Expensify, Inc. (NASDAQ:EXFY) Q4 2023 Earnings Call Transcript
Expensify, Inc. (NASDAQ:EXFY) Q4 2023 Earnings Call Transcript February 24, 2024
Expensify, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator:
David Barrett: Welcome, welcome, welcome to the Q4 2023 earnings for Expensify. I'm David Barrett, CEO. We have Ryan Schaffer, our Chief Financial Officer. Let me turn it over to Nikki for legal Es.
Unidentified Company Representative: Before we begin, please note that all the information presented on today's call is unaudited. And during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.
Please also note that on today's call, management will refer to certain non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.
Ryan Schaffer: Excellent. Thank you very much. All right. Let's get started. First, let's go over the fiscal 2023 financial fiscal year 2023 financials. We had revenue of $150.7 million. Our average paid members were $732,000 and we had a net interchange of $11.1 million. Our operating cash flow was $1.6 million. Our free cash flow was $600,000. The difference between operating cash flow and free cash flow is -- we take out the customer funds, which can vary throughout the month, so the timing can throw that off a little bit. Our GAAP net loss was $41.7 million. Our non-GAAP net loss was $500,000, and our adjusted EBITDA was $13.2 million. Now let's talk about Q4. We had $35.2 million in revenue. Our average paid members were $719,000 and we had $3.1 million in net interchange.
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