Expensify Announces Q1 2024 Results
Expensify announced its Q1 2024 results, highlighting growth in the Expensify Card interchange to $3.5 million. The company reported operating cash flow of $3.5 million and free cash flow of $5.2 million. Despite a 16% decrease in revenue, Expensify posted positive cash flow and profitability figures, along with plans for new revenue streams like Expensify Travel and New Expensify. The company also revealed cost-cutting measures that significantly improved cash flow compared to the previous quarter.
Expensify saw growth in its Expensify Card interchange revenue to $3.5 million, up 57% year over year.
The company generated strong operating cash flow of $3.5 million and free cash flow of $5.2 million, showcasing financial stability and profitability.
Expensify introduced new revenue streams with the launch of Expensify Travel and New Expensify, targeting midmarket and enterprise customers.
The company implemented cost-cutting measures that significantly improved cash flow and financial performance compared to the previous quarter.
Expensify reported a 16% decrease in revenue compared to the same period last year, signaling a revenue decline.
The net loss for the quarter was $3.8 million, although an improvement from the previous year, indicating ongoing financial challenges.
Paid members decreased by 8% year over year, potentially impacting the company's subscription-based revenue model.
Insights
Expensify Card interchange grew to
A Message From Our Founder
Q1'24 was a great start to the year. We are back to strong Operating cash flow and Free cash flow profitability, producing our best quarterly Free cash flow since Q1 of last year, and we are also increasing our full-year guidance.
Though seasonally soft in terms of revenue, interchange from the Expensify Card continued growing by leaps and bounds: up
Next, we announced our highly anticipated corporate travel service, which already has a sizable backlog of interest and will be cross sold through our existing account manager and sales teams. Expensify Travel is designed to scale up to the very top of the market, and is the most commonly requested feature from our midmarket and enterprise customers.
Finally — and most exciting of all — we have made outstanding progress in developing New Expensify. Not only have we executed some extremely delicate back-end upgrades with minimal downtime, but we have completed the core pieces of the "critical viral path". This is the uniquely Expensify "superapp experience" that we believe will enable us to seamlessly convert viral consumer signups into highly qualified SMB leads in the "untapped
I couldn't be more proud of our product development team in crossing this key watershed, enabling us to move past core feature development to focus on rock solid stability, glassy-smooth performance, and highly optimized conversion flows.
It's been a long journey. But by this time next quarter, New Expensify and Expensify Travel are both expected to be producing new incremental revenue, as well as helping retain and expand existing customers for years to come. It takes a lot of work to make something look this simple, and I can't wait to show you on the earnings call (or visit exfy.com/roadmap to see it yourself)!
-david
Founder and CEO of Expensify
First Quarter 2024 Highlights
Financial:
-
Revenue was
$33.5 million 16% compared to the same period last year. -
Generated
$3.5 million -
Free cash flow was
$5.2 million -
Net loss was
$3.8 million $5.9 million -
Non-GAAP net income was
$3.7 million -
Adjusted EBITDA was
$7.1 million -
Interchange derived from the Expensify Card grew to
$3.5 million 57% compared to the same period last year.
Impact of Cost Cutting Measures
-
As referenced previously, the company underwent aggressive cost cutting midway through the quarter ended December 31, 2023, with the full impact realized for the duration of the quarter ended March 31, 2024, as summarized below:
-
Generated
$3.5 million $4.0 million 739% , quarter over quarter. -
Free cash flow was
$5.2 million $8.8 million 242% , quarter over quarter. -
Net loss was
$3.8 million $3.4 million 48% , quarter over quarter. -
Non-GAAP net income was
$3.7 million $0.3 million 10% , quarter over quarter. -
Adjusted EBITDA was
$7.1 million $1.3 million 22% , quarter over quarter.
-
Generated
- Free Cash Flow Guidance: See Financial Outlook section for updated Free cash flow guidance for fiscal year ending December 31, 2024.
Business:
-
Paid members – Paid members were 688,000, a decrease of
8% from the same period last year. - Expense tracking – The company added enterprise-grade receipt scanning and distance tracking to New Expensify to capture emerging SMBs at their earliest stages and provide an upgrade path for future growth.
- Expense splitting – The company launched consumer group expense splitting in New Expensify, which combines Venmo-style payments and Splitwise-style settlements in a WhatsApp-style chat.
- Corporate travel – Rolling out to customers in waves, the company has begun onboarding its waitlist of customers to its new global travel offering, Expensify Travel, including a top accounting, finance, and HR firm for startups, Escalon Services. To jump the line and get access earlier, join the waitlist at use.expensify.com/travel.
- Invoicing – The company launched invoicing on its next-gen platform, New Expensify, designed to boost bottom-up adoption and increase market share among sole proprietors and other growing VSBs.
- Updated Expensify Card Program – Launched a new card program which provides more interchange per transaction and applies to all new cards issued subsequent to launch. Under the new program, interchange is recognized as revenue.
Financial Outlook
Expensify's outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. There can be no assurance that the Company will achieve the results expressed by this guidance.
Free Cash Flow
Expensify estimates Free cash flow of
The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.
Stock Based Compensation
An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately five years remaining).
Est. stock-based compensation (millions) |
|||||||||||||||||||||||||||||||
|
Q2 2024 |
|
Q3 2024 |
|
Q4 2024 |
|
Q1 2025 |
||||||||||||||||||||||||
|
Low |
|
High |
|
Low |
|
High |
|
Low |
|
High |
|
Low |
|
High |
||||||||||||||||
Cost of revenue, net |
$ |
2.8 |
|
$ |
3.5 |
|
$ |
2.7 |
|
$ |
3.4 |
|
$ |
2.6 |
|
$ |
3.3 |
|
$ |
2.4 |
|
$ |
3.1 |
||||||||
Research and development |
|
2.9 |
|
|
|
3.6 |
|
|
|
2.9 |
|
|
|
3.6 |
|
|
|
2.8 |
|
|
|
3.5 |
|
|
|
2.5 |
|
|
|
3.2 |
|
General and administrative |
|
1.7 |
|
|
|
2.1 |
|
|
|
1.6 |
|
|
|
2.0 |
|
|
|
1.6 |
|
|
|
2.0 |
|
|
|
1.4 |
|
|
|
1.8 |
|
Sales and marketing |
|
0.5 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
0.7 |
|
|
|
0.5 |
|
|
|
0.7 |
|
Total |
$ |
7.9 |
|
|
$ |
9.9 |
|
|
$ |
7.7 |
|
|
$ |
9.7 |
|
|
$ |
7.5 |
|
|
$ |
9.5 |
|
|
$ |
6.8 |
|
|
$ |
8.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Availability of Information on Expensify’s Website
Investors and others should note that Expensify routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Expensify Investor Relations website at https://ir.expensify.com. While not all of the information that the Company posts to its Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Expensify to review the information that it shares on its Investor Relations website.
Conference Call
Expensify will host a video call to discuss the financial results and business highlights at 2:00 p.m. Pacific Time today. An investor presentation and the video call information is available on Expensify’s Investor Relations website at https://ir.expensify.com. A replay of the call will be available on the site for three months.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
We believe our non-GAAP financial measures are useful in evaluating our business, measuring our performance, identifying trends affecting our business, formulating business plans and making strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled metrics or measures presented by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is at the end of this press release.
Adjusted EBITDA. We define adjusted EBITDA as net loss from operations excluding provision for income taxes, interest and other expenses, net, depreciation and amortization, and stock-based compensation.
Non-GAAP net income. We define non-GAAP net income as net loss from operations excluding stock-based compensation.
Free cash flow. We define Free cash flow as net cash provided by operating activities excluding changes in settlement assets and settlement liabilities, which represent funds held for customers and customer funds in transit, respectively, reduced by the purchases of property and equipment and software development costs.
The tables at the end of the Condensed Consolidated Financial Statements provide reconciliations to the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.
Forward-Looking Statements
Forward-looking statements in this press release, or made during the earnings call, 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 financial condition, future operations, future cash flow, projected costs, prospects, plans, objectives of management and expected market growth, product developments and their potential impact and our stock-based compensation estimates and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “ambition,” “objective,” “seeks,” “outlook,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand usage of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us, or by competitors to their products, or any other changes in the competitive landscape of our market; the amount and timing of operating expenses and capital expenditures that we may incur to maintain and expand our business and operations to remain competitive; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to make required payments under and to comply with the various requirements of our current and future indebtedness; our cash flows, the prevailing stock prices, general economic and market conditions and other considerations that could affect the specific timing, price and size of repurchases under our stock repurchase program or our ability to fund any stock repurchases; geopolitical tensions, including the war in
About Expensify
Expensify is a payments superapp that helps individuals and businesses around the world simplify the way they manage money. More than 12 million people use Expensify's free features, which include corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay, and travel booking in one app. All free. Whether you own a small business, manage a team, or close the books for your clients, Expensify makes it easy so you have more time to focus on what really matters.
Expensify, Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands, except share data) |
|||||||
|
As of March 31, |
|
As of December 31, |
||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
49,340 |
|
|
$ |
47,510 |
|
Accounts receivable, net |
|
13,557 |
|
|
|
13,834 |
|
Settlement assets, net |
|
48,513 |
|
|
|
39,261 |
|
Prepaid expenses |
|
4,379 |
|
|
|
5,649 |
|
Other current assets |
|
27,399 |
|
|
|
30,978 |
|
Total current assets |
|
143,188 |
|
|
|
137,232 |
|
Capitalized software, net |
|
15,107 |
|
|
|
12,494 |
|
Property and equipment, net |
|
14,138 |
|
|
|
14,372 |
|
Lease right-of-use assets |
|
5,954 |
|
|
|
6,435 |
|
Deferred tax assets, net |
|
466 |
|
|
|
457 |
|
Other assets |
|
5,918 |
|
|
|
5,794 |
|
Total assets |
$ |
184,771 |
|
|
$ |
176,784 |
|
Liabilities and stockholders' equity |
|
|
|
||||
Accounts payable |
$ |
1,373 |
|
|
$ |
1,425 |
|
Accrued expenses and other liabilities |
|
10,326 |
|
|
|
9,390 |
|
Borrowings under line of credit |
|
15,000 |
|
|
|
15,000 |
|
Current portion of long-term debt, net of original issue discount and debt issuance costs |
|
7,624 |
|
|
|
7,655 |
|
Lease liabilities, current |
|
436 |
|
|
|
432 |
|
Settlement liabilities |
|
35,560 |
|
|
|
33,990 |
|
Total current liabilities |
|
70,319 |
|
|
|
67,892 |
|
Lease liabilities, non-current |
|
6,155 |
|
|
|
6,467 |
|
Other liabilities |
|
1,787 |
|
|
|
1,681 |
|
Total liabilities |
|
78,261 |
|
|
|
76,040 |
|
Commitments and contingencies |
|
|
|
||||
Stockholders' equity: |
|
|
|
||||
Preferred stock, par value |
|
— |
|
|
|
— |
|
Common stock, par value |
|
9 |
|
|
|
8 |
|
Additional paid-in capital |
|
251,055 |
|
|
|
241,509 |
|
Accumulated deficit |
|
(144,554 |
) |
|
|
(140,773 |
) |
Total stockholders' equity |
|
106,510 |
|
|
|
100,744 |
|
Total liabilities and stockholders' equity |
$ |
184,771 |
|
|
$ |
176,784 |
|
|
|
|
|
||||
Expensify, Inc. Condensed Consolidated Statements of Operations (unaudited, in thousands, except share and per share data) |
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Revenue |
$ |
33,535 |
|
|
$ |
40,101 |
|
Cost of revenue, net (1) |
|
14,584 |
|
|
|
15,775 |
|
Gross margin |
|
18,951 |
|
|
|
24,326 |
|
Operating expenses: |
|
|
|
||||
Research and development (1) |
|
5,929 |
|
|
|
5,418 |
|
General and administrative (1) |
|
11,431 |
|
|
|
12,429 |
|
Sales and marketing (1) |
|
3,384 |
|
|
|
9,183 |
|
Total operating expenses |
|
20,744 |
|
|
|
27,030 |
|
Loss from operations |
|
(1,793 |
) |
|
|
(2,704 |
) |
Interest and other expenses, net |
|
(954 |
) |
|
|
(1,416 |
) |
Loss before income taxes |
|
(2,747 |
) |
|
|
(4,120 |
) |
Provision for income taxes |
|
(1,034 |
) |
|
|
(1,825 |
) |
Net loss |
$ |
(3,781 |
) |
|
$ |
(5,945 |
) |
Net loss per share: |
|
|
|
||||
Basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.07 |
) |
Weighted average shares of common stock used to compute net loss per share: |
|
|
|
||||
Basic and diluted |
|
85,141,411 |
|
|
|
81,768,429 |
|
|
|
|
|
||||
(1 |
) |
Includes stock-based compensation expense as follows: |
||||||||||
|
Three Months Ended March 31, |
|||||||||||
|
|
2024 |
|
|
|
2023 |
|
|||||
Cost of revenue, net |
$ |
2,932 |
|
$ |
3,306 |
|||||||
Research and development |
|
2,749 |
|
|
|
2,206 |
|
|||||
General and administrative |
|
1,703 |
|
|
|
2,644 |
|
|||||
Sales and marketing |
|
140 |
|
|
|
1,848 |
|
|||||
Total stock-based compensation expense |
$ |
7,524 |
|
|
$ |
10,004 |
|
|||||
|
|
|
|
|||||||||
Expensify, Inc. Condensed Consolidated Statements of Cash Flows (unaudited, in thousands) |
|||||||
|
|||||||
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(3,781 |
) |
|
$ |
(5,945 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
1,423 |
|
|
|
1,413 |
|
Reduction of operating lease right-of-use assets |
|
136 |
|
|
|
181 |
|
Loss on impairment, receivables and sale or disposal of equipment |
|
337 |
|
|
|
146 |
|
Stock-based compensation expense |
|
7,524 |
|
|
|
10,004 |
|
Amortization of original issue discount and debt issuance costs |
|
11 |
|
|
|
11 |
|
Deferred tax assets |
|
(9 |
) |
|
|
(30 |
) |
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable, net |
|
139 |
|
|
|
707 |
|
Settlement assets, net |
|
(6,120 |
) |
|
|
(2,683 |
) |
Prepaid expenses |
|
1,270 |
|
|
|
1,414 |
|
Other current assets |
|
171 |
|
|
|
406 |
|
Other assets |
|
(124 |
) |
|
|
8 |
|
Accounts payable |
|
(260 |
) |
|
|
944 |
|
Accrued expenses and other liabilities |
|
1,044 |
|
|
|
1,947 |
|
Operating lease liabilities |
|
34 |
|
|
|
(206 |
) |
Settlement liabilities |
|
1,570 |
|
|
|
(738 |
) |
Other liabilities |
|
106 |
|
|
|
63 |
|
Net cash provided by operating activities |
|
3,471 |
|
|
|
7,642 |
|
Cash flows from investing activities: |
|
|
|
||||
Purchases of property and equipment |
|
— |
|
|
|
(28 |
) |
Software development costs |
|
(2,829 |
) |
|
|
(870 |
) |
Net cash used in investing activities |
|
(2,829 |
) |
|
|
(898 |
) |
Cash flows from financing activities: |
|
|
|
||||
Principal payments of finance leases |
|
(31 |
) |
|
|
(201 |
) |
Principal payments of outstanding debt |
|
(37 |
) |
|
|
(150 |
) |
Payments for debt issuance costs |
|
(8 |
) |
|
|
— |
|
Repurchases of early exercised stock options |
|
(32 |
) |
|
|
(7 |
) |
Proceeds from common stock purchased under Matching Plan |
|
914 |
|
|
|
1,099 |
|
Proceeds from issuance of common stock on exercise of stock options |
|
39 |
|
|
|
66 |
|
Payments for employee taxes withheld from stock-based awards |
|
— |
|
|
|
(666 |
) |
Net cash provided by financing activities |
|
845 |
|
|
|
141 |
|
Net increase in cash and cash equivalents and restricted cash |
|
1,487 |
|
|
|
6,885 |
|
Cash and cash equivalents and restricted cash, beginning of period |
|
96,658 |
|
|
|
147,710 |
|
Cash and cash equivalents and restricted cash, end of period |
$ |
98,145 |
|
|
$ |
154,595 |
|
Supplemental disclosure of cash flow information: |
|
|
|
||||
Cash paid for interest |
$ |
454 |
|
|
$ |
1,409 |
|
Cash paid for income taxes |
$ |
1,164 |
|
|
$ |
351 |
|
Noncash investing and financing items: |
|
|
|
||||
Stock-based compensation capitalized as software development costs |
$ |
915 |
|
|
$ |
657 |
|
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses |
$ |
223 |
|
|
$ |
— |
|
Right-of-use assets acquired through operating leases |
$ |
— |
|
|
$ |
145 |
|
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets |
|
|
|
||||
Cash and cash equivalents |
$ |
49,340 |
|
|
$ |
111,232 |
|
Restricted cash included in other current assets |
|
24,267 |
|
|
|
19,013 |
|
Restricted cash included in settlement assets, net |
|
24,538 |
|
|
|
24,350 |
|
Total cash, cash equivalents and restricted cash |
$ |
98,145 |
|
|
$ |
154,595 |
|
|
|
|
|
||||
|
|
|
|
||||
Expensify, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited, in thousands, except percentages) |
|||||||||||
Adjusted EBITDA and Adjusted EBITDA Margin |
|||||||||||
|
Three Months Ended March 31, |
|
Three Months Ended December 31, |
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Net loss |
$ |
(3,781 |
) |
|
$ |
(5,945 |
) |
|
$ |
(7,204 |
) |
Net loss margin |
|
(11 |
)% |
|
|
(15 |
)% |
|
|
(20 |
)% |
Add: |
|
|
|
|
|
||||||
Provision for income taxes |
|
1,034 |
|
|
|
1,825 |
|
|
|
1,049 |
|
Interest and other expenses, net |
|
954 |
|
|
|
1,416 |
|
|
|
169 |
|
Depreciation and amortization |
|
1,383 |
|
|
|
1,413 |
|
|
|
1,240 |
|
Stock-based compensation |
|
7,524 |
|
|
|
10,004 |
|
|
|
10,600 |
|
Adjusted EBITDA |
$ |
7,114 |
|
|
$ |
8,713 |
|
|
$ |
5,854 |
|
Adjusted EBITDA margin |
|
21 |
% |
|
|
22 |
% |
|
|
17 |
% |
|
|
|
|
|
|
||||||
Non-GAAP Net Income and Non-GAAP Net Income Margin |
|||||||||||
|
Three Months Ended March 31, |
|
Three Months Ended December 31, |
||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
Net loss |
$ |
(3,781 |
) |
|
$ |
(5,945 |
) |
|
$ |
(7,204 |
) |
Net loss margin |
|
(11 |
)% |
|
|
(15 |
)% |
|
|
(20 |
)% |
Add: |
|
|
|
|
|
||||||
Stock-based compensation |
|
7,524 |
|
|
|
10,004 |
|
|
|
10,600 |
|
Non-GAAP net income |
$ |
3,743 |
|
|
$ |
4,059 |
|
|
$ |
3,396 |
|
Non-GAAP net income margin |
|
11 |
% |
|
|
10 |
% |
|
|
10 |
% |
|
|
|
|
|
|
||||||
Adjusted Operating Cash Flow and Free Cash Flow |
|||||||||||
|
Three Months Ended March 31, |
|
Three Months Ended December 31, |
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Net cash provided by (used in) operating activities |
$ |
3,471 |
|
|
$ |
7,642 |
|
|
$ |
(543 |
) |
Operating cash flow margin |
|
10 |
% |
|
|
19 |
% |
|
|
(2 |
)% |
(Increase) decrease in changes in assets and liabilities: |
|
|
|
|
|
||||||
Settlement assets |
|
6,120 |
|
|
|
2,683 |
|
|
|
(2,983 |
) |
Settlement liabilities |
|
(1,570 |
) |
|
|
738 |
|
|
|
2,343 |
|
Adjusted operating cash flow |
|
8,021 |
|
|
|
11,063 |
|
|
|
(1,183 |
) |
Less:. |
|
|
|
|
|
||||||
Purchases of property and equipment |
|
— |
|
|
|
(28 |
) |
|
|
(281 |
) |
Software development costs |
|
(2,829 |
) |
|
|
(870 |
) |
|
|
(2,180 |
) |
Free cash flow |
$ |
5,192 |
|
|
$ |
10,165 |
|
|
$ |
(3,644 |
) |
Free cash flow margin |
|
15 |
% |
|
|
25 |
% |
|
|
(10 |
)% |
|
|
|
|
|
|
||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240509106134/en/
Investor Relations Contact
Nick Tooker
investors@expensify.com
Press Contact
James Dean
press@expensify.com
Source: Expensify, Inc.
FAQ
What was the revenue for Expensify in Q1 2024?
Expensify reported revenue of $33.5 million for Q1 2024, marking a 16% decrease compared to the same period last year.
What was the operating cash flow for Expensify in Q1 2024?
Expensify generated operating cash flow of $3.5 million in Q1 2024, demonstrating financial stability and positive cash flow.
What new revenue streams did Expensify announce in Q1 2024?
Expensify introduced Expensify Travel and New Expensify, targeting midmarket and enterprise customers with innovative services.
How did Expensify improve its financial performance in Q1 2024?
Expensify implemented cost-cutting measures that significantly improved cash flow and profitability compared to the previous quarter, showcasing operational efficiency.
