Expensify, Inc. (NASDAQ:EXFY) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Anuradha Muralidharan - Chief Operating Officer
David Barrett - Chief Executive Officer

Conference Call Participants

Aaron Kimson - JMP Securities LLC
Steven Enders - Citigroup Inc.
Eric Martinuzzi - Lake Street Capital Markets

Operator

Good afternoon, and welcome to Expensify’s Q3 2024 earnings call.

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.

And, with that, I’ll hand it over to Anu to get us started.

Anuradha Muralidharan

Thank you for that intro, Niki. I am pretty excited to walk all of you through our third quarter’s financial performance and highlights. Notably, we’ve made some pretty key strides towards stabilizing the business, improving the core fundamentals, and also laying down a stronger foundation for a future growth.

So let’s dive into the details. First off revenue, in Q3, total revenue came in at $35.4 million. This is a 6.3% increase quarter-over-quarter. And we also beat the street’s consensus forecast. So we’re pretty excited about that, pretty proud of that. Now, admittedly, this was a 3% decrease year-over-year and that reflects some lingering challenges in the business. But on near-term momentum makes us more optimistic about the upcoming quarters, and the new Expensify platform is also expected to continue to pick up and contribute towards the revenue growth.