Remitly Global (RELY) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 31% year-over-year to $306.4 million, driven by a 36% increase in active customers to 6.9 million and a 38% rise in send volume to $13.2 billion.

• Adjusted EBITDA reached $25.1 million, reflecting improved operating leverage and profitability, while net loss narrowed to $12.1 million, a 36% improvement year-over-year.

• Record new customer acquisition and engagement, with durable and predictable customer behavior.

• Continued investment in technology, marketing, and global expansion, with a focus on customer acquisition and retention.

• Announced CFO transition from Hemant Munipalli to Vikas Mehta, with Hemant remaining as advisor until September 30.

Financial highlights

• Q2 2024 revenue: $306.4 million, up 31% year-over-year; send volume: $13.2 billion, up 38%; active customers: 6.9 million, up 36%.

• Adjusted EBITDA was $25.1 million, up from $20.4 million year-over-year; GAAP net loss narrowed to $12.1 million.

• Adjusted EBITDA margin for Q2 2024 was 8.2%.

• Customer support and operations expense as a percentage of revenue declined by 260 basis points year-over-year.

• Stock compensation expense was $37 million, with growth rate slowing to 6% in Q2.

Outlook and guidance

• 2024 revenue guidance raised to $1.23–$1.25 billion, representing 30%–32% year-over-year growth.

• Adjusted EBITDA guidance increased to $90–$100 million for the year.

• Q3 2024 revenue growth expected at approximately 32% year-over-year.

• Company expects to remain in a GAAP net loss position for 2024.

• Adjusted EBITDA dollars expected to be balanced between Q3 and Q4.