Expensify, Inc. (EXFY) 2026 Q1 法說會逐字稿

Hello and thank you for joining us for Expensify’s Q1 2026 earnings call. I’m going to start off with the legal disclosure and then hand off to Ryan Schaffer, our CFO, and David Barrett, our Founder and CEO.

大家好，感謝各位參加 Expensify 2026 年第一季財報電話會議。我將先進行法律聲明，接著交由我們的財務長 Ryan Schaffer 與創辦人兼執行長 David Barrett。

Please note that all the information presented on today's call is unaudited, and during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

請注意，今天電話會議中所呈現的所有資訊均未經審計；在本次會議過程中，管理層可能會在聯邦證券法所定義的範圍內作出前瞻性陳述。這些陳述係基於管理層目前的預期與信念，並涉及風險與不確定性，可能導致實際結果與這些前瞻性陳述所描述者出現重大差異。

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. 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 expected or implied in any forward-looking statements made today.

我們今日發布的財報新聞稿中的前瞻性陳述，以及本次電話會議中的評論，僅以今日為準，且不會隨實際事件發展而更新。請參閱今日新聞稿及我們向美國證券交易委員會（SEC）提交的文件，以了解可能導致實際結果與任何今日所作前瞻性陳述中所預期或暗示者出現重大差異之風險的詳細討論。

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.

另請注意，在今日電話會議中，管理層將提及若干非 GAAP 財務衡量指標。雖然我們認為這些非 GAAP 財務衡量指標可為投資人提供有用資訊，但呈現此等資訊並非意圖使其被單獨考量，或作為依 GAAP 編製之財務資訊的替代。請參閱今日新聞稿或投資人簡報，以取得這些非 GAAP 財務衡量指標與其最可比 GAAP 指標之調節表。

And with that, I'll hand it over to Ryan.

接下來我把時間交給 Ryan。

Thank you, Nikki, and thanks, everyone, for joining today's call.

謝謝你，Nikki，也謝謝各位參加今天的電話會議。

Let's start with the Q1 financials. Revenue for the quarter was $34 million, down 6% year-over-year. Average paid members were $632,000, down 4% year-over-year. Total interchange revenue was $5.5 million, up 10% year-over-year. While we continue to see pressure on the topline, we are really focused on the fundamentals of the business and focusing our efforts on returning to growth. Operating cash flow was $0.1 million and free cash flow was $2.5 million.

我們先從第一季財務表現開始。本季營收為 3,400 萬美元，年減 6%。平均付費會員數為 63.2 萬，年減 4%。交換手續費（interchange）總收入為 550 萬美元，年增 10%。雖然我們仍看到營收端承壓，但我們非常專注於業務基本面，並將資源聚焦於重回成長。營運現金流為 10 萬美元，自由現金流為 250 萬美元。

The difference in those numbers is largely driven by the timing of customer payments. Our GAAP net loss was $2.3 million. Our non-GAAP net income was $3.6 million and adjusted EBITDA was $6.2 million. So all revenue has declined. Profitability is still strong and that's a key theme for the business right now.

這兩個數字的差異主要由客戶付款時點所驅動。我們的 GAAP 淨損為 230 萬美元。我們的非 GAAP 淨利為 360 萬美元，調整後 EBITDA 為 620 萬美元。因此，整體營收確實下滑。但獲利能力仍然強勁，這也是目前業務的一個關鍵主題。

As mentioned, we generated $2.5 million in free cash flow this quarter. It's worth noting that we also had a one-time legal payment of $2.6 million related to the class action lawsuit we've since settled. Absent that payment, we would have seen roughly $5 million in free cash flow this quarter.

如前所述，我們本季產生了 250 萬美元的自由現金流。值得注意的是，我們也有一筆一次性的 260 萬美元法律付款，與我們已達成和解的集體訴訟相關。若不計入該筆付款，本季自由現金流約可達 500 萬美元。

With that said, we remain conservative in our outlook and are reiterating our full-year 2026 free cash flow guidance of $6 million to $9 million. As always, we like to provide a look into the performance of next quarter's paid active member number. For April 2026, we had 641,000 paid active members, which is an improvement from our Q1 average and what we think is an encouraging sign for the quarter.

即便如此，我們對展望仍維持保守，並重申 2026 全年自由現金流指引為 600 萬至 900 萬美元。一如往常，我們也提供對下一季付費活躍會員數表現的觀察。2026 年 4 月，我們的付費活躍會員數為 64.1 萬，較第一季平均值有所改善，我們認為這是本季一個令人鼓舞的訊號。

In conclusion, we are focusing on maintaining strong fundamentals in the business, investing in long-term growth opportunities, migrating customers to new Expensify, and iterating quickly on their feedback.

總結來說，我們正專注於維持強健的業務基本面，投資長期成長機會，將客戶遷移至新版 Expensify，並快速迭代回應他們的回饋。

And with that, I'll hand it over to David for a product update.

接下來我把時間交給 David 進行產品更新。

Thanks, Ryan.

謝謝你，Ryan。

I think the simplest way to frame Q1. We're building a more durable, more profitable business today, while setting ourselves up for a much stronger growth story tomorrow. The numbers show the transition, but the product tells you where we're going and how far we've actually come.

我認為詮釋第一季最簡單的方式是：我們今天正在打造一個更具韌性、獲利能力更強的企業，同時也為明天更強勁的成長故事做好準備。數字呈現了轉型，但產品會告訴你我們要往哪裡去，以及我們實際已經走了多遠。

In Q1, we made meaningful progress in both distribution and product adoption. A major focus was accelerating our bring-your-own-card strategy. Historically, companies often had to change cards to get the full value of expense automation. With BYOC, they can keep the corporate cards they already have, connect them to Expensify, and automatically import transactions as expenses.

在第一季，我們在通路拓展與產品採用兩方面都取得了實質進展。一個主要重點是加速推進我們的「自帶卡（BYOC）」策略。過去，企業往往必須更換信用卡，才能充分取得費用自動化的價值。透過 BYOC，他們可以保留既有的公司卡，將其連結到 Expensify，並自動把交易匯入為費用。

That removes a major adoption barrier and lets us meet customers where they already are. We also expanded our partnership footprint. We renewed our referral program with ANZ at Kiwibank and partnered with the Institute of Commercial Payments, giving a stronger visibility across the banking and commercial payments ecosystem.

這消除了採用上的一大障礙，讓我們能在客戶既有的使用情境中與其接軌。我們也擴大了合作夥伴版圖。我們與 ANZ 於 Kiwibank 的推薦計畫完成續約，並與商業支付協會（Institute of Commercial Payments）建立合作，使我們在銀行與商業支付生態系中獲得更強的能見度。

At the same time, we broadened the commercial ecosystem around Expensify with new ERP relationships with Campfire and Rillet, plus a travel integration with American Airlines. The goal is simple, make Expensify fit naturally into the systems businesses already use.

同時，我們也透過新的 ERP 合作關係（Campfire 與 Rillet），以及與美國航空（American Airlines）的旅遊整合，擴展 Expensify 周邊的商業生態系。目標很簡單：讓 Expensify 能自然地融入企業已在使用的系統中。

On the product side, Q1 was a strong shipping quarter with more than 30 improvements across the app. In January, we focused on practical finance workflows, better top spending visibility, receipt rotation, automatic approval routing, old card assignment, bank account sharing, clearer card status labels, and Uber for business discounts.

在產品方面，第一季是強勁的交付季度，App 內推出了超過 30 項改進。1 月我們聚焦於實用的財務工作流程、更佳的主要支出可視性、收據旋轉、自動核准路由、舊卡指派、銀行帳戶共享、更清楚的卡片狀態標籤，以及 Uber for Business 折扣。

In February, we launched a new home tab, upgraded insights, made Concierge available in more places and added merchant and itemized receipt rules. These are important because they move Expensify from simply capturing expenses to actively helping users manage spend, automate coding and resolve issues faster.

2 月我們推出新的首頁分頁、升級 Insights、讓 Concierge 在更多地方可用，並新增商家與明細收據規則。這些很重要，因為它們讓 Expensify 從「只是擷取費用」進一步成為「主動協助使用者管理支出、將科目編碼自動化並更快解決問題」的工具。

In March, we continued that momentum with account-related client workspaces, GPS mileage tracking, expanded Insights charts, stronger virtual card controls, mobile receipt cropping, faster report creation, bulk expense selection, inline editing, CSC member imports and smarter home tab alerts.

3 月我們延續這股動能，推出與帳戶相關的客戶工作區、GPS 里程追蹤、擴充 Insights 圖表、更強的虛擬卡控管、行動端收據裁切、更快的報告建立、批次費用選取、行內編輯、CSC 會員匯入，以及更智慧的首頁分頁提醒。

Taken together, these updates make new Expensify faster, more automated, and more useful for both individual employees and finance teams.

綜合而言，這些更新讓新版 Expensify 更快、更自動化，並且對個別員工與財務團隊都更有用。

Stepping back, Q1 is about strengthening the foundation while setting up the next phase of growth. The Expensify card continued to perform well, with interchange revenue growing to $5.5 million, up 10% year-over-year. We also continue to generate cash, producing positive operating cash flow and $2.5 million of free cash flow in the quarter. At the same time, we're seeing encouraging growth signals. April paid active users increased to 641,000, above Q1 average of 632,000.

回到更宏觀的角度，第一季的重點是在強化基礎的同時，為下一階段成長做好準備。Expensify 卡的表現持續良好，交換手續費收入成長至 550 萬美元，年增 10%。我們也持續創造現金流，本季營運現金流為正，自由現金流為 250 萬美元。同時，我們也看到令人鼓舞的成長訊號。4 月付費活躍用戶增加至 64.1 萬，高於第一季平均的 63.2 萬。

Combined with product velocity you just saw, the expansion of BYOC and major AI capabilities coming in June, we believe the business is positioned for a potential inflection point. So our focus remains consistent. Keep improving to expensify, reduce adoption friction, expand distribution, and turn the product momentum we're seeing into durable growth.

結合你剛看到的產品交付速度、BYOC 的擴張，以及 6 月即將推出的重大 AI 能力，我們相信公司正處於可能出現拐點的位置。因此，我們的聚焦方向保持一致。持續改進 Expensify、降低採用摩擦、擴大通路，並將我們看到的產品動能轉化為可持續的成長。

With that, thank you to everyone for joining. Let's hop into our Q&A.

那麼，感謝各位的參與。我們直接進入問答環節。

Perfect. Mark, I believe you're on the line, if you want to open us up for the Q&A.

太好了。Mark，我相信你在線上，如果你願意的話，可以為我們開場進入問答。

Dave, just a question on a comment in your prepared remarks. You mentioned that you believe that the business was poised for an inflection point. I was wondering if you could just dig into that a little bit more.

Dave，我想就你在事先準備的發言中提到的一點問個問題。你提到你認為公司正處於一個拐點的前夕。我想請你再多談一點這部分。

Sure. I mean, I think that this isn't a new thing. We've been talking for a long time. The whole strategy behind new Expensify is to shift away from kind of a more traditional expense management solution towards a more modern collaborative AI-focused solution. And so we knew this was going to be a huge investment. We knew it's going to take a long time. And we're at the tail end of that. So we've been migrating users over, and I think we're just extremely pleased with the reaction we're getting from traditionally Classic customers moving to new Expensify, seeing the new capabilities, the AI, the collaboration, all that.

當然。我的意思是，我認為這不是什麼新鮮事。我們談了很久。全新 Expensify 背後的整體策略，是從較傳統的費用管理解決方案，轉向更現代、以協作與 AI 為核心的解決方案。因此我們知道這會是一筆巨大的投資。我們也知道這會花很長時間。而我們現在已經接近尾聲。所以我們一直在把使用者遷移過來，而我們對於傳統 Classic 客戶轉到全新 Expensify 後的反應感到非常滿意——他們看到新的能力、AI、協作等等。

And so I think on one hand, it's just a lot of kind of mostly anecdotal, but really positive evidence coming from customers migrating over. Also just seeing these excitement from new customers, kind of what we refer to as new native customers, customers who've never seen Expensify Classic. They're just coming into the product and they really just get it and they like it and they really value it. And so it's validated a lot of our design decisions and I think we feel really confident in that.

所以我認為一方面，這主要是一些偏軼事性的、但非常正面的證據，來自正在遷移的客戶。另外也看到新客戶的興奮感——我們稱之為「原生新客戶」，也就是從未用過 Expensify Classic 的客戶。他們直接進入產品，就真的能理解、喜歡，並且非常重視它。因此這也驗證了我們許多設計決策，我們對此感到非常有信心。

And then of course, there's just kind of the green shoot indicators, like April was pretty good from a paid member growth perspective as we saw. And so again, a lot of this is nothing new. This is the story we've been telling for a very long time, but the story has always involved basically making a kind of difficult, but big swing on what we think is still a massive opportunity out there. Like when I think of it, there's nothing that's fundamentally has changed throughout the market in the sense that I still think there's something like 100 to 1,000 times more opportunity out there than this traditional opportunities I've ever seen.

當然，還有一些「新芽」指標，例如我們看到 4 月在付費會員成長方面表現相當不錯。所以再說一次，這些其實都不是新消息。這是我們講了很久的故事，但這個故事一直都包含一點：我們在我們認為仍然非常巨大的機會上，做出一個艱難但幅度很大的押注。就我看來，市場的基本面並沒有真正改變——我仍然認為外面存在的機會，大概是我過去見過的傳統機會的 100 到 1,000 倍。

New Expensify is designed to go out and get it. I think we're more and more confident that we can. It's not going to happen overnight, but we're a long-term business, we've always said that. And I think we just feel very excited and have a lot of conviction in that long-term strategy.

全新 Expensify 的設計就是要走出去把它拿下。我想我們對自己能做到這件事越來越有信心。這不會一夕之間發生，但我們是一家做長期的公司，我們一直都這麼說。而我認為我們對這個長期策略感到非常興奮，也非常篤定。

Great, thanks.

很好，謝謝。

And then as a follow-up, maybe if you could just update us on the percentage of your Classic customers that have migrated to the new platform?

接著追問一下，你是否可以更新一下：你們的 Classic 客戶中，有多少百分比已經遷移到新平台？

I think it's about 60%, I would say. The main thing, the migration is going well. The nice thing about migration is we control the timeline of it, and we are migrating customers over and then paying very close attention to any feedback they have.

我想大約是 60%。重點是，遷移進展得很順利。遷移的好處是我們可以掌控時間表；我們把客戶遷移過來後，會非常密切地關注他們的任何回饋。

I would say the most important feedback we've had is simply just performance. The functionality is great, and it's reliable, but it's just not fast enough for the larger customers. And so we never want to migrate over a customer that we're not confident is going to have a great experience. And so we're, I would say just in general, a lot of our engineering has shifted away from big sort of capital projects and more towards just rapidly integrating with the specific features that customers request, responding to feedback and so forth.

我會說，我們收到最重要的回饋就是效能。功能很棒、也很可靠，但對於大型客戶來說速度還不夠快。因此我們絕不會把一位我們沒有把握能讓他有很棒體驗的客戶遷移過來。所以我會說，整體而言，我們很多工程資源已經從大型的資本型專案，轉向更快速地整合客戶要求的特定功能、回應回饋等等。

And so right now, I would say a big thrust of our engineering is simply on hardening and improving the performance of our existing functionality in new.

因此目前我會說，我們工程團隊的一大重點，就是把全新版本現有功能做得更穩健，並提升效能。

And then along with that, to date, your migration strategy for the new Expensify platform has relied mainly on carats rather than sticks. And with about 60% migration so far, do you plan to shift that approach to move the rest over?

另外，到目前為止，你們針對全新 Expensify 平台的遷移策略，主要是用「胡蘿蔔」而不是「棍子」。在目前大約 60% 已遷移的情況下，你們是否計畫改變做法，把剩下的人也移過去？

I mean, I don't think so. I think the carats work pretty well. They've been working well for us. And again, we have the ability to maintain Classic. And so we don't -- we're not backed into a corner in a sense, like we don't have to push people over. We do it because we think we can give them a better experience. And so there's no reason to, I guess, threaten anyone. It's we want to pull them over with honey rather than vinegar. Is that how that saying goes?

我的意思是，我不這麼認為。我覺得「胡蘿蔔」效果很好。對我們來說一直都運作得不錯。而且我們也有能力維持 Classic。所以從某種意義上說，我們並沒有被逼到牆角——我們不必硬推大家過去。我們這麼做是因為我們認為能給他們更好的體驗。因此我想也沒有理由去威脅任何人。我們希望用蜂蜜把他們吸引過來，而不是用醋。這句話是這樣說的吧？

And so I think that we got plenty of time to do that. I think we have plenty of good opportunity or super exciting functionality to pull them over. In fact, I would say one of the challenges is we have larger customers that want to come over and we're like, look, I know the functionality is really powerful. I know that it does all this new stuff, but the performance just isn't there yet. And so I would say kind of we're experiencing a bit of the opposite problem where we have enthusiasm to come over and it's just not quite there from a performance perspective. And so that's where a lot of our attention is at. Right.

所以我認為我們有充足的時間來做這件事。我想我們也有很多很好的機會，或非常令人興奮的功能，能把他們吸引過來。事實上，我會說其中一個挑戰是：有些大型客戶想要遷移過來，而我們會說，你看，我知道功能真的很強大。我知道它能做很多新的事情，但效能還沒到位。所以我會說，我們某種程度上遇到的是相反的問題：大家很有意願遷移，但從效能角度來看還差一點。因此我們很多注意力都放在這裡。對。

Great. That's helpful. Thank you. That's all for me.

很好。這很有幫助。謝謝。我這邊就到這裡。

Just that confirmation that we were double booked. So we will speak to our other analysts offline. That's everyone we have live on the call right now.

只是確認一下，我們的時段重複預約了。所以我們會在會後再與其他分析師私下溝通。目前在線上參與電話會議的就只有這些人。

Great. Well, thank you, everyone, for dialing in. It's definitely an exciting time for us. I think we're super excited about where this is going and so appreciate your time. Thank you.

很好。那麼，感謝各位撥冗來電參與。這對我們來說確實是個令人振奮的時刻。我想我們對接下來的發展非常期待，也很感謝各位的時間。謝謝。