Remitly (RELY) - 2024 Q2 - Quarterly Results

Customer Growth and Engagement - Active customers increased to 6.9 million, up 36% year over year from 5.0 million[1] - Send volume increased to $13.2 billion, up 38$9.6 billion[1] Revenue and Profitability - Revenue totaled $306.4 million, up 31$234.0 million[1] - Net loss improved to $12.1 million, a 36$18.9 million[1] - Adjusted EBITDA increased to $25.1 million, up 23$20.4 million[1] - Total revenue for fiscal year 2024 is expected to be in the range of $1,230 million to$1,250 million, representing a growth rate of 30% to 32% year over year[2] - Adjusted EBITDA for fiscal year 2024 is expected to be in the range of $90 million to$100 million[2] - Net loss for the six months ended June 30, 2024, was $33.2 million, compared to$47.2 million in the same period in 2023[15] - Adjusted EBITDA for the six months ended June 30, 2024, was $44.4 million, up from$25.8 million in the same period in 2023[16] Expenses - Transaction expenses for Q2 2024 were $107.8 million, up from$80.2 million in Q2 2023[12] - Marketing expenses for Q2 2024 were $77.1 million, up from$53.6 million in Q2 2023[12] - Technology and development expenses for Q2 2024 were $67.6 million, up from$54.3 million in Q2 2023[12] - Marketing expenses increased to $145.1 million for the six months ended June 30, 2024, from$97.7 million in the same period in 2023[18] - Technology and development expenses rose to $130.8 million for the six months ended June 30, 2024, compared to$103.7 million in the same period in 2023[19] - General and administrative expenses for the three months ended June 30, 2024, were $45.889 million, compared to$39.490 million in the same period in 2023[20] - General and administrative expenses for the six months ended June 30, 2024, were $90.062 million, compared to$80.898 million in the same period in 2023[20] - Non-GAAP general and administrative expenses for the three months ended June 30, 2024, were $33.866 million, compared to$27.708 million in the same period in 2023[20] - Non-GAAP general and administrative expenses for the six months ended June 30, 2024, were $67.200 million, compared to$58.528 million in the same period in 2023[20] Cash Flow and Financial Position - Cash and cash equivalents decreased from $323.7 million in December 2023 to$185.2 million in June 2024[14] - Total assets decreased from $1,036.3 million in December 2023 to$950.2 million in June 2024[14] - Long-term debt decreased significantly from $130.0 million in December 2023 to$15.0 million in June 2024[14] - Net cash used in operating activities improved to $7.9 million for the six months ended June 30, 2024, from$54.2 million in the same period in 2023[15] - Customer funds receivable increased to $461.8 million in June 2024 from$379.4 million in December 2023[14] Stock-Based Compensation and Other Costs - Stock-based compensation expense, net, was $71.2 million for the six months ended June 30, 2024, up from$64.4 million in the same period in 2023[16] - Stock-based compensation expense, net for the three months ended June 30, 2024, was $12.023 million, compared to$11.466 million in the same period in 2023[20] - Stock-based compensation expense, net for the six months ended June 30, 2024, was $22.152 million, compared to$20.881 million in the same period in 2023[20] - Acquisition, integration, restructuring, and other costs for the six months ended June 30, 2024, were $0.710 million, compared to$1.489 million in the same period in 2023[20]