EX-99.1 2 rely3q24-earningspr.htm EX-99.1 Document

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Remitly報告2024年第三季度業績並提升2024年全年展望
活躍客戶同比增長35%
年度營業收入較去年增長39%。
實現通用會計準則下的凈利潤盈利能力，創下調整後EBITDA紀錄

華盛頓州西雅圖 / 2024年10月30日 / ：在初步批准令的條目中，公司應：（1）在公司網站的投資者關係頁面上張貼通知和和解協議的副本（包括附表）；（2）發布一份帶有摘要通知的新聞稿， / - 全球貨幣Remitly公司（納斯達克代碼：RELY）是一家信譽良好的數位金融服務提供商，跨越國界，公佈截至2024年9月30日的第三季度業績。
Remitly的聯合創始人兼首席執行官Matt Oppenheimer表示：“我感謝我們的客戶和全球團隊在出色的第三季度業績方面所作出的努力。由於我們在第三季度的表現超出預期，我們很高興增加了2024年的營業收入和調整後的EBITDA預期。我們對於2025年及以後的增長機會感到興奮，因為我們正在實現我們以信任的金融服務跨越國界來改變生活的願景。”
2024年第三季度亮點和關鍵營運數據
(所有比較均基於2023年第三季)
•活躍客戶增加至730萬，比540萬增加了35%。
•發送量增加至$145億元，從$102億元增長了42%。
•營業收入總額為$33650萬，相比$24160萬，增長39%。
•凈利潤為190萬美元，相比之下，虧損為3570萬美元。
•已調整的EBITDA為4670萬美元，相比1050萬美元增長345%。
2024年度財務展望
截至2024財政年度，Remitly目前預計：
•營業收入在12.5億至12.54億之間，年增率32%至33%。這個展望反映了我們先前的營業收入展望範圍從12.3億至12.5億的增加。
•為了保持2024年的GAAP淨虧損狀態，並且調整後的EBITDA區間為10,800萬至11,200萬美元。這一展望反映了我們先前調整後EBITDA展望區間9000萬至10000萬美元。
到2024年第四季，Remitly目前預期：
•總營業收入在33800萬至34200萬美元的區間內，年度同比增長率為28%至29%。
•2024年第四季度的GAAP淨虧損為$1700萬至$2100萬，調整後的EBITDA處於這個區間。
GAAP財務指標與非GAAP財務指標的對帳
在本次盈利公報中所含的財務報表表格中提供了按照通用會計準則（GAAP）和非通用會計準則（非GAAP）財務指標之調和情況。我們在“非GAAP財務指標”一節下提供了對這些指標的解釋。在本盈利公報中，我們未就預測調整後的EBITDA與預測GAAP淨利潤（損失）或預測收入（損失）前所含的預測GAAP所得稅進行量化調和，因為我們無法在合理努力的情況下，確定地計算出某些調和項目，原因是由於所排除的預測調整項目的變化性、復雜性和可見性有限。這些項目包括但不限於，所得稅和基於股票的薪酬支出，這些項目直接受我們普通股市場價格的不可預測波動影響。這些項目的變動性可能對我們未來的GAAP財務結果產生重大影響。
備註：本新聞稿中提及的所有百分比變動是根據公司提交給證券交易委員會（“SEC”）的年度 10-K表格和季度 10-Q表格中的金額計算的，其中營業收入和活躍客戶數以千計呈現，發送量則以百萬呈現。如果單獨從新聞稿正文中包含的四捨五入金額計算百分比或總額，可能會與公司的SEC申報中包含的金額有所不同，因為存在四捨五入差異。
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網路廣播訊息
Remitly將於2024年10月30日（星期三）下午5:00（美國東部時間）舉行網絡研討會，討論其2024年第三季度的財務結果。 直播研討會和投資者簡報將可在Remitly的網站https://ir.remitly.com上獲得。 網絡研討會重播將在我們的網站https://ir.remitly.com上提供，以供在線活動後觀看。
我們已經使用過，並打算繼續使用，我們網站上的投資者關係部分（https://ir.remitly.com）作為披露重要非公開信息並遵守我們根據FD法規的披露義務的方式。
非通用會計原則財務指標
本財報中包含的某些財務信息和數據，如調整後的EBITDA和非GAAP營業費用，並未根據美國普遍公認的會計準則（"GAAP"）進行準備。
我們定期檢視我們的關鍵業務指標和非GAAP財務指標，以評估我們的績效，辨識影響我們業務的趨勢，準備財務預測，並做出戰略性決策。 我們相信這些關鍵業務指標和非GAAP財務指標可為管理階層和投資者提供有意義的附加信息，以評估我們的歷史及未來營業績效。 調整後的EBITDA和非GAAP營業費用是我們管理層用來評估我們營業績效、制定未來營運計劃和做出戰略性長期決定的關鍵輸出指標，包括有關營業費用和內部資源分配的決定。 Remitly認為使用調整後的EBITDA和非GAAP營業費用提供了額外的工具，以評估營運績效和趨勢，並將Remitly的財務指標與其他類似公司進行比較，其中許多公司向投資者提供類似的非GAAP財務指標。 Remitly的非GAAP財務指標可能與其他公司使用的非GAAP財務指標有所不同。 提出非GAAP財務指標並非意在孤立地或作為遵循GAAP確定的財務指標的替代或優越。 由於非GAAP財務指標的限制，您應該將此處提供的非GAAP財務指標與Remitly的財務報表及相關附註一併參考。 請參閱本新聞稿中的非GAAP調整對照表，以將這些非GAAP財務指標與依據GAAP準備的最相近的財務指標對照。
我們將调整後的利润(損失)定義為净利潤（損失）按照以下方式進行調整：(i) 利息（收入）支出，淨額，(ii) 所得稅費用，(iii) 折舊和攤銷的非現金費用，(iv) 將外幣資產和負債重新計量為其功能貨幣的收益和損失，(v) 無現金費用與我們對我們的百分之一承諾相關的普通股捐贈，(vi) 非現金股票基於報酬費用，淨額，以及(vii) 確定的收購，整合，重組和其他成本。我們將非依據GAAP的營業費用定義為我們的GAAP營業費用按照以下方式進行調整：(i) 非現金股票基於報酬費用，淨額，(ii) 無現金費用與我們對我們的百分之一承諾相關的普通股捐贈，以及(iii) 確定的收購，整合，重組和其他成本。
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our fiscal year 2024 financial outlook, including forecasted fiscal year 2024 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, the current inflationary environment, our expectations concerning relationships with third parties, including strategic, banking, and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to maintain the security and availability of our solutions, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of macroeconomic and geopolitical conditions, including regulatory changes, on our customers and business operations. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our quarterly report on Form 10-Q for the quarter ended September 30, 2024 to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
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About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.





Contacts

Media:
Kendall Sadler
kendall@remitly.com

Investor Relations:
Stephen Shulstein
stephens@remitly.com
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Operations
(unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except share and per share data)2024202320242023
Revenue$336,527 $241,629 $912,068 $679,527 
Costs and expenses
Transaction expenses(1)
115,554 85,742 313,215 239,995 
Customer support and operations(1)
21,792 21,190 61,910 62,604 
Marketing(1)
74,792 61,351 219,862 159,074 
Technology and development(1)
68,446 57,014 199,206 160,699 
General and administrative(1)
50,920 49,817 140,982 130,715 
Depreciation and amortization4,655 3,418 12,240 9,634 
Total costs and expenses336,159 278,532 947,415 762,721 
Income (loss) from operations368 (36,903)(35,347)(83,194)
Interest income2,065 1,808 6,233 5,200 
Interest expense(760)(585)(2,274)(1,566)
Other income (expense), net2,094 283 6,272 (2,774)
Income (loss) before provision for income taxes
3,767 (35,397)(25,116)(82,334)
Provision for income taxes
1,850 258 6,138 485 
Net income (loss)
$1,917 $(35,655)$(31,254)$(82,819)
Net income (loss) per share attributable to common stockholders:
Basic
$0.01 $(0.20)$(0.16)$(0.46)
Diluted
$0.01 $(0.20)$(0.16)$(0.46)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic
196,169,417 182,598,013 193,167,942 178,956,602 
Diluted
205,251,546 182,598,013 193,167,942 178,956,602 
(1) Exclusive of depreciation and amortization, shown separately.

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REMITLY GLOBAL, INC.
Condensed Consolidated Balance Sheets
(unaudited)

September 30,December 31,
(in thousands)20242023
Assets
Current assets
Cash and cash equivalents$324,434 $323,710 
Disbursement prefunding219,643 195,848 
Customer funds receivable, net276,096 379,417 
Prepaid expenses and other current assets41,083 33,143 
Total current assets861,256 932,118 
Property and equipment, net24,364 16,010 
Operating lease right-of-use assets10,768 9,525 
Goodwill54,940 54,940 
Intangible assets, net12,548 16,642 
Other noncurrent assets, net6,554 7,071 
Total assets$970,430 $1,036,306 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable$16,825 $35,051 
Customer liabilities194,122 177,473 
Short-term debt2,426 2,481 
Accrued expenses and other current liabilities105,234 145,802 
Operating lease liabilities5,488 6,032 
Total current liabilities324,095 366,839 
Operating lease liabilities, noncurrent5,770 4,477 
Long-term debt— 130,000 
Other noncurrent liabilities9,742 5,653 
Total liabilities339,607 506,969 
Commitments and contingencies
Stockholders’ equity
Common stock20 19 
Additional paid-in capital1,151,479 1,020,286 
Accumulated other comprehensive income1,881 335 
Accumulated deficit(522,557)(491,303)
Total stockholders’ equity630,823 529,337 
Total liabilities and stockholders’ equity$970,430 $1,036,306 
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended September 30,
(in thousands)20242023
Cash flows from operating activities
Net loss$(31,254)$(82,819)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization12,240 9,634 
Stock-based compensation expense, net110,523 101,007 
Donation of common stock2,587 4,600 
Other299 4,674 
Changes in operating assets and liabilities:
Disbursement prefunding(23,795)(52,162)
Customer funds receivable100,539 (68,553)
Prepaid expenses and other assets(6,787)(9,652)
Operating lease right-of-use assets4,475 3,796 
Accounts payable(18,285)10,448 
Customer liabilities16,811 29,211 
Accrued expenses and other liabilities(23,521)28,118 
Operating lease liabilities(4,982)(3,470)
Net cash provided by (used in) operating activities138,850 (25,168)
Cash flows from investing activities
Purchases of property and equipment(3,192)(2,268)
Capitalized internal-use software costs(9,288)(4,249)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash— (40,933)
Net cash used in investing activities(12,480)(47,450)
Cash flows from financing activities
Proceeds from exercise of stock options5,754 12,258 
Proceeds from issuance of common stock in connection with ESPP(1)
9,382 6,046 
Proceeds from revolving credit facility borrowings863,000 424,000 
Repayments of revolving credit facility borrowings(993,000)(424,000)
Taxes paid related to net share settlement of equity awards(3,774)(4,711)
Cash paid for settlement of amounts previously held back for acquisition consideration
(10,261)— 
Repayment of assumed indebtedness— (17,068)
Net cash used in financing activities(128,899)(3,475)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash3,941 (599)
Net increase (decrease) in cash, cash equivalents, and restricted cash1,412 (76,692)
Cash, cash equivalents, and restricted cash at beginning of period325,029 300,734 
Cash, cash equivalents, and restricted cash at end of period$326,441 $224,042 
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents$324,434 $223,273 
Restricted cash included in prepaid expenses and other current assets1,034 715 
Restricted cash included in other noncurrent assets, net973 54 
Total cash, cash equivalents, and restricted cash$326,441 $224,042 
(1) Beginning with the fourth quarter of 2023, the Company changed the presentation of shares purchased under the Employee Stock Purchase Plan ("ESPP") to reflect an operating cash outflow for compensation paid to employees and a financing cash inflow for cash paid by employees in exchange for shares. Previously such activity was treated and disclosed as noncash activity for the nine months ended September 30, 2023.


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REMITLY GLOBAL, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

Reconciliation of net income (loss) to Adjusted EBITDA:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Net income (loss)
$1,917 $(35,655)$(31,254)$(82,819)
Add:
Interest income, net
(1,305)(1,223)(3,959)(3,634)
Provision for income taxes
1,850 258 6,138 485 
Depreciation and amortization4,655 3,418 12,240 9,634 
Foreign exchange (gain) loss
(2,274)(376)(6,667)2,611 
Donation of common stock2,587 4,600 2,587 4,600 
Stock-based compensation expense, net39,278 36,573 110,523 101,007 
Acquisition, integration, restructuring, and other costs(1)
— 2,901 1,468 4,390 
Adjusted EBITDA$46,708 $10,496 $91,076 $36,274 
(1) Acquisition, integration, restructuring, and other costs for the nine months ended September 30, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd. ("Rewire"). Acquisition, integration, restructuring, and other costs for the three months ended September 30, 2023 consisted primarily of $1.4 million in restructuring charges incurred, $0.9 million related to the change in the fair value of the holdback liability, and $0.6 million of expenses incurred in connection with the acquisition and integration of Rewire. Acquisition, integration, restructuring, and other costs for the nine months ended September 30, 2023 consisted primarily of $1.9 million related to the change in the fair value of the holdback liability, $1.4 million in restructuring charges incurred, and $1.1 million of expenses incurred in connection with the acquisition and integration of Rewire.
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Reconciliation of operating expenses to non-GAAP operating expenses:
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2024202320242023
Customer support and operations$21,792 $21,190 $61,910 $62,604 
Excluding: Stock-based compensation expense, net278 386 890 1,010 
Excluding: Acquisition, integration, restructuring, and other costs
— 749 758 749 
Non-GAAP customer support and operations$21,514 $20,055 $60,262 $60,845 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Marketing$74,792 $61,351 $219,862 $159,074 
Excluding: Stock-based compensation expense, net4,514 4,525 13,014 12,235 
Non-GAAP marketing$70,278 $56,826 $206,848 $146,839 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Technology and development$68,446 $57,014 $199,206 $160,699 
Excluding: Stock-based compensation expense, net21,873 19,828 61,854 55,047 
Excluding: Acquisition, integration, restructuring, and other costs
— 510 — 510 
Non-GAAP technology and development$46,573 $36,676 $137,352 $105,142 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
General and administrative$50,920 $49,817 $140,982 $130,715 
Excluding: Stock-based compensation expense, net12,613 11,834 34,765 32,715 
Excluding: Donation of common stock2,587 4,600 2,587 4,600 
Excluding: Acquisition, integration, restructuring, and other costs
— 1,642 710 3,131 
Non-GAAP general and administrative$35,720 $31,741 $102,920 $90,269 
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