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]