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  "docSlug": "0241ef55185f",
  "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 a 'before/after' style comparison of a past chart vs current executive/employee commentary to expose a potential contradiction.",
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      "kind": "callout",
      "text": "Remitly no longer shares its “Revenue Contribution By Cohorts” slide which is a powerful analysis for investors to gauge its ability to harvest revenues from new and existing customers over time.",
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      "text": "Revenue Contribution by Cohort (2016-2022)",
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      "kind": "paragraph",
      "text": "Remitly no longer shares its “Revenue Contribution By Cohorts” slide which is a powerful analysis for investors to gauge its ability to harvest revenues from new and existing customers over time.",
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      "kind": "quote",
      "text": "Due to our unique product and trusted experience, we have deep loyalty within our customer base... As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.",
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      "kind": "quote",
      "text": "I'm hearing from consumers that they're getting ads from various companies with very similar messaging... I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.",
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      "text": "“Due to our unique product and trusted experience, we have deep loyalty within our customer base, which creates durability in revenue and gives us confidence in predicting the future of business. As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.” — CEO Q3’2024 Earnings Call; “I'm hearing from consumers that they're getting ads from various companies with very similar messaging. For them then the question really becomes again, the pricing and then considerations on the product side. The payout speed and then the receive network like whomever I'm sending it to, unless it's myself, how easy is it for them to pick up? I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.” — Former Employee, Regional Business Head",
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      "kind": "source-note",
      "text": "Source: Investor Presentation, Earnings call, Tegus interview, Nov 11, 2024",
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      "kind": "title",
      "text": "Why Doesn't Remitly Continue Reporting Revenue Cohort Data?",
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