Q2 2024 Remitly Global Inc Earnings Call Transcript
Key Points
- Remitly Global Inc (RELY) reported a 31% year-over-year increase in revenue, reaching $306 million for Q2 2024.
- The company saw a 36% increase in quarterly active customers, now serving approximately 6.9 million.
- Adjusted EBITDA for the quarter was $25 million, benefiting from strong top-line growth and scale efficiencies.
- More than 90% of transactions were dispersed in less than an hour, and customer support contacts declined significantly.
- The launch of an AI-powered virtual assistant has improved customer satisfaction and reduced customer support contact rates.
- Transaction expenses as a percentage of revenue increased by 90 basis points year-over-year due to higher-than-expected fraud losses.
- The upcoming third quarter is expected to be seasonally weaker from a customer activity perspective.
- GAAP net loss for the quarter was $12.1 million, although this was an improvement of 36% year-over-year.
- The CFO, Hemanth Munipalli, announced his departure, which could lead to transitional challenges.
- Despite improvements, the company still faces volatility in fraud losses, which can impact financial performance.
Thank you for standing by. Welcome to the Remitly second quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Stephen Shulstein, Vice President of Investor Relations. Please go ahead.
Thank you. Good afternoon and thank you for joining us for Remitly's second quarter 2024 earnings call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Hemanth Munipalli, our Chief Financial Officer. Our results and additional management commentary are available in our earnings release and presentation slides, which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website.
Before we start, I would like to remind you that we'll be making forward-looking statements within the meaning of the Federal Securities laws, including but not limited
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