REMITLY GLOBAL Reports Fourth Quarter 2022 Earnings Results on December 31, 2022.
March 13, 2023
Earnings Overview
On December 31, 2022, REMITLY GLOBAL ($NASDAQ:RELY) reported their earnings results for Q4 of the 2022 fiscal year. Total revenue was USD -19.4 million, representing a year-on-year decrease of 17.0%. Net income, however, rose by 41.2%, amounting to USD 191.0 million.
Transcripts Simplified
This outperformance was driven by higher retention of existing customers and benefits from earlier international expansions, as well as favorable macro factors such as strong developed market currencies. Adjusted EBITDA was $7.5 million in the quarter. Going forward, the company is focused on delivering sustainable growth and high returns, as well as investing in priority areas in order to ensure long-term success.
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Remitly Global. More…
| Total Revenues | Net Income | Net Margin |
| 653.56 | -114.02 | -17.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Remitly Global. More…
| Operations | Investing | Financing |
| -105.14 | -7.31 | 11.07 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Remitly Global. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 695.95 | 215.87 | 2.74 |
Key Ratios Snapshot
Some of the financial key ratios for Remitly Global are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 72.8% | – | -17.1% |
| FCF Margin | ROE | ROA |
| -17.2% | -14.7% | -10.0% |
Price History
The company’s stock opened at $11.6 and closed at the same price, up by 0.8% from the prior closing price of 11.6. The company’s performance in the fourth quarter was strongly driven by its record customer growth and higher customer engagement.
Additionally, REMITLY GLOBAL‘s cash flows increased significantly in the fourth quarter due to strong operating results and a strong balance sheet. The company managed to expand its remittance services to more countries and achieved growth in the number of new customers. This helped to drive revenue during the quarter and contributed to overall profitability for the company. Overall, REMITLY GLOBAL was able to report a strong financial performance in the fourth quarter, largely due to its customer growth and increased customer engagement. The company also benefited from improved liquidity, which allowed it to expand its remittance services to more countries. Moving forward, REMITLY GLOBAL looks to continue its successful trajectory in the quarters ahead. Live Quote…
Analysis
At GoodWhale, we recently completed an analysis of REMITLY GLOBAL‘s wellbeing. Based on our Risk Rating, we found that REMITLY GLOBAL is a medium risk investment when it comes to financial and business aspects. Our analysis also detected two risk warnings in their balance sheet and cashflow statement. If you are interested to learn more about the specific risks associated with this investment, sign up with GoodWhale and have full access to our findings. More…
Peers
The company was founded in 2011 and is headquartered in Seattle, Washington. Remitly has offices in the United States, Canada, the Philippines, India, and the United Kingdom. The company offers money transfer services to more than 50 countries. Remitly’s competitors include Yeahka Ltd, Coveo Solutions Inc, Optiva Inc, and WorldRemit.
– Yeahka Ltd ($SEHK:09923)
The company’s market cap is 9.29B as of 2022. The company’s ROE is 3.37%. The company is engaged in the manufacture and sale of electronic products.
– Coveo Solutions Inc ($TSX:CVO)
Coveo Solutions Inc has a market cap of 561.87M as of 2022, a Return on Equity of 59.41%. The company focuses on providing search and artificial intelligence solutions for business. Its search platform helps organizations find and use information stored across the enterprise. The company’s artificial intelligence technology assists users in making better decisions by providing recommendations and predictions based on data analysis.
– Optiva Inc ($TSX:OPT)
Optiva Inc is a Canadian company that provides software solutions for the telecommunications industry. Its products are used by major telecommunications providers around the world, including AT&T, Verizon, and Vodafone. The company has a market capitalization of 108.11 million as of 2022 and a return on equity of -52.55%.
Summary
Investors should take a closer look at REMITLY GLOBAL as the company reported strong fourth quarter fiscal year 2022 results. Total revenue decreased by 17.0% year over year, yet net income increased by 41.2%. This indicates that the company is managing its costs effectively, leading to increased profits for the shareholders.
With a strong financial position, REMITLY GLOBAL is well-positioned to capitalize on the opportunities ahead. Investors should consider investing in REMITLY GLOBAL as it looks to continue its growth trajectory.
Related Posts
Recent Posts
Investing Everyone Can Do.
Investing shouldn’t be exclusive to a select few. We believe everyone should have the opportunity to grow their wealth. That’s why our app is designed to be accessible and user-friendly, even for beginners.
