Remitly Global, Inc.(NASDAQ:RELY) 
Remitly Global, Inc. provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 135 countries. Remitly Global, Inc. was formerly known as Beamit, Inc. and changed its name to Remitly Global, Inc. in August 2012. The co...
Website: http://www.remitly.com/us/en
Founded: 2011
IPO Price: $43 (Sep 23, 2021)
CEO / Co-Founder: Matthew Oppenheimer
Sector: Technology
Industry: Software—Infrastructure
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At a glance:
- Cross-Border Remittance Platform with Digital-First Model: Remitly Global, Inc. operates a mobile-first international money transfer platform, focusing on fast, convenient remittances and an app-driven customer experience.
- Growth Driven by Active Customers and Send Volume Expansion: Performance is commonly tied to increases in active customers, transaction volume, and repeat usage, with unit economics influenced by customer acquisition efficiency and retention.
- Revenue Influenced by Take Rate and Mix Across Corridors: Revenue is impacted by fees and foreign exchange spread, with corridor, payout method, and competitive pricing dynamics affecting overall take rate and margin profile.
- Profitability Path Hinges on Marketing Efficiency and Operating Leverage: Near- to medium-term earnings potential is often determined by how effectively the company converts marketing spend into durable customers and scales operations while controlling costs.
- Key Risks Include FX, Regulatory Compliance, and Competition: Results can be affected by currency volatility, changing money-transmitter regulations and compliance requirements, fraud/credit losses, and intense competition from fintechs and incumbents.
Bull Thesis:
- Strong User Growth and Engagement: Remitly has consistently demonstrated robust growth in active customers and send volume, indicating strong product-market fit and effective customer acquisition strategies. High engagement suggests customer satisfaction and potential for increased lifetime value.
- Large and Growing Digital Remittance Market: The global remittance market is massive and continues to shift from traditional, offline channels to digital platforms. Remitly is well-positioned to capture a significant share of this ongoing digitization trend, offering a more convenient and often more affordable alternative.
- Expanding Global Network and Corridors: Remitly continues to expand its network of send and receive countries, increasing its addressable market and creating network effects. This broader reach enhances its value proposition for immigrants needing to send money across various international borders.
- Superior Digital Experience and Cost Efficiency: As a digital-first platform, Remitly offers a streamlined user experience and often lower transaction fees compared to traditional brick-and-mortar remittance providers. This efficiency can lead to better margins and a competitive advantage in attracting price-sensitive customers.
Bear Thesis:
- Free Cash Flow Trajectory Still Negative: Despite revenue growth, Remitly has historically reported negative free cash flow, indicating that the company is still heavily investing in growth and operations. A sustained negative free cash flow could raise concerns about long-term financial sustainability without external funding or a clear path to profitability.
- Intense Competition and Pricing Pressure: The digital remittance market is highly competitive, with numerous players including established giants (Western Union, MoneyGram), other fintechs (Wise, Xoom), and local banks. This intense competition can lead to pricing pressure, potentially compressing margins and increasing customer acquisition costs.
- High Regulatory Compliance Costs and Scrutiny: Operating across multiple international borders subjects Remitly to complex and evolving regulatory requirements (AML, KYC, data privacy, consumer protection). Compliance costs are significant and any misstep could lead to hefty fines, operational disruptions, and reputational damage.
- Macroeconomic Sensitivity and Currency Volatility: Remittance volumes are sensitive to global macroeconomic conditions, particularly employment rates and economic stability in sender countries. Additionally, currency exchange rate fluctuations can impact revenue and profitability, especially in volatile markets.
Main Competitors:
- Western Union ($WU) (Money Transfer Services), The long-standing incumbent in the global remittance market, Western Union competes with Remitly through its vast physical agent network, which still serves a significant portion of the market, especially for cash-to-cash transfers and in regions with lower digital penetration. While increasingly investing in digital, its legacy infrastructure can sometimes result in higher fees or less competitive exchange rates compared to digital-native players like Remitly.
- Xoom (a PayPal service) ($PYPL) (International Money Transfer), Xoom is a direct digital competitor, offering similar app-based international money transfers with various payout options (bank deposit, cash pickup, mobile wallet). Being part of PayPal provides Xoom with significant brand recognition, a large existing user base, and robust financial backing, allowing it to compete directly with Remitly on convenience, speed, and pricing in many of the same corridors.
- Wise (formerly TransferWise) ($WISE) (International Money Transfers, Multi-currency Accounts), Wise is another major digital-first player known for its transparent pricing and use of mid-market exchange rates. While Remitly often targets specific corridors for family remittances, Wise has a broader appeal for individuals and businesses needing to send money internationally for various reasons. They compete on transparency, low fees, and speed, often appealing to a more financially savvy user base.
- WorldRemit (Zepz) (International Money Transfer), WorldRemit is highly similar to Remitly in its digital-first approach and focus on remittances, offering comparable services, corridors, and payout options (bank deposit, cash pickup, mobile money). They compete directly on pricing, user experience, marketing, and the breadth of their payout network in specific corridors, often targeting the same customer demographic.
Moat:
Remitly operates in a highly competitive global remittance market. Its primary moat lies in its digital-first, mobile-centric user experience, its extensive and growing network of payout partners in receiving countries (banks, cash pickup locations, mobile money operators), and its brand trust built among immigrant communities. Remitly's focus on specific corridors and its data-driven approach to optimizing pricing and fraud detection also contribute to its competitive advantage. However, competition is intense, coming from established incumbents with vast physical networks (Western Union, MoneyGram), other well-funded digital-native players (Xoom, Wise, WorldRemit), and emerging fintechs. This leads to continuous pressure on pricing, high customer acquisition costs, and the need for constant innovation to maintain market share and profitability.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 452,802,000 | 442,177,000 | 419,494,000 | 411,852,000 | 361,624,000 | 351,895,000 | 336,527,000 | 306,423,000 | 269,118,000 | 264,758,000 | 241,629,000 | 234,033,000 | 203,865,000 | 191,032,000 | 169,259,000 | 157,255,000 | 136,014,000 | 135,255,000 | 121,244,000 |
yoy | 25.21% | 25.66% | 24.65% | 34.41% | 34.37% | 32.91% | 39.27% | 30.93% | 32.01% | 38.59% | 42.76% | 48.82% | 49.89% | 41.24% | 39.60% | ||||
qoq | 2.40% | 5.41% | 1.86% | 13.89% | 2.76% | 4.57% | 9.82% | 13.86% | 1.65% | 9.57% | 3.25% | 14.80% | 6.72% | 12.86% | 7.63% | 15.62% | 0.56% | 11.56% | |
costs and expenses | |||||||||||||||||||
transaction expenses | 144,940,000 | 137,606,000 | 146,725,000 | 143,756,000 | 121,393,000 | 118,389,000 | 115,554,000 | 107,780,000 | 89,881,000 | 89,118,000 | 85,742,000 | 80,187,000 | 74,066,000 | 71,866,000 | 69,872,000 | 60,826,000 | 56,263,000 | 56,431,000 | 47,560,000 |
customer support and operations | 26,811,000 | 27,193,000 | 26,386,000 | 25,074,000 | 22,573,000 | 22,008,000 | 21,792,000 | 19,999,000 | 20,119,000 | 19,917,000 | 21,190,000 | 21,483,000 | 19,931,000 | 19,239,000 | 18,142,000 | 16,855,000 | 13,870,000 | 13,090,000 | 12,005,000 |
marketing | 86,362,000 | 92,800,000 | 91,778,000 | 84,976,000 | 73,349,000 | 83,937,000 | 74,792,000 | 77,056,000 | 68,014,000 | 75,343,000 | 61,351,000 | 53,600,000 | 44,123,000 | 43,163,000 | 43,337,000 | 43,849,000 | 40,621,000 | 38,267,000 | 30,365,000 |
technology and development | 79,603,000 | 82,139,000 | 80,421,000 | 77,496,000 | 73,851,000 | 70,611,000 | 68,446,000 | 67,554,000 | 63,206,000 | 59,240,000 | 57,014,000 | 54,309,000 | 49,376,000 | 42,883,000 | 36,178,000 | 36,083,000 | 23,575,000 | 19,128,000 | 18,123,000 |
general and administrative | 55,147,000 | 56,746,000 | 55,973,000 | 59,581,000 | 52,829,000 | 54,875,000 | 50,920,000 | 45,889,000 | 44,173,000 | 48,657,000 | 49,817,000 | 39,490,000 | 41,408,000 | 34,895,000 | 35,504,000 | 37,509,000 | 23,342,000 | 23,512,000 | 24,539,000 |
depreciation and amortization | 6,199,000 | 6,878,000 | 6,434,000 | 6,326,000 | 5,396,000 | 5,814,000 | 4,655,000 | 3,907,000 | 3,678,000 | 3,484,000 | 3,418,000 | 3,187,000 | 3,029,000 | 1,854,000 | 1,843,000 | 1,510,000 | 1,517,000 | 1,366,000 | 1,319,000 |
total costs and expenses | 399,062,000 | 403,362,000 | 407,717,000 | 397,209,000 | 349,391,000 | 355,634,000 | 336,159,000 | 322,185,000 | 289,071,000 | 295,759,000 | 278,532,000 | 252,256,000 | 231,933,000 | 213,900,000 | 204,876,000 | 196,632,000 | 159,188,000 | 151,794,000 | 133,911,000 |
income from operations | 53,740,000 | 38,815,000 | 11,777,000 | 14,643,000 | 12,233,000 | -3,739,000 | 368,000 | -15,762,000 | -19,953,000 | -31,001,000 | -36,903,000 | -18,223,000 | -28,068,000 | -22,868,000 | -35,617,000 | -39,377,000 | -23,174,000 | -16,539,000 | -12,667,000 |
yoy | 339.30% | -1138.11% | 3100.27% | -192.90% | -161.31% | -87.94% | -101.00% | -13.50% | -28.91% | 35.56% | 3.61% | -53.72% | 21.12% | 38.27% | 181.18% | ||||
qoq | 38.45% | 229.58% | -19.57% | 19.70% | -427.17% | -1116.03% | -102.33% | -21.00% | -35.64% | -15.99% | 102.51% | -35.08% | 22.74% | -35.79% | -9.55% | 69.92% | 40.12% | 30.57% | |
operating margin % | 11.87% | 8.78% | 2.81% | 3.56% | 3.38% | -1.06% | 0.11% | -5.14% | -7.41% | -11.71% | -15.27% | -7.79% | -13.77% | -11.97% | -21.04% | -25.04% | -17.04% | -12.23% | -10.45% |
interest income | 1,653,000 | 1,785,000 | 2,066,000 | 2,061,000 | 1,787,000 | 1,844,000 | 2,065,000 | 1,942,000 | 2,226,000 | 2,247,000 | 1,808,000 | 1,368,000 | 2,024,000 | 2,274,000 | 1,400,000 | 439,000 | 36,000 | 48,000 | 82,000 |
interest expense | -2,437,000 | -2,547,000 | -2,116,000 | -1,650,000 | -1,299,000 | -967,000 | -760,000 | -745,000 | -769,000 | -786,000 | -585,000 | -592,000 | -389,000 | -327,000 | -330,000 | -332,000 | -313,000 | -208,000 | -512,000 |
other income | -881,000 | -1,904,000 | 696,000 | -6,940,000 | 2,221,000 | -2,273,000 | 2,094,000 | 5,764,000 | -64,000 | 283,000 | -1,546,000 | -1,511,000 | 1,092,000 | 1,765,000 | 1,687,000 | 669,000 | 761,000 | 396,000 | |
income before provision for income taxes | 52,075,000 | 36,149,000 | 12,423,000 | 8,114,000 | 14,942,000 | -5,135,000 | 3,767,000 | -8,801,000 | -20,082,000 | -29,604,000 | -35,397,000 | -18,993,000 | -27,944,000 | -19,829,000 | -32,782,000 | -37,583,000 | -22,782,000 | -16,618,000 | -12,701,000 |
provision for income taxes | 3,022,000 | -5,067,000 | 3,594,000 | 1,578,000 | 3,590,000 | 589,000 | 1,850,000 | 3,290,000 | 998,000 | 5,417,000 | 258,000 | -143,000 | 370,000 | -434,000 | 287,000 | 662,000 | 528,000 | -42,000 | 261,000 |
net income | 49,053,000 | 41,216,000 | 8,829,000 | 6,536,000 | 11,352,000 | -5,724,000 | 1,917,000 | -12,091,000 | -21,080,000 | -35,021,000 | -35,655,000 | -16,576,000 | -12,962,000 | ||||||
yoy | 332.11% | -820.06% | 360.56% | -154.06% | -153.85% | -83.66% | -105.38% | ||||||||||||
qoq | 19.01% | 366.83% | 35.08% | -42.42% | -298.32% | -398.59% | -115.85% | -42.64% | -39.81% | -1.78% | 27.88% | ||||||||
net income margin % | 10.83% | 9.32% | 2.10% | 1.59% | 3.14% | -1.63% | 0.57% | -3.95% | -7.83% | -13.23% | -14.76% | 0% | 0% | 0% | 0% | 0% | 0% | -12.26% | -10.69% |
net income per share | |||||||||||||||||||
basic | 0.23 | 0.2 | 0.04 | 0.03 | 0.06 | -0.04 | 0.01 | ||||||||||||
diluted | 0.23 | 0.19 | 0.04 | 0.03 | 0.05 | -0.04 | 0.01 | ||||||||||||
weighted-average shares used for eps calculation | |||||||||||||||||||
basic | 211,032,788 | 205,833,196 | 207,150,067 | 204,693,035 | 201,744,601 | 196,169,417 | |||||||||||||
diluted | 217,047,399 | 217,569,896 | 217,231,102 | 218,977,561 | 218,414,823 | 205,251,546 | |||||||||||||
net income per share | |||||||||||||||||||
basic and diluted | -0.06 | -0.11 | -0.19 | -0.2 | -0.11 | -0.16 | -0.11 | -0.2 | -0.23 | -0.14 | 0.21 | -0.41 | |||||||
weighted-average shares used for eps calculation | |||||||||||||||||||
basic and diluted | 194,646,436 | 193,452,628 | 189,848,799 | 180,818,399 | 182,598,013 | 179,076,496 | 175,113,904 | 167,774,123 | 168,604,378 | 166,498,333 | 164,391,753 | 60,728,748 | 31,641,400 | ||||||
other expense | -1,586,000 | ||||||||||||||||||
net loss attributable to common stockholders | -18,850,000 | -28,314,000 | -19,395,000 | -33,069,000 | -38,245,000 | -23,310,000 | -16,576,000 | -12,962,000 | |||||||||||
deemed dividend on redeemable convertible preferred stock |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets | |||||||||||||||||||
cash and cash equivalents | 649,062,000 | 542,426,000 | 476,896,000 | 515,896,000 | 493,905,000 | 368,097,000 | 324,434,000 | 185,187,000 | 285,997,000 | 323,710,000 | 223,273,000 | 227,507,000 | 244,159,000 | 300,635,000 | 376,451,000 | 429,709,000 | 444,605,000 | 403,262,000 | 443,313,000 |
disbursement prefunding | 244,506,000 | 441,335,000 | 245,840,000 | 196,291,000 | 217,549,000 | 288,934,000 | 219,643,000 | 150,710,000 | 202,042,000 | 195,848,000 | 216,232,000 | 281,940,000 | 208,228,000 | 158,055,000 | 155,536,000 | 159,500,000 | 57,177,000 | 119,627,000 | 108,770,000 |
customer funds receivable | 295,792,000 | 286,455,000 | 307,512,000 | 257,394,000 | 213,554,000 | 193,965,000 | 276,096,000 | 461,797,000 | 439,183,000 | 379,417,000 | 259,316,000 | 138,870,000 | 123,190,000 | 191,402,000 | 114,029,000 | 95,209,000 | 81,702,000 | 67,215,000 | 79,243,000 |
prepaid expenses and other current assets | 58,325,000 | 45,735,000 | 51,174,000 | 67,450,000 | 53,710,000 | 46,518,000 | 41,083,000 | 42,860,000 | 44,789,000 | 33,143,000 | 30,015,000 | 30,848,000 | 31,361,000 | 19,327,000 | 20,119,000 | 19,680,000 | 23,413,000 | 17,448,000 | 15,992,000 |
total current assets | 1,247,685,000 | 1,315,951,000 | 1,081,422,000 | 1,037,031,000 | 978,718,000 | 897,514,000 | 861,256,000 | 840,554,000 | 972,011,000 | 932,118,000 | 728,836,000 | 679,165,000 | 606,938,000 | 669,419,000 | 666,135,000 | 704,098,000 | 606,897,000 | 607,552,000 | 647,318,000 |
property and equipment | 60,162,000 | 61,521,000 | 52,272,000 | 47,263,000 | 41,456,000 | 31,566,000 | 24,364,000 | 22,178,000 | 19,335,000 | 16,010,000 | 14,713,000 | 13,380,000 | 12,658,000 | 11,546,000 | 10,270,000 | 10,237,000 | 9,671,000 | 9,249,000 | 9,225,000 |
operating lease right-of-use assets | 9,954,000 | 12,452,000 | 13,752,000 | 12,865,000 | 11,896,000 | 13,002,000 | 10,768,000 | 11,905,000 | 10,315,000 | 9,525,000 | 10,299,000 | 11,718,000 | 12,954,000 | 8,675,000 | 9,420,000 | 10,146,000 | 7,272,000 | 5,302,000 | 6,052,000 |
goodwill | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,940,000 | 54,989,000 | ||||||
intangible assets | 1,594,000 | 2,125,000 | 4,210,000 | 6,294,000 | 8,379,000 | 10,463,000 | 12,548,000 | 14,212,000 | 15,427,000 | 16,642,000 | 17,856,000 | 19,071,000 | 20,285,000 | ||||||
other noncurrent assets | 11,448,000 | 11,724,000 | 7,088,000 | 7,778,000 | 5,197,000 | 5,386,000 | 6,554,000 | 6,404,000 | 7,173,000 | 7,071,000 | 6,106,000 | 6,253,000 | 6,863,000 | 6,214,000 | 4,431,000 | 3,578,000 | |||
total assets | 1,385,783,000 | 1,458,713,000 | 1,213,684,000 | 1,166,171,000 | 1,100,586,000 | 1,012,871,000 | 970,430,000 | 950,193,000 | 1,079,201,000 | 1,036,306,000 | 832,750,000 | 784,527,000 | 715,185,000 | 695,953,000 | 690,337,000 | 728,110,000 | 627,536,000 | 625,664,000 | 664,869,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities | |||||||||||||||||||
accounts payable | 28,784,000 | 28,450,000 | 32,185,000 | 18,860,000 | 38,907,000 | 16,159,000 | 16,825,000 | 20,926,000 | 12,278,000 | 35,051,000 | 17,861,000 | 17,608,000 | 2,909,000 | 6,794,000 | 8,180,000 | 5,459,000 | 6,048,000 | 1,210,000 | 6,869,000 |
customer liabilities | 264,768,000 | 219,667,000 | 213,375,000 | 187,398,000 | 192,186,000 | 188,984,000 | 194,122,000 | 166,840,000 | 192,296,000 | 177,473,000 | 143,116,000 | 102,262,000 | 106,947,000 | 111,075,000 | 104,861,000 | 129,694,000 | 80,926,000 | 70,483,000 | 104,683,000 |
short-term debt | 2,844,000 | 2,821,000 | 2,722,000 | 2,669,000 | 2,421,000 | 2,468,000 | 2,426,000 | 2,394,000 | 2,445,000 | 2,481,000 | 2,354,000 | 2,432,000 | 2,490,000 | ||||||
accrued expenses and other current liabilities | 136,285,000 | 141,948,000 | 123,256,000 | 150,986,000 | 114,545,000 | 116,652,000 | 105,234,000 | 145,451,000 | 155,080,000 | 145,802,000 | 131,671,000 | 98,717,000 | 79,479,000 | 87,752,000 | 99,573,000 | 113,998,000 | 60,001,000 | 66,683,000 | 57,699,000 |
operating lease liabilities | 6,686,000 | 6,166,000 | 4,519,000 | 3,836,000 | 4,098,000 | 4,745,000 | 5,488,000 | 6,235,000 | 5,746,000 | 6,032,000 | 5,395,000 | 5,637,000 | 5,642,000 | 3,521,000 | 3,168,000 | 2,726,000 | 3,590,000 | 3,240,000 | 3,411,000 |
total current liabilities | 439,367,000 | 399,052,000 | 376,057,000 | 363,749,000 | 352,157,000 | 329,008,000 | 324,095,000 | 341,846,000 | 367,845,000 | 366,839,000 | 300,397,000 | 226,656,000 | 197,467,000 | 209,142,000 | 215,782,000 | 251,877,000 | 150,565,000 | 141,616,000 | 172,662,000 |
operating lease liabilities, noncurrent | 29,769,000 | 28,135,000 | 28,250,000 | 25,860,000 | 14,728,000 | 9,073,000 | 5,770,000 | 6,189,000 | 5,345,000 | 4,477,000 | 5,749,000 | 7,239,000 | 8,665,000 | 5,674,000 | 6,667,000 | 7,933,000 | |||
long-term debt | 155,000,000 | 15,000,000 | 150,000,000 | 130,000,000 | 34,000,000 | ||||||||||||||
other noncurrent liabilities | 9,207,000 | 7,737,000 | 12,210,000 | 11,640,000 | 10,225,000 | 9,319,000 | 9,742,000 | 8,256,000 | 6,653,000 | 5,653,000 | 812,000 | 895,000 | 13,632,000 | 1,050,000 | 1,399,000 | 1,075,000 | |||
total liabilities | 478,343,000 | 589,924,000 | 416,517,000 | 401,249,000 | 377,110,000 | 347,400,000 | 339,607,000 | 371,291,000 | 529,843,000 | 506,969,000 | 306,958,000 | 268,790,000 | 219,764,000 | 215,866,000 | 223,848,000 | 260,885,000 | 156,033,000 | 145,336,000 | 177,186,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
common stock, 0.0001 par value... | 21,000 | 21,000 | 21,000 | 21,000 | 20,000 | 20,000 | 20,000 | 20,000 | 19,000 | 19,000 | 19,000 | 18,000 | 18,000 | 17,000 | 17,000 | 17,000 | 17,000 | 16,000 | 16,000 |
additional paid-in capital | 1,316,280,000 | 1,325,520,000 | 1,295,011,000 | 1,271,110,000 | 1,240,310,000 | 1,195,390,000 | 1,151,479,000 | 1,103,760,000 | 1,062,029,000 | 1,020,286,000 | 983,197,000 | 936,496,000 | 897,575,000 | 854,276,000 | 822,929,000 | 789,221,000 | 753,983,000 | 739,503,000 | 730,253,000 |
accumulated other comprehensive income | 2,434,000 | 3,596,000 | 3,699,000 | 4,184,000 | 75,000 | -1,658,000 | 1,881,000 | -404,000 | -307,000 | 335,000 | -743,000 | -2,389,000 | -1,014,000 | 257,000 | 253,000 | 282,000 | |||
accumulated deficit | -411,295,000 | -460,348,000 | -501,564,000 | -510,393,000 | -516,929,000 | -528,281,000 | -522,557,000 | -524,474,000 | -512,383,000 | -491,303,000 | -456,282,000 | -420,627,000 | -401,777,000 | -373,463,000 | -354,068,000 | -320,999,000 | -282,754,000 | -259,444,000 | -242,868,000 |
total stockholders’ equity | 907,440,000 | 868,789,000 | 797,167,000 | 764,922,000 | 723,476,000 | 665,471,000 | 630,823,000 | 578,902,000 | 549,358,000 | 529,337,000 | 525,792,000 | 515,737,000 | 495,421,000 | 480,087,000 | 466,489,000 | ||||
total liabilities and stockholders’ equity | 1,385,783,000 | 1,458,713,000 | 1,213,684,000 | 1,166,171,000 | 1,100,586,000 | 1,012,871,000 | 970,430,000 | 950,193,000 | 1,079,201,000 | 1,036,306,000 | 832,750,000 | 784,527,000 | 715,185,000 | 695,953,000 | 690,337,000 | ||||
liabilities and stockholders' equity | |||||||||||||||||||
accumulated other comprehensive loss | -1,142,000 | -150,000 | -395,000 | ||||||||||||||||
restricted cash | 498,000 | 99,000 | 81,000 | 51,000 | 51,000 | 51,000 | 302,000 | ||||||||||||
stockholders' equity | |||||||||||||||||||
total stockholders' equity | 467,225,000 | 471,503,000 | 480,328,000 | 487,683,000 | |||||||||||||||
total liabilities and stockholders' equity | 728,110,000 | 627,536,000 | |||||||||||||||||
other non-current assets | 3,645,000 | 3,510,000 | 1,972,000 | ||||||||||||||||
operating lease liabilities, non-current | 4,362,000 | 2,907,000 | 3,623,000 | ||||||||||||||||
other non-current liabilities | 1,106,000 | 813,000 | 901,000 | ||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders' equity | |||||||||||||||||||
borrowings | |||||||||||||||||||
redeemable convertible preferred stock, 0.0001 par value per share... | |||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders' equity | 625,664,000 | 664,869,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||
net income | 49,053,000 | 41,216,000 | 8,829,000 | 6,536,000 | 11,352,000 | |||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
depreciation, amortization, and other | 14,123,000 | 21,346,000 | ||||||||||||||||
stock-based compensation expense | 27,536,000 | 41,282,000 | 39,974,000 | 38,066,000 | 35,792,000 | 41,614,000 | 39,278,000 | 37,157,000 | 34,088,000 | 35,960,000 | 36,573,000 | 35,200,000 | 29,234,000 | 27,413,000 | 25,745,000 | 32,541,000 | 9,594,000 | 8,051,000 |
donation of common stock | 765,000 | 612,000 | 858,000 | 907,000 | 959,000 | 0 | 0 | 0 | 0 | |||||||||
changes in operating assets and liabilities: | ||||||||||||||||||
prepaid expenses and other assets | -12,723,000 | 485,000 | 16,652,000 | -13,342,000 | -6,272,000 | -5,437,000 | 450,000 | 3,140,000 | -10,377,000 | -3,383,000 | 692,000 | 1,734,000 | -12,078,000 | -1,243,000 | -668,000 | 3,534,000 | -6,221,000 | -3,068,000 |
operating lease right-of-use assets | 1,134,000 | 657,000 | 1,110,000 | 1,659,000 | 2,041,000 | 1,506,000 | 1,580,000 | 1,503,000 | 1,392,000 | 1,390,000 | 1,362,000 | 1,250,000 | 1,184,000 | 1,020,000 | 1,000,000 | 936,000 | 807,000 | 757,000 |
accounts payable | 4,772,000 | -6,098,000 | 11,713,000 | -17,739,000 | 22,182,000 | -2,538,000 | -4,244,000 | 8,666,000 | -22,707,000 | 17,111,000 | 268,000 | 14,692,000 | -4,512,000 | -1,328,000 | 2,546,000 | -540,000 | 4,857,000 | -4,264,000 |
accrued expenses and other liabilities | -4,896,000 | 12,591,000 | -24,591,000 | 36,038,000 | -198,000 | 9,022,000 | -39,142,000 | 5,192,000 | 10,429,000 | 13,193,000 | 35,682,000 | 5,323,000 | -6,841,000 | -14,101,000 | -9,996,000 | 54,757,000 | -4,362,000 | 10,058,000 |
operating lease liabilities | 2,128,000 | 1,686,000 | 1,071,000 | 8,227,000 | 4,066,000 | -1,159,000 | -1,623,000 | -1,761,000 | -1,598,000 | -1,263,000 | -1,664,000 | -1,451,000 | -355,000 | -921,000 | -1,090,000 | -1,093,000 | -969,000 | -978,000 |
net cash from operating activities | 81,892,000 | 149,618,000 | 1,370,000 | 41,191,000 | 132,903,000 | 55,635,000 | 146,759,000 | 48,899,000 | -56,808,000 | -34,468,000 | 32,345,000 | -51,900,000 | 433,000 | -77,351,000 | -53,819,000 | -14,220,000 | 40,250,000 | -37,816,000 |
capital expenditures | -9,186,000 | -9,412,000 | -3,326,000 | -15,653,000 | -16,912,000 | -5,222,000 | -3,910,000 | -4,256,000 | -4,314,000 | -2,587,000 | -2,607,000 | -1,750,000 | -2,160,000 | -2,420,000 | -1,461,000 | -1,555,000 | -1,625,000 | -1,246,000 |
free cash flows | 72,706,000 | 140,206,000 | -1,956,000 | 25,538,000 | 115,991,000 | 50,413,000 | 142,849,000 | 44,643,000 | -61,122,000 | -37,055,000 | 29,738,000 | -53,650,000 | -1,727,000 | -79,771,000 | -55,280,000 | -15,775,000 | 38,625,000 | -39,062,000 |
cash flows from investing activities | ||||||||||||||||||
purchases of property and equipment | -5,987,000 | -6,361,000 | -2,806,000 | -1,116,000 | -1,131,000 | -945,000 | -589,000 | -702,000 | -702,000 | -864,000 | -1,482,000 | -705,000 | -620,000 | -872,000 | -609,000 | |||
capitalized internal-use software costs | -3,199,000 | -3,051,000 | -3,326,000 | -3,063,000 | -2,949,000 | -2,416,000 | -2,794,000 | -3,125,000 | -3,369,000 | -1,998,000 | -1,905,000 | -1,048,000 | -1,296,000 | -938,000 | -756,000 | -935,000 | -753,000 | -637,000 |
net collections (originations) from consumer receivables | -4,559,000 | -8,940,000 | ||||||||||||||||
net cash from investing activities | -13,745,000 | -18,352,000 | -19,017,000 | -15,653,000 | -16,912,000 | -5,222,000 | -3,910,000 | -4,256,000 | -4,314,000 | -2,587,000 | -2,607,000 | -1,750,000 | -43,093,000 | -2,293,000 | -1,836,000 | -1,555,000 | -1,625,000 | -1,246,000 |
cash flows from financing activities | ||||||||||||||||||
proceeds from exercise of stock options | 417,000 | 447,000 | 1,637,000 | 2,186,000 | 2,392,000 | 2,913,000 | 1,560,000 | 1,711,000 | 2,483,000 | 2,030,000 | 3,925,000 | 3,489,000 | 4,844,000 | 3,309,000 | 3,778,000 | 1,866,000 | 2,601,000 | 826,000 |
proceeds from issuance of common stock in connection with espp | 6,340,000 | 0 | 5,379,000 | 0 | 5,768,000 | 0 | 4,378,000 | 0 | 5,004,000 | |||||||||
cash paid for repurchase of common stock | -42,499,000 | -12,018,000 | ||||||||||||||||
proceeds from revolving credit facility borrowings | 2,363,000,000 | 2,707,000,000 | 1,611,000,000 | 1,434,000,000 | 1,059,000,000 | 590,000,000 | 293,000,000 | 295,000,000 | 275,000,000 | 340,000,000 | 90,000,000 | |||||||
repayments of revolving credit facility borrowings | -2,518,000,000 | -2,552,000,000 | -1,611,000,000 | -1,434,000,000 | -1,059,000,000 | -590,000,000 | -308,000,000 | -430,000,000 | -255,000,000 | -210,000,000 | -124,000,000 | |||||||
net change in customer funds assets and liabilities | 230,803,000 | |||||||||||||||||
taxes paid related to net share settlement of equity awards | -952,000 | -798,000 | -14,494,000 | -10,528,000 | -1,089,000 | -1,454,000 | -1,206,000 | -1,202,000 | -1,366,000 | -1,991,000 | -2,600,000 | -698,000 | -1,413,000 | -44,000 | -25,000 | |||
net cash from financing activities | 39,109,000 | -66,077,000 | -19,804,000 | -10,970,000 | 7,071,000 | 1,459,000 | -10,268,000 | -144,752,000 | 26,121,000 | 136,171,000 | -32,675,000 | 36,791,000 | -13,637,000 | 2,881,000 | 3,753,000 | 1,836,000 | 2,601,000 | -1,462,000 |
effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | -809,000 | 647,000 | -1,715,000 | 7,454,000 | 2,728,000 | -8,496,000 | 5,170,000 | -130,000 | -1,099,000 | 1,871,000 | -1,262,000 | 444,000 | 219,000 | |||||
net increase in cash, cash equivalents, and restricted cash | 106,447,000 | 65,836,000 | -39,166,000 | 22,022,000 | 125,790,000 | 43,376,000 | -16,415,000 | -56,078,000 | ||||||||||
cash, cash equivalents, and restricted cash at beginning of period | 544,299,000 | 0 | 0 | 0 | 369,817,000 | 0 | 0 | 0 | 325,029,000 | 0 | 0 | -1,000 | 300,735,000 | 0 | 0 | 0 | 403,313,000 | 0 |
cash, cash equivalents, and restricted cash at end of period | 650,746,000 | 65,836,000 | -39,166,000 | 22,022,000 | 495,607,000 | 43,376,000 | 137,751,000 | -100,239,000 | 288,929,000 | 100,987,000 | -4,199,000 | -16,416,000 | 244,657,000 | -75,798,000 | -53,228,000 | -14,896,000 | 444,656,000 | -40,302,000 |
reconciliation of cash, cash equivalents, and restricted cash | ||||||||||||||||||
cash and cash equivalents | 649,062,000 | 65,530,000 | -39,000,000 | 21,991,000 | 493,905,000 | 43,663,000 | 139,247,000 | -100,810,000 | 285,997,000 | 100,437,000 | -4,234,000 | -16,652,000 | 244,159,000 | -75,816,000 | -53,258,000 | -14,896,000 | 444,605,000 | -40,051,000 |
restricted cash included in prepaid expenses and other current assets | 694,000 | 299,000 | -80,000 | 32,000 | 632,000 | -376,000 | -1,659,000 | 503,000 | 2,190,000 | 59,000 | 35,000 | |||||||
restricted cash included in other noncurrent assets | 990,000 | 7,000 | -86,000 | -1,000 | 1,070,000 | 89,000 | 163,000 | 68,000 | 742,000 | 491,000 | 0 | |||||||
total cash, cash equivalents, and restricted cash | 650,746,000 | 65,836,000 | -39,166,000 | 22,022,000 | 495,607,000 | 43,376,000 | 137,751,000 | -100,239,000 | 288,929,000 | 100,987,000 | ||||||||
cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash | 0 | 0 | 0 | -40,933,000 | ||||||||||||||
cash paid for settlement of amounts previously held back for acquisition consideration | 0 | 0 | ||||||||||||||||
payment of debt issuance costs | 0 | -450,000 | -385,000 | |||||||||||||||
repayment of assumed indebtedness | 0 | 0 | 0 | -17,068,000 | ||||||||||||||
disbursement prefunding | -49,549,000 | 21,258,000 | 71,385,000 | -69,291,000 | -68,933,000 | 51,332,000 | -6,194,000 | 20,384,000 | 65,708,000 | -73,713,000 | -44,157,000 | -2,519,000 | 3,964,000 | -102,323,000 | 62,450,000 | -10,857,000 | ||
customer funds receivable | -44,778,000 | -39,595,000 | -16,283,000 | 85,818,000 | 182,618,000 | -22,647,000 | -59,432,000 | -114,869,000 | -122,798,000 | -15,363,000 | 69,608,000 | -74,395,000 | -22,679,000 | -15,415,000 | -14,453,000 | 11,790,000 | ||
customer liabilities | 26,867,000 | -7,633,000 | 2,487,000 | -4,145,000 | 27,512,000 | -25,445,000 | 14,744,000 | 32,507,000 | 41,688,000 | -5,029,000 | -7,448,000 | 6,176,000 | -23,476,000 | 50,022,000 | 10,257,000 | -34,187,000 | ||
depreciation and amortization | 6,326,000 | 5,396,000 | 5,814,000 | 4,655,000 | 3,907,000 | 3,678,000 | 3,484,000 | 3,418,000 | 3,187,000 | 3,029,000 | 1,854,000 | 1,843,000 | 1,510,000 | 1,517,000 | 1,366,000 | |||
other | 483,000 | -4,000 | 155,000 | 104,000 | -54,000 | 249,000 | -3,961,000 | 2,471,000 | 1,120,000 | 1,083,000 | 88,000 | 89,000 | 96,000 | 83,000 | 92,000 | |||
purchases of property and equipment, and other | -12,590,000 | -13,963,000 | ||||||||||||||||
net loss | -5,724,000 | 1,917,000 | -12,091,000 | -21,080,000 | -35,655,000 | -18,850,000 | -28,314,000 | -19,395,000 | -33,069,000 | -38,245,000 | -23,310,000 | -16,576,000 | ||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | -100,239,000 | -36,100,000 | ||||||||||||||||
proceeds from issuance of common stock upon initial public offering and private placements, net of offering costs, underwriting discounts and commissions | ||||||||||||||||||
repayment of non-recourse promissory note | 0 | |||||||||||||||||
proceeds from issuance of series e and f convertible preferred stock, net of issuance costs | ||||||||||||||||||
supplemental disclosure of cash flow information | ||||||||||||||||||
cash paid for interest | 558,000 | 430,000 | 341,000 | 216,000 | 225,000 | 238,000 | 227,000 | -2,000 | ||||||||||
cash paid for income taxes | 3,887,000 | 680,000 | 124,000 | 885,000 | 568,000 | 224,000 | 605,000 | 453,000 | ||||||||||
supplemental disclosure of noncash investing and financing activities | ||||||||||||||||||
operating lease right-of-use assets obtained in exchange for operating lease liabilities | 0 | 0 | 5,414,000 | 0 | 509,000 | 4,102,000 | 2,830,000 | 0 | ||||||||||
vesting of early exercised options | 66,000 | 96,000 | 149,000 | 162,000 | 161,000 | 188,000 | 205,000 | 219,000 | ||||||||||
noncash issuance of common stock in connection with espp | 3,317,000 | 0 | 2,729,000 | 0 | ||||||||||||||
stock-based compensation expense capitalized to internal-use software | 820,000 | 833,000 | 541,000 | 453,000 | ||||||||||||||
issuance of common stock for acquisition consideration | 0 | 0 | 6,635,000 | |||||||||||||||
issuance of common stock, subject to service-based vesting conditions, in connection with acquisition | ||||||||||||||||||
amounts held back for acquisition consideration | 0 | 0 | 11,899,000 | |||||||||||||||
settlement of preexisting net receivable in exchange for net assets acquired in business combination | 0 | 0 | 2,401,000 | |||||||||||||||
issuance of unvested common stock, subject to service-based vesting conditions, in connection with acquisition | 0 | 581,000 | ||||||||||||||||
total cash, cash equivalents and restricted cash | -16,416,000 | 244,657,000 | -75,798,000 | -53,228,000 | -14,896,000 | 444,656,000 | -40,302,000 | |||||||||||
adjustments to reconcile net loss to net cash from operating activities | ||||||||||||||||||
restricted cash | 498,000 | 18,000 | 30,000 | 0 | 51,000 | -251,000 | ||||||||||||
cash paid for acquisition, net of acquired cash and cash equivalents | 127,000 | |||||||||||||||||
proceeds from (repayments of) revolving credit facility borrowings | ||||||||||||||||||
repayment of long-term debt | ||||||||||||||||||
effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | -957,000 | 117,000 | 222,000 | |||||||||||||||
net increase in cash, cash equivalents and restricted cash | -14,896,000 | 41,343,000 | -40,302,000 | |||||||||||||||
ipo and debt issuance costs incurred but not yet paid | ||||||||||||||||||
conversion of redeemable convertible preferred stock to common stock in connection with initial public offering | ||||||||||||||||||
reconciliation of cash, cash equivalents and restricted cash | ||||||||||||||||||
proceeds from issuance of common stock upon initial public offering and private placements, net of underwriting discounts and commissions and other offering costs | ||||||||||||||||||
proceeds from issuance of series f convertible preferred stock, net of issuance costs | ||||||||||||||||||
noncash issuance shares through employee stock purchase plan | ||||||||||||||||||
stock compensation capitalized to internal-use software | ||||||||||||||||||
ipo costs incurred but not yet paid | ||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities | ||||||||||||||||||
non-cash issuance shares through employee stock purchase plan | 1,882,000 | |||||||||||||||||
proceeds from issuance of common stock upon initial public offering and the private placement, net of underwriting discounts and commissions and other offering costs | -1,903,000 | |||||||||||||||||
repurchase and retirement of common stock in connection with tender offer | ||||||||||||||||||
repurchase and retirement of redeemable convertible preferred stock in connection with tender offer | ||||||||||||||||||
repayment of term loan | ||||||||||||||||||
conversion of preferred stock to common stock | 0 | |||||||||||||||||
repayments on borrowings |