Business
Remitly Reports Fourth Quarter and Full Year 2022 Results
Active customers up 48% year over yearSend volume up 35% year over yearRevenue up 41% year over year SEATTLE, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Remitly
About this update from Remitly Global, Inc.
[{"type":"text","content":"Active customers up 48% year over yearSend volume up 35% year over yearRevenue up 41% year over year SEATTLE, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a leading digital financial services provider for immigrants and their families in over 170 countries around the world, reported results for the fourth quarter and full year ended December 31, 2022. “Remitly’s consistent out-performance in 2022 is a testament to the unique value we offer customers and the demonstrated effectiveness of our focus on delivering efficient growth,\" said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “In 2023, our increasing scale, customer loyalty, and superior technology will allow us to drive greater efficiencies, while we also invest in our strategic priorities to drive sustainable returns. We look forward to continuing to deliver value for our customers and long-term returns from our investments as we execute our vision of transforming the lives of immigrants and their families by providing the most trusted financial services on the planet.\" Fourth Quarter 2022 Highlights and Key Operating Data(All comparisons relative to the fourth quarter of 2021) Active customers increased to 4.2 million, from 2.8 million, up 48%.Send volume increased to $8.1 billion, from $6.0 billion, up 35%.Revenue totaled $191.0 million, compared to $135.3 million, up 41%.Net loss was $19.4 million, compared to a net loss of $16.6 million.Adjusted EBITDA was $7.5 million, compared to $(7.1) million. Full Year 2022 Highlights and Key Operating Data:(All comparisons relative to the full year 2021) Send volume increased to $28.6 billion, from $20.4 billion, up 40%.Revenue totaled $653.6 million, compared to $458.6 million, up 43%.Net loss was $114.0 million and Adjusted EBITDA was $(13.6) million. 2023 Financial OutlookFor fiscal year 2023, Remitly currently expects: Total revenue in the range of $860 million to $880 million, representing a growth rate of 32% to 35% year over year.Adjusted EBITDA to be between breakeven and $10 million and to remain in a GAAP net loss position for 2023. Reconciliation of GAAP to Non-GAAP Financial Measures:A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this earnings release. An explanation of these measures is also includ...