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PORTLAND - Expensify, Inc. (NASDAQ:EXFY), currently trading at $2.59 and showing a strong 66% return over the past year, has repurchased 1,285,336 shares of its Class A common stock, representing approximately 1.4% of its total outstanding Class A common shares, the company announced Monday. According to InvestingPro analysis, the company maintains a healthy balance sheet with more cash than debt.
The financial management app provider completed the share buybacks between May 15 and June 27, spending approximately $3.0 million at an average price of $2.33 per share.
The repurchases are part of a broader share buyback program authorized by Expensify’s Board of Directors in February 2025, which permits the company to repurchase up to $50 million of its Class A common stock. According to the company’s press release, the program aims to return value to shareholders by offsetting dilution from stock issuances and reducing overall share count.
Under the program, which runs through March 31, 2028, Expensify may purchase shares through open market transactions, private negotiations, or other means, including trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934.
The company noted that the timing and amount of future repurchases will depend on market conditions, regulatory requirements, stock prices, and other factors. The program may be suspended or discontinued at any time and does not obligate the company to acquire any specific amount of shares.
Expensify provides expense tracking, travel booking, employee reimbursement, corporate card management, invoicing, and bill payment services through its financial management platform. For deeper insights into Expensify’s financial health, growth prospects, and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Expensify reported its Q1 2025 earnings, revealing a miss on both earnings per share (EPS) and revenue forecasts. The company posted an EPS of -$0.03, falling short of the expected $0.07, and revenue came in at $36.1 million, slightly below the forecast of $36.36 million. Despite these setbacks, Expensify experienced an 8% year-over-year increase in revenue, although the average number of paid members decreased by 5% compared to the previous year. In a bid to reassure investors, Expensify increased its annual free cash flow guidance to a range of $17–21 million. Additionally, Expensify’s shareholders recently approved the election of eight board members and ratified KPMG LLP as the independent auditor for the fiscal year ending December 31, 2025. The approval of executive compensation and the appointment of KPMG received overwhelming support from stockholders. Expensify has also been making strides in AI-driven product innovations and marketing strategies, including a Formula 1 movie promotion expected to impact future quarters. These developments reflect the company’s ongoing efforts to navigate a challenging economic environment while exploring new avenues for growth.
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