Remitly Reports Fourth Quarter and Full Year 2024 Results Above Outlook
Remitly (NASDAQ: RELY) reported strong Q4 and full-year 2024 results, exceeding expectations. Q4 highlights include a 32% increase in active customers to 7.8 million, 39% growth in send volume to $15.4 billion, and 33% revenue growth to $351.9 million. The company reduced its net loss to $5.7 million from $35.0 million, while Adjusted EBITDA surged 434% to $43.7 million.
For full-year 2024, send volume grew 38% to $54.6 billion, revenue increased 34% to $1,264.0 million, and net loss improved to $37.0 million from $117.8 million. Adjusted EBITDA rose 203% to $134.8 million.
Looking ahead to 2025, Remitly expects revenue between $1.565-1.580 billion (24-25% growth), positive GAAP net income, and Adjusted EBITDA of $180-200 million. Q1 2025 guidance projects revenue of $345-348 million with Adjusted EBITDA of $36-40 million.
Remitly (NASDAQ: RELY) ha riportato risultati solidi per il quarto trimestre e l'intero anno 2024, superando le aspettative. I punti salienti del quarto trimestre includono un aumento del 32% dei clienti attivi, arrivando a 7,8 milioni, una crescita del 39% nel volume delle spedizioni a $15,4 miliardi e una crescita del fatturato del 33% a $351,9 milioni. L'azienda ha ridotto la sua perdita netta a $5,7 milioni rispetto ai $35,0 milioni precedenti, mentre l'EBITDA rettificato è aumentato del 434% a $43,7 milioni.
Per l'intero anno 2024, il volume delle spedizioni è cresciuto del 38% a $54,6 miliardi, il fatturato è aumentato del 34% a $1.264,0 milioni e la perdita netta si è migliorata a $37,0 milioni rispetto ai $117,8 milioni. L'EBITDA rettificato è aumentato del 203% a $134,8 milioni.
Guardando al 2025, Remitly prevede un fatturato compreso tra $1,565 e $1,580 miliardi (crescita del 24-25%), un reddito netto GAAP positivo e un EBITDA rettificato di $180-200 milioni. Le previsioni per il primo trimestre del 2025 stimano un fatturato di $345-348 milioni con un EBITDA rettificato di $36-40 milioni.
Remitly (NASDAQ: RELY) informó resultados sólidos para el cuarto trimestre y el año completo 2024, superando las expectativas. Los aspectos destacados del cuarto trimestre incluyen un aumento del 32% en clientes activos a 7.8 millones, un crecimiento del 39% en el volumen de envíos a $15.4 mil millones y un crecimiento de ingresos del 33% a $351.9 millones. La compañía redujo su pérdida neta a $5.7 millones desde $35.0 millones, mientras que el EBITDA ajustado se disparó un 434% a $43.7 millones.
Para el año completo 2024, el volumen de envíos creció un 38% a $54.6 mil millones, los ingresos aumentaron un 34% a $1,264.0 millones y la pérdida neta mejoró a $37.0 millones desde $117.8 millones. El EBITDA ajustado aumentó un 203% a $134.8 millones.
Mirando hacia 2025, Remitly espera ingresos entre $1.565 y $1.580 mil millones (crecimiento del 24-25%), ingresos netos positivos según GAAP y un EBITDA ajustado de $180-200 millones. La guía para el primer trimestre de 2025 proyecta ingresos de $345-348 millones con un EBITDA ajustado de $36-40 millones.
Remitly (NASDAQ: RELY)는 2024년 4분기 및 연간 실적이 기대 이상으로 강력하다고 보고했습니다. 4분기 주요 내용으로는 활성 고객 수가 780만 명으로 32% 증가하고, 송금량이 154억 달러로 39% 성장하며, 수익이 3억 5,190만 달러로 33% 성장한 것이 포함됩니다. 회사는 순손실을 570만 달러로 줄였고, 조정 EBITDA는 4배 이상 증가하여 4,370만 달러에 이릅니다.
2024년 전체 연도 동안 송금량은 546억 달러로 38% 증가하고, 수익은 12억 6,400만 달러로 34% 증가했으며, 순손실은 1억 1,780만 달러에서 3,700만 달러로 개선되었습니다. 조정 EBITDA는 203% 증가하여 1억 3,480만 달러에 달했습니다.
2025년을 바라보며 Remitly는 수익이 15억 6,500만에서 15억 8,000만 달러(24-25% 성장) 사이가 될 것으로 예상하고, GAAP 기준의 순이익과 조정 EBITDA는 1억 8,000만에서 2억 달러에 이를 것으로 보입니다. 2025년 1분기 가이던스는 3억 4,500만에서 3억 4,800만 달러의 수익과 3,600만에서 4,000만 달러의 조정 EBITDA를 예상합니다.
Remitly (NASDAQ: RELY) a annoncé des résultats solides pour le quatrième trimestre et l'année complète 2024, dépassant les attentes. Les points forts du quatrième trimestre incluent une augmentation de 32 % des clients actifs pour atteindre 7,8 millions, une croissance de 39 % du volume des envois à 15,4 milliards de dollars et une croissance des revenus de 33 % à 351,9 millions de dollars. L'entreprise a réduit sa perte nette à 5,7 millions de dollars contre 35,0 millions de dollars, tandis que l'EBITDA ajusté a bondi de 434 % à 43,7 millions de dollars.
Pour l'année complète 2024, le volume des envois a augmenté de 38 % pour atteindre 54,6 milliards de dollars, les revenus ont augmenté de 34 % pour atteindre 1 264,0 millions de dollars, et la perte nette s'est améliorée à 37,0 millions de dollars contre 117,8 millions de dollars. L'EBITDA ajusté a augmenté de 203 % pour atteindre 134,8 millions de dollars.
En prévision de 2025, Remitly s'attend à des revenus compris entre 1,565 et 1,580 milliard de dollars (croissance de 24-25 %), un revenu net GAAP positif et un EBITDA ajusté de 180-200 millions de dollars. Les prévisions pour le premier trimestre 2025 projettent des revenus de 345-348 millions de dollars avec un EBITDA ajusté de 36-40 millions de dollars.
Remitly (NASDAQ: RELY) berichtete über starke Ergebnisse im 4. Quartal und für das Gesamtjahr 2024, die die Erwartungen übertrafen. Zu den Highlights des 4. Quartals gehören ein Anstieg der aktiven Kunden um 32% auf 7,8 Millionen, ein Wachstum des Sendungsvolumens um 39% auf 15,4 Milliarden Dollar und ein Umsatzwachstum von 33% auf 351,9 Millionen Dollar. Das Unternehmen verringerte seinen Nettoverlust auf 5,7 Millionen Dollar von 35,0 Millionen Dollar, während das bereinigte EBITDA um 434% auf 43,7 Millionen Dollar anstieg.
Für das Gesamtjahr 2024 wuchs das Sendungsvolumen um 38% auf 54,6 Milliarden Dollar, der Umsatz stieg um 34% auf 1.264,0 Millionen Dollar, und der Nettoverlust verbesserte sich auf 37,0 Millionen Dollar von 117,8 Millionen Dollar. Das bereinigte EBITDA stieg um 203% auf 134,8 Millionen Dollar.
Für 2025 erwartet Remitly einen Umsatz zwischen 1,565 und 1,580 Milliarden Dollar (Wachstum von 24-25%), positives GAAP-Nettoeinkommen und ein bereinigtes EBITDA von 180-200 Millionen Dollar. Die Prognose für das 1. Quartal 2025 sieht einen Umsatz von 345-348 Millionen Dollar mit einem bereinigten EBITDA von 36-40 Millionen Dollar vor.
- Active customers grew 32% YoY to 7.8 million in Q4
- Q4 send volume increased 39% to $15.4 billion
- Q4 revenue grew 33% to $351.9 million
- Q4 net loss improved significantly from $35.0M to $5.7M
- Q4 Adjusted EBITDA increased 434% to $43.7 million
- Company expects positive GAAP net income for 2025
- Strong 2025 revenue guidance of $1.565-1.580 billion
- Q4 2024 still showed net loss of $5.7 million
- Full-year 2024 net loss of $37.0 million
- Projected Q1 2025 will remain in GAAP net loss position
Insights
Remitly's Q4 and FY2024 results reveal a compelling transformation from a growth-at-all-costs model to a balanced approach of sustainable expansion and improving profitability. The
The company's operating efficiency is particularly evident in the relationship between send volume and revenue growth. While send volume increased
The 2025 guidance marks a pivotal moment in Remitly's journey, projecting its first year of positive GAAP net income. This milestone, coupled with expected Adjusted EBITDA of
The substantial reduction in quarterly net loss from
Fourth quarter active customers up
Fourth quarter net loss was
SEATTLE, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the fourth quarter and full year ended December 31, 2024.
“We delivered an exceptional fourth quarter and full year, exceeding expectations, as our product strength and customer loyalty drove durable growth and improving profitability,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “Our product experience continues to resonate with customers as we deliver simplicity, convenience, and trust. As we look ahead to 2025 and beyond, I am excited about the growth opportunities and innovation that will enable us to deliver on our vision.”
Fourth Quarter 2024 Highlights and Key Operating Data
(All comparisons relative to the fourth quarter of 2023)
- Active customers increased to 7.8 million, from 5.9 million, up
32% . - Send volume increased to
$15.4 billion , from$11.1 billion , up39% . - Revenue totaled
$351.9 million , compared to$264.8 million , up33% . - Net loss was
$5.7 million , compared to a net loss of$35.0 million . - Adjusted EBITDA was
$43.7 million , compared to$8.2 million , up434% .
Full Year 2024 Highlights and Key Operating Data:
(All comparisons relative to the full year 2023)
- Send volume increased to
$54.6 billion , from$39.5 billion , up38% . - Revenue totaled
$1,264.0 million , compared to$944.3 million , up34% . - Net loss was
$37.0 million , compared to a net loss of$117.8 million . - Adjusted EBITDA was
$134.8 million , compared to$44.5 million , up203% .
2025 Financial Outlook
For fiscal year 2025, Remitly currently expects:
- Total revenue in the range of
$1.56 5 billion to$1.58 0 billion, representing a growth rate of24% to25% year over year. - GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of
$180 million to$200 million .
For the first quarter of 2025, Remitly currently expects:
- Total revenue in the range of
$345 million to$348 million , representing a growth rate of28% to29% year over year. - A GAAP net loss position for the first quarter of 2025 and for Adjusted EBITDA to be in the range of
$36 million to$40 million .
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 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 reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include, but are not limited to, income taxes and stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.
Note: All percentage changes described within this press release are calculated using amounts in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), for which revenue and active customers are presented in thousands and send volume is presented in millions. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body as compared to the amounts included within the Company’s SEC filings.
Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, February 19, 2025 to discuss its fourth quarter and full year 2024 financial results. The live webcast and investor presentation will be accessible on Remitly’s website at https://ir.remitly.com. A webcast replay will be available on our website at https://ir.remitly.com following the live event.
We have used, and intend to continue to use, the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.
Non-GAAP Financial Measures
Some of the financial information and data contained in this earnings release, 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 business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.
We calculate Adjusted EBITDA as net loss adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charges of depreciation and amortization, (iv) gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency, (v) noncash charges associated with our donation of common stock in connection with our Pledge
Forward-Looking Statements
This press release 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 limited to, statements regarding our future results of operations and financial position, including our fiscal year and first quarter 2025 financial outlook, including forecasted fiscal year and first quarter 2025 revenue, net income (loss), and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, and our objectives for future operations. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal policy, foreign trade, or foreign investment), or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances; our ability to maintain and expand international operations; and our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our annual report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.
Contacts
Media:
Kendall Sadler
kendall@remitly.com
Investor Relations:
Stephen Shulstein
stephens@remitly.com
| REMITLY GLOBAL, INC. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| (in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | $ | 351,895 | $ | 264,758 | $ | 1,263,963 | $ | 944,285 | |||||||
| Costs and expenses | |||||||||||||||
| Transaction expenses(1) | 118,389 | 89,118 | 431,604 | 329,113 | |||||||||||
| Customer support and operations(1) | 22,008 | 19,917 | 83,918 | 82,521 | |||||||||||
| Marketing(1) | 83,937 | 75,343 | 303,799 | 234,417 | |||||||||||
| Technology and development(1) | 70,611 | 59,240 | 269,817 | 219,939 | |||||||||||
| General and administrative(1) | 54,875 | 48,657 | 195,857 | 179,372 | |||||||||||
| Depreciation and amortization | 5,814 | 3,484 | 18,054 | 13,118 | |||||||||||
| Total costs and expenses | 355,634 | 295,759 | 1,303,049 | 1,058,480 | |||||||||||
| Loss from operations | (3,739 | ) | (31,001 | ) | (39,086 | ) | (114,195 | ) | |||||||
| Interest income | 1,844 | 2,247 | 8,077 | 7,447 | |||||||||||
| Interest expense | (967 | ) | (786 | ) | (3,241 | ) | (2,352 | ) | |||||||
| Other income (expense), net | (2,273 | ) | (64 | ) | 3,999 | (2,838 | ) | ||||||||
| Loss before provision for income taxes | (5,135 | ) | (29,604 | ) | (30,251 | ) | (111,938 | ) | |||||||
| Provision for income taxes | 589 | 5,417 | 6,727 | 5,902 | |||||||||||
| Net loss | $ | (5,724 | ) | $ | (35,021 | ) | $ | (36,978 | ) | $ | (117,840 | ) | |||
| Net loss per share attributable to common stockholders: | |||||||||||||||
| Basic and diluted | $ | (0.03 | ) | $ | (0.19 | ) | $ | (0.19 | ) | $ | (0.65 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders: | |||||||||||||||
| Basic and diluted | 199,049,777 | 186,343,078 | 194,646,436 | 180,818,399 | |||||||||||
| ___________________________ | |||||||||||||||
| (1) Exclusive of depreciation and amortization, shown separately. | |||||||||||||||
| REMITLY GLOBAL, INC. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (unaudited) | |||||||
| December 31, | December 31, | ||||||
| (in thousands) | 2024 | 2023 | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 368,097 | $ | 323,710 | |||
| Disbursement prefunding | 288,934 | 195,848 | |||||
| Customer funds receivable, net | 193,965 | 379,417 | |||||
| Prepaid expenses and other current assets | 46,518 | 33,143 | |||||
| Total current assets | 897,514 | 932,118 | |||||
| Property and equipment, net | 31,566 | 16,010 | |||||
| Operating lease right-of-use assets | 13,002 | 9,525 | |||||
| Goodwill | 54,940 | 54,940 | |||||
| Intangible assets, net | 10,463 | 16,642 | |||||
| Other noncurrent assets, net | 5,386 | 7,071 | |||||
| Total assets | $ | 1,012,871 | $ | 1,036,306 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 16,159 | $ | 35,051 | |||
| Customer liabilities | 188,984 | 177,473 | |||||
| Short-term debt | 2,468 | 2,481 | |||||
| Accrued expenses and other current liabilities | 116,652 | 145,802 | |||||
| Operating lease liabilities | 4,745 | 6,032 | |||||
| Total current liabilities | 329,008 | 366,839 | |||||
| Operating lease liabilities, noncurrent | 9,073 | 4,477 | |||||
| Long-term debt | — | 130,000 | |||||
| Other noncurrent liabilities | 9,319 | 5,653 | |||||
| Total liabilities | 347,400 | 506,969 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity | |||||||
| Common stock | 20 | 19 | |||||
| Additional paid-in capital | 1,195,390 | 1,020,286 | |||||
| Accumulated other comprehensive (loss) income | (1,658 | ) | 335 | ||||
| Accumulated deficit | (528,281 | ) | (491,303 | ) | |||
| Total stockholders’ equity | 665,471 | 529,337 | |||||
| Total liabilities and stockholders’ equity | $ | 1,012,871 | $ | 1,036,306 | |||
| REMITLY GLOBAL, INC. | |||||||
| Condensed Consolidated Statements of Cash Flows | |||||||
| (unaudited) | |||||||
| Year Ended December 31, | |||||||
| (in thousands) | 2024 | 2023 | |||||
| Cash flows from operating activities | |||||||
| Net loss | $ | (36,978 | ) | $ | (117,840 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 18,054 | 13,118 | |||||
| Stock-based compensation expense, net | 152,137 | 136,967 | |||||
| Donation of common stock | 2,587 | 4,600 | |||||
| Other | 454 | 713 | |||||
| Changes in operating assets and liabilities: | |||||||
| Disbursement prefunding | (93,086 | ) | (31,778 | ) | |||
| Customer funds receivable | 186,357 | (183,422 | ) | ||||
| Prepaid expenses and other assets | (12,224 | ) | (13,035 | ) | |||
| Operating lease right-of-use assets | 5,981 | 5,186 | |||||
| Accounts payable | (20,823 | ) | 27,559 | ||||
| Customer liabilities | 12,666 | 61,718 | |||||
| Accrued expenses and other liabilities | (14,499 | ) | 47,357 | ||||
| Operating lease liabilities | (6,141 | ) | (4,733 | ) | |||
| Net cash provided by (used in) operating activities | 194,485 | (53,590 | ) | ||||
| Cash flows from investing activities | |||||||
| Purchases of property and equipment | (5,998 | ) | (2,857 | ) | |||
| Capitalized internal-use software costs | (11,704 | ) | (6,247 | ) | |||
| Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash | — | (40,933 | ) | ||||
| Net cash used in investing activities | (17,702 | ) | (50,037 | ) | |||
| Cash flows from financing activities | |||||||
| Proceeds from exercise of stock options | 8,667 | 14,288 | |||||
| Proceeds from issuance of common stock in connection with ESPP | 9,382 | 6,132 | |||||
| Proceeds from revolving credit facility borrowings | 1,453,000 | 764,000 | |||||
| Repayments of revolving credit facility borrowings | (1,583,000 | ) | (634,000 | ) | |||
| Taxes paid related to net share settlement of equity awards | (5,228 | ) | (6,702 | ) | |||
| Cash paid for settlement of amounts previously held back for acquisition consideration | (10,261 | ) | — | ||||
| Repayment of assumed indebtedness | — | (17,068 | ) | ||||
| Net cash (used in) provided by financing activities | (127,440 | ) | 126,650 | ||||
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (4,555 | ) | 1,272 | ||||
| Net increase in cash, cash equivalents, and restricted cash | 44,788 | 24,295 | |||||
| Cash, cash equivalents, and restricted cash at beginning of period | 325,029 | 300,734 | |||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 369,817 | $ | 325,029 | |||
| Reconciliation of cash, cash equivalents, and restricted cash | |||||||
| Cash and cash equivalents | $ | 368,097 | $ | 323,710 | |||
| Restricted cash included in prepaid expenses and other current assets | 658 | 774 | |||||
| Restricted cash included in other noncurrent assets, net | 1,062 | 545 | |||||
| Total cash, cash equivalents, and restricted cash | $ | 369,817 | $ | 325,029 | |||
| REMITLY GLOBAL, INC. | |||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | |||||||||||||||
| (unaudited) | |||||||||||||||
| Reconciliation of net loss to Adjusted EBITDA: | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net loss | $ | (5,724 | ) | $ | (35,021 | ) | $ | (36,978 | ) | $ | (117,840 | ) | |||
| Add: | |||||||||||||||
| Interest income, net | (877 | ) | (1,461 | ) | (4,836 | ) | (5,095 | ) | |||||||
| Provision for income taxes | 589 | 5,417 | 6,727 | 5,902 | |||||||||||
| Depreciation and amortization | 5,814 | 3,484 | 18,054 | 13,118 | |||||||||||
| Foreign exchange (gain) loss | 2,273 | (8 | ) | (4,394 | ) | 2,603 | |||||||||
| Donation of common stock | — | — | 2,587 | 4,600 | |||||||||||
| Stock-based compensation expense, net | 41,614 | 35,960 | 152,137 | 136,967 | |||||||||||
| Acquisition, integration, restructuring, and other costs(1) | — | (193 | ) | 1,468 | 4,197 | ||||||||||
| Adjusted EBITDA | $ | 43,689 | $ | 8,178 | $ | 134,765 | $ | 44,452 | |||||||
| ___________________________ | |||||||||||||||
| (1) Acquisition, integration, restructuring, and other costs for the twelve months ended December 31, 2024 consisted primarily of | |||||||||||||||
| Reconciliation of operating expenses to non-GAAP operating expenses: | ||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Customer support and operations | $ | 22,008 | $ | 19,917 | $ | 83,918 | $ | 82,521 | ||||
| Excluding: Stock-based compensation expense, net | 268 | 394 | 1,158 | 1,404 | ||||||||
| Excluding: Acquisition, integration, restructuring, and other costs | — | — | 758 | 739 | ||||||||
| Non-GAAP customer support and operations | $ | 21,740 | $ | 19,523 | $ | 82,002 | $ | 80,378 | ||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Marketing | $ | 83,937 | $ | 75,343 | $ | 303,799 | $ | 234,417 | ||||
| Excluding: Stock-based compensation expense, net | 4,595 | 3,930 | 17,609 | 16,165 | ||||||||
| Non-GAAP marketing | $ | 79,342 | $ | 71,413 | $ | 286,190 | $ | 218,252 | ||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Technology and development | $ | 70,611 | $ | 59,240 | $ | 269,817 | $ | 219,939 | ||||
| Excluding: Stock-based compensation expense, net | 22,527 | 19,920 | 84,381 | 74,967 | ||||||||
| Excluding: Acquisition, integration, restructuring, and other costs | — | 700 | — | 1,224 | ||||||||
| Non-GAAP technology and development | $ | 48,084 | $ | 38,620 | $ | 185,436 | $ | 143,748 | ||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| General and administrative | $ | 54,875 | $ | 48,657 | $ | 195,857 | $ | 179,372 | ||||
| Excluding: Stock-based compensation expense, net | 14,224 | 11,716 | 48,989 | 44,431 | ||||||||
| Excluding: Donation of common stock | — | — | 2,587 | 4,600 | ||||||||
| Excluding: Acquisition, integration, restructuring, and other costs | — | (893 | ) | 710 | 2,234 | |||||||
| Non-GAAP general and administrative | $ | 40,651 | $ | 37,834 | $ | 143,571 | $ | 128,107 | ||||
FAQ
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