Q3 2024 Remitly Global Inc Earnings Call Transcript
Key Points
- Remitly Global Inc (RELY) achieved a record number of new customer acquisitions, with a 39% year-over-year revenue growth.
- The company reported a record adjusted EBITDA of $46.7 million, with an adjusted EBITDA margin expanding to nearly 14%.
- Remitly Global Inc (RELY) continues to gain market share, with send volume growing over 40% in the third quarter, significantly outpacing the market growth rate.
- The company has a large addressable market opportunity in consumer cross-border payments, estimated at nearly $2 trillion, with only 3% market penetration.
- Remitly Global Inc (RELY) benefits from structural advantages as a digital business, including data-driven insights and a robust technology platform that enhances customer experience and operational efficiency.
- The company faces challenges in strategically prioritizing investments across near, medium, and long-term growth opportunities.
- There is a potential risk of FX tailwinds not continuing into the fourth quarter, which could impact revenue growth.
- Remitly Global Inc (RELY) anticipates a sequential decline in gross take rate due to mix changes.
- The company acknowledges the complexity of cross-border payments, which involves regulatory compliance and risk management challenges.
- Marketing expenses are expected to increase in the fourth quarter due to seasonal customer acquisition efforts, which could impact profitability.
Hello and welcome to Remitly's third quarter 2024 earnings conference call. opin
It is now my pleasure to introduce Vice President of Investor relations, Stefan Shulstein.
Thank you. Good afternoon and thank you for joining us for Remitly third quarter, 2024 earnings call. Joining me on the call today are Matt Oppenheimer, co-founder and Chief Executive Officer of Remitly and beas meta. Our Chief Financial Officer results and additional management commentary are available in the 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 to statements regarding remitly future financial results and management's expectations and plans. These statements are neither promises nor guarantees and
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