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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-03-11 00:00:00",
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  "notes": "Uses a combination of historical data visualization and a table of management quotes to highlight a discrepancy.",
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      "text": "We believe these new disclosures signal that the take rate will continue to decline.",
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      "text": "Average Take Rate by Quarter (%)",
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      "text": "take rate: 2.22%",
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      "text": "Remitly stopped providing investors its average take rate by quarter graph below after June 2022. Since then, management has repeatedly said that its take rate remained within its historical range. However, in the past two quarters the Company started to again provide a specific gross take rate while also providing a new disclosure that a mix shift towards digital disbursements impacted revenue.(1) We believe these new disclosures signal that the take rate will continue to decline.",
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      "kind": "quote",
      "text": "So the last 12 quarters, which is -- goes as far back in terms of when we've shared that as a public company, the take rate has been between 2% and 2.5%. So a lot of stability there between 2% to 2.5%. That's point one, stability in pricing. — Goldman Conf Sept 2023",
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      "kind": "source-note",
      "text": "1) Note: The new CFO uses the term \"gross take rate\" which is defined as revenue compared with send volume. See above for past definition in 2022. Source: RELY 2024 10-K, Investor presentation and conference calls",
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      "text": "Mix Shift To Digital Starting To Pressure Take Rates",
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      "text": "We Believe Remitly’s Take Rate Is Likely To Decline Going Forward",
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