Expensify Announces Q2 2023 Results
- Expensify Card interchange increased by 56% compared to the previous year
- The company repurchased $3.9 million in common shares
- Outstanding debt was reduced by $8.2 million
- Revenue decreased by 10% compared to the same period last year
- Net loss increased to $11.3 million
Expensify Card interchange increased by
A Message From Our Founder
This is an exciting time for the expense management industry. As long predicted, our major competitors have abandoned their interchange-only business models and announced a transition to Expensify-style subscription pricing plans. This welcome change signals the beginning of the end of this strange, distorted period where free options were being dumped into the industry at a perpetual loss. We knew it couldn't last forever, and we're thankful that reality is starting to sink in, because Expensify's ultimate strength is its amazing unit economics.
With twelve consecutive quarters of profitability (on an Adjusted EBITDA basis), we have spent our entire history gearing up for a long and grueling battle in the trenches, and we relish the fight. While weathering the combined fire of our competition in the current, tiny, heavily contested corner of the market, we believe we are the only ones genuinely preparing for the next order of magnitude, targeting the 100MM+ businesses in the world that have never heard of any of us. And those preparations are going great:
- We deployed our cross-platform, open-source, universal chat foundation at multiple real world conferences, acquiring 3x the leads that our booth traditionally has -- while enabling a presence at 10x the conferences at 1/10th the cost of attending physically. After all, it doesn't matter what the conference is about: if it's for business, every single attendee is likely to file an expense report after.
- We began our first real world expense reimbursements on the New Expensify platform, proving out the "universal" nature of our chat-first payment design -- and are aggressively porting over more advanced cases to begin testing with live customers.
- We activated ChatGPT for high quality, high scale, real time content moderation, and are beginning to incorporate it throughout our chat-first sales, support, and product design.
On top of these major investments in revolutionary product design, we plan to continue making a full court press with evolutionary enhancements to our SDRs, SEO, SEM, dedicated sales, account management, and other more traditional growth tools, all of which are showing strong improvement. But the real opportunity is still in cracking open a market 10-100x larger than what we've ever seen before. Building this vision has admittedly taken longer than we estimated, giving more oxygen to our competition than we would have liked. But we remain convinced we are the only ones on the right path towards the biggest opportunity in the shortest time frame, even despite the stiffer than expected headwinds in the near term.
-david
Founder and CEO of Expensify
Second Quarter 2023 Highlights
Financial:
-
Revenue was
$38.9 million 10% compared to the same period last year. -
Utilized
$0.4 million $1.1 million -
Net loss was
$11.3 million $8.0 million -
Non-GAAP net loss was
$1.0 million -
Adjusted EBITDA was
$2.2 million -
Interchange derived from the Expensify Card grew to
$2.7 million 56% compared to the same period last year.
Business
-
Paid members - Paid members were 742,000, a decrease of
2% from the same period last year. - Hosted ExpensiCon 3 - An invite-only conference featuring successful accountants and thought leaders from top global accounting firms.
- Preferred agreements - Signed preferred partnership agreements with the California Society of Certified Public Accountants and the Texas Society of Certified Public Accountants.
-
Share repurchase - The Company repurchased 625,345 shares during the quarter, representing
0.8% of total outstanding common shares, at a total cost of$3.9 million $0.9 million $15.9 million $6.9 million -
Debt reduction - The Company reduced its outstanding debt balance by
$8.2 million - Global reimbursement - The Company expanded its employee reimbursement functionality; businesses can now reimburse employees in over 154 different currencies in more than 200 countries.
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.
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 six years remaining).
Est. stock-based compensation (millions) |
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Q3 2023 |
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Q4 2023 |
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Q1 2024 |
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Q2 2024 |
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Low |
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High |
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Low |
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High |
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Low |
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High |
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Low |
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High |
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Cost of revenue, net |
$ |
3.4 |
|
$ |
4.1 |
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$ |
3.3 |
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$ |
4.0 |
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$ |
3.2 |
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$ |
3.9 |
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$ |
3.1 |
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$ |
3.7 |
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Research and development |
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3.1 |
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3.6 |
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3.0 |
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|
3.6 |
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2.9 |
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3.5 |
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|
2.7 |
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3.3 |
|
General and administrative |
|
2.1 |
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|
2.5 |
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|
2.0 |
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|
2.4 |
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|
1.9 |
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2.3 |
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|
1.8 |
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2.2 |
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Sales and marketing |
|
1.8 |
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2.2 |
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1.8 |
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|
2.1 |
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1.7 |
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2.0 |
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1.6 |
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|
2.0 |
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Total |
$ |
10.4 |
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$ |
12.4 |
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$ |
10.1 |
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$ |
12.1 |
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$ |
9.7 |
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$ |
11.7 |
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$ |
9.2 |
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$ |
11.2 |
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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 income from operations excluding provision for income taxes, interest and other expenses, net, depreciation and amortization and stock-based compensation.
Non-GAAP net loss. We define non-GAAP net loss as net income (loss) from operations in accordance with US GAAP excluding stock-based compensation.
Free cash flow. We define Free cash flow as net cash (used in) 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, projected costs, prospects, plans, objectives of management and expected market growth, product developments and their potential impact, our ability to meet our long-term guidance, the amount and timing of any share repurchases 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: the impact on inflation on us and our members; our borrowing costs have and may continue to increase as a result of increases in interest rates; 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; 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. |
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Condensed Consolidated Balance Sheets |
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(unaudited, in thousands, except share data) |
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As of June 30, |
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As of December 31, |
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2023 |
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2022 |
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Assets |
|
|
|
|||||
Cash and cash equivalents |
$ |
97,795 |
|
|
$ |
103,787 |
|
|
Accounts receivable, net |
|
14,922 |
|
|
|
16,448 |
|
|
Settlement assets, net |
|
39,276 |
|
|
|
35,838 |
|
|
Prepaid expenses |
|
5,050 |
|
|
|
8,825 |
|
|
Other current assets |
|
24,606 |
|
|
|
22,217 |
|
|
Total current assets |
|
181,649 |
|
|
|
187,115 |
|
|
Capitalized software, net |
|
8,617 |
|
|
|
6,881 |
|
|
Property and equipment, net |
|
14,545 |
|
|
|
14,492 |
|
|
Lease right-of-use assets |
|
6,417 |
|
|
|
745 |
|
|
Deferred tax assets, net |
|
409 |
|
|
|
344 |
|
|
Other assets |
|
749 |
|
|
|
664 |
|
|
Total assets |
$ |
212,386 |
|
|
$ |
210,241 |
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|
Liabilities and stockholders' equity |
|
|
|
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Accounts payable |
$ |
1,691 |
|
|
$ |
1,059 |
|
|
Accrued expenses and other liabilities |
|
11,650 |
|
|
|
9,070 |
|
|
Borrowings under line of credit |
|
15,000 |
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|
|
15,000 |
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|
Current portion of long-term debt, net of original issue discount and debt issuance costs |
|
557 |
|
|
|
551 |
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|
Lease liabilities, current |
|
278 |
|
|
|
800 |
|
|
Settlement liabilities |
|
32,500 |
|
|
|
33,882 |
|
|
Total current liabilities |
|
61,676 |
|
|
|
60,362 |
|
|
Lease liabilities, non-current |
|
6,226 |
|
|
|
— |
|
|
Other liabilities |
|
1,441 |
|
|
|
1,204 |
|
|
Long-term debt, net of original issue discount and debt issuance costs |
|
43,180 |
|
|
|
51,434 |
|
|
Total liabilities |
|
112,523 |
|
|
|
113,000 |
|
|
Commitments and contingencies |
|
|
|
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Stockholders' equity: |
|
|
|
|||||
Preferred stock, par value |
|
— |
|
|
|
— |
|
|
Common stock, par value |
|
7 |
|
|
|
7 |
|
|
Additional paid-in capital |
|
216,422 |
|
|
|
194,807 |
|
|
Accumulated deficit |
|
(116,566 |
) |
|
|
(97,573 |
) |
|
Total stockholders' equity |
|
99,863 |
|
|
|
97,241 |
|
|
Total liabilities and stockholders' equity |
$ |
212,386 |
|
|
$ |
210,241 |
|
|
Expensify, Inc. |
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Condensed Consolidated Statements of Operations |
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(unaudited, in thousands, except share and per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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|
2023 |
|
2022 |
|
2023 |
|
2022 |
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Revenue |
$ |
38,884 |
|
|
$ |
43,162 |
|
|
$ |
78,985 |
|
|
$ |
83,532 |
|
|
Cost of revenue, net (1) |
|
16,925 |
|
|
|
15,876 |
|
|
|
32,700 |
|
|
|
30,010 |
|
|
Gross margin |
|
21,959 |
|
|
|
27,286 |
|
|
|
46,285 |
|
|
|
53,522 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
Research and development (1) |
|
5,094 |
|
|
|
3,584 |
|
|
|
10,512 |
|
|
|
7,285 |
|
|
General and administrative (1) |
|
11,712 |
|
|
|
15,432 |
|
|
|
24,141 |
|
|
|
29,438 |
|
|
Sales and marketing (1) |
|
14,714 |
|
|
|
12,244 |
|
|
|
23,897 |
|
|
|
25,616 |
|
|
Total operating expenses |
|
31,520 |
|
|
|
31,260 |
|
|
|
58,550 |
|
|
|
62,339 |
|
|
Loss from operations |
|
(9,561 |
) |
|
|
(3,974 |
) |
|
|
(12,265 |
) |
|
|
(8,817 |
) |
|
Interest and other expenses, net |
|
(1,367 |
) |
|
|
(1,955 |
) |
|
|
(2,783 |
) |
|
|
(2,856 |
) |
|
Loss before income taxes |
|
(10,928 |
) |
|
|
(5,929 |
) |
|
|
(15,048 |
) |
|
|
(11,673 |
) |
|
Provision for income taxes |
|
(376 |
) |
|
|
(2,065 |
) |
|
|
(2,201 |
) |
|
|
(3,697 |
) |
|
Net loss |
$ |
(11,304 |
) |
|
$ |
(7,994 |
) |
|
$ |
(17,249 |
) |
|
$ |
(15,370 |
) |
|
Net loss per share: |
|
|
|
|
|
|
|
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Basic and diluted |
$ |
(0.14 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.19 |
) |
|
Weighted average shares of common stock used to compute net loss per share: |
|
|
|
|
|
|
|
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Basic and diluted |
|
82,011,477 |
|
|
|
80,473,097 |
|
|
|
81,890,624 |
|
|
|
80,311,053 |
|
|
(1) Includes stock-based compensation expense as follows: |
|
|
|
|
|
|
|
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Three Months Ended June 30, |
|
Six months ended June 30, |
|||||||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||||
Cost of revenue, net |
$ |
3,600 |
|
$ |
4,704 |
|
$ |
6,906 |
|
$ |
9,611 |
|
Research and development |
|
2,455 |
|
|
1,877 |
|
|
4,661 |
|
|
4,298 |
|
General and administrative |
|
2,376 |
|
|
5,463 |
|
|
5,020 |
|
|
10,439 |
|
Sales and marketing |
|
1,910 |
|
|
2,004 |
|
|
3,758 |
|
|
4,080 |
|
Total stock-based compensation expense |
$ |
10,341 |
|
$ |
14,048 |
|
$ |
20,345 |
|
$ |
28,428 |
|
|
|
|
|
|
|
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Expensify, Inc. |
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Condensed Consolidated Statements of Cash Flows |
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(unaudited, in thousands) |
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Six Months Ended June 30, |
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|
2023 |
|
2022 |
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Cash flows from operating activities: |
|
|
|
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Net loss |
$ |
(17,249 |
) |
|
$ |
(15,370 |
) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
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Depreciation and amortization |
|
2,789 |
|
|
|
2,735 |
|
|
Reduction of operating lease right-of-use assets |
|
334 |
|
|
|
358 |
|
|
Loss on impairment, receivables and sale or disposal of equipment |
|
402 |
|
|
|
475 |
|
|
Stock-based compensation expense |
|
20,345 |
|
|
|
28,428 |
|
|
Amortization of original issue discount and debt issuance costs |
|
49 |
|
|
|
21 |
|
|
Deferred tax assets |
|
(65 |
) |
|
|
(319 |
) |
|
Changes in assets and liabilities: |
|
|
|
|||||
Accounts receivable, net |
|
1,358 |
|
|
|
(906 |
) |
|
Settlement assets, net |
|
(5,244 |
) |
|
|
(8,999 |
) |
|
Prepaid expenses |
|
3,775 |
|
|
|
2,006 |
|
|
Related party loan receivable |
|
— |
|
|
|
14 |
|
|
Other current assets |
|
(952 |
) |
|
|
1,193 |
|
|
Other assets |
|
(88 |
) |
|
|
2 |
|
|
Accounts payable |
|
632 |
|
|
|
(1,583 |
) |
|
Accrued expenses and other liabilities |
|
2,670 |
|
|
|
(1,366 |
) |
|
Operating lease liabilities |
|
(294 |
) |
|
|
(404 |
) |
|
Settlement liabilities |
|
(1,382 |
) |
|
|
19,910 |
|
|
Other liabilities |
|
128 |
|
|
|
963 |
|
|
Net cash provided by operating activities |
|
7,208 |
|
|
|
27,158 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(479 |
) |
|
|
(267 |
) |
|
Software development costs |
|
(2,043 |
) |
|
|
(468 |
) |
|
Net cash used in investing activities |
|
(2,522 |
) |
|
|
(735 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Principal payments of finance leases |
|
(404 |
) |
|
|
(394 |
) |
|
Principal payments of term loan |
|
(8,300 |
) |
|
|
(297 |
) |
|
Repurchases of early exercised stock options |
|
(13 |
) |
|
|
(20 |
) |
|
Proceeds from common stock purchased under Matching Plan |
|
2,076 |
|
|
|
1,188 |
|
|
Proceeds from issuance of common stock on exercise of stock options |
|
125 |
|
|
|
519 |
|
|
Payments for employee taxes withheld from stock-based awards |
|
(1,524 |
) |
|
|
— |
|
|
Repurchase and retirement of common stock |
|
(3,000 |
) |
|
|
— |
|
|
Net cash (used in) provided by financing activities |
|
(11,040 |
) |
|
|
996 |
|
|
Net (decrease) increase in cash and cash equivalents and restricted cash |
|
(6,354 |
) |
|
|
27,419 |
|
|
Cash and cash equivalents and restricted cash, beginning of period |
|
147,710 |
|
|
|
125,315 |
|
|
Cash and cash equivalents and restricted cash, end of period |
$ |
141,356 |
|
|
$ |
152,734 |
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|||||
Cash paid for interest |
$ |
2,912 |
|
|
$ |
1,750 |
|
|
Cash paid for income taxes |
$ |
2,251 |
|
|
$ |
606 |
|
|
Noncash investing and financing items: |
|
|
|
|||||
Stock-based compensation capitalized as software development costs |
$ |
1,399 |
|
|
$ |
— |
|
|
Right-of-use assets acquired through operating leases |
$ |
6,402 |
|
|
$ |
— |
|
|
Accrued property and equipment |
$ |
373 |
|
|
$ |
— |
|
|
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets |
|
|
|
|||||
Cash and cash equivalents |
$ |
97,795 |
|
|
$ |
105,537 |
|
|
Restricted cash included in other current assets |
|
20,986 |
|
|
|
16,077 |
|
|
Restricted cash included in settlement assets, net |
|
22,575 |
|
|
|
31,120 |
|
|
Total cash, cash equivalents and restricted cash |
$ |
141,356 |
|
|
$ |
152,734 |
|
|
|
|
|
|
|||||
Expensify, Inc. |
||||||||
Reconciliation of GAAP to Non-GAAP Financial Measures |
||||||||
(unaudited, in thousands, except percentages) |
||||||||
|
|
|
||||||
Adjusted EBITDA and Adjusted EBITDA Margin |
|
|
||||||
|
|
Three Months Ended June 30, |
||||||
|
|
2023 |
|
2022 |
||||
Net loss |
$ |
(11,304 |
) |
|
$ |
(7,994 |
) |
|
Net loss margin |
|
(29 |
)% |
|
|
(19 |
)% |
|
Add: |
|
|
|
|||||
Provision for income taxes |
|
376 |
|
|
|
2,065 |
|
|
Interest and other expenses, net |
|
1,367 |
|
|
|
1,955 |
|
|
Depreciation and amortization |
|
1,376 |
|
|
|
1,582 |
|
|
Stock-based compensation |
|
10,341 |
|
|
|
14,048 |
|
|
Adjusted EBITDA |
$ |
2,156 |
|
|
$ |
11,656 |
|
|
Adjusted EBITDA margin |
|
6 |
% |
|
|
27 |
% |
|
|
|
|
|
|||||
Non-GAAP Net Loss and Non-GAAP Net Loss Margin |
||||||||
|
Three Months Ended June 30, |
|||||||
|
2023 |
|
2022 |
|||||
Net loss |
$ |
(11,304 |
) |
|
$ |
(7,994 |
) |
|
Net loss margin |
|
(29 |
)% |
|
|
(19 |
)% |
|
Add: |
|
|
|
|||||
Stock-based compensation |
|
10,341 |
|
|
|
14,048 |
|
|
Non-GAAP net loss |
$ |
(963 |
) |
|
$ |
6,054 |
|
|
Non-GAAP net loss margin |
|
(2 |
)% |
|
|
14 |
% |
|
|
|
|
|
|||||
Adjusted Operating Cash Flow and Free Cash Flow |
||||||||
|
Three Months Ended June 30, |
|||||||
|
2023 |
|
2022 |
|||||
Net cash (used in) provided by operating activities |
$ |
(434 |
) |
|
$ |
15,935 |
|
|
(Increase) decrease in changes in assets and liabilities: |
|
|
|
|||||
Settlement assets |
|
(2,561 |
) |
|
|
(3,310 |
) |
|
Settlement liabilities |
|
(644 |
) |
|
|
7,477 |
|
|
Adjusted operating cash flow |
|
2,771 |
|
|
|
11,768 |
|
|
Less: |
|
|
|
|||||
Purchases of property and equipment |
|
(451 |
) |
|
|
(88 |
) |
|
Software development costs |
|
(1,173 |
) |
|
|
26 |
|
|
Free cash flow |
$ |
1,147 |
|
|
$ |
11,706 |
|
|
|
|
|
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230808676572/en/
Investor Relations Contact
Nick Tooker
investors@expensify.com
Press Contact
James Dean
press@expensify.com
Source: Expensify, Inc.
FAQ
What was the change in Expensify Card interchange?
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Was there a change in outstanding debt?
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