Expensify, Inc. (NASDAQ:EXFY) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET
Company Participants
Ryan Schaffer - Chief Financial Officer
David Barrett - Founder & Chief Executive Officer
Conference Call Participants
Aaron Kimpson - JMP
Ryan Schaffer
Welcome to the Q2 2024 Expensify Earnings. I'm Expensify CFO, Ryan Schaffer, and with me I have our, Co-Founder and CEO -- I'm sorry, I have our Founder and CEO, not Co-Founder, David Barrett.
But 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 these 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 the most comparable GAAP measures.
With that out of the way, let's talk about the financials. In Q2, our revenue was $33.3 million. Our average paid members were 684,000. So, these numbers have basically leveled off. They're effectively flat quarter-over-quarter. They're both within 1% of Q1, and also our interchange was $4 million, which is a 14% quarter-over-quarter increase and a 48% year-over-year increase.
Our operating cash flow was $9.3 million. Again, operating cash flow includes timing of customer funds, which can vary depending on when the quarter ends. Our free cash flow, which excludes the timing of customer funds, was $5.7 million, which is a 10% quarter-over-quarter increase, something we're very happy about. We've talked a lot about our cost-cutting measures and we're pleased with the results that we're seeing.