{ "docId": "019dd923-622c-750b-8b99-ab3a8a46c579", "docSlug": "0241ef55185f", "documentTitle": "Remitly Global, Inc. (RELY)", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-03-11 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 25, "pageCount": 74, "prevPage": 24, "nextPage": 26, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 9, "notes": "The slide uses a red box to highlight the 2% growth figure in 2024 and a callout box to emphasize the stalling expansion.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box", "quote_block", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/25", "deckHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-25", "components": [ { "bbox": { "h": 0.07, "w": 0.25, "x": 0.73, "y": 0.38 }, "kind": "callout", "text": "Corridor expansion has stalled", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3c4a852e-2078-4444-9333-d308831b931e", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "metric", "text": "YoY growth: 2%", "attrs": null, "subkind": "primary", "toolName": "Quantification", "toolSlug": "quantification", "confidence": null, "componentId": "019dd952-e6e9-749a-ba80-0a1de3ed0831", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "While the Company keeps talking up geographic corridor growth as a lever to increase its TAM, we believe it has largely tapped out its best corridor expansion options. In 2024, corridor growth plunged to just 2%. Moreover, based on prior comments from the CEO and a former channel executive as far back as 2022-2023, new corridors were already considered long-tail with revenues not expected to be material for years. We believe any incremental corridors added will only become more challenging to grow.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2855bd8d-5114-40b0-8cd8-874129b5303b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Each new corridor, use case and service increases our TAM, differentiates us from the competition, and creates new revenue streams, driving even more growth. — CEO on TAM, Q4'24, Feb 19, 2025; So I think you're seeing that increased mix which is exciting from -- for a whole host of reasons, but most importantly, kind of sustainable long-term growth because the 900 corridors we launched last quarter, they are not going to materially contribute to revenue this quarter, next quarter. They're going to contribute to revenue in the years to come. — CEO, Q2'2022, Aug 3, 2022; So quite honestly, the top 20% of corridors, we as marketers would know and have a gut sense like, oh, yes, U.S. to India versus U.K. to India versus U.S. to Philippines, we just had this gut sense of their value, what was different in the marketing, all of that. But the other 80%, we put into this bucket called long-tail corridors, and they got essentially the same sort of marketing with obviously replacements...But a lot of those corridors were added kind of in large groups and they say, well, this is an additional corridor to continue to expand, but we don't know that it's going to be a massive corridor. So it sort of grow into our default bucket. And it would be marketed too, but it would be marketed with the same formula of all of our other long-tail corridors. — Former Remitly Channel Executive, Tegus Interview, June 14, 2024", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6e9-749a-ba80-05e66bc05ebd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Remitly SEC filings and conference calls, Tegus", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2d5fe27-ee7a-4b34-b905-e903257e9841", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Corridors 2021-2024 table showing additions and YoY growth.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2d29eae8-c25b-417c-9abc-cd3fbb75f5fd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.49 }, "kind": "table", "text": "Corridor Discussion quotes table.", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d04c526a-b55f-4961-aadc-1832701c2f21", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Corridor Growth Stalling", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9d090ffb-d305-4598-a401-334902941d90", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "8646a4b8-7747-48a7-9915-1ae13c2fed2c", "evidence": "Contrasts quantitative growth data with qualitative management statements.", "confidence": 1 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }