Expensify Executives and Employees Purchase Common Shares

Rhea-AI Summary

Expensify (NASDAQ: EXFY) reported that employees purchased 130,291 shares of Class A common stock during Q4 2022, with executives acquiring 37,242 shares. The total value of these shares amounted to $1,239,067, based on a share price of $9.51. In 2022, employee purchases totaled 272,909 shares at an average price of $13.45. CEO David Barrett is fully invested in the company, contributing his entire salary to the Stock Purchase Matching Plan, indicating strong internal confidence in the company’s future.

Positive

• Employee confidence illustrated by purchase of 130,291 shares in Q4 2022.
• CEO David Barrett invests 100% of his salary into the company, showcasing commitment.
• Strong participation in Stock Purchase and Matching Plan highlights company loyalty.

Negative

• The share price has significantly decreased from an average of $13.45 in 2022 to $9.51.

During the fourth quarter, Expensify employees purchased 130,291 shares, with executives purchasing 37,242 shares.

PORTLAND, Ore.--(BUSINESS WIRE)-- 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 during the quarter ended December 31, 2022, the Company’s employees purchased 130,291 shares of Class A common stock via its Stock Purchase and Matching Plan (SPMP). Executives' purchases made up 37,242 of those shares.

"I am contributing 100% of my salary to our SPMP program," said David Barrett, Founder and CEO of Expensify. "I'm not surprised that other employees and executives feel the same as I do – confident in our long-term prospects and excited for the future."

At the time of the purchase, the aggregate value of the purchased shares were $1,239,067 based on a $9.51 market share price. The Company’s employees purchased 272,909 shares in 2022 based on an average $13.45 market share price. Executives’ purchases made up 74,891 of those shares in 2022.

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 1995. These statements include statements regarding our long term prospects. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230104005206/en/

Nick Tooker, investors@expensify.com

Source: Expensify, Inc.

FAQ

What is the significance of the recent stock purchases by Expensify employees?

The purchase of 130,291 shares indicates strong internal confidence in Expensify's future.

How much did Expensify executives purchase in Q4 2022?

Expensify executives purchased 37,242 shares during the fourth quarter of 2022.

What was the total value of the shares purchased by Expensify employees?

The total value of shares purchased by employees was $1,239,067.

What average price did Expensify shares trade at in 2022?

In 2022, Expensify shares had an average price of $13.45.

What is the current share price of Expensify after recent purchases?

The current share price of Expensify is $9.51.