Expensify Announces an Additional 83,376 Share Buyback including Net Share Settlement
April 11 2023 - 9:00AM
Business Wire
During the first quarter, the company
completed purchases of 83,376 shares (approximately 0.1% of total
outstanding common shares) including net share settlement.
Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps
individuals and businesses around the world simplify the way they
manage money across expenses, corporate cards and bills, announced
today that the company purchased 83,376 shares of its Class A
common stock via net share settlement of vested equity incentive
awards. This brings the total dollar amount the company has spent
reducing share count to $629,000 in 2023 so far.
In May 2022, the company previously announced that its Board of
Directors approved a new share repurchase program with
authorization to purchase up to $50 million of shares of its Class
A common stock. The company repurchased $12.1 million in 2022
(including $6.1 million in net share settlement of vested equity
incentive awards).
The share repurchase program is designed to return value to
shareholders by offsetting dilution from stock issuances and
reducing share count over time. Expensify may repurchase shares
from time to time through open market purchases, in privately
negotiated transactions or by other means, including through the
use of trading plans intended to qualify under Rule 10b5-1 under
the Securities Exchange Act of 1934, as amended, in accordance with
applicable securities laws and other restrictions. The timing and
total amount of stock repurchases will depend upon business,
economic and market conditions, corporate and regulatory
requirements, prevailing stock prices, restrictions under the terms
of our loan agreements and other considerations. This program has
no termination date, may be suspended or discontinued at any time
and does not obligate the company to acquire any amount of common
stock.
Forward-Looking
Statements
Forward-looking statements in this press release, which 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 intended share
repurchases and expected shareholder benefits; expected funding
through cash generated from operations; and our expected future
free cash flow generation and credit facility restrictions. 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 because they contain words such as “may,” “will,”
“shall,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “target,” “projects,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,”
or “continue” or the negative of these words or other similar terms
or expressions that concern our expectations, strategy, plans, or
intentions. Such forward-looking statements are necessarily based
upon estimates and assumptions that, while considered reasonable by
us and our management, are inherently uncertain. Factors that may
cause actual results to differ materially from current expectations
include, but are not limited to: our expectations regarding our
financial performance and future operating performance; our ability
to attract and retain members, expand usage 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 to their products, or any other changes in the
competitive landscape of our market; the amount and timing of
operating expenses and capital expenditures that we may incur to
maintain and expand our business and operations to remain
competitive; the sufficiency of our cash, cash equivalents and
investments to meet our liquidity needs and permit future share
buybacks; our ability to make required payments under and to comply
with the various requirements of our current and future
indebtedness; our ability to effectively manage our exposure to
fluctuations in foreign currency exchange rates; the economic,
political and social impact of, and uncertainty relating to, the
COVID-19 pandemic; the war in Ukraine and escalating geopolitical
tensions as a result of Russia's invasion of Ukraine; the increased
expenses associated with being a public company; the size of our
addressable markets, market share 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 and
expand our infrastructure and maintain our corporate culture; our
ability to identify, recruit and retain skilled personnel,
including key members of senior management; the safety,
affordability and convenience of our platform and our offerings;
our ability to successfully defend litigation brought against us;
our ability to successfully identify, manage and integrate any
existing and potential acquisitions of businesses, talent,
technologies or intellectual property; general economic conditions
in either domestic or international markets, including the societal
and economic impact of the COVID-19 pandemic, and geopolitical
uncertainty and instability; our protections against security
breaches, technical difficulties, or interruptions 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 expressly qualified in their entirety by the
cautionary statements set forth above. We caution you not to place
undue reliance on any forward-looking statements, which are made
only as of the date of this press release. We do not undertake or
assume any obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable law. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
About Expensify
Expensify is a payments superapp that helps individuals and
businesses around the world simplify the way they manage money.
More than 10 million people use Expensify's free features, which
include corporate cards, expense tracking, next-day reimbursement,
invoicing, bill pay, and travel booking in one app. All free.
Whether you own a small business, manage a team, or close the books
for your clients, Expensify makes it easy so you have more time to
focus on what really matters.
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version on businesswire.com: https://www.businesswire.com/news/home/20230411005366/en/
Nick Tooker, investors@expensify.com
Expensify (NASDAQ:EXFY)
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