Company Overview - Expensify is an expense management platform that offers corporate cards, travel services, and expense management solutions [1] - The company caters to a diverse range of customers, from individuals managing personal finances to large Fortune 50 companies [1] Product Innovation - Expensify was a pioneer in focusing on the employee experience in expense management, emphasizing the importance of delivering a good product experience to employees as well as administrators [2] - The company introduced a mobile app with OCR capabilities, allowing employees to scan receipts while traveling, enhancing convenience and efficiency [2]

Summary of Expensify (EXFY) 2025 Conference Call Company Overview - **Company**: Expensify - **Industry**: Expense Management Software - **Core Products**: Expense management platform, corporate cards, travel services, and mobile app with OCR capabilities [5][6] Key Points and Arguments Company Background and Public Journey - Expensify started with a focus on enhancing employee experience in expense management, which was previously overlooked [5] - The company went public primarily to create liquidity for investors and employees, not for capital needs, and has remained cash positive since [11][12] - The transition to a public company brought more compliance and processes, but the operational model remained largely unchanged [11] Product Innovations - Introduction of "New Dot," a mobile-focused, real-time expense management platform that integrates chat and travel functionalities [15][16] - Enhanced app experience with better functionality, powerful search capabilities, and an agentic AI layer that provides insights and improves compliance [16][17] - The goal is to reduce the time employees spend on expenses and improve the overall user experience [19][20] Go-to-Market Strategy - Significant investment in brand marketing, including F1 sponsorships, has led to a robust inbound pipeline [29] - The onboarding experience is being fine-tuned to cater to diverse customer needs, focusing on data-driven and product-testing approaches [30][33] - The company aims to balance growth from small businesses (word-of-mouth engine) and larger customers (immediate revenue boost) [34] Competitive Landscape - The market is competitive, particularly in the small business segment, with many competitors previously offering free services now charging for bundled offerings [34] - Expensify's strategy focuses on both mid-market and enterprise customers while enhancing self-onboarding processes [37] AI and Automation - Extensive use of agentic AI for customer support, onboarding, and operational efficiency [38][40] - AI capabilities are being integrated into the product to enhance user experience and automate repetitive tasks [45] Future Product Development - Plans to expand product offerings to include invoicing, bill pay, and potentially payroll services [51] - The vision is to create a comprehensive financial operations platform akin to "Amazon Prime" for small businesses [52] Market Trends and Customer Insights - Growth drivers have shifted from expansion among existing customers to healthy new customer acquisition [67][69] - The company aims to cater to both self-exploring users and those seeking support, ensuring a versatile product experience [71] Long-term Vision - By 2030, Expensify aims to unify its products, dominate the small business market, and become a super app for financial and back-office needs [76] Additional Important Insights - The company emphasizes the importance of maintaining lean operations while leveraging technology for efficiency [45] - There is a focus on ensuring that the product meets the evolving needs of customers in a competitive landscape [34][35]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $35.8 million, showing a year-on-year increase [4] - Average paid members reached 652,000, with total interchange at $5.3 million, also up year-on-year [4] - Operating cash flow was $8.9 million, and free cash flow was $6.3 million, marking a 10% increase from the previous year [6] - The net loss was $8.8 million, while the non-GAAP net loss was $1.9 million, and adjusted EBITDA was negative $1.4 million, impacted by movie accounting [5][6] Business Line Data and Key Metrics Changes - Expensify Travel saw a significant growth of 44% in the last quarter, indicating strong performance [23] - The company is focusing on enhancing its technology platform to support various functionalities, including reimbursements and card support globally [20][24] Market Data and Key Metrics Changes - The company has added support for over 10,000 banks globally, enhancing its market presence [19] - The brand awareness among the core demographic (ages 18 to 54) increased by over 50%, with a remarkable 350% increase in the 18 to 24 age group [14][15] Company Strategy and Development Direction - The company aims to leverage the F1 movie's exposure to enhance brand awareness and expects a long-term positive impact on user acquisition [39][66] - A long-term strategy focuses on positive cash flow generation, share repurchase, and expanding product offerings beyond expense management to include invoicing and payroll [24][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the seasonality in July, typically a soft month for the business, but expressed confidence in future growth driven by brand awareness initiatives [7][39] - The company is committed to migrating customers to a new platform and enhancing AI capabilities, which are seen as critical for future growth [29][30] Other Important Information - The F1 movie generated significant marketing value, with an estimated $100 million spent on marketing and $61 million in earned media value [10][11] - The company is focused on integrating AI deeply into its platform, aiming to differentiate itself from competitors [55][56] Q&A Session Summary Question: Impact of F1 movie on new customer acquisition - Management indicated that the movie's release was at the end of Q2, so its impact on new customer metrics would be seen in future quarters [38][62] Question: Changes in Google search algorithm and its relevance - Management confirmed that they have a strong SEO strategy and are well-positioned to benefit from changes in AI-driven search tools [41][43] Question: R&D spending and product delivery pace - Management emphasized a strong focus on R&D and the integration of products, which allows for efficient resource allocation despite being a smaller company [47][48] Question: Potential erosion of market position due to AI advancements - Management believes that their integrated approach to AI will strengthen their market position rather than erode it, as simplifying complex products is challenging for competitors [50][56] Question: Customer growth from F1 exposure and future marketing initiatives - Management stated that while specific metrics from F1 exposure are not available yet, they plan to continue investing in marketing to capitalize on the increased brand awareness [64][66] Question: Performance of Expensify Travel - Management reported strong growth in Expensify Travel, with positive customer feedback and increasing month-on-month growth [67]

Core Insights - Expensify reported Q2 2025 results with GAAP revenue of $35.8 million, below analyst expectations of $36.5 million, and a non-GAAP EPS loss of $0.02, missing forecasts for a $0.02 profit [1][2][5] Financial Performance - Year-over-year GAAP revenue increased by 7.5% from $33.3 million in Q2 2024 to $35.8 million in Q2 2025 [2][5] - Non-GAAP EPS declined by 133.3% from a profit of $0.06 in Q2 2024 to a loss of $0.02 in Q2 2025 [2][5] - Adjusted EBITDA turned negative at $(1.4) million compared to a positive $10.2 million in Q2 2024 [2][5] - Free cash flow increased by 10.5% year-over-year, reaching $6.3 million [2][7] Operational Challenges - The number of paid members decreased by 5% year-over-year to 652,000, indicating user retention issues [5][11] - Net loss widened significantly to $8.8 million from a $2.8 million loss in the prior year [5][11] - Sales and marketing expenses surged to $14.3 million from $3.1 million, contributing to total operating expenses rising by 55% year-over-year [6][11] Strategic Focus - Expensify targets small and medium-sized businesses with its software-as-a-service solutions for expense management [3] - The company emphasizes product-led growth, simplicity, and viral adoption, with recent initiatives including AI-powered tools and international expansion [4][8] Future Outlook - Expensify raised its free cash flow outlook for FY2025 to a range of $19.0 million to $23.0 million [10] - Key areas to monitor include trends in paid members, gross margin changes, and the impact of new product launches on user retention [11]

Financial Performance - Q2 2025 revenue reached $35.8 million[14] - The company had 652,000 average paid members in Q2 2025[15] - Total interchange for Q2 2025 was $5.3 million[17] - Q2 2025 operating cash flow was $8.9 million[20] - Free cash flow for Q2 2025 was $6.3 million, a 10% increase year-over-year[23, 26] - Non-GAAP net loss for Q2 2025 was $(1.9) million[20] - Adjusted EBITDA for Q2 2025 was $(1.4) million[24] - The company is increasing its FY 2025 free cash flow guidance to a range of $19.0 million to $23.0 million[26] Marketing Impact - The company estimates that the F1 movie generated an equivalent value of $61.0 million in marketing dollars[36] - The F1 movie increased unaided brand awareness by 50% among the core demographic (ages 18-54)[37] - The F1 movie increased unaided brand awareness by 350% among the next generation of bottom-up adopters (ages 18-24)[42]

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 June 30, 2025 OR For the transition period from _______ to _______ Commission File Number 001-41043 ___________________________________ EXPENSIFY, INC. ___________________________________ (Exact name of registrant as specified in its charter) Delaware 27-0239450 ...

While ROI on this can be hard to measure, independent brand awareness surveys are already showing 50% gains in our target demographics – and 350% gains in the highly coveted 18-24 demographic, the trendsetters of the future. We couldn't possibly be more pleased with the result of this major bet taken years ago, which we expect to benefit us for years to come. To prepare for this, and in recognition of F1's global appeal, we spent the last quarter strengthening our international offering: Beyond F1 and inter ...

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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 ...