Business
Remitly Reports Second Quarter 2024 Results
Active customers up 36% year over yearRevenue up 31% year over yearNet loss improved 36% year over year; Adjusted EBITDA up 23% year over year SEATTLE, July
About this update from Remitly Global, Inc.
[{"type":"text","content":"Active customers up 36% year over yearRevenue up 31% year over yearNet loss improved 36% year over year; Adjusted EBITDA up 23% year over year SEATTLE, July 31, 2024 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the second quarter ended June 30, 2024. “We are pleased with our second quarter performance as our product experience delights both new and existing customers,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “Our differentiated positioning, focus on building long-term customer trust, and our increasing global scale enabled these strong results. Looking ahead, we are pleased to raise our 2024 outlook for revenue and Adjusted EBITDA.” Second Quarter 2024 Highlights and Key Operating Data(All comparisons relative to the second quarter of 2023) Active customers increased to 6.9 million, from 5.0 million, up 36%.Send volume increased to $13.2 billion, from $9.6 billion, up 38%.Revenue totaled $306.4 million, compared to $234.0 million, up 31%.Net loss was $12.1 million, compared to $18.9 million, an improvement of 36%.Adjusted EBITDA was $25.1 million, compared to $20.4 million, up 23%. 2024 Financial OutlookFor fiscal year 2024, Remitly currently expects: Total revenue in the range of $1,230 million to $1,250 million, representing a growth rate of 30% to 32% year over year. This outlook reflects an increase at the midpoint from our prior revenue outlook in the range of $1,225 million to $1,250 million.To remain in a GAAP net loss position for 2024 and for Adjusted EBITDA to be in the range of $90 million to $100 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook in the range of $85 million and $95 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 Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because we cannot, without unreasonable effort, calculate certain r...