Expensify, Inc.

and others, and during the course of this call, management may make forward-looking statements within the meaning of the federal securities law. 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 non-GAAP net income, adjusted EBITDA, and adjusted EBITDA excluding the IPO-related bonus, for reconciliation of non-GAAP net income, adjusted EBITDA, and adjusted EBITDA excluding the IPO-related bonus to their most comparable GAAP measures. Very high stress, but with that, let me turn the discussion over to David.

Thank you for that fascinating introduction. So, maybe a quick introduction before we get started. So, I am David Barrett, the founder and CEO of Incify. We have Anu, our COO, Ryan, our chief financial officer, and of course, Francis, our senior technical accountant. We have the whole Dream Team here to answer any question you conceivably have. But to get started, let's review why we're here. So, yeah, yeah. Technology. We love it. Here we go. So, at a very high level, you know, as a reminder, many of you know this, of course, but there's a lot of people on the film here who haven't really heard the spiel, so I'm going to give kind of a quick overview. At a very high level, we do expense reports that don't suck. I know it's a bold vision, but we're making the world a better place one expense report at a time. Now, if you're considering investing in Inc. There's sort of like three main things you need to know. Now, we can go on Schaffer, and Daniel Vidal. But yeah, if you were to add up all of the customers of all the traditional players, it adds up to maybe a couple hundred thousand companies in the world. That's out of hundreds of millions of businesses in the world, however. So the way that we see it is virtually no one is using anything. The real competition for expensive items, Concur or something like this, is basically a manila envelope. It's email and Excel. And so basically most of the world is doing nothing at all, and we're going after a global opportunity, not just the small enterprise corner of the market. We're going after the Fortune 100 million businesses out there. Thank you very much. is employing some variations on the same basic strategy. You know, they all know it or love it or at least know it. And that's basically a salesperson calls into a company like knocking on the CFO's door. And then, you know, it goes to an SDR, BDR. Maybe it goes to a commissioned quota-carrying salesperson. It goes to, you know, an integration specialist, an account manager, some sort of thing like this. It's a very scalable model, but it's also a very high-cost-to-sale model. The traditional sales model has only reached a tiny, tiny corner of this opportunity because there's only a small subset of the market which can be acquired through that high-cost-to-sale model. Our design is completely different. Everything starts with the individual employee downloading the app for free and then learning about it from a friend through genuine word of mouth. And then they sign up their own company without permission, and then it just starts submitting essential parts to their boss. So basically, every single employee is a different door to the company, whereas everyone else out there is all knocking on the same CFO's door. We have 100 doors in every company because every employee can onboard their company and then grow sort of virally by the month. This means that we can reach companies that were never in the traditional market. We're reaching companies that basically were never searching for expense management. They were never thinking about this as a problem until some individual employee raised their hand and put it onto the agenda of the company. and the consequence of all of that, we think that we're building a platform that can reach a billion users.

Now, we're not there yet.