Investors might want to bet on Expensify, Inc. (EXFY) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The upward trend in estimate revisions for this company reflects growing optimism of analysts on its earnings prospects, which should get reflected in its stock price. After all, empirical research shows a strong correlation between trends ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41043 EXPENSIFY, INC. (Exact name of registrant as specified in its charter) Delaware 27-0239450 (State or other jurisdiction of incorporation o ...

Expensify, Inc. (EXFY) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of a loss of $0.03 per share. This compares to earnings of $0.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 233.33%. A quarter ago, it was expected that this company would post earnings of $0.03 per share when it actually produced a loss of $0.09, delivering a surprise of -400%.Over the last four quarters, the ...

Exhibit 10.1 SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT This SECOND AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this "Agreement") dated as of February 21, 2024 (the "Effective Date") is entered into among EXPENSIFY, INC., a Delaware corporation (in its capacity as borrower representative, "Borrower Representative", and together with each Person party hereto as a borrower from time to time, collectively, "Borrowers ...

PORTLAND, Ore.--(BUSINESS WIRE)--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 announced that the company’s Q4 and full year fiscal 2023 financial results will be released after market close on Thursday, February 22nd, 2024. Expensify will host a call to discuss its Q4 and full year fiscal 2023 results on Thursday, February, 22nd 2024 at 2pm PT / 5pm ET. The link ...

Financial Data and Key Metrics - Revenue for Q3 2023 was $36.5 million, a 14% decrease YoY, driven by a decrease in user activity and economic headwinds [80][81] - Net interchange increased by 16% QoQ and 65% YoY, reaching $3.1 million, with the Expensify card being a significant growth driver [54][50] - Paid members stood at 719,000, with a notable uptick in October, indicating some recovery in subscription growth [54][59] - GAAP net loss was $17 million, while non-GAAP net loss was $6.7 million, and adjusted EBITDA was negative $3.5 million [99] Business Line Data and Key Metrics - The Expensify card continues to grow, with net interchange being a key revenue driver, expected to transition to a new revenue treatment by the end of 2024 [55][57] - The company is focusing on improving the conversion of free trials to paid adoption, which is already best-in-class for SaaS products [64] - The introduction of new features like invoicing, bill pay, and payroll is aimed at increasing customer retention and scaling usage [36] Market Data and Key Metrics - The company is seeing growth in international markets, particularly in the UK, Europe, Canada, and Australia, where tax capabilities are integrated [8] - The small business segment (1-250 employees) remains a key focus, with the majority of end users working at small companies [28][29] - The company is leveraging digital advertising and SEO to capitalize on inbound momentum, especially for the upcoming Expensify 2.0 launch [73] Company Strategy and Industry Competition - The company is transitioning to a subscription-driven, bottom-up acquisition model, which is better suited for the small business market [27][29] - Expensify 2.0 is being developed to engage end users more effectively, with a focus on activating free users sooner and improving the onboarding experience [17][44] - The company is sunsetting its outbound sales program, focusing instead on digital advertising and onboarding specialists to improve ROI [48][152] Management Commentary on Operating Environment and Future Outlook - Management noted a challenging environment for SMB customers due to economic headwinds and high interest rates, which has impacted user activity [58][81] - The company expects to be free cash flow positive in 2024 and beyond, driven by cost reductions and the transition to the new Expensify card program [84][60] - Management is optimistic about the future, citing green shoots in the market and the upcoming launch of Expensify 2.0 as key growth drivers [86][87] Other Important Information - The company has reduced its debt by $36 million, which is expected to save $3.8 million in fiscal year 2024 [103] - Expensify 2.0 is expected to launch soon, with a focus on engaging end users through new viral loops and collaboration features [37][113] - The company is working on improving gross margins by reducing COGS in 2024, although no specific target has been provided [112] Q&A Session Summary Question: What is driving the optimism for "clear skies emerging"? - Management cited the upcoming revenue benefit from the Expensify card and the near-launch of Expensify 2.0 as key reasons for optimism [86][87] Question: What areas will see expense reductions in 2024? - Expense reductions will focus on S&M, G&A, and R&D, with a shift towards more efficient digital advertising and community-driven development [89][108] Question: How is the company addressing the decline in activity-based users? - The company is focusing on increasing subscriptions and improving the conversion of free trials to paid adoption, while also introducing new features to retain customers [91][92] Question: What is left to bring Expensify 2.0 to market? - The company is iteratively launching features at conferences to gather feedback, with the full viral adoption flow expected to launch soon [94][113] Question: How is the competitive environment shifting? - Competitors are starting to introduce paid plans, which is seen as a positive shift for Expensify, as it validates the company's business model [119][132] Question: What is the timeline for the transition to the new Expensify card program? - The transition is expected to start in Q4 2023 and be completed by the end of 2024, with a phased approach to avoid disrupting customers [57][142] Question: How is the company addressing churn? - The company is focusing on retaining customers by improving the onboarding experience and introducing new use cases to increase engagement [167][170] Question: What is the strategy for sunsetting the old Expensify platform? - The company will allow customers to switch between the old and new platforms, gathering feedback to improve the new product before fully sunsetting the old one [151][163]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 September 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-41043 ___________________________________ Expensify, Inc. ______________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-41043 ___________________________________ Expensify, Inc. ___________________ ...

Expensify, Inc. (NASDAQ:EXFY) Q1 2023 Results Conference Call May 9, 2023 5:00 PM ET Company Participants Anu Muralidharan - COO Ryan Schaffer - CFO Conference Call Participants Daniel Jester - BMO Mark Schappel - Loop Capital Mauro Molina - Piper Sandler Steven Enders - Citi Ryan Schaffer Welcome to the Q1 2023 Expensify Earnings Call. And today, you have myself, Ryan Schaffer and new Anu Muralidharan. Our CEO, David Barrett, is laser-focused right now on working with the team to get everything ready for E ...

Financial Performance - For the quarter ended March 31, 2023, revenue was $40.1 million, a decrease of $0.3 million or 1% compared to $40.37 million in the same period in 2022[118]. - The net loss for the quarter was $5.945 million, compared to a net loss of $7.376 million in the same period in 2022[116]. - The net loss margin improved to 15% for the three months ended March 31, 2023, compared to 18% in the same period in 2022[116]. - Adjusted EBITDA decreased to $8.7 million for the three months ended March 31, 2023, from $11.0 million in the same period in 2022, with the adjusted EBITDA margin at 22% compared to 27%[133]. - Non-GAAP net income was $4.1 million for the three months ended March 31, 2023, down from $7.3 million in the same period in 2022, resulting in a non-GAAP net income margin of 10% compared to 18%[135]. Expenses - The cost of revenue, net increased by $1.6 million or 12% to $15.775 million for the three months ended March 31, 2023, primarily due to increased outsourcing activities and payment processing fees[119]. - Gross margin decreased to 61% for the three months ended March 31, 2023, down from 64% in the same period in 2022, primarily due to increased cost of revenue[120]. - Research and development expenses increased by $1.7 million or 46% to $5.418 million for the three months ended March 31, 2023, driven by increased employee and external contributor time on project initiatives[121]. - General and administrative expenses decreased by $1.577 million or 11% to $12.429 million for the three months ended March 31, 2023, due to reduced employee time allocated to administrative functions[122]. - Sales and marketing expenses decreased by $4.189 million or 31% to $9.183 million for the three months ended March 31, 2023, primarily due to reduced advertising and marketing event spending[123]. Membership and Transactions - The average number of paid members was 747,000 across 47,800 companies and over 200 countries and territories as of March 31, 2023[102]. - Average number of paid members increased to 747 thousand for the three months ended March 31, 2023, from 706 thousand in the same period in 2022, reflecting a growth of 5.8%[129]. - Expensify processed and automated over 1.4 billion expense transactions on its platform as of March 31, 2023[102]. Cash and Debt - Net cash provided by operating activities was $7.6 million for the three months ended March 31, 2023, a decrease from $11.2 million in the same period in 2022[140]. - As of March 31, 2023, the company had $111.2 million in cash and cash equivalents and $67.1 million in outstanding indebtedness[137]. - The outstanding balances of the 2021 Amended Term Loan and revolving line of credit were $44.3 million and $15.0 million, respectively, as of March 31, 2023[147]. - The company believes existing cash resources will be sufficient to finance operations and growth strategy for the next 12 months[138]. - As of March 31, 2023, the Company was not in compliance with all debt covenants, specifically regarding stock repurchases and account maintenance, but expects to be compliant by June 30, 2023[151]. Taxation - Provision for income taxes was $1.8 million for the three months ended March 31, 2023, up from $1.6 million in the same period in 2022, representing a 12% increase[125]. - The effective income tax rate for the three months ended March 31, 2023, was (44.3)%, compared to (28.4)% for the same period in 2022[126]. Compliance and Governance - The Company was deemed a large accelerated filer effective December 31, 2022, and must comply with all financial disclosure and governance requirements applicable to large accelerated filers[160]. - There have been no material changes in the Company's contractual obligations and commitments since the 2022 Annual Report[152]. - The Company has not entered into any off-balance sheet financing arrangements or relationships with unconsolidated entities during the periods presented[155]. - There have been no material changes to the Company's critical accounting policies and estimates compared to those described in the 2022 Annual Report[157]. - There have been no material changes in the Company's market risk from the disclosures included in the 2022 Annual Report[161].