Expensify Inc
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
EXFY$1.72-7.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net loss | $(41,456) | $(27,009) | $(13,558) |
| Adjustments to reconcile net loss to cash provided by operating activities: | |||
| Depreciation and amortization | 5,164 | 5,388 | 5,197 |
| Reduction of operating lease right-of-use assets | 614 | 666 | 741 |
| Loss on impairment, receivables and sale or disposal of equipment | 923 | 881 | 319 |
| Stock-based compensation | 41,212 | 52,332 | 14,574 |
| Amortization of original issue discount and debt issuance costs | 257 | 42 | 32 |
| Deferred tax assets | (113) | 26 | 48 |
| Deferred tax liabilities | — | — | (916) |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | 2,219 | (1,341) | (6,006) |
| Settlement assets, net | (6,398) | (7,796) | 173 |
| Prepaid expenses | 3,176 | (1,389) | (6,509) |
| Related party loan receivable | — | 14 | 586 |
| Other current assets | (561) | 2,875 | (4,100) |
| Other assets | (5,130) | (81) | 124 |
| Accounts payable | 228 | (2,693) | 1,424 |
| Accrued expenses and other liabilities | 906 | (1,537) | 7,511 |
| Operating lease liabilities | (200) | (758) | (801) |
| Settlement liabilities | 108 | 12,202 | 7,372 |
| Other liabilities | 610 | 1,054 | (725) |
| Net cash provided by operating activities | 1,559 | 32,876 | 5,486 |
| Cash flows from investing activities: | |||
| Purchase of property and equipment | (1,384) | (585) | (2,706) |
| Proceeds from sale or disposal of property and equipment | — | 5 | — |
| Software development costs | (5,910) | (1,619) | (4,908) |
| Net cash used in investing activities | (7,294) | (2,199) | (7,614) |
| Cash flows from financing activities: | |||
| Principal payments of finance leases | (513) | (793) | (774) |
| Principal payments of outstanding debt | (44,587) | (595) | (25,191) |
| Proceeds from term loan | — | — | 45,000 |
| Vesting of restricted common stock | — | — | 567 |
| Proceeds from initial public offering, net of underwriters' discounts, commissions and offering costs | — | — | 57,458 |
| Repurchases of early exercises of common stock | (17) | (25) | — |
| Proceeds from common stock purchased under Matching Plan | 4,255 | 3,672 | — |
| Proceeds from issuance of common stock on exercise of stock options | 311 | 795 | 3,505 |
| Payments for employee taxes withheld from stock-based awards | (1,766) | (5,336) | — |
| Repurchase and retirement of common stock | (3,000) | (6,000) | — |
The accompanying notes are an integral part of these consolidated financial statements.
| Net cash (used in) provided by financing activities | (45,317) | (8,282) | 80,565 |
|---|---|---|---|
| Net (decrease) increase in cash and cash equivalents and restricted cash | (51,052) | 22,395 | 78,437 |
| Cash and cash equivalents and restricted cash, beginning of period | 147,710 | 125,315 | 46,878 |
| Cash and cash equivalents and restricted cash, end of period | $96,658 | $147,710 | $125,315 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $5,936 | $3,912 | $3,082 |
| Cash paid for income taxes | $3,785 | $975 | $6,922 |
| Noncash investing and financing items: | |||
| Stock-based compensation capitalized as software development costs | $3,126 | $1,757 | $628 |
| Purchases of property and equipment and capitalized software in accounts payable and accrued expenses | $390 | $— | $— |
| Right-of-use assets acquired through operating leases | $6,402 | $— | $— |
| Right-of-use assets acquired through finance leases | $409 | $— | $— |
| Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets: | |||
| Cash and cash equivalents | $47,510 | $103,787 | $98,398 |
| Restricted cash included in other current assets | 27,742 | 19,542 | 8,651 |
| Restricted cash included in other assets | — | — | 47 |
| Restricted cash included in settlement assets, net | 21,406 | 24,381 | 18,219 |
| Total cash and cash equivalents and restricted cash | $96,658 | $147,710 | $125,315 |
The accompanying notes are an integral part of these consolidated financial statements.
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