Expensify, Inc. reported a revenue of $139.2 million for the fiscal year ending December 31, 2024, representing an 8% decrease from $150.7 million in the previous year. The decline in revenue was attributed to reduced billable activity across its user base and increased contra revenue related to cashback payments from the Expensify Card program. Despite the revenue drop, the company saw a significant improvement in its net loss, which narrowed to $10.1 million from $41.5 million in 2023. This improvement was driven by a reduction in operating expenses, particularly in sales and marketing, which decreased by 71% to $12.8 million.
In terms of operational metrics, Expensify reported an average of 687,000 paid members across approximately 47,600 companies in over 200 countries as of December 31, 2024. The company processed over 1.7 billion expense transactions since its inception, highlighting its extensive user engagement. The gross logo retention rate improved to 81% from 74% in the previous year, while the net seat retention rate was reported at 86%, down from 99% in 2023. These metrics indicate a strong customer base, although the slight decline in net seat retention suggests challenges in expanding usage within existing accounts.
Strategically, Expensify has focused on enhancing its product offerings, including the launch of the Expensify Travel platform and the Updated Card Program, which aims to drive increased adoption of its services. The company has also emphasized a bottom-up sales model, relying on word-of-mouth marketing to attract new users. As of December 31, 2024, Expensify had 115 full-time employees, reflecting its commitment to maintaining a lean operational structure while investing in product development.
Looking ahead, Expensify's management expressed optimism about future growth, citing plans to expand its international presence and enhance its product features. The company has also initiated a new share repurchase program, authorizing up to $50 million in stock buybacks, which may support its stock price amid market fluctuations. However, the company remains cautious about macroeconomic conditions, including inflation and potential economic downturns, which could impact its customer base and overall financial performance.
About Expensify, Inc.
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