Remitly Global Files Q2 2024 10-Q
Ticker: RELY · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 1782170
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
Remitly Global's Q2 2024 10-Q is in. Check financials.
AI Summary
Remitly Global, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial metrics and business segment information are provided, reflecting the company's ongoing activities in the digital remittance space.
Why It Matters
This filing provides investors with the latest financial results and operational details for Remitly Global, Inc., crucial for understanding the company's performance and future outlook in the remittance market.
Risk Assessment
Risk Level: medium — Quarterly filings can reveal shifts in financial health or operational challenges that may impact stock price.
Key Players & Entities
- Remitly Global, Inc. (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240731 (date) — Filing date
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is for the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on July 31, 2024.
What is the company's Central Index Key (CIK)?
The company's Central Index Key (CIK) is 0001782170.
What is the fiscal year end for Remitly Global, Inc.?
The fiscal year end for Remitly Global, Inc. is December 31.
What is the SEC file number for Remitly Global, Inc.?
The SEC file number for Remitly Global, Inc. is 001-40822.
Filing Stats: 4,549 words · 18 min read · ~15 pages · Grade level 18 · Accepted 2024-07-31 16:10:45
Key Financial Figures
- $0.0001 — ange on which registered Common Stock, $0.0001 par value RELY The Nasdaq Global Select
Filing Documents
- rely-20240630.htm (10-Q) — 1154KB
- exhibit101-remitlyx2021emp.htm (EX-10.1) — 240KB
- rely2q24-exhibit311.htm (EX-31.1) — 9KB
- rely2q24-exhibit312.htm (EX-31.2) — 9KB
- rely2q24-exhibit321.htm (EX-32.1) — 5KB
- rely2q24-exhibit322.htm (EX-32.2) — 5KB
- image_0a.jpg (GRAPHIC) — 0KB
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- image_7a.jpg (GRAPHIC) — 0KB
- 0001782170-24-000187.txt ( ) — 7014KB
- rely-20240630.xsd (EX-101.SCH) — 48KB
- rely-20240630_cal.xml (EX-101.CAL) — 73KB
- rely-20240630_def.xml (EX-101.DEF) — 213KB
- rely-20240630_lab.xml (EX-101.LAB) — 623KB
- rely-20240630_pre.xml (EX-101.PRE) — 443KB
- rely-20240630_htm.xml (XML) — 932KB
Financial Information
Part I Financial Information
Financial Statements
Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as o f June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 6 Notes to C ondensed C onsolidated F inancial S tatements 7
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21
Quantitative and Qualitative Disclosure s About Market Risk
Item 3. Quantitative and Qualitative Disclosure s About Market Risk 32
Controls and Procedures
Item 4. Controls and Procedures 33
Other Information 34
Part II Other Information 34
Legal Proceedings
Item 1. Legal Proceedings 34
Risk Factors
Item 1A. Risk Factors 34
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 34
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 34
Other Information
Item 5. Other Information 34
Exhibit s
Item 6. Exhibit s 35
Signatures
Signatures 36 i Table of Con t ents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding future events or our future results of operations, financial condition, business, strategies, financial needs, and the plans and objectives of management, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "likely," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services and bring them to market in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; our market opportunity, including our total addressable market; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes, or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money tran
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) REMITLY GLOBAL, INC. Condensed Consolidated Balance Sheets ( In thousands, except share and per share data ) (unaudited) June 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 185,187 $ 323,710 Disbursement prefunding 150,710 195,848 Customer funds receivable, net 461,797 379,417 Prepaid expenses and other current assets 42,860 33,143 Total current assets 840,554 932,118 Property and equipment, net 22,178 16,010 Operating lease right-of-use assets 11,905 9,525 Goodwill 54,940 54,940 Intangible assets, net 14,212 16,642 Other noncurrent assets, net 6,404 7,071 Total assets $ 950,193 $ 1,036,306 Liabilities and stockholders' equity Current liabilities Accounts payable $ 20,926 $ 35,051 Customer liabilities 166,840 177,473 Short-term debt 2,394 2,481 Accrued expenses and other current liabilities 145,451 145,802 Operating lease liabilities 6,235 6,032 Total current liabilities 341,846 366,839 Operating lease liabilities, noncurrent 6,189 4,477 Long-term debt 15,000 130,000 Other noncurrent liabilities 8,256 5,653 Total liabilities 371,291 506,969 Commitments and contingencies (Note 16) Stockholders' equity Common stock, $ 0.0001 par value; 725,000,000 shares authorized as of June 30, 2024 and December 31, 2023 both; 195,095,978 and 188,435,952 shares issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively 20 19 Additional paid-in capital 1,103,760 1,020,286 Accumulated other comprehensive (loss) income ( 404 ) 335 Accumulated deficit ( 524,474 ) ( 491,303 ) Total stockholders' equity 578,902 529,337 Total liabilities and stockholders' equity $ 950,193 $ 1,036,306 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents REMITLY GLOBAL, INC. Condensed Consolidated Statements of Operations ( In thousands, except share and per share data ) (unaudited) Three Months