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- **Record Growth**: 2025 revenue up 29% to $1.635B, with high amount senders driving 14% YoY volume growth.
- **Profitability Leap**: Adjusted EBITDA margin 17% (vs. 12% prior year), GAAP net income $68M (first full-year profit).
- **New Product Success**: Flex users +120K Q4, Remitly Business adds 15K businesses, AI reduces transaction losses to 7.3 bps.
- **2026 Outlook**: 19-20% revenue growth, 18-19% EBITDA margin, $436M Q1 revenue (+21% YoY).
- **AI-Driven Efficiency**: RLTE margin 69%, transaction expenses as % of revenue down 200 bps YoY.
- **Share Buybacks**: $23.9M repurchased in 2025; plans to accelerate in 2026.

**【CEO Summary Section】**
- **2025 Performance Highlights**: Revenue grew 29% YoY to $1.635 billion, with adjusted EBITDA of $272 million. High amount senders (transactions >$1,000) drove 14% YoY volume growth, while very high amount senders (> $10,000) grew 105% YoY.
- **New Product Momentum**: Flex (Send Now, Pay Later) reached 120,000 users, Remitly Business added 15,000 business customers, and Remitly One membership program showed strong engagement.
- **AI and Efficiency**: AI-driven fraud models reduced transaction losses to 7.3 basis points (record low), and RLTE margin (Revenue Less Transaction Expenses) improved 252 bps YoY to 69%.
- **Strategic Shift**: Transitioning to Chairman, emphasizing Sebastian Gunningham's expertise in scaling products and AI, positioning for 2028 goals of $3B revenue and $600M EBITDA.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $442M (+26% YoY), adjusted EBITDA $89M (20% margin). Full year GAAP net income $68M, tripling free cash flow to $283M.
- **2026 Guidance**: Revenue $1.94B-$1.96B (+19%-20%), adjusted EBITDA $340M-$360M (18%-19% margin). Q1 2026 revenue $436M-$438M (+21% YoY), driven by 1% remittance tax tailwind.
- **Expense Management**: Stock-based compensation as % of revenue down 250 bps YoY to 9.5%, dilution rate 5% (vs. 19.5% prior year).

**【Q&A Highlights】**
- **Macro Impact**: Resilient performance despite geopolitical volatility; 1% remittance tax in Q1 2026 provides early growth boost.
- **New Products**: Flex users spend 2x non-Flex users; Remitly Business average transaction size 2x consumer segment.
- **AI Adoption**: AI models improving fraud detection, customer support efficiency, and product development velocity.
- **Customer Retention**: 97% transactions completed without agent contact; 65%+ resolved in <20 seconds.


Remitly Global, Inc. (RELY) Q4 2025 Earnings Call Transcript

- **Q3 Growth Milestones**: 25% revenue growth ($419.5M), 15% EBITDA margin, 35% send volume growth to $19.5B.
- **New Product Momentum**: Flex reaches 100,000 users, Remitly Business expands to 10,000 businesses, stablecoins integrated in 2 volatile markets.
- **2026 Outlook**: High-teens revenue growth (initial view), cautious on immigration headwinds, but optimistic on digital remittance tax benefits.
- **Financial Discipline**: 9.5% stock comp as % of revenue, $11.9M share buybacks, 90%+ transaction reliability metrics.
- **Strategic Focus**: AI-driven efficiency, $22T TAM expansion, and leveraging One Big Beautiful Bill tax to accelerate digital adoption.

**【CEO Summary Section】**
- **Revenue Growth and Margins**: Q3 revenue of $419.5 million (+25% YoY), adjusted EBITDA of $61.2 million (15% margin). Send volume grew 35% to $19.5 billion, driven by high-amount senders and business customers.
- **New Customer Categories**: Remitly Business expanded to U.S., U.K., and Canada, with 10,000 businesses using the platform. High-amount senders (> $1,000) saw 40% YoY growth in send volume.
- **Product Innovations**: Flex (100,000 active users) enables send-now-pay-later, with 90% of receivables current. Stablecoins integrated into payout networks in Nigeria and Argentina.
- **Strategic Initiatives**: Targeting $22 trillion TAM, leveraging AI for risk management, and benefiting from the One Big Beautiful Bill tax (effective Jan 2026) to drive digital remittance adoption.

**【CFO Financial Commentary】**
- **Revenue and Profitability**: Q3 GAAP net income of $8.8 million, up from $1.9 million YoY. Stock-based compensation declined 214bps to 9.5% of revenue. Shares repurchased: $11.9 million under $200M authorization.
- **Cost Efficiency**: Transaction expenses 35% of revenue, stablecoins reducing idle float. Customer support contact rates <1%, platform uptime 99.99%.
- **2026 Outlook**: High-teens revenue growth (initial view), cautious on immigration headwinds but optimistic on digital remittance shift. Q4 guidance: $426-428M revenue, 12% EBITDA margin.

**【Q&A Key Highlights】**
- **2026 Growth Drivers**: Remittance tax, product innovation (Flex, stablecoins), and geographic expansion. High-teens growth balanced with margin discipline.
- **Incremental Margins**: Focus on RLTE (Revenue Less Transaction Expense) growth, AI-driven efficiency, and controlled marketing spend (LTV:CAC ~6x).
- **Flex Credit Profile**: 90% of receivables current, minimal charge-offs. Unit economics improving as cohorts mature, with capital-efficient model.
- **Risk Management**: Immigration policy risks in key send markets (U.S., Canada) could impact new customer acquisition.


Remitly Global, Inc. (RELY) Q3 2025 Earnings Call Transcript

- **Revenue Growth Accelerates**: Q2 revenue up 34% YoY to $411.9M, driven by 40% send volume growth and high-amount sender expansion.
- **New Product Momentum**: Remitly Business CLTV 6x higher, Remitly One membership with 2M+ AI interactions, and stablecoin beta testing with 30% cost savings.
- **Profitability Milestone**: GAAP net income $6.5M (vs. loss in Q2 2024), with $200M share buyback to enhance shareholder value.
- **Strategic Investments**: $550M credit facility for peak funding, and Agentic AI converting 30% of offline users to digital.

**【CEO Summary Section】**
- **Remitly Business Expansion**: Launched in Q2 with a 10x TAM increase to $22 trillion, targeting small businesses and freelancers. Q2 onboarded thousands, with 6x higher CLTV and 2x larger avg. transaction sizes.
- **Remitly One Membership**: Launching in September, offering Wallet (multicurrency storage) and Flex (send-now-pay-later) with benefits like cash rewards and flexible repayment. Early demand strong, with 97% repayment history.
- **Stablecoin Initiatives**: Beta testing with Circle and Bridge, enabling stablecoin storage and disbursement. Internal treasury integration reduces settlement costs by 30%.
- **Agentic AI Innovation**: Remitly on WhatsApp handles 2M interactions, converting 30% of offline users. Expanding to Messenger and other platforms for seamless cross-border payments.

**【CFO Financial Commentary】**
- **Q2 Financials**: Revenue $411.9M (+34% YoY), Adjusted EBITDA $64M (16% margin), GAAP net income $6.5M (vs. -$12.1M YoY). Outperformed guidance by $28M revenue and $18M EBITDA.
- **Growth Drivers**: Send volume $18.5B (+40% YoY), high-amount senders (+45% YoY), and micro businesses. Take rate 2.23%, RLTE $268M (+35% YoY).
- **Expense Efficiency**: Marketing spend $79.8M (19.4% of rev, -422bps YoY), tech/dev $53.4M (-225bps YoY). Transaction expenses 34.9% of rev, stablecoin fraud loss $3.8M one-time.
- **Outlook**: Q3 rev $411-413M (+22-23%), FY25 rev $1.61-1.62B (+27-28%). Share repurchase program $200M to manage dilution.

**【Q&A Key Highlights】**
- **Product Rollouts**: Remitly Business expanding to UK, Canada, Australia; Remitly One launching in September with demos at September 9 event.
- **Customer Unit Economics**: Wallet and Flex upsell to membership, with 6x CAC:LTV and <12mo payback period.
- **Stablecoin Impact**: Revenue model similar to fiat, with potential float opportunity. Stablecoin disbursement costs comparable to fiat, but long-term benefits in liquidity management.
- **Business Competition**: SMB segment underserved, Remitly's consumer DNA enables faster onboarding (minutes vs. days) and better pricing.


Remitly Global, Inc. (RELY) Q2 2025 Earnings Call Transcript

- **Revenue Superformance**: Q1 2025 revenue +34% YoY ($361.6M) with 16% EBITDA margin, exceeding Rule of 50. Send volume >$1,000 grew 45% YoY.
- **Global Expansion**: 34%+ revenue from outside U.S., new corridors in Africa via Orange Money, and 45% YoY growth in non-top-three receive countries.
- **AI-Driven Efficiency**: 95% transactions resolved without support, 93%+ dispersed in <1h, and 17% YoY decline in marketing spend per QAU.
- **Profitability Prudence**: Q2 2025 revenue guide $383-385M (25-26% growth), full year $1.574-1.587B, with GAAP net income expected in Q3+2025.
- **Risk Mitigation**: <11.1bps transaction loss rate, 34% U.S. revenue growth vs. 41% Rest-of-World, and WhatsApp integration targeting 2.6B users.


**【CEO Summary Section】**
- **Revenue Growth & Resilience**: Q1 2025 revenue reached $361.6 million, up 34% YoY, driven by a Rule of 50 quarter (≥30% revenue growth & ≥15% EBITDA margin). The company emphasizes remittances' resilience across economic cycles, with 93%+ transactions dispersed in under an hour.
- **Business Diversification**: Expanded to 170+ countries, with 34%+ revenue from outside the U.S. and 45% YoY growth in send volume for transactions >$1,000. New corridors include Nigeria, Burkina Faso, and Mali via mobile wallets like Orange Money.
- **Customer Trust & Experience**: 95%+ transactions completed without customer support contact. Innovations like WhatsApp Send and AI-driven risk models reduce friction for high-amount senders, including a record $16.2 billion in send volume.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA of $58.4 million (16% margin) vs. $420 million GAAP net income. Stock-based compensation declined 280bps YoY to 9.9% of revenue.
- **Cost Efficiency**: Operating expenses improved 144bps YoY (tech/dev), 89bps (customer support), and 79bps (G&A). Marketing spend per QAU decreased 17% YoY to $8.5.
- **Forward Guidance**: Q2 2025 revenue $383-385M (25-26% growth), full year $1.574-1.587B. Adjusted EBITDA $195-210M (12-13% margin), with plans for GAAP net income in Q3+2025.

**【Q&A Key Questions】**
- **High-Dollar Senders**: 45% YoY growth in >$1,000 transactions, driven by dynamic risk models and direct payout integrations (e.g., Plin in Peru, MACH in Chile).
- **Macro Environment**: 34% U.S. revenue growth vs. 41% Rest-of-World. Diversified receive side (45% YoY growth outside India, Philippines, Mexico) mitigates corridor risk.
- **WhatsApp Integration**: Early rollout in Latin America targets 2.6B monthly users, focusing on frictionless onboarding and cross-border payments for unbanked customers.

**【Risk Management】**
- **FX & Compliance**: Managed $60B+ send volume via strategic FX partnerships. KYC/AML systems leverage AI for real-time fraud detection, with transaction loss rate <11.1bps.
- **Customer Retention**: 9% YoY send per active customer growth, highest since 2021, fueled by micro-SMB adoption and high-amount sender engagement.


Remitly Global (RELY)-7 May 25-2025 Q1 Earnings call transcript

- **Record Q4 growth**: $351.9M revenue (+33% YoY), $43.7M EBITDA (12% margin). Full-year RLTE up 33% to $233.5M.
- **Customer expansion**: 7.8M quarterly active users (+32% YoY), 60% new customers outside core markets.
- **AI efficiency**: Transaction loss rate 9bps (lowest 2024), support costs 6.5% of revenue.
- **2025 targets**: $1.565B-$1.58B revenue, first GAAP net income year, 12%-13% EBITDA margin.
- **Marketing leverage**: 440bps Q4, 2025 spend per QAU to decline modestly.
- **New opportunities**: Micro businesses, seafarers drive 80% Rest of World CAGR.


**【CEO Summary Section】**
- Q4 2024 revenue reached $351.9 million, up 33% YoY, with adjusted EBITDA of $43.7 million (12% margin). Full-year revenue was $1.26 billion (+34%), exceeding guidance.
- **Customer growth**: 7.8 million quarterly active users (+32% YoY), with 60% new customers sending to non-core markets (e.g., Africa). Send volume rose 39% to $15.4 billion.
- **AI-driven efficiency**: Transaction losses as % of send volume fell to 9bps, lowest in 2024. Customer support costs dropped from 10%+ of revenue in 2022 to 6.5% in 2024.
- **2025 outlook**: Target $1.565-$1.58 billion revenue (+24%-25%), first full year of GAAP net income, and RLTE $233.5 million (+33%).

**【CFO Financial Commentary】**
- **Profitability**: Q4 GAAP net loss narrowed to $5.7 million vs. $35 million YoY. Stock-based comp as % of revenue declined 250bps to 12% in 2024. Net burn rate dropped to 4.9%.
- **Expense control**: Marketing spend per QAU fell 15.6% YoY to $10.2. Tech/dev costs as % of revenue improved 90bps YoY. G&A efficiency up 270bps YoY.
- **Flywheel effect**: Higher send volume lowers costs, enabling better pricing and reinvestment in innovation. RLTE as % of revenue rose to 66.4%.

**【Q&A Highlights】**
- **Marketing ROI**: 440bps leverage in Q4, with organic growth (e.g., 4.9-star app ratings) reducing paid spend needs. 2025 marketing per QAU to decline modestly.
- **FX impact**: Neutral in Q4, no assumptions for 2025. Diversified corridors mitigate currency volatility.
- **New use cases**: Micro businesses (e.g., Filipino bookkeepers), seafarers, high-value senders drive 80% CAGR in Rest of World.
- **Risk management**: AI reduces friction while maintaining security, enabling higher transaction limits.


Actual	-0.0682	-0.1	-0.0816	-0.0346	-0.0473	0.0498	0.0069	0.0866	0.0003	0.003	0.0696	0.1321	0.2014	0.1791	0.2139	0.2038	0.224	0.3815
Forecast	-0.113	-0.0951	-0.1148	-0.1135	-0.0436	-0.0578	-0.0028	-0.0017	0.0445	0.0114	0.0492	0.1052	0.1299	0.0981	0.173	0.1837	0.177	0.1576
Surprise	+39.65%	-5.15%	+28.92%	+69.52%	-8.49%	+186.16%	+346.43%	+5194.12%	-99.33%	-73.68%	+41.46%	+25.57%	+55.04%	+82.57%	+23.64%	+10.94%	+26.55%	+142.07%

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RELY

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