Expensify Announces An Additional 81,999 Share Buyback

During the fourth Quarter the company completed purchases of 681,079 shares (approx. 1.0% of total outstanding common shares) including Net Share Settlement.

PORTLAND, Ore.–(BUSINESS WIRE)–Expensify, 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.

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.