Business
Expensify Announces Q4 and Full Year Fiscal 2022 Results
The company demonstrated strong positive operating cash flow of $32.9 million on $169.5 million in revenue, a revenue increase of 19% compared to the same
About this update from Expensify, Inc.
[{"type":"text","content":"\nThe company demonstrated strong positive operating cash flow of $32.9 million on $169.5 million in revenue, a revenue increase of 19% compared to the same period last year.\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 and year ended December 31, 2022.\n\n\"We had a great year considering the challenging macroeconomic environment. The business continues to grow across multiple areas, despite volatility affecting all businesses but especially SMBs. We are heads down executing our long-term product roadmap, and could not be more excited about what we have in store. Pending an eventual return to normalcy, we remain confident with our long-term growth guidance,\" said David Barrett, Founder & CEO of Expensify. \"I continue to contribute 100% of my salary to the employee stock purchase program and the company has been buying back company stock, so we remain very bullish on the future.\"\n\n\"This year proved Expensify is a very strong business able to generate positive cash flow in extremely challenging environments,\" said Ryan Schaffer, Expensify’s CFO. \"We had an operating cash flow margin of 19% and a free cash flow margin of 15%. We are proud to have repurchased $12.1 million in common stock, including net share settlement of equity awards, in 2022 and plan to keep generating positive cash flow and repurchasing in 2023. Needless to say, we feel we are in a strong position and remain excited for the future.\"\n\nFinancial:\n\nFull Year Fiscal 2022 Highlights\n\n\nRevenue was $169.5 million, an increase of 19% compared to the same period last year.\n\n\nGenerated $32.9 million cash provided by operating activities and $26.3 million of free cash flow.\n\n\nNet loss was $27.0 million, compared to $13.6 million for the same period last year. This was heavily driven by stock-based compensation expenses of $52.3 million which is expected to decrease in the future. (See stock-based compensation forecast below.)\n\n\nNon-GAAP net income was $25.3 million.\n\n\nAdjusted EBITDA was $42.5 million.\n\n\nInterchange derived from the Expensify Card grew to $6.8 million, an increase of 118% compared to the same period last yea...