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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
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  "notes": "Uses screenshots of Google search results to highlight that Remitly is not the top sponsored result in key markets.",
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      "kind": "callout",
      "text": "The CEO claimed Remitly has a \"secret sauce\" in paid search, yet in a letter to the SEC from 2021 said that commercial data available could be used to reverse engineer its media investment strategy.",
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      "text": "Google search results for Mexico, India, and Philippines",
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      "text": "When we conducted our first Google searches for sending money to Remitly's top three destinations of Mexico, India and the Philippines, Remitly was not the first sponsored result. The CEO claimed Remitly has a \"secret sauce\" in paid search, yet in a letter to the SEC from 2021 said that commercial data available could be used to reverse engineer its media investment strategy.",
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      "text": "So when our marketing team is thinking, hey, do we increase or decrease some of our, call it, paid search or digital channel investments, they're not looking at the average customer acquisition cost. They're looking at the marginal, meaning that next dollar spent, either higher or lower, and seeing what the return on is -- on that marketing dollar is. And so I think that's a big part of our secret sauce.",
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      "text": "\"So when our marketing team is thinking, hey, do we increase or decrease some of our, call it, paid search or digital channel investments, they're not looking at the average customer acquisition cost. They're looking at the marginal, meaning that next dollar spent, either higher or lower, and seeing what the return on is -- on that marketing dollar is. And so I think that's a big part of our secret sauce.\" — CEO GS Conf Sept '24",
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      "kind": "source-note",
      "text": "Source: Google search, RELY 2024 10-K, Response Letter To SEC, July 21, 2021, Red emphasis Spruce Point",
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      "text": "Does Remitly Have A \"Secret Sauce\" In Search And Customer Acquisition?",
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