Slide 1: Q3 2021 Earnings
Q3 2021 Earnings Thursday, December 16, 2021
Slide 2: Disclaimer
Disclaimer 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 statements include statements regarding our strategy, future financia
Slide 3: Expense Reports That Don't Suck
Expense Reports That Don’t Suck Nobody’s official job, everybody’s worst nightmare
Slide 4: Three secrets to Expensify's success
Three secrets to Expensify's success 1 Enormous untapped market opportunity 2 Unique bottom-up acquisition model 3 Billion-user platform ambition
Slide 5: 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 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: Viral is the only path to the billion user opportunity
Viral is the only path to the billion user opportunity
Slide 8: Q3 Performance
Q3 Performance Best quarter in paid user growth since start of pandemic
Slide 9: Q3 2021 was at the high end of estimates
Q3 2021 was at the high end of estimates Revenue Paid Members $37.6MM 670K $37.4MM Revenue 667K Paid Members $36.6MM 660K Ranges reflect preliminary consolidated financial results for the fiscal quarter ended September 30, 2021 presented in Expensify's Registration Statement on Form S-1 filed with the S
Slide 10: Best quarter for Paid Member growth since COVID-19
Best quarter for Paid Member growth since COVID-19 73% 208% $150MM y/y Revenue Growth y/y Interchange Growth Annualized Revenue 1 All metrics, unless noted otherwise, are actuals for the three months ended Sept 30, 2021. 1 Calculated as three months ended September 30, 2021 revenue multiplied by fou
Slide 11: IPO Bonus Impact on Profitability
IPO Bonus Impact on Profitability GAAP and Non-GAAP numbers
Slide 12: Impact of IPO Bonus: Net Income
Impact of IPO Bonus $(6.3MM) $26.3MM $19.9MM + = Non-GAAP Net Income GAAP Net Income IPO Related Bonus1 (excl. IPO Bonus cost) All metrics, unless noted otherwise, are actuals for the three months ended Sept 30, 2021 1 Reflects amounts paid in Q3 related to a one-time special bonus paid to each emplo
Slide 13: Impact of IPO Bonus: Adjusted EBITDA
Impact of IPO Bonus $(6.5MM) + $26.3MM = $19.8MM Adj. EBITDA1 Adj. EBITDA IPO Related Bonus2 (excl. IPO bonus cost) All metrics, unless noted otherwise, are actuals for the three months ended Sept 30, 2021 1 We define Adjusted EBITDA as net income (loss) excluding provision for income taxes, interest
Slide 14: Expensify team drives continued efficiency
Expensify team drives continued efficiency Over 126% Rule of 401 $1 Million Annualized Revenue per Employee2 All metrics are actuals for the three months ended September 30, 2021 1 Defined as Q3 2021 year over year revenue growth + Q3 2021 Adj. EBITDA (excl. IPO related bonus cost) margin. We defined
Slide 15: Q3 Product update
Q3 Product update
Slide 16: Making steady progress building out superapp roadmap
CONFIDENTIAL Making steady progress building out superapp roadmap
Slide 17: New in Q3: Free Plan enables card-only adoption
CONFIDENTIAL New in Q3: Free Plan enables card-only adoption
Slide 18: New in Q3: 4% Cashback incentivizes rapid card rollout
CONFIDENTIAL New in Q3: 4% Cashback incentivizes rapid card rollout
Slide 19: Guidance Q4 2021
Guidance Q4 2021
Slide 20: Increasingly optimistic on return to historical growth
Increasingly optimistic on return to historical growth Revenue Paid Members $39.2MM 691K $38.2MM 673K Expensify's outlook statements are based on current expectations. These statements are forward-looking and actual results could differ materially depending on market conditions and the factors set f
Slide 21: A Tasty Growth Layer Cake
A Tasty Growth Layer Cake Nationwide Advertising WOM Customer Acquisition Seat Expansion
Slide 22: With more layers to come!
.-.. With more layers to come! Pricing power Payroll Bill pay and Invoicing Interchange Growth Nationwide Advertising WOM Customer Acquisition Seat Expansion
Slide 23: Q&A
Q&A
Slide 24: Slide 24
Slide 25: Appendix
Appendix
Slide 26: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended September 30,2021 (unaudited, in thousands) 2021 Net (loss) income $ (6,345) Add: IPO Related Bonus1 26,287 Non-GAAP Net (loss) income $ 19,942 1 Reflects amounts paid in Q3 related to an IPO related bonus paid to each employee i
Slide 27: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA and Adjusted EBITDA (excl. IPO bonus cost) Three months ended September 30, 2021 (unaudited, in thousands) 2021 Net (loss) income $ (6,345) (Benefit) provision for income taxes (3,567) Interest and other expenses, net 1,054 Depreciation and amortizatio
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