Expensify Announces an Additional 81,999 Share Buyback Bringing 2022 Total to $12.1 Million (Including Net Settlement)
January 10 2023 - 9:00AM
Business Wire
During the fourth Quarter the company
completed purchases of 681,079 shares (approx. 1.0% 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 81,999 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 $12.1 million during 2022 (including $6.1
million in net share settlement of vested equity incentive
awards).
“Our roots are in Silicon Valley where building a company with
positive cash flow is rare,” said David Barrett, Founder and CEO of
Expensify. “I’ve always thought that was weird and believed that a
business should generate cash. Our marketing and sales programs are
currently fully funded and our employees are paid well, so we are
returning our excess cash to investors in the form of these
repurchases.”
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.
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. 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: 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; 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; 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 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/20230110005442/en/
Nick Tooker, investors@expensify.com
Expensify (NASDAQ:EXFY)
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