Slide 1: Q4 2024 Earnings
Q4 2024 Earnings February 27th, 2025
Slide 2: Disclaimer
Disclaimer All information included in this presentation is unaudited. FORWARDLOOKING 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: Q4 24 Financials
Expensify Q424 Financials
Slide 4: Q4 2024 Revenue, Average Paid Members, Interchange
Q4 2024 Revenue Average Paid Members Interchange $37.0MM 687,000 $5.1MM
Slide 5: Q4 2024 Cash Flow, Net Loss, Adj. EBITDA
Q4 2024 Operating Cash Flow Free Cash Flow1 Includes timing of customer funds) Excludes timing of customer funds) $7.4MM $6.3MM Net Loss Non-GAAP Net Income2 Adj. EBITDA3 $(1.3MM) $8.7MM $12.4MM 1 We define Free cash flow as net cash (used in) provided by operating activities excluding changes in
Slide 6: FY 2024 Revenue, Average Paid Members, Interchange
FY 2024 Revenue Average Paid Members Interchange $139.2MM 686,000 $17.2MM
Slide 7: FY 2024 Cash Flow, Net Loss, Adj. EBITDA
FY 2024 Operating Cash Flow Free Cash Flow1 Includes timing of customer funds) Excludes timing of customer funds) $23.9MM $23.9MM Net Loss Non-GAAP Net Income2 Adj. EBITDA3 $(10.1MM) $23.5MM $39.4MM 1 We define Free cash flow as net cash (used in) provided by operating activities excluding changes
Slide 8: Free Cash Flow
Free Cash Flow1 ● Q4 FCF was $6.3MM, a 272% increase y/y. ● For FY24, FCF was $23.9MM, a 4200% increase y/y. ● FY24 ended 99% higher than the upper end of our initial $10.0 $12.0MM guidance. ● Accordingly, we are starting FY25's guidance higher than we started FY24 ○ We are initiating FY 2025 FCF
Slide 9: Expensify Card updates
Expensify Card updates ● Strong growth: Interchange derived from the Expensify Card grew 11% q/q to $5.1MM. FY24 interchange grew 54% y/y to $17.2MM. ● Program management & accounting improvement: The company finalized transitioning members to its new card program during Q4. ● Substantially all Expe
Slide 10: Q1 2025 January Paid Members
Q1 2025 Monthly Paid Members January Paid Members 665,000 Denotes Jan 2025 and Jan activity from previous years Note: There can be no assurances that the trends of previous first quarters are representative of future trends.
Slide 11: FY24 Business Highlights
Expensify FY24 Business Highlights
Slide 12: FY24 Business Highlights
FY24 Business Highlights: ● The Expensify Card ○ The Expensify card grew 54% y/y producing $17.2MM in total interchange, and the company migrated substantially all of its customers to the new card program which recognizes interchange as revenue. ● Free Cash Flow1 ○ The company increased FY24 FCF by
Slide 13: Then & Now: An IPO Retrospective
Then & Now An IPO Retrospective
Slide 14: What hasn't changed?
Expensify What hasn't changed?
Slide 15: Opportunity is Still Enormous, Still Untapped
Opportunity is Still Enormous, Still Untapped
Slide 16: Viral Leadgen is Still an Extremely Scalable Method
Viral Leadgen is Still an Extremely Scalable Method
Slide 17: Payments Superapp is Still a Data Superhub
Payments Superapp is Still a Data Superhub
Slide 18: ...what has changed?
Expensify ...what has changed?
Slide 19: AI has finally arrived… and it's all based on chat
AI has finally arrived… and it's all based on chat.
Slide 20: Chat-First UI = AI-First Experience
Chat-First UI = AI-First Experience
Slide 21: Concierge is AI chat that knows your private world
Concierge is AI chat that knows your private world.
Slide 22: Concierge is AI chat in a financial context
Concierge is AI chat in a financial context.
Slide 23: Chat AI + Superapp Data = Expensify
Chat AI + Superapp Data = Expensify ● We process all of a company's payments ○ expense, card, bills, invoice ● We are in every employee's pocket ○ finance, sales, C-suite ● We know where everyone is and will be ○ travel duty of care ● We know how the company is organized ○ entities, departments, tea
Slide 24: Our humble goal: Fintech AI Supremacy
Our humble goal: Fintech AI Supremacy
Slide 25: Superintelligence in 3 Easy Steps
Superintelligence in 3 Easy Steps 1. Deep AI Automate minimal-judgement repeatable tasks ○ Tech: Backtest against large human-generated datasets ○ Effect: Trains proprietary AI on domain-specific nuances ○ Side-effect: Creates immediate (and dramatic) cost savings
Slide 26: "Deep AI" delivered strong initial FCF gains
"Deep AI" delivered strong initial FCF gains ● SmartScan: Increased speed and accuracy, at 25% the cost ○ Before: OCR + human engineered parsers + human fallback ○ Today: LLM backtested on historical receipts
Slide 27: Nearly removed humans from SmartScan loop
Nearly removed humans from SmartScan loop
Slide 28: Nearly removed humans from SmartScan loop
Nearly removed humans from SmartScan loop +LLM
Slide 29: "Deep AI" delivered strong initial FCF gains
"Deep AI" delivered strong initial FCF gains ● SmartScan: Increased speed and accuracy, at 25% the cost ○ Before: OCR + human engineered parsers + human fallback ○ Today: LLM backtested on historical receipts ● Concierge: Faster, more natural chats with ~80% fewer human interventions1 ○ Before: Huma
Slide 30: Chat-First UI = AI-First Experience
Chat-First UI = AI-First Experience
Slide 31: Fully automated First Responder tier
Fully automated First Responder tier +LLM
Slide 32: "Deep AI" delivered strong initial FCF gains
"Deep AI" delivered strong initial FCF gains ● SmartScan: Increased speed and accuracy, at 25% the cost ○ Before: OCR + human engineered parsers + human fallback ○ Today: LLM backtested on historical receipts ● Concierge: Faster, more natural chats with ~80% fewer human interventions1 ○ Before: Huma
Slide 33: "Deep AI" delivered strong initial FCF gains
"Deep AI" delivered strong initial FCF gains ● SmartScan: Increased speed and accuracy, at 25% the cost ○ Before: OCR + human engineered parsers + human fallback ○ Today: LLM backtested on historical receipts ● Concierge: Faster, more natural chats with ~80% fewer human interventions1 ○ Before: Huma
Slide 34: Artificial Engineers writing Real Code
Artificial Engineers writing Real Code OpenAI uses Expensify open-source repo for their most advanced coding challenge
Slide 35: Innovate > Automate > Outsource.
Innovate > Automate > Outsource. When everyone's focus is automating or outsourcing their jobs, everyone is "AI ready". Expensify Core Team (x120) Sales Support Engineering SmartScan Concierge Open Source Community US Agents First Responders Freelance Contributors International Agents Second Respond
Slide 36: Superintelligence in 3 Easy Steps
Superintelligence in 3 Easy Steps 1. Deep AI Automate minimal-judgement repeatable tasks ○ Tech: Backtest against large human-generated datasets ○ Effect: Trains proprietary AI on domain-specific nuances ○ Side-effect: Creates immediate (and dramatic) cost savings 2. Surface AI Add "one-shot" user
Slide 37: Conversational corrections
Conversational corrections Tap, pick, answer, or describe how to fix anything.
Slide 38: Superintelligence in 3 Easy Steps
Superintelligence in 3 Easy Steps 1. Deep AI Automate minimal-judgement repeatable tasks ○ Tech: Backtest against large human-generated datasets ○ Effect: Trains proprietary AI on domain-specific nuances ○ Side-effect: Creates immediate (and dramatic) cost savings 2. Surface AI Add genuinely usefu
Slide 39: Everyone will get a Virtual CFO
Everyone will get a Virtual CFO ● Realtime fraud protections ○ "Head's up, Alice's corporate card is showing some unusually large and frequent purchases, but she mentioned here in #social she's on vacation in Maui. Should I block her card to be safe?" ● Continuous flux analysis ○ "I'm monitoring thi
Slide 40: The AI singularity is a Tidal Wave. New Expensify is a surfboard.
The AI singularity is a Tidal Wave. New Expensify is a surfboard.
Slide 41: Conclusion: Great Quarter, Exciting Year
Conclusion: Great Quarter, Exciting Year ● Completed major investments in deep AI. ● We meaningfully increased our profitability (adj EBITDA. ● Weʼre now debt free. ● We transitioned essentially all spend to to the new Expensify Card. ● We launched Expensify Travel, transforming us into a complete
Slide 42: Q&A
Slide 43: Expensify
Expensify
Slide 44: Appendix
Appendix
Slide 45: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Year ended Year ended December 31, 2024 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 10,055 $ 41,456 Add: Stock-based compensation expense 33,537 41,212 Non-GAAP Net Income Loss1 $ 23,482 $ 244 1 We defi
Slide 46: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Three months ended December 31, 2024 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 1,312 $ 7,204 Add: Stock-based compensation expense 10,002 10,600 Non-GAAP Net Income Loss1 $ 8,690 $ 3,
Slide 47: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Year ended Year ended December 31, 2024 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 10,055 $ 41,456 Provision for income taxes 7,663 2,980 Interest and other expenses, 1,572 5,327 net Depreciation and amortizat
Slide 48: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended December 31, 2024 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 1,312 $ 7,204 Provision for income taxes 1,238 1,049 Interest and other expenses, 539 169 net Depreciation and
Slide 49: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Year ended Year ended December 31, 2024 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net cash provided by operating activities $ 23,877 $ 1,559 Increase) decrease in changes in customer assets and liabilities Settlement assets
Slide 50: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Three months ended Three months ended December 31, 2024 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net cash provided by (used in) operating $ 7,402 $ 543 activities Increase) decrease in changes in customer assets and liab
Slide 51: Estimated Stock-Based Compensation - Next 4 Quarters
Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Q1 2025 Q2 2025 Q3 2025 Q4 2025 Low High Low High Low High Low High Cost of revenue, net $ 2.7 $ 3.4 $ 2.4 $ 3.1 $ 2.4 $ 3.1 $ 2.3 $ 3.0 Research and development 2.4 3.1 2.2 2.9 2.2 2.9 2.1 2.8 General and administrative 1.3 1.7 1.2 1.6
Slide 52: Expensify
Expensify