Expensify CEO sells $176,740 in stock amid trading plan

David Michael Barrett, the Chief Executive Officer of Expensify , Inc. (NASDAQ:EXFY), recently sold a significant portion of the company’s Class A common stock. According to a regulatory filing, Barrett sold a total of 53,955 shares over two consecutive days, March 20 and March 21, under a pre-arranged trading plan. The sale comes as Expensify’s stock has shown strong momentum, gaining over 77% in the past year and currently trading at $3.35.

The sales were executed at prices ranging from $3.20 to $3.28 per share, resulting in a total transaction value of approximately $176,740. Following these transactions, Barrett retains ownership of 1,754,276 shares indirectly through Barrett Trust LLC, where he is the manager and trustee.

The stock sales were part of a Rule 10b5-1 trading plan, which was adopted by Barrett on August 15, 2024. This type of plan allows company insiders to sell a predetermined number of shares at set times, providing a way to manage stock holdings and reduce concerns about insider trading.

In other recent news, Expensify, Inc. reported its fourth-quarter 2024 earnings, revealing a net loss per share of $0.01, missing the anticipated earnings per share of $0.07. However, the company surpassed revenue expectations, reporting $37 million compared to the forecasted $36.15 million. Expensify also announced a significant change in its auditing firm, switching from Ernst & Young LLP to KPMG LLP for the fiscal year ending December 31, 2025. This decision was disclosed in a recent SEC filing, which noted no disagreements between Expensify and its former auditor, EY.

Additionally, Expensify has made strides in financial stability by reducing its debt to zero and improving free cash flow by 4,200% year-over-year. The company also launched new initiatives, such as Expensify Travel and advancements in AI technology, which have contributed to its strategic growth. Analysts from various firms have taken note of these developments, with some expressing positive views on the company’s strategic positioning and future growth potential. Expensify continues to focus on expanding its user base, with average paid members reaching 687,000, and interchange revenue increasing by 62% year-over-year.

The company has set a guidance for 2025, projecting free cash flow between $16 million and $20 million, and plans to complete its customer migration to the "New Expensify" platform by summer 2025. These recent developments highlight Expensify’s ongoing efforts to enhance its financial performance and strategic initiatives.

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