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Remitly ™ Remitly Reports Third Quarter 2021 Results November 10 , 2021 Revenue up 69 % year over year Send Volume up 61 % year over year Active Customers up 51 % year over year SEATTLE , Nov. 10 , 2021 ( GLOBE NEWSWIRE ) -- Remitly Global , Inc. ( NASDAQ : RELY ) , a leading digital financial services provider for immigrants and their families in over 135 countries around the world , reported results for the third quarter ended September 30 , 2021 . " As we exit our first quarter as a public company , we're incredibly grateful for the position we're in to both create positive business outcomes , as well as meaningful impact through mission - driven work , " said Matt Oppenheimer , Remitly's Chief Executive Officer . " Remitly's vision is to transform the lives of immigrants and their families by providing the most trusted financial services on the planet . Our strong results in the quarter are a direct reflection of our customers ' commitment to their families and trust in Remitly . " Third Quarter 2021 Highlights and Key Operating Data : ( All comparisons relative to the third quarter of 2020 ) • Revenue totaled $ 121.2 million , compared to $ 71.8 million , up 69 % year over year . • Net loss was $ 13.0 million , compared to $ 2.4 million net loss . The increase in Remitly's net loss was primarily due to the $ 6.9 million non - cash donation of common stock in connection with our Pledge 1 % commitment , as well as incremental stock - based compensation expense . • Adjusted EBITDA decreased to $ 0.3 million , compared to $ 0.6 million . • Send volume increased to $ 5.2 billion , from $ 3.2 billion , up 61 % year over year . • Active customers increased to 2.6 million , from 1.7 million , up 51 % year over year . • Average revenue per active customer increased 12 % year over year to $ 47.34 . 2021 Financial Outlook : For fiscal year 2021 , Remitly currently expects : • Total revenue in the range of $ 445 million to $ 450 million , representing a growth rate of 73 to 75 % year over year . Adjusted EBITDA in the range of $ ( 17 ) million to $ ( 19 ) million . ● A reconciliation of GAAP to non - GAAP financial measures has been provided in the financial statement tables included in this earnings release . An explanation of these measures is also included below 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 earnings release 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 . Webcast Information Remitly will host a webcast at 5:00 PM Eastern Time on Wednesday , November 10 , 2021 to discuss its third quarter 2021 financial results . The live webcast will be accessible on Remitly's website at https://ir.remitly.com/ . A webcast replay will be available on our website at https://ir.remitly.com/ following the live event . We have used , and intend to continue to use , the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material non - public information and for complying with our disclosure obligations under Regulation FD . Non - GAAP Financial Measures Some of the financial information and data contained in this presentation , such as adjusted EBITDA and non - GAAP operating expenses , have not been prepared in accordance with United States generally accepted accounting principles ( " GAAP " ) . We regularly review our key business metrics and non - GAAP financial measures to evaluate our performance , identify trends affecting our business , prepare financial projections , and make strategic decisions . We believe that these key business metrics and non - GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance . Adjusted EBITDA and non - GAAP operating expenses are key output measures used by our management to evaluate our operating performance , inform future operating plans , and make strategic long - term decisions , including those relating to operating expenses and the allocation of internal resources . Remitly believes that the use of adjusted EBITDA and non - GAAP operating expenses provide additional tools to assess operational performance and trends in , and in comparing Remitly's financial measures with , other similar companies , many of which present similar non - GAAP financial measures to investors . Remitly's non - GAAP financial measures may be different from non - GAAP financial measures used by other companies . The presentation of non - GAAP financial measures is not intended to be considered in isolation or as a substitute for , or superior to , financial measures determined in accordance with GAAP . Because of the limitations of non - GAAP financial measures , you should consider the non - GAAP financial measures presented herein in conjunction with Remitly's financial statements and the related notes thereto . Please refer to the non - GAAP reconciliations in this press release for a reconciliation of these non - GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP .