Business
Expensify Announces Q1 2022 Results
Free Plan membership grew 183% Q/Q to over 9,000 customers. The company generated positive cash flow of $11.2M with a 28% cash flow margin. PORTLAND,
About this update from Expensify, Inc.
[{"type":"text","content":"\nFree Plan membership grew 183% Q/Q to over 9,000 customers. The company generated positive cash flow of $11.2M with a 28% cash flow margin.\n\n PORTLAND, Ore.--(BUSINESS WIRE)--\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 quarter ended March 31, 2022.\n\n“The biggest news coming out of Q1 was the growth of our Free Plan for SMBs. The plan grew to over 9,000 customers, which is an 183% increase from last quarter. The plan allows members to roll out Expensify functionality across their businesses for free, including the Expensify Card, expense management, next-day reimbursement, invoicing, bill pay, and travel booking,” says David Barrett, Expensify’s founder and CEO.\n\n“In addition to the incredible growth we’re seeing from the Free Plan, March '22 was the second best month in company history from a paid member perspective,” says Ryan Schaffer, Expensify’s CFO. “So we’re doing a great job adding users on both the paid and free sides of the business, which is encouraging and shows the momentum we have in the business right now.”\n\nFirst Quarter 2022 Highlights\n\nFinancial:\n\n\nRevenue was $40.4 million, an increase of 36% from the same period last year.\n\n\nPositive operating cash flows of $11.2 million.\n\n\nNet (loss) income was $(7.4) million, compared to $8.0 million for the same period last year. This loss is driven by stock-based compensation expenses of $14.7 million.\n\n\nNon-GAAP net income was $7.3 million.\n\n\nAdjusted EBITDA was $11.0 million, with an Adjusted EBITDA margin of 27%.\n\n\nBusiness\n\n\nFree plan - swelled to over 9,000 businesses in Q1, a 183% increase from the previous quarter. The Free Plan includes the Expensify Card, expense management, next-day reimbursement, invoicing, bill pay, and travel booking.\n\n\nPaid members - despite the challenges presented by the COVID-19 Omicron spike early in the year, a strong second half of Q1 propelled average paid members for the quarter to 706,000, exceeding expectations.\n\n\nExpensify Card - continues to perform well, interchange increased by 150% from the same period last year.\n\n\nCPA Card - announced in January as the first smart card with exclusive perks, pricing, and upgrades ...