Q1 2022 Remitly Global Inc Earnings Call
Thank you for standing by and welcome to the <unk> first quarter 2022 earnings call. At this time all participants are in a listen only mode. After the presentation. There will be a question and answer session to participate press star one on your telephone keypad. If you require any further assist.
Please press Star Zero now, it's my pleasure to hand, the conference over to your host Stefan Scholz team. Please go ahead.
Thank you good afternoon, and thank you for joining us for <unk>.
First quarter of 2022 earnings call.
Joining me on the call today are Matt Oppenheimer co founder and Chief Executive Officer, a permit late and Susanna Morgan, Our Chief Financial Officer, Our result, and additional management commentary are available in our earnings release, which can be found on the Investor Relations section of the website at IR <unk> Dot com.
Please note that this call will be simultaneously webcast on the Investor Relations section of the Companys website and please also reference the presentation slides, which are also available on the IR website.
We start I would like to remind you that we will be making forward looking statements within the meaning of federal securities laws.
But not limited to statements regarding <unk> future financial results and management's expectations and plans for the business. These statements are neither promises.
Nor guarantees under Bob risks and uncertainties that may cause actual results to vary materially from those presented here.
You should not place undue reliance on any forward looking statements. Please refer to our earnings release and SEC filings for more information regarding the risk factors that may affect our results any forward looking statements made in this conference call, including responses to your questions are based on current expectations as of today and <unk> assumes no obligation to update them.
Whereby them, whether as a result of new developments or otherwise except as required by law. The following presentation contains non-GAAP financial measures for a reconciliation of each of these non-GAAP financial measures to the most directly comparable GAAP metrics. Please see our earnings press release, which is also available on the IR section of our website now I will turn the call over to Matt to begin.
Thank you Stephanie and thank you all for joining our first quarter earnings call I want to first thank our employees for delivering a strong start to 2022 and our customers for continuing to place their trust in remotely.
I'll begin with a brief overview of our first quarter results and then I'll discuss how our strategy and investments around customer Centricity have led to an enduring preference for remotely in the marketplace driving growth and outsized market share gains.
I will discuss the growth investments we are pursuing as we execute on our mission to transform the lives of immigrants and their families by providing the most trusted financial services on the planet.
These investments are designed to create a differentiated offering for our customers and drive long term returns for our shareholders.
Before turning to the results I want to take.
I'd like to comment on the CFO transition that we announced in our earnings release.
<unk> has made significant contributions to <unk> growth over nearly 40 years of service and was instrumental in bringing the company public I want to publicly thank her for her hard work and contributions across the company and for helping to position the company for even further growth ahead.
We have commenced the search for it.
Successor, as CFO with an executive search firm and are grateful that Suzanne and will remain with us as CFO until a successor is in place and then support a smooth transition transition in an advisory capacity through September 30, we have built a very strong finance team and I'm confident that they will continue to provide great support and leadership.
<unk> as we move forward.
Now, let's turn to the results for our first quarter.
We delivered strong results for the quarter as you can see on slide four starting with our customers who drive everything that we do we saw our active customer base increased by 42% to more than 3 million active customers gaining significant market share. This is a testament to our ever improving value proposition, our marketing investments to <unk>.
New customers and in turn the quality and loyalty of our customers.
The combination of active customer growth and repeat transactions drove revenue up 49% year over year to $136 million.
These new and repeat customers will have a significant impact on revenues for the balance of 2022 and beyond and as a result, we're increasing our revenue outlook for 2022.
Our playbook remains the same.
Best and continuously improving the remittance experience invest in opening new corridor and invest in bringing more customers to remotely and deepening their loyalty by providing peace of mind.
Our customers are the central focus <unk> see a vast opportunity to serve them even better.
Do this by driving customer focused change across global payments, while delivering trusted and immigrant centered financial services for.
The vast majority of the over 280 million immigrants worldwide traditional financial services have not delivered peace of mind and you can see on slide five.
This has led to a deficit of trust for banks and other legacy financial institutions.
Rice of customers. We serve are often charged excessive fees and have poor nm had poor customer service experiences with these legacy providers.
As a result, 50% of immigrants in the U S are under bank and they spend an average of $3000 in fees annually with various financial providers.
This resulted in a large market opportunity not only in remittances, but broader financial services as well and that provides a significant opportunity for us to deliver the same trusted experience to these broader financial services.
The legacy remains experience is broken as you can see on slide six people, sending money often have to travel to a physical location endure long line repeatedly failing manual forms and tolerate limited transparency slow delivery of funds in hidden fees.
For their families receiving the money the experiences equally finding and traveling to site to get the money more along lines more paperwork and limited transparency on the amount received.
<unk> is different as you can see on slide seven we provide convenient access to our large global network, which allows customers to send money home in multiple ways, including bank accounts mobile wallets cash pickup and even home delivery in certain markets.
Our services vast majority of transactions are disbursed within minutes, and we offer flexibility for our customers who desire a quick delivery of funds.
The user experience is intuitive and mobile centric with the ability to send to repeat transaction in just three tests.
In the rare instance, if something goes wrong are empathetic live customer service is available in eight languages, along with 14 languages for self help within the App <unk>.
Accessible customer support is a crucial differentiator from informal remittance channels and other emerging payment technologies and is key when you understand the motivation of our customers who are typically sending money back to their families for basic needs.
Finally, our prices are fair with an average take rate of approximately 2% and we are upfront with the fees, we charge and our foreign exchange rates. This results in a trusted experience and peace of mind for our customers.
Transparency is key to peace of mind as well.
We provide transfer updates every step of the way through text message E mail or push notifications on each transaction to both the sender and the recipient.
We are highly focused on delivering safe secure transactions and in built in multiple levels of security with the latest technologies available.
This enables good transaction to proceed and helps block fraudulent transactions from going through our platform. This is critical to the customer experience because we are able to avoid causing transactions and delaying delivery of funds unnecessarily, which is a large source of customer frustration across the industry.
Turning to slide eight the remittance market opportunity is massive with a one six trillion dollar total addressable market and a $589 billion serviceable addressable market in spite of growing faster than the overall remittance market really only has approximately 1% of the Tam and 3% of the Sam as a.
Digital first provider, we placed our bets on there being significant and continued mobile penetration growth at all levels of the global economy and this has been a good bet that continues to pay off.
In order to continue capturing a disproportionate share of our Tam, we're making focused investments in four areas as you can see on slide nine.
Marketing, which drives our acquisition of new customers at highly attractive unit economics, our global network, which provides scale and additional options for customers.
Our product technology, which allows us to differentiate from our competitors and finally, new products and services to serve immigrants and their families.
We expect these investments to have multiyear return profiles with marketing and geographic expansion, providing an immediate return on investment.
Product technology investments in the near term and new products, our medium term return.
Our marketing investments have historically generated strong returns and we expect that to continue.
With 10 years of customer data, we are able to predict customer performance with high levels of accuracy and our focus on unit economics directly informs how we invest in acquiring new customers we.
We are proud of the high returns we are seeing on our marketing investments, which are consistently breakeven within one year of customer acquisition as you can see on slide 10.
Cohorts acquired between 2015, and 2019 have demonstrated an approximately 200% IRR life to date.
Additionally, while we don't share IRR data until we have three years of customer behavior recently acquired cohorts continue to be highly engaged.
We are continuing to invest in our global network as seen on slide 11 at.
At the end of the first quarter, we serve customers sending from 17 countries and then in April we added five new send countries, Greece, Latvia, Lithuania, Slovakia in Portugal, bringing our total send countries to 'twenty two.
We now serve more than 2300 corridors and we added approximately 200 corridors in the first quarter alone.
We look forward to continuing our geographic expansion into new attractive corridors, and our experience and our corridor expansion playbook enables us to enter into new markets quickly and with the appropriate localization around payment acceptance customer support and partner integration to attract new customers.
Geographic expansion will help us acquire new customers and leverage our increasing scale we all.
So have a large competitively differentiated and growing network of banks mobile wallets and cash pick up locations. So that our customers can choose what works best for them and their recipients.
We believe offering our customers the broadest menu of delivery options drive customer loyalty.
Our investments in product and technology continue to drive a superior customer experience enabled by our intuitive mobile first interface risk and fraud management infrastructure security and customer support.
As you can see on slide 12. These investments have resulted in more than 90% of customers engaging with us on their mobile phone a four nine star rating on the iOS App store and a four eight star rating in the Google play store.
Finally, our platform availability is above 90, 996% reinforcing customer peace of mind.
Looking ahead, we will continue to invest in marketing focus on new customer acquisition geographic expansion product technology, and importantly, new and adjacent products to expand our platform. The same 280 million immigrants worldwide have financial services needs to be on remittances and most have not been served or underserved by traditional <unk>.
<unk> services providers.
We founded <unk> just over 10 years ago by initially focused focusing on disrupting the remittance business. We are early in that journey with just 1% of the Tam and our vision for what we can accomplish as much larger you can see this division on slide 13 to transform the lives of immigrants and their families by <unk>.
Adding the most trusted financial services on the planet.
This remains our north star and we are just getting started in our journey to accomplish it with that I will turn the call over to Susanna, who will provide more details on our financial results and outlook.
Thank you, Matt working with you and their <unk> has been such a meaningful experience.
And drive for the mission to improve the lives of immigrants and their families has been inspiring I am proud of our work together to deliver on our promises and look forward to watching this wonderful company growth.
Now, let's turn to our first quarter results to treat her matts comments, we delivered a strong Q1 and accordingly, we are raising our revenue outlook for 2022 I'll begin by reviewing the strategic drivers of our first quarter financial performance and then I'll provide more detail on our outlook for 2022.
As a reminder, I will discuss non-GAAP operating expenses and adjusted EBITDA in my remarks. These metrics exclude noncash items such as stock based compensation in all periods reconciliations to GAAP results are included in the earnings release.
Beginning on slide 15 active customers grew by 42% year over year to more than $3 million.
Volume grew 43% year over year to approximately $6 1 billion, all resulting in revenue growth of 49% year over year to $136 million in line with our expectations.
As you can see on slide 16, a number of factors drove a 42% active customer growth, including acquiring new customers and high retention of existing customers, who in many cases have transacted with us for multiple years.
We continue to acquire new customers at highly attractive unit economics, and retain existing active customers with a best in class user experience.
And the economics, and new customer acquisition remain highly compelling even in the more competitive advertising market and we continue to spend and customer growth wherever and whenever we find compelling ROI.
Turning to the loyalty of our customers and the reason for highlife time value, we have over 90% revenue retention shown on slide 17.
As a result of our compelling product and our commitment to invest in making it even better.
In particular, we are investing in our mobile platform are empathetic and efficient customer service and our global network.
Our average volume per customer grew slightly year over year, and our pricing continues to remain stable.
Quarter, primarily due to the seasonal impact of customers transacting more during the holiday season.
Turning to costs on slide 20, the first quarter reflects the leverage we're seeing in transaction expense and the impact of the investments we are making to drive future growth.
Transaction expense was $56 million or 41% of revenue and improvement of nearly 400 basis points from 45% of revenue in Q1 of last year.
This improvement is beneficial to our unit economics, increasing the lifetime value of our customers and the RLI of our marketing spend.
We've worked hard to make this happen through more direct partner integrations.
Better terms of payment processing partners, driven by increasing scale and advanced risks and fraud management systems, which drive down transaction loss rates beef.
Expect to see a modest ongoing improvement and transaction expense as a percentage of revenue in 2022 is will continue to benefit from increasing scale and improve precision around fraud losses, although we expect some variability quarter to quarter.
Now I will turn into our non-GAAP operating expenses on slide 21, which reflects the investments, we're making to execute on our long term vision.
Our largest operating expense is marketing, which represented $40 million in the quarter or 43% of total operating expense.
This marketing investment delivered very strong new customer additions within our payback guard rails.
Our goal is to continuously bringing more and more customers within these gargoyles as a result of our highly attractive unit economics, we're very comfortable with our level of marketing spend.
While we continue to deploy our dollars efficiently like many other companies that leverage digital advertising, we have observed a broader shift in the marketplace of major platforms adapt to more competitive digital advertising and a new data privacy landscape.
Compensating for this we continuously tech new marketing channels, including more brand building to drive customer acquisition cost efficiencies are.
Our investment and commitment to delivering a superior customer experience also drove a 300 basis points year over year increase in customer <unk> as a percentage of our marketing channel mix.
Increasing brand awareness and lower costs referrals are a few of the many ways, we can drive efficiencies in <unk> in the future.
Technology and development expense was $20 million in the quarter, 21% of total operating expenses. This included technical hiring along with enhancing our product platform and security.
These investments are critical to ensure a superior customer experience and to drive expansion geographically and a new products.
As we mentioned on our last call, we expect technology and development expense to increase as a percentage of revenue in 2022, compared with 2021, as we prioritize product improvements new product development and corridor edition.
G&A expense was $90 million in the first quarter or 21% of total operating expense. This.
This includes an investment in our human resources finance and legal teams and additional public company operating costs, which will allow us to effectively scale to support our growth initiatives.
We expect the year over year growth and G&A expense to moderate as we begin to anniversary public company costs in the fourth quarter of 2022, and we expect to see leverage in G&A later this year.
Finally customer support and operations expense was $14 million in the first quarter or 15% of total operating expense.
This was driven by a deliberate strategy to improve customer.
Support remove friction points to reduce our customers need to call us and deliver peace of mind as.
As we continued to scale, we expect to leverage our customer support organization with the benefit of increased automation and efficiencies as we add new borders.
Our product investments in ensuring a friction lists customer experience will also drive leverage in customer support costs over time, as our customers will need to contact us less often.
Turning to the bottom line on slide 2022, Q1, GAAP net loss was $23 million compared to $8 million net loss in the first quarter of 2021.
The increase in net loss was primarily due to increase investments in new customer direct marketing and head count growth in technology and development in other areas as well as $8 million of incremental stock based compensation expense.
Adjusted EBITDA, which excludes stock based compensation expense was negative $12.1 million in the first quarter of 2022.
This performance reflects the $40 million, we spent on marketing in the quarter of which the vast majority is related to new customer acquisition.
Our unit economics remain highly attractive we will continue investing in marketing and we have the ability to scale it up or down depending on the returns we expect to generate.
Adjusted EBITDA margin was negative eight 9% as compared to negative $6, 4% in the first quarter of 2021.
<unk> margin reflects the investments that we're making to drive long term growth and profitability along with the scale benefits. We are delivering on the transaction expense line.
Turning to our balance sheet working capital at the end of the quarter was approximately $456 million and reflects cash on our balance sheet of $445 million.
Our balance sheet provides a significant flexibility to execute on our main growth drivers of acquiring new customers at highly attractive in economics <unk>.
Expanding corridors and new geographies.
And building a broad suite of financial services for immigrants and their families.
Moving to our 2022 outlook on slide 23, we expect revenue to be between 610 $620 million.
This is a $5 million increase at the midpoint from our prior guidance and implies a year over year growth rate of 33% to 35%.
We are increasing our guidance to account for the strong new customer acquisition trends, we saw in the first quarter as well as the strong performance we had seen in April .
We expect increased transactions from these new customers to benefit us through the rest of 2022 and beyond.
As a result, we expect revenue to increase sequentially every quarter and the remainder of 2022.
We remain focused on growing active customers by enhancing the loyalty of our existing customers and continuing to invest in acquiring new customers, an existing and new corridors.
We are maintaining our 2022 adjusted EBITDA outlook of between negative 40 and negative $30 million.
As we have discussed 2022 is a year of disciplined investment to drive future growth, we expect to continue making growth investments in the second quarter and expect Q2, adjusted EBITDA to be roughly in line with the first quarter of 2022, as we maintain flexibility to pursue high return investments that drive long term.
Growth.
We expect adjusted EBITDA in the back half of the year to improve compared with the first half do the timing of certain investments and higher expected revenue.
Given the expected high return of investing in new customers <unk>.
Expanding geographies and building new products, we will continue to invest it highly attractive in economics.
These investments will propel our growth going forward and put us on a path to profitability as we look to leverage our scale and our strong customer loyalty in the years ahead.
With that Matt and I will open up the call for your questions operator.
Thank you.
To ask a question simply press star one on your telephone to withdraw that question press the pound key.
Your first question comes from Andrew which city. Please go ahead.
[noise] came out Suzanne Stephens, Thanks for taking my questions and good quarter here and Ah Susanna I hope you'll be around for a little while but to to work with you and best of luck.
Thank you.
So I wanted to start off with just all the marketing expense I know you mentioned some some more competition, particularly in the digital acquisition channel or perhaps you could talk about that a little bit more and you're sort of your billing will step that would be more agile with creative.
<unk> customer acquisition and then.
Just as a follow on to that maybe more of a longer term questions.
If you talk about your experience.
Is you sort of spend more time in a given market.
You see incremental efficiency coming from marketing is perhaps perhaps you know marketing shifts to more efficient word of mouth other channels.
Nearing the longterm question, if you don't mind, thanks, a lot.
Okay, yeah. Thanks.
Thanks, and good to chat with you. So in terms of cat, we have seen some cash pressure I'd say, it's consistent with the broader industry.
And despite that our economic to remain highly attractive we really focus on payback in L. T V <unk> in and of itself isn't meaningful.
And historically, we've had to six times L. T V to <unk> and we talked here about 200 per cent on Roy on our marketing spend.
So we feel really good about the the returns on that on that marketing spend.
And the fact that LTV is also increasing as transaction margins increase as well to to help compensate for for some of the market pressures.
In terms of the cat.
Reduce over time as we have more time in certain markets I wouldn't say that referrals become an increasingly important part of the marketing mix and we talked about that a little bit here just the longer we're in market and that's obviously, a very low cost acquisition channel.
And more brand awareness as well as we've had more time within the markets, which helps with with offset some of those cast pressures as well.
Perfect <unk> very helpful. And then just a higher level of question just on the economic environment, obviously, a lot of secular growth irritability continued to drive.
<unk> for the foreseeable future but.
Don't mind, maybe talking about what you're seeing just want an appointment or a medical perspective, and then just remind us just the overall sensitivity of the model to things like employment labor market and and obviously just depends on what they were talking about send receive markets, but if you just remind us just how to think about cyclical sensitivity that'd be great. Thanks.
<unk>.
Thanks, Andrea I'm happy to take that one and going to see.
I would seek historically if you look at the remittance market. It has been resilient during economic hardships or downturns and.
When you think about why that's the case, it's because you know our customers are sending money home to their families for basic needs for living expenses for emergency medical expenses. So it's not discretionary in that sense.
And it's a key priority for our customers to send money back home, they're not always immune to economic hardship, but it's not like other consumer businesses, where it's low on the list of of of spend this is a key priority for our customers and you can see that whether it was the 2008 recession and whether it was.
With through Covid, it's very sticky and repeat business and that's a testament to the resilience of our customers and how committed they already getting money back home with their families. So that's what we've seen historically, that's what we've seen in Q1 and we're confident.
As as economic conditions continue to evolve at our customers will continue to prioritise, giving money back to the family.
Perfect <unk> I appreciate the comments.
Your next question comes from.
Ramsey L assault.
Please go ahead.
Hi, This is Ben off of Ramsey. Thank you so much for taking the question I wanted to ask you about the <unk>.
Thought that perhaps as you continue to expand into new geographies and diluted the big three quarters that you might see some you know.
Yould uplift just by the nature of those big less competitive it sounds like the expectations, perhaps for that to be a little bit more stable I'm. Just wondering if you could just kind of comment on that trend.
Yeah, we have seen that be quite stable over time, which we see good as a.
Proof point around.
Pricing in the industry in general.
There's probably some mixed component to that but I wouldn't say that it's <unk>.
Predominant factor so if we feel good that it's been quite stable over the last eight quarters.
Yeah, Ramsey I, just I, just add that I think that.
Certainly we've proven that we can be successful in some of the largest and most competitive.
<unk> corridor is out there I think as you get into some of the what we call longer tail corridors.
You may see even higher pricing, but when you look at take right over the long term there could be a potential there that being said, it's influenced by mix shift by average transaction size by each individual corridors is different so that's.
That's why we've shown the data that we have consistently been in the 2% to 2.5% take right and I think in a lot in the long term that's a pretty good assumption.
<unk> very helpful. And then kind of another little modeling question just on your transaction expense Uhm I know you indicated that the for the for the whole year it should be continuing to prove but perhaps not of the same magnitude is what we saw in Q1 is there are there any like seasonal impact.
Leave it usually takes up a tiny bit in queue for anything else you need to kind of keep in mind as we're looking at the transactions online.
Yeah now we are really excited to see the the increase in transaction expense Earth transaction margin in Q1 expenses a percent of revenue kind of coming improving about 400 basis points in terms of in terms of kind of go forward, we would expect to see some modest improvements over.
Over time, that's due to three factors really it's it's more direct partner integrations, which are both better cost and better customer experience, but do require some products investments. It's also due to better terms of payment processors.
We're driving increasing scale, and then advanced risks and fraud management systems, which dragged on transaction loss rate.
So modest improvements over time in terms of quarterly seasonality.
In some in some cases Q4 is is a bit lower transaction margin quarter, because we typically see a larger mix of new customers in Q4.
And they sometimes have higher losses or or kind of lower margins associated with new customer issue to promotions and the like.
So that is the one I guess relatively minor factor to consider in terms of seasonality at this point, that's becoming less prominent as her existing base gets bigger and bigger and we have more and more repeat customers.
Okay, great. Thank you for taking my questions.
Your next question.
Excuse me.
And next question is from.
With a J P. Morgan. Please go ahead.
Thank you so much good afternoon to you guys just.
So I'm thinking about the quarter now it shook out because.
Pretty close to what you have predicted like that it'll be in line with the fourth quarter. It looks like it ended up being at about 1 million hires you mentioned, you're taking up the guide by what $5 million. So just just curious on the.
On the confidence and the rays as a religious based on what to do said customer acquisition being quite strong including into April is that the main driver just wanted to make sure.
All the details.
Yeah, I think I would say that is the primary driver we saw really good customer acquisition in Q1 and in April as well. We're also seeing that our customer base continues to be very high quality and we have really high retention in that base as well so.
I would say that we have we have high confidence and that because of the over 90% revenue retention, which really gives us.
Visibility into near term trends and pretty rigorous forecasting at the cohort level as well.
And so we're excited that we're able to take up the revenue guidance for the year as a result of that.
Gotcha very good so quick follow up and then I'll jump off just on the.
On the macro I know.
Well, just with a lot of ethics volatility going on we've been hearing it throughout this hunting season does that mean anything either from abuse savior or potential sort of pricing die.
Dynamic bear I know some of them precedent in terms of amount of volatility hope it calms down, but just wanted to make sure. We we just got that thanks.
<unk>, Yeah, it's great to see and appreciate that question I think that yeah from a broader economic standpoint <unk>.
Reiterate be renewed.
Resilience of our customers and the resilience of moments as broadly I think when it comes to foreign exchange.
The.
When the origination currency, meaning euro pound dollar strengthens relative to where our customer send money to there can be some short term pull forward a pullback of demand but.
It's historically glue.
Global level, not been that dramatic and one of the things about being in now 2300 corridors is there's also this diversification standpoint that has been invaluable to our business because we have a wide range of currencies a wide range of of customers and so.
So there is also an offsetting component depending on.
Various currencies are changing and and a medium to long term basis, there's not an impact it's mainly just short term fluctuations when that happens.
Understood Alright, so it probably evens out every time alright. Thank you guys. Thank you both.
Thank you thanks.
Thanks.
If you do.
Have a question simply.
One on your telephone keypad.
Next question is from.
Craft.
Capital. Please go ahead.
Alright, good to speak with you today, just one question as it relates to head count expectations for 22, just curious if you're seeing any changes to the competition for talent as we've seen some reduction in force in hiring freezes across tech.
Really just looking for any read on that or any changes to your outlook for the year. So it can be aware of.
Yeah. Thanks, though it's great question and going to see I think that certainly if you look at our engagement and retention we're pleased with.
Some of those metrics and I think that's rooted in the fact that we care very very deeply about culture, we care very very deeply.
About our team and I think if you were to walk the virtual or in person were mentally hall as you can see that from a recruiting standpoint, it's important that we continue to.
Higher across the globe and that means across the U S that means in offices across three European offices and countries.
Also customer support sites in Manila in Managua.
And so we I think it would be expanded our geographic presence to be able to accelerate hiring.
And that's where I'd say is a key part of our focus is to fill somebody opened roles that we have because it is competitive to recruit folks but the.
The employee experience engagement the attrition been very pleased and I think that's rooted in our in our culture and our culture is rooted in customers interested in a team that really wants to make a positive impact on the world and I think they see that by coming to remotely.
Super Thanks, Matt maybe just one final point on the macro discussion just just to clarify.
As it relates to your expectations for the year.
You are not assuming any sort of deterioration in the health of the customer base is that a fair assumption as you look at the the 22 guys sort of expectations through the air.
Yeah, I think that's a fair assumption, we've seen very consistent.
Customer behaviour trends, which has been really nice to see.
And you'll see like average <unk> per active customer increase very very modestly but has has been stable and the quarter, we're still seeing very strong retention and.
So so far no signs the customer base has been this has been very resilient and other periods as well and so far we're seeing just the consistency in terms of the customer behavior.
Perfect. Thanks for them.
Thank you.
A question.
Like to turn to call back.
Thank you and thank you everyone for your thoughtful questions as we always do remotely I'd like to end the call by highlighting another one of our amazing customers. This customer's name is fluid.
Floyd the relatively new customer who joined roommate Lee in 2021, and Floyd works in the U S and send money to his girlfriend in the Philippines. So far Floyd has already sent money with <unk> more than 50 times by here.
Floyd shared his story with <unk> and.
And sharing his own words, he said I wanted to send money to my girlfriend, who was in the Philippines and it was a great experience using recently by experience with the money transmitter companies are used before was really bad they made sending money really hard and I would get rejected I'm proud to help support my girlfriend back home and I feel that we're mentally treats me with dignity.
And I know few received the money's safe and sound. This is the way it should be we thank your company for providing a great service for US. We think we think you Floyd and to all of you on the call for being part of the remit. We journey and we are excited about 2022 and look forward to sharing our progress as we continue our mission.
Today's program and you may now disconnect.
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