神译局是36氪旗下编译团队，关注科技、商业、职场、生活等领域，重点介绍国外的新技术、新观点、新风向。 编者按：市场趋稳只是表象。AI原生公司增速快了3倍，却也在吞噬毛利与研发岗。SaaS旧逻辑失效，一场残酷的效率战争已至。文章来自编 译。 2025 年 SaaS 基准报告 在过去九年（！）的时间里，我调研了 5000 家私营 B2B 软件公司，试图通过这些数据通过这些数据弄清楚这个行业到底在发生什么。《SaaS 基 准报告》现已成为行业的一项年度"体检"，用于把脉增长率、人员规模、定价策略和运营效率的最新动态。 我非常高兴能继续与我的朋友们——B2B SaaS 风险投资公司 High Alpha——共同发布这份报告。本次共有超过 800 家公司参与调研，创下了我们 的新纪录。 要点 1：你的表现如何？核心 SaaS 指标基准对比。 首先：我们总结了在增长率、净收入留存率 (NRR)、毛利率以及每全职员工 (FTE) 贡献 ARR 方面的"良好"（第 50 百分位）和"优秀"（第 75 百分 位）标准。 1. 高效增长矩阵。忘掉 LTV:CAC（客户终身价值与获客成本比率）吧，看看这个。 2. AI 增长故事。 ...

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]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $35.1 million, with a net loss of $2.3 million and non-GAAP net income of $4.3 million [4] - Average paid members increased to 642,000, with a rise to 653,000 in October [4] - Operating cash flow was $4.2 million, and free cash flow was $1.2 million, slightly lower than previous quarters due to seasonal timing [4] - The company reiterated its fiscal year 2025 free cash flow guidance of $19 million to $23 million [4] Business Line Data and Key Metrics Changes - The "Expense by Travel" segment saw bookings grow by 36% from Q2 and 95% since Q1, indicating strong performance in this area [5] - The company repurchased approximately $3 million worth of Class A common stock [6] Market Data and Key Metrics Changes - The company is now the official travel and expense partner of the Brooklyn Nets, showcasing its growing market presence [5] Company Strategy and Development Direction - The company is focused on migrating existing customers to the new Expensify platform, targeting 90% feature parity with the Classic version [7][8] - The design of the new Expensify anticipates modern AI integration, aiming for a hybrid system that combines AI and human support [12][14] - The company emphasizes a chat-first design for AI interactions, aiming to enhance user experience and functionality [26][37] Management's Comments on Operating Environment and Future Outlook - Management acknowledged potential risks from government shutdowns affecting travel but noted that it could lead to increased spending in certain scenarios [41][42] - The company is optimistic about the migration to new Expensify and expects significant progress by the end of the year [48][50] Other Important Information - The company is focused on reducing support costs by migrating customers to the new platform, which is expected to handle issues more efficiently than Classic [53][54] Q&A Session Summary Question: Insights on chat as the UI for AI and competitive advantages - Management highlighted the importance of built-in AI functionality within the product, allowing users to interact contextually without leaving their current task [31][33] Question: Impact of government shutdowns on travel - Management noted that uncertainty is generally not favorable for business, but the impact would depend on how travelers adjust their plans [40][42] Question: Migration progress from Classic to New Expensify - Less than 50% of revenue is currently from New Expensify, with a focus on migrating existing customers while ensuring their comfort with the transition [47][48] Question: Incremental monetization and cost savings from concierge agent - Management indicated that migrating to New Expensify should reduce support costs and enhance monetization opportunities through improved functionality [53][55]

Financial Performance - Total revenue for Q3 2025 was $35.1 million, a decrease of 1% compared to the same period last year[8] - Total revenue for the three months ended September 30, 2025, was $35,065, a decrease of 1% compared to $35,409 in the same period of 2024[29] - Non-GAAP net income for Q3 2025 was $4.3 million, with adjusted EBITDA at $6.5 million[8] - Adjusted EBITDA for the three months ended September 30, 2025, was $6,503, down 33% from $9,676 in 2024, resulting in an adjusted EBITDA margin of 19%[32] - Non-GAAP net income for the three months ended September 30, 2025, was $4,348, a decrease of 20% from $5,432 in 2024, with a non-GAAP net income margin of 12%[32] - Net loss for the nine months ended September 30, 2025, was $14,272, compared to a net loss of $8,743 in 2024, representing a 63% increase in losses[31] Cash Flow and Guidance - Free cash flow for Q3 2025 was $1.2 million, primarily impacted by unfavorable timing of cash payments related to working capital[8] - Free cash flow for the three months ended September 30, 2025, was $1,228, significantly down from $6,679 in 2024, reflecting a free cash flow margin of 4%[32] - Free cash flow guidance for the fiscal year ending December 31, 2025, is estimated to be between $19.0 million and $23.0 million[10] Membership and Engagement - Paid members decreased by 6% year-over-year, totaling 642,000[8] - Expensify Travel bookings increased by 36% quarter-over-quarter and 95% since Q1 2025[8] Stock and Shareholder Activity - The company repurchased 1,579,763 shares of Class A common stock for approximately $3.0 million[8] Operational Metrics - Gross margin for the nine months ended September 30, 2025, was $54,217, down from $56,141 in 2024, reflecting a decrease of approximately 3%[29] - Total operating expenses for the nine months ended September 30, 2025, increased to $68,299, up 19% from $57,426 in 2024[29] Assets and Liabilities - Cash and cash equivalents at the end of the period were $104,381, an increase from $85,254 at the end of September 2024[31] - Total assets as of September 30, 2025, were $186,835, an increase of 8% from $173,680 as of December 31, 2024[27] - Total liabilities as of September 30, 2025, were $51,175, up 12% from $45,437 as of December 31, 2024[27] Product and Partnership Developments - The upgraded Concierge AI was introduced, designed to enhance user interaction and support[3][5] - Expensify became the official Travel and Expense partner of the Brooklyn Nets in Q3 2025[8]

Revenue and Financial Performance - For the three months ended September 30, 2025, revenue was $35.1 million, a decrease of $0.3 million or 1% compared to $35.4 million in the same period of 2024[132]. - Revenue increased by $4.7 million, or 5%, to $106.9 million for the nine months ended September 30, 2025, compared to $102.2 million in 2024[141]. - The net loss for the three months ended September 30, 2025, was $2.3 million, compared to a net loss of $2.2 million in the same period of 2024[131]. - For the nine months ended September 30, 2025, the company reported a net loss of $14,272,000, compared to a net loss of $8,743,000 in 2024, with a net loss margin of 13% versus 9%[180]. Expenses and Cost Management - Total operating expenses for the three months ended September 30, 2025, were $19.7 million, an increase from $18.0 million in the same period of 2024[131]. - Cost of revenue, net increased by $0.5 million, or 3%, to $17.7 million for the three months ended September 30, 2025, compared to $17.1 million in 2024[133]. - General and administrative expenses increased by $0.7 million, or 8%, to $9.8 million for the three months ended September 30, 2025, compared to $9.1 million in 2024[136]. - Research and development expenses for the three months ended September 30, 2025, were $4.9 million, a decrease from $5.6 million in the same period of 2024[131]. - Sales and marketing expenses increased to $4.9 million for the three months ended September 30, 2025, compared to $3.3 million in the same period of 2024[131]. Profitability Metrics - Adjusted EBITDA for the three months ended September 30, 2025, was $6.5 million, with an adjusted EBITDA margin of 19%, compared to $9.7 million and 27% in 2024[174]. - Non-GAAP net income for the three months ended September 30, 2025, was $4.3 million, representing a margin of 12%, down from $5.4 million and 15% in 2024[176]. - Free cash flow for the three months ended September 30, 2025, was $1.2 million, with a free cash flow margin of 4%, compared to $6.7 million and 19% in 2024[177]. - Non-GAAP net income for the nine months ended September 30, 2025, was $7,308,000, down from $14,792,000 in 2024, resulting in a non-GAAP net income margin of 7% compared to 14% in the prior year[180]. Membership and Transaction Metrics - The number of paid members averaged 642,000 across 38,800 companies as of September 30, 2025[114]. - As of September 30, 2025, the average number of paid members was 642, a decrease from 684 in the same period of 2024[171]. - Expensify has processed and automated 1.8 billion expense transactions on its platform as of September 30, 2025[114]. Cash and Financing - Net cash provided by operating activities was $17.9 million for the nine months ended September 30, 2025, compared to $16.5 million in 2024[153]. - As of September 30, 2025, the company had $61.5 million in cash and cash equivalents, with no outstanding indebtedness[150]. - The company had $44.0 million remaining under the 2025 Share Repurchase Program as of September 30, 2025[159]. - The company repaid the outstanding balance of $7.6 million on the amortizing term mortgage in August 2024[160]. - The 2024 Amended Loan and Security Agreement provided for a $25.0 million revolving credit facility, which was terminated on July 1, 2025, with no borrowings outstanding at that time[161][166]. - The company entered into a new Letter of Credit Facility and Security Agreement on October 9, 2025, maintaining a Letter of Credit of $7.5 million[167]. Risk and Compliance - The company is subject to customary covenants under the LOC Security Agreement, restricting certain financial activities[168]. - The company has not reported any material changes in contractual obligations and commitments as of September 30, 2025[182]. - There are no off-balance sheet financing arrangements or relationships with unconsolidated entities as of the reporting date[185]. - The company has not experienced any material changes in market risk compared to the previous year[189]. - There have been no material changes to critical accounting policies and estimates compared to the previous annual report[187].

Core Insights - Expensify has upgraded its Concierge service into a full-service expense agent, integrating AI with human expertise to assist users in managing expenses through various communication channels [1][3] - The CEO of Expensify, David Barrett, emphasizes the unique contextual capabilities of the Concierge agent, which allows users to interact with the system in relation to specific expenses, enhancing user experience [2][3] - The upgraded Concierge service aims to collaborate between humans and machines, focusing on understanding context and ensuring expense accuracy and compliance [3] Product Features - The Concierge service is embedded within the Expensify app, providing users with immediate access to support while managing expenses and reports [6] - It understands natural language commands, enabling users to create, edit, and delete expenses through conversational interactions [6] - The system auto-corrects ambiguous or incomplete expense details based on user history and flags suspicious receipts, including those potentially generated by AI tools [6] - Concierge continuously learns from user behavior to offer smarter and more personalized support over time [6] Company Overview - Expensify is a leading expense management solution trusted by 15 million members globally, catering to businesses of all sizes [4]

Core Insights - The market's significant gains this year have been primarily driven by large-cap, momentum-driven tech stocks, which are currently trading at historic high multiples [1] Group 1: Market Trends - The majority of the year's market gains are attributed to a disproportionate rally in large-cap technology stocks [1] - Large-cap multiples are at historic highs, indicating a potential overvaluation in the tech sector [1] Group 2: Analyst Background - Gary Alexander has extensive experience in covering technology companies on Wall Street and has worked in Silicon Valley, providing insights into current industry themes [1] - He has been a contributor to Seeking Alpha since 2017 and has been quoted in various web publications, indicating his influence in the investment community [1]

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]