Remitly Reports Second Quarter 2024 Results
Remitly Global, Inc. (NASDAQ: RELY) reported strong second quarter 2024 results, with significant year-over-year growth across key metrics. Active customers increased 36% to 6.9 million, while send volume grew 38% to $13.2 billion. Revenue rose 31% to $306.4 million, and the company's net loss improved by 36% to $12.1 million. Adjusted EBITDA saw a 23% increase to $25.1 million.
Based on these results, Remitly has raised its 2024 financial outlook. The company now expects total revenue between $1,230 million and $1,250 million, representing 30-32% year-over-year growth. Adjusted EBITDA is projected to be in the range of $90 million to $100 million, an increase from the previous outlook.
Remitly Global, Inc. (NASDAQ: RELY) ha riportato risultati solidi per il secondo trimestre del 2024, con una crescita significativa anno dopo anno in metriche chiave. I clienti attivi sono aumentati del 36% fino a raggiungere 6,9 milioni, mentre il volume delle spedizioni è cresciuto del 38% raggiungendo i 13,2 miliardi di dollari. Il fatturato è aumentato del 31% fino a 306,4 milioni di dollari e la perdita netta della società è migliorata del 36% scendendo a 12,1 milioni di dollari. L'EBITDA rettificato ha registrato un aumento del 23%, raggiungendo i 25,1 milioni di dollari.
In base a questi risultati, Remitly ha rivisto al rialzo le sue previsioni finanziarie per il 2024. L'azienda prevede ora un fatturato totale compreso tra 1.230 milioni e 1.250 milioni di dollari, il che rappresenta una crescita del 30-32% su base annua. L'EBITDA rettificato è previsto in un intervallo tra 90 milioni e 100 milioni di dollari, in aumento rispetto alle previsioni precedenti.
Remitly Global, Inc. (NASDAQ: RELY) reportó resultados sólidos para el segundo trimestre de 2024, con un crecimiento significativo año tras año en métricas clave. Los clientes activos aumentaron un 36% hasta 6,9 millones, mientras que el volumen de envíos creció un 38% alcanzando los 13,2 mil millones de dólares. Los ingresos subieron un 31% hasta 306,4 millones de dólares y la pérdida neta de la empresa mejoró un 36% bajando a 12,1 millones de dólares. El EBITDA ajustado vio un aumento del 23% alcanzando los 25,1 millones de dólares.
Basándose en estos resultados, Remitly ha elevado su perspectiva financiera para 2024. La empresa ahora espera ingresos totales entre 1.230 millones y 1.250 millones de dólares, lo que representa un crecimiento del 30-32% interanual. Se proyecta que el EBITDA ajustado se encuentre en el rango de 90 millones a 100 millones de dólares, un aumento respecto a la previsión anterior.
Remitly Global, Inc. (NASDAQ: RELY)는 2024년 2분기 강력한 성과를 보고하였으며, 주요 지표에서 연간 의미 있는 성장을 기록했습니다. 활성 고객은 36% 증가하여 690만 명에 도달하였습니다, 송금량은 38% 증가하여 132억 달러에 달하였습니다. 수익은 31% 증가하여 3억 640만 달러에 이르렀고, 회사의 순손실은 36% 개선되어 1210만 달러로 줄었습니다. 조정 EBITDA는 23% 증가하여 2510만 달러에 도달했습니다.
이러한 결과를 바탕으로 Remitly는 2024년 재무 전망을 상향 조정하였습니다. 이제 회사는 총 수익이 12억 3000만 달러에서 12억 5000만 달러 사이가 될 것으로 예상하며, 이는 전년 대비 30-32%의 성장을 나타냅니다. 조정 EBITDA는 9000만 달러에서 1억 달러 사이가 될 것으로 예상되며, 이전 전망에서 증가하였습니다.
Remitly Global, Inc. (NASDAQ: RELY) a annoncé des résultats solides pour le deuxième trimestre 2024, avec une croissance significative d'une année sur l'autre dans des indicateurs clés. Le nombre de clients actifs a augmenté de 36% pour atteindre 6,9 millions, tandis que le volume des envois a crû de 38% pour atteindre 13,2 milliards de dollars. Les revenus ont augmenté de 31% pour atteindre 306,4 millions de dollars et la perte nette de l'entreprise s'est améliorée de 36% pour atteindre 12,1 millions de dollars. L'EBITDA ajusté a connu une hausse de 23%, atteignant 25,1 millions de dollars.
Sur la base de ces résultats, Remitly a relevé ses prévisions financières pour 2024. L'entreprise s'attend désormais à un chiffre d'affaires total compris entre 1 230 millions et 1 250 millions de dollars, représentant une croissance de 30 à 32% d'une année sur l'autre. L'EBITDA ajusté devrait se situer entre 90 millions et 100 millions de dollars, soit une augmentation par rapport aux prévisions précédentes.
Remitly Global, Inc. (NASDAQ: RELY) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem signifikanten Wachstum im Jahresvergleich in allen wichtigen Kennzahlen. Die aktiven Kunden stiegen um 36% auf 6,9 Millionen, während das Sendungsvolumen um 38% auf 13,2 Milliarden Dollar wuchs. Der Umsatz stieg um 31% auf 306,4 Millionen Dollar, und der Nettoverlust des Unternehmens verbesserte sich um 36% auf 12,1 Millionen Dollar. Das bereinigte EBITDA erhöhte sich um 23% auf 25,1 Millionen Dollar.
Basierend auf diesen Ergebnissen hat Remitly seine Finanzaussichten für 2024 angehoben. Das Unternehmen erwartet nun einen Gesamtumsatz zwischen 1.230 Millionen und 1.250 Millionen Dollar, was einem Wachstum von 30-32% im Jahresvergleich entspricht. Das bereinigte EBITDA wird im Bereich von 90 Millionen bis 100 Millionen Dollar prognostiziert, ein Anstieg im Vergleich zur vorherigen Prognose.
- Active customers increased 36% year-over-year to 6.9 million
- Send volume grew 38% to $13.2 billion
- Revenue increased 31% to $306.4 million
- Net loss improved by 36% to $12.1 million
- Adjusted EBITDA rose 23% to $25.1 million
- Raised 2024 revenue outlook to $1,230-$1,250 million
- Increased 2024 Adjusted EBITDA outlook to $90-$100 million
- Company expects to remain in a GAAP net loss position for 2024
Insights
Remitly's Q2 2024 results demonstrate robust growth and improved financial performance. Revenue increased by
The company's net loss improved by
However, investors should note that Remitly still expects to remain in a GAAP net loss position for 2024. The company's focus on customer acquisition and market expansion may continue to pressure near-term profitability. The digital remittance market is highly competitive and Remitly's ability to maintain its growth rate while improving margins will be important for long-term success.
Remitly's Q2 performance underscores the ongoing shift towards digital financial services in the remittance sector. The
The
Remitly's ability to maintain a
However, the digital remittance space is becoming increasingly crowded, with fintech startups and established financial institutions enhancing their digital offerings. Remitly's continued investment in customer experience and trust-building will be important to maintain its growth trajectory and defend its market position against intensifying competition.
Active customers up
Revenue up
Net loss improved
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 , up38% . - Revenue totaled
$306.4 million , compared to$234.0 million , up31% . - Net loss was
$12.1 million , compared to$18.9 million , an improvement of36% . - Adjusted EBITDA was
$25.1 million , compared to$20.4 million , up23% .
2024 Financial Outlook
For fiscal year 2024, Remitly currently expects:
- Total revenue in the range of
$1,230 million to$1,250 million , representing a growth rate of30% to32% 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 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, July 31, 2024 to discuss its second quarter 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 operating results and financial position, including our fiscal year 2024 financial outlook, including forecasted fiscal year 2024 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions 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 ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, the current inflationary environment, our expectations concerning relationships with third parties, including strategic, banking, and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to maintain the security and availability of our solutions, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of macroeconomic and geopolitical conditions, including regulatory changes, on our customers and business operations. 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 quarterly report on Form 10-Q for the quarter ended June 30, 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 June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
Revenue | $ | 306,423 | $ | 234,033 | $ | 575,541 | $ | 437,898 | |||||||
Costs and expenses | |||||||||||||||
Transaction expenses(1) | 107,780 | 80,187 | 197,661 | 154,253 | |||||||||||
Customer support and operations(1) | 19,999 | 21,483 | 40,118 | 41,414 | |||||||||||
Marketing(1) | 77,056 | 53,600 | 145,070 | 97,723 | |||||||||||
Technology and development(1) | 67,554 | 54,309 | 130,760 | 103,685 | |||||||||||
General and administrative(1) | 45,889 | 39,490 | 90,062 | 80,898 | |||||||||||
Depreciation and amortization | 3,907 | 3,187 | 7,585 | 6,216 | |||||||||||
Total costs and expenses | 322,185 | 252,256 | 611,256 | 484,189 | |||||||||||
Loss from operations | (15,762 | ) | (18,223 | ) | (35,715 | ) | (46,291 | ) | |||||||
Interest income | 1,942 | 1,368 | 4,168 | 3,392 | |||||||||||
Interest expense | (745 | ) | (592 | ) | (1,514 | ) | (981 | ) | |||||||
Other income (expense), net | 5,764 | (1,546 | ) | 4,178 | (3,057 | ) | |||||||||
Loss before provision (benefit) for income taxes | (8,801 | ) | (18,993 | ) | (28,883 | ) | (46,937 | ) | |||||||
Provision (benefit) for income taxes | 3,290 | (143 | ) | 4,288 | 227 | ||||||||||
Net loss | $ | (12,091 | ) | $ | (18,850 | ) | $ | (33,171 | ) | $ | (47,164 | ) | |||
Net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | $ | (0.06 | ) | $ | (0.11 | ) | $ | (0.17 | ) | $ | (0.27 | ) | |||
Weighted-average shares used in computing net loss per share attributable to common stockholders: | |||||||||||||||
Basic and diluted | 193,452,628 | 179,076,496 | 191,650,713 | 177,105,720 |
(1) Exclusive of depreciation and amortization, shown separately.
REMITLY GLOBAL, INC. Condensed Consolidated Balance Sheets (unaudited) | |||||||
June 30, | December 31, | ||||||
(in thousands) | 2024 | 2023 | |||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 185,187 | $ | 323,710 | |||
Disbursement prefunding | 150,710 | 195,848 | |||||
Customer funds receivable, net | 461,797 | 379,417 | |||||
Prepaid expenses and other current assets | 42,860 | 33,143 | |||||
Total current assets | 840,554 | 932,118 | |||||
Property and equipment, net | 22,178 | 16,010 | |||||
Operating lease right-of-use assets | 11,905 | 9,525 | |||||
Goodwill | 54,940 | 54,940 | |||||
Intangible assets, net | 14,212 | 16,642 | |||||
Other noncurrent assets, net | 6,404 | 7,071 | |||||
Total assets | $ | 950,193 | $ | 1,036,306 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 20,926 | $ | 35,051 | |||
Customer liabilities | 166,840 | 177,473 | |||||
Short-term debt | 2,394 | 2,481 | |||||
Accrued expenses and other current liabilities | 145,451 | 145,802 | |||||
Operating lease liabilities | 6,235 | 6,032 | |||||
Total current liabilities | 341,846 | 366,839 | |||||
Operating lease liabilities, noncurrent | 6,189 | 4,477 | |||||
Long-term debt | 15,000 | 130,000 | |||||
Other noncurrent liabilities | 8,256 | 5,653 | |||||
Total liabilities | 371,291 | 506,969 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Common stock | 20 | 19 | |||||
Additional paid-in capital | 1,103,760 | 1,020,286 | |||||
Accumulated other comprehensive (loss) income | (404 | ) | 335 | ||||
Accumulated deficit | (524,474 | ) | (491,303 | ) | |||
Total stockholders’ equity | 578,902 | 529,337 | |||||
Total liabilities and stockholders’ equity | $ | 950,193 | $ | 1,036,306 |
REMITLYGLOBAL, INC. Condensed Consolidated Statements of Cash Flows (unaudited) | ||||||||
Six Months Ended June 30, | ||||||||
(in thousands) | 2024 | 2023 | ||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (33,171 | ) | $ | (47,164 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 7,585 | 6,216 | ||||||
Stock-based compensation expense, net | 71,245 | 64,434 | ||||||
Other | 195 | 2,203 | ||||||
Changes in operating assets and liabilities: | ||||||||
Disbursement prefunding | 45,138 | (117,870 | ) | |||||
Customer funds receivable | (82,079 | ) | 54,245 | |||||
Prepaid expenses and other assets | (7,237 | ) | (10,344 | ) | ||||
Operating lease right-of-use assets | 2,895 | 2,434 | ||||||
Accounts payable | (14,041 | ) | 10,180 | |||||
Customer liabilities | (10,701 | ) | (12,477 | ) | ||||
Accrued expenses and other liabilities | 15,621 | (4,247 | ) | |||||
Operating lease liabilities | (3,359 | ) | (1,806 | ) | ||||
Net cash used in operating activities | (7,909 | ) | (54,196 | ) | ||||
Cash flows from investing activities | ||||||||
Purchases of property and equipment | (2,076 | ) | (1,566 | ) | ||||
Capitalized internal-use software costs | (6,494 | ) | (2,344 | ) | ||||
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash | — | (40,933 | ) | |||||
Net cash used in investing activities | (8,570 | ) | (44,843 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from exercise of stock options | 4,194 | 8,333 | ||||||
Proceeds from issuance of common stock in connection with ESPP(1) | 5,004 | 2,729 | ||||||
Proceeds from revolving credit facility borrowings | 570,000 | 334,000 | ||||||
Repayments of revolving credit facility borrowings | (685,000 | ) | (300,000 | ) | ||||
Taxes paid related to net share settlement of equity awards | (2,568 | ) | (2,111 | ) | ||||
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 | (118,631 | ) | 25,883 | |||||
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (1,229 | ) | 663 | |||||
Net decrease in cash, cash equivalents, and restricted cash | (136,339 | ) | (72,493 | ) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 325,029 | 300,734 | ||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 188,690 | $ | 228,241 | ||||
Reconciliation of cash, cash equivalents, and restricted cash | ||||||||
Cash and cash equivalents | $ | 185,187 | $ | 227,507 | ||||
Restricted cash included in prepaid expenses and other current assets | 2,693 | 680 | ||||||
Restricted cash included in other noncurrent assets, net | 810 | 54 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 188,690 | $ | 228,241 |
(1) Beginning with the fourth quarter of 2023, the Company changed the presentation of shares purchased under the Employee Stock Purchase Plan ("ESPP") to reflect an operating cash outflow for compensation paid to employees and a financing cash inflow for cash paid by employees in exchange for shares. Previously such activity was treated and disclosed as noncash activity for the six months ended June 30, 2023.
REMITLY GLOBAL, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | ||||||||||||||||
Reconciliation of net loss to Adjusted EBITDA: | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
Net loss | $ | (12,091 | ) | $ | (18,850 | ) | $ | (33,171 | ) | $ | (47,164 | ) | ||||
Add: | ||||||||||||||||
Interest income, net | (1,197 | ) | (776 | ) | (2,654 | ) | (2,411 | ) | ||||||||
Provision (benefit) for income taxes | 3,290 | (143 | ) | 4,288 | 227 | |||||||||||
Depreciation and amortization | 3,907 | 3,187 | 7,585 | 6,216 | ||||||||||||
Foreign exchange (gain) loss | (5,962 | ) | 1,482 | (4,393 | ) | 2,987 | ||||||||||
Stock-based compensation expense, net | 37,157 | 35,200 | 71,245 | 64,434 | ||||||||||||
Acquisition, integration, restructuring, and other costs(1) | — | 316 | 1,468 | 1,489 | ||||||||||||
Adjusted EBITDA | $ | 25,104 | $ | 20,416 | $ | 44,368 | $ | 25,778 |
(1) Acquisition, integration, restructuring, and other costs for the six months ended June 30, 2024 consisted primarily of
Reconciliation of operating expenses to non-GAAP operating expenses: | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
Customer support and operations | $ | 19,999 | $ | 21,483 | $ | 40,118 | $ | 41,414 | ||||
Excluding: Stock-based compensation expense, net | 259 | 419 | 612 | 624 | ||||||||
Excluding: Acquisition, integration, restructuring, and other costs | — | — | 758 | — | ||||||||
Non-GAAP customer support and operations | $ | 19,740 | $ | 21,064 | $ | 38,748 | $ | 40,790 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Marketing | $ | 77,056 | $ | 53,600 | $ | 145,070 | $ | 97,723 | ||||
Excluding: Stock-based compensation expense, net | 4,521 | 4,727 | 8,500 | 7,710 | ||||||||
Non-GAAP marketing | $ | 72,535 | $ | 48,873 | $ | 136,570 | $ | 90,013 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Technology and development | $ | 67,554 | $ | 54,309 | $ | 130,760 | $ | 103,685 | ||||
Excluding: Stock-based compensation expense, net | 20,354 | 18,588 | 39,981 | 35,219 | ||||||||
Non-GAAP technology and development | $ | 47,200 | $ | 35,721 | $ | 90,779 | $ | 68,466 | ||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
General and administrative | $ | 45,889 | $ | 39,490 | $ | 90,062 | $ | 80,898 | ||||
Excluding: Stock-based compensation expense, net | 12,023 | 11,466 | 22,152 | 20,881 | ||||||||
Excluding: Acquisition, integration, restructuring, and other costs | — | 316 | 710 | 1,489 | ||||||||
Non-GAAP general and administrative | $ | 33,866 | $ | 27,708 | $ | 67,200 | $ | 58,528 |
FAQ
What was Remitly's revenue growth in Q2 2024?
How much did Remitly's active customer base grow in Q2 2024?
What is Remitly's updated revenue forecast for 2024?
Did Remitly (RELY) report a profit in Q2 2024?