Business
CORRECTING and REPLACING Expensify Announces Q4 and Full Year Fiscal 2021 Results
Ended the year with 62% revenue growth and the largest quarterly increase in paid members since the start of the pandemic. PORTLAND, Ore.--(BUSINESS WIRE)--
About this update from Expensify, Inc.
[{"type":"text","content":"\nEnded the year with 62% revenue growth and the largest quarterly increase in paid members since the start of the pandemic.\n\n PORTLAND, Ore.--(BUSINESS WIRE)--\nThe release dated March 30, 2022, has been updated to include footnotes breaking out the company’s stock based compensation and the impact of the company’s IPO related bonus by financial statement line item. Additionally, the subhead should read 62% instead of 63%.\n\nThe updated release reads:\n\nEXPENSIFY ANNOUNCES Q4 AND FULL YEAR FISCAL 2021 RESULTS\n\nEnded the year with 62% revenue growth and the largest quarterly increase in paid members since the start of the pandemic.\n\nExpensify, 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 results for its fourth quarter and full year ended December 31, 2021.\n\n“The major highlight of 2021 was releasing our Free Plan in October and growing it to more than 3,100 customers by year end,” says David Barrett, founder and CEO of Expensify. “We opened the floodgates into our product wider than they’ve ever been before, to individuals and businesses of all types, and it’s been a huge success in such a short amount of time. Free expense management, corporate cards, invoicing, bill pay, and travel booking all in one place – it’s the perfect foundation on which to build the reimagined, chat-centric future for our product.”\n\n“We’re proud to have ended 2021 with a bang,” says Ryan Schaffer, Chief Financial Officer of Expensify. “The pandemic has been a sobering stress test on the resiliency of our viral business model, but we’ve shown that our bottom-up approach to member acquisition has the power to weather any storm. The results speak for themselves: product-led growth and word-of-mouth adoption propelled us to a 62% revenue increase in 2021.”\n\nFinancial\n\nQ4 2021:\n\n\nRevenue was $40.4 million, an increase of 56.0% from the same period last year.\n\n\nAn IPO-related bonus expense of $14.2 million impacted net (loss) income.\n\n\nNet (loss) income was $(21.9) million, compared to $1.7 million for the same period last year. The loss was primarily due to the IPO-related bonus.\n\n\nNon-GAAP net income was $4.4 million. Non-GAAP net income excludes stock based compensation which was not ...