Expensify Inc (NASDAQ:EXFY) stock rose 1.11% (As on Dec 17, 11:16:36 AM UTC-4, Source: Google Finance) though the company missed the earnings estimates for the third quarter of FY 21. During the third quarter, the company had launched Free Plan for SMBs. It offers all the basics of Expensify for free, including corporate cards with up to 2% cash back, reimbursements, bill pay, invoicing, and travel booking. The company has reported Net loss of $(6.3) million, compared to $(6.9) million for the same period last year. This was due to the IPO-related bonus. However, Non-GAAP net income (excluding the IPO-related bonus) was $19.9 million. The company delivered adjusted EBITDA of $(6.5) million, compared to $7.4 million for the same period last year. The decrease was due to the IPO-related bonus. Adjusted EBITDA excluding the IPO-related bonus was $19.8 million. The company has generated operating cash flows of $34.6 million.

EXFY in the third quarter of FY 21 has reported the adjusted loss per share of 18 cents, missing the analysts’ estimates for the adjusted earnings per share of 42 cents, according to Refinitiv Ibes Data (analyst estimates). The company had reported the adjusted revenue growth of 72.6 percent to $37.4 million in the third quarter of FY 21, beating the analysts’ estimates for revenue of $37.4 million.

For the fiscal fourth quarter ending December 31, 2021, Expensify expects revenue to be between $38.2 million and $39.2 million vs Q4 Revenue View of $38.5 Million as per Refinitiv Ibes Data (analyst estimates) and average monthly paid members to be between 673 thousand and 691 thousand.

On the other hand, the paid members saw the biggest uptick in Q3 since the onset of the COVID-19 pandemic in March 2020. Average monthly paid members increased to 667 thousand, up from 639 thousand in the previous quarter. This is attributed to an increase in marketing spend and the strengthening of SMBs as lockdown restrictions were lifted. In September 2021, Expensify introduced the Free Plan, which allows members to roll out Expensify functionality across their businesses for free. The Expensify Card, expense management, next-day reimbursement, invoicing, bill pay, and travel booking are all included in the Free Plan. In addition, The Expensify Card continues to perform well. Interchange from the card increased by 207% from the same period last year. Cash back, a new Expensify Card benefit, launched in September 2021. Now, all Expensify members can get up to 2% cash back on all purchases using the Expensify Card.