(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Title of each class: | Trading Symbol(s): | Name of each exchange on which registered: | ||||||||||||
|
Exhibit No. | Description | ||||
99.1 | |||||
104 | Cover page interactive data file (embedded with the inline XBRL document) |
Remitly Global, Inc. | ||||||||
Date: | By: | /s/ Susanna Morgan | ||||||
Susanna Morgan | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands, except per share amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | $ | 121,244 | $ | 71,790 | $ | 323,350 | $ | 176,939 | |||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Transaction expenses(1) | 47,560 | 28,046 | 135,175 | 74,256 | |||||||||||||||||||
Customer support and operations(1) (2) | 12,005 | 7,632 | 32,435 | 17,795 | |||||||||||||||||||
Marketing(1) (2) | 30,365 | 18,816 | 82,639 | 50,923 | |||||||||||||||||||
Technology and development(1) (2) | 18,123 | 10,380 | 44,965 | 29,439 | |||||||||||||||||||
General and administrative(1) (2) | 24,539 | 7,667 | 47,429 | 22,008 | |||||||||||||||||||
Depreciation and amortization | 1,319 | 1,002 | 3,890 | 2,859 | |||||||||||||||||||
Total costs and expenses | 133,911 | 73,543 | 346,533 | 197,280 | |||||||||||||||||||
Loss from operations | (12,667) | (1,753) | (23,183) | (20,341) | |||||||||||||||||||
Interest income | 82 | 7 | 92 | 181 | |||||||||||||||||||
Interest expense | (512) | (247) | (1,048) | (1,027) | |||||||||||||||||||
Other income (expense), net | 396 | (241) | 3,044 | (1,737) | |||||||||||||||||||
Loss before provision for income taxes | (12,701) | (2,234) | (21,095) | (22,924) | |||||||||||||||||||
Provision for income taxes | 261 | 195 | 1,085 | 635 | |||||||||||||||||||
Net loss | $ | (12,962) | $ | (2,429) | $ | (22,180) | $ | (23,559) | |||||||||||||||
Deemed dividend on redeemable convertible preferred stock | — | — | — | — | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (12,962) | $ | (2,429) | $ | (22,180) | $ | (23,559) | |||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic and diluted | $ | (0.41) | $ | (0.11) | $ | (0.85) | $ | (1.11) | |||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic and diluted | 31,641,400 | 21,868,865 | 26,055,903 | 21,186,012 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Customer support and operations | $ | 40 | $ | 5 | $ | 77 | $ | 14 | |||||||||||||||
Marketing | 486 | 216 | 1,207 | 627 | |||||||||||||||||||
Technology and development | 1,698 | 533 | 3,522 | 1,548 | |||||||||||||||||||
General and administrative | 2,516 | 575 | 4,159 | 1,663 | |||||||||||||||||||
Total | $ | 4,740 | $ | 1,329 | $ | 8,965 | $ | 3,852 |
(in thousands except for share and per share amounts) | September 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 443,313 | $ | 186,694 | |||||||
Disbursement prefunding | 108,770 | 101,558 | |||||||||
Customer funds receivable, net | 79,243 | 50,729 | |||||||||
Prepaid expenses and other current assets | 15,992 | 6,350 | |||||||||
Total current assets | 647,318 | 345,331 | |||||||||
Restricted cash | 302 | 1,381 | |||||||||
Property and equipment, net | 9,225 | 9,675 | |||||||||
Operating lease right-of-use assets | 6,052 | 5,605 | |||||||||
Other non-current assets, net | 1,972 | 997 | |||||||||
Total assets | $ | 664,869 | $ | 362,989 | |||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 6,869 | $ | 4,256 | |||||||
Borrowings | — | 80,000 | |||||||||
Customer liabilities | 104,683 | 54,819 | |||||||||
Accrued expenses and other current liabilities | 57,699 | 39,742 | |||||||||
Operating lease liabilities | 3,411 | 2,959 | |||||||||
Total current liabilities | 172,662 | 181,776 | |||||||||
Operating lease liabilities, non-current | 3,623 | 4,008 | |||||||||
Other non-current liabilities | 901 | 827 | |||||||||
Total liabilities | $ | 177,186 | $ | 186,611 | |||||||
Commitments and contingencies | |||||||||||
Redeemable convertible preferred stock, $0.0001 par value per share; 50,000,000 and 132,674,735 shares authorized as of September 30, 2021 and December 31, 2020; zero and 127,082,605 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; liquidation preference of zero and $399,815 as of September 30, 2021 and December 31, 2020, respectively | — | 387,707 | |||||||||
Stockholders' equity (deficit) | |||||||||||
Common stock, $0.0001 par value; 725,000,000 and 190,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 163,765,500 and 24,289,906 shares issued and outstanding, as of September 30, 2021 and December 31, 2020, respectively | 16 | 2 | |||||||||
Additional paid-in capital | 730,253 | 8,766 | |||||||||
Accumulated other comprehensive income | 282 | 591 | |||||||||
Accumulated deficit | (242,868) | (220,688) | |||||||||
Total stockholders' equity (deficit) | 487,683 | (211,329) | |||||||||
Total liabilities, redeemable convertible preferred stock, and stockholders' equity (deficit) | $ | 664,869 | $ | 362,989 |
Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net loss | $ | (22,180) | $ | (23,559) | ||||||||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ||||||||||||||
Depreciation and amortization | 3,890 | 2,859 | ||||||||||||
Stock-based compensation expense, net | 8,965 | 3,852 | ||||||||||||
Donation of common stock | 6,933 | — | ||||||||||||
Other | 360 | 27 | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Disbursement prefunding | (7,212) | (30,345) | ||||||||||||
Customer funds receivable | (29,072) | (13,465) | ||||||||||||
Prepaid expenses and other assets | (9,491) | (4,952) | ||||||||||||
Operating lease right-of-use assets | 2,023 | 1,803 | ||||||||||||
Accounts payable | 1,229 | 1,840 | ||||||||||||
Customer liabilities | 50,284 | (28,916) | ||||||||||||
Accrued expenses and other liabilities | 16,013 | 21,595 | ||||||||||||
Operating lease liabilities | (2,317) | (1,915) | ||||||||||||
Net cash provided by (used in) operating activities | 19,425 | (71,176) | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Purchases of property and equipment | (1,347) | (1,825) | ||||||||||||
Capitalized internal-use software costs | (1,941) | (1,591) | ||||||||||||
Net cash used in investing activities | (3,288) | (3,416) | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Proceeds from issuance of common stock upon initial public offering and the private placement, net of underwriting discounts and commissions and other offering costs | 307,094 | — | ||||||||||||
Repayment of non-recourse promissory note | 3,060 | — | ||||||||||||
Proceeds from issuance of Series F convertible preferred stock, net of issuance costs | 2,980 | 84,855 | ||||||||||||
Proceeds from exercise of stock options | 7,519 | 1,995 | ||||||||||||
Payment of debt issuance costs | (988) | — | ||||||||||||
Repayments on borrowings, net | (80,000) | (45,000) | ||||||||||||
Net cash provided by financing activities | 239,665 | 41,850 | ||||||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (262) | 338 | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 255,540 | (32,404) | ||||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 188,075 | 183,520 | ||||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 443,615 | $ | 151,116 | ||||||||||
Supplemental disclosure of cash flow information | ||||||||||||||
Cash paid for interest | $ | 936 | $ | 998 | ||||||||||
Cash paid for income taxes | 303 | 334 | ||||||||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ | 2,532 | $ | 1,523 | ||||||||||
Vesting of early exercised options | 263 | 69 | ||||||||||||
Initial public offering and debt issuance costs incurred but not yet paid | 2,287 | — | ||||||||||||
Conversion of preferred stock to common stock | 390,687 | — | ||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | ||||||||||||||
Cash and cash equivalents | $ | 443,313 | $ | 149,881 | ||||||||||
Restricted cash | 302 | 1,235 | ||||||||||||
Total cash, cash equivalents and restricted cash | $ | 443,615 | $ | 151,116 |
Reconciliation of net loss to Adjusted EBITDA: | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Net loss | $ | (12,962) | $ | (2,429) | $ | (22,180) | $ | (23,559) | ||||||||||||||||||
Add: | ||||||||||||||||||||||||||
Interest expense, net | 430 | 240 | 956 | 846 | ||||||||||||||||||||||
Provision for income taxes | 261 | 195 | 1,085 | 635 | ||||||||||||||||||||||
Depreciation and amortization | 1,319 | 1,002 | 3,890 | 2,859 | ||||||||||||||||||||||
Foreign exchange (gain) loss | (396) | 241 | (3,044) | 1,737 | ||||||||||||||||||||||
Donation of common stock | 6,933 | — | 6,933 | — | ||||||||||||||||||||||
Stock-based compensation expense | 4,740 | 1,329 | 8,965 | 3,852 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 325 | $ | 578 | $ | (3,395) | $ | (13,630) |
Reconciliation of operating expenses to non-GAAP operating expenses: | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||
Customer support and operations | $ | 12,005 | $ | 7,632 | $ | 32,435 | $ | 17,795 | ||||||||||||||||||
Excluding: Stock-based compensation expense | 40 | 5 | 77 | 14 | ||||||||||||||||||||||
Non-GAAP customer support and operations | $ | 11,965 | $ | 7,627 | $ | 32,358 | $ | 17,781 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Marketing | $ | 30,365 | $ | 18,816 | $ | 82,639 | $ | 50,923 | ||||||||||||||||||
Excluding: Stock-based compensation expense | 486 | 216 | 1,207 | 627 | ||||||||||||||||||||||
Non-GAAP marketing | $ | 29,879 | $ | 18,600 | $ | 81,432 | $ | 50,296 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Technology and development | $ | 18,123 | $ | 10,380 | $ | 44,965 | $ | 29,439 | ||||||||||||||||||
Excluding: Stock-based compensation expense | 1,698 | 533 | 3,522 | 1,548 | ||||||||||||||||||||||
Non-GAAP technology and development | $ | 16,425 | $ | 9,847 | $ | 41,443 | $ | 27,891 | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
General and administrative | $ | 24,539 | $ | 7,667 | $ | 47,429 | $ | 22,008 | ||||||||||||||||||
Excluding: Stock-based compensation expense | 2,516 | 575 | 4,159 | 1,663 | ||||||||||||||||||||||
Excluding: Donation of common stock | 6,933 | — | 6,933 | — | ||||||||||||||||||||||
Non-GAAP general and administrative | $ | 15,090 | $ | 7,092 | $ | 36,337 | $ | 20,345 |
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Cover |
Nov. 10, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 10, 2021 |
Entity Registrant Name | REMITLY GLOBAL, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 021-344104 |
Entity Tax Identification Number | 83-2301143 |
Entity Address, Address Line One | 1111 Third Avenue, |
Entity Address, Address Line Two | Suite 2100 |
Entity Address, City or Town | Seattle |
Entity Address, State or Province | WA |
Entity Address, Postal Zip Code | 98101 |
City Area Code | (888) |
Local Phone Number | 736-4859 |
Title of 12(b) Security | Common Stock, par value $0.0001 per share |
Trading Symbol | RELY |
Security Exchange Name | NASDAQ |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001782170 |
Amendment Flag | false |
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