PORTLAND, Ore., March 23, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP announces that the United States District Court for the District of Oregon has approved the following announcement of a proposed class action settlement that would benefit purchasers of Expensify, Inc. common stock (NASDAQ: EXFY): NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION TO:ALL PERSONS WHO PURCHASED EXPENSIFY INC. (“EXPENSIFY”) COMMON STOCK PURSUANT OR TRACEABLE TO EXPENSIFY’S REGISTRATION STATEMENT FILED IN CONJUNCTI ...

Expensify Conference Call Summary Company Overview - **Company**: Expensify (NasdaqGS:EXFY) - **Event**: 2026 Conference on March 02, 2026 Key Industry Insights - **AI Impact**: The discussion revolves around the potential impact of AI on businesses, with a focus on whether it will be a threat or an opportunity. Expensify believes that AI presents more opportunities than threats, particularly for collaborative platforms [2][9][10]. - **Business Moats**: Expensify identifies three key moats for its business: 1. **Collaboration**: Tools that require team buy-in create a network effect, making it harder for users to abandon the platform [4][5]. 2. **Certified Professions**: Services that require human professionals, such as accountants and lawyers, will remain relevant and protected from automation [5][6]. 3. **Compliance Networks**: Expensify serves compliance-heavy networks that cannot be easily automated, ensuring longevity in its business model [6][7]. Financial Performance - **Cash Position**: As of the end of Q4, Expensify reported $63.1 million in unrestricted cash, with a market cap in the high nineties [13][14]. - **Stock Performance**: The stock has seen a decline of about 20% since the last earnings report, indicating market skepticism about future growth [13][14]. Strategic Shifts - **Growth Mindset**: Expensify is transitioning from a building mindset to a growth mindset, focusing on customer acquisition and market penetration with its new platform, New Expensify [16][24]. - **Product Migration**: The company is migrating customers to New Expensify, which supports about 90% of its customer base, emphasizing collaborative tools and AI integration [20][24]. Marketing and Customer Acquisition - **Unique Go-to-Market Strategy**: Expensify has a strong brand presence, with unaided recall in expense management significantly higher than competitors. The company aims to convert brand awareness into leads through various marketing strategies [32][34]. - **Challenges in Customer Acquisition**: The CEO notes that customer acquisition remains difficult, especially against competitors willing to operate at a loss. Expensify is focusing on a combination of outbound marketing, viral programs, and product-led growth [31][33]. Market Dynamics - **Impact of AI on Business Models**: The CEO argues that while AI makes technology easier, it does not simplify the complexities of customer acquisition and compliance, which remain significant challenges in the expense management sector [46][47]. - **Traditional vs. New Customers**: Expensify distinguishes between traditional customers, who may face seat erosion due to layoffs, and new customers, particularly in the SMB sector, which are expected to grow more responsibly [57][68]. Future Outlook - **Long-term Growth Potential**: The company believes there is a substantial opportunity in the SMB market, which is less vulnerable to seat erosion compared to larger enterprises. The focus will be on capturing new SMBs and leveraging AI partnerships [68][69]. - **Investment in Growth**: Expensify is committed to investing in growth initiatives rather than merely focusing on profitability, aiming to expand its market presence significantly [82][87]. Conclusion Expensify is navigating a challenging market landscape with a focus on leveraging AI as an opportunity, transitioning to a growth mindset, and emphasizing collaborative tools. The company is well-positioned with a strong cash position and brand recognition, but faces challenges in customer acquisition and market competition.

Financial Data and Key Metrics Changes - In Q4 2025, revenue was $35.2 million, with a net loss of $7.1 million and a non-GAAP net loss of $2.1 million. Adjusted EBITDA was $3.3 million [3] - For the full fiscal year 2025, revenue reached $142.1 million, with a net loss of $21.4 million primarily due to stock-based compensation and expenses related to the F1 movie. Non-GAAP net income was $5.2 million, and adjusted EBITDA was $16.9 million [4] - Free cash flow for fiscal year 2025 was $19.9 million, exceeding initial guidance of $16 million to $20 million [4][5] Business Line Data and Key Metrics Changes - Average paid members remained stable at 650,000 for both Q4 and fiscal year 2025 [3][4] - Total interchange revenue increased to $21.3 million for fiscal year 2025, a 24% increase year-over-year [4][8] - Travel bookings in Q4 2025 surged by 434% compared to Q4 2024, indicating strong customer adoption [7] Market Data and Key Metrics Changes - The company reported a decrease in paid members to 626,000 in January 2026, typical for the seasonality observed in Q1 [5] - The company has entered a multi-year integration partnership with Uber for Business, enhancing its market position in corporate travel and expense workflows [6] Company Strategy and Development Direction - The company is focused on migrating existing customers to the New Expensify platform, achieving full feature parity for 90% of revenue-generating customers [9] - The strategy includes leveraging AI to enhance user experience, with a focus on "accountable intelligence" through its Concierge feature [14][18] - The company aims to create grassroots pressure for company-wide adoption of its services through a new free Submit plan for employees [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities presented by AI, viewing it as a chance for growth rather than a threat [29] - The company acknowledges the challenges posed by AI in the expense management sector but believes its collaborative features and compliance capabilities provide a competitive moat [26][27] - Management anticipates that increased investment in sales, marketing, and AI will impact free cash flow guidance for 2026, projecting $6 million to $9 million [5] Other Important Information - The company repurchased over 4.8 million shares of Class A common stock in 2025, totaling approximately $9 million, reflecting management's confidence in long-term business prospects [8] - The company received the TrustRadius 2026 Buyer's Choice Award in the expense management category, based on customer reviews [6] Q&A Session Summary Question: What is Expensify's place in an AI world? - Management believes that while AI may disrupt certain applications, Expensify's focus on collaboration and access to regulated financial networks provides a competitive advantage [25][26][27] Question: What contributed to the increase in paid members in Q4 2025? - Management attributed the increase to seasonal trends, noting that Q4 typically performs better than Q3, while the migration to the new platform also aids in customer retention [34]

Financial Data and Key Metrics Changes - Q4 revenue was $35.2 million, with a fiscal year 2025 revenue of $142.1 million, reflecting growth [3][4] - Average paid members remained stable at 650,000 for both Q4 and fiscal year 2025 [3][4] - Total interchange increased to $21.3 million in fiscal year 2025, up from $5.5 million in Q4 [3][4] - Q4 operating cash flow was $2.2 million, while fiscal year 2025 operating cash flow reached $20.1 million [3][4] - Free cash flow for fiscal year 2025 was $19.9 million, exceeding initial guidance [4][5] - Net loss for fiscal year 2025 was $21.4 million, primarily due to stock-based compensation and expenses related to the F1 movie [4] Business Line Data and Key Metrics Changes - Expensify Travel bookings in Q4 increased by 434% compared to Q4 of 2024, indicating strong customer adoption [7] - The Expensify Card saw a 24% year-over-year increase in interchange revenue [8] Market Data and Key Metrics Changes - The company entered a multi-year integration partnership with Uber for Business, enhancing its market position in corporate travel and expense workflows [6] Company Strategy and Development Direction - The company is focused on migrating existing customers to the New Expensify platform, achieving full feature parity for 90% of revenue-generating customers [9] - The strategy includes leveraging AI to enhance user experience and operational efficiency, with a focus on product-led growth [12][17] - The introduction of a new free Submit plan aims to increase grassroots adoption among employees [13] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for fiscal year 2026, anticipating lower free cash flow guidance of $6 million to $9 million due to increased investments in sales, marketing, and AI [5] - The management believes that AI presents more opportunities than risks for Expensify, positioning the company to thrive amid AI advancements [25][26] Other Important Information - The company repurchased over 4.8 million shares of Class A common stock throughout 2025, totaling approximately $9 million, reflecting management's confidence in long-term business prospects [8] Q&A Session Summary Question: What is Expensify's place in an AI world? - Management acknowledged that while AI poses challenges, Expensify's collaborative nature and access to regulated financial networks provide significant competitive advantages [21][23] Question: What contributed to the increase in paid members in Q4 2025? - Management attributed the increase primarily to seasonal trends, with migration to the new product also playing a role in customer retention [30]

Financial Data and Key Metrics Changes - Q4 2025 revenue was $35.2 million, with a net loss of $7.1 million and a non-GAAP net loss of $2.1 million, while adjusted EBITDA was $3.3 million [3][4] - For fiscal year 2025, total revenue reached $142.1 million, with a net loss of $21.4 million primarily due to stock-based compensation and expenses related to the F1 movie [4] - Fiscal year 2025 free cash flow was $19.9 million, exceeding initial guidance of $16 million-$20 million [4][5] - The company is initiating fiscal year 2026 free cash flow guidance of $6 million-$9 million, reflecting a conservative outlook [5] Business Line Data and Key Metrics Changes - Average paid members remained stable at 650,000 for both Q4 2025 and fiscal year 2025 [3][4] - Total interchange revenue for fiscal year 2025 was $21.3 million, a 24% increase year-over-year [4][7] - Expensify Travel bookings in Q4 2025 increased by 434% compared to Q4 2024, indicating strong customer adoption [6] Market Data and Key Metrics Changes - The company reported a total interchange of $5.5 million in Q4 2025, contributing to the overall growth in revenue [3] - The company repurchased over 4.8 million shares of Class A common stock throughout 2025, totaling approximately $9 million, reflecting management's confidence in long-term opportunities [7] Company Strategy and Development Direction - The company is focused on migrating existing customers to the New Expensify platform, achieving full feature parity for 90% of revenue-generating customers [9] - A multi-year integration partnership with Uber for Business was established to automate travel and meal receipts, enhancing policy controls [6] - The company is emphasizing AI integration into its user experience, with a focus on "accountable intelligence" through its Concierge AI feature [14][17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's ability to thrive in an AI-driven world, viewing AI as an opportunity rather than a threat [25][26] - The company acknowledged the challenges posed by advances in AI but highlighted its unique collaborative capabilities as a competitive advantage [21][22] - Management noted that the increase in paid members in Q4 2025 was primarily seasonal, with expectations for continued growth as migration progresses [31] Other Important Information - The company received the TrustRadius 2026 Buyer's Choice Award in the expense management category, based on customer reviews [6] - The New Expensify platform is designed to facilitate product-led growth, with a focus on grassroots adoption among employees [12][13] Q&A Session Summary Question: What is Expensify's place in an AI world? - Management acknowledged that while AI could disrupt certain applications, Expensify's focus on collaboration and access to regulated financial networks provides a competitive moat [21][22][23] Question: What contributed to the increase in paid members in Q4 2025? - Management attributed the increase to seasonal trends and the positive impact of the migration to the New Expensify platform [31]

Schaffer noted that 2025 free cash flow came in at the high end of the company’s initial guidance range of $16 million to $20 million. For fiscal year 2026, Expensify initiated free cash flow guidance of $6 million to $9 million, which Schaffer attributed to a “conservative outlook on 2026” and expectations for increased investment in sales and marketing and AI.For fiscal year 2025, Schaffer reported revenue of $142.1 million, average paid members of 650,000, and total interchange of $21.3 million. Operatin ...

Financial Performance - Expensify processed over 1.8 billion expense transactions for customers as of December 31, 2025[60]. - Companies with settled spend over $250,000 per month on Expensify Cards receive 2% cashback, while those under this threshold receive 1%[54]. - Expensify's platform integrates with major banks and processes billions of dollars in expense reimbursements annually[59]. Research and Development - The company prioritizes research and development to innovate and deliver valuable features for members[69]. Customer Support - Expensify's customer support engine, Concierge, utilizes AI to handle inquiries efficiently, with a majority of initial inquiries resolved automatically[71]. Sales and Marketing - The company employs a self-service and inbound sales model, allowing customers to evaluate and purchase the platform online[80]. - Expensify's marketing strategy leverages word-of-mouth and viral growth, reducing customer acquisition costs[78]. Data Security and Compliance - The company maintains PCI-DSS Level 1, SOC1 Type II, and SOC2 Type II compliance for data security[59]. - The company has a flexible, employee-centric approach regarding data ownership and emphasizes data security and privacy[89]. - Compliance with government regulations is not expected to materially affect the company's capital expenditures or competitive position[90]. Company Culture and Workforce - Expensify's unique culture and employee satisfaction are considered critical to its success, with 117 full-time employees as of December 31, 2025[65]. Social Responsibility - The company focuses on creating a just and generous world through its non-profit initiative, Expensify.org[56]. Intellectual Property - As of December 31, 2025, the company had 22 trademark registrations in the United States and approximately 135 trademark registrations globally, with 8 pending applications in foreign jurisdictions[85]. - The company holds 31 issued patents in the United States, with expiration dates ranging from August 2028 to September 2042, and has 12 pending patent applications[86]. - The company maintains a policy requiring confidentiality agreements for employees and third parties involved in intellectual property development[87]. - The company is committed to pursuing additional trademark registrations as deemed beneficial and cost-effective[85]. Currency and Inflation - The company reports its results in U.S. dollars, with significant foreign currency exposure to the British pound and Australian dollar[418]. - A 10% change in the value of the U.S. dollar relative to foreign currencies is not expected to materially affect the company's cash flows and operating results[419]. - The company does not believe inflation has materially impacted its business, but significant inflationary pressures could harm its financial condition[420]. Location - The principal executive offices of the company are located in San Francisco, California[91].

Exhibit 99.1 EXPENSIFY ANNOUNCES Q4 AND FULL YEAR FISCAL 2025 RESULTS The company generated $20.1 million in operating cash flow and $19.9 million in free cash flow in fiscal year 2025 SAN FRANCISCO, Cal.--(BUSINESS WIRE)--February 26, 2026-- Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongsid ...

Group 1 - The core viewpoint of the article highlights that while the market appears stable, AI-native companies are experiencing a threefold increase in growth, which is impacting margins and R&D positions. The traditional SaaS logic is failing, leading to a brutal efficiency war [1][6][7]. Group 2 - The 2025 SaaS Benchmark Report is based on a survey of over 800 B2B SaaS companies, aiming to provide insights into growth rates, personnel size, pricing strategies, and operational efficiency [2][3]. - The report identifies key performance indicators for SaaS companies, including growth rates, net revenue retention (NRR), gross margins, and revenue per full-time employee (FTE) [3][5]. Group 3 - The efficient growth matrix suggests that traditional metrics like LTV:CAC should be reconsidered, emphasizing the importance of combining CAC payback period and NRR for clearer insights into long-term profitability [6][10]. - AI-native startups are growing at a significantly faster rate than traditional B2B SaaS companies, with a notable difference in growth rates across various annual recurring revenue (ARR) brackets [11][19]. Group 4 - AI is reshaping technology roles, particularly in engineering, with significant reductions in workforce due to AI integration. The most affected roles include engineering, customer success, and marketing [17][21]. - The report indicates that companies with higher productivity, measured by revenue per employee, are achieving substantial gains, with top companies exceeding $580,000 in revenue per employee [18]. Group 5 - Pricing sweet spots have been identified, with optimal transaction sizes for growth and retention being between $10,000-$25,000 and $50,000-$100,000. Companies in these ranges tend to experience the best growth rates and retention [22][25][26].

Core Insights - Expensify, Inc. has been recognized as a 2026 Buyer's Choice award winner in the expense management category by TrustRadius, highlighting its strong customer satisfaction and effectiveness in managing expenses, corporate cards, and travel [1] Company Recognition - The Buyer's Choice awards are based entirely on vetted customer reviews, indicating that the recognition is derived from actual user experiences and feedback [1] - Customer testimonials describe Expensify as a "game changer" for organizations, particularly noting its simplicity and effectiveness for nonprofit organizations [1]