---
schema_version: "secwatch.filing_event.v1"
accession: "0001476840-24-000013"
form_type: "8-K"
ticker: "EXFY"
cik: "0001476840"
company_name: "Expensify, Inc."
filed_at: "2024-02-22T23:59:59+00:00"
generated_at: "2026-06-05T19:05:10.259152+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Expensify FY2023 revenue falls 11% to $150.7M, net loss widens to $41.7M; amends credit facility

## Summary
- Revenue $150.7M (down 11% YoY); Q4 revenue $35.2M (down 19% YoY).
- FY net loss $41.7M (vs $27.0M prior year); Q4 net loss $7.5M (vs $3.4M prior year).
- Adjusted EBITDA $13.2M (FY); Q4 adjusted EBITDA $5.9M, improved 265% QoQ.
- Expensify Card interchange grew 63% to $11.1M (FY) and 55% to $3.1M (Q4). Paid members 719k, down 8% YoY.
- Amended credit facility extends maturity to Sep 2025, keeps $25M revolver with $15M outstanding.

## SEC filing metadata
- accession: 0001476840-24-000013
- form_type: 8-K
- ticker: EXFY
- cik: 0001476840
- company_name: Expensify, Inc.
- filed_at: 2024-02-22T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1476840/000147684024000013/0001476840-24-000013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1476840/000147684024000013/exfy-20240221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001476840-24-000013
- JSON: https://secwatch.observer/filing/0001476840-24-000013.json
- Plain text: https://secwatch.observer/filing/0001476840-24-000013.txt

## Key facts
- Debt Financings
  Expensify, Inc. amended revolving credit of $25.0 million with Canadian Imperial Bank of Commerce at CIBC’s reference rate plus 1.00% maturing September 21, 2025.
  - Instrument: revolving credit
  - Principal: $25.0 million
  - Counterparty: Canadian Imperial Bank of Commerce
  - Rate: CIBC’s reference rate plus 1.00%
  - Maturity: September 21, 2025
  - Event: amendment
  source text: and negative covenants intended to better align with the operations of the Company. The Second Amended and Restated Loan and Security Agreement continues to provide for a $25.0 million revolving credit facility, and interest on borrowings continues to accrue at CIBC’s reference rate plus 1.00% As of February 21, 2024, $15.0 million was outstanding under the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1476840/000147684024000013/0001476840-24-000013-index.htm
- Earnings Releases
  Expensify, Inc. reported year ended December 31, 2023 results: revenue $150.7 million, net income $(41.7) million.
  - Period: year ended December 31, 2023
  - Revenue: $150.7 million
  - Net income: $(41.7) million
  - Result: reported results
  source text: Full Year Fiscal 2023 Highlights • Revenue was $150.7 million, a decrease of 11% compared to the prior year. • Generated $1.6 million cash from operating activities. • Free cash flow was $0.6 million. • Net loss was $41.7 million, compared to $27.0 million for the prior year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1476840/000147684024000013/0001476840-24-000013-index.htm
- Earnings Releases
  Expensify, Inc. reported quarter ended December 31, 2023 results: revenue $35.2 million, net income $(7.5) million.
  - Period: quarter ended December 31, 2023
  - Revenue: $35.2 million
  - Net income: $(7.5) million
  - Result: reported results
  source text: Fourth Quarter 2023 Highlights • Revenue was $35.2 million, a decrease of 19% compared to the same period last year. • Utilized $0.5 million cash in operating activities • Free cash flow was $(3.6) million • Net loss was $7.5 million, compared to $3.4 million for the same period last year.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1476840/000147684024000013/0001476840-24-000013-index.htm
- Material Agreements
  Expensify, Inc. amended Second Amended and Restated Loan and Security Agreement with Canadian Imperial Bank of Commerce (CIBC) as administrative agent valued at $25.0 million revolving credit facility (effective 2024-02-21).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Canadian Imperial Bank of Commerce (CIBC) as administrative agent
  - Value: $25.0 million revolving credit facility
  - Effective: 2024-02-21
  source text: On February 21, 2024, Expensify, Inc.("Expensify" or the "Company") as borrower, the lenders party thereto and Canadian Imperial Bank of Commerce ("CIBC"), as administrative agent, entered into a Second Amended and Restated Loan and Security Agreement (the "Second Amended and Restated Loan and Security Agreement").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1476840/000147684024000013/0001476840-24-000013-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.