80][81] Question: Seasonal patterns and Q4 outlook - Q4 is expected to see a sequential increase in quarterly active customers, with send volume per customer in line with previous Q4 levels [84][85] Question: FX impact on revenue growth - FX tailwinds are difficult to quantify, but the company is not factoring them into Q4 or 2025 guidance [87][88] Question: Long-term EBITDA margin expansion - The company expects continued margin expansion due to scale and operational leverage, but specific 2025 EBITDA margin goals were not provided [90][93] Question: Capital allocation between established and emerging markets - Near-term growth will focus on existing markets, with plans to expand into new geographies and segments like microbusinesses [95][96] Question: RLTE growth and transaction expense management - The company focuses on RLTE dollars rather than percentage margins, with expectations of stability to modest increases over time [110][113] Question: Marketing expense per quarterly active customer - Marketing spend primarily drives new customer acquisition, with a focus on LTV to CAC and payback periods [105][106] Question: Performance marketing efficiency in newer corridors - The company has a playbook for marketing efficiency across all corridors, with diversification beyond core markets like India, the Philippines, and Mexico [108] Question: Long-term RLTE margin direction - The company expects stability to modest increases in RLTE margins, driven by digitization and cost management [110][113]

Remitly Global, Inc. (RELY) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.06 per share. This compares to loss of $0.20 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 116.67%. A quarter ago, it was expected that this company would post a loss of $0.10 per share when it actually produced a loss of $0.06, delivering a surprise of 40%. Over the last four quarters, the c ...

Table of Contents Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40822 Remitly Global, Inc. (Exact name of registrant as speci ...

Remitly Reports Third Quarter 2024 Results and Raises Full Year 2024 Outlook Active customers up 35% year over year Revenue up 39% year over year Achieved GAAP net income profitability and record Adjusted EBITDA SEATTLE, WA / October 30, 2024 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the third quarter ended September 30, 2024. "I am grateful to our customers and global teams for the exceptional third ...

Core Insights - Remitly Global, Inc. reported a strong performance in Q3 2024, with active customers increasing by 35% year-over-year to 7.3 million and revenue rising by 39% to $336.5 million [1][2][3] - The company achieved GAAP net income profitability of $1.9 million, a significant turnaround from a net loss of $35.7 million in the same quarter last year [2][3][4] - Adjusted EBITDA surged by 345% to $46.7 million, reflecting the company's operational efficiency and growth strategy [2][3] Financial Performance - Active customers rose to 7.3 million from 5.4 million, marking a 35% increase [2] - Send volume increased to $14.5 billion, up 42% from $10.2 billion [2] - Revenue for Q3 2024 was $336.5 million, compared to $241.6 million in Q3 2023, representing a 39% growth [2] - Net income was $1.9 million, a recovery from a net loss of $35.7 million [2][3] - Adjusted EBITDA reached $46.7 million, compared to $10.5 million in the previous year [2][3] 2024 Financial Outlook - For fiscal year 2024, Remitly expects total revenue between $1.250 billion and $1.254 billion, indicating a growth rate of 32% to 33% year-over-year [3] - The company anticipates remaining in a GAAP net loss position for 2024, with Adjusted EBITDA projected to be between $108 million and $112 million [3] - For Q4 2024, total revenue is expected to be in the range of $338 million to $342 million, reflecting a growth rate of 28% to 29% year-over-year [4] Operational Highlights - The company expressed optimism about growth opportunities in 2025 and beyond, as it aims to transform lives with its financial services [2] - Remitly's digital financial services are designed to provide a fast, reliable, and transparent money movement experience across more than 170 countries [13]

These companies are disrupting fast-growing markets. Durable growth is a wonderful thing. It is the baseline for owning 10-bagger stocks. This is why Peter Lynch, the legendary investor who crushed the market when running his mutual fund, Fidelity Magellan, has it as one of his top criteria when evaluating a stock. He wants companies that can grow sales and earnings at a doubledigit rate for many years. Valuation can only take you so far. Monster growers are rare. They are rarer still if they can grow durab ...

SEATTLE, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY) ("Remitly"), a trusted provider of digital financial services that transcend borders, today announced that its management team will present at the 2024 Goldman Sachs Communacopia + Technology Conference Date: Wednesday, September 11, 2024 Time: 4:25pm Pacific Time / 7:25pm Eastern Time The presentation will be webcast live from Remitly's investor relations website at https://ir.remitly.com/. A replay of the event will be availab ...

Remitly Global, Inc. (RELY) closed the last trading session at $14.25, gaining 4.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $22 indicates a 54.4% upside potential. The mean estimate comprises nine short-term price targets with a standard deviation of $5.79. While the lowest estimate of $13 indicates an 8.8% decline from the current price level, the most optimistic analyst e ...

Core Insights - Remitly Global, Inc. reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.10, and an improvement from a loss of $0.11 per share a year ago, resulting in a 40% earnings surprise [1] - The company achieved revenues of $306.42 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 1.56% and showing a year-over-year increase from $234.03 million [2] - Remitly Global shares have declined approximately 30.3% year-to-date, contrasting with a 14% gain in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.10 on revenues of $320.69 million, and for the current fiscal year, it is -$0.38 on revenues of $1.24 billion [7] - The estimate revisions trend for Remitly Global is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Financial Transaction Services industry, to which Remitly Global belongs, is currently in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]