Business
Remitly Reports Second Quarter 2023 Results
Active customers up 47% year over yearSend volume up 38% year over yearRevenue up 49% year over year SEATTLE, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Remitly
About this update from Remitly Global, Inc.
[{"type":"text","content":"Active customers up 47% year over yearSend volume up 38% year over yearRevenue up 49% year over year SEATTLE, Aug. 02, 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 second quarter ended June 30, 2023. “I am grateful to our customers and our global teams for our exceptional second quarter results and driving our outsized active customer growth,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “Based on our performance and the continued resilience of our customers, we are pleased to increase our 2023 outlook for both revenue and adjusted EBITDA, while at the same time making high-return investments to move us towards our long-term vision. Remitly is the trusted provider for millions of immigrants across the globe, and we continue to be motivated by their inspiring stories and unwavering commitment to continue supporting their loved ones across economic cycles.” Second Quarter 2023 Highlights and Key Operating Data(All comparisons relative to the second quarter of 2022) Active customers increased to 5.0 million, from 3.4 million, up 47%.Send volume increased to $9.6 billion, from $7.0 billion, up 38%.Revenue totaled $234.0 million, compared to $157.3 million, up 49%.Net loss was $18.9 million, compared to a net loss of $38.2 million.Adjusted EBITDA was $20.4 million, compared to $(5.3) million. 2023 Financial OutlookFor fiscal year 2023, Remitly currently expects: Total revenue in the range of $915 million to $925 million, representing a growth rate of 40% to 42% year over year. This outlook reflects an increase from our prior outlook of $875 million to $895 million.To remain in a GAAP net loss position for 2023 and for Adjusted EBITDA to be in the range of $33 million to $40 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook of $5 million to $15 million. Reconciliation of GAAP to Non-GAAP Financial MeasuresA 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 included below under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjus...