익스펜시파이(EXFY) 2026년 3분기 실적 콘퍼런스 콜: 잉여현금흐름 가이던스 상향

핵심 요약

• 2026년 3분기 매출은 3,300만 달러, 평균 유료 회원 수는 63만 명을 기록했다. 경영진은 매출이 여전히 압박을 받고 있다고 밝혔다.
• 영업현금흐름은 400만 달러에 달했고, 잉여현금흐름은 전년 동기 대비 170% 증가한 330만 달러를 기록했다. 조정 EBITDA는 610만 달러였다.
• 익스펜시파이는 2026년 연간 잉여현금흐름 전망치를 기존 1,200만~1,400만 달러에서 1,350만~1,550만 달러로 상향 조정했다.
• 기존 클래식을 사용한 적이 없는 고객으로부터 발생한 뉴 익스펜시파이 매출은 전분기 대비 30%, 전년 동기 대비 212% 증가하며 연간 반복 매출(ARR) 1,300만 달러를 넘어섰다.
• 익스펜시파이 카드 인터체인지 수수료 매출은 전년 동기 대비 8% 증가한 580만 달러를 기록했다. 익스펜시파이 트래블 예약 건수는 전분기 대비 13%, 전년 동기 대비 40% 증가하며 분기 사상 최고치를 경신했다.
• 경영진은 현재 추세가 지속될 경우 뉴 익스펜시파이의 성장이 내년에 기존 클래식의 매출 감소세를 앞지르기 시작할 수 있다고 밝혔으나, 그 시점은 여전히 불확실하다고 덧붙였다.

주요 재무 데이터

사업 및 운영 실적

뉴 익스펜시파이가 주요 성장 동력이었다. 기존 클래식을 이용한 적 없이 신규 플랫폼에 유입된 고객의 매출은 연간 반복 매출(ARR) 기준 1,300만 달러를 넘어섰다. 이 수치에는 클래식에서 이전한 고객의 매출은 제외된다. 경영진은 기존 고객 코호트가 유료 계정으로 지속해서 전환되고 있으며, 신규 코호트는 이전 그룹보다 더 나은 성과를 보이고 있다고 밝혔다.

익스펜시파이 카드는 유럽 및 영국 13개 시장으로 확대되어 파운드화 및 유로화로 발급이 가능해졌다. 제품 추가 기능에는 강화된 PIN 및 생체 인증 제어, 유효기간 제한 가상 카드, 결제 전 사내 규정에 위배되는 거래를 차단하도록 설계된 14가지 규칙 등이 포함됐다.

익스펜시파이 트래블은 분기 사상 최대 예약 규모를 기록했다. 기업 예약을 월별 단일 인출로 결합하는 통합 출장 청구 기능이 도입되었으며, 경영진은 이를 통해 예약 건당 더 많은 매출이 창출된다고 설명했다. 또한 경영진은 과거 출장과 경비 관리를 통합 제공하는 업체에 고객을 빼앗겼던 만큼, 트래블이 중요한 고객 유지 도구라고 설명했다.

릴렛(Rillet) 및 듀얼엔트리(DualEntry)와의 기본 연동을 통해 파트너 생태계를 확장했다. 익스펜시파이는 릴렛과 수익 공유 계약도 체결했으며, 현재 워크데이(Workday), 하이밥(HiBob), 뱀부HR(BambooHR)을 비롯한 수십 개의 인사(HR) 시스템 연동을 제공하고 있다.

익스펜시파이는 지난 9월 앤스로픽의 중소기업용 클로드(Claude for Small Business) 플러그인에 합류했다. 경영진은 클로드와 챗GPT(ChatGPT) 등 어시스턴트가 경비 데이터에 접근할 수 있도록 지원하는 익스펜시파이 MCP의 도입이 가속화되고 있다고 밝혔다. 또한 회사는 자체 AI 에이전트가 사용자의 질문 범위를 제한하지 않고도 사용자 요청의 96% 이상을 처리하고 있다고 전했다.

비자(Visa)와의 고객 추천 계약을 통해 비자는 적격 고객 및 법인 카드 프로그램을 익스펜시파이에 추천할 수 있게 됐다. 이번 계약은 기업이 기존 비자 카드와 은행 거래 관계를 유지하면서도 익스펜시파이의 영수증 매칭, AI 코딩, 내부 통제 및 정산 기능을 이용할 수 있도록 지원하는 익스펜시파이의 '자사 카드 연계(bring-your-own-card)' 전략을 뒷받침한다.

경영진 가이던스

익스펜시파이는 2026년 연간 잉여현금흐름 전망치를 기존 1,200만~1,400만 달러에서 1,350만~1,550만 달러로 상향 조정했다.

경영진은 2026년 10월 유료 회원 수가 63만 6,000명이라고 밝혔으며, 통상 10월이 3분기보다 견조한 흐름을 보인다고 언급했다.

위험 요인 및 주시 사항

• 규모는 더 크지만 감소세를 보이는 클래식 고객 기반을 성장하는 뉴 익스펜시파이 사업이 상쇄하는 과정에서 전체 매출은 여전히 압박을 받고 있다.
• 경영진은 매출 성장세로 복귀하는 시점을 예측하기 어려우며, 이는 부분적으로 고객 이탈에 달려 있다고 밝혔다.
• 트래블 서비스는 과거 고객 이탈의 주된 원인을 해결해 주지만, 경영진은 해당 서비스가 여전히 성장 초기 단계에 있으며 아직 경비 관리 사업 규모에는 도달하지 못했다고 인정했다.
• 관심 증대와 공동 마케팅 활동에도 불구하고, 중소기업용 클로드 제휴가 신규 고객 확보에 미치는 영향은 여전히 불확실하다.

애널리스트 질의응답(Q&A) 핵심 내용

애널리스트들은 트래블의 경쟁력에 미치는 영향, 클로드 파트너십, 그리고 뉴 익스펜시파이의 성장이 클래식의 매출 감소세를 넘어설 수 있는 시점에 주목했다.

경영진은 트래블이 신규 고객 확보, 확장 및 유지를 지원하며, 초기에는 이탈률 감소가 가장 시급한 목표라고 밝혔다. 임원진은 익스펜시파이가 단순한 경비 관리 제품으로만 운영되는 대신, 출장 및 경비 통합 제공업체들과 양방향으로 경쟁할 수 있게 되었다고 덧붙였다.

앤스로픽에 대해 경영진은 클로드 비즈니스 번들에 포함된 것이 익스펜시파이의 AI 연동 및 MCP 역량을 입증받은 결과라고 평가했다. 회사는 이번 제휴를 장기적 파트너십의 출발점으로 보고 있으나, 최종적인 고객 확보 기여도는 지켜봐야 한다고 밝혔다.

성장 변곡점에 대해 경영진은 클래식이 점진적으로 계속 감소하는 반면 뉴 익스펜시파이는 빠르게 확장하고 있다고 설명했다. 현재 상황이 지속될 경우 경영진은 내년에 뉴 익스펜시파이의 성장이 클래식의 매출 감소세를 앞지를 것으로 예상하지만, 추세의 호전이나 악화에 따라 그 시점이 앞당겨지거나 늦춰질 수 있다고 덧붙였다.

경영진은 뉴 익스펜시파이 도입을 견인하는 특정 고객층을 좁혀 지목하지 않았다. 대신 기존 업무 흐름에 맞춰 적용되고 AI 어시스턴트, 이메일, 텍스트 기반 상호작용을 통해 접근할 수 있는 도구를 바탕으로 산업과 지역 전반에 걸쳐 폭넓은 기회가 존재한다고 설명했다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Niki Wallroth

Hello. Thank you for joining us for Expensify's Q3 2026 Earnings Call. My name is Niki, and I'm joined today by Ryan Schaffer, our CFO; and David Barrett, our Founder and CEO. As usual, I'll kick off with our legal disclaimer.

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. 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 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.

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

Ryan Schaffer

Thanks, Niki, and thanks, everyone, for joining today's call. Let's start with the Q3 financials.

Revenue for the quarter was $33 million. Average paid members were 630,000. Expensify Card interchange revenue across both Classic and New Expensify was $5.8 million, up 8% year-over-year. While we continue to see some pressure on the top line, our focus remains firmly on the fundamentals of the business and on executing the work required to return to sustainable growth. We've been hard at work to meaningfully improve profitability and cash flow. Operating cash flow was $4 million and free cash flow was $3.3 million. Our GAAP net loss was $3.3 million. Non-GAAP net income was $3.1 million and adjusted EBITDA was $6.1 million. Q3 free cash flow was $3.3 million, which increased 170% from the same period last year.

Today, we're raising our full year 2026 free cash flow guidance of $12 million to $14 million, up to $13.5 million to $15.5 million. As always, we would like to give you an early look at next quarter's paid member trend. For October 2026, we had 636,000 paid members. October is generally strong compared to Q3, so this is both expected and welcome.

Before I hand it over, a quick note on capital allocation. In Q3, we repurchased 722,121 shares of our Class A common stock for approximately $1.3 million. That's a continued commitment to returning capital to shareholders even as we keep investing in growth.

With that, I'll hand it over to David for a business and product update.

David Barrett

Thanks, Ryan. Q3 was a quarter where the growth engine really started to show up in the numbers. New Expensify revenue, the Card, Travel, our partner ecosystem and our AI all moved forward at the same time. Let me walk you through what they look like.

I want to start with the number I think matters most. Revenue from New Expensify, meaning revenue from customers who signed up on New Expensify and never touched Classic, so this excludes all of the Classic customers who simply migrated over, grew 30% from Q2 and up 212% year-on-year to over $13 million in ARR. Last quarter, we told you it would cross $10 million. It's growing on top of and separate from the Classic migration. And it's not just that more people are signing up, they're converting better. Our older cohorts continue to convert into paying customers over time, and each new cohort is outperforming the ones before. That tells us the project is getting better at turning the first expense into a paying customer, which is exactly the flywheel we've been building toward.

The Expensify Card kept expanding this quarter, both in where it works and what it can do. On reach, we're now issuing in pounds and euros, serving 13 European and U.K. markets, which opens up a big piece of our international opportunity. On functionality, we've added enhanced PIN and biometric controls, one-time and date-bound virtual cards and 14 new rules that block out-of-policy purchases before they happen, including a rule that blocks international currency transactions. The idea is simple: stop the bad spend at the swipe instead of chasing it down at the month end.

Travel had a great quarter, too. On economics, we launched consolidated travel billing, which rolls the company's travel booking into a single monthly debit, and that results in substantially more revenue to Expensify from each booking. On volume, trips booked through Expensify Travel grew 13% from Q2 and 40% year-over-year, and Q3 was the biggest quarter on record.

We also kept growing the partner ecosystem around Expensify. We launched native integrations with Rillet and DualEntry, 2 of the fastest-growing AI native ERPs. With Rillet, we signed a revenue share agreement. So both sides are invested in growing it together. We now offer dozens of HR integrations, including Workday, HiBob and BambooHR.

And in September, Expensify became one of the first expense tools in Anthropic's Claude for Small Business plug-in. A small business owner on any paid Claude plan can connect Expensify and simply ask, in plain English, things like, "Which expenses from last month are still missing receipts?" or "When did we spend on software this quarter by vendor?" And Claude answers in seconds from the real expense, card and receipt data. We followed that up with a joint webinar with Anthropic in October that drew more than 1,000 registrants. Every one of these meets customers inside the systems they already run their business on.

And earlier this week, we announced a referral agreement with Visa. Visa can now refer eligible clients and corporate card programs to Expensify. That's a big deal for our bring-your-own-card strategy. A business can keep their Visa card, the points, and the banking relationship it already has and get receipt matching, AI coding, spend controls and reconciliation with no card switch required.

On AI, the Expensify MCP, which lets assistants like Claude and ChatGPT work directly with your expense data, went live last quarter and adoption is exploding, in part because we were selected for the Claude for Small Business bundle. More and more of our customers are managing their expenses from inside the AI tools they already use every day.

And our agents keep getting more capable. Today, Expensify's agent handles over 96% of what it's asked to do without any constraints on what the user can ask. That number goes up a little every day, and every point is work our customers no longer have to do themselves.

So to summarize the quarter, we continue returning capital to shareholders, repurchasing over 700,000 shares for approximately $1.3 million. Expensify Travel and the Card program continue to grow with trips up 40% year-on-year and interchange revenue up 8% to $5.8 million. AI is expanding across the platform, MCP adoption is exploding and our agents handle nearly everything they're asked to do a little better every day. And New Expensify continues to grow, with revenue up 30% from Q2 and 212% year-over-year.

Our path forward is the same one we continue to talk about, to finish migrating the remaining Classic customers onto New Expensify, where they get a dramatically better experience and keep accelerating new customer acquisition into a market that's still almost entirely untapped. Each quarter, the evidence that the plan is working gets a little stronger.

With that, thank you all for joining us today, and let's move to Q&A.

Niki Wallroth

Fantastic. Mark, I believe you're on the line if you want to start us off with a couple of questions.

질의응답

Mark Schappel

David, a question for you on the relatively new travel offering. Maybe you could just talk about how it's changing your competitive positioning. So for example, are you seeing travel help you win new customers that would otherwise not have considered Expensify? Or is the primary benefit just increasing wallet share among your existing customers?

David Barrett

Yes. Good question. I definitely would want Ryan's take on this as well because he's a bit closer to it. But I would say my general take is that I mean there's 3 major pieces to growth: one is acquiring new customers; one is expanding existing customers; and then, of course, retaining customers. I would say the most important of those is probably the retention to start, in that basically, historically, travel was seen as a major churn, cause of churn. So bringing in native travel is primarily to address a known cause of churn, and I think it was really effective in that regard. However, of course, it's also a major lead generator as well as a tool for expanding existing customers. So it hits on all 3 of those pistons. But I would say, for me, the most important and urgent at the start was actually to reduce churn.

I would be curious, Ryan, what do you think about that?

Ryan Schaffer

Yes, I agree. I think before we had travel, we would see customers leave Expensify for T&E solutions like Navan or similar programs that have both travel and expense, and we only had the expense. Now -- so it was basically a one-way direction, right? They would leave the expense-only product for a T&E product. Now we see -- we pull customers from Navan. Obviously, there's kind of battling it out both ways, but it used to just be a one-way battle, people go into a T&E solution. Now we're pulling customers from Navan as well. So we're very competitive in that space. And with our new consolidated travel billing, which we announced earlier this year, we've gotten very competitive on price as well.

So I think the travel product continues to improve. It's getting more competitive and will continue to be even more competitive every day and especially next quarter, next year. So I still think travel is ramping up and getting better and better. So it's a part of the business I'm very excited for, and I think could eventually rival the expense part. Obviously, it's not there yet, but I have a lot of confidence and hope in the travel product.

Mark Schappel

That's helpful. And then switching gears a little bit here. David, I was wondering if you could just provide some more details on the new Claude business bundle and the strategic opportunity it represents to the company. More specifically, how should investors think about the bundle's potential impact on things like customer acquisition and retention, in your view?

Ryan Schaffer

That's a good question. I mean I would say -- I think it's very flattering to be picked by Anthropic for this. I think it's a testament to the strength of our AI integration, our MCP server and basically the overall capabilities of the platform. So at a minimum, I think it's a strong validation of our position in the market. I think that when it comes to long-term customer acquisition, I mean, that remains to be seen. I think that out of the gate, we've been really happy with how much attention it's driven to our MCP server. And I think we've been really happy with the joint marketing that we've already done. I don't think we have anything to announce right now about basically future joint marketing with them, but I would say this is -- we view this as a start of long-term partnership with Anthropic.

Niki Wallroth

Able to unmute? Let's see. Aaron, can you hear me?

Aaron Kimson

I can hear you.

Niki Wallroth

There we go.

Aaron Kimson

My first question is, as New Expensify continues to scale and with the majority of users now on New Expensify, can you talk to your visibility on how we should think about the inflection point where growth from net new customers on New Expensify consistently exceeds the revenue attrition from Classic, such that we can get back to top-line growth, whether you can speak to that in terms of, I guess, qualitatively or quantitatively?

Ryan Schaffer

Yes, I can take that. And David, if you want to jump in. So that is a huge focus for us right now, Aaron. So what we basically have is an exciting technology startup company hidden inside of our kind of legacy technology company. And one is slowly declining and one is growing quite rapidly. And we're trying to figure out when exactly the breakeven point is where the new exciting company is outpacing the growth of the decline of the larger kind of legacy company. We think if things stay the same, that will happen next year and that things are a little bit better than what we projected, it will happen earlier. If they happen a little worse, it will happen a little later. But we think we're getting very close to that point.

David Barrett

Yes. And I guess I would add to that. I think the real challenge is that we're sort of balancing 2 largely unrelated systems that seem to be counteracting each other. Like we have this quickly growing New Expensify platform, and then we have this large but slowly declining sort of legacy Classic customer base. And I think what's -- what I find exciting about this is it doesn't take -- it needn't take a lot to have significant changes. Now it's hard to predict when those changes will happen. But even a relatively small decrease in churn can have a really rapid impact upon top line revenue growth. And so I would say, I think we're very happy with the growth of New Expensify.

I know I'm putting a lot of time in just churn reduction, which is not nearly as exciting, but it's much more impactful. And so we've been putting a lot of work into our customer support organization, to our account management and just the nuts and bolts of making everything work super reliably. Like we talked about how one of the major motivations for Travel was to reduce churn. That's kind of a big-ticket way to do that. But there are 100 smaller ways that we're just focusing on the small wins that aggravate customers that cause them to look around. And I think we've been making a lot of steady progress on that.

So it's hard to project when that tipping point will happen. And there's a lot of different ways, a lot of different paths to that point, but I know it's one that we feel confident is coming, and it's just kind of chipping away at that problem every day.

Aaron Kimson

Got it. That's really helpful. And then as a follow-up, New Expensify is designed to target the 99% of businesses that you guys believe are uninterested in a traditional expense management solution. So it's great to see the more than $13 million in ARR from net new customers using New Expensify. When we think about that 99% that you weren't going to reach before, are you seeing any common characteristics with those customers, whether by vertical, geography or employee count, where you're getting traction with parts of the market you couldn't previously access with Classic?

David Barrett

Maybe I'll take a crack at this one, and Ryan can go after that. I would say one of the challenges with Expensify from the start is that we've never really had a particular vertical alignment. I would say we have customers in every single industry all over the world. And so I don't think we've seen that there are specific -- I mean, like manufacturing is less than like professional services, just because from like a headcount perspective and who does expense reports and so forth. But every business does expense management. Before you have revenue, you have expenses. And so it's your very first accounting problem. It's like universal with business. And so as a consequence of that, I think that's why we've seen traction kind of across the board.

I would say one of the sort of thesis that we have going into this is that it asks the question, so why? Why has 90% of the market opted out of traditional expense management? And I would say a big reason for that, and I believe, is that people don't want necessarily a new app, a new website, a new thing to think about. They need something that's going to -- and they don't want to adapt their processes as janky as they might be. They don't want to wake up in the morning and be like, "Hmm, today's the day, I rethink my expense management, and I want to adapt my company to whatever the tool can do." And I think we're moving away from -- I think the future is moving away from highly configurable tools where you have to adapt your process to what the tool can do. And I think it's moving towards more sort of highly programmable tools, tools that adapt to your processes. Now it sounds like maybe just marketing buzzwords, and I can get behind that. But I would say, I think that's one reason why we invest so much in our agents and what's so exciting about the progress we're making.

Like one of the stats I threw out there is that agents currently are able to do about 96% of what they're asked to do. And that's not 100%, it's true. We're working on that. But it's kind of crazy to think without any constraints. And so there's an infinite number of things that a customer could ask us to do. Truly, anything that they can possibly imagine, they can ask us. And currently, we get about 96% of it right, which is pretty wild. And so I think that's sort of -- as we -- and it's never going to be worse than today. It's only going to get better. And so over time, I think our ability to adapt to their existing processes gets better and better.

Additionally, I think our ability to engage them in the tools they already use. So whether they're using Claude, whether they're just using e-mail because you could just e-mail concierge@expensify.com, and you can use pretty much the entire product that way. You don't actually have to sign into our app. You don't -- you can just text us and things like this. From the employee experience, doesn't require that they actually change their behavior. And so I think the way that we capture that 99% is by making a tool which adapts to their needs and meets them on the platforms that they operate on. And I think it's a radically different design than we've seen sort of elsewhere in the market.

So I think it is going to take something different to capture the other 99%. And I think that's why we've optimized for this design. And I think the results are speaking for themselves. I mean New Expensify growth is pretty strong. And I think that's a consequence of the design decisions that have been put into it. And so there's still a long path to go, absolutely. But I'd say I think there's a broad opportunity across every industry, across every country. And if we can just meet them where they are with a tool that adapts to their needs, and that's what we're aiming for.

Niki Wallroth

All right. That brings us to a close.

David Barrett

All right. Thanks, everyone. Really appreciate your time here.

Ryan Schaffer

Thank you all. See you next quarter.