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Jun 30, 2023
Remit Global Q2 2023 Earnings Report
Remitly's Q2 2023 financial performance was solid, marked by growth in active customers, send volume, and revenue.
Key Takeaways
Remitly reported strong second-quarter results with significant increases in active customers, send volume, and revenue. The company has raised its full-year outlook for both revenue and adjusted EBITDA.
Active customers increased by 47% year-over-year, reaching 5.0 million.
Send volume grew by 38% year-over-year, totaling $9.6 billion.
Revenue increased by 49% year-over-year, reaching $234.0 million.
The company increased its 2023 outlook for both revenue and adjusted EBITDA.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2023, Remitly expects total revenue in the range of $915 million to $925 million, representing a growth rate of 40% to 42% year over year. The company also expects Adjusted EBITDA to be in the range of $33 million to $40 million.
Positive Outlook
- Total revenue is expected to be in the range of $915 million to $925 million.
- Revenue growth rate of 40% to 42% year over year is anticipated.
- Adjusted EBITDA is projected to be in the range of $33 million to $40 million.
- The outlook reflects an increase from the prior outlook of $875 million to $895 million.
- The outlook reflects an increase from our prior Adjusted EBITDA outlook of $5 million to $15 million.
Challenges Ahead
- The company expects to remain in a GAAP net loss position for 2023.
- The current inflationary environment may impact the company's performance.
- Changes to immigration laws could affect customers and business operations.
- Macroeconomic conditions may pose risks to the company's outlook.
- Geopolitical forces could have an impact on the company's performance.