Expensify, Inc. (EXFY) Announces $50M Share Buyback

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, today 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 program replaces the company’s share repurchase program that was approved in 2022, which was set to expire in March 2025.

“Given the success of this past year’s cost cutting measures and the resulting large increase in free cash flow, we believe there is an attractive potential buying opportunity for our stock. We became debt free last year, so buybacks are part of the next logical avenue to utilize our free cash flow to return value to our shareholders.” said Expensify CFO, Ryan Schaffer.

The new 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 terminates on March 31, 2028, may be suspended or discontinued at any time and does not obligate the company to acquire any amount of Class A common stock.

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