Expensify, Inc. (NASDAQ:EXFY) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET

Company Participants

Ryan Schaffer - CFO

Anu Muralidharan - COO

Conference Call Participants

Steve Enders - Citigroup Inc.

Aaron Kimson - JMP Securities

Daniel Jester - BMO Capital Markets

Ryan Schaffer

Hello. Welcome to the Expensify Q3 2023 earnings. I'm Expensify's CFO, Ryan Schaffer; and with me, I have Expensify's COO, Anu Muralidharan.

Operator

Over to the disclaimers. Before we begin, please note that all the information presented on today's call is unaudited. And during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in those forward-looking statements.

Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

Please also note that on today's call, management will refer to certain non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measurements to their most comparable GAAP measures.

Back to you.

Anu Muralidharan

Thank you. All right. So I want to kick this off with a reminder on how our business model works and what our growth strategies are. So first of all, of course, the very simple, acquisition of new customers, new companies that adopt Expensify in order to manage expenses and reimburse employees on our platform.

Then, and kind of our biggest growth generator, is expansion of users, expansion of company size, maybe deploying to other subsidiaries, maybe of existing customers on the platform. And throughout the history of Expensify, this usage expansion among existing customers has been one of our primary growth generators.

Then there's increasing Expensify card adoption, but more generally cross-selling of our various back-office features to the companies that increases both their usage but also generates all manner of other revenue streams for us, of which interchange is on.