Business
Remitly Reports Third Quarter 2021 Results
Revenue up 69% year over yearSend Volume up 61% year over yearActive Customers up 51% year over year SEATTLE, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Remitly
About this update from Remitly Global, Inc.
[{"type":"text","content":"Revenue up 69% year over yearSend Volume up 61% year over yearActive Customers up 51% year over year SEATTLE, Nov. 10, 2021 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a leading digital financial services provider for immigrants and their families in over 135 countries around the world, reported results for the third quarter ended September 30, 2021. “As we exit our first quarter as a public company, we’re incredibly grateful for the position we’re in to both create positive business outcomes, as well as meaningful impact through mission-driven work,” said Matt Oppenheimer, Remitly’s Chief Executive Officer. “Remitly’s vision is to transform the lives of immigrants and their families by providing the most trusted financial services on the planet. Our strong results in the quarter are a direct reflection of our customers' commitment to their families and trust in Remitly.” Third Quarter 2021 Highlights and Key Operating Data:(All comparisons relative to the third quarter of 2020) Revenue totaled $121.2 million, compared to $71.8 million, up 69% year over year.Net loss was $13.0 million, compared to $2.4 million net loss. The increase in Remitly's net loss was primarily due to the $6.9 million non-cash donation of common stock in connection with our Pledge 1% commitment, as well as incremental stock-based compensation expense.Adjusted EBITDA decreased to $0.3 million, compared to $0.6 million.Send volume increased to $5.2 billion, from $3.2 billion, up 61% year over year.Active customers increased to 2.6 million, from 1.7 million, up 51% year over year.Average revenue per active customer increased 12% year over year to $47.34. 2021 Financial Outlook:For fiscal year 2021, Remitly currently expects: Total revenue in the range of $445 million to $450 million, representing a growth rate of 73 to 75% year over year.Adjusted EBITDA in the range of $(17) million to $(19) million. 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 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 be...