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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses a table to contrast company narrative with financial performance metrics.",
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      "text": "Spruce Point is concerned that Remitly may be managing earnings and/or experiencing troubles with its fraud loss models. In 2023, it had favorable provisions that reduced transaction expenses.",
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      "text": "the quantitative models we employ are subject to the risk of oversimplification — Remitly 10-K",
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      "text": "1) Generally disclosed as software costs... 2) Exact figure was not disclosed... 3) Incurred loss, net of recoveries disclosed in the footnotes of RELY SEC filings",
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      "text": "Unusual Changes In Fraud Loss Provision",
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