Remitly Global : Q1 2024 Earnings Presentation

Investor Presentation

First Quarter 2024 Earnings

May 1, 2024

1

Disclosures

Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our fiscal year 2024 financial outlook, forecasted fiscal year 2024 revenue and Adjusted EBITDA, seasonality in customer activity, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management's expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, without limitation, risks and uncertainties related to: our ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, the current inflationary environment, our expectations concerning relationships with third parties, including strategic, banking and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to keep data and our technology platform secure, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of changes to immigration laws, macroeconomic conditions and geopolitical forces on our customers and business operations. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are included in our quarterly report on Form 10-Q for the quarter ended March 31, 2024 and in our annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC, which are available on our website at https://ir.remitly.com and on the SEC's website at www.sec.gov. The forward-looking statements in this presentation speak only as of the date of this presentation and except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. The guidance in this presentation is only effective as of the date given, May 1, 2024, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution of or reference to this deck following May 1, 2024 does not constitute re-affirming guidance by Remitly.

Non-GAAP Financial Measures

A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix included in this presentation. An explanation of these measures is also included in the Appendix within this presentation under the heading "Non-GAAP Financial Measures." We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this presentation because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include but are not limited to income taxes and stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.

• May 2024 / © 2024 Remitly Inc.

1Q Strategic Overview

Matt Oppenheimer

Co-Founder & CEO

• May 2024 / © 2024 Remitly Inc.

Strong start to the year as we drive towards our vision

*Adjusted EBITDA is a non-GAAP measure. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix.

• May 2024 / © 2024 Remitly Inc.

1Q24 Revenue

$269m

32% Y/Y

-

1Q24 Profitability

($21m)

GAAP Net Loss

$19m

Adjusted EBITDA*

Vision

Transform lives with

trusted financial services that transcend borders

Strong growth in quarterly active customers

Quarterly Active Customers (thousands)

	1.7m
	increase	6,209
		5,911
	5,409
	5,033
4,559		+36%

YoY

Typical seasonality in customer activity seen in first quarter

Record number of new customers

Digital receive continues to show strong growth

• May 2024 / © 2024 Remitly Inc.

Targeted and efficient customer acquisition to capture seasonal demand

• May 2024 / © 2024 Remitly Inc.

Integrated	Efficient	Word
Brand	Performance	of Mouth/
Campaigns	Marketing	Referrals

1. Optimizing CAC with customer lifetime value
2. Integrated campaigns resonating with new customers
3. Improving product experience drives word of mouth

Removing unnecessary friction increases customer trust and lowers costs

1. Remitly internal data for 1Q 2024.
2. Disbursement speed reflects the time between when Remitly has the customer funds and when the funds are successfully disbursed (e.g., completed or available for pickup).
   * Please see reconciliation of non-GAAP measures
   to the most comparable GAAP measures in the appendix.

• May 2024 / © 2024 Remitly Inc.

Removing customer friction across the transaction lifecycle enabled by scale

• Adding more local and convenient payment methods
• Dynamic payment acceptance routing
• Increasing high quality direct integrations
• Leveraging AI and ML in payment acceptance, risk and customer support

Key outcomes

>90%

Customer transactions

disbursed in less than an hour1,2

-

>95%

Transactions without

customer support contact1

-

260 bps

YoY 1Q24 non-GAAP

customer support expense*

as a % of revenue

Consistent strategy to drive long-term growth and returns

Delight customers with fast, reliable and seamless experience

Localized marketing at attractive unit economics

Unlock incremental customers and geographies

Deepen customer relationships

1. Source: FXC Intelligence

• May 2024 / © 2024 Remitly Inc.

Consumer

Cross-Border TAM

~$1.8t1

Current Remitly Share

2%

1Q Financial Results

Hemanth Munipalli

CFO

• May 2024 / © 2024 Remitly Inc.

	Scale	6.2m
	36% growth in quarterly
		active customers
		over 1Q 2023
1Q -
Strong start to	Revenue	$269m
2024	32% growth in revenue
	over 1Q 2023

Profitability	($21m)
*Adjusted EBITDA is a non-GAAP measure. Please see	GAAP Net Loss
reconciliation of non-GAAP measures to the most
comparable GAAP measures in the Appendix.

10 May 2024 / © 2024 Remitly Inc.

$11.5b

34% growth in

send volume

over 1Q 2023

$19m

Adjusted EBITDA*