0001476840-23-000148 | 10-Q | XBRL Viewer

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COMMITMENTS AND CONTINGENCIES - Summary of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance lease cost:
Amortization of ROU assets	$ 197	$ 198	$ 395	$ 395
Interest on lease liabilities	1	6	4	14
Total finance lease cost	198	204	399	409
Operating lease cost	244	173	430	358
Total lease cost	$ 442	$ 377	$ 829	$ 767

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2023
Equity [Abstract]
EQUITY	EQUITYOn May 10, 2022, the Executive Committee of the 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 its discretion without prior notice. During the three and six months ended June 30, 2023, the Company repurchased 504,493 shares of Class A common stock under the 2022 Share Repurchase Program, at a total cost to the Company of $3.0 million.

- Definition

The entire disclosure for equity.

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+ Details

GENERAL INFORMATION	6 Months Ended
GENERAL INFORMATION	Jun. 30, 2023
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 license arrangements and offers unique pricing options for small and midsized businesses and enterprises on a per-active-member basis. Expensify also offers an Expensify charge card (the "Expensify Card"), which is primarily distributed to 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 U.S. 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, 2022 ("2022 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 six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or for any other future annual or interim period. 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 classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, stock-based compensation and the Company's incremental borrowing rate (IBR) utilized to measure its operating lease assets and lease liabilities. Updates to Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2 of the 2022 Annual Report. Since the date the 2022 Annual Report was filed with the SEC, 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. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, with subsequent ASUs issued that clarify the guidance (collectively, "Topic 326"). Topic 326 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its “lifetime expected credit losses" using a forward-looking approach and to record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. Topic 326 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. As a result of no longer qualifying as an emerging growth company as of December 31, 2022, the Company was required to adopt Topic 326 retroactive to January 1, 2022. The Company was not required to amend quarterly filings issued subsequent to January 1, 2022 in which the Company filed under the legacy credit loss guidance of Accounting Standards Codification ("ASC") Topic 310. As such, the 2022 Annual Report was the first period under which the Company reported credit loss estimates in accordance with Topic 326. The adoption of Topic 326 did not have a material impact on the Company's financial position or results of operations as of and for the three and six months ended June 30, 2022.

STOCK INCENTIVE PLANS - RSU Narratives (Details) - Restricted stock units - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period (in years)	8 years
Share-based compensation expense not yet recognized	$ 177.8	$ 204.2
Share-based compensation not yet recognized, recognition period (in years)	5 years 9 months 18 days	6 years 2 months 23 days
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	55,731
Vested (in shares)	266,381
Common Class A \| 2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares)	55,731
Vested (in shares)	24,792

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

COMMITMENTS AND CONTINGENCIES - Summary of Related to Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Finance lease ROU asset (included within Lease right-of-use assets)	$ 66	$ 461
Operating lease ROU asset (included within Lease right-of-use assets)	$ 6,351	$ 284
Weighted average remaining lease term (in years):
Finance leases	29 days	6 months 29 days
Operating leases	9 years 7 months 9 days	5 months 1 day
Weighted average discount rate:
Finance leases	2.50%	2.50%
Operating leases	8.30%	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

COMMITMENTS AND CONTINGENCIES - Monthly revolving line of credit Narratives (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2021
Line of Credit Facility
Borrowings under line of credit	$ 15,000,000	$ 15,000,000
Unamortized debt issuance cost	219,000	300,000
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		$ 25,000,000
Borrowings under line of credit	15,000,000	15,000,000
Remaining borrowing capacity	$ 10,000,000	$ 10,000,000
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)	9.25%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (11,304)	$ (7,994)	$ (17,249)	$ (15,370)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

NET LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

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 per share (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator
Net loss, basic and diluted	$	(11,304)	$	(7,994)	$	(17,249)	$	(15,370)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	82,011,477		80,473,097		81,890,624		80,311,053
Net loss per share, basic and diluted	$	(0.14)	$	(0.10)	$	(0.21)	$	(0.19)

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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted-average stock options	4,061,602	5,418,741	4,213,114	6,065,482
Matching shares	247	6,220	352	6,748
Total	4,061,849	5,424,961	4,213,466	6,072,230

STOCK INCENTIVE PLANS

6 Months Ended

Jun. 30, 2023

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 shares. 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, the Board of Directors approved the grant of 8,679,380 restricted stock units under the 2019 Stock Plan, covering 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, 11,676,932 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, restricted stock awards, 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 June 30, 2023 and December 31, 2022 was 22,282,735 shares and 17,336,973 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 (collectively, "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 June 14, 2023 purchased a total of 140,158 Class A common shares, based on a purchase price of $6.97, resulting in gross cash proceeds to the Company of $1.0 million.

Service Providers who participated in the Matching Plan for the offering period ended June 14, 2022 purchased a total of 67,946 Class A common shares, based on a purchase price of $17.42, resulting in gross cash proceeds to the Company of $1.2 million.

For the offering period ended June 14, 2023, 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 six months ended June 30, 2023, the Company granted a total of 20,748 and 36,846 shares, respectively, of Class A common stock as a matching contribution under the Matching Plan, net of a total of 6,817 shares withheld for taxes during the three months ended June 30, 2023.

For the offering period ended June 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 six months ended June 14, 2022, the Company granted a total of 3,576 shares of Class A common stock as a matching contribution under the Matching Plan.

In June 2023, the Company made a discretionary contribution under the Matching Plan to eligible Service Providers. During the three and six months ended June 30, 2023, the Company granted a total of 75,311 shares of Class A common stock as a discretionary contribution under the Matching Plan, net of a total of 35,391 shares withheld for taxes.

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 55,731 Class A common stock RSUs for the six months ended June 30, 2023. A total of 24,792 Class A common RSUs vested during the six months ended June 30, 2023 related to previously granted RSU awards as the quarterly service conditions were satisfied.

During the six months ended June 30, 2023, 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, 2022	3,379,657	3,304,643	$	33.88
RSUs granted	55,731	—	$	8.17
RSUs vested	(266,381)	(238,898)	$	32.65
RSUs cancelled/forfeited/expired	(100,709)	(100,709)	$	40.92
Outstanding at June 30, 2023	3,068,298	2,965,036	$	33.71

As of June 30, 2023, there was $177.8 million of unamortized stock-based compensation cost related to unvested RSUs, which is expected to be recognized over the remaining weighted average life of 5.80 years. As of December 31, 2022, there was $204.2 million of unamortized stock-based compensation cost related to unvested RSUs, which was expected to be recognized over the remaining weighted average life of 6.23 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. There was an immaterial amount of exercised restricted common stock repurchased during the six months ended June 30, 2023 and 2022.

As of June 30, 2023 and December 31, 2022, there were 584,037 and 813,311 shares subject to repurchase, respectively, related to unvested stock options that had been early exercised. As of June 30, 2023 and December 31, 2022, the Company recorded a liability related to shares subject to repurchase of $0.9 million and $1.3 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, 2022	6,301,650	$	1.67	5.20
Options exercised	(102,865)	$	1.21
Options cancelled/forfeited/expired	(44,789)	$	3.40
Outstanding at June 30, 2023	6,153,996	$	1.66	4.63
Exercisable at June 30, 2023	6,024,296	$	1.46	4.59

The total pretax intrinsic value of options exercised during the six months ended June 30, 2023 and 2022 was $0.7 million and $7.8 million, respectively. The total pretax intrinsic value of options outstanding at June 30, 2023 and December 31, 2022 was $39.9 million and $46.0 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.

As of June 30, 2023, there was $6.0 million of unrecognized stock-based compensation cost related to unvested stock options, which is expected to be recognized over a weighted average period of 0.98 years. As of December 31, 2022, there was $8.1 million of unrecognized stock-based compensation cost related to unvested stock options, which was expected to be recognized over a weighted average period of 1.21 years.

Cash received from option exercises and purchases of shares under the Stock Plans for the six months ended June 30, 2023 and 2022 was $0.1 million and $0.5 million, respectively.

Stock-Based Compensation

The following table summarizes the stock-based compensation 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 and discretionary shares issued under the Matching Plan (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Matching Plan shares	$	1,072	$	15	$	1,321	$	17
Stock options	874		993		1,774		1,999
Restricted stock units	9,137		13,040		18,649		26,412
Stock-based compensation	$	11,083	$	14,048	$	21,744	$	28,428

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 expense is included in the following components of expenses on the accompanying Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue, net	$	3,600	$	4,704	$	6,906	$	9,611
Research and development	2,455		1,877		4,661		4,298
General and administrative	2,376		5,463		5,020		10,439
Sales and marketing	1,910		2,004		3,758		4,080
Stock-based compensation expense	$	10,341	$	14,048	$	20,345	$	28,428

Stock-based compensation capitalized as internally developed software costs was $0.7 million and $0.3 million for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation capitalized as internally developed software costs was $1.4 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively.

INCOME TAXES - (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
INCOME TAXES - (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 376,000	$ 2,065,000	$ 2,201,000	$ 3,697,000
Effective income tax rate (in percent)	3.40%	34.80%	14.60%	31.70%
Accrual for uncertain tax positions	$ 1,300,000		$ 1,300,000		$ 1,200,000
Income tax examination, penalties and interest expense			$ 0		$ 0

- Definition

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

+ References + Details

STOCK INCENTIVE PLANS - Stock-Based Compensation by Award Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based payment arrangement, expense
Stock-based compensation	$ 11,083	$ 14,048	$ 21,744	$ 28,428
Matching shares
Share-based payment arrangement, expense
Stock-based compensation	1,072	15	1,321	17
Stock options
Share-based payment arrangement, expense
Stock-based compensation	874	993	1,774	1,999
Restricted stock units
Share-based payment arrangement, expense
Stock-based compensation	$ 9,137	$ 13,040	$ 18,649	$ 26,412

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Finance and Operating Lease Arrangements

During the six months ended June 30, 2023, the Company entered into four operating lease agreements. The components of lease cost reflected in the Condensed Consolidated Statements of Operations for all leases were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of ROU assets	$	197	$	198	$	395	$	395
Interest on lease liabilities	1		6		4		14
Total finance lease cost	198		204		399		409
Operating lease cost	244		173		430		358
Total lease cost	$	442	$	377	$	829	$	767

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


	As of June 30,			As of December 31,
	2023			2022
Finance lease ROU asset (included within Lease right-of-use assets)	$	66		$	461
Operating lease ROU asset (included within Lease right-of-use assets)	$	6,351		$	284
Weighted average remaining lease term (in years):
Finance leases	0.08			0.58
Operating leases	9.61			0.42
Weighted average discount rate:
Finance leases	2.50		%	2.50		%
Operating leases	8.30		%	5.30		%

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


	Six months ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(322)	$	(399)
Operating cash flows from finance leases	$	(4)	$	(14)
Financing cash flows from finance leases	$	(404)	$	(394)

Maturities of lease liabilities as of June 30, 2023 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
Remainder of 2023	$	68	$	176
2024	—		838
2025	—		1,079
2026	—		1,018
2027	—		1,033
Thereafter	—		5,562
Total future lease payments	68		9,706
Less: imputed interest	—		(3,270)
Less: Lease liabilities, current	(68)		(210)
Lease liabilities, non-current	$	—	$	6,226

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 due 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 $7.8 million as of June 30, 2023 and December 31, 2022.

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 option for the delayed term loan expired in March 2023. 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% (10.50% as of June 30, 2023) 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 June 30, 2023 and December 31, 2022, the outstanding balance of the 2021 Amended Term Loan was $36.2 million and $44.5 million, respectively.

During the three months ended June 30, 2023, the Company made a prepayment of $8.0 million for the 2021 Amended Term Loan. As a result of this prepayment, the Company recorded an immaterial amount of loss on extinguishment within Interest and other expenses, net.

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% (9.25% as of June 30, 2023) and are secured by substantially all of the Company’s assets. As of June 30, 2023 and December 31, 2022, 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 issue discount. These amounts are being amortized to interest expense over the term of the respective agreements using the effective interest method. As of June 30, 2023 and December 31, 2022, unamortized original issue discount and debt issuance costs were $0.2 million and $0.3 million, respectively.

Future aggregate annual principal payments on long-term debt as of June 30, 2023 is expected to be as follows (in thousands):


For the year ending:
Remainder of 2023	$	297
2024	715
2025	1,398
2026	34,356
2027	176
Thereafter	7,014
Total principal payments	43,956
Less: unamortized original issue discount and debt issuance costs	(219)
Less: Current portion of long-term debt, net of unamortized original issue discount and debt issuance costs	(557)
Long-term debt, net of unamortized original issue discount and debt issuance costs	$	43,180

As of June 30, 2023, the Company was not in compliance with all debt covenants, specifically the covenant restricting the amount of repurchases of common stock, which includes RSU net share settlements, and the covenant related to the requirement to maintain all deposit, operating and collateral accounts with CIBC with certain exceptions 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.

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 participant’s eligible compensation. 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 six months ended June 30, 2023 and 2022. The Company’s 401(k) matching contributions for the three months ended June 30, 2023 and 2022 were $0.2 million. The Company’s 401(k) matching contributions for the six months ended June 30, 2023 and 2022 were $0.5 million and $0.4 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 June 30, 2023, 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.

NET LOSS PER SHARE - Anti-dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	4,061,849	5,424,961	4,213,466	6,072,230
Weighted-average stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	4,061,602	5,418,741	4,213,114	6,065,482
Matching shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive securities (in shares)	247	6,220	352	6,748

CERTAIN BALANCE SHEET COMPONENTS - Accrued expenses and other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Sales, payroll and other taxes payable	$ 3,254	$ 2,721
Professional fees	2,704	1,473
Partner payouts and advertising fees	1,444	669
Interest payable	1,389	1,318
Restricted common stock liability for early stock option exercises	881	1,283
Cashback rewards	524	223
Matching Plan payroll liability	183	195
Accrued expense reports	168	291
Commissions payable	135	0
Hosting and license fees	85	75
Credit card processing fees	41	22
Other	842	800
Accrued expenses and other liabilities	$ 11,650	$ 9,070

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS

6 Months Ended

Jun. 30, 2023

Revenue Recognition and Deferred Revenue [Abstract]

REVENUE AND CERTAIN STATEMENT OF OPERATIONS COMPONENTS

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	35,487	$	39,388	$	72,122	$	75,906
All other locations	3,397		3,774		6,863		7,626
Total revenue	$	38,884	$	43,162	$	78,985	$	83,532

No individual customer represented more than 10% of the Company’s total revenue during the three and six months ended June 30, 2023 and 2022.

Cashback Rewards

The Company offers a cashback rewards program to all Expensify Card 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 it is recorded as contra revenue within Revenue on the Condensed Consolidated Statements of Operations. Cashback rewards for the three months ended June 30, 2023 and 2022 was $1.8 million and $0.7 million, respectively. Cashback rewards for the six months ended June 30, 2023 and 2022 was $3.0 million and $1.2 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 June 30, 2023 and 2022 was $2.4 million and $1.5 million, respectively. Consideration from a vendor, net for the six months ended June 30, 2023 and 2022 was $4.5 million and $2.7 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Subparagraph (e)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (17,249)	$ (15,370)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,789	2,735
Reduction of operating lease right-of-use assets	334	358
Loss on impairment, receivables and sale or disposal of equipment	402	475
Stock-based compensation expense	20,345	28,428
Amortization of original issue discount and debt issuance costs	49	21
Deferred tax assets	(65)	(319)
Changes in assets and liabilities:
Accounts receivable, net	1,358	(906)
Settlement assets, net	(5,244)	(8,999)
Prepaid expenses	3,775	2,006
Related party loan receivable	0	14
Other current assets	(952)	1,193
Other assets	(88)	2
Accounts payable	632	(1,583)
Accrued expenses and other liabilities	2,670	(1,366)
Operating lease liabilities	(294)	(404)
Settlement liabilities	(1,382)	19,910
Other liabilities	128	963
Net cash provided by operating activities	7,208	27,158
Cash flows from investing activities:
Purchases of property and equipment	(479)	(267)
Software development costs	(2,043)	(468)
Net cash used in investing activities	(2,522)	(735)
Cash flows from financing activities:
Principal payments of finance leases	(404)	(394)
Principal payments of term loan	(8,300)	(297)
Repurchases of early exercised stock options	(13)	(20)
Proceeds from common stock purchased under Matching Plan	2,076	1,188
Proceeds from issuance of common stock on exercise of stock options	125	519
Payments for employee taxes withheld from stock-based awards	(1,524)	0
Repurchase and retirement of common stock	(3,000)	0
Net cash (used in) provided by financing activities	(11,040)	996
Net (decrease) increase in cash and cash equivalents and restricted cash	(6,354)	27,419
Cash and cash equivalents and restricted cash, beginning of period	147,710	125,315
Cash and cash equivalents and restricted cash, end of period	141,356	152,734
Supplemental disclosure of cash flow information:
Cash paid for interest	2,912	1,750
Cash paid for income taxes	2,251	606
Noncash investing and financing items:
Stock-based compensation capitalized as software development costs	1,399	618
Right-of-use assets acquired through operating leases	6,402	0
Accrued property and equipment	373	0
Reconciliation of cash and cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	97,795	105,537
Restricted cash included in other current assets	20,986	16,077
Restricted cash included in settlement assets, net	22,575	31,120
Total cash, cash equivalents and restricted cash	$ 141,356	$ 152,734

NET LOSS PER SHARE - Narratives (Details)	6 Months Ended
NET LOSS PER SHARE - Narratives (Details)	Jun. 30, 2023 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

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	35,487	$	39,388	$	72,122	$	75,906
All other locations	3,397		3,774		6,863		7,626
Total revenue	$	38,884	$	43,162	$	78,985	$	83,532

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Expensify.Org \| Affiliated Entity
Related Party Transaction
Payment of commitments to related party	$ 0.2	$ 1.9

STOCK INCENTIVE PLANS - 2009 and 2019 Stock Option Plan Narratives (Details) - shares	1 Months Ended
	Apr. 30, 2019	Jan. 31, 2018	Nov. 09, 2021	Sep. 30, 2021	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award
Shares authorized (in shares)	25,204,250
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 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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS - Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Revenue	$ 38,884	$ 43,162	$ 78,985	$ 83,532
United States
Disaggregation of Revenue
Revenue	35,487	39,388	72,122	75,906
All other locations
Disaggregation of Revenue
Revenue	$ 3,397	$ 3,774	$ 6,863	$ 7,626

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (b)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For the three and six months ended June 30, 2023, the Company prepared its interim tax provision by applying a year-to-date effective tax rate, which the Company believes results in the best estimate of the annual effective tax rate. For the three months ended June 30, 2023 and 2022, the Company recorded a provision for income taxes of $0.4 million and $2.1 million, respectively, which resulted in effective tax rates of (3.4)% and (34.8)%, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded a provision for income taxes of $2.2 million and $3.7 million, respectively, which resulted in effective tax rates of (14.6)% and (31.7)%, respectively. The principal reasons for the difference between the statutory rate and the effective rate for 2023 were primarily due to non-deductible stock-based compensation, Section 162(m) of the Internal Revenue Code ("IRC") compensation limitations, and the change in the valuation allowance. The principal reasons for the difference between the statutory rate and the effective rate for 2022 was due to the change in valuation allowance. The Company follows the provisions of 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 June 30, 2023 and December 31, 2022, the Company recorded an uncertain tax position liability, inclusive of interest and penalties, of $1.3 million and $1.2 million respectively, within Other liabilities on the Condensed Consolidated Balance Sheets. This liability includes an immaterial amount of interest and penalties as of June 30, 2023 and no interest and penalties as of December 31, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 38,884	$ 43,162	$ 78,985	$ 83,532
Cost of revenue, net	16,925	15,876	32,700	30,010
Gross margin	21,959	27,286	46,285	53,522
Operating expenses:
Research and development	5,094	3,584	10,512	7,285
General and administrative	11,712	15,432	24,141	29,438
Sales and marketing	14,714	12,244	23,897	25,616
Total operating expenses	31,520	31,260	58,550	62,339
Loss from operations	(9,561)	(3,974)	(12,265)	(8,817)
Interest and other expenses, net	(1,367)	(1,955)	(2,783)	(2,856)
Loss before income taxes	(10,928)	(5,929)	(15,048)	(11,673)
Provision for income taxes	(376)	(2,065)	(2,201)	(3,697)
Net loss, basic	(11,304)	(7,994)	(17,249)	(15,370)
Net loss, diluted	$ (11,304)	$ (7,994)	$ (17,249)	$ (15,370)
Net loss per share:
Basic (in dollars per share)	$ (0.14)	$ (0.10)	$ (0.21)	$ (0.19)
Diluted (in dollars per share)	$ (0.14)	$ (0.10)	$ (0.21)	$ (0.19)
Weighted average shares of common stock used to compute net loss per share:
Basic (in shares)	82,011,477	80,473,097	81,890,624	80,311,053
Diluted (in shares)	82,011,477	80,473,097	81,890,624	80,311,053

STOCK INCENTIVE PLANS - 2021 Incentive Plan and Matching Plan Narratives (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended		6 Months Ended
	Jun. 14, 2023	Jun. 14, 2022	Jun. 30, 2023	Jun. 14, 2022	Jun. 30, 2023	Jun. 14, 2022	Dec. 31, 2022	Jan. 01, 2022	Nov. 30, 2021
2021 Incentive Plan \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Shares reserved for future issuance (in shares)			22,282,735		22,282,735		17,336,973		11,676,932
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
Share-based Compensation Arrangement by Share-based Payment Award
Employer share match rate (as a percent)			1.50%		1.50%
Matching shares \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares purchased (in shares)	140,158	67,946
Shares purchase price (in dollars per share)	$ 6.97	$ 17.42		$ 17.42		$ 17.42
Cash proceeds	$ 1.0	$ 1.2
Options granted (in shares)				3,576		3,576
Matching Plan 1/20th Share Issuance \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares purchased (in shares)			20,748		36,846
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			6,817
Matching Plan - Discretionary Contributions \| Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares purchased (in shares)			75,311		75,311
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			35,391		35,391

REVENUE AND CERTAIN STATEMENTS OF OPERATIONS COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue
Consideration from a vendor, net	$ 2.4	$ 1.5	$ 4.5	$ 2.7
Cashback rewards
Disaggregation of Revenue
Cashback rewards	$ 1.8	$ 0.7	$ 3.0	$ 1.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

STOCK INCENTIVE PLANS - Stock-Based Compensation Income Statement Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based payment arrangement, expense
Stock-based compensation expense	$ 10,341	$ 14,048	$ 20,345	$ 28,428
Cost of revenue, net
Share-based payment arrangement, expense
Stock-based compensation expense	3,600	4,704	6,906	9,611
Research and development
Share-based payment arrangement, expense
Stock-based compensation expense	2,455	1,877	4,661	4,298
General and administrative
Share-based payment arrangement, expense
Stock-based compensation expense	2,376	5,463	5,020	10,439
Sales and marketing
Share-based payment arrangement, expense
Stock-based compensation expense	$ 1,910	$ 2,004	$ 3,758	$ 4,080

COMMITMENTS AND CONTINGENCIES - Future aggregate annual principal payments on all long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Long-term Debt, Fiscal Year Maturity
Remainder of 2023	$ 297
2024	715
2025	1,398
2026	34,356
2027	176
Thereafter	7,014
Total principal payments	43,956
Less: unamortized original issue discount and debt issuance costs	(219)	$ (300)
Less: Current portion of long-term debt, net of unamortized original issue discount and debt issuance costs	(557)	(551)
Long-term debt, net of unamortized original issue discount and debt issuance costs	$ 43,180	$ 51,434

COMMITMENTS AND CONTINGENCIES - Defined Contribution Plans Narratives (Details) - United States - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 2018	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan
Employer discretionary matching		$ 0	$ 0	$ 0	$ 0
Employer contributions		$ 200,000	$ 200,000	$ 500,000	$ 400,000
Maximum
Defined Contribution Plan
Employer contribution (as a percent) (up to)	4.50%

COMMITMENTS AND CONTINGENCIES - Narratives (Details)	Jun. 30, 2023 lease
Commitments and Contingencies Disclosure [Abstract]
Number of operating lease agreements (lease)	4

CERTAIN BALANCE SHEET COMPONENTS - Narratives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization expense	$ 0.8	$ 0.7	$ 1.5	$ 1.3
Depreciation	$ 0.4	$ 0.5	$ 0.9	$ 1.0

COMMITMENTS AND CONTINGENCIES - Lease Maturity Schedule (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Finance leases
Remainder of 2023	$ 68
2024	0
2025	0
2026	0
2027	0
Thereafter	0
Total future lease payments	68
Less: imputed interest	0
Less: Lease liabilities, current	(68)
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 2023	$ 176
2024	838
2025	1,079
2026	1,018
2027	1,033
Thereafter	5,562
Total future lease payments	9,706
Less: imputed interest	(3,270)
Less: Lease liabilities, current	(210)
Lease liabilities, non-current	$ 6,226
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

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 97,795	$ 103,787
Accounts receivable, net	14,922	16,448
Settlement assets, net	39,276	35,838
Prepaid expenses	5,050	8,825
Other current assets	24,606	22,217
Total current assets	181,649	187,115
Capitalized software, net	8,617	6,881
Property and equipment, net	14,545	14,492
Lease right-of-use assets	6,417	745
Deferred tax assets, net	409	344
Other assets	749	664
Total assets	212,386	210,241
Liabilities and stockholders' equity
Accounts payable	1,691	1,059
Accrued expenses and other liabilities	11,650	9,070
Borrowings under line of credit	15,000	15,000
Current portion of long-term debt, net of original issue discount and debt issuance costs	557	551
Lease liabilities, current	278	800
Settlement liabilities	32,500	33,882
Total current liabilities	61,676	60,362
Lease liabilities, non-current	6,226	0
Other liabilities	1,441	1,204
Long-term debt, net of original issue discount and debt issuance costs	43,180	51,434
Total liabilities	112,523	113,000
Commitments and contingencies (Note 4)
Stockholders' equity:
Preferred stock, value, issued	0	0
Common stock issued, value	7	7
Additional paid-in capital	216,422	194,807
Accumulated deficit	(116,566)	(97,573)
Total stockholders' equity	99,863	97,241
Total liabilities and stockholders' equity	$ 212,386	$ 210,241

NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator
Net loss, basic and diluted	$	(11,304)	$	(7,994)	$	(17,249)	$	(15,370)
Denominator
Weighted average shares of common stock used to compute net loss per share, basic and diluted	82,011,477		80,473,097		81,890,624		80,311,053
Net loss per share, basic and diluted	$	(0.14)	$	(0.10)	$	(0.21)	$	(0.19)

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 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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Weighted-average stock options	4,061,602	5,418,741	4,213,114	6,065,482
Matching shares	247	6,220	352	6,748
Total	4,061,849	5,424,961	4,213,466	6,072,230

NET LOSS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net loss, basic	$ (11,304)	$ (7,994)	$ (17,249)	$ (15,370)
Net loss, diluted	$ (11,304)	$ (7,994)	$ (17,249)	$ (15,370)
Denominator
Weighted-average shares of common stock used to compute net loss per share, basic (in shares)	82,011,477	80,473,097	81,890,624	80,311,053
Weighted-average shares of common stock used to compute net loss per share, diluted (in shares)	82,011,477	80,473,097	81,890,624	80,311,053
Net loss per share, basic (in dollars per share)	$ (0.14)	$ (0.10)	$ (0.21)	$ (0.19)
Net loss per share, diluted (in dollars per share)	$ (0.14)	$ (0.10)	$ (0.21)	$ (0.19)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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-Paragraph 22
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-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

The components of lease cost reflected in the Condensed Consolidated Statements of Operations for all leases were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Finance lease cost:
Amortization of ROU assets	$	197	$	198	$	395	$	395
Interest on lease liabilities	1		6		4		14
Total finance lease cost	198		204		399		409
Operating lease cost	244		173		430		358
Total lease cost	$	442	$	377	$	829	$	767

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


	Six months ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	(322)	$	(399)
Operating cash flows from finance leases	$	(4)	$	(14)
Financing cash flows from finance leases	$	(404)	$	(394)

Schedule of Supplemental Balance Sheet Information

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


	As of June 30,			As of December 31,
	2023			2022
Finance lease ROU asset (included within Lease right-of-use assets)	$	66		$	461
Operating lease ROU asset (included within Lease right-of-use assets)	$	6,351		$	284
Weighted average remaining lease term (in years):
Finance leases	0.08			0.58
Operating leases	9.61			0.42
Weighted average discount rate:
Finance leases	2.50		%	2.50		%
Operating leases	8.30		%	5.30		%

Schedule of Finance Lease Maturity

Maturities of lease liabilities as of June 30, 2023 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
Remainder of 2023	$	68	$	176
2024	—		838
2025	—		1,079
2026	—		1,018
2027	—		1,033
Thereafter	—		5,562
Total future lease payments	68		9,706
Less: imputed interest	—		(3,270)
Less: Lease liabilities, current	(68)		(210)
Lease liabilities, non-current	$	—	$	6,226

Schedule of Operating Lease Maturity

Maturities of lease liabilities as of June 30, 2023 were as follows (in thousands):


For the year ending:	Finance leases		Operating leases
Remainder of 2023	$	68	$	176
2024	—		838
2025	—		1,079
2026	—		1,018
2027	—		1,033
Thereafter	—		5,562
Total future lease payments	68		9,706
Less: imputed interest	—		(3,270)
Less: Lease liabilities, current	(68)		(210)
Lease liabilities, non-current	$	—	$	6,226

Summary of Principal Payments on all Long-term Debt

Future aggregate annual principal payments on long-term debt as of June 30, 2023 is expected to be as follows (in thousands):


For the year ending:
Remainder of 2023	$	297
2024	715
2025	1,398
2026	34,356
2027	176
Thereafter	7,014
Total principal payments	43,956
Less: unamortized original issue discount and debt issuance costs	(219)
Less: Current portion of long-term debt, net of unamortized original issue discount and debt issuance costs	(557)
Long-term debt, net of unamortized original issue discount and debt issuance costs	$	43,180

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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+ Details

STOCK INCENTIVE PLANS - Stock Option Roll-forward (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Shares
Beginning balance (in shares) \| shares	6,301,650
Options exercised (in shares) \| shares	(102,865)
Options cancelled/forfeited/expired (in shares) \| shares	(44,789)
Ending balance (in shares) \| shares	6,153,996	6,301,650
Options exercisable (in shares) \| shares	6,024,296
Weighted average exercise price per share
Beginning balance (in dollars per share) \| $ / shares	$ 1.67
Options exercised (in dollars per share) \| $ / shares	1.21
Options cancelled/forfeited/expired (in dollars per share) \| $ / shares	3.40
Ending balance (in dollars per share) \| $ / shares	1.66	$ 1.67
Options exercisable (in dollars per share) \| $ / shares	$ 1.46
Weighted average remaining contractual life, options outstanding (in years)	4 years 7 months 17 days	5 years 2 months 12 days
Weighted average remaining contractual life, options exercisable (in years)	4 years 7 months 2 days

CERTAIN BALANCE SHEET COMPONENTS - Property and equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total property and equipment	$ 22,973	$ 22,019
Less: accumulated depreciation	(8,428)	(7,527)
Property and equipment, net	14,545	14,492
Computers and equipment
Property, Plant and Equipment
Total property and equipment	178	178
Furniture and fixtures
Property, Plant and Equipment
Total property and equipment	1,855	1,698
Leasehold improvements
Property, Plant and Equipment
Total property and equipment	6,957	6,948
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	$ 3,339	$ 2,551

STOCK INCENTIVE PLANS - RSU Rollforward (Details)	6 Months Ended
STOCK INCENTIVE PLANS - RSU Rollforward (Details)	Jun. 30, 2023 $ / shares shares
Weighted average grant date fair value per share
Beginning balance (in dollars per share) \| $ / shares	$ 33.88
Granted (in dollars per share) \| $ / shares	8.17
Vested (in dollars per share) \| $ / shares	32.65
Cancelled/forfeited/expired (in dollars per share) \| $ / shares	40.92
Ending balance (in dollars per share) \| $ / shares	$ 33.71
Restricted stock units \| Common Class A
RSU Rollforward
Beginning balance (in shares)	3,379,657
Granted (in shares)	55,731
Vested (in shares)	(266,381)
Cancelled/forfeited/expired (in shares)	(100,709)
Ending balance (in shares)	3,068,298
Restricted stock units \| Common Stock, LT50
RSU Rollforward
Beginning balance (in shares)	3,304,643
Granted (in shares)	0
Vested (in shares)	(238,898)
Cancelled/forfeited/expired (in shares)	(100,709)
Ending balance (in shares)	2,965,036

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSDuring the six months ended June 30, 2023 and 2022, Expensify, Inc. contributed $0.2 million and $1.9 million, respectively, to its wholly-owned subsidiary, Expensify.org, a nonprofit benefit organization established by the Company. There was an immaterial amount of commitments from Expensify, Inc. that remained open for contribution as of June 30, 2023 and December 31, 2022. There are no other significant related party transactions for the Company as of June 30, 2023, except as noted elsewhere in these condensed consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

STOCK INCENTIVE PLANS - Stock Option Narratives (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value of options exercised	$ 0.7	$ 7.8
Intrinsic value of options outstanding	39.9		$ 46.0
Proceeds from issuance of common stock on exercise of stock options	0.1	$ 0.5
Stock options
Share-based Compensation Arrangement by Share-based Payment Award
Share-based compensation expense not yet recognized	$ 6.0		$ 8.1
Share-based compensation not yet recognized, recognition period (in years)	11 months 23 days		1 year 2 months 15 days
Stock options \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares repurchased (in shares)	0	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
Stock options \| Ten Percent Holder \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	110.00%
Stock options \| Other Than Ten Percent Holder
Share-based Compensation Arrangement by Share-based Payment Award
Purchase price as a percentage of common stock (as a percent)	100.00%
Stock options \| Chief Executive Officer
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)	584,037		813,311
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%
Weighted-average stock options \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award
Shares subject to repurchase related to stock options early exercised and not yet vested	$ 0.9		$ 1.3

COMMITMENTS AND CONTINGENCIES - 2021 Amended Term Loan Narratives (Details) - USD ($)					1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 01, 2025	Oct. 01, 2024	Sep. 30, 2024	Sep. 30, 2021	Sep. 30, 2021	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Schedule of Capitalization, Long-term Debt
Repayments of long term debt							$ 8,300,000	$ 297,000
Long-term debt, net of original issue discount and debt issuance costs						$ 43,180,000	$ 43,180,000		$ 51,434,000
2021 Amended Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				$ 75,000,000	$ 75,000,000
Repayments of long term debt						8,000,000
Loss on extinguishment of debt						$ 0
Effective interest rate (as a percent)						10.50%	10.50%
Long-term debt, net of original issue discount and debt issuance costs						$ 36,200,000	$ 36,200,000		$ 44,500,000
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	$ 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)						9.25%	9.25%
Initial Term Loan \| Secured Debt
Schedule of Capitalization, Long-term Debt
Maximum borrowing capacity				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

CERTAIN BALANCE SHEET COMPONENTS

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CERTAIN BALANCE SHEET COMPONENTS

Other Current Assets

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


	As of June 30,		As of December 31,
	2023		2022
Expensify Card posted collateral for funds held for customers	$	9,024	$	11,509
Cash in transit for funds held for customers	6,088		2,361
Expensify.org restricted cash	5,721		5,518
Income tax receivable	3,325		2,471
Expensify Payments LLC restricted cash	99		102
Matching Plan escrow and other restricted cash	54		52
Deferred contract acquisition costs	53		—
Other	242		204
Other current assets	$	24,606	$	22,217

Capitalized Software, Net

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


	As of June 30,		As of December 31,
	2023		2022
Capitalized software development costs	$	17,139	$	14,052
Less: accumulated amortization	(8,522)		(7,171)
Capitalized software, net	$	8,617	$	6,881

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 $0.8 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively. Amortization expense was $1.5 million and $1.3 million for the six months ended June 30, 2023 and 2022, respectively.

Property and Equipment, Net

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


	As of June 30,		As of December 31,
	2023		2022
Computers and equipment	$	178	$	178
Furniture and fixtures	1,855		1,698
Leasehold improvements	6,957		6,948
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	3,339		2,551
Total property and equipment	22,973		22,019
Less: accumulated depreciation	(8,428)		(7,527)
Property and equipment, net	$	14,545	$	14,492

Depreciation expense related to property and equipment is recorded in General and administrative and Sales and marketing on the Condensed Consolidated Statements of Operations. Depreciation expense related to property and equipment for the three months ended June 30, 2023 and 2022 was $0.4 million and $0.5 million, respectively. Depreciation expense related to property and equipment for the six months ended June 30, 2023 and 2022 was $0.9 million and $1.0 million, respectively.

Accrued Expenses and Other Liabilities

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


	As of June 30,		As of December 31,
	2023		2022
Sales, payroll and other taxes payable	$	3,254	$	2,721
Professional fees	2,704		1,473
Partner payouts and advertising fees	1,444		669
Interest payable	1,389		1,318
Restricted common stock liability for early stock option exercises	881		1,283
Cashback rewards	524		223
Matching Plan payroll liability	183		195
Accrued expense reports	168		291
Commissions payable	135		—
Hosting and license fees	85		75
Credit card processing fees	41		22
Other	842		800
Accrued expenses and other liabilities	$	11,650	$	9,070

STOCK INCENTIVE PLANS (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of RSU Rollforward

During the six months ended June 30, 2023, 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, 2022	3,379,657	3,304,643	$	33.88
RSUs granted	55,731	—	$	8.17
RSUs vested	(266,381)	(238,898)	$	32.65
RSUs cancelled/forfeited/expired	(100,709)	(100,709)	$	40.92
Outstanding at June 30, 2023	3,068,298	2,965,036	$	33.71

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, 2022	6,301,650	$	1.67	5.20
Options exercised	(102,865)	$	1.21
Options cancelled/forfeited/expired	(44,789)	$	3.40
Outstanding at June 30, 2023	6,153,996	$	1.66	4.63
Exercisable at June 30, 2023	6,024,296	$	1.46	4.59

Schedule of Stock-based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Matching Plan shares	$	1,072	$	15	$	1,321	$	17
Stock options	874		993		1,774		1,999
Restricted stock units	9,137		13,040		18,649		26,412
Stock-based compensation	$	11,083	$	14,048	$	21,744	$	28,428


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue, net	$	3,600	$	4,704	$	6,906	$	9,611
Research and development	2,455		1,877		4,661		4,298
General and administrative	2,376		5,463		5,020		10,439
Sales and marketing	1,910		2,004		3,758		4,080
Stock-based compensation expense	$	10,341	$	14,048	$	20,345	$	28,428

COMMITMENTS AND CONTINGENCIES - Amortizing Term Mortgage Narratives (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Jun. 30, 2023	Dec. 31, 2022
Schedule of Capitalization, Long-term Debt
Long-term debt, net of original issue discount and debt issuance costs		$ 43,180	$ 51,434
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 issue discount and debt issuance costs		$ 7,800	$ 7,800
Mortgages \| Prime Rate
Schedule of Capitalization, Long-term Debt
Variable rate (as a percent)	0.25%

CERTAIN BALANCE SHEET COMPONENTS (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

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


	As of June 30,		As of December 31,
	2023		2022
Expensify Card posted collateral for funds held for customers	$	9,024	$	11,509
Cash in transit for funds held for customers	6,088		2,361
Expensify.org restricted cash	5,721		5,518
Income tax receivable	3,325		2,471
Expensify Payments LLC restricted cash	99		102
Matching Plan escrow and other restricted cash	54		52
Deferred contract acquisition costs	53		—
Other	242		204
Other current assets	$	24,606	$	22,217

Schedule of Capitalized Software, Net

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


	As of June 30,		As of December 31,
	2023		2022
Capitalized software development costs	$	17,139	$	14,052
Less: accumulated amortization	(8,522)		(7,171)
Capitalized software, net	$	8,617	$	6,881

Schedule of Property and Equipment, Net

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


	As of June 30,		As of December 31,
	2023		2022
Computers and equipment	$	178	$	178
Furniture and fixtures	1,855		1,698
Leasehold improvements	6,957		6,948
Commercial building	6,493		6,493
Land	4,151		4,151
Construction in progress	3,339		2,551
Total property and equipment	22,973		22,019
Less: accumulated depreciation	(8,428)		(7,527)
Property and equipment, net	$	14,545	$	14,492

Schedule of Accrued Expenses and Other Liabilities

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


	As of June 30,		As of December 31,
	2023		2022
Sales, payroll and other taxes payable	$	3,254	$	2,721
Professional fees	2,704		1,473
Partner payouts and advertising fees	1,444		669
Interest payable	1,389		1,318
Restricted common stock liability for early stock option exercises	881		1,283
Cashback rewards	524		223
Matching Plan payroll liability	183		195
Accrued expense reports	168		291
Commissions payable	135		—
Hosting and license fees	85		75
Credit card processing fees	41		22
Other	842		800
Accrued expenses and other liabilities	$	11,650	$	9,070

CERTAIN BALANCE SHEET COMPONENTS - Capitalized software, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized software development costs	$ 17,139	$ 14,052
Less: accumulated amortization	(8,522)	(7,171)
Capitalized software, net	$ 8,617	$ 6,881

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity - USD ($) $ in Thousands	Total	Preferred stock	Common stock	Additional paid-in capital	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	$ 76,615	$ 0	$ 6	$ 142,515	$ (65,906)
Beginning balance (in shares) at Dec. 31, 2021			81,400,860
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)			307,075
Issuance of common stock on exercise of stock options	435			435
Vesting of early exercised stock options	751			751
Issuance of restricted stock units (in shares)			6,629
Issuance of restricted stock units	46			46
Repurchases of early exercised stock options (in shares)			(13,070)
Repurchases of early exercised stock options	(20)			(20)
Issuance of common stock under Matching Plan (in shares)			71,522
Issuance of common stock under Matching Plan	1,188			1,188
Stock-based compensation	29,046			29,046
Net loss	(15,370)				(15,370)
Beginning balance (in shares) at Jun. 30, 2022		0
Ending balance at Jun. 30, 2022	92,691	$ 0	$ 6	173,961	(81,276)
Ending balance (in shares) at Jun. 30, 2022			81,773,016
Beginning balance (in shares) at Mar. 31, 2022		0
Beginning balance at Mar. 31, 2022	84,467	$ 0	$ 6	157,743	(73,282)
Beginning balance (in shares) at Mar. 31, 2022			81,606,993
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)			101,345
Issuance of common stock on exercise of stock options	183			183
Vesting of early exercised stock options	456			456
Issuance of restricted stock units (in shares)			3,896
Issuance of restricted stock units	28			28
Repurchases of early exercised stock options (in shares)			(10,740)
Repurchases of early exercised stock options	(16)			(16)
Issuance of common stock under Matching Plan (in shares)			71,522
Issuance of common stock under Matching Plan	1,188			1,188
Stock-based compensation	14,379			14,379
Net loss	(7,994)				(7,994)
Beginning balance (in shares) at Jun. 30, 2022		0
Ending balance at Jun. 30, 2022	$ 92,691	$ 0	$ 6	173,961	(81,276)
Ending balance (in shares) at Jun. 30, 2022			81,773,016
Beginning balance (in shares) at Dec. 31, 2022	0	0
Beginning balance at Dec. 31, 2022	$ 97,241	$ 0	$ 7	194,807	(97,573)
Beginning balance (in shares) at Dec. 31, 2022			82,429,367
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)	102,865		102,865
Issuance of common stock on exercise of stock options	$ 125			125
Vesting of early exercised stock options	402			402
Issuance of restricted stock units (in shares)			5,308
Issuance of restricted stock units	61			61
Repurchases of early exercised stock options (in shares)			(1,323)
Repurchases of early exercised stock options	(13)			(13)
Issuance of common stock under Matching Plan (in shares)			441,842
Issuance of common stock under Matching Plan	2,076			2,076
Issuance of common stock in connection with restricted stock units vesting (in shares)			507,153
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			(204,228)
Shares withheld from common stock issued to pay employee payroll taxes	(1,524)			(1,524)
Repurchase and retirement of common stock (in shares)			(504,493)
Repurchase and retirement of common stock	(3,000)			(1,256)	(1,744)
Stock-based compensation	21,744			21,744
Net loss	$ (17,249)				(17,249)
Beginning balance (in shares) at Jun. 30, 2023	0	0
Ending balance at Jun. 30, 2023	$ 99,863	$ 0	$ 7	216,422	(116,566)
Ending balance (in shares) at Jun. 30, 2023			82,776,491
Beginning balance (in shares) at Mar. 31, 2023		0
Beginning balance at Mar. 31, 2023	102,696	$ 0	$ 7	206,207	(103,518)
Beginning balance (in shares) at Mar. 31, 2023			82,806,528
Increase (Decrease) in Stockholders' Equity
Issuance of common stock upon exercise of stock options (in shares)			51,871
Issuance of common stock on exercise of stock options	59			59
Vesting of early exercised stock options	186			186
Issuance of restricted stock units (in shares)			3,760
Issuance of restricted stock units	30			30
Repurchases of early exercised stock options (in shares)			(588)
Repurchases of early exercised stock options	(6)			(6)
Issuance of common stock under Matching Plan (in shares)			278,425
Issuance of common stock under Matching Plan	977			977
Issuance of common stock in connection with restricted stock units vesting (in shares)			261,840
Shares withheld from common stock issued to pay employee payroll taxes (in shares)			(120,852)
Shares withheld from common stock issued to pay employee payroll taxes	(858)			(858)
Repurchase and retirement of common stock (in shares)			(504,493)
Repurchase and retirement of common stock	(3,000)			(1,256)	(1,744)
Stock-based compensation	11,083			11,083
Net loss	$ (11,304)				(11,304)
Beginning balance (in shares) at Jun. 30, 2023	0	0
Ending balance at Jun. 30, 2023	$ 99,863	$ 0	$ 7	$ 216,422	$ (116,566)
Ending balance (in shares) at Jun. 30, 2023			82,776,491

CERTAIN BALANCE SHEET COMPONENTS - Other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule Of Other Current Assets
Expensify Card posted collateral for funds held for customers	$ 9,024	$ 11,509
Cash in transit for funds held for customers	6,088	2,361
Income tax receivable	3,325	2,471
Matching Plan escrow and other restricted cash	54	52
Deferred contract acquisition costs	53
Deferred contract acquisition costs		0
Other	242	204
Other current assets	24,606	22,217
Expensify Payment LLC \| Affiliated Entity
Schedule Of Other Current Assets
Restricted cash	99	102
Subsidiaries \| Expensify.Org
Schedule Of Other Current Assets
Restricted cash	$ 5,721	$ 5,518

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 04, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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	971
Local Phone Number	365-3939
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001476840
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Document Information
Entity Common Stock, Shares Outstanding		68,420,787
Common Stock, LT10
Document Information
Entity Common Stock, Shares Outstanding		7,333,619
Common Stock, LT50
Document Information
Entity Common Stock, Shares Outstanding		7,093,750

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value ( in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (shares)	10,000,000	10,000,000
Preferred stock. shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
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)	68,347,794	68,238,245
Common stock, shares outstanding (in shares)	68,347,794	68,238,245
Common Stock, LT10
Common stock, shares authorized (in shares)	24,996,238	24,997,561
Common stock, shares issued (in shares)	7,334,868	7,336,191
Common stock, shares outstanding (in shares)	7,334,868	7,336,191
Common Stock, LT50
Common stock, shares authorized (in shares)		24,999,020
Common stock, shares issued (in shares)	7,093,829	6,854,931
Common stock, shares outstanding (in shares)	7,093,829	6,854,931

COMMITMENTS AND CONTINGENCIES - Cashflow Disclosures (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ (322)	$ (399)
Operating cash flows from finance leases	(4)	(14)
Financing cash flows from finance leases	$ (404)	$ (394)

STOCK INCENTIVE PLANS - Stock-based Compensation Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation capitalized as software development costs			$ 1,399	$ 618
Software Development
Share-based Compensation Arrangement by Share-based Payment Award
Stock-based compensation capitalized as software development costs	$ 700	$ 300	$ 1,400	$ 600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
EQUITY (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	May 10, 2022
Equity, Class of Treasury Stock [Line Items]
Repurchases of early exercised stock options	$ 6	$ 16	$ 13	$ 20
2022 Share Repurchase Program \| Class A common stock
Equity, Class of Treasury Stock [Line Items]
Shares authorized for repurchase					$ 50,000
Shares repurchased (in shares)	504,493		504,493
Repurchases of early exercised stock options	$ 3,000		$ 3,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

GENERAL INFORMATION (Policies)	6 Months Ended
GENERAL INFORMATION (Policies)	Jun. 30, 2023
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 U.S. 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, 2022 ("2022 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 classification of employee and employee-related expenses, the useful lives and recoverability of long-lived assets, income taxes, capitalization of internal-use software costs, stock-based compensation and the Company's incremental borrowing rate (IBR) utilized to measure its operating lease assets and lease liabilities.
Recent Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments, with subsequent ASUs issued that clarify the guidance (collectively, "Topic 326"). Topic 326 requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate its “lifetime expected credit losses" using a forward-looking approach and to record an allowance that, when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. The CECL model is expected to result in more timely recognition of credit losses. Topic 326 also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. As a result of no longer qualifying as an emerging growth company as of December 31, 2022, the Company was required to adopt Topic 326 retroactive to January 1, 2022. The Company was not required to amend quarterly filings issued subsequent to January 1, 2022 in which the Company filed under the legacy credit loss guidance of Accounting Standards Codification ("ASC") Topic 310. As such, the 2022 Annual Report was the first period under which the Company reported credit loss estimates in accordance with Topic 326. The adoption of Topic 326 did not have a material impact on the Company's financial position or results of operations as of and for the three and six months ended June 30, 2022.