Expensify(EXFY)2024-11-07 21:13Financial Performance - Revenue for Q3 2024 was $35.4 million, a decrease of 3% year-over-year[8] - Total revenue for the three months ended September 30, 2024, was $35,409 thousand, a decrease of 2.97% from $36,494 thousand for the same period in 2023[28] - Non-GAAP net income for Q3 was $5.4 million[9] - Adjusted EBITDA for Q3 was $9.7 million[9] - Net loss for the three months ended September 30, 2024, was $(2,198) thousand, significantly improved from a net loss of $(17,003) thousand for the same period in 2023[28] - Net loss for the nine months ended September 30, 2024, was $8,743,000, a significant improvement from a loss of $34,252,000 in the same period of 2023[30] - Adjusted EBITDA for the three months ended September 30, 2024, was $9,676,000, compared to a loss of $3,549,000 in the same period of 2023, resulting in an adjusted EBITDA margin of 27%[31] - Non-GAAP net income for the three months ended September 30, 2024, was $5,432,000, with a non-GAAP net income margin of 15%, compared to a loss of $6,736,000 and a margin of -18% in the same period of 2023[32] Cash Flow and Liquidity - Free cash flow guidance for FY 2024 has been raised to $19.0 - $20.0 million, an increase of 27% from previous guidance[4] - Net cash provided by operating activities for the three months ended September 30, 2024, was $3,687,000, an improvement from a cash outflow of $5,106,000 in the same period of 2023[32] - Free cash flow for the three months ended September 30, 2024, was $6,679,000, compared to a negative free cash flow of $7,113,000 in the same period of 2023, resulting in a free cash flow margin of 19%[32] - Cash and cash equivalents as of September 30, 2024, were $39,172 thousand, down from $47,510 thousand as of December 31, 2023[26] - Cash and cash equivalents at the end of the period were $85,254,000, down from $134,608,000 at the end of September 30, 2023[30] - The company experienced a net decrease in cash and cash equivalents of $11,404,000 for the nine months ended September 30, 2024, compared to a decrease of $13,102,000 in the same period of 2023[30] Expenses and Cost Management - Total operating expenses for the three months ended September 30, 2024, were $17,976 thousand, down 46.73% from $33,712 thousand for the same period in 2023[28] - Research and development expenses for the three months ended September 30, 2024, were $5,618 thousand, down from $6,607 thousand for the same period in 2023[28] - Stock-based compensation expense decreased to $23,535,000 for the nine months ended September 30, 2024, from $30,612,000 in the same period of 2023[30] User Engagement and Growth - Interchange derived from the Expensify Card grew to $4.6 million, an increase of 48% compared to the same period last year[1] - Paid members decreased by 5% year-over-year to 684,000[10] - The number of users utilizing Expensify's free features exceeds 12 million, indicating strong user engagement and market presence[25] - New Expensify generated 61% more leads at Suiteworld 2024 compared to the previous year[6] - Expensify Travel began generating new revenue for the first time during Q3[7] Balance Sheet and Financial Position - Total current assets increased slightly to $138,536 thousand as of September 30, 2024, compared to $137,232 thousand as of December 31, 2023[26] - Total liabilities decreased to $56,312 thousand as of September 30, 2024, from $76,040 thousand as of December 31, 2023[27] - Stockholders' equity increased to $119,934 thousand as of September 30, 2024, compared to $100,744 thousand as of December 31, 2023[27]