The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Tien-Tsin Huang - JP Morgan - Analyst
: Took a lot of notes here. Just thinking about '26 and the high-teens outlook that you're initially setting here. I appreciate you called out some of
the tailwinds, but it doesn't sound like you're assuming much contribution from some of the new products or maybe the tax tailwind, that kind of
thing. Just want to better understand what you've assumed or have not assumed in the high teens outlook.
Question: Tien-Tsin Huang - JP Morgan - Analyst
: Great. And maybe I'll just follow up on that since you mentioned it. Just thinking about incremental margins in the next several quarters, given
what you've learned so far from the launch of the new products and some of the initiatives. Again, I know it's early, but just the discipline and the
safeguards that you have in place to guide you to some level of incremental margin. Any thoughts on that?
Question: Gustavo Gala - Monness, Crespi, Hardt & Co. - Analyst
: I want to go back to the incremental margin swing you're kind of pointing towards in 4Q. I guess that a lot of it is the marketing coming up. Can
you help us think of the magnitude of it coming from more top funnel spending versus maybe CVCs at bottom funnel coming up? And then is that
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
NOVEMBER 05, 2025 / 10:00PM, RELY.OQ - Q3 2025 Remitly Global Inc Earnings Call
kind of high single-digit incremental margin? I'll ask it more point blank. Is that kind of the right bogey we should be thinking about in the first half
'26, although growth we're thinking high-teens?
Question: Cris Kennedy - William Blair - Analyst
: It seems like you've got a lot of opportunities. Can you just talk about how you balance investment going into new send markets versus kind of
some of the newer initiatives that you're working on?
Question: David Scharf - Citizens Capital Markets - Analyst
: Maybe just shifting to the new products and specifically Flex, which it seems like has quite a bit of early momentum based on the number of users
that was about 100,000. I'm wondering, can you provide us with a sense for maybe at maturity, what the credit profile of this product is? I think
you had mentioned 90% current, which I'm interpreting as a 10%, maybe 30-plus day delinquency rate early on.
Question: Zoe Deng - KeyBanc Capital Markets - Analyst
: This is on Zoe on for Alex. And could you talk a little bit about the economics of the business and how we compare to the high dollar centers as an
example?
Question: Zachary Gunn - FT Partners - Analyst
: So just -- I want to go back to the guide a little bit, 4Q and the '26 commentary. You're talking about traction with new products and business. But
on a net dollar basis, you're implying in 4Q, you're going to have the lowest dollar amount since, I think, 1Q24. Similarly, '26 implies a large step
down in the amount of incremental dollars. So, what is decelerating or not performing that's causing the drag?
And then similarly, I just want to ask on the take rate quickly because I understand it's being impacted by business and larger volume customers
coming on. But maybe could you just comment on how much of the take rate compression this quarter was customer mix versus any impact from
pricing investments or anything else?
| 
