0001476840-24-000069 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value ( in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock. shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	71,755,477	70,569,815
Common stock, shares outstanding (in shares)	71,755,477	70,569,815
Common Stock, LT10
Common stock, shares authorized (in shares)	24,994,705	24,994,989
Common stock, shares issued (in shares)	7,333,335	7,333,619
Common stock, shares outstanding (in shares)	7,333,335	7,333,619
Common Stock, LT50
Common stock, shares authorized (in shares)	24,969,634	24,998,941
Common stock, shares issued (in shares)	7,395,695	7,321,894
Common stock, shares outstanding (in shares)	7,395,695	7,321,894

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY On May 10, 2022, the Executive Committee of the Board of Directors approved a share repurchase program with authorization to purchase up to $50.0 million of shares of Class A common stock ("2022 Share Repurchase Program"). The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934, in accordance with applicable securities laws and other restrictions. The actual timing, manner, price and total amount of future repurchases will depend on a variety of factors, including business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, restrictions under the terms of loan agreements and other considerations. The 2022 Share Repurchase Program does not obligate the Company to acquire any particular amount of Class A common stock, and the program may be suspended or terminated at any time by the Company at its discretion without prior notice. During the three months ended March 31, 2024, the Company did not repurchase any shares of Class A common stock under the 2022 Share Repurchase Program.

- Definition

The entire disclosure for equity.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

The components of lease cost reflected in the Condensed Consolidated Statements of Operations for all leases were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of ROU assets	$	34	$	198
Interest on lease liabilities	7		3
Total finance lease cost	41		201
Operating lease cost	271		186
Total lease cost	$	312	$	387

Supplemental cash flow information related to leases was as follows (in thousands):


	Three months ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(99)	$	(210)
Operating cash flows from finance leases	$	(7)	$	(3)
Financing cash flows from finance leases	$	(31)	$	(201)

Schedule of Supplemental Balance Sheet Information

Other information related to leases was as follows (in thousands, except as noted within):


	As of March 31,			As of December 31,
	2024			2023
Finance lease ROU asset (included within Lease right-of-use assets)	$	330		$	364
Operating lease ROU asset (included within Lease right-of-use assets)	$	5,624		$	6,071
Weighted average remaining lease term (in years):
Finance leases	2.42			2.67
Operating leases	8.93			9.18
Weighted average discount rate:
Finance leases	8.10		%	8.10		%
Operating leases	8.30		%	8.30		%

Schedule of Finance Lease Maturity

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
Remainder of 2024	$	115	$	417
2025	153		1,079
2026	102		1,018
2027	—		1,033
2028	—		1,063
Thereafter	—		4,499
Total future lease payments	370		9,109
Less: imputed interest	(32)		(2,856)
Less: Lease liabilities, current	(132)		(304)
Lease liabilities, non-current	$	206	$	5,949

Schedule of Operating Lease Maturity

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
Remainder of 2024	$	115	$	417
2025	153		1,079
2026	102		1,018
2027	—		1,033
2028	—		1,063
Thereafter	—		4,499
Total future lease payments	370		9,109
Less: imputed interest	(32)		(2,856)
Less: Lease liabilities, current	(132)		(304)
Lease liabilities, non-current	$	206	$	5,949

Summary of Principal Payments on all Long-term Debt

Future aggregate annual principal payments on long-term debt as of March 31, 2024 is expected to be as follows (in thousands):


For the year ending:
Remainder of 2024	$	7,634
2025	—
2026	—
2027	—
2028	—
Thereafter	—
Total principal payments	7,634
Less: unamortized original issue discount and debt issuance costs	(10)
Less: Current portion of long-term debt, net of unamortized original issue discount and debt issuance costs	(7,624)
Long-term debt, net of unamortized original issue discount and debt issuance costs	$	—

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Expensify.Org \| Related Party
Related Party Transaction
Payment of commitments to related party	$ 0	$ 100,000

CERTAIN BALANCE SHEET COMPONENTS - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Professional fees	$ 2,680	$ 1,311
Sales, payroll and other taxes payable	2,387	3,389
Cashback rewards	1,228	915
Partner payouts and advertising fees	1,210	1,486
Restricted common stock liability for early stock option exercises	400	562
Interest payable	354	359
Accrued expense reports	183	159
Commissions payable	153	140
Hosting and license fees	84	134
Credit card processing fees	40	76
Matching Plan payroll liability	174	198
Other	1,433	661
Accrued expenses and other liabilities	$ 10,326	$ 9,390

COMMITMENTS AND CONTINGENCIES - Amortizing Term Mortgage Narratives (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Mar. 31, 2024	Dec. 31, 2023
Schedule of Capitalization, Long-term Debt
Long-term debt, net of original issue discount and debt issuance costs		$ 0
Mortgages
Schedule of Capitalization, Long-term Debt
Loaned amount	$ 8,300
Debt instrument, term (in years)	5 years
Interest rate (as a percent)	5.00%
Long-term debt, net of original issue discount and debt issuance costs		$ 7,600	$ 7,700

COMMITMENTS AND CONTINGENCIES - Cashflow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (99)	$ (210)
Operating cash flows from finance leases	(7)	(3)
Financing cash flows from finance leases	$ (31)	$ (201)

STOCK INCENTIVE PLANS - 2021 Incentive Plan and Matching Plan Narratives (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 14, 2024	Mar. 14, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jan. 01, 2022	Nov. 30, 2021
Common stock \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (in shares)				0
2021 Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)			27,396,255		22,282,735		11,676,932
2021 Incentive Plan \| Common Class A \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)							87,576,990
Annual increase in shares reserved for future issuance (as a percent)						6.00%
Matching shares
Share-based Compensation Arrangement by Share-based Payment Award
Employer share match rate (as a percent)			1.50%
Matching shares \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares purchased (in shares)	441,541	147,319
Shares purchase price (in dollars per share)	$ 2.07	$ 7.46
Cash proceeds	$ 0.9	$ 1.1
Options granted (in shares)				16,098
Matching Plan 1/20th Share Issuance \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares purchased (in shares)			110,084
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			0	0
Matching Plan - Discretionary Contributions \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			0
Options granted (in shares)			478,519

CERTAIN BALANCE SHEET COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Expensify Card posted collateral for funds held for customers	$	10,846	$	16,561
Cash in transit for funds held for customers	7,364		5,107
Expensify.org restricted cash	5,911		5,881
Income tax receivable	2,750		2,993
Deferred contract acquisition costs	182		129
Expensify Payments LLC restricted cash	113		113
Matching Plan escrow and other restricted cash	33		80
Other	200		114
Other current assets	$	27,399	$	30,978

Schedule of Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Capitalized software development costs	$	26,444	$	22,683
Less: accumulated amortization	(11,337)		(10,189)
Capitalized software, net	$	15,107	$	12,494

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Computers and equipment	$	170	$	170
Furniture and fixtures	1,930		1,930
Leasehold improvements	7,937		7,937
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	2,570		2,570
Total property and equipment	23,251		23,251
Less: accumulated depreciation	(9,113)		(8,879)
Property and equipment, net	$	14,138	$	14,372

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Professional fees	$	2,680	$	1,311
Sales, payroll and other taxes payable	2,387		3,389
Cashback rewards	1,228		915
Partner payouts and advertising fees	1,210		1,486
Restricted common stock liability for early stock option exercises	400		562
Interest payable	354		359
Accrued expense reports	183		159
Commissions payable	153		140
Hosting and license fees	84		134
Credit card processing fees	40		76
Matching Plan payroll liability	174		198
Other	1,433		661
Accrued expenses and other liabilities	$	10,326	$	9,390

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 33,535	$ 40,101
Cost of revenue, net	14,584	15,775
Gross margin	18,951	24,326
Operating expenses:
Research and development	5,929	5,418
General and administrative	11,431	12,429
Sales and marketing	3,384	9,183
Total operating expenses	20,744	27,030
Loss from operations	(1,793)	(2,704)
Interest and other expenses, net	(954)	(1,416)
Loss before income taxes	(2,747)	(4,120)
Provision for income taxes	(1,034)	(1,825)
Net loss, basic	(3,781)	(5,945)
Net loss, diluted	$ (3,781)	$ (5,945)
Net loss per share:
Basic (in dollars per share)	$ (0.04)	$ (0.07)
Diluted (in dollars per share)	$ (0.04)	$ (0.07)
Weighted average shares of common stock used to compute net loss per share:
Basic (in shares)	85,141,411	81,768,429
Diluted (in shares)	85,141,411	81,768,429

STOCK INCENTIVE PLANS - Fair Value Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Share price (in usd per share)	$ 1.99	$ 7.55
Expected dividend yield (as a percent)	0.00%	0.00%
Risk free interest rate (as a percent)	5.50%	4.80%
Expected volatility (as a percent)	89.80%	59.70%
Expected life (in years)	3 months	3 months

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1,490,098	4,337,636
Weighted-average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	1,490,098	4,329,958
Matching shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	7,678

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the three months ended March 31, 2024 and 2023, Expensify, Inc. made no contributions and contributed $0.1 million, respectively, to Expensify.org, a nonprofit benefit organization established by the Company. There were no commitments from Expensify, Inc. that remained open for contribution as of March 31, 2024 and December 31, 2023. There are no other significant related party transactions for the Company as of March 31, 2024, except as noted elsewhere in these condensed consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-Topic 946
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

COMMITMENTS AND CONTINGENCIES - Future aggregate annual principal payments on all long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long-term Debt, Fiscal Year Maturity
Remainder of 2024	$ 7,634
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total principal payments	7,634
Less: unamortized original issue discount and debt issuance costs	(10)
Less: Current portion of long-term debt, net of unamortized original issue discount and debt issuance costs	(7,624)	$ (7,655)
Long-term debt, net of unamortized original issue discount and debt issuance costs	$ 0

GENERAL INFORMATION	3 Months Ended
GENERAL INFORMATION	Mar. 31, 2024
Accounting Policies [Abstract]
GENERAL INFORMATION	GENERAL INFORMATION Description of the Business Expensify, Inc. ("Expensify") was incorporated in Delaware on April 29, 2009. Expensify offers a comprehensive expense management platform that integrates with a variety of third-party accounting applications, including QuickBooks Desktop, QuickBooks Online, Xero, NetSuite, Intacct, Sage, Microsoft Dynamics, MYOB and others. Expensify's product simplifies the way that employees and vendors manage and submit expense receipts and bills and provides efficiencies to companies for the payment of those bills. Expensify delivers its services over the internet to corporations and individuals under license arrangements and offers unique pricing options for small and medium-sized businesses ("SMBs") and enterprises on a per-active-member basis. Expensify also offers an Expensify charge card (the "Expensify Card"), which is primarily distributed to corporate customers in the United States ("U.S.") who subsequently distribute the card to their employees for business use. The Expensify Card allows customers to have real-time control over their employees' spending and compliance with spending limits in addition to eReceipt reporting on purchases. As of March 31, 2024, the Expensify Card consisted of two card programs operating concurrently. Under the original Expensify Card program launched in 2020 (the “Legacy Card Program”), Expensify has an agreement with the payment processor, Marqeta, Inc. ("Marqeta"), and relies on Marqeta to manage the relationship with the issuing bank, Sutton Bank, and the card network, Visa, in authorizing and settling transactions. In October 2023, Expensify augmented the Expensify Card program by entering into an agreement with a new issuing bank, The Bancorp Bank, N.A. ("Bancorp"), to issue Expensify Cards to customers and authorize and settle transactions on the Visa card network (the “Updated Card Program”). The Updated Card Program launched during the three months ended March 31, 2024, and all new Expensify Cards issued subsequent to the launch operate under the Updated Card Program. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Expensify, its wholly-owned subsidiaries, and Expensify.org (the "Company") and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Annual Report"). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented. Results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future annual or interim period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Estimates and assumptions by management affect the Company’s classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets and deferred contract acquisition costs, income taxes, capitalization of internal-use software costs, stock-based compensation and the Company's incremental borrowing rate utilized to measure its lease right-of-use ("ROU") assets and lease liabilities. Updates to Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2 of the 2023 Annual Report. Since the date the 2023 Annual Report was filed with the SEC, there have been no material changes to the Company's significant accounting policies, including the status of adoption of recent accounting pronouncements. Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Responses to the SEC's Disclosure Update and Simplification Initiative. The amendments clarify or improve disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, and equity. The amendments will align the requirements in the FASB ASC with the SEC's regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. The Company is currently evaluating the impact of this update on its consolidated financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which provides improvement primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and quarterly periods beginning after December 15, 2024. The ASU allows for adoption on a retrospective basis for all prior periods presented in the financial statements. The Company is currently evaluating the effect of this update on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its consolidated financial statements and related disclosures.

STOCK INCENTIVE PLANS - Stock-Based Compensation Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based payment arrangement, expense
Total stock-based compensation expense	$ 7,524	$ 10,004
Cost of revenue, net
Share-based payment arrangement, expense
Total stock-based compensation expense	2,932	3,306
Research and development
Share-based payment arrangement, expense
Total stock-based compensation expense	2,749	2,206
General and administrative
Share-based payment arrangement, expense
Total stock-based compensation expense	1,703	2,644
Sales and marketing
Share-based payment arrangement, expense
Total stock-based compensation expense	$ 140	$ 1,848

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS - Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue
Revenue	$ 33,535	$ 40,101
United States
Disaggregation of Revenue
Revenue	30,513	36,635
All other locations
Disaggregation of Revenue
Revenue	$ 3,022	$ 3,466

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

COMMITMENTS AND CONTINGENCIES - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finance lease cost:
Amortization of ROU assets	$ 34	$ 198
Interest on lease liabilities	7	3
Total finance lease cost	41	201
Operating lease cost	271	186
Total lease cost	$ 312	$ 387

STOCK INCENTIVE PLANS (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions for Stock Options

The fair value of awards granted as a result of the Company matches within the Matching Plan was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Three Months Ended March 31,
	2024			2023
Fair value of common stock per share	$	1.99		$	7.55
Expected dividend yield (1)	—		%	—		%
Risk-free interest rate (2)	5.5		%	4.8		%
Expected volatility (3)	89.8		%	59.7		%
Expected life (in years) (4)	0.25			0.25

(1)The Company has no history or expectation of paying cash dividends on its common stock.

(2)The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant.

(3)The Company estimates volatility of its common stock at the date of the grant based on the expected weighted-average volatility of its Class A common stock.

(4)The expected life of awards granted as a Company match within the Matching Plan represents the duration of each offering period under the terms of the Matching Plan.

Schedule of RSU Rollforward

During the three months ended March 31, 2024, RSU activity for Service Providers and non-employee directors was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2023	2,742,273	2,646,332	$	32.59
RSUs vested	(106,769)	(103,108)	$	32.45
RSUs cancelled/forfeited/expired	(266,231)	(266,231)	$	37.62
Outstanding at March 31, 2024	2,369,273	2,276,993	$	32.02

Schedule of Stock Option Roll-forward

A summary of the Company's stock option activity was as follows:


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (in years)
Outstanding at December 31, 2023	5,902,591	$	1.68	4.03
Options exercised	(42,304)	$	0.91
Options cancelled/forfeited/expired	(102,781)	$	2.87
Outstanding at March 31, 2024	5,757,506	$	1.66	3.63
Exercisable at March 31, 2024	5,706,466	$	1.64	3.61

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation recognized for options granted under the 2009 Stock Plan, options and RSUs granted under the 2019 Stock Plan, RSUs granted under the 2021 Plan and matching and discretionary shares issued under the Matching Plan (in thousands):


	Three Months Ended March 31,
	2024		2023
Matching Plan shares	$	1,430	$	249
Restricted stock units	6,260		9,512
Stock options	749		900
Total stock-based compensation	$	8,439	$	10,661
Less: stock-based compensation capitalized as software development costs	$	(915)	$	(657)
Total stock-based compensation expense	$	7,524	$	10,004

Stock-based compensation expense is allocated based on the cost center to which the award holder spent time during the reported periods. Stock-based compensation expense is included in the following components of expenses on the accompanying Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended March 31,
	2024		2023
Cost of revenue, net	$	2,932	$	3,306
Research and development	2,749		2,206
General and administrative	1,703		2,644
Sales and marketing	140		1,848
Total stock-based compensation expense	$	7,524	$	10,004

CERTAIN BALANCE SHEET COMPONENTS

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CERTAIN BALANCE SHEET COMPONENTS

Other Current Assets

Other current assets consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Expensify Card posted collateral for funds held for customers	$	10,846	$	16,561
Cash in transit for funds held for customers	7,364		5,107
Expensify.org restricted cash	5,911		5,881
Income tax receivable	2,750		2,993
Deferred contract acquisition costs	182		129
Expensify Payments LLC restricted cash	113		113
Matching Plan escrow and other restricted cash	33		80
Other	200		114
Other current assets	$	27,399	$	30,978

Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Capitalized software development costs	$	26,444	$	22,683
Less: accumulated amortization	(11,337)		(10,189)
Capitalized software, net	$	15,107	$	12,494

Amortization expense related to capitalized software development costs is recorded in Cost of revenue, net on the Condensed Consolidated Statements of Operations. Amortization expense was $1.2 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively.

Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Computers and equipment	$	170	$	170
Furniture and fixtures	1,930		1,930
Leasehold improvements	7,937		7,937
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	2,570		2,570
Total property and equipment	23,251		23,251
Less: accumulated depreciation	(9,113)		(8,879)
Property and equipment, net	$	14,138	$	14,372

Depreciation expense related to property and equipment is recorded in General and administrative, Sales and marketing, and Interest and other expenses, net on the Condensed Consolidated Statements of Operations. Depreciation expense related to property and equipment for the three months ended March 31, 2024 and 2023 was $0.2 million and $0.5 million, respectively.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	As of March 31,		As of December 31,
	2024		2023
Professional fees	$	2,680	$	1,311
Sales, payroll and other taxes payable	2,387		3,389
Cashback rewards	1,228		915
Partner payouts and advertising fees	1,210		1,486
Restricted common stock liability for early stock option exercises	400		562
Interest payable	354		359
Accrued expense reports	183		159
Commissions payable	153		140
Hosting and license fees	84		134
Credit card processing fees	40		76
Matching Plan payroll liability	174		198
Other	1,433		661
Accrued expenses and other liabilities	$	10,326	$	9,390

GENERAL INFORMATION (Policies)	3 Months Ended
GENERAL INFORMATION (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Expensify, its wholly-owned subsidiaries, and Expensify.org (the "Company") and have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Annual Report"). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and judgments are based on historical experience, forecasted events and various other assumptions that the Company believes to be reasonable under the circumstances. Estimates and judgments are evaluated on an ongoing basis. Actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Estimates and assumptions by management affect the Company’s classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets and deferred contract acquisition costs, income taxes, capitalization of internal-use software costs, stock-based compensation and the Company's incremental borrowing rate utilized to measure its lease right-of-use ("ROU") assets and lease liabilities.
Recent Adopted Accounting Pronouncements	Recent Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements - Codification Amendments in Responses to the SEC's Disclosure Update and Simplification Initiative. The amendments clarify or improve disclosure and presentation requirements on various disclosure areas, including the statement of cash flows, earnings per share, debt, and equity. The amendments will align the requirements in the FASB ASC with the SEC's regulations. The amendments in this ASU will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC, and will not be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is prohibited. The Company is currently evaluating the impact of this update on its consolidated financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures, which provides improvement primarily through enhanced disclosures about significant segment expenses. The ASU is effective for annual periods beginning after December 15, 2023 and quarterly periods beginning after December 15, 2024. The ASU allows for adoption on a retrospective basis for all prior periods presented in the financial statements. The Company is currently evaluating the effect of this update on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The ASU is effective for annual periods beginning after December 15, 2024 and allows for adoption on a prospective basis, with a retrospective option. The Company is currently evaluating the effect of this update on its consolidated financial statements and related disclosures.

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Cashback rewards	$ 2.0	$ 1.2
Consideration from a vendor, net	$ 3.2	$ 2.1

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three months ended March 31, 2024, the Company prepared its interim tax provision by applying a year-to-date effective tax rate, which the Company believes results in the best estimate of the annual effective tax rate. For the three months ended March 31, 2024 and 2023, the Company recorded a provision for income taxes of $1.0 million and $1.8 million, respectively, which resulted in effective tax rates of (37.6)% and (44.3)%, respectively. The difference between the statutory rate and the effective rate for 2024 was primarily due to non-deductible stock-based compensation, Section 162(m) of the Internal Revenue Code ("IRC") compensation limitations, and the change in valuation allowance. The difference between the statutory rate and the effective rate for 2023 was primarily due to non-deductible stock-based compensation, as well as the change in valuation allowance. The Company follows the provisions of ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. As of March 31, 2024 and December 31, 2023, the Company recorded an uncertain tax position liability of $1.7 million and $1.5 million, respectively, within Other liabilities on the Condensed Consolidated Balance Sheets. This liability includes $0.2 million and an immaterial amount of interest and penalties as of March 31, 2024 and December 31, 2023, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

STOCK INCENTIVE PLANS - Stock Option Narratives (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value of options outstanding	$ 5.4		$ 8.9
Intrinsic value of options exercised	5.4
Proceeds from issuance of common stock on exercise of stock options	0.0	$ 0.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense not yet recognized	$ 3.1		$ 4.1
Share-based compensation not yet recognized, recognition period (in years)	7 months 17 days		9 months
Stock options \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (in shares)		0
Stock options \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Stock options \| The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Stock options \| Ten Percent Holder \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	110.00%
Stock options \| Other Than Ten Percent Holder
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	100.00%
Stock options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested (in shares)	288,740		393,251
Non Statutory Options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	100.00%
Weighted-average stock options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested	$ 0.4		$ 0.6

COMMITMENTS AND CONTINGENCIES - Defined Contribution Plans Narratives (Details) - United States - USD ($)		3 Months Ended
	Jan. 01, 2018	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan
Employer discretionary matching		$ 0	$ 0
Employer contributions		$ 200,000	$ 300,000
Maximum
Defined Contribution Plan
Employer contribution (as a percent) (up to)	4.50%

STOCK INCENTIVE PLANS - Stock-Based Compensation by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based payment arrangement, expense
Total stock-based compensation	$ 8,439	$ 10,661
Less: stock-based compensation capitalized as software development costs	(915)	(657)
Total stock-based compensation expense	7,524	10,004
Software Development
Share-based payment arrangement, expense
Less: stock-based compensation capitalized as software development costs	(915)	(657)
Matching Plan shares
Share-based payment arrangement, expense
Total stock-based compensation	1,430	249
Restricted stock units
Share-based payment arrangement, expense
Total stock-based compensation	6,260	9,512
Stock options
Share-based payment arrangement, expense
Total stock-based compensation	$ 749	$ 900

COMMITMENTS AND CONTINGENCIES - Narratives (Details)	Mar. 31, 2024 lease
Commitments and Contingencies Disclosure [Abstract]
Number of operating lease agreements (lease)	0

CERTAIN BALANCE SHEET COMPONENTS - Other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Other Current Assets
Expensify Card posted collateral for funds held for customers	$ 10,846	$ 16,561
Cash in transit for funds held for customers	7,364	5,107
Income tax receivable	2,750	2,993
Deferred contract acquisition costs	182	129
Matching Plan escrow and other restricted cash	33	80
Other	200	114
Other current assets	27,399	30,978
Expensify Payment LLC \| Affiliated Entity
Schedule Of Other Current Assets
Restricted cash	113
Expensify Payment LLC \| Related Party
Schedule Of Other Current Assets
Restricted cash		113
Subsidiaries \| Expensify.Org
Schedule Of Other Current Assets
Restricted cash	$ 5,911	$ 5,881

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2024		2023
Numerator
Net loss, basic and diluted	$	(3,781)	$	(5,945)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	85,141,411		81,768,429
Net loss per share, basic and diluted	$	(0.04)	$	(0.07)

Schedule of Anti-dilutive Securities

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended March 31,
	2024	2023
Weighted-average stock options	1,490,098	4,329,958
Matching shares	—	7,678
Total	1,490,098	4,337,636

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data):


	Three Months Ended March 31,
	2024		2023
Numerator
Net loss, basic and diluted	$	(3,781)	$	(5,945)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	85,141,411		81,768,429
Net loss per share, basic and diluted	$	(0.04)	$	(0.07)

The rights, including the liquidation and dividend rights, of the holders of Class A, LT10 and LT50 common stock are identical, except with respect to voting, conversion and transfer rights. Each share of Class A common stock is entitled to one vote per share, each share of LT10 common stock is entitled to ten votes per share and each share of LT50 common stock is entitled to 50 votes per share. Each share of LT10 and LT50 common stock is convertible into one share of Class A common stock voluntarily at the option of the holder after the satisfaction of certain requirements, which includes a ten-month notice period for LT10 common stock and a 50-month notice period for LT50 common stock to convert to Class A common stock, or automatically upon certain events. The Class A common stock has no conversion rights. As the liquidation and dividend rights are identical for Class A, LT10 and LT50 common stock, the undistributed earnings are allocated on a proportional basis based on the number of weighted average shares within each class of common stock during the period and the resulting net loss per share attributable to common stockholders will be the same for the Class A, LT10 and LT50 common stock on an individual or combined basis.

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended March 31,
	2024	2023
Weighted-average stock options	1,490,098	4,329,958
Matching shares	—	7,678
Total	1,490,098	4,337,636

STOCK INCENTIVE PLANS - RSU Narratives (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Sep. 24, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Proceeds from issuance of common stock on exercise of stock options		$ 0.0	$ 0.1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	8 years
Share-based compensation expense not yet recognized		$ 127.1		$ 153.4
Share-based compensation not yet recognized, recognition period (in years)		5 years 1 month 20 days		5 years 4 months 13 days
Restricted stock units \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (percent)	12.50%
Restricted stock units \| Future Tranches
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage (percent)	3.125%
Restricted stock units \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Vested (in shares)		106,769
Restricted stock units \| Common Class A \| 2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)		0
Vested (in shares)		2,316

COMMITMENTS AND CONTINGENCIES - Lease Maturity Schedule (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Finance leases
Remainder of 2024	$ 115
2025	153
2026	102
2027	0
2028	0
Thereafter	0
Total future lease payments	370
Less: imputed interest	(32)
Less: Lease liabilities, current	(132)
Lease liabilities, non-current	$ 206
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease Liability, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current
Operating leases
Remainder of 2024	$ 417
2025	1,079
2026	1,018
2027	1,033
2028	1,063
Thereafter	4,499
Total future lease payments	9,109
Less: imputed interest	(2,856)
Less: Lease liabilities, current	(304)
Lease liabilities, non-current	$ 5,949
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS

3 Months Ended

Mar. 31, 2024

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS

The table below provides the Company's total revenue by geographic region based on the currency of the subscription (in thousands). No other individual country outside of the United States accounted for more than 10% of total revenue.


	Three Months Ended March 31,
	2024		2023
United States	$	30,513	$	36,635
All other locations	3,022		3,466
Total revenue	$	33,535	$	40,101

No individual customer represented more than 10% of the Company’s total revenue during the three months ended March 31, 2024 and 2023.

Cashback Rewards

The Company offers a cashback rewards program to all Expensify Card customers based on volume of Expensify Card transactions and Software as a Service ("SaaS") subscription tier. Cashback rewards are earned on a monthly basis and are applied against outstanding customer receivables or paid out the following month. The Company considers the cashback payments to customers as consideration payable to a customer and it is recorded as a reduction to Revenue within the Condensed Consolidated Statements of Operations. Cashback rewards for the three months ended March 31, 2024 and 2023 was $2.0 million and $1.2 million, respectively.

Interchange

The Company generates revenue from the authorization and settlement of Expensify Card transactions under the Updated Card Program. The Company is contractually entitled to all interchange generated on Expensify Card transactions based on its agreement with the issuing bank. Under the Updated Card Program, the Company is the principal in the transaction (i.e. the Company controls the services) and recognizes interchange as revenue on a gross basis within Revenue on the accompanying Condensed Consolidated Statements of Operations. For the three months ended March 31, 2024, the Company had an immaterial amount of interchange revenue.

Consideration From a Vendor, Net

The Company receives consideration from a vendor for monetizing Expensify Card activities under the Legacy Card Program. This consideration, net of credit card processing fees paid to the vendor, is included as a reduction to Cost of revenue, net within the Condensed Consolidated Statements of Operations. Consideration from a vendor, net for the three months ended March 31, 2024 and 2023 was $3.2 million and $2.1 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

STOCK INCENTIVE PLANS

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK INCENTIVE PLANS

2009 and 2019 Stock Plans

In 2009, the Board of Directors approved the 2009 Stock Plan ("2009 Stock Plan"). As amended in 2015, the 2009 Stock Plan permitted the Company to grant up to 16,495,150 shares of common stock. In January 2018, the Company increased the number of shares of common stock reserved under the 2009 Stock Plan by 535,130 shares to 17,030,280 shares. In April 2019, the Board of Directors approved the adoption of the 2019 Stock Plan ("2019 Stock Plan", and together with the 2009 Stock Plan, "Stock Plans"). The 2019 Stock Plan permitted the Company to grant up to 8,173,970 additional shares, increasing the overall common stock reserved for grant under the Stock Plans to 25,204,250 shares. In September 2021, the Board of Directors approved the grant of 8,679,380 restricted stock units under the 2019 Stock Plan, covering an aggregate of 4,339,690 shares of each of Class A and LT50 common stock effective immediately prior to the effectiveness of the Company's IPO Registration Statement on Form S-1 ("IPO Registration Statement") on November 9, 2021. On November 9, 2021, the Board of Directors amended and restated the 2019 Stock Plan to, among other things, increase the common stock reserved for issuance under the 2019 Stock Plan to an aggregate of 16,856,770 shares of Class A and LT50 common stock.

Following the completion of the initial public offering of the Company’s Class A common stock ("IPO"), the Company did not and does not intend to make any further grants under the Stock Plans. However, the Stock Plans will continue to govern the terms and conditions of the outstanding awards granted under the Stock Plans. Upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan, an equal number of shares of Class A common stock will become available for grant under the 2021 Incentive Award Plan ("2021 Plan") and the Company's 2021 Stock Purchase and Matching Plan ("Matching Plan" and together with the 2021 Plan, "2021 Incentive Plans").

2021 Incentive Plans

In November 2021, the Board of Directors adopted, and its stockholders approved, the 2021 Incentive Plans, which both became effective immediately before the effectiveness of the IPO Registration Statement and use a combined share reserve. Under the 2021 Incentive Plans, 11,676,932 shares of Class A common stock were initially reserved for issuance pursuant to a variety of stock-based awards, including incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units ("RSUs"), and other forms of equity and cash compensation under the 2021 Plan and purchase rights and matching awards under the Matching Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Incentive Plans will be increased upon the expiration, forfeiture, cancellation, withholding of shares upon exercise or settlement of an award to satisfy the exercise price or tax withholding, or repurchase of any shares of Class A common stock underlying outstanding stock-based awards granted under the 2009 Stock Plan or of Class A or LT50 common stock underlying outstanding stock-based awards granted under the 2019 Stock Plan. The number of shares of Class A common stock reserved for issuance under the 2021 Incentive Plans as of March 31, 2024 and December 31, 2023 was 27,396,255 shares and 22,282,735 shares, respectively. The number of shares will automatically increase each subsequent January 1 through January 1, 2031, by the lesser of (A) 6% of the aggregate number of shares of all classes of common stock outstanding on the immediately preceding calendar year end, or (B) such lesser number of shares as determined by the Company’s Board of Directors or compensation committee; provided, however, that no more than 87,576,990 shares of Class A common stock may be issued upon the exercise of incentive stock options.

Matching Plan

The Matching Plan operates using consecutive three-month offering periods that commenced on March 15, 2022. Employees, consultants and directors (collectively, "Service Providers") of the Company can participate in the Matching Plan by electing to contribute compensation through payroll deductions or from fee payments or may be granted discretionary awards under the Matching Plan. On the last day of the offering period the contributions made during the offering period are used to purchase shares of Class A common stock.

The price at which Class A common stock is purchased under the Matching Plan equals the average of the high and low trading price of a share of Class A common stock as of the last trading day of the offering period. At the end of each offering period, the Company may provide a discretionary match up to 1/10 of a share of Class A common stock for each share of Class A common stock purchased by or issued to a Service Provider under the Matching Plan that is retained through the end of the applicable offering period. No fractional shares will be issued by the Company. The Company will round to the nearest full share for shares purchased by a Service Provider as well as any matched shares issued to a Service Provider under the Matching Plan. The match rate applicable to each offering period shall be limited to 1.50% of the shares of any class of capital stock outstanding as of the exercise date applicable to such offering period. The Company estimates the fair value of matched shares provided under the Matching Plan using the Black-Scholes option-pricing model on the date of grant. The Company recognizes stock-based compensation expense related to the matched shares pursuant to its Matching Plan on a straight-line basis over the applicable three-month offering period.

Service Providers who participated in the Matching Plan for the offering period ended March 14, 2024 purchased a total of 441,541 Class A common shares, based on a purchase price of $2.07, resulting in gross cash proceeds to the Company of $0.9 million.

Service Providers who participated in the Matching Plan for the offering period ended March 14, 2023 purchased a total of 147,319 Class A common shares, based on a purchase price of $7.46, resulting in gross cash proceeds to the Company of $1.1 million.

For the offering period ended March 14, 2024, the Company elected to match each share of Class A common stock purchased or issued under the Matching Plan with 1/20 of a share of Class A common stock. During the three months ended March 31, 2024, the Company granted a total of 110,084 shares of Class A common stock as a matching contribution under the Matching Plan, with no shares withheld for taxes.

For the offering period ended March 14, 2023, the Company elected to match each share of Class A common stock purchased or issued under the Matching Plan with 1/20 of a share of Class A common stock. During the three months ended March 31, 2023, the Company granted a total of 16,098 shares of Class A common stock as a matching contribution under the Matching Plan, with no shares withheld for taxes.


	Three Months Ended March 31,
	2024			2023
Fair value of common stock per share	$	1.99		$	7.55
Expected dividend yield (1)	—		%	—		%
Risk-free interest rate (2)	5.5		%	4.8		%
Expected volatility (3)	89.8		%	59.7		%
Expected life (in years) (4)	0.25			0.25

(1)The Company has no history or expectation of paying cash dividends on its common stock.

(2)The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant.

(3)The Company estimates volatility of its common stock at the date of the grant based on the expected weighted-average volatility of its Class A common stock.

(4)The expected life of awards granted as a Company match within the Matching Plan represents the duration of each offering period under the terms of the Matching Plan.

The Company has made discretionary contributions under the Matching Plan to eligible Service Providers. During the three months ended March 31, 2024, the Company granted a total of 478,519 shares of Class A common stock as discretionary contributions under the Matching Plan, with no shares withheld for taxes. There were no discretionary contributions under the Matching Plan during the three months ended March 31, 2023.

Restricted Stock Units

On September 24, 2021, under the 2019 Stock Plan, the Company approved the grant of Class A and LT50 common stock RSUs to Service Providers effective November 9, 2021, the date the Company amended its Certificate of Incorporation, to include, among other things, LT50 common stock. RSUs granted to Service Providers on November 9, 2021 that were approved in September 2021 vest upon the satisfaction of both a performance and service condition. The performance condition was satisfied immediately prior to the effectiveness of the IPO Registration Statement. The service condition is satisfied over eight years with 1/8 of the grant having vested on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 (each, a "Specified Quarterly Date") thereafter until fully vested, in each case subject to continued service to the Company. All RSUs granted to Service Providers after the IPO, under the 2021 Plan, have a service condition only, which is satisfied over eight years from the vesting commencement date corresponding to one of the Specified Quarterly Dates nearest the date of grant, with 1/8 of each grant vesting on the first anniversary of the vesting commencement date and 1/32 of each grant vesting in equal quarterly installments thereafter until fully vested, in each case, subject to continued service to the Company.

Pursuant to the Company's Non-Employee Director Compensation Program, which was adopted under the 2021 Incentive Plans, the Company granted no Class A common stock RSUs for the three months ended March 31, 2024. A total of 2,316 Class A common RSUs vested during the three months ended March 31, 2024 related to previously granted RSU awards as the quarterly service conditions were satisfied.

During the three months ended March 31, 2024, RSU activity for Service Providers and non-employee directors was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2023	2,742,273	2,646,332	$	32.59
RSUs vested	(106,769)	(103,108)	$	32.45
RSUs cancelled/forfeited/expired	(266,231)	(266,231)	$	37.62
Outstanding at March 31, 2024	2,369,273	2,276,993	$	32.02

As of March 31, 2024, there was $127.1 million of unamortized stock-based compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted average life of 5.14 years. As of December 31, 2023, there was $153.4 million of unamortized stock-based compensation cost related to unvested RSUs, which was expected to be recognized over the remaining weighted average life of 5.37 years.

Stock Options

The Stock Plans and the 2021 Plan provide for the grant of incentive and nonstatutory stock options to employees, non-employee directors and consultants of the Company. Under the Stock Plans and the 2021 Plan, the exercise price of incentive stock options must be equal to at least 110% of the fair market value of the common stock on the grant date for a “ten-percent holder” or 100% of the fair market value of the common stock on the grant date for any other participant. The exercise price of nonstatutory options granted must be equal to at least 100% of the fair market value of the Company’s common stock on the date of grant.

The Company has only granted options under the Stock Plans. Options typically vest over four years and are exercisable at any time after the grant date, provided that Service Providers exercising unvested options receive restricted common stock that is subject to repurchase at the original exercise price upon termination of service. The repurchase right lapses in accordance with the vesting schedule of the exercised option. Early exercises of options prior to vesting are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises of unvested options are recorded as a liability. These repurchase terms are considered to be a forfeiture provision and do not result in variable accounting. There was an immaterial amount of exercised restricted common stock repurchased during the three months ended March 31, 2024 and 2023.

As of March 31, 2024 and December 31, 2023, there were 288,740 and 393,251 shares subject to repurchase, respectively, related to unvested stock options that had been early exercised. As of March 31, 2024 and December 31, 2023, the Company recorded a liability related to shares subject to repurchase of $0.4 million and $0.6 million, respectively, which is included within Accrued expenses and other liabilities in the accompanying Condensed Consolidated Balance Sheets. These amounts are reclassified to Common stock and Additional paid-in capital as the underlying shares vest.

A summary of the Company's stock option activity was as follows:


	Shares	Weighted average exercise price per share		Weighted average remaining contractual life (in years)
Outstanding at December 31, 2023	5,902,591	$	1.68	4.03
Options exercised	(42,304)	$	0.91
Options cancelled/forfeited/expired	(102,781)	$	2.87
Outstanding at March 31, 2024	5,757,506	$	1.66	3.63
Exercisable at March 31, 2024	5,706,466	$	1.64	3.61

The total pretax intrinsic value of options outstanding at March 31, 2024 and December 31, 2023 was $5.4 million and $8.9 million, respectively. The total pretax intrinsic value of options exercisable at March 31, 2024 was $5.4 million. The intrinsic value is the difference between the estimated fair market value of the Company’s common stock at the date of exercise and the exercise price for in-the-money options.

As of March 31, 2024, there was $3.1 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 0.63 years. As of December 31, 2023, there was $4.1 million of unrecognized stock-based compensation cost related to unvested stock options, which was expected to be recognized over a weighted average period of 0.75 years.

Cash received from option exercises and purchases of shares under the Stock Plans for the three months ended March 31, 2024 and 2023 was immaterial and $0.1 million, respectively.

Stock-Based Compensation


	Three Months Ended March 31,
	2024		2023
Matching Plan shares	$	1,430	$	249
Restricted stock units	6,260		9,512
Stock options	749		900
Total stock-based compensation	$	8,439	$	10,661
Less: stock-based compensation capitalized as software development costs	$	(915)	$	(657)
Total stock-based compensation expense	$	7,524	$	10,004


	Three Months Ended March 31,
	2024		2023
Cost of revenue, net	$	2,932	$	3,306
Research and development	2,749		2,206
General and administrative	1,703		2,644
Sales and marketing	140		1,848
Total stock-based compensation expense	$	7,524	$	10,004

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (3,781)	$ (5,945)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,423	1,413
Reduction of operating lease right-of-use assets	136	181
Loss on impairment, receivables and sale or disposal of equipment	337	146
Stock-based compensation expense	7,524	10,004
Amortization of original issue discount and debt issuance costs	11	11
Deferred tax assets	(9)	(30)
Changes in assets and liabilities:
Accounts receivable, net	139	707
Settlement assets, net	(6,120)	(2,683)
Prepaid expenses	1,270	1,414
Other current assets	171	406
Other assets	(124)	8
Accounts payable	(260)	944
Accrued expenses and other liabilities	1,044	1,947
Operating lease liabilities	34	(206)
Settlement liabilities	1,570	(738)
Other liabilities	106	63
Net cash provided by operating activities	3,471	7,642
Cash flows from investing activities:
Purchases of property and equipment	0	(28)
Software development costs	(2,829)	(870)
Net cash used in investing activities	(2,829)	(898)
Cash flows from financing activities:
Principal payments of finance leases	(31)	(201)
Principal payments of outstanding debt	(37)	(150)
Payments for debt issuance costs	(8)	0
Repurchases of early exercised stock options	(32)	(7)
Proceeds from common stock purchased under Matching Plan	914	1,099
Proceeds from issuance of common stock on exercise of stock options	39	66
Payments for employee taxes withheld from stock-based awards	0	(666)
Net cash provided by financing activities	845	141
Net increase in cash and cash equivalents and restricted cash	1,487	6,885
Cash and cash equivalents and restricted cash, beginning of period	96,658	147,710
Cash and cash equivalents and restricted cash, end of period	98,145	154,595
Supplemental disclosure of cash flow information:
Cash paid for interest	454	1,409
Cash paid for income taxes	1,164	351
Noncash investing and financing items:
Stock-based compensation capitalized as software development costs	915	657
Purchases of property and equipment and capitalized software in accounts payable and accrued expenses	223	0
Right-of-use assets acquired through operating leases	0	145
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	49,340	111,232
Restricted cash included in other current assets	24,267	19,013
Restricted cash included in settlement assets, net	24,538	24,350
Total cash, cash equivalents and restricted cash	$ 98,145	$ 154,595

CERTAIN BALANCE SHEET COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization expense	$ 1.2	$ 0.7
Depreciation	$ 0.2	$ 0.5

CERTAIN BALANCE SHEET COMPONENTS - Property and equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment
Total property and equipment	$ 23,251	$ 23,251
Less: accumulated depreciation	(9,113)	(8,879)
Property and equipment, net	14,138	14,372
Computers and equipment
Property, Plant and Equipment
Total property and equipment	170	170
Furniture and fixtures
Property, Plant and Equipment
Total property and equipment	1,930	1,930
Leasehold improvements
Property, Plant and Equipment
Total property and equipment	7,937	7,937
Commercial building
Property, Plant and Equipment
Total property and equipment	6,493	6,493
Land
Property, Plant and Equipment
Total property and equipment	4,151	4,151
Construction in progress
Property, Plant and Equipment
Total property and equipment	$ 2,570	$ 2,570

COMMITMENTS AND CONTINGENCIES - 2024 Amended Loan and Security Agreement Narratives (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2021
Line of Credit Facility
Borrowings under line of credit	$ 15,000,000	$ 15,000,000
Long-term debt, maturity, year one	0
2024 Amended Term Loan \| Line of Credit
Line of Credit Facility
Unamortized debt issuance costs	100,000
Revolving Credit Facility \| 2024 Amended Term Loan \| Line of Credit
Line of Credit Facility
Maximum borrowing capacity			$ 25,000,000
Borrowings under line of credit	15,000,000	15,000,000
Remaining borrowing capacity	10,000,000	$ 10,000,000
Long-term debt, maturity, year one	$ 15,000,000
Revolving Credit Facility \| 2024 Amended Term Loan \| Line of Credit \| Reference Rate
Line of Credit Facility
Variable rate (as a percent)	1.00%
Effective interest rate (as a percent)	9.50%

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Option Plan Narratives (Details) - shares	1 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Nov. 09, 2021	Sep. 30, 2021	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	25,204,250
The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		17,030,280			16,495,150
Additional shares authorized (in shares)		535,130
The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized (in shares)	8,173,970
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			16,856,770	4,339,690
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)			16,856,770
The 2019 Option Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				8,679,380
The 2019 Option Plan \| Restricted stock units \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				4,339,690

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(1)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Condensed Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance at Dec. 31, 2022	$ 97,241	$ 0	$ 7	$ 194,807	$ (97,573)
Beginning balance (in shares) at Dec. 31, 2022		0
Beginning balance (in shares) at Dec. 31, 2022			82,429,367
Increase (Decrease) in Stockholders' Equity
Issuance of common stock on exercise of stock options	66			66
Issuance of common stock upon exercise of stock options (in shares)			50,994
Vesting of early exercised stock options	216			216
Issuance of restricted stock units	31			31
Issuance of restricted stock units (in shares)			1,548
Repurchases of early exercised stock options	(7)			(7)
Repurchases of early exercised stock options (in shares)			(735)
Issuance of common stock under Matching Plan	1,099			1,099
Issuance of common stock under Matching Plan (in shares)			163,417
Issuance of common stock in connection with restricted stock units vesting (in shares)			245,313
Shares withheld from common stock issued to pay employee payroll taxes	(666)			(666)
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			(83,376)
Stock-based compensation	10,661			10,661
Net loss	(5,945)				(5,945)
Ending balance at Mar. 31, 2023	102,696	$ 0	$ 7	206,207	(103,518)
Ending balance (in shares) at Mar. 31, 2023		0
Ending balance (in shares) at Mar. 31, 2023			82,806,528
Beginning balance at Dec. 31, 2023	$ 100,744	$ 0	$ 8	241,509	(140,773)
Beginning balance (in shares) at Dec. 31, 2023	0	0
Beginning balance (in shares) at Dec. 31, 2023			85,225,328
Increase (Decrease) in Stockholders' Equity
Issuance of common stock on exercise of stock options	$ 39			39
Issuance of common stock upon exercise of stock options (in shares)	42,304		42,304
Vesting of early exercised stock options	$ 137			137
Issuance of restricted stock units	18			18
Issuance of restricted stock units (in shares)			7,288
Repurchases of early exercised stock options (in shares)			(30,434)
Issuance of common stock under Matching Plan	914		$ 1	913
Issuance of common stock under Matching Plan (in shares)			1,030,144
Issuance of common stock in connection with restricted stock units vesting (in shares)			209,877
Stock-based compensation	8,439			8,439
Net loss	(3,781)				(3,781)
Ending balance at Mar. 31, 2024	$ 106,510	$ 0	$ 9	$ 251,055	$ (144,554)
Ending balance (in shares) at Mar. 31, 2024	0	0
Ending balance (in shares) at Mar. 31, 2024			86,484,507

COMMITMENTS AND CONTINGENCIES - Summary of Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Finance lease ROU asset (included within Lease right-of-use assets)	$ 330	$ 364
Operating lease ROU asset (included within Lease right-of-use assets)	$ 5,624	$ 6,071
Weighted average remaining lease term (in years):
Finance leases	2 years 5 months 1 day	2 years 8 months 1 day
Operating leases	8 years 11 months 4 days	9 years 2 months 4 days
Weighted average discount rate:
Finance leases	8.10%	8.10%
Operating leases	8.30%	8.30%
Finance Lease, Right-of-Use Asset, Statement of Financial Position	Lease right-of-use assets	Lease right-of-use assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Lease right-of-use assets	Lease right-of-use assets

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS (Tables)

3 Months Ended

Mar. 31, 2024

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Revenue from Geographic Areas


	Three Months Ended March 31,
	2024		2023
United States	$	30,513	$	36,635
All other locations	3,022		3,466
Total revenue	$	33,535	$	40,101

STOCK INCENTIVE PLANS - RSU Rollforward (Details)	3 Months Ended
STOCK INCENTIVE PLANS - RSU Rollforward (Details)	Mar. 31, 2024 $ / shares shares
Weighted average grant date fair value per share
Beginning balance (in dollars per share) \| $ / shares	$ 32.59
Vested (in dollars per share) \| $ / shares	32.45
Cancelled/forfeited/expired (in dollars per share) \| $ / shares	37.62
Ending balance (in dollars per share) \| $ / shares	$ 32.02
Restricted stock units \| Common Class A
RSU Rollforward
Beginning balance (in shares)	2,742,273
Vested (in shares)	(106,769)
Cancelled/forfeited/expired (in shares)	(266,231)
Ending balance (in shares)	2,369,273
Restricted stock units \| Common Stock, LT50
RSU Rollforward
Beginning balance (in shares)	2,646,332
Vested (in shares)	(103,108)
Cancelled/forfeited/expired (in shares)	(266,231)
Ending balance (in shares)	2,276,993

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Finance and Operating Lease Arrangements

The Company did not enter into any new lease agreements during the three months ended March 31, 2024. The components of lease cost reflected in the Condensed Consolidated Statements of Operations for all leases were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Finance lease cost:
Amortization of ROU assets	$	34	$	198
Interest on lease liabilities	7		3
Total finance lease cost	41		201
Operating lease cost	271		186
Total lease cost	$	312	$	387

Other information related to leases was as follows (in thousands, except as noted within):


	As of March 31,			As of December 31,
	2024			2023
Finance lease ROU asset (included within Lease right-of-use assets)	$	330		$	364
Operating lease ROU asset (included within Lease right-of-use assets)	$	5,624		$	6,071
Weighted average remaining lease term (in years):
Finance leases	2.42			2.67
Operating leases	8.93			9.18
Weighted average discount rate:
Finance leases	8.10		%	8.10		%
Operating leases	8.30		%	8.30		%

Supplemental cash flow information related to leases was as follows (in thousands):


	Three months ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(99)	$	(210)
Operating cash flows from finance leases	$	(7)	$	(3)
Financing cash flows from finance leases	$	(31)	$	(201)

Maturities of lease liabilities as of March 31, 2024 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
Remainder of 2024	$	115	$	417
2025	153		1,079
2026	102		1,018
2027	—		1,033
2028	—		1,063
Thereafter	—		4,499
Total future lease payments	370		9,109
Less: imputed interest	(32)		(2,856)
Less: Lease liabilities, current	(132)		(304)
Lease liabilities, non-current	$	206	$	5,949

Amortizing Term Mortgage

In August 2019, the Company entered into an $8.3 million amortizing term mortgage agreement with Canadian Imperial Bank of Commerce ("CIBC") for the Company's commercial building located in Portland, Oregon. The agreement requires principal and interest payments to be made each month over a five-year period. Interest accrues at a fixed rate of 5.00% per year until August 2024, at which point the remaining outstanding principal balance on the amortizing term mortgage is due in full. The borrowings are secured by the building. The outstanding balance of the amortizing term mortgage was $7.6 million and $7.7 million as of March 31, 2024 and December 31, 2023, respectively.

Loan and Security Agreement

In September 2021, the Company amended and restated its loan and security agreement with CIBC ("2021 Amended Loan and Security Agreement") which consisted of a $45.0 million initial term loan, the option to enter into an additional $30.0 million delayed term loan that expired in March 2023, and a monthly revolving line of credit of $25.0 million. Under the 2021 Amended Loan and Security Agreement, the initial term loan of $45.0 million was payable over a 60-month period with principal and accrued interest payments due each quarter, commencing on September 30, 2021. The 2021 Amended Loan and Security Agreement amortized in equal quarterly installments of $0.1 million through September 30, 2024, $0.2 million beginning October 1, 2024 and $0.6 million beginning October 1, 2025, with any remaining principal balance due and payable on maturity in September 2026. The amounts borrowed accrued interest at the bank’s reference rate plus 2.25% beginning on September 30, 2021 and continued on a quarterly basis through maturity of the term loan. The borrowings were secured by substantially all the Company’s assets. The then outstanding balance of $36.0 million and $0.1 million of accrued interest on the term loan were repaid in full on October 12, 2023.

In February 2024, the Company entered into a Second Amended and Restated Loan and Security Agreement ("2024 Amended Loan and Security Agreement") with CIBC. The 2024 Amended Loan and Security Agreement amends and restates the 2021 Amended Loan and Security Agreement to extend the maturity date of the revolving line of credit from September 2024 to September 2025, remove certain provisions related to the term loan that was repaid in full in October 2023 and make certain changes to the positive and negative covenants intended to better align with the operations of the Company. The 2024 Amended Loan and Security Agreement continues to provide for a $25.0 million revolving credit facility. Borrowings under the line of credit accrue interest at CIBC’s reference rate plus 1.00% (9.50% as of March 31, 2024) and are secured by substantially all of the Company's assets. As of March 31, 2024 and December 31, 2023, there were $15.0 million of borrowings under the line of credit and $10.0 million of capacity available for additional borrowings.

The Company incurred an immaterial amount of costs in connection with entering into the 2024 Amended Loan and Security Agreement. These debt issuance costs are reflected as a deferred asset within Other current assets on the Condensed Consolidated Balance Sheets and are being amortized to interest expense on a straight-line basis over the term of the agreement. As of March 31, 2024, the unamortized debt issuance costs included within Other current assets was $0.1 million.

Future aggregate annual principal payments on long-term debt as of March 31, 2024 is expected to be as follows (in thousands):


For the year ending:
Remainder of 2024	$	7,634
2025	—
2026	—
2027	—
2028	—
Thereafter	—
Total principal payments	7,634
Less: unamortized original issue discount and debt issuance costs	(10)
Less: Current portion of long-term debt, net of unamortized original issue discount and debt issuance costs	(7,624)
Long-term debt, net of unamortized original issue discount and debt issuance costs	$	—

Additionally, $15.0 million of outstanding borrowings under the line of credit are due in September 2025 upon maturity of the facility.

As of March 31, 2024, the Company was not in compliance with all debt covenants, specifically the covenant restricting the amount of repurchases of common stock. A waiver was obtained from CIBC for the Company's non-compliance with this covenant. The Company does not believe non-compliance with this covenant had any material impact on the Company or its operations.

In May 2024, the Company entered into a First Amendment to the 2024 Amended Loan and Security Agreement, which amended the covenant restricting the amount of repurchases of common stock to allow for certain additional repurchase activity and provided a waiver for the Company's non-compliance during prior periods with the previous version of such covenant.

Defined Contribution Plans

The Company sponsors a U.S. 401(k) defined contribution plan for all eligible employees who elect to participate. The Company is permitted to make discretionary profit sharing and 401(k) matching contributions as defined in the plan and as approved by the Board of Directors. Effective January 1, 2018, the Company matches up to 4.50% of each participant’s eligible compensation. No discretionary profit-sharing contributions were made during the three months ended March 31, 2024 and 2023. The Company’s 401(k) matching contributions for each of the three months ended March 31, 2024 and 2023 were $0.2 million and $0.3 million, respectively.

Legal

From time to time in the normal course of business, the Company may be involved in claims, proceedings and litigation. In the case of any litigation, the Company records a provision for a liability when management believes that it is both probable that a liability has been incurred, and the amount of the loss can be reasonably estimated. The Company reviews such provisions at least quarterly and adjusts such provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case.

As of March 31, 2024, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.

CERTAIN BALANCE SHEET COMPONENTS - Capitalized software, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software development costs	$ 26,444	$ 22,683
Less: accumulated amortization	(11,337)	(10,189)
Capitalized software, net	$ 15,107	$ 12,494

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41043
Entity Registrant Name	Expensify, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	27-0239450
Entity Address, Street	401 SW 5th Ave
Entity Address, City	Portland
Entity Address, State	OR
Entity Address, Postal Zip Code	97204
City Area Code	971
Local Phone Number	365-3939
Title of each class	Class A Common Stock, par value $0.0001 per share
Trading Symbol(s)	EXFY
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001476840
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		71,764,817
Common Stock, LT10
Document Information
Entity Common Stock, Shares Outstanding		7,333,335
Common Stock, LT50
Document Information
Entity Common Stock, Shares Outstanding		7,395,695

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Provisions for income taxes	$ 1,034	$ 1,825
Effective income tax rate (in percent)	37.60%	44.30%
Accrual for uncertain tax positions	$ 1,700		$ 1,500
Income tax examination, penalties and interest expense	$ 200		$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

NET LOSS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss, basic	$ (3,781)	$ (5,945)
Net loss, diluted	$ (3,781)	$ (5,945)
Denominator
Weighted-average shares of common stock used to compute net loss per share, basic (in shares)	85,141,411	81,768,429
Weighted-average shares of common stock used to compute net loss per share, diluted (in shares)	85,141,411	81,768,429
Net loss per share, basic (in dollars per share)	$ (0.04)	$ (0.07)
Net loss per share, diluted (in dollars per share)	$ (0.04)	$ (0.07)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ References + Details

EQUITY (Details) - 2022 Share Repurchase Program - Class A common stock - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	May 10, 2022
Equity, Class of Treasury Stock
Shares authorized for repurchase		$ 50.0
Shares repurchased (in shares)	0

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

STOCK INCENTIVE PLANS - Stock-based Compensation Narratives (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation capitalized as software development costs	$ 915	$ 657
Software Development
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation capitalized as software development costs	$ 915	$ 657

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Shares
Beginning balance (in shares)	5,902,591
Options exercised (in shares)	(42,304)
Options cancelled/forfeited/expired (in shares)	(102,781)
Ending balance (in shares)	5,757,506	5,902,591
Options exercisable (in shares)	5,706,466
Weighted average exercise price per share
Beginning balance (in dollars per share)	$ 1.68
Options exercised (in dollars per share)	0.91
Options cancelled/forfeited/expired (in dollars per share)	2.87
Ending balance (in dollars per share)	1.66	$ 1.68
Options exercisable (in dollars per share)	$ 1.64
Weighted average remaining contractual life, options outstanding (in years)	3 years 7 months 17 days	4 years 10 days
Weighted average remaining contractual life, options exercisable (in years)	3 years 7 months 9 days

COMMITMENTS AND CONTINGENCIES - Loan and Security Agreement Narratives (Details) - USD ($) $ in Thousands						1 Months Ended	3 Months Ended
	Oct. 01, 2025	Oct. 01, 2024	Sep. 30, 2024	Oct. 12, 2023	Sep. 30, 2021	Sep. 30, 2021	Mar. 31, 2024	Mar. 31, 2023
Schedule of Capitalization, Long-term Debt
Repayments of long term debt							$ 37	$ 150
Cash paid for interest							454	$ 1,409
Initial Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity					$ 45,000	$ 45,000
Debt instrument, term (in years)						60 months
2021 Amended Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Repayments of long term debt				$ 36,000
Cash paid for interest				$ 100
Loss on extinguishment of debt							$ 0
2021 Amended Term Loan \| Secured Debt \| Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (as a percent)					2.25%
2021 Amended Term Loan \| Secured Debt \| Forecast \| Subsequent Event
Schedule of Capitalization, Long-term Debt
Periodic payment	$ 600	$ 200	$ 100
Delayed Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity					$ 30,000	$ 30,000

NET LOSS PER SHARE - Narratives (Details)	3 Months Ended
NET LOSS PER SHARE - Narratives (Details)	Mar. 31, 2024 vote shares
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	1
Shares converted (in shares) \| shares	1
Common Stock, LT10
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	10
Conversion of stock, notice period (in months)	10 months
Common Stock, LT50
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	50
Conversion of stock, notice period (in months)	50 months

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 49,340	$ 47,510
Accounts receivable, net	13,557	13,834
Settlement assets, net	48,513	39,261
Prepaid expenses	4,379	5,649
Other current assets	27,399	30,978
Total current assets	143,188	137,232
Capitalized software, net	15,107	12,494
Property and equipment, net	14,138	14,372
Lease right-of-use assets	5,954	6,435
Deferred tax assets, net	466	457
Other assets	5,918	5,794
Total assets	184,771	176,784
Liabilities and stockholders' equity
Accounts payable	1,373	1,425
Accrued expenses and other liabilities	10,326	9,390
Borrowings under line of credit	15,000	15,000
Current portion of long-term debt, net of original issue discount and debt issuance costs	7,624	7,655
Lease liabilities, current	436	432
Settlement liabilities	35,560	33,990
Total current liabilities	70,319	67,892
Lease liabilities, non-current	6,155	6,467
Other liabilities	1,787	1,681
Total liabilities	78,261	76,040
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, value, issued	0	0
Common stock issued, value	9	8
Additional paid-in capital	251,055	241,509
Accumulated deficit	(144,554)	(140,773)
Total stockholders' equity	106,510	100,744
Total liabilities and stockholders' equity	$ 184,771	$ 176,784