0001476840-22-000016 | 10-K | XBRL Viewer

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narratives (Details) $ / shares in Units, $ in Millions			12 Months Ended
	Nov. 15, 2021 USD ($) class $ / shares shares	Oct. 27, 2021	Dec. 31, 2021 USD ($) vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Nov. 14, 2021 vote shares
Related Party Transaction
Commitments \| $			$ 0.3
Common stock, par value (per share) \| $ / shares			$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)					10,000,000
Stock split ratio, common stock		0.10
Common Class A
Related Party Transaction
Classes of stock (class) \| class	3
Share conversion ratio	1
Shares converted (in shares)	13,556,800
Convertible preferred stock
Related Party Transaction
Share conversion ratio	10
Shares converted (in shares)	42,031,390
Warrants
Related Party Transaction
Shares converted (in shares)	430,080
Common Class A
Related Party Transaction
Shares converted (in shares)			1
Common stock, shares issued (shares)			67,844,060	29,366,940
Common stock, shares authorized (shares)			1,000,000,000	95,000,000	1,000,000,000
Common Stock, Voting Right Per Share \| vote			1		1
Common Class A \| IPO
Related Party Transaction
Shares issued (shares)	11,190,392
Common stock, par value (per share) \| $ / shares	$ 0.0001
Exercise price (usd per share) \| $ / shares	$ 27.00
Proceeds from the sales of stock \| $	$ 57.5
Payments for underwriting discounts and commission \| $	4.9
Payments of deferred offering costs \| $	$ 8.0
Common Class A \| Public Stock Offering - New Shares
Related Party Transaction
Shares issued (shares)	2,608,696
Common Class A \| Public Stock Offering - Shares From Existing Shareholders
Related Party Transaction
Shares issued (shares)	8,581,696
Common Class A \| Public Stock Offering - Stock Options
Related Party Transaction
Shares issued (shares)	1,459,616
Common Stock, LT10
Related Party Transaction
Common stock, shares issued (shares)	7,332,640		7,332,640	0
Common stock, shares authorized (shares)			25,000,000	0	25,000,000
Common Stock, Voting Right Per Share \| vote			10		10
Common Stock, LT50
Related Party Transaction
Common stock, shares issued (shares)	6,224,160		6,224,160	0
Common stock, shares authorized (shares)			25,000,000	0	25,000,000
Common Stock, Voting Right Per Share \| vote			50		50
Subsidiaries \| Expensify.Org
Related Party Transaction
Payment of donation commitments \| $			$ 3.1	$ 0.1
Subsidiaries \| Expensify.Org
Related Party Transaction
Donation commitment (percent)				10.00%

CAPITALIZED SOFTWARE

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

CAPITALIZED SOFTWARE

Capitalized software development costs consisted of the following (in thousands):


	As of December 31,
	2021		2020
Capitalized software development costs	$	10,966	$	6,170
Less: accumulated amortization	(4,607)		(2,448)
	$	6,359	$	3,722

Amortization expense related to capitalized software development costs for the years ended December 31, 2021, 2020 and 2019 was $2.3 million, $1.0 million and $0.6 million, respectively. Amortization expense related to capitalized software development costs is recorded in Cost of revenue, net on the consolidated statements of income.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (13,558)	$ (1,710)	$ 1,241
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	5,197	3,248	2,845
Reduction of operating lease right-of-use assets	741	1,311	1,192
Loss on impairment, receivables and sale or disposal of equipment	319	162	60
Stock-based compensation	14,574	17,837	1,706
Amortization of debt issuance costs	32	32	32
Deferred tax assets	48	2,437	(2,855)
Deferred tax liabilities	(916)	916	0
Changes in assets and liabilities:
Accounts receivable	(6,006)	(2,170)	(1,955)
Settlement assets	173	2,878	1,599
Prepaid expenses	(6,509)	270	3,628
Other current assets	(4,100)	(1,393)	45
Related party loan receivable	586	0	0
Other assets	124	(248)	(31)
Accounts payable	1,424	(714)	446
Accrued expenses and other liabilities	7,511	1,774	226
Operating lease liabilities	(801)	(1,374)	(1,252)
Settlement liabilities	7,372	(16,548)	5,503
Other liabilities	(725)	877	0
Net cash provided by operating activities	5,486	7,585	12,430
Cash flows from investing activities:
Purchase of property and equipment	(2,706)	(2,488)	(3,235)
Proceeds from sale or disposal of property and equipment	0	2	4
Software development costs	(4,908)	(1,809)	(1,673)
Net cash used by investing activities	(7,614)	(4,295)	(4,904)
Cash flows from financing activities:
Principal payments of finance leases	(774)	(808)	(793)
Principal payments of term loan	(25,191)	(319)	(39)
Proceeds from term loan	45,000	0	0
Principal payments of line of credit	0	(1,000)	0
Proceeds from line of credit	0	9,613	5,500
Repurchases of common stock	0	0	(14)
Vesting of restricted common stock	567	0	0
Proceeds from initial public offering, net of underwriters' discounts and commissions	57,458	0	0
Proceeds from issuance of common stock on exercise of stock options	3,505	1,301	482
Net cash provided by financing activities	80,565	8,787	5,136
Net increase in cash and cash equivalents	78,437	12,077	12,662
Cash and cash equivalents and restricted cash, beginning of period	46,878	34,801	22,139
Cash and cash equivalents and restricted cash, end of period	125,315	46,878	34,801
Supplemental disclosure of cash flow information:
Cash paid for interest	3,082	2,929	2,708
Cash paid for income taxes	6,922	150	216
Noncash investing and financing items:
Commercial building and land acquired with long-term debt (net of issuance costs of $8,226)	0	0	10,644
Right-of-use assets acquired with lease liabilities	0	1,260	1,210
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets
Cash and cash equivalents	98,398	34,401	9,990
Restricted cash included in other current assets	8,651	1,955	421
Restricted cash included in other assets	47	48	246
Restricted cash included in settlement assets	18,219	10,474	24,144
Total cash, cash equivalents and restricted cash	$ 125,315	$ 46,878	$ 34,801

LEASES (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Summary of Lease Cost

The components of lease cost were as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of ROU assets	$	790	$	827	$	820
Interest on lease liabilities	42		39		44
Total finance lease cost	832		866		864
Operating lease cost	821		898		1,462
Short-term lease cost	128		549		358
Total lease cost	$	1,781	$	2,313	$	2,684


	Year ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(880)	$	(961)	$	(1,509)
Operating cash flows from finance leases	(42)		(39)		(44)
Financing cash flows from finance leases	(774)		(808)		(793)
ROU assets obtained in exchange for operating lease liabilities	—		—		894
ROU assets obtained in exchange for finance lease liabilities	—		1,260		316

Summary of Supplemental Balance Sheet Information

Other information related to leases is as follows (in thousands):


	As of December 31,
	2021			2020
Finance lease ROU asset (included within Lease right-of-use assets)	$	1,251		$	2,041
Operating lease ROU asset (included within Lease right-of-use assets)	$	951		$	1,692
Weighted-average remaining lease term (in years):
Finance leases	1.58			2.58
Operating leases	1.40			2.31
Weighted-average discount rate:
Finance leases	2.5		%	2.5		%
Operating leases	5.3		%	5.3		%

Summary of Operating Lease Maturity

Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2022	$	816	$	795
2023	476		333
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total lease payments	1,292		1,128
Less: imputed interest	(26)		(43)
Less: lease liabilities, current	(793)		(756)
Lease liabilities, non-current	$	473	$	329

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2021	$	816	$	880
2022	816		795
2023	476		333
2024	—		—
2025	—		—
Thereafter	—		—
Total lease payments	2,108		2,008
Less: imputed interest	(68)		(123)
Less: lease liabilities, current	(774)		(801)
Lease liabilities, non-current	$	1,266	$	1,084

Summary of Finance Lease Maturity

Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2022	$	816	$	795
2023	476		333
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total lease payments	1,292		1,128
Less: imputed interest	(26)		(43)
Less: lease liabilities, current	(793)		(756)
Lease liabilities, non-current	$	473	$	329

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2021	$	816	$	880
2022	816		795
2023	476		333
2024	—		—
2025	—		—
Thereafter	—		—
Total lease payments	2,108		2,008
Less: imputed interest	(68)		(123)
Less: lease liabilities, current	(774)		(801)
Lease liabilities, non-current	$	1,266	$	1,084

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Total revenue by geographic area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue
Revenue	$ 142,835	$ 88,072	$ 80,460
United States
Disaggregation of Revenue
Revenue	15,183	79,108	72,861
All other locations
Disaggregation of Revenue
Revenue	$ 127,652	$ 8,964	$ 7,599

- 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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Narratives (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narratives (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency
Share-based compensation, permanent reconciling amount		$ 15,300,000
Deferred tax asset, valuation allowance	$ 2,450,000	0
NOL carryforward, federal	0	100,000
NOL carryforward, state	3,100,000	3,700,000
Accrual for uncertain tax positions	200,000	700,000
Unrecognized tax benefits	1,656,000	1,329,000	$ 1,253,000
Internal Revenue Service (IRS)
Income Tax Contingency
Share-based compensation, permanent reconciling amount	15,500,000	2,400,000	$ (8,500,000)
Federal
Income Tax Contingency
Tax credit, research	1,000,000	200,000
State
Income Tax Contingency
Tax credit, research	$ 1,000,000	$ 600,000

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current income tax benefit (expense):
Federal			$ (99)	$ (688)	$ 0
State			(239)	(517)	(56)
Foreign			(356)	(81)	(49)
Current income tax expense			(694)	(1,286)	(105)
Deferred income tax benefit (expense):
Federal			912	(3,161)	2,169
State			(415)	(232)	687
Foreign			371	17	0
Deferred income tax benefit (expense)			868	(3,376)	2,856
Total benefit (provision) for income taxes			$ 174	$ (4,662)	$ 2,751

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business – Expensify, Inc. (Expensify or the Company), 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 a license arrangement and offers unique pricing options for small and midsized businesses (SMB) and enterprises on a per-active-member basis. Expensify's customers are worldwide but primarily in the United States (U.S.). In early 2020, Expensify launched the Expensify credit card (the Expensify Card). Expensify primarily distributes the Expensify Card to large corporate customers in the U.S. that 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 made. Information regarding the subsidiaries of Expensify are as follows: •Expensify established a wholly-owned subsidiary in the United Kingdom (UK), Expensify LTD., in 2015 that primarily serves to promote and market Expensify's services to customers and potential customers of Expensify in the UK. •Expensify established a wholly-owned subsidiary in Australia, Expensify PTY LTD., in 2017 that primarily serves to promote and market Expensify's services to customers and potential customers of Expensify in Australia. •Expensify established a wholly-owned subsidiary, 401 SW 5th Ave LLC, in 2019 with the subsidiary’s primary purpose being to hold title to the commercial building purchased in Portland, Oregon. •Expensify established a wholly-owned subsidiary, Expensify.org, in 2019 which is a nonprofit benefit organization. Expensify.org is included within the consolidated financial statements of Expensify as Expensify has both a majority voting interest in the board of Expensify.org and an economic interest in the organization. In early 2020 with the introduction of the Expensify Card, Expensify committed to donate 10% of its consideration received from a vendor for monetizing Expensify Card activities to Expensify.org in addition to lump sum discretionary contributions. Beginning in January 2021, an additional commitment was made to donate 25 cents for every dollar Expensify paid to white male Expensify employees to Expensify.org to fund social justice and equity efforts. For the years ended December 31, 2021 and 2020, Expensify, Inc. contributed $3.1 million and $0.1 million to Expensify.org, respectively. $0.3 million in commitments from Expensify, Inc. remain open for contribution as of December 31, 2021. An immaterial amount in commitments from Expensify, Inc. remained open for contribution as of December 31, 2020. All intercompany transactions and balances have been eliminated in consolidation. Any contributions from Expensify.org to a charitable organization is recorded as an expense within General and administrative expenses on the consolidated financial statements upon payment. Contributions from Expensify.org to a charitable organization were immaterial during the years ended December 31, 2021, 2020 and 2019, respectively. •Expensify established wholly-owned subsidiaries, Expensify Canada Inc. and Expensify Netherlands B.V., in 2020 that primarily serve to promote and market Expensify's services to customers and potential customers of the Company in Canada and the Netherlands, respectively. •Expensify established a wholly-owned subsidiary, Expensify Payments LLC, in 2020 that primarily serves as the licensed provider of money transmission services for Expensify with its expense management program. •Expensify established a wholly-owned subsidiary, Expensify Lounge LLC, in 2021 that primarily serves to manage, promote and market Expensify's lounge operations in the United States. Initial Public Offering – The Company’s registration statement on Form S-1 (the IPO Registration Statement) related to its initial public offering (IPO) was declared effective on November 9, 2021 and the Company’s Class A common stock began trading on the Nasdaq Global Select Market on November 10, 2021. On November 15, 2021, the Company closed its IPO of 11,190,392 shares of the Company's Class A common stock at $0.0001 par value per share (the Class A common stock), in which the Company sold 2,608,696 shares of Class A common stock, and the selling stockholders sold 8,581,696 shares of Class A common stock at an IPO price of $27.00 per share. This total sale of 11,190,392 shares of Class A common stock in the IPO includes the full exercise of the underwriters’ option to purchase an additional 1,459,616 shares of Class A common stock from certain selling stockholders at an IPO price of $27.00 per share. The Company did not receive any proceeds from the sale of shares of Class A Common Stock in the offering by the selling stockholders. The Company received aggregate net proceeds of approximately $57.5 million after deducting underwriting discounts and commissions of approximately $4.9 million and offering costs of approximately $8.0 million. Immediately prior to the effectiveness of the IPO Registration Statement, the Company filed an Amendment to the Amended and Restated Certificate of Incorporation to create three classes of authorized common stock: Class A, LT10, and LT50 common stock. All shares of common stock then outstanding were reclassified as Class A common stock except for shares under the Company's exchange offer, which provided employees and other service providers the opportunity to exchange, on a one-for-one basis, their Class A common stock into LT10 or LT50 shares. Under this exchange offer, 13,556,800 shares of Class A common stock were exchanged for 7,332,640 shares of LT10 common stock and 6,224,160 shares of LT50 common stock. Upon closing of the IPO, all convertible preferred stock then outstanding, was converted into 42,031,390 shares of common stock on a ten-for-one basis and reclassified into Class A common stock. In addition, 430,080 shares of common stock warrants were converted to an equivalent number of shares of Class A common stock warrants. Immediately prior to the closing of the IPO, the Company filed its Amended and Restated Certificate of Incorporation authorizing a total of 1,000,000,000 shares of Class A common stock which entitles holders to one vote per share; 25,000,000 shares of LT10 common stock, which entitles holders to 10 votes per share; and 25,000,000 shares of LT50 common stock, which entitles holders to 50 votes per share. In addition, the Amended and Restated Certificate of Incorporation authorized a total of 10,000,000 shares of undesignated preferred stock. Basis of Presentation and Principles of Consolidation – The accompanying consolidated financial statements include the accounts of Expensify and its wholly-owned subsidiaries (the Company) and have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP). All intercompany transactions and balances have been eliminated in consolidation. Stock Split – On October 27, 2021, the Company effected a ten-for-one stock split of its common stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented.

FINANCING ARRANGEMENTS - 2021 amended term loan (Details) - USD ($)					1 Months Ended	12 Months Ended
	Oct. 01, 2025	Oct. 01, 2024	Nov. 15, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule of Capitalization, Long-term Debt
Repayments of long term debt					$ 23,500,000	$ 25,191,000	$ 319,000	$ 39,000
Long-term debt, net of issuance costs						$ 52,067,000	$ 30,321,000
Secured Debt
Schedule of Capitalization, Long-term Debt
Total long-term debt, net of issuance costs			$ 2,500,000
2021 Amended Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 75,000,000	75,000,000
Periodic payment				$ 100,000
Effective interest rate (percent)						5.50%
Long-term debt, net of issuance costs						$ 44,900,000
2021 Amended Term Loan \| Secured Debt \| Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (percent)				2.25%
2021 Amended Term Loan \| Secured Debt \| Forecast
Schedule of Capitalization, Long-term Debt
Periodic payment	$ 600,000	$ 200,000
2021 Amended Term Loan \| Line of Credit \| Revolving Credit Facility
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 25,000,000	25,000,000
2021 Amended Term Loan \| Line of Credit \| Revolving Credit Facility \| Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (percent)						1.00%	1.00%
Initial Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 45,000,000	45,000,000
Debt instrument, term				60 months
Delayed Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 30,000,000	$ 30,000,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense	$ 48,416
Cost of revenue, net
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense	13,708
Research and development
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense	8,550
General and administrative
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense	21,174
Sales and marketing
Employee Stock Option Exercise Cash Bonus [Line Items]
Bonus expense	$ 4,984

SIGNIFICANT BALANCE SHEET COMPONENTS - Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Current Assets [Line Items]
Expensify Card posted collateral for funds held for customers	$ 5,115	$ 1,714
Cash in transit for funds held for customers	388	241
Contract assets	8	1,165
Income tax receivable	5,412	0
Other	145	284
Other current assets	14,201	3,404
Expensify Payment LLC \| Affiliated Entity
Other Current Assets [Line Items]
Restricted cash	55	0
Subsidiaries \| Expensify.Org
Other Current Assets [Line Items]
Restricted cash	$ 3,078	$ 0

FINANCING ARRANGEMENTS - Future aggregate annual principal payments on all long-term debt (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Long-term Debt, Fiscal Year Maturity
2022	$ 15,588
2023	595
2024	715
2025	1,397
2026 and thereafter	49,546
Long term debt, gross	67,841
Less: discount for issuance costs	(225)	$ (100)
Long-term debt	67,616
Less: line of credit	(15,000)	(15,000)
Less: current portion, net of issuance costs	(549)	(2,454)
Long-term debt, net of issuance costs	$ 52,067	$ 30,321

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

Immediately prior to the closing of the IPO, the Company filed its Amended and Restated Certificate of Incorporation authorizing a total of 1,000,000,000 shares of Class A common stock which entitles holders to one vote per share; 25,000,000 shares of LT10 common stock, which entitles holders to 10 votes per share; and 25,000,000 shares of LT50 common stock, which entitles holders to 50 votes per share. In addition, the Amended and Restated Certificate of Incorporation authorized a total of 10,000,000 shares of undesignated preferred stock.

Convertible Preferred Stock – Upon closing of the IPO, all convertible preferred stock then outstanding, was converted into 42,031,390 shares of common stock on a ten-for-one basis and reclassified into Class A common stock. As such, there is no convertible preferred stock outstanding as of December 31, 2021. As of December 31, 2020, convertible preferred stock consisted of the following:


(in thousands, except share and per share data)	Shares authorized	Shares issued and outstanding	Original issuance price per share		Liquidation amount		Carrying value
Series A	1,090,868	1,090,868	$	0.9167	$	1,000	$	1,000
Series B	1,401,399	1,401,399	$	2.67903	3,754		22,827
Series B-1	644,541	644,541	$	5.54619	3,575		4,108
Series C	1,066,331	1,066,331	$	15.5677	16,600		17,170
	4,203,139	4,203,139			$	24,929	$	45,105

Prior to the completion of the IPO, the significant features of the Company’s previously outstanding convertible preferred stock was as follows:

Dividend Provisions – The holders of Series A convertible preferred stock (Series A), Series B convertible preferred stock (Series B), Series B-1 convertible preferred stock (Series B-1) and Series C convertible preferred stock (Series C) were entitled to receive, when and if declared by the Board of Directors, noncumulative dividends at a rate of $0.07334, $0.21432, $0.4437 and $1.2454 per share per annum, respectively, adjusted for certain events, such as stock splits and combinations. After payment of such dividends, any additional dividends or distributions would be distributed among the holders of the convertible preferred stock and common stock pro rata based on the number of shares held by each holder. The Company has declared no dividends to date.

Liquidation Preference – In the event of any liquidation, dissolution or winding up of the Company, the holders of convertible preferred stock for Series A, Series B, Series B-1, or Series C then outstanding were entitled to be paid, prior and in preference to any distribution of any of the assets, funds, or proceeds available for distribution, the original issuance price per share equal to $0.9167, $2.67903, $5.54619, or $15.56770, respectively, plus declared but unpaid dividends. If assets were not sufficient to permit such payment, payment would have been made on a pro rata, equal priority, pari passu basis.

As the shares of convertible preferred stock contained liquidation features that were not solely within the Company’s control, these liquidation features resulted in the Series A, Series B, Series B-1 and Series C convertible preferred stock being classified as mezzanine equity rather than as a component of stockholders’ equity (deficit).

Conversion Rights – Upon closing of the IPO, each share of Series A, Series B, Series B-1 and Series C then outstanding automatically converted into ten fully paid and nonassessable shares of Class A common stock as the IPO gross proceeds exceeded $50 million.

Redemption Rights – Except in the case of liquidation, the convertible preferred stock was not redeemable at the option of the holder.

Voting Rights – The holders of each share of convertible preferred stock were entitled to the number of votes equal to the number of shares of common stock into which such shares were convertible.

Warrants – The Company issued warrants during various dates in 2013 and in December 2016 to purchase 430,080 shares of common stock in relation to the previous credit agreement entered into with Silicon Valley Bank.

Although the credit agreement was terminated in 2018, the common stock warrants remained outstanding until exercised or expired. The warrants issued in 2013 and 2016 were exercisable immediately at $0.07 and $0.53 per share, respectively, with expiration dates ten years after issuance. The Company recorded the common stock warrants in Additional paid-in capital at their grant date fair value which approximates the exercise price.

Following the completion of the IPO in November 2021, Silicon Valley Bank net exercised all common stock warrants then outstanding for 428,067 shares of Class A common stock. As such, there are no common stock warrants outstanding as of December 31, 2021. The following table discloses important information regarding common stock warrants issued and outstanding at December 31, 2020:


Date issued	Number of warrant shares	Fair value on issuance date (in thousands)		Exercisable through
September 2013	150,000	$	10	September 2023
October 2013	150,000	10		October 2023
December 2016	130,080	69		December 2026
	430,080	$	89

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent
Statutory rate	21.00%	21.00%	21.00%
State tax	4.70%	20.20%	42.50%
Research and development (R&D) credit	5.10%	2.50%	12.60%
Rate differentials for controlled foreign corporations (CFCs) and charitable organizations that affect valuation allowance	(1.90%)	0.60%	(2.80%)
Permanent items and others	1.00%	3.50%	(11.20%)
Stock-based compensation - federal	16.50%	110.10%	(13.40%)
Change in valuation allowance - federal	(18.10%)	0.00%	133.20%
162(m) limitation	(27.00%)	0.00%	0.00%
Total	1.30%	157.90%	181.90%

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 98,398	$ 34,401
Accounts receivable, net	15,713	10,024
Settlement assets	21,880	14,308
Prepaid expenses	7,436	927
Related party loan receivable, current	14	600
Other current assets	14,201	3,404
Total current assets	157,642	63,664
Capitalized software, net	6,359	3,722
Property and equipment, net	15,930	15,363
Lease right-of-use assets	2,202	3,733
Deferred tax assets, net	370	418
Other assets	710	833
Total assets	183,213	87,733
Liabilities, convertible preferred stock and stockholders' equity (deficit)
Accounts payable	3,752	2,328
Accrued expenses and other liabilities	11,046	3,535
Borrowings under line of credit	15,000	15,000
Current portion of long-term debt, net of issuance costs	549	2,454
Lease liabilities, current	1,549	1,575
Settlement liabilities	21,680	14,308
Total current liabilities	53,576	39,200
Lease liabilities, non-current	802	2,350
Deferred tax liabilities, net	0	916
Other liabilities	153	877
Long-term debt, net of issuance costs	52,067	30,321
Total liabilities	106,598	73,664
Commitments and contingencies (Note 12)
Convertible preferred stock, par value $0.0001; 0 and 4,203,139 shares authorized, issued and outstanding as of December 31, 2021 and 2020, respectively; (aggregate liquidation preference of $0 and $24,929,457 as of December 31, 2021 and 2020, respectively)	0	45,105
Stockholders' equity (deficit):
Common Stock, Value, Issued	6	0
Additional paid-in capital	142,515	21,312
Accumulated deficit	(65,906)	(52,348)
Total stockholders' equity (deficit)	76,615	(31,036)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$ 183,213	$ 87,733

CAPITALIZED SOFTWARE (Tables)

12 Months Ended

Dec. 31, 2021

Research and Development [Abstract]

Schedule of capitalized software development costs

Capitalized software development costs consisted of the following (in thousands):


	As of December 31,
	2021		2020
Capitalized software development costs	$	10,966	$	6,170
Less: accumulated amortization	(4,607)		(2,448)
	$	6,359	$	3,722

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule Of Convertible Preferred Stock

As of December 31, 2020, convertible preferred stock consisted of the following:


(in thousands, except share and per share data)	Shares authorized	Shares issued and outstanding	Original issuance price per share		Liquidation amount		Carrying value
Series A	1,090,868	1,090,868	$	0.9167	$	1,000	$	1,000
Series B	1,401,399	1,401,399	$	2.67903	3,754		22,827
Series B-1	644,541	644,541	$	5.54619	3,575		4,108
Series C	1,066,331	1,066,331	$	15.5677	16,600		17,170
	4,203,139	4,203,139			$	24,929	$	45,105

Schedule of Warrants Issued And Outstanding

The following table discloses important information regarding common stock warrants issued and outstanding at December 31, 2020:


Date issued	Number of warrant shares	Fair value on issuance date (in thousands)		Exercisable through
September 2013	150,000	$	10	September 2023
October 2013	150,000	10		October 2023
December 2016	130,080	69		December 2026
	430,080	$	89

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Preferred stock, par value (per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	0	4,203,139
Preferred stock. shares issued (shares)	0	4,203,139
Preferred stock, shares outstanding (shares)	0	4,203,139
Preferred stock liquidation value (per share)	$ 0	$ 24,929,457
Common stock, par value (per share)	$ 0.0001	$ 0.0001
Common Class A
Common stock, shares authorized (shares)	1,000,000,000	95,000,000
Common stock, shares issued (shares)	67,844,060	29,366,940
Common stock, shares outstanding (shares)	67,844,060	29,366,940
Common Stock, LT10
Common stock, shares authorized (shares)	25,000,000	0
Common stock, shares issued (shares)	7,332,640	0
Common stock, shares outstanding (shares)	7,332,640	0
Common Stock, LT50
Common stock, shares authorized (shares)	25,000,000	0
Common stock, shares issued (shares)	6,224,160	0
Common stock, shares outstanding (shares)	6,224,160	0

FINANCING ARRANGEMENTS - Monthly revolving line of credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Line of Credit Facility
Borrowings under line of credit	$ 15,000,000	$ 15,000,000
Revolving Credit Facility \| 2021 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	$ 0
Revolving Credit Facility \| 2021 Amended Term Loan \| Reference Rate \| Line of Credit
Line of Credit Facility
Variable rate (percent)	1.00%	1.00%
Revolving Credit Facility \| Secured Debt with CIBC \| Line of Credit
Line of Credit Facility
Maximum borrowing capacity		$ 15,000,000
Effective interest rate (percent)	4.25%	4.25%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Mar. 28, 2022	Nov. 30, 2021	Sep. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction
Sales and marketing				$ 27,664	$ 9,888	$ 27,188
Granted (usd per share)				$ 33.79
Restricted stock units
Related Party Transaction
Granted (shares)		5,666,260
Vesting period (years)				8 years
Restricted stock units \| Common Stock, LT50
Related Party Transaction
Granted (shares)		2,833,130		4,323,260
Restricted stock units \| Common Class A
Related Party Transaction
Granted (shares)		2,833,130		4,351,040
Restricted stock units \| Subsequent Event
Related Party Transaction
Granted (shares)	43,060
Granted (usd per share)	$ 18.93
Vesting period (years)	8 years
Restricted stock units \| Subsequent Event \| Common Stock, LT50
Related Party Transaction
Granted (shares)	21,530
Restricted stock units \| Subsequent Event \| Common Class A
Related Party Transaction
Granted (shares)	21,530
Chief Executive Officer \| Affiliated Entity
Related Party Transaction
Due from related party			$ 600
Loans receivable interest rate			6.00%
Loan receivable, term			60 months
Loan amount payable				$ 2,000	$ 2,000
Director \| Affiliated Entity
Related Party Transaction
Sales and marketing				400
Success Coach \| Affiliated Entity
Related Party Transaction
Employee compensation cost				$ 1,800

INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits,
Beginning balance	$ 1,329	$ 1,253
Additions based on tax positions related to current year	336	76
Additions based on tax positions of prior year	(9)	0
Ending balance	$ 1,656	$ 1,329

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Option Plan (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 (shares)	25,204,250
The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)		17,030,280			16,495,150
Additional shares authorized (shares)		535,130
The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized (shares)	8,173,970
The 2019 Option Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)				8,679,380
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)			16,856,770
The 2019 Option Plan \| Common Stock, LT50 \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)				4,339,690
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)			16,856,770
The 2019 Option Plan \| Common Class A \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)				4,339,690

STOCK INCENTIVE PLANS - RSU Rollforward (Details) - $ / shares	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021
Weighted average grant date fair value per share
Beginning balance (usd per share)		$ 0
Granted (usd per share)		33.79
Vested (usd per share)		0
Cancelled/forfeited/expired (usd per share)		41.06
Ending balance (usd per share)		$ 33.75
Restricted stock units
RSU Rollforward
Grant (shares)	5,666,260
Restricted stock units \| Common Class A
RSU Rollforward
Beginning balance (shares)		0
Grant (shares)	2,833,130	4,351,040
Vested (shares)		0
Cancelled/forfeited/expired (shares)		(21,510)
Ending balance (shares)		4,329,530
Restricted stock units \| Common Stock, LT50
RSU Rollforward
Beginning balance (shares)		0
Grant (shares)	2,833,130	4,323,260
Vested (shares)		0
Cancelled/forfeited/expired (shares)		(21,510)
Ending balance (shares)		4,301,750

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 142,835	$ 88,072	$ 80,460
Cost of revenue, net	53,693	32,414	31,985
Gross margin	89,142	55,658	48,475
Operating expenses:
Research and development	10,988	6,728	4,110
General and administrative	60,742	33,372	15,930
Sales and marketing	27,664	9,888	27,188
Total operating expenses	99,394	49,988	47,228
(Loss) income from operations	(10,252)	5,670	1,247
Interest and other expenses, net	(3,480)	(2,718)	(2,757)
(Loss) income before income taxes	(13,732)	2,952	(1,510)
Benefit (provision) for income taxes	174	(4,662)	2,751
Net (loss) income	(13,558)	(1,710)	1,241
Less: income allocated to participating securities	0	0	(1,241)
Net loss attributable to Class A, LT10 and LT50 common stockholders - basic	(13,558)	(1,710)	0
Net loss attributable to Class A, LT10 and LT50 common stockholders - diluted	$ (13,558)	$ (1,710)	$ 0
Net loss per share attributable to Class A, LT10 and LT50 common stockholders:
Basic (loss) earnings per share (in dollars per share)	$ (0.36)	$ (0.06)	$ 0
Diluted (loss) earnings per share (in dollars per share)	$ (0.36)	$ (0.06)	$ 0
Weighted-average shares of common stock used to compute net loss per share attributable to Class A, LT10 and LT50 common stockholders:
Weighted-average number of basic shares outstanding (in shares)	38,039,222	27,424,480	25,921,890
Weighted-average number of diluted shares outstanding (in shares)	38,039,222	27,424,480	25,921,890

STOCK INCENTIVE PLANS - Stock-based Compensation (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 09, 2021	Nov. 30, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense
Stock based compensation expense				$ 14,574	$ 17,837	$ 3,487
Software Development
Share-based Payment Arrangement, Expense
Stock based compensation expense				600
Chief Executive Officer
Share-based Payment Arrangement, Expense
Stock based compensation expense			$ 11,100
Cost of revenue, net
Share-based Payment Arrangement, Expense
Stock based compensation expense				4,115	2,272	846
Research and development
Share-based Payment Arrangement, Expense
Stock based compensation expense				1,617	2,469	741
General and administrative
Share-based Payment Arrangement, Expense
Stock based compensation expense				7,356	12,648	1,496
Sales and marketing
Share-based Payment Arrangement, Expense
Stock based compensation expense				1,486	448	404
Secondary sales of common stock
Share-based Payment Arrangement, Expense
Stock based compensation expense				0	15,255	0
Stock options
Share-based Payment Arrangement, Expense
Stock based compensation expense				$ 3,425	2,582	3,487
Vesting period (years)				4 years
Restricted stock units
Share-based Payment Arrangement, Expense
Stock based compensation expense	$ 2,900			$ 11,149	$ 0	$ 0
Vesting period (years)				8 years
Service period (in years)		1 year		1 year
Restricted stock units \| Member of Audit Committee
Share-based Payment Arrangement, Expense
Stock based compensation expense				$ 100
Service period (in years)				3 years

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In September 2018, the Company loaned $0.6 million to the Company's Chief Executive Officer, David Barrett. The loan bears 6% simple interest per annum for 60 months of interest payments due monthly until the loan principal amount becomes due in full upon maturity in September 2023. During the years ended December 31, 2021, 2020 and 2019, the Company recognized an immaterial amount of interest income. As part of the loan agreement with Mr. Barrett, repayment of the loan may be accelerated upon certain events. One of these triggering events is the loan amount becoming payable immediately upon the receipt by Mr. Barrett of at least an aggregate of $2.0 million pursuant to one or more sales or redemptions of the Company's common stock. During the year ended December 31, 2020, as part of sale of common stock from Mr. Barrett, to new investors, Mr. Barrett received more than $2.0 million from the transaction. As a result, the loan amount became due immediately. As the amount had yet to be paid as of December 31, 2020, the Company recorded the related party loan within Related party loan receivable, current on the consolidated balance sheet as of December 31, 2020. On April 22, 2021, the Company's Board of Directors unanimously consented to provide a waiver of the accelerated term clause in relation to the 2020 sale of stock. On June 24, 2021, the related party loan was repaid in full by Mr. Barrett. During the year ended December 31, 2021, the Company incurred sales and marketing expenses of $0.4 million, related to partner payouts and advertising fees paid to CPA.com. CPA.com is considered a related party to the Company as Timothy L. Christen, the Chairman of the Company's audit committee in addition to being a Director on the Company's Board of Directors, also serves as a Director on CPA.com's Board of Directors. During the year ended December 31, 2021, the Company incurred total employee compensation costs of $1.8 million related to William Barrett, the brother of David Barrett, in connection with employment at the Company as a Success Coach. Mr. Barrett plays no personal role in determining his brother’s compensation or reviewing his brother’s performance. On March 28, 2022, the Company granted an employee 43,060 RSUs, comprised of 21,530 shares of each of Class A common stock and LT50 common stock, at a grant date fair value of $18.93 per share. These RSUs only have a service condition, which is satisfied over approximately eight years with a cliff vest for 1/8 of the grant on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 thereafter until fully vested. There are no other significant related party transactions for the Company as of December 31, 2021 and 2020, except as noted elsewhere in these consolidated financial statements.

FINANCING ARRANGEMENTS - Amortizing term mortgage (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Schedule of Capitalization, Long-term Debt
Long-term debt, net of issuance costs		$ 52,067	$ 30,321
Mortgages
Schedule of Capitalization, Long-term Debt
Loaned amount	$ 8,300
Debt instrument, term	30 years
Interest rate	5.00%
Long-term debt, net of issuance costs		$ 8,000	$ 8,100
Mortgages \| Prime Rate
Schedule of Capitalization, Long-term Debt
Variable rate (percent)	0.25%

LEASES - Summary of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance lease cost:
Amortization of ROU assets	$ 790	$ 827	$ 820
Interest on lease liabilities	42	39	44
Total finance lease cost	832	866	864
Operating lease cost	821	898	1,462
Short-term lease cost	128	549	358
Total lease cost	$ 1,781	$ 2,313	$ 2,684

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

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


	As of December 31,
	2021		2020
Computers and equipment	$	311	$	929
Furniture and fixtures	1,462		1,210
Leasehold improvements	7,106		6,937
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	2,391		304
	21,914		20,024
Less: accumulated depreciation and amortization	(5,984)		(4,661)
	$	15,930	$	15,363

For the years ended December 31, 2021, 2020 and 2019, depreciation and amortization expense related to Property and equipment was $2.1 million, $1.4 million and $1.4 million, respectively. Depreciation and amortization expense related to Property and equipment is recorded in General and administrative on the consolidated statements of income.

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Narratives (Details)		12 Months Ended
	Nov. 15, 2021 USD ($) shares	Dec. 31, 2021 vote $ / shares shares	Nov. 14, 2021 vote shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2016 shares
Class of Stock
Preferred stock, shares authorized (shares)			10,000,000
Public offering trigger for preferred stock conversion \| $	$ 50,000,000
Warrants issued (shares)				430,080	430,080
Warrants and right term		10 years
2013 Warrants
Class of Stock
Warrant exercise price (usd per share) \| $ / shares		$ 0.07
2016 Warrants
Class of Stock
Warrant exercise price (usd per share) \| $ / shares		$ 0.53
Convertible preferred stock
Class of Stock
Shares converted (in shares)	42,031,390
Share conversion ratio	10
Common Stock, LT10
Class of Stock
Common stock, shares authorized (shares)		25,000,000	25,000,000	0
Common Stock, Voting Right Per Share \| vote		10	10
Common Stock, LT50
Class of Stock
Common stock, shares authorized (shares)		25,000,000	25,000,000	0
Common Stock, Voting Right Per Share \| vote		50	50
Series A
Class of Stock
Non-cumulative dividend rate (percent)		7.334%
Original issuance price (usd per share) \| $ / shares		$ 0.9167		$ 0.9167
Shares of common stock each share of preferred stock can be converted to		10
Series B
Class of Stock
Non-cumulative dividend rate (percent)		21.432%
Original issuance price (usd per share) \| $ / shares		$ 2.67903		2.67903
Shares of common stock each share of preferred stock can be converted to		10
Series B-1
Class of Stock
Non-cumulative dividend rate (percent)		44.37%
Original issuance price (usd per share) \| $ / shares		$ 5.54619		5.54619
Shares of common stock each share of preferred stock can be converted to		10
Series C
Class of Stock
Non-cumulative dividend rate (percent)		124.54%
Original issuance price (usd per share) \| $ / shares		$ 15.56770		$ 15.5677
Shares of common stock each share of preferred stock can be converted to		10
Common Class A
Class of Stock
Common stock, shares authorized (shares)		1,000,000,000	1,000,000,000	95,000,000
Common Stock, Voting Right Per Share \| vote		1	1
Shares converted (in shares)		1
Shares issued on warrant conversion (shares)	428,067	0

STOCK INCENTIVE PLANS - 2021 Incentive Plan and ESPP (Details) - shares	Jan. 01, 2022	Dec. 31, 2021	Nov. 30, 2021
ESPP
Share-based Compensation Arrangement by Share-based Payment Award
Employer share match rate (percent)		1.50%
Common Class A \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (shares)			11,676,932
Common Class A \| Maximum \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (shares)			87,576,990
Common Class A \| Subsequent Event \| Maximum \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Annual increase in shares reserved for future issuance (percent)	6.00%

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

The components of the Company’s benefit (provision) for income taxes are as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Current income tax benefit (expense):
Federal	$	(99)	$	(688)	$	—
State	(239)		(517)		(56)
Foreign	(356)		(81)		(49)
	$	(694)	$	(1,286)	$	(105)
Deferred income tax benefit (expense):
Federal	912		(3,161)		2,169
State	(415)		(232)		687
Foreign	371		17		—
	868		(3,376)		2,856
Total benefit (provision) for income taxes	$	174	$	(4,662)	$	2,751

The effective income tax rate differs from the statutory rate in 2021 primarily due to the limitation imposed by Internal Revenue Code Section 162(m), the inclusion of a valuation allowance, and the impact of stock-based compensation, which resulted in a $15.5 million, $2.4 million, and $(8.5) million permanent item, respectively. The effective income tax rate differs from the statutory rate in 2020 primarily due to the impact of stock-based compensation related secondary market transactions, which resulted in a $15.3 million permanent item.


	Year ended December 31,
	2021		2020		2019
Statutory rate	21.0	%	21.0	%	21.0	%
State tax*	4.7	%	20.2	%	42.5	%
Research and development (R&D) credit	5.1	%	2.5	%	12.6	%
Rate differentials for controlled foreign corporations (CFCs) and charitable organizations that affect valuation allowance	(1.9)	%	0.6	%	(2.8)	%
Permanent items and others	1.0	%	3.5	%	(11.2)	%
Stock-based compensation - federal	16.5	%	110.1	%	(13.4)	%
Change in valuation allowance - federal	(18.1)	%	—	%	133.2	%
162(m) limitation	(27.0)	%	—	%	—	%
Total	1.3	%	157.9	%	181.9	%

*State taxes include the impact of stock-based compensation expense related to secondary market transactions in 2020.

The components of the net deferred tax assets are as follows (in thousands):


	As December 31,
	2021		2020
Deferred tax assets (liabilities):
NOL carryforwards	$	415	$	275
Tax credit carryforwards	318		81
Accruals and reserves	169		231
Stock-based compensation	2,364		449
Interest expense limitation	245		—
Lease liabilities	591		984
Charitable contributions	525		—
Property and equipment	271		(650)
Capitalized software development costs	(1,524)		(933)
ROU assets	(554)		(935)
Total	2,820		(498)
Less: valuation allowance	(2,450)		—
Deferred tax assets (liabilities), net	$	370	$	(498)

The Company assessed its ability to realize the benefits of its domestic deferred tax assets (DTA) by evaluating all available positive and negative evidence, objective and subjective in nature, including (1) cumulative results of operations in recent years, (2) sources of recent pre-tax income, (3) estimates of future taxable income and (4) the length of net operating loss (NOL) carryforward periods. The Company determined it is in a three-year cumulative taxable income position as of December 31, 2020. As of December 31, 2021, the Company expects to be in a taxable loss position in the long-term foreseeable future primarily due to estimated increases in stock-based compensation expense as a result of the RSUs granted during 2021.

After an evaluation of all available qualitative and quantitative evidence, both positive and negative in nature, the Company concluded it is more likely than not that taxable losses will be incurred in future periods, which will prevent the Company from fully realizing the benefits of its DTAs prior to expiration. Accordingly, the net deferred tax assets for Expensify, Inc. have been fully offset by a valuation allowance. The remaining net deferred tax assets of the Company as of December 31, 2021 solely relate to the UK. The valuation allowance increased by approximately $2.4 million from 2020 to 2021. No valuation allowance was deemed necessary as of December 31, 2020.

As of December 31, 2021, the Company had NOL carryforwards for federal and state tax purposes of $0 and $3.1 million, respectively. As of December 31, 2020, the Company had NOL carryforwards for federal and state tax purposes of $0.1 million, and $3.7 million, respectively. The NOL carryforwards will expire at various dates beginning in the year 2031 (state), unless previously utilized. As of December 31, 2021, the Company also had federal and state research and development tax credit carryforwards of $1.0 million and $1.0 million, respectively. As of December 31, 2020, the Company also had federal and state research and development tax credit carryforwards of $0.2 million and $0.6 million, respectively. The federal tax credits will expire at various dates beginning in the year 2029, unless previously utilized. The state tax credits do not expire and will carry forward indefinitely until utilized.

Utilization of the NOL and tax credit carryforwards may be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by the Internal Revenue Code, as well as similar state provisions. In general, an “ownership change” as defined by Code Sections 382 and 383, results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the

outstanding stock of a company by certain stockholders or public groups. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on several occasions which, combined with the purchasing stockholders’ subsequent disposition of those shares, have resulted in such an ownership change, and could result in an ownership change in the future upon subsequent disposition.

The Company conducted an analysis of the Company’s stock ownership under Internal Revenue Code Section 382 and 383. The net operating loss carryforwards and tax credits are subject to annual limitations as a result of the ownership changes in 2010 and 2015. However, the net operating loss carryforwards and the tax credits are not expected to expire before utilization.

The Company follows the provisions of ASC Subtopic 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 December 31, 2021 and 2020, the Company recorded an uncertain tax position liability, exclusive of interest and penalties, of $0.2 million and $0.7 million respectively, within Other liabilities on the consolidated balance sheets.

As of December 31, 2021 and 2020, the Company had $1.7 million and $1.3 million of unrecognized tax benefits, respectively. Approximately all of the unrecognized tax benefits, if recognized, would affect the effective tax rate. A reconciliation of the amount of unrecognized tax benefits is as follows for the years ended December 31, 2021 and 2020 (in thousands):


	Year ended December 31,
	2021		2020
Balance as of January 1	$	1,329	$	1,253
Additions based on tax positions related to current year	336		76
Additions based on tax positions of prior year	(9)		—
Balance as of December 31	$	1,656	$	1,329

Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinary course of business. The Company does not anticipate a material change to its unrecognized tax benefits over the next twelve months.

The Company recognizes penalties and interest expense related to income taxes as a component of tax expense. There are immaterial amounts of interest and penalties recorded in the consolidated statements of income for the years ended December 31, 2021, 2020, and 2019 and in the consolidated balance sheets as of December 31, 2021 and 2020. There are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date.

The Company is subject to income taxes in U.S. federal and various state, local and foreign jurisdictions. The tax years ended from December 2012 to December 2020 remain open to examination due to the carryover of unused net operating losses or tax credits.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	46,405,617	53,425,800	51,165,310
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	366,982	413,040	396,270
Weighted-average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	9,419,506	10,981,370	8,737,650
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	36,619,129	42,031,390	42,031,390

LEASES - Lease Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance leases
Year 1	$ 816	$ 816
Year 2	476	816
Year 3	0	476
Year 4	0	0
Year 5	0	0
Thereafter	0	0
Total lease payments	1,292	2,108
Less: imputed interest	(26)	(68)
Less: lease liabilities, current	(793)	(774)
Lease liabilities, non-current	$ 473	$ 1,266
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current	Lease liabilities, current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current	Lease liabilities, non-current
Operating leases
Year 1	$ 795	$ 880
Year 2	333	795
Year 3	0	333
Year 4	0	0
Year 5	0	0
Thereafter	0	0
Total lease payments	1,128	2,008
Less: imputed interest	(43)	(123)
Less: lease liabilities, current	(756)	(801)
Lease liabilities, non-current	$ 329	$ 1,084
Operating Lease, Liability, Current, Statement of Financial Position	Lease liabilities, current	Lease liabilities, current
Operating Lease, Liability, Noncurrent, Statement of Financial Position	Lease liabilities, non-current	Lease liabilities, non-current

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of net loss per share attributable to common stockholders is as follows (in thousands, except share and per share data):


	Year ended December 31,
	2021		2020		2019
Basic net loss per share:
Numerator
Net (loss) income	$	(13,558)	$	(1,710)	$	1,241
Less: income allocated to participating securities	—		—		(1,241)
Net loss attributable to Class A, LT10 and LT50 common stockholders, basic	$	(13,558)	$	(1,710)	$	—
Denominator
Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, basic and diluted	38,039,222		27,424,480		25,921,890
Net loss per share attributable to Class A, LT10 and LT50 common stockholders, basic and diluted	$	(0.36)	$	(0.06)	$	—

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:


	Year ended December 31,
	2021	2020	2019
Warrants	366,982	413,040	396,270
Weighted-average stock options	9,419,506	10,981,370	8,737,650
Convertible preferred stock	36,619,129	42,031,390	42,031,390
Total	46,405,617	53,425,800	51,165,310

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property And Equipment

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


	As of December 31,
	2021		2020
Computers and equipment	$	311	$	929
Furniture and fixtures	1,462		1,210
Leasehold improvements	7,106		6,937
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	2,391		304
	21,914		20,024
Less: accumulated depreciation and amortization	(5,984)		(4,661)
	$	15,930	$	15,363

LEASES - Cashflow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (880)	$ (961)	$ (1,509)
Operating cash flows from finance leases	(42)	(39)	(44)
Financing cash flows from finance leases	(774)	(808)	(793)
ROU assets obtained in exchange for operating lease liabilities	0	0	894
ROU assets obtained in exchange for finance lease liabilities	$ 0	$ 1,260	$ 316

SIGNIFICANT BALANCE SHEET COMPONENTS - Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expense reports	$ 246	$ 73
Partner payouts and advertising fees	574	23
Hosting and license fees	36	134
Credit card processing fees	56	254
Professional and other fees	1,274	1,133
Sales, payroll and other taxes payable	4,936	1,250
Cashback rewards	239	0
Interest payable	783	490
Restricted common stock liability for early stock option exercises	2,443	0
Other	459	178
Accrued expenses and other liabilities	$ 11,046	$ 3,535

FINANCING ARRANGEMENTS - Non-amortizing term loan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	May 31, 2018
Debt Instrument
Long-term debt, net of issuance costs	$ 52,067,000	$ 30,321,000
Medium-term Notes \| Non-amortizing Term Loan
Debt Instrument
Loaned amount			$ 11,000,000
Interest rate	9.50%
Debt instrument, term	60 months
Long-term debt, net of issuance costs		$ 11,000,000

STOCK INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of RSU Rollforward

During the year ended December 31, 2021, RSU activity was as follows:


	Class A Common Stock(1)	LT50 Common Stock(1)	Weighted average grant date fair value per share
Outstanding at December 31, 2020	—	—	$	—
RSUs granted	4,351,040	4,323,260	$	33.79
RSUs vested	—	—	$	—
RSUs cancelled/forfeited/expired	(21,510)	(21,510)	$	41.06
Outstanding at December 31, 2021	4,329,530	4,301,750	$	33.75

(1)Class A common stock and LT50 common stock both became effective on November 9, 2021, which is the date of effectiveness of the Company's IPO Registration Statement.

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, 2019	15,545,850
Options granted	1,638,020	$	2.11
Options exercised	(2,777,010)	$	0.47
Options cancelled/forfeited/expired	(894,040)	$	2.57
Outstanding at December 31, 2020	13,512,820	$	0.78	6.35
Exercisable at December 31, 2020	13,222,800	$	0.78	6.31
Options granted	962,080	$	8.90
Options exercised	(6,965,767)	$	0.94
Options cancelled/forfeited/expired	(315,940)	$	1.61
Outstanding at December 31, 2021	7,193,193	$	1.87	6.45
Exercisable at December 31, 2021	7,001,403	$	1.81	6.31

Schedule of Fair Value Assumptions for Stock Options

The fair value of option grants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Year ended December 31,
	2021			2020			2019
Fair value of common stock per share	$	12.16		$	2.66		$	2.40
Exercise price per share	$	8.90		$	2.11		$	1.02
Expected dividend yield (1)	—		%	—		%	—		%
Risk-free interest rate (2)	1.1		%	0.6		%	2.4		%
Expected volatility (3)	51.5		%	50.5		%	42.5		%
Expected life (in years) (4)	5.98			5.80			6.20

(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 the volatility of its common stock at the date of grant based on the expected weighted-average volatility for a group of publicly traded companies in a similar industry or with similar service offerings, with a term of one year or greater. There have been no grants of stock options after the completion of the IPO.

(4)The expected life of stock options granted under the option plans is determined using the simplified method, which deems the expected life to be the average of the time-to-vesting and the contractual life of the stock-based awards. The expected life represents the period of time that options granted are expected to be outstanding.

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense recognized for the different stock incentive plans discussed above (in thousands):


	Years ended December 31,
	2021		2020		2019
Stock options	$	3,425	$	2,582	$	3,487
Secondary sales of common stock	—		15,255		—
Restricted stock units	11,149		—		—
Total	$	14,574	$	17,837	$	3,487

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 is included in the following components of expenses on the accompanying consolidated statements of income (in thousands):


	Years ended December 31,
	2021		2020		2019
Cost of revenue, net	$	4,115	$	2,272	$	846
Research and development	1,617		2,469		741
General and administrative	7,356		12,648		1,496
Sales and marketing	1,486		448		404
Total	$	14,574	$	17,837	$	3,487

PROPERTY AND EQUIPMENT -Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 2.1	$ 1.4	$ 1.4

INCOME TAXES - Deferred Tax Asset (Liability) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets (liabilities):
NOL carryforwards	$ 415,000	$ 275,000
Tax credit carryforwards	318,000	81,000
Accruals and reserves	169,000	231,000
Stock-based compensation	2,364,000	449,000
Interest expense limitation	245,000	0
Lease liabilities	591,000	984,000
Charitable contributions	525,000	0
Property and equipment	271,000
Property and equipment		(650,000)
Capitalized software development costs	(1,524,000)	(933,000)
ROU assets	(554,000)	(935,000)
Total	2,820,000
Less: valuation allowance	(2,450,000)	0
Deferred tax assets, net	$ 370,000
Deferred tax liabilities, net		$ (498,000)

Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($)	Total	Preferred stock Convertible preferred stock	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance at Dec. 31, 2018		$ 45,105,000
Beginning balance (in shares) at Dec. 31, 2018		4,203,139
Ending balance at Dec. 31, 2019		$ 45,105,000
Ending balance (in shares) at Dec. 31, 2019		4,203,139
Beginning balance at Dec. 31, 2018	$ (51,879,000)		$ 0	$ 0	$ (51,879,000)
Beginning balance (in shares) at Dec. 31, 2018			24,522,320
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options	482,000			482,000
Issuance of common stock upon exercise of stock options (in shares)			2,122,810
Stock-based compensation	1,706,000			1,706,000
Repurchase of common stock	(14,000)			(14,000)
Shares repurchased (shares)			(55,200)
Net loss	1,241,000				1,241,000
Ending balance at Dec. 31, 2019	(48,464,000)		$ 0	2,174,000	(50,638,000)
Ending balance (in shares) at Dec. 31, 2019			26,589,930
Ending balance at Dec. 31, 2020	$ 45,105,000	$ 45,105,000
Ending balance (in shares) at Dec. 31, 2020	4,203,139	4,203,139
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options	$ 1,301,000			1,301,000
Issuance of common stock upon exercise of stock options (in shares)	2,777,010		2,777,010
Stock-based compensation	$ 17,837,000			17,837,000
Net loss	(1,710,000)				(1,710,000)
Ending balance at Dec. 31, 2020	(31,036,000)		$ 0	21,312,000	(52,348,000)
Ending balance (in shares) at Dec. 31, 2020			29,366,940
Increase (Decrease) in Temporary Equity
Conversion of convertible preferred stock to common stock (in shares)		(4,203,139)
Temporary Equity, Stock Issued During Period, Value, Conversion of Convertible Securities		$ (45,105,000)
Ending balance at Dec. 31, 2021	$ 0
Ending balance (in shares) at Dec. 31, 2021	0
Increase (Decrease) in Stockholders' Equity
Conversion of convertible preferred stock to common stock	$ 45,105,000		$ 5,000	45,100,000	0
Conversion of convertible preferred stock to common stock (in shares)			42,031,390
Issuance of common stock upon exercise of warrants (in shares)			428,067
Issuance of common stock upon initial public offering	57,458,000			57,458,000
Issuance of common stock upon initial public offering (in shares)			2,608,696
Issuance of common stock upon exercise of stock options	$ 3,505,000		$ 1,000	3,504,000
Issuance of common stock upon exercise of stock options (in shares)	6,965,767		6,965,767
Vesting of early exercised stock options	$ 567,000			567,000
Stock-based compensation	14,574,000			14,574,000
Net loss	(13,558,000)				(13,558,000)
Ending balance at Dec. 31, 2021	$ 76,615,000		$ 6,000	$ 142,515,000	$ (65,906,000)
Ending balance (in shares) at Dec. 31, 2021			81,400,860

STOCK INCENTIVE PLANS

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

STOCK INCENTIVE PLANS

STOCK INCENTIVE PLANS2009 and 2019 Stock Option Plans – In 2009, the Company’s Board of Directors approved the adoption of a stock plan (the 2009 Stock Plan). As amended in 2015, the 2009 Stock Plan permitted the Company to grant awards covering up to 16,495,150 shares of the Company’s 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, from 16,495,150 shares to 17,030,280. In April 2019, the Company approved the adoption of a new stock plan (the 2019 Stock Plan). The 2019 Stock Plan permits the Company to grant up to 8,173,970 additional shares, increasing the overall common stock reserved for grant to 25,204,250 shares. In September 2021, under the 2019 Stock Plan, the Company's Board of

Directors approved and authorized 8,679,380 restricted stock units to be granted, which consisted of an aggregate of 4,339,690 shares of each of Class A and LT50 common stock effective as of immediately prior to the effectiveness of the Company's IPO Registration Statement on November 9, 2021. On November 9, 2021, the Company increased the common stock reserved for issuance under the 2019 Stock Plan, as amended and restated, to an aggregate of 16,856,770 shares of the Company's LT50 and Class A common stock.

Following the completion of the IPO, the Company did not and will not make any further grants under the 2009 Stock Plan or 2019 Stock Plan. However, these stock plans will continue to govern the terms and conditions of the outstanding awards granted under the 2009 Stock Plan and 2019 Stock Plan. 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 2021 Employee Stock Purchase and Matching Plan (ESPP and together with the 2021 Plan, the 2021 Incentive Plans) that was established immediately before the effectiveness of the IPO Registration Statement.

2021 Incentive Plans – In November 2021, the Company’s 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 the Company's Class A common stock are reserved for issuance pursuant to a variety of stock-based awards, including incentive stock options, nonqualified stock options, stock appreciation rights (SARs), restricted stock awards, RSUs, and other forms of equity and cash compensation under the 2021 Plan and purchase rights and matching awards under the ESPP. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Incentive Plans will be increased by the number of shares represented by awards outstanding under the 2009 Stock Plan and 2019 Stock Plan that become available for issuance following the effective date for certain reasons that include but not limited to expiration, cancellation or repurchase by the Company and will automatically increase each January 1, beginning on January 1, 2022 and continuing through January 1, 2031, by the lesser of (A) 6% of the aggregate number of shares of all classes of the Company's common stock outstanding on the immediately preceding calendar year, 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 stock may be issued upon the exercise of incentive stock options.

ESPP – The offering periods of the ESPP are three months long beginning on each March 15, June 15, September 15 and December 15 of each fiscal quarter, except for the initial offering period. The enrollment date for each offering period shall be the first day of the offering period, and the exercise date of each offering period shall be the last day of the offering period. The initial offering period will begin on March 15, 2022 with the first offering period thereunder ending on June 14, 2022.

The price at which Class A common stock is purchased under the ESPP will be equal to the average of the high and low fair market value of a share of the Company’s Class A common stock as of the last 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 the Company's Class A common stock for each share of Class A common stock purchased by or issued to an employee under the ESPP 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 an employee as well as any matched shares issued to an employee under the ESPP. The match rate applicable to each offering period shall be limited to 1.5% of the shares of any class of Company capital stock outstanding as of the exercise date applicable to such offering period.

The Company will estimate the fair value of matched shares provided by the Company under the ESPP using the Black-Scholes option-pricing model on the date of grant. The Company will recognize stock-based expense related to the matched shares provided by the Company pursuant to its ESPP on a straight-line basis over the offering period, which is typically three months. As of December 31, 2021, no Class A common stock has been issued or purchased by employees under the ESPP.

Restricted Stock Units – The 2019 Stock Plan and the 2021 Plan authorize the grant of RSUs. No RSUs were granted as of December 31, 2020 for either plan. In September 2021, under the 2019 Stock Plan, the Company's Board of Directors approved and authorized 8,679,380 restricted stock units to be granted, which consisted of an aggregate of 4,339,690 shares of each of Class A and LT50 common stock effective as of immediately prior to the effectiveness of the Company's IPO Registration Statement on November 9, 2021. Of this total, 2,980,260 RSUs, comprised of 1,490,130 shares of each of Class A and LT50 common stock were considered granted for accounting purposes in September 2021 to the Company's named executive officers and certain members of management as the Company and these certain employees had a mutual understanding of the key terms and conditions of the award on the board approval date, which occurred on September 24, 2021. RSUs granted to employees 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, which occurred on November 9, 2021. The service condition for these awards is satisfied over eight years with a cliff vest for 1/8 of the grant on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 thereafter until fully vested.

In November 2021, the Company granted 5,666,260 RSUs, comprised of 2,833,130 shares of each of Class A common stock and LT50 common stock, to certain employees that were not included in the September RSU grant. These RSUs only have a service condition, which is equivalent with the service condition of the awards granted in September 2021, and were deemed granted for accounting purposes on November 10, 2021, the date these certain employees had a mutual understanding of the key terms and conditions of the award.

Pursuant to the Company’s Non-Employee Director Compensation Program adopted under the 2021 Incentive Plans upon closing of the IPO, the Company granted 27,780 RSUs in total of shares of Class A common stock to members of the Company's audit committee during November 2021 in connection with each member's initial appointment to the Board of Directors and consummation of the IPO. For accounting purposes, the grant date was considered to be November 12, 2021 as this was the date the Company filed its IPO price pursuant to Rule 424(b)(4). The IPO price was a key determination of the number of RSUs awarded to members of the Audit Committee and therefore on this date the Company and each Audit Committee member had a mutual understanding of the key terms and conditions of the awards granted. The RSUs granted vest upon the earlier of the satisfaction of a service condition or a performance condition, which is considered a change in control event. The service condition for these awards is satisfied over three years with quarterly vesting of the grant until fully vested.

During the year ended December 31, 2021, RSU activity was as follows:


	Class A Common Stock(1)	LT50 Common Stock(1)	Weighted average grant date fair value per share
Outstanding at December 31, 2020	—	—	$	—
RSUs granted	4,351,040	4,323,260	$	33.79
RSUs vested	—	—	$	—
RSUs cancelled/forfeited/expired	(21,510)	(21,510)	$	41.06
Outstanding at December 31, 2021	4,329,530	4,301,750	$	33.75

(1)Class A common stock and LT50 common stock both became effective on November 9, 2021, which is the date of effectiveness of the Company's IPO Registration Statement.

As of December 31, 2021, there was $282.0 million of unamortized stock-based compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted average life of 6.92 years.

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

Under both stock plans, most options typically vest over four years and are exercisable at any time after the grant date. Each employee has the right to exercise unvested stock options for restricted common stock. However, if the employee is terminated either voluntarily or involuntarily prior to all of the exercised options vesting, the Company has the right to repurchase the unvested early exercised shares at the original purchase price. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are recorded as a liability. These repurchase terms are considered to be a forfeiture provision and do not result in variable accounting. During the year ended December 31, 2019, the Company repurchased 55,200 shares of exercised unvested common stock, for $1,794,703, of which $13,919 of the exercise cost of the repurchase was recorded within Additional paid-in capital and the remaining $1,780,784 of the repurchase was recorded as stock-based compensation expense. There were no repurchases of common stock during the years ended December 31, 2021 and 2020.

As of December 31, 2021, there were 1,437,760 shares subject to repurchase related to stock options early exercised and not yet vested, but that are expected to vest. As of December 31, 2021, the Company recorded a liability related to these shares subject to repurchase in the amount of $2.4 million, which is included within Accrued expenses and other liabilities in the accompanying consolidated balance sheets. These amounts are reclassified to common stock and additional paid in capital as the underlying shares vest. There were no early exercised shares subject to repurchase as of December 31, 2020.

During the year ended December 31, 2020, by mutual agreement, the Company modified the terms and conditions of certain stock option awards originally granted in 2019 by cancelling the original awards granted and reissuing new stock option awards on new grant dates during the year ended December 31, 2020 with an increased fair value per share on the awards on the new grant date. As a result of the modification, only the grant date changed. All vesting conditions, number of shares granted in the stock option awards and contractual terms of the stock options remained the same. The Company treated these changes to the stock option awards as modifications of the terms and conditions of an equity award. The modification impacted certain stock option awards of 42 employees of the Company. During the year ended December 31, 2020, the modification had an immaterial impact on stock-based compensation expense and the consolidated financial statements.

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, 2019	15,545,850
Options granted	1,638,020	$	2.11
Options exercised	(2,777,010)	$	0.47
Options cancelled/forfeited/expired	(894,040)	$	2.57
Outstanding at December 31, 2020	13,512,820	$	0.78	6.35
Exercisable at December 31, 2020	13,222,800	$	0.78	6.31
Options granted	962,080	$	8.90
Options exercised	(6,965,767)	$	0.94
Options cancelled/forfeited/expired	(315,940)	$	1.61
Outstanding at December 31, 2021	7,193,193	$	1.87	6.45
Exercisable at December 31, 2021	7,001,403	$	1.81	6.31

The total pretax intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $80.7 million, $11.3 million and $4.7 million, respectively. The total pretax intrinsic value of options outstanding at December 31, 2021, 2020 and 2019 was $302.8 million, $86.8 million and $40.4 million, respectively. The intrinsic value is the difference between the estimated fair value of the Company’s common stock at the date of exercise and the exercise price for in-the-money options. The weighted average grant date fair value of options granted during the years ended December 31, 2021, 2020 and 2019 was $6.87, $1.69 and$1.65, respectively.

As of December 31, 2021, there was $13.2 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.7 years. As of December 31, 2020, there was $10.8 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 3.70 years.

Cash received from option exercises and purchases of shares under the stock plans for the years ended December 31, 2021, 2020 and 2019 was $3.5 million, $1.3 million and $0.5 million, respectively.

The fair value of option grants was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:


	Year ended December 31,
	2021			2020			2019
Fair value of common stock per share	$	12.16		$	2.66		$	2.40
Exercise price per share	$	8.90		$	2.11		$	1.02
Expected dividend yield (1)	—		%	—		%	—		%
Risk-free interest rate (2)	1.1		%	0.6		%	2.4		%
Expected volatility (3)	51.5		%	50.5		%	42.5		%
Expected life (in years) (4)	5.98			5.80			6.20

(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.

Stock-Based Compensation

The following table summarizes the stock-based compensation expense recognized for the different stock incentive plans discussed above (in thousands):


	Years ended December 31,
	2021		2020		2019
Stock options	$	3,425	$	2,582	$	3,487
Secondary sales of common stock	—		15,255		—
Restricted stock units	11,149		—		—
Total	$	14,574	$	17,837	$	3,487


	Years ended December 31,
	2021		2020		2019
Cost of revenue, net	$	4,115	$	2,272	$	846
Research and development	1,617		2,469		741
General and administrative	7,356		12,648		1,496
Sales and marketing	1,486		448		404
Total	$	14,574	$	17,837	$	3,487

During the year ended December 31, 2019, $1.8 million of stock-based compensation expense for the repurchase of unvested early exercised shares during the period was included on the consolidated statements of income; however, as the excess of the repurchase price over the fair value of the shares was determined to be a cash bonus, it was not included within Additional paid-in capital as of and for the year ended December 31, 2019.

During the year ended December 31, 2020, the Company's Chief Executive Officer, David Barrett, sold a portion of his common stock to new investors. Due to the Company’s involvement in the transaction, the sale of common stock was determined to be compensatory, and the Company recorded $11.1 million to stock-based compensation expense for the sale price in excess of fair value.

Stock-based compensation expense capitalized as internally developed software costs was $0.6 million for the year ended December 31, 2021. These amounts were not material for the years ended December 31, 2020 and 2019, respectively.

For RSUs granted in September 2021, the Company recorded a cumulative one-time stock-based compensation expense on the date the performance condition was satisfied for the requisite service period satisfied by the employees prior to that date. Upon the date of the performance condition being satisfied on November 9, 2021, the Company recorded cumulative stock-based compensation expense of approximately $2.9 million related to these RSUs. The Company will recognize all remaining stock-based compensation expense over the vesting period using an accelerated graded method.

For RSUs granted to members of the Audit Committee, the Company records all stock-based compensation expense on a straight line basis over the requisite service period from the day of grant,

which is considered one year for annual grants and three years for initial RSUs granted to members of the Audit Committee. During the year ended December 31, 2021, total stock-based compensation recorded by the Company related to members of the Audit Committee was $0.1 million.

SIGNIFICANT BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

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


	As of December 31,
	2021		2020
Expensify.org restricted cash	$	3,078	$	—
Expensify Card posted collateral for funds held for customers	5,115		1,714
Cash in transit for funds held for customers	388		241
Contract assets	8		1,165
Expensify Payments LLC restricted cash	55		—
Income tax receivable	5,412		—
Other	145		284
	$	14,201	$	3,404

Schedule of Accrued Expenses and Other Liabilities

Accrued Expenses and Other Liabilities – Accrued expenses and other liabilities consisted of the following (in thousands):


	As of December 31,
	2021		2020
Accrued expense reports	$	246	$	73
Partner payouts and advertising fees	574		23
Hosting and license fees	36		134
Credit card processing fees	56		254
Professional and other fees	1,274		1,133
Sales, payroll and other taxes payable	4,936		1,250
Cashback rewards	239		—
Interest payable	783		490
Restricted common stock liability for early stock option exercises	2,443		—
Other	459		178
	$	11,046	$	3,535

LEASES - Summary of Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Finance lease ROU asset (included within Lease right-of-use assets)	$ 1,251	$ 2,041
Operating lease ROU asset (included within Lease right-of-use assets)	$ 951	$ 1,692
Weighted-average remaining lease term (in years):
Finance leases	1 year 6 months 29 days	2 years 6 months 29 days
Operating leases	1 year 4 months 24 days	2 years 3 months 21 days
Weighted-average discount rate:
Finance leases	2.50%	2.50%
Operating leases	5.30%	5.30%
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets	Lease right-of-use assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Lease right-of-use assets	Lease right-of-use assets	Lease right-of-use assets

EMPLOYEE BENEFIT PLANS	12 Months Ended
EMPLOYEE BENEFIT PLANS	Dec. 31, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS 401(k) Plan – In fiscal 2009, the Company sponsored a U.S. 401(k) defined contribution plan covering eligible employees who elect to participate. The Company is allowed 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 4.5% of each eligible participant’s 401(k) contribution. The Company’s actual contribution may be reduced by certain available forfeitures, if any, during the plan year. No discretionary profit-sharing contributions were made for the years ended December 31, 2021, 2020 and 2019. The Company’s 401(k) matching contributions for the years ended December 31, 2021, 2020 and 2019 were $0.7 million, respectively. The Company has no intention to terminate the plan. UK Pension Plan – Since inception, in accordance with local laws and customs of the UK, the Company sponsored a UK pension plan covering eligible employees who elect to participate. The Company is allowed to make discretionary profit sharing and matching contributions as defined in the plan and as approved by the Board of Directors. The Company matches up to 4.5% of each eligible participant’s contribution. The Company’s actual contribution may be reduced by certain available forfeitures, if any, during the plan year. No discretionary profit-sharing contributions were made for the years ended December 31, 2021, 2020 and 2019. The discretionary matching contributions for the years ended December 31, 2021, 2020 and 2019 were $0.1 million, respectively. The Company has no intention to terminate the plan.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

CAPITALIZED SOFTWARE - Capitalized Software Development Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Capitalized Computer Software, Net
Capitalized software development costs	$ 10,966	$ 6,170
Less: accumulated amortization	(4,607)	(2,448)
Capitalized software, net	$ 6,359	$ 3,722

EMPLOYEE BENEFIT PLANS (Details) - USD ($)		12 Months Ended
EMPLOYEE BENEFIT PLANS (Details) - USD ($)	Jan. 01, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States
Defined Contribution Plan
Employer discretionary matching		$ 0	$ 0	$ 0
Employer contributions		700,000	700,000	700,000
United States \| Maximum
Defined Contribution Plan
Employer contribution percentage (percent)	4.50%
U.K
Defined Contribution Plan
Employer discretionary matching		0	0	0
Employer contributions		$ 100,000	$ 100,000	$ 100,000
U.K \| Maximum
Defined Contribution Plan
Employer contribution percentage (percent)		4.50%

LEASES

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

LEASES

The Company has operating leases for corporate offices and finance leases primarily for data center equipment. The operating and finance leases have remaining lease terms of one to two years. The operating and finance leases contain options to extend or terminate the lease. However, these were not included in the lease terms of the operating leases as the Company is not reasonably certain to exercise those options. The Company included options to extend the lease terms of the finance leases as the Company is reasonably certain to exercise those options.

During 2019, the Company entered into additional finance lease agreements to finance the acquisition of property and equipment (primarily data center equipment) valued at $315,792. These agreements expire at various dates during 2022. The related assets secure these leases. During 2019, the Company also entered into a two-year operating lease agreement for office space in the U.K. and recorded an operating lease right-of-use asset of $893,936.

In August 2020, the Company entered into a new finance lease agreement that combined several of the remaining data center equipment leases into one consolidated agreement with the same lessor. The new agreement updated the expiration date of the lease payments to July 31, 2023. All other terms and conditions of the finance lease agreements remained the same. During the year ended December 31, 2021, the Company did not enter into any additional finance lease agreements to finance the acquisition of new property and equipment. There were no new operating lease agreements entered into during the years ended December 31, 2021 and 2020.

The components of lease cost were as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of ROU assets	$	790	$	827	$	820
Interest on lease liabilities	42		39		44
Total finance lease cost	832		866		864
Operating lease cost	821		898		1,462
Short-term lease cost	128		549		358
Total lease cost	$	1,781	$	2,313	$	2,684

Other information related to leases is as follows (in thousands):


	As of December 31,
	2021			2020
Finance lease ROU asset (included within Lease right-of-use assets)	$	1,251		$	2,041
Operating lease ROU asset (included within Lease right-of-use assets)	$	951		$	1,692
Weighted-average remaining lease term (in years):
Finance leases	1.58			2.58
Operating leases	1.40			2.31
Weighted-average discount rate:
Finance leases	2.5		%	2.5		%
Operating leases	5.3		%	5.3		%


	Year ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(880)	$	(961)	$	(1,509)
Operating cash flows from finance leases	(42)		(39)		(44)
Financing cash flows from finance leases	(774)		(808)		(793)
ROU assets obtained in exchange for operating lease liabilities	—		—		894
ROU assets obtained in exchange for finance lease liabilities	—		1,260		316

To calculate the ROU assets and liabilities, the Company uses the discount rate implicit in lease agreements when available. When the implicit discount rates are not readily determinable, the Company uses the incremental borrowing rate. The Company determines the incremental borrowing rate using interest rates from the Company's secured borrowings after taking into consideration the nature of the debt, such as borrowings collateralized by the exact building in the lease, and payment structure, including frequency and number of payments in the agreement.

Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2022	$	816	$	795
2023	476		333
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total lease payments	1,292		1,128
Less: imputed interest	(26)		(43)
Less: lease liabilities, current	(793)		(756)
Lease liabilities, non-current	$	473	$	329

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2021	$	816	$	880
2022	816		795
2023	476		333
2024	—		—
2025	—		—
Thereafter	—		—
Total lease payments	2,108		2,008
Less: imputed interest	(68)		(123)
Less: lease liabilities, current	(774)		(801)
Lease liabilities, non-current	$	1,266	$	1,084

LEASES

The components of lease cost were as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Finance lease cost:
Amortization of ROU assets	$	790	$	827	$	820
Interest on lease liabilities	42		39		44
Total finance lease cost	832		866		864
Operating lease cost	821		898		1,462
Short-term lease cost	128		549		358
Total lease cost	$	1,781	$	2,313	$	2,684

Other information related to leases is as follows (in thousands):


	As of December 31,
	2021			2020
Finance lease ROU asset (included within Lease right-of-use assets)	$	1,251		$	2,041
Operating lease ROU asset (included within Lease right-of-use assets)	$	951		$	1,692
Weighted-average remaining lease term (in years):
Finance leases	1.58			2.58
Operating leases	1.40			2.31
Weighted-average discount rate:
Finance leases	2.5		%	2.5		%
Operating leases	5.3		%	5.3		%


	Year ended December 31,
	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(880)	$	(961)	$	(1,509)
Operating cash flows from finance leases	(42)		(39)		(44)
Financing cash flows from finance leases	(774)		(808)		(793)
ROU assets obtained in exchange for operating lease liabilities	—		—		894
ROU assets obtained in exchange for finance lease liabilities	—		1,260		316

Maturities of lease liabilities as of December 31, 2021 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2022	$	816	$	795
2023	476		333
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total lease payments	1,292		1,128
Less: imputed interest	(26)		(43)
Less: lease liabilities, current	(793)		(756)
Lease liabilities, non-current	$	473	$	329

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
2021	$	816	$	880
2022	816		795
2023	476		333
2024	—		—
2025	—		—
Thereafter	—		—
Total lease payments	2,108		2,008
Less: imputed interest	(68)		(123)
Less: lease liabilities, current	(774)		(801)
Lease liabilities, non-current	$	1,266	$	1,084

NET LOSS PER SHARE - Narrative (Details)	12 Months Ended
NET LOSS PER SHARE - Narrative (Details)	Dec. 31, 2021 vote shares	Nov. 14, 2021 vote
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Voting Right Per Share	1	1
Shares converted (in shares) \| shares	1
Common Stock, LT10
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Voting Right Per Share	10	10
Conversion of stock, notice period	10 months
Common Stock, LT50
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Voting Right Per Share	50	50
Conversion of stock, notice period	48 months

STOCK INCENTIVE PLANS - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology
Share price (usd per share)	$ 12.16	$ 2.66	$ 2.40
Exercise price (usd per share)	$ 8.90	$ 2.11	$ 1.02
Expected volatility yield (percent)	0.00%	0.00%	0.00%
Risk free interest rate (percent)	1.10%	0.60%	2.40%
Expected volatility (percent)	51.50%	50.50%	42.50%
Expected life (years)	5 years 11 months 23 days	5 years 9 months 18 days	6 years 2 months 12 days

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Class of Stock
Preferred stock, shares authorized (shares)	0	4,203,139
Preferred stock. shares issued (shares)	0	4,203,139
Preferred stock, shares outstanding (shares)	0	4,203,139
Liquidation amount		$ 24,929
Carrying value	$ 0	$ 45,105
Series A
Class of Stock
Preferred stock, shares authorized (shares)		1,090,868
Preferred stock. shares issued (shares)		1,090,868
Preferred stock, shares outstanding (shares)		1,090,868
Original issuance price (usd per share)	$ 0.9167	$ 0.9167
Liquidation amount		$ 1,000
Carrying value		$ 1,000
Series B
Class of Stock
Preferred stock, shares authorized (shares)		1,401,399
Preferred stock. shares issued (shares)		1,401,399
Preferred stock, shares outstanding (shares)		1,401,399
Original issuance price (usd per share)	2.67903	$ 2.67903
Liquidation amount		$ 3,754
Carrying value		$ 22,827
Series B-1
Class of Stock
Preferred stock, shares authorized (shares)		644,541
Preferred stock. shares issued (shares)		644,541
Preferred stock, shares outstanding (shares)		644,541
Original issuance price (usd per share)	5.54619	$ 5.54619
Liquidation amount		$ 3,575
Carrying value		$ 4,108
Series C
Class of Stock
Preferred stock, shares authorized (shares)		1,066,331
Preferred stock. shares issued (shares)		1,066,331
Preferred stock, shares outstanding (shares)		1,066,331
Original issuance price (usd per share)	$ 15.56770	$ 15.5677
Liquidation amount		$ 16,600
Carrying value		$ 17,170

PROPERTY AND EQUIPMENT - Schedule of Property And Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment, Net
Property and equipment, gross	$ 21,914	$ 20,024
Less: accumulated depreciation and amortization	(5,984)	(4,661)
Property and equipment, net	15,930	15,363
Computers and equipment
Property, Plant and Equipment, Net
Property and equipment, gross	311	929
Furniture and fixtures
Property, Plant and Equipment, Net
Property and equipment, gross	1,462	1,210
Leasehold improvements
Property, Plant and Equipment, Net
Property and equipment, gross	7,106	6,937
Commercial building
Property, Plant and Equipment, Net
Property and equipment, gross	6,493	6,493
Land
Property, Plant and Equipment, Net
Property and equipment, gross	4,151	4,151
Construction in progress
Property, Plant and Equipment, Net
Property and equipment, gross	$ 2,391	$ 304

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Employee stock option exercise cash bonus

Employee stock option exercise cash bonus is included in the following components of expenses on the accompanying consolidated statements of income (in thousands):


	Year ended December 31,
	2021
Cost of revenue, net	$	13,708
Research and development	8,550
General and administrative	21,174
Sales and marketing	4,984
Total	$	48,416

Revenue from geographic areas

The table below provides the Company’s total revenue by geographic area (in thousands). No other individual country outside of the United States accounted for more than 10% of total revenue.


	Year ended December 31,
	2021		2020		2019
Revenue by Customers' Geographic Locations
United States	$	127,652	$	79,108	$	72,861
All other locations	15,183		8,964		7,599
Total revenue	$	142,835	$	88,072	$	80,460

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation – The Company is involved from time to time in claims, proceedings and litigation, including the following: On May 29, 2020, Sapphire Crossing LLC sued the Company on an expired patent. Following the Company's attempts to dismiss the case informally, Sapphire Crossing amended its complaint, dropping certain allegations and adding allegations of direct divided infringement. As of December 31, 2020, the extent of a potential liability was unknown and could not be reasonably estimated. On June 8, 2021, the case was settled and no payment was required of the Company upon settlement. 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 these provisions at least annually and adjusts these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case.

FINANCING ARRANGEMENTS

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

FINANCING ARRANGEMENTS

Amortizing Term Mortgage – Under the amortizing term mortgage agreement with CIBC for the Company's commercial building in Portland, Oregon, the Company borrowed $8.3 million in August 2019, which requires interest and principal payments be made each month over a 30-year period. Interest accrues at a fixed rate of 5% per year until August 2024, at which point the interest rate changes to the Wall Street Journal Prime Rate minus 0.25% for the remaining term of the mortgage. The borrowings are secured by the building. As of December 31, 2021 and December 31, 2020, the outstanding balance of the amortizing term mortgage was $8.0 million and $8.1 million, respectively.

2021 Amended Term Loan - In September 2021, the Company amended and restated its loan and security agreement with CIBC (the 2021 amended term loan) to refinance the existing non-amortizing and amortizing term loans, establish a single term loan of up to $75.0 million, consisting of a $45.0 million initial term loan effective immediately with an option at a later date to enter into an additional $30.0 million delayed term loan, and increase the monthly revolving line of credit to $25.0 million. Approximately $23.5 million of the loan proceeds were used to immediately repay the remaining balances under the amortizing and non-amortizing term loans at the time of the amendment and restatement in September 2021 as well as the commitment fees and any other debt issuance costs associated with the amended agreement. The remaining proceeds from the initial term loan went towards the Company's normal business operations.

Under the 2021 amended term loan with CIBC, the initial term loan of $45.0 million entered into by the Company in September 2021 is payable over a 60 month period with principal and accrued interest payments due each quarter thereafter, which commences with the first payment due on September 30, 2021. Quarterly principal payments are fixed and will begin with quarterly payments of $0.1 million commencing on September 30, 2021 with increases to $0.2 million beginning October 1, 2024 and $0.6 million beginning October 1, 2025 with any remaining principal balance becoming due and payable at the end of the term loan in September 2026. The amounts borrowed are payable with interest at the bank’s reference rate plus 2.25% (5.5% as of December 31, 2021) beginning on September 30, 2021 and continuing on a quarterly basis through the end of the term loan. The borrowings are secured by substantially all the Company’s assets. As of December 31, 2021, the outstanding balance of the 2021 amended term loan was $44.9 million.

Upon completion of the IPO in November 2021, the Company became obligated to pay a $2.5 million success fee as part of the Company's 2021 amended term loan entered into with CIBC during September 2021. This amount was paid to CIBC in November 2021.

Monthly Revolving Line of Credit – The line of credit agreement with CIBC, as amended with the 2021 amended term loan entered into by the Company in September 2021, provides borrowings up to $25.0 million. As of December 31, 2020, the line of credit agreement with CIBC provided borrowings up to $15,000,000. Borrowings under the line bear interest at the bank’s reference rate plus 1.00% (4.25% as of December 31, 2021 and 2020) and are secured by substantially all of the Company’s assets. As of December 31, 2021 and 2020, the Company had drawn $15.0 million under the line of credit. As of December 31, 2021, the Company had $10.0 million of capacity available for borrowings under the line of credit. As of December 31, 2020, the Company had no capacity available for borrowings under the line of credit agreement.

Non-Amortizing Term Loan – Under the non-amortizing term loan agreement with CIBC, the Company borrowed $11.0 million in May 2018, and such agreement was amended in November 2018. The term loan is an interest-only loan (fixed at 9.5% per year) for 60 months that becomes due and payable at the end of the note term in November 2023. The borrowings are secured by substantially all the Company’s assets. As of December 31, 2021, the non-amortizing term loan agreement with CIBC was fully paid off with the 2021 amended term loan entered into by the Company in September 2021. As of December 31, 2020, the outstanding balance of the non-amortizing term loan was $11.0 million.

Amortizing Term Loan – Under the amortizing term loan agreement with CIBC, the Company borrowed $14.0 million in November 2018, which requires interest-only payments on the outstanding borrowings through November 1, 2020. Beginning in November 2020, the amount outstanding at such time becomes payable over a 36-month period with principal and accrued interest payments due each month thereafter. The amounts borrowed are payable with interest at the bank’s reference rate plus 2.25% (5.5% at December 31, 2020) beginning in November 2020 through 2023. The borrowings are secured by substantially all the Company’s assets. As of December 31, 2021, the amortizing term loan agreement with CIBC was fully paid off with the 2021 amended term loan entered into by the Company in September 2021. As of December 31, 2020, the outstanding balance of the amortizing term loan was $13.8 million.

During the years ended December 31, 2021 and 2020, respectively, the Company incurred an immaterial amount of costs related to the amortizing term mortgage and term loan agreements. These debt issuance costs are reflected as a reduction of the carrying amount of the long-term debt and are being amortized to interest expense over the term of the agreements. As of December 31, 2021 and 2020, the unamortized debt issuance costs remaining are $0.2 million and $0.1 million, respectively.

Future aggregate annual principal payments on all long-term debt are as follows for the next five years:


Year ending December 31,	(in thousands)
2022	$	15,588
2023	595
2024	715
2025	1,397
2026 and thereafter	49,546
	$	67,841
Less: discount for issuance costs	(225)
	$	67,616
Less: line of credit	(15,000)
Less: current portion, net of issuance costs	(549)
Total long-term debt, net of issuance costs	$	52,067

The Company is subject to customary covenants under its revolving line of credit agreement, non-amortizing term loan agreement, amortizing term loan agreement, and 2021 amended term loan agreement, which unless waived by CIBC, restrict its and its subsidiaries' ability to, among other things, incur additional indebtedness, create or incur liens, permit a change of control or merge or consolidate with other companies, sell or transfer assets, pay dividends or make distributions, make acquisitions, investments or loans, or payments and prepayments of subordinated indebtedness, subject to certain exceptions. If the Company fails to perform its obligations under these and other covenants, CIBC’s credit commitments could be terminated and any outstanding borrowings, together with accrued interest, under the credit or loan agreements could be declared immediately due and payable.

As of December 31, 2021, the Company was not in compliance with all debt covenants, specifically the covenant restricting investments in certain subsidiaries over a threshold of free cash flow (as defined by the 2021 amended term loan), but obtained a waiver from CIBC. The Company believes that non-compliance with this covenant. The Company does not believe non-compliance with this covenant had any impact on the Company or its operations.The Company expects to be in compliance with all debt covenants by the end of the fiscal quarter ended March 31, 2022. As of December 31, 2020, the Company was in compliance with all debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SIGNIFICANT BALANCE SHEET COMPONENTS

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


	As of December 31,
	2021		2020
Expensify.org restricted cash	$	3,078	$	—
Expensify Card posted collateral for funds held for customers	5,115		1,714
Cash in transit for funds held for customers	388		241
Contract assets	8		1,165
Expensify Payments LLC restricted cash	55		—
Income tax receivable	5,412		—
Other	145		284
	$	14,201	$	3,404

Accrued Expenses and Other Liabilities – Accrued expenses and other liabilities consisted of the following (in thousands):


	As of December 31,
	2021		2020
Accrued expense reports	$	246	$	73
Partner payouts and advertising fees	574		23
Hosting and license fees	36		134
Credit card processing fees	56		254
Professional and other fees	1,274		1,133
Sales, payroll and other taxes payable	4,936		1,250
Cashback rewards	239		—
Interest payable	783		490
Restricted common stock liability for early stock option exercises	2,443		—
Other	459		178
	$	11,046	$	3,535

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	Dec. 31, 2019 USD ($)
Statement of Cash Flows [Abstract]
Total long-term debt, net of issuance costs	$ 8,226

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation – The accompanying consolidated financial statements include the accounts of Expensify and its wholly-owned subsidiaries (the Company) and have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP). All intercompany transactions and balances have been eliminated in consolidation.
Risks and Uncertainties	Risks and Uncertainties – The Company evaluates its operations periodically to determine if any risks and uncertainties exist that could impact its operations in the near term. During December 2019, the novel coronavirus (COVID-19) emerged and subsequently spread worldwide. The World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in federal, state and local governments and private entities implementing various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. The Company has been actively monitoring COVID-19 and its impact globally. Management believes the remote working arrangements and travel restrictions imposed by various governmental jurisdictions as a result of COVID-19 had limited impact on the Company's ability to maintain internal operations during the years ended December 31, 2021 and 2020, respectively. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition will depend on future developments that are highly uncertain, including the result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat it. The Company's estimates may be subject to change as new events occur and additional information emerges, and such changes will be recognized or disclosed in the consolidated financial statements as they become known. While the full lasting impact of the COVID-19 pandemic on the global economy and our customers remains uncertain, the Company believes that use of the platform will continue to rebound and increase as economies fully reopen and business travel resumes to pre-pandemic levels. The Company does not believe that there are any significant risks as a result of the COVID-19 pandemic that have not already been disclosed in the consolidated financial statements.
Use of Estimates	Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the 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 may differ under different assumptions or conditions. 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. Significant estimates and assumptions by management affect the Company’s revenues, fair value of common stock, classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, incremental borrowing rates for finance and operating lease right-of-use assets and finance and operating lease liabilities, and stock-based compensation.
Foreign Currency	Foreign Currency – The Company uses the U.S. dollar as its functional currency. Foreign currency assets and liabilities are remeasured into the U.S. dollar at the end-of-period exchange rates except for prepaid expenses, property and equipment and related depreciation and amortization, and lease right-of-use assets and related amortization, which are remeasured at the historical exchange rates. Revenues and expenses are remeasured at average exchange rates in effect during each period. Gains or losses from foreign currency transactions are included in the consolidated statements of income.
Cash and Cash Equivalents	Cash and Cash Equivalents – Cash consists of funds deposited with banks. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The recorded carrying amount of cash equivalents, which is cost plus accrued interest, if any, approximates fair value. As of December 31, 2021 and 2020, the Company had no cash equivalents.
Restricted Cash	Restricted Cash – Restricted cash amounts included within Other assets on the consolidated balance sheets as of December 31, 2021 and 2020 relate to cash deposited with a Commercial Bank required as collateral for corporate credit cards issued by the respective Commercial Bank in the U.S. and UK as well as bank-to-bank transfers in the UK. These restricted cash amounts are considered immaterial. The Company also has an immaterial amount of cash required to be held within a trust account for monthly management and maintenance operating fees for the 401 SW 5th Ave commercial building owned by the Company and an immaterial amount of restricted cash to be held as a general short-term reserve with a Commercial Bank for Expensify Payments LLC. These restricted cash amounts are included within Other current assets on the consolidated balance sheets. In addition, cash in transit for funds held for customers to the Company's Payment Processor and Expensify Card collateral for funds held for customers represent restricted cash maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. The Company restricts the use of the assets underlying the funds held for customers to meet regulatory requirements and classifies the assets as current based on their purpose and availability to fulfill the Company’s direct obligation under funds due to customers. These restricted cash amounts are included within Other current assets on the consolidated balance sheets. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2021 and 2020. The Company also includes restricted cash amounts within Other current assets on the consolidated balance sheets for cash held by Expensify.org. This cash is restricted for use towards social justice and equity efforts of Expensify.org and is classified as current based on the immediate availability of the cash towards fulfilling these efforts. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2021 and 2020. Restricted cash also includes amounts included within Settlement assets for funds held for customers that are deposited into a Commercial Bank account held by the Company for the benefit of the customers until remitted to the customer's members. Refer to the Settlement assets and liabilities policy note below for further detail.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of the accounts receivable. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms. Past due balances over 60 days and other higher risk amounts are reviewed individually for collectability. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to an established allowance for doubtful accounts. Balances that remain outstanding after the Company has used reasonable collection efforts are written off no later than 90 days past due. The Company recorded an immaterial amount of allowance for doubtful accounts as of December 31, 2021 and 2020, respectively.
Concentrations of Credit Risk	Concentrations of Credit Risk – Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited with federally insured commercial banks in the United States that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound, and the Company has not experienced material losses to date. The Company generally does not require collateral or other security in support of accounts receivable except for the restricted cash accounts discussed in the respective Restricted cash policy note above. There were no customers representing 10% or more of revenue during the years ended December 31, 2021, 2020, and 2019. In addition, there were no customers representing 10% or more of accounts receivable as of December 31, 2021 and 2020.
Settlement Assets and Liabilities	Settlement Assets and Liabilities – Settlement assets and liabilities arise due to the time required between the approval of an expense reimbursement and settlement of funds in the member's account facilitated by a third-party vendor used by the Company for settlement. Funds are collected from customers by the Company and are deposited into a Commercial Bank account held by the Company for the benefit of the customers until remitted to the customer's members. Upon an approved request for expense reimbursement from customers, the Company initiates the transaction from its Commercial Bank accounts where funds are held and remits the funds directly to the customer's users after a clearing period of three business days, including the day of the transaction. For reimbursement of transactions through the Expensify Card, the clearing period is typically two business days, including the day of transaction, for the funds to be settled. The Company records settlement receivable and corresponding liability upon approval of the expense reimbursement. Settlement receivables are reported on the consolidated balance sheets when the approval of the expense reimbursement occurs until the funds are cleared in the Company's Commercial Bank account. The Commercial Bank account and settlement receivables roll up into the Settlement assets financial statement line item on the consolidated balance sheets. Any Settlement asset balance that remains outstanding after five business days is written off by the Company. Write offs related to the Settlement asset balances of the Company for the years ended December 31, 2021 and 2020 were immaterial. The Company did not record an allowance for doubtful accounts against the Settlement assets as write offs to date have been immaterial. Settlement liability is reported on the consolidated balance sheets from when the expense reimbursement is approved until the funds are cleared in the member's account.
Leases	Leases – The Company determines if an arrangement is a lease at inception by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use. Operating and finance leases are included in lease right-of-use (ROU) assets and lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. The Company uses rates implicit in the lease, or if not readily available, its incremental borrowing rate, to calculate its ROU assets and liabilities. The operating and finance lease ROU assets also include any lease payments made before commencement and exclude lease incentives. The Company’s lease terms may include options to extend or terminate the lease, and the Company includes those options in the lease terms when it is reasonably certain it will exercise them. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease expense for finance lease payments is recognized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. The Company made the policy election to account for short-term leases by recognizing the lease payments in the income statement on a straight-line basis over the lease term and not recognizing these leases on the Company’s consolidated balance sheets. Variable lease payments are recognized in the income statement in the period in which the obligation for those payments is incurred. The Company has real estate and data center equipment lease agreements with lease and non-lease components for which the Company has made the accounting policy election to account for these agreements as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right-of-use should be included in the original lease and continue to be accounted with the remaining ROU asset.
Property and Equipment	Property and Equipment – Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, typically three years for computer equipment, five years for furniture and fixtures and thirty years for buildings. Land has an unlimited useful life and is not depreciated. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposal, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of income. To date, gains or losses from disposition of property and equipment have been immaterial. Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No depreciation is recorded for construction in progress until such time as the relevant assets are completed and put into use. Construction in progress as of December 31, 2021 and 2020 represents leasehold improvements under installation.
Capitalized Software Development Costs	Capitalized Software Development Costs – The Company capitalizes internal and external costs directly related to obtaining or developing internal-use software during the application development stage of the projects. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Maintenance activities or minor upgrades are expensed in the period performed. The Company's internal-use software is reported at cost less accumulated amortization. Amortization begins once the project is ready for its intended use, which is usually when the software code goes into production. The Company amortizes the asset on a straight-line basis over a period of three years, which is the estimated useful life.
Long-Lived Assets	Long-Lived Assets – Long-lived assets, primarily capitalized software development costs, property and equipment and lease right-of-use assets, are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When indications of impairment are present and the estimated undiscounted future cash flows from the use of the asset are less than the asset's carrying value, the related asset will be written down to fair value. Any impairment losses are included in general and administrative operating expenses on the consolidated statements of income. Impairment losses on long-lived assets were immaterial for the years ended December 31, 2021, 2020 and 2019.
Deferred Offering Costs	Deferred Offering Costs – Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Upon completion of the IPO, deferred offering costs of $8.0 million were reclassified to stockholders’ equity and recorded net against the IPO proceeds. The Company had no capitalized deferred offering costs as of December 31, 2021 and 2020, respectively.
Revenue Recognition	Revenue Recognition – The Company generates revenue from subscription fees paid by its customers to access and use the Company’s hosted software services, as well as standard customer support. The Company adopted Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) as of January 1, 2019, utilizing the full retrospective method of transition. Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s contracts are either month-to-month arrangements billed monthly in arrears based on a specified number of members or annual arrangements billed monthly in arrears based on a minimum number of monthly members. Month-to-month contracts can be terminated by either party at any time without penalty. Annual subscription customers who wish to terminate their contracts before the end of the term are required to pay the remaining obligation in full plus any fees or penalties set forth in the agreement. In May 2020, the Company updated its terms of service, which resulted in annual contracts becoming noncancelable and a pricing change, which led to an increase in the per member price for paid members. The Company charges its customers subscription fees for access to its platform based on the number of monthly members and level of service. The contractual price per member is based on either negotiated fees or rates published on the Company’s website. The Company’s contracts with customers include two performance obligations: access to the hosted software service (SaaS), inclusive of all features available within the platform and related customer support. The SaaS and the support are accounted for as a combined performance obligation because they have the same pattern of transfer over the same period and, therefore, are delivered concurrently. The Company satisfies its performance obligation over time each month as it provides the SaaS and support services to customers and as such generally recognizes revenue monthly based on the number of monthly members and contractual rate per member. Certain annual contracts provide the customer the option to increase the minimum number of members and extend the contract term on a prospective basis or to purchase members beyond the minimum contracted number of members at a higher rate for a particular month. These options are accounted for when the customer exercises the option as they do not represent a material right and are accounted for as a contract modification. Revenue is recognized net of applicable taxes imposed on the related transaction. The Company charges the customer on a monthly basis, in arrears, with typical payment terms being 30 days. A contract asset is the right to consideration for transferred goods or services and arises when the amount of revenue recognized exceeds amounts billed to a customer. As a result of a price increase in 2020 that was applicable to certain annual contracts and is being billed incrementally by the Company over a twelve month period, the Company recorded revenue for such contracts on a straight line basis over the twelve month period affected by the price increase. This resulted in contract assets that consist of unbilled receivables for revenue recognized in excess of billings. The contract asset will decrease as the price increase is applied to the amounts billed to customers, over the twelve month period. The Company recorded an immaterial amount and $1.2 million of contract assets for unbilled receivables within Other current assets on the Company’s consolidated balance sheet as of December 31, 2021 and 2020, respectively. Since the Company's performance obligation is satisfied monthly, at any reporting period, the Company has no unsatisfied, or partially unsatisfied, performance obligations.
Cashback Rewards	Cashback Rewards – Beginning in August 2021, the Company offers a cashback rewards program to all customers based on volume of Expensify card transactions and SaaS subscription tier. Cashback rewards are earned on a monthly basis and paid out the following month. The Company considers their cashback payments to customers as consideration payable to a customer under the scope of ASC 606 and it is therefore recorded as contra revenue within Revenue on the consolidated statements of income. The Company records a cashback rewards liability that represents the consideration payable to customers for earned cashback rewards. The cashback rewards liability is impacted over time by customers meeting eligibility requirements in conjunction with the SaaS subscription tier of the customer and the timing of payments to customers. The accrued cashback rewards liability was $0.2 million as of December 31, 2021 and is recorded within Accrued expenses and other liabilities on the consolidated balance sheets. The cashback rewards cost was $1.1 million during the year ended December 31, 2021.
Stock-Based Compensation	Stock-Based Compensation – The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of U.S. GAAP. Those provisions require all stock-based awards granted to employees, including stock options and restricted stock units, to be measured based on fair value at the date of grant, with the resulting expense generally recognized in the consolidated statements of income over the period during which the employee is required to perform service in exchange for the award. The Company utilizes the Black-Scholes option pricing model to determine the estimated fair value of stock options. The Company recognizes these stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of four years. Forfeitures are recorded as they occur. The Black-Scholes option pricing model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock, expected life of the award, risk-free interest rate and expected dividend yield. Prior to the IPO, the fair value of common stock was determined by the Board of Directors based on a number of factors, including independent third-party valuations of our common stock, which considered estimates of our future performance and valuations of comparable companies. The Company also considered prices at which others have purchased our stock, and the likelihood and timing of achieving a liquidity event. When awards were granted or revalued between the dates of valuation reports, the Company considered the change in common stock fair value and the amount of time that lapsed between the two reports to determine whether to use the latest common stock valuation or an interpolation between two valuation dates for purposes of valuing stock-based awards. Subsequent to the completion of the IPO, the fair value of the Company’s underlying common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. The Company granted employees restricted stock units (RSUs) that settle in shares of Class A and LT50 common stock, which became effective immediately before the effectiveness of the IPO Registration Statement on November 9, 2021. All RSUs granted to employees after the effectiveness of the IPO Registration Statement have a service condition only and are recognized on a straight-line basis over the requisite service period of the award, which is generally the RSU vesting term of eight years. The Company measures these RSUs granted based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. All RSUs granted to employees before the effectiveness of the IPO Registration Statement were considered RSUs with both a service and performance condition for accounting purposes. The Company measures these RSUs based on the fair value of the underlying common stock on the grant date, which was consistent with the factors described within the Black-Scholes option pricing model. Once the performance condition was satisfied for these RSUs on November 9, 2021, the Company recognized a cumulative one-time stock-based compensation expense for the service period satisfied prior to this date. All remaining stock-based compensation for these awards will be recognized over the remaining service period using an accelerated graded method. The service period of these awards is the RSU vesting term of eight years. The Company granted RSUs in November 2021 to its Non-Employee Directors, which is comprised solely of the Company's Audit Committee members, in connection with each member's initial appointment to the Board of directors and consummation of the IPO. All RSUs granted to Non-Employee Directors settle in shares of Class A common stock and are recognized on a straight-line basis over the requisite service period of the award, which is generally the initial RSU grant vesting term of three years. Subsequent to the initial RSUs granted, the Company will grant RSUs to Non-Employee Directors on an annual basis at each annual stockholders' meeting that will vest upon the earlier of the satisfaction of a service condition or a performance condition, which is considered a change in control event. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is one year. Furthermore, RSUs will be granted to Non-Employee Directors on a quarterly basis as a retainer for their services, which vest only upon the satisfaction of a service condition. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is three months. The Company measures all RSUs granted to Non-Employee Directors based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. With the exception of the RSUs granted to Non-Employee Directors in November 2021, there were no other RSUs granted to Non-Employee Directors during the year ended December 31, 2021. Forfeitures are recorded as they occur for all RSUs. Refer to Note 9 for further detail over stock-based compensation and the stock incentive plans of the Company.
Employee and Employee-Related Expenses	Employee and Employee-Related Expenses – Allocating our employee and employee-related expenses, which consist of contractor costs, employee salary and wages, stock-based compensation and travel and other employee-related costs, to their appropriate financial statement line items on the consolidated statements of income, requires us to make estimates and judgments as a result of our generalist model and organizational structure. We base our estimates for allocating employee and employee related expenses on our internal time tracking tools. Management reviews the estimates each reporting period to evaluate the estimate of the allocated amounts to each expense financial statement line item in the consolidated financial statements.
Cost of Revenue, Net	Cost of Revenue, Net – Cost of revenue, net primarily consists of expenses related to hosting the Company’s service, including the costs of data center capacity, credit card processing fees, third-party software license fees, amortization of finance lease right-of-use assets, outsourcing costs to support customer service and outsourcing costs to support and process the SmartScan technology, net of consideration from a vendor for monetizing Expensify Card activities. This consideration, net of credit card processing fees paid to the vendor, is included as a reduction to cost of revenue of $2.9 million and $1.0 million for the years ended December 31, 2021 and 2020, respectively. There was an immaterial amount of consideration, net of credit card processing fees paid to the vendor, during the year ended December 31, 2019. Additional costs include amortization expense on capitalized software development costs and personnel-related expenses, including stock-based compensation, cash bonuses and employee costs attributable to supporting our customers and maintenance of our platform.
Research and Development	Research and Development – Research and development expenses consist primarily of personnel-related expenses, including stock-based compensation, incurred in the planning and preliminary project stage and post-implementation stage of new products or enhancing existing products or services. We capitalize certain software development costs that are attributable to developing or adding significant functionality to our internal-use software during the application development stage of the projects. All research and development expenses, excluding capitalized software development costs, are expensed as incurred.
General and Administrative	General and Administrative - General and administrative expenses primarily consist of personnel-related expenses, including stock-based compensation for executive management and any employee time allocated to administrative functions, including finance and accounting, legal, and human resources. In addition to personnel-related expenses, general and administrative expenses consist of rent, utilities, depreciation on property and equipment and external professional services, including accounting, audit, tax, finance, legal and compliance, human resources and information technology. General and administrative expenses are expensed as incurred.
Sales and Marketing	Sales and Marketing – Sales and marketing primarily consist of personnel-related expenses, including stock-based compensation, advertising expenses, branding and public relations expenses, referral fees for strategic partnerships and other benefits that the Company provides to its referral and affiliate partners. The Company expenses the costs of sales and marketing, including promotional expenses, as incurred.
Income Taxes	Income Taxes – Deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss (NOL) and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not expected to be realized. The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (GILTI) provisions of the Tax Cuts and Jobs Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or treating any taxes on GILTI inclusions as period cost are both acceptable methods subject to an accounting policy election. The Company has elected to treat any potential GILTI inclusions as a period cost. The Company's provision for income taxes does not include provisions for foreign withholding taxes associated with the repatriation of undistributed earnings of certain foreign subsidiaries that the Company intends to reinvest indefinitely in its foreign subsidiaries. On December 27, 2020, the U.S. president signed into law the Consolidated Appropriations Act, 2021, which includes further COVID-19 economic relief and extension of certain expiring tax provisions. The relief package had no material impact to the Company’s tax positions. California Assembly Bill 85 (AB 85) was signed into law by the governor on June 29, 2020. The legislation suspends the California net operating loss deductions for 2020, 2021 and 2022 for certain taxpayers and imposes a limitation of California tax credits utilization for 2020, 2021 and 2022. The legislation disallows the use of California net operating loss deductions if the taxpayer recognizes business income and its income subject to tax is greater than $1 million. Additionally, business credits will only offset a maximum of $5 million of California tax liability. The Company has estimated its 2021 California state taxable income to be below $1 million. As such, the Company will be eligible to use California net operating loss deductions and California tax credits in 2021. On February 9, 2022, California Senate Bill 133 (SB 133) was signed into law. The new bill lifted the 2022 limitation for California net operating losses and tax credit utilization disallowed by AB 85. Given the Company’s expected taxable loss position in 2021, this legislation will not impact the provision for the year ended December 31, 2021. The Company will continue to monitor possible California net operating loss and credit limitations in future periods.
Net (Loss) Income Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders - The Company computes net loss per share attributable to common stockholders using the two-class method required by ASC 260, Earnings per Share, for participating securities. All series of the Company's previously outstanding convertible preferred stock were participating securities as the holders of such stock were entitled to receive stated noncumulative dividends when and if declared and then they could participate on a pari passu basis in the event that a dividend was paid on common stock. The holders of previously outstanding convertible preferred stock did not have a contractual obligation to share in the Company’s losses. The undistributed earnings were allocated between common stock and participating securities as if all earnings had been distributed during the period presented. Since the Company has not declared dividends, the undistributed earnings are first allocated to the previously outstanding convertible preferred stock up to the amount of the undeclared stated dividends. However, since the amount of the undeclared stated dividends exceeds available undistributed earnings for the year ended December 31, 2019, the dividend is allocated only up to the amount of available earnings. For the years ended December 31, 2021 and 2020, the Company generated a net loss and, therefore, no loss is allocated to the holders of the previously outstanding convertible preferred stock. Basic net loss per share attributable to common stockholders is computed by dividing net loss for the period by the weighted-average number of outstanding shares of common stock during the period, less weighted-average shares subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by dividing net loss for the period by the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period using the more dilutive of the treasury stock method or if-converted method, as applicable. The dilutive effect of previously outstanding participating securities is calculated using the more dilutive of the treasury method or the two-class method. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.
Segment Reporting	Segment Reporting - The Company operates as one reportable segment because its chief operating decision maker, who is the executive committee that consists of the chief executive officer, the chief financial officer and the chief operating officer, reviews the Company’s financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. All long-lived assets are located in the United States.
Recently Adopted Accounting Pronouncements and Not Yet Adopted	Recently Adopted Accounting Pronouncements – As part of its initiative to reduce complexity in the accounting standards, in December 2019 the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company early adopted ASU No. 2019-12 on January 1, 2020. The adoption of ASU No. 2019-12 had no material impact to the Company's consolidated financial statements and related disclosures. Recent Accounting Pronouncements Not Yet Adopted – In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), which requires an impairment model (known as the current expected credit loss (CECL) model) that is based on expected rather than incurred losses, with an anticipated result of more timely loss recognition. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. The Company is in the process of determining key accounting interpretations, data requirements and necessary changes to our credit loss estimation methods, processes and systems. This guidance is effective for the Company for annual reporting periods beginning after December 15, 2022 and interim periods therein. The Company is currently evaluating the impact of adoption of ASU No. 2016-13 on its consolidated financial statements and related disclosures.

FINANCING ARRANGEMENTS - Amortizing term loan (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2020	Dec. 31, 2020	Dec. 31, 2021	Nov. 30, 2018
Debt Instrument
Long-term debt, net of issuance costs		$ 30,321,000	$ 52,067,000
Unamortized debt issuance costs		100,000	$ 225,000
Medium-term Notes \| Amortizing Term Loan
Debt Instrument
Loaned amount				$ 14,000,000
Debt instrument, term	36 months
Long-term debt, net of issuance costs		$ 13,800,000
Medium-term Notes \| Reference Rate \| Amortizing Term Loan
Debt Instrument
Variable rate (percent)		2.25%
Effective interest rate (percent)		5.50%

STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Beginning balance (shares)	13,512,820	15,545,850
Options granted (shares)	962,080	1,638,020
Options exercised (shares)	(6,965,767)	(2,777,010)
Options cancelled/forfeited/expired (shares)	(315,940)	(894,040)
Ending balance (shares)	7,193,193	13,512,820
Options exercisable (shares)	7,001,403	13,222,800
Weighted average exercise price per share
Beginning balance (usd per share)	$ 0.78
Options granted (usd per share)	8.90	$ 2.11
Options exercised ( usd per share)	0.94	0.47
Options cancelled/forfeited/expired (usd per share)	1.61	2.57
Ending balance (usd per share)	1.87	0.78
Options exercisable (usd per share)	$ 1.81	$ 0.78
Weighted average remaining contractual life (in years)	6 years 5 months 12 days	6 years 4 months 6 days
Weighted average remaining contractual life, options exercisable (in years)	6 years 3 months 21 days	6 years 3 months 21 days

STOCK INCENTIVE PLANS - RSU Narratives (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2021	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Nov. 09, 2021	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)						25,204,250
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)					16,856,770
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)					16,856,770
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Grant (shares)	5,666,260
Vesting period (years)			8 years
Share-based compensation expense not yet recognized			$ 282.0
Share-based compensation not yet recognized, recognition period (years)			6 years 11 months 1 day
Restricted stock units \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Grant (shares)	2,833,130		4,351,040
Restricted stock units \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Grant (shares)	2,833,130		4,323,260
Restricted stock units \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)		8,679,380
Grant (shares)		2,980,260		0
Restricted stock units \| The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)		4,339,690
Grant (shares)		1,490,130
Restricted stock units \| The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (shares)		4,339,690
Restricted stock units \| 2021 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Grant (shares)	27,780			0
Vesting period (years)	3 years

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The computation of net loss per share attributable to common stockholders is as follows (in thousands, except share and per share data):


	Year ended December 31,
	2021		2020		2019
Basic net loss per share:
Numerator
Net (loss) income	$	(13,558)	$	(1,710)	$	1,241
Less: income allocated to participating securities	—		—		(1,241)
Net loss attributable to Class A, LT10 and LT50 common stockholders, basic	$	(13,558)	$	(1,710)	$	—
Denominator
Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, basic and diluted	38,039,222		27,424,480		25,921,890
Net loss per share attributable to Class A, LT10 and LT50 common stockholders, basic and diluted	$	(0.36)	$	(0.06)	$	—

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 10 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 months notice period for LT10 common stock and 48 months 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:


	Year ended December 31,
	2021	2020	2019
Warrants	366,982	413,040	396,270
Weighted-average stock options	9,419,506	10,981,370	8,737,650
Convertible preferred stock	36,619,129	42,031,390	42,031,390
Total	46,405,617	53,425,800	51,165,310

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - Warrants Issued and Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2016
Class of Warrant or Right
Warrants issued (shares)	430,080	430,080
Warrants outstanding (shares)	430,080
Fair value of warrants outstanding	$ 89
September 2013
Class of Warrant or Right
Warrants issued (shares)	150,000
Warrants outstanding (shares)	150,000
Fair value of warrants outstanding	$ 10
October 2013
Class of Warrant or Right
Warrants issued (shares)	150,000
Warrants outstanding (shares)	150,000
Fair value of warrants outstanding	$ 10
December 2016
Class of Warrant or Right
Warrants issued (shares)	130,080
Warrants outstanding (shares)	130,080
Fair value of warrants outstanding	$ 69

STOCK INCENTIVE PLANS - Stock Option Narratives (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) shares	Dec. 31, 2021 USD ($) employee $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Repurchase of common stock				$ 14,000
Share-based Payment Arrangement, Expense		$ 14,574,000	$ 17,837,000	3,487,000
Number of employees impacted by plan modification \| employee		42
Intrinsic value of options exercised		$ 80,700,000	11,300,000	4,700,000
Intrinsic value of options outstanding	$ 86,800,000	$ 302,800,000	$ 86,800,000	$ 40,400,000
Weighted average grant date fair value of options granted (usd per share) \| $ / shares		$ 6.87	$ 1.69	$ 1.65
Issuance of common stock upon exercise of stock options		$ 3,505,000	$ 1,301,000	$ 482,000
Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (shares) \| shares				55,200
Repurchase of common stock				$ 1,794,703
Common stock \| Stock-Based Compensation
Share-based Compensation Arrangement by Share-based Payment Award
Repurchase of common stock				1,780,784
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (years)		4 years
Exercise cost				13,919
Share-based Payment Arrangement, Expense		$ 3,425,000	2,582,000	$ 3,487,000
Share-based compensation expense not yet recognized	10,800,000	$ 13,200,000	$ 10,800,000
Share-based compensation not yet recognized, recognition period (years)		1 year 8 months 12 days	3 years 8 months 12 days
Stock options \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (shares) \| shares		0	0
Stock options \| The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (years)		4 years
Stock options \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (years)		4 years
Non Statutory Options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)		100.00%
Ten Percent Holder \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)		110.00%
Other Than Ten Percent Holder \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (percent)		100.00%
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Payment Arrangement, Expense	$ 11,100,000
Chief Executive Officer \| Weighted-average stock options
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) \| shares	0	1,437,760	0
Shares subject to repurchase related to stock options early exercised and not yet vested		$ 2,400,000

NET LOSS PER SHARE - Computation of Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator
Net loss	$ (13,558)	$ (1,710)	$ 1,241
Less: income allocated to participating securities	0	0	(1,241)
Net loss attributable to Class A, LT10 and LT50 common stockholders, basic	$ (13,558)	$ (1,710)	$ 0
Denominator
Weighted-average number of basic shares outstanding (in shares)	38,039,222	27,424,480	25,921,890
Weighted-average number of diluted shares outstanding (in shares)	38,039,222	27,424,480	25,921,890
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.36)	$ (0.06)	$ 0
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.36)	$ (0.06)	$ 0

- 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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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narratives (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021 USD ($) contract segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 15, 2021 USD ($)	Jul. 31, 2021
Significant Accounting Policies
Capitalized software development costs		$ 4,900,000	$ 1,800,000	$ 1,700,000
Deferred offering costs		$ 0	0		$ 8,000,000.0
Number of performance obligations \| contract		2
Contract assets		$ 8,000	1,165,000
Cashback rewards		239,000	0
Cashback rewards from contract revenue		1,100,000
Bonus payments as a percentage of stock options issued (percent)						45.00%
Bonus expense		48,416,000
Consideration revenue from vendors		$ 2,900,000	$ 1,000,000	$ 0
Number of reportable segments \| segment		1
Executive Officer
Significant Accounting Policies
Bonus expense		$ 7,900,000
Stock options
Significant Accounting Policies
Share based compensation vesting period (years)		4 years
Restricted stock units
Significant Accounting Policies
Share based compensation vesting period (years)		8 years
Service period (in years)	1 year	1 year
Restricted stock units \| Share-based Payment Arrangement, Nonemployee
Significant Accounting Policies
Service period (in years)	3 months
Restricted stock units \| 2021 Incentive Plan
Significant Accounting Policies
Share based compensation vesting period (years)	3 years
Commercial building
Significant Accounting Policies
Property, plant and equipment useful life (years)		30 years
Capitalized software
Significant Accounting Policies
Property, plant and equipment useful life (years)		3 years
Computers and equipment
Significant Accounting Policies
Property, plant and equipment useful life (years)		3 years
Furniture and fixtures
Significant Accounting Policies
Property, plant and equipment useful life (years)		5 years
Software Development
Significant Accounting Policies
Bonus expense		$ 1,500,000

FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Summary of Principal Payments on all Long-term Debt

Future aggregate annual principal payments on all long-term debt are as follows for the next five years:


Year ending December 31,	(in thousands)
2022	$	15,588
2023	595
2024	715
2025	1,397
2026 and thereafter	49,546
	$	67,841
Less: discount for issuance costs	(225)
	$	67,616
Less: line of credit	(15,000)
Less: current portion, net of issuance costs	(549)
Total long-term debt, net of issuance costs	$	52,067

- 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

LEASES - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description
Finance lease ROU asset (included within Lease right-of-use assets)	$ 1,251,000	$ 2,041,000
Operating lease ROU asset (included within Lease right-of-use assets)	$ 951,000	$ 1,692,000
Office Space in U.K.
Lessee, Lease, Description
Operating lease, term of contract			2 years
Operating lease ROU asset (included within Lease right-of-use assets)			$ 893,936
Computers and equipment
Lessee, Lease, Description
Finance lease ROU asset (included within Lease right-of-use assets)			$ 315,792
Minimum \| Office
Lessee, Lease, Description
Operating leases remaining lease terms	1 year
Minimum \| Equipment
Lessee, Lease, Description
Finance leases remaining lease terms	1 year
Maximum \| Office
Lessee, Lease, Description
Operating leases remaining lease terms	2 years
Maximum \| Equipment
Lessee, Lease, Description
Finance leases remaining lease terms	2 years

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit (Provision)

The components of the Company’s benefit (provision) for income taxes are as follows (in thousands):


	Year ended December 31,
	2021		2020		2019
Current income tax benefit (expense):
Federal	$	(99)	$	(688)	$	—
State	(239)		(517)		(56)
Foreign	(356)		(81)		(49)
	$	(694)	$	(1,286)	$	(105)
Deferred income tax benefit (expense):
Federal	912		(3,161)		2,169
State	(415)		(232)		687
Foreign	371		17		—
	868		(3,376)		2,856
Total benefit (provision) for income taxes	$	174	$	(4,662)	$	2,751

Schedule of Effective Income Tax Rate Reconciliation


	Year ended December 31,
	2021		2020		2019
Statutory rate	21.0	%	21.0	%	21.0	%
State tax*	4.7	%	20.2	%	42.5	%
Research and development (R&D) credit	5.1	%	2.5	%	12.6	%
Rate differentials for controlled foreign corporations (CFCs) and charitable organizations that affect valuation allowance	(1.9)	%	0.6	%	(2.8)	%
Permanent items and others	1.0	%	3.5	%	(11.2)	%
Stock-based compensation - federal	16.5	%	110.1	%	(13.4)	%
Change in valuation allowance - federal	(18.1)	%	—	%	133.2	%
162(m) limitation	(27.0)	%	—	%	—	%
Total	1.3	%	157.9	%	181.9	%

*State taxes include the impact of stock-based compensation expense related to secondary market transactions in 2020

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred tax assets are as follows (in thousands):


	As December 31,
	2021		2020
Deferred tax assets (liabilities):
NOL carryforwards	$	415	$	275
Tax credit carryforwards	318		81
Accruals and reserves	169		231
Stock-based compensation	2,364		449
Interest expense limitation	245		—
Lease liabilities	591		984
Charitable contributions	525		—
Property and equipment	271		(650)
Capitalized software development costs	(1,524)		(933)
ROU assets	(554)		(935)
Total	2,820		(498)
Less: valuation allowance	(2,450)		—
Deferred tax assets (liabilities), net	$	370	$	(498)

Schedule of Unrecognized Tax Benefits

A reconciliation of the amount of unrecognized tax benefits is as follows for the years ended December 31, 2021 and 2020 (in thousands):


	Year ended December 31,
	2021		2020
Balance as of January 1	$	1,329	$	1,253
Additions based on tax positions related to current year	336		76
Additions based on tax positions of prior year	(9)		—
Balance as of December 31	$	1,656	$	1,329

CAPITALIZED SOFTWARE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Research and Development [Abstract]
Amortization expense for capitalized software	$ 2.3	$ 1.0	$ 0.6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESRisks and Uncertainties – The Company evaluates its operations periodically to determine if any risks and uncertainties exist that could impact its operations in the near term. During December 2019, the novel coronavirus (COVID-19) emerged and subsequently spread worldwide. The World Health Organization declared COVID-19 a global pandemic in March 2020, resulting in federal, state and local governments and private entities implementing various restrictions, including travel restrictions,

restrictions on public gatherings, stay at home orders and advisories and quarantining of people who may have been exposed to the virus. The Company has been actively monitoring COVID-19 and its impact globally. Management believes the remote working arrangements and travel restrictions imposed by various governmental jurisdictions as a result of COVID-19 had limited impact on the Company's ability to maintain internal operations during the years ended December 31, 2021 and 2020, respectively.

The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition will depend on future developments that are highly uncertain, including the result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat it. The Company's estimates may be subject to change as new events occur and additional information emerges, and such changes will be recognized or disclosed in the consolidated financial statements as they become known. While the full lasting impact of the COVID-19 pandemic on the global economy and our customers remains uncertain, the Company believes that use of the platform will continue to rebound and increase as economies fully reopen and business travel resumes to pre-pandemic levels.

The Company does not believe that there are any significant risks as a result of the COVID-19 pandemic that have not already been disclosed in the consolidated financial statements.

Use of Estimates – The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the 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 may differ under different assumptions or conditions. 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.

Significant estimates and assumptions by management affect the Company’s revenues, fair value of common stock, classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, incremental borrowing rates for finance and operating lease right-of-use assets and finance and operating lease liabilities, and stock-based compensation.

Foreign Currency – The Company uses the U.S. dollar as its functional currency. Foreign currency assets and liabilities are remeasured into the U.S. dollar at the end-of-period exchange rates except for prepaid expenses, property and equipment and related depreciation and amortization, and lease right-of-use assets and related amortization, which are remeasured at the historical exchange rates. Revenues and expenses are remeasured at average exchange rates in effect during each period. Gains or losses from foreign currency transactions are included in the consolidated statements of income.

Cash and Cash Equivalents – Cash consists of funds deposited with banks. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. The recorded carrying amount of cash equivalents, which is cost plus accrued interest, if any, approximates fair value. As of December 31, 2021 and 2020, the Company had no cash equivalents.

Restricted Cash – Restricted cash amounts included within Other assets on the consolidated balance sheets as of December 31, 2021 and 2020 relate to cash deposited with a Commercial Bank required as collateral for corporate credit cards issued by the respective Commercial Bank in the U.S. and UK as well as bank-to-bank transfers in the UK. These restricted cash amounts are considered immaterial. The Company also has an immaterial amount of cash required to be held within a trust account for monthly management and maintenance operating fees for the 401 SW 5th Ave commercial building owned by the Company and an immaterial amount of restricted cash to be held as a general short-term

reserve with a Commercial Bank for Expensify Payments LLC. These restricted cash amounts are included within Other current assets on the consolidated balance sheets.

In addition, cash in transit for funds held for customers to the Company's Payment Processor and Expensify Card collateral for funds held for customers represent restricted cash maintained in segregated Company bank accounts that are held for the exclusive benefit of customers. The Company restricts the use of the assets underlying the funds held for customers to meet regulatory requirements and classifies the assets as current based on their purpose and availability to fulfill the Company’s direct obligation under funds due to customers. These restricted cash amounts are included within Other current assets on the consolidated balance sheets. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2021 and 2020.

The Company also includes restricted cash amounts within Other current assets on the consolidated balance sheets for cash held by Expensify.org. This cash is restricted for use towards social justice and equity efforts of Expensify.org and is classified as current based on the immediate availability of the cash towards fulfilling these efforts. Refer to Note 6 for the breakout of these amounts within Other current assets as of December 31, 2021 and 2020.

Restricted cash also includes amounts included within Settlement assets for funds held for customers that are deposited into a Commercial Bank account held by the Company for the benefit of the customers until remitted to the customer's members. Refer to the Settlement assets and liabilities policy note below for further detail.

Accounts Receivable and Allowance for Doubtful Accounts – Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of the accounts receivable. Management considers the following factors when determining the collectability of specific customer accounts: customer creditworthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms. Past due balances over 60 days and other higher risk amounts are reviewed individually for collectability. Based on management’s assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to an established allowance for doubtful accounts. Balances that remain outstanding after the Company has used reasonable collection efforts are written off no later than 90 days past due. The Company recorded an immaterial amount of allowance for doubtful accounts as of December 31, 2021 and 2020, respectively.

Concentrations of Credit Risk – Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are deposited with federally insured commercial banks in the United States that may at times exceed federally insured limits. Management believes that these financial institutions are financially sound, and the Company has not experienced material losses to date. The Company generally does not require collateral or other security in support of accounts receivable except for the restricted cash accounts discussed in the respective Restricted cash policy note above. There were no customers representing 10% or more of revenue during the years ended December 31, 2021, 2020, and 2019. In addition, there were no customers representing 10% or more of accounts receivable as of December 31, 2021 and 2020.

Settlement Assets and Liabilities – Settlement assets and liabilities arise due to the time required between the approval of an expense reimbursement and settlement of funds in the member's account facilitated by a third-party vendor used by the Company for settlement. Funds are collected from customers by the Company and are deposited into a Commercial Bank account held by the Company for the benefit of the customers until remitted to the customer's members. Upon an approved request for expense reimbursement from customers, the Company initiates the transaction from its Commercial Bank accounts where funds are held and remits the funds directly to the customer's users after a clearing period of three business days, including the day of the transaction. For reimbursement of transactions through the Expensify Card, the clearing period is typically two business days, including

the day of transaction, for the funds to be settled. The Company records settlement receivable and corresponding liability upon approval of the expense reimbursement. Settlement receivables are reported on the consolidated balance sheets when the approval of the expense reimbursement occurs until the funds are cleared in the Company's Commercial Bank account. The Commercial Bank account and settlement receivables roll up into the Settlement assets financial statement line item on the consolidated balance sheets. Any Settlement asset balance that remains outstanding after five business days is written off by the Company. Write offs related to the Settlement asset balances of the Company for the years ended December 31, 2021 and 2020 were immaterial. The Company did not record an allowance for doubtful accounts against the Settlement assets as write offs to date have been immaterial. Settlement liability is reported on the consolidated balance sheets from when the expense reimbursement is approved until the funds are cleared in the member's account.

Leases – The Company determines if an arrangement is a lease at inception by evaluating whether there is an identified asset and whether the Company controls the use of the identified asset throughout the period of use. The Company determines the classification of the lease, whether operating or financing, at the lease commencement date, which is the date the leased assets are made available for use.

Operating and finance leases are included in lease right-of-use (ROU) assets and lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. The Company uses rates implicit in the lease, or if not readily available, its incremental borrowing rate, to calculate its ROU assets and liabilities. The operating and finance lease ROU assets also include any lease payments made before commencement and exclude lease incentives.

The Company’s lease terms may include options to extend or terminate the lease, and the Company includes those options in the lease terms when it is reasonably certain it will exercise them. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Lease expense for finance lease payments is recognized on a straight-line basis over the lesser of the lease term or the estimated useful life of the asset. The Company made the policy election to account for short-term leases by recognizing the lease payments in the income statement on a straight-line basis over the lease term and not recognizing these leases on the Company’s consolidated balance sheets. Variable lease payments are recognized in the income statement in the period in which the obligation for those payments is incurred. The Company has real estate and data center equipment lease agreements with lease and non-lease components for which the Company has made the accounting policy election to account for these agreements as a single lease component. Modifications are assessed to determine whether incremental differences result in new contract terms and accounted for as a new lease or whether the additional right-of-use should be included in the original lease and continue to be accounted with the remaining ROU asset.

Property and Equipment – Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets, typically three years for computer equipment, five years for furniture and fixtures and thirty years for buildings. Land has an unlimited useful life and is not depreciated. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the asset. Expenditures for repairs and maintenance are charged to expense as incurred. Upon disposal, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss is reflected in the consolidated statements of income. To date, gains or losses from disposition of property and equipment have been immaterial.

Construction in progress is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. No depreciation is recorded for construction in progress until

such time as the relevant assets are completed and put into use. Construction in progress as of December 31, 2021 and 2020 represents leasehold improvements under installation.

Capitalized Software Development Costs – The Company capitalizes internal and external costs directly related to obtaining or developing internal-use software during the application development stage of the projects. Additionally, the Company capitalizes qualifying costs incurred for upgrades and enhancements that result in additional functionality to existing software. Maintenance activities or minor upgrades are expensed in the period performed. The Company's internal-use software is reported at cost less accumulated amortization. Amortization begins once the project is ready for its intended use, which is usually when the software code goes into production. The Company amortizes the asset on a straight-line basis over a period of three years, which is the estimated useful life. During the years ended December 31, 2021, 2020 and 2019, the Company capitalized $4.9 million, $1.8 million and $1.7 million, respectively, in software development costs.

Long-Lived Assets – Long-lived assets, primarily capitalized software development costs, property and equipment and lease right-of-use assets, are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When indications of impairment are present and the estimated undiscounted future cash flows from the use of the asset are less than the asset's carrying value, the related asset will be written down to fair value. Any impairment losses are included in general and administrative operating expenses on the consolidated statements of income. Impairment losses on long-lived assets were immaterial for the years ended December 31, 2021, 2020 and 2019.

Deferred Offering Costs – Deferred offering costs consist primarily of accounting, legal, and other fees related to the IPO. Upon completion of the IPO, deferred offering costs of $8.0 million were reclassified to stockholders’ equity and recorded net against the IPO proceeds. The Company had no capitalized deferred offering costs as of December 31, 2021 and 2020, respectively.

Revenue Recognition – The Company generates revenue from subscription fees paid by its customers to access and use the Company’s hosted software services, as well as standard customer support. The Company adopted Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) as of January 1, 2019, utilizing the full retrospective method of transition.

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

The Company’s contracts are either month-to-month arrangements billed monthly in arrears based on a specified number of members or annual arrangements billed monthly in arrears based on a minimum number of monthly members. Month-to-month contracts can be terminated by either party at any time without penalty. Annual subscription customers who wish to terminate their contracts before the end of the term are required to pay the remaining obligation in full plus any fees or penalties set forth in the agreement. In May 2020, the Company updated its terms of service, which resulted in annual contracts becoming noncancelable and a pricing change, which led to an increase in the per member price for paid members.

The Company charges its customers subscription fees for access to its platform based on the number of monthly members and level of service. The contractual price per member is based on either negotiated fees or rates published on the Company’s website. The Company’s contracts with customers include two performance obligations: access to the hosted software service (SaaS), inclusive of all features available within the platform and related customer support. The SaaS and the support are accounted for as a combined performance obligation because they have the same pattern of transfer over the same period and, therefore, are delivered concurrently. The Company satisfies its performance obligation over time each month as it provides the SaaS and support services to customers and as such generally recognizes revenue monthly based on the number of monthly members and contractual rate per member.

Certain annual contracts provide the customer the option to increase the minimum number of members and extend the contract term on a prospective basis or to purchase members beyond the minimum contracted number of members at a higher rate for a particular month. These options are accounted for when the customer exercises the option as they do not represent a material right and are accounted for as a contract modification.

Revenue is recognized net of applicable taxes imposed on the related transaction. The Company charges the customer on a monthly basis, in arrears, with typical payment terms being 30 days. A contract asset is the right to consideration for transferred goods or services and arises when the amount of revenue recognized exceeds amounts billed to a customer. As a result of a price increase in 2020 that was applicable to certain annual contracts and is being billed incrementally by the Company over a twelve month period, the Company recorded revenue for such contracts on a straight line basis over the twelve month period affected by the price increase. This resulted in contract assets that consist of unbilled receivables for revenue recognized in excess of billings. The contract asset will decrease as the price increase is applied to the amounts billed to customers, over the twelve month period. The Company recorded an immaterial amount and $1.2 million of contract assets for unbilled receivables within Other current assets on the Company’s consolidated balance sheet as of December 31, 2021 and 2020, respectively. Since the Company's performance obligation is satisfied monthly, at any reporting period, the Company has no unsatisfied, or partially unsatisfied, performance obligations.

Cashback Rewards – Beginning in August 2021, the Company offers a cashback rewards program to all customers based on volume of Expensify card transactions and SaaS subscription tier. Cashback rewards are earned on a monthly basis and paid out the following month. The Company considers their cashback payments to customers as consideration payable to a customer under the scope of ASC 606 and it is therefore recorded as contra revenue within Revenue on the consolidated statements of income. The Company records a cashback rewards liability that represents the consideration payable to customers for earned cashback rewards. The cashback rewards liability is impacted over time by customers meeting eligibility requirements in conjunction with the SaaS subscription tier of the customer and the timing of payments to customers. The accrued cashback rewards liability was $0.2 million as of December 31, 2021 and is recorded within Accrued expenses and other liabilities on the consolidated balance sheets. The cashback rewards cost was $1.1 million during the year ended December 31, 2021.

Stock-Based Compensation – The Company accounts for stock-based compensation under the fair value recognition and measurement provisions of U.S. GAAP. Those provisions require all stock-based awards granted to employees, including stock options and restricted stock units, to be measured based on fair value at the date of grant, with the resulting expense generally recognized in the consolidated statements of income over the period during which the employee is required to perform service in exchange for the award.

The Company utilizes the Black-Scholes option pricing model to determine the estimated fair value of stock options. The Company recognizes these stock-based compensation costs on a straight-line basis over the requisite service period of the award, which is generally the option vesting term of four years. Forfeitures are recorded as they occur.

The Black-Scholes option pricing model requires management to make a number of assumptions, including the fair value and expected volatility of the Company’s underlying common stock, expected life of the award, risk-free interest rate and expected dividend yield. Prior to the IPO, the fair value of common stock was determined by the Board of Directors based on a number of factors, including independent third-party valuations of our common stock, which considered estimates of our future performance and valuations of comparable companies. The Company also considered prices at which others have purchased our stock, and the likelihood and timing of achieving a liquidity event. When awards were granted or revalued between the dates of valuation reports, the Company considered the change in common stock fair value and the amount of time that lapsed between the two reports to determine whether to use the latest common stock valuation or an interpolation between two valuation

dates for purposes of valuing stock-based awards. Subsequent to the completion of the IPO, the fair value of the Company’s underlying common stock is determined by the closing price, on the date of grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market.

The Company granted employees restricted stock units (RSUs) that settle in shares of Class A and LT50 common stock, which became effective immediately before the effectiveness of the IPO Registration Statement on November 9, 2021. All RSUs granted to employees after the effectiveness of the IPO Registration Statement have a service condition only and are recognized on a straight-line basis over the requisite service period of the award, which is generally the RSU vesting term of eight years. The Company measures these RSUs granted based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market.

All RSUs granted to employees before the effectiveness of the IPO Registration Statement were considered RSUs with both a service and performance condition for accounting purposes. The Company measures these RSUs based on the fair value of the underlying common stock on the grant date, which was consistent with the factors described within the Black-Scholes option pricing model. Once the performance condition was satisfied for these RSUs on November 9, 2021, the Company recognized a cumulative one-time stock-based compensation expense for the service period satisfied prior to this date. All remaining stock-based compensation for these awards will be recognized over the remaining service period using an accelerated graded method. The service period of these awards is the RSU vesting term of eight years.

The Company granted RSUs in November 2021 to its Non-Employee Directors, which is comprised solely of the Company's Audit Committee members, in connection with each member's initial appointment to the Board of directors and consummation of the IPO. All RSUs granted to Non-Employee Directors settle in shares of Class A common stock and are recognized on a straight-line basis over the requisite service period of the award, which is generally the initial RSU grant vesting term of three years. Subsequent to the initial RSUs granted, the Company will grant RSUs to Non-Employee Directors on an annual basis at each annual stockholders' meeting that will vest upon the earlier of the satisfaction of a service condition or a performance condition, which is considered a change in control event. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is one year. Furthermore, RSUs will be granted to Non-Employee Directors on a quarterly basis as a retainer for their services, which vest only upon the satisfaction of a service condition. These annual RSU grants will be recognized on a straight-line basis over the requisite service period of the award, which is three months. The Company measures all RSUs granted to Non-Employee Directors based on the fair value of the underlying common stock on the grant date, which is determined by the closing price, on the date of the grant, of its Class A common stock, which is traded on the Nasdaq Global Select Market. With the exception of the RSUs granted to Non-Employee Directors in November 2021, there were no other RSUs granted to Non-Employee Directors during the year ended December 31, 2021.

Forfeitures are recorded as they occur for all RSUs. Refer to Note 9 for further detail over stock-based compensation and the stock incentive plans of the Company.

Employee Stock Option Exercise Cash Bonus – In June 2021 for the Company's named executive officers and in July 2021 for all other employees, the Company determined that it would pay a cash bonus to each of its employees in a value that approximates the cost of each employee exercising 45% of their total stock options issued, limited by the total stock options outstanding as of June 15, 2021, including the tax withholding applicable to each employee. The Company included both vested and unvested stock options outstanding and held by each existing employee as of June 15, 2021 in determining the cash bonus paid to each employee.

In addition to using the exercise cost of the stock options through June 15, 2021, the Company relied on an estimate to determine the tax withholding that could be applicable to each employee based on if they were to exercise the stock options. In order to determine this estimate, the Company relied on

third-party tax consultants that reviewed a number of assumptions provided by management, including the applicable taxable income to the employee as a result of the cash bonus in 2021 and the spread of the fair value of the options based on the latest independent third-party common stock valuation as of June 15, 2021 and the exercise price of the same options applicable to each employee. No employee was obligated to use the cash bonus to exercise their outstanding stock options.

During the year ended December 31, 2021, the Company recorded bonus expenses related to the employee stock option exercise cash bonus of $48.4 million. All bonuses were fully paid to employees during the year ended December 31, 2021. Of the total bonus expenses related to the employee stock option exercise cash bonus during the year ended December 31, 2021, the bonus expense for the Company's named executive officers was $7.9 million.

Employee stock option exercise cash bonus is included in the following components of expenses on the accompanying consolidated statements of income (in thousands):


	Year ended December 31,
	2021
Cost of revenue, net	$	13,708
Research and development	8,550
General and administrative	21,174
Sales and marketing	4,984
Total	$	48,416

Employee cash bonuses capitalized as internally developed software costs were $1.5 million for the year ended December 31, 2021.

Employee and Employee-Related Expenses – Allocating our employee and employee-related expenses, which consist of contractor costs, employee salary and wages, stock-based compensation and travel and other employee-related costs, to their appropriate financial statement line items on the consolidated statements of income, requires us to make estimates and judgments as a result of our generalist model and organizational structure. We base our estimates for allocating employee and employee related expenses on our internal time tracking tools. Management reviews the estimates each reporting period to evaluate the estimate of the allocated amounts to each expense financial statement line item in the consolidated financial statements.

Cost of Revenue, Net – Cost of revenue, net primarily consists of expenses related to hosting the Company’s service, including the costs of data center capacity, credit card processing fees, third-party software license fees, amortization of finance lease right-of-use assets, outsourcing costs to support customer service and outsourcing costs to support and process the SmartScan technology, net of consideration from a vendor for monetizing Expensify Card activities. This consideration, net of credit card processing fees paid to the vendor, is included as a reduction to cost of revenue of $2.9 million and $1.0 million for the years ended December 31, 2021 and 2020, respectively. There was an immaterial amount of consideration, net of credit card processing fees paid to the vendor, during the year ended December 31, 2019. Additional costs include amortization expense on capitalized software development costs and personnel-related expenses, including stock-based compensation, cash bonuses and employee costs attributable to supporting our customers and maintenance of our platform.

Research and Development – Research and development expenses consist primarily of personnel-related expenses, including stock-based compensation, incurred in the planning and preliminary project stage and post-implementation stage of new products or enhancing existing products or services. We capitalize certain software development costs that are attributable to developing or adding significant functionality to our internal-use software during the application development stage

of the projects. All research and development expenses, excluding capitalized software development costs, are expensed as incurred.

General and Administrative - General and administrative expenses primarily consist of personnel-related expenses, including stock-based compensation for executive management and any employee time allocated to administrative functions, including finance and accounting, legal, and human resources. In addition to personnel-related expenses, general and administrative expenses consist of rent, utilities, depreciation on property and equipment and external professional services, including accounting, audit, tax, finance, legal and compliance, human resources and information technology. General and administrative expenses are expensed as incurred.

Sales and Marketing – Sales and marketing primarily consist of personnel-related expenses, including stock-based compensation, advertising expenses, branding and public relations expenses, referral fees for strategic partnerships and other benefits that the Company provides to its referral and affiliate partners. The Company expenses the costs of sales and marketing, including promotional expenses, as incurred.

Income Taxes – Deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss (NOL) and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount more likely than not expected to be realized.

The Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Company classifies any liabilities for unrecognized tax benefits as current to the extent that the Company anticipates payment (or receipt) of cash within one year. Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (GILTI) provisions of the Tax Cuts and Jobs Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The guidance indicates that either accounting for deferred taxes related to GILTI inclusions or treating any taxes on GILTI inclusions as period cost are both acceptable methods subject to an accounting policy election. The Company has elected to treat any potential GILTI inclusions as a period cost.

The Company's provision for income taxes does not include provisions for foreign withholding taxes associated with the repatriation of undistributed earnings of certain foreign subsidiaries that the Company intends to reinvest indefinitely in its foreign subsidiaries.

On December 27, 2020, the U.S. president signed into law the Consolidated Appropriations Act, 2021, which includes further COVID-19 economic relief and extension of certain expiring tax provisions. The relief package had no material impact to the Company’s tax positions.

California Assembly Bill 85 (AB 85) was signed into law by the governor on June 29, 2020. The legislation suspends the California net operating loss deductions for 2020, 2021 and 2022 for certain taxpayers and imposes a limitation of California tax credits utilization for 2020, 2021 and 2022. The legislation disallows the use of California net operating loss deductions if the taxpayer recognizes business income and its income subject to tax is greater than $1 million. Additionally, business credits will only offset a maximum of $5 million of California tax liability. The Company has estimated its 2021 California state taxable income to be below $1 million. As such, the Company will be eligible to use California net operating loss deductions and California tax credits in 2021.

On February 9, 2022, California Senate Bill 133 (SB 133) was signed into law. The new bill lifted the 2022 limitation for California net operating losses and tax credit utilization disallowed by AB 85. Given the Company’s expected taxable loss position in 2021, this legislation will not impact the provision for the year ended December 31, 2021. The Company will continue to monitor possible California net operating loss and credit limitations in future periods.

Net Loss Per Share Attributable to Common Stockholders - The Company computes net loss per share attributable to common stockholders using the two-class method required by ASC 260, Earnings per Share, for participating securities. All series of the Company's previously outstanding convertible preferred stock were participating securities as the holders of such stock were entitled to receive stated noncumulative dividends when and if declared and then they could participate on a pari passu basis in the event that a dividend was paid on common stock. The holders of previously outstanding convertible preferred stock did not have a contractual obligation to share in the Company’s losses. The undistributed earnings were allocated between common stock and participating securities as if all earnings had been distributed during the period presented.

Since the Company has not declared dividends, the undistributed earnings are first allocated to the previously outstanding convertible preferred stock up to the amount of the undeclared stated dividends. However, since the amount of the undeclared stated dividends exceeds available undistributed earnings for the year ended December 31, 2019, the dividend is allocated only up to the amount of available earnings. For the years ended December 31, 2021 and 2020, the Company generated a net loss and, therefore, no loss is allocated to the holders of the previously outstanding convertible preferred stock.

Basic net loss per share attributable to common stockholders is computed by dividing net loss for the period by the weighted-average number of outstanding shares of common stock during the period, less weighted-average shares subject to repurchase. Diluted net loss per share attributable to common stockholders is computed by dividing net loss for the period by the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period using the more dilutive of the treasury stock method or if-converted method, as applicable. The dilutive effect of previously outstanding participating securities is calculated using the more dilutive of the treasury method or the two-class method. For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because potentially dilutive common shares are anti-dilutive.

Segment Reporting - The Company operates as one reportable segment because its chief operating decision maker, who is the executive committee that consists of the chief executive officer, the chief financial officer and the chief operating officer, reviews the Company’s financial information on a consolidated basis for purposes of making decisions regarding allocating resources and assessing performance. All long-lived assets are located in the United States.

The table below provides the Company’s total revenue by geographic area (in thousands). No other individual country outside of the United States accounted for more than 10% of total revenue.


	Year ended December 31,
	2021		2020		2019
Revenue by Customers' Geographic Locations
United States	$	127,652	$	79,108	$	72,861
All other locations	15,183		8,964		7,599
Total revenue	$	142,835	$	88,072	$	80,460

No individual customer represents more than 10% of the Company’s total revenue for the years ended December 31, 2021, 2020 and 2019.

Emerging Growth Company Status - The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, the consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

The JOBS Act does not preclude an emerging growth company from early adopting new or revised accounting standards. See Recently adopted accounting pronouncements for further detail.

Recently Adopted Accounting Pronouncements – As part of its initiative to reduce complexity in the accounting standards, in December 2019 the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU No. 2019-12 also clarifies and simplifies other aspects of the accounting for income taxes. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company early adopted ASU No. 2019-12 on January 1, 2020. The adoption of ASU No. 2019-12 had no material impact to the Company's consolidated financial statements and related disclosures.

Recent Accounting Pronouncements Not Yet Adopted – In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), which requires an impairment model (known as the current expected credit loss (CECL) model) that is based on expected rather than incurred losses, with an anticipated result of more timely loss recognition. The CECL model requires measurement of expected credit losses not only based on historical experience and current conditions, but also by including reasonable and supportable forecasts incorporating forward-looking information. The Company is in the process of determining key accounting interpretations, data requirements and necessary changes to our credit loss estimation methods, processes and systems. This guidance is effective for the Company for annual reporting periods beginning after December 15, 2022 and interim periods therein. The Company is currently evaluating the impact of adoption of ASU No. 2016-13 on its consolidated financial statements and related disclosures.