Business
Remitly Reports First Quarter 2022 Results
Active customers up 42% year over year Send volume up 43% year over year Revenue up 49% year over year Raising 2022 revenue outlook SEATTLE--(BUSINESS
About this update from Remitly Global, Inc.
[{"type":"text","content":"\nActive customers up 42% year over year\nSend volume up 43% year over year\nRevenue up 49% year over year\nRaising 2022 revenue outlook\n\n SEATTLE--(BUSINESS WIRE)--\nRemitly Global, Inc. (NASDAQ: RELY), a leading digital financial services provider for immigrants and their families in over 160 countries around the world, reported results for the first quarter ended March 31, 2022.\n\n“We had a strong start to the year and delivered peace of mind to millions of customers sending money home,” said Matt Oppenheimer, Remitly’s Chief Executive Officer. “Looking ahead, we have raised our revenue outlook for 2022 as we are seeing the benefit from strong repeat usage and new customer growth at highly attractive unit economics. We plan to continue our disciplined investments in redefining the remittance experience, developing new products for immigrants and expanding across the globe. We believe our investments will enable us to accomplish our vision of transforming the lives of immigrants and their families by providing the most trusted financial services on the planet.”\n\nFirst Quarter 2022 Highlights and Key Operating Data:\n\n(All comparisons relative to the first quarter of 2021)\n\n\nActive customers increased to 3.0 million, from 2.1 million, up 42%.\n\n\nSend volume increased to $6.1 billion, from $4.3 billion, up 43%.\n\n\nRevenue totaled $136.0 million, compared to $91.1 million, up 49%.\n\n\nNet loss was $23.3 million, compared to $7.8 million.\n\n\nAdjusted EBITDA was $(12.1) million, compared to $(5.8) million.\n\n\n2022 Financial Outlook:\n\nFor fiscal year 2022, Remitly currently expects:\n\n\nTotal revenue in the range of $610 million to $620 million, representing a growth rate of 33% to 35% year over year. This outlook reflects an increase from our prior outlook of $605 million to $615 million.\n\n\nAdjusted EBITDA in the range of $(40) million to $(30) million.\n\n\nLeadership Transition:\n\nToday, Remitly is announcing that Chief Financial Officer Susanna Morgan has decided to leave the Company later this year in order to pursue other opportunities. A search for the next CFO is underway by the Company with the assistance of an executive search firm. Ms. Morgan will continue as CFO until a successor is in place and she will continue with the Company in an advisory capacity thereafter, until September 30, 2022, to en...