Daniel Vidal
About Daniel Vidal
Daniel Vidal, 36, is Chief Strategy Officer (since May 2021) and a Director of Expensify (board service since the IPO) with a B.S. in Kinesiology (Arizona State University) and a Masters in Commerce (University of Virginia) . His biography credits leadership of Expensify’s Strategic Partnership program and the ExpensifyApproved! Accountants program . Company performance during his executive tenure shows declining revenues from FY22–FY24 and large negative TSR since listing; EBITDA improved to near breakeven in FY24, indicating cost discipline despite top-line pressure ; Revenues/EBITDA below.
Company performance (FY):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($) | 169,495,000 | 150,687,000 | 139,236,000 |
| EBITDA ($) | -12,444,000* | -31,285,000* | 94,000* |
*Values retrieved from S&P Global.
Pay vs performance (Company TSR and Net Income):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Value of $100 Investment (TSR) | $20.06 | $5.61 | $7.60 |
| Net Income ($ thousands) | (27,009) | (41,455) | (10,055) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Expensify | Head of Business Development | 2013–2019 | Built go-to-market partnerships foundation |
| Expensify | Director of Corporate Development & Strategy | 2019–2021 | Advanced corp dev and strategy initiatives |
| Expensify | Chief Strategy Officer | 2021–present | Leads Strategic Partnership and ExpensifyApproved! programs |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external public company directorships disclosed in biography |
Fixed Compensation
Employment cash/equity paid (aggregate disclosure):
| Period | Cash Compensation ($) | Stock-based Compensation ($) |
|---|---|---|
| Jan 1, 2024 – Mar 31, 2025 | 1,113,046.89 | 273,156.38 |
Director fees:
- As an employee director, he receives no additional cash retainers or director equity under the Non-Employee Director Compensation Program .
Program context (company-wide/NEOs):
- Compensation set via an internal “compensation algorithm”; raises capped by pool rules; exceptions allowed with committee review .
- No formal performance-based cash bonus program; discretionary bonuses may be granted .
Performance Compensation
Incentive vehicles and mechanics (company disclosures applicable to executives):
| Incentive Type | Metric Basis | Targeting/Weight | Payout | Vesting/Timing |
|---|---|---|---|---|
| Performance-based annual bonus | Not maintained (discretionary only) | N/A | Discretionary if used | N/A |
| 2021 Stock Purchase & Matching Plan | Share purchases via payroll; company matches 1/20th of shares purchased/retained | No disclosed weighting | Fully-vested matching shares on purchase date | Quarterly purchase periods |
| RSUs (general program) | Service-based | Not disclosed for Vidal | RSUs vest upon service conditions | Company has used quarterly vesting structures; NEO 2021 RSUs vest 12.5% quarterly over 8 years (plan example) |
Notes:
- Company discloses “Compensation Actually Paid” to NEOs is not directly tied to performance metrics under SEC’s pay-versus-performance framework, reinforcing limited metric linkage in cash comp .
Supply/vesting cadence indicators (company-wide):
- Matching Plan issuance: 911,645 shares in Q3’24 and 2,950,902 shares in 9M’25, creating regular share issuance that can contribute to supply overhang .
- New quarterly, immediately-vesting RSUs authorized June 20, 2025 for certain service providers through March 2029 (liability-classified, issued/vest quarterly; straight-line expense) .
Equity Ownership & Alignment
Beneficial ownership and voting power (as of Apr 22, 2025):
| Holding | Amount | Notes |
|---|---|---|
| Class A Common | 404,074 shares | — |
| LT10 Common | 112,650 shares | Voted via Voting Trust |
| LT50 Common | 152,194 shares | Voted via Voting Trust |
| Options exercisable within 60 days | 151,280 Class A shares | — |
| Voting Power | 1.8% | Controlled-company structure with Voting Trust at 84.3% voting power |
Alignment policies and risk controls:
- Hedging prohibited by Insider Trading Policy .
- Limited pledging allowed up to 25% of holdings, excluding margin loans; no pledge disclosure for Vidal in ownership footnotes (Barrett pledges disclosed; none for Vidal) .
- Clawback policy (effective Nov 1, 2023) compliant with Nasdaq Rule 10D-1 for erroneously awarded incentive-compensation recoveries .
Employment Terms
- Role and start: Employed by Expensify since 2013 in successive roles; CSO since May 2021 .
- Contract/severance: The proxy discloses at-will arrangements and no severance/COC payments for NEOs; no individualized severance or change-in-control economics are disclosed for Vidal .
- Non-compete / non-solicit / garden leave / post-termination consulting: Not disclosed.
Board Governance and Director Service
| Attribute | Detail |
|---|---|
| Board service | Director since IPO (Nov 2021) |
| Independence | Not independent; company is a Nasdaq “controlled company” and does not maintain a majority independent board |
| Committees | Executive Committee member ; Compensation Committee member (committee includes executives; Barrett is chair) |
| Audit Committee | Independent-only (Christen chair; Pao, Liu members) |
| Lead Independent Director | None; the board has no chairperson or lead director at present |
| Board/committee attendance | Each director attended at least 75% of meetings in FY2024; all but one attended 2024 annual meeting |
| Director compensation status | Employee directors (including Vidal) receive no director fees/equity under Non-Employee Director Compensation Program |
Dual-role implications:
- Vidal is both an executive officer and a director, and serves on the Compensation Committee alongside executives; as a controlled company, Expensify relies on exemptions allowing a non-independent compensation committee—heightening oversight and independence concerns .
Director Compensation (program reference for non-employees)
| Component | Amount/Terms |
|---|---|
| Annual cash retainer | $30,000; Audit Committee members +$10,000; Audit Chair +$20,000; convert up to 100% to Retainer RSUs (fully vested on grant) |
| Annual director RSU | ~$125,000 grant value; vests by next annual meeting or 1-year anniversary |
(Employee directors like Vidal do not receive these fees/equity) .
Say-on-Pay & Shareholder Feedback (2025)
- Say-on-Pay (advisory): For 454,429,843; Against 3,546,036; Abstain 95,624; Broker non-votes 27,578,656 (approved) .
- Auditor ratification (KPMG): For 485,592,553; Against 53,248; Abstain 4,358 .
- Directors (including Vidal) re-elected with strong support .
Risk Indicators & Red Flags
- Governance: Controlled-company exemptions; non-independent Compensation Committee with executive members (including Vidal) .
- Late insider filings: Multiple late Forms 4 attributed to Vidal in 2024 (three Form 4s with one transaction each; two with two transactions; two with five transactions) .
- Allowance for stock pledging (up to 25% of holdings) introduces alignment risk, though no Vidal pledge disclosed .
- Weak metric linkage: Company reports “Compensation Actually Paid” not directly tied to performance metrics under SEC framework; no formal performance bonus program .
- Equity supply overhang: Regular share issuance via Matching Plan and new quarterly RSU program create recurring vesting/sale opportunities .
Investment Implications
- Alignment vs. independence: Vidal’s meaningful multi-class ownership and near-term exercisable options suggest alignment, but dual executive/director roles and an executive-populated Compensation Committee reduce governance independence—monitor for related-party dynamics and compensation discretion .
- Supply/flow signals: Quarterly Matching Plan issuance and newly authorized quarterly, immediately-vesting RSUs may add technical selling pressure post-issuance windows; track Form 4 activity and issuance calendars for potential liquidity events .
- Pay-for-performance: Limited explicit performance metric linkage to cash compensation, with emphasis on equity participation; shareholder Say-on-Pay support remains strong, reducing near-term governance activism risk on pay .
- Execution risk: Company revenues declined FY22–FY24 while EBITDA improved to breakeven—strategy efforts must translate to renewed growth to sustain intrinsic value; TSR has been deeply negative since listing, keeping event- or strategy-driven catalysts key for re-rating .