/
Expensify is a leading cloud-based expense management software platform that helps the smallest to the largest businesses simplify the way they manage money. Every day, people from all walks of life in organizations around the world use Expensify to scan and reimburse receipts from flights, hotels, coffee shops, office supplies and ride shares.
The business is unprofitable at the operating level (-12.68% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.1%, essentially flat. Margins also contracted 12.1pp. This is a business that needs a catalyst.
Free cash flow declined 16% versus the prior year, cash generation momentum has weakened. ROIC dropped from -0.52% to -10.42%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$140M
▲ +2.1% YoY
Net Income (TTM)
-$21M
▼ -112.7% YoY
Op. Margin
-13.22%
▼ -12.1pp YoY
ROIC
-10.74%
▼ -9.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$12M
▼ -15.9% YoY
Op. Cash Flow (TTM)
$12M
▼ -15.9% YoY
Net Debt
-$67M
Net Cash Position
Cash & Equiv.
$67M
5Y CAGR: +10.0%
5Y CAGR: +31.5%
Continue Research