Remitly Global, Inc.

NasdaqGS-RELY

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Stock Price	13.3	22.6	19.4	11.5	20.6	—	—
Total Shares Outstanding	209	200.5	188.4	173.3	164.2	24.3	158.2
Market Cap	2,788.7	4,526.1	3,659.4	1,983.7	3,386.6	—	—
Total Enterprise Value (TEV)	2,347.3	4,174.3	3,478.7	1,692.3	2,989.5	—	—
Buyback Yield	0.1%	-0.3%	-0.4%	-0.8%	-9.3%	—	—
Debt Paydown Yield	—	2.9%	-3.1%	0%	2.3%	—	—
Shareholder Yield	0.1%	2.6%	-3.5%	-0.7%	-7%	—	—
P/S	1.8	3.6	3.9	3	7.4	—	—
P/Gross Profit	2.7	5.4	5.9	5	12.7	—	—
P/E	148.2	-118.8	-29.9	-16.8	-32.2	—	—
Earnings Yield	0.7%	-0.8%	-3.3%	-5.9%	-3.1%	—	—
P/OCF	12.1	23.3	-68.3	-18.3	-184.1	—	—
P/FCF	13.6	24	-64.8	-17.7	-166.4	—	—
FCF Yield	7.4%	4.2%	-1.5%	-5.7%	-0.6%	—	—
P/B	3.5	6.8	6.9	4.1	7.1	—	—
EV/Sales	1.5	3.3	3.7	2.6	6.5	—	—
EV/Gross Profit	2.3	5	5.7	4.3	11.2	—	—
EV/EBITDA	44.3	-198.5	-34.4	-14.8	-86.7	—	—
EV/EBIT	67.2	-106.8	-30.5	-14	-75.3	—	—
EV/OCF	10.2	21.5	-64.9	-15.6	-162.6	—	—
EV/FCF	11.4	22.1	-61.6	-15.1	-146.9	—	—

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Gross Profit Margin	65.7%	65.9%	65.1%	60.4%	58.2%	57%	55.9%
Operating Margin	2.3%	-3.1%	-12.1%	-18.5%	-8.7%	-11.4%	-40%
EBITDA Margin	3.4%	-1.7%	-10.7%	-17.5%	-7.5%	-9.8%	-37.9%
Net Profit Margin	1.4%	-2.9%	-12.5%	-17.4%	-8.5%	-12.7%	-40.6%
Effective Tax Rate	30.8%	-22.2%	-5.3%	-0.9%	-2.8%	-3.7%	-0.5%
Pre-Tax Profit Margin	2%	-2.4%	-11.9%	-17.3%	-8.2%	-12.2%	-40.4%
Free Cash Flow Margin	13.3%	14.9%	-6%	-17.2%	-4.4%	-45.3%	2.7%
OCF / Sales	15%	15.4%	-5.7%	-16.6%	-4%	-44.4%	6.7%
OCF / Net Income	1,100.8%	-525.9%	45.5%	95.3%	47.5%	350.7%	-16.4%
FCF / OCF	88.8%	96.9%	105.3%	103.4%	110.6%	101.8%	40.1%
FCF / Net Income	977.6%	-509.7%	47.9%	98.5%	52.5%	357.1%	-6.6%
FCF / EBITDA	387.4%	-896.2%	55.8%	98.3%	59%	462.8%	-7.1%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Return on Invested Capital	4.2%	-9.2%	-28.9%	-53.7%	-27.7%	-43.1%	—
Return on Assets	2.2%	-4.7%	-13.9%	-18.5%	-8.3%	-16.7%	—
Return on Equity	2.9%	-6.2%	-23.3%	-23.7%	-11.8%	-36.9%	—
Return on Total Capital	68%	-60%	-157.9%	-1,589%	-17%	-12.8%	—
Return on Capital Employed	4.2%	-5.8%	-19.8%	-24.9%	-11.9%	-32.2%	—
Return on Tangible Assets	1.8%	-3.9%	-14.2%	-17.3%	-7.8%	-17.9%	—
Receivables Turnover	6.2	4.4	3.3	5.1	7.8	10.1	—
Days Sales Outstanding	59.2	82.8	110.3	72.2	46.9	36	—
Payables Turnover	21.9	16.9	15.7	64.7	70.1	51.9	—
Days Payables Outstanding	16.6	21.7	23.2	5.6	5.2	7	—
Cash Conversion Cycle	42.6	61.1	87.1	66.6	41.7	29	—
Asset Turnover	1.4	1.2	1.1	1	0.9	1.4	—
Fixed Asset Turnover	27.9	36.1	41.3	37.6	30.7	33.6	—
Operating Cycle	59.2	82.8	110.3	72.2	46.9	36	—
CapEx to OCF	0.1	0	-0.1	-0	-0.1	-0	0.6
CapEx to Revenue	0	0	0	0	0	0	0
CapEx to Depreciation	1.4	0.3	0.2	0.5	0.4	0.5	1.9

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Total Debt	35.5	16.3	143	9.2	6.1	87	—
Net Debt	-441.4	-351.8	-180.7	-291.4	-397.1	-99.7	—
Current Ratio	2.9	2.7	2.5	3.2	4.3	1.9	—
Quick Ratio	2.1	1.7	1.9	2.4	3.3	1.3	—
Cash Ratio	1.3	1.1	0.9	1.4	2.8	1	—
Debt Ratio	0	0	0.1	0	0	0.2	—
Assets to Equity	1.5	1.5	2	1.4	1.3	2.1	—
Cash Flow to Debt Ratio	6.5	11.9	-0.4	-11.8	-3	-1.3	—
Long-term Debt to Assets	0	0	0.1	0	0	0	—
Intangibles to Total Assets	0	0.1	0.1	—	—	—	—
Net Current Asset Value	664.9	550.1	425.1	453.6	462.2	-229	—
Goodwill / Assets	0	0.1	0.1	—	—	—	—
Debt / Equity	0	0	0.3	0	0	0.5	—
Total Debt / Capitalization	1	1	1	1	1	0.2	—
Long Term Debt / Capitalization	0.8	0.6	0.9	0.6	0.5	0	—
Long-Term Debt / Equity	0	0	0.3	0	0	0	—
Net Debt / EBITDA	-8.3	16.7	1.8	2.5	11.5	4	—
EBIT / Interest Expense	5.8	-12.1	-48.6	-93	-31.6	-24.5	-31.5
EBITDA / Interest Expense	8.8	-6.5	-43	-87.8	-27.4	-21.1	-29.8
(EBITDA - Capex) / Interest Expense	4.5	-8.3	-44.2	-90.6	-29	-22.9	-33

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
Revenue per Share	7.2	6.5	5.2	3.9	7.6	12	5.9
Basic EPS	0.1	-0.2	-0.7	-0.7	-0.6	-1.5	-3
Diluted EPS	0.1	-0.2	-0.7	-0.7	-0.6	-1.5	-3
Book Value per Share	3.7	3.4	2.9	2.9	7.9	-9.8	—
Tangible Book Value per Share	3.5	3.1	2.5	2.9	7.9	-9.8	—
Cash per Share	2.2	1.9	1.8	1.8	6.6	8.7	—
Operating Cash Flow per Share	1.1	1	-0.3	-0.6	-0.3	-5.3	0.4
Free Cash Flow per Share	1	1	-0.3	-0.7	-0.3	-5.4	0.2
CapEx per Share	0.1	0	0	0	0	0.1	0.2
Weighted Avg. Shares Outstanding	203.2	194.6	180.8	167.8	60.7	21.5	21.3
Weighted Avg. Shares Outstanding Diluted	213.4	194.6	180.8	167.8	60.7	21.5	21.3

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19
R&D to Revenue	19.6%	21.3%	23.3%	21.2%	14%	15.9%	25.3%
SG&A to Revenue	42.3%	46.2%	52.6%	56.7%	51.8%	50.9%	68.5%
Stock-based Comp to Revenue	10.1%	12%	14.5%	14.6%	3.7%	2%	2.9%