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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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      "text": "While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022.",
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      "text": "Remitly has a history of material weaknesses of internal controls over financial reporting relating to three areas. In February 2023, the Company claims to have remediated these three issues. However, there was a reclassification of employee stock purchases from \"non-cash\" to \"cash\" costs through operating cash flow. While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022.",
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      "text": "Reclassification... These consolidated financial statements and notes have been prepared consistently... the Company changed the presentation of shares purchased under the ESPP to reflect an operating cash outflow...",
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      "text": "At IPO... We did not design and maintain effective controls over certain IT... August 2022... we identified a new material weakness... Feb 2023... we have remediated the three previously identified material weaknesses...",
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      "text": "\"In connection with the audit of our consolidated financial statements as of and for the year ended December 31, 2020, two material weaknesses in our internal control over financial reporting were identified....\" — Remitly SEC filings",
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      "text": "Reclassification Affecting Operating Cash Flow",
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