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.

Aug 6, 2026 / CFO / receipt, needs a key / Ryan Schaffer, CFO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 9161-9443 | segment 8

And then we have the new expensive 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 growth mode again.

Aug 6, 2026 / CFO / receipt, needs a key / Ryan Schaffer, CFO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 15357-15663 | segment 15

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, but that's an exciting way to pull some more transactional revenue out of our travel product.

Aug 6, 2026 / CFO / receipt, needs a key / Ryan Schaffer, CFO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 19114-19377 | segment 19

As you can see from previous years, July tends to run a bit lower as people take vacations and travel less for business.

Aug 6, 2026 / CFO / receipt, needs a key / Ryan Schaffer, CFO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 2989-3109 | segment 2

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.

Aug 6, 2026 / CFO / receipt, needs a key / Ryan Schaffer, CFO | earnings call 2026-08-06 | transcript 5df3b9d7-9ae1-4679-ad65-55b755e41d37 | chars 20592-20801 | segment 20

In conclusion, we are focusing on maintaining strong fundamentals in the business, investing in long-term growth opportunities, migrating customers to new Expensify, and iterating quickly on their feedback.

May 7, 2026 / CFO / receipt, needs a key / Ryan Schaffer, CFO | earnings call 2026-05-07 | transcript 6f7d279a-8be6-4c40-9a77-129b3b125e7f | chars 3214-3420 | segment 3