\nExpensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter ended June 30, 2025.<\/p>\n
A Message From Our Founder<\/span><\/b><\/p>\n \nQ2 finished strong, with F1\u00ae The Movie<\/i> putting the Expensify brand on-screen over an estimated 650 times for a total of more than 35 minutes (sometimes over 10 feet tall, if you saw it in IMAX). With a $500 million box office to date, that’s easily tens of millions of moviegoers, with potentially many more to go. We believe that’s on pace to be seen by more people than saw our 30 second Superbowl ad, but with over 60x more screen time\u2026 and our name on the winning team.<\/p>\n \nWhile ROI on this can be hard to measure, independent brand awareness surveys are already showing 50% gains in our target demographics \u2013 and 350% gains in the highly coveted 18-24 demographic, the trendsetters of the future. We couldn’t possibly be more pleased with the result of this major bet taken years ago, which we expect to benefit us for years to come. To prepare for this, and in recognition of F1’s global appeal, we spent the last quarter strengthening our international offering:<\/p>\n \nBeyond F1 and international expansion, the core business continues its rock solid performance. Q2 cash flows from operating activities is down 4% y\/y but FCF is up 10% y\/y \u2013 even despite F1 payments \u2013 supporting a $3.0 million buyback of EXFY shares last quarter, and an increase of the midpoint of our full year 2025 FCF guidance by $2.0 million to $19.0 million – $23.0 million. The migration of customers from Classic to New Expensify continues at a brisk pace as New Expensify gains in capabilities, adds support for local reimbursements to most countries worldwide, and gets just a little faster every day (my personal favorite: switching pages is now 235% faster than it was the first week of March \u2013 a small detail, but one that I hit a hundred times a day).<\/p>\n \nAnd last but not least, no message in this day and age would be complete without some mention of AI. This is something I personally spend nearly all my time on, and couldn’t be more excited about. I’ve talked a big game about achieving financial AI supremacy, and Q3 is when we expect to start rolling out features to get us closer to that goal. Stay tuned!<\/p>\n \n-david<\/p>\n \nFounder and CEO of Expensify<\/p>\n Second Quarter 2025 Highlights<\/b><\/p>\n Financial:<\/span><\/b><\/p>\n Business:<\/span><\/b><\/p>\n Financial Outlook<\/span><\/b><\/p>\n \nExpensify’s outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under \u201cForward-Looking Statements\u201d below. There can be no assurance that the Company will achieve the results expressed by this guidance.<\/p>\n Free Cash Flow<\/b><\/p>\n \nExpensify estimates Free Cash Flow of $19.0 million to $23.0 million for the fiscal year ending December 31, 2025.<\/p>\n \nThe Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company’s results.<\/p>\n Stock Based Compensation<\/b><\/p>\n \nAn estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately four years remaining).<\/p>\n Est. stock-based compensation (millions)<\/b><\/p>\n\n
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