Remitly Global Inc (RELY) 2024 Q2 法說會逐字稿

Thank you for standing by. Welcome to the Remitly second quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

謝謝你的支持。歡迎參加 Remitly 2024 年第二季財報電話會議。（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. Please go ahead.

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)。請繼續。

Thank you. Good afternoon and thank you for joining us for Remitly's second quarter 2024 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.

謝謝。下午好，感謝您參加 Remitly 2024 年第二季財報電話會議。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 would like to remind you that we'll 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 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.

在開始之前，我想提醒您，我們將做出聯邦證券法含義內的前瞻性聲明，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.

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。

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

以下演示包含非公認會計準則財務指標。有關這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節，請參閱我們的收益新聞稿和收益演示的附錄，這些內容可在我們網站的投資者關係部分找到。

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 to discuss Remitly's long-term strategic priorities, strong second-quarter results, and our increased outlook for 2024. We continue our journey to transform lives with trusted financial services that transcend borders. We are doing this by reinventing international payments for our customers in a way that has not been done before, making the cross-border payment experience as seamless as any domestic payment transaction.

謝謝 Stephen，也感謝大家與我們一起討論 Remitly 的長期策略重點、強勁的第二季業績以及我們對 2024 年的展望。我們繼續透過值得信賴的跨境金融服務來改變生活。為此，我們以前所未有的方式為客戶重塑國際支付，使跨境支付體驗與任何國內支付交易一樣無縫。

At the same time, we are solving for a myriad of additional problems faced by those sending money across borders. We are excited about the array of opportunities to invest efficiently to drive high growth, increase market share, and deliver sustainable cash flow over the long term.

同時，我們正在解決跨境匯款者面臨的無數其他問題。我們對一系列有效投資機會感到興奮，以推動高成長、增加市場份額並提供長期可持續的現金流。

In order to deliver on these opportunities, we remain focused on our strategic priorities as you can see on slide 4. These priorities allow us to execute our near-term goals while setting us up to drive even more long-term returns in a large and growing addressable market where we only have approximately 2.5% share. We are positioned well today and expect to benefit from the ongoing rapid shift in customer preference to more digital options.

為了抓住這些機會，我們仍然專注於我們的策略重點，如幻燈片 4 所示。這些優先事項使我們能夠執行我們的近期目標，同時使我們能夠在一個龐大且不斷增長的潛在市場中獲得更長期的回報，而我們在該市場中僅擁有約 2.5% 的份額。我們今天處於有利地位，並期望從客戶偏好到更多數位化選項的持續快速轉變中受益。

Our strong second-quarter results and improved outlook validate that our strategy is both the right one and delivering the outcomes we are looking for. These results also demonstrate the resilience of our customer base and the differentiated experience we are building for our customers to send money across borders seamlessly and delightfully.

我們強勁的第二季業績和改善的前景證明我們的策略是正確的，並且實現了我們所尋求的結果。這些結果也證明了我們客戶群的彈性以及我們正在為客戶打造無縫、愉快的跨境匯款的差異化體驗。

Now, let's get into some of the details of our second-quarter results on slide 5. We delivered $306 million in revenue, a 31% increase year over year and ahead of our expectations. We saw robust growth in quarterly active customers and strong customer engagement. We delivered $25 million in adjusted EBITDA, benefiting from strong top-line growth and scale efficiencies across our operating expense base.

現在，讓我們了解幻燈片 5 上第二季業績的一些細節。我們實現了 3.06 億美元的收入，年增 31%，超出了我們的預期。我們看到季度活躍客戶的強勁成長和強大的客戶參與度。受益於強勁的營收成長和整個營運費用基礎的規模效率，我們實現了 2,500 萬美元的調整後 EBITDA。

Based on our performance this quarter and our expectations for continued strong execution, we are raising our 2024 revenue and adjusted EBITDA outlook. We now serve approximately 6.9 million quarterly active customers as you can see on slide 6, which is up 36%, or 1.8 million, from the second quarter of last year.

根據我們本季的業績以及對持續強勁執行力的預期，我們提高了 2024 年的營收和調整後的 EBITDA 前景。正如您在幻燈片 6 中看到的那樣，我們現在為大約 690 萬季度活躍客戶提供服務，比去年第二季度增長了 36%，即 180 萬。

We saw strength in both our record new customer acquisition and engagement of existing customers. The majority of our customers send regularly with predictable and durable sending patterns. This is a direct result of the quality of our product combined with the necessity of remittances for our customers and their families to support basic living needs.

我們在新客戶獲取和現有客戶參與方面都看到了創紀錄的優勢。我們的大多數客戶都以可預測且持久的發送模式定期發送。這是我們的產品品質以及我們的客戶及其家人需要匯款來支持基本生活需求的直接結果。

This predictable behavior is also elevated by specific holidays that happen throughout the year, Mother's Day, Christmas Eve, and New Year's, just to name a few. And these sending occasions vary by corridor globally. This results in predictable seasonal patterns, with Q4 being the strongest quarter seasonally and Q2 being the second strongest quarter in terms of customer activity impact. As expected, there were more sending occasions such as Mother's Day in the second quarter of this year as compared with the first quarter.

這種可預測的行為也會因全年發生的特定假期而加劇，例如母親節、聖誕夜和新年等。這些發送時機因全球走廊而異。這導致了可預測的季節性模式，就客戶活動影響而言，第四季度是季節性最強的季度，第二季度是第二強的季度。不出所料，今年第二季母親節等寄送場合較第一季增加。

Additionally, in some corridors we saw some modest benefits from a stronger US dollar, which helped to drive some additional activity on our platform. With fewer key holidays, the upcoming third quarter is typically seasonally weaker from a customer activity perspective. As a result, we expect the sequential change in quarterly active customers in the third quarter to be lower than the sequential change we saw in the second quarter and then increase as we move from the third to the fourth quarter.

此外，在一些走廊，我們看到美元走強帶來了一些適度的好處，這有助於推動我們平台上的一些額外活動。由於關鍵假期較少，從客戶活動的角度來看，即將到來的第三季通常會出現季節性疲軟。因此，我們預計第三季活躍客戶的環比變化將低於第二季的環比變化，然後隨著從第三季到第四季的變化而增加。

Ultimately, improvements to our product and platform were the foundation that drove our customer growth and improving cost structure.

最終，我們產品和平台的改進是推動客戶成長和改善成本結構的基礎。

As you can see on slide 7, we are making significant progress on delivering a customer experience that is fast and reliable, while driving efficiencies that allow us to invest even more into the customer experience, driving a flywheel of growth and efficiency. Our transactions continue to get faster with more than 90% dispersed in less than an hour, and customer support contacts continue to decline with more than 95% of transactions proceeding without a customer support contact. Improvements in both these metrics on a year-over-year and sequential basis are directly attributable to our product investments.

正如您在投影片 7 中所看到的，我們在提供快速可靠的客戶體驗方面取得了重大進展，同時提高了效率，使我們能夠在客戶體驗上進行更多投資，推動成長和效率的飛輪。我們的交易繼續變得更快，超過 90% 的交易在不到一個小時內完成，而客戶支援聯繫繼續減少，超過 95% 的交易在沒有客戶支援聯繫的情況下進行。這兩個指標較去年同期的改善直接歸功於我們的產品投資。

These customers have also recognized the progress we have made across these dimensions with our Trustpilot score continuing to increase throughout the second quarter and was recently the highest among major competitors. Investments have also delivered significant reductions in customer support costs as percentage of revenue in a customer-centric way. We delivered 260 basis points of leverage and customer support in the second quarter compared with the second quarter of last year and spent less on an absolute dollar basis year over year even though we grew active customers by 36% and onboarded a record number of new customers.

這些客戶也認可了我們在這些方面取得的進展，我們的 Trustpilot 分數在整個第二季度持續上升，最近在主要競爭對手中名列前茅。透過以客戶為中心的方式，投資也顯著降低了客戶支援成本佔收入的百分比。與去年第二季度相比，我們在第二季度提供了260 個基點的槓桿和客戶支持，儘管我們的活躍客戶增長了36%，新客戶數量也創歷史新高，但按絕對美元計算，支出同比減少。

We were especially pleased that our customer support contact rate in the second quarter was the lowest it has ever been, even while onboarding record number of new customers during a seasonally strong quarter. Driving some of this improvement was our launch of an AI-powered virtual assistant experience to help customers solve even more problems without the need to contact a live customer support associate. We are seeing strong initial results in both customer satisfaction and decreasing customer support contact rates, as I mentioned previously.

我們特別高興的是，第二季的客戶支援聯繫率達到了歷史最低水平，儘管在季節性強勁的季度中新客戶數量創下了紀錄。推動這項改進的部分原因是我們推出了由人工智慧驅動的虛擬助理體驗，幫助客戶解決更多問題，而無需聯繫現場客戶支援助理。正如我之前提到的，我們在客戶滿意度和客戶支援聯繫率下降方面看到了強勁的初步成果。

The virtual assistant is currently focusing on transfer-related customer problems, for example, if a transfer is delayed or a customer needs to amend or cancel a transfer. The virtual assistant also answers how-do-I-type questions, leveraging generative AI and our existing help center content. If customers need help with something that the virtual assistant does not support, it seamlessly passes the complete context of the customer issue to an associate.

虛擬助理目前專注於與轉帳相關的客戶問題，例如轉帳延遲或客戶需要修改或取消轉帳。虛擬助理也利用生成式人工智慧和我們現有的幫助中心內容來回答「我該怎麼做」的問題。如果客戶需要虛擬助理不支援的幫助，它會無縫地將客戶問題的完整上下文傳遞給員工。

We have found that the virtual assistant can resolve issues within two to four minutes, four times faster than when interacting with associates. Customers also love this experience. This is resulting in savings across our support organization, and we expect our savings to continue to grow as we expand coverage to more languages and enable more use cases for self-service resolution.

我們發現虛擬助理可以在兩到四分鐘內解決問題，比與同事互動時快四倍。客戶也喜歡這種體驗。這為我們的支援組織帶來了節省，並且隨著我們將覆蓋範圍擴大到更多語言並支援更多自助解決方案的用例，我們預計我們的節省將繼續增長。

Looking ahead, we intend to add more use cases and expect the AI-powered virtual assistant to handle a majority of support contacts in chat, a key driver of an improved customer experience and efficiency in our customer support expenses. This would enable our highly trained customer associates to focus even more on delighting our customers when they contact us.

展望未來，我們打算添加更多用例，並期望人工智慧驅動的虛擬助理能夠處理聊天中的大部分支援聯絡人，這是改善客戶體驗和提高客戶支援費用效率的關鍵驅動力。這將使我們訓練有素的客戶同事能夠在客戶聯繫我們時更加專注於取悅他們。

Continuing with investments and the returns we are generating, the investment in our technology platform allowed us to provide a better experience for cruise ship workers, also known as seafarers that we launched this quarter. With an estimated 1.89 million seafarers worldwide, including a significant number from the Philippines and India, seafarers play a crucial role in the global economy, often spending months away from their families to ensure a smooth operation of international trade and travel.

繼續投資和我們產生的回報，對技術平台的投資使我們能夠為遊輪工人（也稱為我們本季度推出的海員）提供更好的體驗。全球估計有 189 萬名海員，其中大量來自菲律賓和印度，海員在全球經濟中發揮著至關重要的作用，他們經常離開家人數月，以確保國際貿易和旅行的順利進行。

I personally met several seafarers in Q2, and their journeys are inspiring and remarkable. The remittances they send home are a lifeline for their families and their loved ones. Seafarers typically have faced high fees, difficult KYC processes, and inconvenient non-digital options when sending money home.

我在第二季度親自見到了幾位海員，他們的旅程鼓舞人心且非凡。他們寄回家的匯款是家人和親人的生命線。海員在匯款回家時通常面臨高額費用、困難的 KYC 流程以及不方便的非數位選擇。

During the quarter, we launched our Remitly for seafarers’ product with an all-new in-app onboarding experience, specifically designed with the unique needs of seafarers in mind. We improve the way in which seafarers can find us and complete onboarding. Seafarers can simply take a photo of their ship ID and passport, upload it to our app, and start sending money home.

本季度，我們推出了針對海員的 Remitly 產品，該產品具有全新的應用內入職體驗，專門針對海員的獨特需求而設計。我們改進了海員找到我們並完成入職的方式。海員只需拍攝其船舶 ID 和護照的照片，將其上傳到我們的應用程序，然後開始匯款回家。

As a result, we have seen significant increase in seafarers as new customers. Our nimble technology platform will allow us to rapidly localize and target more types of customers that are sending money across borders.

因此，我們看到海員作為新客戶的數量大幅增加。我們靈活的技術平台將使我們能夠快速在地化並瞄準更多類型的跨境匯款客戶。

Our technology investments have also driven additional progress in tailoring our product to attract additional customer types, including higher dollar senders to our platform. Our strategy includes adding relevant payment options that provide great customer experiences and an attractive value proposition regardless of the size of the transaction. We are focused on providing these alternatives and localized payment methods because they are becoming more ubiquitous and preferred by customers and they are typically lower cost, which allows us to drive our growth and cost-efficiency flywheel.

我們的技術投資也推動了我們在客製化產品方面取得的進一步進展，以吸引更多客戶類型，包括向我們平台發送更高金額的客戶。我們的策略包括添加相關的付款選項，無論交易規模如何，都可以提供出色的客戶體驗和有吸引力的價值主張。我們專注於提供這些替代方案和在地化支付方式，因為它們變得越來越普遍並受到客戶的青睞，而且它們通常成本較低，這使我們能夠推動我們的成長和成本效益飛輪。

An example of this is our launch of Interac as a pay-in method in Canada for all corridors in the quarter. Interac is Canada's predominant electronic P2P money transfer solution and is a widely adopted payment method. Compared to traditional bank payments, Interac provides much faster speed at a lower cost than card payments.

一個例子是我們本季在加拿大所有走廊推出了 Interac 作為付款方式。Interac 是加拿大主要的電子 P2P 匯款解決方案，也是一種廣泛採用的支付方式。與傳統的銀行支付相比，Interac以比卡片支付更低的成本提供更快的速度。

As we look ahead, options for our customers to fund transactions rapidly with their bank accounts, including faster payments in the US, will make our product more attractive, diversify our transaction mix, and lower our costs.

展望未來，我們的客戶可以選擇透過銀行帳戶快速為交易提供資金，包括在美國更快的付款，這將使我們的產品更具吸引力，使我們的交易組合多樣化，並降低我們的成本。

We have been able to increasingly target new types of customers, such as those sending higher transaction amounts as a result of our technology platform investments. As a result, we have been able to apply a more risk-based approach to sending limits. In the past, we have had broad sending limits that were not tailored specifically to the individual customer risk profile, which added friction to customers who were looking to send larger amounts.

我們已經能夠越來越多地瞄準新型客戶，例如那些因我們的技術平台投資而發送更高交易金額的客戶。因此，我們能夠採用更基於風險的方法來限制發送。過去，我們有廣泛的匯款限制，這些限制並不是專門針對個人客戶的風險狀況而設計的，這給希望匯款的客戶增加了摩擦。

Now, we are able to make dynamic risk decisions and reduce friction significantly for this customer base. As a result, we have seen strong customer behavior trends at higher sending amounts, especially in our US to India corridor, which was weighted towards higher dollar senders.

現在，我們能夠做出動態風險決策並顯著減少該客戶群的摩擦。因此，我們看到了較高匯款金額的強勁客戶行為趨勢，特別是在我們的美國至印度走廊，該走廊偏向於較高美元匯款人。

Now let's turn to our marketing efforts on slide 8. On the new customer acquisition front, we benefited from long-term trust driving word of mouth and product improvements that reduce friction for our customers. This allows us to execute marketing investments at even stronger unit economics.

現在讓我們轉向幻燈片 8 上的行銷工作。在新客戶獲取方面，我們受益於長期信任推動的口碑以及減少客戶摩擦的產品改進。這使我們能夠以更強勁的單位經濟效益執行行銷投資。

We use our deep knowledge and large data sets to invest at a deaveraged and target CAC that aligns with customer lifetime value. This approach allows us to be intentional about how much we're willing to invest to acquire new customers. In addition to the trusted product and efficient marketing, we also have a competitive advantage in our ability to continually leverage large data sets to optimize price in an analytical and targeted manner to drive both near-term and long-term customer lifetime value. All of this occurs on an ongoing basis and is not in response to any specific competitive pricing changes in the quarter.

我們利用深厚的知識和大數據集來投資與客戶終身價值一致的去均化目標 CAC。這種方法使我們能夠有意識地了解我們願意投資多少來獲取新客戶。除了值得信賴的產品和高效的行銷之外，我們還擁有競爭優勢，能夠持續利用大數據集以分析和有針對性的方式優化價格，從而推動近期和長期的客戶終身價值。所有這些都是持續發生的，並不是為了響應本季度任何特定的競爭性定價變化。

As a result, we delivered another record number of new customers in the second quarter. Year-over-year growth in new customer acquisition was the strongest we have seen in the past four quarters. Our new customers are also increasingly sending to markets outside our top three receive markets of India, Mexico, and the Philippines, with the majority of newly acquired customers in the second quarter sending outside of these markets.

因此，我們在第二季交付的新客戶數量再創新高。新客戶獲取量的年增率是過去四個季度中最強勁的。我們的新客戶也越來越多地向印度、墨西哥和菲律賓三大接收市場以外的市場發送貨物，第二季新獲得的大多數客戶都向這些市場以外的地區發送貨物。

While our mix of markets has continued to diversify, we also acquired a record number of customers in the quarter that sends to our top receive markets such as India, Mexico, and the Philippines. This diversification brings a host of benefits, including less volatility and exposure to specific FX or macro events in local economies.

雖然我們的市場組合持續多元化，但我們在本季度獲得的客戶數量也創歷史新高，這些客戶發送到印度、墨西哥和菲律賓等我們的主要接收市場。這種多元化帶來了許多好處，包括波動性較小以及對當地經濟中特定外匯或宏觀事件的曝險較小。

Marketing also delivered an increasing mix of customers from unpaid channels such as search engine optimization as we continue to optimize across all marketing channels. We are increasingly testing the elasticity of investments across areas such as performance marketing and promotions for new customers, with the goal of driving even more efficient marketing spend.

隨著我們不斷優化所有行銷管道，行銷也透過搜尋引擎優化等免費管道提供了越來越多的客戶。我們越來越多地測試績效行銷和新客戶促銷等領域的投資彈性，目標是推動更有效率的行銷支出。

Our data-driven analytics allows us to deeply understand the incremental and marginal costs of our marketing investments. We saw some initial success with this elasticity testing in the second quarter in reducing certain areas of spending with limited impact on new customer acquisition. We will continue to monitor the effectiveness of all our marketing channels and make adjustments to continually improve our unit economics.

我們的數據驅動分析使我們能夠深入了解行銷投資的增量成本和邊際成本。我們在第二季的彈性測試中看到了一些初步成功，在減少某些領域的支出方面取得了一些初步成功，但對新客戶獲取的影響有限。我們將繼續監控所有行銷管道的有效性並進行調整，以持續提高我們的單位經濟效益。

Overall, our marketing investments continue to deliver very strong returns, and our global payback remains very attractive at less than twelve months.

總體而言，我們的行銷投資繼續帶來非常強勁的回報，我們的全球回報在不到 12 個月的時間內仍然非常有吸引力。

In summary, we are excited about our progress so far this year in delivering strong growth across multiple time horizons, all while delivering significant operating leverage in the business and improving return on our investments. In a complex industry, our strong product, customer experience, and therefore trusted brand is the foundation for this growth. As we look forward, I am confident in our 2024 outlook and beyond as we execute on our vision to transform lives with trusted financial services that transcend borders.

總而言之，我們對今年迄今為止在多個時間範圍內實現強勁增長方面取得的進展感到興奮，同時在業務中提供了顯著的營運槓桿並提高了投資回報。在複雜的行業中，我們強大的產品、客戶體驗以及值得信賴的品牌是這種成長的基礎。展望未來，我對 2024 年及未來的前景充滿信心，因為我們正在執行我們的願景，即透過超越國界的值得信賴的金融服務來改變生活。

Before I turn the call over to Hemanth, I'd like to make an announcement about a change to our executive leadership team. Hemanth Munipalli, our CFO for the past two years, has informed us that he would like to leave the company based on a need to spend more time with his family in India.

在將電話轉給赫曼斯之前，我想宣布我們的執行領導團隊發生了變化。過去兩年擔任我們財務長的赫曼斯·穆尼帕利 (Hemanth Munipalli) 告訴我們，他想離開公司，因為需要花更多時間與印度的家人在一起。

In true professional manner and with care for Remitly, he generously supported our search for a potential CFO replacement, so that Remitly can seamlessly move forward along its strategic path. Hemanth has been a key driver of our success, and I would like to thank him for his many contributions. Since Hemanth joined Remitly, he has helped to lead significant customer growth with the number of quarterly active users more than doubling since he joined.

他以真正專業的態度和對 Remitly 的關心，慷慨地支持我們尋找潛在的 CFO 替代者，以便 Remitly 能夠沿著其戰略道路無縫前進。Hemanth 是我們成功的關鍵驅動力，我要感謝他所做的許多貢獻。自 Hemanth 加入 Remitly 以來，他幫助引領了客戶的顯著成長，自他加入以來，季度活躍用戶數量增加了一倍以上。

In his role, he not only supported this growth, but he also enabled us to achieve these milestones with better controls, efficiency, and effectiveness. Most importantly, he built a strong finance team that I have confidence will continue to support Remitly's efficient growth. Hemanth, I'm grateful for your leadership, partnership, and for all that you've taught me during our work together. I am also grateful that Hemanth has agreed to serve in an advisory capacity until September 30.

在他的職位上，他不僅支持這種成長，而且還使我們能夠透過更好的控制、效率和有效性來實現這些里程碑。最重要的是，他建立了一支強大的財務團隊，我有信心將繼續支持 Remitly 的高效成長。Hemanth，我感謝你的領導、合作以及你在我們一起工作期間教給我的一切。我也很感激 Hemanth 同意以顧問身分任職至 9 月 30 日。

Replacing Hemanth as CFO effective August 19 will be Vikas Mehta. Vikas has over 25 years of global experience across software, fintech, and e-commerce, driving hyper growth, business transformation, and operational excellence. He has worked for some of the most renowned Fortune 500 companies and has expertise in strategy, investor relations, and financial management. He is also a Remitly customer and has a passion for our customer base. We believe that Vikas' experience will be instrumental as we continue to drive growth and high returns for our shareholders.

Vikas Mehta 將於 8 月 19 日接替 Hemanth 擔任財務長。Vikas 在軟體、金融科技和電子商務領域擁有超過 25 年的全球經驗，推動高速成長、業務轉型和卓越營運。他曾在一些最著名的財富 500 強公司工作過，擁有策略、投資者關係和財務管理方面的專業知識。他也是 Remitly 的客戶，對我們的客戶群充滿熱情。我們相信，維卡斯的經驗將有助於我們繼續推動成長並為股東帶來高回報。

With that and with thanks, I'll turn the call over to Hemanth.

帶著這樣的謝意，我會將電話轉給赫曼斯。

Thank you, Matt. The strong results we delivered in the quarter are a testament to our customers' resilience and the consistent execution by our global teams. Our customer activity and growth remain highly durable and predictable, and we are pleased with our top-line results with improving operating efficiencies.

謝謝你，馬特。我們在本季交付的強勁業績證明了客戶的韌性和我們全球團隊的一致執行力。我們的客戶活動和成長仍然高度持久和可預測，我們對營運效率提高的營收結果感到滿意。

I'll begin by reviewing some of the high-level drivers of our financial performance and finish with more details on our improved outlook for 2024. With that, let's turn to our second quarter results.

我將首先回顧我們財務表現的一些高層驅動因素，最後詳細介紹我們改進的 2024 年前景。接下來，讓我們來看看第二季的業績。

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, acquisition, integration, restructuring and other costs, and foreign exchange gain or loss. Reconciliations to GAAP results are included in the earnings release.

提醒一下，我將在發言中討論非 GAAP 營運費用和調整後 EBITDA。這些指標不包括股票薪酬、收購、整合、重組和其他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。

Let's begin on slide 10 with our high-level financial performance in the second quarter. Our revenue and active customer growth were both above our expectations as we delivered solid execution and benefited from the seasonally consistent customer behavior in the second quarter that we described on our last call along with record new customer acquisition.

讓我們從投影片 10 開始，介紹我們第二季的高水準財務表現。我們的收入和活躍客戶成長都超出了我們的預期，因為我們提供了堅實的執行力，並受益於我們在上次電話會議中描述的第二季度季節性一致的客戶行為以及創紀錄的新客戶獲取。

Our adjusted EBITDA profitability also improved as we benefited from scale and a deliberate focus on driving efficiencies through all parts of the business. Quarterly active customers grew by 36% year over year to $6.9 million. Send volume grew 38% year over year to approximately $13.2 billion, resulting in revenue growth of 31% year over year to $306 million.

我們的調整後 EBITDA 獲利能力也有所改善，因為我們受益於規模和對提高業務各部分效率的刻意關注。季度活躍客戶年增 36%，達到 690 萬美元。發送量年增 38%，達到約 132 億美元，營收年增 31%，達到 3.06 億美元。

Our GAAP net loss of $12.1 million narrowed in the second quarter, an improvement of 36% year over year as we benefited from leverage across the P&L. Our net loss included $37 million of stock compensation expense, and we did not have restructuring charges in the quarter. Strong revenue growth combined with efficiency across operating expenses led to adjusted EBITDA of $25.1 million in the quarter and above our expectations.

我們的 GAAP 淨虧損在第二季收窄至 1,210 萬美元，年增 36%，因為我們受惠於損益表的槓桿作用。我們的淨虧損包括 3,700 萬美元的股票補償費用，而本季我們沒有重組費用。強勁的營收成長加上營運支出的效率，使得本季調整後的 EBITDA 達到 2,510 萬美元，超出了我們的預期。

As you can see on slide 11, our focus remains on four key areas: to drive sustainable long-term returns, continuing to deliver strong revenue growth, reducing transaction expenses through scale efficiencies and technological advancements, acquiring new customers with efficient marketing, and driving operational efficiencies. By focusing on executing across these four areas, we're improving the long-term cash flow generation of our business. This is the ultimate measure of value we deliver to our shareholders.

正如您在投影片11 中所看到的，我們的重點仍然是四個關鍵領域：推動可持續的長期回報、繼續實現強勁的收入成長、透過規模效率和技術進步減少交易費用、透過高效的行銷獲取新客戶以及推動營運效率。透過專注於這四個領域的執行，我們正在改善業務的長期現金流產生。這是我們為股東提供的價值的最終衡量標準。

Now let's turn to slide 12 to review some of the key drivers of our second-quarter performance. Revenue was up 31% year over year in the second quarter on a reported and constant currency basis. Our better-than-expected second-quarter revenue growth was driven by high retention of existing customers and strong seasonal sending patterns in line with the expectations we outlined on our last call. We also achieved benefits from investments in improving customer engagement through product enhancements, our growing global expansion, and record new customers we acquired in the quarter.

現在讓我們轉向投影片 12，回顧我們第二季業績的一些關鍵驅動因素。按報告和固定匯率計算，第二季營收年增 31%。我們好於預期的第二季營收成長是由於現有客戶的高保留率和強勁的季節性發送模式（符合我們上次電話會議中概述的預期）推動的。我們還透過產品增強、不斷增長的全球擴張以及本季獲得的新客戶記錄來提高客戶參與度的投資中獲得了收益。

Turning to our transaction expenses, which includes costs related to our pay-in partners, disbursement partners, and fraud losses. Transaction expense as a percentage of revenue increased 90 basis points year over year in the second quarter. This was primarily due to higher-than-expected fraud losses that we experienced in the latter part of the quarter, partially offset by efficiencies from increasing volumes. Excluding fraud losses, transaction expense as a percentage of revenue improved by approximately 50 basis points.

談到我們的交易費用，其中包括與我們的付款合作夥伴、支付合作夥伴和詐欺損失相關的成本。第二季交易費用佔營收的百分比年增 90 個基點。這主要是由於我們在本季後半段經歷的詐欺損失高於預期，但部分被數量增加帶來的效率所抵銷。不包括詐欺損失，交易費用佔收入的百分比提高了約 50 個基點。

As we have noted before, fraud losses can be temporarily volatile. However, total fraud losses were within our historical tolerance range and we quickly reacted to this unwanted activity with optimization of risk controls and improvements to our machine learning models, bringing down fraud losses while maintaining a great customer experience.

正如我們之前指出的，詐欺損失可能會暫時波動。然而，詐欺損失總額在我們的歷史容忍範圍之內，我們透過優化風險控制和改進機器學習模型，對這種不必要的活動做出了快速反應，在保持良好的客戶體驗的同時降低了詐欺損失。

As a result of our rapid response, we expect fraud levels to be at a more normalized level in the back half of the year as we continue to balance the customer experience and manage fraud losses within our thresholds. Our longer-term trend of improving transaction expense and overall variable cost structure provides us with a significant competitive advantage in delivering value to customers and building a sustainable business model.

由於我們的快速反應，我們預計詐欺水平將在今年下半年達到更正常化的水平，因為我們將繼續平衡客戶體驗並將詐欺損失控制在我們的閾值內。我們改善交易費用和整體變動成本結構的長期趨勢為我們在為客戶提供價值和建立永續商業模式方面提供了顯著的競爭優勢。

We are proud of our continued progress on operating more efficiently. In the second quarter, customer support and operations expense as a percentage of revenue was down 260 basis points on a year-over-year basis as we have continued to make significant progress on lowering expenses and improving our customers' experience. In fact, on an absolute dollar basis, customer support expenses declined year over year even as we grew quarterly active customers by 36%. This performance reflects improving customer satisfaction and realizing the benefits from technology investments made to improve both our product and customer support experience.

我們為我們在提高營運效率方面不斷取得的進展感到自豪。第二季度，客戶支援和營運費用佔收入的百分比年減了 260 個基點，因為我們在降低費用和改善客戶體驗方面繼續取得重大進展。事實上，以絕對美元計算，儘管我們季度活躍客戶成長了 36%，但客戶支援費用卻比去年同期下降。這一業績反映了客戶滿意度的提高以及為改善我們的產品和客戶支援體驗而進行的技術投資所帶來的好處。

By increasing the automation of various manual tasks such as risk reviews and targeted elimination of various issues that cause customers to contact us, our product and customer service teams have consistently delivered efficiencies.

透過提高各種手動任務（例如風險審查）的自動化程度以及有針對性地消除導致客戶聯繫我們的各種問題，我們的產品和客戶服務團隊始終如一地提高了效率。

Also, as Matt mentioned, we've made significant improvements in the self-help experience with the rollout of our AI-based virtual assistant for our customers and are seeing strong progress across both customer satisfaction and efficiency metrics. G&A expense as a percentage of revenue decreased 80 basis points year over year and was essentially flat sequentially on an absolute dollar basis.

此外，正如馬特所提到的，透過為客戶推出基於人工智慧的虛擬助理，我們在自助體驗方面取得了重大改進，並且在客戶滿意度和效率指標方面都取得了巨大進步。一般及行政費用佔收入的百分比年減 80 個基點，以絕對美元計算與上一季基本持平。

Overall, our focus remains on continued discipline across both headcount and non-headcount expenses. And over the medium and long-term we expect to see continued moderation in G&A expense as a percentage of revenue.

總體而言，我們的重點仍然是在人員和非人員費用方面繼續遵守紀律。從中長期來看，我們預期一般管理費用佔收入的比例將持續下降。

Our marketing investments delivered a record number of new customers in the quarter at highly attractive unit economics. We fully expect these customers to deliver a long stream of revenue less transaction expense for many years to come.

我們的行銷投資在本季以極具吸引力的單位經濟效益帶來了創紀錄的新客戶數量。我們完全期望這些客戶在未來許多年能夠提供減去交易費用的長期收入流。

Our marketing expense was $73 million in the second quarter as we achieved additional marketing efficiencies through elasticity testing and the benefits of word of mouth while bringing a record number of new customers. This reflects our deep data-driven insights into marketing efficiently across both lower and upper funnels. We expect to continue to acquire new customers at highly attractive returns to ensure strong revenue growth for many years to come.

第二季我們的行銷費用為 7,300 萬美元，因為我們透過彈性測試和口碑效應提高了行銷效率，同時帶來了創紀錄數量的新客戶。這反映了我們對上下通路有效行銷的深入數據驅動洞察。我們預計將繼續以極具吸引力的回報獲得新客戶，以確保未來許多年的強勁收入成長。

Technology and development expenses were $47 million in the second quarter. These investments are enabling operational efficiencies across our P&L by reducing our transaction expenses over time and driving down customer support contacts. These investments are also critical to ensuring our platform can deliver new features and complementary new products to our customers in addition to maintaining high levels of security, compliance, and enabling higher productivity of our engineering teams.

第二季技術和開發費用為 4,700 萬美元。這些投資隨著時間的推移減少了我們的交易費用並減少了客戶支援聯繫，從而提高了我們損益表的營運效率。除了保持高水準的安全性、合規性和提高工程團隊的生產力之外，這些投資對於確保我們的平台能夠為客戶提供新功能和補充新產品也至關重要。

Turning to our stock compensation expense. In the second quarter, the growth rate of our stock compensation expense slowed significantly to 6%. This is a significant improvement from prior quarter's growth rates and reflects our focus on moderating our headcount growth rates.

談到我們的股票補償費用。第二季度，我們的股權激勵費用成長大幅放緩至6%。與上一季的成長率相比，這是一個顯著的進步，反映了我們對減緩員工成長率的關注。

On a full-year basis, we continue to expect stock compensation expenses to grow slower than revenue. We're also highly focused on managing the number of shares issued to help moderate dilution over the long term. An example of this is providing more cash compensation to new hires. This results an additional compensation being reflected in adjusted EBITDA and lowering share dilution impacts.

就全年而言，我們繼續預期股票薪酬支出的成長速度將低於收入的成長速度。我們也高度重視管理已發行股票的數量，以幫助緩解長期稀釋。這方面的一個例子是為新員工提供更多的現金補償。這會導致額外的補償反映在調整後的 EBITDA 中，並降低股權稀釋影響。

Now let's turn to our updated 2024 outlook on slide 13. We now expect revenue to be between $1.23 billion and $1.25 billion for the year, which is $5 million higher at the low end of our prior outlook. This increase reflects the outperformance in the second quarter and our expectations for continued strong execution in driving both existing and new customer activity in the back half of the year.

現在讓我們轉向幻燈片 13 上更新的 2024 年展望。我們現在預計今年的收入將在 12.3 億美元至 12.5 億美元之間，比我們之前預期的低端高出 500 萬美元。這一成長反映了第二季度的優異表現以及我們對下半年繼續強勁執行力推動現有和新客戶活動的預期。

Assuming various mix factors such as customer preferences for pay-in and disbursement options, corridor mix, and transaction sizes remain largely consistent to the second quarter. We expect a similar relationship between revenue and send volume for the balance of the year as compared with the second quarter.

假設各種組合因素（例如客戶對付款和支付選項的偏好、走廊組合和交易規模）與第二季度基本保持一致。我們預計今年剩餘時間的收入和發送量之間的關係與第二季度類似。

As we look ahead to the third quarter, we expect revenue growth in Q3 to be approximately 32% as we have now lapped some difficult comps in the first half of the year. While we have significant visibility into near-term results, revenue growth rates in any given quarter can be impacted by volatility in foreign exchange rates, new customer acquisition timing, and seasonal customer activity.

展望第三季度，我們預計第三季度的營收成長約為 32%，因為我們已經在上半年完成了一些困難的比較。雖然我們對近期業績有很大的了解，但任何特定季度的營收成長率都可能受到匯率波動、新客戶獲取時機和季節性客戶活動的影響。

While we expect to remain in a GAAP net loss position, we expect adjusted EBITDA to be between $90 million and $100 million for the year, which is a $5 million increase at the midpoint from our prior outlook. The increase in our adjusted EBITDA outlook is driven both by our strong performance in the second quarter as well as additional growth and operational efficiencies we expect to deliver in the back half of the year.

雖然我們預計將維持 GAAP 淨虧損狀況，但我們預計今年調整後的 EBITDA 將在 9,000 萬美元至 1 億美元之間，比我們先前預期的中位數增加 500 萬美元。我們調整後的 EBITDA 前景的成長是由我們第二季度的強勁業績以及我們預計在今年下半年實現的額外成長和營運效率所推動的。

As we look ahead to the third and fourth quarters, we would expect adjusted EBITDA dollars to be roughly balanced between these quarters. This improved outlook also gives us the opportunity to acquire additional customers at strong unit economics, especially during seasonally strong periods of customer activities such as in Q4. Overall, we're pleased with our solid execution thus far this year and are excited about the opportunities ahead to deliver on our commitments to customers and shareholders.

當我們展望第三季和第四季時，我們預計調整後的 EBITDA 美元將在這兩個季度之間大致平衡。這種改善的前景也使我們有機會以強勁的單位經濟效益獲得更多客戶，特別是在客戶活動旺盛的季節性時期，例如第四季。總體而言，我們對今年迄今的紮實執行感到滿意，並對未來兌現對客戶和股東承諾的機會感到興奮。

Before we move to Q&A, I would like to thank Matt and the entire Remitly team for the opportunity to have been part of significant growth over the last few years. It has been a fast-paced, impactful journey, and I'm very proud of the progress we've made in driving transformative change across all facets of the finance function at Remitly.

在我們進行問答之前，我要感謝 Matt 和整個 Remitly 團隊給我機會，讓他們在過去幾年中取得了顯著的成長。這是一次快節奏、富有影響力的旅程，我對我們在推動 Remitly 財務職能各個方面的變革方面取得的進展感到非常自豪。

I have personally grown partnering with Matt, who's an amazing leader and CEO. Grateful for being part of a very strong executive leadership team and to every single Remitlians, who do their very best to delight our customers. I look forward to spending more time with my family in India.

我個人與馬特的合作不斷發展，他是一位出色的領導者和執行長。感謝您成為非常強大的執行領導團隊的一員，也感謝每一位 Remitlian 人，他們竭盡全力讓我們的客戶滿意。我期待在印度與家人共度更多時光。

I'm excited for and highly confident about Remitly's journey towards its bold and exciting vision of transforming lives with trusted financial services that transcend borders. I remain a loyal customer and a strong advocate for Remitly's continued successes. It has been a pleasure to work with all of you in the investment community.

我對 Remitly 實現其大膽而令人興奮的願景的旅程感到興奮和充滿信心，即透過值得信賴的超越國界的金融服務來改變生活。我仍然是忠實的客戶，也是 Remitly 持續成功的堅定擁護者。很高興與投資界的各位合作。

Thanks so much, Hemanth. And with that, we'll turn the call over to the operator to begin Q&A.

非常感謝，赫曼斯。然後，我們將把電話轉給接線員以開始問答。

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Thanks a lot. Hemanth, all the best to you as you move back to India here. I did want to start maybe if you don't mind just asking on the big growth in customers, which was nice to see. I'm curious if that growth, the big growth is related to the increase in fraud and why you're confident the increase in fraud is temporary?

多謝。赫曼斯，祝你搬回印度後一切順利。如果您不介意只詢問客戶的大幅成長，我確實想開始，這很高興看到。我很好奇這種增長，巨大的增長是否與欺詐行為的增加有關，為什麼您相信欺詐行為的增加是暫時的？

Yeah. Thanks, Tien-Tsin, for the wishes as well. No, it's not related actually. We are really pleased with the growth of our customers in Q2. Some of that was the seasonality we talked about both on existing customers. We also had record new customers in the quarter.

是的。也謝謝田進的祝福。不，實際上沒有關係。我們對第二季客戶的成長感到非常滿意。其中一些是我們在現有客戶身上談論的季節性。本季我們的新客戶數量也創歷史新高。

On the fraud point, very different, we saw it in certain corridors, it was very temporary in nature, something we saw towards the last -- later part of the quarter and we were quickly able to fix it. So levels have been normalized and well within our thresholds at this point. So unrelated largely to the record growth of our customers.

在詐欺點上，非常不同，我們在某些​​走廊看到了它，它本質上是非常暫時的，我們在本季度最後一段時間看到了這一點，我們很快就能夠修復它。因此，目前水平已經正常化並且完全在我們的閾值之內。所以很大程度上與我們客戶的創紀錄成長無關。

Great. Good to know. And just my follow-up and then I'll open it up. Just looking at the take rate, I know there's a lot of complexity to the take rate, but I'll ask it anyway. It was down sequentially in year on year. I think it's typically up second quarter over the first quarter. So why the change in pattern there?

偉大的。很高興知道。這只是我的後續行動，然後我將打開它。只要看看採用率，我知道採用率有很多複雜性，但無論如何我都會問。年比連續下降。我認為第二季度通常會比第一季上升。那為什麼模式會改變呢？

Yeah. Thanks Tien-Tsin. So as we mentioned, and I appreciate your caveat in the question, we don't manage the business to take rate given that it's impacted by average transaction size, geo mix shift, continuous pricing optimization, pay-in, payout method mix. So take rate is more of an output in that respect.

是的。謝謝天進。正如我們所提到的，我感謝您在這個問題中提出的警告，考慮到它受到平均交易規模、地理組合轉變、持續定價優化、付款方式組合的影響，我們不會管理業務收取費率。因此，從這方面來說，採用率更多的是一種產出。

We manage more to revenue per transaction, profit per transaction, LTV. And when you look at it from that lens, its business is usual in Q2. No major shifts in competitive pricing. It wasn't due to any sort of pricing pressure. Ultimately, as we mentioned in the past, our business comes down to that trusted and reliable product. And part of that trust is providing a fairly priced product, but not the best.

我們更多地管理每筆交易的收入、每筆交易的利潤、LTV。從這個角度來看，第二季的業務很平常。競爭性定價沒有重大變動。這並不是由於任何價格壓力。最終，正如我們過去所提到的，我們的業務歸結於值得信賴和可靠的產品。這種信任的一部分是提供價格合理的產品，但不是最好的。

And if you look at some of the other metrics around the trusted product that we're delivering, the improvements on the CS front, some of the virtual AI assistant features that we've rolled out, I think there are further proof points that our product and some of the elements around the seamlessness and the trusted nature of it are what is actually driving the kind of growth from a revenue and retention standpoint. So really pleased with the quarter.

如果你看看我們正在提供的值得信賴的產品的其他一些指標、CS 方面的改進、我們推出的一些虛擬人工智慧助理功能，我認為有進一步的證據表明我們的從收入和保留的角度來看，產品以及圍繞其無縫性和可信性質的一些元素實際上推動了這種增長。對這個季度非常滿意。

Great. Thank you guys.

偉大的。謝謝你們。

Andrew Schmidt, Citi.

安德魯‧施密特，花旗銀行。

Hey, Matt. Hey, Hemanth. Thanks for taking my questions. And Hemanth, best of luck, pleasure to work with you.

嘿，馬特。嘿，赫曼斯。感謝您回答我的問題。Hemanth，祝你好運，很高興與你合作。

If I could dig into the EBITDA outlook in the back half, I know, Hemanth, you addressed this a little bit in terms of the EBITDA margin -- or EBITDA dollars being balanced in the third and the fourth quarter and creating some optionality for new customer adds in the back half. It just seems like we’re lapping some pretty significant upticks in marketing expense in the fourth quarter, which does leave you guys a good position, either A, drop some of that to the bottom line; or B, acquire a significant number of customers that will set you up pretty well for FY 2025.

如果我能深入研究後半段的EBITDA 前景，我知道，Hemanth，您在EBITDA 利潤率方面稍微解決了這個問題，或者說EBITDA 美元在第三季度和第四季度保持平衡，並為新的業務創造了一些選擇權。看起來我們在第四季度的營銷費用上出現了一些相當顯著的增長，這確實為你們帶來了一個很好的位置，或者A，將其中一些降到底線；或者A，將其中的一些降到底線；或 B，獲得大量客戶，這將為您在 2025 財年做好準備。

Maybe -- I know it all comes back to LTV to CAC and unit economics decisions. So maybe can you just walk us through the thought process there and how you’re setting things up at this point. Thanks a lot.

也許——我知道這一切都會回到 LTV、CAC 和單位經濟決策。那麼也許您可以向我們介紹那裡的思考過程以及您目前如何進行設定。多謝。

Yeah. Thanks, Andrew. And I think like we’ve had in prior years as well, I think, we wanted to make sure that as we look at sort of the back half, particularly in Q4, which is a seasonally high quarter, particularly to acquire new customers, we retain optionality in terms of being able to deploy our marketing to acquire customers if we look forward to 2025 and beyond.

是的。謝謝，安德魯。我認為就像前幾年一樣，我們希望確保在下半年，特別是在第四季度，這是一個季節性高季度，特別是在獲取新客戶方面，如果我們展望2025 年及以後，我們在部署行銷來獲取客戶方面保留選擇性。

Again, we’re really focused on unit economics and the LTV CAC ratios, and we continue to do that. So that’s some of the thinking that as we looked at sort of the EBITDA guide for the balance of the year and particularly as you look at sort of the margin for Q4.

再次強調，我們真正關注的是單位經濟效益和 LTV CAC 比率，並且我們將繼續這樣做。這就是我們在查看今年剩餘時間的 EBITDA 指南時的一些想法，特別是在查看第四季度的利潤率時。

Got it. Understood. And then maybe just a larger related question, maybe you can talk longer term in terms of your confidence to scale sales and marketing based on what you’ve been seeing in the market, the elasticity testing, word of mouth referrals stepping up, and other things you have going on. Maybe just talk about how that confidence may have evolved over time, given what you’ve seen more recently. Thanks a lot.

知道了。明白了。然後也許只是一個更大的相關問題，也許您可以根據您在市場上看到的情況、彈性測試、口碑推薦的加強以及擴大銷售和營銷的信心來談論更長期的問題你正在進行的其他事情。考慮到您最近所看到的情況，也許只是談談這種信心是如何隨著時間的推移而演變的。多謝。

Yeah. Thanks for the question, Andrew. I think that when you look at the scalability of our marketing, I think, that we’re feeling more confident than ever on that front, and we’re excited about the record number of new customers and the efficiency that we’re getting. And I think that’s a reflection of the fact that we have trusted brand.

是的。謝謝你的提問，安德魯。我認為，當您看到我們行銷的可擴展性時，我們在這方面比以往任何時候都更有信心，並且我們對創紀錄的新客戶數量和我們的效率感到興奮重新得到。我認為這反映了我們擁有值得信賴的品牌。

As you alluded to in your question, the word of mouth, continues to improve. And our unit economics continue to be well below our 12-month payback target. And so, what that means to us is that we have a lot of optionality in terms of how much we spend to grow versus how much we let flow to the bottom line. And we’re well positioned from a marketing standpoint.

正如您在問題中提到的，口碑持續改善。我們的單位經濟效益仍遠低於 12 個月的投資回收目標。因此，這對我們來說意味著，我們在成長支出和最終流入利潤方面有很多選擇。從行銷的角度來看，我們處於有利地位。

And then more broadly to build on your first question that Hemanth also answered, our business is just getting a lot of scale and leverage, and it’s in a special place in that respect and that we grew 31% year on year from a revenue standpoint. But you look at our confident, adjusted EBITDA guide, and the overall leverage we’re getting in everything from customer support costs to a variety of aspects of the P&L. And I think it’s a reminder that scale matters in payments businesses, both to deliver a differentiated and quality customer experience and to be able to continue to get leverage and profitability as a business.

然後更廣泛地建立在赫曼斯也回答的第一個問題的基礎上，我們的業務剛剛獲得很大的規模和影響力，在這方面它處於一個特殊的位置，我們從去年同期增長了31 %收入的角度。但您看看我們自信的、調整後的 EBITDA 指南，以及我們在從客戶支援成本到損益表各個方面的各個方面所獲得的整體槓桿。我認為這提醒我們，規模對於支付業務至關重要，既可以提供差異化的優質客戶體驗，也可以繼續獲得企業的影響力和獲利能力。

Totally agree. Thank you very much, Matt. Appreciate the comments.

完全同意。非常感謝你，馬特。感謝您的評論。

Thanks, Andrew.

謝謝，安德魯。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Hi, this is Allison on for Ramsey. Thank you, guys, so much for taking our question. And Hemanth, it’s been great working with you.

大家好，我是拉姆齊的艾利森。非常感謝你們回答我們的問題。Hemanth，與您合作非常愉快。

So just thinking through the ongoing momentum you’re seeing in new adds, Matt, I want to go back to this seafarer product that you spoke about, which does seem like a nice opportunity to capture new customers. So how big of a lift is it to get these types of specialized products off the ground from an investment standpoint? And how easy is it to replicate this type of product to other groups? So is that something that we could see in the product pipeline going forward? Thanks.

因此，只要考慮一下您在新產品中看到的持續勢頭，馬特，我想回到您談到的這款海員產品，這似乎確實是吸引新客戶的好機會。那麼從投資的角度來看，讓這些類型的專業產品落地有多大的提升呢？將此類產品複製到其他群體有多容易？那麼我們可以在未來的產品管道中看到這種情況嗎？謝謝。

Thanks, Allison. Yes, great question and great to hear from you. We’re excited about the seafarers’ product, and I think it’s indicative. We’ve talked about some of the technology investments we’ve made in our platform, but those technology investments have enabled us to more nimbly and efficiently adjust our product to be able to serve multiple audiences. Seafarers is a prime example of that.

謝謝，艾莉森。是的，很好的問題，很高興收到你的來信。我們對海員產品感到興奮，我認為它具有代表性。我們已經討論了我們在平台中進行的一些技術投資，但這些技術投資使我們能夠更靈活、更有效地調整我們的產品，以便能夠為多個受眾提供服務。海員就是一個典型的例子。

We also talked about high dollar senders, but you could apply that to a wide range of different types of customer profiles and different geographies. I think that we’re getting faster and better at doing that, and the result is continued growth in the numbers that you’ve seen from a volume and revenue standpoint.

我們也討論了高額寄件人，但您可以將其應用於各種不同類型的客戶資料和不同的地理位置。我認為我們在這方面做得越來越快、越來越好，其結果就是您從銷售和收入的角度看到的數字持續成長。

And so I’d say with seafarers, as I mentioned, I had an opportunity to interact with seafarers last quarter, and it’s an underserved demographic that I think our product is serving very well. And there’s 1.89 million seafarers that work across the globe. It’s one of many segments that you can expect us to continue to grow in and serve even better.

因此，正如我所提到的，我要對海員說，上個季度我有機會與海員進行互動，我認為我們的產品為這一服務不足的人群提供了很好的服務。全球有 189 萬海員在工作。這是您可以期待我們繼續發展並提供更好服務的眾多細分市場之一。

Great. Really helpful. Thanks.

偉大的。真的很有幫助。謝謝。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hey, guys. Appreciate you taking the question tonight. Matt, I actually also wanted to follow up with some of the comments you made on customer acquisition. So the seafarer example, I think, you also mentioned higher dollar senders and the fact that the majority of your customers are kind of reoccurring senders each week or month.

嘿，夥計們。感謝您今晚提出這個問題。馬特，實際上我還想跟進您對客戶獲取的一些評論。因此，我認為，以海員為例，您還提到了金額較高的發送者，以及您的大多數客戶都是每週或每月重複發送的事實。

And so I’m just wondering maybe high level, if you can hit on if there has been any noticeable or meaningful shifts in sort of the profile of the incremental customer. I think there's been a lot of focus on the third-party data around app downloads. And it seems like the momentum in the business is continuing very strong. So I’m just wondering if there has been any shifts in sort of the profile of the existing customer over the last couple of quarters. Thanks.

因此，我只是想知道，也許是高層，您能否順便說一下，增量客戶的概況是否發生了任何明顯或有意義的變化。我認為人們非常關注有關應用程式下載的第三方數據。而且該業務的勢頭似乎持續強勁。所以我只是想知道過去幾季現有客戶的情況是否發生了任何變化。謝謝。

Thanks, Will. Yeah, great question. I would say that the mix in terms of the profiles of customers has not changed substantially in the last quarter or last even year or two. I think that what I like about the business in terms of where it’s at now is the portfolio of different geographies, which we’ve proven we can deliver different segments of customers. And so I view this as additions to a very diverse portfolio of customers.

謝謝，威爾。是的，很好的問題。我想說，在上個季度甚至過去一兩年裡，客戶概況的組合沒有重大變化。我認為，就目前的業務而言，我喜歡的是不同地區的產品組合，我們已經證明我們可以為不同的客戶群提供服務。因此，我認為這是對非常多樣化的客戶組合的補充。

And having started the business 13 or 14 years ago, I will tell you that kind of business is much more resilient, much more predictable than when we were just in US and Philippines, call it, which we were in for the first two years of the business alone.

13 或14 年前就開始了這項業務，我會告訴你，這種業務比我們剛在美國和菲律賓時更有彈性，更可預測，我們在美國和菲律賓，我們在前兩年就在這裡兩個國家。

You look at the business now, and that diversification, which is only becoming more diversified, gives even more, as I mentioned, predictability to the business. And I would view it as continuation on that journey when you look at the absolute number of customers from these new segments, as opposed to a rapid change in any way, shape or form.

你看看現在的業務，正如我所提到的，這種多元化只會變得更加多元化，為業務提供了更多的可預測性。當你觀察這些新細分市場的客戶絕對數量時，我將其視為這趟旅程的延續，而不是任何方式、形狀或形式的快速變化。

Got it. Appreciate that. And then given that Hemanth, in the announcement, I wanted to lob the CFO question as well, just on the fraud, the fraud cost this quarter It looks like -- I was looking at the queue. It looked like the fraud losses maybe are $5 million, $6 million, sequentially. Is that about the right number to think about the impact in the quarter, and just confirming you expect to be back at normal patterns in the back half. Appreciate it. And Hemanth, it's been great working with you over the last few years.

知道了。很欣賞這一點。然後考慮到赫曼斯，在公告中，我也想向首席財務官提出問題，只是關於欺詐，本季度的欺詐成本看起來 - 我正在查看隊列。看起來詐欺損失可能依序為 500 萬美元、600 萬美元。這個數字是否適合考慮本季的影響，並且只是確認您預計下半年會恢復正常模式。欣賞它。Hemanth，過去幾年與您合作非常愉快。

Thanks, Will.

謝謝，威爾。

Thank you. Go ahead.

謝謝。前進。

No, sounds great. Let’s go to the next question.

不，聽起來很棒。讓我們進入下一個問題。

David Scharf, Citizens JMP.

David Scharf，公民 JMP。

Hi, good afternoon. Thanks for taking my questions. Maybe just to follow up on a couple topics that have been touched upon. First, just on the fraud. Just curious, you had talked in your prepared remarks, Matt, on implementing risk-based -- more risk-based underwriting, if you will, for larger dollar senders. Was the temporary bump in fraud related to large dollar senders? Anything that was either very geographic focused or dollar size, something that was very easy to identify and gives you comfort for it being ephemeral?

嗨，下午好。感謝您回答我的問題。也許只是為了跟進已經觸及的幾個主題。首先，就欺詐而言。只是好奇，馬特，你在準備好的發言中談到了對較大的美元發送者實施基於風險的承保，如果你願意的話。詐欺行為的暫時增加是否與大筆美元匯款人有關？是否有任何非常注重地理區域或資金規模的東西，很容易識別並讓您感到安慰的東西，因為它是短暫的？

Yeah. Yeah, thanks for the question. It was not related to higher dollar senders, to answer that directly. And I think that the important element when you think about the fraud systems that we have, is there is a constant balance between optimizing for fraud loss rates and for maintaining a great user experience and not having what we call higher sideline rates, meaning manual reviews for good customers.

是的。是的，謝謝你的提問。直接回答這個問題與更高的美元發送者無關。我認為，當您考慮我們擁有的詐騙系統時，重要的因素是在優化詐騙損失率和保持良好的用戶體驗之間保持持續的平衡，而不是我們所說的更高的副業率，這意味著人工審核對於好客戶。

And I think that as we’ve said in the past, there will be times where we have more sophisticated fraud attacks. And I think we’ve shown in Q2 and over the longer journey that we’re good at responding to those. And if anything, we’ve just gotten better because of a lot of the data and analytics that we can feed into our machine learning models, that can help do that delineation.

我認為，正如我們過去所說，有時我們會遇到更複雜的詐欺攻擊。我認為我們在第二季和更長的旅程中已經表明，我們善於應對這些問題。如果有的話，我們只是變得更好，因為我們可以將大量資料和分析輸入到機器學習模型中，這可以幫助完成這種描述。

And so that’s what happened in Q2, is there was an uptick as we continue to have that optimization across that efficient frontier of sideline rate and fraud loss. We pulled it back into our levels that are going into Q3, back within our range of goals and normality, while, again, maintaining low sideline rates.

這就是第二季度發生的情況，隨著我們繼續在副業率和詐欺損失的有效前沿進行最佳化，情況有所上升。我們將其拉回到第三季的水平，回到我們的目標和正常範圍內，同時再次保持較低的副業利率。

So excited about what’s to come. And you should expect in the business some variation, but it’s always very temporary. And we bring that back under control as we did in Q2.

對即將發生的事情感到非常興奮。您應該預料到業務中會出現一些變化，但這種變化總是非常暫時的。我們像第二季一樣重新控制了這一情況。

Got it. Understood. And maybe following up on the EBITDA guidance, and maybe approaching it from a different angle, at least on a revenue basis, Remitly is actually one-third as big as Western Union is now based on your full-year guidance, when we look at their total revenue ex-US to US transfers. And I’m just wondering, you’ve clearly shown an ability to scale already. There have been quarters where you’ve delivered outsized margins.

知道了。明白了。也許是根據 EBITDA 指導，也許從不同的角度來看待它，至少在收入的基礎上，Remitly 實際上是西聯匯款的三分之一，根據您的全年指導，當我們看他們從美國境外到美國的轉移總收入。我只是想知道，您已經清楚地展示了擴展能力。在某些季度，您已經實現了巨額利潤。

And as we just think about the trajectory of where margins could head, whether it’s next year or three years out, do you feel normal ceiling in terms of the size and the market share you can achieve, or certain milestones at which you say, you know what, now is the time to focus less on customer acquisition and more on profitability, because it’s been quite remarkable how quickly the company has grown. And Western Union obviously is really not grown in 20 years. Not that it might be an artificial ceiling.

當我們思考利潤率的發展軌跡時，無論是明年還是三年後，您是否認為您可以實現的規模和市場份額的上限是正常的，或者您可以達到的某些里程碑比如說，你知道嗎，現在是時候減少對客戶獲取的關注，而更專注於盈利能力了，因為公司的發展速度非常驚人。而西聯匯款顯然20年來確實沒有成長。並不是說它可能是人造天花板。

It's good to have global remittance provider who could get that $4 billion in revenue mark. But just curious about how you think about what is the milestone out there, whether it’s account growth, corridor numbers or revenue, in which kind of signifies to you that there’s more of a focus on margin expansion versus account acquisition.

擁有能夠獲得 40 億美元收入的全球匯款提供者真是太好了。但只是想知道您如何看待里程碑是什麼，無論是客戶成長、管道數量還是收入，這對您來說意味著更專注於利潤擴張而不是客戶獲取。

Yeah. Yeah, thanks, David. I think that the answer is if you look at our current business, we’re really proud we’re at $1.2 billion in revenue, trailing 12 months, and we’re continuing to show that leverage in the business. And so we do have ambition, and we talk about this internally, to become the largest remittance company on the planet.

是的。是的，謝謝，大衛。我認為答案是，如果你看看我們目前的業務，我們真的很自豪，過去 12 個月我們的收入達到 12 億美元，而且我們將繼續在業務中展示這種優勢。因此，我們確實有雄心壯志，我們在內部討論過這一點，即成為地球上最大的匯款公司。

And we are -- you see the glide path to be able to do that, but we can do that while continuing to show leverage on the bottom line. And I did a fireside chat with Tien-Tsin at a JPMorgan Conference recently where I went through different aspects of the P&L and talked through where there is leverage as a technology company doing remittances.

我們——你看到了能夠做到這一點的下滑路徑，但我們可以做到這一點，同時繼續在利潤上發揮槓桿作用。最近，我在摩根大通會議上與 Tien-Tsin 進行了一次爐邊談話，我討論了損益表的不同方面，並討論了作為一家從事匯款的科技公司的槓桿作用。

And what you see is whether that’s in this quarter, leverage on the customer support side, where we continue to see that to leverage on the marketing element because of the word of mouth components, to leverage on overall headcount as we just get more scale as a payments company, you see a business that continues to be able to deliver really remarkable top-line growth for our scale and size, while showing leverage on the bottom line. And we’re excited to continue to deliver that.

你看到的是，這是否是在本季度利用客戶支援方面，我們繼續看到，由於口碑因素，利用行銷元素，利用我們剛剛得到的整體員工人數作為一家規模更大的支付公司，您會看到一家企業繼續能夠為我們的規模和規模帶來真正顯著的收入成長，同時在利潤上顯示出槓桿作用。我們很高興能夠繼續實現這一目標。

Got it. Thanks very much.

知道了。非常感謝。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Hey, guys, thanks. Sorry about my phone. First of all, Hemanth, just wanted to wish you congrats as well.

嘿，夥計們，謝謝。對不起我的手機。首先，Hemanth，我也想祝賀你。

But I guess just on the overarching growth in the customer adds, Matt, if you could just take a step back and review the strategy, what’s changed in it, if anything, in the last, let’s call it few quarters to deliver the growth you’re seeing still being sustainable?

但我想，就客戶的整體成長而言，馬特補充道，如果你能退後一步並回顧一下該策略，它發生了什麼變化（如果有的話），最後，讓我們稱之為少數幾個季度才能實現您認為仍然可持續的成長？

And maybe just give a little more color on the corridor plans. Again, you’re at about, I think, 5,000 is what I saw lately. But like, when you compared to what it could be, is there any intentional shift around different corridors or any push into new markets that we should expect in the next, let’s call it 12 months?

也許只是給走廊平面圖多一點色彩。再說一次，我認為，我最近看到的數字大約是 5,000。但是，當你與可能的情況進行比較時，是否會在未來（我們稱之為 12 個月）內預期圍繞不同走廊進行有意的轉變或進入新市場？

And just a quick follow-up, let’s put it all together, is on pricing. So if there’s any discussion you could share with us around trends you’re seeing in the market. There has been different yield. I know fraud, in some cases here, was a little bit more of an impact. But in some of the competitors, we’ve been seeing some spread widening between growth on revenue and transactions. So any color on what you’re seeing competitively would be great. Thanks, guys.

讓我們將所有內容放在一起，快速跟進就是定價。因此，如果您有任何關於您在市場上看到的趨勢的討論，可以與我們分享。出現了不同的產量。我知道，在某些情況下，詐欺的影響更大一些。但在一些競爭對手中，我們發現營收成長和交易成長之間的差距正在擴大。因此，您在競爭中看到的任何顏色都會很棒。謝謝，夥計們。

Yeah. Yeah, thanks, Darrin. I think there were three parts to your question, so I’ll answer them each briefly. On the net adds point, it was what we said to some extent in Q1, there's some seasonality when you look at quarterly active users. And so we know that the market looks at that and refers that metric of Q1 to Q2 change in quarterly active users.

是的。是的，謝謝，達林。我認為你的問題分為三個部分，所以我將簡要回答每個部分。在網路上補充一點，這就是我們在第一季某種程度上所說的，當你查看季度活躍用戶時，存在一些季節性。因此我們知道市場會關注這一點，並參考第一季到第二季的活躍用戶變化指標。

And I think it was exactly as expected in that there is more holidays and reasons that folks send in Q2 combined with record number of new customers and continued strong retention that we’re really proud of given our exceptional product. And so in some respects, it was business as usual on that front.

我認為這完全符合預期，因為第二季度人們發送的假期和原因更多，加上創紀錄的新客戶數量和持續強勁的保留率，鑑於我們卓越的產品，我們感到非常自豪。因此，在某些方面，這方面一切如常。

On the corridor side, we’re in about 5,000 corridors now. Over time, in the long run, we plan to expand that to 15,000 to 20,000 globally. But the reality is we have so much room to grow in the 5,000 corridors we’re in. So you should expect us to continue to add corridors in a methodological way as we’ve always done. But the takeaway there is lots of room to grow since you said 12 months. Lots of room to grow in the next 12 months in our existing stores.

在走廊一側，我們現在大約有 5,000 個走廊。從長遠來看，我們計劃在全球範圍內將其數量擴大到 15,000 至 20,000 個。但現實情況是，我們所在的 5,000 個走廊中有很大的發展空間。因此，您應該期待我們繼續以一貫的方式以有方法論的方式添加走廊。但從你所說的 12 個月以來，還有很大的成長空間。我們現有的商店在未來 12 個月內還有很大的成長空間。

And on the pricing front, no material changes in Q2 on pricing. We, as always, are continuing to do price optimization so that we provide a fair value to customers as well as more importantly, improve our product. So it’s trusted and reliable, which is the foundation for what customers look at when they choose a remittance provider.

在定價方面，第二季的定價沒有重大變動。我們一如既往地繼續進行價格優化，以便為客戶提供公平的價值，更重要的是改進我們的產品。因此，它值得信賴且可靠，這是客戶選擇匯款提供者時考慮的基礎。

Okay. That’s helpful. Thanks, Hemanth.

好的。這很有幫助。謝謝，赫曼斯。

Thanks, Darrin.

謝謝，達林。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Great. Thanks for taking the question. And Hemanth, good working with you. We’ve seen some smaller peers have some struggles and shut down. Can you just talk about the structural cost advantages that Remitly has relative to others in the industry?

偉大的。感謝您提出問題。赫曼斯，與你合作愉快。我們看到一些規模較小的同行陷入困境並被關閉。能否簡單談談Remitly相對於業界其他公司的結構性成本優勢？

Yeah, absolutely. And I can answer that as a Founder having been subscale. I think it’s really hard to succeed in this business without scale. And by succeed, I mean deliver an exceptional customer experience while continuing to get leverage and profitability as a company. And so it’s not a surprise to see some subscale players, whether those are subscale digital players or subscale cash-based players.

是的，絕對是。身為創辦人，我可以回答這個問題。我認為，如果沒有規模，這個產業就很難取得成功。我所說的成功是指提供卓越的客戶體驗，同時繼續獲得公司的影響力和獲利能力。因此，看到一些規模較小的玩家並不奇怪，無論是規模較小的數位玩家還是規模較小的現金玩家。

And I think we’re the beneficiary of -- and ultimately our customers, the beneficiary of being able to have enough scale to deliver a lot of the things that we’ve talked about, whether that’s some of the data and analytics on our fraud side, our virtual AI assistant, and the scale required to deliver that exceptionally, our pay-in, pay-out partners, our word of mouth. I could go on and on, but scale is important.

我認為我們是受益者，最終也是我們的客戶的受益者，受益者是能夠擁有足夠的規模來提供我們所討論的許多東西，無論這是一些數據我們的欺詐方面的分析、我們的虛擬人工智能助理、以及提供卓越服務所需的規模、我們的付款夥伴、我們的口碑。我可以繼續說下去，但規模很重要。

And I think that folks that are subscale are having challenges, and folks that are especially digital-first at scale are delivering the kind of growth and retention numbers that you’re seeing from us in Q2.

我認為，規模較小的人正在面臨挑戰，而那些在規模上尤其以數字為先的人們正在提供您在第二季度看到的那種增長和保留數字。

Thank you for that. And then last quarter, I think you talked about Africa as being a large opportunity for you. Can you just talk about some of the dynamics of that market? Thank you.

謝謝你。上個季度，我認為您談到非洲對您來說是一個巨大的機會。您能談談該市場的一些動態嗎？謝謝。

Yeah, sure. Big opportunity simply because we haven’t been there as long if you look at just the 13-year history of the company. And it’s a good example of where, when I say we have a lot of room to grow in the 5,000 corridors we’re in, lots of room to grow across Africa. And obviously, within Africa, there's East Africa and markets like Kenya, where the origin story came from and I lived before starting the business.

是的，當然。這是一個巨大的機會，因為如果你只看一下公司 13 年的歷史，我們在這方面的時間還不夠長。這是一個很好的例子，當我說我們在 5,000 個走廊中有很大的發展空間時，整個非洲都有很大的發展空間。顯然，在非洲，有東非和肯亞這樣的市場，那裡是起源故事的發源地，我在創業之前就住在那裡。

There's a lot of countries in West Africa, but the punch line there is rapid shift towards digitization, both on the origination and the disbursement side, especially in disbursement options like mobile wallet. And we feel really well positioned to offer a great product in several countries in Africa to be able to drive growth

西非有很多國家，但最重要的是，無論是在發起方面還是在支付方面，特別是在行動錢包等支付選項方面，這些國家都在迅速轉向數位化。我們感覺自己處於有利地位，可以在非洲的幾個國家提供優質產品，從而推動成長

Great. Thank you.

偉大的。謝謝。

Alex Markgraff, KeyBanc Capital Markets.

Alex Markgraff，KeyBanc 資本市場。

Hey, guys. Thanks for taking my questions. Matt, one for you, and then one for Hemanth. Just on the virtual assistant that you mentioned for customer support, any way to sort of characterize how big of an unlock the language expansion is, just maybe in the context of like what mix of interactions or engagements on the support side are not in English, and then just how big of an effort it is to broaden the language coverage for that?

嘿，夥計們。感謝您回答我的問題。馬特，一張給你，一張給赫曼斯。就您提到的客戶支援虛擬助理而言，有任何方法可以描述語言擴展的解鎖有多大，也許只是在支援方面的交互或參與的組合不是英語的情況下，那麼為此擴大語言覆蓋範圍到底需要付出多大的努力呢？

Yeah, great question. I do think that in general, when you look at a lot of the AI tools, the language translation capabilities are material. And so I think there’s opportunities there. I think most of where we’ve driven it thus far is in English, but easy expansion when it comes to multiple languages. And if you look at the number of use cases, we can also expand the number of use cases for the types of problems we can solve when customers are using that virtual AI assistant.

是的，很好的問題。我確實認為，總的來說，當你看到很多人工智慧工具時，語言翻譯能力是很重要的。所以我認為那裡有機會。我認為到目前為止，我們驅動的大部分內容都是英語，但在涉及多種語言時很容易擴展。如果你看看用例的數量，我們還可以擴大當客戶使用虛擬人工智慧助理時我們可以解決的問題類型的用例數量。

So excited about the potential there for both better customer experience as well as helping our customer support agents do things that they can uniquely do with their skills, but at a more specialized level.

對於更好的客戶體驗以及幫助我們的客戶支援代理商做他們可以利用自己的技能獨特但更專業的水平的事情的潛力感到非常興奮。

Okay, thanks. And then Hemanth, just on -- I apologize if this was hit already, but just on the transaction margin, expansion for the year, and consideration of the higher expense rate in 2Q, how should we be thinking about that level of expansion in the second half and for the full year?

好的，謝謝。然後赫曼斯，如果這已經受到影響，我深表歉意，但就交易利潤率、今年的擴張以及考慮到第二季度更高的費用率而言，我們應該如何考慮第二季度的擴張水平下半年和全年？

Yeah. Thanks for the question, Alex. No, I think we would continue to focus on improving -- reducing transaction expenses over time. I think the rate of improvement will be more moderated. We had some really significant improvements last year, particularly in the second half. So we’re going to be comping through some of that.

是的。謝謝你的提問，亞歷克斯。不，我認為我們將繼續專注於改進——隨著時間的推移減少交易費用。我認為改善的速度會更加溫和。去年我們取得了一些非常重大的進步，特別是在下半年。因此，我們將比較其中的一些內容。

But in terms of what we’re doing with the focus on whether direct integrations, improving our customer experience and so many different levers, especially as you’ve gotten a lot of scale and volume growth, we do continue to see opportunities to reduce transaction expenses over the next coming years.

但就我們正在做的事情而言，重點是直接整合、改善我們的客戶體驗和許多不同的槓桿，特別是當您已經獲得了很大的規模和數量增長時，我們確實繼續看到機會減少未來幾年的交易費用。

Thank you. Pleasure working with you, Hemanth.

謝謝。很高興與你合作，赫曼斯。

Thanks.

謝謝。

Andrew Bauch, Wells Fargo.

安德魯·鮑赫，富國銀行。

Hey, thanks for taking the question. And Hemanth, wishing you the best. It’s been a pleasure.

嘿，謝謝你提出問題。還有赫曼斯，祝你一切順利。這是一種樂趣。

Looking at volume per customer, it’s inflected positively in the second quarter for, I think, the first time in about two years. I’m sure the holidays had something to do with that. Is there any way to parse out what those holidays could have contributed to that metric? Just trying to get a sense if we could potentially start modeling that flat to positive going forward.

從每位客戶的數量來看，第二季度出現了積極的變化，我認為這是大約兩年來的第一次。我確信假期與此有關。有沒有辦法解析出這些假期對此指標的貢獻？只是想了解我們是否有可能開始將扁平化建模為積極的未來。

Yeah. Thanks for the question, Andrew. No, I think as we called out last quarter, we do see when we go from Q1 to Q2, that there is a significant increase in sort of the sequential growth of active customers. And we saw that as it sort of played out. I think we did see a degree of outperformance, particularly given some of the product improvements that we’ve been making. And those enhancements have contributed as well to just improving retention and engagement with customers.

是的。謝謝你的提問，安德魯。不，我認為正如我們上個季度所指出的那樣，我們確實看到從第一季到第二季度，活躍客戶的環比成長顯著增加。我們看到了這一點。我認為我們確實看到了一定程度的出色表現，特別是考慮到我們一直在進行的一些產品改進。這些增強功能也有助於提高客戶保留率和參與度。

And I think the other piece here is, as you’ve called out before, transaction intensity continues to improve as there's more and more digital mix and the disbursement options. And we have an advantage there as well in terms of our product offerings. So I think those are some of the factors that show -- that demonstrated increased customer engagement in the quarter on top of a seasonal pattern that we expected.

我認為這裡的另一件事是，正如您之前所說的那樣，隨著數位組合和支付選項越來越多，交易強度不斷提高。我們在產品供應方面也有優勢。因此，我認為這些因素表明，除了我們預期的季節性模式之外，本季客戶參與度有所增加。

And then maybe just to follow on top of that with a macro kind of related question. Anything that you guys are seeing in the market today, be it from geopolitical, economic or otherwise that you're monitoring that helps inform the guide that you’re putting out today. I know remittances are generally pretty stable from a macro perspective, but just want to make sure we’re covering our bases.

然後也許只是在此基礎上提出一個宏觀相關的問題。你們今天在市場上看到的任何事情，無論是地緣政治、經濟還是您正在監控的其他方面，都有助於為您今天發布的指南提供資訊。我知道從宏觀角度來看，匯款通常相當穩定，但只是想確保我們能夠涵蓋我們的基礎。

Yeah, I can take that one. I think that we certainly monitor the geopolitical landscape, not only domestically, but globally now that we’re in 170 countries. And the first thing I’d say is, having been around for prior election cycles and for over a decade, we have seen various cycles unfold. And the criticality of remittances and the predictability is something that has been there through a variety of -- whether it’s geopolitical or economic cycles. So I’d say we are taking those into account and we feel with those, that we have high confidence in our guide.

是的，我可以接受那個。我認為我們當然會監控地緣政治格局，不僅是國內的，而且是全球的，因為我們遍布 170 個國家。我要說的第一件事是，在之前的選舉週期和十多年來，我們已經看到了各種週期的發展。匯款的重要性和可預測性在各種情況下都存在——無論是地緣政治週期還是經濟週期。所以我想說，我們正在考慮這些因素，我們對這些因素感到我們對我們的指南充滿信心。

So no developments to speak of?

那麼沒有什麼進展可言嗎？

No developments to speak of, no.

沒有任何進展可言，沒有。

Great. Thanks.

偉大的。謝謝。

Rufus Hone, BMO.

魯弗斯·霍恩，BMO。

Hey, guys. Thanks for the question. I wanted to ask about the G&A trajectory, and you saw a meaningful step down in the G&A percentage sequentially this quarter. Sounds like you’re being measured around hiring, but also may be looking to increase the mix of cash comp here. So would love any color you’d like to share on the G&A outlook. Thanks.

嘿，夥計們。謝謝你的提問。我想詢問一般行政費用的軌跡，您發現本季的一般行政費用百分比出現了有意義的下降。聽起來你正在圍繞招聘進行衡量，但也可能希望增加這裡的現金補償組合。因此，我會喜歡您想分享的 G&A 前景中的任何顏色。謝謝。

Yeah. Thanks Rufus. Yeah, I think it’s G&A and across the P&L we’ve been really focused on operational efficiencies. You’ve seen that on the customer service side and we’re seeing that now across other aspects of the operating expenditures.

是的。謝謝魯弗斯。是的，我認為這是一般行政費用，在損益表中我們一直非常關注營運效率。您已經在客戶服務方面看到了這一點，我們現在在營運支出的其他方面也看到了這一點。

So G&A would follow a similar trend. We would expect that the growth rates there would be moderated going forward. And we see technology, we see process efficiencies, the way we’re managing our software spend. There's so many dimensions to this, and we have continued to put focus on it to drive efficiencies in G&A.

因此，G&A 也會遵循類似的趨勢。我們預計未來的成長率將會放緩。我們看到了技術、流程效率以及我們管理軟體支出的方式。這涉及到很多方面，我們將繼續專注於它以提高一般管理費用的效率。

Okay. And then just a quick follow-up on Remitly Circle and other new products that you’re working on. I was wondering if there was any update on progress and the level of spend associated with that as well. Thanks.

好的。然後快速跟進 Remitly Circle 和您正在開發的其​​他新產品。我想知道是否有任何進展以及與之相關的支出水平的更新。謝謝。

Yeah, thanks. If you look at our broader vision of transform lives with trusted financial services that transcend borders, we are highly confident in the broad range of pain points that our customers have, starting with remittances and international payments, but extending to other areas, including some of the areas that Circle is solving.

是的，謝謝。如果您看看我們透過超越國界的值得信賴的金融服務改變生活的更廣泛願景，我們對客戶面臨的廣泛痛點充滿信心，從匯款和國際支付開始，但擴展到其他領域，包括一些Circle 正在解決的領域。

And if you look at the early trajectory there, I think it’s encouraging and we’re excited. But it’s in the broader context of this technology platform that we’ve built out that enables us to innovate and launch new products in a more modular fashion based on APIs and other elements that we have started to improve in our technology stack.

如果你看看那裡的早期發展軌跡，我認為這是令人鼓舞的，我們很興奮。但正是在我們所建構的這個技術平台的更廣泛背景下，我們才能基於 API 和我們已開始在技術堆疊中改進的其他元素，以更模組化的方式進行創新和推出新產品。

And so, I’d say that that also ties to the cost point. I think it costs us less to launch and ramp new products. We’re investing in a pretty disciplined way in that area, but excited about what’s to come. And it’s critical for us to continue to scale that. And we look forward to talking about it more as it does reach an efficient scale and make sense to talk about in more detail.

因此，我想說這也跟成本點有關。我認為我們推出和推廣新產品的成本更低。我們正在該領域以相當嚴格的方式進行投資，但對即將發生的事情感到興奮。持續擴大規模對我們來說至關重要。我們期待更多地討論它，因為它確實達到了有效的規模，並且更詳細地討論是有意義的。

Gus Gala, Monness, Crespi, Hardt & Company.

格斯·加拉、蒙尼斯、克雷斯皮、哈特公司。

Hi, Matt. Hi, Hemanth. Best wishes, Hemanth, by the way.

嗨，馬特。嗨，赫曼斯。順便說一句，最良好的祝愿，赫曼斯。

Can we talk about transaction expense mechanics a little bit differently? Can you help us think of how this scales, how do volume – as the volume gets bigger, is there a reset in the pricing? How often does that happen? Just how to think about that?

我們可以稍微不同地談論交易費用機制嗎？您能否幫助我們思考一下規模如何、銷售量如何－隨著銷售量變大，定價是否會重置？這種情況多久發生一次？只是如何思考這個問題呢？

And then the other one, the mix of customers you’re bringing on, can you talk about what you’re seeing in initial spend, maybe in terms of intensity and AOV or transaction size for those non-India, Mexico, Philippines customers? Thanks.

然後另一個問題，即您帶來的客戶組合，您能否談談您在初始支出中看到的情況，也許是在印度、墨西哥、菲律賓以外的客戶的強度、AOV 或交易規模方面顧客？謝謝。

Yeah, I think you called out -- thanks for that. I think you called out one of the key levers as we’ve gotten more volume and we negotiate with our pay and disbursement partners. There’s certainly some volume tiers. These will happen over time. We have been negotiating some very large contracts.

是的，我想你喊了——謝謝。我認為您提出了關鍵槓桿之一，因為我們已經獲得了更多的銷售量，並且我們與薪酬和支付合作夥伴進行了談判。當然有一些數量等級。隨著時間的推移，這些都會發生。我們一直在談判一些非常大的合約。

I think we called out in the last couple of quarters some of the partnership with the larger global payment providers, and that’s been an ongoing thing. So we’ll see this span out as we get more and more volume and scale. And that’s one of the bigger levers in being able to get volume-related economics. So that’ll flow through.

我認為我們在過去幾個季度中與大型全球支付提供者建立了一些合作夥伴關係，這是一個持續的事情。因此，隨著我們的數量和規模越來越大，我們將看到這種跨越。這是獲得與數量相關的經濟效益的更大槓桿之一。這樣就可以了。

And your second question, in terms of mix, I think, what we’re seeing is broadly the mix of customers haven’t really changed. So what we’re seeing is that there are largely have a very similar behavior and patterns of resiliency that we’ve experienced now for many, many quarters and years. So that fundamentally hasn’t really changed. And I think that will probably stay the same, at least here, as we look forward, certainly as part of our guidance, and then as we think about the coming years.

你的第二個問題，就組合而言，我認為，我們所看到的客戶組合總體上並沒有真正改變。因此，我們看到的是，人們在很大程度上具有非常相似的行為和彈性模式，這些行為和模式與我們現在經歷了很多很多個季度和很多年一樣。所以這從根本上來說並沒有真正改變。我認為這可能會保持不變，至少在這裡，當我們展望未來時，當然作為我們指導的一部分，然後當我們思考未來幾年時。

Thank you.

謝謝。

Matthew O'Neill, FT Partners.

馬修‧歐尼爾，《金融時報》合夥人。

Yes. Thanks for squeezing me in at the end here. Appreciate it. And Hemanth, congratulations and best wishes.

是的。謝謝你最後把我擠進來。欣賞它。赫曼斯，祝賀你並致以最美好的祝愿。

I thought I would just ask a couple of follow-ups. A lot of good questions asked and answered. When Western Union provided their prepared remarks on their earnings call, they talked about how they viewed the higher interest rate environment as forcing out some rational competition in the market and driving out some marginal players. I was just curious, broadly, what has your experience been the last few months on the competitive front? Would you sort of share some of those views or anything else that you’ve seen?

我想我只會問幾個後續問題。提出並回答了很多好問題。當西聯匯款在財報電話會議上發表事先準備好的演講時，他們談到了他們如何看待較高的利率環境，迫使市場中的一些理性競爭並驅逐一些邊緣參與者。我只是很好奇，總的來說，過去幾個月你在競爭方面的經驗如何？您能否分享其中一些觀點或您所看到的其他內容？

And then if I could just do my follow-up quickly, I was just curious on the heightened fraud. Just to confirm, it sounds like you guys have gotten your arms around it and already it’s come back down. And was it a particular geography or a new type of vector that popped up or any color you could provide there? Thanks so much.

如果我能快速跟進，我只是對日益嚴重的詐欺感到好奇。只是為了確認一下，聽起來你們已經用雙臂擁抱它並且它已經回來了。是特定的地理位置還是突然出現的新型向量或您可以在那裡提供的任何顏色？非常感謝。

Yeah, great question. On the second one, Matt, yes to having optimized the fraud and it’s back within our typical ranges. And it was in a few geographies that we focused on and brought it down.

是的，很好的問題。關於第二個問題，馬特，是的，優化了詐欺行為，它回到了我們的典型範圍內。我們重點關注了幾個地區並將其擊落。

On the former, when it comes to the smaller players and just cost of capital, I think that there is definitely some truth to that in the sense that they -- if you look back to even the Remitly journey, I think it does impact the ability for subscale players to be able to get to scale because it’s harder to raise capital.

就前者而言，當涉及到規模較小的參與者和資本成本時，我認為這絕對有一定道理，因為如果你回顧一下 Remitly 的歷程，我認為這確實會影響小規模企業有能力擴大規模，因為籌集資金更加困難。

I also think there is benefits from the standpoint of marketing efficiency, given that there’s not as many irrational crypto and other advertisers that might make the marketing environment more competitive. So I think we’re a beneficiary of that. I think that you look at just how well positioned we are as a digital player at scale, and we’re really excited about that and I think it does make it.

我還認為，從行銷效率的角度來看，這是有好處的，因為沒有那麼多非理性的加密貨幣和其他廣告商可能會使行銷環境更具競爭力。所以我認為我們是其中的受益者。我認為你會看到我們作為一家規模化數位企業的定位有多好，我們對此感到非常興奮，而且我認為它確實做到了。

So there is probably going to be additional consolidation in the market around players that have scale. And the only thing I would add is that digital players at scale, I think, have a competitive advantage. And where we sit, we feel right in that sweet spot.

因此，市場上可能會圍繞著有規模的參與者進行更多整合。我唯一要補充的是，我認為，規模化的數位化參與者俱有競爭優勢。我們坐的地方，感覺就在那個最佳位置。

Thanks so much. Appreciate it.

非常感謝。欣賞它。

Thanks, Matt.

謝謝，馬特。

Thank you. That’s all the time we have for Q&A today. I want to turn the call back over to Matt Oppenheimer for any closing remarks.

謝謝。這就是我們今天問答的全部時間。我想將電話轉回給馬特·奧本海默，讓他發表結束語。

Great. Thanks operator. And thanks everyone for the thoughtful questions. As we do at Remitly, I’d like to end the call by highlighting Kyong, who is another one of our amazing customers. Kyung sends money from the US to their family in South Korea. And they were one of the many customers who shared their feedback with us last year.

偉大的。感謝運營商。並感謝大家提出的深思熟慮的問題。正如我們在 Remitly 所做的那樣，我想在結束通話時強調 Kyong，他是我們的另一位出色客戶。京從美國寄錢給他們在韓國的家人。他們是去年與我們分享回饋的眾多客戶之一。

And Kyong commented, I love Remitly. I have recommended it to a few friends and they love it too. It is convenient and safe. You can view the current exchange rates in real-time and sending funds is right at your fingertips.

Kyong 評論道，我喜歡 Remitly。我已經把它推薦給了幾個朋友，他​​們也很喜歡。既方便又安全。您可以即時查看當前匯率，匯款也觸手可及。

So thank you everybody for joining us. We appreciate your support, and we are excited about the opportunities ahead in 2024 and beyond and look forward to sharing our progress as we continue to execute on our vision of transforming lives with trusted financial services that transcend borders.

謝謝大家加入我們。我們感謝您的支持，我們對 2024 年及以後的機會感到興奮，並期待分享我們的進展，因為我們將繼續實現透過值得信賴的跨國金融服務改變生活的願景。

Thank you for your participation in today’s conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。大家，祝你有美好的一天。