Schaffer, and Ryan Schaffer. Please refer to today's press release and our filings with the SEC for a detailed discussion of the risks that could cause financial measures to 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 reconciliation of these non-GAAP financial measures to their most comparable GAAP measures.

And with that, I'll hand it over to Ryan.

Thanks, Nikki. And thanks, everyone. Not yet, but I think it was 3.1 million, and they just deepened it up to 13.5 to 15.5 million. As always, we like to give you an early look at next quarter's paid member trend. For October 2026, we had 636,000 paid members. October is generally strong compared to Q3, so this is what's expected and welcome. Before I hand it over, a quick note on Gap News. Even though Gap News may keep investing in growth. With that, I'll hand it over to David for business and product updates. Thanks, Ryan.

Q3 was a quarter where the growth engine really started to show up in the numbers. New Expensify revenue, the card, travel, our partner ecosystem, and our AI all moved forward at the same time. Let me walk you through what that looked like. I want to start with the number I think matters most, revenue from New Expensify. meaning revenue from customers who signed up on New Expensify and never paid $10 million is growing on top of and separate from the classic migration. And it's not just that more people are signing up. They're converting better. Our older cohorts continue to convert into paying customers over time, and each new cohort is outperforming the ones before. That tells us the project is getting better at turning the first expense into a paying customer, which is exactly the flywheel we've been building toward. The Inc. Sensify card kept expanding this quarter, both in terms of where it works and what it can do. On Reach, we're now issuing in pounds and euros, serving 13 European and UK markets, which opens up a big piece of our international opportunity. On Functionality, we've added enhanced investment at the swipe, instead of chasing it down at the month-end. Travel had a great quarter, too. On economics, we launched consolidated travel billing, which rolls a company's travel booking into a single monthly debit, and that results in substantially more revenue to Expensify from each booking. On volume, trips booked through Expensify traveled with 13% from Q2 and 40% year-over-year, and Q3 was the biggest quarter in record. We also kept growing the partner ecosystem around Expensify. We launched native integrations with Reload and Dual Entry, two of the fastest-growing AI-native ERPs, with Reload signed a revenue-share agreement, so both sides are invested in growing a small business owner on an unpaid cloud plan that can connect, intensify, and simply ask, in plain English, things like, which expenses from last month are still missing receipts, or when did we spend on software this quarter by the vendor? and Claude Anderson stack attention to real expense, card and receipt data. We followed that up with a joint webinar with Anthropic in October that grew more than 1,000 registrants. Every one of these meets customers inspired by the systems they already run their business on. And earlier this week, we announced a referral agreement with VisaVista. VisaVista can now refer eligible clients and corporate card programs to Expensify. That's a big deal for our bring your own card strategy. A business can keep the research card that points in the banking relationship it already has and get receipt matching, AI coding, spending controls, and reconciliation with no card switch required. This is a bundle. More and more of our customers are managing their expenses from inside the AI tools that they already use every day. And our agents keep getting more capable. Today, an expense-sized agent handles over 96% of what it's asked to do, without any constraints on what the user can ask. That number goes up a little every day, and every point is work our customers no longer have to do themselves. So to summarize the quarter, we continue to return capital to shareholders repurchasing over 700,000 shares of stock, approximately $1.3 million.

Excelsior's travel and the card program continue to grow, which trips up 40% year-on-year and interchange revenue up 8% to $5.8 million.

AI is expanding across the platform. The NCP adoption is exploding, and our agents handle the class of customers onto Nuke Expensify, where they get a dramatically better experience, and keep accelerating Nuke customer acquisition into a market that is still almost entirely untapped.

Each quarter, the evidence that the plan is working gets a little stronger.

Fantastic. Mark, if you're on the line, if you want to start us off with your questions.

Hi, thanks for the question. My question here, Dave, is a question for you on the, I think just talking about how it's changing your competitive positioning. So, first of all, are you otherwise not ahead of the consumer to specify, or is the, you know, proper benefit just increasing while it's changing? Great question. I definitely want Ryan to take on this as well because he's very close to it, but it is to growth. One is acquiring new customers, one is expanding existing customers, and of course retaining customers. I would say the most important of those is probably retention to start. Travel is seen as a major cause of churn, so bringing in native travelers is primarily effective in that regard. Yes, I agree.

I think before we get into travel,

We would see customers leave expenses by 4% or more instead of traveling expenses, and we only had expenses now. So basically, now we see we pull customers from the bottom, and obviously there's People are going to AT&T, so it shouldn't happen. We're holding customers as well, so we're very competitive in this. Consolidated Travel, the one to be announced earlier this year, we've been very competitive on prices, more and more competitive, and we'll continue to be even more competitive Day, and especially since we're getting better and better, so I believe it's going to be hard. Obviously, it's not there yet, but I have... I mean, that's a good question.

I think it's a strong validation of our customer acquisition.

I think that out of the gate, we've been really happy with how much attention is driven to our MCP server.

I think we don't have anything to announce right now about the future of joint marketing with them, but I would say we view this as the start of a long-term partnership.

Thank you. That's all for me. Aaron, can you hear me okay? Young. Hey, guys. My first question is, as No Expensify continues to sell, can you talk to your visibility on how we should think about the inflation point where growth from net new customers on No Expensify, we can get back to the top line growth, whether you can speak to that in terms of, I guess, Yeah, I can take that, and David, if you want to jump in. So, that is, so, what we basically have is an exciting technology startup company hidden inside of our kind of legacy, growing quite rapidly, and We're trying to figure out when exactly the break-even point is. How hasty is the decline of the larger legacy company? We think if things stay the same, then what we project is going to happen around there. If it can happen a little worse, it will happen. I think the real challenge is that we're sort of balancing two largely unrelated systems quickly growing into an expensive platform. And we have this large but slowly declining sort of legacy as a customer base. And I think what's... It takes a lot to have significant changes.

Now, it's hard to predict when those changes will happen, but even when it's a relatively small decrease in churn, it can have a really rapid impact. I'm very happy with the growth of the new Inc.

I know I'm putting a lot of time into churn reduction, which is not as exciting, but it's much more impactful. and so we've been putting a lot on the edge just, you know, the nuts and bolts of making everything work super reliably.

Like we talked about how one of the major motivations for travel was to reduce churn. That's a kind of a big ticket way to do that, but there are a hundred smaller ways that we've found

and I think we've been making a lot of steady progress on that. So it's hard to project when that happens, but I know it's one that we feel confident is coming and it's just kind of, you know, chipping away at the problem. Got it. That's really helpful. And then as a follow-up, NuExpensify is designed to target the 99% of businesses. So it's great to see the more than $13 million in AR from new customers using NuExpensify. Are you seeing any common characteristics where you're getting traction with the parts to the market that you couldn't previously access? I would say one of the challenges with expense effectiveness alignment, I would say we have customers in every single industry, you know, all over the world.

And so I don't think we've seen that there are specific, I mean, like, who does expense management and so forth. But every business does expense management. Like, before you have revenue, you have expenses. And so it's the very first accounting problem. It's like universal with business.

And so as a consequence of that, I would say one of the theses that we have going into this is that we ask the question, why traditional expense management? And I would say a big reason for that, I believe, is that People don't want necessarily a new app, a new website, a new thing to think about. This is as janky as they might be. They don't want to wake up in the morning and be like, hmm, today's the day everything might go to management. Now I'm going to adapt my company to whatever the tool is going to be.

and a way from highly configurable tools where you have to adapt your process to what the tool can do.

And I think it's moving towards more sort of highly like maybe just marketing buzzwords. I can get behind that.

But I would say I think that's one reason we invest so much in our agents and what's so exciting about the progress we're making.

Like one of the stats I threw out there is that of what they're asked to do. And that's not 100% true. We're working on that.

But it's kind of crazy to think without any constraints. So there's an infinite thing that they can possibly imagine. They can ask us. And currently, we get about 96% of it right, which is pretty wild. And I think that's sort of... And so over time, I think our ability to adapt to their existing processes gets better and better. Additionally, I think our ability to engage them in the tools that they already use. So with the seniors at expense.com. You can use pretty much the entire product that way. You don't actually have to sign into our app. You can just text us and things like this. The employee experience, the way that we cap the 99% is by making a tool which adapts to their needs and meets some of the platforms that they operate on.

So I think it's going to take something different to capture the other 99%, and I think that's why we've optimized. New experience by growth is pretty strong, and I think that's a consequence of the design decisions that have been put into it. So there's still a broad... Thank you. All right. That brings us to close. All right. Thanks, everyone. Really appreciate your time.