Remitly Global, Inc. · NASDAQ:RELY
Remitly Global — Q1 2024 Earnings Presentation
21 slides from Remitly Global's earnings presentation, May 1, 2024
Slide 1: Investor Presentation First Quarter 2024 Earnings
Investor Presentation First Quarter 2024 Earnings May 1, 2024 1 May 2024 / © 2024 Remitly Inc.
Slide 2: Disclosures: Forward-Looking Statements
Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limit
Slide 3: 1Q Strategic Overview
1Q Strategic Overview Matt Oppenheimer Co-Founder & CEO 3 May 2024 / © 2024 Remitly Inc.
Slide 4: Strong start to the year as we drive towards our vision
1Q24 Revenue $269m 32% Y/Y Vision — Transform lives with Strong start to the trusted financial services 1Q24 Profitability year as we drive that transcend borders towards our vision ($21m) GAAP Net Loss $19m *Adjusted EBITDA is a non-GAAP measure. Please see Adjusted EBITDA* reconciliation of non-GA
Slide 5: Strong growth in quarterly active customers
Strong growth in quarterly active customers Quarterly Active Customers (thousands) Typical seasonality in customer activity seen in first quarter 1.7m increase 6,209 5,911 5,409 5,033 Record number of new customers 4,559 +36% YoY Digital receive continues to show strong growth 5 May 2024 / © 2024 Re
Slide 6: Targeted and efficient customer acquisition
Integrated Efficient Word Brand Performance of Mouth/ Campaigns Marketing Referrals Targeted and efficient 1. Optimizing CAC with customer lifetime value customer 2. Integrated campaigns resonating with new customers acquisition to 3. Improving product experience drives word of mouth capture seasona
Slide 7: Removing unnecessary friction increases customer trust and lowers costs
Removing customer friction across the transaction Key outcomes lifecycle enabled by scale ● Adding more local and convenient payment >90% Removing methods Customer transactions disbursed in less than an hour1,2 unnecessary ● Dynamic payment acceptance routing — friction increases ● Increasing high q
Slide 8: Consistent strategy to drive long-term growth and returns
Consistent strategy to drive long-term growth and returns Delight customers with fast, reliable and seamless experience Consumer Cross-Border TAM Localized marketing at attractive unit economics ~$1.8t1 Unlock incremental customers Current Remitly Share and geographies Deepen customer relationships
Slide 9: 1Q Financial Results
1Q Financial Results Hemanth Munipalli CFO 9 May 2024 / © 2024 Remitly Inc.
Slide 10: 1Q 2024 — Strong start to the year
Scale 6.2m $11.5b 36% growth in quarterly 34% growth in active customers send volume over 1Q 2023 over 1Q 2023 1Q — Strong start to Revenue $269m 32% growth in revenue 2024 over 1Q 2023 Profitability ($21m) $19m GAAP Net Loss Adjusted EBITDA* *Adjusted EBITDA is a non-GAAP measure. Please see reconc
Slide 11: Four key focus areas to drive sustainable, long-term returns
Four key focus areas to drive sustainable, long-term returns Strong Revenue Growth Improve Transaction Expense as a % of Revenue YoY % % of Growth 50% 49% 43% 39% 32% Revenue 36% 34% 35% 34% 33% Marketing Investments to Drive Growth1 Deliver Scale Benefits in Other Opex1 % of % of Revenue 20% 21% 24
Slide 12: Delivering operating efficiencies
Delivering operating efficiencies 1Q24 Year-over-Year Change Performance Drivers ● Strong active and new customer growth Revenue ● Normal seasonal customer activity Growth 32% ● Continued digital receive transaction growth ● Geographic expansion diversifying revenue Transaction ● Reducing costs acro
Slide 13: Strong balance sheet allows us to self fund growth and investments
Fast, reliable and seamless experience Localized Strong balance marketing at sheet allows us to self $286m attractive unit Cash at 3/31/24 economics fund growth and — investments $325m(1) Unlock Credit Facility incremental at 3/31/24 customers and geographies Deepen customer 1. Total credit facility
Slide 14: 2024 Outlook: Affirming revenue and raising Adjusted EBITDA outlook
Key 2024 Assumptions ● Macro and FX environment consistent with 1Q24 ● Predictable and durable active customer trends ● Consistent seasonal $1,225m-$1,250m patterns 2024E Revenue ● High return marketing 2024 Outlook 30% to 32% YoY growth investments Stronger revenue and Affirming revenue ● Adjusted
Slide 15: Q&A
Q&A 15 May 2024 / © 2024 Remitly Inc.
Slide 16: Trustworthy, reliable, fast, and most of all, I feel safe
Ramil A. Trustworthy, “ Remitly customer since 2023 Sends money from United Kingdom to the Philippines reliable, fast, and most of all, I feel safe. 16 May 2024 / © 2024 Remitly Inc.
Slide 17: Appendix
Appendix 17 May 2024 / © 2024 Remitly Inc.
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Some of the financial information and data contained in this presentation, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). We regularly review our key busin
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of operating expenses to non-GAAP operating expenses 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 (in thousands) Customer support and operations $20,119 $19,917 $21,190 $21,483 $19,931 Excluding: Stock-based compensation expense, net 353 394 386 419 205 Excluding: A
Slide 20: Non-GAAP Reconciliation
Non-GAAP Reconciliation Reconciliation of net loss to Adjusted EBITDA and calculation of 1Q 2024 4Q 2023 3Q 2023 2Q 2023 1Q 2023 Adjusted EBITDA Margin (in thousands, except for percentages) Net loss ($21,080) ($35,021) ($35,655) ($18,850) ($28,314) Add: Interest income, net (1,457) (1,461) (1,223)
Slide 21: Thank you.
Thank you. May 2024 / © 2024 Remitly Inc.