Expensify (EXFY) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $37.0M, up 5% quarter-over-quarter, with average paid members at 687,000; FY24 revenue was $139.2M with 686,000 average paid members.

• FY24 free cash flow surged 4200% year-over-year to $23.9M, exceeding guidance; Q4 free cash flow was $6.3M, up 272% year-over-year.

• Net loss for Q4 was $1.3M; FY24 net loss was $10.1M, a 76% YoY decrease; non-GAAP net income was $8.7M (Q4) and $23.5M (FY24); Adjusted EBITDA was $12.4M (Q4) and $39.4M (FY24).

• Fully paid down $22.7M in debt, achieving debt-free status.

• Major investments in AI and automation drove significant cost savings, reducing SmartScan costs by 75% and customer support escalations by 80%.

Financial highlights

• Expensify Card interchange revenue grew 62% YoY in Q4 and 54% YoY for FY24, reaching $5.1M (Q4) and $17.2M (FY24).

• Q4 non-GAAP net income was $8.7M; FY24 non-GAAP net income was $23.5M.

• Q4 adjusted EBITDA was $12.4M (33.5% margin); FY24 adjusted EBITDA was $39.4M (28.3% margin).

• Q4 and FY24 free cash flow were $6.3M and $23.9M, with a 17% margin for both periods.

• Paid members at year-end were 687,000, down 4% YoY but up from Q3.

Outlook and guidance

• FY25 free cash flow guidance is $16M–$20M, higher than last year, with conservatism due to macroeconomic uncertainty.

• Estimated stock-based compensation for FY25 is projected between $6.0M and $8.9M per quarter.

• Management will update guidance as confidence in the macro environment improves.