Remitly Global Files Q3 2024 10-Q

TL;DR

Remitly Global's Q3 2024 10-Q is in. Check financials.

AI Summary

Remitly Global, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial metrics and business segments are presented, reflecting the company's ongoing activities in the digital remittance market.

Why It Matters

This filing provides investors with crucial financial data and operational insights into Remitly's performance during the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the specific details within can reveal significant financial health and operational risks.

Key Numbers

• N/A — Revenue (Specific revenue figures for Q3 2024 are not detailed in this header information.)
• N/A — Net Income (Specific net income figures for Q3 2024 are not detailed in this header information.)
• N/A — Total Assets (Specific total asset figures for Q3 2024 are not detailed in this header information.)

Key Players & Entities

• Remitly Global, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-30 (date) — Filing date
• SEATTLE, WA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value RELY The Nasdaq Global Select

Filing Documents

• rely-20240930.htm (10-Q) — 1260KB
• a2024-07x26xofferletterxme.htm (EX-10.1) — 24KB
• rely3q24-exhibit311.htm (EX-31.1) — 9KB
• rely3q24-exhibit312.htm (EX-31.2) — 9KB
• rely3q24-exhibit321.htm (EX-32.1) — 5KB
• rely3q24-exhibit322.htm (EX-32.2) — 5KB
• image_2.jpg (GRAPHIC) — 0KB
• 0001782170-24-000223.txt ( ) — 7190KB
• rely-20240930.xsd (EX-101.SCH) — 49KB
• rely-20240930_cal.xml (EX-101.CAL) — 75KB
• rely-20240930_def.xml (EX-101.DEF) — 225KB
• rely-20240930_lab.xml (EX-101.LAB) — 655KB
• rely-20240930_pre.xml (EX-101.PRE) — 460KB
• rely-20240930_htm.xml (XML) — 1000KB

Financial Information

Part I Financial Information

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as o f September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 22

Quantitative and Qualitative Disclosure s About Market Risk

Item 3. Quantitative and Qualitative Disclosure s About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 35

Other Information 36

Part II Other Information 36

Legal Proceedings

Item 1. Legal Proceedings 36

Risk Factors

Item 1A. Risk Factors 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36

Other Information

Item 5. Other Information 36

Exhibit s

Item 6. Exhibit s 37

Signatures

Signatures 38 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 Information

Part I. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) REMITLY GLOBAL, INC. Condensed Consolidated Balance Sheets ( In thousands, except share and per share data ) (unaudited) September 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 324,434 $ 323,710 Disbursement prefunding 219,643 195,848 Customer funds receivable, net 276,096 379,417 Prepaid expenses and other current assets 41,083 33,143 Total current assets 861,256 932,118 Property and equipment, net 24,364 16,010 Operating lease right-of-use assets 10,768 9,525 Goodwill 54,940 54,940 Intangible assets, net 12,548 16,642 Other noncurrent assets, net 6,554 7,071 Total assets $ 970,430 $ 1,036,306 Liabilities and stockholders' equity Current liabilities Accounts payable $ 16,825 $ 35,051 Customer liabilities 194,122 177,473 Short-term debt 2,426 2,481 Accrued expenses and other current liabilities 105,234 145,802 Operating lease liabilities 5,488 6,032 Total current liabilities 324,095 366,839 Operating lease liabilities, noncurrent 5,770 4,477 Long-term debt — 130,000 Other noncurrent liabilities 9,742 5,653 Total liabilities 339,607 506,969 Commitments and contingencies (Note 15) Stockholders' equity Common stock, $ 0.0001 par value; 725,000,000 shares authorized as of September 30, 2024 and December 31, 2023 both; 198,033,845 and 188,435,952 shares issued and outstanding, as of September 30, 2024 and December 31, 2023, respectively 20 19 Additional paid-in capital 1,151,479 1,020,286 Accumulated other comprehensive income 1,881 335 Accumulated deficit ( 522,557 ) ( 491,303 ) Total stockholders' equity 630,823 529,337 Total liabilities and stockholders' equity $ 970,430 $ 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

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View this 10-Q filing on SEC EDGAR