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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": "The table uses color-coding (green/red) to indicate improvement or worsening of metrics over time.",
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      "text": "RELY only reports period changes in transaction expense drivers such as direct costs and loss reserves. When we analyze the annual increases in these costs relative to annual increase in revenue and send volume, we see that trends mostly worsened in 2024 after a period of improvement.",
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      "text": "Transaction Expense / Revenue: 32.1%",
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      "text": "Source: RELY SEC filings and Spruce Point analysis",
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      "text": "Analysis of Marginal Changes of Revenues And Send Volumes To Costs Since 2020",
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      "text": "Negative Leverage In 2024",
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