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Expensify Announces Q4 and Full Year Fiscal 2023 Results

Interchange derived from the Expensify Card grew to $11.1 million, an increase of 63% compared to the prior year.

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 released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter and year ended December 31, 2023.

A Message From Our Founder

Here's how I see it:

  • The same brisk sales and low churn we saw in 2022 has continued into 2023, and we have implemented a number of cost-cutting measures that we believe will pay off in 2024.
  • However, the difficult macroeconomic outlook caused the broader economy (and tech sector in particular) to tighten their belts, resulting in a reduction in paid seats from existing customers.
  • We remain convinced that our fundamental business is healthy and our significant opportunity is unchanged, and the widespread stalling of many of our competitors' "lossy growth" model has reinforced our commitment to competing through superior unit economics.
  • Scalable, low-cost lead generation into the historically unaddressed SMB market remains the core strategy of our New Expensify platform, which saw meaningful progress in 2023, setting up a global launch of the new platform in 2024.

To learn more about that last point, please be my guest in experiencing New Expensify yourself! Please click below to visit one of New Expensify's neater tricks – a public room where you can read about our product roadmap in detail, as well as chat in realtime with our product managers:

exfy.com/roadmap

Click that link to experience our universal chat design, which allows secure, seamless, auditable communications across organizations using any email address or SMS number – no accounts or passwords required! There you can learn about how we are reinventing traditional expense management for a new generation of chat-centric realtime road warriors, where humans and generative AI chatbots collaborate on equal footing.

If 2023 was a year of planting, we believe 2024 will be a year of harvesting. We've been hard at work building this universal chat foundation, and cannot wait to give you a glimpse of the future of expense management. See you online!

-david

Founder and CEO of Expensify

Financial:

Full Year Fiscal 2023 Highlights

  • Revenue was $150.7 million, a decrease of 11% compared to the prior year.
  • Generated $1.6 million cash from operating activities.
  • Free cash flow was $0.6 million.
  • Net loss was $41.7 million, compared to $27.0 million for the prior year.
  • Non-GAAP net loss was $0.5 million.
  • Adjusted EBITDA was $13.2 million.
  • Interchange derived from the Expensify Card grew to $11.1 million, an increase of 63% compared to the prior year.

Fourth Quarter 2023 Highlights

  • Revenue was $35.2 million, a decrease of 19% compared to the same period last year.
  • Utilized $0.5 million cash in operating activities
  • Free cash flow was $(3.6) million
  • Net loss was $7.5 million, compared to $3.4 million for the same period last year.
  • Non-GAAP net income was $3.1 million
  • Adjusted EBITDA was $5.9 million
  • Interchange derived from the Expensify Card grew to $3.1 million, an increase of 55% compared to the same period last year.

Impact of Cost Cutting Measures

  • As referenced previously, the company underwent aggressive cost cutting in Q4 2023, the impact of which was immediately felt as evidenced below:
    • Utilized $0.5 million cash in operating activities, an improvement of $4.6 million, or 89%, quarter over quarter.
    • Free cash flow was $(3.6) million, an improvement of $3.5 million, or 49%, quarter over quarter.
    • Net loss was $7.5 million, an improvement of $9.5 million, or 56%, quarter over quarter.
    • Non-GAAP net income was $3.1 million, an improvement of $9.8 million, or 146%, quarter over quarter.
    • Adjusted EBITDA was $5.9 million, an improvement of $9.4 million, or 265%, quarter over quarter.
    • These measures were implemented midway through the quarter, so the full impact will be evident in future quarters.
  • Free Cash Flow Guidance: In order to better illustrate the impact of these measures, the company is initiating Free Cash Flow guidance. See Financial Outlook section for Free Cash Flow guidance for fiscal year ending December 31, 2024.

Business

2023 Highlights

  • Platform expansion - The company sponsored over 25 conferences totaling more than 65,000 attendees; SaaStr Global Conference selected New Expensify transaction chat for conference networking for its 10,000 attendees.
  • Consumer functionality - The company launched consumer payments and bill splitting which allows members to send and receive money, split bills, and chat all in one place.
  • Debt reduction - The company reduced its debt by $44.6 million in 2023.
  • Share purchases - The company’s employees purchased $4.3 million worth of Class A common stock via the company’s Stock Purchase and Matching Plan in 2023.

Fourth Quarter 2023 Highlights

  • Paid members - Paid members were 719,000, a decrease of 8% from the same period last year.
  • New functionality - The company launched a new budgeting tool, which works for both reimbursable expenses and corporate card expenses to provide admins with more insight into company finances.
  • The Expensify Card - Established a new card program which provides more interchange per transaction. All new customers fall under this card program and existing customers are expected to be fully migrated over by EOY 2024.
  • Marketing Partnership - The company will be a partner on the upcoming, untitled Formula One movie from Apple starring Brad Pitt and Damson Idris.

Financial Outlook

Expensify's outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. There can be no assurance that the Company will achieve the results expressed by this guidance.

Free Cash Flow

Expensify estimates Free Cash Flow of $10.0 million - $12.0 million for the fiscal year ending December 31, 2024.

The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash used in (provided by) operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company's results.

Stock Based Compensation

An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately five years remaining).

Est. stock-based compensation (millions)

 

Q1 2024

 

Q2 2024

 

Q3 2024

 

Q4 2024

 

Low

 

High

 

Low

 

High

 

Low

 

High

 

Low

 

High

Cost of revenue, net

$

2.7

 

$

3.3

 

$

2.5

 

$

3.2

 

$

2.5

 

$

3.2

 

$

2.5

 

$

3.2

Research and development

 

3.1

 

 

3.9

 

 

3.0

 

 

3.7

 

 

2.9

 

 

3.6

 

 

2.8

 

 

3.5

General and administrative

 

1.5

 

 

1.9

 

 

1.4

 

 

1.8

 

 

1.4

 

 

1.8

 

 

1.4

 

 

1.8

Sales and marketing

 

1.0

 

 

1.2

 

 

1.0

 

 

1.2

 

 

1.0

 

 

1.2

 

 

0.9

 

 

1.1

Total

$

8.3

 

$

10.3

 

$

7.9

 

$

9.9

 

$

7.8

 

$

9.8

 

$

7.6

 

$

9.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Availability of Information on Expensify’s Website

Investors and others should note that Expensify routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Expensify Investor Relations website at https://ir.expensify.com. While not all of the information that the Company posts to its Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Expensify to review the information that it shares on its Investor Relations website.

Conference Call

Expensify will host a video call to discuss the financial results and business highlights at 2:00 p.m. Pacific Time today. An investor presentation and the video call information is available on Expensify’s Investor Relations website at https://ir.expensify.com. A replay of the call will be available on the site for three months.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we provide certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net (loss) income, and free cash flow.

We believe our non-GAAP financial measures are useful in evaluating our business, measuring our performance, identifying trends affecting our business, formulating business plans and making strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled metrics or measures presented by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is at the end of this press release.

Adjusted EBITDA. We define adjusted EBITDA as net loss from operations excluding provision for income taxes, interest and other expenses, net, depreciation and amortization and stock-based compensation.

Non-GAAP net income (loss). We define Non-GAAP net income (loss) as net loss from operations excluding stock-based compensation.

Free cash flow. We define Free cash flow as net cash used in (provided by) operating activities excluding changes in settlement assets and settlement liabilities, which represent funds held for customers and customer funds in transit, respectively, reduced by the purchases of property and equipment and software development costs.

The tables at the end of the Consolidated Financial Statements provide reconciliations to the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.

Forward-Looking Statements

Forward-looking statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our strategy, future financial condition, future operations, future cash flow, projected costs, prospects, plans, objectives of management and expected market growth, product developments and their potential impact, the amount and timing of any share repurchases and our stock-based compensation estimates and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “ambition,” “objective,” “seeks,” “outlook,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the impact on inflation on us and our members; our borrowing costs have and may continue to increase as a result of increases in interest rates; our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand usage of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us, or by competitors to their products, or any other changes in the competitive landscape of our market; the amount and timing of operating expenses and capital expenditures that we may incur to maintain and expand our business and operations to remain competitive; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to make required payments under and to comply with the various requirements of our current and future indebtedness; our cash flows, the prevailing stock prices, general economic and market conditions and other considerations that could affect the specific timing, price and size of repurchases under our stock repurchase program or our ability to fund any stock repurchases; geopolitical tensions, including the war in Ukraine and the escalating conflict in Israel, Gaza and surrounding areas; our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates; the expenses associated with being a public company; the size of our addressable markets, market share and market trends; anticipated trends, developments and challenges in our industry, business and the highly competitive markets in which we operate; our expectations regarding our income tax liabilities and the adequacy of our reserves; our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture; our ability to identify, recruit and retain skilled personnel, including key members of senior management; the safety, affordability and convenience of our platform and our offerings; our ability to successfully defend litigation brought against us; our ability to successfully identify, manage and integrate any existing and potential acquisitions of businesses, talent, technologies or intellectual property; general economic conditions in either domestic or international markets; our protections against security breaches, technical difficulties, or interruptions to our platform; our ability to maintain, protect and enhance our intellectual property; and other risks discussed in our filings with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

About Expensify

Expensify is a payments superapp that helps individuals and businesses around the world simplify the way they manage money. More than 12 million people use Expensify's free features, which include corporate cards, expense tracking, next-day reimbursement, invoicing, bill pay, and travel booking in one app. All free. Whether you own a small business, manage a team, or close the books for your clients, Expensify makes it easy so you have more time to focus on what really matters.

Expensify, Inc.

Consolidated Balance Sheets

(unaudited, in thousands, except share and per share data)

 

 

 

As of December 31,

 

2023

 

2022

Assets

 

 

 

Cash and cash equivalents

$

47,510

 

 

$

103,787

 

Accounts receivable, net

 

13,834

 

 

 

16,448

 

Settlement assets, net

 

39,261

 

 

 

35,838

 

Prepaid expenses

 

5,649

 

 

 

8,825

 

Other current assets

 

30,978

 

 

 

22,217

 

Total current assets

 

137,232

 

 

 

187,115

 

Capitalized software, net

 

12,494

 

 

 

6,881

 

Property and equipment, net

 

14,372

 

 

 

14,492

 

Lease right-of-use assets

 

6,435

 

 

 

745

 

Deferred tax assets, net

 

457

 

 

 

344

 

Other assets

 

5,794

 

 

 

664

 

Total assets

$

176,784

 

 

$

210,241

 

Liabilities and stockholders' equity

 

 

 

Accounts payable

$

1,425

 

 

$

1,059

 

Accrued expenses and other liabilities

 

9,674

 

 

 

9,070

 

Borrowings under line of credit

 

15,000

 

 

 

15,000

 

Current portion of long-term debt, net of original issue discount and debt issuance costs

 

7,655

 

 

 

551

 

Lease liabilities, current

 

432

 

 

 

800

 

Settlement liabilities

 

33,990

 

 

 

33,882

 

Total current liabilities

 

68,176

 

 

 

60,362

 

Lease liabilities, non-current

 

6,467

 

 

 

 

Other liabilities

 

1,681

 

 

 

1,204

 

Long-term debt, net of original issue discount and debt issuance costs

 

 

 

 

51,434

 

Total liabilities

 

76,324

 

 

 

113,000

 

Commitments and contingencies (Note 12)

 

 

 

Stockholders' equity:

 

 

 

Preferred stock, par value $0.0001; 10,000,000 shares of preferred stock authorized as of December 31, 2023 and 2022, respectively; no shares of preferred stock issued and outstanding as of December 31, 2023 and 2022

 

 

 

 

 

Common stock, par value $0.0001; 1,000,000,000 shares of Class A common stock authorized as of December 31, 2023 and 2022; 70,569,815 and 68,238,245 shares of Class A common stock issued and outstanding as of December 31, 2023 and 2022, respectively; 24,994,989 and 24,997,561 shares of LT10 common stock authorized as of December 31, 2023 and 2022, respectively; 7,333,619 and 7,336,191 shares of LT10 common stock issued and outstanding as of December 31, 2023 and 2022, respectively; 24,998,941 and 24,999,020 shares of LT50 common stock authorized as of December 31, 2023 and 2022, respectively; 7,321,894 and 6,854,931 shares of LT50 common stock issued and outstanding as of December 31, 2023 and 2022, respectively

 

8

 

 

 

7

 

Additional paid-in capital

 

241,509

 

 

 

194,807

 

Accumulated deficit

 

(141,057

)

 

 

(97,573

)

Total stockholders' equity

 

100,460

 

 

 

97,241

 

Total liabilities and stockholders' equity

$

176,784

 

 

$

210,241

 

 

 

 

 

Expensify, Inc.

Consolidated Statements of Operations

(unaudited, in thousands, except share and per share data)

 

 

 

 

 

Three Months Ended December 31,

 

Year ended December 31,

 

2023

 

2022

 

2023

 

2022

Revenue

$

35,208

 

 

$

43,469

 

 

$

150,687

 

 

$

169,495

 

Cost of revenue, net(1)

 

16,508

 

 

 

16,105

 

 

 

66,888

 

 

 

62,669

 

Gross margin

 

18,700

 

 

 

27,364

 

 

 

83,799

 

 

 

106,826

 

Operating expenses:

 

 

 

 

 

 

 

Research and development(1)

 

6,249

 

 

 

2,991

 

 

 

23,368

 

 

 

13,692

 

General and administrative(1)

 

10,842

 

 

 

13,155

 

 

 

49,228

 

 

 

58,490

 

Sales and marketing(1)

 

7,595

 

 

 

11,918

 

 

 

44,352

 

 

 

49,876

 

Total operating expenses

 

24,686

 

 

 

28,064

 

 

 

116,948

 

 

 

122,058

 

Loss from operations

 

(5,986

)

 

 

(700

)

 

 

(33,149

)

 

 

(15,232

)

Interest and other expenses, net

 

(169

)

 

 

(185

)

 

 

(5,327

)

 

 

(5,411

)

Loss before income taxes

 

(6,155

)

 

 

(885

)

 

 

(38,476

)

 

 

(20,643

)

Provision for income taxes

 

(1,333

)

 

 

(2,512

)

 

 

(3,264

)

 

 

(6,366

)

Net loss

$

(7,488

)

 

$

(3,397

)

 

$

(41,740

)

 

$

(27,009

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.09

)

 

$

(0.04

)

 

$

(0.51

)

 

$

(0.33

)

Weighted-average shares of common stock used to compute net loss per share:

 

 

 

 

 

 

 

Basic and diluted

 

83,703,085

 

 

 

81,567,647

 

 

 

82,493,226

 

 

 

80,786,725

 

 

 

 

 

 

 

 

 

(1) Includes stock-based compensation expense as follows:

 

Three Months Ended December 31,

 

Year ended December 31,

 

2023

 

2022

 

2023

 

2022

Cost of revenue, net

$

3,650

 

$

4,125

 

$

13,868

 

$

18,403

Research and development

 

3,308

 

 

1,645

 

 

10,870

 

 

7,875

General and administrative

 

2,290

 

 

2,787

 

 

9,842

 

 

17,850

Sales and marketing

 

1,352

 

 

1,982

 

 

6,632

 

 

8,204

Total stock-based compensation expense

$

10,600

 

$

10,539

 

$

41,212

 

$

52,332

 

 

 

 

 

 

 

 

Expensify, Inc.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

 

 

Year Ended December 31,

 

2023

 

2022

Cash flows from operating activities:

 

 

 

Net loss

$

(41,740

)

 

$

(27,009

)

Adjustments to reconcile net loss to cash provided by operating activities:

 

 

 

Depreciation and amortization

 

5,164

 

 

 

5,388

 

Reduction of operating lease right-of-use assets

 

614

 

 

 

666

 

Loss on impairment, receivables and sale or disposal of equipment

 

923

 

 

 

881

 

Stock-based compensation

 

41,212

 

 

 

52,332

 

Amortization of original issue discount and debt issuance costs

 

257

 

 

 

42

 

Deferred tax assets

 

(113

)

 

 

26

 

Changes in assets and liabilities:

 

 

 

Accounts receivable, net

 

2,219

 

 

 

(1,341

)

Settlement assets, net

 

(6,398

)

 

 

(7,796

)

Prepaid expenses

 

3,176

 

 

 

(1,389

)

Related party loan receivable

 

 

 

 

14

 

Other current assets

 

(561

)

 

 

2,875

 

Other assets

 

(5,130

)

 

 

(81

)

Accounts payable

 

228

 

 

 

(2,693

)

Accrued expenses and other liabilities

 

1,190

 

 

 

(1,537

)

Operating lease liabilities

 

(200

)

 

 

(758

)

Settlement liabilities

 

108

 

 

 

12,202

 

Other liabilities

 

610

 

 

 

1,054

 

Net cash provided by operating activities

 

1,559

 

 

 

32,876

 

Cash flows from investing activities:

 

 

 

Purchase of property and equipment

 

(1,384

)

 

 

(585

)

Proceeds from sale or disposal of property and equipment

 

 

 

 

5

 

Software development costs

 

(5,910

)

 

 

(1,619

)

Net cash used in investing activities

 

(7,294

)

 

 

(2,199

)

Cash flows from financing activities:

 

 

 

Principal payments of finance leases

 

(513

)

 

 

(793

)

Principal payments of term loan

 

(44,587

)

 

 

(595

)

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

 

Payments for employee taxes withheld from stock-based awards

 

(1,766

)

 

 

(5,336

)

Repurchase and retirement of common stock

 

(3,000

)

 

 

(6,000

)

Net cash used in financing activities

 

(45,317

)

 

 

(8,282

)

Net (decrease) increase in cash and cash equivalents and restricted cash

 

(51,052

)

 

 

22,395

 

Cash and cash equivalents and restricted cash, beginning of period

 

147,710

 

 

 

125,315

 

Cash and cash equivalents and restricted cash, end of period

$

96,658

 

 

$

147,710

 

Supplemental disclosure of cash flow information:

 

 

 

Cash paid for interest

$

5,936

 

 

$

3,912

 

Cash paid for income taxes

$

3,785

 

 

$

975

 

Noncash investing and financing items:

 

 

 

Stock-based compensation capitalized as software development costs

$

3,126

 

 

$

1,757

 

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

 

Restricted cash included in other current assets

 

27,742

 

 

 

19,542

 

Restricted cash included in settlement assets, net

 

21,406

 

 

 

24,381

 

Total cash and cash equivalents and restricted cash

$

96,658

 

 

$

147,710

 

 

 

 

 

Expensify, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited, in thousands, except percentages)

Adjusted EBITDA

 

Three Months Ended December 31,

 

Year ended December 31,

 

Three Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

 

2023

Net loss

$

(7,488

)

 

$

(3,397

)

 

$

(41,740

)

 

$

(27,009

)

 

$

(17,003

)

Add:

 

 

 

 

 

 

 

 

 

Provision for (benefit from) income taxes

 

1,333

 

 

 

2,512

 

 

 

3,264

 

 

 

6,366

 

 

 

(270

)

Interest and other expenses, net

 

169

 

 

 

185

 

 

 

5,327

 

 

 

5,411

 

 

 

2,375

 

Depreciation and amortization

 

1,240

 

 

 

1,316

 

 

 

5,111

 

 

 

5,388

 

 

 

1,082

 

Stock-based compensation

 

10,600

 

 

 

10,539

 

 

 

41,212

 

 

 

52,332

 

 

 

10,267

 

Adjusted EBITDA

$

5,854

 

 

$

11,155

 

 

$

13,174

 

 

$

42,488

 

 

$

(3,549

)

Adjusted EBITDA margin

 

17

%

 

 

26

%

 

 

9

%

 

 

25

%

 

 

(10

)%

 

 

 

 

 

 

 

 

 

 

Non-GAAP Net Income and Non-GAAP Net Income Margin

 

Three Months Ended December 31,

 

Year ended December 31,

 

Three Months Ended September 30,

 

2023

 

2022

 

2023

 

2022

 

2023

Net loss

$

(7,488

)

 

$

(3,397

)

 

$

(41,740

)

 

$

(27,009

)

 

$

(17,003

)

Net loss margin

 

(21

)%

 

 

(8

)%

 

 

(28

)%

 

 

(16

)%

 

 

(47

)%

Add:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

10,600

 

 

 

10,539

 

 

 

41,212

 

 

 

52,332

 

 

 

10,267

 

Non-GAAP net income (loss)

$

3,112

 

 

$

7,142

 

 

$

(528

)

 

$

25,323

 

 

$

(6,736

)

Non-GAAP net income (loss) margin

 

9

%

 

 

16

%

 

 

%

 

 

15

%

 

 

(18

)%

 

 

 

 

 

 

 

 

 

 

Adjusted Operating Cash Flow and Free Cash Flow

 

 

Three Months Ended December 31,

 

Year ended December 31,

 

Three Months Ended September 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

 

2023

 

Net cash (used in) provided by operating activities

$

   (543

)   

 

$

6,647

 

 

$

1,559

 

 

$

32,876

 

 

$

     (5,106

)      

Operating cash flow margin

 

(2

)% 

 

 

15

%

 

 

1

%

 

 

19

%

 

 

(14

)%

(Increase) decrease in changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

Settlement assets

 

  (2,983

)   

 

 

  (2,300

 

 

   6,398

 

 

 

   7,796

 

 

 

        4,137

 

Settlement liabilities

 

   2,343

 

 

 

   2,501

 

 

 

    (108

)   

 

 

(12,202

)

 

 

       (3,833

)      

Adjusted operating cash flow

$

  (1,183

)   

 

$

6,848

 

 

$

7,849

 

 

$

28,470

 

 

$

     (4,802

)      

Less:

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

    (281

)   

 

 

    (118

)   

 

 

  (1,384

 

 

    (585

)   

 

 

         (624

)        

Software development costs

 

  (2,180

)   

 

 

    (713

)   

 

 

  (5,910

 

 

  (1,619

 

 

       (1,687

)      

Free cash flow

$

  (3,644

)   

 

$

6,017

 

 

$

    555

 

 

$

26,266

 

 

$

     (7,113

)      

Free cash flow margin

 

(10

)%

 

 

14

%

 

 

%

 

 

15

%

 

 

(19

)%

 

 

 

 

 

 

 

 

 

 

 

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