The following is a summary of the Remitly Global, Inc. (RELY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Remitly reported Q1 2024 revenue of $269 million, up 32% year over year.
Adjusted EBITDA of $19 million signifies a 250% increase compare to the same timeframe last year.
Due to strong financial performance, Remitly reconfirmed their 2024 revenue outlook and increased their 2024 adjusted EBITDA outlook.
Business Progress:
Remitly added 1.7 million new customers, increasing the total to 6.2 million, which shows a 36% YoY increase.
Significant shift observed in digital transactions with a 500 basis points YoY growth.
The company's strategic priorities for 2024 involve revenue growth, lower transaction expenses, efficient customer acquisition, and operational efficiencies.
Expects to see growth opportunities in new and existing send and receive markets, with a focus on Sub-Saharan Africa.
The company plans to improve product features and it's cost structure to serve customers effectively.
More details: Remitly Global IR
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