0001476840-22-000128 | 10-Q | XBRL Viewer

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STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Shares
Beginning balance (in shares) \| shares	7,193,193
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	(406,739)
Options cancelled/forfeited/expired (in shares) \| shares	(388,541)
Ending balance (in shares) \| shares	6,397,913	7,193,193
Options exercisable (in shares) \| shares	6,205,173
Weighted average exercise price per share
Beginning balance (in dollars per share) \| $ / shares	$ 1.87
Options granted (in dollars per share) \| $ / shares	0
Options exercised (in dollars per share) \| $ / shares	1.72
Options cancelled/forfeited/expired (in dollars per share) \| $ / shares	1.87
Ending balance (in dollars per share) \| $ / shares	1.67	$ 1.87
Options exercisable (in dollars per share) \| $ / shares	$ 1.52
Weighted average remaining contractual life, options outstanding (in years)	5 years 5 months 4 days	6 years 5 months 12 days
Weighted average remaining contractual life, options exercisable (in years)	5 years 4 months 13 days

STOCK INCENTIVE PLANS - Stock-based Compensation Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Software Development
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation expense capitalized	$ 0.5	$ 0.3	$ 1.1	$ 0.4

NET (LOSS) INCOME PER SHARE - Anti-dilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	5,221,652	48,324,570	5,952,390	42,031,390
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	424,808	0	0
Weighted-average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	5,211,342	5,868,372	5,941,182	0
Matching shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	10,310	0	11,208	0
Convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	0	42,031,390	0	42,031,390

STOCK INCENTIVE PLANS - Stock Option Narratives (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value of options exercised	$ 10.3	$ 80.2
Intrinsic value of options outstanding	84.4		$ 302.8
Weighted average grant date fair value of options granted (in dollars per share)		$ 4.85
Proceeds from issuance of common stock on exercise of stock options	0.7	$ 2.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense not yet recognized	$ 9.4		$ 13.2
Share-based compensation not yet recognized, recognition period (in years)	1 year 3 months 29 days		1 year 8 months 12 days
Stock options \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (in shares)		0
Stock options \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Stock options \| The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	4 years
Non Statutory Options
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	100.00%
Ten Percent Holder \| Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a 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 (as a percent)	100.00%
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)	952,151		1,437,760
Shares subject to repurchase related to stock options early exercised and not yet vested	$ 1.5		$ 2.4

NET (LOSS) INCOME PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator
Net (loss) income	$ (8,242)	$ (6,345)	$ (23,612)	$ 8,329
Less: income allocated to participating securities, basic	0	0	0	(5,625)
Less: income allocated to participating securities, diluted	0	0	0	(5,625)
Net (loss) income attributable to Class A, LT10 and LT50 common stockholders	(8,242)	(6,345)	(23,612)	2,704
Net (loss) income attributable to Class A, LT10 and LT50 common stockholders	$ (8,242)	$ (6,345)	$ (23,612)	$ 2,704
Denominator
Weighted Average Number of Shares Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic (in shares)	80,941,664	34,490,860	80,523,557	31,301,387
Dilutive effect of warrants (in shares)	0	0	0	423,685
Dilutive effect of weighted average stock options (in shares)	0	0	0	9,727,808
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, diluted (in shares)	80,941,664	34,490,860	80,523,557	41,452,880
Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders, basic (in dollars per share)	$ (0.10)	$ (0.18)	$ (0.29)	$ 0.09
Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders, diluted (in dollars per share)	$ (0.10)	$ (0.18)	$ (0.29)	$ 0.07

CERTAIN BALANCE SHEET COMPONENTS - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expense reports	$ 201	$ 246
Partner payouts and advertising fees	693	574
Hosting and license fees	37	36
Credit card processing fees	21	56
Professional fees	1,303	1,274
Sales, payroll and other taxes payable	2,139	4,936
Cashback rewards	270	239
Interest payable	1,094	783
Restricted common stock liability for early stock option exercises	1,527	2,443
Matching plan payroll liability	206	0
Other	371	459
Total	$ 7,862	$ 11,046

STOCK INCENTIVE PLANS - RSU Narratives (Details) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Nov. 09, 2021	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)					25,204,250
Common Class A \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		4,339,690		16,856,770
Common Stock, LT50 \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				16,856,770
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	8 years
Share-based compensation expense not yet recognized	$ 218.2		$ 282.0
Share-based compensation not yet recognized, recognition period (in years)	6 years 5 months 4 days		6 years 11 months 1 day
Restricted stock units \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		8,679,380
Restricted stock units \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	63,223
Vested (in shares)	519,691
Restricted stock units \| Common Class A \| 2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	20,163	0
Vested (in shares)	6,945
Restricted stock units \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	0
Vested (in shares)	507,363
Restricted stock units \| Common Stock, LT50 \| The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		4,339,690

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Preferred stock, par value (per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Common Class A
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	68,575,385	67,844,060
Common stock, shares outstanding (in shares)	68,575,385	67,844,060
Common Stock, LT10
Common stock, shares authorized (in shares)	24,997,561	25,000,000
Common stock, shares issued (in shares)	7,336,191	7,332,640
Common stock, shares outstanding (in shares)	7,336,191	7,332,640
Common Stock, LT50
Common stock, shares authorized (in shares)	24,999,170	25,000,000
Common stock, shares issued (in shares)	6,732,693	6,224,160
Common stock, shares outstanding (in shares)	6,732,693	6,224,160

NET (LOSS) INCOME PER SHARE (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share data):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Numerator
Net (loss) income	$	(8,242)	$	(6,345)	$	(23,612)	$	8,329
Less: income allocated to participating securities	—		—		—		(5,625)
Net (loss) income attributable to Class A, LT10 and LT50 common stockholders, basic and diluted	$	(8,242)	$	(6,345)	$	(23,612)	$	2,704
Denominator
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic	80,941,664		34,490,860		80,523,557		31,301,387
Dilutive effect of warrants	—		—		—		423,685
Dilutive effect of weighted average stock options	—		—		—		9,727,808
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, diluted	80,941,664		34,490,860		80,523,557		41,452,880

Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders, basic	$	(0.10)	$	(0.18)	$	(0.29)	$	0.09
Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders, diluted	$	(0.10)	$	(0.18)	$	(0.29)	$	0.07

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:


	Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021
Warrants	—	424,808	—	—
Weighted-average stock options	5,211,342	5,868,372	5,941,182	—
Matching shares	10,310	—	11,208	—
Convertible preferred stock	—	42,031,390	—	42,031,390
Total	5,221,652	48,324,570	5,952,390	42,031,390

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Option Plan (Details) - shares	1 Months Ended		9 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Sep. 30, 2022	Nov. 09, 2021	Sep. 30, 2021	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	25,204,250
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			8 years
The 2009 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)		17,030,280				16,495,150
Additional shares authorized (in shares)		535,130
The 2009 Option Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			4 years
The 2019 Option Plan
Share-based Compensation Arrangement by Share-based Payment Award
Additional shares authorized (in shares)	8,173,970
The 2019 Option Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				16,856,770	4,339,690
The 2019 Option Plan \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)				16,856,770
The 2019 Option Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)					8,679,380
The 2019 Option Plan \| Restricted stock units \| Common Stock, LT50
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)					4,339,690
The 2019 Option Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)			4 years

COMMITMENTS AND CONTINGENCIES - Lease Maturity Schedule (Details) (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finance leases
Remainder of 2022	$ 204
2023	476
2024	0
2025	0
2026	0
Thereafter	0
Total future lease payments	680
Less: imputed interest	(8)
Less: lease liabilities, current	(672)
Lease liabilities, non-current	$ 0
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease Liability, Current
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current
Operating leases
Remainder of 2022	$ 196
2023	332
2024	0
2025	0
2026	0
Thereafter	0
Total future lease payments	528
Less: imputed interest	(10)
Less: lease liabilities, current	(518)
Lease liabilities, non-current	$ 0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease liabilities, non-current

GENERAL INFORMATION (Policies)	9 Months Ended
GENERAL INFORMATION (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Expensify and its wholly-owned subsidiaries (the "Company") and have been prepared in accordance with United States generally accepted accounting principles ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021 ("2021 Annual Report"). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed 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 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, classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, and stock-based compensation.
Restricted Cash	Restricted Cash Restricted cash includes amounts deposited with a commercial bank required as collateral for corporate credit cards issued by the respective commercial bank in the U.S. and United Kingdom, cash in transit for funds held for customers to the Company's Payment Processor, Expensify Card collateral for funds held for customers, cash held by Expensify.org for social justice and equity efforts of Expensify.org, cash held on behalf of service providers to be used towards service provider share purchases at the end of the Matching Plan (as defined in Note 5) offering period, and 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 customers' members.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which requires an impairment model (known as the current expected credit loss or "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. As the Company will no longer qualify as an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, as of December 31, 2022, the guidance will be effective for the Company beginning with the annual reporting period ended December 31, 2022 and interim periods presented therein. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements and related disclosures.

GENERAL INFORMATION	9 Months Ended
GENERAL INFORMATION	Sep. 30, 2022
Accounting Policies [Abstract]
GENERAL INFORMATION	GENERAL INFORMATION Description of the Business Expensify, Inc. ("Expensify") 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 and enterprises on a per-active-member basis. Expensify also offers an Expensify card ("Expensify Card"), which is primarily distributed to large corporate customers in the United States ("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. Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Expensify and its wholly-owned subsidiaries (the "Company") and have been prepared in accordance with United States generally accepted accounting principles ("GAAP") and the applicable rules and regulations of the Securities and Exchange Commission ("SEC") for interim reporting in conformity with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP have been condensed or omitted pursuant to such SEC rules. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2021 ("2021 Annual Report"). All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of the Company's financial position, results of operations, equity, and cash flows for the periods presented. Results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or for any other future annual or interim period. 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 prior periods presented. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed 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 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, classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, and stock-based compensation. Updates to Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2 of the 2021 Annual Report. Since the date of the 2021 Annual Report, there have been no material changes to the Company's significant accounting policies, including the status of recent accounting pronouncements adopted, other than those detailed below. Restricted Cash Restricted cash includes amounts deposited with a commercial bank required as collateral for corporate credit cards issued by the respective commercial bank in the U.S. and United Kingdom, cash in transit for funds held for customers to the Company's Payment Processor, Expensify Card collateral for funds held for customers, cash held by Expensify.org for social justice and equity efforts of Expensify.org, cash held on behalf of service providers to be used towards service provider share purchases at the end of the Matching Plan (as defined in Note 5) offering period, and 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 customers' members. Recent Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, which requires an impairment model (known as the current expected credit loss or "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. As the Company will no longer qualify as an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, as of December 31, 2022, the guidance will be effective for the Company beginning with the annual reporting period ended December 31, 2022 and interim periods presented therein. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements and related disclosures.

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSDuring the nine months ended September 30, 2022, Expensify, Inc. contributed $2.3 million to its wholly-owned subsidiary, Expensify.org, a nonprofit benefit organization established by the Company. There was an immaterial amount of contributions from Expensify, Inc. to Expensify.org during the nine months ended September 30, 2021. There was an immaterial amount of commitments from Expensify, Inc. that remained open for contribution as of September 30, 2022. There are no other significant related party transactions for the Company as of September 30, 2022, except as noted elsewhere in these condensed consolidated financial statements.

CERTAIN BALANCE SHEET COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization expense	$ 0.6	$ 0.7	$ 2.0	$ 1.5
Depreciation	$ 0.5	$ 0.5	$ 1.5	$ 1.6

COMMITMENTS AND CONTINGENCIES - Summary of Related to Leases (Details)(Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Finance lease ROU asset (included within Lease right-of-use assets)	$ 658	$ 1,251
Operating lease ROU asset (included within Lease right-of-use assets)	$ 451	$ 951
Weighted-average remaining lease term (in years):
Finance leases	9 months 29 days	1 year 6 months 29 days
Operating leases	8 months 1 day	1 year 4 months 24 days
Weighted-average discount rate:
Finance leases	2.47%	2.50%
Operating leases	5.25%	5.30%
Finance Lease, Right-of-Use Asset, Statement of Financial Position	Lease right-of-use assets	Lease right-of-use assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position	Lease right-of-use assets	Lease right-of-use assets

NET (LOSS) INCOME PER SHARE - Narratives (Details)	9 Months Ended
NET (LOSS) INCOME PER SHARE - Narratives (Details)	Sep. 30, 2022 vote shares
Common Class A
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	1
Shares converted (in shares) \| shares	1
Common Stock, LT10
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	10
Conversion of stock, notice period (in months)	10 months
Common Stock, LT50
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Voting right per share (vote)	50
Conversion of stock, notice period (in months)	50 months

RELATED PARTY TRANSACTIONS (Details) $ in Millions	9 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Millions	Sep. 30, 2022 USD ($)
Expensify.Org \| Affiliated Entity
Related Party Transaction
Payment of commitments to related party	$ 2.3

COMMITMENTS AND CONTINGENCIES - Monthly revolving line of credit (Details) - USD ($)	1 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Line of Credit Facility
Borrowings under line of credit		$ 15,000,000	$ 15,000,000
Unamortized debt issuance cost		279,000	200,000
2021 Amended Term Loan
Line of Credit Facility
Debt issuance cost		0
Issuance discount		0
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		15,000,000.0	15,000,000.0
Remaining borrowing capacity		$ 10,000,000.0	$ 10,000,000.0
Revolving Credit Facility \| 2021 Amended Term Loan \| Line of Credit \| Reference Rate
Line of Credit Facility
Variable rate (as a percent)	1.00%
Effective interest rate (as a percent)		725.00%

STOCK INCENTIVE PLANS - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expense
Stock based compensation expense	$ 13,364	$ 897	$ 41,793	$ 2,495
Cost of revenue, net
Share-based Payment Arrangement, Expense
Stock based compensation expense	4,667	245	14,278	670
Research and development
Share-based Payment Arrangement, Expense
Stock based compensation expense	1,931	154	6,230	482
General and administrative
Share-based Payment Arrangement, Expense
Stock based compensation expense	4,624	410	15,063	1,118
Sales and marketing
Share-based Payment Arrangement, Expense
Stock based compensation expense	2,142	88	6,222	225
Stock options
Share-based Payment Arrangement, Expense
Stock based compensation expense	970	897	2,969	2,495
Matching shares
Share-based Payment Arrangement, Expense
Stock based compensation expense	24	$ 0	41	$ 0
Restricted stock units
Share-based Payment Arrangement, Expense
Stock based compensation expense	$ 12,370		$ 38,783

STOCK INCENTIVE PLANS - RSU Rollforward (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Nov. 09, 2021	Sep. 30, 2021	Apr. 30, 2019
Weighted average grant date fair value per share
Beginning balance (in dollars per share)	$ 33.75
Granted (in dollars per share)	18.21
Vested (in dollars per share)	33.70
Cancelled/forfeited/expired (in dollars per share)	38.84
Ending balance (in dollars per share)	$ 33.88
Shares authorized (in shares)				25,204,250
Common Class A \| The 2019 Option Plan
Weighted average grant date fair value per share
Shares authorized (in shares)		16,856,770	4,339,690
Common Stock, LT50 \| The 2019 Option Plan
Weighted average grant date fair value per share
Shares authorized (in shares)		16,856,770
Restricted stock units \| The 2019 Option Plan
Weighted average grant date fair value per share
Shares authorized (in shares)			8,679,380
Restricted stock units \| Common Class A
RSU Rollforward
Beginning balance (in shares)	4,329,530
Granted (in shares)	63,223
Vested (in shares)	(519,691)
Cancelled/forfeited/expired (in shares)	(321,545)
Ending balance (in shares)	3,551,517
Restricted stock units \| Common Stock, LT50
RSU Rollforward
Beginning balance (in shares)	4,301,750
Granted (in shares)	0
Vested (in shares)	(507,363)
Cancelled/forfeited/expired (in shares)	(321,545)
Ending balance (in shares)	3,472,842
Restricted stock units \| Common Stock, LT50 \| The 2019 Option Plan
Weighted average grant date fair value per share
Shares authorized (in shares)			4,339,690

CERTAIN BALANCE SHEET COMPONENTS - Other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Other Current Assets
Expensify Card posted collateral for funds held for customers	$ 6,622	$ 5,115
Cash in transit for funds held for customers	3,882	388
Contract assets	0	8
Income tax receivable	4,797	5,412
Matching plan escrow and other restricted cash	248	0
Other	195	145
Total	21,247	14,201
Expensify Payment LLC \| Affiliated Entity
Schedule Of Other Current Assets
Restricted cash	101	55
Subsidiaries \| Expensify.Org
Schedule Of Other Current Assets
Restricted cash	$ 5,402	$ 3,078

COMMITMENTS AND CONTINGENCIES - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finance lease cost:
Amortization of ROU assets	$ 198	$ 198	$ 593	$ 593
Interest on lease liabilities	5	10	19	33
Total finance lease cost	203	208	612	626
Operating lease cost	173	205	531	615
Total lease cost	$ 376	$ 413	$ 1,143	$ 1,241

STOCK INCENTIVE PLANS (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Rollforward

During the nine months ended September 30, 2022, RSU activity for Service Providers and non-employee directors was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2021	4,329,530	4,301,750	$	33.75
RSUs granted	63,223	—	$	18.21
RSUs vested	(519,691)	(507,363)	$	33.70
RSUs cancelled/forfeited/expired	(321,545)	(321,545)	$	38.84
Outstanding at September 30, 2022	3,551,517	3,472,842	$	33.88

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, 2021	7,193,193	$	1.87	6.45
Options granted	—	$	—
Options exercised	(406,739)	$	1.72
Options cancelled/forfeited/expired	(388,541)	$	1.87
Outstanding at September 30, 2022	6,397,913	$	1.67	5.43
Exercisable at September 30, 2022	6,205,173	$	1.52	5.37

Schedule of Stock-based Compensation Expense

The following table summarizes the stock-based compensation expense recognized for options granted under the 2009 Stock Plan, options and RSUs granted under the 2019 Stock Plan, RSUs granted under the 2021 Plan and matching shares issued under the Matching Plan (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Stock options	$	970	$	897	$	2,969	$	2,495
Matching shares	24		—		41		—
Restricted stock units	12,370		—		38,783		—
Total	$	13,364	$	897	$	41,793	$	2,495

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 condensed consolidated statements of operations (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Cost of revenue, net	$	4,667	$	245	$	14,278	$	670
Research and development	1,931		154		6,230		482
General and administrative	4,624		410		15,063		1,118
Sales and marketing	2,142		88		6,222		225
Total	$	13,364	$	897	$	41,793	$	2,495

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three and nine months ended September 30, 2022, the Company prepared its interim tax provision by applying a year-to-date effective tax rate. Use of the actual year-to-date effective tax rate commenced during the three months ended September 30, 2021 and the Company believes that continuing to use the actual year-to-date effective tax rate going forward results in the best estimate of the annual effective tax rate. For the three months ended September 30, 2022 and 2021, the Company recorded a provision for income taxes of $0.2 million and a benefit for income taxes of $3.6 million, respectively, which resulted in effective tax rates of (1.9)% and 35.8%, respectively. For the nine months ended September 30, 2022 and 2021, the Company recorded a provision for income taxes of $3.9 million and a benefit for income taxes of $0.7 million, respectively, which resulted in effective tax rates of (19.5)% and (9.3)%, respectively. The principal reasons for the difference between the statutory rate and the effective rate for 2022 were primarily due to non-deductible stock-based compensation, as well as the change in the valuation allowance, Section 162(m) of the Internal Revenue Code ("IRC") compensation limitations and state taxes. The principal reasons for the difference between the statutory rate and the effective rate for 2021 were due to the effects of the excess tax benefit related to stock-based compensation as well as the rate differential for Expensify.org. The Company follows the provisions of Accounting Standards Codification ("ASC") 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 September 30, 2022 and December 31, 2021, the Company recorded an uncertain tax position liability, exclusive of interest and penalties, of $1.1 million and $0.2 million respectively, within Other liabilities on the condensed consolidated balance sheets. The Company is subject to income taxes in U.S. federal and various state, local and foreign jurisdictions. The tax years ended December 2012 to December 2021 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.

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+ Details

COMMITMENTS AND CONTINGENCIES - Amortizing Term Mortgage (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Sep. 30, 2022	Dec. 31, 2021
Schedule of Capitalization, Long-term Debt
Long-term debt, net of original issuance discount and debt issuance costs		$ 51,572	$ 52,067
Mortgages
Schedule of Capitalization, Long-term Debt
Loaned amount	$ 8,300
Debt instrument, term (in years)	30 years
Interest rate (as a percent)	5.00%
Long-term debt, net of original issuance discount and debt issuance costs		$ 7,900	$ 8,000
Mortgages \| Prime Rate
Schedule of Capitalization, Long-term Debt
Variable rate (as a percent)	0.25%

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Consideration from a vendor, net	$ 1.7	$ 0.8	$ 4.4	$ 1.9
Cashback rewards
Disaggregation of Revenue
Cashback rewards	$ 0.8	$ 0.3	$ 2.0	$ 0.3

CERTAIN BALANCE SHEET COMPONENTS - Capitalized software, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software development costs	$ 12,700	$ 10,966
Less: accumulated amortization	(6,558)	(4,607)
Capitalized software, net	$ 6,142	$ 6,359

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS - Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue
Revenue	$ 42,493	$ 37,447	$ 126,026	$ 102,471
United States
Disaggregation of Revenue
Revenue	38,955	33,553	114,862	91,466
All other locations
Disaggregation of Revenue
Revenue	$ 3,538	$ 3,894	$ 11,164	$ 11,005

- 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.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

The components of lease cost reflected in the condensed consolidated statements of operations were as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Finance lease cost:
Amortization of ROU assets	$	198	$	198	$	593	$	593
Interest on lease liabilities	5		10		19		33
Total finance lease cost	203		208		612		626
Operating lease cost	173		205		531		615
Total lease cost	$	376	$	413	$	1,143	$	1,241

Supplemental cash flow information related to leases was as follows (in thousands):


	Nine months ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(595)	$	(678)
Operating cash flows from finance leases	(19)		(33)
Financing cash flows from finance leases	(593)		(579)

Schedule of Supplemental Balance Sheet Information

Other information related to leases was as follows (in thousands, except as noted within):


	September 30,			December 31,
	2022			2021
Finance lease ROU asset (included within Lease right-of-use assets)	$	658		$	1,251
Operating lease ROU asset (included within Lease right-of-use assets)	$	451		$	951
Weighted-average remaining lease term (in years):
Finance leases	0.83			1.58
Operating leases	0.67			1.40
Weighted-average discount rate:
Finance leases	2.47		%	2.50		%
Operating leases	5.25		%	5.30		%

Schedule of Finance Lease Maturity

Maturities of lease liabilities as of September 30, 2022 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
Remainder of 2022	$	204	$	196
2023	476		332
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total future lease payments	680		528
Less: imputed interest	(8)		(10)
Less: lease liabilities, current	(672)		(518)
Lease liabilities, non-current	$	—	$	—

Schedule of Operating Lease Maturity

Maturities of lease liabilities as of September 30, 2022 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
Remainder of 2022	$	204	$	196
2023	476		332
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total future lease payments	680		528
Less: imputed interest	(8)		(10)
Less: lease liabilities, current	(672)		(518)
Lease liabilities, non-current	$	—	$	—

Summary of Principal Payments on all Long-term Debt

Future aggregate annual principal payments on long-term debt as of September 30, 2022 is expected to be as follows (in thousands):


For the year ending:
Remainder of 2022	$	148
2023	595
2024	715
2025	1,397
2026	42,355
Thereafter	7,190
Total principal payments	52,400
Less: unamortized original issuance discount and debt issuance costs	(279)
Less: current portion, net of unamortized original issuance discount and debt issuance costs	(549)
Long-term debt, net of unamortized original issuance discount and debt issuance costs	$	51,572

- 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

EQUITY (Details) $ in Millions	May 10, 2022 USD ($)
2022 Share Repurchase Program \| Class A common stock
Equity, Class of Treasury Stock [Line Items]
Shares authorized for repurchase	$ 50.0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 106,212	$ 98,398
Accounts receivable, net	16,274	15,713
Settlement assets	39,359	21,880
Prepaid expenses	5,698	7,436
Related party loan receivable	0	14
Other current assets	21,247	14,201
Total current assets	188,790	157,642
Capitalized software, net	6,142	6,359
Property and equipment, net	14,872	15,930
Lease right-of-use assets	1,109	2,202
Deferred tax assets, net	200	370
Other assets	580	710
Total assets	211,693	183,213
Liabilities and stockholders' equity
Accounts payable	2,177	3,752
Accrued expenses and other liabilities	7,862	11,046
Borrowings under line of credit	15,000	15,000
Current portion of long-term debt, net of original issuance discount and debt issuance costs	549	549
Lease liabilities, current	1,190	1,549
Settlement liabilities	36,383	21,680
Total current liabilities	63,161	53,576
Lease liabilities, non-current	0	802
Other liabilities	1,145	153
Long-term debt, net of original issuance discount and debt issuance costs	51,572	52,067
Total liabilities	115,878	106,598
Commitments and contingencies (Note 4)
Stockholders' equity:
Common stock	7	6
Additional paid-in capital	185,326	142,515
Accumulated deficit	(89,518)	(65,906)
Total stockholders' equity	95,815	76,615
Total liabilities and stockholders' equity	$ 211,693	$ 183,213

EQUITY	9 Months Ended
EQUITY	Sep. 30, 2022
Equity [Abstract]
EQUITY	EQUITYOn May 10, 2022, the Executive Committee of our Board of Directors approved a share repurchase program with authorization to purchase up to $50.0 million of shares of Class A common stock ("2022 Share Repurchase Program"). The Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including the use of trading plans intended to qualify under Rule 10b5-1 of the Securities Exchange Act of 1934 ("Exchange Act"), in accordance with applicable securities laws and other restrictions. The actual timing, manner, price and total amount of future repurchases will depend on a variety of factors, including business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, restrictions under the terms of loan agreements and other considerations. The 2022 Share Repurchase Program does not obligate the Company to acquire any particular amount of Class A common stock, and the program may be suspended or terminated at any time by the Company at any time at its discretion without prior notice. During the three and nine months ended September 30, 2022, the Company did not repurchase any shares of Class A common stock under the 2022 Share Repurchase Program.

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 18
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 16
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

GENERAL INFORMATION - (Details)	Oct. 27, 2021
Accounting Policies [Abstract]
Stock split ratio, common stock	0.10

CERTAIN BALANCE SHEET COMPONENTS - Property and equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment
Total property and equipment	$ 21,919	$ 21,914
Less: accumulated depreciation	(7,047)	(5,984)
Total property and equipment, net	14,872	15,930
Computers and equipment
Property, Plant and Equipment
Total property and equipment	183	311
Furniture and fixtures
Property, Plant and Equipment
Total property and equipment	1,593	1,462
Leasehold improvements
Property, Plant and Equipment
Total property and equipment	6,948	7,106
Commercial building
Property, Plant and Equipment
Total property and equipment	6,493	6,493
Land
Property, Plant and Equipment
Total property and equipment	4,151	4,151
Construction in progress
Property, Plant and Equipment
Total property and equipment	$ 2,551	$ 2,391

COMMITMENTS AND CONTINGENCIES - Future aggregate annual principal payments on all long-term debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity
Remainder of 2022	$ 148
2023	595
2024	715
2025	1,397
2026	42,355
Thereafter	7,190
Total principal payments	52,400
Less: unamortized original issuance discount and debt issuance costs	(279)	$ (200)
Less: current portion, net of unamortized original issuance discount and debt issuance costs	(549)	(549)
Long-term debt, net of unamortized original issuance discount and debt issuance costs	$ 51,572	$ 52,067

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2022	Nov. 08, 2022
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-41043
Entity Registrant Name	Expensify, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	27-0239450
Entity Address, Street	401 SW 5th Ave
Entity Address, City	Portland
Entity Address, State	OR
Entity Address, Postal Zip Code	97204
City Area Code	475
Local Phone Number	221-8402
Title of each class	Class A Common Stock, par value $0.0001 per share
Trading Symbol(s)	EXFY
Name of each exchange on which registered	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001476840
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		68,598,512
Common Stock, LT10
Document Information
Entity Common Stock, Shares Outstanding		7,336,191
Common Stock, LT50
Document Information
Entity Common Stock, Shares Outstanding		6,732,693

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 42,493	$ 37,447	$ 126,026	$ 102,471
Cost of revenue, net	16,554	18,197	46,564	33,768
Gross margin	25,939	19,250	79,462	68,703
Operating expenses:
Research and development	3,416	2,167	10,701	8,138
General and administrative	15,898	18,333	45,335	35,827
Sales and marketing	12,342	7,608	37,958	14,555
Total operating expenses	31,656	28,108	93,994	58,520
(Loss) income from operations	(5,717)	(8,858)	(14,532)	10,183
Interest and other expenses, net	(2,369)	(1,054)	(5,226)	(2,560)
(Loss) income before income taxes	(8,086)	(9,912)	(19,758)	7,623
(Provision) benefit for income taxes	(156)	3,567	(3,854)	706
Net (loss) income	(8,242)	(6,345)	(23,612)	8,329
Less: income allocated to participating securities, basic	0	0	0	(5,625)
Less: income allocated to participating securities, diluted	0	0	0	(5,625)
Net (loss) income attributable to Class A, LT10 and LT50 common stockholders	(8,242)	(6,345)	(23,612)	2,704
Net (loss) income attributable to Class A, LT10 and LT50 common stockholders	$ (8,242)	$ (6,345)	$ (23,612)	$ 2,704
Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders:
Basic (in dollars per share)	$ (0.10)	$ (0.18)	$ (0.29)	$ 0.09
Diluted (in dollars per share)	$ (0.10)	$ (0.18)	$ (0.29)	$ 0.07
Weighted-average shares of common stock used to compute net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders:
Weighted-average number of basic shares outstanding (in shares)	80,941,664	34,490,860	80,523,557	31,301,387
Weighted-average number of diluted shares outstanding (in shares)	80,941,664	34,490,860	80,523,557	41,452,880

COMMITMENTS AND CONTINGENCIES - Defined Contribution Plans (Details) - United States - USD ($)		3 Months Ended		9 Months Ended
	Jan. 01, 2018	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Defined Contribution Plan
Employer discretionary matching		$ 0	$ 0	$ 0	$ 0
Employer contributions		$ 200,000	$ 200,000	$ 600,000	$ 500,000
Maximum
Defined Contribution Plan
Employer contribution (as a percent) (up to)	4.50%

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Finance and Operating Lease Arrangements

The Company did not enter into any additional operating lease agreements or finance lease agreements to finance the acquisition of new property and equipment during the nine months ended September 30, 2022 and 2021.

The components of lease cost reflected in the condensed consolidated statements of operations were as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Finance lease cost:
Amortization of ROU assets	$	198	$	198	$	593	$	593
Interest on lease liabilities	5		10		19		33
Total finance lease cost	203		208		612		626
Operating lease cost	173		205		531		615
Total lease cost	$	376	$	413	$	1,143	$	1,241

Other information related to leases was as follows (in thousands, except as noted within):


	September 30,			December 31,
	2022			2021
Finance lease ROU asset (included within Lease right-of-use assets)	$	658		$	1,251
Operating lease ROU asset (included within Lease right-of-use assets)	$	451		$	951
Weighted-average remaining lease term (in years):
Finance leases	0.83			1.58
Operating leases	0.67			1.40
Weighted-average discount rate:
Finance leases	2.47		%	2.50		%
Operating leases	5.25		%	5.30		%

Supplemental cash flow information related to leases was as follows (in thousands):


	Nine months ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(595)	$	(678)
Operating cash flows from finance leases	(19)		(33)
Financing cash flows from finance leases	(593)		(579)

Maturities of lease liabilities as of September 30, 2022 were as follows (in thousands):


	Finance leases		Operating leases
For the year ending:
Remainder of 2022	$	204	$	196
2023	476		332
2024	—		—
2025	—		—
2026	—		—
Thereafter	—		—
Total future lease payments	680		528
Less: imputed interest	(8)		(10)
Less: lease liabilities, current	(672)		(518)
Lease liabilities, non-current	$	—	$	—

Amortizing Term Mortgage

In August 2019, the Company entered into an $8.3 million amortizing term mortgage agreement with Canadian Imperial Bank of Commerce ("CIBC") for the Company's commercial building located in Portland, Oregon. The agreement requires principal and interest payments be made each month over a 30-year period. Interest accrues at a fixed rate of 5.00% per year until August 2024, at which point the interest rate changes to the Wall Street Journal Prime Rate less 0.25% for the remaining term of the mortgage. The borrowings are secured by the building. The outstanding balance of the amortizing term

mortgage was $7.9 million and $8.0 million as of September 30, 2022 and December 31, 2021, respectively.

2021 Amended Term Loan

In September 2021, the Company amended and restated its loan and security agreement with CIBC ("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 to enter into an additional $30.0 million delayed term loan, and increase the monthly revolving line of credit to $25.0 million. The term loan and revolving line of credit mature in September 2026 and September 2024, respectively. 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, as well as commitment fees and other debt issuance costs associated with the amendment. The remaining proceeds from the initial term loan were utilized to fund the Company's normal business operations.

Under the 2021 Amended Term Loan, the initial term loan of $45.0 million is payable over a 60 month period with principal and accrued interest payments due each quarter, commencing on September 30, 2021. The 2021 Amended Term Loan amortizes in equal quarterly installments of $0.1 million through September 30, 2024, $0.2 million beginning October 1, 2024 and $0.6 million beginning October 1, 2025, with any remaining principal balance due and payable on maturity. The amounts borrowed bear interest at the bank’s reference rate plus 2.25% (8.50% as of September 30, 2022) beginning on September 30, 2021 and continuing on a quarterly basis through maturity of the term loan. The borrowings are secured by substantially all the Company’s assets. As of September 30, 2022 and December 31, 2021, the outstanding balance of the 2021 Amended Term Loan was $44.5 million and $44.9 million, respectively.

Monthly Revolving Line of Credit

The line of credit agreement, as amended with the 2021 Amended Term Loan, provides borrowings up to $25.0 million. Borrowings under the line of credit bear interest at CIBC’s reference rate plus 1.00% (7.25% as of September 30, 2022) and are secured by substantially all of the Company’s assets. As of September 30, 2022 and December 31, 2021, there were $15.0 million of borrowings under the line of credit and $10.0 million of capacity available for additional borrowings.

In connection with the amortizing term mortgage and the 2021 Amended Term Loan, the Company recorded an immaterial amount of debt issuance costs and the 2021 Amended Term Loan was subject to an original issuance discount. These amounts are being amortized to interest expense over the term of the respective agreements using the effective interest method. As of September 30, 2022 and December 31, 2021, unamortized original issuance discount and debt issuance costs remaining were $0.3 million and $0.2 million, respectively.

Future aggregate annual principal payments on long-term debt as of September 30, 2022 is expected to be as follows (in thousands):


For the year ending:
Remainder of 2022	$	148
2023	595
2024	715
2025	1,397
2026	42,355
Thereafter	7,190
Total principal payments	52,400
Less: unamortized original issuance discount and debt issuance costs	(279)
Less: current portion, net of unamortized original issuance discount and debt issuance costs	(549)
Long-term debt, net of unamortized original issuance discount and debt issuance costs	$	51,572

As of September 30, 2022, the Company was not in compliance with all debt covenants, specifically the covenant restricting the amount of transfers to Expensify Payments LLC and the covenant restricting the amount of repurchases of common stock, which includes our RSU net share settlements, each during the period. A waiver was obtained from CIBC. The Company does not believe non-compliance with these covenants had any material 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 December 31, 2022.

Defined Contribution Plans

The Company sponsors a U.S. 401(k) defined contribution plan for all eligible employees who elect to participate. The Company is permitted 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 4.50% 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 during the three and nine months ended September 30, 2022 and 2021. The Company’s 401(k) matching contributions for the three months ended September 30, 2022 and 2021 were $0.2 million and $0.2 million, respectively. The Company’s 401(k) matching contributions for the nine months ended September 30, 2022 and 2021 were $0.6 million and $0.5 million, respectively.

Legal

From time to time in the normal course of business, the Company may be involved in claims, proceedings and litigation. 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 such provisions at least quarterly and adjusts such provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case.

As of September 30, 2022, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.

CERTAIN BALANCE SHEET COMPONENTS

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CERTAIN BALANCE SHEET COMPONENTS

Other Current Assets

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


	September 30,		December 31,
	2022		2021
Expensify.org restricted cash	$	5,402	$	3,078
Expensify Card posted collateral for funds held for customers	6,622		5,115
Cash in transit for funds held for customers	3,882		388
Contract assets	—		8
Expensify Payments LLC restricted cash	101		55
Income tax receivable	4,797		5,412
Matching plan escrow and other restricted cash	248		—
Other	195		145
Total	$	21,247	$	14,201

Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Capitalized software development costs	$	12,700	$	10,966
Less: accumulated amortization	(6,558)		(4,607)
Capitalized software, net	$	6,142	$	6,359

Amortization expense related to capitalized software development costs is recorded in Cost of revenue, net on the condensed consolidated statements of operations. Amortization expense was $0.6 million and $0.7 million for the three months ended September 30, 2022 and 2021, respectively. Amortization expense was $2.0 million and $1.5 million for the nine months ended September 30, 2022 and 2021, respectively.

Property and Equipment, Net

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


	September 30,		December 31,
	2022		2021
Computers and equipment	$	183	$	311
Furniture and fixtures	1,593		1,462
Leasehold improvements	6,948		7,106
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	2,551		2,391
Total property and equipment	21,919		21,914
Less: accumulated depreciation	(7,047)		(5,984)
Total property and equipment, net	$	14,872	$	15,930

Depreciation expense related to property and equipment is recorded in General and administrative on the condensed consolidated statements of operations. Depreciation expense related to property and equipment for the three months ended September 30, 2022 and 2021 was $0.5 million and $0.5 million, respectively. Depreciation expense related to property and equipment for the nine months ended September 30, 2022 and 2021 was $1.5 million and $1.6 million, respectively.

Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Accrued expense reports	$	201	$	246
Partner payouts and advertising fees	693		574
Hosting and license fees	37		36
Credit card processing fees	21		56
Professional fees	1,303		1,274
Sales, payroll and other taxes payable	2,139		4,936
Cashback rewards	270		239
Interest payable	1,094		783
Restricted common stock liability for early stock option exercises	1,527		2,443
Matching plan payroll liability	206		—
Other	371		459
Total	$	7,862	$	11,046

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Income Tax Disclosure [Abstract]
(Provision) benefit for income taxes	$ (156)	$ 3,567	$ (3,854)	$ 706
Effective income tax rate (in percent)	1.90%	(35.80%)	19.50%	(9.30%)
Accrual for uncertain tax positions	$ 1,100		$ 1,100		$ 200

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CERTAIN BALANCE SHEET COMPONENTS (Tables)

9 Months Ended

Sep. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

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


	September 30,		December 31,
	2022		2021
Expensify.org restricted cash	$	5,402	$	3,078
Expensify Card posted collateral for funds held for customers	6,622		5,115
Cash in transit for funds held for customers	3,882		388
Contract assets	—		8
Expensify Payments LLC restricted cash	101		55
Income tax receivable	4,797		5,412
Matching plan escrow and other restricted cash	248		—
Other	195		145
Total	$	21,247	$	14,201

Schedule of Capitalized Software, Net

Capitalized software, net consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Capitalized software development costs	$	12,700	$	10,966
Less: accumulated amortization	(6,558)		(4,607)
Capitalized software, net	$	6,142	$	6,359

Schedule of Property and Equipment, Net

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


	September 30,		December 31,
	2022		2021
Computers and equipment	$	183	$	311
Furniture and fixtures	1,593		1,462
Leasehold improvements	6,948		7,106
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	2,551		2,391
Total property and equipment	21,919		21,914
Less: accumulated depreciation	(7,047)		(5,984)
Total property and equipment, net	$	14,872	$	15,930

Schedule of Accrued Expenses and Other Liabilities

Accrued expenses and other liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2022		2021
Accrued expense reports	$	201	$	246
Partner payouts and advertising fees	693		574
Hosting and license fees	37		36
Credit card processing fees	21		56
Professional fees	1,303		1,274
Sales, payroll and other taxes payable	2,139		4,936
Cashback rewards	270		239
Interest payable	1,094		783
Restricted common stock liability for early stock option exercises	1,527		2,443
Matching plan payroll liability	206		—
Other	371		459
Total	$	7,862	$	11,046

STOCK INCENTIVE PLANS - 2021 Incentive Plan and Matching Plan (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Jan. 01, 2022	Dec. 31, 2021	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Options granted (in shares)		0
2021 Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)	17,336,972	17,336,972		12,453,532
2021 Incentive Plan \| Common Class A \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)					87,576,990
Annual increase in shares reserved for future issuance (as a percent)			6.00%
Matching shares \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares purchased (in shares)		73,959
Shares purchase price (usd per share)	$ 16.70	$ 16.70
Cash proceeds		$ 1.2
Options granted (in shares)	6,465	10,041

NET (LOSS) INCOME PER SHARE

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

NET (LOSS) INCOME PER SHARE

The following table sets forth the computation of basic and diluted net (loss) income per share (in thousands, except share and per share data):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Numerator
Net (loss) income	$	(8,242)	$	(6,345)	$	(23,612)	$	8,329
Less: income allocated to participating securities	—		—		—		(5,625)
Net (loss) income attributable to Class A, LT10 and LT50 common stockholders, basic and diluted	$	(8,242)	$	(6,345)	$	(23,612)	$	2,704
Denominator
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, basic	80,941,664		34,490,860		80,523,557		31,301,387
Dilutive effect of warrants	—		—		—		423,685
Dilutive effect of weighted average stock options	—		—		—		9,727,808
Weighted-average shares of common stock used to compute net (loss) income per share attributable to common stockholders, diluted	80,941,664		34,490,860		80,523,557		41,452,880

Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders, basic	$	(0.10)	$	(0.18)	$	(0.29)	$	0.09
Net (loss) income per share attributable to Class A, LT10 and LT50 common stockholders, diluted	$	(0.10)	$	(0.18)	$	(0.29)	$	0.07

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 10 month notice period for LT10 common stock and a 50 month 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) income 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:


	Three months ended September 30,		Nine months ended September 30,
	2022	2021	2022	2021
Warrants	—	424,808	—	—
Weighted-average stock options	5,211,342	5,868,372	5,941,182	—
Matching shares	10,310	—	11,208	—
Convertible preferred stock	—	42,031,390	—	42,031,390
Total	5,221,652	48,324,570	5,952,390	42,031,390

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS

9 Months Ended

Sep. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS

Revenue by geographic region, based on user address, was as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
United States	$	38,955	$	33,553	$	114,862	$	91,466
All other locations	3,538		3,894		11,164		11,005
Total revenue	$	42,493	$	37,447	$	126,026	$	102,471

No individual customer represented more than 10% of the Company’s total revenue during the three and nine months ended September 30, 2022 and 2021.

Cashback Rewards

The Company offers a cashback rewards program to all customers based on volume of Expensify Card transactions and Software as a Service ("SaaS") subscription tier. Cashback rewards are earned on a monthly basis and paid out the following month. The Company considers the cashback payments to customers as consideration payable to a customer and is recorded as contra revenue within Revenue on the condensed consolidated statements of operations. Cashback rewards for the three months ended September 30, 2022 and 2021 was $0.8 million and $0.3 million, respectively. Cashback rewards for the nine months ended September 30, 2022 and 2021 was $2.0 million and $0.3 million, respectively.

Consideration From a Vendor, Net

The Company receives 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, net within the condensed consolidated statements of operations. Consideration from a vendor, net for the three months ended September 30, 2022 and 2021 was $1.7 million and $0.8 million, respectively. Consideration from a vendor, net for the nine months ended September 30, 2022 and 2021 was $4.4 million and $1.9 million, respectively

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (23,612)	$ 8,329
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	4,072	3,732
Reduction of operating lease right-of-use assets	531	552
Loss on impairment, receivables and sale or disposal of equipment	722	283
Stock-based compensation	41,793	2,495
Amortization of original issuance discount and debt issuance costs	22	23
Deferred tax assets	170	0
Changes in assets and liabilities:
Accounts receivable, net	(1,016)	(3,865)
Settlement assets	(10,096)	(3,344)
Prepaid expenses	1,738	(2,886)
Related party loan receivable	14	(224)
Other current assets	558	1,212
Other assets	11	120
Accounts payable	(1,575)	(330)
Accrued expenses and other liabilities	(2,195)	18,870
Operating lease liabilities	(601)	(614)
Settlement liabilities	14,703	10,699
Other liabilities	990	(472)
Net cash provided by operating activities	26,229	34,580
Cash flows from investing activities:
Purchases of property and equipment	(467)	(2,602)
Software development costs	(906)	(4,397)
Net cash used by investing activities	(1,373)	(6,999)
Cash flows from financing activities:
Principal payments of finance leases	(593)	(579)
Principal payments of term loan	(445)	(25,157)
Proceeds from term loan	0	45,000
Repurchases of early exercised stock options	(25)	0
Proceeds from common stock purchased under Matching Plan	2,433	0
Payments of deferred offering costs	0	(4,796)
Vesting of restricted common stock	0	234
Proceeds from issuance of common stock on exercise of stock options	700	2,862
Payment, Tax Withholding, Share-Based Payment Arrangement	(4,172)	0
Net cash (used) provided by financing activities	(2,102)	17,564
Net increase in cash and cash equivalents and restricted cash	22,754	45,145
Cash and cash equivalents and restricted cash, beginning of period	125,315	46,878
Cash and cash equivalents and restricted cash, end of period	148,069	92,023
Supplemental disclosure of cash flow information:
Cash paid for interest	2,721	2,182
Cash paid for income taxes	879	6,910
Noncash investing and financing items:
Accrued deferred offering costs	0	795
Reconciliation of cash and cash equivalents and restricted cash to the condensed consolidated balance sheets
Cash and cash equivalents	106,212	68,058
Restricted cash included in other current assets	16,255	5,989
Restricted cash included in other assets	0	47
Restricted cash included in settlement assets	25,602	17,929
Total cash, cash equivalents and restricted cash	$ 148,069	$ 92,023

STOCK INCENTIVE PLANS

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

STOCK INCENTIVE PLANS

2009 and 2019 Stock Plans

In 2009, the Board of Directors approved the 2009 Stock Plan ("2009 Stock Plan"). As amended in 2015, the 2009 Stock Plan permitted the Company to grant up to 16,495,150 shares of 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 Board of Directors approved the adoption of the 2019 Stock Plan ("2019 Stock Plan", and together with the 2009 Stock Plan, "Stock Plans"). The 2019 Stock Plan permitted the Company to grant up to 8,173,970 additional shares, increasing the overall common stock reserved for grant under the Stock Plans to 25,204,250 shares. In September 2021, under the 2019 Stock Plan, the Board of Directors approved the grant of 8,679,380 restricted stock units under the 2019 Stock Plan, which covered of an aggregate of 4,339,690 shares of each of Class A and LT50 common stock effective immediately prior to the effectiveness of the Company's IPO Registration Statement on Form S-1 ("IPO Registration Statement") on November 9, 2021. On November 9, 2021, the Board of Directors amended and restated the 2019 Stock Plan to, among other things, increase the common stock reserved for issuance under the 2019 Stock Plan to an aggregate of 16,856,770 shares of Class A and LT50 common stock.

Following the completion of the initial public offering of the Company’s Class A common stock ("IPO"), the Company did not and does not intend to make any further grants under the Stock Plans. However, the Stock Plans will continue to govern the terms and conditions of the outstanding awards granted under the Stock Plans. 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 the Company's 2021 Stock Purchase and Matching Plan ("Matching Plan" and together with the 2021 Plan, "2021 Incentive Plans").

2021 Incentive Plans

In November 2021, the 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, 12,453,532 shares of Class A common stock were initially 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 ("RSAs"), restricted stock units ("RSUs"), and other forms of equity and cash compensation under the 2021 Plan and purchase rights and matching awards under the Matching Plan. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Incentive Plans will be increased 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. The number of shares of Class A common stock reserved for issuance under the 2021 Incentive Plans as of September 30, 2022 and December 31, 2021 was 17,336,972 shares and 12,453,532 shares, respectively. The number of shares will automatically increase each subsequent January 1 through January 1, 2031, by the lesser of (A) 6% of the aggregate number of shares of all classes of 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 Class A common stock may be issued upon the exercise of incentive stock options.

Matching Plan

The Matching Plan operates using consecutive three month offering periods that commenced on March 15, 2022. Employees, consultants and directors ("Service Providers") of the Company can participate in the Matching Plan by electing to contribute compensation through payroll deductions or from fee payments or may be granted discretionary awards under the Matching Plan. On the last day of the

offering period the contributions made during the offering period are used to purchase shares of Class A common stock.

The price at which Class A common stock is purchased under the Matching Plan equals the average of the high and low trading price of a share of Class A common stock as of the last trading 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 Class A common stock for each share of Class A common stock purchased by or issued to a service provider under the Matching Plan 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 a service provider as well as any matched shares issued to a service provider under the Matching Plan. The match rate applicable to each offering period shall be limited to 1.50% of the shares of any class of capital stock outstanding as of the exercise date applicable to such offering period. The Company estimates the fair value of matched shares provided under the Matching Plan using the Black-Scholes option-pricing model on the date of grant. The Company recognizes stock-based compensation expense related to the matched shares pursuant to its Matching Plan on a straight-line basis over the applicable three month offering period.

Service Providers who participated in the Matching Plan for the offering period ended September 14, 2022 purchased a total of 73,959 Class A common shares, based on a purchase price of $16.70, resulting in gross cash proceeds to the Company of $1.2 million.

For the offering period ended September 14, 2022, the Company elected to match each share of Class A common stock purchased by or issued under the Matching Plan with 1/20 of a share of Class A common stock. During the three and nine months ended September 30, 2022, the Company granted 6,465 and 10,041 shares of Class A common stock under the Matching Plan, respectively.

Restricted Stock Units

On September 24, 2021, under the 2019 Stock Plan, the Company approved the grant of Class A and LT50 common stock RSUs to Service Providers effective November 9, 2021, the date the Company amended its Certificate of Incorporation, to include, among other things, LT50 common stock. RSUs granted to Service Providers on November 9, 2021 that were approved 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. The service condition is satisfied over eight years with 1/8 of the grant vesting on September 15, 2022 and quarterly vesting of 1/32 of the grant every December 15, March 15, June 15 and September 15 (each, a "Specified Quarterly Date") thereafter until fully vested, in each case subject to continued service to the Company. All RSUs granted to Service Providers after the IPO, under the 2021 Plan, have a service condition only, which is satisfied over eight years from the vesting commencement date corresponding to one of the Specified Quarterly Dates nearest the date of grant, with 1/8 of each grant vesting on the first anniversary of the vesting commencement date and 1/32 of each grant vesting in equal quarterly installments thereafter until fully vested, in each case, subject to continued service to the Company.

Pursuant to the Company's Non-Employee Director Compensation Program, which was adopted under the 2021 Incentive Plans, the Company granted 20,163 Class A common stock RSUs for the nine months ended September 30, 2022. A total of 6,945 Class A common RSUs vested during the nine months ended September 30, 2022 related to previously granted RSU awards as the quarterly service conditions were satisfied. There were no RSUs granted under this program during the nine months ended September 30, 2021.

During the nine months ended September 30, 2022, RSU activity for Service Providers and non-employee directors was as follows:


	Class A Common Stock	LT50 Common Stock	Weighted average grant date fair value per share
Outstanding at December 31, 2021	4,329,530	4,301,750	$	33.75
RSUs granted	63,223	—	$	18.21
RSUs vested	(519,691)	(507,363)	$	33.70
RSUs cancelled/forfeited/expired	(321,545)	(321,545)	$	38.84
Outstanding at September 30, 2022	3,551,517	3,472,842	$	33.88

As of September 30, 2022, there was $218.2 million of unamortized stock-based compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted average life of 6.43 years. 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

The Stock Plans and the 2021 Plan provide for the grant of incentive and nonstatutory stock options to employees, non-employee directors and consultants of the Company. Under the Stock Plans and the 2021 Plan, the exercise price of incentive stock options must be equal to at least 110% of the fair market value of the common stock on the grant date for a “ten-percent holder” or 100% of the fair market value of the common stock on the grant date for any other participant. The exercise price of nonstatutory options granted must be equal to at least 100% of the fair market value of the Company’s common stock on the date of grant.

The Company has only granted options under the Stock Plans. Options typically vest over four years and are exercisable at any time after the grant date, provided that Service Providers exercising unvested options receive restricted common stock that is subject to repurchase at the original exercise price upon termination of service. The repurchase right lapses in accordance with the vesting schedule of the exercised option. Early exercises of options prior to vesting are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises of unvested options are recorded as a liability. These repurchase terms are considered to be a forfeiture provision and do not result in variable accounting. During the nine months ended September 30, 2022, the Company repurchased an immaterial amount of exercised restricted common stock. There were no repurchases of exercised restricted common stock during the nine months ended September 30, 2021.

As of September 30, 2022 and December 31, 2021, there were 952,151 and 1,437,760 shares subject to repurchase, respectively, related to unvested stock options that had been early exercised. As of September 30, 2022 and December 31, 2021, the Company recorded a liability related to shares subject to repurchase of $1.5 million and $2.4 million, respectively, which is included within Accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. These amounts are reclassified to common stock and additional paid in capital as the underlying shares vest.

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, 2021	7,193,193	$	1.87	6.45
Options granted	—	$	—
Options exercised	(406,739)	$	1.72
Options cancelled/forfeited/expired	(388,541)	$	1.87
Outstanding at September 30, 2022	6,397,913	$	1.67	5.43
Exercisable at September 30, 2022	6,205,173	$	1.52	5.37

The total pretax intrinsic value of options exercised during the nine months ended September 30, 2022 and 2021 was $10.3 million and $80.2 million, respectively. The total pretax intrinsic value of options outstanding at September 30, 2022 and December 31, 2021 was $84.4 million and $302.8 million, respectively. The intrinsic value is the difference between the estimated fair market value of the Company’s common stock at the date of exercise and the exercise price for in-the-money options. No options were granted during the nine months ended September 30, 2022. The weighted average grant date fair value of options granted during the nine months ended September 30, 2021 was $4.85.

As of September 30, 2022, there was $9.4 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 1.33 years. 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 1.70 years.

Cash received from option exercises and purchases of shares under the Stock Plans for the nine months ended September 30, 2022 and 2021 was $0.7 million and $2.9 million, respectively.

Stock-Based Compensation


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Stock options	$	970	$	897	$	2,969	$	2,495
Matching shares	24		—		41		—
Restricted stock units	12,370		—		38,783		—
Total	$	13,364	$	897	$	41,793	$	2,495


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Cost of revenue, net	$	4,667	$	245	$	14,278	$	670
Research and development	1,931		154		6,230		482
General and administrative	4,624		410		15,063		1,118
Sales and marketing	2,142		88		6,222		225
Total	$	13,364	$	897	$	41,793	$	2,495

Stock-based compensation expense capitalized as internally developed software costs was $0.5 million and $0.3 million for the three months ended September 30, 2022 and 2021, respectively. Stock-based compensation expense capitalized as internally developed software costs was $1.1 million and $0.4 million for the nine months ended September 30, 2022 and 2021, respectively.

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS (Tables)

9 Months Ended

Sep. 30, 2022

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Revenue from Geographic Areas

Revenue by geographic region, based on user address, was as follows (in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
United States	$	38,955	$	33,553	$	114,862	$	91,466
All other locations	3,538		3,894		11,164		11,005
Total revenue	$	42,493	$	37,447	$	126,026	$	102,471

COMMITMENTS AND CONTINGENCIES - Cashflow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (595)	$ (678)
Operating cash flows from finance leases	(19)	(33)
Financing cash flows from finance leases	$ (593)	$ (579)

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible preferred stock Convertible preferred stock	Common stock	Additional paid-in capital	Subscriptions receivable	Accumulated deficit
Beginning balance at Dec. 31, 2020		$ 45,105
Beginning balance (in shares) at Dec. 31, 2020		4,203,139
Ending balance at Sep. 30, 2021		$ 45,105
Ending balance (in shares) at Sep. 30, 2021		4,203,139
Beginning balance at Dec. 31, 2020	$ (31,036)		$ 0	$ 21,312	$ 0	$ (52,348)
Beginning balance (in shares) at Dec. 31, 2020			29,366,940
Increase (Decrease) in Stockholders' Equity
Issuance of common stock on exercise of stock options	2,862			3,375	(513)
Issuance of common stock upon exercise of stock options (in shares)			6,873,860
Vesting of early exercised stock options	234			234
Stock-based compensation	2,495			2,495
Net (loss) income	8,329					8,329
Ending balance at Sep. 30, 2021	(17,116)		$ 0	27,416	(513)	(44,019)
Ending balance (in shares) at Sep. 30, 2021			36,240,800
Beginning balance at Jun. 30, 2021		$ 45,105
Beginning balance (in shares) at Jun. 30, 2021		4,203,139
Ending balance at Sep. 30, 2021		$ 45,105
Ending balance (in shares) at Sep. 30, 2021		4,203,139
Beginning balance at Jun. 30, 2021	(13,793)		$ 0	25,641	(1,760)	(37,674)
Beginning balance (in shares) at Jun. 30, 2021			34,780,520
Increase (Decrease) in Stockholders' Equity
Issuance of common stock on exercise of stock options	1,891			644	1,247
Issuance of common stock upon exercise of stock options (in shares)			1,460,280
Vesting of early exercised stock options	234			234
Stock-based compensation	897			897
Net (loss) income	(6,345)					(6,345)
Ending balance at Sep. 30, 2021	(17,116)		$ 0	27,416	(513)	(44,019)
Ending balance (in shares) at Sep. 30, 2021			36,240,800
Beginning balance at Dec. 31, 2021	76,615		$ 6	142,515	0	(65,906)
Beginning balance (in shares) at Dec. 31, 2021			81,400,860
Increase (Decrease) in Stockholders' Equity
Issuance of common stock on exercise of stock options	$ 615			615
Issuance of common stock upon exercise of stock options (in shares)	406,739		406,739
Vesting of early exercised stock options	$ 998			998
Issuance of restricted stock units				76
Issuance of restricted stock units (in shares)	76,000		10,568
Repurchases of early exercised stock options	$ (25)			(25)
Repurchases of early exercised stock options (in shares)			(16,929)
Issuance of common stock under Matching Plan	2,433			2,433
Issuance of common stock under Matching Plan (in shares)			151,946
Issuance of common stock in connection with restricted stock units vesting	1		$ 1
Issuance of common stock in connection with restricted stock units vesting (in shares)			1,020,109
Shares withheld from common stock issued to pay employee payroll taxes	(4,172)			(4,172)
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			(329,024)
Stock-based compensation	42,886			42,886
Net (loss) income	(23,612)					(23,612)
Ending balance at Sep. 30, 2022	95,815		$ 7	185,326	0	(89,518)
Ending balance (in shares) at Sep. 30, 2022			82,644,269
Beginning balance at Jun. 30, 2022	92,691		$ 6	173,961	0	(81,276)
Beginning balance (in shares) at Jun. 30, 2022			81,773,016
Increase (Decrease) in Stockholders' Equity
Issuance of common stock on exercise of stock options	181			181
Issuance of common stock upon exercise of stock options (in shares)			99,664
Vesting of early exercised stock options	247			247
Issuance of restricted stock units	30			30
Issuance of restricted stock units (in shares)			3,939
Repurchases of early exercised stock options	(5)			(5)
Repurchases of early exercised stock options (in shares)			(3,859)
Issuance of common stock under Matching Plan	1,235			1,235
Issuance of common stock under Matching Plan (in shares)			80,424
Issuance of common stock in connection with restricted stock units vesting	1		$ 1
Issuance of common stock in connection with restricted stock units vesting (in shares)			1,020,109
Shares withheld from common stock issued to pay employee payroll taxes				(4,162)
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			(329,024)
Stock-based compensation	13,839			13,839
Net (loss) income	(8,242)					(8,242)
Ending balance at Sep. 30, 2022	$ 95,815		$ 7	$ 185,326	$ 0	$ (89,518)
Ending balance (in shares) at Sep. 30, 2022			82,644,269

COMMITMENTS AND CONTINGENCIES - 2021 Amended Term Loan (Details) - USD ($)					1 Months Ended	9 Months Ended
	Oct. 01, 2025	Oct. 01, 2024	Sep. 30, 2024	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Schedule of Capitalization, Long-term Debt
Repayments of long term debt						$ 445,000	$ 25,157,000
Long-term debt, net of original issuance discount and debt issuance costs						$ 51,572,000		$ 52,067,000
2021 Amended Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 75,000,000	$ 75,000,000		75,000,000
Effective interest rate (as a percent)						850.00%
Long-term debt, net of original issuance discount and debt issuance costs						$ 44,500,000		$ 44,900,000
2021 Amended Term Loan \| Secured Debt \| Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (as a percent)				2.25%
2021 Amended Term Loan \| Secured Debt \| Forecast \| Subsequent Event
Schedule of Capitalization, Long-term Debt
Periodic payment	$ 600,000	$ 200,000	$ 100,000
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		25,000,000
Repayments of long term debt					$ 23,500,000
2021 Amended Term Loan \| Line of Credit \| Revolving Credit Facility \| Reference Rate
Schedule of Capitalization, Long-term Debt
Variable rate (as a percent)					1.00%
Effective interest rate (as a percent)						725.00%
Initial Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				45,000,000	$ 45,000,000		45,000,000
Debt instrument, term (in years)					60 months
Delayed Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 30,000,000	$ 30,000,000		$ 30,000,000