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Sep 30, 2023
Remit Global Q3 2023 Earnings Report
Remitly's Q3 2023 results reflected continued strong execution and customer trust.
Key Takeaways
Remitly reported a strong third quarter with significant year-over-year growth in active customers, send volume, and revenue. The company is increasing its revenue and Adjusted EBITDA outlook for 2023.
Active customers increased 42% year-over-year to 5.4 million.
Send volume increased 36% year-over-year to $10.2 billion.
Revenue increased 43% year-over-year to $241.6 million.
Adjusted EBITDA was $10.5 million, compared to $(3.7) million in the same quarter last year.
Remit Global
Remit Global
Forward Guidance
For fiscal year 2023, Remitly expects total revenue in the range of $935 million to $943 million, representing a growth rate of 43% to 44% year over year. The company also expects Adjusted EBITDA to be in the range of $36 million to $41 million.
Positive Outlook
- Total revenue is expected to be in the range of $935 million to $943 million, representing a growth rate of 43% to 44% year over year.
- The revenue outlook reflects an increase from the prior outlook of $915 million to $925 million.
- Adjusted EBITDA is expected to be in the range of $36 million to $41 million.
- The Adjusted EBITDA outlook reflects an increase from the prior outlook of $33 million to $40 million.
- Company is in a very strong position to deliver robust long term growth rates at compelling unit economics
Challenges Ahead
- The company expects to remain in a GAAP net loss position for 2023.
- Variability of income taxes could have a significant impact on future GAAP financial results.
- Variability of stock-based compensation expense could have a significant impact on future GAAP financial results.
- Macroeconomic conditions could affect customers and business operations.
- Geopolitical forces, such as the conflict in Israel, could affect customers and business operations.