Expensify (EXFY) 9 May 232023 Q1 Earnings call transcript

Welcome to the Q1 2023 Expensify Earnings Call. And today, you have myself, Ryan Schaffer and new Anu Muralidharan.

Our CEO, David Barrett, is laser-focused right now on working with the team to get everything ready for ExpensiCon, our conference next week, and we'll be doing a number of important product announcements there, and he is working side-by-side with the team heads down to make sure everything is ready.

So today, Any and I are going to take you through the slides. And without further ado, let me turn it over to Any to read the legalese and take us through the business section.

Ryan. Thanks, everyone. afternoon, Good

boring the stuff. first, So

make please Before securities presented of laws. all the may information that today's we this of call federal management course begin, on the is the during within note unaudited. the statements forward-looking call, meaning And

uncertainties are materially and from in looking could statements those involve management's based expectations results statements. on described and These cause and actual beliefs, current risks that differ to these

this along in are the that with unfold. events earnings as the today made call, today, of be on statements only Forward-looking updated not we comments release will issued actual and as

Please or discussion today's release of implied statements made in with materially actual filings detailed that refer risks differ to cause any could forward-looking and SEC our the results today. a expressed press those for to the from

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

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

begin. that note, our next want So through on you slide, I walk brief. remind you let's and to long-term in strategy

Expensify's success. secrets long-term start let's to the with So X off

every time, means really any no is the is using the and remind almost market of enormous. but all, excel paper. competition of this in we just primary First which is the And X product, software actually market you

the rather how you is secrets This at of most is employees, medium top enterprise you you value believe good market very all of these in. businesses the when there is should whole really number care the and have businesses difficulty opportunity do together that why out isn't scale. acquire small proposition. But the and that's and the taken companies, the isn't But the small it the it and well largest market, consider

out a model. the the product us and company are this has to there, only ambition. word-of-mouth there, adoption only our of share really that profitably, out We market lion's the that's And this absorb allows viral

to along build you us route. and for We platform, we are hope billion will X user with trying come that

slide. Next

businesses So not on This of spend range from large times. shown which and is many of and your richness to I'm small the probably medium few most the huge opportunity now collection by of going but taken a chain slide, employee time of you small as ton this favorite with is illustrates a to enterprise, go a this, huge company again, insights this we've together.

top business when easy medium a Now not profitably a sales-driven a at small acquire again, medium looking in look or reiterating, you term market, that the that it's has segment. and and if at company all model, business at you're small to business possible

a So and you you why model, growth need product-led we need adoption a are interested. viral model, that's

Next slide.

model up recap quick just So how a bottom adoption on the work.

pain real the largely is the out the that's to point there ignored market, a Expensify that X of of products solves segment So few a employee.

company a to product. So continue audience, cater only to to have a built the employees product when even need are one and we that genuine their this not the has adopted

real a who it who up that free, end they So has telling their free. they it they pain for can for up for And pain use their family end app, the and have because an the job, same a know, likely them download or point. point employee telling solves anybody friends,

sometimes a company. it are within being users business case, up swaps ends large what using the use various happening is for So up individual ends of us groups

at convert to be sales with the can stronger company beauty wave the the this salesperson. model. on reaching scale it. a adoption are is same the it on spending this really is up without It bottom company of customer that it. that And into ends up the so market across our or taking And depend tiny them able because increasing And executed ever we headcount doesn't with

Next slide.

So why company, outgrow we least at a they a our small, are small acquired or let been customer philosophy to ever a has always when us. little never

enterprise that But individual being an consumer at are U.S. caters the we also So the same trade we so only have have to level and scale. time, product

a we have we have so also features, profit and a capabilities, rich suite reach. We have global of

road at platform the see is green getting we existing generation robust which more fully subscription Next again seen lead slide. left are becoming more on targeted this grey, viral -- companies, on means far and who the And in the that map. means to are you and you've patients now you launched. are Anything seen into And many is as go they become the on and more, are are the to that go right to but they is then to which for the this more beta far richer times, our planned, they which read way and taking from aimed making blue, And means right. is anything product, left slide this our. noticed

slide. Next

the long-term on QX on want to it few before proposition having to strategy financials. the pass So Ryan the updates I to strategic value pass of I a for a give on -- you recap company, and it

things that are talk to want X about I today. there So

slide. Next

gold represent to about our thousands because who, to paid of of X talked But turn, in be us. we the is many this customers you has mine. for every first we've times. numbers The again, us channel That's hundreds bring this ability reminder, and with as a accountant our channel, accounting consider challenge

practices. customer best the product generally accountant, they're we not in so Now it practices. only a industry scale, best by companies these versed And also it's is train also versed is customer set up who well quality, in well them, our because

set very easy are result a also so retain. easy us ideally to companies these extremely and up support become as they for and So to

high in there's channel. retention So this

we've there are a already assigned partner talked these X And our we've Expensify about the and one-on-one employees manager issues or is on onboard are to need job so and they platform. Now to support managers as past their all to accounting One support, partner we've that these or having things the is so so are as as give their customers in firms we done because customers XXX setup and on up forth. accountants and new are growing really again, end involve well.

it very So us great disproportionately members. opportunity we channel a to for our team warm. We keep even this because supported very is well can grow,

of point top sessions, else we to their we as time the practices, indicates, time have because a XXX And a past. more, to of the large pain and we've X. experts, idea even is Italy. to And that's find accountants best going have can So We're reac bring twice in bring of together, our done loyalty product name as nothing bring the it X ExpensiCon channel. good to course, trading accounting good also and is funds, hosting leadership this understanding them we're the And industry-leading so and going behind this them. And to course, the right?

slide. Next

of this our again a and our sales quarter past. on on consistently. model. approach sales questions always in We quite lot been around working with Every fits we've are effort uptake that working the effort leads product But it in we've about adoption bottom-up to also where and talked and this this model

boat. is up to head story adoption, our of sail the thought a So is The primary X want everything we really besides growth product to bottom the drivers growth a like our When faster way and address I of the lot other a really about view is high, the is But of macroeconomic led think of opportunity, is exponentially of product-led sort can in wind that on. wind things, be think shining conditions. growth star growth. lot

sort a supplement something sales right being And now, given to bit low. ability growth to once wind macroeconomic It's and something that on with motor a is we back, go business to what And conditions, comes boat in sails. consistent, the that's good wind when course, going, efforts steady So we the is and what like is great, the we keep our to be is consider modest, boat slow, would again. wind motor a the depend very faster much that when wind want the the able what be be. of supplements of our and little to

It not a is intended So intended It's is that's them. supply the sales go strategic goal behind intended building the it to to growth, with head-to-head to backup. consistent even program. replay not

the Now a for talk a all little results. little We've working said, that bit year. over this let's on a about been

But reminder. outbound a we've hit volume. direct flexible are lead really been our up we the people have more and this and the lists them agents who story, for get phones that and as SDRs, we've we've hired, all call model more a ramping And a of outsourced program using Our prospect recently. SDR who the gen that hired been

see can incoming they externally a program, growing our a guides and leads know their our the of is XXXX. bars, lead as into a settled green result. quarter can you that really from see here kind And first you in of very that And the pipeline healthily rates. and the might doubling at and absorb job on that is to to also better down We've setup you convert and specialists better them continued our incoming the

And win of guides what many the doubling. the paid be tracking of our really every been in members, encouraging paid they the to we've able been been and number month would quarter specialists deals convert So that the persistently setup members convert. have has that is how of XXXX, first deals number

month, And is leading efforts it very for every doubles which a previous month, growth. these overall. encouraging indicator So versus the just again

for we're That Next to back wanted I product-led to to slide. growth. going come do what lead,

must the but come and of what like it's down. macroeconomic down cyclical our under goes Now course, goes are control, come what up, up must not just conditions

product the we a be ready want for is entire road market we fully launched if that all. ignoring sort complete, So recovers, with to our second, and as want be what map to

ambitious have in goal Now shared robust because map, a the as past. pretty we road that is a we've with you very

is outsourced so an resources engineering to to engineering And what more leaned team. on we external community, supplement contributor internal done our we've

also idea us you without least the been new the damaging able hours features, fixing this to requests, bugs, at the just lean have breaking finding community we the the to without this number engineering so of them can that move product and we're And things for. to is shows simultaneously graph jobs, building. not that the on And we number of number quality to the launch new of external but keep behind use products, or of completely fast that

using the need when down so reminder, slow a as and want we to contributors again, fast. we when point of go fast is And don't go to

cost the the bearing hire you for damaging your are time on of when So a of morale. and engineers, lot risk long at really income you of statement kind a

You as can't really market let doesn't back as companies because make work employees shown that too. fast go or and them down other the extremely headlines doing us hire press, and it has a

worked this basis. contributor job per We community, contracts. on So there basically with them on are and no just

able expand are to nimbly behind much that's it. and we of So sort idea the contract the more

So and really contributor community it go channel, are setting the and major success updates into those group up made as channel we've we our our as or accounting of XXXX for channel, encouraging, our think has the been progress the all first sales very quarter further. of in us X we and

us who of all is Ryan going So the out the I'm financials. through to way, that run to it pass going to with back

Happy Great. QX again. financials. everybody you Anu. to everyone. the see take through right, love I'd Thanks, All to

revenue. revenue that thing is consider cash $XX.X million, X that back our just is a year-over-year. So down But hair contra to was is tad

and card down has quite grow as continues number. it been nicely, actually revenue the So that to pulls growing that

adjust If you higher. revenue to actually you back, see would for were is that cash

year. than last have higher that actually, more is card successful, the But more pulls we down users -- We have we revenue. had

flattish, So year-over-year. down we had a revenue slightly

of were some Our year-over-year, to million the nicely card so XXX,XXX, the our quite XX% for about continues X% is interchange headwinds average the despite elsewhere paid up business. which in gross grow $X.X quarter, members kind year-over-year, and

Next slide.

cash was operating $X.X Our million. flow

million, was quite flow we're $XX.X which about. cash free Our happy

net GAAP was Our $X.X loss million.

income non-GAAP million $X.X Our and net between stock-based GAAP is non-GAAP net compensation. was difference, a again, net income and loss

EBITDA adjusted was $X.X million. Our

right. All

what QX. So let's talk about happened in

So customer QX. was up our in count

QX. which a our see customers members did net resulted across we from decrease in paid However, decrease, in activity

saw So that say, let's the members, XX XX or like average basically that. and has customer basically what that to is, or something we means paid decrease XX.X,

increase in a in small So net outstripped decrease decrease the many saw of activity we we kind a even have saw. but a across customers that small of board, new kind the so decrease, we

So than subscription. but larger subscription QX, in did in the member growth members pay-per-use with increase our decreased

decrease a churn news decrease just wasn't is cyclical it will we big X expected conditions. back And because the think a as We across right, we believe is customers, it's given come of It's an the of in is that temporary. customers these retain due environment. to was off up. customers. that think It believe not economy long we And is user So that thinks activity good back goes ultimately, the average forever. be economic activity their churn to as bad going going we the off is The when counts up, board. this big activity increase. No to

weather their will activity it's the that the And sign obviously, of retaining up times. a if So of flow sure positive, because choppiness down, of are in we some storm, and kind of there's we to we terms cash going kind and just want customers. make we're

Next slide, All please. right.

give we do, but know month the the -- guidance, is current is that let don't trending. do So we the in what you how quarter next we first

the can our these X months, single per up but kind the you as and see, is of you We're every looks continuing the lot. It similar see look over down use right. as kind to furthest up volatility. can going in in remarkably of saw it's we on to having if and in the of subscription to a XXXX, see but are April, increase, we yellow down numbers pay left-hand the So you bar actually some side,

So not the the yet on through we volatility. are woods

please. slide, Next

Let's talk about cash flow. free

market free you it flow, more do And people going QX. cash in going to also, we starts spending a going you debt $XX.X QX, free do flow and it? but So by what going to our cash reduce sales We're $X in open obviously, and say, what more that take also, from with million with do we tomorrow. in strong Great had QX, to million. we're buyback are And So cash a the marketing, we're flow on to free the do million. it. $X we're

future. said, for in Anu we success ourselves positioning are as And the

trials Our pre are have to starting some results show a sales real efforts and seen jump. huge

shoot buybacks. encouraged. strong, cash free optimistic value are free and made We makes that show in well using early us future. cash reduce think flow capitalized, our we're we our So the we're we the to kind to positive to are that quite there starting investments of We're some shareholders is debt, and our that via and green returning flow also

migration our And very be the next-gen soon, we'll starting users our to of platform.

So more ExpensiCon from XX is during us May announce today, but soon XX. to which nothing announcements to expect X,

that of cooking product the lab for have lot We changes a while. been we've a in

the So open we're get out to in excited pretty those soon.

and coming all a working not side for to -- and it lot but paid not as have we've And getting Superapp management, a future new cashback, start have money now many engineering into card splitting, soon. so management, efforts we're the travel And the wallet, and this a building. X of invoicing, been excited just been $X, transfer, and very members slide. it. personal actual expense corporate -- so to much on yet, platform personal billing, management, in reminder, very building is it people chat, bill which focused on to travel we're on PXP app right been all why corporate work that the is as this seen put on Next with reminder, is A we've really our we've you

very all that.All right. excited we're about So

And America. it Hao Natalie our over from I analyst believe of first to Now Bank is Q&A. we'll throw

of you a trying you have so for per question down, is, find pay guys do they and said pay user price, you're my went per balance previously So and a that to guys pay premium and subscriptions use. good

that you I about think guys you be have anticipated? of ideal would mentioned guys than trends guys Or sort thinking -- had have earlier the XX% sort these on you you of Have your number. path?

question. Great

over we So subscription. successful being converting are yes, to from in people pay-per-use

increases seeing in are subscription. We

quarter. paper that that again, active. this less in also that left. just have mean And doesn't the were saw employees use customers means we they a It However, decrease

down. people So calm. moving we little they -- come kind a, was it bit bit this also subscription, But are of seeing also of paper a over use quarter, but decreased. come little We're to

So we've converting. in yes, been our part activity part in use down, per because is pay percentage attributed of to less but also to go and that successful general

of bit a both. So it's little

then Okay. a SDR quick you color of there? went investments provide Cool. you that more like bit program. but revenue appears guys and marketing a you're percentage follow-up. into a that mentioned down, It And doing of Can sales as

Sure.

we've -- So they coincide of ramped ramped marketing but some been our our down sales, we we perfectly. as didn't

those the in tail lot on of baked So of the we cost towards board into kind fully XXX added but a QX, SDRs so quarter. the came end, wasn't

to we because ExpensiCon sales see So an should and marketing QX, in have also. increase we expect X in especially

whammy there. kind a it's So double of

have costs then are quarter. a and for mutually big our full We conference also SDR the baked

we So expect see increase going an and forward. in marketing to sales should

that more more and SDRs But becoming is Like program better more more all specials set also and our and getting getting of trained are better. of and and efficient.

it we up So improve to ramping get can to ROI, the able results. need don't rather We to think we higher we a deep get don't keep bigger ROI. that just ramping need

the growing that efficient. those I better keep investing QX channel. -- little but count head up I in to little them the the bit is to making investing and So expect We're in terms the in we channel on think not also are there's going it's agents, launch come more because full that Ryan a the ramping of would in is cost But cost higher don't going a said so maintenance, so alone.

SDRS are added XXX in SDRs point. XXX We QX. a QX, That's but in now good we adding

even and are efficient We low training and make more it cutting maybe performers.

quarter, are how So it's it. at XXX not per we

we from Steven Citi. Enders next, right, have All

I I the the just look transcript should be might of here. early that business and kind bit both talked guess and change new in on about of about could I preview how looking that a I call in press release is want we the thinking we little about to guess change the potentially be, overall? biggest for Expensify that ask as you should what for guess, like any the what the kind

questions. Expensify. might cases in Great the use use are which expanding you we

for business use now, you're So if expense management right it people or on a trip.

the all go like and expensify.com you now an cases, type public in we new in can existing functionality. then have actually and platform. store. functionality new parity app to there's more ExpensiCon the You And and have right again, we all our on use available of now cases to to right of all we're going basically lot to product very use going then Slack or onto on WhatsApp are a Expensify going new we And have of platform. the we there in X, also announcements adding that start when is app into up. to you're X product once our And sign the exciting There's what but new have the is be launching these have company

will be in new platform. -- it the basically. activity bringing it's onto that a functionality more will functionality that we haven't result mix existing had and And of new also So

someone do let's maybe to a talk your through well. the business don't activity but within as business that's go you So you trip, Expensify platform, say on

to trying use month. we're cases So this beyond add

wasn't didn't So Expensify, I have I active.

is of day something once month people some less for trying just instead we're X Expensify that than making month. -- a sometimes So every maybe use or you to

sort they're to your the adoption, want to to to every more is talk your more goal bottom-up users to live have leadgen, them the And X give turn then of individual easier you the vital us. we about is right? of Having champion, in functionality lives, going

talk activity features that are individual are opportunities it. about turn users into others So better to in variation that to that are increased There more some to and aimed paid that's really members, growth. are at there reduce

So bit there's a of both. a

Okay.

that here number a So if consistent nature viral both they also I in guess increase growth, have is but maybe the to subscription user paper the more view use.

Yes.

helpful. the that being wanted side. like revenue mean from are move where more to of That's it But card terms I I and good guess ask on we And contra pretty credit in here. traditional to to then recognized I in revenue ramp-up growth having a way. Okay. looks curve

our Yes, works so we -- an like done. operational our perspective, have of all all we have

So done. contracts all the we have

We like recognition have related the memos the from auditors. revenue

this going probably the and in more of slide order I front the of to is is tough what road it's to this to business. was in around contributors pace. part The on challenge you right be using over. and you. like engineering as So noted, map And more at But a competing rapid more our the sort resources keep most is return always prioritizing presenting

So we ourselves. where launching implementing on but kind then only are. right program, of new it now that's the Like we are

for So into new all like the program moving old the the of all for. of employees Expensify program,

that our testing So employee every users account single us the a give uses every of ground single day. will of products good

company, So we to done someone launch are And rather going that specific with started through then adjusting are the it once maybe to think on right we I we'll we or motions out launch to that, now. build now. the

recording So prioritized engineering what the to about to for an perspective. we is a our in everything we bang the like going have what buck in from go get sense, but is don't side biggest to

to this. now going actually done are control and because -- we everything that's done consistent we the everything answer control with going we that that forward, with So be are we don't

So the this is priority.

right. All

Next, we have Molina Piper Mauro from Sandler.

just had initiative. the couple questions So of around SDR I a

reach sense the of outsource it take you might Expensify vendor what long expect out And make long then term? in over sort breakeven of sort flip for this or long mentioned? the -- that of positive And it how initiative SDR functions of to ROI? sort of bring you sort in-house decision second the that thing might what to that drove might So the to just a a how first is initiative around off, to to that scenario

Yes. Good question.

very me something it of kind agents, in repeatable. little that repeatable that So can when execute a pricing outsource a can our just we versus and and then you even over a matter it because is Whenever example. by have job it's and way, giving it in-house across can scale we we of is can negotiating over is buck. a our very someone large many multiple and again. is we down power start bang times. it approach them to number that classic diversify and That's simple general write hire what do get let requires have doing The some commenting SDR clear terms that set of for doing and instructions, better outsourcing of we like vendors, And

is Well, we then manage do internally. them what

of We So as subspecialists. handle have strategic business. accounting like the things more internal channels. program And the partner we manage pieces our with we structure then sales management employees who sales do our they the and team

And subspecialists internal something leads. have the so converting skill our job because employees are incoming than of they lower

but anticipate of hired training experience able be we've and high require general block for. internal that tendencies the and to need they tackle, So that skill kind of in not so and they kind employees to that it's

and And they just employees, very a over and have the their SDR And then it question pipeline. internal job they repeatable and the they do is and really our script script again. hit is the the and

easily up I think how and we requirements and more ever the much SDRs ramp this. job but never, are of because outsource we it that's job cost down we internally, sort the we don't the never effectively do it say or take could structured and would much So type of that type profile if of

-- let question. answers your that there me stop and see that if So

to helpful thta how headcount speak, And ROI, easy follow-up That's before just there. or touching it, Yes. the to -- long on ramp up have I on part is that's month-over-month actually, SCR so and all how that the quarter-over-quarter, front. a as to

Yes.

in at that we attaching we to started like interesting last want very centers XXX. just we like wanted a we that few at could saw October, I be, with this very late it also is that could say year. think November. question. And that we did work, QX it to We all. And when to told like in So these work started to scale fact it

did up and we So wanted like vendors the them with it some let that to scale it like we firms. XXX. to them to and just then notice then we a them, that training more after month those few hit give started And a to took to hire XX basic and weeks

a ramping in we this ramp of and announced So started didn't mid kind that's quite we initiative we're maybe while up QX. until that QX, fully up

-- go went a was continuous it we were X forth. So to XXX it but to It didn't XX from overnight, so XX process. from to XX, on and so

question. But I And back us think maybe takes that second forward, quarter I'll your get trying to also behind and not said, and growing headcount. your questions it were where is to to responding a this them So keep we of to it's like of X it come to we're XXX. earlier, seems something another going the

behind with. happy to something entire more And yield steady, something it meet of we cost effectively. do will are model consistent, be something that this idea growth more The and arm modest

So keep XXX will, real to of of you then sort maintain isn't optimizing. right then we deploy the identify now, that, the team, and manage aggressively XX have idea if to the SDRs. And is The and idea and specialists winners bottom very that. performance of even the

the of contributed of can that's team generally up identify we So output XX% that to because XX% kind how being. it ends

the as aggressive to the for that's speak add about that the winners, and what identifying we're over going few being the program next identifying now. well. quarters, managing focused challenge this and ROI, to I'll wants so So let Ryan on that's Like to be he losers, anything then

and I Yes. we it's would intra-quarter. that pretty say can downscale and flexible numbers drastically upscale just

So it's like it. annual very we the -- numbers of is It's like we're not which flexible, that. locked X reasons into or anything

Jester next, Up All BMO. from we right. Daniel have

growth [indiscernible] strong paid really it the the of had avenue growth on pretty maybe growth looks So like [indiscernible] there -- [indiscernible]

real echo. about I a sorry think little talk I bit Daniel. of that, know you there's quick,

question. Sorry, can repeat the you

Sorry about that.

Is this better now?

Yes.

All right.

to So there been good give for on or conversion at product or trials can you while. pretty drivers of as free for it more rate trials, those of those to free talked growth a It's is like for of free us about color sort the free the interchange? you any subscription bit. the important Is growth that about -- a look

Good question.

are not -- So see so the related -- I free the free to trials plan. free trials the

can for you plan like where free. paid The Expensify for can program. off -- a the paid there's trials simple for Light free run you basic business the it use are free So a of free,

So and increase seen in paid marketing. focusing basically the number is on sales substantial we trials free We've product for quarters. what in really seen previous a versus QX are the we've of our

saying what basically, because we some lift And free trials. the it's we're in is the that huge data encouraging

free I it's So not understand confusing. is that to plan. the that it's kind actually now -- say related it get might actually -- that you of

trying increase a then plan. product, our in free QX. free and we trial, free we've substantially And those you when you a to for pay have trials are We give seen

Got you.

trajectory in about of going is. different know line is growth the growth I macro growth overall and obviously, philosophically, of really top interchange a macro you the this as the through terms takes moving think year? maybe Or then big is sort And the walk helpful. you're this potential variables on? getting maybe to puts the not you the for kind think year, is be That but what guidance, Okay. that Do of

Great Yes. question.

in we people point So I I growing where models. interchange it GAAP, isn't of we -- by revenue. the over to interchange the interchange know the is a yes, that revenue. a revenue, not when adjust it think a well. think going But line that but it's yes, now their moved get be is for line into And do reaching item, good it's to top contributor lot

of Now subscriptions. in terms the

of use the new The per over just customers Subscription So kind numbers every are we're going has adding pay up. quarter. all place. been

going we're activity that much to of the conditions continue a economic to be more better to and kind our kind So I when if think we of continue decreased in customers future. this stuff, from retain place in add

as making of the everything their see to are opens cases on obviously, waiting active lose do And we we're and increases to be but want we activity numbers kind kind people make that the customers that we'll of and which platform, activity to we the adding overall we're don't in increase. opportunity those also, to don't out holding platform our that, activity if love people that our hiring, more up, gives we're we believe new on customers. decreases, use storm like our sure sure So

believe short decrease a ultimately that little did we obviously, bit. -- of term, in hurts kind but the is the in decrease, And I activity temporary. So us QX think which

The can if very map more, X then in. I it compelling. squeeze And Okay. product been has road

of you've there. of products a -- new I'm about some is hear help for has trying pull sense progress got just that some your the lot the X. ExpensiCon for to we'll trended? for the of customer pipeline made what Can new the that of how at get base You launching you're and just demand that you customer usage various us think a products,

Yes.

to say know Also, people can't management, them, don't card. seeing got all much I more everyone announcements uses David for more almost using Expensify It's lined expense People want because -- I do but we're I spoil too basically to So and right? us want up. Expensify. the big that. has

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Sort for of X you. ones quick

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recently? of trends travel business Just in seeing wondering sort you're what

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-- a is the are But X business for boon creates opportunities does you it travel growth solve. Expensify experiencing that pain point because for word-of-mouth thing we more

management worst hear then complain this have trip that on going maybe network. or Expensify if you And have start is and an your and to part that expense back-to-back lift. you you're creates likely of receipts the more overall about trips you to huge you're complaining then and So pile this problem,

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everyone, with the We right. list. the now of That's thank end. about love appreciate the Well, off That you, all. call. for it. We really All business is joining operating old you talking

Just kind all very we're as excited. a of closing,

had released. close of business in shareholder but excited a being platform, our our I think cooking earnings from time release about of it's the very we're the we a so to future lab the been new We've on a here. -- letter little David, bit a all long for in and

our that users. get next you all in we all to So very And the excited of much. Thank are see all quarter. hands we'll you of

Bye. you. Thank