Expensify, Inc. (NASDAQ:EXFY) Q1 2024 Results Conference Call May 9, 2024 5:00 PM ET

Company Participants

Ryan Schaffer - CFO
David Barrett - CEO
Anuradha Muralidharan - COO

Conference Call Participants

Matt O'Neill - Financial Technology Partners
Aaron Kimson - JMP Securities

Ryan Schaffer

Hello, everyone. Welcome to the Q1 2024 Expensify Earnings. I'm Expensify CFO, Ryan Schaffer. I'm joined by Expensify CEO and Founder, David Barrett. Later, we have our COO, Anuradha Muralidharan, joining for the Q&A.

But first, let's get started with the disclaimer. Nikki, take it away.

Unidentified Company Representative

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 these 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 measures to their most comparable GAAP measures.

Ryan Schaffer

All right. Now let's talk about the Q1 2024 financials. Our revenue was $33.5 million. Our average paid members were $688,000. Our net interchange was $3.5 million. Our operating cash flow was $3.5 million. Our free cash flow was $5.2 million, which is a significant increase quarter-over-quarter. Our GAAP net loss was $3.8 million and our non-GAAP net income was $3.7 million. The difference between our net loss and our non-GAAP net income and stock-based compensation. And our adjusted EBITDA was $7.1 million. I mentioned free cash flow. I want to talk about that a little bit more.