Remitly Global Inc (RELY) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Remitly Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 Remitly 2022 年第四季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Stephen Shulstein, Vice President, Investor Relations. Please go ahead.

我現在想把會議交給今天的發言人，投資者關係副總裁斯蒂芬舒爾斯坦。請繼續。

Thank you. Good afternoon, and thank you for joining us for Remitly Fourth Quarter 2022 Earnings Call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly and Hemanth Munipalli, our Chief Financial Officer. Our results and additional management commentary are available in our earnings release and presentation slides, which can be found at ir.bermitlead.com. Please note that this call will be simultaneously webcast on the Investor Relations website. 

謝謝。下午好，感謝您加入我們的 Remitly 2022 年第四季度財報電話會議。今天和我一起參加電話會議的有 Remitly 的聯合創始人兼首席執行官 Matt Oppenheimer 和我們的首席財務官 Hemanth Munipalli。我們的業績和其他管理層評論可在我們的收益發布和演示幻燈片中找到，可在 ir.bermitlead.com 上找到。請注意，此電話會議將同時在投資者關係網站上進行網絡直播。

Before we start, I would like to remind you that we will be making forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Remitly's future financial results and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place any undue reliance on any forward-looking statements. Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and Remitly assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. 

在我們開始之前，我想提醒您，我們將根據聯邦證券法做出前瞻性陳述，包括但不限於關於 Remitly 未來財務業績和管理層預期與計劃的陳述。這些陳述既不是承諾也不是保證，涉及的風險和不確定性可能導致實際結果與此處呈現的結果存在重大差異。您不應過分依賴任何前瞻性陳述。有關可能影響我們結果的風險因素的更多信息，請參閱我們的收益發布和美國證券交易委員會備案文件。本次電話會議中作出的任何前瞻性陳述，包括對您問題的回答，均基於截至今天的當前預期，並且 Remitly 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因，除非需要根據法律。

The following presentation contains non-GAAP financial measures. For reconciliations of each of these non-GAAP financial measures to the most directly comparable GAAP metrics, please see our earnings release, which is available on the IR section of our website. 

以下介紹包含非 GAAP 財務措施。如需將這些非 GAAP 財務指標與最直接可比的 GAAP 指標進行核對，請參閱我們的收益發布，該發布可在我們網站的 IR 部分獲取。

Now I will turn the call over to Matt to begin.

現在我將把電話轉給馬特開始。

Thank you, Stephen, and thank you all for joining us to discuss our strong fourth quarter results and our outlook for 2023. This past year was a momentous year for Remitly and we made significant progress on our long-term vision with benefits for both our customers and shareholders. We are grateful to be in a business that matters so deeply to our customers. They depend on us every day to get money home to family and friends safely and quickly. 

謝謝 Stephen，也感謝大家加入我們討論我們強勁的第四季度業績和 2023 年展望。過去的一年對 Remitly 來說是重要的一年，我們在長期願景方面取得了重大進展，對我們雙方都有好處客戶和股東。我們很高興能夠從事對我們的客戶如此重要的業務。他們每天都依靠我們安全快速地將錢匯給家人和朋友。

On Slide 4, you can see why I am so confident about Remitly's future. First, our customers are resilient and predictable over many years of sending. This matters even more in volatile times and gives me comfort that we will be able to deliver strong growth across economic cycles. Second, our investments to provide a world-class remittance experience for our customers have resulted in a premium product that customers loyally use and keeps getting better as we scale. Third, we are proud of our track record of execution as we have consistently exceeded expectations since our IPO. Finally, as a result of the foundational investments we have made, solid execution and the continued strength in customer behavior, we have been able to increase the returns on our investments. As a result, we expect to be adjusted EBITDA positive in 2023. 

在幻燈片 4 上，您可以看到為什麼我對 Remitly 的未來如此有信心。首先，我們的客戶在多年的發送過程中具有彈性和可預測性。這在動盪時期更為重要，讓我感到欣慰的是，我們將能夠在整個經濟周期實現強勁增長。其次，我們為客戶提供世界一流的匯款體驗而進行的投資帶來了客戶忠實使用的優質產品，並隨著我們的規模不斷擴大。第三，我們為我們的執行記錄感到自豪，因為我們自 IPO 以來一直超出預期。最後，由於我們進行的基礎投資、穩健的執行和客戶行為的持續增強，我們已經能夠增加投資回報。因此，我們預計 2023 年調整後的 EBITDA 為正。

We believe we can continue to deliver strong revenue growth with high return investments over many years while efficiently scaling the business to deliver increased efficiencies. Turning to our exceptionally strong results for the fourth quarter. Revenue increased by 41% to $191 million. Our top line results efficiencies across many areas of our cost structure and favorable market dynamics resulted in a strong adjusted EBITDA performance of $7.5 million in the quarter. We believe the results in the fourth quarter display our strong product, loyal customer base and an intentional approach to delivering high returns on our investments. 

我們相信，我們可以在多年內繼續通過高回報投資實現強勁的收入增長，同時有效地擴展業務以提高效率。談談我們第四季度異常強勁的業績。收入增長 41% 至 1.91 億美元。我們在成本結構和有利的市場動態的許多領域的收入結果效率導致本季度調整後的 EBITDA 表現強勁，達到 750 萬美元。我們相信第四季度的結果展示了我們強大的產品、忠誠的客戶群以及為我們的投資提供高回報的有意方法。

Turning to the drivers of our fourth quarter quarterly active customer growth of 48% on Slide 5. We continue to take share and are growing customers significantly faster than the overall remittance market, whether that's traditional brick-and-mortar or digital. We set another company record for new customer acquisition during the fourth quarter as we benefited from our increasingly effective marketing and scale, especially in markets outside North America. We also benefited early in the fourth quarter as developed market currencies were strong compared to emerging market currencies. Our focus later in the fourth quarter was to pick up increased demand during the holidays, especially for corridors that see seasonal spending spikes for Christmas, a goal that we successfully executed. Our business outside North America also delivered a record number of new customers as we continue to focus on providing localized marketing experiences contributing to a strong holiday demand capture. 

轉向幻燈片 5 上我們第四季度季度活躍客戶增長 48% 的驅動因素。無論是傳統的實體匯款市場還是數字彙款市場，我們繼續佔據份額並且客戶增長速度明顯快於整體匯款市場。由於我們受益於我們日益有效的營銷和規模，特別是在北美以外的市場，我們在第四季度創造了新客戶獲取的另一個公司記錄。我們還在第四季度初受益，因為發達市場貨幣與新興市場貨幣相比表現強勁。我們在第四季度晚些時候的重點是在假期期間增加需求，特別是對於聖誕節季節性支出激增的走廊，我們成功實現了這一目標。我們在北美以外的業務也帶來了創紀錄數量的新客戶，因為我們繼續專注於提供本地化的營銷體驗，以促進強勁的假期需求捕獲。

Finally, our product improvement leading the customer peace of mind also made it easier to attract and retain customers. Our retention remains strong at an average of 90% of revenue retained after the first full year of growth, and our recent cohorts continue to show similar retention trends as we focus on acquiring high-quality customers who continue to transact with us over many years. This retention is the result of our premium product and our commitment to investing in reducing customer friction along with pricing that delivers long-term value for our customers. High retention is also driven by the resilience of our customers and the reasons why they use our product. 

最後，我們的產品改進讓客戶安心也更容易吸引和留住客戶。在第一年的增長之後，我們的保留率仍然很高，平均保留了 90% 的收入，並且我們最近的隊列繼續顯示出類似的保留趨勢，因為我們專注於獲得多年來繼續與我們進行交易的高質量客戶。這種保留是我們優質產品的結果，也是我們致力於投資減少客戶摩擦以及為客戶提供長期價值的定價的結果。高保留率還受到我們客戶的彈性以及他們使用我們產品的原因的推動。

Our customers typically send money home to their family and friends multiple times a quarter to help with basic nondiscretionary living expenses. This support to their families back home takes on even more important, especially during times of economic uncertainty, which we have seen across the developing world even more than in developed countries. Finally, we survey our customers every quarter and the results remain consistent. The vast majority of customers expect to send money at the same frequency or more often than they did in the past year. This gives us additional comfort around the visibility and predictability of our customer behavior in 2023. 

我們的客戶通常每季度多次向家人和朋友寄錢回家，以幫助支付基本的不可支配的生活費用。這種對他們家鄉家人的支持變得更加重要，尤其是在經濟不確定時期，我們在發展中國家看到的這種情況比在發達國家還要多。最後，我們每個季度都會對客戶進行調查，結果始終如一。絕大多數客戶希望以與去年相同或更頻繁的頻率匯款。這讓我們對 2023 年客戶行為的可見性和可預測性更加放心。

We continue to invest in our strategic priorities, as shown on Slide 6. Our investments in these 4 priorities will allow us to deliver efficient new customer growth and drive additional retention and customer loyalty in both the near and long term. Our focus on new customer acquisition at highly attractive unit economics and growing our geographic footprint will help us drive efficient customer growth. Enhancing our remittance product and our vision of serving our customers with complementary new products will allow us to drive even higher retention and customer engagement. As we continue to invest across these 4 areas, we are maintaining our disciplined focus to ensure our investments have even higher long-term returns, consistent with our history of making investments at very strong unit economics. 

我們繼續投資於我們的戰略重點，如幻燈片 6 所示。我們對這 4 個優先事項的投資將使我們能夠實現高效的新客戶增長，並在短期和長期內推動額外的保留和客戶忠誠度。我們專注於以極具吸引力的單位經濟效益獲取新客戶並擴大我們的地理足跡，這將幫助我們推動高效的客戶增長。增強我們的匯款產品和我們通過互補的新產品為客戶服務的願景將使我們能夠推動更高的保留率和客戶參與度。隨著我們繼續在這 4 個領域進行投資，我們將保持我們的紀律重點，以確保我們的投資具有更高的長期回報，這與我們在非常強大的單位經濟效益下進行投資的歷史一致。

As the cost of capital has increased, we have increased our hurdle rates around these investment priorities in 2022 and also increased focus on scale efficiencies, which had the benefit of allowing us to accelerate our path to adjusted EBITDA profitability to the full year 2023, while at the same time, ensuring we are able to generate sustainable high returns for many years to come. We are well positioned to reap the benefits of increasing returns from our new customer acquisition, geographic expansion, remittance product enhancements and complementary new products in 2023 and beyond. 

隨著資本成本的增加，我們在 2022 年提高了圍繞這些投資優先事項的門檻率，並更加關注規模效率，這有利於我們加快實現調整後 EBITDA 盈利能力的道路，直至 2023 年全年，同時同時，確保我們能夠在未來許多年內產生可持續的高回報。我們有能力在 2023 年及以後從我們的新客戶獲取、地域擴張、匯款產品增強和互補新產品中獲得增加回報的好處。

Turning to Slide 7. Our efficient new customer acquisition has been driven by increasing brand awareness, our highly localized approach across 170 countries and increasing scale, which drives low-cost word-of-mouth customer acquisition. One of our strengths is deploying and measuring the impact of our marketing investments at a quantitative, detailed and actionable level. Specifically, we focus on the elasticity of our marketing investments and making sure our paid marketing spend is bringing the right level of return in a short-term time horizon. Alongside that, we have continued to invest in unpaid channels and awareness building efforts, making sure we are building medium- and longer-term demand, which, in turn, drives even more efficiency into our marketing program as our brand awareness increases. 

轉到幻燈片 7。我們高效的新客戶獲取是由不斷提高的品牌知名度、我們在 170 個國家/地區的高度本地化方法以及不斷擴大的規模推動的，這推動了低成本的口碑客戶獲取。我們的優勢之一是在量化、詳細和可操作的層面上部署和衡量我們營銷投資的影響。具體來說，我們專注於營銷投資的彈性，並確保我們的付費營銷支出在短期內帶來適當水平的回報。除此之外，我們繼續投資於無償渠道和意識建設工作，確保我們正在建立中長期需求，這反過來會隨著我們品牌意識的提高而提高我們營銷計劃的效率。

This combination of increased rigor in how we deploy marketing dollars combined with a scalable and highly localized approach and a continued multiyear investment into the upper funnel has resulted in the cash efficiencies that we have delivered. While CAC is a key driver for marketing efficiencies, it is important to note we look at CAC in the context of LTV-to-CAC. Our customer lifetime value remains incredibly strong, driven by high retention, customer resilience or premium product, durability and pricing and continued leverage in transaction expense. Even as our business has grown substantially and geographically, our LTV to CAC for our 2022 cohort is similar to the 6x we shared during the IPO. 

我們更加嚴格地部署營銷資金，結合可擴展和高度本地化的方法，以及對上層漏斗的持續多年投資，這導致我們實現了現金效率。雖然 CAC 是營銷效率的關鍵驅動力，但重要的是要注意我們在 LTV-to-CAC 的背景下看待 CAC。在高保留率、客戶彈性或優質產品、耐用性和定價以及交易費用的持續槓桿作用的推動下，我們的客戶生命週期價值仍然非常強勁。即使我們的業務在地域上大幅增長，我們 2022 年隊列的 LTV 到 CAC 與我們在 IPO 期間分享的 6 倍相似。

Our second investment priority is expanding our geographic footprint, which includes opening up new corridors as well as expanding our disbursement options. As you can see on Slide 8, we continue to add new send markets including New Zealand in the fourth quarter and the United Emirates market last month. The UAE is the second largest source market for remittances after the U.S., with significant receive corridors that we already serve well, including India, Pakistan, Philippines and Bangladesh. The UAE currently has a large percentage of remittance transactions done via cash pay in and is right for digital disruption. We believe we can compete very effectively in this market, and we are very proud to now be able to support the more than 8 million immigrants in the UAE, many of whom send money home to their love land and are looking for more convenient options and a better experience that we believe we can deliver. Looking ahead, we have the opportunity to further expand into additional markets, including in the Middle East and Europe, helped by the Rewire acquisition, which we closed last month. Additionally, we continue to believe the quality of our disbursement options, including 4 billion bank accounts, 435,000 cash pickup locations and 1.1 billion mobile wallet remain one of the many compelling value propositions for our customers. 

我們的第二個投資重點是擴大我們的地理足跡，包括開闢新的走廊以及擴大我們的支付選項。正如您在幻燈片 8 中看到的那樣，我們繼續添加新的發送市場，包括第四季度的新西蘭和上個月的阿聯酋市場。阿聯酋是僅次於美國的第二大匯款來源市場，擁有我們已經提供良好服務的重要接收走廊，包括印度、巴基斯坦、菲律賓和孟加拉國。阿聯酋目前有很大一部分匯款交易是通過現金支付完成的，並且適合數字中斷。我們相信我們可以在這個市場上非常有效地競爭，我們很自豪現在能夠支持阿聯酋超過 800 萬的移民，他們中的許多人寄錢回家，他們正在尋找更方便的選擇和我們相信我們可以提供更好的體驗。展望未來，在我們上個月完成的 Rewire 收購的幫助下，我們有機會進一步擴展到更多市場，包括中東和歐洲。此外，我們仍然相信我們支付選項的質量，包括 40 億個銀行賬戶、435,000 個現金提取地點和 11 億個移動錢包，仍然是我們客戶眾多引人注目的價值主張之一。

Our geographic expansion has allowed us to further grow and diversify our revenue as can be seen on Slide 9. While all regions have had a greater than 50% revenue CAGR since 2020, we have seen our business outside North America grow even faster and achieve a scale of more than $100 million in revenue in 2022. Our business outside of North America now represents 15% of total revenue, which is up over 400 basis points compared with 2020. In addition, our 3 largest receive markets by revenue, Mexico, India and the Philippines represented approximately 65% of total revenue in 2022, which is down from approximately 75% in 2020. Our growth and scale outside North America is critical for many reasons, including lessening our risk exposure to region-specific macroeconomic issues, diversifying our foreign exchange exposure and lowering our CAC outside North America as we gain relevant scale and brand presence. 

正如幻燈片 9 所示，我們的地域擴張使我們的收入得以進一步增長和多樣化。雖然自 2020 年以來所有地區的收入複合年增長率都超過 50%，但我們發現北美以外的業務增長更快，並實現了到 2022 年的收入規模將超過 1 億美元。我們在北美以外的業務現在佔總收入的 15%，與 2020 年相比增長了 400 多個基點。此外，我們收入最大的 3 個收貨市場是墨西哥、印度和菲律賓佔 2022 年總收入的約 65%，低於 2020 年的約 75%。我們在北美以外的增長和規模至關重要，原因有很多，包括減少我們對特定地區宏觀經濟問題的風險敞口，使我們的業務多元化隨著我們獲得相關規模和品牌影響力，外匯敞口和降低我們在北美以外的 CAC。

Our third priority is to deliver a premium customer experience as we scale by continuing to invest in the remittance product. Customers are offered peace of mind from the moment they open our app until funds are safely delivered in the hands of their family and friends around the world as you can see on Slide 10. From ensuring our customers have the widest selection of payment options, delivering a frictionless experience while minimizing exposure to risk, enabling the ability to track funds anytime, accessing self-help and live customer support to operate one of the fastest, most reliable and extensive disbursement networks in the industry, we are reinventing the remittance experience and building a premium product that our loyal customers love and trust. Accordingly, once we have received customer funds, more than 90% of transactions are dispersed in less than 1 hour. Additionally, we are able to maintain an uptime of 99.94% even as our volumes continue to show significant growth. All of this leads to high retention of existing customers and helps us build a premium experience and a trusted brand in the communities we serve. 

我們的第三個優先事項是在我們通過繼續投資匯款產品來擴大規模的同時提供優質的客戶體驗。從打開我們的應用程序那一刻起，客戶就可以高枕無憂，直到資金安全地交付給他們在世界各地的家人和朋友手中，如幻燈片 10 所示。從確保我們的客戶擁有最廣泛的支付選項，提供無摩擦的體驗，同時最大限度地減少風險，能夠隨時跟踪資金，獲得自助和實時客戶支持，以運營業內最快、最可靠和廣泛的支付網絡之一，我們正在重塑匯款體驗並建立我們的忠實客戶喜愛和信任的優質產品。因此，一旦我們收到客戶資金，超過 90% 的交易將在不到 1 小時內分散。此外，即使我們的交易量繼續顯著增長，我們也能夠保持 99.94% 的正常運行時間。所有這些導致現有客戶的高度保留，並幫助我們在我們服務的社區中建立優質體驗和值得信賴的品牌。

The last point I'd like to note regarding remittance product enhancement investments is our fraud prevention systems continue to be a strategic advantage to both our business model and customer experience. Fraud loss is always a balancing act between delivering a frictionless customer experience and an acceptable fraud loss rate. In Q4, both the customer experience and fraud loss rates were strong. These updates were the result of improvements we made to our fraud machine learning models, which, with the addition of scale and sophistication gives us better data and better tools to train our models to more effectively identify bad actors. This will ultimately enable us to improve the customer experience while also improving our fraud loss rate. We believe our internally developed fraud capabilities are a long-term strategic advantage, even though a certain segment of fraud loss remains variable from quarter-to-quarter as we seek to maximize our customer experience and fraud loss rates. 

關於匯款產品增強投資，我想指出的最後一點是，我們的防欺詐系統仍然是我們業務模式和客戶體驗的戰略優勢。欺詐損失始終是提供無摩擦客戶體驗和可接受的欺詐損失率之間的平衡行為。在第四季度，客戶體驗和欺詐損失率都很強勁。這些更新是我們對欺詐機器學習模型進行改進的結果，隨著規模和復雜性的增加，這些更新為我們提供了更好的數據和更好的工具來訓練我們的模型，以更有效地識別不良行為者。這最終將使我們能夠改善客戶體驗，同時也提高我們的欺詐損失率。我們相信，我們內部開發的反欺詐能力是一項長期戰略優勢，儘管隨著我們尋求最大限度地提高客戶體驗和反欺詐損失率，某些欺詐損失部分在每個季度仍然存在變化。

Finally, turning to our long-term vision of complementary new products on Slide 11. Our strategy has narrowed to focus on solving customer problems that are complementary to the international payment needs we are already serving. We believe this focus will drive valuable outcomes for customers, deepen customer loyalty and retention and further improve efficiency with new customer acquisition. Ultimately, we expect that our focused product strategy will deepen and expand our remittance relationship with our customers, creating a virtuous cycle and competitive advantage for Remitly that will be hard to replicate. 

最後，轉向我們在幻燈片 11 上補充新產品的長期願景。我們的戰略已經縮小到專注於解決與我們已經服務的國際支付需求互補的客戶問題。我們相信，這種關注將為客戶帶來有價值的成果，加深客戶忠誠度和保留率，並通過新客戶獲取進一步提高效率。最終，我們預計我們專注的產品戰略將加深和擴大我們與客戶的匯款關係，為 Remitly 創造難以復制的良性循環和競爭優勢。

As a result of this strategic evolution, we have made the decision to sunset our Passbook brand. While Passbook was gaining traction with customers and was growing, it was ultimately outside our core customer segment. We believe it makes sense to redeploy our resources to higher returning investments targeted at our core remittance customer. We are taking the best of learnings from Passbook and integrating them into products or features to deliver greater value through innovative solutions that are directly relevant to our customers' remittance needs and that we are uniquely equipped to deliver. 

由於這一戰略演變，我們決定停止使用 Passbook 品牌。雖然 Passbook 越來越受客戶歡迎並不斷發展壯大，但它最終不在我們的核心客戶群之外。我們認為，將我們的資源重新部署到針對我們核心匯款客戶的更高回報投資是有意義的。我們正在從 Passbook 中汲取最好的經驗，並將它們整合到產品或功能中，以通過與我們客戶的匯款需求直接相關並且我們具備提供獨特能力的創新解決方案來提供更大的價值。

Before I turn the call over to Hemanth, I'd like to reiterate our strategic priorities for 2023 on Slide 12, which are all about continuing to deliver on our promises to our customers and shareholders over the long term. This is all supported by building a world-class culture rooted in serving our customers. Our focus on long-term sustainable returns remains a common thread across all of these priorities. Turning to specifics on these priorities. First, new customer acquisition. We will plan to remain disciplined on marketing expenses and believe we will be able to continue to show leverage with some variability over time depending on competition in the ad market with unit economics guiding our investment decisions. 

在我將電話轉給 Hemanth 之前，我想在幻燈片 12 上重申我們 2023 年的戰略重點，這些重點都是為了繼續兌現我們對客戶和股東的長期承諾。這一切都得到了建立植根於為客戶服務的世界一流文化的支持。我們對長期可持續回報的關注仍然是所有這些優先事項的共同點。轉向這些優先事項的細節。第一，新客戶獲取。我們將計劃在營銷費用方面保持紀律，並相信我們將能夠隨著時間的推移繼續顯示出一定的影響力，具體取決於廣告市場的競爭，單位經濟學指導我們的投資決策。

Second, geographic expansion. There remains a significant amount of new market opportunities and opportunities in existing markets as we still only represent approximately 2% of total remittance volume. Our scale and prior investments will allow us to enter new markets even more efficiently and effectively. Third, we will strive to deliver customer peace of mind with a flawless remittance experience, which drives customer loyalty and improve margins. And finally, fourth, with our complementary new products, we will solve problems unique to our remittance customers, driving additional engagement and loyalty.

二是地域擴張。由於我們仍然只佔總匯款量的大約 2%，因此現有市場中仍然存在大量新的市場機會和機會。我們的規模和先前的投資將使我們能夠更有效地進入新市場。第三，我們將努力通過完美的匯款體驗讓客戶安心，從而提高客戶忠誠度並提高利潤率。最後，第四，通過我們互補的新產品，我們將解決匯款客戶特有的問題，從而提高參與度和忠誠度。

I am very confident in our ability to deliver on our promises to customers and shareholders, and we remain anchored on our vision on Slide 13 to transform the lives of immigrants and their families by providing the most trusted financial services on the planet. I believe we have the best team in the industry to execute on this vision and look forward to what we can accomplish together for all of our stakeholders. 

我對我們兌現對客戶和股東的承諾的能力非常有信心，我們仍然堅持我們在幻燈片 13 上的願景，即通過提供地球上最值得信賴的金融服務來改變移民及其家人的生活。我相信我們擁有業內最好的團隊來實現這一願景，並期待我們可以為所有利益相關者共同完成的事情。

With that, I'll turn the call over to Hemanth to provide more details on our financial results and 2023 outlook.

有了這個，我將把電話轉給 Hemanth，以提供有關我們財務業績和 2023 年展望的更多詳細信息。

Thank you, Matt. I'm very pleased with our exceptional financial performance for the fourth quarter. Our teams had strong execution in the quarter, and we also benefited from some favorable market conditions and both of these factors led to our outperformance in the quarter. I'll begin by reviewing some high-level drivers of our financial performance. I will then discuss the priorities we're focusing on to ensure we can deliver sustainable growth and high returns for many years to come. I'll finish with our outlook for 2023 and our investment priorities. With that, let's turn to our fourth quarter results. As a reminder, I will discuss non-GAAP operating expenses and adjusted EBITDA in my remarks. These metrics exclude items such as stock-based compensation, the donation of common stock in connection with our pledge 1% commitment, transaction costs related to acquisitions and foreign exchange gain a loss. Reconciliations to GAAP results are included in the earnings release. 

謝謝你，馬特。我對我們第四季度出色的財務業績感到非常滿意。我們的團隊在本季度執行力很強，我們也受益於一些有利的市場條件，這兩個因素都導致我們在本季度表現出色。我將從回顧我們財務業績的一些高級驅動因素開始。然後我將討論我們關注的優先事項，以確保我們能夠在未來許多年實現可持續增長和高回報。我將以我們對 2023 年的展望和我們的投資重點作為結尾。有了這個，讓我們轉向我們的第四季度業績。提醒一下，我將在發言中討論非 GAAP 運營費用和調整後的 EBITDA。這些指標不包括基於股票的補償、與我們承諾 1% 承諾相關的普通股捐贈、與收購相關的交易成本和外匯收益損失等項目。與 GAAP 結果的對賬包含在收益發布中。

Beginning on Slide 15 with our high-level financial performance in the fourth quarter. We're pleased to deliver high active customer and revenue growth and adjusted EBITDA profitability. Quarterly active customers grew by 48% year-over-year to $4.2 million. Send volume grew 35% year-over-year to approximately $8.1 billion, only resulting in revenue growth of 41% year-over-year to $191 million. On a constant currency basis, both send volume and revenue growth rates would have been approximately 500 basis points higher on a year-over-year basis. This revenue outperformance combined with significantly lower transaction expense and marketing efficiency led to adjusted EBITDA of $7.5 million in the quarter. Our GAAP net loss was $19 million in the quarter and included $27 million of stock compensation expense recognized in the quarter. 

從幻燈片 15 開始，介紹我們第四季度的高水平財務業績。我們很高興實現高活躍客戶和收入增長以及調整後的 EBITDA 盈利能力。季度活躍客戶同比增長 48% 至 420 萬美元。發送量同比增長 35% 至約 81 億美元，僅導致收入同比增長 41% 至 1.91 億美元。在固定匯率的基礎上，發送量和收入增長率將比去年同期高出約 500 個基點。這一出色的收入表現加上顯著降低的交易費用和營銷效率，導致本季度調整後的 EBITDA 為 750 萬美元。本季度我們的 GAAP 淨虧損為 1900 萬美元，其中包括本季度確認的 2700 萬美元股票補償費用。

Now let's turn to some of the key factors that drove the exceptional performance in the fourth quarter. On Slide 16, we detail both our execution wins and some macro factors that led to our strong results in the quarter. Let's begin with revenue, which was up 41% year-over-year in the fourth quarter and approximately up 46% year-over-year on a constant currency basis. Our strong revenue growth was driven by high retention of existing customers and benefits from earlier international expansions. Existing customer activity contributed to a significant portion of total revenue in the fourth quarter, which reflects the consistent spending behavior of our customers and our premium customer experience. 

現在讓我們談談推動第四季度卓越表現的一些關鍵因素。在幻燈片 16 上，我們詳細介紹了我們的執行勝利和導致我們在本季度取得強勁業績的一些宏觀因素。讓我們從收入開始，第四季度收入同比增長 41%，按固定匯率計算同比增長約 46%。我們強勁的收入增長是由現有客戶的高保留率和早期國際擴張帶來的好處推動的。現有客戶活動佔第四季度總收入的很大一部分，這反映了我們客戶一貫的消費行為和我們優質的客戶體驗。

In Q4, we also acquired a significant number of new customers who we expect to more meaningfully contribute to revenue in future quarters. In addition, certain macro factors such as some strong developed market currencies had a positive impact on our revenue in the quarter as this provided an incentive for some of our customers to send remedies. While our customers are typically sending money home for basic needs, there are some markets that are more sensitive to foreign exchange rate changes, especially those that tend to also have larger transaction sizes. In addition, we also benefited from lower advertising costs as strong developed market currencies tend to encourage certain prospective customers to search for remittance options to take advantage of favorable foreign exchange rates. 

在第四季度，我們還獲得了大量新客戶，我們希望他們在未來幾個季度為收入做出更有意義的貢獻。此外，某些宏觀因素（例如一些強勁的發達市場貨幣）對我們本季度的收入產生了積極影響，因為這激勵我們的一些客戶發送補救措施。雖然我們的客戶通常會匯款回家以滿足基本需求，但有些市場對外匯匯率變化更為敏感，尤其是那些交易規模往往也較大的市場。此外，我們還受益於較低的廣告成本，因為強勁的發達市場貨幣往往會鼓勵某些潛在客戶尋找匯款選項以利用有利的外匯匯率。

Turning to our transaction expenses, which includes costs relating to our paid partners, disbursement partners and fraud losses. Transaction expense as a percentage of revenue was down 410 basis points year-over-year. This was primarily due to significantly lower fraud loss rates in the fourth quarter as a result of improved algorithms, which harness our increasing amount of data and analytical sophistication. This helped drive substantial improvements in fraud loss rates on a year-over-year basis. We're excited about the improvements in fraud launch rates in Q4, and we'll continue to invest in our data and analytics capabilities to manage both our fraud loss rates and provide our customers with frictionless experiences. However, we expect some variability in fraud loss rates in the end quarter while making sustainable improvements in the long term. 

轉向我們的交易費用，其中包括與我們的付費合作夥伴、支付合作夥伴和欺詐損失相關的成本。交易費用佔收入的百分比同比下降 410 個基點。這主要是由於第四季度欺詐損失率顯著降低，這是由於算法得到改進，這些算法利用了我們不斷增加的數據量和分析的複雜性。這有助於推動欺詐損失率逐年大幅改善。我們對第四季度欺詐發起率的提高感到興奮，我們將繼續投資於我們的數據和分析能力，以管理我們的欺詐損失率並為我們的客戶提供順暢的體驗。然而，我們預計在長期持續改善的同時，最後一個季度的欺詐損失率會有一些變化。

A key driver of our strong results in the fourth quarter was the efficiencies we delivered in our new customer acquisition marketing as we made a deliberate effort to drive even more higher returns on our marketing spending while still acquiring a record number of new customers. As customer acquisition costs or CAC makes up the vast majority of marketing expense, we were able to deliver a 600 basis point year-over-year decline in our overall marketing expense as a percentage of revenue. We were able to significantly drive down fourth quarter CAC 35% year-over-year and 6% sequentially. A number of factors drove declines in CAC, including increased benefits from localized digital marketing, brand awareness, word of mouth effect and increasing scale in our business outside North America. This has allowed us to bring down our Rest of the World Cup closer to our North American CAC levels. We also believe the strength of certain developed market currencies attracted some customers requiring less marketing effort. 

我們在第四季度取得強勁業績的一個關鍵驅動因素是我們在新客戶獲取營銷方面的效率提高，因為我們刻意努力推動更高的營銷支出回報，同時仍然獲得了創紀錄數量的新客戶。由於客戶獲取成本或 CAC 佔營銷費用的絕大部分，我們能夠使我們的整體營銷費用佔收入的百分比同比下降 600 個基點。我們能夠顯著降低第四季度 CAC 同比下降 35%，環比下降 6%。許多因素導致 CAC 下降，包括本地化數字營銷帶來的收益增加、品牌知名度、口碑效應以及我們在北美以外的業務規模不斷擴大。這使我們能夠將世界杯的其餘部分降低到更接近我們北美 CAC 的水平。我們還認為，某些發達市場貨幣的強勢吸引了一些需要較少營銷努力的客戶。

In Q4, we also observed increased competition in the advertising market as it is a seasonally high period for remittance activity. However, it was still weaker than expected both year-over-year and on a sequential basis. We were pleased to be able to take advantage of this environment in the fourth quarter. Overall, we are very pleased with the significant gains we have made in CAC efficiency through 2022, but with a relatively low market share in the global remittance market, we expect to remain dynamic in managing CAC within our investment thresholds to ensure that we continue to aggressively grow our customer base. We will continue to monitor the advertising market trends during 2023 with the expectation that 2023 will have a more normalized competitive environment. We're also focused on delivering additional scale efficiencies, while at the same time, investing in our growth opportunities. 

在第 4 季度，我們還觀察到廣告市場的競爭加劇，因為這是匯款活動的季節性高峰期。然而，無論是同比還是環比，它仍然弱於預期。我們很高興能夠在第四季度利用這種環境。總體而言，我們對到 2022 年在 CAC 效率方面取得的顯著進步感到非常高興，但由於在全球匯款市場中的市場份額相對較低，我們希望在我們的投資門檻內保持動態管理 CAC，以確保我們繼續積極擴大我們的客戶群。我們將繼續監測2023年的廣告市場趨勢，預計2023年的競爭環境將更加常態化。我們還專注於提供額外的規模效率，同時投資於我們的增長機會。

In the fourth quarter, G&A expense declined 150 basis points year-over-year as we anniversaried the increase in public company expenses and we maintained disciplined and focused on the highest returning investments that would allow us to scale effectively for many years to come. Technology and development expenses increased 270 basis points year-over-year and reflects the investments we're making in our remittance platform and developing complementary new products. We expect to continue to invest in delivering a premium experience and are being opportunistic about hiring high-quality talent given the dislocations seen recently in the tech hiring market. Customer support and operations expenses were essentially flat year-over-year as a percentage of revenue. We expect to see improved efficiencies and customer support over time as we continue to scale and meet the benefits from product investments and automation. 

在第四季度，G&A 費用同比下降 150 個基點，因為我們紀念了上市公司費用的增加，並且我們保持紀律並專注於回報率最高的投資，這將使我們能夠在未來許多年內有效地擴大規模。技術和開發費用同比增長 270 個基點，反映了我們在匯款平台和開發互補新產品方面的投資。我們希望繼續投資於提供優質體驗，並且鑑於最近在技術招聘市場上出現的混亂，我們在招聘高質量人才方面持機會主義態度。客戶支持和運營費用佔收入的百分比同比基本持平。隨著我們繼續擴大規模並從產品投資和自動化中獲益，我們希望隨著時間的推移提高效率和客戶支持。

Our focus for 2023 and beyond is on 4 key areas to drive sustainable long-term returns, as you can see on Slide 17. These are to continue to deliver strong revenue growth, improved transaction expense, sustain or improve marketing efficiency and increased scale efficiencies in other operating expenses. By focusing on executing across these 4 areas, particularly with the additional focus on efficiencies, we believe we can deliver sustainable long-term high returns. 

正如您在幻燈片 17 中所見，我們 2023 年及以後的重點是推動可持續長期回報的 4 個關鍵領域。這些領域將繼續帶來強勁的收入增長、改善交易費用、維持或提高營銷效率並提高規模效率在其他運營費用中。通過專注於這 4 個領域的執行，特別是額外關注效率，我們相信我們可以提供可持續的長期高回報。

First, we expect to consistently deliver high double-digit revenue growth even as we scale. This will be driven by robust growth in active customers, high retention and pricing that delivers value for our customers. Active customers are driven by customer loyalty, highly effective marketing and a premium experience, enabling us to continue our market share gains. In the fourth quarter, these factors helped deliver 41% year-over-year revenue growth. 

首先，我們希望即使在擴大規模的同時也能持續實現兩位數的高收入增長。這將受到活躍客戶的強勁增長、高保留率和為我們的客戶創造價值的定價的推動。活躍的客戶受到客戶忠誠度、高效營銷和優質體驗的驅動，使我們能夠繼續擴大市場份額。在第四季度，這些因素幫助實現了 41% 的同比收入增長。

Second, we see opportunities to continue to improve our transaction expense cost structure as we increase our volume of remittance transactions. We expect our transaction expense leverage will be driven in the medium to long term, but reduced costs relating to partner integrations, better terms with payment processing and disbursement partners and improvement to risk and fraud management systems, especially as we increase the volume of customer data that we integrate into our fraud models and algorithms. These drive down fraud loss rates, while at the same time, improving the customer experience. We expect some variability in transaction expenses from quarter-to-quarter as some fraud costs remain inherently unpredictable. 

其次，隨著匯款交易量的增加，我們看到了繼續改善交易費用成本結構的機會。我們預計我們的交易費用槓桿將在中長期內得到推動，但與合作夥伴整合相關的成本會降低，與支付處理和支付合作夥伴的條件會更好，風險和欺詐管理系統也會得到改善，尤其是在我們增加客戶數據量的情況下我們將其整合到我們的欺詐模型和算法中。這些降低了欺詐損失率，同時改善了客戶體驗。我們預計每個季度的交易費用會有一些變化，因為一些欺詐成本本質上仍然不可預測。

Turning to marketing efficiency. Marketing expenses are our largest operating expense and the vast majority of marketing expenses related to new customer acquisition efforts. We plan to continue investing in high-return marketing with a focus on customer growth and sustaining our CAC efficiency gains. As we grow, we're also looking closely at our operating expenses, while at the same time ensuring we're making the appropriate investments that allow us to deliver on our strategic priorities for the long term. Our year-over-year growth in G&A expense has moderated as we begin to anniversary the ramp in public company expense, and we expect to continue to be disciplined on both headcount and non-headcount expenses. Our technology and development expense reflects the investments we're making to deliver a world-class limiters experience for our customers and to position us to deliver complementary new products and engineering efficiencies to investments in our platform. 

轉向營銷效率。營銷費用是我們最大的運營費用，也是與新客戶獲取工作相關的絕大部分營銷費用。我們計劃繼續投資於高回報營銷，重點關注客戶增長和維持我們的 CAC 效率收益。隨著我們的成長，我們也在密切關注我們的運營費用，同時確保我們進行適當的投資，使我們能夠實現我們的長期戰略重點。隨著我們開始紀念上市公司費用的增加，我們 G&A 費用的同比增長有所放緩，我們預計將繼續在員工人數和非員工人數方面受到約束。我們的技術和開發費用反映了我們為為客戶提供世界級限制器體驗而進行的投資，並使我們能夠為我們平台的投資提供互補的新產品和工程效率。

We expect to continue prioritizing these investments as they are crucial to attracting and retaining customers. Our customers to post cards are influenced by the level of new customer adds in the quarter as new customers tend to have higher initial support contacts. We're focused on automating key customer support features so customers have more self-help options with the goal of reducing both the contact rate and the cost of servicing these contacts over time. By focusing and executing on these 4 areas, we believe we are positioned Remitly to deliver both strong top line revenue growth and increasing returns on our investments for the foreseeable future. 

我們希望繼續優先考慮這些投資，因為它們對於吸引和留住客戶至關重要。我們的明信片客戶受到本季度新客戶增加水平的影響，因為新客戶往往有更多的初始支持聯繫。我們專注於自動化關鍵的客戶支持功能，以便客戶有更多的自助選項，目標是隨著時間的推移降低聯繫率和為這些聯繫人提供服務的成本。通過關注和執行這 4 個領域，我們相信我們有能力在可預見的未來實現強勁的收入增長和投資回報。

Looking ahead to our outlook for 2023, on Slide 18, we expect to be able to deliver strong revenue growth along with profitability on an adjusted EBITDA basis for the full year. Specifically, we expect revenue to be between $860 million and $880 million, which reflects a year-over-year growth rate of 32% to 35%. And -- we expect adjusted EBITDA to be between breakeven and $10 million. We're excited to be able to accelerate adjusted EBITDA profitability to 2023 on the back of a strong fourth quarter as we continue to prioritize growth, but increase our focus on efficiencies while continuing to make investments that we expect to deliver high returns for the long term. 

展望我們對 2023 年的展望，在幻燈片 18 中，我們預計全年將能夠實現強勁的收入增長以及在調整後的 EBITDA 基礎上的盈利能力。具體而言，我們預計收入將在 8.6 億美元至 8.8 億美元之間，同比增長率為 32% 至 35%。而且——我們預計調整後的 EBITDA 將在盈虧平衡和 1000 萬美元之間。我們很高興能夠在強勁的第四季度的支持下將調整後的 EBITDA 盈利能力加速到 2023 年，因為我們繼續優先考慮增長，但增加了對效率的關注，同時繼續進行我們期望長期帶來高回報的投資任期。

Our 2023 outlook reflects the following assumptions. We're planning for a macro and FX environment that remains relatively stable to what we've seen in the fourth quarter of 2022. We also believe that strong developed market currencies in 2022 had a partial beneficial impact on our customers sending behavior for some corridors and enables some new customer acquisition. From a planning perspective, we assume that customers sending behavior returns to a more normalized pattern in 2023.However, this is highly dependent on how currencies move in 2023 and our continued global diversification will help mitigate some of this impact as well as other localized macroeconomic trends. We expect to continue to see modest leverage on transaction expense as we expect to benefit from improving terms with both day and dispersal partners given the increasing volumes flowing to our network. On fraud costs, we expect to continue to benefit from advanced technologies data and algorithms to reduce fraud while continuing to improve our customers' experience. However, certain fraud costs are inherently unpredictable in any quarter, and we believe we are being prudent in our assumptions. 

我們的 2023 年展望反映了以下假設。我們計劃在 2022 年第四季度保持相對穩定的宏觀和外匯環境。我們還認為，2022 年強勁的發達市場貨幣對我們的客戶在某些渠道的發送行為產生了部分有利影響並促成一些新客戶的獲取。從規劃的角度來看，我們假設客戶發送行為在 2023 年恢復到更正常的模式。然而，這在很大程度上取決於貨幣在 2023 年的走勢，我們持續的全球多元化將有助於減輕這種影響以及其他本地化宏觀經濟的影響趨勢。我們預計將繼續看到交易費用的適度槓桿作用，因為我們預計隨著流向我們網絡的流量不斷增加，我們將受益於改善日間和分散合作夥伴的條款。在欺詐成本方面，我們希望繼續受益於先進的技術數據和算法，以減少欺詐，同時繼續改善客戶體驗。然而，某些欺詐成本在任何季度都是不可預測的，我們相信我們的假設是謹慎的。

In 2023, we expect to sustain CAC efficiencies we were able to achieve last year as our CAC is also partially impacted by the competitive environment for the advertising market. For planning purposes, we have assumed the benefit from an improving competitive ad market will be more modest in 2023 versus what we experienced in 2022. We also plan to maintain our ability to invest even more in new customer acquisitions if the unit economics become even more compelling. We expect to continue to broadly see leverage on our operating expenses as we scale globally and focus on higher return on investments by continuing to invest in our technology and development as we prioritize improving our remittance experience to our resilient customers in building complementary new products. We also expect the normal seasonality of remittance activity will apply through 2023 with the first quarter revenue being the lowest and fourth quarter revenue being seasonally the highest. This was the same seasonal pattern last year. 

到 2023 年，我們預計將保持去年實現的 CAC 效率，因為我們的 CAC 也部分受到廣告市場競爭環境的影響。出於規劃目的，我們假設 2023 年競爭激烈的廣告市場帶來的好處將比我們在 2022 年所經歷的要小。如果單位經濟效益變得更高，我們還計劃保持我們在新客戶獲取方面進行更多投資的能力引人注目。隨著我們在全球範圍內擴展並通過繼續投資我們的技術和開發來專注於更高的投資回報，我們希望繼續廣泛地看到我們的運營費用的槓桿作用，因為我們優先考慮在構建互補的新產品方面改善我們對有彈性的客戶的匯款體驗。我們還預計匯款活動的正常季節性將持續到 2023 年，第一季度收入最低，第四季度收入季節性最高。這與去年的季節性模式相同。

We're pleased to be able to accelerate our path to adjusted EBITDA profitability in 2023, while maintaining very strong top line growth at our scale. This, along with our strong balance sheet, as seen on Slide 19, positions us to keep investing in our strategic priorities to deliver for both our customers and shareholders for many years to come. We ended the year with approximately $300 million of cash and cash equivalents on our balance sheet and 0 debt, which provides us with substantial liquidity to execute on our strategic priorities. Our primary focus for capital allocation remains our organic growth priorities of new customer acquisitions, geographic expansion, remittance product enhancements and complementary new products. We are executing strongly with a resilient and loyal customer base, and I'm excited about our opportunities to continue delivering strong results for our customers and shareholders in 2023 and beyond. 

我們很高興能夠在 2023 年加快實現調整後 EBITDA 盈利能力的道路，同時在我們的規模上保持非常強勁的收入增長。如幻燈片 19 所示，這與我們強大的資產負債表一起，使我們能夠繼續投資於我們的戰略重點，以便在未來許多年為我們的客戶和股東提供服務。到年底，我們資產負債表上的現金和現金等價物約為 3 億美元，債務為零，這為我們提供了大量流動性來執行我們的戰略重點。我們資本配置的主要重點仍然是我們的有機增長優先事項，即新客戶收購、地域擴張、匯款產品增強和互補新產品。我們在堅韌而忠誠的客戶群中執行力強，我很高興我們有機會在 2023 年及以後繼續為我們的客戶和股東帶來強勁的業績。

With that, Matt and I will open up the call for your questions. Operator?

有了這個，馬特和我將打開你的問題的電話。操作員？

Thank you. At this time, we will conduct a question-and-answer session. (Operator Instructions) Our first question comes from Andrew Schmidt with Citi.

謝謝。這時候，我們將進行問答環節。 （操作員說明）我們的第一個問題來自花旗銀行的安德魯施密特。

Matt, Hemanth, Stephen. Great results here. I want to start off just with a longer-term question. Good job sort of outlining the marketing efficiencies and narrowing of focus and the other OpEx efficiencies. I'm just curious, with the work that you've done so far, is it possible to provide a framework for intermediate to longer-term margin structure. Just curious because clearly, a lot of the work has been done in terms of getting a profitability. Just curious if there's a framework for the longer-term view.

馬特、赫曼斯、斯蒂芬。很棒的結果。我想從一個長期問題開始。很好地概述了營銷效率和焦點的縮小以及其他運營支出效率。我很好奇，根據您到目前為止所做的工作，是否有可能為中長期保證金結構提供一個框架。只是好奇，因為很明顯，在獲得盈利方面已經做了很多工作。只是好奇是否有一個長期觀點的框架。

Yes. Thanks, Andrew. I think we've had a really strong Q4 performance and also really pleased that in 2023, we were able to pull forward and accelerate our adjusted EBITDA profitability. To your question in terms of the long term, I think we're still in the process of really looking at what our ultimate margin profile would look like for the company. But given our guidance of getting to $60 million to $8 million range in terms of our revenues and profitability in the range of breakeven to $10 million, we think it sets us in the right place to continue on a trajectory of increasing margins over time. 

是的。謝謝，安德魯。我認為我們第四季度的表現非常強勁，也很高興我們能夠在 2023 年向前推進並加快調整後的 EBITDA 盈利能力。對於你的長期問題，我認為我們仍在真正研究公司的最終利潤率狀況。但鑑於我們的收入和盈利能力達到 6000 萬至 800 萬美元的指導範圍，盈虧平衡至 1000 萬美元，我們認為這使我們處於正確的位置，可以繼續沿著隨著時間的推移增加利潤的軌道前進。

We talked about our transaction expenses, there's opportunities in terms of improving our transaction expense profile and the margin that comes out of that. CAC continues to be efficient, although like we said, there is a little bit of an industry impact there when you think about the advertising market. When you looked at Q4, we expected the market to be hotter. It wasn't as competitive as we thought it would be. So the reason I called that out is we have a small market share in a large derivatives industry, and we will continue to invest in things like marketing to drive our top line growth and drive active users. So I think given all of those factors and given the long runway we have in terms of gaining market share, at this point, we're not really offering up any sort of longer-term guidance in terms of margin, but we feel that given 2023 and what we have put out there, it will set us on the right path going forward.

我們談到了我們的交易費用，在改善我們的交易費用狀況和由此產生的利潤方面有機會。 CAC 繼續保持高效，儘管正如我們所說，當您考慮廣告市場時，那裡會有一點行業影響。當您查看第四季度時，我們預計市場會更熱。它並不像我們想像的那樣具有競爭力。所以我之所以這樣說，是因為我們在大型衍生品行業的市場份額很小，我們將繼續投資營銷等方面，以推動我們的收入增長和活躍用戶。所以我認為，考慮到所有這些因素，並考慮到我們在獲得市場份額方面的漫長跑道，在這一點上，我們並沒有真正提供任何形式的利潤率方面的長期指導，但我們認為鑑於2023 年以及我們在那裡所做的一切，將使我們走上正確的前進道路。

Very clear. And then maybe, Matt, I could touch on complementary products, obviously, important to longer-term ARPU and loyalty potential. But maybe just if you could just go a little bit deeper in terms of what narrowing-focus means and how we should think about a portfolio of complementary products for your customer over time, what that would look like specifically?

非常清楚。然後也許，馬特，我可以談談互補產品，顯然，這對長期 ARPU 和忠誠度潛力很重要。但也許只是如果你能更深入地了解縮小焦點意味著什麼以及我們應該如何考慮隨著時間的推移為你的客戶提供互補產品組合，那具體會是什麼樣子？

Yes. Thanks, Andrew, and great to see it. I appreciate the question. So yes, as I mentioned, we're actually excited about how we're narrowing our focus to products that solve specifically problems for Remitly customers. So with Passbook, we saw that users were really loving and using the product, but we didn't see that the customer segment had a high overlap with our existing Remitly customers. So on a stand-alone basis, we saw strong growth with passbook users. The product wasn't going to achieve the scale necessary fast enough to contribute to meaningful returns because it was just a different segment from Remitly customers, so we didn't get that synergy. 

是的。謝謝，安德魯，很高興看到它。我很欣賞這個問題。所以是的，正如我提到的，我們實際上很高興我們如何將我們的注意力集中在為 Remitly 客戶解決特定問題的產品上。因此，對於 Passbook，我們看到用戶非常喜歡並使用該產品，但我們沒有看到客戶群與我們現有的 Remitly 客戶有高度重疊。因此，在獨立的基礎上，我們看到了存摺用戶的強勁增長。該產品無法足夠快地達到必要的規模，無法帶來有意義的回報，因為它與 Remitly 客戶屬於不同的細分市場，因此我們沒有獲得這種協同作用。

So now that does get to your question, Andrew, with that context of what we mean by narrowing, we think it makes sense to deploy our resources to higher returning investments targeted at our core Remitly customer, where there are those synergies. So on a go-forward basis, we're continuing to see that immigrants have very specific needs and challenges regarding remittances and other ancillary services that aren't being met by traditional financial services products. And we're investing in our platform to meet those needs. And so complementary products you can view in that way will enhance our remittance business. It will give us unit economic strength in the long term. And it's something that obviously as we continue to invest in, we'll share more details in terms of the products that we're launching and building there once they're live and ready to talk with folks about but excited about the opportunity.

因此，安德魯，現在確實可以回答你的問題了，在我們所說的縮小範圍的背景下，我們認為將我們的資源部署到針對我們的核心 Remitly 客戶的更高回報投資是有意義的，那裡有這些協同效應。因此，在前進的基礎上，我們繼續看到移民在傳統金融服務產品無法滿足的匯款和其他輔助服務方面有非常具體的需求和挑戰。我們正在投資我們的平台來滿足這些需求。因此，您可以通過這種方式查看的互補產品將增強我們的匯款業務。從長遠來看，它將為我們提供單位經濟實力。很明顯，隨著我們繼續投資，我們將分享更多關於我們正在推出和構建的產品的細節，一旦它們上線並準備好與人們談論但對這個機會感到興奮。

Our next question comes from Ramsey El-Assal with Barclays.

我們的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

This is Allison on for Ramsey. Just wondering if you could elaborate just a bit further on the macro assumptions that are baked into your '23 guide. And though your customer is generally pretty resilient, what expense levers could you potentially pull to meet your guidance targets in the case of economic downturn or just less favorable market conditions?

這是拉姆齊的艾莉森。只是想知道您是否可以進一步詳細說明您的 23 年指南中包含的宏觀假設。儘管您的客戶通常具有很強的彈性，但在經濟不景氣或市場條件不太有利的情況下，您可以利用哪些費用槓桿來實現您的指導目標？

Yes. Thanks, Allison, for the question. In terms of sort of the macro, just broadly the assumption we're making here is that the macro environment and the FX environment will be broadly be stable to what we saw in Q4. I think as we all seen the first 9 months or so of last year, there was a pretty big strengthening of the U.S. dollar and some of the stronger currencies would start to stabilize a little bit more (inaudible) of the second part of Q4. So we're assuming a degree of stability around that environment as we've looked at our projections for this year. 

是的。謝謝艾莉森提出這個問題。就宏觀而言，我們在這裡所做的廣泛假設是宏觀環境和外匯環境將大致穩定到我們在第四季度看到的情況。我認為，正如我們在去年前 9 個月左右看到的那樣，美元大幅走強，一些走強的貨幣將在第四季度後半段開始穩定一點（聽不清）。因此，在我們查看今年的預測時，我們假設該環境具有一定程度的穩定性。

In terms of your question around the expense was, first of all, I just want to reinforce again that we have a lot of resiliency in our customers, and we've been through multiple cycles where we've seen continued active customer activity growth even in cycles around sort of environments that are similar to what we're talking about now. And so we do think that there is a high degree of resiliency when it comes to our customers and the repeat behavior. On very specifically on the expense levels, we have definitely a lot of opportunity to cut back in areas that are nondiscretionary and some of the other places that we can go finer into our P&L and take action. So I think we have -- given our strong transaction margin profile, given the fact that we have a high degree of variability in our marketing spend, which is largely direct marketing towards new customer acquisition. We have multiple levers in our P&L to manage a significant downturn.

關於你關於費用的問題，首先，我只想再次強調，我們的客戶有很大的彈性，我們經歷了多個週期，我們看到活躍的客戶活動持續增長，甚至圍繞類似於我們現在談論的環境的循環。因此，我們確實認為，當涉及到我們的客戶和重複行為時，存在高度的彈性。非常具體地在費用水平上，我們肯定有很多機會削減非自由裁量權的領域，以及其他一些我們可以更好地進入損益表並採取行動的地方。所以我認為我們有 - 鑑於我們強大的交易利潤率，鑑於我們的營銷支出具有高度可變性，這主要是針對新客戶獲取的直接營銷。我們在損益表中有多個槓桿來應對嚴重的經濟下滑。

Our next question comes from Bob Napoli with William Blair.

我們的下一個問題來自 Bob Napoli 和 William Blair。

Nice results. Well done. Just any -- the geographic expansion, the number of new quarters you've added has been pretty dramatic. And I mean, you've been, I guess, underweight in the Middle East, and you've added some UAE. What are your thoughts on -- first of all, of the new markets you've added, which of those are standing out where you're getting more traction? And what are your thoughts around the ability to be that very important Middle Eastern market to have success there over the long term?

不錯的結果。做得好。只是任何 - 地理擴張，你添加的新宿舍數量非常引人注目。我的意思是，我猜你一直在中東減持，而你增加了一些阿聯酋。你有什麼想法——首先，在你添加的新市場中，哪些市場脫穎而出，你獲得了更多的牽引力？對於成為非常重要的中東市場以長期取得成功的能力，您有何看法？

Yes. Thanks, Bob. I appreciate both the comment and question. I'd say, yes, it pertains to a number of corridors, Yes, we're 4,300 corridors now, 170 countries. And we've done that in a very methodological way, both over the last several quarters and years and as we think about on a go-forward basis. And so the way that I would think about it is a continuation of that strategy. So the UAE, we just launched second largest outbound remittance market, as I mentioned, New Zealand we just launched. And I think those should be viewed as planting the seeds for returns in the quarters and years to come, just like a few quarters ago or a few years ago, we were talking about markets like Europe that were relatively new that we were launching and starting to add healthy cohorts of new customers. You can see those kind of stacked bar charts in terms of power business works. But we enter markets, we add healthy cohort of new customers at great unit economics. 

是的。謝謝，鮑勃。我很欣賞評論和問題。我會說，是的，它涉及許多走廊，是的，我們現在有 4,300 條走廊，170 個國家/地區。在過去的幾個季度和幾年裡，以及我們在前進的基礎上考慮的時候，我們都以一種非常有方法論的方式做到了這一點。因此，我認為它的方式是該策略的延續。所以阿聯酋，我們剛剛推出了第二大出境匯款市場，正如我提到的，新西蘭我們剛剛推出。我認為這些應該被視為為未來幾個季度和幾年的回報播下種子，就像幾個季度前或幾年前，我們談論的是像歐洲這樣相對較新的市場，我們正在推出和開始添加健康的新客戶群。您可以在電力業務方面看到那種堆疊的條形圖。但我們進入市場，我們以出色的單位經濟性增加健康的新客戶群。

And then just given the size of our business, that starts to compound and have a more meaningful impact in the quarters and years to come. And in terms of where I'm excited, yes, a lot of the countries we just launched regions that, as you mentioned, we're just starting to expand to, including the Middle East. I think there's a big opportunity for us to both grow a large business in those regions and make a really positive impact to our future customers' lives given that I think we can lead some of the digitization that's happening in some of the markets that we just recently launched. So more to come and excited about the foundation that we're continuing to set for future countries to contribute any flow to the business.

然後考慮到我們的業務規模，它開始復合，並在未來幾個季度和幾年產生更有意義的影響。就我感到興奮的地方而言，是的，我們剛剛推出的許多國家，正如你提到的，我們剛剛開始擴展到這些地區，包括中東。我認為我們有很大的機會在這些地區發展大型業務，並對我們未來客戶的生活產生真正積極的影響，因為我認為我們可以引領我們剛剛在某些市場中發生的一些數字化最近推出。因此，我們將繼續為未來的國家/地區奠定基礎，為業務貢獻任何流量，這讓我們感到興奮。

There's been some -- I guess, some of your competitors that have been around a while have become a little more, I guess, using promotional pricing or -- and looking at your numbers, I don't see any slowdown in your business. So just some thoughts on the competitive environment. And I mean are you seeing any effect from some of the pricing moves that some of the competitors have made?

有一些 - 我想，你的一些競爭對手已經存在了一段時間，我想，使用促銷定價或者 - 看看你的數字，我沒有看到你的業務有任何放緩。所以只是對競爭環境的一些想法。我的意思是，您是否看到一些競爭對手的一些定價舉措產生了任何影響？

Yes. Thanks, Bob. We're seeing -- incline is we're seeing price stability and no real changes in the competitive landscape and the slightly longer answer for why that's the case is I think customers choose Remitly for a multitude of reasons, and pricing is one of those factors. But the thing that I've learned time and time again over a decade of building this business is things like trust, peace of mind are foundational and very hard to deliver and that we are exceptionally good at and getting better and better with scale, which ties back to the premium product that I mentioned as well as the transaction numbers, the loyalties, the predictability and consistency of our business. So that's a long-winded answer, but the punchline again is price stability, no material changes in the competitive landscape.

是的。謝謝，鮑勃。我們看到 - 趨勢是我們看到價格穩定，競爭格局沒有真正的變化，我認為客戶選擇 Remitly 的原因有很多，定價就是其中之一。因素。但是，在建立這項業務的十年中，我一次又一次地學到的是，信任、安心是基礎，很難實現，而且我們非常擅長，並且隨著規模的擴大而變得越來越好，與我提到的優質產品以及交易數量、忠誠度、我們業務的可預測性和一致性有關。所以這是一個冗長的答案，但關鍵還是價格穩定，競爭格局沒有實質性變化。

Nice to see the free cash flow positivity then move to free cash flow positive.

很高興看到自由現金流為正，然後轉向自由現金流為正。

Our next question comes from Darrin Peller with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Yes. Looking at some of these metrics on Slide 16, which by the way, was very helpful. I mean when we look at the improvements we're seeing in transaction expense, obviously, the fraud management was really helpful. I mean can you give a little more color on what's actually driving that gross margin improvement and the sustainability of that because it was a big step big step function that obviously is going to help allow for flow-through to the bottom line, what you're seeing now. 

是的。查看幻燈片 16 上的其中一些指標非常有幫助。我的意思是，當我們看到我們在交易費用方面看到的改進時，顯然，欺詐管理確實很有幫助。我的意思是，你能不能更詳細地說明是什麼真正推動了毛利率的提高以及它的可持續性，因為這是一個很大的進步功能，顯然將有助於實現底線，你'現在重新看。

And so and on that follow-up on that, on the profitability side, it's really great to see the breakeven to positive 10. Just can you give us a little bit more color on the dynamics of what you're building into that around G&A now, maybe also stock comp? And what contribution you're going to have there versus other expenses?

因此，在後續行動中，在盈利能力方面，看到盈虧平衡達到正 10 真的很棒。你能不能給我們更多關於你在 G&A 周圍構建的動態的顏色現在，也許還有股票補償？與其他費用相比，您將在那裡做出什麼貢獻？

Yes. Thanks, Darrin. So in terms of -- I mean, to your point, we're really pleased with the progress we made in Q4 in particular. I think it was accepted in many ways in terms of bringing down our fraud loss rate, although that really is the scale that we're continuing to build and the data that we're getting and ingesting into our fraud models and algorithms, we did launch some new algorithms in Q4 and we're continuing to test algorithms and we're seeing really positive signs around that. We saw that obviously in Q4, and we continue to remain optimistic in terms of what those models will do for us. But the point on fraud as well here, which Matt alluded to in his comments too, is that we're also looking to make sure we're minimizing any friction with our customers. So there is a balance there that we're cognizant of, and our models take that into account, but we're balancing, making sure we don't -- we introduced very little friction for our customers and at the same time, making sure our fraud loss rates continue to be at the levels that we saw in Q4. So that's with regard to fraud. 

是的。謝謝，達林。因此，就您而言，我的意思是，我們對我們在第四季度取得的進展感到非常滿意。我認為它在降低我們的欺詐損失率方面以多種方式被接受，儘管這確實是我們正在繼續建立的規模以及我們正在獲取和吸收到我們的欺詐模型和算法中的數據，我們做到了在第 4 季度推出一些新算法，我們將繼續測試算法，我們看到了非常積極的跡象。我們在第四季度明顯看到了這一點，我們繼續對這些模型將為我們做些什麼保持樂觀。但是這里關於欺詐的要點，馬特也在他的評論中提到，我們也在尋求確保我們正在盡量減少與客戶的任何摩擦。因此，我們認識到存在一種平衡，我們的模型也考慮到了這一點，但我們正在平衡，確保我們不會——我們為客戶引入了非常小的摩擦，同時，使確保我們的欺詐損失率繼續保持在第四季度的水平。這就是關於欺詐的問題。

To your question around what's baked in into adjusted EBITDA I'll just begin with saying that we really anchored on our top line growth, and you can see we've guided here to a 30% to 35% revenue growth for the year, and that really drives a lot of what's happening in the P&L in terms of our ability to get to breakeven to $10 million of EBITDA for the year. On the expense side of things, we certainly are focused on moderating the growth of our expenses more broadly speaking. G&A, we talked about anniversarying our public company expenses, which will likely start moderating this year. But we continue, at the same time, make investments in our product and technology area, which we think are the right high return on investment, things to continue to do for the long term. 

對於你關於調整後 EBITDA 中包含什麼內容的問題，我首先要說的是我們確實專注於我們的收入增長，你可以看到我們已經在這裡指導了今年 30% 到 35% 的收入增長，並且就我們今年實現收支平衡至 1000 萬美元 EBITDA 的能力而言，這確實推動了損益表中發生的很多事情。在費用方面，我們當然專注於更廣泛地調節我們的費用增長。 G&A，我們談到了上市公司開支的周年紀念，今年可能會開始放緩。但與此同時，我們繼續在我們的產品和技術領域進行投資，我們認為這是正確的高投資回報，是長期繼續做的事情。

So we're balancing between the investments we're making as well as driving some scale efficiencies in various parts of the business as we think we can, given the scale of our business and where we're at today. And the other point I would make on this as well is we do are completely appreciative of the higher risk premium and cost of capital out in the market. And so we continue to be focused on driving high returns. But we're doing this for the long term. So 2023, strong revenue growth that's in our guidance and breakeven of $10 million of EBITDA profitability, but really focused on continuing making investments for the long term.

因此，考慮到我們的業務規模和我們今天所處的位置，我們正在平衡我們正在進行的投資以及我們認為我們可以在業務的各個部分提高規模效率。我要就此提出的另一點是，我們確實完全理解市場上較高的風險溢價和資本成本。因此，我們繼續專注於推動高回報。但我們這樣做是為了長期。因此，到 2023 年，我們的指導和 1000 萬美元的 EBITDA 盈利能力達到盈虧平衡，收入將實現強勁增長，但真正專注於繼續進行長期投資。

Okay. All right. That's helpful. Matt, if you could just touch one more -- just one quick follow-up. The complementary new products comment on one of your slides around the plan. I know the deal in Israel was rewire, I think, is probably going to come in some incremental offerings around insurance, you mentioned. But just can you give us a little more thoughts on what that -- what you intend on by saying complementary new products for this year ahead?

好的。好的。這很有幫助。馬特，如果你能再碰一下——只是一個快速跟進。互補的新產品在您圍繞計劃的一張幻燈片上發表評論。我知道在以色列的交易是重新佈線的，我認為，可能會圍繞保險提供一些增量產品，你提到過。但是你能不能給我們更多的想法 - 你打算通過說今年的互補新產品來表達什麼？

Yes. Thanks, Darrin. I appreciate the question. So yes, on Rewire specifically, we closed the acquisition last month. The strategic rationale was twofold. One was the geographic complementary nature of the deal being able to launch Israel as an origination market as well as grow in a few other countries that they're in. And then the second was to expand exactly what your question alludes to around our vision of complementary products. And I think that in addition to just the capabilities that they -- or the products that they have built, the capabilities of that team in terms of their product and engineering expertise as it pertains to complementary products and just our core remittance business, I think will be a great addition -- so excited about that.

是的。謝謝，達林。我很欣賞這個問題。所以是的，特別是在 Rewire 上，我們上個月完成了收購。戰略理由是雙重的。一是交易的地理互補性，能夠將以色列作為一個起源市場，並在他們所在的其他幾個國家發展。然後第二個是圍繞我們的願景擴展你的問題所暗示的內容互補產品。而且我認為，除了他們的能力 - 或者他們已經構建的產品，該團隊在產品和工程專業知識方面的能力，因為它與互補產品和我們的核心匯款業務有關，我認為將是一個很好的補充 - 對此感到非常興奮。

And as it pertains to complementary products, it's similar to Andrew's question is what I'd say is that we're much more narrowing, but focused on where we can improve and enhance our existing remittance customers' lives with additional products that are complementary to remittances. And so we're not breaking out the specifics there yet, but I think our increased focus and the pain points we're seeing from our customers there will result in some exciting things down the road, and we'll obviously share those when the time is right.

由於它與互補產品有關，它類似於安德魯的問題，我想說的是我們的範圍縮小了很多，但專注於我們可以在哪些方面改善和改善現有匯款客戶的生活，這些產品與匯款。所以我們還沒有透露具體細節，但我認為我們更加關注和我們從客戶那裡看到的痛點會導致一些令人興奮的事情發生，我們顯然會在時機成熟。

Our next question comes from Tien-Tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

Great results. Hoping you hear me okay, I'm at the airport. I just wanted to ask a lot of moving pieces here, very encouraging outlook, thinking about '23 versus '22 and how the composition of growth will be different. How would you summarize that across users, volume, ARPU? I know your cohorts are aging, but you're going after some new corridors as well. So how do you think that will be different given everything you've talked about today, if you follow my question?

很棒的結果。希望你能聽到我的聲音，我在機場。我只是想在這裡問很多動人的事情，非常令人鼓舞的前景，思考 23 年與 22 年的對比，以及增長的構成將有何不同。您如何總結用戶、數量、ARPU？我知道你的同齡人正在老齡化，但你也在追求一些新的走廊。那麼，如果您按照我的問題提問，那麼考慮到您今天所談論的一切，您認為這會有何不同？

Yes. Thanks, Tien-Tsin, (inaudible) to where we're heading to. So I think in terms of -- as we look at 2023 versus 2022, I'd say broadly, it's going to be on a very similar trajectory. Again, to the point that we have about a 2% market share in a large remittance market. We have a ton of opportunity across all our corridors. We continue to grow in our sort of core corridors out of North America send destinations to multiple sort of destinations around the world. But as we talked about, we've also continued to increase our international mix. So we do see that, that will continue to increase through the year as we -- those markets we already launched, particularly in the last couple of years, will help us to continue to grow both active users and new customers in these international markets. We talked about Japan in Q3, New Zealand and Q4, and we just recently launched UAE, as we talked about now. So we're pretty optimistic in terms of the growth prospects we have internationally, and that's a lot of what's getting baked in into our top line forecast.

是的。謝謝，Tien-Tsin，（聽不清）我們要去的地方。因此，我認為，就 2023 年與 2022 年而言，我想大致說一下，它將處於非常相似的軌跡上。同樣，我們在大型匯款市場中佔有大約 2% 的市場份額。我們所有的走廊都有很多機會。我們繼續在北美以外的核心走廊中發展，將目的地發送到世界各地的多個目的地。但正如我們所說，我們還在繼續增加我們的國際組合。所以我們確實看到，隨著我們 - 我們已經推出的那些市場，特別是在過去幾年中，這將在今年繼續增加，這將幫助我們繼續在這些國際市場上增加活躍用戶和新客戶。我們在第三季度、新西蘭和第四季度談到了日本，我們最近剛剛推出了阿聯酋，就像我們現在談到的那樣。因此，就我們在國際上的增長前景而言，我們非常樂觀，而這正是我們的收入預測中所包含的很多內容。

Yes. And the only thing I'd add there, Tien-Tsin, thanks for the comment and the question is I think that there's something that I appreciate about meeting so this business is the predictable and repeat nature of our business and the loyalty that our customers have, both of their loved ones and families that they're sending money back to and to using Remitly to send money back to their families. And so that is something that we go into the year with confidence around repeat behavior. And then it is about how do we continue to add on healthy cohorts of new customers in both our existing and new markets. And really important just to keep in mind that within the remittance space, we're approximately 2% of the $1.6 trillion TAM that we've talked about. And so lots of room to grow, and it's both by maintaining that trust with our existing customers and then very scientifically and with a high return on investment, adding those cohorts of new customers across the globe, as Hemanth mentioned.

是的。我唯一要補充的是，Tien-Tsin，感謝您的評論，問題是我認為我很高興能見到這樣的人，所以這項業務是我們業務的可預測性和重複性以及我們客戶的忠誠度有，他們的親人和家人，他們正在向他們匯款，並使用 Remitly 向他們的家人匯款。因此，我們對重複行為充滿信心地進入了這一年。然後是關於我們如何繼續在現有市場和新市場中增加健康的新客戶群。真正重要的是要記住，在匯款領域，我們大約占我們所討論的 1.6 萬億美元 TAM 的 2%。因此有很大的增長空間，這既是通過與我們現有客戶保持信任，又是通過非常科學和高投資回報，在全球範圍內增加這些新客戶群，正如 Hemanth 提到的那樣。

Got it. And then just as my follow-up, if you don't mind, just thinking about what you just said there as well as, I think, Darrin, another question, just on the M&A side and consolidation, assuming that some of your peers are also tightening their belts and including on the private side. I know you just did rewires your appetite to do acquisitions changed at all? I mean are you more willing to do things now given maybe some of the changing landscape? Or is it time to focus? I know you have rewire, but are you more focused organically at this stage versus maybe 6 months ago?

知道了。然後就像我的後續行動一樣，如果你不介意的話，想想你剛才說的話，還有，我想，Darrin，另一個問題，關於併購和整合，假設你的一些同行也在勒緊褲腰帶，包括在私人方面。我知道您只是重新調整了收購的胃口，是否完全改變了？我的意思是，考慮到一些不斷變化的情況，你現在更願意做事嗎？還是該集中註意力了？我知道你已經重新佈線，但與 6 個月前相比，你在這個階段是否更專注於有機？

Yes. Yes. Thanks, Tien-Tsin. It's a great question. Historically, we found organic growth and internal build to be both foundational and the best opportunities. So that's what I'd say first and foremost. But we'll -- we continuously review as we did with the rewire acquisition, where we actually ended up doing that transaction. We review all opportunities as they become available. But we have a high bar for any M&A transaction, and we'll remain disciplined in deploying capital.

是的。是的。謝謝，天津。這是一個很好的問題。從歷史上看，我們發現有機增長和內部建設既是基礎又是最佳機會。這就是我首先要說的。但是我們會——我們會像對 rewire 收購所做的那樣不斷審查，我們實際上最終完成了這筆交易。我們會在所有機會可用時對其進行審查。但我們對任何併購交易都有很高的門檻，我們將在部署資本方面保持紀律。

Our next question comes from David Scharf with JMP Securities.

我們的下一個問題來自 JMP Securities 的 David Scharf。

Squeezing me in here. Matt, maybe one sort of general and one granular question on more of the sort of top down. As it relates to the guidance as well as the Q4 performance that we just saw, you clearly have a lot of levers you can pull and the path to profitability could take several different forms, if you wanted to even accelerate it. I'm just curious, I mean you kind of stuck to your guns and been very, very consistent in terms of the long-term vision and investment in fraud, new products, other customer acquisition strategies. 

把我擠在這裡。馬特，也許是關於更多自上而下的一種一般性問題和一個細化問題。由於它與我們剛剛看到的指導以及第四季度的表現有關，你顯然有很多槓桿可以拉動，如果你想加速盈利，盈利之路可以採取幾種不同的形式。我只是好奇，我的意思是你有點固執己見，並且在欺詐、新產品和其他客戶獲取策略的長期願景和投資方面非常、非常一致。

What are the types of things externally that potentially could make the company shift its focus or perhaps accelerate not just its path to profitability, but it's kind of magnitude of near-term profitability. You send a clear message, obviously, kind of you're sticking to your guns in terms of the long-term buildout. I'm just curious, is there anything externally that would kind of shift this kind of longer-term planned philosophy?

哪些類型的外部事物有可能使公司轉移其重心，或者可能不僅加速其盈利之路，而且還可能加速近期盈利的規模。你發出了一個明確的信息，顯然，你在長期建設方面堅持你的立場。我只是好奇，是否有任何外部因素可以改變這種長期計劃的理念？

Yes, I really thought the question. I think that the way that I view capital deployment and ultimately in service of accomplishing our long-term vision, which, as you said, remains unchanged, which is really to transform and improve the lives of immigrants and their families by providing the most trusted financial services on the planet. I take that in our journey to that, there will be different times where capital costs vary. And that's -- I view it in a little bit less binary and a little bit more on a spectrum. And so what we've seen in capital markets recently, obviously, is with interest rates rising, the cost of capital is increased, and that's okay, especially for a business like ours that I think is very disciplined about the investments that we make and very quantitative and analytical in terms of how we deploy those investments. 

是的，我真的想到了這個問題。我認為我看待資本部署和最終服務於實現我們的長期願景的方式，正如你所說，保持不變，這實際上是通過提供最值得信賴的服務來改變和改善移民及其家人的生活地球上的金融服務。我認為在我們的旅程中，資本成本會在不同時期發生變化。那就是——我認為它的二進制少一點，而在頻譜上多一點。因此，我們最近在資本市場上看到的情況顯然是，隨著利率上升，資本成本增加，這沒關係，特別是對於像我們這樣的企業，我認為我們對我們所做的投資和在我們如何部署這些投資方面非常定量和分析。

And so we have increased the hurdle rate for the investments that we're making. You can see some of that with the profitability in Q4. You can see some of that with our guidance in '23 and pulling forward some of the guidance in terms of the past and now being profitable. And what I would say is that we do continue to monitor and look at the cost of capital as we march towards our long-term vision, but we're also still very committed to that long-term vision. So proud of being able to do both. I think it's a reflection of our discipline in terms of capital management and also our customers in terms of the resilience and the importance of the service that can kind of withstand various macroeconomic shifts given the criticality of our service. So that's how we think about it overall. It's less binary more on a spectrum with a good handle of the investments we're making and able to adjust those based on what the cost of capital is in the market.

因此，我們提高了我們正在進行的投資的最低門檻。您可以在第四季度的盈利能力中看到其中的一些。您可以通過我們在 23 年的指導中看到其中的一些內容，並根據過去和現在的盈利情況提出一些指導。我要說的是，在我們朝著長期願景邁進的過程中，我們確實會繼續監控和研究資本成本，但我們仍然非常致力於實現這一長期願景。為能夠做到這兩點而感到自豪。我認為這反映了我們在資本管理方面的紀律，也反映了我們的客戶在彈性和服務重要性方面的紀律，考慮到我們服務的重要性，這些服務可以承受各種宏觀經濟變化。這就是我們總體上的考慮方式。它在一個範圍內不那麼二元化，可以很好地處理我們正在進行的投資，並能夠根據市場上的資本成本調整這些投資。

Got it. That's very helpful. I mean it's been a very, very consistent sort of vision and execution. And it sounds like externally, interest rates and capital cost has probably been the only factor thus far, that's changed things on the margin. I want to follow up a little more granular question. I wanted to ask you a little bit about some observations on a corridor. Not all corridors are created equally. U.S. to Mexico is the largest in the world. It tends to be the most profitable for most remitters. And I think relative to some of your other markets, it probably has a lower mix of banked customers, i.e., ones that can send online who can fund remittances with a debit card out of a demand deposit account. 

知道了。這很有幫助。我的意思是這是一種非常、非常一致的願景和執行方式。從外部來看，利率和資本成本可能是迄今為止唯一的因素，這在一定程度上改變了事情。我想跟進一個更細化的問題。我想問你一些關於走廊的一些觀察。並非所有走廊都是平等創建的。美國到墨西哥是世界上最大的。對於大多數匯款人來說，它往往是最有利可圖的。而且我認為相對於你的其他一些市場，它可能有較低的銀行客戶組合，即可以在線發送的客戶可以使用活期存款賬戶中的借記卡為匯款提供資金。

Can you just talk -- which also speaks to just how much incredible opportunity there is ahead of you, not just globally, but especially in the world's biggest corridor. Can you talk a little bit about what you're seeing in terms of, I guess, the trends towards the Latin American center in the U.S. outbound in terms of adopting banking products becoming part of your true TAM addressable market because something is clearly kind of moving a little more than it was a few years ago when it lags so many other markets in terms of being banked. Are you noticing a change in the opening up of that funnel even wider for that corridor?

你能不能談談——這也說明了有多少難以置信的機會擺在你面前，不僅僅是在全球範圍內，尤其是在世界上最大的走廊上。你能談談你所看到的嗎，我想，在採用銀行產品成為你真正的 TAM 可尋址市場的一部分方面，美國出境拉美中心的趨勢，因為有些事情顯然是比幾年前移動得更多，當時它在銀行業務方面落後於許多其他市場。您是否注意到該通道的漏斗開口發生了變化？

Yes. Phenomenal customer-centric question as we would call it. I think that the plunge line is yes, we're seeing -- well, actually, first, let me say, I love your comments that not all markets are created equal. What we call that internally and some of the external messages that we've shared is localization at scale, and that's something that I think that we've done well. And as part of understanding various markets, it's important to understand what you just said, which is what is their comfort level and ultimately, trust with digital channels, specifically trusting a mobile phone to send money back home. And that has varied historically. So that's one of the reasons, if you look back 10 years, we started with the Philippines, then we went to India and then we launched Mexico in that order. We're talking 10, 11 years ago now. 

是的。我們稱之為以客戶為中心的非凡問題。我認為暴跌線是肯定的，我們正在看到——嗯，實際上，首先，讓我說，我喜歡你的評論，即並非所有市場都是平等的。我們在內部和我們共享的一些外部消息中稱之為大規模本地化，我認為我們做得很好。作為了解各種市場的一部分，重要的是要了解您剛才所說的內容，即他們的舒適程度，並最終信任數字渠道，特別是信任手機將錢匯回國內。這在歷史上有所不同。所以這就是原因之一，如果你回顧 10 年，我們從菲律賓開始，然後我們去了印度，然後我們按這個順序推出了墨西哥。我們說的是 10、11 年前的事了。

And what we've seen in Latin America and broadly is the phenomenon that we knew we would see, which is additional smartphones, both affordability and access and then reliable and affordable data access. And I think we are seeing more and more customers and use their mobile phones and trust it for financial services, and that certainly includes the Mexico and Latin America market. So it's an exciting time in that way to be a digital money transmitter not only because of the growth in TAM and the growth in our business, but also because we provide just a much better experience, we take a bunch of costs out of the system, and we're improving those customers' lives. So you're picking them on a trend that's absolutely accurate.

我們在拉丁美洲和更廣泛的範圍內看到的是我們知道我們會看到的現象，即更多的智能手機，無論是可負擔性和訪問性，還是可靠且負擔得起的數據訪問。而且我認為我們看到越來越多的客戶使用他們的手機並信任它用於金融服務，這當然包括墨西哥和拉丁美洲市場。因此，以這種方式成為數字貨幣發送者是一個激動人心的時刻，不僅因為 TAM 的增長和我們業務的增長，而且因為我們提供了更好的體驗，我們從系統中減少了很多成本，我們正在改善這些客戶的生活。因此，您是根據絕對準確的趨勢挑選它們的。

Our next question comes from Alex Markgraff with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Alex Markgraff。

Actually I have a couple. Maybe first, I wanted to come back to the Slide 16 with some of the helpful disclosure, particularly around marketing expense improvements. Just curious, I guess, thinking about '23 and some of the more sustainable execution wins as you titled them here, that could carry over versus the macro factors. Is there any way to just kind of roughly attribute the -- of that 660 basis points, how much is more related to macro factors? I'm asking just kind of wanting to understand in the kind of worst-case scenario where the ad environment does become far more competitive in '20 to '23 than you're expecting? Just kind of what the headwind could be to some of the expected efficiencies.

其實我有一對。也許首先，我想回到第 16 張幻燈片，提供一些有用的信息，特別是關於營銷費用改進的信息。只是好奇，我想，想想'23 和一些更可持續的執行勝利，正如你在這裡命名的那樣，這可能會延續到宏觀因素。有什麼方法可以粗略地歸因於——在這 660 個基點中，有多少與宏觀因素更相關？我只是想了解在 20 到 23 年間廣告環境的競爭確實比您預期的要激烈得多的最壞情況？只是對某些預期效率的不利影響。

Yes. Thanks, Alex. It's something that we think about a lot here as well and as we continue to monitor what's going on in the advertising market. So I think as we called out on Slide 16, the brand awareness and word of mouth effects have continued to increase for us. And I think we've talked about that for a number of quarters now. But just given the repeat behavior we see we're seeing that customers really want to come back to us. And through them, the word of mouth of that to continue to spread. So that is a growing effect. And as we get bigger and bigger, we're really optimistic about where that could take us. 

是的。謝謝，亞歷克斯。這也是我們在這裡思考很多的事情，因為我們會繼續監控廣告市場的動態。所以我認為，正如我們在幻燈片 16 上所呼籲的那樣，品牌知名度和口碑效應對我們來說持續增加。我想我們已經討論了好幾個季度了。但是，鑑於我們看到的重複行為，我們看到客戶真的很想回到我們身邊。並通過他們，口耳相傳繼續傳播。所以這是一個越來越大的影響。隨著我們變得越來越大，我們對它能帶我們去哪裡真的很樂觀。

And we're also continuing to work on the unpaid channel side of things, whether it's search engine optimization, it's landing pages and all the things that we would do to continue to increase our mix towards more unpaid versus paid channels. And Matt also talked about localized digital marketing, which we think is another thing that we can continue to sustain, but they all get better with scale. So I would say those are some of the factors we feel good about in terms of what we can control from an execution perspective and what our customers bring to us in terms of some of the word of mouth effect. So that should in theory sustain and improve over time. 

我們還在繼續致力於非付費渠道方面的工作，無論是搜索引擎優化、登陸頁面，還是我們會做的所有事情，以繼續增加我們對更多非付費渠道和付費渠道的組合。 Matt 還談到了本地化數字營銷，我們認為這是我們可以繼續維持的另一件事，但隨著規模的擴大，它們都會變得更好。所以我想說的是，從執行的角度我們可以控制什麼，以及我們的客戶在某些口碑效應方面給我們帶來什麼，這些是我們感覺良好的一些因素。所以理論上應該隨著時間的推移維持和改善。

The advertising market is obviously something that we don't fully control. There's multiple dynamics that get played out there. But we do think that, to a degree, that with our growing scale and particularly as we get more and more international and do localization at higher scale that we should be able to offset to a degree some of those effects as we get bigger and bigger. So I don't have a specific answer for you on the actual breakdown, but I would say those are some of the drivers one way or the other.

廣告市場顯然是我們無法完全控制的。那裡有多種動態。但我們確實認為，在某種程度上，隨著我們規模的擴大，特別是隨著我們變得越來越國際化，並在更高的規模上進行本地化，我們應該能夠在一定程度上抵消我們規模越來越大時的一些影響.所以我沒有關於實際故障的具體答案，但我會說這些是某種方式的一些驅動因素。

Yes. That's helpful commentary. And then just maybe one last quick one. Hermanth, I think you talked about international growth being kind of a bigger factor in the top line formula 23. I was just curious if you could maybe to simply kind of describe any sort of like pricing differentials when you think about your various ascending geographies and some of the ARPU implications, if there are any?

是的。這是有用的評論。然後也許只是最後一個快速的。 Hermanth，我認為你談到國際增長是頂線公式 23 中一個更大的因素。我只是想知道你是否可以簡單地描述任何類型的定價差異，當你考慮你的各種上升的地理和一些 ARPU 影響，如果有的話？

The mix of international to U.S., Canada is still relatively small for us. But what we've been seeing is that our LTV CAC where we look at from an acquisition perspective and needed economics more broadly are continued to be strong for us. So we are focused on continuing to obviously make -- provide the right pricing for our customers and which remains dynamic regardless of which corridor we look at. But we also continue to improve our cost structure. So whether it's play-in payout costs, which also go to a transaction margin as we get more and more bigger international, there's opportunities there to continue to improve our margin. Those will take a little bit of a longer time. But overall, nothing we're seeing here would suggest that we would have any sort of pressure in terms of lesser unit economics as we grow our mix internationally.

國際到美國、加拿大的組合對我們來說仍然相對較小。但我們一直看到的是，我們從收購角度和更廣泛需要的經濟學角度來看的 LTV CAC 對我們來說仍然很強大。因此，我們專注於繼續明顯地為我們的客戶提供正確的定價，並且無論我們看哪個渠道，價格都保持動態。但我們也在繼續改善我們的成本結構。因此，無論是遊戲支付成本，隨著我們在國際上變得越來越大，這也會影響交易利潤率，那裡有機會繼續提高我們的利潤率。這些將需要更長的時間。但總的來說，我們在這裡看到的任何情況都表明，隨著我們在國際上發展我們的組合，我們會在較小的單位經濟方面面臨任何壓力。

Our next question comes from Bob Napoli with William Blair.

我們的下一個問題來自 Bob Napoli 和 William Blair。

Maybe my questions primarily has been answered. I guess, maybe just on rewire. Any learnings there from that, that you may apply. I mean are you seeing that be efficient in helping you to expand into other corridors? And does it make you more likely to look for tuck-ins? I know you talked with Tien-Tsin's question on organic versus acquisition. You're clearly focused on primarily organic. But is -- are there any learnings from rewire that maybe could accelerate growth and to jump-start certain corridors that you see?

也許我的問題主要已經得到解答。我想，也許只是重新佈線。從那裡學到的任何東西，你都可以應用。我的意思是，您是否認為這可以有效地幫助您擴展到其他渠道？它是否讓您更有可能尋找內搭？我知道你談到了 Tien-Tsin 關於有機與收購的問題。您顯然主要關注有機產品。但是 - 是否有任何可以從重新佈線中學到的東西可以加速增長並啟動您看到的某些走廊？

Yes. Thanks, Bob. Yes, I think that it's -- first learning is, I think that the early results and again, we just closed the acquisition in January. So we're just in the process of integrating the team in the first 30 days. But obviously, we've gotten to know the team well. And I think that there has to be a foundational not only cultural alignment, but cultural additions. And when we talk about culture internally at Remitly, it's we do it with a growth mindset of having strengths and weaknesses. So I think the rewire from us. And I think we can learn a ton from them in different ways of working. But foundationally, there's a lot of overlap there. So I think we're going to work really well together from that standpoint. 

是的。謝謝，鮑勃。是的，我認為這是 - 首先學習是，我認為早期的結果，我們剛剛在 1 月份完成了收購。所以我們只是在前 30 天整合團隊。但顯然，我們已經非常了解這個團隊。而且我認為必須有一個基礎，不僅是文化一致性，還有文化補充。當我們在 Remitly 內部談論文化時，我們是以一種既有優勢也有劣勢的成長心態來做的。所以我認為我們重新佈線。我認為我們可以通過不同的工作方式從他們那裡學到很多東西。但從根本上說，那裡有很多重疊之處。所以我認為從這個角度來看，我們將一起工作得很好。

And then there's 2 strategic rationale in terms of complementary geographies. It's great that Israel online now, as I mentioned, -- and I'd expect us to be able to leverage some of their product and technology and customer centricity in new markets that are similar to the Israeli market. So that's great. And then second, as I mentioned, I think around complementary products, they'll be able to help us there. So early days given that it's just been 30 days, but the foundational learning is culture is foundational for any acquisition. We feel like we got that right with this one and excited about the strategic rationale that I just went through.

然後在互補的地理位置方面有 2 個戰略依據。正如我所提到的，以色列現在在線真是太好了——我希望我們能夠在類似於以色列市場的新市場中利用他們的一些產品和技術以及以客戶為中心。那太好了。其次，正如我提到的，我認為圍繞互補產品，他們將能夠在那裡幫助我們。鑑於現在才 30 天，所以還很早，但基礎學習是文化是任何收購的基礎。我們覺得我們在這方面做對了，並對我剛剛經歷的戰略理由感到興奮。

And I apologize if I missed it, but did you give any financial metrics on what you expect rewire to contribute in '23 revenue and EBITDA.

如果我錯過了，我深表歉意，但是您是否提供了任何財務指標來說明您希望重新佈線在 23 年的收入和 EBITDA 中做出的貢獻。

Yes, we did not.

是的，我們沒有。

I'm showing no further questions at this time. I'd now like to turn it back to Matt Oppenheimer for closing remarks.

我現在沒有進一步的問題。我現在想把它轉回 Matt Oppenheimer 作結束語。

Great. Thanks so much. So thank you, everybody, for the thoughtful questions. As we always do Remitly, I'd like to end the call just by highlighting one of our amazing customers. This customer's name is James. And James joined Remitly in June of 2022 and sends money from the U.S. to his family in Kenya. And James commented, it is easy, efficient and fast way to send money. I would recommend it and have done so to others. And so we thank James and his family for using and recommending Remitly to others. I think that's another benefit as we talk about scale conceptually. When you look at it more practically, there's a lot of customers that are having a great experience like James and are kind enough to tell their friends and acquaintances about Remitly and recommending it to others. So thank you to customers like James. 

偉大的。非常感謝。非常感謝大家提出深思熟慮的問題。正如我們一貫做的那樣，我想通過強調我們的一位了不起的客戶來結束電話會議。這位顧客的名字叫詹姆斯。 James 於 2022 年 6 月加入 Remitly，並從美國向他在肯尼亞的家人匯款。詹姆斯評論說，這是一種簡單、高效、快捷的匯款方式。我會推薦它，並且已經推薦給其他人。因此，我們感謝 James 和他的家人使用 Remitly 並將其推薦給其他人。我認為這是我們從概念上談論規模時的另一個好處。當你更實際地看待它時，有很多客戶都像 James 一樣擁有很棒的體驗，並且非常友好地向他們的朋友和熟人介紹 Remitly 並向其他人推薦它。所以感謝像 James 這樣的客戶。

And thanks, everybody, for joining us. We appreciate your support. We're excited about the opportunities ahead in '23. Look forward to sharing our progress as we continue to execute on the vision that I mentioned earlier around really improving and transforming the lives of immigrants and their families by providing the most trusted financial services on the planet...

感謝大家加入我們。感謝您的支持。我們對 23 年的機遇感到興奮。期待分享我們的進展，因為我們將繼續執行我之前提到的願景，通過提供地球上最值得信賴的金融服務，真正改善和改變移民及其家人的生活……

Thank you for your participation in today's conference. This concludes the program. You may now disconnect.

感謝您參加今天的會議。程序到此結束。您現在可以斷開連接。