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Sep 30, 2022
Remit Global Q3 2022 Earnings Report
Remitly's Q3 2022 earnings were released, showing significant growth in active customers, send volume, and revenue, leading to an increased revenue outlook for 2022.
Key Takeaways
Remitly reported a strong third quarter in 2022, with a 49% increase in active customers, a 44% increase in send volume, and a 40% increase in revenue. The company has raised its 2022 revenue outlook as a result.
Active customers increased by 49% year-over-year, reaching 3.8 million.
Send volume grew by 44% year-over-year, totaling $7.5 billion.
Revenue increased by 40% year-over-year, amounting to $169.3 million.
The company raised its 2022 revenue outlook to a range of $635 million to $640 million.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2022, Remitly expects total revenue in the range of $635 million to $640 million, representing a growth rate of 38% to 40% year over year. Adjusted EBITDA is expected to be in the range of $(35) million to $(30) million.
Positive Outlook
- Total revenue is expected to be in the range of $635 million to $640 million.
- Revenue growth rate of 38% to 40% year over year is anticipated.
- The revenue outlook reflects an increase from the prior outlook of $625 million to $630 million.
- Focus on efficiently adding new customers.
- Resilience of global customers.
Challenges Ahead
- Adjusted EBITDA is expected to be in the range of $(35) million to $(30) million.
- Unpredictable fluctuations in the market price of common stock.
- Variability and complexity of adjusting items.
- Limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA.
- Macroeconomic conditions and geopolitical forces.