Expensify Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 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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Condensed Consolidated Statements of Cash Flows
(unaudited, in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(8,743) | $(34,252) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 4,851 | 3,871 |
| Reduction of operating lease right-of-use assets | 411 | 476 |
| Loss on impairment, receivables and sale or disposal of equipment | 637 | 585 |
| Stock-based compensation expense | 23,535 | 30,612 |
| Amortization of original issue discount and debt issuance costs | 43 | 139 |
| Deferred tax assets | (32) | (86) |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | 845 | 1,671 |
| Settlement assets, net | (13,202) | (9,381) |
| Prepaid expenses | 1,597 | 3,672 |
| Other current assets | 2,707 | (1,861) |
| Other assets | (144) | (125) |
| Accounts payable | (349) | 229 |
| Accrued expenses and other liabilities | (1,501) | 4,259 |
| Operating lease liabilities | 67 | (236) |
| Settlement liabilities | 5,389 | 2,451 |
| Other liabilities | 364 | 78 |
| Net cash provided by operating activities | 16,475 | 2,102 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | — | (1,103) |
| Software development costs | (6,699) | (3,730) |
| Net cash used in investing activities | (6,699) | (4,833) |
| Cash flows from financing activities: | ||
| Principal payments of finance leases | (96) | (482) |
| Principal payments of outstanding debt | (22,671) | (8,450) |
| Payments for debt issuance costs | (71) | — |
| Repurchases of early exercised stock options | (35) | (21) |
| Proceeds from common stock purchased under Matching Plan | 2,900 | 3,132 |
| Proceeds from issuance of common stock on exercise of stock options | 303 | 216 |
| Payments for employee taxes withheld from stock-based awards | — | (1,766) |
| Repurchase and retirement of common stock | (1,510) | (3,000) |
| Net cash used in financing activities | (21,180) | (10,371) |
| Net decrease in cash and cash equivalents and restricted cash | (11,404) | (13,102) |
| Cash and cash equivalents and restricted cash, beginning of period | 96,658 | 147,710 |
| Cash and cash equivalents and restricted cash, end of period | $85,254 | $134,608 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $1,326 | $4,396 |
| Cash paid for income taxes | $3,735 | $3,104 |
| Noncash investing and financing items: | ||
| Stock-based compensation capitalized as software development costs | $2,315 | $2,219 |
| Purchases of property and equipment and capitalized software in accounts payable and accrued expenses | $178 | $— |
| 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 Condensed Consolidated Balance Sheets | ||
| Cash and cash equivalents | $39,172 | $89,118 |
| Restricted cash included in other current assets | 23,748 | 23,398 |
| Restricted cash included in settlement assets, net | 22,334 | 22,092 |
| Total cash, cash equivalents and restricted cash | $85,254 | $134,608 |
See accompanying notes to Condensed Consolidated Financial Statements.
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