Slide 1: Q1 2024 Earnings
Expensify Q1 2024 Earnings
Slide 2: Disclaimer
Expensify Disclaimer All information included in this presentation is unaudited. FORWARD-LOOKING STATEMENTS For in this pr ion, which are not historical facts, are for ing within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include regarding our strategy, fut
Slide 3: Q1'24 Financials
Expensify Q124 Financials
Slide 4: Revenue, Average Paid Members, Net Interchange
Expensify Q12024 Revenue Average Paid Members Net Interchange $33.5MM 688.000 $3.5MM
Slide 5: Operating Cash Flow, Free Cash Flow, Net Loss, Adj. EBITDA
Expensify Q12024 Operating Cash Flow Free Cash Flow’ (Includes timing of customer funds) (Excludes timing of customer funds) $3.5MM $5.2MM Net Loss Non-GAAP Net Income? Adj. EBITDA? $3.8MM) $3.7MM $7.1MM We define Free cash flow as net cash (used in) provided by operating activities 1g changes in as
Slide 6: Free Cash Flow
Expensify Free Cash Flow! @ In Q4, we initiated full year Free Cash Flow guidance to provide a more clear picture on the cash impact from overall cost reductions. @ Weare now increasing that guidance to $11.0-13.0MM?2 FY 2024 Free Cash Flow. Q13 Free Cash Flow was $5.2MM, a 242% increase from Q43.
Slide 7: Expensify Card updates
Expensify Expensify Card updates @ Strong growth: Quarterly interchange derived from the Expensify Card grew 57% y/y to $3.5MM in Q1. @ Program management & accounting improvement: The company started transitioning members to its new card program in Q1. This transition is expected to conclude by the
Slide 8: Monthly Paid Members
Expensify Q12024 Monthly Paid Members 800,000 200,000 0 a cv a — 7) ~ iV fy’ iy LV Ly & §€ € § ¢F F x x IN s x x Note: There can be no assurances that the trends of previous second quarters are representative of future trends. April Paid Members 685,000 Denotes April 2024 and April activity from pre
Slide 9: Q1 Business Highlights
QI! Business Highlights
Slide 10: Continued excellence
Expensify Continued excellence @ Fully dialed in Q4'23 cost optimizations @ Continued or improved core trends @ Focused investments on what's working best
Slide 11: +97% y/y SEO keyword increase
Expensify +97% yly SEO keyword Increase 35,000 30,000 SEO Keywords 25,000 20,000 2023-Q1 2023-Q2 2023-Q3 2023-Q4 2024-Q1 Note: SEO Keywords represent the amount of keywords that populate in the top 100 results for that search term.
Slide 12: +149% q/q in first page SEO keywords
Expensify +149% q/q in first page SEO keywords 3000 2500 2000 1600 # of 1st Page Keywords 1000 500 6/23 7123 8/23 9/23 10/23 11/23 12/23 1/24 2/24 3/24 Note: First page SEO keywords represent search terms that result in Expensify content being shown on the first page of search results. Data reflects
Slide 13: +60% q/q global reimbursement customers
Expensify +60% q/q global reimbursement customers 250 200 Customers 2023-Q2 2023-Q3 2023-Q4 2024-Q1
Slide 14: 57% y/y Net Interchange growth
Expensify 57% yly Net Interchange growth ‘$4,000,000 $3,000,0¢ 2 & 2 & $2,000,0
Slide 15: Q1 Product Update
Expensify QI! Product Update New Expensify
Slide 16: Strategies for Expensify's Success
Expensify Strategies for Expensify's Success @ Capture the untapped 99% of the market, starting with VSB/SMB @ With a viral, bottom-up, word-of-mouth leadgen strategy a ] Monetized with high margin monthly subscriptions
Slide 17: 1.3B untapped users in the VSB/SMB
Expensify 1.3B untapped users in the VSB/SMB 1 employee (24MM) 1.8% 101 to 249 employees (224MM) 16.5% 2 to 10 employees (354MM) 26.1% 51 to 99 employees (206MM) 15.2% 11-50 employees (548MM) 40.4% ‘Source: https://www.census.gov/data/tables/2022/econ/abs/2022-abs-company-summary.html. Census data c
Slide 18: Viral use cases address the whole market
Expensify Viral use cases address the whole market Documents Payments
Slide 19: Superapps have super virality
Expensify Superapps have super virality
Slide 20: Bottom-up generates unaddressable leads
IMAGES Expensify Bottom-up generates "unaddressable" leads Expensify's unique superapp design allows employees to submit expenses to companies not actively searching, expanding potential TAM.
Slide 21: Google
Google te *)
Slide 22: Top-down closes with self service
Edit @) Messages Cleencd Alice sent you an expense for $396.14 This is the beginning of your chat with Alice. You owe $396.14 for Home Depot. To pay go to: https://new.expensify.com/97859878 Reply to this message or respond at new.expensify.com/97859878 By responding you agree to Expensify's terms o
Slide 23: Edit a
Edit a Messages Q Search cU} Expensify 9:41 AM Expensify: Hi there! Alice just sent you an expense... Quinn 9:28 AM So often we avoid running water, and running water is a lot of fun Thea 9:20 AM Let your imagination be your guide. Zach 9:00 AM That's why | paint - because | can create the kind of w
Slide 24: B2C converts clients to customers
G M Expensify / Chats Alice B @*: 7 8@ Say hello! Collaboration between Alice and Bob's Decking starts here! }* This is the place to chat, submit expenses and settle up. You can also use the + button to split an expense, submit an expense, track an expense, or assign a task! (9) Alice $396.14 Home D
Slide 25: ia Expensify / Chats Q
ia Expensify / Chats Q Alice (0) Bob: Hey, that wasn't so bad! You should be all... Alice Hey Bob, | picked up the materials from Home. Concierge W Hey there, I'm Concierge! If you have any que. Alice Bob's Decking Say hello! Collaboration between Alice and Bob's Decking starts here! # This is the p
Slide 26: P2P multiplies viral leads
Expensify CA) Concierge P2P multiplies viral leads Consumer bill splitting allows non-paying users to organically promote Expensify to their peers, further expanding reach of bottom-up.
Slide 27: @ Expensify / Chats Q
@ Expensify / Chats Q Bob’s Decking & cathy@email.com paid $475.37 for Deck project Concierge Hi there, to submit expenses for reimbursement...
Slide 28: Travel can retain and expand revenue
©) Expensify / Chat (A) Concierge Expensify Travel can retain and expand revenue Expensify Travel is the top feature request of large and growing customers, and a can be new source of transactional revenue
Slide 29: @ Expensify / Chats
@ Expensify / Chats @ Concierge
Slide 30: Superapp super-search
ia Expensify / Search = Expenses Expenses Chats Tasks Invoices Flights Trips Positively 4th Stre The Home Depot Superapp super-search Formal realtime workflows optimized via inbox, ad hoc batch analyses executed via search © shetey @ hiory @ Frese © ExpensiCorp Meals & Entertain, Meals & Entertain.
Slide 31: Expensify Search expenses view
® Expensify / Search i Expenses ®@ Chats Tasks Invoices Trips = Expenses SAUX Waiting 6 Drafts Receipt Be Date + May 9 May 9 May 8 May 8 May 7 May 6 May 6 May 5 Merchant Hotel Flights Positively 4th Stre.. Starbucks The Home Depot Acme Wawa Avis ~] Shared From @ vava @ devia @ Shelby @ ory @ Freda @
Slide 32: In Review
Expensify In Review
Slide 33: Superapps require super tech
Expensify Superapps require super tech @ Bedrock O What: Blockchain-synchronized for extreme unpartitioned concurrency © Why: Enables seamless context switching between home, work, orgs @ React Native © What: Perfect consistency between desktop and mobile, web and native O Why: Eliminates need to in
Slide 34: Learn more at exfy.com/roadmap
Expensify Learn more at exfy.com/roadmap #exfy-roadmap
Slide 35: In conclusion
Expensify In conclusion: @ Q1'24 was a great quarter O Delivered strong Operating Cash Flow and FCF growth O Incredible New Expensify development progress © Began final stretch of polish, performance, and reliability @ Looking forward to Q2'24: O New Expensify will be fully in market O Expensify Tra
Slide 36: Q&A
QeA
Slide 37: Expensify
Expensify
Slide 38: Appendix
Appendix
Slide 39: GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income
Expensify GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Three months ended March 31, 2024 March 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ (3,781) $ (5,945) Add: Stock-based compensation 7,524 10,004 Non-GAAP Net Income’ $3,743 $4,059 1 We defin
Slide 40: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
Expensify GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended March 31, 2024 March 31, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ (3,781) $ (5,945) Provision for income taxes 1,034 1,825 Interest and other expenses, 954 1,416 net Depreciati
Slide 41: GAAP to Non-GAAP Reconciliation: Free Cash Flow
Expensify GAAP to Non-GAAP Reconciliation: Free Cash Flow Three months ended Three months ended Three months ended March 31, 2024 March 31, 2023 December 31, 2023 (unaudited, in thousands) (unaudited, in thousands) (unaudited, in thousands) Net cash provided by (used in) operating activities $3,471
Slide 42: Estimated Stock-Based Compensation
Expensify Estimated Stock-Based Compensation (Millions) - Next 4 Quarters Cost of revenue, net Research and development General and administrative Sales and marketing Total Q2 2024 Q3 2024 Q4 2024 Q12025 Low High Low High Low High Low High $2.8 $3.5 $2.7 $3.4 $26 $3.3 $2.4 $3.1 2.9 3.6 2.9 3.6 2.8 3
Slide 43: Expensify
Expensify