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  "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",
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  "pageNumber": 35,
  "pageCount": 74,
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  "nextPage": 36,
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  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 80,
  "notes": "The slide uses a table to demonstrate declining unit economics for the target company.",
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  "components": [
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      "kind": "callout",
      "text": "We find that revenue per active customer and per send volume has been declining.",
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      "text": "Revenue per Active Customer: -1.3%",
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      "kind": "paragraph",
      "text": "Based on Remitly’s reported revenue, active customers, and send volume, we calculate last 12 months trailing results of revenue per active customer and send volume. We find that revenue per active customer and per send volume has been declining.",
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      "text": "1) Defined as average of current period and prior year active customer RELY SEC filings and Spruce Point analysis",
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      "kind": "table",
      "text": "Analysis of Key Metrics table showing LTM Revenue, Active Customers, Revenue per Active Customer, Send Volume, and derived metrics from 2019 to 2024.",
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      "kind": "title",
      "text": "Important Metrics Are Turning Negative",
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