Financial Data and Key Metrics - Revenue for Q3 2023 was $36.5 million, a 14% decrease YoY, driven by a decrease in user activity and economic headwinds [80][81] - Net interchange increased by 16% QoQ and 65% YoY, reaching $3.1 million, with the Expensify card being a significant growth driver [54][50] - Paid members stood at 719,000, with a notable uptick in October, indicating some recovery in subscription growth [54][59] - GAAP net loss was $17 million, while non-GAAP net loss was $6.7 million, and adjusted EBITDA was negative $3.5 million [99] Business Line Data and Key Metrics - The Expensify card continues to grow, with net interchange being a key revenue driver, expected to transition to a new revenue treatment by the end of 2024 [55][57] - The company is focusing on improving the conversion of free trials to paid adoption, which is already best-in-class for SaaS products [64] - The introduction of new features like invoicing, bill pay, and payroll is aimed at increasing customer retention and scaling usage [36] Market Data and Key Metrics - The company is seeing growth in international markets, particularly in the UK, Europe, Canada, and Australia, where tax capabilities are integrated [8] - The small business segment (1-250 employees) remains a key focus, with the majority of end users working at small companies [28][29] - The company is leveraging digital advertising and SEO to capitalize on inbound momentum, especially for the upcoming Expensify 2.0 launch [73] Company Strategy and Industry Competition - The company is transitioning to a subscription-driven, bottom-up acquisition model, which is better suited for the small business market [27][29] - Expensify 2.0 is being developed to engage end users more effectively, with a focus on activating free users sooner and improving the onboarding experience [17][44] - The company is sunsetting its outbound sales program, focusing instead on digital advertising and onboarding specialists to improve ROI [48][152] Management Commentary on Operating Environment and Future Outlook - Management noted a challenging environment for SMB customers due to economic headwinds and high interest rates, which has impacted user activity [58][81] - The company expects to be free cash flow positive in 2024 and beyond, driven by cost reductions and the transition to the new Expensify card program [84][60] - Management is optimistic about the future, citing green shoots in the market and the upcoming launch of Expensify 2.0 as key growth drivers [86][87] Other Important Information - The company has reduced its debt by $36 million, which is expected to save $3.8 million in fiscal year 2024 [103] - Expensify 2.0 is expected to launch soon, with a focus on engaging end users through new viral loops and collaboration features [37][113] - The company is working on improving gross margins by reducing COGS in 2024, although no specific target has been provided [112] Q&A Session Summary Question: What is driving the optimism for "clear skies emerging"? - Management cited the upcoming revenue benefit from the Expensify card and the near-launch of Expensify 2.0 as key reasons for optimism [86][87] Question: What areas will see expense reductions in 2024? - Expense reductions will focus on S&M, G&A, and R&D, with a shift towards more efficient digital advertising and community-driven development [89][108] Question: How is the company addressing the decline in activity-based users? - The company is focusing on increasing subscriptions and improving the conversion of free trials to paid adoption, while also introducing new features to retain customers [91][92] Question: What is left to bring Expensify 2.0 to market? - The company is iteratively launching features at conferences to gather feedback, with the full viral adoption flow expected to launch soon [94][113] Question: How is the competitive environment shifting? - Competitors are starting to introduce paid plans, which is seen as a positive shift for Expensify, as it validates the company's business model [119][132] Question: What is the timeline for the transition to the new Expensify card program? - The transition is expected to start in Q4 2023 and be completed by the end of 2024, with a phased approach to avoid disrupting customers [57][142] Question: How is the company addressing churn? - The company is focusing on retaining customers by improving the onboarding experience and introducing new use cases to increase engagement [167][170] Question: What is the strategy for sunsetting the old Expensify platform? - The company will allow customers to switch between the old and new platforms, gathering feedback to improve the new product before fully sunsetting the old one [151][163]

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 September 30, 2023 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. (NASDAQ:EXFY) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Anu Muralidharan - COO David Barrett - CEO Ryan Schaffer - CFO Conference Call Participants Daniel Jester - BMO Ryan Schaffer Great. With that, Anu, can you take us away? Hello, and welcome to the Q2 2023 Expensify Earnings Call. We're excited to have everyone here today and excited to share with you all the information that we have. First, on the call today we have myself, Ryan Schaffer, the Chief ...

Q2 2023 Earnings | --- ...

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, 2023 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 ___________________________________ ...

Company Participants Ryan Schaffer - CFO Daniel Jester - BMO Mauro Molina - Piper Sandler Ryan Schaffer So today, Any and I are going to take you through the slides. And without further ado, let me turn it over to Any to read the legalese and take us through the business section. Thanks, Ryan. Good afternoon, everyone. So first, the boring stuff. Before we begin, please note that all the information presented on today's call is unaudited. And during the course of this call, management may make forward-looki ...

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, 2023 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 __________________________________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ 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. (Exact name of registrant as specified in its charter) Delaware 27-0239450 (State or other jurisdiction of (I.R.S. Employe ...

Koji Ikeda Can you hear me okay? Can you guys hear me okay? . Ryan Schaffer Yes, Koji. Koji Ikeda I know you guys are not specifically guiding to 2023. But I wanted to ask you a question on margins, specifically adjusted EBITDA. I mean you finished kind of about a 25% EBITDA level -- margin level. So I just -- is there anything to call out that would make that adjusted EBITDA margin level swing meaningfully to the upward downside from that level this year? Ryan Schaffer To summarize, in '22, we had a steadf ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________ ___________________________________ Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, par value $0.0001 per share EXFY The Nasdaq Stock Market LLC 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 September 30, 2022 OR o TRA ...