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10-Q Filing

REMITLY GLOBAL, INC. CIK: 1782170 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001782170-23-000075
Period End Date 20230331
Filing Date 20230508
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance rely-20230331_htm.xml
Balance Sheet 67 line items
Line Item Tag Value Unit Period
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 725.00M shares Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 725.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $300.63M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $444.61M USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 173.25M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 177.73M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $244.16M USD Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 177.73M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 173.25M shares Point-in-time
Disbursement prefunding DisbursementPrefundingReceivablesCurrent $208.23M USD Point-in-time
Disbursement prefunding DisbursementPrefundingReceivablesCurrent $158.06M USD Point-in-time
Customer funds receivable, net SettlementAssetsCurrent $123.19M USD Point-in-time
Customer funds receivable, net SettlementAssetsCurrent $191.40M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $31.36M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $19.33M USD Point-in-time
Total current assets AssetsCurrent $606.94M USD Point-in-time
Total current assets AssetsCurrent $669.42M USD Point-in-time
Restricted cash RestrictedCashNoncurrent $99.00K USD Point-in-time
Restricted cash RestrictedCashNoncurrent $498.00K USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $12.66M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $11.55M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $12.95M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $8.68M USD Point-in-time
Goodwill Goodwill - USD Point-in-time
Goodwill Goodwill $54.99M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet $20.29M USD Point-in-time
Intangible assets, net FiniteLivedIntangibleAssetsNet - USD Point-in-time
Other noncurrent assets, net OtherAssetsNoncurrent $6.86M USD Point-in-time
Other noncurrent assets, net OtherAssetsNoncurrent $6.21M USD Point-in-time
Total assets Assets $695.95M USD Point-in-time
Total assets Assets $715.18M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.91M USD Point-in-time
Accounts payable AccountsPayableCurrent $6.79M USD Point-in-time
Customer liabilities SettlementLiabilitiesCurrent $106.95M USD Point-in-time
Customer liabilities SettlementLiabilitiesCurrent $111.08M USD Point-in-time
Short-term debt ShortTermBorrowings $2.49M USD Point-in-time
Short-term debt ShortTermBorrowings - USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $87.75M USD Point-in-time
Accrued expenses and other current liabilities AccruedLiabilitiesCurrent $79.48M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityCurrent $5.64M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityCurrent $3.52M USD Point-in-time
Total current liabilities LiabilitiesCurrent $197.47M USD Point-in-time
Total current liabilities LiabilitiesCurrent $209.14M USD Point-in-time
Operating lease liabilities, noncurrent OperatingLeaseLiabilityNoncurrent $8.66M USD Point-in-time
Operating lease liabilities, noncurrent OperatingLeaseLiabilityNoncurrent $5.67M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $13.63M USD Point-in-time
Other noncurrent liabilities OtherLiabilitiesNoncurrent $1.05M USD Point-in-time
Total liabilities Liabilities $219.76M USD Point-in-time
Total liabilities Liabilities $215.87M USD Point-in-time
Commitments and Contingencies (Note 14) CommitmentsAndContingencies - USD Point-in-time
Commitments and Contingencies (Note 14) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.0001 par value; 725,000,000 shares authorized as of March 31, 2023 and December 31, 2022 both; 177,733,293 and 173,250,865 shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively CommonStockValue $18.00K USD Point-in-time
Common stock, $0.0001 par value; 725,000,000 shares authorized as of March 31, 2023 and December 31, 2022 both; 177,733,293 and 173,250,865 shares issued and outstanding, as of March 31, 2023 and December 31, 2022, respectively CommonStockValue $17.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $897.58M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $854.28M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-743.00K USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-395.00K USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-373.46M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-401.78M USD Point-in-time
Total stockholders equity StockholdersEquity $480.33M USD Point-in-time
Total stockholders equity StockholdersEquity $480.09M USD Point-in-time
Total stockholders equity StockholdersEquity $495.42M USD Point-in-time
Total stockholders equity StockholdersEquity $471.50M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $695.95M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $715.18M USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $136.01M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $203.87M USD 1 Quarter
Marketing MarketingAndAdvertisingExpense $44.12M USD 1 Quarter
Marketing MarketingAndAdvertisingExpense $40.62M USD 1 Quarter
Technology and development ResearchAndDevelopmentExpense $23.57M USD 1 Quarter
Technology and development ResearchAndDevelopmentExpense $49.38M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $41.41M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $23.34M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.03M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.52M USD 1 Quarter
Total costs and expenses CostsAndExpenses $159.19M USD 1 Quarter
Total costs and expenses CostsAndExpenses $231.93M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-23.17M USD 1 Quarter
Loss from operations OperatingIncomeLoss $-28.07M USD 1 Quarter
Interest income InvestmentIncomeInterest $2.02M USD 1 Quarter
Interest income InvestmentIncomeInterest $36.00K USD 1 Quarter
Interest expense InterestExpense $389.00K USD 1 Quarter
Interest expense InterestExpense $313.00K USD 1 Quarter
Other (expense) income, net OtherNonoperatingIncomeExpense $-1.51M USD 1 Quarter
Other (expense) income, net OtherNonoperatingIncomeExpense $669.00K USD 1 Quarter
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-22.78M USD 1 Quarter
Loss before provision for income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-27.94M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $528.00K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $370.00K USD 1 Quarter
Net loss attributable to common stockholders NetIncomeLoss $-28.31M USD 1 Quarter
Net loss attributable to common stockholders NetIncomeLoss $-23.31M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.14 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $-0.16 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.16 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $-0.14 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 175.11M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 164.39M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 164.39M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 175.11M shares 1 Quarter
Cash Flow Statement 83 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-28.31M USD 1 Quarter
Net loss NetIncomeLoss $-23.31M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $3.03M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $1.52M USD 1 Quarter
Stock-based compensation expense, net ShareBasedCompensation $29.23M USD 1 Quarter
Stock-based compensation expense, net ShareBasedCompensation $9.59M USD 1 Quarter
Other OtherNoncashIncomeExpense $-83.00K USD 1 Quarter
Other OtherNoncashIncomeExpense $-1.08M USD 1 Quarter
Disbursement prefunding IncreaseDecreaseInDisbursementPrefunding $-62.45M USD 1 Quarter
Disbursement prefunding IncreaseDecreaseInDisbursementPrefunding $44.16M USD 1 Quarter
Customer funds receivable IncreaseDecreaseInSettlementAssets $-69.61M USD 1 Quarter
Customer funds receivable IncreaseDecreaseInSettlementAssets $14.45M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $12.08M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $6.22M USD 1 Quarter
Operating lease right-of-use assets IncreaseDecreaseInOperatingLeaseRightOfUseAsset $-807.00K USD 1 Quarter
Operating lease right-of-use assets IncreaseDecreaseInOperatingLeaseRightOfUseAsset $-1.18M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-4.51M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $4.86M USD 1 Quarter
Customer liabilities IncreaseDecreaseInSettlementLiabilities $-7.45M USD 1 Quarter
Customer liabilities IncreaseDecreaseInSettlementLiabilities $10.26M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-6.84M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-4.36M USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-969.00K USD 1 Quarter
Operating lease liabilities IncreaseDecreaseInOperatingLeaseLiability $-355.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $433.00K USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $40.25M USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $864.00K USD 1 Quarter
Purchases of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $872.00K USD 1 Quarter
Capitalized internal-use software costs PaymentsForSoftware $1.30M USD 1 Quarter
Capitalized internal-use software costs PaymentsForSoftware $753.00K USD 1 Quarter
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash PaymentsToAcquireBusinessesNetOfCashAcquired $40.93M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-1.62M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-43.09M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $4.84M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $2.60M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.41M USD 1 Quarter
Taxes paid related to net share settlement of equity awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Repayment of assumed indebtedness RepaymentsOfLongTermDebt - USD 1 Quarter
Repayment of assumed indebtedness RepaymentsOfLongTermDebt $17.07M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-13.64M USD 1 Quarter
Net cash (used in) provided by financing activities NetCashProvidedByUsedInFinancingActivities $2.60M USD 1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $219.00K USD 1 Quarter
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $117.00K USD 1 Quarter
Net (decrease) increase in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $41.34M USD 1 Quarter
Net (decrease) increase in cash, cash equivalents, and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-56.08M USD 1 Quarter
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $444.66M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $300.74M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $403.31M USD Point-in-time
Cash, cash equivalents, and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $244.66M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $444.66M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $300.74M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $403.31M USD Point-in-time
Cash, cash equivalents, and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $244.66M USD Point-in-time
Cash paid for interest InterestPaidNet $227.00K USD 1 Quarter
Cash paid for interest InterestPaidNet $341.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $605.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaidNet $124.00K USD 1 Quarter
Operating lease right-of-use assets obtained in exchange for operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $5.41M USD 1 Quarter
Operating lease right-of-use assets obtained in exchange for operating lease liabilities RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $2.83M USD 1 Quarter
Vesting of early exercised options VestingOfEarlyExercisedOptions $205.00K USD 1 Quarter
Vesting of early exercised options VestingOfEarlyExercisedOptions $149.00K USD 1 Quarter
Noncash issuance of common stock in connection with ESPP StockIssued1 $1.88M USD 1 Quarter
Noncash issuance of common stock in connection with ESPP StockIssued1 $2.73M USD 1 Quarter
Stock-based compensation expense capitalized to internal-use software EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $327.00K USD 1 Quarter
Stock-based compensation expense capitalized to internal-use software EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $541.00K USD 1 Quarter
Issuance of common stock for acquisition consideration StockIssuedAcquisitionConsideration $6.63M USD 1 Quarter
Issuance of common stock for acquisition consideration StockIssuedAcquisitionConsideration - USD 1 Quarter
Issuance of unvested common stock, subject to service-based vesting conditions, in connection with acquisition IssuanceOfUnvestedCommonStockSubjectToServiceBasedVestingConditionsInConnectionWithAcquisition - USD 1 Quarter
Issuance of unvested common stock, subject to service-based vesting conditions, in connection with acquisition IssuanceOfUnvestedCommonStockSubjectToServiceBasedVestingConditionsInConnectionWithAcquisition $581.00K USD 1 Quarter
Amounts held back for acquisition consideration BusinessCombinationConsiderationTransferredAmountHeldBack - USD 1 Quarter
Amounts held back for acquisition consideration BusinessCombinationConsiderationTransferredAmountHeldBack $11.90M USD 1 Quarter
Settlement of preexisting net receivable in exchange for net assets acquired in business combination BusinessCombinationConsiderationTransferredPreExistingReceivableSettlement $2.40M USD 1 Quarter
Settlement of preexisting net receivable in exchange for net assets acquired in business combination BusinessCombinationConsiderationTransferredPreExistingReceivableSettlement - USD 1 Quarter
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $300.63M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $444.61M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $244.16M USD Point-in-time
Restricted Cash and Cash Equivalents RestrictedCashAndCashEquivalents $51.00K USD Point-in-time
Restricted Cash and Cash Equivalents RestrictedCashAndCashEquivalents $498.00K USD Point-in-time
Total cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $444.66M USD Point-in-time
Total cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $300.74M USD Point-in-time
Total cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $403.31M USD Point-in-time
Total cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $244.66M USD Point-in-time
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Beginning balance StockholdersEquity $480.33M USD Point-in-time
Beginning balance StockholdersEquity $480.09M USD Point-in-time
Beginning balance StockholdersEquity $495.42M USD Point-in-time
Beginning balance StockholdersEquity $471.50M USD Point-in-time
Issuance of common stock in connection with ESPP StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $1.88M USD 1 Quarter
Issuance of common stock in connection with ESPP StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $2.73M USD 1 Quarter
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units StockIssuedDuringPeriodValueShareBasedCompensation $4.99M USD 1 Quarter
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units StockIssuedDuringPeriodValueShareBasedCompensation $2.68M USD 1 Quarter
Issuance of common stock for acquisition consideration StockIssuedDuringPeriodValueAcquisitions $6.63M USD 1 Quarter
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition StockIssuedDuringPeriodValueIssuedForServices $581.00K USD 1 Quarter
Taxes paid related to net share settlement of equity awards AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $1.41M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $29.77M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $9.92M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $4.00K USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $348.00K USD 1 Quarter
Net loss NetIncomeLoss $-28.31M USD 1 Quarter
Net loss NetIncomeLoss $-23.31M USD 1 Quarter
Ending balance StockholdersEquity $480.33M USD Point-in-time
Ending balance StockholdersEquity $480.09M USD Point-in-time
Ending balance StockholdersEquity $495.42M USD Point-in-time
Ending balance StockholdersEquity $471.50M USD Point-in-time
Comprehensive Income 6 line items
Line Item Tag Value Unit Period
Net loss NetIncomeLoss $-28.31M USD 1 Quarter
Net loss NetIncomeLoss $-23.31M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $4.00K USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $348.00K USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-23.31M USD 1 Quarter
Comprehensive loss ComprehensiveIncomeNetOfTax $-27.97M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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