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 June 30, 2022 OR o TRANSITI ...

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Membership and Revenue Growth - As of March 31, 2022, Expensify had 706,000 paid members, an increase of 11.5% from 633,000 paid members in the same quarter of 2021[128] - Revenue for the three months ended March 31, 2022, was $40.37 million, an increase of $10.65 million or 36% compared to $29.72 million in the same period in 2021[156] - The Expensify Interchange Amount increased to $1,220,000 in the three months ended March 31, 2022, from $488,000 in the same period of 2021[141] Financial Performance - Adjusted EBITDA for the three months ended March 31, 2022, was $10,992,000, with an adjusted EBITDA margin of 27%, down from $13,422,000 and 45% in the same quarter of 2021[131] - Non-GAAP net income for the three months ended March 31, 2022, was $7,291,000, representing a margin of 18%, compared to $8,753,000 and 29% in the same quarter of 2021[133] - Gross margin decreased to 64% for the three months ended March 31, 2022, down from 74% in the same period in 2021[158] Expenses - Cost of revenue, net increased by $6.5 million or 85% to $14.13 million for the three months ended March 31, 2022, primarily due to stock-based compensation costs of $4.9 million[157] - Research and development expenses rose by $2.6 million or 237% to $3.7 million for the three months ended March 31, 2022, mainly due to stock-based compensation costs of $2.7 million[159] - Sales and marketing expenses increased by $10.3 million or 335% to $13.37 million for the three months ended March 31, 2022, driven by higher advertising spend and stock-based compensation costs of $2.1 million[161] - General and administrative expenses grew by $7.6 million or 120% to $14.01 million for the three months ended March 31, 2022, largely due to increased compensation and stock-based compensation costs of $5.0 million[162] Net Loss and Earnings Per Share - Net loss attributable to Class A, LT10, and LT50 common stockholders was $(7.38) million for the three months ended March 31, 2022, compared to a net income of $2.50 million in the same period in 2021[154] - Basic and diluted net loss per share attributable to Class A, LT10, and LT50 common stockholders was $(0.09) for the three months ended March 31, 2022, compared to $0.08 and $0.06 in the same period in 2021[154] Cash Flow and Capital Resources - Cash provided by operating activities increased to $11.2 million for the three months ended March 31, 2022, up from $9.9 million in the same period in 2021[169] - Cash used in investing activities decreased to $0.7 million for the three months ended March 31, 2022, compared to $0.953 million in the same period in 2021[173] - Cash provided by financing activities was $0.2 million for the three months ended March 31, 2022, an increase from a cash outflow of $1.083 million in the same period in 2021[175] - As of March 31, 2022, the company had $101.1 million in cash and cash equivalents and $67.7 million in outstanding indebtedness[167] Tax and Compliance - The provision for income taxes was $1.6 million for the three months ended March 31, 2022, a decrease of 41% from $2.8 million in the same period in 2021[165] - The effective income tax rate for the three months ended March 31, 2022, was (28.4)%, compared to 25.6% in 2021, primarily due to changes in valuation allowance[166] - The company is in compliance with all debt covenants as of March 31, 2022[184] Market and Economic Factors - The impact of COVID-19 has led to a temporary decline in business travel, affecting expense-related activities on the platform[120] - Inflation has not materially affected the company's operations, but significant inflationary pressures could harm financial condition[216] Stock and Valuation - The company determined the fair value of its common stock prior to the IPO by considering independent third-party valuations and expected price ranges from bankers[198] - The enterprise value was estimated using the income approach and market approach, focusing on future cash flows and comparisons with peer companies[200][201] - Stock-based compensation is accounted for under GAAP, with expenses recognized over the service period of the awards[204] Risk Factors - Interest rate risk is present due to borrowings, but a 10% change in interest rates would not materially affect financial statements[214] - A hypothetical 10% change in the U.S. dollar's value relative to foreign currencies is not expected to materially impact cash flows[213]

Expensify, Inc. (NASDAQ:EXFY) Q1 2022 Earnings Conference Call May 12, 2022 5:00 PM ET Company Participants David Barrett – Founder and Chief Executive Officer Anuradha Muralidharan – Chief Operating Officer Ryan Schaffer – Chief Financial Officer Conference Call Participants Brent Bracelin – Piper Sandler Koji Ikeda – Bank of America Tyler Radke – Citi Daniel Jester – BMO David Barrett Hello everyone. Welcome, welcome, welcome to the Q1 2022 earnings call for Expensify. I’m David Barrett, Founder and Chief ...

Expensify | --- | --- | --- | --- | --- | |-------|-------|--------------|----------------------------------------------------|-------| | | | | | | | | | Q4 & FY 2021 | CORPORATE CARDS. REIMBURSEMENTS. RECEIPT SCANNING. | | | | | Earnings | ONE APP, ALL FREE. | | (E) March 30th, 2022 Disclaimer All information included in this presentation is unaudited. FORWARD-LOOKING STATEMENTS Forward-looking statements in this presentation, which are not historical facts, are forward-looking statements within the meanin ...

Expensify, Inc. (NASDAQ:EXFY) Q4 2021 Earnings Conference Call March 30, 2022 5:00 PM ET Company Participants David Barrett - Chief Executive Officer Anuradha Muralidharan - Chief Operating Officer Ryan Schaffer - Chief Financial Officer Conference Call Participants Sterling Auty - J.P. Morgan Tamika Sykes - Bank of America Tyler Radke - Citi Brent Bracelin - Piper Pat Walravens - JMP David Barrett All right, everyone. We’re very excited to have you here for the next Quarterly. I was going to say all hands. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 EXPENSIFY, INC. (Exact name of registrant as specified in its charter) 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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For transition period from to Commission File Number 001-41043 Delaware 27-0239450 (State or other jurisdiction of incorporation or or ...

Membership and User Growth - As of September 30, 2021, Expensify had 667,000 paid members, a 5.4% increase from 633,000 paid members in the same quarter of 2020[290] - The average number of paid members declined by 15% from 742,000 in Q1 2020 to 633,000 in Q3 2020, but rebounded to 667,000 by Q3 2021[284] - For the nine months ended September 30, 2021, approximately 58% of revenue was attributed to instances where an employee used the application before the purchaser[269] Financial Performance - Revenue for the three months ended September 30, 2021, was $37,447,000, a 73% increase from $21,694,000 in the same period in 2020, primarily due to a pricing change and increased demand for business travel[314] - Revenue increased by $40.1 million, or 64%, for the nine months ended September 30, 2021, compared to the same period in 2020, attributed to updated terms of service and pricing changes[329] - Gross margin for the three months ended September 30, 2021, was 51%, down from 61% in the same period in 2020, driven by the higher rate of increase in cost of revenue compared to revenue growth[318] - Gross margin increased to 67% for the nine months ended September 30, 2021, compared to 62% in the same period in 2020, driven by the significant revenue increase[334] Expenses - Cost of revenue, net increased by $9,754,000, or 116%, for the three months ended September 30, 2021, reaching $18,197,000 compared to $8,443,000 in the same period in 2020[315] - Research and development expenses for the three months ended September 30, 2021, were $2,167,000, slightly down from $2,268,000 in the same period in 2020[310] - Sales and marketing expenses increased significantly to $7,608,000 for the three months ended September 30, 2021, compared to $1,491,000 in the same period in 2020[310] - General and administrative expenses rose to $18,333,000 for the three months ended September 30, 2021, up from $14,579,000 in the same period in 2020[310] - Research and development expenses increased by $3.5 million, or 75%, for the nine months ended September 30, 2021, compared to the same period in 2020, mainly due to discretionary cash bonuses[335] - Sales and marketing expenses increased by $6.7 million, or 86%, for the nine months ended September 30, 2021, compared to the same period in 2020, driven by increased advertising spend and cash bonuses[336] - General and administrative expenses increased by $11.1 million, or 45%, for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to increased compensation and discretionary cash bonuses[338] Net Loss and Adjusted EBITDA - The net loss attributable to common stockholders for the three months ended September 30, 2021, was $(6,345,000), compared to a net loss of $(6,938,000) in the same period in 2020[310] - Adjusted EBITDA for the nine months ended September 30, 2021, was $16.4 million, with an adjusted EBITDA margin of 16%, compared to $16.6 million and 27% for the same period in 2020[345] Cash Flow and Financing - Cash provided by operating activities was $34.6 million for the nine months ended September 30, 2021, primarily driven by net income and increases in accrued expenses related to discretionary cash bonuses[355] - Cash used in investing activities was $7.0 million, primarily for the purchase of property and equipment and software development costs[358] - Cash provided by financing activities was $17.6 million, primarily from proceeds of an amended loan agreement and stock option exercises[360] - The company intends to use a portion of the net proceeds from its IPO to pay approximately $27.8 million in remaining discretionary cash bonuses to employees[353] Debt and Compliance - The company has a $75.0 million term loan agreement with CIBC, which includes a $45.0 million initial term loan and a $25.0 million revolving line of credit[363] - As of September 30, 2021, the outstanding balance of the 2021 amended term loan was $44.9 million, and the revolving line of credit was $15.0 million[366] - The company must maintain a total annual recurring revenue leverage ratio not to exceed 0.8 to 1.0 for the first year, and a total EBITDA net leverage ratio of not less than 5.00 to 1.00 from September 30, 2022, through June 30, 2023[368] - As of September 30, 2021, the company was in compliance with all debt covenants[370] Revenue Recognition and Accounting - The company recognizes revenue monthly based on the number of monthly members and contractual rate per member[382] - Stock-based compensation costs are recognized on a straight-line basis over the requisite service period, generally four years[394] - No income tax benefit has been recognized relating to stock-based compensation expense during the three months and nine months ended September 30, 2021[399] Market and Economic Factors - The impact of COVID-19 led to a temporary decline in business travel expenses, but the company anticipates increased platform usage as economies reopen[285] - The company does not believe inflation has materially affected its business, but significant inflationary pressures could harm operations and financial condition[410] - Interest rate changes could impact future net income and cash flows, but a hypothetical 10% change in interest rates would not materially affect consolidated financial statements[409] - A hypothetical 10% change in the value of the U.S. dollar relative to foreign currencies is not expected to materially impact cash flows and operating results[407]

Expensify, Inc. (NASDAQ:EXFY) Q3 2021 Results Conference Call December 16, 2021 5:00 PM ET Company Participants David Barrett - Founder and CEO Anuradha Muralidharan - COO Ryan Schaffer - CFO Conference Call Participants Sterling Auty - J.P. Morgan Tyler Radke - Citi Koji Ikeda - Bank of America Brent Bracelin - Piper Sandler Pat Walravens - JMP Securities Yun Kim - Loop Capital Anuradha Muralidharan [Call Starts Abruptly] And during the course of this call, management may make forward-looking statements wi ...