RELY - Remitly Global Inc. (RELY) Q1 2024 Earnings Call Transcript
2024-05-02 00:08:02 ET
Remitly Global, Inc. (RELY)
Q1 2024 Earnings Conference Call
May 1, 2024 05:00 PM ET
Company Participants
Stephen Shulstein - VP, IR
Matt Oppenheimer - Co-Founder and CEO
Hemanth Munipalli - CFO
Conference Call Participants
Andrew Schmidt - Citi Global
Allison Gelman - Barclays
Will Nance - Goldman Sachs
Tien-Tsin Huang - JPMorgan
Rufus Hone - BMO
Cris Kennedy - William Blair
Darrin Peller - Wolfe Research
Alex Markgraff - KeyBanc Capital Markets
Andrew Bauch - Wells Fargo
Matthew O'Neill - FT Partners
Presentation
Operator
Good day and thank you for standing by. Welcome to the Remitly First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Stephen Shulstein, Vice President, Investor Relations. Please go ahead.
Stephen Shulstein
Thank you. Good afternoon and thank you for joining us for Remitly's first quarter 2024 earnings call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly, and Hemanth Munipalli, our Chief Financial Officer.
Our results and additional management commentary are available in our earnings release, presentation slides, which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations' website.
Before we start, I would like to remind you that we'll be making forward-looking statements within the meaning of Federal Securities laws, including but not limited to statements regarding Remitly's future financial results and management's expectations and plans.
These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statements. Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results.
Any forward-looking statements made in this conference call, including response to your questions, are based on current expectations as of today and Remitly assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law.
The following presentation contains non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric, please see our earnings press release, and the appendix to our earnings presentation, which are available on the IR section of our website.
Now, I will turn the call over to Matt to begin.
Matt Oppenheimer
Thank you, Stephen and thank you all for joining us to discuss our strong first quarter results and our outlook for 2024. We are pleased with our results as our value proposition of delivering trust and peace of mind throughout the cross-border payment security continues to resonate with our new and existing customers.
You will see this in our first quarter financial results on Slide 4, our consistent execution continued with a strong start to the year. We are pleased to deliver $269 million of revenue, a 32% increase year-over-year.
Our top line results and scale efficiencies across transaction costs and operating expenses resulted in a strong adjusted EBITDA of $19 million, a more than 250% increase year-over-year and ahead of our expectations....
Remitly Global, Inc. (RELY) Q1 2024 Earnings Call Transcript