Expensify (EXFY) 10-K 8 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 03, 2023	Jun. 30, 2022
Document Information
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-41043
Entity Registrant Name	EXPENSIFY, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	27-0239450
Entity Address, Street	401 SW 5th Ave
Entity Address, City	Portland
Entity Address, State	OR
Entity Address, Postal Zip Code	97204
City Area Code	(971)
Local Phone Number	365-3939
Title of each class	Class A Common Stock, par value $0.0001 per share
Trading Symbol	EXFY
Name of each exchange on which registered	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 954,788,374.92
Documents Incorporated by Reference	Information required in response to Part III of this Annual Report on Form 10-K (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference to portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders to be held in 2023. The Proxy Statement will be filed by the registrant with the Securities and Exchange Commission no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2022.
Entity Central Index Key	0001476840
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		68,278,088
Common Stock, LT10
Document Information
Entity Common Stock, Shares Outstanding		7,335,456
Common Stock, LT50
Document Information
Entity Common Stock, Shares Outstanding		6,854,931

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	San Francisco, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 103,787	$ 98,398
Accounts receivable, net	16,448	15,713
Settlement assets, net	35,838	21,880
Prepaid expenses	8,825	7,436
Related party loan receivable	0	14
Other current assets	22,217	14,201
Total current assets	187,115	157,642
Capitalized software, net	6,881	6,359
Property and equipment, net	14,492	15,930
Lease right-of-use assets	745	2,202
Deferred tax assets, net	344	370
Other assets	664	710
Total assets	210,241	183,213
Liabilities and stockholders' equity
Accounts payable	1,059	3,752
Accrued expenses and other liabilities	9,070	11,046
Borrowings under line of credit	15,000	15,000
Current portion of long-term debt, net of original issue discount and debt issuance costs	551	549
Lease liabilities, current	800	1,549
Settlement liabilities	33,882	21,680
Total current liabilities	60,362	53,576
Lease liabilities, non-current	0	802
Other liabilities	1,204	153
Long-term debt, net of original issue discount and debt issuance costs	51,434	52,067
Total liabilities	113,000	106,598
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, par value $0.0001; 10,000,000 shares of preferred stock authorized as of December 31, 2022 and 2021, respectively; no shares of preferred stock issued and outstanding as of December 31, 2022 and 2021	0	0
Common stock	7	6
Additional paid-in capital	194,807	142,515
Accumulated deficit	(97,573)	(65,906)
Total stockholders' equity	97,241	76,615
Total liabilities and stockholders' equity	$ 210,241	$ 183,213

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (shares)	68,238,245	67,844,060
Common stock, shares, outstanding (in shares)	68,238,245	67,844,060
Common Stock, LT10
Common stock, shares authorized (in shares)	24,997,561	25,000,000
Common stock, shares issued (shares)	7,336,191	7,332,640
Common stock, shares, outstanding (in shares)	7,336,191	7,332,640
Common Stock, LT50
Common stock, shares authorized (in shares)	24,999,020	25,000,000
Common stock, shares issued (shares)	6,854,931	6,224,160
Common stock, shares, outstanding (in shares)	6,854,931	6,224,160

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 169,495	$ 142,835	$ 88,072
Cost of revenue, net	62,669	53,693	32,414
Gross margin	106,826	89,142	55,658
Operating expenses:
Research and development	13,692	10,988	6,728
General and administrative	58,490	60,742	33,372
Sales and marketing	49,876	27,664	9,888
Total operating expenses	122,058	99,394	49,988
(Loss) income from operations	(15,232)	(10,252)	5,670
Interest and other expenses, net	(5,411)	(3,480)	(2,718)
Total (loss) income before taxes	(20,643)	(13,732)	2,952
(Provision for) benefit from income taxes	(6,366)	174	(4,662)
Net loss attributable to Class A, LT10 and LT50 common stockholders	(27,009)	(13,558)	(1,710)
Net loss attributable to Class A, LT10 and LT50 common stockholders	$ (27,009)	$ (13,558)	$ (1,710)
Net loss per share attributable to Class A, LT10 and LT50 common stockholders:
Basic (in dollars per share)	$ (0.33)	$ (0.36)	$ (0.06)
Diluted (in dollars per share)	$ (0.33)	$ (0.36)	$ (0.06)
Weighted-average shares of common stock used to compute net loss per share attributable to Class A, LT10 and LT50 common stockholders:
Weighted-average number of basic shares outstanding (in shares)	80,786,725	38,039,222	27,424,480
Weighted-average number of diluted shares outstanding (in shares)	80,786,725	38,039,222	27,424,480

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Preferred stock Convertible preferred stock	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance at Dec. 31, 2019		$ 45,105
Beginning balance (in shares) at Dec. 31, 2019		4,203,139
Ending balance at Dec. 31, 2020		$ 45,105
Ending balance (in shares) at Dec. 31, 2020		4,203,139
Beginning balance at Dec. 31, 2019	$ (48,464)		$ 0	$ 2,174	$ (50,638)
Beginning balance (in shares) at Dec. 31, 2019			26,589,930
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options	1,301			1,301
Issuance of common stock upon exercise of stock options (in shares)			2,777,010
Stock-based compensation	17,837			17,837
Net loss	(1,710)				(1,710)
Ending balance at Dec. 31, 2020	(31,036)		$ 0	21,312	(52,348)
Ending balance (in shares) at Dec. 31, 2020			29,366,940
Increase (Decrease) in Temporary Equity
Conversion of convertible preferred stock to common stock (in shares)		(4,203,139)
Conversion of convertible preferred stock to common stock		$ (45,105)
Ending balance at Dec. 31, 2021	$ 45,105	$ 0
Ending balance (in shares) at Dec. 31, 2021	4,203,139	0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options	$ 3,505		$ 1	3,504
Issuance of common stock upon exercise of stock options (in shares)	6,965,767		6,965,767
Conversion of convertible preferred stock to common stock	$ 45,105		$ 5	45,100
Conversion of convertible preferred stock to common stock (in shares)			42,031,390
Issuance of common stock upon exercise of warrants (in shares)			428,067
Issuance of common stock upon initial public offering	57,458			57,458
Issuance of common stock upon initial public offering (in shares)			2,608,696
Vesting of early exercised stock options	567			567
Stock-based compensation	14,574			14,574
Net loss	(13,558)				(13,558)
Ending balance at Dec. 31, 2021	76,615		$ 6	142,515	(65,906)
Ending balance (in shares) at Dec. 31, 2021			81,400,860
Ending balance at Dec. 31, 2022		$ 0
Ending balance (in shares) at Dec. 31, 2022		0
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options	$ 711			711
Issuance of common stock upon exercise of stock options (in shares)	478,547		478,547
Vesting of early exercised stock options	$ 1,242			1,242
Repurchases of early exercised stock options	(25)			(25)
Repurchases of early exercised stock options (in shares)			(17,079)
Issuance of restricted stock units	106			106
Issuance of restricted stock units (in shares)			14,719
Issuance of common stock under Matching Plan	3,672			3,672
Issuance of common stock under Matching Plan (in shares)			294,397
Issuance of common stock in connection with restricted stock units vesting (in shares)			1,268,026
Issuance of common stock in connection with restricted stock units vesting	0		$ 1	(1)
Shares withheld from common stock issued to pay employee payroll taxes (in shares )			(411,023)
Shares withheld from common stock issued to pay employee payroll taxes	(6,160)			(6,160)
Repurchase and retirement of common stock (in shares )			(599,080)
Repurchase and retirement of common stock	(6,000)			(1,342)	(4,658)
Stock-based compensation	54,089			54,089
Net loss	(27,009)				(27,009)
Ending balance at Dec. 31, 2022	$ 97,241		$ 7	$ 194,807	$ (97,573)
Ending balance (in shares) at Dec. 31, 2022			82,429,367

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net loss	$ (27,009)	$ (13,558)	$ (1,710)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	5,388	5,197	3,248
Reduction of operating lease right-of-use assets	666	741	1,311
Loss on impairment, receivables and sale or disposal of equipment	881	319	162
Stock-based compensation	52,332	14,574	17,837
Amortization of original issue discount and debt issuance costs	42	32	32
Deferred tax assets	26	48	2,437
Deferred tax liabilities	0	(916)	916
Changes in assets and liabilities:
Accounts receivable, net	(1,341)	(6,006)	(2,170)
Settlement assets, net	(7,796)	173	2,878
Prepaid expenses	(1,389)	(6,509)	270
Related party loan receivable	14	586	0
Other current assets	2,875	(4,100)	(1,393)
Other assets	(81)	124	(248)
Accounts payable	(2,693)	1,424	(714)
Accrued expenses and other liabilities	(1,537)	7,511	1,774
Operating lease liabilities	(758)	(801)	(1,374)
Settlement liabilities	12,202	7,372	(16,548)
Other liabilities	1,054	(725)	877
Net cash provided by operating activities	32,876	5,486	7,585
Cash flows from investing activities:
Purchase of property and equipment	(585)	(2,706)	(2,488)
Proceeds from sale or disposal of property and equipment	5	0	2
Software development costs	(1,619)	(4,908)	(1,809)
Net cash used in investing activities	(2,199)	(7,614)	(4,295)
Cash flows from financing activities:
Principal payments of finance leases	(793)	(774)	(808)
Principal payments of term loan	(595)	(25,191)	(319)
Proceeds from term loan	0	45,000	0
Principal payments of line of credit	0	0	(1,000)
Proceeds from line of credit	0	0	9,613
Vesting of restricted common stock	0	567	0
Proceeds from initial public offering, net of underwriters' discounts, commissions and offering costs	0	57,458	0
Repurchases of early exercises of common stock	(25)	0	0
Proceeds from common stock purchased under Matching Plan	3,672	0	0
Proceeds from issuance of common stock on exercise of stock options	795	3,505	1,301
Payments for employee taxes withheld from stock-based awards	(5,336)	0	0
Repurchase and retirement of common stock	(6,000)	0	0
Net cash (used in) provided by financing activities	(8,282)	80,565	8,787
Net increase in cash and cash equivalents and restricted cash	22,395	78,437	12,077
Cash and cash equivalents and restricted cash, beginning of period	125,315	46,878	34,801
Cash and cash equivalents and restricted cash, end of period	147,710	125,315	46,878
Supplemental disclosure of cash flow information:
Cash paid for interest	3,912	3,082	2,929
Cash paid for income taxes	975	6,922	150
Noncash investing and financing items:
Right-of-use assets acquired with lease liabilities	0	0	1,260
Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets:
Cash and cash equivalents	103,787	98,398	34,401
Restricted cash included in other current assets	19,542	8,651	1,955
Restricted cash included in other assets	0	47	48
Restricted cash included in settlement assets, net	24,381	18,219	10,474
Total cash and cash equivalents and restricted cash	$ 147,710	$ 125,315	$ 46,878

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of the Business Expensify, Inc. ("Expensify") was incorporated in Delaware on April 29, 2009. Expensify offers a comprehensive expense management platform that integrates with a variety of third-party accounting applications, including QuickBooks Desktop, QuickBooks Online, Xero, NetSuite, Intacct, Sage, Microsoft Dynamics, MYOB and others. Expensify's product simplifies the way that employees and vendors manage and submit expense receipts and bills and provides efficiencies to companies for the payment of those bills. Expensify delivers its services over the internet to corporations and individuals under a license arrangement and offers unique pricing options for small and midsized businesses and enterprises on a per-active-member basis. Expensify also offers an Expensify charge card ("Expensify Card"), which is primarily distributed to corporate customers in the United States ("U.S.") that subsequently distribute the card to their employees for business use. The Expensify Card allows customers to have real-time control over their employees' spending and compliance with spending limits in addition to eReceipt reporting on purchases. Information regarding the subsidiaries of Expensify is as follows: • Expensify established a wholly-owned subsidiary in the United Kingdom ("UK"), Expensify LTD., in 2015 that primarily serves to promote and market Expensify's services to customers and potential customers of Expensify in the UK. • Expensify established a wholly-owned subsidiary in Australia, Expensify Australia PTY LTD., in 2017 that primarily serves to promote and market Expensify's services to customers and potential customers of Expensify in Australia. • Expensify established a wholly-owned subsidiary, 401 SW 5th Ave LLC, in 2019 with the subsidiary’s primary purpose being to hold title to the commercial building purchased in Portland, Oregon. • Expensify established a wholly-owned subsidiary, Expensify.org, in 2019 which is a nonprofit benefit organization. Expensify.org is included within the consolidated financial statements of Expensify as Expensify has both a majority voting interest in the board of Expensify.org and an economic interest in the organization. In early 2020 with the introduction of the Expensify Card, Expensify committed to donate 10% of its consideration received from a vendor for monetizing Expensify Card activities to Expensify.org in addition to lump sum discretionary contributions. Any contributions from Expensify.org to a charitable organization is recorded as an expense within General and administrative expenses on the consolidated financial statements upon payment. • Expensify established wholly-owned subsidiaries, Expensify Canada Inc. and Expensify Netherlands B.V., in 2020 that primarily serve to promote and market Expensify's services to customers and potential customers of the Company in Canada and the Netherlands, respectively. • Expensify established a wholly-owned subsidiary, Expensify Payments LLC, in 2020 that primarily serves as the licensed provider of money transmission services for Expensify with its expense management program. • Expensify established a wholly-owned subsidiary, Expensify Lounge LLC, in 2021 that primarily serves to manage, promote and market Expensify's lounge operations in the United States. Initial Public Offering The Company’s registration statement on Form S-1 (the "IPO Registration Statement") related to its initial public offering ("IPO") was declared effective on November 9, 2021 and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on November 10, 2021. On November 15, 2021, the Company closed its IPO of 11,190,392 shares of the Company's Class A common stock at $0.0001 par value per share (the "Class A common stock"), in which the Company sold 2,608,696 shares of Class A common stock, and the selling stockholders sold 8,581,696 shares of Class A common stock at an IPO price of $27.00 per share. This total sale of 11,190,392 shares of Class A common stock in the IPO includes the full exercise of the underwriters’ option to purchase an additional 1,459,616 shares of Class A common stock from certain selling stockholders at an IPO price of $27.00 per share. The Company did not receive any proceeds from the sale of shares of Class A Common Stock in the offering by the selling stockholders. The Company received aggregate net proceeds of approximately $57.5 million after deducting underwriting discounts and commissions of approximately $4.9 million and offering costs of approximately $8.0 million. Immediately prior to the effectiveness of the IPO Registration Statement, the Company filed an Amendment to the Amended and Restated Certificate of Incorporation to create three classes of authorized common stock: Class A, LT10, and LT50 common stock. All shares of common stock then outstanding were reclassified as Class A common stock except for shares under the Company's exchange offer, which provided employees and other service providers the opportunity to exchange, on a one-for-one basis, their Class A common stock into LT10 or LT50 shares. Under this exchange offer, 13,556,800 shares of Class A common stock were exchanged for 7,332,640 shares of LT10 common stock and 6,224,160 shares of LT50 common stock. Upon closing of the IPO, all convertible preferred stock then outstanding, was converted into 42,031,390 shares of common stock on a ten-for-one basis and reclassified into Class A common stock. In addition, 430,080 shares of common stock warrants were converted to an equivalent number of shares of Class A common stock warrants. Immediately prior to the closing of the IPO, the Company filed its Amended and Restated Certificate of Incorporation authorizing a total of 1,000,000,000 shares of Class A common stock which entitles holders to one vote per share; 25,000,000 shares of LT10 common stock, which entitles holders to 10 votes per share; and 25,000,000 shares of LT50 common stock, which entitles holders to 50 votes per share. In addition, the Amended and Restated Certificate of Incorporation authorized a total of 10,000,000 shares of undesignated preferred stock. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Expensify and its wholly-owned subsidiaries (the "Company") and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All intercompany transactions and balances have been eliminated in consolidation. Stock Split On October 27, 2021, the Company effected a ten-for-one stock split of its common stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments may differ under different assumptions or conditions. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Significant estimates and assumptions by management affect the Company’s revenues, classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, and stock-based compensation. Foreign Currency The Company uses the U.S. dollar as its functional currency. Foreign currency assets and liabilities are remeasured into the U.S. dollar at the end-of-period exchange rates except for prepaid expenses, property and equipment and related depreciation and amortization, and lease right-of-use assets and related amortization, which are remeasured at the historical exchange rates. Revenues and expenses are remeasured at average exchange rates in effect during each period. Gains or losses from foreign currency transactions are included in the Consolidated Statements of Operations within Interest and other expenses, net. Cash and Cash Equivalents Cash consists of funds deposited with banks. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The recorded carrying amount of cash equivalents, which is cost plus accrued interest, if any, approximates fair value. As of December 31, 2022 and 2021, the Company had no cash equivalents. Restricted Cash Restricted cash includes cash in transit for funds held for customers to the Company's Payment Processor, Expensify Card collateral for funds held for customers, and cash held by Expensify.org for social justice and equity efforts of Expensify.org. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2022 and 2021. Restricted cash also includes amounts included within Settlement assets, net for funds held for customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer's members. Refer to the Settlement assets and liabilities policy note below for further detail. Accounts Receivable and Allowance for Expected Credit Losses Accounts receivable are recorded at the invoiced amount, net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of the accounts receivable. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms. The Company recorded an immaterial allowance for expected credit losses as of December 31, 2022 and 2021. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited with federally insured commercial banks in the United States that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound, and the Company has not experienced material losses to date. The Company generally does not require collateral or other security in support of accounts receivable except for the restricted cash accounts discussed in the Restricted cash policy note above. No customer represented 10% or more of revenue during the years ended December 31, 2022, 2021, and 2020. In addition, there were no customers representing 10% or more of accounts receivable as of December 31, 2022 and 2021. Settlement Assets and Liabilities and Allowance for Expected Credit Losses Upon an approved request for expense reimbursement from customers, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer’s members after a clearing period of three business days, including the day of the transaction. The Company records a settlement receivable upon approval of the expense reimbursement until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded upon approval of the expense reimbursement until funds are remitted from the Company’s commercial bank account to the customer’s members. For customer transactions incurred through the Expensify Card the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company until remitted to the issuing bank the next business day. The majority of customers settle Expensify Card transactions on a daily basis while certain customers settle Expensify Card transactions on a monthly basis. The company records a settlement receivable for Expensify Card transactions until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded until funds are remitted from the Company’s commercial bank account to the issuing bank. Settlement receivables are recorded net of an allowance for expected credit losses. The allowance for expected credit losses is based on the Company’s assessment of the collectability of the settlement receivables. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer settlement terms. The Company recorded an immaterial allowance for expected credit losses as of December 31, 2022 and 2021. Leases The Company determines if an arrangement is or contains a lease at inception by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. Operating and finance leases are included in lease right-of-use ("ROU") assets and lease liabilities in the Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. The Company uses rates implicit in the lease, or if not readily available, its incremental borrowing rate, to calculate its ROU assets and liabilities. The operating and finance lease ROU assets also include any lease payments made before commencement and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease, and the Company includes those options in the lease terms when it is reasonably certain it will exercise them. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease expense for finance lease payments is recognized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. The Company made the policy election to account for short-term leases by recognizing the lease payments in the Consolidated Statements of Operations on a straight-line basis over the lease term rather than recognizing these leases on the Company’s Consolidated Balance Sheets. Variable lease payments are recognized in the Consolidated Statements of Operations in the period in which the obligation for those payments is incurred. The Company has real estate and data center equipment lease agreements with lease and non-lease components for which the Company has made the accounting policy election to account for these agreements as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms to accounted for as a new lease or whether the additional right-of-use should be included in the original lease and continue to be accounted with the remaining ROU asset. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, typically three years for computer equipment, five years for furniture and fixtures and thirty years for buildings. Land has an indefinite useful life and is not depreciated. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposal, the cost and related accumulated depreciation and amortization are removed from the Consolidated Balance Sheets and the resulting gain or loss is reflected in the Consolidated Statements of Operations. Gains or losses from disposition of property and equipment for the years ended December 31, 2022, 2021, and 2020 have been immaterial. Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No depreciation is recorded for construction in progress until the relevant assets are completed and put into use. Construction in progress as of December 31, 2022 and 2021 represents leasehold improvements under installation. Capitalized Software Development Costs The Company capitalizes internal and external costs directly related to obtaining or developing internal-use software during the application development stage of the projects. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Maintenance activities or minor upgrades are expensed in the period performed. The Company's internal-use software is reported at cost less accumulated amortization. Amortization begins once the project is ready for its intended use, which is usually when the software code goes into production. The Company amortizes the asset on a straight-line basis over a period of three years, which is the estimated useful life. During the years ended December 31, 2022, 2021, and 2020, the Company capitalized $3.4 million, $4.9 million and $1.8 million, respectively, in software development costs. Long-Lived Assets Long-lived assets, primarily capitalized software development costs, property and equipment and lease right-of-use assets, are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When indications of impairment are present and the estimated undiscounted future cash flows from the use of the asset are less than the asset's carrying value, the related asset will be written down to fair value. Any impairment losses are included in the same financial statement caption as the related depreciation and amortization for the respective asset class on the Consolidated Statements of Operations. Impairment losses on long-lived assets were immaterial for each of the years ended December 31, 2022, 2021, and 2020. Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal and other fees related to the IPO. Upon completion of the IPO, deferred offering costs of $8.0 million were reclassified to stockholders’ equity and recorded net against the IPO proceeds. The Company had no capitalized deferred offering costs as of December 31, 2022 and 2021. Revenue Recognition The Company generates revenue from subscription fees paid by its customers to access and use the Company’s hosted software services, as well as standard customer support. The Company adopted Accounting Standard Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) as of January 1, 2019, utilizing the full retrospective method of transition. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company’s contracts are either month-to-month arrangements billed monthly in arrears based on a specified number of members or annual arrangements billed monthly in arrears based on a minimum number of monthly members. Month-to-month contracts can be terminated by either party at any time without penalty. Annual subscription customers who wish to terminate their contracts before the end of the term are required to pay the remaining obligation in full plus any fees or penalties set forth in the agreement. In May 2020, the Company updated its terms of service, which resulted in annual contracts becoming noncancelable and a pricing change, which led to an increase in the per member price for paid members. The Company charges its customers subscription fees for access to its platform based on the number of monthly members and level of service. The contractual price per member is based on either negotiated fees or rates published on the Company’s website. The Company’s contracts with customers include two performance obligations: access to the hosted software service ("SaaS"), inclusive of all features available within the platform, and related customer support. The SaaS and the support are accounted for as a combined performance obligation because they have the same pattern of transfer over the same period and, therefore, are delivered concurrently. The Company satisfies its performance obligation over time each month as it provides the SaaS and support services to customers and, as such, generally recognizes revenue monthly based on the number of monthly members and contractual rate per member. Certain annual contracts provide the customer the option to increase the minimum number of members and extend the contract term on a prospective basis or to purchase members beyond the minimum contracted number of members at a higher rate for a particular month. These options are accounted for when the customer exercises the option as they do not represent a material right and are accounted for as a contract modification. Revenue is recognized net of applicable taxes imposed on the related transaction. The Company charges the customer on a monthly basis, in arrears, with typical payment terms being 30 days. A contract asset is the right to consideration for transferred goods or services and arises when the amount of revenue recognized exceeds amounts billed to a customer. As a result of a price increase in 2020 that was applicable to certain annual contracts and billed incrementally by the Company over a twelve month period, the Company recorded revenue for such contracts on a straight line basis over the twelve month period affected by the price increase. This resulted in contract assets that consisted of unbilled receivables for revenue recognized in excess of billings. The contract assets decreased as the price increase was applied to the amounts billed to customers, over the twelve month period. The Company recorded an immaterial amount of contract assets for unbilled receivables within Other current assets on the Company’s Consolidated Balance Sheets as of December 31, 2021. There were no contract assets as of December 31, 2022. Since the Company's performance obligation is satisfied monthly, at any reporting period, the Company has no unsatisfied, or partially unsatisfied, performance obligations. Cashback Rewards In August 2021, the Company began offering a cashback rewards program to all customers based on volume of Expensify card transactions and SaaS subscription tier. Cashback rewards are earned on a monthly basis are paid out the following month. The Company considers their cashback payments to customers as consideration payable to a customer under the scope of Accounting Standards Codification ("ASC") 606 and it is recorded as contra revenue within Revenue on the Consolidated Statements of Operations. The Company records a cashback rewards liability that represents the consideration payable to customers for earned cashback rewards. The cashback rewards liability is impacted over time by customers meeting eligibility requirements in conjunction with the SaaS subscription tier of the customer and the timing of payments to customers. The accrued cashback rewards liability was $0.2 million and $0.2 million as of December 31, 2022 and 2021, respectively, and is recorded within Accrued expenses and other liabilities on the Consolidated Balance Sheets. The cashback rewards cost was $2.8 million and $1.1 million for the years ended December 31, 2022 and 2021, respectively. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of GAAP. Those provisions require all stock-based awards granted to employees, including stock options and restricted stock units, to be measured based on fair value at the date of grant, with the resulting expense generally recognized in the Consolidated Statements of Operations over the period during which the employee is required to perform service in exchange for the award. The Company utilizes the Black-Scholes option pricing model to determine the estimated fair value of stock options. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of four years. Forfeitures are recorded as they occur. The Black-Scholes option pricing model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock, expected life of the award, risk-free interest rate and expected dividend yield. Prior to the IPO, the fair value of common stock was determined by the Board of Directors based on a number of factors, including independent third-party valuations of our common stock, which considered estimates of our future performance and valuations of comparable companies. The Company also considered prices at which others have purchased our stock, and the likelihood and timing of achieving a liquidity event. When awards were granted or revalued between the dates of valuation reports, the Company considered the change in common stock fair value and the amount of time that lapsed between the two reports to determine whether to use the latest common stock valuation or an interpolation between two valuation dates for purposes of valuing stock-based awards. Subsequent to the completion of the IPO, the fair value of the Company’s underlying common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. The Company granted employees, consultants and directors (collectively, "Service Providers") restricted stock units ("RSUs") that settle in shares of Class A and LT50 common stock, effective immediately prior to the effectiveness of the IPO Registration Statement. All RSUs granted to Service Providers after the effectiveness of the IPO Registration Statement have a service condition only and are recognized on a straight-line basis over the requisite service period of the award, which is generally the RSU vesting term of eight years. The Company measures these RSUs granted based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. All RSUs granted to Service Providers before the effectiveness of the IPO Registration Statement were considered RSUs with both a service and performance condition for accounting purposes. The Company measures these RSUs based on the fair value of the underlying common stock on the grant date, which was consistent with the factors described within the Black-Scholes option pricing model. Once the performance condition was satisfied for these RSUs on November 9, 2021, the Company recognized a cumulative one-time stock-based compensation expense for the service period satisfied prior to this date. All remaining stock-based compensation for these awards will be recognized over the remaining service period using the accelerated graded method. The service period of these awards is the RSU vesting term of eight years. The Company granted RSUs in November 2021 to its Non-Employee Directors, which is comprised solely of the Company's Audit Committee members, in connection with each member's initial appointment to the Board of directors and consummation of the IPO. All RSUs granted to Non-Employee Directors settle in shares of Class A common stock and are recognized on a straight-line basis over the requisite service period of the award, which is generally the initial RSU grant vesting term of three years. Subsequent to the initial RSUs granted, the Company will grant RSUs to Non-Employee Directors on an annual basis at each annual stockholders' meeting that will vest upon the earlier of the satisfaction of a service condition or a performance condition, which is considered a change in control event. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is one year. Furthermore, RSUs will be granted to Non-Employee Directors on a quarterly basis as a retainer for their services, which vest only upon the satisfaction of a service condition. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is three months. The Company measures all RSUs granted to Non-Employee Directors based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. With the exception of the RSUs granted to Non-Employee Directors in November 2021, there were no other RSUs granted to Non-Employee Directors during the years ended December 31, 2022 and 2021. Forfeitures are recorded as they occur for all RSUs. Refer to Note 9 for further detail over stock-based compensation and the stock incentive plans of the Company. Employee Stock Option Exercise Cash Bonus In June 2021 for the Company's named executive officers and in July 2021 for all other employees, the Company determined it would pay a cash bonus to each of its employees in a value that approximated the cost of each employee exercising 45% of their total stock options issued, limited by the total stock options outstanding as of June 15, 2021, including the tax withholding applicable to each employee. The Company included both vested and unvested stock options outstanding and held by each existing employee as of June 15, 2021 in determining the cash bonus paid to each employee. In addition to using the exercise cost of the stock options through June 15, 2021, the Company relied on an estimate to determine the tax withholding that could be applicable to each employee based on if they were to exercise the stock options. In order to determine this estimate, the Company relied on third-party tax consultants that reviewed a number of assumptions provided by management, including the applicable taxable income to the employee as a result of the cash bonus in 2021 and the spread of the fair value of the options based on the latest independent third-party common stock valuation as of June 15, 2021 and the exercise price of the same options applicable to each employee. No employee was obligated to use the cash bonus to exercise their outstanding stock options. During the years ended December 31, 2022 and 2020, the Company recorded no bonus expenses related to the employee stock option exercise cash bonus and no bonus expenses related to the employee stock option exercise cash bonus for the Company's named executive officers. During the year ended December 31, 2021, the Company recorded bonus expenses related to the employee stock option exercise cash bonus of $48.4 million. All bonuses were fully paid to employees during the year ended December 31, 2021. Of the total bonus expenses related to the employee stock option exercise cash bonus during the year ended December 31, 2021, the bonus expense for the Company's named executive officers was $7.9 million. Employee stock option exercise cash bonus is included in the following components of expenses on the accompanying Consolidated Statements of Operations (in thousands): Year ended December 31, 2021 Cost of revenue, net $ 13,708 Research and development 8,550 General and administrative 21,174 Sales and marketing 4,984 Total $ 48,416 Employee cash bonuses capitalized as internally developed software costs were $1.5 million for the year ended December 31, 2021. Employee and Employee-Related Expenses Allocating employee and employee-related expenses, which consist of contractor costs, employee salary and wages, stock-based compensation and travel and other employee-related costs, to their appropriate financial statement line items on the Consolidated Statements of Operations, requires the Company to make estimates and judgments as a result of a generalist model and organizational structure. The Company bases the estimates for allocating employee and employee related expenses on internal productivity and team management tools. Management reviews the estimates each reporting period to evaluate the amounts allocated to Cost of revenue, net, Research and development, General and administrative, and Sales and marketing on the Consolidated Statements of Operations. Cost of Revenue, Net Cost of revenue, net primarily consists of expenses related to hosting the Company’s service, including the costs of data center capacity, credit card processing fees, third-party software license fees, outsourcing costs to support customer service and outsourcing costs to support and process our patented scanning technology SmartScan, net of consideration from a vendor for monetizing Expensify Card activities. This consideration, net of credit card processing fees paid to the vendor, is included as a reduction to cost of revenue of $6.2 million, $2.9 million, and $1.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. Additional costs include amortization expense on capitalized software development costs and personnel-related expenses, including stock-based compensation, cash bonuses and employee costs attributable to supporting our customers and maintenance of our platform. Research and Development Research and development expenses consist primarily of personnel-related expenses, including stock-based compensation, incurred in the planning and preliminary project stage and post-implementation stage of new products or enhancing existing products or services. We capitalize certain software development costs that are attributable to developing or adding significant functionality to our internal-use software during the application development stage of the projects. All research and development expenses, excluding capitalized software development costs, are expensed as incurred. General and Administrative General and administrative expenses primarily consist of personnel-related expenses, including stock-based compensation, for any employee time allocated to administrative functions, including finance and accounting, legal and human resources. In addition to personnel-related expenses, general and administrative expenses consist of rent, utilities, depreciation on property and equipment, amortization of operating and finance lease right-of-use assets and external professional services, including accounting, audit, tax, finance, legal and compliance, human resources and information technology. General and administrative expenses are expensed as incurred. Sales and Marketing Sales and marketing primarily consist of personnel-related expenses, including stock-based compensation, advertising expenses, branding and public relations expenses and referral fees for strategic partners and other benefits that the Company provides to its referral and affiliate partners. The Company expenses the costs of sales and marketing, including promotional expenses, as incurred. Advertising costs were $30.9 million, $15.6 million, and $3.4 million for th e years ended December 31, 2022, 2021, and 2020, respectively. Income Taxes The Company is subject to income taxes in the U.S. and several foreign jurisdictions. The Company records a (provision for) benefit from income taxes utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities, as well as net operating losses ("NOL") and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. In January 2018, the Financial Accounting Standards Board ("FASB") released guidance on the accounting for tax on the global intangible low-taxed income ("GILTI") provisions of the Tax Cuts and Jobs Act ("TCJA"). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or treating any taxes on GILTI inclusions as period cost are both acceptable methods subject to an accounting policy election. The Company has elected to treat any potential GILTI inclusions as a period cost. The Company's provision for income taxes does not include provisions for foreign withholding taxes associated with the repatriation of undistributed earnings of certain foreign subsidiaries that the Company intends to reinvest indefinitely in its foreign subsidiaries. On December 27, 2020, the U.S. president signed into law the Consolidated Appropriations Act of 2021, which includes further COVID-19 economic relief and extension of certain expiring tax provisions. The relief package had no material impact to the Company’s tax positions. On August 16, 2022, the U.S president signed into law the Inflation Reduction Act of 2022 ("IRA"). The IRA established a corporate alternative minimum tax for certain corporations and a share repurchase excise tax. These changes are effective for tax years beginning after December 31, 2022. As of December 31, 2022, the Company has determined that neither the IRA nor changes to income tax laws or regulations in other jurisdictions are expected to have a significant impact on income tax expense. Refer to Note 10 for further discussion. Net Loss Per Share Attributable to Common

CAPITALIZED SOFTWARE, NET

CAPITALIZED SOFTWARE, NET	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
CAPITALIZED SOFTWARE, NET	CAPITALIZED SOFTWARE, NET Capitalized software, net consisted of the following (in thousands): As of December 31, 2022 2021 Capitalized software development costs $ 14,052 $ 10,966 Less: accumulated amortization (7,171) (4,607) Capitalized software, net $ 6,881 $ 6,359

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands): As of December 31, 2022 2021 Computers and equipment $ 178 $ 311 Furniture and fixtures 1,698 1,462 Leasehold improvements 6,948 7,106 Commercial building 6,493 6,493 Land 4,151 4,151 Construction in progress 2,551 2,391 Total property and equipment 22,019 21,914 Less: accumulated depreciation (7,527) (5,984) Property and equipment, net $ 14,492 $ 15,930 Depreciation expense related to property and equipment is recorded in General and administrative on the Consolidated Statements of Operations. Depreciation expense related to property and equipment for the years ended December 31, 2022, 2021, and 2020 was $2.0 million, $2.1 million, and $1.4 million, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
LEASES	LEASES The Company has operating leases for corporate offices and finance leases for data center equipment. The operating and finance leases have remaining lease terms of less than one year. The operating and finance leases contain options to extend or terminate the lease. However, these were not included in the original lease terms of the operating leases as the Company is not reasonably certain to exercise these options. During the years ended December 31, 2022 and 2021, the Company did not enter into any new finance lease agreements to finance the acquisition of new property and equipment. There were no new operating lease agreements entered into during the years ended December 31, 2022 and 2021. The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands): Year ended December 31, 2022 2021 2020 Finance lease cost: Amortization of ROU assets $ 790 $ 790 $ 827 Interest on lease liabilities 22 42 39 Total finance lease cost 812 832 866 Operating lease cost 704 821 898 Short-term lease cost 320 128 549 Total lease cost $ 1,836 $ 1,781 $ 2,313 Other information related to leases was as follows (in thousands, except as noted within): As of December 31, 2022 2021 Finance lease ROU asset (included within Lease right-of-use assets) $ 461 $ 1,251 Operating lease ROU asset (included within Lease right-of-use assets) $ 284 $ 951 Weighted-average remaining lease term (in years): Finance leases 0.58 1.58 Operating leases 0.42 1.40 Weighted-average discount rate: Finance leases 2.50 % 2.50 % Operating leases 5.30 % 5.30 % Supplemental cash flow information related to leases was as follows (in thousands): Year ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (790) $ (880) $ (961) Operating cash flows from finance leases $ (22) $ (42) $ (39) Financing cash flows from finance leases $ (793) $ (774) $ (808) ROU assets obtained in exchange for finance lease liabilities $ — $ — $ 1,260 To calculate the ROU assets and liabilities, the Company uses the discount rate implicit in lease agreements when available. When the implicit discount rates are not readily determinable, the Company uses the incremental borrowing rate. The Company determines the incremental borrowing rate using interest rates from the Company's secured borrowings after taking into consideration the nature of the debt, such as borrowings collateralized by the exact building in the lease, and payment structure, including frequency and number of payments in the agreement. Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands): Finance leases Operating leases For the year ending: 2023 $ 476 $ 332 2024 — — 2025 — — 2026 — — 2027 — — Thereafter — — Total future lease payments 476 332 Less: imputed interest (4) (4) Less: lease liabilities, current (472) (328) Lease liabilities, non-current $ — $ —
LEASES	LEASES The Company has operating leases for corporate offices and finance leases for data center equipment. The operating and finance leases have remaining lease terms of less than one year. The operating and finance leases contain options to extend or terminate the lease. However, these were not included in the original lease terms of the operating leases as the Company is not reasonably certain to exercise these options. During the years ended December 31, 2022 and 2021, the Company did not enter into any new finance lease agreements to finance the acquisition of new property and equipment. There were no new operating lease agreements entered into during the years ended December 31, 2022 and 2021. The components of lease cost reflected on the Consolidated Statements of Operations were as follows (in thousands): Year ended December 31, 2022 2021 2020 Finance lease cost: Amortization of ROU assets $ 790 $ 790 $ 827 Interest on lease liabilities 22 42 39 Total finance lease cost 812 832 866 Operating lease cost 704 821 898 Short-term lease cost 320 128 549 Total lease cost $ 1,836 $ 1,781 $ 2,313 Other information related to leases was as follows (in thousands, except as noted within): As of December 31, 2022 2021 Finance lease ROU asset (included within Lease right-of-use assets) $ 461 $ 1,251 Operating lease ROU asset (included within Lease right-of-use assets) $ 284 $ 951 Weighted-average remaining lease term (in years): Finance leases 0.58 1.58 Operating leases 0.42 1.40 Weighted-average discount rate: Finance leases 2.50 % 2.50 % Operating leases 5.30 % 5.30 % Supplemental cash flow information related to leases was as follows (in thousands): Year ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (790) $ (880) $ (961) Operating cash flows from finance leases $ (22) $ (42) $ (39) Financing cash flows from finance leases $ (793) $ (774) $ (808) ROU assets obtained in exchange for finance lease liabilities $ — $ — $ 1,260 To calculate the ROU assets and liabilities, the Company uses the discount rate implicit in lease agreements when available. When the implicit discount rates are not readily determinable, the Company uses the incremental borrowing rate. The Company determines the incremental borrowing rate using interest rates from the Company's secured borrowings after taking into consideration the nature of the debt, such as borrowings collateralized by the exact building in the lease, and payment structure, including frequency and number of payments in the agreement. Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands): Finance leases Operating leases For the year ending: 2023 $ 476 $ 332 2024 — — 2025 — — 2026 — — 2027 — — Thereafter — — Total future lease payments 476 332 Less: imputed interest (4) (4) Less: lease liabilities, current (472) (328) Lease liabilities, non-current $ — $ —

SIGNIFICANT BALANCE SHEET COMPO

SIGNIFICANT BALANCE SHEET COMPONENTS	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SIGNIFICANT BALANCE SHEET COMPONENTS	SIGNIFICANT BALANCE SHEET COMPONENTS Other Current Assets Other current assets consisted of the following (in thousands): As of December 31, 2022 2021 Expensify Card posted collateral for funds held for customers $ 11,509 $ 5,115 Expensify.org restricted cash 5,518 3,078 Income tax receivable 2,471 5,412 Cash in transit for funds held for customers 2,361 388 Expensify Payments LLC restricted cash 102 55 Contract assets — 8 Matching plan escrow and other restricted cash 52 — Other 204 145 Other current assets $ 22,217 $ 14,201 Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of December 31, 2022 2021 Sales, payroll and other taxes payable $ 2,721 $ 4,936 Professional fees 1,473 1,274 Interest payable 1,318 783 Restricted common stock liability for early stock option exercises 1,283 2,443 Partner payouts and advertising fees 669 574 Accrued expense reports 291 246 Cashback rewards 223 239 Matching plan payroll liability 195 — Hosting and license fees 75 36 Credit card processing fees 22 56 Other 800 459 Accrued expenses and other liabilities $ 9,070 $ 11,046

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS Amortizing Term Mortgage In August 2019, the Company entered into an $8.3 million amortizing term mortgage agreement with Canadian Imperial Bank of Commerce ("CIBC") for the Company's commercial building located in Portland, Oregon. The agreement requires principal and interest payments to be made each month over a 30-year period. Interest accrues at a fixed rate of 5.00% per year until August 2024, at which point the interest rate changes to the Wall Street Journal Pri me Rate less 0.25% for the remaining term of the mortgage. The borrowings are secured by the building. The outstanding balance of the amortizing term mortgage was $7.8 million and $8.0 million a s of December 31, 2022 and 2021 , respectively. 2021 Amended Term Loan In September 2021, the Company amended and restated its loan and security agreement with CIBC ("2021 Amended Term Loan") to refinance the existing non-amortizing and amortizing term loans, establish a single term loan of up to $75.0 million, consisting of a $45.0 million initial term loan effective immediately with an option at a later date to enter into an additional $30.0 million delayed term loan, and increase the monthly revolving line of credit to $25.0 million. Approximately $23.5 million of the loan proceeds were used to immediately repay the remaining balances under the amortizing and non-amortizing term loans at the time of the amendment as well as the commitment fees and any other debt issuance costs associated with the amendment. The remaining proceeds from the initial term loan were utilized to fund the Company's normal business operations. Under the 2021 Amended Term Loan, the initial term loan of $45.0 million is payable over a 60-month period with principal and accrued interest payments due each quarter, commencing on September 30, 2021. The 2021 Amended Term Loan amortizes in equal quarterly installments of $0.1 million through September 30, 2024, $0.2 million beginning October 1, 2024 and $0.6 million beginning October 1, 2025, with any remaining principal balance due and payable on maturity. The amounts borrowed bear interest at the bank’s reference rate plus 2.25% (9.75% and 5.50% as of December 31, 2022 and 2021, respectively) beginning on September 30, 2021 and continuing on a quarterly basis through maturity of the term loan. The borrowings are secured by substantially all the Company’s assets. As of December 31, 2022 and 2021, the outstanding balance of the 2021 Amended Term Loan was $44.5 million and $44.9 million, respectively. Upon completion of the IPO in November 2021, the Company became obligated to pay a $2.5 million success fee as part of the Company's 2021 Amended Term Loan. This amount was paid to CIBC in November 2021. Monthly Revolving Line of Credit The line of credit agreement, as amended with the 2021 Amended Term Loan, provides borrowings up to $25.0 million. Borrowings under the line of credit bear interest at CIBC’s reference rate plus 1.00% (8.50% and 4.25% as of December 31, 2022 and 2021, respectively) and are secured by substantially all of the Company’s assets. As of December 31, 2022 and 2021, there were $15.0 million of borrowings under the line of credit and $10.0 million of capacity available for additional borrowings. In connection with the amortizing term mortgage and the 2021 Amended Term Loan, the Company recorded an immaterial amount of debt issuance costs and the 2021 Amended Term Loan was subject to an original issue discount. These amounts are amortized to interest expense over the term of the respective agreements using the effective interest method. As of December 31, 2022 and 2021, unamortized original issue discount and debt issuance costs remaining were $0.3 million and $0.2 million, respectively. Interest expense included within Interest and other expense, net on the Consolidated Statements of Operations for the years ended 2022, 2021, and 2020 was $4.5 million, $3.1 million, and $2.9 million, respectively. Future aggregate annual principal payments on long-term debt as of December 31, 2022 is expected to be as follows (in thousands): For the years ending: 2023 $ 595 2024 715 2025 1,397 2026 42,355 2027 176 Thereafter 7,015 Total principal payments 52,253 Less: unamortized original issue discount and debt issuance costs (268) Less: current portion, net of unamortized original issue discount and debt issuance costs (551) Long-term debt, net of unamortized original issue discount and debt issuance costs $ 51,434 The Company is subject to customary covenants under the 2021 Amended Term Loan agreement, which unless waived by CIBC, restrict its and its subsidiaries' ability to, among other things, incur additional indebtedness, create or incur liens, permit a change of control or merge or consolidate with other companies, sell or transfer assets, pay dividends or make distributions, make acquisitions, investments or loans, or payments and prepayments of subordinated indebtedness, subject to certain exceptions. If the Company fails to perform its obligations under these and other covenants, CIBC’s credit commitments could be terminated and any outstanding borrowings, together with accrued interest, under the credit or loan agreements could be declared immediately due and payable. As of December 31, 2022 , the Company was not in compliance with all debt covenants, specifically the covenant restricting the amount of repurchases of common stock, which includes RSU net share settlements, during the period. A waiver was obtained from CIBC. The Company does not believe non-compliance with these covenants had any material impact on the Company or its operations. The Company expects to be in compliance with all debt covenants by the end of the fiscal quarter ended March 31, 2023.

CONVERTIBLE PREFERRED STOCK AND

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)	CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) Share Repurchase Program On May 10, 2022, the Executive Committee of our Board of Directors approved a share repurchase program with authorization to purchase up to $50.0 million of shares of Class A common stock ("2022 Share Repurchase Program"). The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934 ("Exchange Act"), in accordance with applicable securities laws and other restrictions. The actual timing, manner, price and total amount of future repurchases will depend on a variety of factors, including business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, restrictions under the terms of loan agreements and other considerations. The 2022 Share Repurchase Program does not obligate the Company to acquire any particular amount of Class A common stock, and the program may be suspended or terminated at any time by the Company at any time at its discretion without prior notice. During 2022, the Company repurchased 599,080 shares of Class A common stock at a total cost of $6.0 million. Convertible Preferred Stock Upon closing of the IPO, all convertible preferred stock then outstanding, was converted into 42,031,390 shares of common stock on a ten-for-one basis and reclassified into Class A common stock. As such, there is no convertible preferred stock outstanding as of December 31, 2022 or 2021. As of December 31, 2020, convertible preferred stock consisted of the following: (in thousands, except share and Shares authorized Shares issued and outstanding Original issuance price per share Liquidation amount Carrying value Series A 1,090,868 1,090,868 $ 0.9167 $ 1,000 $ 1,000 Series B 1,401,399 1,401,399 $ 2.67903 3,754 22,827 Series B-1 644,541 644,541 $ 5.54619 3,575 4,108 Series C 1,066,331 1,066,331 $ 15.5677 16,600 17,170 Total 4,203,139 4,203,139 $ 24,929 $ 45,105 Warrants The Company issued warrants during various dates in 2013 and December 2016 to purchase 430,080 shares of common stock in relation to a previous credit agreement entered into with Silicon Valley Bank. Although the credit agreement was terminated in 2018, the common stock warrants remained outstanding until exercised or expired. The warrants issued in 2013 and 2016 were exercisable immediately at $0.07 and $0.53 per share, respectively, with expiration dates ten years after issuance. The Company recorded the common stock warrants in Additional paid-in capital at their grant date fair value which approximates the exercise price. Following the completion of the IPO, Silicon Valley Bank net exercised all common stock warrants then outstanding for 428,067 shares of Class A common stock. As such, there are no common stock warrants outstanding as of December 31, 2022 or 2021. The following table discloses information regarding common stock warrants issued and outstanding at December 31, 2020: Date issued Number of warrant shares Fair value on issuance date Exercisable through September 2013 150,000 $ 10 September 2023 October 2013 150,000 10 October 2023 December 2016 130,080 69 December 2026 Total 430,080 $ 89

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
STOCK INCENTIVE PLANS	STOCK INCENTIVE PLANS 2009 and 2019 Stock Plans In 2009, the Board of Directors approved the 2009 Stock Plan ("2009 Stock Plan"). As amended in 2015, the 2009 Stock Plan permitted the Company to grant up to 16,495,150 shares of common stock. In January 2018, the Company increased the number of shares of common stock reserved under the 2009 Stock Plan by 535,130 shares to 17,030,280 shares. In April 2019, the Board of Directors approved the adoption of the 2019 Stock Plan ("2019 Stock Plan", and together with the 2009 Stock Plan, "Stock Plans"). The 2019 Stock Plan permitted the Company to grant up to 8,173,970 additional shares, increasing the overall common stock reserved for grant under the Stock Plans to 25,204,250 shares. In September 2021, under the 2019 Stock Plan, the Board of Directors approved the grant of 8,679,380 restricted stock units under the 2019 Stock Plan, which consisted of an aggregate of 4,339,690 shares of each of Class A and LT50 common stock effective immediately prior to the effectiveness of the Company's IPO Registration Statement. On November 9, 2021, the Board of Directors amended and restated the 2019 Stock Plan to, among other things, increase the common stock reserved for issuance under the 2019 Stock Plan to an aggregate of 16,856,770 shares of Class A and LT50 common stock. Following the completion of the IPO, the Company did not and does not intend to make any further grants under the Stock Plans. However, the Stock Plans will continue to govern the terms and conditions of the outstanding awards granted under the Stock Plans. Upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan, an equal number of shares of Class A common stock will become available for grant under the 2021 Incentive Award Plan ("2021 Plan") and the Company's Stock Purchase and Matching Plan ("Matching Plan" and together with the 2021 Plan, "2021 Incentive Plans"). 2021 Incentive Plans In November 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Plans, which both became effective immediately before the effectiveness of the IPO Registration Statement and use a combined share reserve. Under the 2021 Incentive Plans, 11,676,932 shares of Class A common stock were initially reserved for issuance pursuant to a variety of stock-based awards, including incentive stock options, nonqualified stock options, stock appreciation rights ("SARs"), restricted stock awards ("RSAs"), restricted stock units ("RSUs") and other forms of equity and cash compensation under the 2021 Plan and purchase rights and matching awards under the Matching Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Incentive Plans will be increased upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan. The number of shares of Class A common stock reserved for issuance under the 2021 Incentive Plans as of December 31, 2022 was 17,336,973 shares. The number of shares reserved for issuance under the 2021 Incentive Plans will automatically increase each subsequent January 1 through January 1, 2031, by the lesser of (A) 6% of the aggregate number of shares of all classes of common stock outstanding on the immediately preceding calendar year, or (B) such lesser number of shares as determined by the Company’s Board of Directors or compensation committee; provided, however, that no more than 87,576,990 shares of Class A common stock may be issued upon the exercise of incentive stock options. Stock Purchase and Matching Plan The Matching Plan operates using consecutive three month offering periods that commenced on March 15, 2022. Service Providers of the Company can participate in the Matching Plan by electing to contribute compensation through payroll deductions or from fee payments or may be granted discretionary awards under the Matching Plan. On the last day of the offering period the contributions made during the offering period are used to purchase shares of Class A common stock. The price at which Class A common stock is purchased under the Matching Plan equals the average of the high and low trading price of a share of Class A common stock as of the last trading day of the offering period. At the end of each offering period, the Company may provide a discretionary match up to 1/10 of a share of Class A common stock for each share of Class A common stock purchased by or issued to a service provider under the Matching Plan that is retained through the end of the applicable offering period. No fractional shares will be issued by the Company. The Company will round to the nearest full share for shares purchased by a Service Provider as well as any matched shares issued to a Service Provider under the Matching Plan. The match rate applicable to each offering period shall be limited to 1.50% of the shares of any class of capital stock outstanding as of the exercise date applicable to such offering period. The Company estimates the fair value of matched shares provided under the Matching Plan using the Black-Scholes option-pricing model on the date of grant. The Company recognizes stock-based compensation expense related to the matched shares pursuant to its Matching Plan on a straight-line basis over the applicable three month offering period. Service Providers who participated in the Matching Plan for the offering period ended June 14, 2022 purchased a total of 67,946 in Class A common shares, based on a purchase price of $17.42, resulting in gross cash proceeds to the Company of $1.2 million. Service Providers who participated in the Matching Plan for the offering period ended September 14, 2022 purchased a total of 73,959 in Class A common shares, based on a purchase price of $16.70, resulting in gross cash proceeds to the Company of $1.2 million. Service Providers who participated in the Matching Plan for the offering period ended December 15, 2022 purchased a total of 130,291 in Class A common shares, based on a purchase price of $9.51, resulting in gross cash proceeds to the Company of $1.2 million. The Company elected to match each share of Class A common stock purchased by or issued under the Matching Plan with 1/20 of a share of Class A common stock. As of December 31, 2022, the Company granted 22,201 shares of Class A common stock under the Matching Plan, respectively. Restricted Stock Units The 2019 Stock Plan and the 2021 Plan authorize the grant of RSUs. No RSUs were granted as of December 31, 2020 for either plan. In September 2021, under the 2019 Stock Plan, the Company's Board of Directors approved and authorized 8,679,380 restricted stock units to be granted, which consisted of an aggregate of 4,339,690 shares each of Class A and LT50 common stock effective as of immediately prior to the effectiveness of the Company's IPO Registration Statement. Of this total, 2,980,260 RSUs, comprised of 1,490,130 shares of each of Class A and LT50 common stock were considered granted for accounting purposes in September 2021 to the Company's named executive officers and certain members of management as the Company and these certain Service Providers had a mutual understanding of the key terms and conditions of the award on the board approval date, which occurred on September 24, 2021. RSUs granted to Service Providers in September 2021 vest upon the satisfaction of both a performance and service condition. The performance condition was satisfied immediately prior to the effectiveness of the IPO Registration Statement. The service condition for these awards is satisfied over eight years with a cliff vest for 1/8 of the grant on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 thereafter until fully vested. In November 2021, the Company granted 5,666,260 RSUs, comprised of 2,833,130 shares of each of Class A common stock and LT50 common stock, to certain Service Providers that were not included in the September RSU grant. These RSUs only have a service condition, which is equivalent with the service condition of the awards granted in September 2021, and were deemed granted for accounting purposes on November 10, 2021, the date these certain Service Providers had a mutual understanding of the key terms and conditions of the award. On March 28, 2022, the Company granted a Service Provider 43,060 RSUs, comprised of 21,530 shares each of Class A common stock and LT50 common stock, at a grant date fair value of $18.93 per share. These RSUs only have a service condition, which is satisfied over approximately eight years with a cliff vest for 1/8 of the grant on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 thereafter until fully vested. Pursuant to the Company's Non-Employee Director Compensation Program, which was adopted under the 2021 Incentive Plans, the Company granted 20,163 Class A common stock RSUs during the year ended December 31, 2022. A total of 9,261 Class A common stock RSUs vested during the year ended December 31, 2022 related to previously granted RSU awards as the quarterly service conditions were satisfied. The Company granted 27,780 Class A common stock RSUs to members of the Company's audit committee during November 2021 in connection with each member's initial appointment to the Board of Directors and consummation of the IPO. For accounting purposes, the grant date was considered to be November 12, 2021 as this was the date the Company filed its IPO price pursuant to Rule 424(b)(4). The IPO price was a key determination of the number of RSUs awarded to members of the Audit Committee and therefore on this date the Company and each Audit Committee member had a mutual understanding of the key terms and conditions of the awards granted. The RSUs granted vest upon the earlier of the satisfaction of a service condition or a performance condition, which is considered a change in control event. The service condition for these awards is satisfied over three years with quarterly vesting of the grant until fully vested. During the year ended December 31, 2022, RSU activity was as follows: Class A Common Stock LT50 Common Stock Weighted average grant date fair value per share Outstanding at December 31, 2021 4,329,530 4,301,750 $ 33.75 RSUs granted 63,223 — $ 18.21 RSUs vested (645,740) (629,751) $ 33.65 RSUs cancelled/forfeited/expired (367,356) (367,356) $ 39.12 Outstanding at December 31, 2022 3,379,657 3,304,643 $ 33.88 As of December 31, 2022, there was $204.2 million of unamortized stock-based compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted average life of 6.23 years. As of December 31, 2021, there was $282.0 million of unamortized stock-based compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted average life of 6.92 years. Stock Options The Stock Plans and the 2021 Plan provide for the grant of incentive and nonstatutory stock options to employees, non-employee directors and consultants of the Company. Under the Stock Plans and the 2021 Plan, the exercise price of incentive stock options must be equal to at least 110% of the fair market value of the common stock on the grant date for a “ten-percent holder” or 100% of the fair market value of the common stock on the grant date for any other participant. The exercise price of nonstatutory options granted must be equal to at least 100% of the fair market value of the Company’s common stock on the date of grant. The Company has only granted options under the Stock Plans. Options typically vest over four years and are exercisable at any time after the grant date, provided that Service Providers exercising unvested options receive restricted common stock that is subject to repurchase at the original exercise price upon termination of service. The repurchase right lapses in accordance with the vesting schedule of the exercised option . Early exercises of options prior to vesting are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises of unvested options are recorded as a liability. These repurchase terms are considered to be a forfeiture provision and do not result in variable accounting. During the year ended December 31, 2022 , the Company repurchased an immaterial amount of exercised restricted common stock. There were no repurchases of exercised restricted common stock during the year ended December 31, 2021. As of December 31, 2022 and 2021, there were 813,311 and 1,437,760 shares subject to repurchase, respectively, related to unvested stock options that had been early exercised. As of December 31, 2022 and 2021, the Company recorded a liability related to shares subject to repurchase of $1.3 million and $2.4 million, respectively, which is included within Accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets . These amounts are reclassified to common stock and additional paid in capital as the underlying shares vest. A summary of the Company's stock option activity was as follows: Shares Weighted average exercise price per share Weighted average Outstanding at December 31, 2020 13,512,820 $ 0.78 6.35 Exercisable at December 31, 2020 13,222,800 $ 0.78 6.31 Options granted 962,080 $ 8.90 Options exercised (6,965,767) $ 0.94 Options cancelled/forfeited/expired (315,940) $ 1.61 Outstanding at December 31, 2021 7,193,193 $ 1.87 6.45 Exercisable at December 31, 2021 7,001,403 $ 1.81 6.31 Options granted — $ — Options exercised (478,547) $ 1.65 Options cancelled/forfeited/expired (412,996) $ 1.92 Outstanding at December 31, 2022 6,301,650 $ 1.67 5.20 Exercisable at December 31, 2022 6,130,735 $ 1.51 5.15 The to tal pretax intrinsic value of options exercised during the years ended December 31, 2022, 2021, and 2020 was $10.9 million, $80.7 million , and $11.3 million , respectively . The total pretax intrinsic value of options outstanding at December 31, 2022, 2021, and 2020 was $46.0 million, $302.8 million , and $86.8 million , respectively. The intrinsic value is the difference between the estimated fair market value of the Company’s common stock at the date of exercise and the exercise price for in-the-money options. No options were granted during the year ended December 31, 2022 . The weighted average grant date fair value of options granted during the years ended December 31, 2021 and 2020 was $6.87 and $1.69, respectively. As of December 31, 2022 , there was $8.1 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.21 years . As of December 31, 2021, there was $13.2 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.70 years. As of December 31, 2020, there was $10.8 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 3.70 years. Cash received from option exercises and purchases of shares under the Stock Plans for the years ended December 31, 2022, 2021, and 2020 was $0.8 million, $3.5 million, and $1.3 million, re spectively. Prior to the IPO, the fair value of option grants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended December 31, 2021 2020 Fair value of common stock per share $ 12.16 $ 2.66 Exercise price per share $ 8.90 $ 2.11 Expected dividend yield (1) — % — % Risk-free interest rate (2) 1.1 % 0.6 % Expected volatility (3) 51.5 % 50.5 % Expected life (in years) (4) 5.98 5.80 (1) The Company has no history or expectation of paying cash dividends on its common stock. (2) The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant. (3) The Company estimates the volatility of its common stock at the date of grant based on the expected weighted-average volatility for a group of publicly traded companies in a similar industry or with similar service offerings, with a term of one year or greater. There have been no grants of stock options after the completion of the IPO. (4) The expected life of stock options granted under the option plans is determined using the simplified method, which deems the expected life to be the average of the time-to-vesting and the contractual life of the stock-based awards. The expected life represents the period of time that options granted are expected to be outstanding. Stock-Based Compensation The following table summarizes the stock-based compensation expense recognized for options granted under the 2009 Stock Plan, options and RSUs granted under the 2019 Stock Plan, RSUs granted under the 2021 Plan and matching shares issued under the Matching Plan (in thousands): Year ended December 31, 2022 2021 2020 Stock options $ 3,888 $ 3,425 $ 2,582 Secondary sales of common stock — — 15,255 Matching shares 67 — — Restricted stock units 50,134 11,149 — Total stock-based compensation $ 54,089 $ 14,574 $ 17,837 Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation is included in the following components of expenses on the accompanying Consolidated Statements of Operations (in thousands): Year ended December 31, 2022 2021 2020 Cost of revenue, net $ 18,403 $ 4,115 $ 2,272 Research and development 7,875 1,617 2,469 General and administrative 17,850 7,356 12,648 Sales and marketing 8,204 1,486 448 Total stock-based compensation expense $ 52,332 $ 14,574 $ 17,837 Stock-based compensation expense capitalized as internally developed software costs was $1.8 million and $0.6 million for the years ended December 31, 2022 and 2021, respectively. This amount was not material for the year ended December 31, 2020. For RSUs granted in September 2021, the Company recorded a cumulative one-time stock-based compensation expense on the date the performance condition was satisfied for the requisite service period satisfied by the employees prior to that date. Upon the date of the performance condition being satisfied on November 9, 2021, the Company recorded cumulative stock-based compensation expense of approximately $2.9 million related to these RSUs. The Company will recognize all remaining stock-based compensation expense over the vesting period using an accelerated graded method. During the year ended December 31, 2020, the Company's Chief Executive Officer, David Barrett, among other employees, sold a portion of their common stock to new investors. Due to the Company’s involvement in these transaction, the sales of common stock were determined to be compensatory, and the Company recorded $15.3 million to stock-based compensation expense for the sale price in excess of fair value.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The components of the Company's (loss) income before taxes consisted of the following (in thousands): Year ended December 31, 2022 2021 2020 Domestic $ (21,614) $ (14,562) $ 2,734 Foreign 971 830 218 Total (loss) income before taxes $ (20,643) $ (13,732) $ 2,952 The components of the Company’s (provision for) benefit from income taxes are as follows (in thousands): Year ended December 31, 2022 2021 2020 Current: Federal $ (4,052) $ (99) $ (688) State (659) (239) (517) Foreign (1,626) (356) (81) (6,337) (694) (1,286) Deferred: Federal — 912 (3,161) State — (415) (232) Foreign (29) 371 17 (29) 868 (3,376) Total (provision for) benefit from income taxes $ (6,366) $ 174 $ (4,662) A reconciliation of the U.S. statutory federal income tax rate to the Company's effective income tax rate is as follows: Year ended December 31, 2022 2021 2020 Statutory rate 21.0 % 21.0 % 21.0 % State tax (1) (2.8) 4.7 20.2 Research and development credit 1.2 5.1 2.5 Rate differentials for controlled foreign corporations and charitable organizations 1.9 (1.9) 0.6 Permanent items and others 0.7 1.0 3.5 Stock-based compensation (25.3) 16.5 110.1 Change in valuation allowance (13.4) (18.1) — 162(m) limitation (14.1) (27.0) — Effective income tax rate (30.8) % 1.3 % 157.9 % (1) State taxes include the impact of stock-based compensation expense related to secondary market transactions in 2020. Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands): As December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ — $ 415 Tax credit carryforwards 251 318 Accruals and reserves 254 169 Stock-based compensation 2,232 2,364 Interest expense limitation — 245 Lease liabilities 204 591 Charitable contributions 604 525 Property and equipment 689 271 Capitalized research and development 3,216 — Total deferred tax assets 7,450 4,898 Less: valuation allowance (5,241) (2,450) Deferred tax assets net of valuation allowance 2,209 2,448 Deferred tax liabilities: Capitalized software development costs (1,675) (1,524) Operating lease right-of-use assets (190) (554) Total deferred tax liabilities (1,865) (2,078) Deferred tax assets, net $ 344 $ 370 The TCJA requires taxpayers to capitalize and amortize research and experimental ("R&D") expenditures under Internal Revenue Code Section 174 for tax years beginning after December 31, 2021. This rule became effective for the Company during the year ended December 31, 2022 and resulted in the capitalization of R&D costs of $16.5 million which was offset by a valuation allowance. The Company will amortize these costs for tax purposes over five years for R&D performed in the U.S. and over fifteen years for R&D performed outside of the U.S. Under the provisions of ASC 740 Income Taxes, the Company assessed its ability to realize the benefits of its domestic deferred tax assets by evaluating all available positive and negative evidence, objective and subjective in nature, including cumulative results of operations in recent years, sources of recent pre-tax income, projected reversals of existing taxable temporary differences, and estimates of future taxable income. As of December 31, 2022, the Company concluded it is more likely than not that the Company will not have the ability to realize the benefits of its domestic deferred tax assets in excess of existing taxable temporary differences and therefore recorded a valuation allowance on the remaining domestic deferred tax assets. As of December 31, 2022, the Company had utilized all available NOL carryforwards for U.S. federal and state tax purposes. As of December 31, 2021, the Company had NOL carryforwards for U.S. federal and state tax purposes of zero and $3.1 million, respectively. As of December 31, 2022, the Company had state research and development tax credit carryforwards of $0.9 million. As of December 31, 2021, the Company also had U.S. federal and state research and development tax credit carryforwards of $1.0 million and $1.0 million, respectively. The state tax credits do not expire and will carry forward indefinitely until utilized. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes . ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. As of December 31, 2022 and 2021, the Company recorded an uncertain tax position liability, exclusive of interest and penalties, of $1.2 million and $0.2 million respectively, within Other liabilities on the Consolidated Balance Sheets. As of December 31, 2022, 2021 and 2020, the Company had $1.8 million, $1.7 million and $1.3 million of unrecognized tax benefits, respectively. Approximately $1.2 million of the unrecognized tax benefits, if recognized, would affect the effective tax rate. A reconciliation of the amount of unrecognized tax benefits is as follows (in thousands): Year ended December 31, 2022 2021 2020 Balance as of January 1 $ 1,656 $ 1,329 $ 1,253 Additions based on tax positions related to current year 126 336 76 Additions based on tax positions of prior year 30 (9) — Balance as of December 31 $ 1,812 $ 1,656 $ 1,329 The Company recognizes penalties and interest expense related to income taxes as a component of tax expense. There are immaterial amounts of interest and penalties recorded in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 and in the Consolidated Balance Sheets as of December 31, 2022 and 2021. There are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. The Company's federal and state returns for the tax years ended from December 2018 to December 2021 remain open to examination.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Year ended December 31, 2022 2021 2020 Numerator Net loss attributable to Class A, LT10 and LT50 common stockholders, basic and diluted $ (27,009) $ (13,558) $ (1,710) Denominator Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, basic and diluted 80,786,725 38,039,222 27,424,480 Net loss per share attributable to Class A, LT10 and LT50 common stockholders, basic and diluted $ (0.33) $ (0.36) $ (0.06) The rights, including the liquidation and dividend rights, of the holders of Class A, LT10 and LT50 common stock are identical, except with respect to voting, conversion and transfer rights. Each share of Class A common stock is entitled to one vote per share, each share of LT10 common stock is entitled to 10 votes per share and each share of LT50 common stock is entitled to 50 votes per share. Each share of LT10 and LT50 common stock is convertible into one share of Class A common stock voluntarily at the option of the holder after the satisfaction of certain requirements, which includes a 10-month notice period for LT10 common stock and a 50-month notice period for LT50 common stock to convert to Class A common stock, or automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A, LT10 and LT50 common stock, the undistributed earnings are allocated on a proportional basis based on the number of weighted-average shares within each class of common stock during the period and the resulting net loss per share attributable to common stockholders will be the same for the Class A, LT10 and LT50 common stock on an individual or combined basis. The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: Year ended December 31, 2022 2021 2020 Warrants — 366,982 413,040 Weighted-average stock options 5,406,383 9,419,506 10,981,370 Matching shares 17,240 — — Convertible preferred stock — 36,619,129 42,031,390 Total 5,423,623 46,405,617 53,425,800

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation From time to time in the normal course of business, the Company may be involved in claims, proceedings and litigation. In the case of any litigation, the Company records a provision for a liability when management believes that it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews these provisions at least quarterly and adjusts provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. As of December 31, 2022 and 2021, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company's financial position, results of operations or cash flows. Indemnification Agreements In the ordinary course of business, we enter into agreements of varying scope and terms whereby we agree to indemnify customers, issuing banks, card networks, vendors and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by us or from intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with our directors and certain officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon us to provide indemnification under such agreements and there are no claims that we are aware of that could have a material effect on our Consolidated Balance Sheets, Consolidated Statements of Operations, Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit), or Consolidated Statements of Cash Flows.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS 401(k) Plan In fiscal 2009, the Company sponsored a U.S. 401(k) defined contribution plan covering eligible employees who elect to participate. The Company is allowed to make discretionary profit sharing and 401(k) matching contributions as defined in the plan and as approved by the Board of Directors. Effective January 1, 2018, the Company matches up to 4.50% of each participant’s eligible compensation. The Company’s actual contribution may be reduced by certain available forfeitures, if any, during the plan year. No discretionary profit-sharing contributions were made for the years ended December 31, 2022, 2021, and 2020 . The Company’s 401(k) matching contributions for the years ended December 31, 2022, 2021, and 2020 were $0.8 million, $0.7 million, and $0.7 million, respectively. In accordance with local laws and customs of the UK, the Company sponsored a UK pension plan covering eligible employees who elect to participate. The Company is allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by the Board of Directors. The Company matches up to 4.50% of each participant's eligible compensation. The Company’s actual contribution may be reduced by certain available forfeitures, if any, during the plan year. No discretionary profit-sharing contributions were made for the years ended December 31, 2022, 2021, and 2020 . The discretionary matching contributions were $0.1 million for each of the years ended December 31, 2022, 2021, and

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the years ended December 31, 2022, 2021, and 2020 Expensify, Inc. contributed $2.4 million, $3.1 million, and $0.1 million, respectively, to its wholly-owned subsidiary, Expensify.org. There was an immaterial amount of commitments from Expensify, Inc. that remained open for contribution as of December 31, 2022 and $0.3 million as of December 31, 2021. During the year ended December 31, 2021, the Company incurred sales and marketing expenses of $0.4 million, related to partner payouts and advertising fees paid to CPA.com. CPA.com is considered a related party to the Company as Timothy L. Christen, the Chairman of the Company's audit committee

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements include the accounts of Expensify and its wholly-owned subsidiaries (the "Company") and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments may differ under different assumptions or conditions. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Significant estimates and assumptions by management affect the Company’s revenues, classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, and stock-based compensation.
Foreign Currency	Foreign Currency The Company uses the U.S. dollar as its functional currency. Foreign currency assets and liabilities are remeasured into the U.S. dollar at the end-of-period exchange rates except for prepaid expenses, property and equipment and related depreciation and amortization, and lease right-of-use assets and related amortization, which are remeasured at the historical exchange rates. Revenues and expenses are remeasured at average exchange rates in effect during each period. Gains or losses from foreign currency transactions are included in the Consolidated Statements of Operations within Interest and other expenses, net.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of funds deposited with banks. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The recorded carrying amount of cash equivalents, which is cost plus accrued interest, if any, approximates fair value. As of December 31, 2022 and 2021, the Company had no cash equivalents.
Restricted Cash	Restricted Cash Restricted cash includes cash in transit for funds held for customers to the Company's Payment Processor, Expensify Card collateral for funds held for customers, and cash held by Expensify.org for social justice and equity efforts of Expensify.org. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2022 and 2021. Restricted cash also includes amounts included within Settlement assets, net for funds held for customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer's members. Refer to the Settlement assets and liabilities policy note below for further detail.
Accounts Receivable and Allowance for Expected Credit Losses	Accounts Receivable and Allowance for Expected Credit Losses
Concentrations of Credit Risk	Concentrations of Credit Risk
Settlement Assets and Liabilities and Allowance for Expected Credit Losses	Settlement Assets and Liabilities and Allowance for Expected Credit Losses Upon an approved request for expense reimbursement from customers, the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company for the benefit of the customers until remitted to the customer’s members after a clearing period of three business days, including the day of the transaction. The Company records a settlement receivable upon approval of the expense reimbursement until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded upon approval of the expense reimbursement until funds are remitted from the Company’s commercial bank account to the customer’s members. For customer transactions incurred through the Expensify Card the Company initiates a transaction facilitated by a third-party vendor to collect funds from customers that are deposited into a commercial bank account held by the Company until remitted to the issuing bank the next business day. The majority of customers settle Expensify Card transactions on a daily basis while certain customers settle Expensify Card transactions on a monthly basis. The company records a settlement receivable for Expensify Card transactions until funds are cleared in the Company’s commercial bank account. A corresponding liability is recorded until funds are remitted from the Company’s commercial bank account to the issuing bank.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. Operating and finance leases are included in lease right-of-use ("ROU") assets and lease liabilities in the Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. The Company uses rates implicit in the lease, or if not readily available, its incremental borrowing rate, to calculate its ROU assets and liabilities. The operating and finance lease ROU assets also include any lease payments made before commencement and exclude lease incentives.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, typically three years for computer equipment, five years for furniture and fixtures and thirty years for buildings. Land has an indefinite useful life and is not depreciated. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposal, the cost and related accumulated depreciation and amortization are removed from the Consolidated Balance Sheets and the resulting gain or loss is reflected in the Consolidated Statements of Operations. Gains or losses from disposition of property and equipment for the years ended December 31, 2022, 2021, and 2020 have been immaterial. Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No depreciation is recorded for construction in progress until the relevant assets are completed and put into use. Construction in progress as of December 31, 2022 and 2021 represents leasehold improvements under installation.
Capitalized Software Development Costs	Capitalized Software Development Costs
Long-Lived Assets	Long-Lived Assets Long-lived assets, primarily capitalized software development costs, property and equipment and lease right-of-use assets, are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When indications of impairment are present and the estimated undiscounted future cash flows from the use of the asset are less than the asset's carrying value, the related asset will be written down to fair value. Any impairment losses are included in the same financial statement caption as the related depreciation and amortization for the
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs consist primarily of accounting, legal and other fees related to the IPO. Upon completion of the IPO, deferred offering costs of $8.0 million were reclassified to stockholders’ equity and recorded net against the IPO proceeds. The Company had no capitalized deferred offering costs as of December 31, 2022 and 2021.
Revenue Recognition	Revenue Recognition The Company generates revenue from subscription fees paid by its customers to access and use the Company’s hosted software services, as well as standard customer support. The Company adopted Accounting Standard Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) as of January 1, 2019, utilizing the full retrospective method of transition. Revenue is recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. The Company’s contracts are either month-to-month arrangements billed monthly in arrears based on a specified number of members or annual arrangements billed monthly in arrears based on a minimum number of monthly members. Month-to-month contracts can be terminated by either party at any time without penalty. Annual subscription customers who wish to terminate their contracts before the end of the term are required to pay the remaining obligation in full plus any fees or penalties set forth in the agreement. In May 2020, the Company updated its terms of service, which resulted in annual contracts becoming noncancelable and a pricing change, which led to an increase in the per member price for paid members. The Company charges its customers subscription fees for access to its platform based on the number of monthly members and level of service. The contractual price per member is based on either negotiated fees or rates published on the Company’s website. The Company’s contracts with customers include two performance obligations: access to the hosted software service ("SaaS"), inclusive of all features available within the platform, and related customer support. The SaaS and the support are accounted for as a combined performance obligation because they have the same pattern of transfer over the same period and, therefore, are delivered concurrently. The Company satisfies its performance obligation over time each month as it provides the SaaS and support services to customers and, as such, generally recognizes revenue monthly based on the number of monthly members and contractual rate per member. Certain annual contracts provide the customer the option to increase the minimum number of members and extend the contract term on a prospective basis or to purchase members beyond the minimum contracted number of members at a higher rate for a particular month. These options are accounted for when the customer exercises the option as they do not represent a material right and are accounted for as a contract modification. Revenue is recognized net of applicable taxes imposed on the related transaction. The Company charges the customer on a monthly basis, in arrears, with typical payment terms being 30 days. A contract asset is the right to consideration for transferred goods or services and arises when the amount of revenue recognized exceeds amounts billed to a customer. As a result of a price increase in 2020 that was applicable to certain annual contracts and billed incrementally by the Company over a twelve month period, the Company recorded revenue for such contracts on a straight line basis over the twelve month period affected by the price increase. This resulted in contract assets that consisted of unbilled receivables for revenue recognized in excess of billings. The contract assets decreased as
Cashback Rewards	Cashback Rewards In August 2021, the Company began offering a cashback rewards program to all customers based on volume of Expensify card transactions and SaaS subscription tier. Cashback rewards are earned on a monthly basis are paid out the following month. The Company considers their cashback payments to customers as consideration payable to a customer under the scope of Accounting Standards Codification ("ASC") 606 and it is recorded as contra revenue within Revenue on the Consolidated Statements of Operations. The Company records a cashback rewards liability that represents the consideration payable to customers for earned cashback rewards. The cashback rewards liability is impacted over time by customers meeting eligibility requirements in conjunction with the SaaS subscription tier of the customer and the timing of payments to customers. The accrued cashback rewards liability was $0.2 million and $0.2 million as of December 31, 2022 and 2021, respectively, and is recorded within Accrued expenses and other liabilities on the Consolidated Balance Sheets. The cashback rewards cost was $2.8 million and $1.1 million for the years ended December 31, 2022 and 2021, respectively.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of GAAP. Those provisions require all stock-based awards granted to employees, including stock options and restricted stock units, to be measured based on fair value at the date of grant, with the resulting expense generally recognized in the Consolidated Statements of Operations over the period during which the employee is required to perform service in exchange for the award. The Company utilizes the Black-Scholes option pricing model to determine the estimated fair value of stock options. The Company recognizes stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of four years. Forfeitures are recorded as they occur. The Black-Scholes option pricing model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock, expected life of the award, risk-free interest rate and expected dividend yield. Prior to the IPO, the fair value of common stock was determined by the Board of Directors based on a number of factors, including independent third-party valuations of our common stock, which considered estimates of our future performance and valuations of comparable companies. The Company also considered prices at which others have purchased our stock, and the likelihood and timing of achieving a liquidity event. When awards were granted or revalued between the dates of valuation reports, the Company considered the change in common stock fair value and the amount of time that lapsed between the two reports to determine whether to use the latest common stock valuation or an interpolation between two valuation dates for purposes of valuing stock-based awards. Subsequent to the completion of the IPO, the fair value of the Company’s underlying common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. The Company granted employees, consultants and directors (collectively, "Service Providers") restricted stock units ("RSUs") that settle in shares of Class A and LT50 common stock, effective immediately prior to the effectiveness of the IPO Registration Statement. All RSUs granted to Service Providers after the effectiveness of the IPO Registration Statement have a service condition only and are recognized on a straight-line basis over the requisite service period of the award, which is generally the RSU vesting term of eight years. The Company measures these RSUs granted based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. All RSUs granted to Service Providers before the effectiveness of the IPO Registration Statement were considered RSUs with both a service and performance condition for accounting purposes. The Company measures these RSUs based on the fair value of the underlying common stock on the grant date, which was consistent with the factors described within the Black-Scholes option pricing model. Once the performance condition was satisfied for these RSUs on November 9, 2021, the Company recognized a cumulative one-time stock-based compensation expense for the service period satisfied prior to this date. All remaining stock-based compensation for these awards will be recognized over the remaining service period using the accelerated graded method. The service period of these awards is the RSU vesting term of eight years. The Company granted RSUs in November 2021 to its Non-Employee Directors, which is comprised solely of the Company's Audit Committee members, in connection with each member's initial appointment to the Board of directors and consummation of the IPO. All RSUs granted to Non-Employee Directors settle in shares of Class A common stock and are recognized on a straight-line basis over the requisite service period of the award, which is generally the initial RSU grant vesting term of three years. Subsequent to the initial RSUs granted, the Company will grant RSUs to Non-Employee Directors on an annual basis at each annual stockholders' meeting that will vest upon the earlier of the satisfaction of a service condition or a performance condition, which is considered a change in control event. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is one year. Furthermore, RSUs will be granted to Non-Employee Directors on a quarterly basis as a retainer for their services, which vest only upon the satisfaction of a service condition. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is three months. The Company measures all RSUs granted to Non-Employee Directors based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. With the exception of the RSUs granted to Non-Employee Directors in November 2021, there were no other RSUs granted to Non-Employee Directors during the years ended December 31, 2022 and 2021. Forfeitures are recorded as they occur for all RSUs. Refer to Note 9 for further detail over stock-based compensation and the stock incentive plans of the Company.
Employee and Employee-Related Expenses	Employee and Employee-Related Expenses Allocating employee and employee-related expenses, which consist of contractor costs, employee salary and wages, stock-based compensation and travel and other employee-related costs, to their appropriate financial statement line items on the Consolidated Statements of Operations, requires the Company to make estimates and judgments as a result of a generalist model and organizational structure. The Company bases the estimates for allocating employee and employee related expenses on internal productivity and team management tools. Management reviews the estimates each reporting period to evaluate the amounts allocated to Cost of revenue, net, Research and development, General and administrative, and Sales and marketing on the Consolidated Statements of Operations.
Cost of Revenue, Net	Cost of Revenue, Net Cost of revenue, net primarily consists of expenses related to hosting the Company’s service, including the costs of data center capacity, credit card processing fees, third-party software license fees, outsourcing costs to support customer service and outsourcing costs to support and process our patented scanning technology SmartScan, net of consideration from a vendor for monetizing Expensify Card activities. This consideration, net of credit card processing fees paid to the vendor, is included as a reduction to cost of revenue of $6.2 million, $2.9 million, and $1.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. Additional costs include amortization expense on capitalized software development costs and personnel-related expenses, including stock-based compensation, cash bonuses and employee costs attributable to supporting our customers and maintenance of our platform.
Research and Development	Research and Development Research and development expenses consist primarily of personnel-related expenses, including stock-based compensation, incurred in the planning and preliminary project stage and post-implementation
General and Administrative	General and Administrative General and administrative expenses primarily consist of personnel-related expenses, including stock-based compensation, for any employee time allocated to administrative functions, including finance and accounting, legal and human resources. In addition to personnel-related expenses, general and administrative expenses consist of rent, utilities, depreciation on property and equipment, amortization of operating and finance lease right-of-use assets and external professional services, including accounting, audit, tax, finance, legal and compliance, human resources and information technology. General and administrative expenses are expensed as incurred.
Sales and Marketing	Sales and Marketing
Income Taxes	Income Taxes The Company is subject to income taxes in the U.S. and several foreign jurisdictions. The Company records a (provision for) benefit from income taxes utilizing the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities, as well as net operating losses ("NOL") and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. In January 2018, the Financial Accounting Standards Board ("FASB") released guidance on the accounting for tax on the global intangible low-taxed income ("GILTI") provisions of the Tax Cuts and Jobs Act ("TCJA"). The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or treating any taxes on GILTI inclusions as period cost are both acceptable methods subject to an accounting policy election. The Company has elected to treat any potential GILTI inclusions as a period cost. The Company's provision for income taxes does not include provisions for foreign withholding taxes associated with the repatriation of undistributed earnings of certain foreign subsidiaries that the Company intends to reinvest indefinitely in its foreign subsidiaries.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders The Company computes net loss per share attributable to common stockholders using the two-class method required by ASC 260, Earnings per Share , for participating securities. All series of the Company's previously outstanding convertible preferred stock were participating securities as the holders of such stock were entitled to receive stated noncumulative dividends when and if declared and then they could participate on a pari passu basis in the event that a dividend was paid on common stock. The holders of previously outstanding convertible preferred stock did not have a contractual obligation to share in the Company’s losses. The undistributed earnings were allocated between common stock and participating securities as if all earnings had been distributed during the period presented. Basic net loss per share attributable to common stockholders is computed by dividing net loss for the period by the weighted-average number of outstanding shares of common stock during the period, less weighted-average shares subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by dividing net loss for the period by the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period using the more dilutive of the treasury stock method or if-converted method, as applicable. The dilutive effect of previously outstanding participating securities is calculated using the more dilutive of the treasury method or the two-class method. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.
Share Repurchases	Share Repurchases When common stock is repurchased for retirement, the Company's policy is to allocate the excess of the repurchase price over the par value of shares acquired to both accumulated deficit and additional paid in capital. The Company estimates the additional paid in capital carrying value per common stock by dividing the additional paid in capital balance from our most recent quarterly financial statements preceding the repurchase by the number of common shares issued and outstanding from our most recent quarterly financial statements preceding the retirement date. The calculated additional paid in capital carrying value per share is then applied to the number of shares to be retired to determine the portion to be allocated to additional paid in capital
Segment Reporting	Segment Reporting The Company operates as one reportable segment because its chief operating decision maker, a committee that consists of the chief executive officer, the chief financial officer, and the chief operating officer, reviews the Company’s financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. Substantially all long-lived assets are located in the United States.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instrume nts - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments , with subsequent ASUs issued that clarify the guidance (collectively, "Topic 326"). Topic 326 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its “lifetime expected credit losses" using a forward-looking approach and to record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. Topic 326 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. As a result of no longer qualifying as an EGC as of December 31, 2022 , the Company was required to adopt Topic 326 retroactive to January 1, 2022. T he Company is not required to amend quarterly filings issued subsequent to January 1, 2022 in which the Company filed under the legacy credit loss guidance of ASC Topic 310. As such, this Annual Report on Form 10-K for the annual period ending December 31, 2022 is the first period under which the Company reports credit loss estimates in accordance with Topic 326. The adoption of Topic 326 did not have a material impact on the Company's financial position or results of operations, as of, and for the year ended, December 31, 2022.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Revenue from geographic areas	The table below provides the Company’s total revenue by geographic area (in thousands). No other individual country outside of the United States accounted for more than 10% of total revenue. Year ended December 31, 2022 2021 2020 Revenue by Customers' Geographic Locations United States $ 154,785 $ 127,652 $ 79,108 All other locations 14,710 15,183 8,964 Total revenue $ 169,495 $ 142,835 $ 88,072
Schedule of Stock-based Compensation Expense	Employee stock option exercise cash bonus is included in the following components of expenses on the accompanying Consolidated Statements of Operations (in thousands): Year ended December 31, 2021 Cost of revenue, net $ 13,708 Research and development 8,550 General and administrative 21,174 Sales and marketing 4,984 Total $ 48,416 Year ended December 31, 2022 2021 2020 Stock options $ 3,888 $ 3,425 $ 2,582 Secondary sales of common stock — — 15,255 Matching shares 67 — — Restricted stock units 50,134 11,149 — Total stock-based compensation $ 54,089 $ 14,574 $ 17,837 Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation is included in the following components of expenses on the accompanying Consolidated Statements of Operations (in thousands): Year ended December 31, 2022 2021 2020 Cost of revenue, net $ 18,403 $ 4,115 $ 2,272 Research and development 7,875 1,617 2,469 General and administrative 17,850 7,356 12,648 Sales and marketing 8,204 1,486 448 Total stock-based compensation expense $ 52,332 $ 14,574 $ 17,837

CAPITALIZED SOFTWARE, NET (Tabl

CAPITALIZED SOFTWARE, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
Schedule of capitalized software, net	Capitalized software, net consisted of the following (in thousands): As of December 31, 2022 2021 Capitalized software development costs $ 14,052 $ 10,966 Less: accumulated amortization (7,171) (4,607) Capitalized software, net $ 6,881 $ 6,359

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property And Equipment	Property and equipment, net consisted of the following (in thousands): As of December 31, 2022 2021 Computers and equipment $ 178 $ 311 Furniture and fixtures 1,698 1,462 Leasehold improvements 6,948 7,106 Commercial building 6,493 6,493 Land 4,151 4,151 Construction in progress 2,551 2,391 Total property and equipment 22,019 21,914 Less: accumulated depreciation (7,527) (5,984) Property and equipment, net $ 14,492 $ 15,930

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of Lease Cost	Year ended December 31, 2022 2021 2020 Finance lease cost: Amortization of ROU assets $ 790 $ 790 $ 827 Interest on lease liabilities 22 42 39 Total finance lease cost 812 832 866 Operating lease cost 704 821 898 Short-term lease cost 320 128 549 Total lease cost $ 1,836 $ 1,781 $ 2,313 Supplemental cash flow information related to leases was as follows (in thousands): Year ended December 31, 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ (790) $ (880) $ (961) Operating cash flows from finance leases $ (22) $ (42) $ (39) Financing cash flows from finance leases $ (793) $ (774) $ (808) ROU assets obtained in exchange for finance lease liabilities $ — $ — $ 1,260
Summary of Supplemental Balance Sheet Information	Other information related to leases was as follows (in thousands, except as noted within): As of December 31, 2022 2021 Finance lease ROU asset (included within Lease right-of-use assets) $ 461 $ 1,251 Operating lease ROU asset (included within Lease right-of-use assets) $ 284 $ 951 Weighted-average remaining lease term (in years): Finance leases 0.58 1.58 Operating leases 0.42 1.40 Weighted-average discount rate: Finance leases 2.50 % 2.50 % Operating leases 5.30 % 5.30 %
Summary of Operating Lease Maturity	Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands): Finance leases Operating leases For the year ending: 2023 $ 476 $ 332 2024 — — 2025 — — 2026 — — 2027 — — Thereafter — — Total future lease payments 476 332 Less: imputed interest (4) (4) Less: lease liabilities, current (472) (328) Lease liabilities, non-current $ — $ —
Summary of Finance Lease Maturity	Maturities of lease liabilities as of December 31, 2022 were as follows (in thousands): Finance leases Operating leases For the year ending: 2023 $ 476 $ 332 2024 — — 2025 — — 2026 — — 2027 — — Thereafter — — Total future lease payments 476 332 Less: imputed interest (4) (4) Less: lease liabilities, current (472) (328) Lease liabilities, non-current $ — $ —

SIGNIFICANT BALANCE SHEET COM_2

SIGNIFICANT BALANCE SHEET COMPONENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Current Assets	Other Current Assets Other current assets consisted of the following (in thousands): As of December 31, 2022 2021 Expensify Card posted collateral for funds held for customers $ 11,509 $ 5,115 Expensify.org restricted cash 5,518 3,078 Income tax receivable 2,471 5,412 Cash in transit for funds held for customers 2,361 388 Expensify Payments LLC restricted cash 102 55 Contract assets — 8 Matching plan escrow and other restricted cash 52 — Other 204 145 Other current assets $ 22,217 $ 14,201
Schedule of Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands): As of December 31, 2022 2021 Sales, payroll and other taxes payable $ 2,721 $ 4,936 Professional fees 1,473 1,274 Interest payable 1,318 783 Restricted common stock liability for early stock option exercises 1,283 2,443 Partner payouts and advertising fees 669 574 Accrued expense reports 291 246 Cashback rewards 223 239 Matching plan payroll liability 195 — Hosting and license fees 75 36 Credit card processing fees 22 56 Other 800 459 Accrued expenses and other liabilities $ 9,070 $ 11,046

FINANCING ARRANGEMENTS (Tables)

FINANCING ARRANGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Principal Payments on all Long-term Debt	Future aggregate annual principal payments on long-term debt as of December 31, 2022 is expected to be as follows (in thousands): For the years ending: 2023 $ 595 2024 715 2025 1,397 2026 42,355 2027 176 Thereafter 7,015 Total principal payments 52,253 Less: unamortized original issue discount and debt issuance costs (268) Less: current portion, net of unamortized original issue discount and debt issuance costs (551) Long-term debt, net of unamortized original issue discount and debt issuance costs $ 51,434

CONVERTIBLE PREFERRED STOCK A_2

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule Of Convertible Preferred Stock	As of December 31, 2020, convertible preferred stock consisted of the following: (in thousands, except share and Shares authorized Shares issued and outstanding Original issuance price per share Liquidation amount Carrying value Series A 1,090,868 1,090,868 $ 0.9167 $ 1,000 $ 1,000 Series B 1,401,399 1,401,399 $ 2.67903 3,754 22,827 Series B-1 644,541 644,541 $ 5.54619 3,575 4,108 Series C 1,066,331 1,066,331 $ 15.5677 16,600 17,170 Total 4,203,139 4,203,139 $ 24,929 $ 45,105
Schedule of Warrants Issued And Outstanding	The following table discloses information regarding common stock warrants issued and outstanding at December 31, 2020: Date issued Number of warrant shares Fair value on issuance date Exercisable through September 2013 150,000 $ 10 September 2023 October 2013 150,000 10 October 2023 December 2016 130,080 69 December 2026 Total 430,080 $ 89

STOCK INCENTIVE PLANS (Tables)

STOCK INCENTIVE PLANS (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of RSU Rollforward	During the year ended December 31, 2022, RSU activity was as follows: Class A Common Stock LT50 Common Stock Weighted average grant date fair value per share Outstanding at December 31, 2021 4,329,530 4,301,750 $ 33.75 RSUs granted 63,223 — $ 18.21 RSUs vested (645,740) (629,751) $ 33.65 RSUs cancelled/forfeited/expired (367,356) (367,356) $ 39.12 Outstanding at December 31, 2022 3,379,657 3,304,643 $ 33.88
Schedule of Stock Option Roll-forward	A summary of the Company's stock option activity was as follows: Shares Weighted average exercise price per share Weighted average Outstanding at December 31, 2020 13,512,820 $ 0.78 6.35 Exercisable at December 31, 2020 13,222,800 $ 0.78 6.31 Options granted 962,080 $ 8.90 Options exercised (6,965,767) $ 0.94 Options cancelled/forfeited/expired (315,940) $ 1.61 Outstanding at December 31, 2021 7,193,193 $ 1.87 6.45 Exercisable at December 31, 2021 7,001,403 $ 1.81 6.31 Options granted — $ — Options exercised (478,547) $ 1.65 Options cancelled/forfeited/expired (412,996) $ 1.92 Outstanding at December 31, 2022 6,301,650 $ 1.67 5.20 Exercisable at December 31, 2022 6,130,735 $ 1.51 5.15
Schedule of Fair Value Assumptions for Stock Options	he fair value of option grants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions: Year ended December 31, 2021 2020 Fair value of common stock per share $ 12.16 $ 2.66 Exercise price per share $ 8.90 $ 2.11 Expected dividend yield (1) — % — % Risk-free interest rate (2) 1.1 % 0.6 % Expected volatility (3) 51.5 % 50.5 % Expected life (in years) (4) 5.98 5.80 (1) The Company has no history or expectation of paying cash dividends on its common stock. (2) The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant. (3) The Company estimates the volatility of its common stock at the date of grant based on the expected weighted-average volatility for a group of publicly traded companies in a similar industry or with similar service offerings, with a term of one year or greater. There have been no grants of stock options after the completion of the IPO. (4) The expected life of stock options granted under the option plans is determined using the simplified method, which deems the expected life to be the average of the time-to-vesting and the contractual life of the stock-based awards. The expected life represents the period of time that options granted are expected to be outstanding.
Schedule of Stock-based Compensation Expense	Employee stock option exercise cash bonus is included in the following components of expenses on the accompanying Consolidated Statements of Operations (in thousands): Year ended December 31, 2021 Cost of revenue, net $ 13,708 Research and development 8,550 General and administrative 21,174 Sales and marketing 4,984 Total $ 48,416 Year ended December 31, 2022 2021 2020 Stock options $ 3,888 $ 3,425 $ 2,582 Secondary sales of common stock — — 15,255 Matching shares 67 — — Restricted stock units 50,134 11,149 — Total stock-based compensation $ 54,089 $ 14,574 $ 17,837 Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation is included in the following components of expenses on the accompanying Consolidated Statements of Operations (in thousands): Year ended December 31, 2022 2021 2020 Cost of revenue, net $ 18,403 $ 4,115 $ 2,272 Research and development 7,875 1,617 2,469 General and administrative 17,850 7,356 12,648 Sales and marketing 8,204 1,486 448 Total stock-based compensation expense $ 52,332 $ 14,574 $ 17,837

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	The components of the Company's (loss) income before taxes consisted of the following (in thousands): Year ended December 31, 2022 2021 2020 Domestic $ (21,614) $ (14,562) $ 2,734 Foreign 971 830 218 Total (loss) income before taxes $ (20,643) $ (13,732) $ 2,952
Components of Income Tax (Provision) Benefit	The components of the Company’s (provision for) benefit from income taxes are as follows (in thousands): Year ended December 31, 2022 2021 2020 Current: Federal $ (4,052) $ (99) $ (688) State (659) (239) (517) Foreign (1,626) (356) (81) (6,337) (694) (1,286) Deferred: Federal — 912 (3,161) State — (415) (232) Foreign (29) 371 17 (29) 868 (3,376) Total (provision for) benefit from income taxes $ (6,366) $ 174 $ (4,662)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the U.S. statutory federal income tax rate to the Company's effective income tax rate is as follows: Year ended December 31, 2022 2021 2020 Statutory rate 21.0 % 21.0 % 21.0 % State tax (1) (2.8) 4.7 20.2 Research and development credit 1.2 5.1 2.5 Rate differentials for controlled foreign corporations and charitable organizations 1.9 (1.9) 0.6 Permanent items and others 0.7 1.0 3.5 Stock-based compensation (25.3) 16.5 110.1 Change in valuation allowance (13.4) (18.1) — 162(m) limitation (14.1) (27.0) — Effective income tax rate (30.8) % 1.3 % 157.9 %
Schedule of Deferred Tax Assets , Net	Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands): As December 31, 2022 2021 Deferred tax assets: Net operating loss carryforwards $ — $ 415 Tax credit carryforwards 251 318 Accruals and reserves 254 169 Stock-based compensation 2,232 2,364 Interest expense limitation — 245 Lease liabilities 204 591 Charitable contributions 604 525 Property and equipment 689 271 Capitalized research and development 3,216 — Total deferred tax assets 7,450 4,898 Less: valuation allowance (5,241) (2,450) Deferred tax assets net of valuation allowance 2,209 2,448 Deferred tax liabilities: Capitalized software development costs (1,675) (1,524) Operating lease right-of-use assets (190) (554) Total deferred tax liabilities (1,865) (2,078) Deferred tax assets, net $ 344 $ 370
Schedule of Unrecognized Tax Benefits	A reconciliation of the amount of unrecognized tax benefits is as follows (in thousands): Year ended December 31, 2022 2021 2020 Balance as of January 1 $ 1,656 $ 1,329 $ 1,253 Additions based on tax positions related to current year 126 336 76 Additions based on tax positions of prior year 30 (9) — Balance as of December 31 $ 1,812 $ 1,656 $ 1,329

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Year ended December 31, 2022 2021 2020 Numerator Net loss attributable to Class A, LT10 and LT50 common stockholders, basic and diluted $ (27,009) $ (13,558) $ (1,710) Denominator Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, basic and diluted 80,786,725 38,039,222 27,424,480 Net loss per share attributable to Class A, LT10 and LT50 common stockholders, basic and diluted $ (0.33) $ (0.36) $ (0.06)
Schedule of Anti-dilutive Securities	The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: Year ended December 31, 2022 2021 2020 Warrants — 366,982 413,040 Weighted-average stock options 5,406,383 9,419,506 10,981,370 Matching shares 17,240 — — Convertible preferred stock — 36,619,129 42,031,390 Total 5,423,623 46,405,617 53,425,800

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narratives (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Nov. 15, 2021 USD ($) $ / shares shares	Oct. 27, 2021	Dec. 31, 2022 vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Nov. 14, 2021 vote class shares	Dec. 31, 2020
Related Party Transaction (Line Items)
Preferred stock, shares authorized (in shares)			10,000,000	10,000,000	10,000,000
Stock split ratio, common stock		0.10
Common Class A
Related Party Transaction (Line Items)
Classes of stock (class) | class					3
Share conversion ratio	1
Shares converted (in shares)	13,556,800
Convertible preferred stock
Related Party Transaction (Line Items)
Share conversion ratio	10
Shares converted (in shares)	42,031,390
Warrants
Related Party Transaction (Line Items)
Shares converted (in shares)	430,080
Common Class A
Related Party Transaction (Line Items)
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001	$ 0.0001
Shares converted (in shares)			1
Common stock, shares issued (shares)			68,238,245	67,844,060
Common stock, shares authorized (in shares)			1,000,000,000	1,000,000,000	1,000,000,000
Common stock, voting right per share | vote			1		1
Common Class A | IPO
Related Party Transaction (Line Items)
Shares issued (in shares)	11,190,392
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Exercise price (in dollars per share) | $ / shares	$ 27
Proceeds from the sales of stock | $	$ 57.5
Payments for underwriting discounts and commission | $	4.9
Payments of deferred offering costs | $	$ 8
Common Class A | Public Stock Offering - New Shares
Related Party Transaction (Line Items)
Shares issued (in shares)	2,608,696
Common Class A | Public Stock Offering - Shares From Existing Shareholders
Related Party Transaction (Line Items)
Shares issued (in shares)	8,581,696
Common Class A | Public Stock Offering - Stock Options
Related Party Transaction (Line Items)
Shares issued (in shares)	1,459,616
Common Stock, LT10
Related Party Transaction (Line Items)
Common stock, shares issued (shares)	7,332,640		7,336,191	7,332,640
Common stock, shares authorized (in shares)			24,997,561	25,000,000	25,000,000
Common stock, voting right per share | vote			10		10
Common Stock, LT50
Related Party Transaction (Line Items)
Common stock, shares issued (shares)	6,224,160		6,854,931	6,224,160
Common stock, shares authorized (in shares)			24,999,020	25,000,000	25,000,000
Common stock, voting right per share | vote			50		50
Subsidiaries | Expensify.Org
Related Party Transaction (Line Items)
Donation commitment (percent)						10%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narratives (Details)		1 Months Ended	12 Months Ended
	Mar. 28, 2022	Nov. 30, 2021	Dec. 31, 2022 USD ($) segment contract	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 15, 2021 USD ($)	Jul. 31, 2021
Significant Accounting Policies
Capitalized software development costs			$ 3,400,000	$ 4,900,000	$ 1,800,000
Deferred offering costs			$ 0	0		$ 8,000,000
Number of performance obligations | contract			2
Cashback rewards			$ 223,000	239,000
Cashback rewards from contract revenue			2,800,000	1,100,000
Bonus payments as a percentage of stock options issued (percent)							45%
Bonus expense			0	48,416,000
Consideration revenue from vendors			6,200,000	2,900,000	1,000,000
Advertising expense			$ 30,900,000	15,600,000	$ 3,400,000
Number of reportable segments | segment			1
Executive Officer
Significant Accounting Policies
Bonus expense			$ 0	7,900,000
Restricted stock units
Significant Accounting Policies
Share based compensation vesting period (in years)	8 years		8 years
Service period (in years)		1 year	1 year
Restricted stock units | Share-based Payment Arrangement, Nonemployee
Significant Accounting Policies
Service period (in years)		3 months
Restricted stock units | 2021 Incentive Plan
Significant Accounting Policies
Share based compensation vesting period (in years)		3 years
Commercial building
Significant Accounting Policies
Property, plant and equipment useful life (years)			30 years
Capitalized software
Significant Accounting Policies
Property, plant and equipment useful life (years)			3 years
Computers and equipment
Significant Accounting Policies
Property, plant and equipment useful life (years)			3 years
Furniture and fixtures
Significant Accounting Policies
Property, plant and equipment useful life (years)			5 years
Software Development
Significant Accounting Policies
Bonus expense				$ 1,500,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense	$ 0	$ 48,416
Cost of revenue, net
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense		13,708
Research and development
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense		8,550
General and administrative
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense		21,174
Sales and marketing
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense		$ 4,984

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Total revenue by geographic area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue
Revenue	$ 169,495	$ 142,835	$ 88,072
United States
Disaggregation of Revenue
Revenue	154,785	127,652	79,108
All other locations
Disaggregation of Revenue
Revenue	$ 14,710	$ 15,183	$ 8,964

CAPITALIZED SOFTWARE, NET - Cap

CAPITALIZED SOFTWARE, NET - Capitalized Software, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Capitalized Computer Software, Net
Capitalized software development costs	$ 14,052	$ 10,966
Less: accumulated amortization	(7,171)	(4,607)
Capitalized software, net	$ 6,881	$ 6,359

CAPITALIZED SOFTWARE, NET - Nar

CAPITALIZED SOFTWARE, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Research and Development [Abstract]
Amortization expense for capitalized software	$ 2.6	$ 2.3	$ 1

PROPERTY AND EQUIPMENT, NET - S

PROPERTY AND EQUIPMENT, NET - Schedule of Property And Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment, Net
Total property and equipment	$ 22,019	$ 21,914
Less: accumulated depreciation	(7,527)	(5,984)
Property and equipment, net	14,492	15,930
Computers and equipment
Property, Plant and Equipment, Net
Total property and equipment	178	311
Furniture and fixtures
Property, Plant and Equipment, Net
Total property and equipment	1,698	1,462
Leasehold improvements
Property, Plant and Equipment, Net
Total property and equipment	6,948	7,106
Commercial building
Property, Plant and Equipment, Net
Total property and equipment	6,493	6,493
Land
Property, Plant and Equipment, Net
Total property and equipment	4,151	4,151
Construction in progress
Property, Plant and Equipment, Net
Total property and equipment	$ 2,551	$ 2,391

PROPERTY AND EQUIPMENT, NET -Na

PROPERTY AND EQUIPMENT, NET -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 2	$ 2.1	$ 1.4

LEASES - Narrative (Details)

LEASES - Narrative (Details)	Dec. 31, 2022
Office
Lessee, Lease, Description
Operating leases remaining lease terms	1 year
Equipment
Lessee, Lease, Description
Finance leases remaining lease terms	1 year

LEASES - Summary of Lease Cost

LEASES - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease cost:
Amortization of ROU assets	$ 790	$ 790	$ 827
Interest on lease liabilities	22	42	39
Total finance lease cost	812	832	866
Operating lease cost	704	821	898
Short-term lease cost	320	128	549
Total lease cost	$ 1,836	$ 1,781	$ 2,313

LEASES - Summary of Related to

LEASES - Summary of Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Finance lease ROU asset (included within Lease right-of-use assets)	$ 461	$ 1,251
Operating lease ROU asset (included within Lease right-of-use assets)	$ 284	$ 951
Weighted-average remaining lease term (in years):
Finance leases	6 months 29 days	1 year 6 months 29 days
Operating leases	5 months 1 day	1 year 4 months 24 days
Weighted-average discount rate:
Finance leases	2.50%	2.50%
Operating leases	5.30%	5.30%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets	Lease right-of-use assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets	Lease right-of-use assets

LEASES - Cashflow Disclosures (

LEASES - Cashflow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (790)	$ (880)	$ (961)
Operating cash flows from finance leases	(22)	(42)	(39)
Financing cash flows from finance leases	(793)	(774)	(808)
ROU assets obtained in exchange for finance lease liabilities	$ 0	$ 0	$ 1,260

LEASES - Lease Maturity Schedul

LEASES - Lease Maturity Schedule (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Finance leases
2023	$ 476
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total future lease payments	476
Less: imputed interest	(4)
Less: lease liabilities, current	(472)
Lease liabilities, non-current	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current
Operating leases
2023	$ 332
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total future lease payments	332
Less: imputed interest	(4)
Less: lease liabilities, current	(328)
Lease liabilities, non-current	$ 0
Operating Lease, Liability, Current, Statement of Financial Position	Lease liabilities, current
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Lease liabilities, non-current

SIGNIFICANT BALANCE SHEET COM_3

SIGNIFICANT BALANCE SHEET COMPONENTS - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Current Assets
Expensify Card posted collateral for funds held for customers	$ 11,509	$ 5,115
Income tax receivable	2,471	5,412
Cash in transit for funds held for customers	2,361	388
Contract assets	0	8
Matching plan escrow and other restricted cash	52	0
Other	204	145
Other current assets	22,217	14,201
Expensify Payment LLC | Affiliated Entity
Other Current Assets
Restricted cash	102	55
Subsidiaries | Expensify.Org
Other Current Assets
Restricted cash	$ 5,518	$ 3,078

SIGNIFICANT BALANCE SHEET COM_4

SIGNIFICANT BALANCE SHEET COMPONENTS - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Sales, payroll and other taxes payable	$ 2,721	$ 4,936
Professional fees	1,473	1,274
Interest payable	1,318	783
Restricted common stock liability for early stock option exercises	1,283	2,443
Partner payouts and advertising fees	669	574
Accrued expense reports	291	246
Cashback rewards	223	239
Matching plan payroll liability	195	0
Hosting and license fees	75	36
Credit card processing fees	22	56
Other	800	459
Accrued expenses and other liabilities	$ 9,070	$ 11,046

FINANCING ARRANGEMENTS - Amorti

FINANCING ARRANGEMENTS - Amortizing term mortgage (Details) - USD ($)	1 Months Ended
	Sep. 30, 2021	Aug. 31, 2019	Dec. 31, 2022	Dec. 31, 2021
Schedule of Capitalization, Long-term Debt
Long-term debt, net of original issue discount and debt issuance costs			$ 51,434,000	$ 52,067,000
Mortgages
Schedule of Capitalization, Long-term Debt
Loaned amount		$ 8,300,000
Debt instrument, term		30 years
Interest rate		5%
Long-term debt, net of original issue discount and debt issuance costs			$ 7,800,000	$ 8,000,000
Mortgages | Prime Rate
Schedule of Capitalization, Long-term Debt
Variable rate (percent)		0.25%
Secured Debt | Initial Term Loan
Schedule of Capitalization, Long-term Debt
Debt instrument, term	60 years

FINANCING ARRANGEMENTS - 2021 a

FINANCING ARRANGEMENTS - 2021 amended term loan (Details) - USD ($)					1 Months Ended		12 Months Ended
	Oct. 01, 2025	Oct. 01, 2024	Sep. 30, 2024	Sep. 30, 2021	Nov. 30, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Capitalization, Long-term Debt
Repayments of long term debt						$ 23,500,000	$ 595,000	$ 25,191,000	$ 319,000
Long-term debt, net of original issue discount and debt issuance costs							$ 51,434,000	$ 52,067,000
Secured Debt
Schedule of Capitalization, Long-term Debt
Payments of debt issuance cost					$ 2,500,000
2021 Amended Term Loan | Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 75,000,000		75,000,000
Effective interest rate (percent)							9.75%	5.50%
Long-term debt, net of original issue discount and debt issuance costs							$ 44,500,000	$ 44,900,000
2021 Amended Term Loan | Secured Debt | Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (percent)				2.25%
2021 Amended Term Loan | Secured Debt | Forecast | Subsequent Event
Schedule of Capitalization, Long-term Debt
Periodic payment	$ 600,000	$ 200,000	$ 100,000
2021 Amended Term Loan | Line of Credit | Revolving Credit Facility
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 25,000,000		25,000,000	$ 25,000,000
2021 Amended Term Loan | Line of Credit | Revolving Credit Facility | Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (percent)							1%	1%
Initial Term Loan | Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				45,000,000		$ 45,000,000
Debt instrument, term						60 years
Delayed Term Loan | Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 30,000,000		$ 30,000,000

FINANCING ARRANGEMENTS - Monthl

FINANCING ARRANGEMENTS - Monthly revolving line of credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Line of Credit Facility
Borrowings under line of credit	$ 15,000,000	$ 15,000,000
Unamortized debt issuance costs	268,000	200,000
Interest expense	4,500,000	3,100,000	$ 2,900,000
Revolving Credit Facility | 2021 Amended Term Loan | Line of Credit
Line of Credit Facility
Maximum borrowing capacity	25,000,000			$ 25,000,000
Borrowings under line of credit	15,000,000	15,000,000
Remaining borrowing capacity	$ 10,000,000	$ 10,000,000
Revolving Credit Facility | 2021 Amended Term Loan | Reference Rate | Line of Credit
Line of Credit Facility
Variable rate (percent)	1%	1%
Revolving Credit Facility | Secured Debt with CIBC | Line of Credit
Line of Credit Facility
Effective interest rate (percent)	8.50%	4.25%

FINANCING ARRANGEMENTS - Future

FINANCING ARRANGEMENTS - Future aggregate annual principal payments on all long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity
2023	$ 595
2024	715
2025	1,397
2026	42,355
2027	176
Thereafter	7,015
Total principal payments	52,253
Less: unamortized original issue discount and debt issuance costs	(268)	$ (200)
Less: current portion, net of unamortized original issue discount and debt issuance costs	(551)	(549)
Long-term debt, net of original issue discount and debt issuance costs	$ 51,434	$ 52,067

CONVERTIBLE PREFERRED STOCK A_3

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Narratives (Details)		12 Months Ended
	Nov. 15, 2021 shares	Dec. 31, 2022 USD ($) $ / shares shares	May 10, 2022 USD ($)	Dec. 31, 2021 shares	Dec. 31, 2016 shares
Class of Stock
Shares repurchased, value | $		$ 25,000
Warrants issued (in shares)				430,080	430,080
Warrants and right term		10 years
2013 Warrants
Class of Stock
Warrant exercise price (in dollars per share) | $ / shares		$ 0.07
2016 Warrants
Class of Stock
Warrant exercise price (in dollars per share) | $ / shares		$ 0.53
Convertible preferred stock
Class of Stock
Shares converted (in shares)	42,031,390
Share conversion ratio	10
Class A common stock
Class of Stock
Shares converted (in shares)		1
Shares issued on warrant conversion (in shares)	428,067	0		0
Class A common stock | 2022 Share Repurchase Program
Class of Stock
Stock repurchase program, authorized amount | $			$ 50,000,000
Shares repurchased (in shares)		599,080
Shares repurchased, value | $		$ 6,000,000

CONVERTIBLE PREFERRED STOCK A_4

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands	Dec. 31, 2021 USD ($) $ / shares shares
Class of Stock
Preferred stock, shares authorized (in shares)	4,203,139
Preferred stock. shares issued (in shares)	4,203,139
Preferred stock, shares outstanding (in shares)	4,203,139
Liquidation amount | $	$ 24,929
Carrying value | $	$ 45,105
Series A
Class of Stock
Preferred stock, shares authorized (in shares)	1,090,868
Preferred stock. shares issued (in shares)	1,090,868
Preferred stock, shares outstanding (in shares)	1,090,868
Original issuance price (in dollars per share) | $ / shares	$ 0.9167
Liquidation amount | $	$ 1,000
Carrying value | $	$ 1,000
Series B
Class of Stock
Preferred stock, shares authorized (in shares)	1,401,399
Preferred stock. shares issued (in shares)	1,401,399
Preferred stock, shares outstanding (in shares)	1,401,399
Original issuance price (in dollars per share) | $ / shares	$ 2.67903
Liquidation amount | $	$ 3,754
Carrying value | $	$ 22,827
Series B-1
Class of Stock
Preferred stock, shares authorized (in shares)	644,541
Preferred stock. shares issued (in shares)	644,541
Preferred stock, shares outstanding (in shares)	644,541
Original issuance price (in dollars per share) | $ / shares	$ 5.54619
Liquidation amount | $	$ 3,575
Carrying value | $	$ 4,108
Series C
Class of Stock
Preferred stock, shares authorized (in shares)	1,066,331
Preferred stock. shares issued (in shares)	1,066,331
Preferred stock, shares outstanding (in shares)	1,066,331
Original issuance price (in dollars per share) | $ / shares	$ 15.5677
Liquidation amount | $	$ 16,600
Carrying value | $	$ 17,170

CONVERTIBLE PREFERRED STOCK A_5

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Warrants Issued and Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2016
Class of Warrant or Right
Warrants issued (in shares)	430,080	430,080
Warrants outstanding (shares)	430,080
Fair value of warrants outstanding	$ 89
September 2013
Class of Warrant or Right
Warrants issued (in shares)	150,000
Warrants outstanding (shares)	150,000
Fair value of warrants outstanding	$ 10
October 2013
Class of Warrant or Right
Warrants issued (in shares)	150,000
Warrants outstanding (shares)	150,000
Fair value of warrants outstanding	$ 10
December 2016
Class of Warrant or Right
Warrants issued (in shares)	130,080
Warrants outstanding (shares)	130,080
Fair value of warrants outstanding	$ 69

STOCK INCENTIVE PLANS - 2009 an

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Plans (Details) - shares	1 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Sep. 30, 2022	Nov. 09, 2021	Sep. 30, 2021	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	25,204,250
The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		17,030,280				16,495,150
Additional shares authorized (in shares)		535,130
The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized (in shares)	8,173,970
The 2019 Option Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				16,856,770
The 2019 Option Plan | Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				16,856,770
The 2019 Option Plan | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			8,679,380		8,679,380
The 2019 Option Plan | Restricted stock units | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			4,339,690		4,339,690
The 2019 Option Plan | Restricted stock units | Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			4,339,690		4,339,690

STOCK INCENTIVE PLANS - 2021 In

STOCK INCENTIVE PLANS - 2021 Incentive Plan and Stock Purchase and Matching Plan (Details) - USD ($) $ / shares in Units, $ in Millions				12 Months Ended
	Dec. 15, 2022	Sep. 14, 2022	Jun. 14, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2022	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Options granted (in shares)				0	962,080
2021 Incentive Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)				17,336,973			11,676,932
2021 Incentive Plan | Common Class A | Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)							87,576,990
Annual increase in shares reserved for future issuance (as a percent)						6%
Stock Purchase and Matching Plan
Share-based Compensation Arrangement by Share-based Payment Award
Employer share match rate (as a percent)				1.50%
Stock Purchase and Matching Plan | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Stock issued during period, shares, employee stock ownership plan ( in shares )	130,291	73,959	67,946
Original issuance price (in dollars per share)	$ 9.51	$ 16.70	$ 17.42
Proceeds from issuance of common stock	$ 1.2	$ 1.2	$ 1.2
Options granted (in shares)				22,201

STOCK INCENTIVE PLANS - RSU Nar

STOCK INCENTIVE PLANS - RSU Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		12 Months Ended
	Mar. 28, 2022	Nov. 30, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2022	Nov. 09, 2021	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)								25,204,250
Granted (in dollars per share)				$ 18.21
Common Class A | The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)							16,856,770
Common Stock, LT50 | The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)							16,856,770
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	43,060	5,666,260
Vesting period (in years)	8 years			8 years
Granted (in dollars per share)	$ 18.93
Share-based compensation not yet recognized, recognition period (in years)				6 years 2 months 23 days	6 years 11 months 1 day
Share-based compensation expense not yet recognized				$ 204.2	$ 282
Restricted stock units | The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			2,980,260		0
Shares authorized (in shares)			8,679,380			8,679,380
Restricted stock units | 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		27,780			0
Vesting period (in years)		3 years
Restricted stock units | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	21,530	2,833,130		63,223
Vested (in shares)				645,740
Restricted stock units | Common Class A | The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)			1,490,130
Shares authorized (in shares)			4,339,690			4,339,690
Restricted stock units | Common Class A | 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)				20,163
Vested (in shares)				9,261
Restricted stock units | Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	21,530	2,833,130		0
Vested (in shares)				629,751
Restricted stock units | Common Stock, LT50 | The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			4,339,690			4,339,690

STOCK INCENTIVE PLANS - RSU Rol

STOCK INCENTIVE PLANS - RSU Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Mar. 28, 2022	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Weighted average grant date fair value per share
Beginning balance (usd per share)			$ 33.75
Granted (in dollars per share)			18.21
Vested (usd per share)			33.65
Cancelled/forfeited/expired (usd per share)			$ 39.12
Ending balance (usd per share)				$ 33.75
Restricted stock units
RSU Rollforward
Granted (in shares)	43,060	5,666,260
Weighted average grant date fair value per share
Granted (in dollars per share)	$ 18.93
Share-based compensation expense not yet recognized			$ 204.2	$ 282
Share-based compensation not yet recognized, recognition period (in years)			6 years 2 months 23 days	6 years 11 months 1 day
Restricted stock units | Class A Common Stock
RSU Rollforward
Beginning balance (in shares)			4,329,530
Granted (in shares)	21,530	2,833,130	63,223
Vested (in shares)			(645,740)
Cancelled/forfeited/expired (in shares)			(367,356)
Ending balance (in shares)			3,379,657	4,329,530
Restricted stock units | LT50 Common Stock
RSU Rollforward
Beginning balance (in shares)			4,301,750
Granted (in shares)	21,530	2,833,130	0
Vested (in shares)			(629,751)
Cancelled/forfeited/expired (in shares)			(367,356)
Ending balance (in shares)			3,304,643	4,301,750

STOCK INCENTIVE PLANS - Stock O

STOCK INCENTIVE PLANS - Stock Option Narratives (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value of options exercised	$ 10,900,000	$ 80,700,000	$ 11,300,000
Intrinsic value of options outstanding	46,000,000	$ 302,800,000	$ 86,800,000
Weighted average grant date fair value of options granted (in dollars per share)		$ 6.87	$ 1.69
Proceeds from issuance of common stock on exercise of stock options	800,000	$ 3,500,000	$ 1,300,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense not yet recognized	$ 8,100,000	$ 13,200,000	$ 10,800,000
Share-based compensation not yet recognized, recognition period (in years)	1 year 2 months 15 days	1 year 8 months 12 days	3 years 8 months 12 days
Stock options | Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (in shares)		0
Stock options | The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Stock options | The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Non Statutory Options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	100%
Ten Percent Holder | Stock options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	110%
Other Than Ten Percent Holder | Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	100%
Chief Executive Officer | Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested (in shares)	813,311	1,437,760
Chief Executive Officer | Weighted-average stock options
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested	$ 1,300,000	$ 2,400,000

STOCK INCENTIVE PLANS - Stock_2

STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Beginning balance (in shares)	7,193,193	13,512,820
Options granted (in shares)	0	962,080
Options exercised (in shares)	(478,547)	(6,965,767)
Options cancelled/forfeited/expired (in shares)	(412,996)	(315,940)
Ending balance (in shares)	6,301,650	7,193,193	13,512,820
Options exercisable (in shares)	6,130,735	7,001,403	13,222,800
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 1.87	$ 0.78
Options granted (in dollars per share)	0	8.90
Options exercised (in dollars per share)	1.65	0.94
Options cancelled/forfeited/expired (in dollars per share)	1.92	1.61
Ending balance (in dollars per share)	1.67	1.87	$ 0.78
Options exercisable (in dollars per share)	$ 1.51	$ 1.81	$ 0.78
Weighted average remaining contractual life, options outstanding (in years)	5 years 2 months 12 days	6 years 5 months 12 days	6 years 4 months 6 days
Weighted average remaining contractual life, options exercisable (in years)	5 years 1 month 24 days	6 years 3 months 21 days	6 years 3 months 21 days

STOCK INCENTIVE PLANS - Fair Va

STOCK INCENTIVE PLANS - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Fair value of common stock per share (in dollars per share)	$ 12.16	$ 2.66
Exercise price per share (in dollars per share)	$ 8.90	$ 2.11
Expected dividend yield (as a percent)	0%	0%
Risk-free interest rate (as a percent)	1.10%	0.60%
Expected volatility (as a percent)	51.50%	50.50%
Expected life (in years)	5 years 11 months 23 days	5 years 9 months 18 days

STOCK INCENTIVE PLANS - Stock-b

STOCK INCENTIVE PLANS - Stock-based Compensation (Details) - USD ($)		12 Months Ended
	Nov. 09, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expense
Stock-based compensation expense		$ 52,332,000	$ 14,574,000	$ 17,837,000
Stock-based compensation		54,089,000	14,574,000	17,837,000
Secondary sales of common stock
Share-based Payment Arrangement, Expense
Stock-based compensation expense		0	0	15,255,000
Cost of revenue, net
Share-based Payment Arrangement, Expense
Stock-based compensation expense		18,403,000	4,115,000	2,272,000
Research and development
Share-based Payment Arrangement, Expense
Stock-based compensation expense		7,875,000	1,617,000	2,469,000
General and administrative
Share-based Payment Arrangement, Expense
Stock-based compensation expense		17,850,000	7,356,000	12,648,000
Sales and marketing
Share-based Payment Arrangement, Expense
Stock-based compensation expense		8,204,000	1,486,000	448,000
Stock options
Share-based Payment Arrangement, Expense
Stock-based compensation expense		3,888,000	3,425,000	2,582,000
Matching shares
Share-based Payment Arrangement, Expense
Stock-based compensation expense		67,000	0	0
Restricted stock units
Share-based Payment Arrangement, Expense
Stock-based compensation expense	$ 2,900,000	$ 50,134,000	$ 11,149,000	$ 0

STOCK INCENTIVE PLANS - Stock_3

STOCK INCENTIVE PLANS - Stock-based Compensation Narratives (Details) - USD ($)		1 Months Ended	12 Months Ended
	Nov. 09, 2021	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			$ 52,332,000	$ 14,574,000	$ 17,837,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense	$ 2,900,000		$ 50,134,000	11,149,000	$ 0
Service period (in years)		1 year	1 year
Member of Audit Committee | Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense			$ 600,000	100,000
Service period (in years)			3 years
Software Development
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense capitalized			$ 1,800,000	$ 600,000

INCOME TAXES - Income Before Ta

INCOME TAXES - Income Before Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (21,614)	$ (14,562)	$ 2,734
Foreign	971	830	218
Total (loss) income before taxes	$ (20,643)	$ (13,732)	$ 2,952

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ (4,052)	$ (99)	$ (688)
State	(659)	(239)	(517)
Foreign	(1,626)	(356)	(81)
Current income tax expense	(6,337)	(694)	(1,286)
Deferred:
Federal	0	912	(3,161)
State	0	(415)	(232)
Foreign	(29)	371	17
Deferred income tax benefit (expense)	(29)	868	(3,376)
Total (provision for) benefit from income taxes	$ (6,366)	$ 174	$ (4,662)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent
Statutory rate	21%	21%	21%
State tax	(2.80%)	4.70%	20.20%
Research and development credit	1.20%	5.10%	2.50%
Rate differentials for controlled foreign corporations and charitable organizations	1.90%	(1.90%)	0.60%
Permanent items and others	0.70%	1%	3.50%
Stock-based compensation	(25.30%)	16.50%	110.10%
Change in valuation allowance	(13.40%)	(18.10%)	0%
162(m) limitation	(14.10%)	(27.00%)	0%
Effective income tax rate	(30.80%)	1.30%	157.90%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Asset, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 0	$ 415
Tax credit carryforwards	251	318
Accruals and reserves	254	169
Stock-based compensation	2,232	2,364
Interest expense limitation	0	245
Lease liabilities	204	591
Charitable contributions	604	525
Property and equipment	689	271
Capitalized research and development	3,216	0
Total deferred tax assets	7,450	4,898
Less: valuation allowance	(5,241)	(2,450)
Deferred tax assets net of valuation allowance	2,209	2,448
Deferred tax liabilities:
Capitalized software development costs	(1,675)	(1,524)
Operating lease right-of-use assets	(190)	(554)
Total deferred tax liabilities	(1,865)	(2,078)
Deferred tax assets, net	$ 344	$ 370

INCOME TAXES - Narratives (Deta

INCOME TAXES - Narratives (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency
Capitalized research and development	$ 16,500
NOL carryforward, federal		$ 0
NOL carryforward, state		3,100
Accrual for uncertain tax positions	1,200	200
Unrecognized tax benefits	1,812	1,656	$ 1,329	$ 1,253
Federal
Income Tax Contingency
Tax credit, research		1,000
State
Income Tax Contingency
Tax credit, research	$ 900	$ 1,000

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits,
Beginning balance	$ 1,656	$ 1,329	$ 1,253
Additions based on tax positions related to current year	126	336	76
Additions based on tax positions of prior year	30
Additions based on tax positions of prior year		(9)	0
Ending balance	$ 1,812	$ 1,656	$ 1,329

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net loss attributable to Class A, LT10 and LT50 common stockholders, basic	$ (27,009)	$ (13,558)	$ (1,710)
Net loss attributable to Class A, LT10 and LT50 common stockholders, diluted	$ (27,009)	$ (13,558)	$ (1,710)
Denominator
Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, basic (in shares)	80,786,725	38,039,222	27,424,480
Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, diluted (in shares)	80,786,725	38,039,222	27,424,480
Net loss per share attributable to Class A, LT10 and LT50 common stockholders, basic (in dollars per share)	$ (0.33)	$ (0.36)	$ (0.06)
Net loss per share attributable to Class A, LT10 and LT50 common stockholders, diluted (in dollars per share)	$ (0.33)	$ (0.36)	$ (0.06)

NET LOSS PER SHARE - Narrative

NET LOSS PER SHARE - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 vote shares	Nov. 14, 2021 vote
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	1	1
Shares converted (in shares) | shares	1
Common Stock, LT10
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	10	10
Conversion of stock, notice period (in months)	10 months
Common Stock, LT50
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	50	50
Conversion of stock, notice period (in months)	50 months

NET LOSS PER SHARE - Anti-dilut

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	5,423,623	46,405,617	53,425,800
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	366,982	413,040
Weighted-average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	5,406,383	9,419,506	10,981,370
Matching shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	17,240	0	0
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	36,619,129	42,031,390

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($)		12 Months Ended
	Jan. 01, 2018	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
United States
Defined Contribution Plan
Employer discretionary matching		$ 0	$ 0	$ 0
Employer contributions		800,000	700,000	700,000
United States | Maximum
Defined Contribution Plan
Employer contribution percentage (as a percent)	4.50%
U.K
Defined Contribution Plan
Employer discretionary matching		0	0	0
Employer contributions		$ 100,000	$ 100,000	$ 100,000
U.K | Maximum
Defined Contribution Plan
Employer contribution percentage (as a percent)		4.50%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction (Line Items)
Sales and marketing	$ 49,876	$ 27,664	$ 9,888
Affiliated Entity | Expensify.Org
Related Party Transaction (Line Items)
Payment of commitments to related party	2,400	3,100	$ 100
Commitments remained open for contribution to related party	$ 0	300
Director | Affiliated Entity
Related Party Transaction (Line Items)
Sales and marketing		$ 400