Expensify reports Q3 EPS (2c), consensus 6c

Reports Q3 revenue $35.4M, consensus $35.0M. The company states: “I’m happy to report that Q3’24 has extended and expanded upon the strong results of the previous two quarters: Our core business has remained stable. Though we’re still catching up to last year’s paid users and revenue (slightly down 5% and 3% y/y, respectively), our paid users have been stable for the past two quarters, and revenue is up 6% q/q. Even more exciting, total card spend is up 8% q/q, with a majority of that spend occurring on our new card program. Our strategy of using Expensify (EXFY) Classic as a stable foundation on which to launch New Expensify for our next generation of growth is working great. We are raising our 2024 free cash flow guidance, again. We initially announced FY’24 FCF guidance in Q1’24 in the range of $10.0 – $12.0 million. In Q2 we raised this to $11.0 – $13.0 million, and then again to $15.0 – $16.0 million in Q3 as the full extent of our cost cutting measures came online. I’m happy to share that we’ve found even more efficiencies, and are increasing FY’24 FCF guidance by another 27% to $19.0 – $20.0 million.”