$RELY
Remitly Global, Inc.

2023 Q2 Form 10-Q Financial Statement

#000178217023000075 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $234.0M $203.9M $191.0M
YoY Change 48.82% 49.89% 41.24%
Cost Of Revenue $80.19M $74.07M $71.87M
YoY Change 31.83% 31.64% 27.35%
Gross Profit $153.8M $129.8M $119.2M
YoY Change 59.54% 62.76% 51.18%
Gross Profit Margin 65.74% 63.67% 62.38%
Selling, General & Admin $114.6M $105.5M $97.30M
YoY Change 16.66% 35.5% 29.96%
% of Gross Profit 74.47% 81.25% 81.65%
Research & Development $54.31M $49.38M $42.88M
YoY Change 50.51% 109.44% 124.19%
% of Gross Profit 35.3% 38.04% 35.99%
Depreciation & Amortization $3.187M $3.029M $1.854M
YoY Change 111.06% 101.93% 35.72%
% of Gross Profit 2.07% 2.33% 1.56%
Operating Expenses $172.1M $49.38M $142.0M
YoY Change 376.87% -52.03% 48.94%
Operating Profit -$18.22M -$28.07M -$22.87M
YoY Change -53.72% 21.12% 38.27%
Interest Expense $776.0K $389.0K $1.947M
YoY Change 133.73% -240.43% -1316.88%
% of Operating Profit
Other Income/Expense, Net -$1.546M -$1.511M $1.092M
YoY Change -191.64% -325.86% 1248.15%
Pretax Income -$18.99M -$27.94M -$19.83M
YoY Change -49.46% 22.66% 19.32%
Income Tax -$143.0K $370.0K -$434.0K
% Of Pretax Income
Net Earnings -$18.85M -$28.31M -$19.40M
YoY Change -50.71% 21.47% 17.01%
Net Earnings / Revenue -8.05% -13.89% -10.15%
Basic Earnings Per Share -$0.11 -$0.16
Diluted Earnings Per Share -$0.11 -$0.16 -$0.11
COMMON SHARES
Basic Shares Outstanding 177.9M shares 174.2M shares 170.7M shares
Diluted Shares Outstanding 179.1M shares 175.1M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $509.4M $452.4M $458.7M
YoY Change -13.54% -9.84% -12.28%
Cash & Equivalents $509.4M $244.2M $300.6M
Short-Term Investments
Other Short-Term Assets $30.85M $31.36M $19.33M
YoY Change 56.75% 33.95% 10.77%
Inventory
Prepaid Expenses $10.26M
Receivables
Other Receivables
Total Short-Term Assets $679.2M $606.9M $669.4M
YoY Change -3.54% 0.01% 10.18%
LONG-TERM ASSETS
Property, Plant & Equipment $25.10M $12.66M $11.55M
YoY Change 145.17% -25.29% 24.84%
Goodwill $54.94M $54.99M $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.253M $6.863M $6.214M
YoY Change 74.76% 85.69% 77.04%
Total Long-Term Assets $105.4M $108.2M $26.53M
YoY Change 338.79% 424.48% 46.5%
TOTAL ASSETS
Total Short-Term Assets $679.2M $606.9M $669.4M
Total Long-Term Assets $105.4M $108.2M $26.53M
Total Assets $784.5M $715.2M $696.0M
YoY Change 7.75% 13.97% 11.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.61M $2.909M $6.794M
YoY Change 222.55% -51.9% 461.49%
Accrued Expenses $104.4M $79.48M $87.75M
YoY Change -8.46% 69.46% 31.6%
Deferred Revenue
YoY Change
Short-Term Debt $2.432M $2.490M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $226.7M $197.5M $209.1M
YoY Change -10.01% 31.15% 47.68%
LONG-TERM LIABILITIES
Long-Term Debt $34.00M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.134M $13.63M $1.050M
YoY Change 656.65% 149.31% 29.15%
Total Long-Term Liabilities $42.13M $13.63M $1.050M
YoY Change 3819.44% 149.31% 29.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $226.7M $197.5M $209.1M
Total Long-Term Liabilities $42.13M $13.63M $1.050M
Total Liabilities $268.8M $219.8M $215.9M
YoY Change 3.03% 40.84% 48.53%
SHAREHOLDERS EQUITY
Retained Earnings -$420.6M -$401.8M -$373.5M
YoY Change 31.04% 43.95%
Common Stock $18.00K $18.00K $17.00K
YoY Change 5.88% 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $515.7M $495.4M $480.1M
YoY Change
Total Liabilities & Shareholders Equity $784.5M $715.2M $696.0M
YoY Change 7.75% 13.97% 11.23%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$18.85M -$28.31M -$19.40M
YoY Change -50.71% 21.47% 17.01%
Depreciation, Depletion And Amortization $3.187M $3.029M $1.854M
YoY Change 111.06% 101.93% 35.72%
Cash From Operating Activities -$51.90M $433.0K -$77.35M
YoY Change 264.98% -98.92% 104.55%
INVESTING ACTIVITIES
Capital Expenditures $1.750M $864.0K $2.420M
YoY Change -212.54% -153.17% -294.22%
Acquisitions $40.93M
YoY Change
Other Investing Activities $0.00 -$40.93M $127.0K
YoY Change
Cash From Investing Activities -$1.750M -$43.09M -$2.293M
YoY Change 12.54% 2551.88% 84.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $17.07M
YoY Change
Cash From Financing Activities 36.79M -$13.64M 2.881M
YoY Change 1903.87% -624.3% -297.06%
NET CHANGE
Cash From Operating Activities -51.90M $433.0K -77.35M
Cash From Investing Activities -1.750M -$43.09M -2.293M
Cash From Financing Activities 36.79M -$13.64M 2.881M
Net Change In Cash -16.86M -$56.08M -76.76M
YoY Change 20.95% -236.03% 89.43%
FREE CASH FLOW
Cash From Operating Activities -$51.90M $433.0K -$77.35M
Capital Expenditures $1.750M $864.0K $2.420M
Free Cash Flow -$53.65M -$431.0K -$79.77M
YoY Change 323.61% -101.03% 118.13%

Facts In Submission

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DocumentType
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2023-03-31
CY2023Q1 dei Document Transition Report
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CY2023Q1 dei Entity Registrant Name
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Remitly Global, Inc.
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WA
CY2023Q1 dei Security12b Title
Security12bTitle
Common Stock, $0.0001 par value
CY2023Q1 dei Trading Symbol
TradingSymbol
RELY
CY2023Q1 dei Security Exchange Name
SecurityExchangeName
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Use of Estimates The preparation of the accompanying Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the Condensed Consolidated Financial Statements and accompanying notes. These estimates and assumptions include, but are not limited to, revenue recognition including the treatment of sales incentive programs, reserves for transaction losses, stock-based compensation expense, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and the recoverability of intangible assets. The key assumptions applied for the intangible assets include forecasted revenue and growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the Condensed Consolidated Financial Statements.
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