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 that we've used to fund and build this startup. And either of those is actually quite valuable, like having a super fast growing expense management you know, startup combined with a kind of super cash flow positive sort of traditional products. Both of those are actually really, really nice to have.

Aug 6, 2026 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 11920-12369 | segment 11

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 Classics churn? And also, what can we do to reduce and reverse Classics churn by getting those customers onto new Expensify and then cross-selling our new products and so forth?

Aug 6, 2026 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 13947-14255 | segment 13

So our focus remains consistent. Keep improving New Expensify, reduce adoption friction, expand distribution, and turn the product momentum we're seeing into durable growth.

May 7, 2026 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2026-05-07 | transcript 6f7d279a-8be6-4c40-9a77-129b3b125e7f | chars 6503-6676 | segment 6

The whole strategy behind New Expensify is to shift away from kind of a more traditional expense management solution towards a more modern, collaborative, AI-focused solution. And so we knew this was going to be a huge investment.

May 7, 2026 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2026-05-07 | transcript 6f7d279a-8be6-4c40-9a77-129b3b125e7f | chars 7198-7428 | segment 7

As migration completes, we're turning our attention back to what's always been Expensify's core strengths, product-led growth.

Feb 27, 2026 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2026-02-27 | transcript a4d49e4c-2ec0-4445-a708-f2a8b707e94c | chars 7857-7983 | segment 8

We've added support for buying Expensify in Euro. So previously you could buy it in pounds, US dollar, things like this, but now you can also support the Euro as well. Again, just making it a little bit easier to adopt throughout Europe.

Aug 7, 2025 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2025-08-07 | transcript 29fa7837-86bb-4e79-827d-cb09d4e87608 | chars 8145-8382 | segment 8

Also very exciting, the Expensify card itself is being expanded to work in the UK and EU. That's coming out very soon here, and so we're very, very excited about that.

Aug 7, 2025 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2025-08-07 | transcript 29fa7837-86bb-4e79-827d-cb09d4e87608 | chars 8383-8550 | segment 8

All of our attention right now is focused on, I'd say, two things. One is just migrating customers from classic to new Expensify.

Aug 7, 2025 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2025-08-07 | transcript 29fa7837-86bb-4e79-827d-cb09d4e87608 | chars 12510-12639 | segment 12

It's a very different design. and i think you're going to see a lot of applications going forward are going to look more and more like expensive high because the ui of ai is chat and if anything you can do to infuse chat throughout your system puts your system more in touch with the capabilities of ai and allows your customers to communicate with ai in more contexts so anyway we're going to have a lot more to talk about that in the future is just something that i'm personally very excited by And then I would say in the future, after we've migrated our customers from classic to new, after we've rolled out this AI and infused it throughout the application, then of course there's still the don't forget about the super app design. Right now we're focused on expense card travel, but we haven't given up on our ambitions on invoicing, bill pay, even payroll in the future, things like this.

Aug 7, 2025 / CEO / receipt, needs a key / David Barrett, CEO | earnings call 2025-08-07 | transcript 29fa7837-86bb-4e79-827d-cb09d4e87608 | chars 14344-15239 | segment 14