---
schema_version: "secwatch.filing_event.v1"
accession: "0001866550-24-000006"
form_type: "8-K"
ticker: null
cik: "0001866550"
company_name: "Thoughtworks Holding, Inc."
filed_at: "2024-02-12T23:59:59+00:00"
generated_at: "2026-06-06T04:29:08.722291+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Thoughtworks restates Q2 and Q3 2023 cash flows; material weakness in internal controls

## Summary
- Will restate cash flow statements for quarters ended June 30 and Sept 30, 2023 due to misclassification of $14.0M contingent consideration payment.
- Payment related to Connected Lab acquisition moved to financing activities; operating cash flow for those periods was understated.
- Free cash flow for nine months ended Sep 30, 2023 restated to $30.2M from $16.3M.
- Material weakness identified in internal controls over discrete, non-routine cash flow transactions; disclosure controls deemed ineffective.
- Net cash, balance sheet, and income statement for the periods were not affected.

## SEC filing metadata
- accession: 0001866550-24-000006
- form_type: 8-K
- cik: 0001866550
- company_name: Thoughtworks Holding, Inc.
- filed_at: 2024-02-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000006/0001866550-24-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000006/twks-20240206.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001866550-24-000006
- JSON: https://secwatch.observer/filing/0001866550-24-000006.json
- Plain text: https://secwatch.observer/filing/0001866550-24-000006.txt

## Key facts
- Auditor Changes
  Thoughtworks Holding, Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: On February 6, 2024, the Audit Committee of the Board of Directors (the “Audit Committee”) of Thoughtworks Holding, Inc. (the “Company”), concluded, after discussion with the Company’s management and consultation with the Company’s auditors, that the Company’s previously issued unaudited condensed consolidated financial statements as of and for the quarterly periods ended June 30, 2023 and September 30, 2023 (collectively, the “Non-Reliance Periods”) included in the Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) for the Non-Reliance Periods, (1) should no longer be relied upon due to an inaccurate presentation of the change in cash flows ascribed to operating activities in the condensed consolidated statement of cash flows
  evidence_url: https://www.sec.gov/Archives/edgar/data/1866550/000186655024000006/0001866550-24-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.