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Expensify Expensify Announces Third Quarter 2021 Results December 16 , 2021 Increased revenues 72.6 % year - over - year , introduced Free Plan with unparalleled functionality , and announced up to 2 % cash back on all Expensify Card spend PORTLAND , Ore .-- ( BUSINESS WIRE ) -- Dec . 16 , 2021-- Expensify , Inc. ( Nasdaq : EXFY ) , a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses , corporate cards and bills , today announced results for its quarter ended September 30 , 2021 . " The biggest news coming out of Q3 was the launch of our Free Plan for SMBs . It offers all the basics of Expensify for free - including corporate cards with up to 2 % cash back , reimbursements , bill pay , invoicing , and travel booking - so teams don't have to worry about their back office while they grow their business , " said David Barrett , founder and CEO of Expensify . " We're especially excited to watch our Free Plan spread naturally across organizations as a result of our viral , bottom - up business model and the immense greenfield opportunity that still remains in our target market . " " We saw strong paid member growth in Q3 as SMBS continue to bounce back from the pandemic , business - wise , " said Ryan Schaffer , CFO of Expensify . " Combine that with a 200 % year - over - year increase in Expensify Card interchange and we're very confident in our ability to continue executing our long - term vision . " Third Quarter 2021 Highlights Financial : • Revenue was $ 37.4 million , an increase of 72.6 % from the same period last year . • An IPO - related bonus expense of $ 26.3 million impacted net ( loss ) income and Adjusted EBITDA . • Net loss was $ ( 6.3 ) million , compared to $ ( 6.9 ) million for the same period last year . This was due to the IPO - related bonus . o However , Non - GAAP net income ( excluding the IPO - related bonus ) was $ 19.9 million . • Adjusted EBITDA was $ ( 6.5 ) million , compared to $ 7.4 million for the same period last year . The decrease was due to the IPO - related bonus . o Adjusted EBITDA excluding the IPO - related bonus was $ 19.8 million . ● Operating cash flows were $ 34.6 million . Business : • Paid members saw the biggest uptick in Q3 since the onset of the COVID - 19 pandemic in March 2020. Average monthly paid members increased to 667 thousand , up from 639 thousand in the previous quarter . This is attributed to an increase in marketing spend and the strengthening of SMBs as lockdown restrictions were lifted . • In September 2021 , Expensify introduced the Free Plan , which allows members to roll out Expensify functionality across their businesses for free . The Expensify Card , expense management , next - day reimbursement , invoicing , bill pay , and travel booking are all included in the Free Plan . • The Expensify Card continues to perform well . Interchange from the card increased by 207 % from the same period last year . • Cash back , a new Expensify Card benefit , launched in September 2021. Now , all Expensify members can get up to 2 % cash back on all purchases using the Expensify Card . • Expensify.org selected 62 grassroots organizations as winners of the Community Justice Grant Challenge . All 62 organizations will be reimbursed up to $ 5,000 each to help fight injustice in their communities . From those 62 organizations , 10 were selected by community vote to be reimbursed up to $ 25,000 each . • In line with its continued commitment to ESG principles , Expensify reached carbon neutrality in 2021 and set a goal of Net Zero emissions by 2030 . Financial Outlook