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Expensify Announces Q2 2024 Results

CIO Review

Interchange derived from the Expensify Card grew to $4.0 million, an increase of 48% as compared to the same period last year.

PORTLAND - Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2024.

A Message From Our Founder

I'm extremely pleased with how well Q2 has extended Q1's achievements and improved upon them further:

• Our core business has been stabilize, with increasing cash flow. Revenue and paid users are within 1% of last quarter – with quarterly interchange, operating cash flow, and free cash flow up 14%, 168% and 10% (48%, 2,247% and 399% y/y), respectively.

• The new Expensify Card program is live. Most active Expensify Card customers have already adopted the new program, and 34% of spend has already migrated to the new cards we've mailed out – which earns us 20% more interchange, and contributes directly to revenue. We are well on the way to our target of 100% adoption by EOY.

• New Expensify is live. We have returned to the conference circuit after a multi-year absence, with all messaging and demos focused exclusively on New Expensify. Development is no longer solely core development and now includes pipeline optimizations, and New Expensify is expected to add new revenue in Q3. We continue to make brisk progress on the combined business/consumer superapp experience in anticipation of our extremely visible product placement within Apple TV's biggest budget movie ever, scheduled to be in theaters June 2025.

• Hybrid app is live. This is an incredibly difficult and important technical milestone that allows us to upgrade existing apps deployed on millions of devices worldwide in order to switch interchangeably between New Expensify and Expensify Classic. This is a critical tool for seamlessly migrating existing customers on a selective basis to the new experience, while allowing existing customers with classic functionality that has not yet been updated to remain on their existing experience. The hybrid app is being rolled out globally.

• Expensify Travel is live. We have launched our travel product to new and existing customers, and is expected to generate an entirely new revenue stream of travel bookings in Q3.

This quarter did a fantastic job laying a clear foundation for future growth, and the excitement inside our (virtual) halls is palpable. Hit me up at our booth at Xerocon or SuiteWorld to see the New Expensify pitch in person!

-david

Founder and CEO of Expensify

Second Quarter 2024 Highlights

Financial:

• Revenue was $33.3 million, a decrease of 14% compared to the same period last year.

• Generated $9.3 million cash from operating activities.

• Free cash flow was $5.7 million.

• Net loss was $2.8 million, compared to $11.3 million for the same period last year.

• Non-GAAP net income was $5.6 million.

• Adjusted EBITDA was $10.2 million.

• Interchange derived from the Expensify Card grew to $4.0 million, an increase of 48% compared to the same period last year.

• See Financial Outlook section for Free Cash Flow guidance for fiscal year ending December 31, 2024.

Business:

• Paid members - Paid members were 684,000, a decrease of 8% from the same period last year.

• New Expensify Card program - The majority of active Expensify Card customers began transitioning to the new program, with 34% of spend migrated by end of Q2.

• New Expensify - The company began supporting businesses on New Expensify that is expected to generate revenue beginning in Q3 2024.

• New Integrations - Expensify launched integrations with QuickBooks Online and Xero on New Expensify, a major milestone to support customers on the new platform.

• Sales and marketing - The company announced a partnership with Apple for lead product placement in Apple's largest feature film investment ever, F1, set to release in June 2025.

• Corporate travel - The company returned to the travel conference circuit to demo Expensify Travel — its corporate travel management platform built for the midsized and small-cap enterprise market — at GBTA, the world's foremost corporate travel event.

Financial Outlook

Expensify's outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. There can be no assurance that the Company will achieve the results expressed by this guidance.

Free Cash Flow

Expensify estimates Free Cash Flow of $15.0 million to $16.0 million for the fiscal year ending December 31, 2024.

The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.

Stock Based Compensation

An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately five years remaining).

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