Expensify pays down all debt, announces share repurchase

Expensify announced that the company paid down the balance of its revolving line of credit, paid off the mortgage on its headquarters in downtown Portland, OR, and repurchased 645,938 shares of its Class A common stock from its founder. The company still retains access to $24M in a revolving line of credit if needed, but has otherwise cleared the debt from its balance sheets. Additionally, rather than refinance its mortgage which was scheduled to come due in the third quarter of 2024, the company has paid it off. The 645,938 Class A common stock shares were purchased at an average price of $2.34, reflecting the weighted average price over a three-day period ending August 27, 2024. The shares will be retired. The Company’s share repurchases are designed to offset dilution from stock issuances and reduce share count over time. Expensify CFO, Ryan Schaffer, said, “We are happy with the continued progress our business has made since this time last year. The cost cutting efforts we initiated have had a great impact on the health of our business. The end of our multi-year product revamp journey is within sight, we returned to positive cash flows for the past two quarters, we’ve eliminated our debt, and continued to repurchase shares. We are excited for the future of the company and the product we’re bringing to market.”