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  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
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  "notes": "Highlights discrepancy between market-reported shares and actual RSU overhang.",
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      "text": "Spruce Point believes the market should consider RELY's 23m+ RSUs as part of the valuation. RSUs outstanding have been stable at approximately 23 million the past three years and they are service-based.",
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      "text": "23M RSUs Outstanding For The Past 3 Years. Beginning in August 2021, the Company grants RSUs to employees and directors with service-based vesting conditions.",
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      "text": "Spruce Point believes the market should consider RELY's 23m+ RSUs as part of the valuation.",
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      "text": "shares outstanding: 23M",
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      "kind": "quote",
      "text": "Beginning in August 2021, the Company grants RSUs to employees and directors with service-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. — Remitly RSU Disclosure",
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      "text": "Source: Company financials, Bloomberg Yahoo! Finance, Analyst Reports",
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      "text": "RELY's RSU Disclosure: Unvested at Dec 31, 2024: 23,886,131",
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      "text": "Sell-Side Analyst: JP Morgan: Feb 20th Company Data (Shares O/S 183, Market cap 4,731.12, etc.)",
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      "text": "Market Data Providers: Yahoo Finance (Shares Outstanding 200.61M, Implied 206.55M), Bloomberg (Shrs Out/Float 200.6M/149.0M)",
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      "text": "We Believe RELY's Share Count Is Understated",
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