Expensify Inc (EXFY) 2024 Q3 法說會逐字稿

(technical difficulty) Risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today along with the comments on this call are made only as of today and will not be updated as actual events unfold.

（技術困難）可能導致實際結果與這些前瞻性陳述中所描述的結果有重大差異的風險和不確定性。我們今天發布的收益報告中的前瞻性陳述以及對本次電話會議的評論僅截至今天，不會隨著實際事件的發生而更新。

Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Please also note that on today's call management will refer to certain non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors. The presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

請參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，詳細討論可能導致實際結果與今天所做的任何前瞻性聲明中明示或暗示的結果存在重大差異的風險。另請注意，在今天的電話會議中，管理階層將參考某些非公認會計準則財務指標。雖然我們相信這些非公認會計準則財務指標為投資者提供了有用的信息。此資訊的呈現不應被孤立地考慮或作為根據 GAAP 呈現的財務資訊的替代品。請參閱現今的新聞稿或投資人簡報，以了解這些非公認會計準則財務指標與其最具可比性的公認會計準則財務指標的調節表。

And with that, I'll hand it over to Anu to get us started.

接下來，我會將其交給 Anu，讓我們開始。

Thank you for that intro [Nicky]. I am pretty excited to walk all of you through our third quarter financial performance. And highlights, notably, we've made some pretty key strides towards stabilizing the business, improving the core fundamentals and also laying down a stronger foundation for our future growth. So let's dive into the details.

謝謝你的介紹[尼基]。我很高興向大家介紹我們第三季的財務表現。值得注意的是，我們在穩定業務、改善核心基本面以及為未來成長奠定更堅實基礎方面取得了一些相當關鍵的進展。那麼讓我們深入了解細節。

First off revenue in Q3 total revenue came in at $35.4 million. This is a 6.3% increase quarter-over-quarter and we also beat the street consensus forecast. So we're pretty excited about that, pretty proud of that. Now, admittedly, this was a 3% decrease year-over-year and that reflects some lingering challenges in the business. But on near term momentum makes us more optimistic about the upcoming quarters. And the new expensify platform is also expected to continue to pick up and contribute towards that revenue group.

第三季總營收首次達到 3,540 萬美元。環比成長 6.3%，我們也超越了市場普遍預測。所以我們對此感到非常興奮，非常自豪。現在，無可否認，這一數字同比下降了 3%，這反映出該業務中一些揮之不去的挑戰。但就近期動能而言，我們對未來幾季更加樂觀。新的 Expensify 平台預計也將繼續成長並為該收入群體做出貢獻。

In Q3, average paid members came in flat quarter over quarter at 684,000 and that represents a 5% decrease compared to the same period last year. Interchange from the Expensify Card was $4.6 million and that was a whopping 48% increase compared to the same period last year. And that is a pretty key highlight this quarter and I will get into some more details on that in a few slides.

第三季度，平均付費會員數環比持平，為 684,000 人，較去年同期下降 5%。Expensify 卡的兌換金額為 460 萬美元，與去年同期相比成長了 48%。這是本季的一個非常關鍵的亮點，我將在幾張投影片中詳細介紹這一點。

Let's talk a little bit about cash performance. A standout highlight for Q3 was our free cash flow performance which came in at $6.7 million. Now operating cash flow which includes the timing of customer funds came in at $3.7 million. Net loss was $2.2 million in Q3 with non-GAAP net income of $5.4 million. Last but perhaps the most exciting is our adjusted EBITDA which came in at $9.7 million.

我們來談談現金表現。第三季的一個突出亮點是我們的自由現金流表現，達到 670 萬美元。目前，包括客戶資金時間在內的營運現金流為 370 萬美元。第三季淨虧損為 220 萬美元，非 GAAP 淨利為 540 萬美元。最後但也許是最令人興奮的是我們調整後的 EBITDA 為 970 萬美元。

Now, the continued improvement in profitability and free cash flow, it's driven by two things, a higher interchange take rate as we start moving more and more of our spend towards our new card program. And also our continued focus on our core cost efficiency, which continues to show effects in terms of profitability.

現在，獲利能力和自由現金流的持續改善是由兩件事推動的：隨著我們開始將越來越多的支出轉向我們的新卡計劃，更高的交換率。我們也持續關注核心成本效率，這持續對獲利能力產生影響。

Let's talk a little bit more about free cash flow and get into our free cash flow guidance a little bit. Now, given our very strong performance in terms of adjusted EBITDA and free cash flow. Last quarter, we increased our free cash flow guidance for the year from $11 million to $13 million to $15 million to $16 million. This quarter, we are going to do that again. We're going to increase it again and we are giving you a free cash flow guidance for the year of $19 million to $20 million. So again, free cash flow performance, profitability improvements have been a key highlight this quarter and we're very proud of the fact that our continued efforts to stabilize the business is showing results.

讓我們多討論一下自由現金流，並稍微了解我們的自由現金流指導。現在，考慮到我們在調整後 EBITDA 和自由現金流方面的強勁表現。上季度，我們將全年自由現金流指引從 1,100 萬美元上調至 1,300 萬美元，上調至 1,500 萬美元至 1,600 萬美元。本季度，我們將再次這樣做。我們將再次提高這一數字，並為您提供今年 1900 萬至 2000 萬美元的自由現金流指導。因此，自由現金流表現和獲利能力的改善再次成為本季的關鍵亮點，我們為穩定業務的持續努力正在取得成果而感到非常自豪。

Now, as promised, let's talk a little bit more about those Expensify Card updates. This is one of our very exciting growth drivers, Expensify Card and interchange revenue from expensify card increased. 48% year-over-year.

現在，正如所承諾的，讓我們更多地討論 Expensify 卡的更新。這是我們非常令人興奮的成長動力之一，Expensify 卡和來自 Expensify 卡的交換收入增加。較去年同期成長 48%。

The launch of the New Expensify Card program has been very well received and the migration effort if I may say so has exceeded even our expectations, 94% of our existing card spent has already been migrated to the new program, which is pretty incredible given it's been less than a year since its launch. And the new program is all new customers on the card are bringing directly on board to the new program.

新 Expensify 卡計劃的推出受到了熱烈歡迎，如果我可以這麼說的話，遷移工作甚至超出了我們的預期，我們現有卡支出的 94% 已經遷移到新計劃，考慮到它的自推出以來還不到一年。新計劃是卡上的所有新客戶都將直接加入新計劃。

Now, the new program allows us to earn 20% more interchange. So it has a higher take rate and this is expected to further bolster our revenue growth in the coming quarters. So let's break down the details of the interchange this quarter in a little bit more detail.

現在，新計劃使我們能夠多賺取 20% 的交換費。因此它的採用率較高，預計這將進一步推動我們未來幾季的營收成長。因此，讓我們更詳細地分解本季交換的細節。

The existing old program generated a net interchange of $0.9 million. Our new program generated interchange of $3.7 million and so taking together total interchange came in at $4.6 million. We are pretty committed to getting that 94% spend number that's been migrated to the new program up to 100% before the end of year. We have a lot of, you know, irons in the fire and they're all going pretty well. So we feel pretty confident that we can hit that 100% number. Now last but not the least that we do every quarter. We give you a look ahead on paid active uses.

現有的舊計劃產生了 90 萬美元的淨交換額。我們的新計劃產生了 370 萬美元的交流，因此總交流額為 460 萬美元。我們非常致力於在年底前將遷移到新計劃的 94% 支出數字提高到 100%。我們有很多，你知道的，都在火中，而且它們都進展得很好。所以我們非常有信心能夠達到 100% 的目標。最後但並非最不重要的一點是我們每季都會這樣做。我們為您提供付費活躍使用的展望。

October's paid active uses came in at 693,000, which is a 1% improvement versus the Q3 number. And we're pretty excited about that. We're hopeful that the trend continues and we see a much better Q4 in terms of paid members and subscription revenue.

10 月的付費活躍用戶數為 693,000 次，比第三季的數字提高了 1%。我們對此感到非常興奮。我們希望這種趨勢能夠持續下去，並且在付費會員和訂閱收入方面我們會看到第四季度的情況要好得多。

With that I hand things over to David to talk a little bit about business highlights.

說完我就把事情交給 David 來談談業務亮點。

Thanks for that Anu. So at this point as well, I typically go through the road map and talk about basically the new developments we've had since. But I would say for the Q3 quarterly highlights right now, I'd like to talk about what we've learned on the road.

謝謝你的阿努。因此，在這一點上，我通常會瀏覽路線圖並基本上討論我們此後取得的新進展。但我現在想說的是，對於第三季的季度亮點，我想談談我們在路上學到的東西。

So as mentioned last quarter, we put a lot of work into taking the product out to market and we've been at a couple conferences and got a lot of real world feedback from customers and the feedback has been great. I think in the process, we sort of learned some really key things with the value of New Expensify and why it's going to create so much value in this market.

正如上季度所提到的，我們投入了大量的工作來將產品推向市場，我們參加了幾次會議，並從客戶那裡得到了很多現實世界的反饋，反饋非常好。我認為在這個過程中，我們學到了一些關於 New Expensify 價值的真正關鍵的東西，以及為什麼它會在這個市場上創造如此多的價值。

We call it kind of the 80%-20% advantage. And so if you really think about it, what we found is that expense management historically, has only ever been able to automate about 80% of the workflow. And that's basically as much of the workflow you can automate and the information that's on the transaction itself. The either off the credit card transaction or off the receipt.

我們稱之為 80%-20% 的優勢。因此，如果您認真思考一下，我們會發現，從歷史上看，費用管理只能實現約 80% 的工作流程自動化。這基本上就是您可以自動化的工作流程以及交易本身的資訊。要么從信用卡交易中扣除，要么從收據中扣除。

But at some point, there's a remaining 20%. And the 20% is where all the actual pain of expense management is. And that's the information that isn't on the transaction itself. It's information you have to go and actually ask a human about not asking a human is the part that everyone despises because that's where you actually have to go nag your employees or your employees to get nagged by our accounting team. And no one likes that part. And that part is because it's information required to code the Expensify that only a human knows.

但到了某個時候，就會剩下 20%。而這 20% 正是費用管理的真正痛點。這些資訊不屬於交易本身。這是你必須去實際詢問一個人的信息，而不是詢問一個人，這是每個人都鄙視的部分，因為這就是你實際上必須去嘮叨你的員工或你的員工被我們的會計團隊嘮叨的地方。沒有人喜歡那部分。這部分是因為它是編碼 Expensify 所需的訊息，只有人類知道。

And so the first part of New Expensify is trying to automate the process of gathering that 20% by streamlining the conversation around it. And that's why we have this what we call a chat centric design for new Expensify. Because historically, you think about if you need to get this information, you do it by emailing someone and then you're operating at email speed and email speed is super slow, like I don't know about your inbox, but if you email me, I'm not even going to see it for days or maybe weeks. And so anything that you're asking me via email is going to be days or weeks behind. But if you text me or chat me, I'll see it respond instantly.

因此，New Expensify 的第一部分是嘗試透過簡化圍繞這 20% 的對話來自動化收集這 20% 的過程。這就是為什麼我們為新的 Expensify 設計了所謂的以聊天為中心的設計。因為從歷史上看，您會考慮是否需要獲取此信息，您可以通過向某人發送電子郵件來做到這一點，然後您以電子郵件速度進行操作，而電子郵件速度非常慢，就像我不知道您的收件匣一樣，但是如果您發送電子郵件對我來說，我什至幾天甚至幾週都不會看到它。因此，您透過電子郵件向我詢問的任何問題都將延遲幾天或幾週。但如果你給我發短信或跟我聊天，我會看到它立即回覆。

So New Expensify design is about trying to get expense management to happen at chat speed. And that's why basically bringing the chat process into the product so that people engage with the product quicker and get faster answers to the humans.

因此，新的 Expensify 設計旨在嘗試以聊天速度進行費用管理。這就是為什麼基本上將聊天過程引入產品中，以便人們更快地與產品互動並更快地獲得人類的答案。

So step one and New Expensify I is just about making that last 20% the most painful 20% of expense management happen at chat speed. So you can actually close the books faster. But the second part of that is enabling us for the next generation of AI. Now I know that AI is talked about everywhere and a lot of it's all made up. But I think the really key example of where AI works incredibly well because most of that 20% of the discussion is about information which already exists in chat somewhere.

因此，第一步和 New Expensify I 只是讓最後 20%（最痛苦的 20%）費用管理以聊天速度發生。所以你實際上可以更快地合上書本。但第二部分是讓我們能夠實現下一代人工智慧。現在我知道人工智慧無所不在，而且很多都是虛構的。但我認為人工智慧工作得非常好的真正關鍵的例子是因為這 20% 的討論大部分都是關於聊天中已經存在的資訊。

And so for example, imagine like you're an accountant and you see a purchase that's at some club in Vegas, for example, you could look at this and be like is this obvious fraud? And you have to go track that employee and ask them and say, well, actually, no, it's for as at a conference in Vegas and I took a client as dinner. So it's actually very clear expense.

舉例來說，想像一下，你是一名會計師，你看到在維加斯的某個俱樂部進行的一項購買，你可以看看這個，然後想，這是明顯的欺詐嗎？你必須跟踪那個員工並詢問他們並說，好吧，實際上，不，這是在拉斯維加斯的一次會議上，我帶了一位客戶作為晚餐。所以這其實是非常明確的費用。

Now, normally you have to wait around by emailing them wondering if there's fraud for days or weeks until that person responds. The response itself might only take a couple of seconds for the person to do. But you have to wait days or weeks for that couple of seconds to be spent. With Expensify new design and a chat centric design trying to bring the organizational chat onto the Expensify platform that puts us into a position for our AI to see the conversation that happens both before and after the expense. And the odds are at some place in that chat conversation. They mentioned that they were going to a conference in Vegas, taking a particular client to a particular club. They either said it before or they probably after.

現在，通常您必須等待幾天或幾週才給他們發電子郵件，想知道是否存在詐欺行為，直到該人回覆。該人可能只需要幾秒鐘就可以做出回應。但你必須等待數天或數週才能度過這幾秒鐘。透過 Expensify 的新設計和以聊天為中心的設計，試圖將組織聊天帶入 Expensify 平台，使我們的人工智慧能夠查看費用前後發生的對話。可能性就在那次聊天對話的某個地方。他們提到他們要去維加斯參加一個會議，帶一位特定的客戶去一個特定的俱樂部。他們要么之前說過，要么可能在之後說過。

And so in the future, Expensify AI design, it is going to be searching, not just the conversations that sends to you, but starting all the conversations that you had leading up to and after the expense itself to see if we can answer the question automatically and do the coding automatically. So, expense goal is not merely to streamline that last 20% but truly to automate that last 20%. We're aiming for the world's first -- or industry's first 100% automation expense management.

因此，在未來，Expensify 人工智慧設計將不僅搜尋發送給您的對話，還將開始您在費用本身之前和之後進行的所有對話，看看我們是否可以回答這個問題自動並自動編碼。因此，費用目標不僅僅是簡化最後 20%，而是真正實現最後 20% 的自動化。我們的目標是實現世界首個——或業界首個 100% 自動化費用管理。

We're not there yet. You can start to see how our chat centric design starts to get us there. So maybe to summarize, let's say Q3 was a fantastic quarter. It's really showed that the business has remained stable. And in particular, we say New Expensify is being powered on the foundation of Expensify Classic. And the Classic foundation is strong, it's profitable and provide an incredible resource for building New Expensify on top of it.

我們還沒到那兒。您可以開始了解我們以聊天為中心的設計如何開始實現這一目標。總結一下，我們可以說第三季是一個非常棒的季度。這確實表明業務保持穩定。特別是，我們說 New Expensify 是在 Expensify Classic 的基礎上提供動力的。Classic 的基礎很強大，它是有利可圖的，並為在此基礎上建立 New Expensify 提供了令人難以置信的資源。

As you can see, we've increased our free cash flow guidance once again and again, we keep finding more and more efficiencies in the organization and that's been really, really powerful for us. The Expensify Card itself almost fully deployed, I think, as you mentioned, much faster than we really expected. And we are all --we still feel very confident that we're on track for full deployment by the end of the year in 2024.

正如您所看到的，我們一次又一次地提高了自由現金流指導，我們不斷發現組織的效率越來越高，這對我們來說非常非常強大。正如您所提到的，我認為 Expensify 卡本身幾乎完全部署，比我們真正預期的要快得多。我們仍然非常有信心，我們將在 2024 年底之前實現全面部署。

New Expensify is in market. It's a real product, it is generating revenue and we're going to be the first in the market, we think to get to that -- what we think is going to be the new bar 100% automation expense management by bringing the chat centric flow into the product itself.

新的 Expensify 已上市。這是一個真正的產品，它正在產生收入，我們將成為市場上的第一家，我們認為要實現這一點——我們認為這將成為新的標準，透過以聊天為中心進行 100% 自動化費用管理流入產品本身。

And then finally, Expensify Travel is actually it's in market as well making revenue and we're getting great reception. So again, it's been a fantastic quarter built on a few different fantastic quarters coming up to this. And so we have a strong foundation, things are really good and we're very, very proud of this quarter.

最後，Expensify Travel 實際上已經進入市場並產生收入，我們得到了很好的回應。再說一次，這是一個很棒的季度，建立在幾個不同的精彩季度之上。因此，我們擁有堅實的基礎，一切都非常好，我們對本季感到非常非常自豪。

So with that, I think we'll turn it over to questions.

因此，我想我們將把它轉為問題。

Fantastic. I believe Aaron you're here from JMP. We'll get started with your question.

極好的。我相信 Aaron 你是從 JMP 來的。我們將開始回答您的問題。

Yeah, that's great. Thank you guys so much. I guess the first question just off of your last comment there, Dave. For Expensify Travel, any idea on what the revenue contribution is today and how do you -- how big a piece of the business do you think that can become over time?

是的，那太好了。非常感謝你們。我想第一個問題就在你最後的評論中，戴夫。對於 Expensify Travel，您對目前的收入貢獻有什麼想法嗎？

Well, I think it can become quite big because, I mean, travel and expense [team] is the entire category. And so I think that we're seeing that it's just becoming sort of table stakes for expense management in general. And so every one of our customers I think has basically a travel requirement. And so I think it has the potential for actually offering quite a lot of lift. Now, we're still getting started with it. We're rolling it out. We've got great early traction, but I don't think we have anything we're sort of ready to share at this point.

嗯，我認為它可能會變得相當大，因為我的意思是，旅行和費用[團隊]是整個類別。因此，我認為我們看到它正在成為一般費用管理的賭注。因此，我認為我們的每一位客戶基本上都有旅行需求。所以我認為它實際上有潛力提供相當大的升力。現在，我們仍處於起步階段。我們正在推出它。我們在早期就獲得了巨大的關注，但我認為目前我們還沒有準備好分享任何東西。

Okay. That's helpful. And then switching to capital allocation. So the company bought back 646,000 shares from [David] [234] share on August 28. And that was the only stock the company bought back in 3Q. Can you help us think about how you plan to manage the buyback going forward between repurchasing shares in private transactions like that one versus buying shares in the public market where your stock super liquid.

好的。這很有幫助。然後轉向資本配置。因此該公司於8月28日從[David][234]股份回購了646,000股。這是該公司在第三季回購的唯一股票。您能否幫助我們考慮一下您計劃如何管理在私人交易中回購股票（例如您的股票在公開市場上回購股票）之間的回購（在公開市場上您的股票具有超強的流動性）。

I'd be curious for your thoughts on this, but my quick thoughts are, I think that we're very opportunistic. I mean, we've built up quite a cash reserve that we can use and deploy very quickly and so I don't think we know exactly the best way to deploy it in the future. But as we've shown we're pretty flexible and I think we're investigating all opportunities. But anyway [Anu] what you think of that.

我很好奇你對此的想法，但我的快速想法是，我認為我們非常機會主義。我的意思是，我們已經建立了相當多的現金儲備，可以非常快速地使用和部署，所以我認為我們不知道未來部署它的最佳方法。但正如我們所表明的，我們非常靈活，我認為我們正在研究所有機會。但無論如何[Anu]你對此有何看法。

Yeah, I agree. We're pretty bullish on the company. We, you know, a lot of what, my business or like financial highlights focused on was really just getting the core fundamentals to a really strong place and now that we are in that place where we feel like the business is kicking off cash and doing it reliably. And we're optimistic in terms of growth, I think in the future quarters, we should be a little more bullish in terms of doing buybacks, but we don't have anything concrete to share just yet.

是的，我同意。我們非常看好該公司。我們，你知道，我的業務或財務重點關注的很多內容實際上只是將核心基本面打造成一個真正強大的地方，現在我們感覺業務正在開始現金和做事它可靠。我們對成長持樂觀態度，我認為在未來幾個季度，我們在回購方面應該更加樂觀一些，但我們目前還沒有任何具體資訊可以分享。

Okay, thank you guys.

好的，謝謝你們。

Perfect. Steven, I believe you're here with Citi.

完美的。史蒂文，我相信你是花旗銀行的。

Hey, great. Thanks for taking the questions here. I guess -- I want to ask on the sub user side and good to see that, see that tick up and stabilize and I guess. Curious if you have an idea of maybe what's helping support that check up, like is there something that you feel like you've done that's helping drive that number in the right direction or does it feel like the macro is getting better? Just kind of how would you kind of articulate maybe what's going on there?

嘿，太棒了。感謝您在這裡提出問題。我想——我想在子用戶方面詢問，很高興看到這一點，看到它的上升和穩定，我想。很好奇您是否知道什麼可能有助於支持檢查，例如您覺得自己所做的事情是否有助於推動該數字朝著正確的方向發展，或者是否感覺宏觀正在變得更好？只是你會如何清楚地表達出那裡發生了什麼事？

Yeah, I can take this. So, we are like I was saying, we're pretty optimistic going into the future quarters as New Expensify, sort of ramps up more and more and we start to send more and more of our traffic there that, conversion is going to perform much better and new customer growth is going to do better. But -- and I think we've talked about this in the past quarters, the really big driver for paid member growth in general over the years has always been existing customers increasing their usage on Expensify.

是的，我可以接受這個。所以，就像我說的，我們對未來幾季非常樂觀，因為 New Expensify 會越來越多，我們開始向那裡發送越來越多的流量，轉換將會發揮很大作用更好，新客戶的成長也會做得更好。但是，我想我們在過去幾季已經討論過這一點，多年來付費會員成長的真正巨大推動力始終是現有客戶增加 Expensify 的使用量。

And there were only really, there were really only two years that particular metric was stressed, that was in 2020 peak COVID and then 2023 and largely when customers are still using the product, but they're not expanding. It's, and we've looked at the correlation between that and churn try to see if it may be an early indicator, but it isn't. Largely it seems driven by macro.

事實上，只有兩年的時間，特定指標受到了重視，即 2020 年新冠疫情高峰期，然後是 2023 年，而且很大程度上是在客戶仍在使用該產品的時候，但他們沒有擴大規模。是的，我們已經研究了它與客戶流失之間的相關性，試圖看看它是否可能是早期指標，但事實並非如此。這在很大程度上似乎是由宏觀驅動的。

So we all know that, last year and even, some parts of this year have been, there's been a lot of news about layoffs, companies aren't expanding overall. So that kind of makes sense that metric is stressed and we talk about this more next quarter so that we have a full year's worth of data. But we're seeing some of that existing customer usage expansion sort of rebounding. So I think that's definitely giving us some tailwinds.

所以我們都知道，去年甚至今年的一些時候，有很多關於裁員的消息，企業整體上沒有擴張。因此，強調指標是有道理的，我們會在下個季度更多地討論這一點，以便我們擁有全年的數據。但我們看到一些現有客戶使用量的擴張有所反彈。所以我認為這肯定給我們帶來了一些順風。

Okay. All right. That makes sense. And then maybe on the go to market side. And I know there's been some, I guess evolution of what that looks like through this year. So, how are you kind of seeing the most recent kind of changes resonating and how are you kind of viewing the efficacy of some of those investments?

好的。好的。這是有道理的。然後也許在進入市場方面。我知道今年的情況已經發生了一些變化。那麼，您如何看待最近發生的變化引起的共鳴以及您如何看待其中一些投資的功效？

You mean on the new platform specifically?

你指的是新平台上的具體情況嗎？

Yeah, just in terms of the go to market and the trying to capture new users and customers and all that.

是的，就進入市場以及試圖吸引新用戶和客戶等等而言。

Yeah, so we've always had the most amount of success with organic channels. So like SEO, word-of-mouth, it just the strength of our brand. So we see a vast majority of our new sign ups and even just visitors coming directly to us and that kind of continues and it's a really good leading indicator always that we are never starved for leads.

是的，所以我們一直在有機通路方面取得了最大的成功。所以就像搜尋引擎優化、口碑一樣，它只是我們品牌的力量。因此，我們看到絕大多數新註冊者，甚至只是直接來找我們的訪客，這種情況仍在繼續，這始終是一個非常好的領先指標，表明我們從不缺乏潛在客戶。

So we continue to keep on doubling down on improving conversion, like improving sales efficiency, but also the product's ability to convert better and better with our new platform. We're still in early days. What we're doing is sending all of the smaller leads to our new platform in order to really dial in conversion so that we can keep what's working, improve what's new and then start to redirect all of our new leads to the new platform.

因此，我們繼續加倍努力提高轉換率，例如提高銷售效率，以及產品透過我們的新平台更好轉換的能力。我們還處於早期階段。我們正在做的是將所有較小的潛在客戶發送到我們的新平台，以便真正實現轉化，以便我們可以保持有效的內容，改進新的內容，然後開始將所有新的潛在客戶重定向到新平台。

And that effort is probably going to take us the next few quarters and we'll have, more substantial numbers or specific numbers for you down the line. But overall, I think our go to market and that's part of why we're able -- business is able to kick off cash. So effectively is because we are doing really well in organic channels and word-of-mouth and continuing to focus on conversion. So that's sort of still the focus of our go to market efforts. Did that answer your question?

這項工作可能需要我們在接下來的幾個季度中進行，我們將為您提供更實質的數字或具體數字。但總的來說，我認為我們進入市場，這就是我們能夠——業務能夠啟動現金的部分原因。如此有效是因為我們在有機管道和口碑方面做得非常好，並繼續專注於轉換。因此，這仍然是我們進入市場努力的重點。這回答了你的問題嗎？

And maybe I could add to that a little bit. I would say, I think that I agree with everything that Anu just said. And I would say a big part of the go to market strategy is building a product that just inspires leads and customers more and just to give kind of like one anecdotal example.

也許我可以補充一點。我想說，我認為我同意阿努剛才所說的一切。我想說，進入市場策略的一個重要部分是開發一款能夠更多地激發潛在客戶和客戶的產品，並且只是舉一個軼事例子。

So we go to a [suite] world every year and we go with basically the same pitch, same product and things like this. It's always been a very, very good conference for us because [Netsuite] is a major partner of ours, we do very well in that channel. And so we went to the same conference with the same size booth. But this year we were pitching New Expensify rather than Expensify Classic. And that produced about 61% more leads out of that conference.

因此，我們每年都會進入一個[套件]世界，並且我們會採用基本上相同的音調、相同的產品和類似的東西。對我們來說，這一直是一次非常非常好的會議，因為 [Netsuite] 是我們的主要合作夥伴，我們在該頻道中做得非常好。所以我們去參加了同一個會議，使用了同樣大小的展位。但今年我們推出的是 New Expensify，而不是 Expensify Classic。那次會議的潛在客戶數量增加了約 61%。

Again, everything was the same except for the platform. And so I think we see that the major strategy for launch growth is really just to launch a platform that inspires and captures the imagination of customers better, which translates into more viral lead generation through word-of-mouth and higher conversion. And so I think these are very cost effective ways to increase the conversion of our existing organic lead structure and then double down on those organic leads.

同樣，除了平台之外，一切都是一樣的。因此，我認為我們看到，發布成長的主要策略實際上只是推出一個能夠更好地激發和捕捉客戶想像力的平台，從而透過口碑和更高的轉換率轉化為更多的病毒式銷售線索。因此，我認為這些是非常具有成本效益的方法，可以提高我們現有有機先導結構的轉化率，然後加倍增加這些有機先導化合物。

Okay. That's great. That's helpful contact and a great example there. So, appreciate that and appreciate you taking my questions here.

好的。那太棒了。這是一個很有幫助的聯繫，也是一個很好的例子。所以，感謝您在這裡提出我的問題。

Fabulous. Eric from Lake Street Capital. I believe you're able to join us.

太棒了。來自湖街資本的埃里克。我相信你能夠加入我們。

Yeah. I had a question regarding the interchange from travel traction. You had obviously a nice shift here Q2 to Q3. Are we seeing any green shoots in interchange from the travel offering that you guys have? And if not, when should we see that?

是的。我有一個關於旅行牽引換乘的問題。顯然，從第二季度到第三季度，您的轉變非常好。我們是否看到你們提供的旅行產品有任何新芽？如果沒有，我們什麼時候應該看到這一點？

I don't think we're breaking it out in that degree of detail. And if I'm being honest, do you mean like travel as a product doesn't always -- like a customer that is using travel as a product isn't always using our card. So there's -- I'm not sure what the connection is between those two from an interchange perspective.

我認為我們不會如此詳細地分解它。如果我說實話，你的意思是說旅行作為一種產品並不總是 - 就像使用旅行作為產品的客戶並不總是使用我們的卡一樣。所以，從交換的角度來看，我不確定這兩者之間有什麼關聯。

Yeah, it was just, to the extent they're using the card to book [travel].

是的，只是，就他們使用卡片來預訂而言[旅行]。

Okay. Yeah, I think that is probably not meaningful because that's a pretty, subset of what we would look at both in terms of card spent travel and travels total spent on card.

好的。是的，我認為這可能沒有意義，因為這是我們在卡片旅行花費和卡片旅行總花費方面考慮的一個漂亮的子集。

Yeah, maybe I would say one of the, I think advantages that we have in the market place is our card agnosticism that we support all third party fee and card fees. And so I think it's great and I think things do work best when you use the Expensify Card in conjunction with Expensify Travel, but there's no requirement to. And so certainly, I think a lot of our sense by travel, customers just continue using their existing corporate card program and that's fine. We make money other way.

是的，也許我會說，我認為我們在市場上擁有的優勢之一是我們的卡不可知論，我們支持所有第三方費用和卡片費用。所以我認為這很棒，而且我認為當您將 Expensify 卡與 Expensify Travel 結合使用時效果最好，但沒有強制要求。當然，我認為我們對旅行的許多感覺是，客戶只要繼續使用他們現有的公司卡計劃就可以了。我們以其他方式賺錢。

Okay. And then the second question is regarding the increase in the free cash flow, I joined the call late, but were there other -- were there cost efforts taken to the point where you had maybe a reduction in force or are these more on the cost of goods side where you're continuing to squeeze costs out of the business?

好的。然後第二個問題是關於自由現金流的增加，我加入電話會議的時間很晚，但是還有其他的嗎——是否採取了成本努力，以至於你可能減少了力量，或者這些更多的是成本在商品方面，您將繼續壓縮業務成本？

Yeah, it's the latter. We didn't have any workforce decrease or anything like that. We are continuing to operationally get more efficient and that is the second driver. So there was the higher interchange take rate but also operational efficiencies taken together, gave us a higher free cash flow margin.

是的，是後者。我們沒有任何勞動力減少或類似的情況。我們正在繼續提高營運效率，這是第二個驅動因素。因此，交換率更高，營運效率也更高，這為我們帶來了更高的自由現金流利潤率。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

Fantastic. That was everyone we have on the call live.

極好的。這就是我們現場通話的所有人。

Great. Hey, well, it's been a real pleasure. Thank you so much for joining us for this call. We're very excited about this quarter's results and we can't wait to talk to you next quarter.

偉大的。嘿，好吧，這真的很高興。非常感謝您參加我們的這通通話。我們對本季的業績感到非常興奮，迫不及待地想在下個季度與您交談。

Thanks everyone.

謝謝大家。