second the Thank I'm pleased you, the we financial Matt. in delivered with performance quarter. exceptional
the expanding we and user growth, had strong quarter, benefited continued execution in strong operating from and Our transaction margin, leverage. active teams
to acquisitions, discuss These X% GAAP Pledge earnings in of then I the outlook. will and quarter integration second such costs review expenses our compensation, loss. our foreign adjusted exchange and with common to with are a in or start and items highlights release. connection the Reconciliations commitment, of as I'll and non-GAAP donation stock related operating transaction included XXXX metrics results in exclude revised financial gain stock-based my EBITDA discuss remarks.
active Send our of million. performance. With grew EBITDA customers to XX with of all XX% another that, deliver results. volume let's We growth $X.X million. high approximately year-over-year and high Slide quarter XX% quarter and pleased turn to customer grew were to Beginning active our on by second XX% to revenue to level $XXX financial profitability. Quarterly adjusted increased revenue X in year-over-year year-over-year resulting billion, growth
Our in $XX expense. to in revenue significantly The as loss a of percentage exceptionally million the combined was strong in operating GAAP quarter. quarter net million revenue, an expense of included $XX expense adjusted growth strong $XX million the compensation led of efficiency, lower EBITDA stock and with and transaction
of performance. that the factors let's some turn key XX to for our Now drove Slide
revenue, up in XX% constant currency XX% with year-over-year a a second reported was and Let's basis. the begin basis, on on which quarter
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in from mix Our increasing continued revenue transaction also sizes intensity. and transaction benefited shift our
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receive Given digital the options. speed, ease convenience of and
points. a basis, and which deposit receive options, digital year-over-year transaction wallets has On the basis from by mix includes bank mobile XXX increased
optimizing corridor in and to revenue value focus including fluctuate to quarter mix other transaction any our behaviors, payment as remains specific options, CAC customers. relating due for and disbursement factors LTV customer While we our our options, on sizes acceptance to shifts exceptional ratio may deliver various
expenses lifetime The value less considers transaction the long-term. over revenue
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a to conjunction revenue, transaction Now, which with in let's driver lifetime expenses, value. our of key turn are
example partners, related include from our and Transaction how of expenses transaction XXX scale losses. percentage we're to a in points costs volumes another that Our revenue pay fraud is primarily of benefiting in expense growing our improved network. disbursement partners, base through as year-over-year transaction flow
approximately XXX Of to XXX and basis point improved was improvement transaction pay basis points economics due expense, the in in with disbursement partners.
pay and As global value across to are we demonstrate increasing network. scale our partners and disbursement in our
QX, As volume, XX% on year-over-year grew billion referenced in which processed basis. a about $X.X we of send
rates. add the We the improves as our improvements more sustained expect direct and reducing cost network also reduces for which distribution we experience contact customer in customer integrations,
with and As distribution to M-Pesa Matt costs previously provide recent lowering value noted, integration of is overall example the experience. an customer customers, improving the while we the our
second quarter. rates in benefited in the from loss our improvement also fraud continued We
algorithms and fraudulent resulting good customer sophistication and Our more transactions, better data to between harness lower and improved of potentially a analytical costs our precisely delineate in increasing experience. amount
continue data and our fraud We both invest our loss with provide rates frictionless to capabilities to experiences. in and will analytics our customers manage
as we quarter, continuing expect variability in make However, fraud in before, we've in loss long-term. noted sustainable the some to any improvements rates while
the declined CAC to our than second Marketing of flat and quarter. second were new was focus quarters. efficiencies relatively marketing our basis our acquisition expense we on recent declined as high in more A with as delivering results percentage customer we as marketing continued key marketing in strong were in XX% points year-over-year our efficient. sustain spend. XXX the driver a returns quarter of able Consistent our revenue on sequentially year-over-year the
increased in awareness, scale business factors of localized from increasing brand number Overall mouth digital America. word increased velocity, marketing, including a drove of declines CAC, creative in benefits of North outside improving and our effects,
grow continue our to see managing the remain expect investments. to from we We given investment within payback our aggressively marketing our that in we ensure to dynamic threshold customer strong base CAC
the Additionally, investments also as year discussed. half our strong have to of costs enables cohorts. a transaction will increase we make Matt as marketing in additional continuing our targeted LTV in This observed result customer with of scale, an that a the the in deliver to returns, sustain long-term back us a improvements LTV CAC growing while to further of ratio
to the improvements. about excited In We're support second expect continue AI to over to customers. automation. the year-over-year and quarter, time operations product as were customer More and and expenses basis efficiencies direct product as opportunity benefited the and of improve customer see enhancements, reap we for automation improved and experience down the a points percentage we integrations XXX benefits increasing We scale customer support from use our broadly, from support also to revenue.
investments and automation Technology our and making points processing. complementary XXX remittance including expenses in transactional service compliance back platform, end customer increasing basis new our developing across reflects the development year-over-year and increased risk and and products, we're fraud technologies,
points for leverage delivering related continue tax superior in decreased basis G&A long-term In prior expenses. items year-over-year as to headcount expense. that certain non-headcount quarter, we a XXX benefit deliver. second our delivered one-time did are and customers adjustment and the to will are from the indirect expect G&A period invest in in this recognized experience We expense We a to confident returns both on
operating G&A a continue the after opportunities our expenses. still we revenue evaluate expense, and as of would percentage adjustment, maintain and discipline to year-over-year have decreased across
moderate in focus areas high year, long-term. expect the while headcount continuing investments strategic growth return overall for this to We and our make to rates yielding
quarter of was in Our from improvement last net net million, loss year. loss the second in $XX our $XX an GAAP the quarter million
quarter, million in the second of stock in included expense Our last quarter year. the net compared $XX $XX of second compensation with loss million
loss actively compensation $XX stock-based second focused improved rewarding on $X.X managing stock-based an recognized the to one-time peer adjustment employees we to in second prior quarter for the net GAAP of of a Normalizing year. As share quarter a maintain managing million. XXXX, We're for the the target our million deliver, and by of last in dilution. value one-time adjustment while they have appropriate balance would compensation between reminder,
remains continue increase sustainable improve efficiency, XXXX as These improve to and can key long-term growth, or expenses. efficiencies revenue to on XX. operating in areas sustain Slide for are strong returns focus expense, see drive and Our to transaction scale deliver beyond you marketing four other
we as investments we're growth high global deliver our in growth our The and Firstly, making even marketing help we we in will can double-digit customers believe drive active retention. high scale. network revenue robust consistently product and us sustain
we're improving our our increase Secondly, integrations. we as on structure, which volume making progress transactions, for expense of remittance allows transaction direct significant cost more
to expect on leverage medium scale. the we continued long-term, Over as expenses we transaction
volume to progress months on prefer. customers our basis partners $XX send and in we'll payment latest as globally disbursement material of gives order a reduce Our us various also with that XX We're our scale. on with the options terms payment over improving provide scale negotiations costs processors in billion making
variable. Although timing a can be
As data increases transaction we're significant down models, to able the to customer fraud proprietary our loss the rates volume experience. drive of in friction without adding
we across to rates and loss fraud approaches. goal this reduce being constantly as new test optimized although of friction, the Our our balance is both network is customer
improving marketing the has efficiency, quarters. returns past operating marketing few on over large been a driver of to our leverage Turning
optimize marketing highest of us returning determine experiment the rapidly allowed to mix to channels. has scale Our and
highly markets, past applied efficient in marketing spend. this resulting year, our the newer Over to we have
and customers trust their their multi-year and in as using tell resulted the about more of also the friends and great family product. funnel at building efficiencies in our investment brand Remitly bottom experience awareness marketing Our know has
still targeted channel an brand have growth ensuring returns we years in while come. and mentioned, and for top-line that high high opportunity invest Matt to delivering including to experimentation, more deliver investments we new many As marketing,
and Finally, support turning technology to G&A. other operating expenses, development, and which includes customer
to new as are down drive are Our product technology moderate for and building risk and contacts The include customer support are helping we investments customer development making investments support also and a automation, enhancements reflects remittance to products. complementary rates, expense helping we which the fraud compliance, scale. which costs and platform loss and in
investments right have G&A our been the Our we reflect to we support ensure have costs making infrastructure to growth the initiatives.
on and Slide G&A our has As we XX. we see as to Delivering allowed revenue XXXX, for costs. both see priorities adjusted EBITDA expect leverage long-term us outlook on these in you to on increase scale, can
from million, expect revenue $XXX we our XX% million be reflects a outlook. rate year-over-year million XX% to a $XXX of to and $XX in increase Specifically, and growth between midpoint is prior which the
primarily in the recently have record second outlook customer in for customers. strength increase customers, driven activity our strong existing number acquired resiliency expectations our the and the we The our continued quarter from trends seen by have the and of in revenue of new we is
We $XX.X $XX be increase and million expect $XX outlook. the our prior midpoint adjusted EBITDA a at which between from to million million, is
adjusted the our outlook performance driven in quarter. increase is primarily strong second by The in EBITDA
XXXX. We to the expect results in drive returns of expect which and in to reflect continued year discussed, the targeted investments we growth back fully half additional and Matt deliver that high strong execution also long-term
While the long-term. these strong to EBITDA year, them customer and medium for this active investments we growth of improve back reduced the and profitability our adjusted half drive in expect
We second are environment a XXXX. that seen we've relatively in stable to remains quarter the planning FX of and macro what for
us mitigate diversification to scale helps and global localized issues. macroeconomic continued increasing Our
exceptional drive new continue over growth customer past the to capabilities at unit our to marketing leverage We economics. have expect year that demonstrated compelling we strong to
the the delivered of half also While marketing starting year. in of structural we back sustain tougher and in year we marketing, efficiencies expect to we last face improvements significant of anniversary we the comparisons we in significant the some middle have made
we competitive the year normalize. market advertising tailwinds expect past also seen that have to over the We
ensuring organization priorities. aligned our development Finally, and that are investments continue investments our technology strategic to in we to these expect and prioritizing
which a capital sheet deliver of of available. At and the the our Our priorities. to approximately positions to working million had end of growth strongly million we $XXX the quarter, and support facility access facility strategic $XXX capital of balance our was cash million $XXX working
was cash the quarter our at second weekend. and the working last as timing day quarter that of capital end Friday note multi-holiday by impacted was of a to of balance the ahead on the important a is It
quarter higher position creates have sheet our reduce variability cash in balances a as closes a particular our generally time. in long weekend a balance transaction can a at related or the point customer before weekend We prefunding holiday. if advance This amounts for in temporarily period-over-period in and reflect such
Our primary focus as money Overall, growth remittance capital strong customer our for customers business that we allocation remains recurring new expansion, enhancements, geographic product complementary products. organic serve have acquisition, a priorities our and back new remains home. of send need to
Our to liquidity. us product and necessary our position the keeps high getting to we better over long-term. and share with the to growth scale, access market continue advantages and capturing structure improve returns increasing deliver cost we continue have These investment to substantial well make
Matt Operator? up for that, call questions. and your I the With will open
