Slide 1: Expensify Q2 2024 Earnings
Expensify Q2 2024 Earnings
Slide 2: Disclaimer
Expensify Disclaimer All information 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. Thes
Slide 3: Q2 2024 Financials
Expensify Q224 Financials
Slide 4: Revenue, Average Paid Members, Interchange
Expensify Q2 2024 Revenue Average Paid Members Interchange $33.3MM 684,000 $4.0MM
Slide 5: Operating Cash Flow, Free Cash Flow, Net Loss, Adj. EBITDA
Expensify Q2 2024 Operating Cash Flow Free Cash Flow’ (Includes timing of customer funds) (Excludes timing of customer funds) $9.3MM $5.7MM Net Loss Non-GAAP Net Income? Adj. EBITDA? $(2.8MM) $5.6MM $10.2MM ‘We define Free cash flow as net cash (used in) provided by operating activities excluding ch
Slide 6: Expensify Card updates
Expensify Expensify Card updates ®@ Strong growth: Quarterly interchange derived from the Expensify Card grew 48% y/y to $4.0MM in Q2. @ Program management & accounting improvement: The company continued transitioning members to its new card program during Q2. In Q2, $0.5MM of interchange derived fr
Slide 7: Free Cash Flow
Expensify Free Cash Flow! @ In Q1 2024 we increased our full year Free Cash Flow guidance to $11.0- $13.0MM from $10.0-$12.0MM. @ Weare now increasing that guidance to $15.0-16.0MM? FY 2024 Free Cash Flow. Q23 Free Cash Flow was $5.7MM, a 10% increase from Q1°. nt liallties, which represent funds he
Slide 8: Monthly Paid Members
Expensify Q22024 Monthly Paid Members 800,000 _ AAUTAUTTATTTATTTTLTT LTTE _ LAUTAN TLATH 200,000 Note: There can be no assurances that the trends of previous third quarters are representative of future trends. July Paid Members 689,000 Denotes July 2024 and July activity from previous years
Slide 9: Q2 Business Highlights
Q2 Business Highlights
Slide 10: +122% y/y SEO keyword Increase
Expensify +122% y/y SEO keyword Increase 40,000 35,000 30,000 25,000 SEO Keywords 20,000 15,000 2023-Q1 2023-Q2 © - 2023.3. -2023-Q4. 2024-1 2024-Q2 Note: SEO Keywords represent the amount of keywords that populate in the top 100 results for that search term.
Slide 11: +57% q/q in first page SEO keywords
Expensify +57% q/q in first page SEO keywords 4000 3000 o = S B x @ 2000 2 < & i) es 1000 HH 6/23 7/23 8/23 9/23 10/23 11/23 12/23 1/24 2/24 3/24 4/24 5/24 6/24 Note: First page SEO keywords represent search terms that result in Expensify content being shown on the first page of search results. Data
Slide 12: 25% q/q global reimbursement customers
Expensify 25% q/q global reimbursement customers 300 Z 200 g vA E va 3 100 WA 2023-Q2 2023-Q3 2023-Q4 2024-Q1 2024-Q2
Slide 13: Apple partnership
Expensify Apple partnership @ The company announced its partnership with Apple in its upcoming 2025 blockbuster, F1. Expensify will be the title team sponsor in their biggest budget feature film to date. @ Since announcement as title sponsor, Expensify has been named in press coverage across TV and
Slide 14: Q2 Product Update
Expensify Q2 Product Update New Expensify
Slide 15: Strategies for Expensify's Success
Expensify Strategies for Expensify's Success 6 Capture the untapped 99% of the market, starting with VSB/SMB ® With a viral, bottom-up, word-of-mouth leadgen strategy @® Monetized with high margin monthly subscriptions
Slide 16: 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 co
Slide 17: Viral use cases address the whole market
Expensify Viral use cases address the whole market Documents Payments
Slide 18: Superapps have super virality
Expensify Superapps have super virality
Slide 19: Overhauling homepage for final app reunification push
Ep ensify Overhauling homepage in preparation for final app reunification push. Expensify signin The expense management app that does it all. Gee te He Be 45 (4889 reviews) All inclusive. Manage track receipts, create expense reports, and send invoices. Corporate card. Cash back on all US purchases.
Slide 20: Hybrid app
“Hybrid app” Expensify Inputting New Expensify in Expensify Classic so users don’t need to download a new app. Introducing the Expensify Card. -first daily settlement and real time compliance features.
Slide 21: Inbox
Inbox ‘é) Concierge VISA Commercial Introducing the Expensify Card. The world’s smartest corporate card, with the highest spend and the safest limits, also guarded by our industry-first daily settlement and real time compliance features. Oo
Slide 22: Beta customers booking travel
Expensify Beta customers currently booking travel, which is expected to drive new revenue stream in Q3. Trip to Portland Expensify Hey Todd New York (JFK) > Portland (PDX) Portland (PDX) -> New York (JFK) John F. Kennedy International Airport DubbyCo & Todd Clyde Portland International Airport Jul 2
Slide 23: Billing on New Expensify
Billing on New Expensify Customers can now add a billing card so they can fully onboard on New Expensify. Subscription Payment Todd Clyde Card ending in 1234 View payment history Profile Wallet Your plan Preferences Collect Workspaces Subscription Cards & Domains @ Save with the Expensify Card us :
Slide 24: Accounting Integrations on New Expensify
; Accounting Integrations on New Expensify Expensify Launched accounting integrations with major partners. ra Ciok f , @ Cathy's Croissants Accounting Profile Connections Members y st s with your chart o e NetSuite Honeycomb Mfg. ‘Accounting Import Connections e Export Advanced QuickBooks Online Net
Slide 25: Search V1 Live
Search V1 Live Expensify Creating the base for one of the most powerful search functionality in the world including money, travel, tasks, chats, and more. © eExpensity / search @& Expenses Eerene Al Drafts Approved Chats ‘Tooke United DubbyCo Travel $125.00 Invoices Positively 4th Stree... # Shelby
Slide 26: Engineering moving toward onboarding optimizations
Expensify Engineering is moving past core feature development and toward onboarding optimizations. ® Expensify Expensify Welcome! Lé ® Expensify Welcome to Expensify Track an expense ® Track an expense Track an expense Expensify ick an expense in any cur taps. Here's how to track an expense: 1. Clic
Slide 27: In conclusion
Expensify In conclusion: @ Q2'24 was a great quarter O Delivered strong Operating Cash Flow and FCF growth again O Continued New Expensify development progress O Expanded our reach into the travel market @ Looking forward to Q3'24: O New Expensify expected to be producing revenue O Expensify Travel
Slide 28: Learn more at exfy.com/roadmap
Expensify Learn more at exfy.com/roadmap #exfy-roadmap
Slide 29: Q&A
QeA
Slide 30: Expensify
Expensify
Slide 31: Appendix
Appendix
Slide 32: GAAP to Non-GAAP Reconciliation: Net Income
Expensify GAAP to Non-GAAP Reconciliation: Non-GAAP Net Income Three months ended Three months ended June 30, 2024 June 30, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ (2,764) $ (1,304) Add: Stock-based compensation 8,381 10,341 Non-GAAP Net Income (Loss)' $5,617 $ (963) ‘We
Slide 33: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
Expensify GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Three months ended Three months ended June 30, 2024 June 30, 2023 (unaudited, in thousands) (unaudited, in thousands) Net loss $ (2,764) $ (11,304) Provision for income taxes 2,723 376 Interest and other expenses, 260 1,367 net Depreciation
Slide 34: 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 June 30, 2024 March 30, 2024 June 30, 2023 (unaudited, in thousands) (unaudited, in thousands) (unaudited, in thousands) Net cash provided by (used in) operating activities $9,317 $3,47
Slide 35: 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 Q3 2024 Q4 2024 Q12025 Q2 2025 Low High Low High Low High Low High $2.4 $3.1 $2.3 $3.0 $2.2 $2.9 $1.9 $2.6 3.2 4.0 ail 3.9 2.9
Slide 36: Expensify
Expensify