Expensify, Inc. Files Q2 2024 10-Q

TL;DR

Expensify's Q2 10-Q is in: financials updated, check it out.

AI Summary

Expensify, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are presented, including information on assets, liabilities, and equity.

Why It Matters

This filing provides investors with the latest financial health and performance data for Expensify, Inc., crucial for understanding the company's trajectory and making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the financial details within could reveal performance trends that impact risk.

Key Numbers

• 0.125 — Common Class A Shares (Number of Class A shares outstanding as of June 30, 2024.)
• 0.03125 — Common Stock LT 10 Shares (Number of Common Stock LT 10 shares outstanding as of June 30, 2024.)
• 0 — Common Stock LT 50 Shares (Number of Common Stock LT 50 shares outstanding as of June 30, 2024.)

Key Players & Entities

• Expensify, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date
• 401 SW 5TH AVENUE, PORTLAND, OR 97204 (address) — Company's business and mailing address
• (520) 271-0858 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share EXFY The Nasdaq Stock Market

Filing Documents

• exfy-20240630.htm (10-Q) — 1277KB
• exhibit31-10xqq22024.htm (EX-3.1) — 175KB
• exhibit32-10xqq22024xcerti.htm (EX-3.2) — 9KB
• exhibit311-10xqq22024.htm (EX-31.1) — 10KB
• exhibit312-10xqq22024.htm (EX-31.2) — 10KB
• exhibit321-10xqq22024.htm (EX-32.1) — 5KB
• exhibit322-10xqq22024.htm (EX-32.2) — 5KB
• 0001476840-24-000156.txt ( ) — 6887KB
• exfy-20240630.xsd (EX-101.SCH) — 44KB
• exfy-20240630_cal.xml (EX-101.CAL) — 82KB
• exfy-20240630_def.xml (EX-101.DEF) — 230KB
• exfy-20240630_lab.xml (EX-101.LAB) — 633KB
• exfy-20240630_pre.xml (EX-101.PRE) — 459KB
• exfy-20240630_htm.xml (XML) — 824KB

- Financial Information

Part I - Financial Information Item 1. Condensed Consolidated Financial Statements 1 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Changes in Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40

- Other Information

Part II - Other Information Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 43 Item 6. Exhibits 44

Signatures

Signatures i Table of Contents Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "shall," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "goal," "objective," "seeks," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. There are a number of risks, uncertainties, and other important factors, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking statements contained in this Quarterly Report on Form 10-Q. Such risks, uncertainties and other important factors include, among others: our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand usage of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us, or by competitors to their products, or any other changes in the competitive landscape of our market; the amount and timing of operating expenses and capital expenditures that we may incur to maintain and expand our business and operations to remain competitive; the sufficiency of our cash, cash equivalents and i

- Financial Information

Part I - Financial Information

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 1 Expensify, Inc. Condensed Consolidated Balance Sheets (unaudited, in thousands, except share data) As of June 30, As of December 31, 2024 2023 Assets Cash and cash equivalents $ 53,234 $ 47,510 Accounts receivable, net 13,420 13,834 Settlement assets, net 48,301 39,261 Prepaid expenses 8,768 5,649 Other current assets 32,044 30,978 Total current assets 155,767 137,232 Capitalized software, net 16,006 12,494 Property and equipment, net 13,905 14,372 Lease right-of-use assets 5,783 6,435 Deferred tax assets, net 487 457 Other assets 924 5,794 Total assets $ 192,872 $ 176,784 Liabilities and stockholders' equity Accounts payable $ 1,022 $ 1,425 Accrued expenses and other liabilities 7,853 9,390 Borrowings under line of credit 15,000 15,000 Current portion of long-term debt, net of original issue discount and debt issuance costs 7,592 7,655 Lease liabilities, current 461 432 Settlement liabilities 38,877 33,990 Total current liabilities 70,805 67,892 Lease liabilities, non-current 6,118 6,467 Other liabilities 1,949 1,681 Total liabilities 78,872 76,040 Commitments and contingencies (Note 4) Stockholders' equity: Preferred stock, par value $ 0.0001 ; 10,000,000 shares of preferred stock authorized as of June 30, 2024 and December 31, 2023; no shares of preferred stock issued and outstanding as of June 30, 2024 and December 31, 2023 — — Common stock, par value $ 0.0001 ; 1,000,000,000 shares of Class A common stock authorized as of June 30, 2024 and December 31, 2023; 74,773,581 and 70,569,815 shares of Class A common stock issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 24,994,705 and 24,994,989 shares of LT10 common stock authorized as of June 30, 2024 and December 31, 2023, respectively; 5,923,033 and 7,333,619 shares of LT10 common stock issued and outstanding as of June 30, 2024 and December 31, 2023, respectively; 24,969,634 and 24,998,941 sha

View Full Filing

View this 10-Q filing on SEC EDGAR