Remitly (US:RELY)2025-05-07 20:09Customer Growth - Active customers increased to 8.0 million, up 29% from 6.2 million[4] Financial Performance - Revenue totaled $361.6 million, up 34% from $269.1 million[4] - Net income was $11.4 million, compared to a net loss of $21.1 million[4] - Adjusted EBITDA was $58.4 million, up 157% from $22.8 million[4] - Net income for the three months ended March 31, 2025, was $11,352,000, a significant improvement compared to a net loss of $21,080,000 in the same period of 2024[21] - Adjusted EBITDA for Q1 2025 was $58,428,000, compared to $22,779,000 in Q1 2024, reflecting an increase of 156%[26] Revenue Outlook - Full year 2025 revenue outlook raised to between $1.574 billion and $1.587 billion, representing a growth rate of 25% to 26% year over year[4] - Second quarter 2025 revenue expected to be between $383 million and $385 million, representing a growth rate of 25% to 26% year over year[4] Adjusted EBITDA Projections - Adjusted EBITDA for 2025 expected to be in the range of $195 million to $210 million, an increase from the prior outlook[4] - Second quarter 2025 Adjusted EBITDA expected to be in the range of $45 million to $47 million[4] Asset and Equity Growth - Total assets increased to $1,100,586,000 as of March 31, 2025, up from $1,012,871,000 at December 31, 2024, representing a growth of 8.6%[19] - Total stockholders' equity increased to $723,476,000 as of March 31, 2025, up from $665,471,000 at December 31, 2024, representing an increase of 8.7%[19] Cash and Liabilities - Cash and cash equivalents at the end of Q1 2025 were $493,905,000, up from $368,097,000 at the end of Q4 2024, marking a 34% increase[21] - Total current liabilities rose to $352,157,000 as of March 31, 2025, compared to $329,008,000 at December 31, 2024, an increase of 7%[19] Expense Management - Customer support and operations expenses for Q1 2025 were $22,573,000, up from $20,119,000 in Q1 2024, indicating an increase of 12.2%[27] - Marketing expenses increased to $73,349,000 in Q1 2025 from $68,014,000 in Q1 2024, a rise of 7.5%[27] - Technology and development expenses for Q1 2025 were $73,851,000, compared to $63,206,000 in Q1 2024, reflecting a growth of 16.8%[27] Historical Comparisons - Net income for Q1 2024 was $(21,080) thousand, showing a decrease from $(28,314) thousand in Q1 2023[31] - Adjusted EBITDA for Q1 2024 reached $22,779 thousand, compared to $7,263 thousand in Q1 2023, indicating a significant improvement[31] - Total marketing expenses for Q1 2024 were $68,014 thousand, up from $44,123 thousand in Q1 2023, reflecting a 54% increase[33] - Non-GAAP customer support and operations expenses for Q1 2024 were $18,998 thousand, slightly down from $19,695 thousand in Q1 2023[33] - Technology and development expenses for Q1 2024 amounted to $63,206 thousand, an increase from $49,376 thousand in Q1 2023, representing a 28% rise[33] - Stock-based compensation expense for Q1 2024 was $34,088 thousand, compared to $29,234 thousand in Q1 2023, showing an increase of 16%[31] - The company reported a total of $136,967 thousand in stock-based compensation expenses for the year 2023[31] - The total operating expenses for Q1 2024 were $44,173 thousand, compared to $41,408 thousand in Q1 2023, indicating a 4% increase[33] Future Plans - The company expects continued growth in adjusted EBITDA, projecting $141,204 thousand for the year 2024[31] - The company plans to maintain its focus on market expansion and new product development in the upcoming quarters[31] - The company continues to expand its suite of products to enhance its digital financial services offerings[14]