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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a comparison frame to highlight a lack of transparency in Remitly's financial reporting compared to a peer.",
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      "kind": "callout",
      "text": "Wise PLC gives enhanced disclosure about how much is corporate cash vs. client funds",
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      "text": "Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients.",
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      "text": "RELY's New Cash Disclosure text block highlighting the ambiguity of their cash holdings.",
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      "text": "cash and cash equivalents",
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      "text": "Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients. While it claims to control the cash, such control may only be for a limited time. We applaud Wise PLC for clearly disclosing how much of its cash is for corporate purposes. Astute analysts use the corporate cash to value the company.",
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      "text": "Of the £11,899.0m (31 March 2024: £10,479.2m) cash and cash equivalents at the period end, £1,061.2m (2024: £1,061.1m) is considered the corporate cash balance, which is not related to customer funds that are held in Wise accounts or collected from customers as part of the money transfer settlement process. — Wise Annual Report",
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      "text": "Source: RELY 2024 10-K, Wise Annual Report",
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      "text": "We Caveat Our Valuation With One Issue: RELY's Reported Cash May Be Overstated",
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