Business
Expensify Announces Q2 2024 Results
Interchange derived from the Expensify Card grew to $4.0 million, an increase of 48% as compared to the same period last year. PORTLAND, Ore.--(BUSINESS
About this update from Expensify, Inc.
[{"type":"text","content":"\nInterchange derived from the Expensify Card grew to $4.0 million, an increase of 48% as compared to the same period last year.\n\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 released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2024.\n\n\nA Message From Our Founder\n\n\nI'm extremely pleased with how well Q2 has extended Q1's achievements and improved upon them further:\n\n\n\nOur 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.\n\n\n\nThe 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.\n\n\n\nNew 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.\n\n\n\nHybrid 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.\n\n\n\nExpensify Travel is live. We have launched our travel produ...