Expensify, Inc.

All right, everyone. We're very excited to have you here for the next quarterly, I was going to say all hands. I'm so used to doing that. No. Quarterly earnings call for Expensify. We've got a lot of exciting stuff to share. And so let's just hop right into it. So to get started, however, we have some very exciting, can you press the link here? There we go. On the screen. Not that. Right there. One more time. Perfect. Okay. So let's get started with, you're going to read some very exciting legal issues.

That's right. 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 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 available 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. We 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 reconciliation of these non-GAAP financial measures to their most comparable GAAP measures. And with that, I'll turn it back to you, David.

Thank you for that fascinating introduction. So we are coming to you live from the San Francisco lounge. And so we have the whole dream team here to discuss any questions you might have. We're going to go through all of this. And then each analyst is going to have one question, one follow up. And so let's get started. So as a reminder, SynthFi's major plan for launch with success hinges on basically three major pillars. One is that we have a huge untapped market opportunity. The second is that we have a unique bottom-up adoption model. And third, that we're going after this huge, huge billion user opportunity. So they kind of review each of those in turn. As a start, the market is huge and largely untapped. And if you just sum up basically all of the customers of all the competition, we're talking about, you know, 1% of the actual companies in the world. And so the way that we view it is the opportunity is largely untapped. And so the differentiation for Expensify is that we are going after the whole market using a radical business model. Now, one thing we're going to talk about a little bit more is that we're doing a lot right now to sort of expand growth in a few different ways. Now, you know from the Roadshow and a bunch of other videos and so forth that we have a bottom-up adoption model and things like this. New things that we're adding to that, basically, we've dramatically expanded our advertising. If you're in any of the top 20 cities in America, you've probably seen our ads everywhere. We've also launched a new free plan, which basically is allowing anyone to adopt the Accentify card and do reimbursements. The freest free plan on the market, if you will. And so those are the kind of the two most visible things, if you will, to go after this beachhead or the VSV. But what you might not know is that we're doing a tremendous amount of work inside to go after the sort of the greenfield opportunities. One is that we've expanded our account management organization. And this is basically pairing our top partners and customers with a dedicated point of contact. So every customer can, of course, always reach out to our account years service and get fast, effective 24-7 support. But you want that personal touch. You want to establish a long-term relationship. Now we're expanding our ability to provide that for a customer basis. Second is that we've, for the first time, added outbound calling. We've never really done this in the history of the business. This is an entirely new capability for us. because one advantage that we have is we have individual users in over a million businesses around the world. And so as a result, we have basically our inside guy that's championing Expensify internally. And so we can use this as a tremendous sort of owned asset, if you will, to call into businesses from around the world and grow the business. Third, we're really reinvesting in our channel program. As you know, we've been in extensive partnership with the approved accounting channel and basically the CPAs around the world. Tate. Towards this, we've actually launched an entirely new card focused exclusively on CPAs. These are a card for CPAs and their clients. So there's a lot going on inside the business, some of which is visible from the outside, some of which isn't. Now, as a reminder, our major differentiation, yes, our product is great and card's awesome and all of that, but the major difference between Expensify and everyone else is our business model is completely different than everyone. Well, we have what we call a bottom-up adoption model, where a individual employees will adopt the product internally without asking permission, without asking for advice, and actually just using Expensify to promote Expensify inside the product, turning their expense report into a highly targeted marketing message directly to the decision maker. This is a radical departure from everything else in the industry, and it's uniquely Expensify. And likewise, as we mentioned, this opportunity is huge, and it's much bigger than business. We're going after the full market, not just at the enterprise scale, but also having a consumer-grade design that can actually solve all of the financial burdens of individuals doing, you know, bachelor parties, going to Burning Man, whatever it might be. There's a complicated series of financial transactions that happen inside, outside, between businesses, and in a sort of quasi-business side hustle zone. And we're aiming for all of it. We have a global reach, not just support for currencies, but support for receipt types across the entire world. We have not just our own native card, but also native travel. You can talk to concierge and book travel, book hotels, flights, whatever it might be. And all of this comes for free. We are the only company in the market that can make all of these claims. So, and maybe to finalize, we think that there's a true billion user opportunity here. We think that if Instagram can link a billion people through photos, we can link a billion people through money. But this doesn't happen with a normal product. This doesn't happen with a series of point solutions that are targeted towards the back office. We think the only way to approach this is by building a platform that consolidates all of these payments opportunities and these payments flows into a single seamless experience. And so that's what we're focusing all of our energy on, incentivize all in on this billion user opportunity and to invest and to be a believer that that opportunity is real. So with that, let's talk about where we're going right now. All right.