Slide 1: Q3 2024 Earnings
Q3 2024 Earnings November 7th, 2024
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: Q3 24 Financials
Expensify Q3 24 Financials
Slide 4: Q3 2024 Revenue, Average Paid Members, Interchange
Q3 2024 Revenue Average Paid Members Interchange $35.4MM 684,000 $4.6MM
Slide 5: Q3 2024 Cash Flow, Net Loss, Adjusted EBITDA
Q3 2024 Operating Cash Flow Free Cash Flow1 Includes timing of customer funds) Excludes timing of customer funds) $3.7MM $6.7MM Net Loss Non-GAAP Net Income2 Adj. EBITDA3 $(2.2MM) $5.4MM $9.7MM 1 We define Free cash flow as net cash (used in) provided by operating activities excluding changes in s
Slide 6: Free Cash Flow
Free Cash Flow1 ● Last quarter we increased our FCF guidance from $11.013.00MM to $15.016.0MM. ● We are now increasing that guidance by 27% to $19.020.0MM2 FY 2024 Free Cash Flow. Q3 Free Cash Flow was $6.7MM, a 17% increase from Q23. 1 We define Free cash flow as net cash (used in) provided by o
Slide 7: Expensify Card updates
Expensify Card updates ● Strong growth: Quarterly interchange derived from the Expensify Card grew 48% y/y to $4.6MM in Q3. ● Program management & accounting improvement: The company continued transitioning members to its new card program during Q3. ● 94% of all Expensify Card spend has migrated to
Slide 8: Monthly Paid Members, October Paid Members
Q3 2024 Monthly Paid Members October Paid Members 693,000 Denotes Oct 2024 and Oct activity from previous years Note: There can be no assurances that the trends of previous fourth quarters are representative of future trends.
Slide 9: Q3 Business Highlights
Expensify Q3 Business Highlights
Slide 10: The New Expensify 80/20 advantage
The New Expensify 80/20 advantage: ● The best expense tools can only automate 80% ○ They are limited to card and receipt data ● That last 20% requires information not available on the receipt or card swipe ○ This requires painful, time-consuming nagging at "email speed" ● New Expensify manages these
Slide 11: In conclusion
In conclusion: ● Our core business has remained stable. ○ Expensify Classic is a strong foundation for New Expensify ● We are raising our 2024 free cash flow1 guidance, again. ○ We continue to find new efficiencies ● The new Expensify Card program is almost fully deployed. ○ We are on track for full
Slide 12: Q&A
Slide 13: Expensify
Expensify
Slide 14: Appendix
Appendix
Slide 15: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Three months ended September 30, 2024 September 30, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 2,198 $ 17,003 Add: Stock-based compensation expense 7,630 10,267 Non-GAAP Net Income Loss1 $ 5,432 $
Slide 16: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended September 30, 2024 September 30, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ 2,198 $ 17,003 Provision for (benefit from) 2,667 270 income taxes Other (income) expenses, net 181 2,37
Slide 17: GAAP to Non-GAAP Reconciliation: Free Cash Flow
GAAP to Non-GAAP Reconciliation: Free Cash Flow Three months ended Three months ended Three months ended September 30, 2024 June 30, 2024 September 30, 2023 (unaudited, in thousands) (unaudited, in thousands) (unaudited, in thousands) Net cash provided by (used in) $ 3,687 $ 9,317 $ 5,106 operatin
Slide 18: Estimated Stock-Based Compensation - Next 4 Quarters
Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Q4 2024 Q1 2025 Q2 2025 Q3 2025 Low High Low High Low High Low High Cost of revenue, net $ 2.7 $ 3.4 $ 2.5 $ 3.2 $ 2.2 $ 2.9 $ 2.0 $ 2.7 Research and development 2.3 3.0 2.2 2.9 1.9 2.6 1.8 2.5 General and administrative 1.4 1.8 1.4 1.8
Slide 19: Expensify
Expensify