Slide 1: Q1 2022 Earnings, May 12, 2022
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Slide 2: Disclaimer and forward-looking statements
$ŸǒłƏĦŸƘőNJ ŀŀɁĩňĞőŴŇáƃĩőňɁĩňþŀƉĄĉĄɁĩňɁƃĥĩźɁűŴĉźĉňƃáƃĩőňɁĩźɁƉňáƉĄĩƃĉĄȒ >oÂ$Ȫ]oo[If?Ɂ¡¡*e*f¡Ɂ >őŴƤáŴĄȪŀőőĽĩňğɁźƃáƃĉŇĉňƃźɁĩňɁƃĥĩźɁűŴĉźĉňƃáƃĩőňȓɁƤĥĩþĥɁáŴĉɁňőƃɁĥĩźƃőŴĩþáŀɁĞáþƃźȓɁáŴĉɁĞőŴƤáŴĄȪŀőőĽĩňğɁźƃáƃĉŇĉňƃźɁƤĩƃĥĩňɁƃĥĉɁŇĉáňĩňğɁőĞɁƃĥĉɁŴĩƣáƃĉɁĉþƉŴĩƃĩĉźɁ]ĩƃĩğáƃĩőňɁĉĞőŴŇɁþƃɁőĞɁǓǛǗǗȒɁ¡ĥĉźĉɁ źƃáƃĉŇĉňƃź
Slide 3: Three reasons to invest: market opportunity, acquisition model, user platform
ºųNJőőʻǒőłNJőǟǒʻǟƤʻ.ȄLJőƚǒŸŪȅʵǒʻƏƤƚūʡǟőNJƘʻǒǧłłőǒǒ Ē *ňőŴŇőƉźɁƉňƃáűűĉĄɁŇáŴĽĉƃɁőűűőŴƃƉňĩƃƪ ē §ňĩųƉĉɁýőƃƃőŇȪƉűɁáþųƉĩźĩƃĩőňɁŇőĄĉŀ Ĕ ĩŀŀĩőňȪƉźĉŴɁűŀáƃĞőŴŇɁáŇýĩƃĩőň
Slide 4: Full business spend: enterprise opportunity by segment
FǧƏƏʻłƤǧNJǟʻLJNJőǒǒʻƤƚʻǿųƤƏőʻƘĦNJƌőǟʂʻƚƤǟʻƉǧǒǟʻőƚǟőNJLJNJŸǒő ɁɁ̉ǙȒǓ *ňƃĉŴűŴĩźĉɁ ɁɁɁɁɁɁ§Ɂ¡e ǓǒǒǒɣɁ**ź §[ȔɁ̉ǔȒǕɁ ̉ǓȒǗ eĩĄȪeáŴĽĉƃ §Ɂ¡e ǗǒǒȪǓǒǒǒɁ**ź §ȔɁ̉ǓȒǘɁ ȔɁ̉ǓȒǙɁ ̉ǓǔȒǒ e §Ɂ¡e ǓǒȪǖǛǛɁ**ź ̉ǔȒǖ Á Ɂ§Ɂ¡e ǓȪǛɁ**ź §ȔɁ̉ǓǘȒǒɁ főƃĉȔɁ**źɁɧɁ*ŇűŀőƪĉĉźȒɁÁɁɧɁÁĉŴƪɁŇáŀŀɁƉźĩňĉźźĉźȒɁ>ĩğƉŴĉźɁŴĉűŴĉźĉňƃɁőƉŴɁĉźƃĩŇáƃĉĄɁ¡
Slide 5: Freemium loop: expand sales, subscriptions, partners, free plan
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Slide 6: Today's sales reaches the rest of the market
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Slide 7: Only Expensify can reach the full market
ƚƏȅʻ.ȄLJőƚǒŸŪȅʻłĦƚʻNJőĦłųʻǟųőʻŪǧƏƏʻƘĦNJƌőǟ $ .ȄLJőƚǒŸŪȅ .ƚǟőNJLJNJŸǒőʻǒłĦƏő 䘟 䘟 ƤƚǒǧƘőNJʻūNJĦʼnő 䘟 䘟 䘟 䘟 GƏƤŁĦƏʻNJőĦłų 䘟 䘟 tĦǟŸǾőʻłĦNJʼn˧ǟNJĦǾőƏ 䘟 FNJőő 䘟 䘟 䘟
Slide 8: Considering a billion-member payment opportunity
ƤƚǒƤƏŸʼnĦǟŸƚūʻĦʻŁŸƏƏŸƤƚʡƘőƘŁőNJʻLJĦȅƘőƚǟʻƤLJLJƤNJǟǧƚŸǟȅ
Slide 9: CPA Card
CPA Card
Slide 10: Introducing the Expensify CPA Card
INTRODUCING The Expensify CPA Card— built for accountants, loved by clients.
Slide 11: Free Plan
FNJőőʻ¢ƏĦƚ
Slide 12: The Free Plan Rung
ºųőʻFNJőőʡőǒǟʻFNJőőʻ¢ƏĦƚʻNJƤǧƚʼn Ɣ ¡ĥĉɁ>ŴĉĉɁŀáňɁýŴĩňğźɁƃőɁŀĩğĥƃɁáĄŇĩňɁĞĉáƃƉŴĉźɁ ƤĩƃĥĩňɁőƉŴɁĞŴĉĉŇĩƉŇɁýƉźĩňĉźźɁŇőĄĉŀȓɁ ĉƩűáňĄĩňğɁőƉŴɁýĉáþĥĥĉáĄɁĄĉĉűĉŴɁĩňƃőɁƃĥĉɁ ÁɁáňĄɁźőŀĉɁűŴőűŴĩĉƃőŴɁŇáŴĽĉƃźȒɁ Ɣ ÂĉɁýĉŀĩĉƣĉɁőƉŴɁĞŴĉĉɁőűƃĩőňɁĩźɁýĉƃƃĉŴɁƃĥáňɁőƉŴɁ þőŇűĉƃĩƃőŴȸźɁĞŴĉĉɁőűƃĩőňȒ Ɣ ÈőƉɁþáňɁƉźĉɁƃĥĉɁ*ƩűĉňźĩĞƪɁþáŴĄɁĞőŴɁ
Slide 13: Free Plan members pay us in three ways
FNJőőʻ¢ƏĦƚʻƘőƘŁőNJǒʻLJĦȅʻǧǒʻŸƚʻǟųNJőőʻǿĦȅǒ Ɣ >ŴĉĉɁűŀáňɁŇĉŇýĉŴźɁȵűáƪȶɁƉźɁĩňɁĩňƃĉŴþĥáňğĉɁĞŴőŇɁƃĥĉɁ*ƩűĉňźĩĞƪɁáŴĄȒ ż *ƢĉŴƩɀűƈŴþĥáźĉɀğĉňĉŴáƂĉźɀþáźĥɀĞőŴɀƈźȑ Ɣ >ŴĉĉɁűŀáňɁŇĉŇýĉŴźɁȵűáƪȶɁƉźɁƤĩƃĥɁƣĩŴáŀɁŀĉáĄğĉňȒ ż *ƢĉŴƩɀýĩŀŀɀűáĩĄɀáňĄɀĩňƢőĩþĉɀźĉňƂɀĩźɀáňɀĩňƂŴőɀƂőɀáňɀáþþőƈňƂáňƂȑ Ɣ >ŴĉĉɁŇĉŇýĉŴźɁȽűáƪȽɁƉźɁƤĩƃĥɁƤőŴĄȪőĞȪŇő
Slide 14: Q1 Performance
¤ȳʻ ¢őNJŪƤNJƘĦƚłő eáŴþĥɁƤáźɁƃĥĉɁǔňĄɁýĉźƃɁŇőňƃĥɁĞŴőŇɁáɁűáĩĄɁŇĉŇýĉŴɁ űĉŴźűĉþƃĩƣĉɁĩňɁƃĥĉɁĥĩźƃőŴƪɁőĞɁƃĥĉɁþőŇűáňƪ
Slide 15: Positive migration: Q1 expected paid members
$őǒLJŸǟőʻƘŸłNJƤƚʂʻ¤ȳʻőȄłőőʼnőʼnʻőȄLJőłǟĦǟŸƤƚǒ łǟǧĦƏʻ¥őǾőƚǧő .ǒǟʻ¥őǾőƚǧő .ǒǟʻ¢ĦŸʼnʻrőƘŁőNJǒ łǟǧĦƏʻ¢ĦŸʼnʻrőƘŁőNJǒ ΉȶȲʁȶrr ΉȵȻʁȸrr ȹȲȴf ȹȲȸf ΉȵȺʁȸrr ȸȺȶf þƃƉáŀźɁáŴĉɁĞőŴɁƃĥĉɁƃĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁǕǓȓɁǔǒǔǔȒɁ*źƃĩŇáƃĉĄɁŴáňğĉźɁŴĉljĉþƃɁǓɁǔǒǔǔɁőƉƃŀőőĽɁűŴĉƣĩőƉźŀƪɁűŴőƣĩĄĉĄɁĩňɁőƉŴɁĉáŴňĩňğźɁŴĉŀĉáźĉɁĞőŴɁǖɁǔǒǔǓȒ
Slide 16: March 2022 was the 2nd best month in Expensify history
rĦNJłųʻȴȲȴȴʻǿĦǒʻǟųőʻȴƚʼnʻŁőǒǟʻƘƤƚǟųʻŸƚʻ.ȄLJőƚǒŸŪȅʻųŸǒǟƤNJȅʁ rƤƚǟųƏȅʻ¢ĦŸʼnʻrőƘŁőNJǒ rĦNJłųʻ¢ĦŸʼnʻrőƘŁőNJǒ ȹȶȴf ƘŸłNJƤƚ
Slide 17: Q1 2022 continues strong long-term growth
¤ȳʻȴȲȴȴʻłƤƚǟŸƚǧőǒʻǒǟNJƤƚūʻƏƤƚūʻǟőNJƘʻūNJƤǿǟų ȹȲȸf ΉȶȲʁȶr áĩĄɁeĉŇýĉŴź ĉƣĉňƉĉ ȵȸ̀ Ήȳȸȳʁȸr ÈȠÈɁĉƣĉňƉĉɁ?ŴőƤƃĥ ɁňňƉáŀĩƳĉĄɁĉƣĉňƉĉɁǓ §ňŀĉźźɁőƃĥĉŴƤĩźĉɁĄĉňőƃĉĄȓɁLjğƉŴĉźɁáŴĉɁáþƃƉáŀźɁĞőŴɁƃĥĉɁƃĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁǕǓȓɁǔǒǔǔȒɁ Ǔ ɁáŀþƉŀáƃĉĄɁáźɁƃĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁǕǓȓɁǔǒǔǔɁŴĉƣĉňƉĉɁŇƉŀƃĩűŀĩĉĄɁýƪɁĞőƉŴɁȤųƉáŴƃĉ
Slide 18: Q1 2022 generated significant cash profit
ȴȲȴȴʻ¤ȳʻūőƚőNJĦǟőʼnʻǒŸūƚŸȫłĦƚǟʻłĦǒųʻ̮ʻLJNJƤȫǟʻʙʼnƉʻ.Tº$ʚ Ήȳȳʁȴr oűĉŴáƃĩňğɁáźĥɁ>ŀőƤ Ήʙȹʁȶrʚ Ήȹʁȵr ΉȳȳʁȲr fĉƃɁ]őźź főňȪ?ɁfĉƃɁIňþőŇĉǓ ĄĺȒɁ*I¡$ǔ ŀŀɁŇĉƃŴĩþźȓɁƉňŀĉźźɁňőƃĉĄɁőƃĥĉŴƤĩźĉȓɁáŴĉɁáþƃƉáŀźɁĞőŴɁƃĥĉɁƃĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁɁǕǓȓɁǔǒǔǔȒ Ǔ ɁÂĉɁĄĉLjňĉɁfőňȪ?ɁfĉƃɁIňþőŇĉɁáźɁňĉƃɁĩňþőŇĉɁȤŀőźźȥɁĉƩþŀƉĄĩňğɁźƃőþĽɁýáźĉ
Slide 19: Expensify Free Plan is extremely popular
.ȄLJőƚǒŸŪȅʻFNJőőʻ¢ƏĦƚʻŸǒʻőȄǟNJőƘőƏȅʻLJƤLJǧƏĦNJ Ȼf˧ ȳȺȵ̀ ¤ȳʻ>ŴĉĉɁŀáňɁ ȠɁIňþŴĉáźĉɁĩňɁ>ŴĉĉɁ ƉźƃőŇĉŴźɁ ŀáňɁƉźƃőŇĉŴź >ĩğƉŴĉźɁáŴĉɁáþƃƉáŀźɁĞőŴɁƃĥĉɁƃĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁǕǓȓɁǔǒǔǔȒɁ
Slide 20: Intent to maintain strong long-term guidance
ƤƚǟŸƚǧőʻǟƤʻƘĦŸƚǟĦŸƚʻǒǟNJƤƚūʻƏƤƚūʡǟőNJƘʻūǧŸʼnĦƚłő Ɣ ÂĉɁŴĉádžŴŇɁőƉŴɁŀőňğɁƃĉŴŇɁğƉĩĄáňþĉɁűŴőƣĩĄĉĄɁĩňɁþőňňĉþƃĩőňɁƤĩƃĥɁőƉŴɁ ĞőƉŴƃĥɁųƉáŴƃĉŴɁǔǒǔǓɁŴĉźƉŀƃźɁőĞɁǔǗȪǕǗɾɁŴĉƣĉňƉĉɁğŴőƤƃĥɁőƣĉŴɁáɁŇƉŀƃĩȪƪĉáŴɁ űĉŴĩőĄȒɁɁɁ ȴȷʡȵȷ̀ ]őňğɁ¡ĉŴŇɁ?ŴőƤƃĥɁ ?ƉĩĄáňþĉ ʻ
Slide 21: Q&A
O&A
Slide 22: In summary, Q1 was great
TƚʻǒǧƘƘĦNJȅʃʻ¤ȳʻǿĦǒʻūNJőĦǟʁ Ɣ áźĥljőƤɁűőźĩƃĩƣĉɁáňĄɁűŴőLjƃáýŀĉɁȤáĄĺɁ*I¡$ȥɁĄĉźűĩƃĉɁűĉáĽɁoÁI$ Ɣ ĉƣĉňƉĉɁƉűɁǕǘɾɁĞŴőŇɁŀáźƃɁƪĉáŴ Ɣ *ƩűĉňźĩĞƪɁáŴĄɁƉűɁǓǗǒɾɁĞŴőŇɁŀáźƃɁƪĉáŴ Ɣ >ŴĉĉɁŀáňɁƉűɁǓǚǕɾɁĞŴőŇɁŀáźƃɁųƉáŴƃĉŴ ȕɀáňĄɀğőĄźűĉĉĄȑ
Slide 23: Slide 23
Slide 24: Appendix
LJLJőƚʼnŸȄ
Slide 25: Net loss to non-GAAP net income reconciliation
G¢ʻǟƤʻtƤƚʡG¢ʻ¥őłƤƚłŸƏŸĦǟŸƤƚʃʻtƤƚʡG¢ʻtőǟʻTƚłƤƘő ¡ĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁǕǓȓɁ ǔǒǔǔ ȣƈňáƈĄĩƂĉĄȒɀĩňɀƂĥőƈźáňĄźȤ fĉƃɁȤŀőźźȥɁĩňþőŇĉɁɁ ̉ɁȤǙȓǕǙǘȥ ɁɁĄĄȔ ƃőþĽɁýáźĉĄɁþőŇűĉňźáƃĩőň ǓǖȓǘǘǙ IoɁŴĉŀáƃĉĄɁýőňƉźǓ Ȭ főňȪ?ɁfĉƃɁĩňþőŇĉǔ ̉ɁǙȓǔǛǓ Ǔ ɁĉljĉþƃźɁáŇőƉňƃźɁűáĩĄɁĩňɁǓɁŴĉŀáƃĉĄɁƃőɁáɁőňĉȪƃĩŇĉɁźűĉþĩáŀɁýőňƉźɁűáĩĄɁƃőɁĉá
Slide 26: Net loss to adjusted EBITDA reconciliation
G¢ʻǟƤʻtƤƚʡG¢ʻ¥őłƤƚłŸƏŸĦǟŸƤƚʃʻʼnƉǧǒǟőʼnʻ.Tº$ ¡ĥŴĉĉɁŇőňƃĥźɁĉňĄĉĄɁeáŴþĥɁǕǓȓɁ ǔǒǔǔ ȣƈňáƈĄĩƂĉĄȒɀĩňɀƂĥőƈźáňĄźȤ fĉƃɁȤŀőźźȥɁĩňþőŇĉ ̉ɁȤǙȓǕǙǘȥ fĉƃɁȤŀőźźȥɁĩňþőŇĉɁŇáŴğĩň ȤǓǚȥɾ ȤĉňĉLjƃȥɁűŴőƣĩźĩőňɁĞőŴɁĩňþőŇĉɁƃáƩĉź ǓȓǘǕǔ IňƃĉŴĉźƃɁáňĄɁőƃĥĉŴɁĉƩűĉňźĉźȓɁňĉƃ Ǜǒǔ $ĉűŴĉþĩáƃĩőňɁáňĄɁáŇőŴƃĩƳáƃĩőň ǓȓǓǘǙ ƃőþĽȪýáźĉĄɁþőŇűĉňźáƃĩőň
Slide 27: FY22 estimated stock-based compensation (millions)
Fßȴȴʻ.ǒǟŸƘĦǟőʼnʻǟƤłƌʡĦǒőʼnʻƤƘLJőƚǒĦǟŸƤƚʻʙrŸƏƏŸƤƚǒʚ 4 4 4 /RZ +LJK /RZ +LJK /RZ +LJK &RVWRIUHYHQXHQHW 5HVHDUFKDQGGHYHORSPHQW *HQHUDODQGDGPLQLVWUDWLYH 6DOHVDQGPDUNHWLQJ 7RWDO *ƩűĉňźĩĞƪȾźɁőƉƃŀőőĽɁźƃáƃĉŇĉňƃźɁáŴĉɁýáźĉĄɁőňɁþƉŴŴĉňƃɁĉƩűĉþƃáƃĩőňźȒɁ¡ĥĉźĉɁźƃáƃĉŇĉňƃźɁáŴĉɁĞőŴƤáŴĄȪŀőőĽĩňğɁáňĄɁáþƃƉáŀɁŴĉźƉŀƃźɁþőƉŀĄɁĄ
Slide 28: Slide 28