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  "docSlug": "0241ef55185f",
  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
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  "pageNumber": 67,
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  "notes": "The slide highlights Remitly's aggressive use of stock-based compensation (12% of revenue, 78.2% of operating cash flow) compared to the peer average (4.1% and 26.1% respectively).",
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      "text": "We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow.",
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      "text": "Stock-Based Compensation / Operating Cash Flow: 78.2%",
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      "text": "We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow. If employees lost confidence in the value of the stock and demanded more cash compensation, Remitly's financial struggles would intensify. In the table below, we compare it with a range of money remittance and fintech peers with revenue near or above $1 billion.",
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      "text": "Source: Company annual reports",
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      "text": "Fintech Stock-Based Compensation Benchmark Analysis (Revenue > $1bn)",
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      "kind": "title",
      "text": "Remitly Is Extremely Dependent On Convincing Employees Its Stock Has Value",
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