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CERTAIN BALANCE SHEET COMPONENTS | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CERTAIN BALANCE SHEET COMPONENTS | CERTAIN BALANCE SHEET COMPONENTS Other Current Assets Other current assets consisted of the following (in thousands):
| As of June 30, |  | As of December 31,
| 2025 |  | 2024
Expensify Card posted collateral for funds held for customers | $ | 13,280 |  |  | $ | 12,415 |
Expensify.org restricted cash | 6,030 |  |  | 5,972 |
Income tax receivable | 2,573 |  |  | 429 |
Earned interchange restricted cash | 1,651 |  |  | 1,442 |
Deferred contract acquisition costs | 443 |  |  | 339 |
Other restricted cash | 171 |  |  | 151 |
Other | 129 |  |  | 160 |
Other current assets | $ | 24,277 |  |  | $ | 20,908 |
Capitalized Software, Net Capitalized software, net consisted of the following (in thousands):
| As of June 30, |  | As of December 31,
| 2025 |  | 2024
Capitalized software development costs | $ | 33,630 |  |  | $ | 32,332 |
Less: accumulated amortization | (18,764) |  |  | (16,100) |
Capitalized software, net | $ | 14,866 |  |  | $ | 16,232 |
Amortization expense related to capitalized software development costs is recorded in Cost of revenue, net on the Condensed Consolidated Statements of Operations. Amortization expense was $1.9 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively. Amortization expense was $3.7 million and $2.5 million for the six months ended June 30, 2025 and 2024, respectively. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| As of June 30, |  | As of December 31,
| 2025 |  | 2024
Computers and equipment | $ | 170 |  |  | $ | 170 |
Furniture and fixtures | 1,947 |  |  | 1,930 |
Leasehold improvements | 10,507 |  |  | 7,937 |
Commercial building | 6,493 |  |  | 6,493 |
Land | 4,151 |  |  | 4,151 |
Construction in progress | — |  |  | 2,570 |
Total property and equipment | 23,268 |  |  | 23,251 |
Less: accumulated depreciation | (9,905) |  |  | (9,630) |
Property and equipment, net | $ | 13,363 |  |  | $ | 13,621 |
Depreciation expense is recorded in General and administrative, Sales and marketing, and Other income (expenses), net on the Condensed Consolidated Statements of Operations. Depreciation expense was $0.1 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. Depreciation expense was $0.3 million and $0.5 million for the six months ended June 30, 2025 and 2024, respectively. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following (in thousands):
| As of June 30, |  | As of December 31,
| 2025 |  | 2024
Sales, payroll and other taxes | $ | 2,663 |  |  | $ | 2,538 |
Professional fees | 1,925 |  |  | 1,336 |
Partner payouts and advertising fees | 1,600 |  |  | 1,194 |
Matching Plan payroll liability | 598 |  |  | 408 |
Credit card processing fees | 506 |  |  | 411 |
Cashback rewards | 443 |  |  | 489 |
Income taxes | 183 |  |  | 934 |
Other | 1,117 |  |  | 930 |
Accrued expenses and other liabilities | $ | 9,035 |  |  | $ | 8,240 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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