Expensify Executives and Employees Purchase Common Shares

Rhea-AI Summary

Expensify (NASDAQ: EXFY) reported that during the first quarter ending March 31, 2023, employees purchased a total of 147,319 shares of Class A common stock under the Stock Purchase and Matching Plan (SPMP). Of these, 38,928 shares were purchased by executives, indicating strong internal confidence in the company. The aggregate value at the time of purchase was $1.1 million based on a $7.46 share price. CEO David Barrett highlighted his confidence in long-term prospects by contributing 100% of his salary to the SPMP. This move underscores the commitment of both employees and executives to the company's future growth.

Positive

• Employees purchased 147,319 shares, indicating strong internal confidence.
• Executive purchases totaled 38,928 shares, showing leadership commitment.
• Aggregate value of shares purchased was $1.1 million, reflecting market interest.
• CEO David Barrett contributes 100% of his salary to the SPMP, reinforcing long-term confidence.

Negative

• None.

During the first quarter, Expensify employees purchased 147,319 shares, with executives purchasing 38,928 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 March 31, 2023, the Company’s employees purchased 147,319 shares of Class A common stock via its Stock Purchase and Matching Plan (SPMP). Executives' purchases made up 38,928 of those shares.

”I remain confident in our long-term prospects, which can be seen by continuing to contribute 100% of my salary to our SPMP program,” said David Barrett, Founder and CEO of Expensify.

At the time of the purchase, the aggregate value of the purchased shares were $1.1 million based on a $7.46 market share price.

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 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: 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230411005367/en/

Nick Tooker, investors@expensify.com

Source: Expensify, Inc.

FAQ

What significant stock purchases occurred at Expensify in Q1 2023?

In Q1 2023, Expensify employees purchased a total of 147,319 shares, with executives acquiring 38,928 shares.

What is the market value of the shares purchased by Expensify employees?

The total market value of shares purchased by Expensify employees was $1.1 million, based on a share price of $7.46.

Who is the CEO of Expensify and what is their stance on company stock?

David Barrett is the CEO of Expensify and he contributes 100% of his salary to the Stock Purchase and Matching Plan, indicating strong belief in the company's future.

When did Expensify report employee stock purchases?

Expensify reported employee stock purchases for the quarter ended March 31, 2023.

What does the Stock Purchase and Matching Plan involve at Expensify?

The Stock Purchase and Matching Plan (SPMP) allows employees to purchase shares of Expensify stock, with 38,928 shares purchased by executives during the last quarter.