Remitly Global, Inc.

Previous wording

•Mobile First. Our mobile app for cross-border remittances provides an easy-to-use, end-to-end process with a simple and reliable user experience that delivers peace of mind. In just a few minutes, customers are able to set up and send money for the first time with Remitly, and repeat transactions are easier with just a few taps. Our users can also track the status of their transactions as they are processed, and we provide a reliability promise to customers which is underpinned by our sophisticated risk models, high-quality network, and empathetic customer service. This mobile-first experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty. Our services are highly non-discretionary for many of our customers which results in high revenue visibility throughout economic cycles. As of June 30, 2025, our Remitly app had a 4.9 iOS App Store rating with over 3.6 million reviewers and a 4.8 Android Google Play rating with over 1.1 million reviewers. App rating is based on all countries or regions and the rating may vary based on user location and device type.

Current wording

•Mobile First. Our mobile app for cross-border remittances provides an easy-to-use, end-to-end process with a simple and reliable user experience that delivers peace of mind. In just a few minutes, customers are able to set up and send money for the first time with Remitly, and repeat transactions are easier with just a few taps. Our users can also track the status of their transactions as they are processed, and we provide a reliability promise to customers which is underpinned by our sophisticated risk models, high-quality network, and empathetic customer service. This mobile-first experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty. Our services are highly non-discretionary for many of our customers which results in high revenue visibility throughout economic cycles. As of September 30, 2025, our Remitly app had a 4.9 iOS App Store rating with over 3.8 million reviewers and a 4.8 Android Google Play rating with over 1.2 million reviewers. App rating is based on all countries or regions and the rating may vary based on user location and device type.

Previous wording

•Global Presence and High-Quality Money Movement Network. Our global network of funding and disbursement partnerships enables us to complete money transfers efficiently in over 5,200 corridors without the need to deploy local operations in each country. We are able to do this while complying with global and local licensing and regulatory requirements. A corridor represents the pairing of a send country, from which a customer can send a remittance, with a specific receive country to which such remittance can be sent. As a result of the quality of our network and the foundational investments we have made, in general, every new send country we add results in a significant number of new corridors, as we are able to quickly connect send countries with receive countries, allowing us to continue to scale rapidly. Our significant global presence and direct integration strategy allows us to negotiate favorable terms with both funding and disbursement partners while providing a great end-to-end customer experience including rapid and reliable transfers.

Current wording

•Global Presence and High-Quality Money Movement Network. Our global network of funding and disbursement partnerships enables us to complete money transfers efficiently in over 5,300 corridors without the need to deploy local operations in each country. We are able to do this while complying with global and local licensing and regulatory requirements. A corridor represents the pairing of a send country, from which a customer can send a remittance, with a specific receive country to which such remittance can be sent. As a result of the quality of our network and the foundational investments we have made, in general, every new send country we add results in a significant number of new corridors, as we are able to quickly connect send countries with receive countries, allowing us to continue to scale rapidly. Our significant global presence and direct integration strategy allows us to negotiate favorable terms with both funding and disbursement partners while providing a great end-to-end customer experience including rapid and reliable transfers.

Previous wording

Our disbursement network enables us to send (or pay-out) funds to over 5.0 billion bank accounts and mobile wallets and approximately 460,000 cash pick-up options. We focus on creating financial inclusion by providing payout optionality and access for recipients who do not always have convenient access to traditional banking. We believe our focus on financial inclusion creates peace of mind for our customers and their families while attracting and retaining loyal customers.

Current wording

Our disbursement network enables us to send (or pay-out) funds to over 5.4 billion bank accounts and mobile wallets and approximately 490,000 cash pick-up options. We focus on creating financial inclusion by providing payout optionality and access for recipients who do not always have convenient access to traditional banking. We believe that our focus on financial inclusion creates peace of mind for our customers and their families while attracting and retaining loyal customers.

Previous wording

Active customers increased to approximately 8.5 million, or 24% growth, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily due to an increase in the number of new customers, driven by investments in our mobile app and efficient marketing spend, our focus on customer experience and how we serve our customers, expansion of our global disbursement network, and the continued diversification across both send and receive countries. While we continue to see strong results in our largest existing receive countries (India, Mexico, and the Philippines), our successful diversification of our corridor portfolio across both send and receive countries has contributed to new customer growth.

Current wording

Active customers increased to approximately 8.9 million, or 21% growth, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. This increase was primarily due to an increase in the number of new customers, driven by investments in our mobile app and efficient marketing spend, our focus on customer experience and how we serve our customers, expansion of our global disbursement network, and the continued diversification across both send and receive countries. While we continue to see strong results in our largest existing receive countries (India, Mexico, and the Philippines), our successful diversification of our corridor portfolio across both send and receive countries has contributed to new customer growth.

Previous wording

Send volume increased 40% to $18.5 billion for the three months ended June 30, 2025, compared to $13.2 billion for the three months ended June 30, 2024, driven by the increase in active customers.

Current wording

Send volume increased 35% to $19.5 billion for the three months ended September 30, 2025, compared to $14.5 billion for the three months ended September 30, 2024, driven by the increase in active customers.

Previous wording

Send volume increased 40%, to $34.6 billion for the six months ended June 30, 2025, compared to $24.7 billion for the six months ended June 30, 2024, driven by the increase in active customers.

Current wording

Send volume increased 38%, to $54.2 billion for the nine months ended September 30, 2025, compared to $39.2 billion for the nine months ended September 30, 2024, driven by the increase in active customers.

Previous wording

Our send volume is primarily driven by existing customers who regularly use our remittance product to send money to family and friends. We believe our mobile-first products and superior customer experience encourage high retention and repeat usage, which are significant though not the only drivers of our performance.

Current wording

Our send volume is primarily driven by existing customers who regularly use our cross-border payment product to send money to family and friends. We believe our mobile-first products and superior customer experience encourage high retention and repeat usage, which are significant though not the only drivers of our performance.

Previous wording

We continue to assess the impact of developments in foreign trade policy, including taxes and tariffs, and global market conditions. While the imposition of tariffs have not had a significant impact on our business historically, we recognize there is a potential for indirect effects, particularly from foreign exchange volatility to which we are exposed due to the global nature of our cross-border payment operations. We maintain a balanced portfolio of currency and manage foreign exchange risk through various operational measures. While foreign exchange fluctuations may impact certain areas of our business, our proactive risk management is designed to help mitigate potential impacts. Refer to our discussion of foreign currency exchange rate risk included in Part I, Item 3 of this Quarterly Report on Form 10-Q for further details.

Current wording

We continue to assess the impact of developments in foreign trade policy, including taxes and tariffs, and global market conditions. While the imposition of tariffs has not had a significant impact on our business historically, we recognize there is a potential for indirect effects, particularly from foreign exchange volatility to which we are exposed due to the global nature of our cross-border payment operations. We maintain a balanced portfolio of currency and manage foreign exchange risk through various operational measures. While foreign exchange fluctuations may impact certain areas of our business, our proactive risk management is designed to help mitigate potential impacts. Refer to our discussion of foreign currency exchange rate risk included in Part I, Item 3 of this Quarterly Report on Form 10-Q for further details.

Previous wording

In addition, evolving regulatory developments may influence customer behavior and transaction volumes. One such development is the U.S. budget reconciliation bill (H.R. 1), also known as the One Big Beautiful Bill Act (the “OBBBA”), that was signed into law on July 4, 2025. The OBBBA generally imposes a tax on outbound, non-digital remittances from the United States to recipients abroad. While regulatory developments, like the OBBBA, may impact certain areas of our business, our business has remained resilient through various macroeconomic, political, and regulatory cycles over the past decade. We will continue to evaluate the impact the new legislation will have on our condensed consolidated financial statements, but at this time, we do not expect that the remittance tax included in the OBBBA will have a material impact on our business.

Current wording

In addition, evolving regulatory developments may influence customer behavior and transaction volumes. For example, recent U.S. policy changes have increased the costs associated with the H-1B visa program and increased deportation activity more broadly, and the One Big Beautiful Bill Act (the “OBBBA”) passed on July 4, 2025, imposes a tax on outbound, non-digital remittances from the United States to recipients abroad. While these regulatory developments may impact certain areas of our business, our business has remained resilient through various macroeconomic, political, and regulatory cycles over the past decade. We will continue to evaluate the impact the new legislation will have on our condensed consolidated financial statements, but at this time, we do not expect that the remittance tax included in the OBBBA will have a material impact on our business.

Previous wording

The OBBBA also enacts U.S. corporate income tax reform, certain aspects of which apply to our business beginning in the current year. The Company is evaluating the impact that the new legislation will have on its condensed consolidated financial statements, but does not expect a significant impact, inclusive of the effect of the valuation allowance on U.S. deferred tax assets.

Current wording

The OBBBA also enacts U.S. corporate income tax reform, certain aspects of which apply to our business beginning in the current year. We will continue to evaluate the impact the new legislation will have on our condensed consolidated financial statements, but we do not expect a significant impact, inclusive of the effect of the valuation allowance on U.S. deferred tax assets.

Previous wording

Our revenue is generated on transaction fees charged to customers and foreign exchange spreads between the foreign exchange rate offered to customers and the foreign exchange rate on our currency purchases. Revenue is recognized, in an amount that reflects the consideration we expect to be entitled to in exchange for services provided, when control of these services is transferred to our customers, which is the time the funds have been delivered to the intended recipient.

Current wording

Our primary source of revenue is generated from our remittance business, which is generated on transaction fees charged to customers and foreign exchange spreads between the foreign exchange rate offered to customers and the foreign exchange rate on our currency purchases. Revenue is recognized, in an amount that reflects the consideration we expect to be entitled to in exchange for services provided, when control of these services is transferred to our customers, which is the time the funds have been delivered to the intended recipient.

Previous wording

Comparison of the three and six months ended June 30, 2025 and 2024

Current wording

Comparison of the three and nine months ended September 30, 2025 and 2024

Previous wording

The following table sets forth our results of operations together with the dollar and percentage change for the three and six months ended June 30, 2025 and 2024:

Current wording

The following table sets forth our results of operations together with the dollar and percentage change for the three and nine months ended September 30, 2025 and 2024:

Previous wording

The following discussion and analysis is for the three and six months ended June 30, 2025, compared to the same period in 2024.

Current wording

The following discussion and analysis is for the three and nine months ended September 30, 2025, compared to the same periods in 2024.

Previous wording

Revenue increased 34%, or $105.4 million, and 34%, or $197.9 million, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024. The increase was primarily driven by a 24% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, and a continued mix shift trending towards digital disbursements. Revenue derived from each transaction varies based on a number of attributes, including the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the country to which the funds were transferred.

Current wording

Revenue increased 25%, or $83.0 million, and 31%, or $280.9 million, for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024. The increase was primarily driven by a 21% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, and a continued mix shift trending towards digital disbursements. Revenue derived from each transaction varies based on a number of attributes, including the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the country to which the funds were transferred.

Previous wording

As a reflection of this growth, send volume increased 40% to $18.5 billion and $34.6 billion for the three and six months ended June 30, 2025, as compared to $13.2 billion and $24.7 billion for the three and six months ended June 30, 2024, respectively.

Current wording

As a reflection of this growth, send volume increased 35% and 38% to $19.5 billion and $54.2 billion for the three and nine months ended September 30, 2025, respectively, as compared to $14.5 billion and $39.2 billion for the three and nine months ended September 30, 2024, respectively.

Previous wording

Transaction expenses increased $36.0 million, or 33%, to $143.8 million for the three months ended June 30, 2025, compared to $107.8 million for the three months ended June 30, 2024. The increase was primarily due to a $22.3 million, or 26%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and an $11.3 million increase in our provision for transaction and other losses.

Current wording

Transaction expenses increased $31.2 million, or 27%, to $146.7 million for the three months ended September 30, 2025, compared to $115.6 million for the three months ended September 30, 2024. The increase was primarily due to a $21.0 million, or 23%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and an $8.4 million increase in our provision for transaction and other losses.

Previous wording

Transaction expenses increased $67.5 million, or 34%, to $265.1 million for the six months ended June 30, 2025, compared to $197.7 million for the six months ended June 30, 2024. The increase was primarily due to a $46.5 million, or 29%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and a $17.6 million increase in our provision for transaction and other losses.

Current wording

Transaction expenses increased $98.7 million, or 31%, to $411.9 million for the nine months ended September 30, 2025, compared to $313.2 million for the nine months ended September 30, 2024. The increase was primarily due to a $67.5 million, or 27%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and a $26.0 million increase in our provision for transaction and other losses.

Previous wording

As a percentage of revenue, transaction expenses remained flat at 35% and 34% for the three and six months ended June 30, 2025, as compared to 35% and 34% for the three and six months ended June 30, 2024, respectively.

Current wording

As a percentage of revenue, transaction expenses increased to 35% for both the three and nine months ended September 30, 2025, compared to 34% for both the three and nine months ended September 30, 2024.

Previous wording

As a percentage of revenue, customer support and operations expenses decreased to 6% for both the three and six months ended June 30, 2025, from 7% for both the three and six months ended June 30, 2024. The decrease was primarily due to process improvements and automation across customer support headcount at internal and third-party customer support sites.

Current wording

As a percentage of revenue, customer support and operations expenses decreased to 6% for both the three and nine months ended September 30, 2025, compared to 7% for both the three and nine months ended September 30, 2024. The decrease was primarily due to process improvements and automation across customer support headcount at internal and third-party customer support sites.

Previous wording

Marketing expenses increased $7.9 million, or 10%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase of $5.6 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers. In addition, the increase was driven by a $1.7 million increase in personnel-related costs compared to the three months ended June 30, 2024.

Current wording

Marketing expenses increased $17.0 million, or 23%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, primarily due to an increase of $13.3 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers. In addition, the increase was driven by a $1.3 million increase in personnel-related costs compared to the three months ended September 30, 2024.

Previous wording

Marketing expenses increased $13.3 million, or 9%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to an increase of $7.3 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers. In addition, the increase was driven by a $3.6 million increase in personnel-related costs compared to the six months ended June 30, 2024.

Current wording

Marketing expenses increased $30.2 million, or 14%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to an increase of $20.6 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers. In addition, the increase was driven by a $4.9 million increase in personnel-related costs compared to the nine months ended September 30, 2024.

Previous wording

As a percentage of revenue, marketing expenses decreased to 21% and 20% for the three and six months ended June 30, 2025, respectively, from 25% for the three and six months ended June 30, 2024, as we benefited from efficiencies in digital and brand marketing.

Current wording

As a percentage of revenue, marketing expenses were 22% and 21% for the three and nine months ended September 30, 2025, respectively, compared to 22% and 24% for the three and nine months ended September 30, 2024, respectively. The decrease was primarily due to efficiencies in digital and brand marketing.

Previous wording

Technology and development expenses increased $9.9 million, or 15%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was driven by $6.8 million in personnel-related expenses, net of amounts capitalized as internal-use software. The increase in technology and development expense was also driven by a $1.3 million increase in software costs for cloud services to support incremental transaction volume.

Current wording

Technology and development expenses increased $12.0 million, or 17%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was driven by $8.7 million in personnel-related expenses, net of amounts capitalized as internal-use software. The increase in technology and development expense was also driven by a $2.1 million increase in software costs for cloud services to support incremental transaction volume.

Previous wording

Technology and development expenses increased $20.6 million, or 16%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase was driven by $14.8 million in personnel-related expenses, net of amounts capitalized as internal-use software. The increase in technology and development expense was also driven by a $2.8 million increase in software costs for cloud services to support incremental transaction volume.

Current wording

Technology and development expenses increased $32.6 million, or 16%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increase was driven by $23.5 million in personnel-related expenses, net of amounts capitalized as internal-use software. The increase in technology and development expense was also driven by a $4.9 million increase in software costs for cloud services to support incremental transaction volume.

Previous wording

As a percentage of revenue, technology and development expenses decreased to 19% and 20% for the three and six months ended June 30, 2025, respectively, from 22% and 23% for the three and six months ended June 30, 2024, as we benefited from increasing efficiencies.

Current wording

As a percentage of revenue, technology and development expenses decreased to 19% for both the three and nine months ended September 30, 2025, respectively, from 20% and 22% for the three and nine months ended September 30, 2024, as we benefited from increasing efficiencies.

Previous wording

General and administrative expenses increased $22.3 million, or 25%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a $7.9 million increase in provisions related to collectability of amounts due from certain processing partners. The increase in general and administrative expenses was also driven by a $4.2 million increase in personnel-related expenses and $1.9 million related to our charitable contributions for our quarterly Pledge 1% donation.

Current wording

General and administrative expenses increased $5.1 million, or 10%, for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase was driven by a $2.3 million increase in provisions related to collectability of amounts due from certain processing partners, as well as a $0.5 million increase in personnel-related expenses.

Previous wording

General and administrative expenses increased $13.7 million, or 30%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to a $6.1 million increase in provisions related to collectability of amounts due from certain processing partners. The increase in general and administrative expenses was also driven by a $1.2 million increase in personnel-related expenses and $0.9 million related to our charitable contributions for our quarterly Pledge 1% donation.

Current wording

General and administrative expenses increased $27.4 million, or 19%, for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to a $10.2 million increase in provisions related to collectability of amounts due from certain processing partners. The increase in general and administrative expenses was also driven by a $4.7 million increase in personnel-related expenses.

Previous wording

As a percentage of revenue, general and administrative expenses decreased to 14% and 15% for the three and six months ended June 30, 2025, respectively, from 15% and 16% for the three and six months ended June 30, 2024, respectively, as we continue to leverage scale in our general and administrative functions.

Current wording

As a percentage of revenue, general and administrative expenses decreased to 13% and 14% for the three and nine months ended September 30, 2025, respectively, from 15% for both the three and nine months ended September 30, 2024, respectively, as we continue to leverage scale in our general and administrative functions.

Previous wording

Depreciation and amortization increased $2.4 million and $4.1 million, or 62% and 55%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The increase is primarily driven by an increase in amortization of intangibles and internal-use software.

Current wording

Depreciation and amortization increased $1.8 million and $5.9 million, or 38% and 48%, respectively, for the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024. The increase is primarily driven by an increase in amortization of intangibles and internal-use software.

Previous wording

Interest income increased $0.1 million and decreased $0.3 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. This is primarily driven by increases and decreases on average invested balances throughout the periods.

Current wording

Interest income increased by an immaterial amount and decreased $0.3 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024. This is primarily driven by increases and decreases on average invested balances throughout the periods.

Previous wording

Interest expense increased $0.9 million and $1.4 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024, primarily due to draws on the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility.

Current wording

Interest expense increased $1.4 million and $2.8 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024, primarily due to draws on the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility.

Previous wording

The provision for income taxes decreased $1.7 million and increased $0.9 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. The decrease for the three months ended June 30, 2025 is primarily due to lower taxable income in the U.S. and certain foreign jurisdiction. The increase for the six months ended June 30, 2025 is primarily due to higher taxable income in the U.S. and certain foreign jurisdictions.

Current wording

The provision for income taxes increased $1.7 million and $2.6 million for the three and nine months ended September 30, 2025, respectively, compared to the three and nine months ended September 30, 2024. The increases in both the three and nine months ended September 30, 2025 are primarily due to higher taxable income in certain foreign jurisdictions.

Previous wording

•Adjusted EBITDA excludes certain transaction costs related to integration, restructuring, and other costs. The integration costs are primarily related to the Rewire acquisition and primarily include external legal, accounting, valuation, and due diligence costs, advisory and other professional services fees necessary to integrate acquired businesses, and the change in the fair value of the holdback liability as part of the acquisition of Rewire. The restructuring costs are primarily related to severance and other associated costs; and

Current wording

•Adjusted EBITDA excludes certain transaction costs related to integration, restructuring, and other costs. The integration costs are primarily related to the acquisition of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”) and primarily include external legal, accounting, valuation, and due diligence costs, advisory and other professional services fees necessary to integrate acquired businesses, and the change in the fair value of the holdback liability as part of the acquisition of Rewire. The restructuring costs are primarily related to severance and other associated costs; and

Previous wording

(1) Refer to Note 10. Common Stock within the notes to the condensed consolidated financial statements for further detail on the donation of common stock.

Current wording

(1) Refer to Note 11. Common Stock within the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for further detail on the donation of common stock.

Previous wording

(2)Integration, restructuring, and other costs for the three and six months ended June 30, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the six months ended June 30, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”).

Current wording

(2)Integration, restructuring, and other costs for the three and nine months ended September 30, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the nine months ended September 30, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire.

Previous wording

As of June 30, 2025 and December 31, 2024, our principal sources of liquidity were cash and cash equivalents of $515.9 million and $368.1 million, respectively, as well as funds available under the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility, which we entered into in September 2021 and June 2025, respectively. The 2021 Revolving Credit Facility was amended in December 2023 to increase the revolving commitments from$250.0 million (including a$60.0 million letter of credit sub-facility) to$325.0 million. The 2021 Revolving Credit Facility was replaced in June 2025 with the 2025 Revolving Credit Facility, which increased the revolving commitments from $325.0 million (including a $60 million letter of credit sub-facility) to$550.0 million (including a$200.0 million letter of credit sub-facility). We have historically financed our operations and capital expenditures primarily through cash generated from operations including transaction fees and foreign exchange spreads. In recent periods, we have supplemented those cash flows with borrowings on our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future. During the six months ended June 30, 2025 and 2024, the average term of outstanding borrowings under our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2021 Revolving Credit Facility and 2025 Revolving Credit Facility (including the letter of credit sub-facility). During the six months ended June 30, 2025, we cumulatively borrowed and repaid $2,493.0 million against these credit facilities. As of June 30, 2025, we had no outstanding borrowings under the 2025 Revolving Credit Facility. As of June 30, 2025, we have unused borrowing capacity of $497.2 million.

Current wording

As of September 30, 2025 and December 31, 2024, our principal sources of liquidity were cash and cash equivalents of $476.9 million and $368.1 million, respectively, as well as funds available under the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility, which we entered into in September 2021 and June 2025, respectively. The 2021 Revolving Credit Facility was amended in December 2023 to increase the revolving commitments from$250.0 million (including a$60.0 million letter of credit sub-facility) to$325.0 million, andwas replaced in June 2025 with the 2025 Revolving Credit Facility, which increased the revolving commitments to$550.0 million (including a$200.0 million letter of credit sub-facility). We have historically financed our operations and capital expenditures primarily through cash generated from operations, including from transaction fees and foreign exchange spreads. In recent periods, we have supplemented those cash flows with borrowings on our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future. During the nine months ended September 30, 2025 and 2024, the average term of outstanding borrowings under our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2021 Revolving Credit Facility and 2025 Revolving Credit Facility (including the letter of credit sub-facility). During the nine months ended September 30, 2025, we cumulatively borrowed and repaid $4.1 billion against these credit facilities. As of September 30, 2025, we had no outstanding borrowings under the 2025 Revolving Credit Facility. As of September 30, 2025, we had unused borrowing capacity of $484.6 million.

Previous wording

Our main sources of operating cash are transaction fees charged to customers and foreign exchange spreads on transactions. Our primary uses of cash from operating activities have been for advertising expenses used to attract new customers, transaction expenses that include fees paid to payment processors and disbursement partners, personnel-related expenses, technology, and other general corporate expenditures. Our changes in operating cash flows are heavily impacted by the timing of customer transactions and, in particular, the day of the week that the quarter end falls on, including holidays and long weekends. For example, we generally have higher prefunding amounts if the quarter closes on a weekend or in advance of a long weekend, such as a holiday, which creates variability in customer transaction-related balances period over period and can reduce our cash position at a particular point in time. These balances within our Condensed Consolidated Statements of Cash Flows include disbursement prefunding, customer funds receivable, customer liabilities, and trade settlement liabilities, which are included within the line item ‘Accrued expenses and other liabilities.’

Current wording

Our main sources of operating cash are transaction fees charged to customers and foreign exchange spreads on transactions. Our primary uses of cash from operating activities have been for advertising expenses used to attract new customers, transaction expenses that include fees paid to payment processors and disbursement partners, personnel-related expenses, technology, and other general corporate expenditures. Changes in our operating cash flows are heavily impacted by the timing of customer transactions and, in particular, the day of the week that the quarter end falls on, including holidays and long weekends. For example, we generally have higher prefunding amounts if the quarter closes on a weekend or in advance of a long weekend, such as a holiday, which creates variability in customer transaction-related balances period over period and can reduce our cash position at a particular point in time. These balances within our Condensed Consolidated Statements of Cash Flows include disbursement prefunding, customer funds receivable, customer liabilities, and trade settlement liability which is included within the line item ‘Accrued expenses and other liabilities.’

Previous wording

For the six months ended June 30, 2024, net cash used in operating activities was $7.9 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of both growth and timing, we saw an increase in customer funds receivable of $82.1 million and a decrease in customer liabilities of $10.7 million, offset by a decrease in disbursement prefunding of $45.1 million, which were the key drivers for the changes in our operating assets and liabilities which decreased operating cash flows by $53.8 million. This change in our operating assets and liabilities was also partially offset by cash generated from our operations, when excluding the $79.0 million of noncash charges included within the $33.2 million net loss for the period.

Current wording

For the nine months ended September 30, 2025, net cash provided by operating activities was $175.5 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of timing, we saw a decrease in cash flow due to customer funds working capital changes of $38.0 million related to combined customer funds receivable, customer liabilities, disbursement prefunding, and trade settlement liability. In addition to these and other changes in working capital, the cash generated from operations reflects the $26.7 million net income for the period exclusive of the $142.0 million of noncash charges.

Previous wording

For the six months ended June 30, 2025, net cash provided by operating activities was $174.1 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of both growth and timing, we saw an increase in cash flow due to customer funds working capital changes of $54.0 million related to combined customer funds receivable, customer liabilities, disbursement prefunding, and trade settlement liability. In addition to these and other changes in working capital, the cash generated from operations reflects the $17.9 million net income for the period exclusive of the $87.9 million of noncash charges.

Current wording

For the nine months ended September 30, 2024, net cash provided by operating activities was $138.9 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of both growth and timing, we saw an increase in cash flow related to customer funds working capital changes of $63.8 million related to combined customer funds receivable, customer liabilities, disbursement prefunding, and trade settlement liability. In addition to these and other changes in working capital, the cash generated from operations reflects the $31.3 million net loss for the period exclusive of the $125.6 million of noncash charges.