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Jun 30, 2024
Remit Global Q2 2024 Earnings Report
Remitly's Q2 2024 performance showed strong growth in active customers and send volume, with improved net loss and adjusted EBITDA.
Key Takeaways
Remitly Global, Inc. reported a successful second quarter in 2024, marked by a 36% increase in active customers, a 38% increase in send volume, and a 31% increase in revenue. The company's net loss improved by 36%, and adjusted EBITDA increased by 23%. Remitly has raised its 2024 outlook for revenue and Adjusted EBITDA.
Active customers increased by 36% year over year, reaching 6.9 million.
Send volume increased by 38% year over year, totaling $13.2 billion.
Revenue increased by 31% year over year, amounting to $306.4 million.
Net loss improved by 36% year over year, with an adjusted EBITDA increase of 23%.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2024, Remitly expects total revenue in the range of $1,230 million to $1,250 million, representing a growth rate of 30% to 32% year over year. The company also expects 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.
Positive Outlook
- Total revenue is expected to be in the range of $1,230 million to $1,250 million, representing a growth rate of 30% to 32% year over year.
- The revenue outlook reflects an increase at the midpoint from the prior revenue outlook in the range of $1,225 million to $1,250 million.
- Adjusted EBITDA is expected to be in the range of $90 million to $100 million.
- The Adjusted EBITDA outlook reflects an increase from the prior Adjusted EBITDA outlook in the range of $85 million and $95 million.
- Company is raising its 2024 outlook for revenue and Adjusted EBITDA
Challenges Ahead
- Remitly expects to remain in a GAAP net loss position for 2024.
- The company 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.
- Macroeconomic and geopolitical conditions, including regulatory changes, could have an impact on customers and business operations.