Remitly Global Inc (RELY) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Remitly's Q3 ‘23 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Remitly 的第 3 季 - 23 年收益電話會議。 （操作員指示）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 of Investor Relations.

現在，我想將會議交給今天的發言人，投資者關係副總裁史蒂芬舒爾斯坦 (Stephen Shulstein)。

Good afternoon, and thank you for joining us for Remitly's Third Quarter 2023 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.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website.

下午好，感謝您參加 Remitly 的 2023 年第三季財報電話會議。今天加入我的電話會議的是 Remitly 聯合創辦人兼執行長 Matt Oppenheimer；以及我們的財務長 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，這些幻燈片可以在 ir.remitly.com 上找到。請注意，本次電話會議將同時在投資者關係網站上進行網路直播。

Before we start, I'd like to remind you, we will be making forward-looking statements in the meaning of federal securities laws, including, but not limited to, statements regarding Remitly 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 undue reliance on any forward-looking statements. Please refer on our earnings release and SEC filings for more information regarding the risk factors that may affect our results.

在開始之前，我想提醒您，我們將根據聯邦證券法做出前瞻性聲明，包括但不限於有關 Remitly 未來財務業績以及管理層的預期和計劃的聲明。這些陳述既不是承諾也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處提供的結果有重大差異。您不應過度依賴任何前瞻性陳述。請參閱我們的收益發布和 SEC 文件，以了解有關可能影響我們業績的風險因素的更多資​​訊。

Any forward-looking statements made on 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. The following presentation also contains non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metrics, please see our earnings press release and the appendix to our earnings presentation, which are available on the IR section of our website.

本次電話會議中所做的任何前瞻性陳述（包括對您的問題的答复）均基於截至今天的當前預期，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，除非有要求根據法律。以下簡報也包含非公認會計準則財務指標。有關這些非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，請參閱我們的收益新聞稿和收益簡報的附錄，這些內容可在我們網站的 IR 部分找到。

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 for our third quarter earnings call. We are very pleased with the strong results we have delivered this year for our customers and shareholders.

謝謝史蒂芬，也感謝大家參加我們的第三季財報電話會議。我們對今年為客戶和股東帶來的強勁業績感到非常滿意。

As you can see on Slide 4, our strategic focus remains the same, with a portfolio of high-return investments to capture an even larger share of a very large market. We have been able to consistently deliver increasing operating leverage while simultaneously investing in our 4 key growth priorities of new customer acquisitions, geographic expansion, frictionless remittances, and complementary new products. These investments have allowed us to deliver increasing scale, geographic revenue diversification, a more reliable and frictionless product, and continued automation and cost savings. In addition, these 4 priorities have differentiated return timing, which will allow us to deliver profitable long-term growth as we build the most trusted financial services brand for immigrants and their families.

正如您在投影片 4 中看到的，我們的策略重點保持不變，透過高回報投資組合來佔領非常大的市場的更大份額。我們能夠持續提高營運槓桿，同時投資於新客戶獲取、地理擴張、無摩擦匯款和補充新產品等 4 個關鍵成長優先事項。這些投資使我們能夠實現不斷擴大的規模、地理收入多元化、更可靠、更順暢的產品，以及持續的自動化和成本節約。此外，這四個優先事項具有差異化的回報時間，這將使我們能夠實現盈利的長期成長，同時我們為移民及其家庭打造最值得信賴的金融服務品牌。

While we have doubled our market share over the past 2 years, we are still only slightly more than 2% of the more than $1.6 trillion global remittance market. Our prior investments have resulted in increasing market share in the U.S. and Canada, and yet, we are by no means near our market share potential, and we expect to continue to drive significant growth for many years to come in the U.S. and Canada. We grew revenue over 30% in the U.S. and over 40% in Canada during the third quarter and acquired a record number of new customers in each of these markets, which bodes well for future growth.

儘管我們的市佔率在過去兩年中翻了一番，但在超過 1.6 兆美元的全球匯款市場中，我們的市佔率仍僅略高於 2%。我們先前的投資已經增加了美國和加拿大的市場份額，但我們遠未達到我們的市場份額潛力，我們預計在未來許多年將繼續推動美國和加拿大的顯著成長。第三季度，我們在美國的收入成長了 30% 以上，在加拿大的收入成長了 40% 以上，並且在這些市場中獲得了創紀錄數量的新客戶，這預示著未來的成長。

Outside the U.S. and Canada, we have an even larger opportunity to drive market share as well as revenue growth of over 90% in the third quarter and an increasing share of new customers coming from outside the U.S. and Canada. We have significant growth opportunities, both in markets that we are currently in and those we expect to enter over the coming years. With that backdrop, let's turn to a brief overview of our third quarter results.

在美國和加拿大以外，我們有更大的機會來推動市場份額以及第三季超過 90% 的收入成長，並且來自美國和加拿大以外的新客戶份額不斷增加。無論是在我們目前所處的市場還是我們預計在未來幾年進入的市場，我們都擁有巨大的成長機會。在此背景下，讓我們簡要回顧一下我們第三季的業績。

Our third quarter results were strong, as you can see on Slide 5. Our track record of execution through various economic cycles and delivering on promises continued in the third quarter. Our business continues to have momentum with 43% year-on-year revenue growth and fourth straight quarter of adjusted EBITDA profitability. We've continued to earn the trust of our customers through an experience that delivers peace of mind, which leads to improved customer activity and strong unit economics.

正如您在投影片 5 中看到的那樣，我們第三季的業績強勁。我們的業務持續保持強勁勢頭，營收年增 43%，調整後 EBITDA 獲利能力連續第四個季度實現成長。我們透過提供安心的體驗不斷贏得客戶的信任，從而提高客戶活動和強勁的單位經濟效益。

As a result of our execution and the returns we are seeing from our portfolio of investments, we are pleased to be raising our 2023 annual outlook for revenue once again. We are also raising our 2023 adjusted EBITDA outlook to reflect the strong performance in the third quarter and our expectation of continued strong performance and previously discussed targeted marketing investments in the fourth quarter.

由於我們的執行力和我們從投資組合中看到的回報，我們很高興再次提高 2023 年的年度收入預期。我們還上調了 2023 年調整後 EBITDA 展望，以反映第三季度的強勁業績以及我們對持續強勁業績的預期以及之前討論的第四季度的有針對性的營銷投資。

In the third quarter, our quarterly active customers grew 42% year-over-year, as you can see on Slide 6. This strong customer growth is driven by the peace of mind we build into our product through every step of the journey. From the moment our customers open the Remitly app until the funds are safely delivered to their loved ones. We now serve 5.4 million quarterly active customers. Our new customer acquisition this quarter was once again a record-high and resulted in us adding 1.6 million quarterly active users in the third quarter compared with the third quarter of last year. We continue to benefit from scale, a multiyear focus on brand building, increasing creative velocity, and word of mouth.

正如您在幻燈片 6 中看到的那樣，第三季度我們的季度活躍客戶同比增長了 42%。從我們的客戶打開 Remitly 應用程式的那一刻起，直到資金安全地交付給他們的親人。我們現在為 540 萬季度活躍客戶提供服務。本季我們的新客戶獲取量再次創下歷史新高，使我們第三季的季度活躍用戶較去年第三季增加了 160 萬。我們持續受益於規模、多年來對品牌建立的關注、不斷提高的創意速度和口碑。

Customer behavior remains consistently strong, even with the volatile macroeconomic environment, and we are pleased with the customer engagement and retention we are seeing across our corridors and customer cohorts. We also believe word-of-mouth has been a key driver of efficient new customer acquisition as our recent survey results indicate high levels of trust in the Remitly brand and likelihood to recommend Remitly to family and friends. Our recent surveys indicate that more than 8 in 10 of our customers have told someone else to use Remitly and 9 in 10 customers say Remitly is a company they can trust. In addition, 9 out of 10 customers say Remitly is very reliable and easy to use.

即使宏觀經濟環境波動，客戶行為仍然保持強勁，我們對整個走廊和客戶群的客戶參與度和保留率感到滿意。我們也認為，口碑一直是高效獲取新客戶的關鍵驅動力，因為我們最近的調查結果表明人們對 Remitly 品牌高度信任，並且有可能向家人和朋友推薦 Remitly。我們最近的調查表明，超過十分之八的客戶告訴其他人使用 Remitly，十分之九的客戶表示 Remitly 是他們可以信任的公司。此外，十分之九的客戶表示 Remitly 非常可靠且易於使用。

This trust in the Remitly brand results from the actions we have taken thus far to deliver a frictionless remittance experience as we expand the number of customers using our product. I'm going to focus the balance of my remarks today on a more in-depth overview of the progress we have made in our new customer acquisition activities and delivering frictionless remittances and why we believe there is so much more opportunity to deliver for our customers.

這種對 Remitly 品牌的信任源於我們迄今為止所採取的行動，隨著我們擴大使用我們產品的客戶數量，提供順暢的匯款體驗。我今天的演講重點是更深入地概述我們在新客戶獲取活動和提供無摩擦匯款方面所取得的進展，以及為什麼我們相信有更多機會為我們的客戶提供服務。

Turning to Slide 7, and more details on our new customer acquisition strategy. As we mentioned last quarter, we plan to make incremental targeted brand marketing investments in the back half of 2023, and we began making those investments in the third quarter. In the fourth quarter, we continue to have high confidence opportunities to make incremental targeted investments at the top of the funnel, and we plan to execute on these investments as we have discussed. These investments build on the success we have seen from upper funnel investments that we began making last year.

轉向投影片 7，以了解有關我們新客戶獲取策略的更多詳細資訊。正如我們上季度所提到的，我們計劃在 2023 年下半年進行增量有針對性的品牌行銷投資，並於第三季開始進行這些投資。在第四季度，我們繼續有高度信心的機會在漏斗頂部進行增量有針對性的投資，並且我們計劃按照我們所討論的那樣執行這些投資。這些投資建立在我們去年開始進行的上漏斗投資所取得的成功之上。

We are investing in upper funnel and integrated brand campaigns because we believe standing behind our promise of trust with investments in broader awareness is key to attracting and retaining even more customers for the long term. An example of these types of investments are our integrated campaigns, which combine traditional media and digital channels. In the third quarter, we were live in more than 10 integrated campaigns in target markets across North America, Europe, and Australia and are seeing encouraging early results.

我們正在投資上層漏斗和綜合品牌活動，因為我們相信透過投資更廣泛的認知來支持我們的信任承諾是長期吸引和留住更多客戶的關鍵。此類投資的一個例子是我們的綜合行銷活動，它結合了傳統媒體和數位管道。第三季度，我們在北美、歐洲和澳洲的目標市場開展了 10 多項綜合活動，並看到了令人鼓舞的早期結果。

Looking ahead, the fourth quarter is a key quarter to acquire new customers given increased sending volume over the holidays. Therefore, we expect to take advantage of that opportunity. And as a result, we expect cash to increase sequentially in the fourth quarter, but remain within our high-return LTV/CAC guardrail. We expect these investments will drive high confidence revenue and active customer growth in 2024.

展望未來，鑑於假期發送量增加，第四季是獲取新客戶的關鍵季度。因此，我們希望利用這個機會。因此，我們預計第四季度現金將連續增加，但仍保持在我們的高回報 LTV/CAC 範圍內。我們預計這些投資將在 2024 年推動高信心收入和活躍客戶成長。

The other area where I'll give a more detailed update is on investments we are making to deliver frictionless remittances, as you can see on Slide 8. As I have mentioned in the past, trust is paramount for our customer base, both because our customers are trusting us with their personal information and funds, but also because delivering remittances international in a reliable and trusted way is incredibly hard and complex.

我將提供更詳細更新的另一個領域是我們為提供無摩擦匯款而進行的投資，正如您在幻燈片8 中看到的那樣。 ，因為我們客戶信任我們提供他們的個人資訊和資金，但也因為以可靠和值得信賴的方式進行國際匯款非常困難和複雜。

Examples of this complexity include localization across over 170 countries, reducing friction for customers across different payment methods and currencies, fraud and compliance systems that prevent bad actors while at the same time maintaining a great overall customer experience, sophisticated treasury FX cash management, and delivering funds reliably and speedily to billions of bank accounts, mobile wallets and cash pickup locations across the globe. All of this requires scale and a digital-first approach and importantly, a critical focus on reducing friction across all stages of the remittent journey, something that we are uniquely positioned to deliver, and we're just getting started in our effort to do so.

這種複雜性的例子包括跨170 多個國家的本地化、減少客戶在不同支付方式和貨幣之間的摩擦、防止不良行為者的詐欺和合規系統，同時保持良好的整體客戶體驗、複雜的財務外匯現金管理以及交付可靠、快速地將資金存入全球數十億個銀行帳戶、行動錢包和現金提取地點。所有這一切都需要規模化和數位優先的方法，重要的是，重點關注減少匯款旅程各個階段的摩擦，這是我們獨特的定位，可以實現這一目標，而我們才剛開始努力做到這一點。

I will provide more details on 2 key customer engagement points during the remittance journey, which can introduce friction in their experience and the investments we continue to make from a product perspective to significantly reduce these types of friction. The first happens when customers fund their transactions, and the second is growing the disbursement of the funds to recipients. Remitly collect funds from customers in 33 countries or territories, 13 payment types such as ACH, debit cards, SOFORT, or iDEAL and in 106 currencies.

我將提供有關匯款過程中兩個關鍵客戶參與點的更多詳細信息，這些點可能會給他們的體驗帶來摩擦，以及我們從產品角度繼續進行的投資，以顯著減少此類摩擦。第一個發生在客戶為交易提供資金時，第二個發生在增加向接收者支付的資金時。 Remit 向 33 個國家或地區的客戶收取 106 種貨幣、13 種付款類型（例如 ACH、金融卡、SOFORT 或 iDEAL）的資金。

We call our fund collection from customers, payment acceptance. And friction can result from a customer not having their preferred payment method available, delays, payment failures such as decline cards, inability to make edits to payment or other technical issues, or a clear and rapid process in case of refund is requested. Therefore, quality and reliability of the payment acceptance process takes continuous monitoring, optimization, and expertise in order to provide a fast and frictionless experience.

我們稱我們向客戶收取資金為付款承兌。摩擦可能是由於客戶沒有可用的首選付款方式、延遲、付款失敗（例如拒絕卡）、無法編輯付款或其他技術問題，或者在請求退款時沒有清晰而快速的流程而導致的。因此，支付接受流程的品質和可靠性需要持續監控、優化和專業知識，才能提供快速、順暢的體驗。

We are proud of the uniquely frictionless experience we provide, as evidenced by the 9 out of 10 customers in our recent customer survey saying Remitly is very reliable and easy to use. But we also know that we are just getting started in payment acceptance, and we can continue to reinvent the way this is done for our customers with our digital-first approach at scale. Our focus on enhancing our payment acceptance and reducing customer friction includes examples such as providing the ability for our customers to pay with the payment method of their choice. While we offer card payments in all of our markets, we have also added local ad payments such as bank contact in Belgium, SOFORT in Germany, and wallets such as Apple Pay and Google Pay in the U.K., U.S., and Canada.

我們為我們提供的獨特無摩擦體驗感到自豪，在我們最近的客戶調查中，十分之九的客戶表示 Remitly 非常可靠且易於使用。但我們也知道，我們在支付受理方面才剛起步，我們可以繼續透過大規模的數位優先方法為客戶重新發明這種方式。我們致力於提高付款接受度和減少客戶摩擦，包括為客戶提供使用他們選擇的付款方式進行付款的能力等範例。雖然我們在所有市場提供銀行卡支付，但我們也增加了本地廣告支付，例如比利時的銀行聯絡資訊、德國的 SOFORT 以及英國、美國和加拿大的 Apple Pay 和 Google Pay 等錢包。

We have also reduced friction in other parts of the payment acceptance experience by simplifying and providing instant refunds and providing real-time account validation when incorrect payment information is provided. We also offer customers the option to retry a failed payment without restarting the entire process, enhancing the overall customer experience and boosting our conversion metrics. In addition, we continue to expand our global money movement network by adding even more trusted real-time payment partners.

我們還透過簡化和提供即時退款以及在提供不正確的付款資訊時提供即時帳戶驗證來減少付款接受體驗其他部分的摩擦。我們還為客戶提供重試失敗付款的選項，而無需重新啟動整個流程，從而增強整體客戶體驗並提高我們的轉換指標。此外，我們透過增加更值得信賴的即時支付合作夥伴，持續擴大我們的全球資金流動網絡。

Doing so provides customers with even more payment and disbursement options, reduces customer friction, and reduces transaction cuts. As an example, we recently announced a new partnership with MasterCard to integrate Mastercard Send and cross-border services. Today, we're pleased to share that we've renewed our long-standing agreement with Visa to bring global money movement capabilities to more Remitly customers in select jurisdictions enabled by Visa Direct. These agreements enhance the value we provide to our customers, and we are grateful for the collaboration with our payment acceptance partners.

這樣做可以為客戶提供更多的支付和支付選項，減少客戶摩擦，並減少交易減少。例如，我們最近宣布與萬事達卡建立新的合作夥伴關係，以整合萬事達卡發送和跨境服務。今天，我們很高興與大家分享，我們已與 Visa 續簽了長期協議，透過 Visa Direct 為特定司法管轄區的更多 Remitly 客戶帶來全球資金轉移功能。這些協議增強了我們為客戶提供的價值，我們感謝與付款接受合作夥伴的合作。

Another driver of our ability to reduce customer friction has been improving the quality of our disbursement network, which we define as the way customers receive funds and currently includes 4 billion bank accounts, 460,000 cash pickup locations, 1.2 billion mobile wallets, and even door-to-door delivery in select markets where it is popular. The rest of this network is important, but the depth, which we define as direct integration, which eliminates intermediate hops, thus reducing errors and improving visibility of customer funds as they move through a transaction is equally important to customers. This enhances our ability to deliver instant transactions for our customers, which is a key driver of loyalty and word of mouth.

我們減少客戶摩擦的另一個驅動力是提高支付網路的質量，我們將支付網路定義為客戶接收資金的方式，目前包括40 億個銀行帳戶、46 萬個提領地點、12 億個行動錢包，甚至是門禁服務。這個網路的其餘部分很重要，但深度（我們定義為直接整合）對客戶來說同樣重要，它消除了中間跳躍，從而減少了錯誤並提高了客戶資金在交易過程中的可見性。這增強了我們為客戶提供即時交易的能力，這是忠誠度和口碑的關鍵驅動力。

The high-quality network that we have built across more than 4,900 corridors is difficult to replicate as it requires significant scale in many corridors as well as the right technology investments, which we have made over many years. We keep expanding our direct integrations, and we have increased the number of received countries that have a direct integration partner by approximately 100% from 2 years ago as we have been able to expand our network to key partners that matter and are relevant to our customers. As our payment and disbursement networks continue to improve, you can see the results in our strong and improving speed metrics.

我們在 4,900 多個走廊上建立的高品質網路很難複製，因為它需要在許多走廊上進行大規模的投資以及我們多年來所做的正確的技術投資。我們不斷擴大直接集成，我們已將擁有直接集成合作夥伴的接收國家/地區數量比2 年前增加了約100%，因為我們已經能夠將我們的網路擴展到重要且與我們的客戶相關的關鍵合作夥伴。隨著我們的支付和支付網路不斷改進，您可以在我們強大且不斷改進的速度指標中看到結果。

In the third quarter, more than 92% of transactions were dispersed in less than 1 hour, improving nearly 200 basis points from the third quarter of last year. While we are proud of our progress, this still means that 8% of transactions take more than an hour, and we are focused on getting as close to 100% of transactions delivered in less than an hour as possible, an extremely important outcome for our customers. In addition, our overall platform availability was 99.98% in the third quarter, reflecting the technology investments we have made.

第三季度，超過92%的交易在1小時內分散，比去年第三季提高了近200個基點。雖然我們為自己的進步感到自豪，但這仍然意味著8% 的交易需要一個多小時才能完成，而我們的重點是盡可能在一小時內交付接近100% 的交易，這對我們來說是極其重要的成果顧客。此外，第三季我們的整體平台可用性為 99.98%，反映了我們所做的技術投資。

Our 24/7 global customer support service is an important investment we make to protect our customer's peace of mind and resolve friction they may encounter. We are capturing significant opportunities in technology solutions to address some of the key pay-in points for our customers, whether through self-serve options that help customers find the information they need rapidly or the ability to amend the transaction seamlessly while at the same time, providing real-time information on the status of the transaction.

我們的 24/7 全球客戶支援服務是一項重要投資，旨在讓客戶安心並解決他們可能遇到的摩擦。我們正在抓住技術解決方案的重要機會，以解決客戶的一些關鍵支付點問題，無論是透過自助服務選項幫助客戶快速找到他們需要的信息，還是同時無縫修改交易的能力，提供有關交易狀態的即時資訊。

We have also been increasing the ability of human agents to handle more complex issues by upskilling agents and investing in technology, including artificial intelligence. These investments in delivering frictionless remittances have resulted in consistent improvements in our customer contact rates over time. You can also see the early results of these investments on the P&L, where customer support as a percentage of revenue has gone down from 10.6% to 8.3%, a 230-basis point year-over-year improvement in the third quarter.

我們也透過提升代理的技能和投資包括人工智慧在內的技術，提高人類代理處理更複雜問題的能力。隨著時間的推移，這些在提供無摩擦匯款方面的投資不斷提高了我們的客戶聯繫率。您還可以在損益表上看到這些投資的早期結果，其中客戶支援佔收入的百分比從 10.6% 下降到 8.3%，第三季同比提高了 230 個基點。

While we are proud of the progress in reducing customer correction, it is clear that a significant opportunity remains to materially improve the customer experience, which will drive even more loyalty and lower costs. It's important to keep in mind that our customer support costs, which we view as directly attributable to friction, which drives customer contacts are still over 8% of our revenue. This reflects an investment opportunity to most importantly decrease friction and create a reliable, trusted, and differentiated remittance product, which we can do with operational excellence, scale, and a digital-first approach.

雖然我們對減少客戶在糾正方面取得的進展感到自豪，但很明顯，仍有大幅改善客戶體驗的重大機會，這將提高忠誠度並降低成本。重要的是要記住，我們的客戶支援成本仍然占我們收入的 8% 以上，我們認為這直接歸因於摩擦，而摩擦推動了客戶聯繫。這反映了一個投資機會，最重要的是減少摩擦並創建可靠、值得信賴和差異化的匯款產品，我們可以透過卓越營運、規模和數位優先的方法來實現這一點。

As the customer experience continues to improve, we believe we will be able to capture additional flywheel benefits and active customer growth by building a trusted brand. Evidence of the significant trust in our platform today are the approximately 1.2 million ratings for the Remitly app in the App Store with an average of 4.9 stars or over 690,000 ratings in the Google Play store with an average of 4.8 stars. We look forward to building additional customer trust with our investments to reduce friction at all stages of the transaction.

隨著客戶體驗的不斷改善，我們相信，透過建立值得信賴的品牌，我們將能夠獲得額外的飛輪優勢和積極的客戶成長。今天，Remitly 應用程式在 App Store 中獲得了大約 120 萬個評分，平均為 4.9 顆星，在 Google Play 商店中獲得了超過 69 萬個評分，平均為 4.8 顆星，證明了人們對我們平台的高度信任。我們期待透過我們的投資建立更多的客戶信任，以減少交易各個階段的摩擦。

As we look ahead, we are anchored on our vision on Slide 9 to transform the lives of immigrants and their families by providing the most trusted financial services on the planet. We are well on our way to delivering on this vision as we bring reliable and trusted service to millions of customers today. Looking back on our performance so far this year, I am extremely pleased that we have delivered on our promises with consistent revenue outperformance and increasing returns on our investments. Our strong results have demonstrated that we have been prudent stewards of capital across economic cycles.

展望未來，我們立足於幻燈片 9 中的願景，即透過提供全球最值得信賴的金融服務來改變移民及其家庭的生活。我們正在為實現這一願景而努力​​，為當今數百萬客戶提供可靠且值得信賴的服務。回顧我們今年迄今為止的業績，我非常高興我們兌現了我們的承諾，收入持續領先，投資回報不斷增加。我們的強勁業績表明，我們在整個經濟週期中一直是審慎的資本管理者。

We look forward to continuing to build on the trusted relationships with our customers by sharing the Remitly brand story, expanding into new markets, continuously improving the remittance experience and driving complementary new products over time to deepen our relationships with customers. Executing on this long-term vision will provide outsized returns for our shareholders and deliver exceptional value to our customers.

我們期待透過分享 Remitly 品牌故事、拓展新市場、不斷改善匯款體驗並不斷推出互補的新產品來加深我們與客戶的關係，從而繼續與客戶建立值得信賴的關係。執行這個長期願景將為我們的股東帶來豐厚的回報，並為我們的客戶帶來非凡的價值。

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

接下來，我將致電 Hemanth，提供有關我們財務業績和修訂後的 2023 年財務前景的更多詳細資訊。

Thank you, Matt. I'm pleased with our strong results in the third quarter and our consistent execution this year as we focus on delivering strong revenue growth and improving profitability, while at the same time taking advantage of opportunities to acquire even more customers at robust unit economics. I will start with a review of our third quarter financial highlights and then provide additional details on our updated 2023 outlook.

謝謝你，馬特。我對我們第三季度的強勁業績和今年的一貫執行感到滿意，因為我們專注於實現強勁的收入增長和提高盈利能力，同時利用機會以強勁的單位經濟效益獲得更多客戶。我將首先回顧我們第三季度的財務亮點，然後提供有關我們更新的 2023 年展望的更多詳細資訊。

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 the common stock in connection with our Pledge 1% commitment, acquisition integration and restructuring costs, and foreign exchange gain or loss. Reconciliations to GAAP results are included in the earnings release. With that, let's turn to our third quarter results beginning on Slide 11 with our high-level financial performance.

我將在發言中討論非 GAAP 營運費用和調整後 EBITDA。這些指標不包括以股票為基礎的薪酬、與我們的 1% 承諾相關的普通股捐贈、收購整合和重組成本以及外匯損益等項目。財報中包含了與公認會計原則（GAAP）結果的對帳。接下來，讓我們轉向從投影片 11 開始的第三季業績以及我們的高水準財務業績。

We delivered another quarter of greater than 40% active customer revenue growth and increased year-over-year adjusted EBITDA profitability. Quarterly active customers grew by 42% year-over-year to $5.4 million. Send volume grew 36% year-over-year to approximately $10.2 billion, all resulting in revenue growth of 43% year-over-year to $242 million. Our GAAP net loss was $36 million in the quarter and included $37 million of stock compensation expense, $4.6 million related to our donation of common stock for our Pledge 1% commitment, and $2.9 million of acquisition, integration and restructuring costs.

我們又一個季度的活躍客戶收入成長超過 40%，調整後 EBITDA 獲利能力較去年同期成長。季度活躍客戶年增 42%，達到 540 萬美元。發送量年增 36%，達到約 102 億美元，營收年增 43%，達到 2.42 億美元。本季我們的GAAP 淨虧損為3,600 萬美元，其中包括3,700 萬美元的股票補償費用、與我們為承諾1% 承諾而捐贈普通股相關的460 萬美元，以及290 萬美元的收購、整合和重組成本。

Acquisition integration restructuring costs include $1.5 million related to the integration of Rewire, and $1.4 million of restructuring, which includes costs related to simplifying and scaling certain processes and teams such as customer support to more efficiently serve our customers. The strong growth in revenue combined with significantly lower transaction expense as a percentage of revenue led to adjusted EBITDA of $10.5 million in the quarter. As we described on our last earnings call, as our unit economics remain highly attractive, we plan to make additional marketing investments in the back half of 2023 to acquire even more customers as we look forward to continued momentum in 2024 and beyond. We partially saw the in-period impact of these investments in our third quarter adjusted EBITDA performance and fully expect to see the benefits from these investments in 2024.

收購整合重組成本包括與 Rewire 整合相關的 150 萬美元，以及與簡化和擴展某些流程和團隊（例如客戶支援）相關的成本 140 萬美元，以便更有效地為客戶服務。營收的強勁成長加上交易費用佔營收的比例顯著降低，導致本季調整後 EBITDA 達到 1,050 萬美元。正如我們在上次財報電話會議上所述，由於我們的單位經濟效益仍然極具吸引力，我們計劃在2023 年下半年進行額外的營銷投資，以獲取更多客戶，同時我們期待2024 年及以後的持續增長勢頭。我們在第三季調整後的 EBITDA 業績中部分看到了這些投資的同期影響，並完全期望在 2024 年看到這些投資的收益。

Now let's turn to Slide 12 for a detailed review of performance in the third quarter. Let's begin with revenue, which was up 43% year-over-year in the third quarter on a reported basis and 42% on a constant currency basis. Our strong revenue growth was primarily driven by the 42% increase in quarterly active customers, which includes a record number of new customers acquired in the quarter and high retention of existing customers. Consistent with prior quarters, our existing customers contributed to the vast majority of revenue in the quarter. A large number of new customers we acquired in the quarter and highly efficient acquisition costs will primarily help drive growth in 2024 and beyond.

現在讓我們轉向投影片 12，詳細回顧第三季的業績。讓我們從營收開始，按報告數據計算，第三季營收年增 43%，以固定匯率計算，第三季營收年增 42%。我們強勁的營收成長主要得益於季度活躍客戶成長 42%，其中包括本季獲得的新客戶數量創紀錄以及現有客戶的高保留率。與前幾季一致，我們的現有客戶貢獻了本季的絕大多數收入。我們在本季獲得的大量新客戶和高效的收購成本將主要有助於推動 2024 年及以後的成長。

Underlying customer behavior in the third quarter remained very strong, reflecting the nondiscretionary nature of remittances and our focus on providing a frictionless remittance experience. Our revenue in the quarter was impacted by a variety of mix shifts in line with normal movements in the business. As we mentioned last quarter, we continue to see a shift to digital disbursement options in certain markets, which results in smaller transaction sizes and increased transaction intensity. We also continue to see revenue diversification as rest of the world revenue grew over 90% in the third quarter of 2023 compared to the third quarter 2022.

第三季的基本客戶行為仍然非常強勁，反映出匯款的非自由裁量性質以及我們致力於提供無摩擦的匯款體驗。我們本季的營收受到與業務正常變動一致的各種組合變化的影響。正如我們上季度提到的，我們繼續看到某些市場轉向數位支付選項，這導致交易規模縮小和交易強度增加。我們也繼續看到收入多元化，因為與 2022 年第三季相比，2023 年第三季世界其他地區的收入成長了 90% 以上。

We expect to continue to see mix shifts quarter-to-quarter as our business evolves to be even more global, driven by various factors, including customer references around payments and disbursement options, FX movements, and geographic expansion. We expect to consistently deliver very strong revenue growth even as we scale. These investments we're making in our product, marketing, and our global network will help us drive robust growth in active customers and sustained high retention. We continue to make product enhancements to reflect customer preferences with a focus to improve customer lifetime value.

我們預計，隨著我們的業務在各種因素的推動下變得更加全球化，包括有關支付和支付選項的客戶參考、外匯變動和地理擴張，我們預計將繼續看到季度與季度之間的組合變化。即使我們規模擴大，我們也希望能夠持續實現非常強勁的營收成長。我們在產品、行銷和全球網路方面進行的這些投資將幫助我們推動活躍客戶的強勁成長和持續的高保留率。我們繼續改進產品以反映客戶的偏好，重點是提高客戶的終身價值。

As our unit costs have been declining, we have the ability to invest in delivering more value for our customers to drive long-term transaction activity and retention while maintaining strong long-term unit economics at the same time. Transaction expense as a percentage of revenue improved 580 basis points year-over-year as we continue to benefit from a rapidly increasing scale. Of the 580-basis point improvement in transaction expense, approximately 180 basis points were due to improved economics with payment acceptance and disbursement partners as we demonstrate scale and are increasing value to our partners across our global payment acceptance and disbursement networks.

隨著我們的單位成本不斷下降，我們有能力投資為客戶提供更多價值，以推動長期交易活動和保留，同時保持強勁的長期單位經濟效益。隨著我們繼續受益於快速成長的規模，交易費用佔營收的百分比年增了 580 個基點。在交易費用580 個基點的改善中，大約180 個基點是由於支付受理和支付合作夥伴的經濟效益有所改善，因為我們展示了規模，並為我們在全球支付受理和支付網絡中的合作夥伴增加了價值。

As we continue to scale, we expect additional opportunities to improve economics with our partners across both payment acceptance and disbursement networks. As Matt mentioned, we recently signed new agreements with large global payment partners. Our ability to enter into these agreements reflect the value of the additional scale that we bring on both the payment acceptance and disbursement sides. These agreements also provide us with a meaningful opportunity to benefit from scale on our payment acceptance cost as the significant majority of our customers fund their transactions with debit and credit cards. These opportunities are ongoing and reflect the additional value and scale we bring to our partners.

隨著我們不斷擴大規模，我們期望有更多機會與我們的合作夥伴在支付接受和支付網路上改善經濟效益。正如馬特所提到的，我們最近與大型全球支付合作夥伴簽署了新協議。我們簽訂這些協議的能力反映了我們為付款接受和支付雙方帶來的額外規模的價值。這些協議也為我們提供了一個有意義的機會，使我們能夠從支付接受成本的規模中受益，因為我們的絕大多數客戶都透過金融卡和信用卡為交易提供資金。這些機會是持續存在的，反映了我們為合作夥伴帶來的附加價值和規模。

We also benefited from the continued improvement in our fraud loss rates in the third quarter even as we on-boarded a record number of new customers. This sustained improvement reflects the investments we have made in our fraud technology, which allows us to more precisely block bad transactions by preserving a frictionless experience for our legitimate customers. Managing fraud loss rates is always a balance between customer experience' and optimize front levels. We are very pleased this quarter that our fraud loss rate continues to improve, while at the same time, our customer contact rate continues to decline, thus demonstrating that we're able to deliver less friction for our customers.

儘管我們的新客戶數量創歷史新高，但第三季詐欺損失率的持續改善也使我們受益匪淺。這種持續的改進反映了我們在詐欺技術方面所做的投資，這使我們能夠透過為合法客戶保留無摩擦的體驗來更精確地阻止不良交易。管理詐欺損失率始終是客戶體驗和優化前端水平之間的平衡。我們很高興本季我們的詐欺損失率持續改善，同時我們的客戶聯繫率持續下降，這表明我們能夠為客戶帶來更少的摩擦。

However, as we've noted before, fraud losses are inherently unpredictable, especially as we continue to acquire significant new customers during the seasonally strong fourth quarter. As a result, we expect some variability in fraud loss rates in any quarter while continuing to make sustainable improvements in the long term. Third quarter results also reflected our focus on acquiring new customers at strong unit economics. As we mentioned last quarter, we were able to take advantage of these strong unit economics and make some targeted incremental marketing investments in the quarter, including some upper funnel investments.

然而，正如我們之前指出的，詐欺損失本質上是不可預測的，特別是當我們在季節性強勁的第四季度繼續獲得大量新客戶時。因此，我們預計任何季度的詐欺損失率都會出現一些變化，同時繼續長期持續改進。第三季的業績也反映出我們專注於以強勁的單位經濟效益獲取新客戶。正如我們上季度所提到的，我們能夠利用這些強勁的單位經濟效益，並在本季度進行一些有針對性的增量行銷投資，包括一些上漏斗投資。

We are confident that we will see strong returns from these investments in 2024 as we look to maintain high rates of growth for many years to come. While marketing expense as a percentage of revenue was essentially flat year-over-year due to our investments, we remain focused on optimizing incremental payback and LTV/CAC ratio, which remained strong in the quarter. CAC was relatively flat sequentially and was slightly up year-over-year, reflecting these additional investments. We continue to benefit from optimizing localized digital marketing, increased creative velocity, improving brand awareness, would amount affects and increasing scale in our business outside of North America.

我們相信，我們將在 2024 年看到這些投資的強勁回報，因為我們希望在未來許多年保持高成長率。雖然由於我們的投資，行銷費用佔收入的百分比與去年同期基本持平，但我們仍然專注於優化增量投資回報率和 LTV/CAC 比率，該比率在本季度仍然強勁。 CAC 環比相對持平，年比略有上升，反映了這些額外投資。我們繼續受益於優化在地化數位行銷、提高創意速度、提高品牌知名度、影響力和擴大我們在北美以外的業務規模。

In the third quarter, customer support and operations expenses were down 230 basis points year-over-year as a percentage of revenue as we continue to see leverage on this line item. We expect to continue to drive efficiencies from increasing automation and reducing friction as well as our improvements in fraud precision, which helped drive down contract rates. Technology and development expenses increased 150 basis points year-over-year and reflect to long-term return investments we're making in our remittance platform to reduce friction for our customers, improve fraud risk and compliance technologies, develop complementary new products, and increase automation across customer service and back-end transactional processing.

第三季度，客戶支援和營運費用佔收入的百分比年減了 230 個基點，因為我們繼續看到該行項目的槓桿作用。我們預計將繼續透過提高自動化程度、減少摩擦以及提高詐欺精確度來提高效率，這有助於降低合約費率。技術和開發費用年增 150 個基點，反映了我們在匯款平台上的長期回報投資，以減少客戶的摩擦、改善詐欺風險和合規技術、開發互補的新產品，並增加客戶服務和後端事務處理的自動化。

We can see some of the benefits from these investments in the leverage we're seeing in transaction and customer support expenses. We expect to continue to invest in delivering a superior experience for our customers and are excited about the returns we are currently seeing, including strong active customer growth and improvement in customer support costs as well as future returns our investments will deliver as our product continues to get better. In the third quarter, G&A expense as a percentage of revenue is flat year-over-year. We continue to focus on moderating overall growth rates in both headcount and non-headcount expenses while targeting higher productivity.

我們可以在交易和客戶支援費用中看到這些投資的一些好處。我們期望繼續投資為客戶提供卓越的體驗，並對我們目前看到的回報感到興奮，包括強勁的活躍客戶成長和客戶支援成本的改善，以及隨著我們的產品不斷發展，我們的投資將帶來的未來回報。第三季度，一般及行政費用佔營收的百分比與去年同期持平。我們繼續專注於減緩員工和非員工支出的整體成長率，同時瞄準更高的生產力。

Our GAAP net loss in the quarter was $36 million compared with $33 million in the third quarter of 2022. Our net loss included $37 million of stock compensation expense in the third quarter compared with $26 million in the third quarter of last year. We're actively focused on managing stock-based compensation and have made adjustments to compensation structures in order to maintain appropriate balance between rewarding employees for the value they deliver while managing share dilution.

我們本季的 GAAP 淨虧損為 3,600 萬美元，而 2022 年第三季為 3,300 萬美元。我們積極關注管理股票薪酬，並對薪酬結構進行了調整，以便在獎勵員工提供的價值和管理股權稀釋之間保持適當的平衡。

Our focus for 2023 and beyond remains in 4 key areas to drive sustainable long-term returns, as you can see on Slide 13. These are to continue to deliver strong revenue growth, improved transaction expense, sustain or improve marketing efficiency while delivering new customers at strong unit economics, and increased scale efficiencies in other operating expenses. We are proud of our execution this year as we've delivered both higher-than-expected revenue growth, making targeted investments for the longer term while demonstrating operating leverage, and sustainably increasing adjusted EBITDA profitability. We're in a strong position to be able to make these investments to ensure future growth while also delivering scale benefits that drop to the bottom line.

正如您在投影片13 中看到的那樣，我們2023 年及以後的重點仍然是推動可持續長期回報的4 個關鍵領域。效率，同時提供新客戶強勁的單位經濟效益，以及其他營運支出的規模效率的提升。我們對今年的執行情況感到自豪，因為我們實現了高於預期的收入成長，在展示營運槓桿的同時進行了有針對性的長期投資，並持續提高了調整後的 EBITDA 獲利能力。我們處於有利地位，能夠進行這些投資以確保未來的成長，同時提供可降至底線的規模效益。

Delivering on these priorities has allowed us to increase our outlook for both revenue and adjusted EBITDA in 2023 again, as you can see on Slide 14. Specifically, we expect revenue to be between $935 million and $943 million, which reflects a year-over-year growth rate of 43% to 44% and is a $19 million increase in the midpoint from our prior outlook. The increase in our revenue outlook is primarily driven by the strong trends we have seen in the third quarter on our expectations for continued strength in customer activity from the record number of new customers we have recently added this year and the resilience for other existing customers.

實現這些優先事項使我們能夠再次提高對2023 年收入和調整後EBITDA 的預期，如幻燈片14 所示。成長。我們收入前景的成長主要是由於我們在第三季度看到的強勁趨勢，我們預計今年新增加的新客戶數量將創紀錄，客戶活動將持續強勁，而且其他現有客戶的恢復能力也將增強。

We expect adjusted EBITDA to be between $36 million and $41 million, which is a $2 million increase at the midpoint from our prior outlook. The increase in our adjusted EBITDA outlook is primarily driven by a strong performance in the third quarter on our expectations of continued strong performance in the fourth quarter, offset by the near-term impact of our previously discussed incremental marketing investments. Given the seasonality of remittance end, the fourth quarter provides the best opportunity to acquire new customers and make additional high-return marketing investments. We expect these investments to deliver high long-term returns and also drive strong growth in 2024.

我們預計調整後的 EBITDA 將在 3,600 萬美元至 4,100 萬美元之間，比我們先前預期的中位數增加 200 萬美元。我們調整後的 EBITDA 前景的成長主要是由第三季度的強勁業績推動的，我們預計第四季度將繼續保持強勁業績，但被我們之前討論的增量行銷投資的近期影響所抵消。鑑於匯款結束的季節性，第四季度提供了獲取新客戶和進行額外高回報行銷投資的最佳機會。我們預計這些投資將帶來較高的長期回報，並推動 2024 年的強勁成長。

Finally, we expect to continue prioritizing investments in our technology and development organization and ensuring that these investments are aligned to our strategic priorities. Our macroeconomic and FX assumptions remain relatively stable to what we've seen in the third quarter of 2023, and we expect continued resilience in customer behavior across our diversified portfolio of colors.

最後，我們希望繼續優先考慮對我們的技術和開發組織的投資，並確保這些投資與我們的策略優先事項保持一致。我們的宏觀經濟和外匯假設與 2023 年第三季的情況相比保持相對穩定，並且我們預計我們多元化的顏色組合中的客戶行為將持續保持彈性。

Our balance sheet remains a source of strength to ensure we can fund our high-return investments. At the end of the quarter, we had $223 million of cash and access to a $250 million working capital facility. Similar to last quarter, our reported cash balance as of September 30 was impacted by timing as the quarter ended on a weekend when we typically have higher prefunding requirements to ensure funds are available to our customers.

我們的資產負債表仍然是確保我們能夠為高回報投資提供資金的力量來源。截至本季末，我們擁有 2.23 億美元的現金，並可使用 2.5 億美元的營運資金。與上個季度類似，我們截至 9 月 30 日報告的現金餘額受到了季度結束時間的影響，因為週末我們通常有更高的預融資要求，以確保客戶可以獲得資金。

Overall, we have been very pleased by the consistent execution of our business model and strategy, which has been able to deliver consistent greater than 40% revenue growth, improving adjusted EBITDA margins and high returns on all our investments. We remain focused on allocating capital to the highest return investments to ensure we can deliver this strong financial performance over the long term.

總體而言，我們對業務模式和策略的持續執行感到非常高興，它能夠實現持續超過 40% 的收入成長，提高調整後 EBITDA 利潤率，並為我們所有的投資帶來高回報。我們仍然專注於將資本分配給最高回報的投資，以確保我們能夠長期實現強勁的財務表現。

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

接下來，馬特和我將開始電話詢問您的問題。操作員？

(Operator Instructions) Our first question comes from Andrew Schmidt with Citi.

（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。

I want to start off on the marketing side of things. And I think it makes sense investing more, given that the LTV has stepped up and you can maintain attractive unit economics, but maybe a couple of questions on that front. First, maybe you could just talk about CAC trends you're seeing in performance marketing. And then second, as you shift to more top of funnel marketing and things like that, can you just talk about your confidence in the efficiency of those initiatives and ability to scale those over time? Those areas would be helpful.

我想從行銷方面開始。我認為增加投資是有意義的，因為生命週期價值已經提高，並且你可以保持有吸引力的單位經濟效益，但在這方面可能有幾個問題。首先，也許您可以談談您在效果行銷中看到的 CAC 趨勢。其次，當您轉向更多漏斗行銷的頂部和類似的事情時，您能否談談您對這些計劃的效率以及隨著時間的推移擴展這些計劃的能力的信心？這些領域將會有所幫助。

On the marketing front, we are excited about the integrated brand campaigns. And I'd say that it's a continuation and an expansion of a playbook that we've already started to roll out and have proven to be successful. And an example of that would be like an integrated marketing campaign that we did in the Miami area, where we're seeing the dividends from. That's because it drives long-term awareness with strategically important audiences.

在行銷方面，我們對整合的品牌活動感到興奮。我想說，這是我們已經開始推出並證明是成功的劇本的延續和擴展。一個例子就是我們在邁阿密地區開展的整合行銷活動，我們在那裡看到了紅利。這是因為它可以提高具有策略意義的重要受眾的長期意識。

And what we see is it actually makes our efficient performance marketing even more efficient. And so I feel good about our ability to measure those results and feel good about the ability to expand some campaigns that we've already been doing, 2 additional geographies. And the other benefit of that, given our scale and size, is it continues that flywheel effect of referrals and word of mouth to where we're excited about the investments that we're making in Q4. Mainly because then as we go into 2024, it gives us confidence in our ability to continue to deliver high growth rates that we have delivered in the past. And given the payback period and LTV-to-CAC ratios, we feel confident about delivering as we head into 2024.

我們看到的是，它實際上使我們高效的績效行銷更有效率。因此，我對我們衡量這些結果的能力感到滿意，並對我們能夠擴大我們已經在做的一些活動（另外兩個地區）感到滿意。考慮到我們的規模和規模，這樣做的另一個好處是，推薦和口碑的飛輪效應持續存在，我們對第四季的投資感到興奮。主要是因為當我們進入 2024 年時，它讓我們對繼續實現過去實現的高成長率的能力充滿信心。考慮到投資回收期和 LTV 與 CAC 比率，我們對 2024 年的交付充滿信心。

Got it. You actually preempted my second question, which is about 2024 visibility. Maybe you could dig a little bit more into that. I mean I think you guys have pretty good visibility given the customers you've added thus far. Maybe talk a little bit about just the variables as you kind of think about just the sustaining high rates of growth into 2024. Anything on that front would be helpful.

知道了。你實際上搶先了我的第二個問題，即關於 2024 年可見性的問題。也許你可以更深入地研究一下。我的意思是，我認為鑑於你們迄今為止所添加的客戶，你們的知名度相當高。也許只討論一些變量，因為您會考慮到 2024 年維持高成長率。

Yes. I'll start with the kind of predictability and confidence, and then I'll turn it over to Hemanth to talk a little bit more about how those squares into our 2024 thinking from a financial standpoint. But I think there we're in a unique spot, mainly because of the resilience of our business in terms of -- you think about our customers, the nondiscretionary nature of the spend, the shift that is happening to digital -- and because of that, there's a lot of predictability and a lot of resilience in our business. And I think that, that is something that as we head into 2024, we're making the right investments in Q4 to give us confidence that we can continue to accomplish our audacious vision, but that's founded in the resilience and the tenacity and the customer base that we serve.

是的。我將從可預測性和信心開始，然後將其交給赫曼斯，更多地討論如何從財務角度將這些與我們 2024 年的思維相結合。但我認為我們處於一個獨特的位置，主要是因為我們的業務在以下方面具有彈性——你想想我們的客戶、支出的非自由裁量性質、正在發生的數位化轉變——而且因為我們的業務具有很大的可預測性和彈性。我認為，當我們進入 2024 年時，我們在第四季度進行了正確的投資，讓我們有信心繼續實現我們大膽的願景，而這是建立在韌性、堅韌和客戶的基礎上的我們服務的基地。

I think Andrew, I think Matt covered a bunch of that stuff. I think when I think about it from overall growth rates and so on, I think we would expect to see something pretty consistent with what we've been able to execute in this quarter. When we dig a little bit deeper and look at customer behavior, whether it's the new cohorts or the existing cohorts, there's a lot of consistency in that behavior that continues to give us the confidence in terms of what we're seeing, in terms of what it could translate into in terms of growth rates for next year.

我認為安德魯，我認為馬特涵蓋了很多這樣的東西。我認為，當我從整體成長率等角度考慮時，我認為我們預計會看到一些與我們本季能夠執行的內容非常一致的內容。當我們更深入地挖掘並觀察客戶行為時，無論是新的群體還是現有的群體，這種行為都有很大的一致性，這繼續讓我們對所看到的、在以下方面充滿信心：它可以轉化為明年的成長率。

So that's, I think, key and we have a lot of visibility on it. So we're pretty confident that what we're seeing now in terms of cohort behavior will be consistent. The other thing I want to add here is that Q4 is a seasonally high quarter, which is another reason why it makes a lot of sense for us to continue to invest in marketing. While still within our guardrails would you think that it makes sense to expand our CAC while remaining well within our LTV/CAC guardrails and make sure that we can benefit from the seasonal high quarter and see the benefits of that in 2024.

所以我認為這是關鍵，我們對此有很多了解。因此，我們非常有信心，我們現在所看到的群體行為將是一致的。我想在這裡補充的另一件事是，第四季度是季節性高季度，這也是我們繼續投資行銷的另一個原因。雖然仍在我們的護欄內，但您是否認為擴大我們的CAC，同時保持在我們的LTV/CAC 護欄內是有意義的，並確保我們可以從季節性旺季中受益，並在2024 年看到其好處。

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拉姆齊·阿薩爾。

This is Allison on for Ramsey. So just wondering if you could dive a bit deeper into the opportunity for rest of world versus U.S. and Canada, really helpful disclosures on the start of the call. It seems like you've been making some in some really nice growth, but curious where you see the opportunity as those are promising? And what you think is really a sustainable level of growth for that rest of world segment going forward?

這是艾利森替補拉姆齊。因此，我想知道您是否可以更深入地了解世界其他地區相對於美國和加拿大的機會，在電話會議開始時進行的披露確實很有幫助。看起來你已經在一些非常好的成長中取得了一些進展，但很好奇你在哪裡看到了這些有希望的機會？您認為世界其他地區未來真正可持續的成長水準是多少？

Yes, we're excited, as we mentioned, 90% rest of world growth year-on-year for the quarter. I think it's indicative of just how large the opportunity is across the globe, combined with our very intentional corridor expansion playbook. And so what's great is that we're getting strong dividends from investments we made quarters or years ago in terms of markets and geographies that we launched in. And we really haven't even started to see the returns of some of the newer markets that we launched like UAE, but we would expect those to start showing returns in the quarters and years to come, just like the countries I mentioned that we launched a couple of years ago.

是的，正如我們所提到的，本季世界其他地區年增 90%，我們對此感到非常興奮。我認為，結合我們非常有意的走廊擴張策略，這顯示了全球範圍內的機會有多大。因此，最棒的是，就我們推出的市場和地區而言，我們從幾個季度或幾年前進行的投資中獲得了豐厚的股息。回報。

And it's also great that we have not yet launched every country around the globe. So there's room for continued growth. And what we like about the portfolio approach is that the rest of world growth, as I mentioned, is growing 90% year-on-year with a lot of runway to continue to grow. But it's important to keep in mind and why I mentioned it in the call that our North America businesses, U.S., and Canada, are also growing at a very nice and healthy rate. And there's big opportunities to continue to grow there, given that we're only 2% of the $1.6 trillion every year.

很高興我們還沒有在全球每個國家推出。因此還有持續成長的空間。我們喜歡投資組合方法的一點是，正如我所提到的，世界其他地區的成長同比增長 90%，並且還有很大的空間繼續增長。但重要的是要記住，以及為什麼我在電話中提到我們的北美業務（美國和加拿大）也在以非常良好和健康的速度成長。鑑於我們僅佔每年 1.6 兆美元的 2%，因此那裡有持續成長的巨大機會。

Great. And you mentioned UAE. Just any progress out of there, anything about how the Rewire acquisition is integrating into Remitly? -- should we expect any other sort of similar types of Rewire acquisitions as a possibility going forward just in terms of that geographic corridor extension?

偉大的。你提到了阿聯酋。是否有任何進展？ ——我們是否應該期待任何其他類似類型的 Rewire 收購作為地理走廊延伸方面的可能性？

Yes. A few parts to your question. On the Rewire acquisition, very pleased with that acquisition and the assets that we acquired, the amazing team, and I think it's going to help us continue to both add complementary new products as well as expand in regions that they are currently operating. Historically, we found that organic growth and internal builds have been the best opportunities, but we continuously review all opportunities as they become available. We have a high bar for any M&A transactions, and we'll remain disciplined in deploying capital on that front. So that answers that part of the question, Allison.

是的。你的問題的幾個部分。關於 Rewire 的收購，我對這次收購和我們收購的資產非常滿意，我們的團隊很棒，我認為這將幫助我們繼續添加互補的新產品，並在他們目前運營的地區進行擴張。從歷史上看，我們發現有機成長和內部建設是最好的機會，但我們會不斷審查所有可用的機會。我們對任何併購交易都有很高的門檻，我們將在這方面的資本部署方面保持紀律。這就是問題的一部分，艾莉森。

And then lastly, with the UAE, it's a very large market, excited about the product that we have live there and launched. And as I mentioned, just the nature of how our business works, you acquire cohorts of customers, those cohorts increase over time and then given the repeat nature of our business that starts to build a sizable business over time. And so I'd expect that to happen in the UAE as it happened in other corridors, but it takes a few quarters for that to actually ramp up, and we're on track for that.

最後，阿聯酋是一個非常大的市場，我們對在那裡推出的產品感到興奮。正如我所提到的，就我們業務運作的本質而言，您會獲得一批客戶，這些客戶群會隨著時間的推移而增加，然後考慮到我們業務的重複性質，隨著時間的推移，我們開始建立規模可觀的業務。因此，我預計這種情況會在阿聯酋發生，就像在其他走廊一樣，但這種情況需要幾個季度的時間才能真正增加，而我們正在朝著這個目標邁進。

Our next question comes from Robert Napoli with William Blair.

我們的下一個問題來自羅伯特·那不勒斯和威廉·布萊爾。

So now when you talk about expanding the CAC in the fourth quarter, Hemanth, how are you thinking about that? How do you manage that? In what way are you looking to do that and maintaining your ROIs?

那麼現在，當您談論第四季度擴大 CAC 時，Hemanth，您對此有何看法？你是如何做到這一點的？您希望以什麼方式做到這一點並保持您的投資報酬率？

So we -- I think as we've said before, we have a lot of focus on our unit economics and really focused on LTV and CAC -- and as we said in the last quarter as well that the ratios we look at that are pretty attractive and strong. When we look at Q4, in particular, and CAC would sequentially we expect to increase. Some of that is going to be on our performance marketing side related directly to it.

因此，我認為正如我們之前所說，我們非常關注我們的單位經濟效益，並且真正關注 LTV 和 CAC，正如我們在上個季度所說的那樣，我們所關注的比率是非常有吸引力和強大。當我們特別關注第四季度時，我們預計 CAC 會依次增加。其中一些將與我們的績效行銷方面直接相關。

And some of it is going to relate to our upper funnel and brand investments, which will take a little bit of a longer-term payback on it, but we have high conviction that these brand investments, which is really backing up sort of promise that we have to deliver for our customers, and the trust we're building with them will continue to help us drive leverage in marketing in the medium to long term. So it's going to be a mix of both upper funnel and brand investments, but also a lot of sort of growth marketing, again, well within what we want to keep as our broader guardrails, but still sequentially, we would expect GAAP to be going up.

其中一些與我們的上層漏斗和品牌投資有關，這將需要一些長期回報，但我們堅信這些品牌投資確實支持了某種承諾我們必須為客戶提供服務，我們與他們建立的信任將繼續幫助我們在中長期內提高行銷槓桿率。因此，這將是上漏斗和品牌投資的結合，而且還有很多類型的增長營銷，同樣，這完全在我們希望保留的更廣泛的護欄之內，但仍然按順序，我們預計 GAAP 將繼續下去向上。

Yes, the only thing I'd add there, Bob, is I think that as we think about the marketing investments that we're making in Q4 and in general, we have a lot of control over the amount that we choose to grow versus the amount that we choose to drive to the bottom line. And when you look at even with a slightly expanded CAC, when you look at the LTV to CAC ratio, if you look at the payback, we don't share metrics like IRR or NPV. But even with the increased cost of capital in the market, these returns are high, and they're fast. And so we're making them very intentionally within our own control because we're excited about what that will bring in 2024 and beyond.

是的，鮑勃，我唯一要補充的是，我認為，當我們考慮第四季度的營銷投資時，總的來說，我們對選擇增長的金額有很大的控制權。金額。即使 CAC 略有擴大，當您查看 LTV 與 CAC 的比率時，如果您查看投資回收期，我們也不會共享 IRR 或 NPV 等指標。但即使市場資本成本增加，這些回報仍然很高，而且速度很快。因此，我們非常有意識地讓它們處於我們自己的控制範圍內，因為我們對 2024 年及以後將帶來的事情感到興奮。

Great. And then I guess, just a follow-up on during the quarter, you announced a partnership with Mastercard Send, and you've talked a lot about direct integrations, maybe 2 separate questions related in a way. What does the Mastercard Send relationship bring to you? And how is the progress been on direct integrations and what effect has that had on your business?

偉大的。然後我想，只是本季度的後續行動，您宣布與 Mastercard Send 建立合作夥伴關係，並且您談論了很多關於直接整合的問題，也許是兩個在某種程度上相關的獨立問題。萬事達卡發送關係為您帶來了什麼？直接整合的進度如何？

So on the Mastercard Send and Visa Direct partnership, it enables us to send funds to Visa and MasterCard linked debit card. So deposits into the bank account of the customer's recipient that has a bank account linked to those debit cards. And it also gives us some other just scale and cost improvements both of those partnerships. So really grateful for the partnerships with both Mastercard and Visa.

因此，在 Mastercard Send 和 Visa Direct 合作夥伴關係中，我們能夠將資金發送到 Visa 和 MasterCard 關聯的借記卡。因此，將資金存入客戶收款人的銀行帳戶，該收款人的銀行帳戶與這些金融卡相關聯。它也為我們帶來了這些合作夥伴關係的其他一些規模和成本改進。非常感謝與萬事達卡和維薩卡的合作。

And when you think about direct integrations, which, as I mentioned, is up 100% compared to 2 years ago, what that does is it creates a more reliable product at a lower unit cost. And you see that in our expanding margins, you see that in the 230-basis point improvement in our customer support costs. And so it's a win-win-win from that standpoint. And that falls into the third bucket of investments that we talked about making in terms of a frictionless remittance experience, and we're really proud of the progress there. But as I mentioned in the overview, we're just getting started in our ability to continue to drive down friction and to reduce overall costs for our customers.

當你想到直接整合時，正如我所提到的，與 2 年前相比增加了 100%，它的作用是以更低的單位成本創建了更可靠的產品。您將看到我們不斷擴大的利潤率，您會看到我們的客戶支援成本提高了 230 個基點。因此從這個角度來看，這是雙贏的。這屬於我們談到的在無摩擦匯款體驗方面進行的第三類投資，我們對這方面的進展感到非常自豪。但正如我在概述中提到的，我們剛開始努力繼續減少摩擦並降低客戶的整體成本。

Our next question comes from Will Nance with Goldman Sachs.

我們的下一個問題來自高盛的威爾·南斯。

I wanted to also pile on the marketing costs. Maybe a lot of the comments have been focused on the direct investments you guys are making in both Q3 and Q4. I mean I guess just assuming these are successful, you guys sound pretty confident that these will bear fruit, should we be thinking about these investments that you're making, all-equals being kind of reoccurring costs in the future?

我還想增加行銷成本。也許很多評論都集中在你們在第三季和第四季進行的直接投資。我的意思是，我想假設這些都是成功的，你們聽起來非常有信心這些會取得成果，我們是否應該考慮你們正在進行的這些投資，一切都將成為未來重複發生的成本？

And it looks like the marketing costs stepped up roughly $8 million non-GAAP sequentially. Is that roughly in line with the incremental investments you've made? It sounds like maybe that's a partial quarter, a little bit higher in the fourth quarter. But is that sort of the right range as we think about kind of incrementally stepping up, things like brand marketing on a go-forward basis in addition to the kind of normal performance-based market that we have seen in the past?

而且，以非 GAAP 計算，行銷成本似乎連續增加了約 800 萬美元。這與您所做的增量投資大致相符嗎？聽起來這可能是一個部分季度，第四季度略高一些。但是，當我們考慮逐步加強時，除了我們過去看到的那種基於績效的正常市場之外，這種範圍是否正確？

Yes. Let me try to give you an answer, Will, thanks for the question. In terms of sort of the run rate question, and then turn it back to Matt to maybe give a broader response to your question there. I mean first off, I think I don't think run rate necessarily is the way to think about this -- about investments we're making on the brand marketing side. First off, the way we look at brand marketing and upper funnel investments, they really tend to spread across the entire customer base versus just the new customer acquisitions, which is a lot of what our performance marketing is directed towards.

是的。讓我試著給你一個答案，威爾，謝謝你的提問。就運行率問題而言，然後將其返回給馬特，以便對您的問題給出更廣泛的答案。我的意思是，首先，我認為運行率不一定是思考這個問題的方式——關於我們在品牌行銷方面進行的投資。首先，我們看待品牌行銷和上漏斗投資的方式，它們確實傾向於分佈在整個客戶群中，而不是僅僅吸引新客戶，而這正是我們績效行銷的主要目標。

So we do expect to get leverage on it as we get bigger and bigger in terms of our base of customers, which includes both. Obviously, the active customers include both the new customers as well as cohorts of existing customers. So we do think that overall, we will have some deleverage in terms of CAC in Q4. But as we look forward to 2024, maybe talk about guidance next year, we'll be able to share more in terms of how these efficiencies we've been doing over the last several years in terms of marketing, how that pans out. But we have high conviction that these investments would deliver returns in 2021 and beyond.

因此，隨著我們的客戶群（包括兩者）變得越來越大，我們確實希望能夠利用它。顯然，活躍客戶既包括新客戶，也包括現有客戶群。因此，我們確實認為，總體而言，我們將在第四季的 CAC 方面進行一些去槓桿化。但當我們展望 2024 年時，也許明年會討論指導，我們將能夠更多地分享我們過去幾年在行銷方面如何提高效率以及結果如何。但我們堅信這些投資將在 2021 年及以後帶來回報。

Anything to go add, Matt?

馬特，有什麼要補充的嗎？

Yes. The only thing I'd add Will, is I think that with marketing investments specifically, I think you know that we have a lot of discipline around our unit economics. And the way we look at it is within the LTV/CAC ratios and within the payback periods that we've defined, we're willing to spend to get the right amount of customers to be able to drive both 2024 and long-term growth.

是的。我唯一要補充的是，我認為，特別是在行銷投資方面，我想你知道我們在單位經濟學方面有很多紀律。我們看待它的方式是在 LTV/CAC 比率和我們定義的投資回收期內，我們願意花錢來獲得適量的客戶，以便能夠推動 2024 年和長期成長。

And I think that's a continuation even as we talk about upper funnel or brand investments, we've been doing that. We're doing a bit more in Q4 for the reasons we've talked about. But you can see very clearly the return on that in a short time frame, and we're excited about that because we've got a bold and audacious vision that we're working to accomplish. And Q4 is a time for us to set up 2024 for success, and so we're excited about the investments we're making in order to do that.

我認為這是一種延續，即使我們談論上層漏斗或品牌投資，我們也一直在這樣做。由於我們已經討論過的原因，我們在第四季度做了更多的事情。但你可以在短時間內非常清楚地看到回報，我們對此感到興奮，因為我們正在努力實現一個大膽而大膽的願景。第四季是我們為 2024 年取得成功做好準備的時候，因此我們對為此進行的投資感到興奮。

That makes sense. I mean just to put a finer point on it. You said you wouldn't characterize it as run rate. So does that mean we should expect these costs to come down, all else equal then? Or are you saying like we don't make incremental investments on top of this and we kind of scale over these costs over time as the customer base gets bigger?

這是有道理的。我的意思只是想更詳細地闡述這一點。你說過你不會將其描述為運行率。那麼，這是否意味著在其他條件相同的情況下，我們應該預期這些成本會下降？或者您是說我們不會在此基礎上進行增量投資，並且隨著客戶群的擴大，我們會隨著時間的推移擴大這些成本？

Yes. I think -- well, I think the way I mean, a lot of this is a question of timelines. And what we're talking about here as we look forward into sort of 2024 and the mid-, long term, we do expect to continue to be able to drive leverage in our marketing spend. We think the word-of-mouth effect that Matt talked about as well and these brand investments will ultimately help us also drive down performance marketing costs and continue to get leverage on it. It's a question of time horizons. But we look forward to 2024. In particular, we've got a high conviction that these investments we're making in the fourth quarter of this year will deliver results for us next year.

是的。我認為——嗯，我想我的意思是，這很大程度上是一個時間表問題。展望 2024 年和中長期，我們確實希望能夠持續提高行銷支出的槓桿作用。我們認為馬特談到的口碑效應以及這些品牌投資最終將幫助我們降低績效行銷成本並繼續獲得影響力。這是一個時間範圍的問題。但我們期待 2024 年。

Our next question comes from Alex Markgraff with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Alex Markgraff。

Maybe just not to overplay it, but just one more on the kind of marketing piece of the side of things and unit economics. You all talked a lot about guardrails, but I think it's kind of helpful context. I'm just curious, as you sit today and making some of these investments, kind of, if you think about the higher end of those guardrails, -- just any sort of context to help us think about where you sit today versus what maybe you're comfortable with at the top end or the far side of that guardrail.

也許只是為了不要過度誇大它，而只是在事物和單位經濟學方面的行銷部分。你們都談論了很多關於護欄的內容，但我認為這是一個有用的背景。我只是很好奇，當你今天坐下來進行一些投資時，如果你考慮一下這些護欄的高端，那麼任何類型的背景都可以幫助我們思考你今天的位置與可能的情況您對護欄的頂端或遠端感到滿意。

Yes. Maybe let me try to give you some color on context, Alex. Thanks for the question. I think we've said -- as we've said before and including last quarter that an LTV/CAC ratio of 6% is a pretty attractive unit economics place to be in. And we think we've got some room here to be able to make further investments, particularly as we've been talking about in terms of marketing and still have really robust and attractive unit economics. When we look at this internally, we also look at this from an incremental payback and cash perspective as well as look at sort of the NPV of these investments. And we feel pretty comfortable by looking at and triangulating it on multiple places that the returns we expect to generate from this in the horizon we're looking at makes a lot of sense.

是的。也許讓我試著給你一些背景知識，亞歷克斯。謝謝你的提問。我認為我們已經說過——正如我們之前所說的，包括上個季度，6% 的 LTV/CAC 比率是一個相當有吸引力的單位經濟效益。的投資，特別是我們一直在談論行銷方面，並且仍然擁有真正強勁且有吸引力的單位經濟效益。當我們在內部審視這一點時，我們也會從增量回報和現金的角度來審視這一點，並審視這些投資的淨現值。透過在多個地方進行觀察和三角測量，我們感到非常舒服，我們期望在我們所看到的範圍內產生的回報非常有意義。

And I would say, Alex, the only thing I'd add on that front is I feel very good about both the average and incremental CAC on the marketing investments that we're making right now. And I think what you see in the guide is we raised adjusted EBITDA guidance -- had we decided not to invest as much in some of the marketing investments in Q4, which we can always choose to dial up or dial down, then what you would see is dialing up or down our confidence when we eventually guide to 2024 growth.

我想說的是，Alex，我在這方面唯一要補充的是，我對我們目前正在進行的營銷投資的平均 CAC 和增量 CAC 都感到非常滿意。我認為你在指南中看到的是我們提高了調整後的 EBITDA 指導 - 如果我們決定不在第四季度的一些營銷投資上投入那麼多，我們總是可以選擇向上或向下調整，那麼你會怎樣當我們最終指導2024 年成長時，我們會提高或降低我們的信心。

But because of the fact that we are able to raise guidance be, we're in control of how much we're spending and growing and see that the marginal and average payback are very good right now. I think that we're threading that needle to invest the right amount for the long term in Q4. And by long term, I mean we'll get that -- the return from those investments in 2024. And we're being very intentional about dialing those levers up and down to kind of balance growth and profitability, not only in Q4 but also in 2024 as we think about next year.

但由於我們能夠提高指導，我們可以控制我們的支出和成長量，並看到目前的邊際和平均回報非常好。我認為我們正在努力在第四季度進行適當的長期投資。從長遠來看，我的意思是我們將在 2024 年獲得這些投資的回報。當我們考慮明年。

That's great. So that I think probably makes the next question a bit easier. But just in terms of the implied EBITDA margin in the fourth quarter, I mean, I think it's pretty clear, a lot of that is kind of marketing investment related. Just curious, Hemanth, anything on the transaction expense line to consider for the fourth quarter?

那太棒了。所以我認為這可能會讓下一個問題變得更容易。但就第四季隱含的 EBITDA 利潤率而言，我的意思是，我認為這很清楚，其中許多與行銷投資相關。只是好奇，赫曼斯，第四季的交易費用線有什麼需要考慮的嗎？

I think broadly, I think the transaction expense line, we've been really pleased with the progress we've made both in sort of driving down reducing pay in and payout costs, which are basically related to economics with our partners, both on the pay in side and the disbursement side and as well as I think we've talked about the advances in terms of fraud management while keeping the friction with our customers low. And so we would expect that the trajectory on that will be consistent as we look forward to this quarter or subsequent quarters into next year.

我認為，從廣義上講，我認為在交易費用方面，我們對我們在降低支付和支付成本方面取得的進展感到非常滿意，這基本上與我們合作夥伴的經濟狀況有關，無論是在支付方面和支付方面，以及我認為我們已經討論了詐欺管理方面的進步，同時保持與客戶的摩擦較低。因此，當我們期待本季或明年的後續季度時，我們預計這一軌跡將保持一致。

I think what's important to point out is Q4 is seasonally high. And I think as we look at that with a record number of customers, we generally add in a quarter like this, there could be kits where we might see some increased fraud levels, which we plan for, but we are actively monitoring. But that's the only, I would say, call out, particularly with regard to Q4, but the trends are very favorable in terms of driving continued margin improvement.

我認為需要指出的是，第四季是季節性高點。我認為，當我們看到客戶數量創歷史新高時，我們通常會在這樣的季度中添加，可能會出現一些套件，我們可能會看到欺詐水平有所增加，這是我們計劃的，但我們正在積極監控。但我想說，這是唯一的呼籲，特別是在第四季度，但就推動利潤率持續改善而言，趨勢非常有利。

(Operator Instructions) Our next question comes from David Scharf with JMP Securities.

（操作員指令）我們的下一個問題來自 JMP 證券公司的 David Scharf。

I apologize if these have been asked and have been jumping bouncing between 3 or 4 different calls. I am already assuming there have been about 6 questions about the fourth quarter marketing plan, so I'll pass on that. But Matt, I'm not sure if you covered this already, but is there any incremental commentary just on not just the competitive environment, but in particular where are the newer customers lately have been coming from?

如果有人問過這些問題並且在 3 或 4 個不同的電話之間跳來跳去，我深表歉意。我已經假設有大約 6 個關於第四季度行銷計劃的問題，所以我會轉達這個問題。但是馬特，我不確定您是否已經涵蓋了這一點，但是是否有任何增量評論不僅涉及競爭環境，而且特別是最近的新客戶來自哪裡？

And specifically, as we kind of referenced the stepped-up investment in digital from Western Union, for example, we have less visibility in the MoneyGram now into private. But is the profile of your new ads changing at all? Meaning, are they first-time digital remitters and you have a chance to kind of maintain the loyalty. Do you get a sense that there are folks that have used Western Union or other providers and the stickiness is still in question?

具體來說，例如，正如我們提到的西聯匯款在數位領域的加大投資一樣，我們現在對速匯金的私有化了解較少。但新廣告的形像是否改變了？意思是，他們是第一次數位匯款者，您有機會保持忠誠度。您是否感覺到有些人已經使用了西聯匯款或其他提供者，但黏性仍然存在問題？

Thanks, David. Great questions, and good to see you. I think that the headline on the competitive landscape is there have been no material changes in the last quarter. I think that the structural changes in the industry, meaning shift to digital. And I'd say that is coming from a wide range of customers, whether that's a scaled legacy player, whether that's subscale legacy players who have difficulty building out a viable, trusted, reliable digital solution or whether that's other digital players that are maybe subscale and not able to provide the reliable service we do.

謝謝，大衛。很好的問題，很高興見到你。我認為競爭格局的主要內容是上個季度沒有重大變化。我認為產業的結構性變化，意味著向數位化的轉變。我想說的是，這來自廣泛的客戶，無論是規模化的傳統企業，還是難以建立可行、可信、可靠的數位解決方案的小規模傳統企業，還是其他可能規模較小的數位企業。無法提供我們所提供的可靠服務。

We're seeing a shift from a wide range of competitors when you think about our new customer acquisition. And we think that we're uniquely positioned given our scale, given our operational excellence, and given our digital-first approach, and you see that in our overall quarterly active user growth and the resilience of our existing customers coming back again and again as well as new customers that are increasingly choosing us because of things like word of mouth and others that are recommending their service to the front.

當你考慮我們的新客戶獲取時，我們會看到來自廣泛競爭對手的轉變。我們認為，鑑於我們的規模、卓越的營運以及我們的數位優先方法，我們處於獨特的地位，並且您可以在我們整體季度活躍用戶的成長以及我們現有客戶一次又一次回歸的彈性中看到這一點。

Got it. And maybe just as a follow-up. On the marketing side, when you make a comment or provide an observation that you believe the LTV to CAC ratio is trending upward. Can you provide a little more meat around the bones in terms of -- where is that incremental lifetime value coming from? Is it based on a sense that your average principal percent is increasing? Are you seeing something innate that tells you the average velocity or number of cents per year is increasing? What actually takes up in LTV?

知道了。也許只是作為後續行動。在行銷方面，當您發表評論或提供觀察結果時，您認為 LTV 與 CAC 的比率呈上升趨勢。你能否在骨頭周圍提供更多的肉——增量終身價值從何而來？是基於您的平均本金百分比正在增加的感覺嗎？您是否看到一些固有的東西告訴您每年的平均速度或美分數量正在增加？ LTV 到底佔了什麼？

Yes. Great question, David. Let me try to answer that for you. I think first off, when you look at LTV, just as a reminder, it's really sort of our cumulative transaction profit we would expect to get from our customers and cohorts. And there's 2 components of that, that has given us confidence that we are a considering improving our LTV.

是的。好問題，大衛。讓我試著為你回答這個問題。我認為首先，當你看 LTV 時，提醒一下，這實際上是我們期望從客戶和群體中獲得的累積交易利潤。其中有兩個因素讓我們相信我們正在考慮提高我們的生命週期價值。

One is our interest transaction intensity. I think being also digital first in that scale, we're seeing increasing digital transactions and the intent of those transactions is increasing, and that's across our active customer base. So that intensity increased, coupled with a transaction margin, which has continued to improve for the reasons we have described previously around scale for pay in and payout costs and some of the work that's been done on the fraud side, gives us high conviction and just analytics around LTV on a good trajectory. So those are the key components there.

一是我們的利息交易強度。我認為，在這種規模上，我們也是數位化第一，我們看到數位交易不斷增加，這些交易的意圖也在增加，這體現在我們活躍的客戶群中。因此，這種強度增加，加上交易保證金不斷提高，原因是我們之前描述的支付和支付成本規模以及在欺詐方面所做的一些工作，這給了我們高度的信念和正義圍繞LTV 的分析處於良好的軌道上。這些是那裡的關鍵組件。

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黃天欽。

I know you've covered a lot already. I just wanted to ask Matt on visibility, if you don't mind, and if it's changed here in the last 90 days is a lot of going on with the political world and pricing, competitive actions, regulation. Just curious if you feel like the visibility has changed in your mind?

我知道你已經講了很多了。我只是想問 Matt 關於可見性的問題，如果你不介意的話，如果在過去 90 天內發生了變化，政治世界、定價、競爭行為、監管方面都會發生很多變化。只是好奇您是否覺得您心中的可見度改變了？

And Tien-Tsin, when you talk about visibility, you're talking about forward-looking kind of yes, what do you mean?

田進，當你談論可見性時，你談論的是前瞻性，是的，你是什麼意思？

Yes, exactly visibility into the financial outlook in the short run as well as just the behavior on the consumer side, if anything surprised you? I know you've covered a lot of that already, but I just wanted to check on changes in visibility...

是的，對短期財務前景以及消費者行為的準確了解，是否有什麼讓您感到驚訝？我知道您已經介紹了很多內容，但我只是想檢查可見性的變化...

I think that one of the things that is unique about remittances and specifically Remitly and how we both manage the business and who our customers are, the nondiscretionary nature of them sending money is a bit more predictability and resilience. We've seen that over the last decade of running the business. We've seen that in World Bank studies in the past. There's a predictability, especially when you look at the business from a cohort view and a resilience, especially when you understand why funds are sent home, whether that's emergency medical expenses, natural disasters.

我認為匯款的獨特之處之一，特別是 Remitly，以及我們如何管理業務和我們的客戶是誰，他們匯款的非自由裁量性質是更具可預測性和彈性。我們在過去十年的業務運營中已經看到了這一點。我們過去在世界銀行的研究中已經看到了這一點。這是一種可預測性，特別是當你從群體角度和彈性角度看待業務時，尤其是當你了解資金被匯回家的原因時，無論是緊急醫療費用還是自然災害。

Sometimes when there's tragedy, there's actually a greater need for remittances. And we've seen that over quite a few cycles. So I would come back to our customers and gratitude for them and that being the case that we have more predictability and visibility to our business. But that's one of the reasons as we start thinking about and talking about '24, we're excited about what's to come.

有時，發生悲劇時，其實更需要匯款。我們已經在相當多的周期中看到了這一點。因此，我會回到我們的客戶身邊並對他們表示感謝，在這種情況下，我們對我們的業務有更多的可預測性和可見性。但這就是當我們開始思考和談論「24」時，我們對即將發生的事情感到興奮的原因之一。

I would now like to turn the call back over to Matt Oppenheimer for any closing remarks.

我現在想將電話轉回給馬特·奧本海默，請他發表結束語。

Thanks, operator, and thanks, everyone, for the thoughtful questions. As we always do at Remitly, I'd like to end the call by highlighting one of our amazing customers, whose name is Alexis and Alexis sends money from Australia to her family in the Philippines. And Alexis was one of the many new customers we added this year and reflects the increasing diversity of our corridor portfolio. And Alexis shared this app is awesome, try it, it is fast and easy. I love it.

謝謝接線員，也謝謝大家提出的深思熟慮的問題。正如我們在 Remitly 一貫所做的那樣，我想在結束通話時重點介紹一位出色的客戶，她的名字是 Alexis，Alexis 從澳大利亞向她在菲律賓的家人匯款。亞歷克西斯是我們今年新增的眾多新客戶之一，這反映了我們走廊產品組合日益多樣化。 Alexis 分享了這個應用程式很棒，嘗試一下，它又快又簡單。我喜歡它。

We thank Alexis for her loyalty to Remitly and appreciate her recommendation for others to try our service. Thanks, everybody, for joining us, and we appreciate your support. We're excited about the opportunities ahead of us as we end the year and we look forward to sharing more of our progress in 2024. Thank you.

我們感謝 Alexis 對 Remitly 的忠誠，並感謝她推薦其他人嘗試我們的服務。謝謝大家加入我們，我們感謝你們的支持。我們對年底即將到來的機會感到興奮，並期待在 2024 年分享更多我們的進展。

This concludes today's conference call. Thank you for participating. You may now disconnect. Goodbye.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。再見。