Remitly Global Inc (RELY, Financial), a leading digital financial services provider, released its Q3 2023 earnings report on November 1, 2023. The company reported significant growth in key areas, including a 43% YoY increase in revenue, a 42% YoY increase in active customers, and a 36% YoY increase in send volume.
Financial Highlights
Remitly reported Q3 2023 revenue of $241.6 million, up 43% from $169.3 million in Q3 2022. The company's active customers increased to 5.4 million, up 42% from 3.8 million in the same period last year. Send volume also saw a significant increase, rising to $10.2 billion, up 36% from $7.5 billion in Q3 2022.
Despite these positive growth figures, the company reported a net loss of $35.7 million, slightly higher than the $33.1 million net loss reported in Q3 2022. However, the company's Adjusted EBITDA was $10.5 million, a significant improvement from the $(3.7) million reported in Q3 2022.
2023 Financial Outlook
For the fiscal year 2023, Remitly expects total revenue in the range of $935 million to $943 million, representing a growth rate of 43% to 44% YoY. This outlook reflects an increase from the company's prior outlook of $915 million to $925 million. The company also expects to remain in a GAAP net loss position for 2023 and for Adjusted EBITDA to be in the range of $36 million to $41 million.
CEO Commentary
“We are pleased with our third quarter results which reflect the continued strong execution by our global teams and the resilience and trust our customers have placed in us,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “We are in a very strong position to deliver robust long term growth rates at compelling unit economics, sustain targeted high return generating investments for long term value creation and to deliver operating leverage. We expect to close the year strongly and are increasing our revenue and Adjusted EBITDA outlook for 2023.”
Financial Tables
The company's balance sheet showed a total of $223.3 million in cash and cash equivalents as of September 30, 2023. Total assets amounted to $832.7 million, while total liabilities stood at $306.9 million. The company's stockholders' equity was reported at $525.8 million.
The company's cash flow statement revealed a net cash used in operating activities of $19.1 million for the nine months ended September 30, 2023. Meanwhile, net cash used in investing activities amounted to $47.4 million, and net cash used in financing activities was $9.5 million.
Despite the complexity of financial topics, this report aims to provide a clear, informative, and balanced summary of Remitly Global Inc (RELY, Financial)'s Q3 2023 earnings report. The company's strong performance in key areas such as revenue growth, active customer increase, and send volume increase indicates a positive trajectory for the company.
Explore the complete 8-K earnings release (here) from Remitly Global Inc for further details.
