All right. Good afternoon and good morning, everybody. Dan Jester, BMO Software Research here. Thanks again for joining our next session of our virtual event today. We are very pleased to have Expensify joining us. We have David Barrett, who is the founder and CEO with us today. David, thanks for joining us.
Hey, thanks so much for having me.
Pleasure. Thank you so much. In terms of logistics, for those of you who are listening in, there is a way to submit a question within your video box. You can also just shoot me an email. If I get it, I'll do my best to get your question answered. With that, David, I think there are a lot of folks on the line who are new to the Expensify story or who do not know the background. Maybe I'll just turn it over to you to give a quick background of the company, and then we'll go from there.
Sure. We are Expensify. We do travel and expense at the speed of chat, we like to say. Basically, we are an expense management service for tens of thousands of businesses all over the world. We process expense reports, invoices, bills. We have an integrated corporate card. We have integrated corporate travel. Basically, it is a one-stop shop for everything you need to process your travel and expenses. Additionally, as I said, we kind of are at the speed of chat, meaning that it is a very real-time service. Everything you do in Expensify, and it is a big differentiation for us, is that it happens in a real-time chat environment. Basically, when you sign into Expensify, we recognize that the major part of expense management that sucks the worst is not necessarily the automation. It is the human component.
It's tracking down all of your employees and basically trying to get them to submit that receipt and things like this. We've built a system that goes beyond just the automation to actually engage the collaborative element around expense management and build a whole experience which is better for your employees, better for your accountants, and better for your bottom line.
OK, that's great. You have roughly 120 employees and $150 million roughly of revenue. On a revenue-employee basis, that's very, very high. You have engineered the company to be different on purpose. Maybe we just spend a moment about sort of how work gets done in Expensify and how that may be different than another company some of the investors on the line look at.
Sure. I mean, maybe it starts with basically what we think the opportunity is. I mean, fundamentally, expense management is a very mature industry. I mean, Concur and Salesforce invented the entire concept of SaaS in like the late 1990s. As long as there's been basically internet software, there's been expense management software, which makes sense because expense management is the very first accounting problem. Long before you have revenue, you definitely have expenses. Like before you're an accountant or an accounting system, you definitely are tracking your expenses in some fashion. It makes sense that expense management would be kind of a pivotal foundational industry online. Despite that, it's really captured just a tiny fraction of businesses. It sounds wild, but there's like 300 million businesses in the world.
If you were to add up all of the customers, ours and everyone else's, of our entire industry, it's a couple hundred thousand businesses. Less than 1% of the global opportunity we think has been captured. A reason for that is we think that the actual acquisition model, traditional SaaS software, is fundamentally not able to achieve a global scale. When you look at businesses that have a billion users, they didn't get there through advertising. They got there through viral word of mouth and employee-driven sort of behavior. Expensify's entire design is about trying to capture this much, much bigger opportunity. This is not a new idea. That's what's got us here. We've been around for about 16 years. We've been built through what we call a bottom-up business model.
Most of the customers at Expensify actually are acquired because an individual employee downloaded the app for free and has started using it inside of the business before the company even realized. This creates a very scalable and very cost-effective sales model. That is what drives kind of this incredible free cash flow. Actually, we have not even talked about that, not just the revenue per employee, but the profitable revenue per employee. We believe that it is basically the way that you capture this enormous opportunity is through viral word-of-mouth loops. You can do so profitably. We are a profitable company. We produce free cash flow every month or every quarter. We have paid off all of our debt. We do frequent buybacks.
Despite all of that, we're still growing to capture or we're targeting basically this 99% of the untapped market that is this huge, huge opportunity. The way that we view it is it's really a marathon. It's not a sprint. It's not about just seeing who can burn the most cash in the altar of growth, basically, and just sort of show these short-term results. We think the opportunity is so large, it requires a mentality that you can go out and go get it all.
OK. That is very interesting on sort of the go-to-market side. On the actual product and technology side, there have been lots of companies that have been launched in the last five, seven, eight years that are trying to attack expense management. I do not need to name their names. I think everyone on this call knows who they are. If you pick up the Expensify app and you download one of their apps, how does the look and feel differ? How is the engineering different from your perspective? What is going to capture that viral moment and push it through to completion from the technology side?
That makes sense. I think that I'm glad that you focused on the app there because, I mean, shocker, we're in an increasingly mobile world. Making an application that works not just trapped on your desktop, but basically out in the real world is a big deal. Our design is so we use a technology called React Native. It's built by Facebook. It's basically one of the most advanced, or it is the most advanced cross-platform sort of framework you can use. We are outside of Facebook. I think we're the largest deployment of React Native. As a result of this, the benefit of this technology is it provides exact functionality parity between desktop and mobile, between iOS and Android. No matter who you are or where you're working, you can use all of our functionality on the road, on any app.
You can use it in a browser and things like this. The value of this is that when you pick up our app, it is not just an app for scanning receipts or whatever it might be. It is an app for doing everything. You can provision cards. You can manage travel. You can update your NetSuite settings or whatever it might be, all from the palm of your hand. That is a really powerful technology that we think is really important for this increasingly mobile workplace. I would say, one, the app itself is just literally just more powerful. You can just do so much more with the mobile app than you can for anyone else. Two, it is designed in this real-time fashion. Basically, it is always pushing data down to your app such that when you open up the app, the data is already there.
If you're on a bad or flaky network, on a plane, or wherever, maybe you have no network, whatever it might be, our app already has the data you need. You can go through and work in an offline fashion. That's really important, especially for the business traveler that needs to scan receipts or process expenses, whatever it might be, out in the real world, out where the Wi-Fi connection is non-existent, the cell tower is really far away, things like this. From a technology perspective, I think that we've always been kind of a tech-forward company. Expensify was the very first expense reporting mobile app, which sounds wild. We were the first to do any kind of integrated receipt scanning. We've been the first for a huge range of technologies.
I would say probably we can't have any conversation in this world without talking about AI. We were the first to really invest in what we call our Concierge AI, infused throughout the entire service. It is our Concierge AI, which you can talk to anywhere in the application on any object, meaning that basically when you're in an expense report, you can talk with other people on the platform. You can talk with the other users, talk with your colleagues. Soon, we're releasing a feature where you can actually talk with Concierge in the context of an actual expense report and ask questions about that expense report, like, you know, when was the last time this person submitted this receipt? Or what's the average cost of a taco in the city, whatever it might be, things like this.
We think that we've always led with a technology-forward approach from the start when we launched the first expense reporting mobile app and to now when we think we're launching the most integrated AI-forward application in this industry.
OK. A couple quarters ago, you spent some time outlining to investors about the new Expensify app and sort of the world of the future, which is chat-centric.
Sure, yeah.
Can you link that, sort of link us together through the iterations of Expensify? What are customers using today? What is that future state that you're driving towards?
Sure, that makes sense. As I mentioned, Expensify has been around for a while. I mean, we're a very mature expense reporting app that's, again, tens of thousands of customers, millions of users all over the world. As we were building this application, we've learned a few things. As I mentioned earlier, one of the things that we learned is that automation only goes so far. You can automate, let's say, 80% of the problem such that when we got it down to when you use Expensify, when you swipe the card, that's all you need to do. We will capture the expense. We'll create an e-receipt directly from the transaction. We will code it correctly using AI based upon the history of how it's been categorized in the past. We will add it to the correct expense report based upon whatever reporting period you want.
We'll submit it. We'll approve it. If it's a personal card or a scanned receipt, we'll reimburse it. We can just do all this in an automated fashion. It works pretty magically. However, there's that last 20%. The last 20% can't really be automated because that's based on information that's not in the system. We can pull a lot off of your credit card or off the receipt, but we're not a mind reader. We can't figure out basically like what client were you talking with or what was the intention behind what you were doing, things like this. That's typically captured in chat somewhere. That's captured in a conversation between you and the accountant. That conversation can take forever.
Even if it takes only like a second to answer the question, tracking down that employee to ask the question and get them to answer it could take a month. That is a month where the accountant can't close the books just because they're waiting for a one-second response from a user. Our new design is all about trying to reduce that one month down to one second by engaging directly with the employee around these sorts of questions in real time. When you're using the Expensify app, to a large degree, it feels like a chat app because we're trying to streamline the chat-based component of expense management. This is not a new thing in the sense that we're not inventing conversations. We're not trying to convince you to talk about things that you don't typically talk about.
These are conversations you're already having and you're probably already having online. You're just doing it in a very, very slow and cumbersome fashion. We're integrating the entire process into expense management such that the whole conversation or expense reporting happens in the tool. That unlocks the potential for truly automating 100% down the road.
That's the engagement with the platform. Let's talk about the functionality of the platform, right? You started with expense management, and then you added the corporate card. That was sort of a multi-year journey to ramp that business, scale it to the place it is today. You launched travel, which is still relatively new but out there. I guess, one, maybe we can talk about travel and sort of early data points there. Two, just maybe step back and help us understand what's the limitation from continuing to offer adjacent revenue opportunities on the platform, and where could you go over time?
Sure, that makes sense. First and foremost, I mean, the name is Expensify. I mean, I think that's a well-chosen name because expense management is kind of the core of a corporate back office. In fact, it's the most connected of your sort of ERP suite, which sounds wild. You don't typically think of expense management because it's kind of a humble industry. There's no other system out there that's simultaneously connected to your corporate card, your GL system, your CRM, your payroll system, your HR system. It's in your company's bank accounts. It's in employees' bank accounts. It's bringing in personal credit cards. It is truly the nexus of basically your entire back office. That provides a great vantage point for automation, great visibility into all these sorts of systems. As such, it's really a strategic high ground for cross-selling additional functionality.
Now, you mentioned a few of the features that we've offered. Expense management is the key. We need to have the best expense management system in the platform. That is where our focus is at. When you have that, it is very easy to move into ancillary industries. Corporate cards are a good example of that. Again, most of the world either does reimbursements out of their personal cards or already has a corporate card. To be clear, Expensify is clearly the best option if you're doing reimbursements or you have your existing corporate card. Yeah, it's fine. We're not going to force you to use ours. Ours is pretty great. I think that we've seen that we're getting strong traction on our corporate card, even though it's not mandatory.
We have something like, I think it's like a 43% year-on-year interchange growth because we've just been expanding the number of customers that opt into our corporate card. In doing so, they just get a much more streamlined experience. I think you also mentioned our travel feature. Now, of course, travel is travel. It's called T&E for a reason. Those go hand in hand. They always have. We don't force you to use our travel solution. Most people book through Google Travel, Expedia, whatever it might be. That's fine. We will work with those customers, and we're the best for those customers. Increasingly, customers are choosing our own integrated corporate travel as well.
Because we have the strategic vantage point, this very difficult, very critical sort of mission-critical function of expense management, this allows us to move into these additional industries and cross-sell corporate cards, travel. I also mentioned that we do invoicing, bill processing. I think there's a wide range of ways that we can kind of use this position to move out into other industries. Again, it's really important to recognize that it all starts by having the best expense management, and that's where our focus is at.
OK. Maybe this is a good time to pivot and talk a little bit about how you acquire customers and how you cross-sell them. If I go back a few years ago, I think it was at the time, it was kind of clear that sort of the pipeline creation of new customers, if you're waiting on viral moments, you can't have a viral moment every moment of time. You need to professionalize to some extent how you create pipeline, how you get new customers to adopt the technology, and then how you cross-sell it. Beyond the viral acquisition of clients, can you help investors understand how you're going out and trying to cultivate new customers? For the customers you already have, how are you convincing them to use other parts of the platform?
Yeah, of course. As mentioned, Expensify's business model is very different from the rest of the industry. Our model is about reaching out to the employees, recognizing that employees outnumber admins 100 to 1. As a result, building a brand that resonates with the average employee means that you can capture word of mouth far beyond basically a brand that's focused on the CFO, whatever it might be. We've done brand studies that show, and I don't know if I'm going to get them exactly right. It's like a huge fraction of, or relatively huge, like it's called like 9% of, I think, like the American workforce knows the Expensify name, which is like, that's pretty good. That's like 9% higher than others in our industry. As a result, we've built this brand through things like we did a Super Bowl ad.
We've had this very employee-centric brand. We've engaged with activations at conferences that basically reach out to the individual employees and try to sort of really stoke an application built for the person on the road and making sure that they're able to, one, use us at all times. One thing is the Expensify app, anyone can download. It's a free app. It's a free app that you can start using without asking your company's permission. Because we recognize if you use us to submit an expense report to your boss, we've turned your expense report into a highly targeted marketing message directly to the decision maker. This is what we call our bottom-up adoption strategy, which is, one, we build an employee-focused brand. Two, we promote that brand with very large brand awareness campaigns, like, again, our Super Bowl ad.
We allow people to act upon that awareness without having to ask permission of anyone. You can always download the app and start using it inside your company. What we see is that over time, we get sort of a critical mass of people inside of a company. That pressures the company just to adopt the product overall. What's nice about this is we're bringing companies into a pipeline that were never looking for expense management in the first place. We're not limited to the companies that have management that have identified this as an internal problem and who have begun a sales process. We're putting it on the agenda because employees are demanding that they use Expensify by name. In that sort of context, we sort of bypass the sales process.
We're talking to leads that are not evaluating any alternatives because their employees have already vetted Expensify and are requesting it. We're such an inexpensive tool in the first place, there's kind of no reason not to do it. The way that we view this is we capture businesses while they're small before they're looking for anything. We just have our foot in the door and we grow with them and hold on to them forever.
OK. Once they start using them for expense management, how do you introduce the card and the travel?
Oh, yeah. I mean, that's a really organic thing. Like, for example, when you go to set up reimbursement for your employees, you say, like, hey, that's cool. Now you're all set to reimburse employees. If you'd like, you can also just issue them a corporate card right here. It's here. It doesn't cost anything. Just click this button and it's ready to go. It's all about basically making it really, really straightforward for companies to adopt the functionality that we want, even if it's not something they're specifically asking for. Likewise, we also engage employees in the process and say, like, well, would you like a corporate card? Your company has already provisioned for them. Hey, maybe you should ask your boss for it or click here to say, this is why I want the corporate card.
It's all about basically engaging everyone in this process because expense management isn't just for the CFO or the accountant. It's a tool that everyone in the business uses.
OK. That's great. Maybe we can spend a little bit of time on the competitive environment and your pricing strategy. Maybe we'll start first on pricing. Last quarter, you made some announcements to sort of shift some prices around. Can you help us understand sort of what the drivers for that was and what kind of impact you think that's going to have on the business?
Great. Yeah, Expensify is super cheap. It's $5 per employee. I mean, it's $5 per employee. It's $5 and you get expense management, corporate cards, travel, invoicing, bill pay. You get real-time integrations with your accounting package. You get integrated receipt scanning. You're getting all this access to our, you can talk to a salesperson. You can talk to account manager. It costs $5 per employee. Again, we've built a system that, even though we're an extremely profitable company, we're kicking off free cash flow constantly. We're raising our free cash flow guidance consistently, even in these difficult times. We do that because we've created a business model that engages employees in the sales process and that dramatically reduces the cost of sale for every new customer and allowed us to create a super profitable company, even on these incredibly low price points.
Now, of course, there's multiple options. It's like it's $5 to start. If you want to upgrade for more advanced accounting flows, you want to go to NetSuite, SAP, whatever it is, now it's $9. There are sort of basically two plans. There's our collect plan, which is good for basically every business in the world. There are control plan, which is for larger SMBs, mid-market enterprise companies, and things like this. The control plan has a variety of pricing options. You can pay basically $9 per user per month if you're using an annual commit or a corporate card. If you don't want a corporate card, we can adjust the pricing and things like this.
Fundamentally, it's about really straightforward, transparent pricing that you can just buy in a self-service manner without needing to talk to a salesperson and without needing to think too much about it.
OK. Your competitors do it differently. Some of them only have cards, and their business is sort of funded by other parts of the business. Some of them have subscription fees recently. I guess, how much is pricing? It does not seem like it is a barrier to adoption here, but how much is that a consideration as you think about the adoption in large mid-sized companies and larger companies? I think that is where a lot of your competitors are really.
I think that pricing, I mean, it's always a factor. Don't get me wrong. I'd say it's a complicated factor. Again, our pricing has been pretty consistent. We've been like $5 collect plan, $9 control plan. That's been the case for like a decade. I would say the rest of the industry has largely adapted to our pricing. However, I'd say the competition has kind of been pretty volatile. It started off and it's like completely free. Then it's $15 per employee. Then it's basically a custom negotiated thing or whatever it might be. I'm actually not even sure what their current pricing is. They're kind of all over the board as they figure out their business models. That's fine. I mean, they're a younger business. They've got to go through those growth pains. I understand that.
I think you hit on a really important part. Most of our competition depends upon you using their corporate card, which means, one, they're not really an option if you like your Amex or Chase or literally any other corporate card out there. I think they're targeting a much smaller market of companies that don't like their existing corporate cards, which I think there's certainly a market for that. Our customers like their corporate cards. They like their Amex. They like their points. That's fine. One is we don't require the or they're really requiring that you use a corporate card. Two, as a consequence of that, they're really limited to the subset of the industry that they can underwrite. Any business that's too small that doesn't fit their risk profiling, they just literally don't talk to you.
I'd say a lot of our competition is really focused on kind of like the larger established SMBs or something above that, which means they're pretty much cut out entirely of the smaller SMB market and the new market. As a result, we just are going after a much larger part of the market because we don't have to underwrite every single customer. We're comfortable just reimbursing or using an existing corporate card. Pricing is certainly a factor in every discussion. I would say in the case of all these customers, it really doesn't come down to price is not the deciding factor. I think it really comes down to, one, who do you even hear about first? Most of the market has never heard of any of us. That's why we'd say it's primarily an awareness and a lead generation game.
That's why we lean so heavily into broad awareness campaigns and then an employee-focused brand that can really capture word of mouth.
Maybe we can spend a moment talking about the revenue model. You have subscription revenue. You have interchange fees. If I look at the two over the past year, your interchange fees have grown very briskly. The rest of the platform has not grown really as much. As you think about the composition of growth going forward, what are the variables that we should be considering? Is it mostly going to be coming from interchange or should we be seeing other things evolve over time?
I would say, I mean, the elephant in the room. Clearly, we would love the core subscription, like the paid user account, to be going up. I mean, it's been sort of flat for a while because, I mean, there's a lot of reasons. I'd say fundamentally, our customers are SMB. Now is not a good day for SMB. It's a difficult world out there for a lot of the industry. We grow when our customers grow. Now, to be clear, we're adding new customers every single day. It challenges our existing customers just aren't as active as they used to be. A huge fraction of our historical growth has come from basically the growth of our customers themselves. However, right now, customers are not growing.
Even if they're doing small layoffs, even if they do one last business trip a year because of how sort of that filters through in our product, that just results in fewer paid active seats on a product basis. It is really about we need to use this time to cross-sell existing products into our existing customers. For example, the Expensify Card, travel, that is why you're seeing we've made great traction in getting customers to adopt these additional revenue streams. That is why we're saying even though the paid user count has been flat for a bit because interchange has been going up and now we're adding travel on top of that, we've been able to increase our free cash flow guidance again and again. Of course, in the long run, we have to be adding we need to get our customers growing again.
Because once our customers grow, then that's the rising tide that floats the entire business model. Now, that's a challenge. There's a lot of macro and economic facts going on right now. It's a difficult time in the world. It's really about making sure that during this difficult sort of macro environment that we can still extract more and more value from our existing customers through cross-selling while using this time to invest in the next generation of growth through this platform that we really think is going to be pretty revolutionary.
OK. Later this month, you're going to try to create a new viral moment and doing some pretty significant marketing relative certainly to the size of your company. Maybe just remind everybody what's on tap and why did you decide to do what you're planning to do.
Yeah. Years ago, I mentioned how one thing we found for effective marketing is just broad consumer brand marketing, which a SaaS company can't typically do because if you are doing something like a Super Bowl ad, most people watching the Super Bowl are not CFOs. A lot of them do expense reports way more. As a result, by having a brand that reaches out and appeals to individuals, we can capture much more of the awareness of these brand campaigns. After doing that, we tried a million different things like everyone else. We really, really resonated. We saw that basically their Super Bowl ad just created an uptick in awareness overall. We're looking to the next thing. How do you go even bigger than the Super Bowl ad?
Early on, we were talking with Apple. They had a little movie that they're calling F1. At the time, Apple TV is kind of a new thing, it is one of their first major movies and things like this. We got in early as the sponsor of basically Brad Pitt's virtual F1 team in this F1 movie. If you look at the movie, look at the ads, you see the Expensify name on Brad Pitt's chest, on the side of the car, on basically the background. It's absolutely everywhere. They're announcing it in the movie. Basically, the movie itself is about Expensify, which is wild.
It's like imagine that you were to make a, it's kind of like imagine you're going to sponsor the Super Bowl, but you're going to rename the team to be Expensify. Also, you knew that team was going to win. That's basically what the F1 is because it's an F1 movie that reaches hundreds of millions of users around the world or viewers around the world. Throughout the entire movie, you're seeing the Expensify name again and again. We were super happy to get in as early into something, and then it blew up so huge. Now it's basically, I think it's Apple's biggest movie ever, the most advertised movie ever. It's huge. It's a huge cultural moment right now, and Expensify is there at the center of it.
This is the kind of opportunity that we're very excited by because when we chose this years ago, it was a big swing. It seemed kind of like kind of random. But we've always tried to look for these opportunities, these unusual, distinctive opportunities because that's how you build a distinctive and recognizable brand.
Not that this is going to be a just one Sunday event, right? Movie's going to be out there for a while. Movies have big sort of initial bangs. What is the company doing to prepare to convert the investment made in this event, in this marketing campaign or event, translate that to improving the profile of the business?
Yeah. I think that you're right. It's not just like unlike the Super Bowl, which is you get like a 30-second spot and you're done. This is obviously something that's going to be in theaters for months. The movie is going to be here forever. Even on top of that, the movie hasn't even come out yet. There's been a bunch of crazy stuff. I think it's like Damson Idris showed up to the Met Gala. First, he drove up in an Expensify F1 car. That's cool. Then he walked into the Met Gala wearing an Expensify track uniform, which they tore off. He had a super sweet suit underneath it. You can't buy that kind of just cultural awareness. It's a wild like I just saw.
Anyways, again and again, you'll see the Expensify brand appearing in a million different places merely because, oh, the Apple WWDC yesterday started off with an Expensify branded F1 car at the Apple conference, which is wild. It is a huge thing already. It is only going to get bigger still. Now, how do we capture that moment is a good question. I would say the way we capture it is we've been focused on making sure that the application, new Expensify, is perfectly dialed in for F1. Basically, when you sign up, everyone's going to see the new experience. Everyone's going to see an optimized AI-driven experience where basically you can talk to the concierge AI from day one. You can pick up the phone and talk to one of our sales team. You can get an account manager assigned.
Basically, you can experience the entire dream of a real-time, again, travel and expense at the speed of chat. That is a real thing. We're launching it at F1 to coincide with this F1 movie. It's built on the idea of capturing every movie viewer that walks out and wonders, like, is that a real company? What does Expensify do? We want to make sure that wherever they search on social, online, wherever it might be, they see that we're a real company. They see what we do. They're pulled into highly optimized funnels to convert them into customers quickly. Will it work? We'll see. We do have some experience in this. We did pretty good with the Super Bowl ad. We've learned a lot from that. I think we're doubling down on that.
Honestly, it's one of the most exciting times I've ever been in this company. And I've been here for a while.
No problem. All right. Apologize, everyone, for the technical difficulty. I'm back on my phone. We have just another minute or two, and I want to make sure we wrap up the conversation with David properly. When we left, we were talking about what you're doing to optimize the opportunity around the F1 marketing campaign. I think we finished through that. The last thing I wanted to touch upon is around the profitability of the business. You've talked about that several times in the conversation, David, about your ability to consistently increase your guidance around free cash flow. Maybe just help us understand from your perspective how you're balancing investments. You're making a big splash with this F1. How do you make sure you put enough wood behind the arrow to make sure you get the full opportunity from this?
Sure. First off, I like that you were able to make this work on your phone. I think that's just a great live example of how important mobile apps are in this world. That is why we're so leaning forward to mobile apps. As far as profitability, as mentioned, I think that the business model itself is just designed around unit economics. Again, when I started Expensify, it was at the bottom of the biggest depression since the last depression, the Great Depression. We knew that winter was coming at any point in time. As a result, we've always paid attention to the bottom line. We've always talked, basically made sure that every customer is profitable on a cash basis, which is a wild thing for a startup.
I think we're the, I don't know, the only profitable expense management company ever, so far as I know. I think that there's a reason for that. Now, as for how do we use those resources, step one is always just funding the business, funding growth. We've always been aggressive on taking big swings on growth opportunities when we see them, like the F1, Super Bowl, and things like this. We've done massive outbound campaigns, advertising campaigns. We tried a million different things. We're also not frivolous. I think we really double down on the things that we think work. We're really cautious. We're good stewards, we think, of the money itself. When it comes to how we invest this money right now, I mean, do you think that we are building our balance sheet or holding on to some cash?
We've been doing buybacks opportunistically for years. We'll continue basically on that sort of buyback process. Fundamentally, it's about investing in big opportunities as they come up, supporting just the business itself, preparing for things. It's like, who knows? The economy can get worse. It's possible. We just want to make sure that we're always ready for whatever comes. Again, it's a marathon. It's not a sprint. We're making sure that we are here for the long run because the opportunity is truly enormous. We're really focused on building a business that has the product and the unit economics to go get it all.
Great. I think that we're going to have to stop the conversation there today, David. Thank you so much for your time. Apologize for the technical difficulties. For any of the folks who are on the line, if they have any follow-ups for Expensify, please let me know. I'll get you in contact with the company. Again, David, thank you very much for your time today.
Thank you. It's always a pleasure.
Take care.