Remitly Global Inc (RELY) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Remitly fourth quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Stephen Shulstein, Vice President of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Remitly 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，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 Fourth Quarter 2024 Earnings Call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Vikas Mehta, Chief Financial Officer. Results and additional management commentary are available in the 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. Before we start, I'd like to remind you that we will be making forward-looking statements within the meaning of the federal securities laws, including, but not limited to, statements regarding Remitly's future financial results and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statements. Please refer to the earnings release and SEC filings for more information regarding the risk factors that may affect results. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today, and Remitly assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law. The following presentation contains non-GAAP financial measures.

謝謝。下午好，感謝您參加 Remitly 2024 年第四季財報電話會議。今天與我一起參加電話會議的還有 Remitly 聯合創辦人兼執行長 Matt Oppenheimer；以及財務長維卡斯·梅塔（Vikas Mehta）。結果和其他管理評論可在收益報告和簡報幻燈片中找到，網址為 ir.remitly.com。請注意，本次電話會議將在投資者關係網站上同步進行網路直播。在我們開始之前，我想提醒您，我們將根據聯邦證券法做出前瞻性陳述，包括但不限於有關 Remitly 未來財務表現和管理層的期望和計劃的陳述。這些聲明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所述的結果有重大差異。您不應過度依賴任何前瞻性陳述。有關可能影響結果的風險因素的更多信息，請參閱收益報告和美國證券交易委員會 (SEC) 文件。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覆）均基於截至今天的當前預期，無論是由於新的發展還是其他原因，Remitly 均不承擔更新或修改這些陳述的義務，除非法律另有規定。以下介紹包含非公認會計準則 (GAAP) 財務指標。

We will reference non-GAAP operating expenses and adjusted EBITDA in this call. These metrics exclude items such as stock-based compensation, acquisition, integration and restructuring, and other costs and foreign exchange gain or loss. Beginning in Q1 2025, we will also be excluding from adjusted EBITDA, the payroll taxes related to stock-based compensation. For context, we recorded approximately $6.4 million of payroll taxes related to stock-based compensation in 2024. We plan to reflect this change on a go-forward basis and will update our historical periods for consistency. Starting this year, we will be making our pledge 1% contribution in quarterly increments rather than all in the third quarter, which was our prior practice. This will result in the corresponding expense being recognized in each quarter rather than in Q3 alone.

我們將在本次電話會議中參考非 GAAP 營業費用和調整後的 EBITDA。這些指標不包括股票薪酬、收購、整合和重組、其他成本和外匯損益等項目。從 2025 年第一季開始，我們也將從調整後的 EBITDA 中排除與股票薪酬相關的工資稅。作為背景，我們記錄了 2024 年與股票薪酬相關的工資稅約 640 萬美元。我們計劃在未來反映這一變化，並將更新我們的歷史時期以保持一致性。從今年開始，我們將按季度承諾捐款 1%，而不是像以前那樣在第三季全部捐款。這將導致相應的費用在每個季度而不是僅在第三季度被確認。

For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP metrics, please see the earnings release and the appendix to the earnings presentation, which are available on the IR section of our website. And now I will turn the call over to Matt to begin.

有關非 GAAP 財務指標與最直接可比較的 GAAP 指標的調整表，請參閱收益報告和收益報告附錄，可在我們網站的 IR 部分找到。現在我將把電話交給馬特開始。

Thank you, Stephen, and thanks, everyone, for joining us today. I am thrilled to share that Q4 was an exceptional quarter, and we ended 2024 on a strong note, as you can see on Slide 4. With record revenue and adjusted EBITDA exceeding $40 million for the second consecutive quarter, we are surpassing our own high expectations. These results demonstrate customer loyalty and increasing scale across the business. We are redefining the future of cross-border financial services.

謝謝史蒂芬，也謝謝大家今天的參與。我很高興地告訴大家，第四季度是一個非凡的季度，我們以強勁的業績結束了 2024 年，正如您在幻燈片 4 中所看到的那樣。我們的營收創下了歷史新高，調整後的 EBITDA 連續第二季超過 4000 萬美元，超出了我們自己的高預期。這些結果證明了客戶忠誠度和整個業務規模的不斷擴大。我們正在重新定義跨境金融服務的未來。

We are not merely strengthening our position, we are setting new industry standards. We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent fee structure, and customer-centric innovation. These innovations have allowed Remitly to challenge long-established players in the $2 trillion market while empowering global citizens around the globe. We serve almost 8 million quarterly active customers in over 170 countries and across more than 5,100 corridors. In 2024, our customers sent more than $50 billion to their families and friends in a much easier, reliable, and cost-effective way using Remitly. The impact will just get larger as we scale, delivering more savings and a better customer experience for our customers while delivering durable growth and sustainable profitability for our shareholders. Turning to Slide 5. Our audacious vision to transform lives with trusted financial services that transcend borders creates significant value for our customers, communities, and shareholders.

我們不僅加強了自己的地位，而且還制定了新的行業標準。我們透過數位優先的方法、透明的收費結構和以客戶為中心的創新顛覆了傳統的匯款產業，為客戶節省了數億美元。這些創新使 Remitly 能夠挑戰 2 兆美元市場中的老牌參與者，同時為全球公民提供支援。我們為超過 170 個國家和超過 5,100 個管道的近 800 萬季度活躍客戶提供服務。2024 年，我們的客戶使用 Remitly 以更輕鬆、更可靠、更有經濟的方式向他們的家人和朋友匯款超過 500 億美元。隨著我們規模的擴大，影響只會越來越大，為我們的客戶帶來更多的節約和更好的客戶體驗，同時為我們的股東帶來持久的成長和可持續的獲利能力。翻到幻燈片 5。我們大膽的願景是透過跨越國界的值得信賴的金融服務改變生活，為我們的客戶、社區和股東創造巨大的價值。

There are three building blocks to our vision that I will unpack. First, transform lives; second, trusted financial services; third, transcending borders. Let me start with how our services help transform lives with a customer example. Jigasa moved to the US from India as a student in 2018. She wanted to send money from the US

我們的願景由三個基石組成，我將逐一闡述。第一，改變生命；第二，信託金融服務；第三，超越國界。首先，我透過一個客戶範例來介紹我們的服務如何幫助改變生活。2018 年，Jigasa 以學生身分從印度移居到美國。她想從美國匯款

to India to her parents and was looking for a convenient and fast solution. She found out about Remitly from her friends who had great experiences. Initially, she started sending small amounts for birthdays and special occasions. Over time, as she experienced seamless and fast transfer with Remitly, she started sending larger amounts to show her gratitude and bring joy and happiness to her family. As she became more financially independent, she had the need to hold funds in both the US and India, and she used Remitly to diversify her savings between those accounts.

去印度見她的父母並尋找一個方便快捷的解決方案。她從擁有豐富經驗的朋友那裡了解到了 Remitly。最初，她開始在生日和特殊場合寄送小額款項。隨著時間的推移，當她體驗到 Remitly 的無縫和快速轉帳時，她開始匯出更多的金額來表達她的感激之情，並為她的家人帶來歡樂和幸福。隨著她在經濟上變得更加獨立，她需要在美國和印度都持有資金，並且她使用 Remitly 在這兩個帳戶之間分散她的儲蓄。

Her story is one of millions that illustrates how we improve the experience one customer at a time. We are obsessed with making every part of the customer experience as easy, reliable, and frictionless as possible. Customers prefer a digital experience where they can complete a transaction in a few clicks rather than the hassle of visiting a physical store. From the moment a customer signs in to the time the transaction is initiated and ultimate completion, our systems are built to prioritize speed, convenience, and reliability. Customers don't have to enter their payment or recipient details every time they initiate a transaction. And not only that, they get a promised delivery date and time. In Q4, a record percentage of transactions were dispersed in less than an hour and proceeded without a customer support contact.

她的故事只是數百萬個例子中的一個，用以說明我們如何一次改善一位顧客的體驗。我們致力於讓客戶體驗的每個部分盡可能簡單、可靠和順暢。客戶更喜歡數位體驗，只需點擊幾下即可完成交易，而不必麻煩地前往實體店。從客戶登入的那一刻到交易開始和最終完成的時間，我們的系統都以速度、便利性和可靠性為優先。客戶不必在每次發起交易時輸入付款或收款人的詳細資料。不僅如此，他們還得到了承諾的交貨日期和時間。在第四季度，創紀錄比例的交易在不到一小時的時間內完成，並且無需聯繫客戶支援。

These were just some of the ways that we dramatically innovated the customer experience in 2024, as you can see on Slide 6. Moving to the second building block of our vision, let me share how we create trusted financial services and drive efficiencies across our business, which allows us to deliver significant value for our customers and shareholders. With customer centricity as our core value, we work tirelessly to improve customer experience and build trust. With higher trust, customers use our services consistently, share their positive experiences with others, and increase repeat behavior. We earn trust one customer at a time, now with over 3 million reviews and a 4.9-star rating on the iOS App Store and nearly 1 million reviews and a 4.8-star rating on the Google Play Store. These are category-leading customer ratings that create word of mouth for others to learn about and try Remitly. In 2024, deeper customer loyalty led to strong retention, a higher frequency of transactions, driving LTV to CAC to approximately 6x and helping the payback period remain well below 12 months. This was also evident in the fourth quarter where marketing expense per quarterly active customer decreased nearly 16% year-over-year.

正如您在投影片 6 中看到的，這些只是我們在 2024 年顯著創新客戶體驗的一些方式。談到我們願景的第二個基石，讓我分享我們如何創造值得信賴的金融服務並提高整個業務的效率，這使我們能夠為客戶和股東提供巨大的價值。我們以客戶為中心作為我們的核心價值，不懈地努力改善客戶體驗並建立信任。有了更高的信任度，客戶就會持續使用我們的服務，與他人分享他們的正面體驗，並增加重複行為。我們透過一次又一次贏得客戶的信任，目前在 iOS App Store 上有超過 300 萬條評論和 4.9 星評級，在 Google Play Store 上有近 100 萬條評論和 4.8 星評級。這些是類別領先的客戶評級，可為其他人創建口碑以了解和嘗試 Remitly。2024 年，更深層的客戶忠誠度帶來了更高的保留率、更高的交易頻率，推動 LTV 與 CAC 的比率達到約 6 倍，並有助於將投資回收期保持在 12 個月以下。這在第四季也很明顯，每季活躍客戶的行銷費用比去年同期下降了近 16%。

And at the same time, we added a record number of new customers. A significant majority of 2024 revenue and revenue less transaction expense or RLTE, was from customers who have completed their first transaction in prior years. As transaction volumes grow, economies of scale and network effects strengthen. Scale benefits every aspect from our business. We were able to secure better terms with both pay-in and payout partners and source foreign exchange with more advantageous terms as we drove more volume through our network. This allows us to consistently offer better prices and a great experience. Similarly, our investments in our product improvements and AI virtual assistant have helped reduce customer support and operations costs as a percentage of revenue from over 10% in 2022 to 6.5% in 2024. AI and machine learning models have enabled us to reduce transaction losses in the fourth quarter to the lowest transaction loss as a percentage of send volume in all of 2024 while also improving our customer experience.

同時，我們新增客戶數量也創下了歷史新高。2024 年收入和收入減去交易費用或 RLTE 的絕大部分來自前幾年完成首筆交易的客戶。隨著交易量的成長，規模經濟和網路效應增強。規模使我們業務的各個方面受益。隨著我們透過網路推動更多的交易量，我們能夠與支付和付款合作夥伴達成更好的條款，並以更優惠的條件獲取外匯。這使我們能夠持續提供更優惠的價格和更優質的體驗。同樣，我們在產品改進和人工智慧虛擬助理方面的投資幫助將客戶支援和營運成本佔收入的百分比從 2022 年的 10% 以上降低到 2024 年的 6.5%。人工智慧和機器學習模型使我們能夠將第四季度的交易損失佔發送量的百分比降低到 2024 年全年的最低水平，同時也改善了我們的客戶體驗。

This operational excellence allows us to reinvest aggressively in growth while continuing to expand our profitability. Let me talk about the third building block of our vision, how we transcend borders with our world-class service and network. As a digital-first company, we generate valuable data and insights, which allow us to expand geographically, innovate, and invest into new offerings. We apply the same customer-centric approach to these offerings as we did with our first corridor. Our corridor expansion playbook, which allows us to enter new regions more efficiently as we grow, has enabled us to deliver an 80% revenue CAGR since 2020 in the rest of the world outside of the US and Canada. As you can see on Slide 7, along with rapid geographic expansion, we have increased the pay-in and pay-out options with direct integrations with key local payment partners. We now have more than 5,100 corridors enable us to send funds to 5 billion mobile wallets and bank accounts and approximately 470,000 cash pickup options.

這種卓越的營運使我們能夠積極地再投資於成長，同時繼續擴大我們的獲利能力。讓我來談談我們願景的第三個基石，即我們如何憑藉世界一流的服務和網絡跨越國界。作為一家數位優先的公司，我們產生寶貴的數據和見解，這使我們能夠擴展地域範圍、進行創新並投資於新產品。我們對這些產品採用與我們的第一條走廊相同的以客戶為中心的方法。我們的走廊擴張策略使我們能夠在發展過程中更有效地進入新的地區，自 2020 年以來，我們在美國和加拿大以外的世界其他地區實現了 80% 的複合年增長率。正如您在第 7 張投影片上看到的，隨著地理範圍的快速擴張，我們透過與本地主要支付合作夥伴的直接整合，增加了支付入和支付選項。我們目前擁有超過 5,100 條通道，可向 50 億個行動錢包和銀行帳戶匯款，並提供約 47 萬種提款方式。

Direct integrations with partners have allowed us to provide high availability, low exception rates, fast delivery, and full control of the experience. This is critically important to our customers who are often sending money for immediate needs. As an example, deeper partnerships and integrations with local pay-out partners, especially with mobile wallets, has enabled our strong growth in African receiving countries. In Q4 specifically, we expanded our reach by enabling access to mobile wallets like Wave in Senegal, and TMoney in Togo. Additionally, we strengthened direct partnerships with key players such as Wafacash and Cash Plus in Morocco, and Tigo Pesa in Tanzania, allowing us to move more volume efficiently while enhancing speed and reliability. Expanding the number and quality of pay-in options is a key part of making our product more attractive, versatile, and cost-efficient for our customers. For example, in Australia, we launched PayTo, which provides an instant alternative to the existing bank account funding method that currently takes three days to process. We also launched Klarna in Germany, providing another convenient pay-in option.

與合作夥伴的直接整合使我們能夠提供高可用性、低異常率、快速交付和對體驗的完全控制。這對於經常匯款以滿足緊急需求的客戶來說至關重要。例如，與當地支付合作夥伴建立更深入的合作夥伴關係和整合，尤其是與行動錢包的合作，使我們在非洲接收國實現了強勁成長。具體來說，在第四季度，我們透過支援塞內加爾的 Wave 和多哥的 TMoney 等行動錢包，擴大了我們的覆蓋範圍。此外，我們加強了與摩洛哥的 Wafacash 和 Cash Plus 以及坦尚尼亞的 Tigo Pesa 等主要參與者的直接合作夥伴關係，使我們能夠高效地轉移更多業務量，同時提高速度和可靠性。擴大支付選項的數量和品質是讓我們的產品對客戶更具吸引力、功能更多、更具成本效益的關鍵部分。例如，在澳大利亞，我們推出了 PayTo，它為現有的銀行帳戶融資方式提供了一種即時替代方案，而現有方式需要三天才能處理。我們也在德國推出了 Klarna，提供另一種方便的支付方式。

We continue to make progress on faster bank-linked payments in the US. This provides more convenience at a lower cost, especially for customers looking to send large transactions. These direct integrations with pay-in and pay-out partners allow for faster speeds and more visibility of the customer funds journey, allowing for a much more seamless customer experience and broader service selection for our customers. The ability to create seamless pay-in and pay-out experiences at scale is an enduring competitive advantage that differentiates us from other players in the space. As we look ahead to 2025, we remain steadfast in executing on our vision.

我們在美國加快銀行掛鉤支付方面繼續取得進展。這以更低的成本提供了更多的便利，特別是對於希望發送大額交易的客戶。與支付入和支付出合作夥伴的直接整合可以提高速度並增強客戶資金流程的可視性，從而為我們的客戶提供更無縫的客戶體驗和更廣泛的服務選擇。大規模創建無縫支付入帳和出帳體驗的能力是我們區別於該領域其他參與者的持久競爭優勢。展望 2025 年，我們仍將堅定不移地執行我們的願景。

We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform. The response thus far has been tremendous. More and more seafarers can securely send money home from the ship, business owners can go global and have a fast and reliable option to transfer money abroad.

我們是一家成長型公司，不缺乏成長機會。我們將為新的客戶用例釋放價值，包括海員、小型企業和高額發送者，他們都有不同的需求，我們有獨特的優勢為他們提供服務。鑑於我們平台的實力，我們可以以最少的增量投資來滿足額外的用例。迄今為止，反應十分熱烈。越來越多的海員可以安全地從船上將錢匯回家，企業主可以走向全球，並擁有快速可靠的選擇將錢轉移到國外匯款。

High-amount senders can transact seamlessly enabled by personalized risk assessments. Based on our ever-improving risk management system, we are able to raise send limits, further reducing customer friction. Each new corridor, use case and service increases our TAM, differentiates us from the competition, and creates new revenue streams, driving even more growth. 2025 is going to be a big year. We are looking forward to our first $1 billion RLTE year, our first full year of GAAP net income profitability and we will not be looking back.

透過個人化的風險評估，大額發送者可以無縫地進行交易。基於我們不斷完善的風險管理系統，我們能夠提高發送限額，進一步減少客戶摩擦。每個新的管道、用例和服務都會增加我們的 TAM，使我們在競爭中脫穎而出，創造新的收入來源，從而推動進一步成長。 2025 年將是重要的一年。我們期待著第一個 10 億美元的 RLTE 年，以及我們第一個全年 GAAP 淨收入盈利的年份，我們不會回頭。

We have a really exciting road map for this year. We are making several product bets that are focused on setting us up for longer-term success. As we often say here, we are just getting started and I could not be more optimistic about the opportunities in 2025 and beyond. I am grateful to everyone who is on this journey with us. Now over to Vikas.

我們今年有一個非常令人興奮的路線圖。我們正在進行幾項產品投資，重點是為我們的長期成功做好準備。正如我們常說的那樣，我們才剛剛起步，我對 2025 年及以後的機會充滿信心。我感謝與我們一起踏上這段旅程的每個人。現在輪到 Vikas 了。

Thank you, Matt, and good afternoon everyone. We delivered another strong quarter and full year with both revenue and adjusted EBITDA ahead of our expectations. Fourth quarter revenue was $351.9 million, up 33% year-over-year, and adjusted EBITDA was $43.7 million, driving over 12% adjusted EBITDA margin. Full-year revenue was $1.26 billion, up 34%, and adjusted EBITDA was $135 million, delivering nearly 11% adjusted EBITDA margin, as you can see on Slide 9. We drove profitable growth with revenue more than $25 million above and adjusted EBITDA more than $50 million above the midpoint of our initial 2024 guidance. I will begin with an overview of our fourth quarter results and then share our outlook for the full year and first quarter of 2025. In the fourth quarter, active customers increased 32% year-over-year to 7.8 million.

謝謝你，馬特，大家下午好。我們又度過了一個強勁的季度和全年業績，營收和調整後 EBITDA 都超乎我們的預期。第四季營收為 3.519 億美元，年增 33%，調整後 EBITDA 為 4,370 萬美元，調整後 EBITDA 利潤率超過 12%。全年營收為 12.6 億美元，成長 34%，調整後 EBITDA 為 1.35 億美元，調整後 EBITDA 利潤率接近 11%，如投影片 9 所示。我們實現了獲利性成長，營收比我們最初 2024 年指引的中位數高出 2,500 多萬美元，調整後的 EBITDA 高出 5,000 多萬美元。我將首先概述我們的第四季業績，然後分享我們對 2025 年全年和第一季的展望。第四季度，活躍客戶年增32%至780萬。

Driving the strong quarterly active customer growth was continued retention and once again, a record number of new customers acquired in the quarter. Send volume per active customer increased 5.5%, a 3-year high, and continued the trend we saw in the last quarter. This was driven by a record number of transactions per active customer. Send volume grew 39% to $15.4 billion and again outpaced revenue growth. Gross take rate was 2.28%, in line with our expectations.

推動季度活躍客戶強勁成長的因素包括持續的保留以及本季新增客戶數量再創紀錄。每位活躍客戶的發送量增加了 5.5%，創下 3 年來的新高，並延續了上個季度的趨勢。這是由於每個活躍客戶的交易數量創下了歷史新高。發送量成長 39%，達到 154 億美元，再次超過營收成長。總承銷率為 2.28%，符合我們的預期。

As Matt highlighted earlier, our business continues to diversify while also delivering strong growth across geographies. During Q4, US revenue grew 33% and the rest of the world's revenue grew 41% year-over-year. During the full year 2024, the rest of the world contributed nearly 24% of revenue compared to 21% in 2023. On the receipt side, we further diversified as more than 60% of new customers acquired in the fourth quarter were sending to countries outside of Mexico, the Philippines, and India. Turning to our focus on driving profitable growth on Slide 10. Transaction expenses this quarter were $118.4 million and as a percentage of revenue were 33.6%, consistent with the fourth quarter of 2023.

正如馬特之前強調的那樣，我們的業務繼續多元化，同時也在各個地區實現強勁成長。第四季度，美國營收年增33%，世界其他地區營收年增41%。2024 年全年，世界其他地區貢獻了近 24% 的收入，而 2023 年這一比例為 21%。在收貨方面，我們進一步實現了多元化，第四季度獲得的新客戶中超過 60% 都被送到墨西哥、菲律賓和印度以外的國家。在第 10 張投影片上，我們將重點放在推動獲利成長。本季交易費用為 1.184 億美元，佔營收百分比為 33.6%，與 2023 年第四季一致。

Excluding provision of transaction losses, other transaction expenses were $104.5 million. We continue to see improvements relating to increasing volume, both in pay-in and disbursement partners. The mix of digital receive transactions increased year-over-year by more than 350 basis points, continuing a trend that has been positive for our business and customers. Provision for transaction losses was $13.9 million and as a percentage of spend volume was nine basis points, down sequentially and year-over-year. This was better than our expectations as we improved machine learning risk models and at the same time, minimized unnecessary friction for our customers. As we shared last quarter, our LTE expansion is an indicator of long-term business model success.

除交易損失準備金外，其他交易費用為 1.045 億美元。我們繼續看到與增加數量相關的改進，包括付款和付款合作夥伴。數位接收交易組合年增超過 350 個基點，延續了對我們的業務和客戶有利的趨勢。交易損失準備金為 1,390 萬美元，佔支出額的百分比為 9 個基點，比上一季和去年同期均有所下降。這比我們的預期要好，因為我們改進了機器學習風險模型，同時最大限度地減少了客戶不必要的摩擦。正如我們上個季度所分享的，我們的 LTE 擴充是長期商業模式成功的指標。

RLT as a percentage of revenue this quarter was 66.4%, improving sequentially and year-over-year. RLTE dollars grew 33% to $233.5 million, reflecting market share gains and economies of scale. We are focused on driving long-term RLTE dollars as we continue to attract new customers and scale. With that, let me walk you through the specific non-GAAP expense categories. Marketing spend was $79.3 million and decelerated to 11.1% growth year-over-year, the slowest growth since the first quarter of 2023. As a percentage of revenue, it was 22.5%, improving more than 440 basis points year-over-year.

本季 RLT 佔營收的百分比為 66.4%，比上一季和去年同期都有所提高。RLTE 金額成長 33% 至 2.335 億美元，反映了市場份額的成長和規模經濟。我們專注於推動長期 RLTE 收入，同時繼續吸引新客戶和擴大規模。接下來，讓我帶您了解特定的非 GAAP 費用類別。行銷支出為 7,930 萬美元，年成長放緩至 11.1%，為 2023 年第一季以來的最低成長。佔營收的百分比為 22.5%，較上年同期提高了 440 個基點以上。

This improvement was a result of the focus on marginal ROI on marketing spend to drive both durable growth and improving profitability. Marketing spend per quarterly active customer was $10.2 in Q4 and decreased 15.6% year-over-year. As our product experience continues to improve and differentiate and as we build our brand globally, we expect more word of mouth. Customer support and operations expense was $21.7 million and as a percentage of revenue was 6.2%, improving 120 basis points year-over-year, continuing a trend that we have seen over the past couple of years even as we lap tougher comps. Our AI-based virtual assistant and product improvements have enabled lower agent contact rates while improving customer satisfaction rates. Technology and development expense was $48.1 million and as a percentage of revenue improved by more than 90 basis points year-over-year. Technology investments have enabled improved customer experience and have also allowed us to rapidly innovate and serve new customer use cases.

這項改善是由於注重行銷支出的邊際投資報酬率以推動持久成長和提高獲利能力。第四季每季活躍客戶的行銷支出為 10.2 美元，年減 15.6%。隨著我們的產品體驗不斷改進和差異化，以及我們在全球範圍內打造我們的品牌，我們期待更多的口碑。客戶支援和營運費用為 2,170 萬美元，佔收入的百分比為 6.2%，比去年同期提高了 120 個基點，延續了過去幾年的趨勢，儘管我們面臨著更嚴峻的競爭。我們基於人工智慧的虛擬助理和產品改進降低了代理聯繫率，同時提高了客戶滿意度。技術和開發費用為 4,810 萬美元，佔收入的百分比年增了 90 個基點以上。技術投資不僅改善了客戶體驗，還使我們能夠快速創新並滿足新的客戶用例。

G&A expense was $40.7 million and as a percentage of revenue improved more than 270 basis points year-over-year as we maintained rigorous discipline on hiring and non-headcount spend. We also implemented additional automation and AI tools across functions to help drive even more efficiencies. Strong revenue growth, combined with efficiency and discipline across all operating expense categories led to adjusted EBITDA of $43.7 million. Net loss this quarter was $5.7 million, a material improvement compared to a $35 million net loss in the fourth quarter of 2023. Stock-based compensation was $41.6 million and as a percentage of revenue was 11.8%, approximately 180 basis points lower than the fourth quarter of 2023. Before moving to our FY 25 outlook, I'd like to spend a couple of minutes discussing our compensation philosophy and disciplined equity management. Our compensation philosophy is aligned to long-term shareholder interest. Equity compensation is a significant portion of total compensation.

一般及行政開支為 4,070 萬美元，佔收入的百分比較上年同期提高了 270 個基點以上，因為我們對招聘和非員工開支保持了嚴格的紀律。我們還在各個職能部門實施了額外的自動化和人工智慧工具，以幫助提高效率。強勁的收入成長，加上所有營運費用類別的高效和嚴謹，使得調整後的 EBITDA 達到 4,370 萬美元。本季淨虧損為 570 萬美元，與 2023 年第四季 3,500 萬美元的淨虧損相比有重大改善。股票薪酬為 4,160 萬美元，佔營收的百分比為 11.8%，比 2023 年第四季低約 180 個基點。在談到我們的 25 財年展望之前，我想花幾分鐘討論我們的薪酬理念和嚴格的股權管理。我們的薪酬理念與長期股東利益一致。股權薪酬佔總薪酬的很大一部分。

Aligning with long-term investor interest, vesting schedules for new employees are over a 4-year period and back-end loaded. We cap base salaries and do not provide annual cash bonuses nor maintain nonequity incentive compensation plans. We encourage employees to think like owners and incentivize them to do so. At the same time, we are committed to a disciplined approach for managing equity compensation. We have made significant strides in managing stock dilution.

為了與長期投資者的利益保持一致，新員工的歸屬計畫為期 4 年，並且是後端加載的。我們為基本薪資設定上限，不提供年度現金獎金，也不維持非股權激勵薪酬計畫。我們鼓勵員工像主人一樣思考，並激勵他們這樣做。同時，我們致力於採取規範的方法來管理股權薪酬。我們在管理股票稀釋方面取得了重大進展。

As you can see on Slide 11, stock-based compensation as a percentage of revenue decreased from 14.5% in 2023 to 12% in 2024, a 250 basis point improvement. Specific actions, including disciplined hiring, giving cash in lieu of equity for new hires, and our CEO declining new equity awards for the past three years have helped reduce stock dilution and net burn rate. Also on Slide 11, you can see that stock dilution declined from 8.8% in 2023 down to 6.4% in 2024, and the net burn rate reduced from 5.6% in 2023 to 4.9% in 2024. We will be disciplined and expect the net burn rate trend to continue downward. These measures reflect Remitly's commitment to safeguarding shareholder value while aligning with long-term growth objectives and maintaining competitive employee incentives. Now moving to our outlook on Slide 12. Consistent with the last quarter, we are providing quarterly and annual guidance.

正如您在投影片 11 上看到的，股票薪酬佔收入的百分比從 2023 年的 14.5% 下降到 2024 年的 12%，提高了 250 個基點。具體的行動，包括有紀律的招募、以現金代替股權來招募新員工、以及我們的執行長在過去三年中拒絕新的股權獎勵，都有助於減少股票稀釋和淨燒錢率。同樣在投影片 11 上，您可以看到股票稀釋從 2023 年的 8.8% 下降到 2024 年的 6.4%，淨燒錢率從 2023 年的 5.6% 下降到 2024 年的 4.9%。我們將嚴格遵守紀律，預計淨燒錢率趨勢將持續下降。這些措施反映了 Remitly 致力於維護股東價值，同時符合長期成長目標並維持有競爭力的員工激勵措施。現在轉到第 12 張投影片上的展望。與上一季一致，我們提供季度和年度指導。

This should help reduce volatility around quarterly results, especially related to seasonality. It's important to note that this does not assume any large macroeconomic, geopolitical, or regulatory changes. For the first quarter of 2025, we expect revenue of $345 million to $348 million or 28% to 29% growth. Customers in the first quarter are seasonally less active than the fourth quarter as there are fewer major holidays. In addition, the first quarter of 2025 is lapping a leap year, which impacts year-over-year and sequential comparisons. If we unpack the revenue growth expectations further, we expect quarterly active customers to grow in line with Q1 revenue growth.

這有助於減少季度業績的波動，尤其是季節性波動。值得注意的是，這並不假設任何重大的宏觀經濟、地緣政治或監管變化。對於 2025 年第一季度，我們預計營收為 3.45 億美元至 3.48 億美元，成長 28% 至 29%。由於主要假日較少，第一季的客戶活躍度較第四季下降。此外，2025 年第一季恰逢閏年，這將對同比和環比比較產生影響。如果我們進一步解讀營收成長預期，我們預期季度活躍客戶數將與第一季營收成長同步成長。

Growth in send volume for quarterly active customers is expected to increase modestly, driven by higher frequency of transactions. Consistent with recent trends, we also expect send volume growth to outpace revenue growth for both Q1 and FY 2025. For the full year, we expect revenue between $1.565 billion and $1.58 billion, reflecting a growth rate of 24% to 25%. This outlook reflects the confidence we have in the durable customer behavior. Shifting to our adjusted EBITDA outlook. We expect Q1 adjusted EBITDA to be between $36 million and $40 million.

由於交易頻率提高，預計季度活躍客戶的發送量將小幅增長。與最近的趨勢一致，我們也預計 2025 年第一季和財年的發送量成長將超過收入成長。我們預計全年營收在 15.65 億美元至 15.8 億美元之間，成長率為 24% 至 25%。這種觀點體現了我們對持久的客戶行為的信心。轉向我們調整後的 EBITDA 前景。我們預計第一季調整後的 EBITDA 在 3,600 萬美元至 4,000 萬美元之間。

This outlook reflects the seasonality of revenue in the first quarter that I just discussed. As we shared last quarter, in FY 2025, we are lapping the benefit from key payment processing partnerships that we realized in 2024. As a result, we expect Q1 transaction expenses as a percentage of revenue to be in line with the full year 2024. Also note, transaction losses can be volatile from quarter to quarter, and we remain focused on optimizing customer lifetime value. Our marketing investments in Q1 will continue to deliver strong ROI as we expect marketing expense per quarterly active customer to decline modestly on a year-over-year basis. As a reminder, our marketing investments drive returns for many years beyond our initial investment given repeat behavior and the resilience of remittances. For the full year, we expect adjusted EBITDA to be between $180 million and $200 million, representing an adjusted EBITDA margin range of 12% to 13%. We expect adjusted EBITDA dollars to ramp sequentially throughout the year as we improve adjusted EBITDA as well as manage dilution, net burn rate, and stock-based compensation expense, effectively, we expect to generate positive GAAP net income starting the third quarter of 2025.

這個前景反映了我剛才討論的第一季收入的季節性。正如我們上個季度所分享的，在 2025 財年，我們將享受 2024 年實現的關鍵支付處理夥伴關係帶來的收益。因此，我們預計第一季交易費用佔營收的百分比將與 2024 年全年持平。另請注意，交易損失可能因季度而異，我們仍然專注於優化客戶終身價值。我們第一季的行銷投資將繼續帶來強勁的投資報酬率，因為我們預計每季活躍客戶的行銷費用將比去年小幅下降。提醒一下，考慮到重複行為和匯款的彈性，我們的行銷投資帶來的回報將超出我們的初始投資多年。就全年而言，我們預計調整後的 EBITDA 在 1.8 億美元至 2 億美元之間，調整後的 EBITDA 利潤率在 12% 至 13% 之間。我們預計，隨著我們改善調整後的 EBITDA 以及管理稀釋、淨燒錢率和股票薪酬費用，調整後的 EBITDA 金額將在全年連續增加，實際上，我們預計從 2025 年第三季開始將產生正的 GAAP 淨收入。

We also expect to deliver positive GAAP net income for the full year. This outlook provides us with the flexibility to make key growth investments while at the same time, delivering efficiencies across our operating expense base. Earlier, Matt shared in detail our vision. Let me briefly share one structural reason why we believe we will be successful in achieving this audacious vision. Our vision is powered by a flywheel framework, which touches every aspect of our business. Just like a physical flywheel, momentum starts slowly but builds rapidly.

我們也預計全年將實現正的 GAAP 淨收入。這種前景為我們提供了靈活性，可以進行關鍵的成長投資，同時提高整個營運費用基礎的效率。此前，Matt詳細分享了我們的願景。讓我簡單分享一下我們為什麼相信我們能夠成功實現這個大膽願景的一個結構性原因。我們的願景由飛輪框架驅動，它涉及我們業務的各個方面。就像物理飛輪一樣，動量開始時很慢，但增長很快。

Each rotation amplifies performance. You can see on Slide 13 how the Remitly flywheel drives durable growth and sustainable profitability. In essence, delightful customer experiences drive more customer actions. This leads to increasing volumes, which lower the cost structure. We pass some of this on to customers with better prices and reinvest the rest in innovation.

每次旋轉都會增強性能。您可以在幻燈片 13 上看到 Remitly 飛輪如何推動持久增長和可持續盈利。本質上，愉快的客戶體驗會推動更多的客戶行動。這會導致產量增加，從而降低成本結構。我們將其中一部分收益以更優惠的價格轉嫁給客戶，其餘部分則重新投資於創新。

Innovation improves service selection, driving additional engagement. And this, along with better prices, improves customer experience, further making it a virtuous cycle. Everything we do from improving ease of use, providing fair pricing and faster remittances keeps the Remitly flywheel spinning. We introduced you to our flywheel in our first earnings call as a public company. Thanks to the flywheel effect since our IPO in 2021, we have more than doubled our annual revenue and more than tripled our LTE dollars.

創新改善了服務選擇，推動了更多參與。而且，這與更優惠的價格相結合，改善了客戶體驗，進一步形成了良性循環。我們所做的一切都是為了提高易用性、提供公平定價和更快的匯款速度，讓 Remitly 飛輪保持正常運作。我們在上市公司的首次收益電話會議上向您介紹了我們的飛輪。由於 2021 年 IPO 以來的飛輪效應，我們的年收入增加了一倍多，LTE 收入增加了兩倍多。

We see this flywheel framework as a long-term competitive advantage.

我們將這個飛輪框架視為長期競爭優勢。

In closing, we are pleased that we delivered both higher-than-expected revenue and adjusted EBITDA. We are making targeted investments for the long term to execute on our vision to transform lives with trusted financial services that transcend borders.

最後，我們很高興實現了高於預期的收入和調整後的 EBITDA。我們正在進行長期有針對性的投資，以實現我們的願景，即透過跨越國界的可信賴金融服務改變生活。

Our focus on customers and the resilience of cross-border payments through economic cycles has positioned us to deliver sustainable long-term results.

我們專注於客戶以及跨國支付在經濟週期中的彈性，這使我們能夠提供可持續的長期績效。

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

下面，馬特和我將開始回答大家的提問。操作員？

(Operator Instructions) And our first question comes from the line of Andrew Schmidt of Citigroup.

(操作員指示)我們的第一個問題來自花旗集團的安德魯施密特 (Andrew Schmidt)。

Congrats on the results and the first full year of GAAP profitability here. I wanted to ask on marketing spend. So good leverage in the fourth quarter, obviously, comping high levels in the prior year. But maybe going back to something you said, you commented that, obviously, organic ads should help the profile there. Are you seeing that in the quarter?

恭喜我們所取得的成果以及第一年 GAAP 獲利。我想詢問有關行銷支出的問題。因此，第四季的槓桿率明顯良好，與去年同期相比具有較高的水平。但也許回到你所說的內容，你評論說，顯然，有機廣告應該有助於提高那裡的形象。您在本季度看到了這一點嗎？

Are you seeing a higher level of organic ads versus paid? And then as we think about 25, I caught the comment in terms of the first quarter marketing spend per quarterly active, but how should we expect that to trend for the full year?

您是否看到自然廣告的程度高於付費廣告？然後，當我們考慮 25 時，我聽到了關於第一季每季活躍行銷支出的評論，但我們應該如何預期全年的趨勢？

Thanks, Andrew. First of all, I'd say that we are really pleased with our results, and I want to start with a big gratitude to the Remitly team for an outstanding performance. As I think about marketing specifically, I would say that we have received benefits from all the work we have done on product improvements that reduce friction for our customers and drive word of mouth. And that goes back to the comment on improving the organic results in a way that improves our ROI. This was clearly reflected in our results, as you saw, with Q4 leveraging 440 basis points and the marketing spend per QAU declining 16% and all the while being able to drive record new customer acquisitions.

謝謝，安德魯。首先，我想說我們對我們的結果感到非常滿意，並且我必須先對 Remitly 團隊的出色表現表示衷心的感謝。當我具體考慮行銷時，我想說，我們從產品改進方面所做的所有工作中獲得了益處，這些改進減少了客戶的摩擦並推動了口碑傳播。這又回到了以提高投資回報率的方式改善有機結果的評論。如您所見，這在我們的結果中得到了明顯的反映，第四季度槓桿率達到 440 個基點，每個 QAU 的營銷支出下降了 16%，同時能夠推動創紀錄的新客戶獲取。

So overall, the marketing ROI has been excellent because of the work on product experience as well as the great work on driving the right campaigns and landing in a way that drives ROI. Matt, anything you would add?

因此總體而言，由於在產品體驗方面的努力以及在推動正確的活動和以提高投資回報率的方式方面所做的出色工作，行銷投資回報率非常出色。馬特，您還有什麼要補充嗎？

Yes. I'd first agree with everything you said, Vikas. And Andrew, the only points that I'd add strategically are, one, to your point on organic, I am incredibly excited about how as a foundation, customers love using our products and increasingly, including the customer example that I shared today, Jigasa, they found out about Remitly from someone else who loved and trusted their experience. And if you look at some of the numbers I shared around app reviews as an example, 3 million iOS reviews, over 1 million or about 1 million Google Play reviews, so 4 million total at 4.9 million and 4.8 stars, respectively. That's 4 million customers that have proactively given us a review. And you think about the inorganic of just folks in their communities talking about their great experience that they have with Remitly, that is foundational, and that is part of why our flywheel is spinning.

是的。首先，我同意你說的一切，維卡斯。安德魯，我想從策略角度補充的要點是，第一，關於你關於有機的觀點，我非常高興看到，作為一個基金會，客戶喜歡使用我們的產品，而且越來越多，包括我今天分享的客戶示例 Jigasa，他們從其他喜歡和信任他們體驗的人那裡了解到 Remitly。以我分享的一些有關應用程式評論的數字為例，iOS 評論有 300 萬條，Google Play 評論超過 100 萬條或約 100 萬條，因此總計 400 萬條，分別為 490 萬條和 4.8 顆星。已經有 400 萬客戶主動給我們提供了評價。想像一下，只是社群裡的人們談論他們使用 Remitly 的豐富經驗，這是基礎，也是我們的飛輪旋轉的原因之一。

And then the second point I'll make is we then fuel that with a very sophisticated and integrated marketing approach. And I'd like to give our marketing team and Rina Hahn, our CMO, deep gratitude for marketing campaigns that we executed in Q4. One example of that is our campaign in the Philippines, where we partnered with everything from the Filipino channel, TFC to do really great creative and really customer-centric marketing, combined with middle and lower funnel all with the same campaign, all with Aligned creative, and that just fuels that flywheel even further. So excited overall about both the efficiency on growth, both the growth side, and the efficiency we're seeing when it comes to marketing.

我要說的第二點是，我們採用非常複雜且全面的行銷方法來推動這一目標。我要對我們的行銷團隊和行銷長 Rina Hahn 表示深深的感謝，感謝她在第四季的行銷活動。其中一個例子就是我們在菲律賓的活動，我們與菲律賓管道、TFC 等所有代理商合作，進行了非常出色的創意和真正以客戶為中心的營銷，並將中下層渠道與同一個活動相結合，全部採用一致的創意，這進一步推動了飛輪的發展。整體而言，我們對成長效率、成長面向以及行銷方面的效率感到非常興奮。

And I'll add with one last point here. Your question around FY 25 Q1 as well as full year. I'd say that given the strength we have seen and the focus on marginal ROI, we would expect the leverage to continue both in Q1 as well as the full year.

我在這裡還要補充最後一點。您的問題涉及 25 財年第一季以及全年。我想說，鑑於我們所看到的實力和對邊際投資回報率的關注，我們預計槓桿率將在第一季以及全年繼續保持。

Our next question comes from the line of Andrew Bauch of Wells Fargo.

我們的下一個問題來自富國銀行的安德魯·鮑赫。

It's Griffin on for Andrew. It looks like the volume per customer was much stronger than expected in the quarter. Can you just expand on some of the drivers of that? What's driving maybe the greater transaction frequency and how we should think about where that can ultimately go from here given the modest increases you expect throughout the year?

格里芬替換安德魯。看起來本季每位客戶的銷售量比預期的要高得多。能否詳細闡述其中的一些驅動因素？是什麼推動了交易頻率的提高？

Thank you. I'd say that you picked the right metric there. And if you look at our revenue growth, for Q4, it grew 33%. If you dissect it further, it's just a function of growth, the send per active growth, and the gross take rate. And what we saw in Q4 was that QAU grew 32%.

謝謝。我想說你選擇了正確的衡量標準。如果你看看我們的營收成長，第四季成長了 33%。如果你進一步分析，它只是成長、每次活躍成長的發送量以及總接受率的函數。我們在第四季看到的是 QAU 成長了 32%。

But most importantly, as you pointed out, we saw send per active growth of 5.5%, and this was the highest that we have seen in the last three years, continuing a trend that we also saw in Q3. And what is really driving this strength is the quality of engagement that we are able to drive with customers, which is increasing the frequency of transactions. For example, in this quarter, we had a record number of transactions per active customer. So clearly, we feel that the strength of the platform is resonating with our customers and the simplicity, convenience, reliability that we offer is building trust as well as loyalty.

但最重要的是，正如您所指出的，我們看到每次活躍發送量增長率為 5.5%，這是我們在過去三年中看到的最高水平，延續了我們在第三季度看到的趨勢。而真正推動這項優勢的是我們能夠與客戶互動的質量，這增加了交易的頻率。例如，本季我們每位活躍客戶的交易數量創下了歷史新高。因此，很明顯，我們感覺到平台的優勢引起了客戶的共鳴，我們提供的簡單性、便利性和可靠性正在建立信任和忠誠度。

Our next question comes from the line of Ramsey El-Assal of Barclays.

我們的下一個問題來自巴克萊銀行的拉姆齊·埃爾阿薩勒（Ramsey El-Assal）。

Allison on for Ramsey. So I understood that the guidance for the full year doesn't include any changes in the macro or any regulatory changes. So just in that context, would you be able to share your most up-to-date view on how you guys are currently viewing the political environment when it comes to immigration specifically?

艾利森替換拉姆齊上場。因此，我的理解是，全年指引不包括任何宏觀變化或任何監管變化。那麼在這種背景下，您能否分享一下您目前對移民議題政治環境的最新看法？

Yes. Thanks, Allison. Great question. As I zoom out over the last decade-plus, our business has been really resilient through various macro-political regulatory changes. And so, that, combined with our increasing diversification, our customer profile, additional use cases that I talked about on the call, all provide significant opportunities for growth and give me a lot of confidence.

是的。謝謝，艾莉森。好問題。回顧過去十多年，我們的業務在各種宏觀政治監管變化中一直保持著極強的韌性。因此，結合我們日益增長的多樣化、我們的客戶資料以及我在電話中談到的其他用例，所有這些都為成長提供了重大機會，並給了我很大的信心。

So happy to unpack any of those areas for you, but we feel good about the visibility of our 2025 revenue and monitor it closely. But overall, I feel really confident about where we're headed.

我們很高興為您解答這些問題，但我們對 2025 年收入的可見性感到滿意並對其進行密切監控。但總的來說，我對我們的發展方向充滿信心。

And I'd just add that what gives us a lot of confidence is that as we have shared before, a significant majority of FY 24 revenue, for example, was from prior period customers. So the strength of the cohort gives us confidence on the durability and the strength of our guide. At the same time, as you pointed, this does not include large changes that could come in the regulatory environment, macro or geopolitical.

我還要補充一點，讓我們非常有信心的是，正如我們之前分享過的，例如，24 財年的絕大部分收入來自前期客戶。因此，隊伍的實力使我們對我們的導遊的持久力和實力充滿信心。同時，正如您所指出的，這不包括監管環境、宏觀或地緣政治可能出現的重大變化。

Our next question comes from the line of David Scharf of Citizens.

我們的下一個問題來自公民頻道的 David Scharf。

This is Zach on for David. I want to drill down a little bit into the margin piece of the business. So first wanted to see if there is a sense of where the ceiling for the margin could be. And then also wanted to kind of get a sense of what's driving the margin guide for 25 that's below 2H 24.

這是 Zach 取代大衛 (David)。我想要深入探討一下業務的利潤部分。因此，首先想看看是否能夠知道利潤的上限在哪裡。然後也想了解是什麼原因導致 25 的利潤率低於 2H 24。

Yes. Thanks, Zach. First of all, I'd say that really pleased with the strong performance. And most importantly, the focus on growth and profitability. As you highlighted, we have seen that in spades.

是的。謝謝，扎克。首先，我對強勁的表現感到非常滿意。最重要的是，專注於成長和獲利能力。正如你所強調的那樣，我們已經充分看到了這一點。

And if you think about just Q4, we were able to exceed our revenue guidance by $12 million and our EBITDA guidance by $25 million. So overall, really very happy with the progress that we have seen on the growth plus profitability equation. As you think about FY 25, I'll just call out a few things from an assumption perspective. The first highlight I'd share is that from an RLTE as a percentage of revenue, we believe that we are comping against tough comps, especially because we are lapping against big benefits we had from a partnership throughout FY 24. So it would remain in line with the revenue growth, RLT dollars growing in line with revenue growth. Secondly, as I shared earlier, we expect marketing to modestly leverage.

如果你只考慮第四季度，我們的營收超出預期 1,200 萬美元，EBITDA 超出預期 2,500 萬美元。整體而言，我們對成長加獲利方程式所取得的進展感到非常高興。當您考慮 25 財年時，我只想從假設的角度指出一些事情。我要分享的第一個亮點是，從 RLTE 佔收入的百分比來看，我們相信我們正在與強勁競爭對手競爭，特別是因為我們正在與整個 24 財年從合作夥伴關係中獲得的巨大利益進行競爭。因此它將與收入成長保持一致，RLT 美元將與收入成長保持一致。其次，正如我之前所分享的，我們預期行銷將適度發揮槓桿作用。

Beyond that, we will continue to invest in technology and development as we make long-term product bets. CSNO as well as G&A are areas that we have seen a lot of leverage over the past few years, and we feel we are up against tough comps there. So overall, we are really excited about the guide of at midpoint, $190 million EBITDA, which translates to 12% plus margin. And that's a great foundation to start with where we are balancing growth, balancing profitability, and investing in the long term of the business.

除此之外，我們也將在長期產品開發中持續加大對技術和開發的投資。我們在過去幾年中看到 CSNO 以及 G&A 具有很大的槓桿作用，我們感覺到我們在那裡面臨嚴峻的競爭。因此總體而言，我們對中間點 1.9 億美元的 EBITDA 指引值感到非常興奮，這相當於 12% 以上的利潤率。這為我們平衡成長、平衡獲利能力和進行長期業務投資奠定了良好的基礎。

Yes, I agree with all of that. And the only strategic point I'll add is when I look at the overall just margin potential of the business, what excites me is, one, how much of it is in our control in terms of how much we're marketing and focusing on efficiency as well as growth. And when I look at things like our overall OpEx as well as CS, one of the things in Q4 and into this year that I've been really excited by is leveraging AI. And an example of that is when I was -- I took a trip to the Philippines and as always, do customer calls and do side-by-sides with various agents and seeing how they are leveraging AI very actively to serve customers more efficiently, more effectively to get the highest and best use of their unique skills and time and to create ultimately a better customer experience is really exciting. So I think there are opportunities across the board there and excited about overall just the potential on the expense side.

是的，我同意所有這些。我要補充的唯一策略要點是，當我審視業務的整體利潤潛力時，令我興奮的是，第一，就我們的行銷力度和對效率和成長的關注程度而言，我們能控制多少。當我審視我們的整體營運支出以及客戶服務時，我發現第四季以及今年讓我真正興奮的事情之一就是利用人工智慧。例如，當我去菲律賓旅行時，像往常一樣，打電話給客戶，與各種代理商並肩工作，看到他們如何積極地利用人工智慧更有效率、更有效地為客戶服務，以最大限度地利用他們獨特的技能和時間，並最終創造更好的客戶體驗，這真的令人興奮。因此，我認為這裡存在著各方面的機遇，而且我對費用方面的整體潛力感到興奮。

Our next question comes from the line of Rufus Hone of BMO.

我們的下一個問題來自 BMO 的 Rufus Hone。

I wanted to come back to the 2025 guidance. And curious if FX was a tailwind for you this quarter. And I guess I'm just curious how you're thinking about FX impacting 2025. And then maybe also asking about the EBITDA margin in a slightly different way. I'm just curious to hear your thoughts on whether the sort of 150 bps of annual expansion, is that a good pace for margin expansion over the medium term?

我想回到2025年的指導方針。我很好奇外匯交易是否為您本季帶來了推動作用。我只是好奇您如何看待外匯對 2025 年的影響。然後也許還會以稍微不同的方式詢問 EBITDA 利潤率。我只是好奇想聽聽您的看法，每年 150 個基點的擴張速度對於中期利潤率擴張來說是否是一個良好的速度？

Yes. Rufus, thank you. Great question. As I think about FX, I'll just start with Q4 first, and that will help set the foundation for the 2025 guide. So in Q4, we saw both tailwinds as well as headwinds from FX perspective, which were essentially offsetting each other.

是的。魯弗斯，謝謝你。好問題。當我考慮 FX 時，我會先從第四季開始，這將有助於為 2025 年指南奠定基礎。因此，在第四季度，從外匯角度來看，我們看到了順風和逆風，它們基本上相互抵消。

We saw strength in USD, which helped the US corridors. On the other hand, we saw both the Canadian dollar as well as rest of world currencies being weaker, which was a headwind. And overall, it was offsetting. So really, there was no net effect of that.

我們看到美元走強，這對美國走廊有幫助。另一方面，我們看到加幣以及世界其他貨幣都走弱，這是一個不利因素。總體而言，這是抵消的。因此實際上並沒有什麼淨效應。

And that again goes back to what Matt shared earlier, which is the power of diversification as well as the power of portfolio that we have.

這又回到了馬特之前所分享的內容，即多元化的力量以及我們擁有的投資組合的力量。

So as we think about FY 2025 guide, from a prudence perspective, we just don't know which way FX will go, and we think it is better for us not to assume FX movements. So this guide does not include any change in an FX stance. And of course, we'll keep you updated over the course of the year when we see any material movements that become part of the growth trajectory.

因此，當我們考慮 2025 財年指南時，從審慎的角度來看，我們只是不知道外匯將如何走向，我們認為最好不要假設外匯走勢。因此，本指南並不包括外匯立場的任何變更。當然，當我們看到任何成為成長軌跡一部分的實質變動時，我們會在一年內向您通報最新情況。

And on your second question on the EBITDA margin, I'd say that just going back to Matt's commentary, as we think about the overall size and shape of the market, we are less than 3% of a $2 trillion market, and we see massive opportunities. And as Matt said earlier, there's no shortage of projects that we can sign up for. So with that setup, we want to make sure that we are investing wisely, both in marketing as well as tech and dev to set us up for long-term success.

關於您提到的第二個問題，即 EBITDA 利潤率，我想說，回到馬特的評論，當我們考慮市場的整體規模和形態時，我們只佔 2 兆美元市場的不到 3%，而且我們看到了巨大的機會。正如馬特之前所說，我們可以簽約的項目並不缺乏。因此，透過這種設置，我們希望確保我們在行銷、技術和開發方面進行明智的投資，為我們的長期成功做好準備。

Our next question comes from the line of Chris Kennedy of William Blair.

我們的下一個問題來自威廉布萊爾公司的克里斯肯尼迪。

Great results. Can you just give a little bit more color on the micro business opportunity? What's the current landscape today and how do you leverage your platform to capture that opportunity?

效果非常好。能否更詳細地介紹一下微型商業機會？目前的情況如何？

Yes. Thanks, Cris. It's always great to hear from you. And I'm glad that you asked about that. I think that the extensibility of the platform that we've built really excites me.

是的。謝謝，克里斯。我很高興收到您的來信。我很高興你問到這個問題。我認為我們建立的平台的可擴展性確實令我興奮。

And I mentioned seafarers, I mentioned reducing friction for high-dollar senders. And then, as you mentioned, micro-businesses, not small, medium, large businesses, that's a well-served segment. But when you look at our cost to serve micro businesses and the unique platform we've built, I think there's an opportunity there. And there's one story that I'll kind of weave in, which is a customer, Mary, just to give you a sense of the type of customers that we serve. And Mary is a self-employed bookkeeping professional, who was born and raised in the Philippines.

我提到了海員，提到了減少高薪派遣人員的摩擦。然後，正如您所提到的，微型企業，而不是小型、中型或大型企業，是一個服務良好的領域。但當你看看我們為微型企業提供服務的成本和我們建造的獨特平台時，我認為其中存在著機會。這裡我要編一個關於顧客瑪莉的故事，只是為了讓你來了解我們服務的客戶類型。瑪麗是一名自僱的簿記專業人員，在菲律賓出生長大。

She moved to California in 2001. With a background in accounting and a CPA license, Mary now runs her own bookkeeping company and specializes in helping US-based small businesses to manage their records. So, to scale our operations, she built a team of 10 contractors in the Philippines, who she trains and pays using Remitly. And she was drawn to Remitly because of the efficiency and effectiveness of our platform. And she shared with us, I built my own team in the Philippines. I went there, trained them, their extension of my own hands, and she went on to talk about how Remitly has been a great solution for her.

她於 2001 年搬到了加利福尼亞州。瑪麗擁有會計背景和註冊會計師執照，現在經營自己的簿記公司，專門幫助美國小型企業管理他們的記錄。因此，為了擴大我們的業務，她在菲律賓組建了一支由 10 名承包商組成的團隊，並使用 Remitly 對他們進行培訓並支付工資。她之所以選擇 Remitly，是因為我們平台的高效和有效。她和我們分享了我在菲律賓建立自己的團隊的經驗。我去了那裡，培訓了他們，將他們的手延伸到我的手中，然後她繼續談論 Remitly 如何為她提供了出色的解決方案。

She signed up in 2017, but we've adapted and improved the product to be able to serve customers like Mary more effectively. And I think there are a lot more customers out there like her.

她於 2017 年註冊，但我們已經調整並改進了產品，以便能夠更有效地為像瑪麗這樣的客戶提供服務。我認為還有很多顧客像她一樣。

So, it's one example of how I think there's a lot of extensibility in our platform with micro businesses, and we're excited about growing that opportunity in 25 and beyond.

所以，這是一個例子，我認為我們的平台對於微型企業具有很大的可擴展性，我們很高興能夠在 25 年及以後擴大這個機會。

Our next question comes from the line of Darrin Peller of Wolfe Research.

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

Nice job on the quarter. Can you just give us a quick update on any progress you're making around broader financial services, family accounts via Remitly Circle, and just where that is? And then I just have a quick financial question follow-up. Maybe I'll ask it right now altogether, which is around gross margins. And I think you mentioned it would -- from a gross margin leverage standpoint, it would be about similar in 25.

本季表現良好。您能否簡要介紹一下您在更廣泛的金融服務、透過 Remitly Circle 提供的家庭帳戶方面取得的進展以及進展情況？然後我會快速跟進一個財務問題。也許我現在會一起問這個問題，關於毛利率的問題。我想您提到過——從毛利率槓桿的角度來看，25 年的情況會大致相同。

In other words, it will grow in line with revenues, I guess. And so, I'm just curious why we couldn't see -- expect to see a little bit more than that just in the context of better risk management and AI. You guys have done a great job on that so far. So what could drive the upside to that?

換句話說，我猜它將與收入同步成長。所以，我只是好奇為什麼我們看不到——期望在更好的風險管理和人工智慧的背景下看到更多。到目前為止，你們在這方面做得非常好。那麼，什麼可以推動這股趨勢呢？

Thanks, Darrin. Yes, I'll start with the first question, and then I'll turn it over to Vikas for the second. And I'm glad you asked. I think that I unpacked our vision in my pre-prepared remarks, but it really is around transforming lives with trusted financial services that transcend borders. And it's that intersection of customers' needs to live an international life when it comes to their financial services needs. That's where I think that we can win and add other features.

謝謝，達林。是的，我先回答第一個問題，然後再交給維卡斯回答第二個問題。我很高興你問這個問題。我認為我在事先準備的發言中闡述了我們的願景，但它實際上是圍繞著透過跨越國界的可信賴金融服務來改變生活。而這正是顧客對金融服務需求的交會點，也就是國際化生活的需求。我認為這就是我們可以獲勝並增加其他功能的地方。

And I remain optimistic about that. I think that the platform that we've built, and I credit Ankur Sinha, who is our Chief Product and Technology Officer, who over the last couple of years, he and then obviously, our engineering team has really worked on platformizing our platform. And that enables us to roll out innovative new features and address new customers' use cases in a much more efficient and effective way. And so, we're going to remain disciplined and thoughtful, but we're excited about the opportunity to deepen relationships with our existing customers and leverage the platform, whether that is adding additional services to our existing customers and continuing to explore adjacencies all the way from helping them transact to store currencies to creating additional liquidity in a unique way as well as adding new customer types. I mentioned micro businesses, seafarers.

我對此依然保持樂觀。我認為我們已經建立了平台，我要感謝我們的首席產品和技術長安庫爾·辛哈 (Ankur Sinha)，過去幾年裡，他和我們的工程團隊一直致力於平台化。這使我們能夠以更有效率、更有效的方式推出創新的新功能並解決新客戶的使用案例。因此，我們將保持紀律和深思熟慮，但我們很高興有機會加深與現有客戶的關係並利用該平台，無論是為現有客戶添加額外服務，還是繼續探索鄰接關係，從幫助他們進行交易到存儲貨幣，再到以獨特的方式創造額外的流動性以及增加新的客戶類型。我提到了微型企業、海員。

And I think all of that is a reflection of the platform we've built and excited about what's to come there.

我認為所有這些都反映了我們已經建立的平台以及對未來發展的興奮。

And let me follow up on your second question, which was around the RLTE as a percentage of revenue. So, the first thing I'd say is that just from a technical perspective, we are lapping against a partnership that we signed in the fourth quarter of FY '23. So, for most of last year, we had the benefit coming through that. So again, that's already in the base. The second thing I'd say is as we think about just the operational efficiencies of the business, we see some step changes happening over time, where if you just go back to FY '22, this was 60%.

讓我繼續回答你的第二個問題，即 RLTE 佔收入的百分比。因此，我想說的第一件事是，僅從技術角度來看，我們正在與 23 財年第四季簽署的合作關係相抵觸。因此，去年大部分時間我們都從中獲益。再次強調，這已經在基礎上了。我想說的第二件事是，當我們考慮業務的營運效率時，我們會看到隨著時間的推移發生了一些逐步變化，如果你回顧 22 財年，這個數字是 60%。

We were 60% RLTE as a percentage of revenue. From there, we moved to 65%, and then for 24, we came in at 66%. So clearly, we have made a lot of progress in terms of driving efficiencies.

我們的營收中 RLTE 佔比為 60%。從那時起，我們上升到 65%，然後，在第 24 年，我們上升到 66%。顯然，我們在提高效率方面取得了巨大進展。

The last thing I would say here is that we are always very cognizant of how much we want to pass it back to our customers and how much we want to drive to the bottom line. This goes back to creating trust, creating a better pricing model, and making sure that we are winning with trust over here.

我在這裡要說的最後一件事是，我們始終非常清楚，我們多麼希望將回報回饋給客戶，以及我們多麼希望實現盈利。這又回到了建立信任、創建更好的定價模型以及確保我們在這裡贏得信任的問題。

(Operator Instructions) Our next question comes from the line of Alex Markgraff of KBC.

(操作員指示)我們的下一個問題來自 KBC 的 Alex Markgraff。

Maybe, Vikas, just one on the 25 revenue outlook. I think modestly better than what you had guided to on a preliminary basis last call. I think gross adds or net adds or quarterly activities were pretty similar to how you had talked about them for the fourth quarter. So just maybe get your thoughts on the delta there between the updated 25 outlook and what you had shared last call. And if you could just fold some gross add expectations, and retention expectations for 25 into that, that would be helpful.

也許，維卡斯，只是 25 個收入前景中的一個。我認為，這比你上次初步指導的要好一些。我認為總增額、淨增額或季度活動與您談論的第四季度的情況非常相似。因此，您能否談談對更新後的 25 個展望與您上次通話中分享的內容之間的差異的看法？如果你能將一些總新增預期和 25 的留存預期納入其中，將會很有幫助。

Thanks, Alex. That's a great question. Let me unpack that a little bit. So let me just start with the top line. So, from a revenue total perspective, as we guided, we are expecting $1.565 billion to $1.58 billion, which approximately comes to at midpoint 24.4% growth.

謝謝，亞歷克斯。這是一個很好的問題。讓我稍微解釋一下。讓我先從最上面那句話開始。因此，從總收入的角度來看，正如我們所預期的，我們預計收入總額為 15.65 億美元至 15.8 億美元，大約相當於中間值 24.4% 的成長。

A key aspect I want to share is in terms of the shape of the year, we think that the growth will be moderating each quarter sequentially. So, starting our FY '21 Q1 guide, where we shared at midpoint 28.8% growth with ending the year with around that 24.4% guide. So that's one important factor. The second, going to the key of your question, again, if I unpack the equation, growth is QAU time spend per quarterly active user times the gross take rate. I'd say that in Q1 and beyond, we'll see similar trends to what we have seen in Q4. And those trends have been, first of all, QAU growth in line with revenue growth. Secondly, from a spend per QAU perspective, which I answered earlier, we remain very optimistic, and we feel there will be modest increase there, driven by increasing frequency of transactions. And finally, from a take rate perspective, continued volume growth outpacing revenue growth.

我想分享的一個關鍵方面是，就今年的情況而言，我們認為每季的成長將會逐漸放緩。因此，從我們的 21 財年第一季指南開始，我們在中點實現了 28.8% 的成長率，而年底的成長率約為 24.4%。這是一個重要因素。第二，回到你問題的關鍵，如果我再次解釋這個等式，成長就是每季活躍用戶的 QAU 時間花費乘以總收入率。我想說，在第一季及以後，我們將看到與第四季類似的趨勢。首先，這些趨勢是，QAU 成長與營收成長一致。其次，從我之前回答過的每個 QAU 的支出角度來看，我們仍然非常樂觀，我們認為，在交易頻率增加的推動下，該數字將適度增加。最後，從接受率的角度來看，銷售成長持續超過收入成長。

So that trend, we feel will endure through the year. The other aspect that's important, which I'm glad you asked because I wanted to help you understand and other analysts appreciate how we think behind the scenes, which is with regards to your question on the quarterly active users. One of the aspects is we strongly believe that net adds, the way they are calculated is not a good metric, especially on a quarterly basis. The reason is that there's a lot of noise due to spending patterns, which may not align with how these are measured. So, we definitely focus on QAUs, but looking at net add is I'd say, misleading. That also means that the key North success factor for us remains our LTE dollars, where we continue to focus on the expansion and growth of that.

因此我們認為這種趨勢將持續全年。另一個重要的方面是，我很高興您問到這個問題，因為我想幫助您理解，並讓其他分析師了解我們在幕後的想法，這與您對季度活躍用戶的問題有關。其中一個面向是，我們堅信淨增量的計算方式不是一個好的指標，尤其是按季度計算。原因在於，由於消費模式的不同，會產生許多噪音，而這些噪音可能與測量方式不一致。因此，我們肯定會關注 QAU，但我認為查看淨增量會產生誤導。這也意味著，對我們來說，北方地區成功的關鍵因素仍然是我們的 LTE 資金，我們將繼續專注於該領域的擴張和成長。

So overall, very confident about the setup that we have for FY 25. We are off to a good start. And as Matt says, we are just getting started. So very excited.

因此總體而言，我們對 25 財年的設置非常有信心。我們已經有了一個好的開始。正如馬特所說，我們才剛剛開始。我非常興奮。

This concludes the question-and-answer session. I would now like to turn it to Matt Oppenheimer for closing remarks.

問答環節到此結束。現在我想請馬特·奧本海默作最後發言。

Great. Thanks, operator. And just a few thank you first to all of the analysts for your thoughtful questions. We genuinely really appreciate them. All the investors on the line, we appreciate you being on this journey with us.

偉大的。謝謝，接線生。首先，我要感謝所有分析師提出的深思熟慮的問題。我們由衷地感謝他們。所有線上的投資者，我們感謝你們與我們一起踏上這段旅程。

And then I want to thank the Remitly team, thousands of folks around the globe who are working tirelessly to deliver on our vision and to deliver the exceptional results that we had in Q4 as well as starting off 2025 on a really strong start. Heartfelt thank you for me. Lastly, thanks to Vikas for the amazing partnership. But most importantly, I want to thank our customers, and I'll thank Jigasa specifically, who said this about her experience with Remitly. She said, "I haven't used anything apart from Remitly.

然後，我要感謝 Remitly 團隊，感謝全球數以千計的人不懈地努力工作，以實現我們的願景，並在第四季度取得卓越成果，並為 2025 年取得良好開端。衷心地替我謝謝你。最後，感謝 Vikas 的出色合作。但最重要的是，我要感謝我們的客戶，我要特別感謝 Jigasa，她講述了她使用 Remitly 的經歷。她說：「除了 Remitly，我沒有使用過任何其他東西。

It's very intuitive with no plus." And so, we thank her for her loyalty since 2018 and for trusting Remitly to get money home to her family and friends reliably and seamlessly.

它非常直觀，沒有任何優點。因此，我們感謝她自 2018 年以來的忠誠，感謝她信任 Remitly 能夠可靠、無縫地將錢匯給她的家人和朋友。

We are excited about the opportunities ahead 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.

我們對未來的機會感到興奮，並期待分享我們的進展，繼續執行我們的願景，即透過跨越國界的值得信賴的金融服務改變生活。

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

感謝您參加今天的會議。該計劃確實結束了。您現在可以斷開連線。