Q2 2026 Expensify Inc Earnings Call

August 6, 2026

Niki Wallroth: Hello, thank you for joining us for Expensify's Q2 2026 earnings call. My name is Niki, I'm going to start off with the legal disclosure, then I'll hand things off to Ryan Schaffer, our CFO, and David Barrett, our founder and CEO. Please note that all the information presented on today's call is unaudited, during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today, along with comments on this call, are made only as of today and will not be updated as actual events unfold.

Speaker #1: Hello, and thank you for joining us for Expensify's Q2 2026 earnings call. My name is Niki, and I'm going to start off with the legal disclosure. Then I'll hand things off to Ryan Schaffer, our CFO, and David Barrett, our founder and CEO.

Speaker #1: Please note that all the information presented on today's call is unaudited, and during the course of this call, management may make forward-looking statements within the meaning of the Federal Securities Laws.

Speaker #1: These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements.

Niki Wallroth: These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today, along with comments on this call, are made only as of today and will not be updated as actual events unfold.

Speaker #1: Forward-looking statements in the earnings release that we issued today, along with comments on this call, are made only as of today and will not be updated as actual events unfold.

Speaker #1: Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

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

Speaker #1: Please also note that on today's call, management will refer to certain non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

Niki Wallroth: While we believe these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures. With that, I'll hand it over to Ryan Schaffer, our CFO.

Speaker #1: Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures. And with that, I'll hand it over to Ryan Schafer, our CFO.

Speaker #2: Thanks, Niki. And thanks, everyone, for joining today's call. Let's start with the Q2 financials. Revenue for the quarter was $33.9 million, average paid members were $640,000, expensify card interchange revenue across both classic and new expensify was $5.9 million, up 12% year over year.

Ryan Schaffer: Thanks, Niki. Thanks everyone for joining today's call. Let's start with the Q2 financials. Revenue for the quarter was $33.9 million. Average paid members were 640,000. Expensify Card interchange revenue across both Classic and New Expensify was $5.9 million, up 12% year-over-year. While we continue to see some pressure on the top line, our focus remains firmly on the financials of the business and on executing the work required to return to sustainable growth. Even though revenue has declined year-over-year, we've been working hard to meaningfully improve profitability and cash flow. Operating cash flow was $8.4 million, free cash flow was $6.4 million. Our GAAP net loss improved to $3.9 million from $8.8 million a year ago.

Speaker #2: While we continue to see some pressure on the top line, our focus remains firmly on the financials of the business and on executing the work required to return to sustainable growth.

Speaker #2: Even though revenue has declined year over year, we've been working hard to meaningfully improve profitability and cash flow, operating cash flow was $8.4 million, and free cash flow was $6.4 million.

Ryan Schaffer: Even though revenue has declined year-over-year, we've been working hard to meaningfully improve profitability and cash flow. Operating cash flow was $8.4 million, free cash flow was $6.4 million. Our GAAP net loss improved to $3.9 million from $8.8 million a year ago.

Speaker #2: Our GAAP net loss improved to $3.9 million, from $8.8 million a year ago. Non-GAAP net income was $3.4 million, compared to a non-GAAP net loss last year and adjusted EBITDA improved to $6.6 million from a negative adjusted EBITDA a year ago.

Ryan Schaffer: Non-GAAP net income was $3.4 million, compared to a non-GAAP net loss last year, adjusted EBITDA improved to $6.6 million from a -adjusted EBITDA a year ago. These results reflect the discipline with which we're managing the business as we focus on improving execution, returning to growth, and creating long-term value. Q2 free cash flow of $6.4 million was up 2% from the same period last year and up 162% from the previous quarter. Given that trajectory, we're raising our full year 2026 free cash flow guidance from $6 to 9 million up to $12 to 14 million. As always, we like to give you an early look at next quarter's paid member trends. For July 2026, we had 634,000 paid members. As you can see from previous years, July tends to run a bit lower as people take vacations and travel less for business.

Speaker #2: discipline with which we're managing the business as we focus on improving execution, returning to growth, and creating long-term value. Q2 free cash flow of $6.4 million was up 2% from the same period last year and up $162% from the previous quarter, given that trajectory we're raising our full-year 2026 free cash flow guidance from $6 to $9 million up to $12 to $14 million.

Ryan Schaffer: Q2 free cash flow of $6.4 million was up 2% from the same period last year and up 162% from the previous quarter. Given that trajectory, we're raising our full year 2026 free cash flow guidance from $6 to 9 million up to $12 to 14 million. As always, we like to give you an early look at next quarter's paid member trends. For July 2026, we had 634,000 paid members. As you can see from previous years, July tends to run a bit lower as people take vacations and travel less for business.

Speaker #2: As always, we like to give you an early look at next quarter's paid member trends. For July 2026, we had $634,000 paid These results reflect the members.

Speaker #2: As you can see from previous years, July tends to run a bit lower as people take vacations and travel less for business. This is the usual summer dip, and we'd expect things to pick back up as we move through Q3.

Ryan Schaffer: This is the usual summer dip, and we'd expect things to pick back up as we move through Q3. Turning to capital allocation, this was an active quarter for us. We commenced and completed a modified Dutch auction tender offer, repurchasing approximately 6.1 million shares of Class A common stock at $1.20 per share. That tender was actually substantially undersubscribed despite the premium we offered on the stock price. Following its completion, we went into the open market and purchased an additional 712,000 shares at an average price of $1.63 per share. Altogether, that brings our total Q2 repurchase to approximately 6.8 million shares of Class A common stock, which represents roughly a 7% reduction in shares outstanding. We think this reflects real conviction in the value of this business and a continued commitment to returning capital to shareholders even as we keep investing in growth.

Speaker #2: Turning to capital allocation, this was an active quarter for us. We commenced and completed a modified Dutch auction tender offer, repurchasing approximately $6.1 million shares of class A common stock at $1.20 per share.

Speaker #2: That tender was actually substantially undersubscribed, despite the premium we offered on the stock price. So following its completion, we went into the open market and purchased an additional 712,000 shares at an average price of $1.63 per share.

Ryan Schaffer: Following its completion, we went into the open market and purchased an additional 712,000 shares at an average price of $1.63 per share. Altogether, that brings our total Q2 repurchase to approximately 6.8 million shares of Class A common stock, which represents roughly a 7% reduction in shares outstanding. We think this reflects real conviction in the value of this business and a continued commitment to returning capital to shareholders even as we keep investing in growth. With that, I'll hand it over to David for a business and product update.

Speaker #2: Altogether, that brings our total Q2 repurchase to approximately $6.8 million shares of class A common stock, which represents roughly a 7% reduction in shares outstanding.

Speaker #2: We think this reflects real conviction in the value of this business and a continued commitment to returning capital to shareholders, even as we keep investing in growth.

Speaker #2: With that, I'll hand it over to David for a business and product update.

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

Speaker #3: Thanks, Ryan. Q2 was a quarter where I think the product itself tells a story better than any single number could. We made real progress in AI, our product velocity, and as Ryan just covered in capital allocation, let me walk you through what that actually looked like for our customers.

David Barrett: Thanks, Ryan. Q2 was a quarter where I think the product itself tells the story better than any single number could. We made real progress in AI, on product velocity, and as Ryan just covered, in capital allocation. Let me walk you through what that actually looked like for our customers. I want to start with something a customer told us this quarter, because it captures exactly what we're building towards. Laura Redmond of Redmond Accounting put it this way: "Expense approvals used to sit in my inbox for days, waiting on me to eyeball a $40 lunch receipt. That's not judgment. That's just routing. I set up an agent rule that clears anything in policy on its own. I got back hours a week I didn't even know I was losing." That's the whole thesis in one sentence. Most approval work isn't judgment.

Speaker #3: I want to start with something a customer told us this quarter, because it captures exactly what we're building towards. Laura Redman, a Redman accountant, put it this way: "Expense approvals used to sit in my inbox for days, waiting on me to eyeball a $40 lunch receipt.

David Barrett: Laura Redmond of Redmond Accounting put it this way: "Expense approvals used to sit in my inbox for days, waiting on me to eyeball a $40 lunch receipt. That's not judgment. That's just routing. I set up an agent rule that clears anything in policy on its own. I got back hours a week I didn't even know I was losing." That's the whole thesis in one sentence. Most approval work isn't judgment.

Speaker #3: That's not judgment, that's just routing. I set up an agent rule that clears anything in policy on its own. I got back hours a week I didn't even know I was losing.

Speaker #3: That's the whole thesis in one sentence. Most approval work isn't judgment, it's routing, and routing is exactly what we should be automating away." That's what agent rules do.

David Barrett: It's routing, and routing is exactly what we should be automating away. That's what agent rules do. It's what we call level 3 workflow automation. Tag, categorize, edit, route, hold, approve, reject, or pay based on natural language rules that get evaluated with LLM judgment inside a real-time workflow. Instead of writing rigid if this, then that logic, you just tell it what you want in plain English, and it handles judgment calls the way Laura's example showed. The next step up from that is custom agents, what we call level 4. These are prompt-driven agents that collaborate over chat, email, and SMS with employees, vendors, or clients. They're both reactive, responding to internal or external events as they happen, and proactive, taking scheduled actions on their own. Where agent rules handles routing within a workflow, custom agents can actually go and have that conversation on your behalf.

Speaker #3: It's what we call level three workflow automation. Tag, categorize, edit, route, hold, approve, reject, or pay, based on natural language rules that get evaluated with LLM judgment inside a real-time workflow.

Speaker #3: So instead of writing rigid want in plain English, and it handles judgment calls the way Laura's example showed. The next step up from that is custom agents, what we call level four.

David Barrett: The next step up from that is custom agents, what we call level 4. These are prompt-driven agents that collaborate over chat, email, and SMS with employees, vendors, or clients. They're both reactive, responding to internal or external events as they happen, and proactive, taking scheduled actions on their own. Where agent rules handles routing within a workflow, custom agents can actually go and have that conversation on your behalf.

Speaker #3: These are prompt-driven agents that collaborate over chat, email, and SMS with employees, vendors, or clients. They're both reactive, responding to internal or external events as they happen, and proactive, taking scheduled actions on their own.

Speaker #3: So where agent rules handles routing within a workflow, custom agents can actually go and have that conversation on your behalf. And this one's no longer in beta, it's live.

David Barrett: This one's no longer in beta, it's live. The Expensify MCP gives third-party AI assistants a direct connection to Expensify, so tools like ChatGPT, Claude, and Cursor can access expense data through natural language right from within those labs. We think this is a meaningful differentiator and it's a good example of us meeting customers inside the tools they are increasingly using. Beyond the AI work, Q2 is one of our strongest shipping quarters yet, with more than 30 features and enhancements. I want to hit a few highlights from each month rather than read the whole list. This slide has the details for anyone who wants them. In April, the headline was really bring your own card.

Speaker #3: The expensify MCP gives third-party AI assistance a direct connection to Expensify, to tools like ChatGPT, Claude, and Cursor can access expense data through natural language, right from within those labs.

Speaker #3: We think this is a meaningful differentiator, and it's a good example of us meeting customers inside the tools they are increasingly using. Beyond the AI work, Q2 is one of our strongest shipping quarters yet, with more than 30 features and enhancements, and I want to hit a few highlights from each month, rather than read the whole list.

David Barrett: Beyond the AI work, Q2 is one of our strongest shipping quarters yet, with more than 30 features and enhancements. I want to hit a few highlights from each month rather than read the whole list. This slide has the details for anyone who wants them. In April, the headline was really bring your own card.

Speaker #3: The slide has the details for anyone who wants them. In April, the headline was really "bring your own card," we shipped personal card imports directly into the Expensify wallet, and shared card feeds across workspaces so customers can keep using the corporate cards they already have, and still get full expense automation with no card migration required.

David Barrett: We shipped personal card imports directly into the Expensify wallet and shared card feeds across workspaces so customers can keep using the corporate cards they already have and still get full expense automation with no card migration required. In May, we focused on giving admins more control without more overhead. Card freeze and unfreeze, and CSC company card imports both extend that same bring your own card thesis, making it easier for finance teams to bring existing card programs into Expensify. We also expanded prohibited expense detection, a good example of AI quietly doing enforcement work that used to be manual. In June, as I just covered, the Expensify MCP went live alongside real-time Expensify Card rules and automatic VAT capture via SmartScan, which starts to open up more of our international opportunity. It's been gratifying to see that work recognized externally, too.

Speaker #3: In May, we focused on giving admins more control without more overhead. Card frees and unfrees, and CSC Company Card imports both extend that same "bring your own card" thesis, making it easier for finance teams to bring existing card programs into Expensify.

Speaker #3: We also expanded prohibited expense detection, a good example of AI quietly doing enforcement work that used to be manual. And in June, as I just covered, the Expensify MCP went live, alongside real-time Expensify card rules and automatic VAT capture via smart scan, which starts to open up more of our international opportunity.

David Barrett: We also expanded prohibited expense detection, a good example of AI quietly doing enforcement work that used to be manual. In June, as I just covered, the Expensify MCP went live alongside real-time Expensify Card rules and automatic VAT capture via SmartScan, which starts to open up more of our international opportunity. It's been gratifying to see that work recognized externally, too.

Speaker #3: It's been gratifying to see that work recognized externally too. We were named Expense Management Platform of the Year at the TravelTech Breakthrough Awards this quarter.

David Barrett: We were named Expense Management Platform of the Year at the TravelTech Breakthrough Awards this quarter. Now, I want to step back, because I think the simplest way to understand Expensify right now is that we're not really one company or two. Expensify Classic is the gold standard for traditional expense management. It established what's now the traditional design in the category: web and mobile app, credit card import, plus scanning, plus GPS miles tracking, and an end-to-end workflow with export to cloud accounting and next day reimbursement. That was our focus for the first 12 years, culminating in our IPO. Here's the thing. Less than 1% of global businesses are actually interested in traditional expense management approach.

Speaker #3: Now, I want to step back, because I think the simplest way to understand Expensify right now is that we're not really one company; we're two.

Speaker #3: Expensify Classic is the gold standard for traditional expense management. It established what's now the traditional design and the category: web and mobile app, credit card import plus scanning, plus GPS mileage tracking, and an end-to-end workflow with export to cloud accounting and next-day reimbursement.

David Barrett: It established what's now the traditional design in the category: web and mobile app, credit card import, plus scanning, plus GPS miles tracking, and an end-to-end workflow with export to cloud accounting and next day reimbursement. That was our focus for the first 12 years, culminating in our IPO. Here's the thing. Less than 1% of global businesses are actually interested in traditional expense management approach.

Speaker #3: That was our focus for the first 12 years, culminating in our IPO. But here's the thing: less than 1% of global businesses are actually interested in traditional expense management approach.

Speaker #3: New Expensify is the new standard for AI expense management, a mobile-first, chat-first design that puts humans and AI agents in the same workflow, with a stripped-down AI-centric experience that works over email, it meets users wherever they already are.

David Barrett: New Expensify is the new standard for AI expense management, a mobile-first, chat-first design that puts humans and AI agents in the same workflow with a stripped-down AI-centric experience that works over email and meets users wherever they already are. New Expensify is what lets us go after the other 99%. Each of those two products plays a different role for us financially. Classic is a steady profit engine. It requires minimal engineering and direct investment, but it produces a substantial cash flow. New signups only ever see New Expensify now. Classic is a large but deliberately shrinking set of customers. That's fine. Classic has given us the platform and the resources to build New Expensify in the first place. We believe New Expensify, on the other hand, is our rapid growth engine into a generally untapped market.

Speaker #3: New Expensify is what lets us go after the other 99%. And each of those two products plays a different role for us financially. Classic is a steady, profit engine, it requires minimal engineering and direct investment, but it produces a substantial cash flow.

David Barrett: Each of those two products plays a different role for us financially. Classic is a steady profit engine. It requires minimal engineering and direct investment, but it produces a substantial cash flow. New signups only ever see New Expensify now. Classic is a large but deliberately shrinking set of customers. That's fine. Classic has given us the platform and the resources to build New Expensify in the first place. We believe New Expensify, on the other hand, is our rapid growth engine into a generally untapped market.

Speaker #3: New sign-ups only ever see new Expensify now, so Classic is a large but deliberately shrinking set of customers. That's fine. Classic has given us the platform and the resources to build new Expensify in the first place.

Speaker #3: We believe new Expensify, on the other hand, is our rapid growth engine into a genuinely untapped market. Essentially all of our engineering has been devoted to it for years now, and most of our customers and users, including both net new sign-ups and migrated Classic customers, are on it today.

David Barrett: Essentially, all of our engineering has been devoted to it for years now, and most of our customers and users, including both net new signups and migrated Classic customers, are on it today. It's extremely competitive and growing rapidly on top of and separate from the Classic migration itself. You can see that growth directly in the numbers. Net new revenue from New Expensify, meaning revenue from customers who signed up on New Expensify and never touched Classic. This excludes all of the Classic customers who simply migrated over, grew more than 250% year on year to over $10 million in ARR. To summarize the quarter, our Classic to New migration has entered its long tail. Virtually all Classic customers have been nudged towards New Expensify. Most of them choose to stay, and now we have more users on New than on Classic.

Speaker #3: It's extremely competitive, and growing rapidly, on top of and separate from the Classic migration itself. And you can see that growth directly in the numbers.

Speaker #3: Net new revenue from new Expensify, meaning revenue from customers who signed up on new Expensify and never touched Classic, so this excludes all of the Classic customers who simply migrated over.

David Barrett: This excludes all of the Classic customers who simply migrated over, grew more than 250% year on year to over $10 million in ARR. To summarize the quarter, our Classic to New migration has entered its long tail. Virtually all Classic customers have been nudged towards New Expensify. Most of them choose to stay, and now we have more users on New than on Classic.

Speaker #3: Grew more than 250% year on year to over $10 million in ARR. So to summarize the quarter: our Classic-to-new migration has entered its long tail, virtually all Classic customers have been nudged towards new Expensify, most of them choose to stay, and now we have more users on new than on Classic.

Speaker #3: New Expensify itself grew rapidly, with net new revenue up over $250% year on year, to more than $10 million in ARR. Our card program continued to scale, with combined Classic and new Expensify card interchange revenue up 12% year over year to $5.9 million.

David Barrett: New Expensify itself grew rapidly, with net new revenue up over 250% year on year to more than $10 million in ARR. Our card program continued to scale, with combined Classic and New Expensify card interchange revenue up 12% year over year to $9.5 million. We launched a wide range of customer-requested features, more than 30 this quarter, including the MCP server and our new AI agents, which ultimately earned us a Platform of the Year award. We returned capital to shareholders, repurchasing approximately 6.8 million shares of Class A common stock, representing about 7% reduction in our shares outstanding. Our path forward is the same one we've talked about since the IPO. Keep migrating the remaining Classic customers onto New Expensify, where they get a dramatically better experience, and keep accelerating new customer acquisition into a market that's still almost entirely untapped.

Speaker #3: We launched a wide range of customer-requested features, more than 30 this quarter, including the MCP server in our new AI agents, which ultimately earned us a platform of the year award.

Speaker #3: And we returned capital to shareholders, repurchasing approximately 6.8 million shares of Class A common stock, representing about a 7% reduction in our shares outstanding. Our path forward is the same one we've talked about since the IPO: keep migrating the remaining Classic customers onto new Expensify, where they get a dramatically better experience, and keep accelerating new customer acquisition into a market that's still almost entirely untapped.

David Barrett: We returned capital to shareholders, repurchasing approximately 6.8 million shares of Class A common stock, representing about 7% reduction in our shares outstanding. Our path forward is the same one we've talked about since the IPO. Keep migrating the remaining Classic customers onto New Expensify, where they get a dramatically better experience, and keep accelerating new customer acquisition into a market that's still almost entirely untapped. What's different today is that now we have increasingly solid evidence the plan is working. With that, thank you all for joining us today, and let's move to Q&A.

Speaker #3: What's different today is that now we have increasingly solid evidence the plan is working. With that, thank you all for joining us today, and let's move to Q&A.

David Barrett: What's different today is that now we have increasingly solid evidence the plan is working. With that, thank you all for joining us today, and let's move to Q&A.

Speaker #1: Lovely. Aaron, I believe you're on the line with us.

Niki Wallroth: Lovely. Aaron, I believe you're on the line with us.

Speaker #2: Yeah, thanks for the questions. First one for me: the free cash flow guide for the year was initially a little bit lighter for 2026 at 6 to 9 million on the 4Q call and late February reiterated you reiterated it on the 1Q call in May.

[Analyst] (Citizens): Thanks for the questions. First one from me. The free cash flow guide for the year was initially a little bit lighter for 2026 at $6 to 9 million on the Q4 call in late February. You reiterated it on the Q1 call in May. Tonight you took it up $5.5 million at the midpoint. I guess the question is, where are you in terms of the sales and marketing investments as well as AI investments that you initially cited as part of the drag on free cash flow in 2026 on the original guide relative to 2025 free cash flow?

Aaron Kimson: Thanks for the questions. First one from me. The free cash flow guide for the year was initially a little bit lighter for 2026 at $6 to 9 million on the Q4 call in late February. You reiterated it on the Q1 call in May. Tonight you took it up $5.5 million at the midpoint. I guess the question is, where are you in terms of the sales and marketing investments as well as AI investments that you initially cited as part of the drag on free cash flow in 2026 on the original guide relative to 2025 free cash flow?

Speaker #2: It's a nice you took it up 5 and a half million at the midpoint. I guess the question is, where are you in terms of the sales and marketing investments as well as AI investments that you initially cited as part of the drag on free cash flow?

Speaker #2: In 2026, on the original guide, relative to 25 free cash flow?

David Barrett: Great question. We are deploying our sales and marketing dollars. That has started. We have some more coming later this year. Also, we are currently in a, I think a place a lot of companies are, where our AI spend is scaling, but we're also now looking at it and trying to cut it back. Luckily, we have the best spend management software in the world, so we're doing a great job at doing that responsibly. It's scaling, but also I'm trying to figure out how we can reduce it without impacting operations. Also, I just want to point out that we had a class action lawsuit settlement in Q1, and we weren't exactly sure how that was going to turn out, and that's all behind us.

Speaker #4: Great question. So we are deploying our sales and marketing dollars that has started. We have some more coming later this year. Also, we are currently in a, I think, a place a lot of companies are, where our AI spend is scaling, but we're also now looking at it and trying to cut it back.

Speaker #4: Luckily, we have the best spend management software in the world, so we're doing a great job doing that responsibly. So it's scaling, but also I'm trying to figure out how we can reduce it without impacting operations.

David Barrett: It's scaling, but also I'm trying to figure out how we can reduce it without impacting operations. Also, I just want to point out that we had a class action lawsuit settlement in Q1, and we weren't exactly sure how that was going to turn out, and that's all behind us. That also helps, now that we kind of, that's a known quantity, we can see what the numbers are going to look like a little bit better now that that's behind us.

Speaker #4: And also, I just want to point out that we had a Classic action lawsuit settlement in Q1, and we weren't exactly sure how that was going to turn out, and that's all behind us, so that also helps put a now that we kind of that's a known quantity, that helps put a better we can see what the numbers are going to look like a little bit better now that that's kind of behind us.

David Barrett: That also helps, now that we kind of, that's a known quantity, we can see what the numbers are going to look like a little bit better now that that's behind us.

Speaker #2: Got it. And then the second question I have: so the $10 million in new Expensify new Expensify ARR exclusive of prior Classic customers that switched over is really encouraging.

[Analyst] (Citizens): Got it. The second question I have, the $10 million in New Expensify ARR exclusive of prior Classic customers that switched over is really encouraging. I guess what I'm interested in is less the 250% year-over-year number and any commentary you can give on the sequential growth of what that might have looked like a quarter ago. I think that's the most important thing for investors right now is trying to figure out whether New Expensify is bringing in net new customers and revenue at a rate that it's going to continue to accelerate and become a more meaningful part of the business, right? At a $10 million ARR, it's still less than 10% of the total business from those net new customers on New Expensify.

Aaron Kimson: Got it. The second question I have, the $10 million in New Expensify ARR exclusive of prior Classic customers that switched over is really encouraging. I guess what I'm interested in is less the 250% year-over-year number and any commentary you can give on the sequential growth of what that might have looked like a quarter ago.

Speaker #2: I guess what I'm interested in is, less the $250% year over year number, and any commentary you can give on the sequential growth of what that might have looked like a quarter ago.

Speaker #2: I think that's the most important thing for investors right now—trying to figure out whether new Expensify is bringing in net new customers and revenue at a rate that's going to continue to accelerate and become a more meaningful part of the business, right?

Aaron Kimson: I think that's the most important thing for investors right now is trying to figure out whether New Expensify is bringing in net new customers and revenue at a rate that it's going to continue to accelerate and become a more meaningful part of the business, right? At a $10 million ARR, it's still less than 10% of the total business from those net new customers on New Expensify.

Speaker #2: At a $10 million ARR, it's still less than 10% of the total business from those net new customers on new Expensify.

Speaker #3: Sure. That makes sense. Maybe I'll be curious, Ryan, for your thoughts on this in a second, but I guess I would say I think that is the real kind of story and challenge of the company right now.

David Barrett: Sure. That makes sense. I guess I would say, I think that is the real story and challenge of the company right now. On one hand, if this company were exclusively New Expensify, we would all be high-fiving each other as the hottest startup in the space by far, in that we have a product which is super rad. It's very competitive. It's growing really quick. It's already got almost 12,000 customers or already over $10 million in ARR. This is a great startup. Also we have this classic product which has been around forever, which is producing a tremendous amount of cash, that we've used to fund and build this startup.

Speaker #3: On one hand, if this company were exclusively new Expensify, we would all be high-fiving each other, as like the hottest startup in the space by far.

Speaker #3: And that we have a product which is super rad, it's very competitive, it's growing really quick. It's already got almost like 12,000 customers or already like over $10 million ARR.

Speaker #3: This is a great, great startup. And also, we have this Classic product, which has been around forever, which is producing a tremendous amount of cash.

Speaker #3: That we've used to fund and build this startup. And either of those has actually quite valuable. Like having a super fast-growing expense management startup, combined with a kind of super cash flow positive sort of traditional product, both of those are actually really, really nice to have.

David Barrett: Either of those is actually quite valuable, like having a super fast-growing expense management startup combined with a super cash flow positive traditional product. Both of those are actually really nice to have. When you combine them, it looks like a single company that has nothing going on. It's a very confusing story that we admit. It's a story we've been telling for a long time. We understand why people can be confused. That's why we're trying to break it out a bit here to clarify that no, actually, there's something really rocking and rolling here. Also there's something else that's funding it, which is a really great thing. The question is, how does those balance out? It's a great question. I guess if we had better insight, we would be giving better forecasting.

Speaker #3: But when you combine them, it looks like a single company that has kind of like nothing going on. So it's a very confusing story that we admit.

Speaker #3: That's why we're trying to and it's a story we've been telling for a long time. We understand why people could be confused. That's what we're trying to break it out of it here.

David Barrett: We understand why people can be confused. That's why we're trying to break it out a bit here to clarify that no, actually, there's something really rocking and rolling here. Also there's something else that's funding it, which is a really great thing. The question is, how does those balance out? It's a great question. I guess if we had better insight, we would be giving better forecasting.

Speaker #3: To clarify that, no, actually, there is there's something really rocking and rolling here. And also, there's something else that's funding it, which is a really great thing.

Speaker #3: And so the question is, how does the how does those balance out? And it's a great question, I guess. If we had better insight, we would be giving better forecasting.

Speaker #3: And I would say, right now, our challenge is we've solved the what I would say is the hardest part, and that is build an incredibly successful new differentiated product in this market.

David Barrett: I would say right now our challenge is, we've solved the, what I would say is the hardest part, and that is build an incredibly successful, new, differentiated product in this market. I think that this chart really shows the growth of that product. That's really good. Now what we need to do is we need to complete migrating everyone over to it, and addressing basically any sort of anxieties along the way. Recall that New Expensify is a new product that's pretty differentiated. It's quite different. It's targeted to a much larger market than the one that we were historically targeting.

Speaker #3: And I think that this chart really shows the growth of that product, and it's really good. Now what we need to do is we need to complete migrating everyone over to it, and addressing basically any sort of anxieties along the way.

Speaker #3: Recall that new Expensify is it's a new product. That's pretty differentiated. It's quite different. And it's targeted to a much larger market than the one that we had historically targeting.

Speaker #3: And so there are a lot of conversations with existing customers. We're like, well, how does this really how do these changes how do they work for me?

David Barrett: There are a lot of conversations with existing customers who are like, "Well, how do these changes, how do they work for me?" It reminds me a bit like when I got a Tesla for the first time years ago, and I went in and I was just shocked. It doesn't have a key. You don't start the car, you just drive. You don't even turn on the windshield wipers. It just figures it out. It's just such a different experience. It has no buttons. It's a wildly different experience, and that can be a little jarring. I think that that's some of the experience we're dealing with now is basically saying, how do we get existing customers onto the new platform such that we can address the churn, which is gradually eroding the traditional customer base.

Speaker #3: And it reminds me a bit of when I got a Tesla for the first time, years ago. I went in, and I was just shocked.

Speaker #3: It doesn't have a key. You don't start the car—you just drive. You don't even turn on the windshield wipers; it just figures it out.

David Barrett: It just figures it out. It's just such a different experience. It has no buttons. It's a wildly different experience, and that can be a little jarring. I think that that's some of the experience we're dealing with now is basically saying, how do we get existing customers onto the new platform such that we can address the churn, which is gradually eroding the traditional customer base.

Speaker #3: It's just such a different experience. It has no buttons. It's a wildly different experience, and that can be a little jarring. And I think that that's sort of some of the experience we're dealing with now, is basically it's like, how do we get existing customers onto the new platform such that we can address kind of the churn, which is gradually eroding the traditional customer base?

Speaker #3: And so the question is, well, which is going to happen first? Will new Expensify's growth just get to a scale that it can overcome Classic's churn, and also, what can we do to reduce and reverse Classic's churn by getting it onto getting those customers onto new Expensify and then cross-selling our new products and so forth?

David Barrett: The question is, well, which is going to happen first? Will New Expensify's growth just get to a scale that it can overcome Classic's churn? Also, what can we do to reduce and reverse Classic's churn, by getting those customers onto New Expensify and then cross-selling our new products and so forth. There's two different business strategies playing out in parallel. Which of those is going to win? Which is going to happen first? It's a combination of the both. It's a pretty dynamic system right now, if I had better insight, I would be sharing it. Right now we're just saying there are these really positive trends on both sides, and it's a little unclear which is going to win out. Anyway, that was my take on the answer. I'd be curious for your thoughts, Ryan.

Speaker #3: So there's kind of two different business strategies playing out in parallel. Which of those is going to win? Which is going to happen first?

David Barrett: Which of those is going to win? Which is going to happen first? It's a combination of the both. It's a pretty dynamic system right now, if I had better insight, I would be sharing it. Right now we're just saying there are these really positive trends on both sides, and it's a little unclear which is going to win out. Anyway, that was my take on the answer. I'd be curious for your thoughts, Ryan.

Speaker #3: I mean, it's a combination of both, but it's a pretty dynamic system right now. And so it's going to—if I had better insight, I would be sharing it.

Speaker #3: But right now, we're just saying there are these really positive trends on both sides, and it's a little unclear which is going to win out.

Speaker #3: Anyway, I don't know if that was kind of my take on the answer. I'd be curious for your thoughts, Ryan.

Speaker #4: So Aaron, I believe you asked what's the sequential. I don't have that offhand. I'm just—I'm looking at the graph, and it looks like we were at a little around seven at the end of Q1.

Ryan Schaffer: Aaron, I believe you asked what's the sequential core. I don't have that offhand. I'm looking at the graph. It looks like we were at around 7 end of Q1, so we're just around 12 in end of Q2. It's growing pretty rapidly, which is why we're highlighting this. To maybe just put a little finer point on what David just said, basically, we've broken the customer base out into two cohorts. We have our large Classic cohort, which is slowly decreasing. Of course, it's decreasing because we're not adding new customers to it, right? You cannot join the Classic cohort anymore. Then we have the New Expensify cohort, which is small but growing rapidly.

Speaker #4: So we're just around 12 in end of Q2. So it's growing pretty rapidly, which is why we were highlighting this. The maybe just put a little finer point, what David just said.

Ryan Schaffer: To maybe just put a little finer point on what David just said, basically, we've broken the customer base out into two cohorts. We have our large Classic cohort, which is slowly decreasing. Of course, it's decreasing because we're not adding new customers to it, right? You cannot join the Classic cohort anymore. Then we have the New Expensify cohort, which is small but growing rapidly.

Speaker #4: Basically, we have our large we've broken the customer base out into two cohorts. We have our large Classic cohort, which is slowly decreasing. And of course, it's decreasing because we're not adding new customers to it, right?

Speaker #4: It's you cannot join the Classic cohort anymore. And then we have the new Expensify cohort, which is small but growing rapidly. So if you were to line up two charts, one which is the Classic slowly declining, and on top of it, you overlaid new Expensify rapidly increasing, eventually those two lines intersect, and then we're just in a growth mode again.

Ryan Schaffer: If you were to line up two charts, one which is the Classic slowly declining, and on top of it, you overlaid New Expensify rapidly increasing, eventually those two lines intersect, and then we're just in a growth mode again. We think that that is on its way. We don't know exactly when it's going to happen. We think it's coming soon. We're just sharing the information that we have.

Speaker #4: So we think that that is on its way. We don't know exactly when it's going to happen. We think it's coming soon. And so we're just sharing the information that we have.

Speaker #1: I appreciate that. And I had missed the graphic with the delusion of earnings after the bell. So this really helps. And then I guess the last question I would have is just any color on the percentage of total ARR that comes from new Expensify when you include the migration from Classic today?

[Analyst] (Citizens): Appreciate that. I had missed the graphic with the deluge of earnings after the bell. This really helps. Then I guess the last question I would have is just any color on the percentage of total ARR that comes from New Expensify when you include the migrations from Classic to that. Is it a meaningful part of the business?

Aaron Kimson: Appreciate that. I had missed the graphic with the deluge of earnings after the bell. This really helps. Then I guess the last question I would have is just any color on the percentage of total ARR that comes from New Expensify when you include the migrations from Classic to that. Is it a meaningful part of the business?

Speaker #1: Is it a meaningful part of the business?

Speaker #4: So over I believe it's 56% of users are on new Expensify. So we have crossed more people use new Expensify than Classic now. So that's a pretty major milestone that we hit this quarter.

Ryan Schaffer: Over, I believe it's 56% of users are on New Expensify. We have crossed more people use New Expensify than Expensify Classic now. That's a pretty major milestone that we hit this quarter.

Speaker #3: But also, I would say, virtually all new revenue is coming from new Expensify because you can't buy Classic anymore. It's we only sell new.

David Barrett: Also, I would say virtually all new revenue is coming from New Expensify because you can't buy Expensify Classic anymore. We only sell New. I'd say all incremental revenue is being added via New.

Speaker #3: And so I'd say all new all incremental revenue is being added via new.

Speaker #1: Understood. Thank you, guys.

[Analyst] (Citizens): Understood. Thank you, guys.

Aaron Kimson: Understood. Thank you, guys.

Speaker #2: Daniel, I believe you're on the line. Daniel Jester, I have a couple of Daniels.

Niki Wallroth: Daniel, I believe you're on the line. Daniel Jester. I have a couple of Daniels.

Daniel Jester: Hey. Good. I hope you can hear me. Good evening, everyone. Thanks for taking my questions. Can we just continue the conversation about New Expensify? I think from a client perspective and a user perspective, I think this all is very clear. Is there a different monetization opportunity for New Expensify customers versus Expensify Classic?

Speaker #5: Hey. Good. I hope you can hear me. Good evening, everyone. Thanks for taking my questions. Can we just continue the conversation then about new Expensify?

Speaker #5: And so, I think from a client perspective and a user perspective, this is all very clear. Is there a different monetization opportunity for new Expensify customers versus Classic?

David Barrett: I can do a crack at this and see what Ryan has to say after that. Fundamentally, it's solving the same problem, and it's solving it using the same servers and the same support team and the same sales team and everything. The business model is fundamentally the same. I view it more as just a refinement on executing the fundamental business model. By that I mean, what makes Expensify special is not necessarily that its buttons click faster or whatever it might be, but that it allows customers to close their books faster because we recognize that a huge fraction of the delay in closing the books It's tied up in the human collaboration element.

Speaker #3: I can do crack of this and see what Ryan has to say after that. So, fundamentally, it's solving the same problem, and it's solving it using the same servers and the same support team and the same sales team and everything.

Speaker #3: So the business model is fundamentally the same. I view it more as just a refinement on executing the fundamental business model. And by that, I mean, what makes Expensify special is not necessarily that it's buttons clicked faster or whatever it might be.

David Barrett: By that I mean, what makes Expensify special is not necessarily that its buttons click faster or whatever it might be, but that it allows customers to close their books faster because we recognize that a huge fraction of the delay in closing the books It's tied up in the human collaboration element.

Speaker #3: But that it allows customers to close their books faster, because we recognize that a huge fraction of the delay in closing a book starts with kind of it's tied up in the human collaboration element.

Speaker #3: And so new Expensify is really about trying to help streamline the collaboration elements between humans and also bring in AI agents to do the work that historically humans had to do, the kind of the collaborative chatting elements that the light judgment elements and routing elements that historically humans had to do.

David Barrett: New Expensify is really about trying to help streamline the collaboration elements between humans and also bring in AI agents to do the work that historically humans had to do, the collaborative chatting elements, the light judgment elements, and routing elements that historically humans had to do. It's the same fundamental business model. It's just much, much better at it. For example, Expensify Classic has always grown primarily through word of mouth and individual employees adopting the product before the boss. That just works way better in New Expensify because it's a simpler product to adopt. It's more like WhatsApp than it is like an enterprise tool. You also don't need to use the app. You can just use email. The bulk of the market out there is just using email and Excel.

Speaker #3: And so it's the same fundamental business model. It's just much, much better at it. So for example, Classic has always grown primarily through word of mouth and individual employees adopting the product before the boss.

David Barrett: It's just much, much better at it. For example, Expensify Classic has always grown primarily through word of mouth and individual employees adopting the product before the boss. That just works way better in New Expensify because it's a simpler product to adopt. It's more like WhatsApp than it is like an enterprise tool. You also don't need to use the app. You can just use email. The bulk of the market out there is just using email and Excel.

Speaker #3: That just works way better in new Expensify because it's a simpler product to adopt. It's more like WhatsApp than it is like an enterprise tool.

Speaker #3: And you also don't need to use the app. You can just use email. And so the bulk of the market out there is just using email and Excel and so this is trying to meet people where they currently are by saying it's like, hey, you like using email for your expenses?

David Barrett: This is trying to meet people where they currently are by saying, it's like, Hey, you like using email for your expenses? Cool, keep doing that. Rather than emailing a human, just email our agent, then it's going to work the same for you, now your accountant doesn't have to basically manually enter it into the accounting system. Again, I would say fundamentally the monetization is the same from a business model perspective. The difference, however, is I believe it's going to have a much larger addressable market because it's a fundamentally different experience that appeals to the 99% of the market that just has consistently opted out of a traditional enterprise heavy web-based design. Anyway, that's my crack at an answer. Ryan, here's what you think. I think you're on mute.

Speaker #3: Cool. Keep doing that. But rather than emailing a human, just email or agent. And then it's going to work the same for you but now your accountant doesn't have to basically manually enter it into the accounting system.

Speaker #3: And so again, I would say, fundamentally, the monetization is the same from a business model perspective the difference, however, is I believe it's going to have a much larger addressable market because it's a fundamentally different experience that appeals to the 99% of the market that just has consistently opted out of a traditional kind of like enterprise-heavy kind of like web-based design.

David Barrett: Again, I would say fundamentally the monetization is the same from a business model perspective. The difference, however, is I believe it's going to have a much larger addressable market because it's a fundamentally different experience that appeals to the 99% of the market that just has consistently opted out of a traditional enterprise heavy web-based design. Anyway, that's my crack at an answer. Ryan, here's what you think. I think you're on mute.

Speaker #3: Anyway, that's kind of my crack at that answer. Ryan, I'm curious what you think. And I think you're on mute.

Speaker #4: I'm muted. Okay. All right. We have so we are adding new monetization to the product. We launched a new feature called Consolidated Travel Billing, which is a new way we're monetizing travel.

Ryan Schaffer: I muted. Okay. All right. We are adding new monetization to the product. We launched a new feature called Consolidated Travel Billing, which is a new way we're monetizing travel. That's very new, that's an exciting way to pull some more transactional revenue out of our travel product. We also recently launched a lot of AI features, I think that some sort of usage-based monetization is something we're heavily considering. It's still early days there, I think that's something that we're considering and nothing to announce today. We are looking at new ways to generate revenue and developing new product features also. Bill pay is on the horizon, a lot of opportunities there. I think that we're going to continue to layer more monetization opportunities into the product on top of what we already have.

Speaker #4: That's very new, but that's an exciting way to pull some more transactional revenue out of our travel product. We also recently launched a lot of AI features.

Speaker #4: And I think that some sort of usage-based monetization is something we're heavily considering. It's still early days there, but I think that's something that we're considering and nothing to announce today.

Ryan Schaffer: It's still early days there, I think that's something that we're considering and nothing to announce today. We are looking at new ways to generate revenue and developing new product features also. Bill pay is on the horizon, a lot of opportunities there. I think that we're going to continue to layer more monetization opportunities into the product on top of what we already have.

Speaker #4: But we are looking at new ways to generate revenue. And developing new product features also invoicing is good or sorry, bill pay is on the horizon.

Speaker #4: A lot of opportunities there. So I think that we're going to continue to layer more monetization opportunities into the product. On top of what we already have.

Speaker #5: That is very helpful. Thank you. And maybe speaking of that, can we spend a moment around what you saw in terms of payment volumes and revenue this quarter?

Daniel Jester: That is very helpful. Thank you. Maybe speaking of that, can we spend a moment around what you saw in terms of payment volumes and revenue this quarter? It looked like you saw an improvement in growth compared to Q1. What are you seeing there in this, maybe any updates you're able to share in terms of the penetration of the card into the base and how that's been progressing?

Speaker #5: It looked like you saw an improvement in growth compared to the first quarter. And so what are you seeing there in this maybe any updates you're able to share in terms of the penetration of the card into the base and how that's been progressing?

Speaker #4: So I think the card continues to do really well, which is, I think, encouraging because probably we have two kind of big marketing messages right now.

Ryan Schaffer: I think the card continues to do really well, which is, I think encouraging because we have two big marketing messages right now. One's really centered on AI, another one is really pushing what we call BYOC, bring your own card. This is a marketing message that we have found to be very effective, especially with all the noise. Everyone has a card these days. We have found the message that you can bring your own card and use Expensify. One interesting aspect of Expensify is that we don't require you to use our card. If you look at our neo card competitors, Ramp, Brex, and the like, you have to use their card. That's how they make money. If you switch to them, you have to use their card.

Speaker #4: One's really centered on AI, but another one is really pushing what we call BYOC, bring your own card. This is a marketing message that we have found to be very effective especially with all the noise.

Speaker #4: Everyone has a card these days. We have found the message that you can bring your own card and use Expensify. One interesting aspect of Expensify is that we don't require you to use our card.

Ryan Schaffer: Everyone has a card these days. We have found the message that you can bring your own card and use Expensify. One interesting aspect of Expensify is that we don't require you to use our card. If you look at our neo card competitors, Ramp, Brex, and the like, you have to use their card. That's how they make money. If you switch to them, you have to use their card.

Speaker #4: If you look at our kind of neo card competitors—Ramp, Brex, and the like—you have to use their card. That's how they make money.

Speaker #4: So if you use if you switch to them, you have to use their card. We don't require you to switch. We'd love to give you an Expensify card, but if you want to use your own card, that's great too.

Ryan Schaffer: We don't require you to switch. We'd love to give you an Expensify card, if you want to use your own card, that's great too. There's a lot of people who don't want one of these neo cards. They like their card, they like their Amex, they like their Capital One, whatever they have, they don't want to switch. If you're one of those people, Expensify is not only the best option, it's kind of your only option. That message has been working really well for us, I'm just pointing out that the card is continuing to grow despite the fact that we're pushing all of our marketing efforts towards saying, You can bring your own card. I think that's pretty interesting, I think things are moving in the right direction.

Speaker #4: And there's a lot of people who don't want one of these neo cards. They like their card. They like their Amex. They like their Capital One, whatever they have.

Speaker #4: And they don't want to switch. So if you're one of those people, Expensify is kind of not only is it the best option, it's kind of your only option.

Speaker #4: So that message has been working really well for us. And I'm just pointing out that the card is continuing to grow despite the fact that we're pushing all of our marketing efforts towards saying you don't need you can bring your own card.

Ryan Schaffer: That message has been working really well for us, I'm just pointing out that the card is continuing to grow despite the fact that we're pushing all of our marketing efforts towards saying, You can bring your own card. I think that's pretty interesting, I think things are moving in the right direction.

Speaker #4: So it's I think that's pretty interesting and I think things are moving in the right direction.

Speaker #5: And would you share anything about maybe what sort of compared to the first quarter or how second quarter payment volumes trended any sort of high-level thoughts about what you saw?

Daniel Jester: Would you share anything about maybe what, sort of compared to Q1, how Q2 payment volumes trended? Any sort of high-level thoughts about what you saw?

Ryan Schaffer: A modest increase, right? Quarter-over-quarter. I think we're just consistently adding more volume quarter after quarter, and it just continues to grow.

Speaker #4: I mean, a modest increase, right, quarter over quarter. So I think we're just consistently adding more volume quarter after quarter. And it just continues to grow.

Speaker #5: Okay. And then one last one for me on maybe the pipeline in terms of how you're seeing travel. I know that's a little bit of a different sales cycle and I'd love to kind of hear how the ramping process is going there on the sales front.

Daniel Jester: Okay. Then one last one from me on maybe the pipeline in terms of how you're seeing travel. I know that's a little bit of a different sales cycle, and I'd love to hear how the ramping process is going there on the sales front. Thank you.

Speaker #5: Thank you.

Speaker #4: So the we just launched I mentioned earlier a feature called Consolidated Travel Billing, which is kind of our answer. We think it's pretty unique and exciting in the market.

Ryan Schaffer: We just launched, I mentioned earlier, a feature called Consolidated Travel Billing, which is kind of our answer. We think it's pretty unique and exciting in the market. It's similar to central billing, but it solves all the problems that a central billing card creates. This is kind of the new hotness for travel, and we have a huge list of customers that are basically wait-listed on it, and we have a contest internally, a big push basically to get everyone onto this new feature that we just launched, and it's quite lucrative for us. We are very excited about that. I think travel just continues to be something that brings us large customers, and it gets us in the conversation with these kind of larger enterprises. We're still very excited about travel, and it's one of the pillars of our business.

Speaker #4: It's basically similar to central billing, but it solves all the problems that a central billing card creates. So, this is kind of the new hotness for travel.

Ryan Schaffer: This is kind of the new hotness for travel, and we have a huge list of customers that are basically wait-listed on it, and we have a contest internally, a big push basically to get everyone onto this new feature that we just launched, and it's quite lucrative for us. We are very excited about that. I think travel just continues to be something that brings us large customers, and it gets us in the conversation with these kind of larger enterprises. We're still very excited about travel, and it's one of the pillars of our business.

Speaker #4: And we have a huge list of customers that are basically waitlisted on it. And we are now we have like a contest internally, a big push basically to get everyone onto this new feature that we just launched.

Speaker #4: And it's a quite lucrative for us. So we are very excited about that. And I think travel just continues to be something that brings us large customers.

Speaker #4: And it gets us in the conversation with these kind of larger enterprises, so we're still very excited about travel, and it's one of the pillars of our business.

Speaker #5: All right. Thank you.

Daniel Jester: All right. Thank you.

Speaker #1: All right. That rounds out all our questions.

Niki Wallroth: All right. That rounds out all our questions.

Speaker #3: Great. Well, thank you so much for taking the time to talk with us here. It's been a really, really exciting quarter. And so I can't wait to talk more again in the future.

David Barrett: Great. Well, thank you so much for taking the time of talking with us here. It's been a really, really exciting quarter, and so I can't wait to talk more again in the future. Thank you so much.

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