The company announced that it had paid off all of its debt ($22.6 million) and completed a repurchase of 645,938 shares.
PORTLAND, Ore.–(BUSINESS WIRE)–Expensify, Inc. (Nasdaq: EXFY), a payments super app that helps individuals and businesses around the world more easily manage their expenses, corporate cards and bills, today announced that the Company has paid off the remaining balance of its revolving credit facility ($15 million), paid off the mortgage on its downtown Portland, Oregon headquarters ($7.6 million), and repurchased 645,938 shares of its Class A common stock from its founder.
The company still has access to $24 million in a revolving credit facility if needed, but has otherwise removed the debt from its balance sheet. In addition, the company has not refinanced but has paid down its mortgage, which was due to mature in the third quarter of 2024.
The 645,938 shares of Class A common stock were purchased at an average price of $2.34, which represents the weighted average price over a three-day period ending August 27, 2024. The shares will be retired. The Company’s share repurchases are intended to offset dilution from share issuances and reduce the share count over time.
Ryan Schaffer, CFO of Expensify, said, “We are pleased with the continued progress our company has made since this time last year. The cost-cutting measures we have initiated have had a major impact on the health of our business. The end of our multi-year product transformation is in sight, we have returned to positive cash flow over the last two quarters, reduced our debt and continued to buy back stock. We are excited about the future of the company and the product we are bringing to market.”
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For more information about these transactions, please see the Company’s 8-K disclosures on our investor website:
Forward-looking statements
Forward-looking statements in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our planned share repurchases and expected benefits to shareholders, expected funding from cash generated from operations, and our expected future free cash flow generation and credit facility constraints. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “will,” “should,” “could,” “plan,” “anticipate,” “might,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “forecast,” “potential,” “goal,” “objective,” “seeks” or “continue,” or the negative of these words or other similar terms or expressions concerning our expectations, strategies, plans or intentions. Such forward-looking statements are necessarily based on estimates and assumptions that we and our management believe are reasonable but are inherently uncertain. Factors that could cause actual results to differ materially from current expectations include, among others: our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand the use of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us or by competitors of their products or other changes in the competitive environment of our market; the amount and timing of operating costs and capital expenditures we may incur to maintain and expand our business and operations to remain competitive; the adequacy of our cash, cash equivalents and investments to meet our liquidity needs and enable future share repurchases; our ability to make required payments under and meet our current and future indebtedness; our ability to effectively manage our exposure to exchange rate fluctuations; the economic, political and social impact of the COVID-19 pandemic and the related uncertainty; the war in Ukraine and escalating geopolitical tensions resulting from Russia’s invasion of Ukraine; the increased costs associated with being listed on a stock exchange; the size of our addressable markets, market shares and market trends; anticipated trends, developments and challenges in our industry, business and the highly competitive markets in which we operate; our expectations regarding our income tax liabilities and the adequacy of our reserves; our ability to effectively manage our growth, expand our infrastructure and maintain our corporate culture; our ability to find, attract and retain qualified personnel, including key members of senior management; the security, affordability and ease of use of our platform and offerings; our ability to successfully defend ourselves; our ability to successfully identify, manage and integrate existing and potential acquisitions of businesses, talent, technology or intellectual property; general economic conditions in domestic or international markets, including the societal and economic impacts of the COVID-19 pandemic and geopolitical uncertainty and instability; our protection against security breaches, technical difficulties or disruptions to our platform; our ability to maintain, protect and enhance our intellectual property; and other risks discussed in our filings with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety and expressly by the cautionary statements set forth above. We caution you not to place undue reliance on forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to publicly update these forward-looking statements to reflect actual results, new information or future events, changed assumptions or changes in other factors affecting any forward-looking statement, except as required by applicable law.
About Expensify
Expensify helps more than 15 million people around the world track expenses, reimburse employees, manage corporate cards, send invoices, pay bills, and book travel. All in one app. Whether you’re self-employed, run a small business, manage a team, or oversee the finances of a global company, let Expensify manage your expenses so you can focus on succeeding.
Contact
Nick Tooker, [E-Mail geschützt]
