Expensify, Inc.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
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.
Jun 30, 2025 · Filed Aug 7, 2025
EXFY$2.05-8.1%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001476840-25-000070
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001476840-25-000115
Item 1A. Risk FactorsUnregistered Sales of Equity Securities and Use of ProceedsDefaults Upon Senior SecuritiesMine Safety DisclosuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 10 previous paragraphs and 6 current paragraphs.
4 unchanged; 2 reworded; 0 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
The current filing states there were no material changes to risk factors.
This is the filer’s own statement, not a conclusion from the comparison. Read its qualifications and the report it references.
Current filing’s statement
There have been no material changes to the risk factors set forth in Part I, Item IA. “Risk Factors” of our 2024 Annual Report, as supplemented by the risk factors set forth in Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025. You should carefully read and consider the risks and uncertainties, together with all of the other information included in the 2024 Annual Report and this Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our condensed consolidated financial statements and related notes, and in the other documents that we file with the SEC.
Removed paragraphs (4)
Previous report
We are subject to travel payments-related fraud risks.
Previous report
Our results of operations and financial condition could be negatively affected by our unintentional acceptance of fraudulent travel bookings made using stolen credit and debit cards. We are sometimes held liable for accepting fraudulent bookings through our website or for accepting other bookings for which payment is subsequently disputed by our customers, both of which have lead, and in the future may lead to the reversal of payments received by our partners for such bookings (referred to as a “charge-back”). Our ability to detect and combat fraudulent schemes, which have become increasingly common and sophisticated, may be negatively impacted by the emergence and innovation of new technology platforms and our global expansion, including into markets with a history of elevated fraudulent activity. In addition, we have not broadly adopted certain protective capabilities across our platform, such as requiring mobile application-based multi-factor authentication or third-party identify verification, which could result in significantly increased fraudulent activity on our platform.
Previous report
We depend on our travel partners to detect and prevent certain kinds of fraudulent bookings. If we or our partners are unable to effectively combat fraudulent bookings on our website or if we otherwise experience increased levels of charge-backs, our partners, and by extension we, may also be subject to significant fines and higher transaction fees, or payment card networks may revoke our partners' access to their networks, meaning they would be unable to continue to accept card payments for travel on our behalf, either of which could have a material adverse effect on our results of operations and financial condition.
Previous report
The rapid evolution and increased adoption of AI technologies also increases the risk of fraudulent bookings. In addition to adversely affecting our business, results of operations and financial condition, any of the foregoing events could have a significant negative effect on the value of our brand, which could also in turn have a material adverse impact on our financial performance.
Reworded paragraphs (2)
Previous wording
In addition to the other information set forth in this Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our condensed consolidated financial statements and related notes, you should carefully read and consider the risks and uncertainties discussed below, together with the risk factors discussed in Part I, Item 1A. "Risk Factors," of our 2024 Annual Report (as updated and supplemented below and in our subsequent filings) and in the other documents that we file with the SEC.
Current wording
There have been no material changes to the risk factors set forth in Part I, Item IA. “Risk Factors” of our 2024 Annual Report, as supplemented by the risk factors set forth in Part II, Item 1A. “Risk Factors” of our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025. You should carefully read and consider the risks and uncertainties, together with all of the other information included in the 2024 Annual Report and this Quarterly Report on Form 10-Q, including the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our condensed consolidated financial statements and related notes, and in the other documents that we file with the SEC.
Previous wording
(1)In May 2022, we announced the approval of a share repurchase program with authorization to purchase up to $50.0 million of our Class A common stock at management's discretion. On February 27, 2025, we announced the approval of a new share repurchase program with authorization to purchase up to $50.0 million of our Class A common stock at management’s discretion that replaced the 2022 share repurchase program that was scheduled to expire in March 2025. The 2025 share repurchase program expires on March 31, 2028, does not obligate us to repurchase any specific number of shares and may be modified, suspended or terminated at any time at our discretion. At March 31, 2025, we had $50.0 million remaining under the share repurchase authorization, not including amounts used for net share settlement of vested equity incentive awards.
Current wording
(1)On February 27, 2025, we announced the approval of a share repurchase program with authorization to purchase up to $50.0 million of our Class A common stock at management’s discretion that expires on March 31, 2028, does not obligate us to repurchase any specific number of shares and may be modified, suspended or terminated at any time at our discretion. As of June 30, 2025, we had $47.0 million remaining under the share repurchase authorization.