Aaron Kimson's questions to Expensify Inc (EXFY) leadership • Q2 2025
Question
Aaron Kimson of Citizens JMP asked if Expensify's smaller scale and R&D spending are headwinds against larger competitors and questioned if AI could erode the company's moat with SMB customers by lowering costs for rivals to enter the space.
Answer
CEO David Barrett argued that Expensify's deep, chat-centric AI integration is a significant differentiator that is difficult for complex enterprise products to replicate, strengthening its moat. He believes competitors will struggle to simplify their products for the SMB market. CFO Ryan Schaffer added that Expensify's integrated product strategy is more efficient and that competitors' high-cost sales models remain a barrier to effectively serving the down-market segment.