$RELY
Remitly Global, Inc.

2024 Q3 Form 10-Q Financial Statement

#000178217024000187 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $336.5M $306.4M
YoY Change 39.27% 30.93%
Cost Of Revenue $115.6M $107.8M
YoY Change 34.84% 34.41%
Gross Profit $221.0M $198.6M
YoY Change 41.74% 29.12%
Gross Profit Margin 65.66% 64.83%
Selling, General & Admin $146.6M $142.9M
YoY Change 10.73% 24.76%
% of Gross Profit 66.34% 71.96%
Research & Development $68.45M $67.55M
YoY Change 20.05% 24.39%
% of Gross Profit 30.97% 34.01%
Depreciation & Amortization $4.655M $3.907M
YoY Change 36.19% 22.59%
% of Gross Profit 2.11% 1.97%
Operating Expenses $68.45M $67.55M
YoY Change 20.05% -60.74%
Operating Profit $368.0K -$15.76M
YoY Change -101.0% -13.5%
Interest Expense $760.0K $745.0K
YoY Change 29.91% -3.99%
% of Operating Profit 206.52%
Other Income/Expense, Net $2.094M $5.764M
YoY Change 639.93% -472.83%
Pretax Income $3.767M -$8.801M
YoY Change -110.64% -53.66%
Income Tax $1.850M $3.290M
% Of Pretax Income 49.11%
Net Earnings $1.917M -$12.09M
YoY Change -105.38% -35.86%
Net Earnings / Revenue 0.57% -3.95%
Basic Earnings Per Share $0.01 -$0.06
Diluted Earnings Per Share $0.01 -$0.06
COMMON SHARES
Basic Shares Outstanding 195.1M shares 192.5M shares
Diluted Shares Outstanding 205.3M shares 193.5M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $544.1M $335.9M
YoY Change 23.79% -34.07%
Cash & Equivalents $324.4M $185.2M
Short-Term Investments
Other Short-Term Assets $1.837M $1.782M
YoY Change -93.88% -94.22%
Inventory
Prepaid Expenses $16.43M $16.94M
Receivables
Other Receivables $2.763M $2.908M
Total Short-Term Assets $861.3M $840.6M
YoY Change 18.17% 23.76%
LONG-TERM ASSETS
Property, Plant & Equipment $24.36M $22.18M
YoY Change 65.6% -11.63%
Goodwill $54.94M $54.94M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.554M $6.404M
YoY Change 7.34% 2.41%
Total Long-Term Assets $109.2M $109.6M
YoY Change 5.06% 4.06%
TOTAL ASSETS
Total Short-Term Assets $861.3M $840.6M
Total Long-Term Assets $109.2M $109.6M
Total Assets $970.4M $950.2M
YoY Change 16.53% 21.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.83M $20.93M
YoY Change -5.8% 18.84%
Accrued Expenses $105.2M $145.5M
YoY Change -20.08% 39.38%
Deferred Revenue
YoY Change
Short-Term Debt $2.426M $2.394M
YoY Change 3.06% -1.56%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $324.1M $341.8M
YoY Change 7.89% 50.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $15.00M
YoY Change -55.88%
Other Long-Term Liabilities $9.742M $8.256M
YoY Change 1099.75% 1.5%
Total Long-Term Liabilities $9.742M $23.26M
YoY Change 1099.75% -44.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $324.1M $341.8M
Total Long-Term Liabilities $9.742M $23.26M
Total Liabilities $339.6M $371.3M
YoY Change 10.64% 38.13%
SHAREHOLDERS EQUITY
Retained Earnings -$522.6M -$524.5M
YoY Change 14.53% 24.69%
Common Stock $20.00K $20.00K
YoY Change 5.26% 11.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $630.8M $578.9M
YoY Change
Total Liabilities & Shareholders Equity $970.4M $950.2M
YoY Change 16.53% 21.12%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $1.917M -$12.09M
YoY Change -105.38% -35.86%
Depreciation, Depletion And Amortization $4.655M $3.907M
YoY Change 36.19% 22.59%
Cash From Operating Activities $146.8M $48.90M
YoY Change 353.66% -194.22%
INVESTING ACTIVITIES
Capital Expenditures $3.910M $4.256M
YoY Change 49.81% 143.2%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$3.910M -$4.256M
YoY Change 49.81% 143.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.27M -144.8M
YoY Change -68.57% -493.44%
NET CHANGE
Cash From Operating Activities 146.8M 48.90M
Cash From Investing Activities -3.910M -4.256M
Cash From Financing Activities -10.27M -144.8M
Net Change In Cash 132.6M -100.1M
YoY Change -4624.95% 493.8%
FREE CASH FLOW
Cash From Operating Activities $146.8M $48.90M
Capital Expenditures $3.910M $4.256M
Free Cash Flow $142.8M $44.64M
YoY Change 380.33% -183.21%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2024Q2 us-gaap Number Of Countries In Which Entity Operates
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Reclassification</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The condensed consolidated financial statements and accompanying notes have been prepared consistently, with the exception of certain prior year amounts which have been reclassified to conform with the current period presentation. Reclassifications include a change in presentation of shares purchased under the ESPP within the Company’s Condensed Consolidated Statements of Cash Flows. Beginning in the year ended December 31, 2023, the Company changed the presentation of shares purchased under the ESPP to reflect an operating cash outflow for compensation paid to employees and a financing cash inflow for cash paid by employees in exchange for shares. Previously, such activity was treated and disclosed as noncash activity for the six months ended June 30, 2023. The Company has conformed the prior period statement of cash flows to the current period presentation to enhance transparency and provide comparability.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Use of Estimates </span></div>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 and operating lease liabilities, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and intangible assets. The key assumptions applied for the value of the intangible assets include revenue 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.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Concentration of Credit Risk </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash, cash equivalents, and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash, or customer funds receivable in the three and six months ended June 30, 2024 and 2023.</span></div>
CY2024Q2 us-gaap Advertising Expense
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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HostingArrangementServiceContractImplementationCostCapitalizedAdditions
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HostingArrangementServiceContractImplementationCostCapitalizedAdditions
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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FiniteLivedIntangibleAssetsAccumulatedAmortization
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AmortizationOfIntangibleAssets
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70750000 usd
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6293000 usd
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19265000 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
38750000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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37157000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
71245000 usd
us-gaap Allocated Share Based Compensation Expense
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64434000 usd
CY2024Q2 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
0 usd
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
800000 usd
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RestructuringAndRelatedCostIncurredCost
0 usd
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RestructuringAndRelatedCostIncurredCost
0 usd
us-gaap Restructuring Charges
RestructuringCharges
792000 usd
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78000 usd
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RestructuringCharges
792000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
870000 usd
CY2024Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.374
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.008
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.148
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EffectiveIncomeTaxRateContinuingOperations
0.005
CY2024Q2 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
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P7Y
CY2024Q2 rely Trade Settlement Liability
TradeSettlementLiability
71578000 usd
CY2023Q4 rely Trade Settlement Liability
TradeSettlementLiability
58950000 usd
CY2024Q2 rely Accrued Transaction Expense
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20184000 usd
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18500000 usd
CY2024Q2 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
14616000 usd
CY2023Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
13633000 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10830000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10251000 usd
CY2024Q2 us-gaap Taxes Payable Current And Noncurrent
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7329000 usd
CY2023Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
9259000 usd
CY2024Q2 us-gaap Loss Contingency Accrual Carrying Value Current
LossContingencyAccrualCarryingValueCurrent
3684000 usd
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3359000 usd
CY2024Q2 us-gaap Business Combination Contingent Consideration Liability Current
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12990000 usd
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13411000 usd
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15295000 usd
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3239000 usd
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804000 usd
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5310000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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5414000 usd
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VestingOfEarlyExercisedOptions
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2768000 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1374000 usd
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EquityAmountPreviouslyHeldBackForAcquisitionConsiderationSettlement
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IssuanceOfUnvestedCommonStockSubjectToServiceBasedVestingConditionsInConnectionWithAcquisition
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BusinessCombinationConsiderationTransferredLiabilitiesIncurred
0 usd
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BusinessCombinationConsiderationTransferredLiabilitiesIncurred
11899000 usd
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BusinessCombinationConsiderationTransferredPreExistingReceivableSettlement
0 usd
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BusinessCombinationConsiderationTransferredPreExistingReceivableSettlement
2401000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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false

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