Earnings call transcript Q4 2022

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Ryan Schaffer

Hello, everyone. Welcome to the Q4 and Fiscal Year 2022 Expensify Earnings Call.

Our CEO, David Barrett, couldn't be here today, he had a personal emergency come up last minute, but the show must go on.

So I'm Ryan Schaffer, Chief Financial Officer for Expensify.

We also have our Chief Operating Officer, Anu on the line. taking the be today. to going you call through We're

hand we're to us And disclosures. ado, to through it legal take without further to going over going Anu, the who's

Anuradha Muralidharan

everyone. afternoon, Good

disclaimer. So

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

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

note also on Please refer management financial non-GAAP today's to certain will that measures. call,

these believe investors, presentation intended measures today's reconciliation release presented information a of this GAAP. refer their provide non-GAAP useful with Please the as not in most or information measures to GAAP for to to measures. press for information for is isolation comparable these considered presentation financial the financial of be the or we substitute While non-GAAP a financial in investor accordance

company. strategy believe you the to very guys Expensify's out and happy long-term way, this of to remind I'm should slide, you in why here That about next be

before, heard bears our X you've And but again. slide. to secrets all are long-term Next it success. mention There this

there businesses product kind the is than expense employees far today more businesses enterprise management, small so of them use work and are The greenfield. any companies. of it's largely not more do out most enormous at There there small are largely And market that and far untapped. first is for

And medium have because bottom-up why we to largely, really is model. is market least, well. or bottom-up acquisition interesting at acquisition dearth take really this unique we'll that's but Second model is of primed as bears a further last mention And there that talk very briefly Expensify. untapped enormous unique the down about not is and small and business no opportunity, this ambition

We with will haul, X our long you billion and platform are hope and on sights set user us. opportunity, come we for here we have the

Next slide.

really over that and measure huge -- you've the just why So over really far all -- and of by employees all And but if businesses more outpace at up add a opportunity using just the and you this and small their using together, and resources. huge? today. huge it's is business They're small them not time do greenfield. use need any tool employees. But it's processes. the their a Expensify Excel also just And They what of that manual in market businesses, that briefly, again, reminding again, world. largely medium that better And companies them you of measures work and is over are enterprise by is convince using it's kind so seen space, the that is you market to there are small way and

work. it a acquire order and they means it. can after market, market to of to try just to is What top-down another do all is the they sales-driven the scalably, our off challenge one if of competition this do acquisition it them, -- most in can't is with small they But model. pick doesn't operating Profitably, business go

acquisition model this where Next is our slide. comes And in.

very employees And this about who are real acquisition We we pain about company, their them We them life a to to talk without targeting us to up have a the better market interesting? we And for very us none there into trying how sell out motivates free other up. means permission. end motivates company asking managers that for These can colleagues, make it bottom-up What are to to consumer-grade bottom adopt a product solve. that's that and model. us or and competitor have this point is to grow they us talk and their their is of users their the we employees So grow. applications why employees.

business we this word-of-mouth large viral that market have we model business pick this scalable, business untapped very lead-gen profitable and opportunity in small very use that can So manner acquire can a time. small after to off over

slide. Next

have we recap, as is adopt be global of can then sold few can to consumer are grade out to us free companies permission. that sold who company, that and asking the without applications and their once for the scale we one employees are have So reach. grows, up enterprise But we into we there company

company, consumer global to growing they leave we believe should in you have So forever. us, why that scale retain but we fact the is grade, reach and to we continue can that need enterprise with free we combined and scale us. them can never And and

Next slide.

this gone over So you've And largely, that's fact development, since this to thing launched. time, beta that you it's features these only gray, which many blue, but the which from here slide it's like is more it's changed green, we all, and to just our I is have in road more means means want at to the seen of times that which means remind map. public in went

features. and and product. subscription consumer-grade everything such hard, companies lead-gen revenue more to sort us growing keep profitably of build and more on them helps left as us can right, the on and market they And as transactional as and on So is our the left hit features that viral the growing user continue way see on base to grow really taken to with to with well. free allows you slide as are enterprise-grade go read go this acquire the together, then far that this And them then right you we keep is

and why built With and for to it said, recap are hand why back So on Ryan. that haul. are is to we we who strategy I'm long the going business that's business our a

Ryan Schaffer

Great. Thank you, Anu.

So let's tough strong growth despite XXXX had We some highlights. some about talk headwinds.

Expensify resolute remains despite the So economy.

As companies everyone knows, if employees. you're the watching a are off lot laying headlines, of

entire Some storm. go-to-market. an companies pandemic. hiring are their their since We've steadfast are time been pivoting. We're business model, Expensify, in They're changing At the economic we hiring.

We continue to hire.

at per we different. We pivot into to employee, still We're gets forward. know, completely on keep And lot plan. shares revenue a generating moving of buying We're economy you the something just the the If same excess We're been don't also as changing. future. million shaky, We're focused we've $X.X need cash high. is well. quite in which back just not as executing

lot some accountings? to So spend people Why want talk that of a that firms. accounting things we is Why the that did SMB energy the in about okay, And accounting we we accounting channel. supercharging firms? of XXXX why ask, always

of So cases, Each clients accountants. an has is firm small Each even has important to clients. the a note one of is thing that's in multiple dozens SMB accountant a enterprise-size some dozens Each accounting employees, of SMB has employees. of lot opportunity. firm

very of even a -- be managed all large the the firm add firm employees customers So when small can for up the all revenue a accountants, us. by accounting the managed you opportunity all by

to the we perks. did channel Expensify things is Some supercharge Card CPA we help with the accounting announce account-specific

partner XXX George headline by have largest is a assigned announcement partner top our XXX managers have Clooney. minds announced now X, speaker, you of which overseen our have partner over the We going the of half which is together to in ExpensiCon where we've manager. And may bringing revenue, we're firms accounting. partner of we're that seen to all And

very we're been have excited to us, The ExpensiCons meet ExpensiCon and that. for Mr. excited about So for successful X very and X we're previous Clooney.

our supercharged we've efforts. how sales about talk let's Now

so So all revenue we nearly account an by phone our onboarding managers overseen support. We've is now account have manager. added scaled that

So very a or quickly. X the onboarding on get someone response be the can and talk phone to process through want all customers them with within that minutes less to

self-service. get been did and the can kind phone the quickly, had point, on get great you most can this they phone, Previously, call, development for the on if to be a to wanted customer. on has which customers At get anyone phone And to wants a larger of you that us.

that also something an SDR is built didn't all, We've at and that. program. now we've exist This created outbound

with So working it's kind efficiently. and of to X to program X-type the multiple of that SDR scale function, we're vendors

people, we we're but be And what contributor call community. supercharging -- also this is to new this some might our

So decision made source we're new this lot on it's called the source open React we're into and a Chat, language paying work. exciting about And Chat. and building what we that, open building, talked to that which it Native. And work we something Expensify normally programming very contributors engineers means unique are done Expensify your open very we is can it's source, on external just fall we've is and these platform

So have -- we transformed work. it's we how

are our then post they're done proposals we'll And these little then doing. it minutes, together a into a and it's not efficiently. pretty manner we're in very more XX project by pieces. working then much It's internal people They like pieces features and incredible engineers in they not within to out our we and people, many which all more And break design really engineers, So able will feature, a have Upwork. quickly, incredible, those contributors quickly unique. ship think manage certainly much X, paid

of -- competitive the -- have is be hundreds going our to you. to long very we are contributor React think, us. you're we'd advantage those And this Native So our a in community. if we engineers. $X engineers Native paid using with we we love term, million have currently listening And over in React this, engineer work to And active over XXXX, to for a out

out. it check So

right. All

In XXXX So year. now we great to QX had did performance. million let's revenue. get 'XX, in a and We financial $XXX.X

revenue year-on-year XX%. was growth Our

not Card gross the the $X.X growth was reminder, the and number. that revenue million, Card, Expensify interchange in On was is that the Expensify And XXX%. interchange just a included on

generate cash. lot of a We also

million. flow Our was operating cash $XX.X

cash transit. Our to operating free our basically We're some customer cash hold money. funds, break holding cash in it do on because out flow not flow We was really $XX.X free and from million. we and that's flow it's just

if we talk that generated, the money flow $XX.X we cash the number, free million. -- want about that to actually So it's

loss primarily million. this about program of a the pre-IPO we that quite driven basis, That stock-based by we $XX because stock-based GAAP went get stock-based net IPO. comp And by a about the driven And before. high. that talked we've is we this comp. is questions on did had comp primarily a And effective On is

at a of the based You value the value the grant day stock on grant. of

$XX of was share. So it a at that grant, day

we every best recorded at So share expense. is $XX

stock-based comp what the what look we've So over stock-based significantly than in But past, as discussed time. the now, higher expecting. right is than which maybe the decreasing make higher is it is stock can the comp you're

how have you If look on over earnings the we a at decreasing time. that is release, forecast

take stock-based a of you and adjusted comp, $XX.X healthy very Now we if million, out income non-GAAP have which are million EBITDA numbers. of $XX.X net

our in proud performance 'XX. So of very we're

about Now QX. let's was talk $XX.X QX revenue million.

-- a QX, lot of XXX,XXX. we interchange gross average of card, of us. with with paid The kind XX%. growth were year-on-year cash million in had It's paid generated Our X too. of a members theme interchange We

Our $X and million, cash operating cash $X.X flow our million. was flow free was

was GAAP primarily the grant it is which And discussed. our driven that this we driven the loss by million. the million. stock-based was is about for In net Again, quarter, $X.X comp, $XX QX, by

the out and net comp, is take million. adjusted $X.X you when our So of million $XX.X EBITDA stock-based income non-GAAP

this that we you on happened we that thus but here. we've disclosing far. might a thing as past X questions the that users. in One month of we're talked past, are discussed it in about calls. In So but we've of disclosed lot currently and I guidance, on has we we've the the And giving information have this, not is recall, the giving types are get

we I make want to that So understand. all sure

And We users, activity pay month have months. in based. have every for pay-per-use subscription-based users who then locked XX are for They we XX which months. are

has users they month, they and a -- percentage it pay. as they pandemic, Since last it's of So increased the have a they the seen which before. to the didn't this that revenue we've percentage the haven't a about if than of users, use don't we in we introduced been, seen XX% higher pay. substantially they price. Since If of all one use pay-per-use level which the all discussed on it next, And volatility of is the higher pay ever users call.

a kind it that of and see QX. it's I've in good the recovers quite not last usually January, quickly. actually chart we sustained a Januaries a see pay-per-use, this but show volatility We permanent that highlighted drop, in drop have X up. in And on yellow you'll then

seeing It's that It's just off January, in we big So don't customers. drop users. that a we not do to that which in kind seasonality, -- expect term, not decrease churn a a It's pay-per-use just that are drop seasonality of of we in some in subscription. see. be long pay-per-use,

-- is that of as users on percentage the percentage are -- will users on of this subscription increasing because reduce volatility. So a the we working all as

So we to for early this some push working signs had annual report QX, already of and started success. happy that in on we've subscriptions I'm

In So were In we've look if trending previous more quarters, pay-per-use. in new pay-per-use than that we're subscriptions more subscription. are reversed versus QX, more -- adding trend. users new annual there users, towards QX, you at users

we've we that success to throughout success started see continue that think do efforts, I expect to in and our XXXX. So

are through we different of increasing number a subscription ways. And

is team, just Previously, on that didn't users Our on subscription getting pay-per-use. subscription really the were of we they're and they focused sales instead now or team pay-per-use. care focused if sales

focused have pay-per-use the subscription. customers those pay-per-use with on users our to to Similarly, percentage of on the on solely on that also are they're they're getting and highest focused account prioritizing their subscription. customers over converting managers subscription employees and working Now

it to -- been sometimes it decrease would down, revenue we've So when so the that volatility like the in is that seeing. up, goes and the volatility great goes we

subscription. solve, how impossible this do to We them very problem. the it. news So that know good an to over move is easy isn't It's

have doing showing success. It We it. is started

progress. issue So temporary we to is going easy seeing that think to It's just some time this is to it, solve a volatility we're solve. take and already

basis steadfast 'XX, times. we and a in We EBITDA summarize, performance flow. cash we and an strong uncertain adjusted on flow, free To profitable in were free had had cash

up is nearly among members road cases year that from continue our customers. map to we XXX% more paid Expensify Card Our grow. last and opens have product up exciting The an use

turn of hand highlight to and a questions. wanted I on we'll e-mails now of a to to But them I that, Relations frequently over get it are questions the in her, lot Now We our a institutional for from asked retail, page. FAQ lot Anu before Investor Q&A. over it we investors@expensify.com. are And hosting to same investors,

that answers. page to posting those just start going questions So we're on with

for investors@expensify.com. you if So questions e-mail have us, please

questions we'll answers be your post will We your throughout the answers that our on and quarter. and that -- page, updating sorry, and

you So this you're in out that's a maybe have great page answer to check questions, didn't if curious about call. Expensify and we

So Anu, want kick the off to Q&A. if you

Anuradha Muralidharan

Amazing.

have So of first America. up, we Koji from Bank

Koji Ikeda

hear you . guys me hear okay? you okay? me Can Can

Ryan Schaffer

Koji. Yes,

Koji Ikeda

I of specifically ask to -- I adjusted you a know I to you guiding EBITDA. EBITDA wanted XX% specifically margins, a you kind not guys finished But XXXX. question about on level. mean are margin level

year? that downside level adjusted this is So the there that would I level to make meaningfully swing that upward -- call just EBITDA anything from to out margin

Ryan Schaffer

-- marketing is the to our are But and adjusted decreased amount by on the we pretty year. spend but EBITDA the the we our amount sales spending And probably spend. we sales. marketing throughout influenced be on have consistent So overall the is level increased going heavily

So I change, huge let if shift, a but there's expect everyone wouldn't know. we'll a definitely

Koji Ikeda

Got it. it. Got

introducing on you then share maybe or from And that program, the one? me. about buyback how run potentially a left And much program you the it new here? is for Could remind are Thinking Cool. about of Okay. us a you buybacks. question just share expanding buyback second thinking if share out

Ryan Schaffer

question. Great

did we $X So I we did additional, million. million an and we think, -- $XX did about then

idea X, when And so $XX that of we use shares $XX million, enough authorize up, $XX out authorized. then million year just to another and the have a make evaluation. million for X at we're or was about So that we

this I and we use let mean you that nothing sure more, we'll when So I be reauthorizing expect we to at would, I point, to announce we'll know. that you do but we'll now, intend use know to we're but have if we that, -- let

Anuradha Muralidharan

JPMorgan, Next please. up, Raquel we have from

Ryan Schaffer

Raquel, are you there?

Anuradha Muralidharan

Okay, to back her. we'll circle

go to George Citi. at Let's

Ryan Schaffer

George?

Anuradha Muralidharan

let's technical Mauro with a but Hopefully, Sandler. Piper try is Okay. not glitch, this

Mauro Molina

So just couple of have questions. I a

progress one you Have the then to ramped is to shift around target on from the pay-per-use customers that thinking of go customers for to pushback of that you're longer second get thing up efforts is, happen? either pay-per-use term? from First to XXXX the getting any as you've subscription. or seen that And is a there sort mix for about

I see because that use you'd once reason improve. I ask advantage could customer the still you And want the pay-per-use upside of activity to potential from is imagine does take

Ryan Schaffer

questions. Great Yes.

of is is don't to they expensive, they're them job realize find we your that a it's so much increase to really not had kind lot micro no, see Expensify Expensify and Actually, we letting bill. were know. pushback. very of -- It's no didn't they the more customers So most happy subscription. what manage pay-per-use, and one's

a So a thought say pay-per-use they up, times, later, they they X -- XX let's they subscription when maybe signed people do just it year lot another and about or and up. of then they use, sign years haven't they since XX originally have

-- that's in lot So say. in a I around Historically, pushback. terms XX%. been of was of been -- pretty it -- hard hasn't it's there think idealness, to And and

right a customer that's them. for of up or way flexibility, think their shoot create they and initially superfast grow definitely because option that's friction. I we're in So never love absolutely to pay-per-use kind that get or We shooting having want the the wants where an But for. want we you're to if

So we as obviously can. but as want have the like pay-per-use, to we having we subscriptions do many

and got balance. into of of it generally kind pushing little -- we're is balance, bit So back just I a this it think out

Mauro Molina

you today, it. like what looks in vertical? to me. one us your And the last relates industry thing Can companies particularly then just Got exposure as . for software it remind Okay.

Ryan Schaffer

say part So little your can first of a you the again, fine? is question

Mauro Molina

Yes.

to get just looks a percentage what of a revenue? exposure your on reminder industry So trying maybe and like

Ryan Schaffer

Great.

we So an have customer extremely base. diversified

customer X% We represents revenue. have of no even that

But like very not geographically. is are but industries, in certainly space media, stuff popular also from other that. I within some industries, just some we are nonprofits, diversified, our We in different technology, people think

So companies. not just customers all selling It's just like are to we're coastal. crypto start-up not start-ups. other of We're a not our just

United Canada, and have U.K., States We entire Australia, the mom-and-pops of the across world. small and a lot businesses around

So say major industry I There are make I'd from. we one that well our wouldn't there's diversified. say some like very -- we're all revenue

Anuradha Muralidharan

Cool.

the please. BMO, to Daniel Going person, from next

Daniel Jester

Great.

So I XX% want comment, base customer of that's to the pay-per-user go back to the pay-per-use. the

If many you than spend users more understanding track if it? those I or subscription? the on these how of pay-per-use time be just actually more many would what been percentage guess their I have them platform you to like over the are and long I'm and want just subscription for onetime customers have pay like convert how they would they than understand so and spend fee time, spend So of a -- on

Ryan Schaffer

It's question. Okay. a great

works said or versus use. rate the the another way, pay-per-use twice for of way subscription the going a So out. is discount subscription Pay-per-use actually math you XX% on get

see general, end that months in But on right, the they're less than -- you're us more. months, active, point for and we So breakeven X is year, the that they is if pay-per-use months. out up someone of see X they're is we what actually active paying XX

-- would have can from subscription. So -- bond push convert all us. that to subscription, because so prefer us we more that pay-per-use represents would push right for definitely if to revenue that them I I would we annual But now that on try to

goal to and thinking us we customers in high go and is I for But it question, do it that to don't to previous probably right flexibility XX% place to of back all don't terms we're think be is get it's a that. now too I the revenue think X% the volatility like probably that -- think provides. to and better

Anuradha Muralidharan

at or here Ryan dynamic don't significant review what bill it's their as they companies, also really overall. is the low, not of growing the actually or actual part because like, review materially number or their earlier, total their bill to look is touched spend And on spend quite their keep price because

on, really So number to continues company. don't to just what and on happens as out a us, increases started is Instagram, company is like, somebody growing throw a a never paying bigger small, off know, on really much size, their like, subscription I and

want up that too to to bill what And of open care prevent we're trying much, Expensify day and that their paying we one is they're think they them. take like

looks would that to like users actually around than and better months, if go more the for annual work our company in for both out it. just retention make improves benefits X So they to it and they're them it committed go to It annual. Expensify much volatility. really how it we to that's approach it's company a financial the as tool and Like stick as

Ryan Schaffer

a great answer. It's

Daniel Jester

sort importance Great. really freelancers of the That's mentioned little of a you then about And helpful. bit the workflow. and

skill in the going the a could need is could us of expand both maybe just that because up. be job maybe little higher? also because it's bit help feels of year but terms cost-efficient like that set about out Just what I've on the that to in freelances might chat it manner? doing harder Like it noticed think importance given like getting Is you like getting in spending ahead, look attract you the or expense, that? a like per

Ryan Schaffer

ahead, -- So go Anu.

Anuradha Muralidharan

in I just mean financial something up, when the cost say us, going statement? job per you our Sorry, for was you like do is wondering, what like

Daniel Jester

it amount been mean for Yes. like feels the of it has months, the past. post, you like in like to the like in the job I jobs have that sort sometimes it's higher last just that you the I -- track seems than I post and X

is is you? how concerning a for and perspective what that that cost from so driving And

Anuradha Muralidharan

certain has I time. but he The the when there hungry And think post tell for Ryan of when you It's use I moved was much is like that increased so presenting that pay we come at in. of reason I page why. not the I'll of a this and have you haven't was that amount a sitting concern job and I a been if off we there a great question. a for job specific period Actually, job, there all, talent job, posted X out the see that's proposals literally cases, about out even talking is

of up a is the supply lot that demand. soaking there's So

job a there when complicated. sits can So job engineer there out not bandwidth proposals, issue. actually the more not no is with that because like It's -- too there out it's that itself a no it's is

vast So how majority the other So of to to job go people are fix like, know and jobs. "I don't that avoid this." they

when been because out more because complicated So price, we and more it's actually bug there the task. out a increase it's or sitting sits is it it complicated there

just has really increase talent. engineer need more that of par a on of the kind experience, brings now with we us So type more like

And the time, so for it it pays scales kind and of nicely. just

only we doing when while. And that increase out it So it happens, keeps that. on there then sits for a

total think from so an skilled higher insignificant. that speak, for internal. perspective, sort it small make it gauge we any we we do if it's upward doesn't and second similarly. the question like And like pull point, to goes it The responders, tougher, increasing as it is we use that is still audit sense, so of some At to of got even person, first, just that the check, a the

So grow space. there's of to room in a that lot

Ryan Schaffer

$X,XXX for like $XX,XXX. right? do is discovery, price to but basically do no at Like we It's if it one willing

value move And at engineers -- up. hard, And if -- rates. own don't it they certain know is. have it's they time to what their don't we you've exactly that Some to want very

So price this basically is mechanism. a discovery

Anuradha Muralidharan

of surging Sort yes. like or something,

Daniel Jester

in how remind sort one you quarter? the maybe Can Got -- every on you one to the question you. just rewards get then this in transition on And the regards last And any out you much of quarter? update spent card. us just travel with Marketo,

Anuradha Muralidharan

Of course.

think I do release dollars still we the cash-back If will don't we break bringing can the reward out qualitatively think we not but to specific But in. that in we're interchange we don't it say I So is all be that do. is material the XX-Q, cash-back, I our paid.

Ryan Schaffer

Yes. Okay.

Anuradha Muralidharan

remember it's don't if don't if it spend top is It's just structure. least, still X% of same I off my and $XX,XXX the majority spend the at X% head, $XXX,XXX, the but $XXX,XXX. spend vast you you

tiered put of change. which to to all card, your on kind challenge big behavioral aspirational it's it is the of it's a the So make because real spend

on to project. In progress revenue, all reporting kind contracts got down. I of that it been we've of terms the of over think of We've moving the nailed

I think we are XX% getting of there treatment -- in accounting terms or the down. there nailed probably

of So that was bulk challenge. the the

Now we is speak, to all employees in so mode. on and do then the test it What ourselves, launch to start we'll move program, of next are it new implementation Expensify transition. like on the the

to that's following everyone ways future sunset come old the possible fast cardholders talking program. want. without too in exciting our -- migrate to program be the over much, on incentivize want quarters. we And more as over what we have we and to plans because about We to really able our existing to move as that And to new the

Ryan Schaffer

-- for yes, Cash-back that's the revenue. year it's million contra $X.X actually was --

yes. that So way,

Anuradha Muralidharan

Cool. The anomalies continue.

who I is left. Now else to have see

Eric have Lake Street. we from up, Next

Eric Martinuzzi

I've this the a -- historically and just as grower? yourselves an do you revenue a XXXX I growth not you is, investor to given yourselves grower. here. you should view couple are only view questions outlook? you SMB, and double-digit How as me, in anymore, QX, current Do was guys the guidance double-digit for know is X%, volatility of kind revenue we view the been giving a because got it a have a guys of but milestone --

Ryan Schaffer

we good fundamentally need to grow? and -- I flow better anything and model. think our not mean Yes, recession is if I to for continue so. most, it's we're we're into positioned I going than business are we we think don't profitable I recession, about cash or think -- to Why we anyone, go positive, but change

We are be think but online. helpful. I new, starting sales, layering -- will very come really they're been are to on It's the SDRs

some So that see hopefully in results from greater 'XX. to we'll start

year. that well think I the yes, are next positioned we So into going

Eric Martinuzzi

haven't away But you growth obviously, different term from is stepped near the playbook. understand I a your And outlook. long-term --

Ryan Schaffer

Yes.

Eric Martinuzzi

you're Okay. stepping you the The past then around those XXXX, that's good quarter, Are in and I've heard million in fees, to that still say interchange interchange fees in about XXXX. of a up $X numbers? million $X a quarter talking around

Ryan Schaffer

you're -- guidance. the give obviously. But say that's for card I'd asking well, We is don't very So growing guidance.

-- expect big team don't And our us. to slow are it's that pitching we alongside card of -- dramatically down all the members for the where subscription. So focus sales a

going it's think we to So to continue perform.

Eric Martinuzzi

account Okay. And then in investment you've big management. made a

QX, kind end you substantially all. today's press you at in of account I the said touched been customers release, had XX% by And have think of management. of

As reaching base. is -- you being these account you into we much out the sizes of get remainder imagine accounts, account to the down got tweaked? management I smaller we're program as installed into are the to getting Because are

Anuradha Muralidharan

doesn't way of on of of that job is of the looking I are janky. The the end churn manager in time, implemented really is It's for missing. proactive we're main is the goal because their the some happen customer. lot have the management account to a feature program is, the that terms supporting account too high. because happen they be because price in and more by that What mean Expensify It too doesn't some they

for not working is quite start and they for looking not for product therefore, it's so they And other think, alternatives. And them. them the working

to it early, is sure make price never about get them. to a use and to trying to call smooth they once ever. isn't, the it help from so it's that, Because you setup can working no up, managers for And take how like going is we're and they're their if high actually rep. is sort in them set then do sales we to do never our a there account of sailing expenses need pay, what too think So

really that's And like think So the what lends is to company account XXX% good setup of primary also I XX% company a goal idea. but managers. the equally is itself it

generally, That just that bill, taking the then that go in have for seats helps. their of so But their optimize committed can than customers, they care looking making like bill to pay-per-use goals their sure they other the to corner. their are business, really feel them the cost at high Expensify if extent they works so making things that

Eric Martinuzzi

conversion Is subscription the You've still a at Xx good a used when customer, of like to control group. touch the you convert that rate they number?

Ryan Schaffer

That's true we and our right I what we I was post I now. -- the maybe that that true can good know results don't successful a trend. some that on in point. was reversing have early been if it's know question we That FAQ. don't saw. one the at

but on site. it's the follow So we with you actually good can rates, Investor up probably Relations some

what Anu But of to customers change. finer a grow needs said, a on their put our small and just to point lot businesses self-service, quickly, maybe

in So of when don't of needs back they then they self-service their updating and go change with some kind that for setup. them, setup sort works their

is have So that's what we janky, when she don't changed when say we means they basically say their -- it. needs update and

you configuration account and the basically for working everything So Is is want I sure the bit. little you? got your a let's that to for So you? frustrating anything managers works are just still right clarify needs." you new And make saying, "Hey,

Anuradha Muralidharan

makes No, at really look them XX% that. set to Like and It they it how again told grows the no a company about anymore, That's work to never up. they think XXX% just but opportunity. sense. . doesn't one

Ryan Schaffer

You no go like to multi-level that of Yes. like stuff. a to approval approvals type approvals from

Anuradha Muralidharan

think I that's And it.

Ryan Schaffer

We to you. talking for Great. love Well, love thank these. joining us. doing We you all

And have please on your page. question So there. like will follow get if questions, up on to Relations questions, maybe be We're our with you us investors@expensify.com. I posting at said, any your going Investors featured

So we'll you quarter. and all, next you thank see

Anuradha Muralidharan

Bye, everyone.

Anuradha Muralidharan	COO & Director
Ryan Schaffer	CFO & Director
Koji Ikeda	Bank of America Merrill Lynch
Mauro Molina	Piper Sandler & Co.
Daniel Jester	BMO Capital Markets
Eric Martinuzzi	Lake Street Capital Markets

Expensify (EXFY) 23 Feb 232022 Q4 Earnings call transcript