Business
Expensify Announces Q3 2022 Results
Business fundamentals remain strong. Company announces plan for additional $6 million in near-term share repurchases, for an expected total of $10 million
About this update from Expensify, Inc.
[{"type":"text","content":"\nBusiness fundamentals remain strong. Company announces plan for additional $6 million in near-term share repurchases, for an expected total of $10 million for FY22 including net settling equity awards.\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 September 30th, 2022.\n\n\"The business is doing great and we’re methodically executing our long-term strategy but the economy sucks, especially for SMBs. We have seen tons of interest in the new payroll launch, and we're super excited about what we've got cooking up in the lab,\" said David Barrett, founder and CEO. \"We stand behind our multi-year revenue guidance, with the caveat that hitting this requires the world to return to normalcy – which we think it will soon, but your guess is as good as ours, The waters are a lot choppier than anybody would like, but we believe all of the contributing factors to this volatility are temporary, so we aren't letting them distract us. I contribute 100% of my salary to the ESPP and the company is actively buying back company stock, so we couldn't be more bullish on the future.\"\n\n\"Despite economic headwinds, we continue to show that Expensify is a strong business able to generate positive cash flow in challenging economic environments,\" said Ryan Schaffer, Expensify's CFO. \"This quarter we saw modest user growth, with revenue slightly down due to a simplification of subscription management for our accounting partners to streamline client management. We repurchased $4 million in shares in Q3 via net settling equity incentive awards that vested and intend to continue taking advantage of the volatility in the market by repurchasing an additional $6 million starting at market open tomorrow morning.\"\n\nThird Quarter 2022 Highlights\n\nFinancial:\n\n\nRevenue was $42.5 million, an increase of 13% compared to the same period last year.\n\n\nNet cash used by operating activities was $(0.9) million.\n\n\nThe timing of customer settlement funds was the primary driver in decreasing operating cash flow this quarter. Removing customer funds and considering only funds generated by the business gives a Free cash flow of $4.7 mill...