Expensify(EXFY) - 2025 Q3 - Quarterly Results

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]