Remitly Global Inc (RELY) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Remitly's first-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Remitly 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我將會議交給今天的第一位發言人，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 first quarter of 2025 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.

謝謝。午安.感謝您參加 Remitly 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有 Remitly 聯合創始人兼執行長 Matt Oppenheimer；以及財務長 Vikas Mehta。

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.

業績報告和額外的管理評論可在 ir.remitly.com 上的收益報告和簡報幻燈片中找到。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。

Before we start, I would like to remind you that we will be making forward-looking statements within the meaning of federal securities laws including but not limited to statements regarding Remitly's future financial results and management's expectations and plans.

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。

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 statement.

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。

Please refer 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.

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 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，且 Remitly 不承擔因新的發展或其他原因而更新或修改這些陳述的義務，除非法律要求。

The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses and adjusted EBITDA in this call. These metrics exclude items such as stock-based compensation, payroll taxes related to stock-based compensation, pledge 1% contribution, integration, restructuring, and other costs and other income and expense.

以下介紹包含非公認會計準則財務指標。我們將在本次電話會議中參考非公認會計準則營運費用和調整後的 EBITDA。這些指標不包括股票薪酬、與股票薪酬相關的工資稅、承諾 1% 的貢獻、整合、重組和其他成本以及其他收入和支出等項目。

As previously announced on our last earnings call, beginning in Q1, our non-GAAP financial measures exclude payroll taxes related to stock-based compensation. This update is intended to improve the usefulness of our non-GAAP financial measures in evaluating underlying operating performance by more completely reflecting the extent of stock-based compensation and related impacts. We have updated our historical periods for consistency.

正如我們上次收益電話會議上所宣布的那樣，從第一季開始，我們的非公認會計準則財務指標不包括與股票薪酬相關的工資稅。此更新旨在透過更全面地反映股票薪酬的程度和相關影響，提高我們的非公認會計準則財務指標在評估基本經營績效方面的實用性。我們已更新歷史時期以確保一致性。

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

有關非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，請參閱收益新聞稿和收益報告附錄，這些可在我們網站的 IR 部分找到。

And with that, I will now turn the call over to Matt to begin.

現在，我將把發言權交給馬特。

Thank you, Stephen, and thanks, everyone, for joining us for our first-quarter earnings call.

謝謝你，史蒂芬，也謝謝大家參加我們第一季的財報電話會議。

It's energizing to start 2025 with such strong momentum. Building on the foundation we laid last year, we delivered another quarter that exceeded expectations, with revenue growing 34% and adjusted EBITDA margins surpassing 16%, as you can see on slide 4. That means we exceeded the Rule of 50, a benchmark that reflects the rare combination of high growth and strong profitability. It's a clear sign of the durability of our business model and the discipline of our execution.

以如此強勁的勢頭開啟 2025 年，令人振奮。在去年奠定的基礎上，我們又一個季度的表現超出了預期，收入增長了 34%，調整後的 EBITDA 利潤率超過了 16%，正如您在幻燈片 4 中看到的那樣。這意味著我們超越了“50 規則”，這一基準反映了高成長與強勁獲利能力的罕見組合。這清楚地表明了我們的商業模式的持久性和執行的紀律性。

In a world that continues to face uncertainty, our customers inspire us. Their resilience, their determination, and their trust in Remitly are what drive our success. Because of their continued commitment, our team's strong execution and the strength of our flywheel, we are raising our full year outlook for both revenue and adjusted EBITDA.

在這個充滿不確定性的世界裡，我們的客戶給予我們啟發。他們的韌性、決心以及對 Remitly 的信任是我們成功的動力。由於他們的持續承諾、我們團隊的強大執行力以及我們飛輪的強勁，我們提高了全年收入和調整後 EBITDA 的預期。

I'm going to focus my remaining remarks today on three topics, as you can see on slide 5. First, how we have built a resilient business that has a proven track record of delivering across economic cycles and geopolitical changes.

今天剩下的發言我將集中討論三個主題，正如您在幻燈片 5 中看到的那樣。首先，我們如何打造一個具有韌性的企業，並在跨越經濟週期和地緣政治變化方面擁有良好的業績記錄。

Second, I will discuss how this resilience allows us to continue diversifying our business across many dimensions, allowing us to capture more growth and reduce overall risk.

其次，我將討論這種韌性如何使我們能夠繼續在多個維度上實現業務多元化，從而獲得更多成長並降低整體風險。

Finally, I will discuss how we deliver trusted experiences that drive customer activity, along with a deep focus on our regulatory and compliance program, which enables this sustainable growth. All of these allow us to accomplish our audacious vision to transform lives with trusted financial services that transcend borders.

最後，我將討論我們如何提供值得信賴的體驗來推動客戶活動，同時深入關注我們的監管和合規計劃，從而實現永續成長。所有這些都使我們能夠實現大膽的願景，即透過超越國界的值得信賴的金融服務改變生活。

Turning to the resilience embedded in our business on slide 6, I know macroeconomic uncertainty, including the impact of tariffs, is at the top of every investor's mind at this moment. I will say this directly. Our strong balance sheet and global diversification positions us well in this evolving environment.

談到投影片 6 中我們業務所蘊含的韌性，我知道宏觀經濟的不確定性，包括關稅的影響，是目前每位投資人最關心的問題。我會直接說這個。我們強大的資產負債表和全球多元化使我們在不斷變化的環境中佔據有利地位。

Remittances have consistently demonstrated remarkable resilience across economic cycles, serving as a vital financial lifeline for millions of families around the world. Even in times of global uncertainty, such as economic downturns or geopolitical changes, remittance flows have remained steady or even grown as senders prioritize the needs of their loved ones back home. This unwavering commitment underscores the essential role remittances play in household stability and local economies.

匯款在各個經濟週期中始終展現出顯著的韌性，成為全球數百萬家庭的重要經濟生命線。即使在經濟衰退或地緣政治變化等全球不確定時期，匯款流量仍保持穩定甚至成長，因為匯款人優先考慮國內親人的需求。這項堅定的承諾凸顯了匯款在家庭穩定和地方經濟中所扮演的重要角色。

At Remitly, we continue to see this resilience reflected in our customers' behavior, reinforcing the critical importance of our mission and the reliability of our business model in both stable and challenging macroeconomic environments. We have also embedded resilience into how we manage foreign exchange, which has become a competitive advantage of ours at scale.

在 Remitly，我們不斷看到這種韌性體現在客戶的行為中，這強化了我們的使命在穩定和充滿挑戰的宏觀經濟環境中的關鍵重要性以及我們的商業模式的可靠性。我們也將彈性融入外匯管理中，這已成為我們的規模競爭優勢。

At Remitly, we built a treasury function that is not just operationally essential, but increasingly a source of differentiation. What sets Remitly apart is the integration of treasury with our business management and analytics teams as a strategic growth enabler.

在 Remitly，我們建立了財務職能，它不僅在營運上必不可少，而且越來越成為差異化的來源。Remitly 的獨特之處在於將財務與我們的業務管理和分析團隊結合，作為策略成長的推動力。

Over the last 12 months, we managed nearly $60 billion in send volume. This enables us to enter into win-win partnerships, reduce transaction costs and improve customer pricing, directly supporting our flywheel and long-term profitability.

在過去的 12 個月中，我們的發送量已接近 600 億美元。這使我們能夠建立雙贏的合作夥伴關係，降低交易成本並提高客戶定價，直接支援我們的飛輪和長期獲利能力。

We are building real-time data systems to optimize liquidity, predict customer behavior, and proactively manage FX and counterparty risk. These efforts allow us to decouple funding from FX risk and reduce the need for pre-funding, all while strengthening the reliability and efficiency of our network.

我們正在建立即時數據系統，以優化流動性、預測客戶行為並主動管理外匯和交易對手風險。這些努力使我們能夠將融資與外匯風險脫鉤，減少預先融資的需要，同時增強我們網路的可靠性和效率。

These capabilities matter more than ever in today's macro environment, where we see foreign exchange volatility. Remitly's ability to source currency at competitive rates and respond quickly to market shifts means we can continue offering reliable, affordable pricing to customers while protecting margins. Our strong internal systems, capital strategy and operational discipline allow us to not just weather FX swings, but turn them into opportunities for sustainable growth.

在當今外匯波動的宏觀環境下，這些能力比以往任何時候都更重要。Remitly 能夠以具有競爭力的匯率獲取貨幣並對市場變化做出快速反應，這意味著我們可以繼續為客戶提供可靠、實惠的價格，同時保護利潤。我們強大的內部系統、資本策略和營運紀律使我們不僅能夠抵禦外匯波動，還能將其轉化為永續成長的機會。

Now, I'd like to turn to the progress we are making in diversifying our business on slide 7. Resilience also enables us to diversify, which is one of the most powerful levers for long-term sustainable growth. By broadening our geographic footprint, expanding our partner network and introducing new products, we reduce dependency on any one corridor or customer type. That not only mitigates risk, it opens up new avenues of opportunity.

現在，我想在第 7 張投影片中介紹我們在業務多元化方面取得的進展。韌性也使我們能夠實現多樣化，這是實現長期永續成長的最強槓桿之一。透過拓寬我們的地理覆蓋範圍、擴大我們的合作夥伴網路和推出新產品，我們減少了對任何一條管道或客戶類型的依賴。這不僅可以降低風險，還可以開啟新的機會。

Along with rapid geographic expansion, we have increased the pay-in and pay-out options through direct integrations with key local payment partners. In Q1 alone, we launched remittance services to Nigeria, Burkina Faso, and Mali. Customers can now send to widely used mobile wallets like Orange Money. These launches reinforce our long-term belief in the growth potential of Africa and support financial inclusion in regions that need it most.

隨著地理範圍的快速擴張，我們透過與當地主要支付合作夥伴的直接整合，增加了支付存入和支付選項。僅在第一季度，我們就向尼日利亞、布吉納法索和馬利推出了匯款服務。客戶現在可以向 Orange Money 等廣泛使用的行動錢包進行匯款。這些舉措增強了我們對非洲成長潛力的長期信心，並支持了最需要金融包容性的地區。

We also expanded disbursement options with integrations like PLIN in Peru, used by millions of people across major banks, and MACH in Chile, which serves over 4 million users. We also added Orange Money in Mali and Burkina Faso and Vodafone Cash in Egypt. These additions give customers more choice, greater convenience and a better experience.

我們也透過整合擴展了付款選項，例如秘魯的 PLIN，它被各大銀行的數百萬人使用，以及智利的 MACH，它為超過 400 萬用戶提供服務。我們還在馬利和布吉納法索增加了 Orange Money，在埃及增加了 Vodafone Cash。這些新增功能為顧客提供了更多選擇、更大的便利性和更好的體驗。

The goal is to enable anyone, anywhere to send and receive money as easily as if they were a local. That's why we have completed the rollouts of Interac in Canada, PayTo in Australia, and Pay by Bank via Plaid in the United States. These payment methods help reduce costs, improve retention and increase send volume, aligning perfectly with our growth and unit economic goals.

目標是讓任何人在任何地方都能像當地人一樣輕鬆地收發資金。這就是為什麼我們在加拿大推出了 Interac，在澳洲推出了 PayTo，並在美國透過 Plaid 推出了銀行支付。這些支付方式有助於降低成本、提高保留率並增加發送量，與我們的成長和單位經濟目標完美契合。

Turning to new customer use cases, we have made strong progress on attracting high amount senders. Over the past four quarters, send volume for transactions of more than $1,000 has outpaced overall send volume growth.

談到新的客戶使用案例，我們在吸引大量發送者方面取得了重大進展。在過去四個季度中，超過 1,000 美元的交易的發送量已經超過了整體發送量的增長。

Most notably in Q1, send volume related to transactions of more than $1,000 accelerated to more than 45% year-over-year growth and the mix increased by approximately 200 basis points year over year.

最值得注意的是，在第一季度，與超過 1,000 美元的交易相關的發送量同比增長超過 45%，且組合同比增長了約 200 個基點。

We also saw the largest transfer in company history in Q1, which was sent from Canada to the United States. This growth was fueled by our ability to make dynamic risk decisions using machine learning models, which reduce friction significantly for this customer base by tailoring send limits to customer risk.

我們也在第一季看到了公司史上最大的一筆轉賬，從加拿大轉賬到美國。這種增長得益於我們使用機器學習模型做出動態風險決策的能力，透過根據客戶風險客製化發送限制，這大大減少了該客戶群的摩擦。

In the past, we 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 transactions.

過去，我們的匯款限額比較寬泛，並沒有針對個人客戶的風險狀況進行專門定制，這給那些希望進行更大額度交易的客戶帶來了麻煩。

Our direct integrations have also allowed us to streamline transaction processing and substantially increase sending limits. These advancements have empowered our customers to confidently send larger amounts across borders with fewer errors and lower friction, ultimately delivering a more seamless and reliable experience. Our early traction with micro business customers further supports increasing send volume per customer, as these customers naturally transact at higher average amounts, reinforcing the positive trajectory in transaction size and overall send volume.

我們的直接整合還使我們能夠簡化交易處理並大幅提高發送限制。這些進步使我們的客戶能夠自信地跨境發送大量資金，同時減少錯誤和摩擦，最終提供更無縫和可靠的體驗。我們早期對微型企業客戶的吸引力進一步支持了每個客戶發送量的增加，因為這些客戶自然會以更高的平均金額進行交易，從而強化了交易規模和整體發送量的積極軌跡。

In the US, business customers have facilitated millions of dollars in transactions, underscoring the demand for our solutions. Our micro business offering has clearly proven its product market fit, as reflected in exceptional early retention and substantial transaction volumes for newly engaged customers.

在美國，商業客戶已促成數百萬美元的交易，凸顯了對我們解決方案的需求。我們的微型業務產品已明確證明了其產品市場契合度，這體現在新客戶的早期保留率和大量交易量上。

Our deep commitment to meeting customers where they are continues to guide how we reach and engage new users, especially those who have historically relied on traditional cash-based remittance providers.

我們堅定地致力於滿足客戶的需求，這也將繼續指導我們如何接觸和吸引新用戶，特別是那些過去依賴傳統現金匯款提供者的用戶。

One recent and powerful example is WhatsApp Send, a great demonstration of how we're using technology to make cross-border money movement more intuitive, accessible and aligned with how our customers live and communicate.

一個最近且有力的例子是 WhatsApp Send，它很好地展示了我們如何利用科技使跨境資金流動更加直觀、便捷，並與客戶的生活和交流方式保持一致。

By integrating the same award-winning conversational AI technology that powers our customer service experience into WhatsApp, we've created a frictionless, intuitive way for customers to send money, check rates and get support, all from a product they already trust. This opens up powerful new customer acquisition paths, especially for those customers transitioning from offline to online.

透過將為我們的客戶服務體驗提供支援的屢獲殊榮的對話式 AI 技術整合到 WhatsApp，我們為客戶創建了一種無摩擦、直觀的方式來匯款、查詢匯率和獲得支持，所有這些都可以透過他們已經信任的產品實現。這開啟了強大的新客戶獲取途徑，特別是對於那些從線下轉向線上的客戶。

Finally, we continue to innovate and explore adjacencies to our core offering, from helping customers store funds, to accessing faster cross-border payments, to creating additional liquidity in unique ways.

最後，我們繼續創新並探索與我們核心產品相關的領域，從幫助客戶儲存資金，到實現更快的跨境支付，再到以獨特的方式創造額外的流動性。

We've made meaningful progress through our work with Remitly Circle, which continues to be a powerful sandbox for innovation at Remitly. Circle allows us to test new ideas in a low-risk environment with early adopter customers. This approach has enabled us to move quickly and learn deeply before scaling new capabilities across our broader customer base.

我們透過與 Remitly Circle 的合作取得了有意義的進展，Remitly Circle 繼續成為 Remitly 強大的創新沙盒。Circle 讓我們能夠在低風險環境中與早期採用者客戶一起測試新想法。這種方法使我們能夠在向更廣泛的客戶群擴展新功能之前快速行動並深入學習。

Many of the insights we've gained, such as how storing funds with even faster disbursements align with real customer needs, are directly informing our innovation as we evolve the core Remitly experience.

我們獲得的許多見解，例如如何以更快的速度儲存資金以滿足真正的客戶需求，都直接為我們的創新提供了信息，幫助我們改進核心 Remitly 體驗。

Now, turning to how building trust across all stakeholders has placed us in a very unique position to continue delivering exceptional experiences for our customers and returns for our shareholders. These results are not only possible by delivering a trusted experience to our more than 8 million quarterly active customers across the entire journey of their cross-border payment.

現在，我們來談談如何在所有利害關係人之間建立信任，這將使我們處於一個非常獨特的地位，可以繼續為客戶提供卓越的體驗，並為股東帶來回報。這些成果不僅可以透過為我們 800 多萬季活躍客戶在整個跨境支付過程中提供值得信賴的體驗來實現。

One powerful example is Ajay, a retired doctor and academic who has served communities across India, the UK, the US, and Saudi Arabia. For years, Ajay used his bank in England for international transfers until he noticed high fees on larger transactions.

一個有力的例子是阿賈伊 (Ajay)，他是一名退休醫生和學者，曾為印度、英國、美國和沙烏地阿拉伯的社區提供服務。多年來，阿賈伊一直使用英國的銀行進行國際轉賬，直到他發現大額交易的費用很高。

In 2023, he began searching for a better, more trustworthy option, and he found Remitly. Ajay quickly discovered our competitive rates, low fees and the ease of repeat transfers. When he needed to cancel a transfer, the refund process was seamless and swift, deepening his trust in Remitly even further.

2023 年，他開始尋找更好、更值得信賴的選擇，然後他找到了 Remitly。Ajay 很快就發現了我們的利率具有競爭力、費用低廉且重複轉帳非常方便。當他需要取消轉帳時，退款流程順暢且迅速，這進一步加深了他對 Remitly 的信任。

Since joining us, Ajay has completed nine transfers totaling over $200,000, primarily investing in India to help provide for his daughter, son and grandchildren. Stories like Ajay's are a powerful reminder.

自從加入我們以來，Ajay 已完成九次轉賬，總額超過 20 萬美元，主要投資於印度以幫助撫養他的女兒、兒子和孫子。像阿傑這樣的故事給了我們一個強而有力的提醒。

When we lead with trust, we have the ability to serve a wider variety of use cases for our customers and empower their futures. Trust is at the heart of every decision customers like Ajay make when sending money to loved ones across borders where speed, reliability and security are non-negotiable.

當我們以信任為先時，我們就有能力為客戶提供更廣泛的用例並賦予他們的未來。當像 Ajay 這樣的客戶向親人跨國匯款時，信任是他們做出每個決定的核心，因為速度、可靠性和安全性是不可妥協的。

As you can see on slide 8, we continue to make progress on the metrics that matter to customers and build trust. In the first quarter, a record of more than 93% of transactions were dispersed in less than an hour, a record of more than 95% of transactions proceeded without a customer support contact, and our uptime was 99.99%. This all contributed to driving strong retention, incremental customer activity and word of mouth in attracting new customers.

正如您在第 8 張投影片上看到的，我們在對客戶至關重要的指標方面繼續取得進展並建立信任。在第一季度，超過 93% 的交易在不到一小時內完成，超過 95% 的交易無需客戶支援聯繫即可完成，我們的正常運行時間為 99.99%。這一切都有助於提高客戶保留率、增加客戶活動以及透過口耳相傳吸引新客戶。

At Remitly, compliance is a key driver of customer and regulator trust, and it's a foundational pillar of our business model. We operate in a complex and regulated industry across over 170 countries, and we have built robust systems, teams and controls to ensure that we meet or exceed local and global standards. Trust starts and ends with our customers. But the ecosystem in which we operate, including the oversight from our regulators, has always been a vital part of our culture and strategy.

在 Remitly，合規性是客戶和監管機構信任的關鍵驅動因素，也是我們商業模式的基礎支柱。我們的業務遍佈 170 多個國家，屬於一個複雜且受監管的行業，我們建立了強大的系統、團隊和控制措施，以確保達到或超過本地和全球標準。信任始於我們的客戶，也終於我們的客戶。但我們營運的生態系統，包括監管機構的監督，一直是我們文化和策略的重要組成部分。

We have invested in developing a sophisticated system of controls to perform know-your-customer evaluations, detect fraud and money laundering, and perform sanction screening in a centralized manner.

我們投資開發了一套複雜的控制系統，以集中方式進行了解客戶評估、偵測詐欺和洗錢行為以及進行製裁篩選。

As a digital-first company, we leverage advanced technology and data-driven automation to verify customers' identities, ensuring faster, more secure onboarding, while maintaining strong compliance with global regulations.

作為一家數位優先的公司，我們利用先進的技術和數據驅動的自動化來驗證客戶身份，確保更快、更安全的入職，同時嚴格遵守全球法規。

This digital approach not only strengthens security and transparency, but also significantly reduces the operational costs associated with manual in-person verification, savings that can be reinvested to improve customer experience and drive growth.

這種數位化方法不僅增強了安全性和透明度，而且還顯著降低了與人工現場驗證相關的營運成本，這些節省的資金可以重新投資以改善客戶體驗並推動成長。

As a digital-only player, most of our customers fund their remittance transactions using a card linked to a bank account, which means that they are able to pass bank-level KYC, signaling an established presence in the country.

作為純數位業務參與者，我們的大多數客戶使用與銀行帳戶關聯的卡片進行匯款交易，這意味著他們能夠透過銀行層級的 KYC，表明我們在該國已建立業務。

This contrasts with cash-based providers that often depend on labor-intensive, decentralized processes that are harder to scale, more expensive to maintain and more prone to inconsistencies or fraud.

這與現金服務提供者形成鮮明對比，現金服務提供者通常依賴勞動密集、分散的流程，這些流程更難擴展、維護成本更高，並且更容易出現不一致或詐欺。

These controls are routinely subject to regulatory exam and supervision by US and foreign financial regulators. In addition, we continuously evaluate our system of controls through regular independent testing and make frequent and regular improvements. We take a rigorous approach to partner due diligence to ensure compliance, security and reliability across our global network.

這些控制措施通常受到美國和外國金融監管機構的監管審查和監督。此外，我們透過定期的獨立測試不斷評估我們的控制系統，並經常進行定期的改進。我們採取嚴格的合作夥伴盡職調查方法，以確保我們全球網路的合規性、安全性和可靠性。

Before onboarding any financial institution or payout partner, we conduct due diligence, including regulatory compliance checks, financial stability assessments and security evaluations. In this way, our compliance team confirms that partners appropriately adhere to any money laundering and counter-terrorist financing regulations, as well as applicable laws.

在加入任何金融機構或支付合作夥伴之前，我們都會進行盡職調查，包括監管合規性檢查、財務穩定性評估和安全評估。透過這種方式，我們的合規團隊確認合作夥伴適當遵守任何洗錢和反恐怖主義融資法規以及適用法律。

Remitly also employs a multi-layered approach to fraud prevention, combining advanced machine learning models, real-time transaction monitoring and next-generation identity verification processes that maintain a strong compliance posture while imposing fewer burdens on customers.

Remitly 也採用了多層次的詐欺預防方法，結合了先進的機器學習模型、即時交易監控和下一代身分驗證流程，在保持強大合規態勢的同時，減輕了客戶的負擔。

Our risk management team continuously analyzes patterns to detect and prevent fraudulent activity while ensuring a seamless experience for legitimate customers. This differentiated approach allows us to continue to manage transaction loss rates while delivering a continuously improving experience with the goal of optimizing customer lifetime value.

我們的風險管理團隊不斷分析模式以偵測和防止詐欺活動，同時確保合法客戶的無縫體驗。這種差異化的方法使我們能夠繼續管理交易損失率，同時提供不斷改進的體驗，以優化客戶終身價值為目標。

This improvement was delivered at the same time that our customer support contact rates continue to decline to record lows as we make it easier for legitimate customers to complete their transactions. All of this builds trust for both customers and regulators, thereby ensuring our customers' money is delivered safely and reliably and our business can continue to expand.

這項改進是在我們的客戶支援聯繫率持續下降至歷史最低水準的同時實現的，因為我們讓合法客戶更輕鬆地完成交易。所有這些都為客戶和監管機構建立了信任，從而確保我們客戶的資金安全可靠地交付，並且我們的業務能夠繼續擴展。

In closing, even amid macroeconomic and geopolitical uncertainty, we remain confident in the resilience of remittances, the strength of our diversified business model and the trust our customers have placed in us.

最後，即使在宏觀經濟和地緣政治不確定的情況下，我們仍然對匯款的彈性、多元化商業模式的實力以及客戶對我們的信任充滿信心。

Trust remains the cornerstone of our vision to transform lives with trusted financial services that transcend borders, as you can see on slide 9. This is what enables us to drive consistent growth, deepen customer relationships and expand our global footprint while delivering strong, sustainable profitability.

正如您在投影片 9 中看到的，信任仍然是我們願景的基石，即透過超越國界的可信賴金融服務來改變生活。這使我們能夠實現持續成長、深化客戶關係、擴大全球影響力，同時實現強勁、可持續的獲利能力。

We are proud of what we have accomplished so far and we are energized by the opportunities in front of us. Thank you to our customers, our team and our shareholders for your continued support.

我們為迄今為止所取得的成就感到自豪，並為我們面前的機會感到振奮。感謝我們的客戶、團隊和股東的持續支持。

Now, over to Vikas.

現在，交給 Vikas。

Thank you, Matt. Good afternoon, everyone. We are off to a strong start in 2025. We delivered another strong quarter with both revenue and adjusted EBITDA ahead of our expectations, as you can see on slide 11.

謝謝你，馬特。大家下午好。2025 年，我們將迎來一個強勁的開局。正如您在第 11 張幻燈片中看到的那樣，我們又度過了一個強勁的季度，收入和調整後的 EBITDA 都超出了我們的預期。

First quarter revenue was $361.6 million, up 34% year over year, and adjusted EBITDA was $58.4 million, driving 16% adjusted EBITDA margin, resulting in a Rule of 50 quarter, as Matt mentioned.

第一季營收為 3.616 億美元，年成長 34%，調整後 EBITDA 為 5,840 萬美元，推動調整後 EBITDA 利潤率達到 16%，正如 Matt 提到的，實現了 50 季度規則。

We delivered our second quarter of GAAP profitability. We drove profitable growth with revenue more than $15 million above and adjusted EBITDA more than $20 million above the midpoint of our first quarter guidance. These results reinforce the strength of our business model and the resilience of cross-border payments as a category, even in turbulent economic times.

我們實現了第二季度的 GAAP 利潤。我們實現了獲利性成長，營收比第一季預期中位數高出 1,500 多萬美元，調整後 EBITDA 比第一季預期中位數高出 2,000 多萬美元。即使在經濟動盪時期，這些結果也增強了我們的商業模式和跨國支付類別的彈性。

I'll begin with an overview of our first quarter results and then share our outlook for the full year and second quarter of 2025. In the first quarter, revenue was $361.6 million, up 34% year over year or 36% on a constant currency basis.

我將首先概述我們的第一季業績，然後分享我們對 2025 年全年和第二季的展望。第一季營收為 3.616 億美元，年增 34%，以固定匯率計算成長 36%。

Quarterly active customers increased 29% year over year to over 8 million, in line with our expectations. Driving this strong quarterly active customer growth was continued retention and strength in new customers acquired in the quarter.

季度活躍客戶年增 29%，達到 800 多萬，符合我們的預期。推動本季活躍客戶強勁成長的因素是本季新客戶的持續保留和強勁成長。

Send volume for active customer increased 9% year over year, the highest growth rate we have seen since 2021. This was driven by strong growth in transactions per active customer, as we take share and increase the attractiveness of our product for high amount senders.

活躍客戶發送量年增 9%，這是自 2021 年以來我們看到的最高成長率。這是由於我們佔據了市場份額並增加了我們的產品對大額發送者的吸引力，因此每個活躍客戶的交易量強勁增長。

As Matt mentioned, we have increased send limits in key corridors, allowing customers to confidently send larger amounts across borders with fewer errors and lower friction, while maintaining our strong risk and compliance controls. Send volume grew 41% to $16.2 billion, and again outpaced revenue growth. Gross take rate was 2.24%, in line with our expectations.

正如馬特所提到的，我們提高了主要管道的匯款限額，使客戶能夠自信地跨境匯款更大金額，減少錯誤和摩擦，同時保持我們強大的風險和合規控制。發送量成長 41%，達到 162 億美元，再次超過營收成長。總收益率為 2.24%，符合我們的預期。

As Matt highlighted earlier, our business continues to diversify, while also delivering strong growth across geography. During Q1, US revenue grew 35%, accelerating from 33% in Q4, driven by continued share gains. Rest of the world grew 41% year over year, ahead of our overall revenue growth.

正如馬特之前強調的那樣，我們的業務繼續多樣化，同時在各個地區實現強勁成長。第一季度，受市場佔有率持續成長的推動，美國營收成長 35%，高於第四季的 33%。世界其他地區年增 41%，高於我們的整體收入成長。

On the receive side, we further diversified as revenue from regions outside of India, the Philippines and Mexico grew 45% year over year.

在接收方面，我們進一步實現了多元化，來自印度、菲律賓和墨西哥以外地區的收入年增了 45%。

Turning to our focus on driving profitable growth on slide 12, transaction expenses this quarter were $121.4 million and as a percentage of revenue were 33.6%. Excluding provision for transaction losses, other transaction expenses were $103.5 million, improving 60 basis points year over year as a percentage of revenue.

轉向我們在第 12 張投影片上推動獲利成長的重點，本季交易費用為 1.214 億美元，佔營收的百分比為 33.6%。不包括交易損失準備金，其他交易費用為 1.035 億美元，佔收入的百分比年增 60 個基點。

We continued to see improvements in our economics with pay-in and disbursement partners, relating to increasing volume. The mix of digital receive transactions increased year over year by more than 300 basis points, continuing a trend that has been positive for our business and customers.

隨著交易量的增加，我們與支付合作夥伴的經濟狀況持續改善。數位接收交易組合年增超過 300 個基點，延續了對我們的業務和客戶有利的趨勢。

Provision for transaction losses was $17.9 million and as a percentage of sent volume was 11.1 basis points. This was in line with our expectations as we improved machine learning risk models, and at the same time, minimized unnecessary friction for customers.

交易損失準備金為 1,790 萬美元，佔發送量的百分比為 11.1 個基點。這符合我們的預期，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。

As I've shared in prior quarters, RLTE expansion is an indicator of the long-term business model success. RLTE dollars grew 34% to $240.2 million, reflecting strong new and existing customer activity and economies of scale. RLTE as a percentage of revenue this quarter was 66.4%, largely in line with the percentages we saw last year.

正如我在前幾季所分享的，RLTE 擴張是長期商業模式成功的指標。RLTE 營收成長 34% 至 2.402 億美元，反映出新舊客戶活動強勁以及規模經濟。本季 RLTE 佔營收的百分比為 66.4%，與去年的百分比基本一致。

As Matt highlighted, we have seen strong growth of more than 45% in send volume related to transactions of more than $1,000. As you will note, while there is a mixed impact of these large transactions on gross take rates, in the short-term, they help us maximize RLTE growth over the long term.

正如馬特所強調的，我們看到與 1,000 美元以上的交易相關的發送量強勁增長了 45% 以上。正如您所注意到的，雖然這些大額交易對總收入率的影響有好有壞，但從短期來看，它們有助於我們實現長期 RLTE 成長最大化。

We are focused on driving long-term RLTE dollars as we continue to attract new customers, innovate with new use cases and scale. The strengths we have seen here reinforces our flywheel framework that we highlighted last quarter, driving sustainable topline growth and profitability.

我們專注於推動長期 RLTE 業務的發展，同時繼續吸引新客戶，透過新的用例和規模進行創新。我們在這裡看到的優勢強化了我們上個季度強調的飛輪框架，推動了可持續的收入成長和獲利能力。

With that, let me walk you through the specific non-GAAP expense categories on slide 13. As described on our last earnings call, please note that year-over-year comparisons exclude payroll taxes related to stock-based compensation in both periods.

接下來，讓我向您介紹第 13 張投影片上的特定非 GAAP 費用類別。正如我們上次收益電話會議所述，請注意，同比比較不包括兩個時期與股票薪酬相關的工資稅。

Marketing spend was $68.3 million and decelerated to 7.5% growth year over year. As a percentage of revenue, it was 18.9%, improving 473 basis points year over year. We continue to strike the right balance between growth and efficiency, especially in a seasonally slower quarter from a demand perspective. We benefited this quarter from efficiencies in digital and brand marketing, along with word-of-mouth.

行銷支出為 6,830 萬美元，年增率放緩至 7.5%。佔收入的百分比為 18.9%，年增 473 個基點。我們持續在成長和效率之間取得適當的平衡，尤其是在需求季節性放緩的季度。本季我們受惠於數位和品牌行銷以及口碑的提高。

Marketing spend per quarterly active customer was $8.5 in Q1 and decreased 17% year over year, reflecting our focus on driving returns from marginal marketing investments. We continue to invest behind paid channels using AI tools to drive further testing and efficiency.

第一季每季活躍客戶的行銷支出為 8.5 美元，年減 17%，這反映出我們專注於提高邊際行銷投資的回報。我們將繼續投資付費管道，使用人工智慧工具來推動進一步的測試和效率。

As Matt highlighted, the trust we have built with customers has enabled us to benefit from word-of-mouth, which has been a powerful driver of new customer additions while driving efficiency for us.

正如馬特所強調的，我們與客戶建立的信任使我們能夠從口碑中受益，這在提高我們效率的同時，也成為增加新客戶的強大動力。

Customer support and operations expense was $22.3 million, and as a percentage of revenue was 6.2%, improving 89 basis points year over year, continuing a trend that we have seen over the past couple of years. Our AI-based virtual assistants and product improvements have enabled lower agent contact rates and strong customer satisfaction ratings.

客戶支援和營運費用為 2,230 萬美元，佔收入的百分比為 6.2%，年增 89 個基點，延續了過去幾年的趨勢。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並提高了客戶滿意度評級。

Technology and development expense was $50.6 million, and as a percentage of revenue improved by 144 basis points year over year. Technology and development expenses grew 22% year over year as we become more efficient in managing our spend while delivering product innovation.

技術和開發費用為 5,060 萬美元，佔收入的百分比年增了 144 個基點。由於我們在實現產品創新的同時更有效率地管理支出，技術和開發費用較去年同期成長了 22%。

G&A expense was $40.6 million and as a percentage of revenue improved 79 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 efficiency.

由於我們在招聘和非員工支出方面保持了嚴格的紀律，一般及行政管理費用為 4060 萬美元，佔收入的百分比同比提高了 79 個基點。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。

Strong revenue growth combined with efficiency and discipline across all operating expense categories led to adjusted EBITDA of $58.4 million. We delivered our second positive GAAP net income quarter of $11.4 million, a material improvement, compared to a $21.1 million net loss in the first quarter of 2024.

強勁的收入成長加上所有營運費用類別的效率和紀律，使調整後的 EBITDA 達到 5,840 萬美元。我們實現了第二季的 GAAP 淨收入正值 1,140 萬美元，與 2024 年第一季的 2,110 萬美元淨虧損相比，有了實質的改善。

Stock-based compensation was $35.8 million and as a percentage of revenue was at 9.9%, approximately 280 basis points lower than the first quarter of 2024. We continue to drive towards a lower burn rate in line with the philosophy I outlined last quarter.

股票薪資為 3,580 萬美元，佔營收的百分比為 9.9%，比 2024 年第一季低約 280 個基點。我們將繼續按照我上個季度概述的理念努力降低資金消耗率。

Moving to our outlook on slide 14, while the economic and geopolitical environment remains uncertain, we are comforted by the resilience we have seen in our customers. It's important to note that our outlook does not assume any material macroeconomics, geopolitical or regulatory changes.

轉到投影片 14 的展望，儘管經濟和地緣政治環境仍然不確定，但我們對客戶所展現的韌性感到欣慰。值得注意的是，我們的展望並不假設任何重大的宏觀經濟、地緣政治或監管變化。

For the second quarter of 2025, we expect revenue of $383 million to $385 million or 25% to 26% growth. We have no shortage of growth opportunities, including taking share in our existing corridors, expanding to new corridors, and continued traction with new use cases like high-amount senders and SMB, which will power this growth.

對於 2025 年第二季度，我們預計營收為 3.83 億美元至 3.85 億美元，成長 25% 至 26%。我們並不缺乏成長機會，包括在現有管道中佔據份額、擴展到新管道，以及繼續利用高額發送者和 SMB 等新用例來推動這一成長。

If we unpack the revenue growth expectations further, we expect revenue to outgrow quarterly active customers due to continued strength in high-amount senders. Growth in send volume per quarterly active customer is expected to increase modestly, driven primarily by higher frequency of transactions and continued strength in higher-amount senders.

如果我們進一步分析營收成長預期，我們預計由於高額發送者的持續強勁成長，營收將超過季度活躍客戶的成長。預計每季活躍客戶的發送量將小幅增長，主要原因是交易頻率的提高和大額發送者的持續強勁增長。

Consistent with recent trends, we also expect send volume growth to outpace revenue growth for both Q2 and FY 2025. Higher transaction sizes lead to higher send volume growth, driving RLTE dollars even with lower take rates. Given our traction with high-amount senders and SMB customers, we believe volume growth is a stronger indicator of our future growth potential in addition to quarterly active customers.

與最近的趨勢一致，我們也預計 2025 年第二季和財年的發送量成長將超過收入成長。交易規模越大，發送量成長就越快，即使在收取率較低的情況下也能推動 RLTE 業務的成長。鑑於我們對高發件人和中小企業客戶的吸引力，我們認為，除了季度活躍客戶之外，交易量成長是我們未來成長潛力的更有力指標。

For the full year, we expect revenue between $1.574 billion and $1.587 billion, reflecting a growth rate of 25% to 26%. This outlook reflects our performance in Q1, the confidence we have in durable customer behavior and strong returns from our marketing investment.

我們預計全年營收將在 15.74 億美元至 15.87 億美元之間，成長率為 25% 至 26%。這一前景反映了我們第一季的業績、我們對持久客戶行為的信心以及行銷投資的強勁回報。

Note, we will be lapping tougher coms in the second half of 2025 due to performance in the back half of 2024. Specifically, this is the toughest revenue comp of the year in Q3. Furthermore, the macro environment remains uncertain. As such, we believe our guidance is prudent given these variables.

請注意，由於 2024 年下半年的表現，我們將在 2025 年下半年遇到更嚴峻的挑戰。具體來說，這是今年第三季最艱難的營收年比。此外，宏觀環境依然不確定。因此，我們認為，考慮到這些變量，我們的指導是謹慎的。

Shifting to our adjusted EBITDA outlook, we expect Q2 adjusted EBITDA to be between $45 million and $47 million, translating to 12% margin. As we shared last quarter in FY 2025, we are lapping the benefits from key payment processing partnerships that we realized in 2024.

轉向我們的調整後 EBITDA 展望，我們預計第二季調整後的 EBITDA 將在 4500 萬美元至 4700 萬美元之間，相當於 12% 的利潤率。正如我們在 2025 財年最後一個季度所分享的那樣，我們正在享受 2024 年實現的關鍵支付處理合作夥伴關係帶來的收益。

As a result, we expect Q2 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.

因此，我們預計第二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。

We expect our marketing investments in Q2 will continue to deliver strong ROI. Although we saw strong leverage from our marketing investments in a seasonally less active Q1, we intend to increase our marketing investments to drive growth in Q2 in second half of 2025, given the strong payback period well under 12 months.

我們預計第二季的行銷投資將繼續帶來強勁的投資報酬率。儘管我們看到在季節性不太活躍的第一季度，我們的行銷投資產生了強大的槓桿作用，但考慮到遠低於 12 個月的強勁回報期，我們打算增加行銷投資以推動 2025 年下半年第二季度的成長。

As a reminder, our marketing investments drive returns for many years beyond our initial investment, given repeat behavior and the resilience of remittances. We plan to continue to balance our investments with efficiency and expect marketing per QAU declined modestly on a year-over-year basis in Q2.

提醒一下，考慮到重複行為和匯款的彈性，我們的行銷投資將在多年的時間內帶來超出我們初始投資的回報。我們計劃繼續平衡投資和效率，預計第二季每質量單位的行銷費用將比去年同期小幅下降。

Recall, we began delivering meaningful marketing per QAU efficiencies in second half of 2024. So as we lapped those improvements in the second half of 2025, we should expect marketing per QAU to be stable year over year.

回想一下，我們從 2024 年下半年開始根據 QAU 效率提供有意義的行銷。因此，隨著我們在 2025 年下半年實現這些改進，我們應該預期每個 QAU 的行銷金額將逐年保持穩定。

For the full year, we expect adjusted EBITDA to be between $195 million and $210 million, representing an adjusted EBITDA margin range of 12% to 13%. We expect adjusted EBITDA dollars to ramp sequentially throughout the balance of the year.

我們預計全年調整後的 EBITDA 將在 1.95 億美元至 2.1 億美元之間，調整後的 EBITDA 利潤率將在 12% 至 13% 之間。我們預計調整後的 EBITDA 金額將在今年餘下時間連續增加。

Although we delivered GAAP profitability in Q1 that was two quarters ahead of our guidance last quarter, we continue to expect to generate positive GAAP net in terms in the third quarter of 2025, as we plan to make growth-enhancing investments, improve adjusted EBITDA, as well as manage dilution, net burn rate, and stock compensation expense effectively. In the second quarter, we expect stock-based compensation to increase sequentially from Q1, reflecting our annual performance cycle.

儘管我們在第一季實現了比上一季預期提前兩個季度的 GAAP 盈利，但我們仍然預計 2025 年第三季度的 GAAP 淨利潤將為正，因為我們計劃進行促進增長的投資，提高調整後的 EBITDA，並有效管理稀釋、淨消耗率和股票薪酬費用。在第二季度，我們預計股票薪酬將比第一季環比增加，以反映我們的年度績效週期。

Overall, we continue to expect to deliver positive GAAP net income for the full year. This outlook provides us with flexibility to make key growth investments, while at the same time delivering efficiencies across our operating expense space.

總體而言，我們仍然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，同時提高我們的營運費用領域的效率。

In closing, we are pleased that we delivered both higher-than-expected revenue and adjusted EBITDA. Despite an uncertain and volatile macroeconomic environment, we have delivered consistent trusted experiences, driving increased customer activity.

最後，我們很高興看到我們的收入和調整後的 EBITDA 都高於預期。儘管宏觀經濟環境不確定且動盪，我們仍提供了一致的值得信賴的體驗，推動了客戶活動的增加。

The trust we have built with the customers also allows us to diversify the business across new use cases, new geographies and new partnerships, allowing us to deliver sustainable long-term results regardless of economic cycles.

我們與客戶建立的信任也使我們能夠在新的用例、新的地域和新的合作夥伴關係中實現業務多元化，使我們能夠在不受經濟週期影響的情況下提供可持續的長期成果。

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

接下來，馬特和我將開始回答大家的提問。操作員？

(Operator Instructions) Tien-Tsin Huang, JPMorgan.

（操作員指令）Tien-Tsin Huang，摩根大通。

Thank you. Great results. I want to ask on the send volume being up per active, 9% high since 2021. I just wanted to be clear. Is it the higher send limits that's driving that, was there some pull-forward mix, maybe some business payments contributing? I liked your discussion on the treasury as an asset for you within FX, but just want to better understand this trend of higher send per active?

謝謝。效果非常好。我想問一下，自 2021 年以來，每位活躍用戶的發送量增加了 9%。我只是想說清楚。是更高的發送限制導致了這種情況，還是有一些前拉組合，也許是一些商業支付導致了這種情況？我喜歡您關於國庫作為外匯資產的討論，但我只是想更好地理解這種每次活躍發送量增加的趨勢？

Tien-Tsin, thank you for the question. We had a very strong quarter and a start to the year, as we shared, with a strong 34% growth. One of the key drivers of that growth, as you pointed out, was a very strong send per quarterly active user growth. We have seen a trend of strong quarterly growth in terms of send per active, and this was, I'd say, the best we have seen in a long time, and as you pointed, the highest growth since 2021.

Tien-Tsin，謝謝你的提問。正如我們所分享的，我們本季的業績非常強勁，今年的開局也非常強勁，實現了 34% 的強勁成長。正如您所指出的，這一成長的關鍵驅動因素之一是每季活躍用戶數量的強勁成長。我們看到，每個活躍用戶發送量呈現強勁的季度成長趨勢，我想說，這是我們長期以來看到的最好的業績，正如您所指出的，這也是自 2021 年以來的最高成長。

A few drivers that have been helping us drive this important metric. First of all, this increased engagement that we have with our customers has been a really important driver of this, especially as we invest in frictionless experiences, building technology and innovations that support convenient, fast speed, easier transactions that play a critical role here.

一些驅動因素一直在幫助我們推動這項重要指標。首先，我們與客戶之間日益密切的互動是實現這一目標的重要驅動力，尤其是當我們投資於無摩擦體驗、建立支援便利、快速、更輕鬆交易的技術和創新時，這些技術和創新在這裡發揮著至關重要的作用。

In addition to that, over the last few quarters, we have been driving meaningful growth in our high-dollar, high-amount sender business. As we noted, over the last four quarters, the growth of volume in our high-amount senders has been greater than the total volume growth, and the same was the case this quarter with 45% plus growth there. So that has been a second big driver.

除此之外，在過去幾個季度中，我們一直在推動高額、高金額的發送業務實現有意義的成長。正如我們所指出的，在過去的四個季度中，我們的高額寄件者的數量增長一直高於總數量增長，本季度的情況也是如此，增長了 45% 以上。所以這是第二大驅動因素。

And the final, I'd say, is that as we diversify use cases and add segments like micro senders, these senders have fewer transactions, but per transaction, the amount that they send is pretty high, which helps us drive growth in the send per quarterly active user. So overall trend that we have seen is in this direction. Again, it's very aligned with our strategy, and we feel really good about the direction of the growth.

最後，我想說的是，隨著我們實現用例多樣化並添加微型發送者等細分，這些發送者的交易量減少，但每筆交易的發送金額相當高，這有助於我們推動每季活躍用戶的發送量成長。所以我們看到的整體趨勢是朝著這個方向的。再次強調，這與我們的策略非常一致，我們對成長方向感到非常滿意。

Yeah. Tien-Tsin, the only elements I'd add from a product standpoint is, I think, our risk product team and our compliance teams have really leveraged the latest technology to be able to take a much more sophisticated approach to our overall send limits. And so, I mentioned that in my remarks, but I think that is part of the driver of enabling customers that want to send more to do it in a frictionless, easy way.

是的。Tien-Tsin，從產品角度來看，我唯一要補充的是，我認為我們的風險產品團隊和合規團隊確實利用了最新技術，能夠採取更為複雜的方法來限制我們的整體發送量。所以，我在我的評論中提到了這一點，但我認為這是讓想要發送更多款項的客戶能夠以無摩擦、簡單的方式進行發送的部分動力。

And then, the second is, as Vikas mentioned, it's early days, but I think that our micro business customers have a lot of potential. And as he said, they send less frequently, but higher dollar amounts and so excited about what's to come there.

其次，正如 Vikas 所提到的，現在還處於早期階段，但我認為我們的微型企業客戶具有很大的潛力。正如他所說，他們匯款的頻率較低，但金額較高，並且對未來充滿期待。

Andrew Schmidt, Citi.

花旗銀行的安德魯·施密特。

Hey, Matt, Vikas, Stephen. Thank you for taking the question. Maybe I could just piggyback on the last question. So it sounds like a lot of the benefits that you're seeing are self-driven, first and environmental. Maybe you can comment on that, whether there's anything environmental in the numbers as well that are driving the higher send volume per average active there? And then, if you think about just the forward outlook, is there any reason why these benefits shouldn't sustain, because obviously, good result here, it doesn't look like you're fully flowing through the revenue beat. But clearly, it makes sense in the current environment, but would love to sort of get a better sense of those questions? Thank you so much.

嘿，馬特、維卡斯、史蒂芬。感謝您回答這個問題。也許我可以順便回答最後一個問題。因此，聽起來您看到的許多好處都是自我驅動的、優先的和環境的。也許您可以對此發表評論，這些數字中是否也存在一些環境因素，導致平均活躍用戶的發送量增加？然後，如果你只考慮未來的前景，那麼這些好處有什麼理由不能持續下去呢？因為顯然，這裡的好結果看起來並不像你完全順應了收入成長。但顯然，這在當前環境下是有意義的，但是否希望更好地理解這些問題？太感謝了。

Andrew, thank you for the question. And we are really in a business where durability and visibility help us build a lot of confidence in our guidance. So as you think about our forward-looking guide, we have stated this before and I'll reiterate that majority of our revenue comes from prior quarter cohorts. And the retention of these cohorts really help us get very high visibility and confidence and durability of the revenue. So I think that's really important.

安德魯，謝謝你的提問。我們確實處於一個這樣的行業：耐用性和可見性有助於我們對我們的指導建立很大的信心。因此，當您考慮我們的前瞻性指南時，我們之前已經說過這​​一點，我將重申，我們的大部分收入來自前幾季的收入。保留這些群體確實幫助我們獲得非常高的可見度、信心和收入的持久性。所以我認為這非常重要。

The second point is, as you think about Q2 and FY 2025, overall, the drivers tend to remain similar to what we have seen this quarter and even past quarter. So for example, revenue growth exceeding quarterly active user growth modestly, send volume growth greater than revenue growth, which shows in the take rate, and most importantly, as you pointed, the send per active continue to grow modestly.

第二點是，當你考慮第二季和 2025 財年時，總體而言，驅動因素往往與我們本季甚至上個季度所看到的類似。例如，收入成長略微超過季度活躍用戶成長，發送量成長大於收入成長，這體現在接受率上，最重要的是，正如您所指出的，每次活躍用戶的發送量繼續適度增長。

So those drivers will continue to remain more or less similar to what we have seen this quarter. As you also pointed out that there are micro uncertainties and we want to be prudent, and that's the reason why we are taking a prudent stance when it comes to the guide for Q2, as well as 2025.

因此，這些驅動因素將繼續或多或少與我們本季看到的情況保持相似。正如您所指出的，存在微觀的不確定性，我們希望保持謹慎，這就是為什麼我們在第二季度以及 2025 年的指南上採取謹慎立場的原因。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Good afternoon. Thanks for taking all the questions and for all the details. Can you just talk a little bit more about your direct partner integrations? It's been a journey. We've been hearing about it for years. Just where are you on that journey? And just remind us about the benefits that you get when you have a direct partner integration?

午安.感謝您回答所有問題並提供所有詳細資訊。您能否再多談談您的直接合作夥伴整合情況？這是一趟旅程。我們已經聽說這個很多年了。您在旅途中處於什麼位置？能否提醒我們一下，當您與合作夥伴直接整合時，您會獲得哪些好處？

Yeah. Thanks, Chris. It's always great to hear from you. I think that our ability at a strategic level to get customers funds the way that they want them quickly and efficiently is something that I think we have built over a decade and counting. And so, you saw that in some of our delivery stats in terms of what it gives us. But 93% plus of transactions are dispersed in under an hour, which is a stat that has come up from previous times that we've shared that.

是的。謝謝，克里斯。我很高興收到您的來信。我認為，我們在策略層面上能夠以客戶想要的方式快速有效地獲得資金的能力是我們十多年來不斷建立起來的。因此，您可以在我們的一些交付統計數據中看到它為我們帶來什麼。但 93% 以上的交易是在一小時內完成的，這是我們之前分享的統計數據。

And what do we get from those direct integrations is, as I mentioned, faster transactions, lower cost, more reliability, because if a customer enters the recipient's name incorrectly, then you don't have to go through three or four hops to adjust that. You've got a direct integration done to be able to amend that transaction much more frequently.

正如我所提到的，從這些直接整合中我們可以獲得更快的交易速度、更低的成本和更高的可靠性，因為如果客戶輸入了錯誤的收件人姓名，那麼您不必經過三到四個步驟來調整。您已完成直接集成，以便能夠更頻繁地修改該交易。

And there are many examples in that customer experience bucket. It could be additional compliance requirements that our partner needs to collect. Having a direct integration enables us to do that really efficiently and effectively, which is also why 95% plus of transactions are now completed without any sort of customer support contact.

在客戶體驗領域中有很多這樣的例子。這可能是我們的合作夥伴需要收集的額外合規要求。直接整合使我們能夠真正有效率、有效地完成這項工作，這也是為什麼現在 95% 以上的交易無需任何客戶支援聯繫即可完成的原因。

So I mentioned a few of them. I mentioned match. I mentioned plan. I mentioned a few other integrations in my opening remarks. But I think our scale and size is another example of our flywheel. We're able to do more integrations every quarter. We're able to improve the customer experience, which drives more retention.

所以我提到了其中的幾個。我提到了匹配。我提到了計劃。我在開場白中提到了其他一些整合。但我認為我們的規模和大小是我們的飛輪的另一個例子。我們每季都能進行更多的整合。我們能夠改善客戶體驗，進而提高客戶保留率。

And in some markets, we're strategically saying, let's go directly into those banking rails, into the local payment rails, because of the fact that that's the most efficient way to provide reliable and low-cost transactions. That being said, not a silver bullet. Every market's different. What we're good at with our scale and size is getting to that last mile and thereby decreasing costs and increasing reliability and retention.

在某些市場，我們的策略是直接進入銀行業務軌道、進入本地支付軌道，因為這是提供可靠且低成本交易的最有效方式。話雖如此，但這並不是靈丹妙藥。每個市場都不同。憑藉我們的規模和規模，我們擅長到達最後一英里，從而降低成本並提高可靠性和保留率。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, guys. Nice results. 34% in a seasonally slow quarter. So pretty solid. Matt, I wanted to ask just about the environment that you're seeing out there, particularly as it relates to some of the US-Mexico tensions. A lot of your talking points spoke about some of the benefits of the digital channel when it comes to cost benefits, both to you, as well as to the consumer and the consumer experience. And I'm wondering if you guys have seen evidence or any kind of interesting behavioral shifts over the past few months as it relates to customer willingness to transition to the digital channel and maybe set a different way. Is there anything that you guys look at internally around share gains kind of inflected in the relevant corridors as a result of some of the macro tensions that are out there? Thanks for taking the question.

嘿，大家好。效果不錯。在季節性淡季，漲幅達 34%。非常堅固。馬特，我想問你所看到的外在環境，特別是與美墨緊張關係相關的環境。你們的許多談話要點都談到了數位管道在成本效益方面的一些好處，無論是對你們，還是對消費者和消費者體驗而言。我想知道你們在過去幾個月中是否看到了證據或任何有趣的行為轉變，這與客戶轉向數位管道的意願有關，也許還採取了不同的方式。你們內部是否觀察到由於一些宏觀緊張因素而對相關通路的股價上漲產生影響？感謝您回答這個問題。

Yeah. Great question, Will. Glad you asked it. Let me focus first on Latin America and then I'm happy to answer any follow-up questions around the broader macro. But I would say that the -- actually, let me do the opposite. I'm going to start with broader macro. I think that it's obviously on a lot of folks' minds, immigration, tariffs, macroeconomic policies.

是的。問得好，威爾。很高興你問了這個問題。我首先關注拉丁美洲，然後我很樂意回答有關更廣泛宏觀的任何後續問題。但我想說的是——實際上，讓我反其道而行。我將從更廣泛的宏觀角度開始。我認為，移民、關稅、宏觀經濟政策等顯然是許多人關心的問題。

And the things that, first off, having run this business for 14 years and having read a lot of other World Bank and other reports over even a longer time period, our business specifically is resilient. Remittances are resilient through various macro, political and regulatory changes.

首先，我們經營這項業務已有 14 年，並且在更長時間內閱讀了大量世界銀行和其他機構的報告，我們的業務特別具有彈性。儘管經歷了各種宏觀、政治和監管變化，匯款仍具有韌性。

So I think diversification is part of that. I think customer profile is part of that, which is where I'll kind of weave in the Latin America part of your question. And I think that additional use cases are all part of that.

所以我認為多樣化是其中的一部分。我認為客戶資料是其中的一部分，這就是我將在您的問題中加入拉丁美洲部分的地方。我認為其他用例都是其中的一部分。

So on the diversification point, greater than 34% of our revenue now is coming from outside the US, and that's up from just 25% four years ago. And then on the receive side, our non-top three countries, meaning Mexico, India and the Philippines, grew 45% and accounted for the majority of our revenue in Q1.

因此，從多元化角度來看，我們現在超過 34% 的收入來自美國以外，而四年前這一比例僅為 25%。在接收方面，我們的非前三大國家，即墨西哥、印度和菲律賓，成長了 45%，占我們第一季收入的大部分。

The second bucket around customer profile, the vast majority of our customers have been here a long time and are sending money to loved ones on a consistent basis. And unlike cash-based remittance providers, most of our US customers fund their remittance transactions using a card linked to a bank account, which means they're able to pass bank KYC even before they get to our platform, where we obviously also go through a KYC process and that suggests a more established presence in the country.

第二個方面是關於客戶資料的，我們的絕大多數客戶已經在這裡很長時間了，並且一直在向親人匯款。與現金匯款提供者不同，我們的大多數美國客戶使用與銀行帳戶關聯的卡片進行匯款交易，這意味著他們甚至可以在進入我們的平台之前透過銀行 KYC 審核，我們顯然也要經過 KYC 流程，這表明我們在該國的業務更加成熟。

And then last is just a huge market, 3% of $2 trillion sent every year. We have a lot of room to grow. And so now circling back to the Latin America part of your question, I think that we've seen strong both in Mexico and broader Latin America. I can share that Mexico grew faster than the overall 34% that we shared. And we're really proud and happy about that.

最後，這是一個巨大的市場，每年有 2 兆美元的 3%。我們還有很大的成長空間。現在回到您問題中有關拉丁美洲的部分，我認為我們看到墨西哥和整個拉丁美洲都表現強勁。我可以告訴大家，墨西哥的成長速度比我們共同的 34% 的整體成長速度還要快。我們對此感到非常自豪和高興。

And I think it does tie to some of the customer profile dynamics that I mentioned. It ties to being a scaled digital player and the reliability and lower costs that we can provide. And so we feel good about the visibility of our 2025 revenue. The significant majority will come from our existing customers, and 2025 is going to be a big year for us and overall remain confident and optimistic about the future.

我認為它確實與我提到的一些客戶資料動態相關。它與成為規模化的數位播放器以及我們可以提供的可靠性和更低的成本息息相關。因此，我們對 2025 年收入的可見性感到滿意。絕大多數將來自我們現有的客戶，2025 年對我們來說將是重要的一年，總體而言，我們對未來仍然充滿信心和樂觀。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

Hi. Thank you very much for taking my question. I wanted to ask about the high dollar senders and the micro business customers and just what your strategy is to kind of lean in there and attract those customers. Is it just shifting your marketing message a bit? Is it different channels? Is it product changes, partnerships? How do you kind of lean in there to find those folks and get them onto your platform?

你好。非常感謝您回答我的問題。我想詢問一下高額匯款人和微型企業客戶的情況，以及你們採取什麼策略來吸引這些客戶。這是否只是稍微改變了你的行銷訊息？是不同的管道嗎？是產品變化還是合作關係？您如何找到這些人並讓他們加入您的平台？

Yeah. Great question, Ramsey. I appreciate that. I think it varies depending on the two examples that you mentioned. I think high dollar senders tend to be specific to certain corridors and certain geographies.

是的。好問題，拉姆齊。我很感激。我認為這取決於您提到的兩個例子。我認為高額匯款人往往只針對特定的管道和特定的地區。

And so there are ways to very much target and scale up that customer base, as well as just improve our marketing efficiency, because we're going to have a higher conversion funnel with customers in, call it, US, India that there's a segment we weren't able to serve very effectively until we took a more sophisticated approach to our sending limits. So I think that one, there's marketing channels and other things.

因此，我們有很多方法可以更好地瞄準和擴大客戶群，同時也能提高我們的行銷效率，因為我們將與美國、印度等地的客戶建立更高的轉換管道，在我們採取更複雜的方法限制發送量之前，我們無法非常有效地服務這些客戶群。所以我認為，一方面，有行銷管道和其他東西。

I think with micro business, the interesting thing is, the reason we started, we adjusted our KYC, your customer to a KYB automated process and we're still adding different types of business use cases, et cetera, to do that, is we have customers coming to our platform and saying, I want to use it for this, but having to call our customer support, go through a manual process.

我認為對於微型企業來說，有趣的是，我們開始的原因是，我們調整了我們的 KYC，將您的客戶調整為 KYB 自動化流程，並且我們仍在添加不同類型的業務用例等，為此，我們有客戶來到我們的平台並說，我想用它做這件事，但必須打電話給我們的客戶支持，經過一個手動過程。

And so with micro business, I see there already being demand, and it's about tailoring our products such that when those customers come in, who tend to be high lifetime value, we can serve them effectively. And I see that, we call it micro business, because I think it is that segment that is underserved, hence why they're already coming to our platform, wanting to use it and we're going to make it a lot easier for them to do so.

因此，對於微型企業，我看到了已經存在的需求，而我們需要客製化產品，以便當那些往往具有高終身價值的客戶進來時，我們可以有效地為他們提供服務。我看到，我們稱之為微型企業，因為我認為這是服務不足的領域，因此他們已經來到我們的平台，想要使用它，我們將為他們提供更容易的使用方式。

And I'll just add to what Matt shared. One of the interesting characteristics about both these use cases is that, they are very much on top of our platform. They're extensible, and the incremental cost it takes to support these is, I'd say, incremental and marginal rather than a step up. So that, again, from a business model perspective, we feel really good about both these use cases.

我只是想補充一下 Matt 分享的內容。這兩個用例的一個有趣特點是，它們都位於我們的平台之上。它們是可擴展的，我認為支援它們所需的增量成本是增量的和邊際的，而不是逐步增加的。因此，從商業模式的角度來看，我們對這兩種用例都感到非常滿意。

Andrew Bauch, Wells Fargo.

富國銀行的安德魯·鮑赫。

Hey, guys. It's a great quarter and thanks for letting me take the question. One partnership that I thought kind of got glossed over in the prepared remarks was your relationship with WhatsApp. I understand that the initial rollout will only be to a limited amount of location or send corridors predominantly in Latin America, but in the context of 2.6 billion monthly active users, it kind of views to me like a really exciting partnership. So what's the strategy in this partner channel and what do you think it could ultimately mean for the business longer term?

嘿，大家好。這是一個很棒的季度，感謝您讓我回答這個問題。我認為在準備好的發言中被掩蓋的一個合作關係就是您與 WhatsApp 的關係。我知道最初的推廣將只在有限的地區或主要在拉丁美洲的發送通道進行，但考慮到每月 26 億活躍用戶，在我看來，這是一種非常令人興奮的合作。那麼這個合作夥伴通路的策略是什麼呢？您認為它最終對長期業務意味著什麼？

Yeah. Thanks, Andrew. Appreciate you drawing out a little more detail on WhatsApp because, as I mentioned in my opening remarks, it's a product that I'm really excited about, and kudos to the team for rolling it out, really efficiently and effectively. I think foundationally the way they were able to do that is important context, which is we have our virtual AI agent that we're already using from a customer support standpoint, and so integrating that into our WhatsApp channel gave us the foundation to do that more effectively and efficiently.

是的。謝謝，安德魯。感謝您對 WhatsApp 進行更詳細的介紹，正如我在開場白中提到的，我對這款產品感到非常興奮，並向高效、有效地推出這款產品的團隊表示敬意。我認為從根本上來說，他們能夠做到這一點的方式是重要的背景，也就是說，從客戶支援的角度來看，我們已經在使用虛擬 AI 代理，因此將其整合到我們的 WhatsApp 頻道為我們更有效、更有效率地做到這一點奠定了基礎。

Focus is the name of the game in terms of Remitly's approach and so that's why we are focused on Latin America, but I appreciate you saying the larger opportunity, Andrew, because combining that short-term focus in Latin America should not be confused with our really bold ambitions for how we can use that channel to both acquire new customers who are using the platform, where I think there are big opportunities, especially offline customers, as well as being able to serve existing customers better, and I think, we're very much in the early days of how we can leverage that platform to interact with customers.

就 Remitly 的方法而言，專注是關鍵，這也是我們專注於拉丁美洲的原因，但我很感謝你提到更大的機會，安德魯，因為將短期關注點放在拉丁美洲不應該與我們真正大膽的野心相混淆，即如何利用該渠道來獲取正在使用該平台的新客戶，我認為那裡有很大的機會，特別是線下平台，同時我們也能夠利用該平台的新客戶，我們還

David Scharf, Citizens Capital Markets.

大衛‧沙夫 (David Scharf)，公民資本市場。

Hi. Good afternoon. Thanks for taking my questions. They've mostly been addressed. I really at this point wanted to get a little more color on, once again with margins coming in so much stronger than anticipated, whether you, A, wanted to kind of call out any expense category in particular where you may view as sort of a one-time variance, maybe what the reason for that 16% margin was, and secondly, if there's something seasonally in the business we ought to be mindful of as we think about a lower guided margin structure in the second half?

你好。午安.感謝您回答我的問題。這些問題大多已解決。我現在真的想再多講一點，利潤率再次比預期高得多，A，您是否想特別指出任何費用類別，您可能將其視為一次性差異，也許 16% 利潤率的原因是什麼？其次，如果我們考慮下半年較低的指導利潤率結構，我們應該注意業務中是否有季節性因素？

Thank you, David. And if you look at our Q1 results, I think on both sides, revenue growth, as well as margin, we really meet our own internal expectations, and as Matt shared earlier, got to Rule of 50 and beyond.

謝謝你，大衛。如果你看一下我們的第一季業績，我認為從營收成長和利潤率兩方面來看，我們都確實滿足了我們自己的內部預期，正如馬特之前分享的那樣，達到了 50 規則甚至更高。

And if you unpack the expense side further, I'd say, the biggest area of efficiency we had was around marketing. And this is an area where we were very efficient. We saw great organic results from unpaid channels, as well as all the work that we have been doing on the product side, reducing the customer friction, showed up really well.

如果你進一步分析費用方面，我想說，我們效率最高的領域是行銷。這是我們非常有效率的領域。我們從免費管道中看到了出色的自然結果，而且我們在產品方面所做的所有工作，減少客戶摩擦，都取得了很好的效果。

As you think about Q2 and beyond, and especially Q2, we know that Q1 was a seasonally slower quarter versus Q2 being a very important and crucial quarter where we plan to invest and invest for future growth of the company. So that is where I would say, we are going to invest more on the marketing side. At the same time, we will continue to see modest leverage within marketing as well.

當您考慮第二季度及以後，尤其是第二季度時，我們知道第一季是季節性較慢的季度，而第二季度是一個非常重要和關鍵的季度，我們計劃在這一季度進行投資，以促進公司未來的成長。所以我想說，我們將在行銷方面投入更多資金。同時，我們也將繼續看到行銷領域中適度的槓桿作用。

The second area of investment for us is tech and dev. And we talked a lot about product innovation. We believe that the third pillar in addition to growth and profitability is investment. And we want to build more use cases, we want to create more diversification, and we want to create a portfolio which drives its own durability. And for that, we'll continue to invest in tech and dev. So we believe our outlook for Q2, as well as FY 2025 is balanced and we feel really optimistic about the long-term strength of our business.

我們的第二個投資領域是技術和開發。我們討論了很多有關產品創新的問題。我們認為，除了成長和獲利之外，第三個支柱就是投資。我們希望建立更多的用例，我們希望創造更多的多樣化，我們希望創建一個能夠推動其自身持久性的投資組合。為此，我們將繼續投資技術和開發。因此，我們相信我們對第二季以及 2025 財年的前景是平衡的，並且我們對我們業務的長期實力感到非常樂觀。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Hey, guys. Thanks for the time. Just maybe a little more detail on any product development and updates for Circle. And just bigger picture, I mean, how you view the future efforts and distinct from how other neobanks are serving customers, similar financial profiles that might exist out there. And so, just maybe a little more updates on the progress and where we are?

嘿，大家好。謝謝你的時間。也許只是關於 Circle 的任何產品開發和更新的更多細節。更宏觀的來看，我的意思是，你如何看待未來的努力，以及與其他新銀行為客戶提供服務的方式有何不同，以及可能存在的類似的財務狀況。那麼，能否再更新一下進度和我們現在所處的位置？

Yeah. Thanks, Darrin. I think that if you look first on kind of the unique segment and customer that we can serve, it goes back to our vision, actually, which is transform lives with trusted financial services that transcend borders. That's really important to take as a kind of holistic financial services that transcend borders.

是的。謝謝，達林。我認為，如果你先看一下我們可以服務的獨特細分市場和客戶，那麼它實際上可以追溯到我們的願景，即透過超越國界的可信賴的金融服務改變生活。作為一種超越國界的全方位金融服務，這一點非常重要。

And it's my belief and our team's belief that when you look at the 250 million folks that live and work outside the country they're born, there's a big opportunity to increase financial services for that segment. And I think we have a deep understanding of the needs of those customers. And so, our goal with new products is really to fortify the business and deepen relationships with existing customers.

我和我的團隊都相信，當你看到有 2.5 億人在自己的出生國以外生活和工作時，你會看到，為這群人增加金融服務存在著巨大的機會。我認為我們對這些客戶的需求有著深刻的理解。因此，我們推出新產品的目標實際上是鞏固業務並加深與現有客戶的關係。

And as I mentioned in my script, we continue to innovate and explore adjacencies around helping customers store funds, to access faster cross-border payments, to creating additional liquidity in unique ways. And so, we've made meaningful progress with our work on Circle, which continues to be really a powerful sandbox for innovation at Remitly.

正如我在腳本中提到的那樣，我們將繼續創新並探索幫助客戶儲存資金、實現更快的跨境支付以及以獨特的方式創造額外流動性的鄰接關係。因此，我們在 Circle 工作上取得了有意義的進展，它繼續成為 Remitly 創新的強大沙箱。

It enables us to test new ideas in a low-risk environment outside of our core app, but then it enables us to then take some of the insights that we've gained, such as how storing funds with even faster disbursement aligns with real customer needs, and that can inform our innovation in terms of how we evolve the core Remitly experience. So excited about what's to come there.

它使我們能夠在核心應用程式之外的低風險環境中測試新想法，但隨後它使我們能夠獲取一些我們所獲得的見解，例如如何以更快的速度存儲資金以滿足實際客戶需求，並且可以為我們如何發展核心 Remitly 體驗方面的創新提供資訊。我對即將發生的事情感到非常興奮。

And then, we talked about high-dollar senders. In addition to product value-added services that I put that first area we talked about in, I'm really excited about how we're continuing to add new segments, whether that's high-dollar senders, whether that's SMB. And so, I am really, really excited about how that area is going, about what's to come in 2025 and beyond.

然後，我們討論了高額付款的寄件者。除了我們討論的第一個領域——產品加值服務之外，我還對我們如何繼續增加新的細分市場感到非常興奮，無論是高價寄件人，還是 SMB。因此，我對該地區的發展以及 2025 年及以後的發展感到非常非常興奮。

Alex Markgraff, KBCM.

亞歷克斯·馬克格拉夫（Alex Markgraff），KBCM。

Thank you and thanks for taking my question. Maybe just -- I know there's been a number on the sort of high-dollar senders, but just to ask it a different way, with the improvements in risk and fraud capabilities, is there any way to sort of quantify or describe for us what's been left out of the growth opportunity as you've had to sort of be more constrictive around limits in the past?

謝謝您，也謝謝您回答我的問題。也許只是——我知道有一些高額發送者，但換個角度問，隨著風險和欺詐能力的提高，有沒有辦法量化或描述哪些東西被排除在增長機會之外，因為過去你們不得不對限制進行更嚴格的限制？

Yeah. Alex, I'm happy to start on that. I think what's been left out is that it used to be that we would have just SIN limits that were based on dollar amounts, and then very kind of prescriptive documents and other things that we need to collect for what we called Tier 1, Tier 2, Tier 3. And those dollar amounts had certain limits for 30 days, 60 days, 90 days, 180 days.

是的。亞歷克斯，我很高興開始做這件事。我認為被遺漏的是，我們過去只有基於美元金額的 SIN 限制，然後是我們需要為所謂的第 1 層、第 2 層、第 3 層收集的規定性文件和其他東西。這些金額在 30 天、60 天、90 天、180 天內都有一定的限制。

And what our team has done, obviously, with the leveraging data, leveraging some machine learning, and leveraging just the scale and size that we have, is being able to take a much more risk-based approach, which is a win-win, because instead of that more rudimentary approach, we can actually be more prescriptive of where we need information from customers, in addition to what we collect as a baseline, at all SIN levels, not just those specific limits.

顯然，我們的團隊透過利用數據、利用一些機器學習以及利用我們擁有的規模和規模，能夠採取一種更加基於風險的方法，這是一種雙贏，因為與那種更基本的方法不同，除了我們作為基線收集的信息之外，我們實際上可以更明確地說明我們需要從客戶那裡獲取哪些信息，在所有 SIN 級別，而不僅僅是那些特定的限制。

And that enables customers like Ajay, who I mentioned earlier, who has sent large dollars back to India to support his son, his daughter, his grandchildren, and historically, I think we made it more difficult to be able to send a large amount, where we've made it a lot easier for customers like that, and he's not alone.

這使得像我之前提到的阿賈伊這樣的客戶能夠將大筆美元匯回印度，供養他的兒子、女兒和孫子孫女。從歷史上看，我認為我們讓匯款變得更加困難，而對於這樣的客戶來說，我們卻讓匯款變得容易得多，而且他並不是唯一一個這樣做的人。

Grace Wong, BMO Capital Markets.

Grace Wong，BMO資本市場。

Hey, guys. Thanks. Maybe coming back to a previous question on the marketing spend and the declining spend per QAU, are you seeing underlying improvements in the competitive environment for new customers? And I suppose related to that, what are you seeing in terms of word-of-mouth improvements as you keep gaining share in your $0.30 markets? Appreciate your thoughts. Thanks.

嘿，大家好。謝謝。也許回到之前關於行銷支出和每個 QAU 支出下降的問題，您是否看到新客戶競爭環境的潛在改善？我想與此相關的是，隨著您在 0.30 美元市場的份額不斷增加，您在口碑方面看到了哪些改善？感謝您的想法。謝謝。

On the marketing leverage overall, we have seen this trend over the last, I would say, three quarters, where just this overall experience that we have delivered from a product perspective, the targeted marketing campaigns that we have had, as well as early days, but leveraging AI and technology in order to just be much more data-driven in our approach, has been a strong trend for us.

就整體行銷槓桿而言，我想說，我們在過去三個季度中看到了這種趨勢，從產品角度提供的整體體驗，以及我們早期開展的有針對性的營銷活動，但利用人工智慧和技術，以便我們的方法更加以數據為導向，這對我們來說是一個強勁的趨勢。

If you take even this quarter, for example, from a campaign perspective, we had very focused and targeted campaigns around the month of Ramadan, targeting the specific corridor, specific countries, and that yielded really great results for us.

以本季為例，從活動角度來看，我們在齋戒月期間進行了非常集中和有針對性的活動，針對特定的走廊、特定的國家，這為我們帶來了非常好的效果。

In addition to that, we had another marketing campaign, which was called Stay Close, for countries like Australia, the United Kingdom, targeting, sending to South Africa, Zimbabwe and other countries similarly. And those campaigns were very well thought out and got us a great ROI because of, one, again, the data-driven aspect, learning from the past and being very thoughtful.

除此之外，我們還開展了另一項行銷活動，名為“Stay Close”，針對澳洲、英國等國家，並將目標客戶群拓展至南非、辛巴威等國家。這些活動都經過深思熟慮，為我們帶來了巨大的投資回報，這再次歸功於數據驅動、從過去吸取的教訓以及深思熟慮。

In addition to that, as I shared earlier, just the word-of-mouth and unpaid channels, the organic channels like SEO have really been very helpful for our marketing ROI. So I'd say that's a consistent trend that we have seen over the last three quarters. We feel really good about our strength in marketing. We feel that that will continue. The comps will get harder in the second half, but strength in marketing will continue.

除此之外，正如我之前分享的，只是口碑和非付費管道，像 SEO 這樣的自然管道確實對我們的行銷投資回報率非常有幫助。所以我想說這是我們在過去三個季度看到的一致趨勢。我們對自己在行銷方面的優勢感到非常滿意。我們認為這種情況將會持續下去。下半年競爭將變得更加艱難，但行銷的強勁勢頭仍將持續。

Zachary Gunn, FT Partners.

FT Partners 的 Zachary Gunn。

Hey, there. Thanks for taking my question. I appreciate all the detail on the KYC/AML processes. I was just curious. You mentioned earlier in the remarks that majority of your customers are funding through a bank-linked card. So could you just walk through, for the customers that aren't, what do those KYC/AML processes look like? Just any detail you can provide around that and just helping us think about what proportion of your customers do go through those bank-level KYC steps versus other steps that you might have? Thanks.

嘿。感謝您回答我的問題。我很欣賞 KYC/AML 流程的所有細節。我只是好奇。您之前在評論中提到，您的大多數客戶都是透過銀行關聯卡進行融資的。那麼，您能否向那些尚未獲得 KYC/AML 認證的客戶簡單介紹一下，這些 KYC/AML 流程是什麼樣的呢？您能否提供一些細節，幫助我們思考一下，有多少比例的客戶通過了銀行級別的 KYC 步驟，以及您可能採取的其他步驟？謝謝。

Yeah, thanks. I'm happy to take that one. I think I could have been more clear to say that our customers do go through bank-level KYC. There might be a very, very small percentage of prepaid cards or something like that. But I think that overall, you can assume that it's the vast, vast majority of customers that go through a bank-level KYC.

是的，謝謝。我很高興接受這個。我認為我可以更清楚地說我們的客戶確實經歷了銀行級的 KYC。預付卡或類似卡的比例可能非常小。但我認為總體而言，你可以假設絕大多數客戶都經過了銀行級的 KYC。

Because if you take a step back and think about it, they're using a debit card or a bank account, meaning bank account and routing number in the US context, and they're linking that to be able to send money back home. And that is just very different than the risk profile, and the -- and yeah, the risk profile of a customer who's going up to a physical cash location and giving physical cash to an agent.

因為如果你退一步想一想，他們正在使用借記卡或銀行帳戶，也就是美國的銀行帳戶和路由號碼，並且他們將其關聯起來以便能夠將錢匯回國內。這與風險狀況有很大不同，是的，與前往實體現金網點並將實體現金交給代理商的客戶的風險狀況有很大不同。

We don't have that. We don't plan to have that. It's -- I think the world is both becoming more digitized and it's a lower risk approach. And it's a signal that our customers have been in-country longer, which in today's macro environment is a customer segment that we're really excited to serve and really excited to continue to grow. So does that answer your question?

我們沒有這個。我們不打算這麼做。我認為世界正在變得更加數位化，而且這是一種風險更低的方法。這表明我們的客戶在該國停留的時間更長，在當今的宏觀環境下，我們非常高興能夠為這個客戶群體提供服務，並且非常高興能夠繼續發展。這回答了你的問題嗎？

Gus Gala, Monness, Crespi, Hardt & Co.

格斯·加拉、蒙內斯、克雷斯皮、哈特等公司

Hey, Matt. Hi, Vikas. Thanks for taking my question. I wanted to dig in on the guidance philosophy around topline into second quarter. We're a decent portion of the way through. April data looks pretty good on MAUs. We're talking about a trend similar to March plus 30. How do we think of that gap to getting to the 25%, 26% rev growth? Seems like there's quite a bit of cushion there.

嘿，馬特。你好，維卡斯。感謝您回答我的問題。我想深入了解第二季營收的指導理念。我們已經完成了相當一部分路程。四月份的月活躍用戶數據看起來相當不錯。我們正在談論與 3 月 30 日類似的趨勢。我們如何看待這一差距與實現 25%、26% 的收入成長？看起來那裡有相當多的緩衝。

And then as we think about the QAU, the marketing for QAU in the back half, do we expect that to continue improving at a lesser rate, stay flat? Just any color on that would be incredibly helpful. Thanks for everything, guys.

然後，當我們考慮 QAU 時，即後半年的 QAU 行銷，我們是否預期它會繼續以較低的速度改善，保持穩定？任何顏色都會非常有用。謝謝你們所做的一切。

Gus, thank you for the question. Both very good questions. So let me unpack both of them. If you take the revenue guide for Q2 and broadly for the year, this is -- we again, based on our strong performance in Q1, increased our full year guide, which is reflected in the numbers.

格斯，謝謝你的提問。這兩個問題都非常好。因此，讓我來解開它們兩個。如果您看一下第二季以及全年的營收指南，那麼我們再次基於第一季的強勁表現提高了全年營收指南，這反映在數字上。

And from a Q2 perspective, if you further dissect the drivers, they are more or less in line with what we have seen before, where the QAU growth, we believe will be revenue growth will outpace the QAU growth from a spend per QAU and we spend a lot of time talking about all the reasons why we are really optimistic about that and that trend should continue.

從第二季的角度來看，如果進一步剖析驅動因素，它們或多或少與我們之前看到的情況一致，即我們認為 QAU 增長將是收入增長，超過每 QAU 支出的 QAU 增長，我們花了很多時間討論為什麼我們對此非常樂觀，並且這種趨勢應該持續下去的所有原因。

On the other hand, volume will outpace revenue growth, which is also a trend we have seen before. So if you combine all the three, we feel really good about the guide that we have shared with you.

另一方面，銷售量的成長速度將超過收入的成長速度，這也是我們之前看到的趨勢。因此，如果您將這三者結合起來，我們會對與您分享的指南感到非常滿意。

Again, keep in mind that given the macro uncertainties, we are thinking from a prudent perspective as we provide the guide. And that said, for all the reasons Matt shared earlier and I highlighted, we retain majority revenue after first full year and just the durability of revenue gives us confidence in the guide.

再次提醒，考慮到宏觀的不確定性，我們在提供指南時會從審慎的角度考慮。話雖如此，由於馬特之前分享的以及我強調的所有原因，我們在第一個完整年後保留了大部分收入，而收入的持久性使我們對指南充滿信心。

As you think about the marketing per QAU, as you rightly pointed out, we are seeing great efficiencies there and the ROI on marketing spend is great. At the same time, the second half comps get tougher. We saw really very good leverage in the second half of last year. And that means that we will start seeing moderation in the marketing per QAU leverage and it should, in the second half, start stabilizing.

當您考慮每個 QAU 的行銷時，正如您正確指出的那樣，我們看到了極高的效率，行銷支出的投資回報率也很高。同時，下半場的比賽變得更加艱難。去年下半年我們看到了非常好的槓桿率。這意味著我們將開始看到每 QAU 行銷槓桿的緩和，並且在下半年開始穩定。

Thank you. I am showing no further questions in the queue at this time. I will now turn the call back over to Mr. Matt Oppenheimer for any closing remarks.

謝謝。目前隊列中沒有其他問題。現在我將把電話轉回給馬特·奧本海默先生，請他做最後發言。

Great. Thanks so much, Operator. Just a big thanks to everyone for the thoughtful questions. I want to thank, as we always do, a customer, Ajay, who I talked about earlier. He shared his experience with Remitly by saying, quote, I found Remitly to be perfect and quick.

偉大的。非常感謝，操作員。非常感謝大家提出的深思熟慮的問題。像往常一樣，我想感謝我之前提到的顧客阿傑 (Ajay)。他分享了使用 Remitly 的經驗，說：“我發現 Remitly 非常完美，而且速度很快。”

And we thank him for his loyalty and for trusting Remitly to get money home to his family. We are talking about his son, his daughter, his grandchildren. Reliably and seamlessly, it is an honor to support customers like Ajay.

我們感謝他的忠誠以及信任 Remitly 能將錢匯給他的家人。我們正在談論他的兒子、女兒和孫子。可靠且無縫地為像 Ajay 這樣的客戶提供支援是一種榮幸。

And thank you, everybody, for joining us. We appreciate your support. We are excited about the opportunities ahead, and we look forward to sharing progress as we continue to execute on our vision, which is to transform lives with trusted financial services that transcend borders.

感謝大家加入我們。感謝您的支持。我們對未來的機會感到興奮，並期待在繼續執行我們的願景的同時分享進展，即透過跨越國界的值得信賴的金融服務改變生活。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。