Slide 1: Q1 2022 Earnings, May 12th, 2022
(E) ey Q12022 = Wain Earnings jj May 12th, 2022
Slide 2: Q1 2022 Earnings, May 12th, 2022
(E) ey Q12022 = Wain Earnings jj May 12th, 2022
Slide 3: Disclaimer
Disclaimer Allinformation 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 4: Three secrets to Expensify's long-term success
Three secrets to Expensify's long-term success (2) Enormous untapped market opportunity 2 | Unique bottom-up acquisition model ER Billion-user platform ambition
Slide 5: Full court press on whole market, not just enterprise
Full court press on whole market, not just enterprise BS —=. AU: $1.6B af, *¥ RF US: $16.0B $7.1B Enterprise USTAM 1000+ EEs ——o——_—M__ i —_ __ ————_—"_. $1.5B Mid-Market USTAM 500-1000 EEs LS __) $12.0B SMB US TAM 10-499 EEs ---« $2.4B «VSB A USTAM 1-9EEs Note: EEs = Employees. VSB = Very Small Bus
Slide 6: Freemium leads + efficient sales = Profitable growth
Freemium leads + efficient sales = Profitable growth
Slide 7: Bottom-up sales reaches the rest of the market
Bottom-up sales reaches the rest of the market x ™N J vv >» @ 6 a a NY Top Down Bottom Up NS
Slide 8: 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
Slide 9: Consolidating a billion-member payment opportunity
Consolidating a billion-member payment opportunity e LE | i id bd i ua | Social Chat Wallet Travel Invoice Bill Card Payroll Expense Accounting Planned Beta Beta Live Live Live Live Beta Live Planned Viral Leadgen Subscription Revenue NN Vv ‘G)
Slide 10: CPA Card
CPA Card
Slide 11: Introducing the Expensify CPA Card
INTRODUCING The Expensify CPA Card— built for accountants, loved by clients.
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Slide 13: The Free-est Free Plan Around
The Free-est Free Plan Around e The Free Plan brings to light admin features within our freemium business model, expanding our beachhead deeper into the VSB and sole proprietor markets. e We believe our free option is better than our competitor’s free option. e You can use the Expensify card for fre
Slide 14: Free Plan members pay us in three ways
Free Plan members pay us in three ways Free plan members “pay” us in interchange from the Expensify Card. oO Every purchase generates cash for us. Free plan members “pay” us with viral leadgen. oO Every bill paid and invoice sent is an intro to an accountant. e Free members "pay" us with word-of-mou
Slide 15: Performance
Q1 Performance March was the 2nd best month from a paid member perspective in the history of the company
Slide 16: Despite Omicron, Q1 exceeded expectations
Despite Omicron, Q1 exceeded expectations Est Revenue Est Paid Members $39.6MM 702K Actual Paid Members $38.6MM 684K Actuals are for the three months ended March 31, 2022. Estimated ranges reflect Q1 2022 outlook previously provided in our earnings release for Q4 2021.
Slide 17: March 2022 was the 2nd best month in Expensify history
March 2022 was the 2nd best month in Expensify history. Monthly Paid Members 750000 March Paid Members 700000 650000 Omicron 600000 5/1/2021 7/1/2021 9/1/2021 11/1/2021 1/1/2022
Slide 18: Q1 2022 continues strong long term growth
Q1 2022 continues strong long term growth 706K $40.4M Paid Members Revenue 36% $161.6M Y/Y Revenue Growth Annualized Revenue + Unless otherwise denoted, figures are actuals for the three months ended March 31, 2022. 1 Calculated as three months ended March 31, 2022 revenue multiplied by four (quarte
Slide 19: 2022 Q1 generated significant cash & profit (Adj EBITDA)
2022 Q1 generated significant cash & profit (Adj EBITDA) $11.2M Operating Cash Flow $(7.4M) $7.3M $11.0M Net Loss Non-GAAP Net Income? Adj. EBITDA2 All metrics, unless noted otherwise, are actuals for the three months ended March 31, 2022 1.We define Non-GAAP Net Income as net income (loss) excludin
Slide 20: Expensify Free Plan is extremely popular
Expensify Free Plan is extremely popular 9K+t 183% Q1 Free Plan Q/Q Increase in Free Customers Plan Customers Figures are actuals for the three months ended March 31, 2022
Slide 21: Continue to maintain strong long-term guidance
Continue to maintain strong long-term guidance e Wereaffirm our long term guidance provided in connection with our fourth quarter 2021 results of 25-35% revenue growth over a multi-year period. 25-35% Long Term Growth Guidance
Slide 22: Q&A
O&A
Slide 23: In summary: Q1 was great.
In summary: Q1 was great. e Cashflow positive and profitable (adj EBITDA) despite peak COVID Revenue up 36% from last year e Expensify Card up 150% from last year e Free Plan up 183% from last quarter ... and godspeed. (E)
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Slide 26: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended March 31, 2022 (unaudited, in thousands) Net (loss) income $ (7,376) Add: Stock based compensation 14,667 IPO related bonus! - Non-GAAP Net income? $7,291 1 Reflects amounts paid in Q1 related to a one-time special bonus paid to
Slide 27: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended March 31, 2022 (unaudited, in thousands) Net (loss) income $ (7,376) Net (loss) income margin (18)% (Benefit) provision for income taxes 1,632 Interest and other expenses, net 902 Depreciation and amortization 1,167 Stock-based comp
Slide 28: FY22 Estimated Stock-Based Compensation (Millions)
FY22 Estimated Stock-Based Compensation (Millions) Q2 2022 Q3 2022 Q4 2022 Low High Low High Low High Cost of revenue, net $4.8 $5.4 $4.6 $5.3 $3.4 $ 4.1 Research and development 2.7 3.0 2.6 2.9 1.9 2.3 General and administrative 4.6 5.3 45 5.1 3.3 4.0 Sales and marketing 2.0 2.2 1.9 2.2 1.4 ‘\ot/ T
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