Market Overview - Current market highs are expected to lead to increased dispersion in stock performance through the remainder of FY25, indicating that individual stock performances will vary widely [1] Analyst Background - Gary Alexander has extensive experience covering technology companies on Wall Street and working in Silicon Valley, providing insights into themes shaping the industry today [1] - He has been a contributor on Seeking Alpha since 2017 and has been quoted in various web publications, with his articles syndicated to popular trading apps like Robinhood [1]

Core Viewpoint - The research service "Asia Value & Moat Stocks" targets value investors looking for Asia-listed stocks that exhibit significant discrepancies between market price and intrinsic value, focusing on deep value balance sheet bargains and wide moat stocks [1] Group 1: Investment Focus - The service emphasizes deep value balance sheet bargains, which include net cash stocks, net-nets, low price-to-book (P/B) stocks, and sum-of-the-parts discounts [1] - It also highlights wide moat stocks, which are characterized by strong earnings power at discounted prices, including high-quality businesses and hidden champions [1] Group 2: Market Emphasis - The primary focus of the investment ideas is on the Hong Kong market, providing a range of watch lists with monthly updates for investors [1]

Expensify (EXFY) 2025 Conference June 10, 2025 01:00 PM ET Speaker0 Alright. Well, good afternoon and good morning, everybody. Dan Jester, BMO Software Research here. Thanks again for joining our next session of our virtual event today. We're very pleased to have Expensify joining us, and we have Derek David Barrett, is the founder and the CEO with us today. So, David, thanks for joining us. Speaker1 Hey. Thanks so much for having me. Speaker0 Pleasure. Thank you so much. In terms of logistics, for those of ...

Q1 2025 Earnings May 8th, 2025 Disclaimer All information included in this presentation is unaudited. FORWARDLOOKING STATEMENTS Forward-looking statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our strategy, future financial condition, future operations, future cash flow, projected costs, prospects, plans, objectives of management, expected m ...

Expensify (EXFY) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants Niki Wallroth - Senior Project ManagerRyan Schaffer - CFO & DirectorDavid Barrett - Founder and CEOAaron Kimson - Vice President Conference Call Participants George Kurosawa - Equity Research Analyst Niki Wallroth All the information presented on today's call is unaudited, and during the course of this call, management may make forward looking statements within the meaning of the federal securities laws. These statements ar ...

Expensify (EXFY) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants Niki Wallroth - Senior Project ManagerRyan Schaffer - CFO & DirectorDavid Barrett - Founder and CEOAaron Kimson - Vice President Conference Call Participants George Kurosawa - Equity Research Analyst Niki Wallroth All the information presented on today's call is unaudited, and during the course of this call, management may make forward looking statements within the meaning of the federal securities laws. These statements ar ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $36.1 million, representing an 8% year-on-year increase [3] - Average paid members decreased by 5% year-on-year to 657,000 [3] - Total interchange increased by 43% year-on-year to 5.1% [3] - Operating cash flow was $4.8 million, while free cash flow was $9.1 million, marking a 75% increase year-on-year and a 45% increase quarter-on-quarter [4][5] - GAAP net loss was $3.2 million, while non-GAAP net income was $4.8 million, and adjusted EBITDA was $8.4 million [4] Business Line Data and Key Metrics Changes - Expense by card grew to $5.1 million, a 43% increase year-on-year [8] - Quarterly travel expenses saw a 66% quarter-over-quarter increase, with customers adopting travel at twice the rate of the ExpenseMy card [8] Market Data and Key Metrics Changes - April paid members were 655,000, slightly down from Q1, indicating a less than 0.5% decrease [7][55] Company Strategy and Development Direction - The company is focusing on diversifying revenue streams beyond just subscription models, indicating a shift in internal metrics for success [36][37] - A new simplified pricing structure was introduced to enhance customer conversion at the lower end of the market [12][13] - The company is excited about the upcoming Formula One promotion, expecting increased visibility and traction leading to higher sign-ups [20][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather economic challenges, citing a strong free cash flow position [32] - The impact of macroeconomic factors and tariffs is being monitored, with customers currently in a cautious holding pattern [49][50] - The anticipated benefits from the Formula One movie are expected to materialize more significantly in Q3 rather than Q2 [39][40] Other Important Information - Full Spanish support has been announced, enhancing product accessibility for Spanish-speaking users [9] - AI features have been integrated into the product to improve expense categorization and fraud detection [16][18] Q&A Session Summary Question: Impact of macro and tariff issues on the business - Management believes they are well-positioned to handle economic challenges, with a strong free cash flow of $9 million [30][32] Question: Disconnect between revenue growth and paid user numbers - Management acknowledged the importance of paid members but emphasized the diversification of revenue streams beyond subscriptions [34][36] Question: Vertical exposure of the customer base to tariff headwinds - Management noted that tracking the impact of tariffs has been challenging, with customers currently in a wait-and-see mode [47][49] Question: Accounting perspective on the Formula One movie's impact - Management explained that while cash flow impacts have been felt, the expense recognition will occur when the movie is released, leading to a significant expense in the income statement [56][57]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ___________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-41043 ___________________________________ EXPENSIFY, INC. __________________ ...

Q1'25 was another strong quarter. Though seasonally affected as expected, on an annual basis this quarter saw an 8% increase in revenue, 43% increase in interchange, 38% increase in cash from operating activities and 75% increase in free cash flow from the same quarter last year. In fact, this quarter produced $4.8 million of cash from operating activities and $9.1 million in FCF – over 50% of the bottom end of our FCF forecast for the entire year. As such we are increasing our full year 2025 FCF guidance t ...

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $37 million, representing a 5% increase both quarter-over-quarter and year-over-year [12][94] - Average paid members increased slightly to 687,000, showing a positive trend compared to the previous quarter [12][94] - Interchange revenue reached $5.1 million, a significant 62% increase year-over-year [12][94] - Operating cash flow was $7.4 million, while free cash flow was $6.3 million, marking a 272% increase year-over-year for Q4 [12][15][94] - For fiscal year 2024, total revenue was $139.2 million, with a net loss of $10.1 million and non-GAAP net income of $23.5 million [14][96] Business Line Data and Key Metrics Changes - The Expensify card saw a quarter-over-quarter growth of 11% to $5.1 million, with interchange growing 54% year-over-year to $17.2 million [19][100] - The company successfully migrated its card program, simplifying its accounting processes [20][100] - The launch of Expensify Travel introduced new fee-based and transactional revenue opportunities, generating high customer enthusiasm [22][103] Market Data and Key Metrics Changes - In January, the number of paid members was 665,000, which is lower than Q4 but consistent with seasonal trends observed in previous years [21][102] - The company noted significant seasonality in Q1, which is expected and aligns with historical data [21][102] Company Strategy and Development Direction - The company continues to focus on a scalable acquisition model through viral lead generation and bottom-up adoption strategies [25][106] - AI integration is a key focus, with the introduction of chat-based functionalities aimed at enhancing user experience and operational efficiency [26][108] - The company aims to position itself as a leader in fintech AI, leveraging its unique data assets to drive innovation [37][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about achieving profitability soon, with a net loss of $1.3 million in Q4 [13][94] - The initial guidance for 2025 is set at $16 million to $20 million in free cash flow, reflecting a conservative approach due to uncertainties in the macroeconomic environment [18][99] - Management highlighted the importance of AI in driving efficiency improvements and enhancing customer engagement [17][26] Other Important Information - The company has successfully reduced its debt by $22.7 million and is now debt-free, which is a significant milestone [22][104] - The company is committed to continuous improvement in its AI capabilities, with ongoing developments in SmartScan and concierge functionalities [41][70] Q&A Session Summary Question: Understanding AI capabilities and integration with third-party systems - Management confirmed that existing AI capabilities, such as concierge and SmartScan, are operational, while more advanced features are under development [67][70] - Integration with third-party systems like Slack is possible, but the core functionalities are best utilized within the Expensify app [72][74] Question: Driving broader adoption of chat functionalities - Management noted that customer migration to the new system has been sticky, with users generally satisfied with the experience [78][80] - The chat-centric features are designed to proactively engage users, demonstrating value and encouraging adoption [81][82] Question: Adoption and revenue potential of Expensify Travel - Initial enthusiasm for Expensify Travel has been high, with significant month-over-month increases in travel bookings [84][86] - Management anticipates that, similar to the Expensify card, travel services will grow and contribute meaningfully to revenue over time [86][88]