Hello, and thank you for joining us for Expensify's Q4 and Full Year 2025 Earnings Call. I'm going to start off with the legal disclosure, and then I'll be handing over to Ryan Schaffer, our CFO; and David Barrett, our Founder and CEO. Please note that all the information presented on today's call is unaudited. And during the course of this call, management may make forward-looking statements within the meaning of the federal securities laws. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold. Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. Please also note that on today's call, management will refer to certain non-GAAP financial measures. While we believe these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Please refer to today's press release or the investor presentation for a reconciliation of these non-GAAP financial measures to their most comparable GAAP measures. And with that, I'll hand it over to Ryan Schaffer.

Thank you, Niki, and thank you all for joining today's call. It was an exciting year for Expensify. We were the title sponsor of Apple's F1 movie. We generated nearly $20 million in free cash flow. We started incorporating more and more AI into the user experience and we made substantial progress on the migration to our new Expensify platform. Now let's dive into the Q4 financials. Revenue was $35.2 million. Average paid members were 650,000 and total interchange was $5.5 million. Our Q4 operating cash flow was $2.2 million. Our Q4 free cash flow was $3.2 million and net loss was $7.1 million. Our Q4 non-GAAP net loss was $2.1 million and adjusted EBITDA was $3.3 million. Now let's move on to fiscal year 2025. In fiscal year '25, revenue was $142.1 million, average paid members was 650,000 and total interchange was $21.3 million. Fiscal year '25 operating cash flow was $20.1 million. Free cash flow was $19.9 million and net loss was $21.4 million. That net loss was primarily driven by stock-based comp and expenses related to the F1 movie. Our full year 2025 non-GAAP net income was $5.2 million and adjusted EBITDA was $16.9 million. Now let's talk about free cash flow guidance for 2026. Our fiscal year '25 free cash flow was $19.9 million, coming in at the high end of our initial guidance of $16 million to $20 million for 2025. We are initiating fiscal year 2026 free cash flow guidance of $6 million to $9 million. That's lower than previous years due to a conservative outlook on 2026, combined with the fact that we are expecting to increase investment in sales and marketing as well as AI this year. We will continue to keep you updated on our free cash flow guidance as it…

Thanks, Ryan. So it's been a really exciting quarter on the product side, and I want to walk through a few things, where we are in migration, some new stuff we're going around cards and growth and then our AI story, which I think is getting really, really interesting. So as you know, a key element of our business strategy is to get existing customers over to new Expensify. And I'm happy to say we're basically there. New Expensify now has full feature parity with Classic for customers representing 90% of our revenue. That's the target we've been working towards, and we've hit it. Classic isn't going away. We're keeping it around for customers who need it or prefer it. But the big news is new Expensify is feature complete for essentially everyone. We've now rolled it out to 63% of Classic customers. The way we do this is what we call nudging. We move customers over in cohorts. They can always switch back to Classic if they want, and the vast majority simply stay. They choose to stay on new, and that's really the signal. Nobody is making them. They just like it better. Right now, we're focused on performance and polish while we work through the best. And we're beginning the migration of our approved accounting network, which is a big deal. These are the accountants managing the books for a huge chunk of our customer base. We built much more powerful native reporting and charging for them and I'm particularly excited about what we're calling our virtual CFO insights. It gives accountants a whole new level of visibility into the clients' financials that just didn't exist before. So one thing I want to highlight that I think is underappreciated. Most of the market still uses traditional bank…

Great. Aaron, I think I see you on the line. Do you want to start us off?

Awesome. So my first question for you, Dave, is application software multiples have obviously been getting hammered in public markets recently, while investors think through terminal value questions with the zeitgeist being barriers to product development are significantly lower due to advances at the frontier labs, horizontal apps focusing on driving efficiencies and workflows performed by humans today that people think will be performed by agents in the future like Expensify have been hit particularly hard. So the most important questions on investors' minds right now, I think, are what's Expensify's place in an AI world where you can buy code to semifunctional expense management app. I know you just talked about Concierge and the differentiation there. And then what are the primary moats that you see for the business?

Yes. Great questions. So I think fundamentally, vibe coding sort of the ability to generate app is going to wipe out huge classes of applications. But I think those applications are anything that falls in the category of you upload your own data, something analyzes it and then gives it back to you. And that basically operates in kind of a small dish where I think anyone who's just organizing their own receipts, for example, I agree. I think that AI is a real challenge for that industry. However, that's really not our industry. AI is not particularly good in places, where it's highly collaborative, where, for example, you're actually sharing data with other people. I'm not going to say it's not possible. I'm just saying it's just not really possible with the tools right now. Like with ChatGPT, with Claude, with Gemini, it's actually very hard to use the AI with someone else in the process. again, everything is doable, everything is changing. But right now, kind of where we're at, collaboration is one of the key differentiations that makes sort of Expensify, one of the most because it's not just a tool to work with other people, Expensify is a tool for collaborating with other AIs as well. That's one. I would say second, AI can only really automate what you can personally do. And so reading your own receipts, things like this, sure, AI is good at that. But AI can't like just issue a virtual card. Like you don't have that ability. You can't actually just directly transfer money through the ACH network. You have to go through some kind of a gatekeeper, the gatekeeper could be your bank or it's us. But more importantly, it's not the AI itself. AI can only do what you…

Got it. That's really thoughtful. It's good to hear a technologist opinion when you hear the constant loop of investors all day from my seat. And then the second question I have is this was the first quarter that paid members have increased since 4Q '24. One of the tricky things on Expensify is always trying to figure out what's macro and what's idiosyncratic, especially with the migration to a new version of the product and competition with a lot of well-funded competitors. So my question here is, what do you attribute that small increase in paid members to -- in 4Q '25? Do you think it's a result of the migration and people seeing success with people enjoying the new product or just macro?

I can take that one. So Q4 -- I mean, there's some seasonality, right? Q4 is generally pretty strong in the same way that January is usually not. So I think that, that is just kind of consistent with what we've seen in terms of Q4 generally performs better than Q3. So I think it's primarily seasonal. However, I would say that it's expected because we typically see seasonality. However, I think migration obviously helps us retain customers. And obviously, it's something that we're -- as we deploy this in 2026 for the rest of our customers, we're going to be watching this really closely, and we think that it's going to help user growth in general.

All right. Well, I just heard back and our other analysts are going to meet us in the call back. So we are good to go.

All right, thanks. We appreciate it. Thanks, everyone.

Thank you all. Have a good one.