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Expensify, Inc. (EXFY) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Expensify, Inc.

CIK: 1476840 Ticker: EXFY
Exhibit 99.1
EXPENSIFY ANNOUNCES Q1 2022 RESULTS
Free Plan membership grew 183% Q/Q to over 9,000 customers. The company generated positive cash flow of $11.2M with a 28% cash flow margin.

PORTLAND, Ore.--(BUSINESS WIRE)--May 12, 2022-- Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today announced results for its quarter ended March 31, 2022.

“The biggest news coming out of Q1 was the growth of our Free Plan for SMBs. The plan grew to over 9,000 customers, which is an 183% increase from last quarter. The plan allows members to roll out Expensify functionality across their businesses for free, including the Expensify Card, expense management, next-day reimbursement, invoicing, bill pay, and travel booking,” says David Barrett, Expensify’s founder and CEO.

“In addition to the incredible growth we’re seeing from the Free Plan, March '22 was the second best month in company history from a paid member perspective,” says Ryan Schaffer, Expensify’s CFO. “So we’re doing a great job adding users on both the paid and free sides of the business, which is encouraging and shows the momentum we have in the business right now.”

First Quarter 2022 Highlights
Financial:
Revenue was $40.4 million, an increase of 36% from the same period last year.
Positive operating cash flows of $11.2 million.
Net (loss) income was $(7.4) million, compared to $8.0 million for the same period last year. This loss is driven by stock-based compensation expenses of $14.7 million.
Non-GAAP net income was $7.3 million.
Adjusted EBITDA was $11.0 million, with an Adjusted EBITDA margin of 27%.
Business
Free plan - swelled to over 9,000 businesses in Q1, a 183% increase from the previous quarter. The Free Plan includes the Expensify Card, expense management, next-day reimbursement, invoicing, bill pay, and travel booking.
Paid members - despite the challenges presented by the COVID-19 Omicron spike early in the year, a strong second half of Q1 propelled average paid members for the quarter to 706,000, exceeding expectations.
Expensify Card - continues to perform well, interchange increased by 150% from the same period last year.
CPA Card - announced in January as the first smart card with exclusive perks, pricing, and upgrades for CPAs, accounting firms, and their clients.

Financial Outlook
Expensify's outlook statements are based on current expectations. 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.



The following information was filed by Expensify, Inc. (EXFY) on Thursday, May 12, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Expensify, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Expensify, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Convertible Preferred Stock And Stockholders??? Equity (Deficit) (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Certain Balance Sheet Components
Certain Balance Sheet Components (Tables)
Certain Balance Sheet Components - Accrued Expenses And Other Liabilities (Details)
Certain Balance Sheet Components - Depreciation (Details)
Certain Balance Sheet Components - Other Current Assets (Details)
Certain Balance Sheet Components - Property And Equipment, Net (Details)
Certain Balance Sheet Components - Schedule Of Amortization Expense And Software Development Costs (Details)
Certain Balance Sheet Components - Schedule Of Capitalized Software (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - 2021 Amended Term Loan (Details)
Commitments And Contingencies - Amortizing Term Mortgage (Details)
Commitments And Contingencies - Cashflow Disclosures (Details)
Commitments And Contingencies - Defined Contribution Plans (Details)
Commitments And Contingencies - Future Aggregate Annual Principal Payments On All Long-Term Debt (Details)
Commitments And Contingencies - Lease Maturity Schedule (Details) (Details)
Commitments And Contingencies - Monthly Revolving Line Of Credit (Details)
Commitments And Contingencies - Summary Of Lease Cost (Details)
Commitments And Contingencies - Summary Of Related To Leases (Details)(Details)
General Information
General Information (Policies)
General Information - Narratives (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Details)
Income Taxes - Narratives (Details)
Income Taxes - Reconciliation Of Effective Tax Rate (Details)
Net (Loss) Income Per Share
Net (Loss) Income Per Share (Tables)
Net (Loss) Income Per Share - Anti-Dilutive Securities (Details)
Net (Loss) Income Per Share - Narratives (Details)
Net (Loss) Income Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue And Certain Income Statement Components
Revenue And Certain Income Statement Components (Tables)
Revenue And Certain Income Statement Components - Cashback Rewards And Consideration (Details)
Revenue And Certain Income Statement Components - Total Revenue By Geographic Area (Details)
Stock Incentive Plans
Stock Incentive Plans (Tables)
Stock Incentive Plans - 2009 And 2019 Stock Option Plan (Details)
Stock Incentive Plans - 2021 Incentive Plan And Matching Plan (Details)
Stock Incentive Plans - Rsu Narratives (Details)
Stock Incentive Plans - Rsu Rollforward (Details)
Stock Incentive Plans - Stock Option Narratives (Details)
Stock Incentive Plans - Stock Option Roll-Forward (Details)
Stock Incentive Plans - Stock-Based Compensation (Details)
Stock Incentive Plans - Stock-Based Compensation Narratives (Details)
Ticker: EXFY
CIK: 1476840
Form Type: 10-Q Quarterly Report
Accession Number: 0001476840-22-000046
Submitted to the SEC: Mon May 16 2022 5:07:10 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Prepackaged Software

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