Slide 1: Q4 & FY 2021 Earnings
Q4 & FY 2021 Earnings March 30th, 2022
Slide 2: Disclaimer
Disclaimer All information included in this presentation is unaudited. FORWARD-LOOKING STATEMENTS Forward-looking statements in this presentation, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statemen
Slide 3: Three secrets to Expensify's long-term success
Three secrets to Expensify's long-term success 1 Enormous untapped market opportunity 2 Unique bottom-up acquisition model 3 Billion-user platform ambition
Slide 4: Full court press on whole market, not just enterprise
Full court press on whole market, not just enterprise $7.1B Enterprise US TAM 1000+ EEs UK: $2.3B $1.5B Mid-Market US TAM 500-1000 EEs AU: $1.6B CA: $1.7B $12.0B SMB US TAM 10-499 EEs $2.4B VSB US TAM 1-9 EEs US: $16.0B Note: EEs = Employees. VSB = Very Small Businesses. Figures represent our estima
Slide 5: Pursuing multiple new growth vectors
Pursuing multiple new growth vectors ing rtis rs ve Mg Ad un t co Ac Outbound Ch an ne l Fre eP lan
Slide 6: Bottom-up sales reaches the rest of the market
Bottom-up sales reaches the rest of the market Top Down Bottom Up
Slide 7: Only Expensify can reach the full market
Only Expensify can reach the full market A B C D Expensify Enterprise scale ✓ ✓ Consumer grade ✓ ✓ ✓ ✓ Global reach ✓ ✓ Native card+travel ✓ Free ✓ ✓ ✓
Slide 8: Consolidating a billion-member payment opportunity
CONFIDENTIAL Consolidating a billion-member payment opportunity
Slide 9: Q4 Performance
Q4 Performance Best quarter in paid member growth since start of pandemic.
Slide 10: Q4 2021 beat expectations
Q4 2021 beat expectations Actuals are for the three months ended Dec 31, 2021. Ranges reflect Q4 2021 outlook previously provided in our earnings release for Q3 2021.
Slide 11: Q4 our best quarter since COVID-19 started
Q4 21 our best quarter since COVID-19 started 57% +44K $161.6MM y/y Revenue Growth Increase in Paid Annualized Revenue 1 Members $(21.9MM) $4.4MM $7.3MM Net Loss Non-GAAP Net Income3 Adj. EBITDA (excl. IPO bonus cost)2 All metrics, unless noted otherwise, are actuals for the three months ended Decem
Slide 12: IPO Bonus Impact on Profitability
IPO Bonus Impact on Profitability GAAP and Non-GAAP numbers
Slide 13: Q4 Impact of IPO Bonus on Non-GAAP Net Income
Q4 Impact of IPO Bonus on Non-GAAP Net Income $(21.9MM) + $12.1 MM + $14.2MM Net Loss Stock Based Comp2 IPO Related Bonus1 = $4.4MM Non-GAAP Net Income All metrics, unless noted otherwise, are actuals for the three months ended December 31, 2021 1 Reflects amounts paid in Q4 related to a one-time spe
Slide 14: Q4 Impact of IPO Bonus on Adj. EBITDA
Q4 Impact of IPO Bonus on Adj. EBITDA $(6.9MM) + $14.2MM = $7.3MM Adj. EBITDA1 IPO Related Bonus 2 Adj. EBITDA (excl. IPO bonus cost) All metrics, unless noted otherwise, are actuals for the three months ended December 31, 2021 1 We define Adjusted EBITDA as net income (loss) excluding provision for
Slide 15: FY 21 Highlights
FY 21 Highlights Great recovery from 2020. Onwards and upwards!
Slide 16: FY Highlights
FY 21 Highlights $142.8MM 62% Revenue 2021 Revenue Growth Over 185% 2021 Interchange Growth $1.1 Million Annualized Revenue per Employee1 All metrics, unless noted otherwise, are actuals for the year ended December 31, 2021 1 Calculated as three months ended December 31, 2021 revenue multiplied by f
Slide 17: FY Highlights: Net Loss and Adj. EBITDA
FY 21 Highlights ($13.6MM) $58.0MM Adj. EBITDA Net Loss (excl. IPO bonus cost)1 41% 103% 1 Adj. EBITDA Margin Rule of 402 (excl. IPO bonus cost) All metrics, unless noted otherwise, are actuals for the year ended December 31, 2021 1 We define Adjusted EBITDA excluding the IPO-related bonus as net inc
Slide 18: Q1'22 Guidance
Q1'22 Guidance
Slide 19: Forecast for growth continues to improve
Forecast for growth continues to improve
Slide 20: Long-term Guidance
Long-term Guidance
Slide 21: Long-term Growth Guidance
Long-term Growth Guidance ● Revenue is growing on average between 2-3% m/m. ● Pay per use customer numbers are driven by macro volatility (pandemic, business travel trends). ● War and pandemic are causing increased unpredictability. ● Starting next quarter we will only be issuing long-term growth gu
Slide 22: Q&A
Q&A
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Slide 24: Appendix
Appendix
Slide 25: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Year ended December December 31,2021 31,2021 (unaudited, in thousands) (unaudited, in thousands) Net (loss) income $ (21,887) $ (13,558) Add: Stock based compensation 12,079 14,574 IPO related bonus1 14,190 48,416 Non-GAAP Net i
Slide 26: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA and Adjusted EBITDA (excl. IPO bonus cost)
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA and Adjusted EBITDA (excl. IPO bonus cost) Three months ended December 31, 2021 Year ended December 31, 2021 (unaudited, in thousands) (unaudited, in thousands) Net (loss) income $ (21,887) $ (13,558) Net (loss) income margin (54.2)% (2.0)% (Benefit) p
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