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PIPEs are private investments made in publiccompanies, with no shares offered on the open market. Private equity firms use this method opportunistically to invest in publiccompanies, typically taking non-controlling stakes. PIPEs also simplify the exit strategy for private equity investors.
I hope you've all had the opportunity to read our shareholder letter, which was published on our investor relations website earlier today. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. With that, let's turn to shareholder questions.
And by reliably delivering on our commitments to our customers, our team has also been able to deliver sustained value accretion to you, our shareholders. So, on an unlevered basis, we can get a really nice return and you add on the feestructure that we can enjoy as a business.
We have saved customers hundreds of millions of dollars by disrupting the traditional remittance industry with a digital-first approach, transparent feestructure, and customer-centric innovations. Our compensation philosophy is aligned to long-term shareholder interests. And net burn rate reduced from 5.6% in 2023 to 4.9%
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