(RTTNews) - Expensify, Inc. (EXFY), a payments superapp facilitating financial management for individuals and businesses, has announced a new share repurchase program approved by its Board of Directors. This initiative authorizes the company to repurchase up to $50 million worth of its Class A common stock, replacing the previous program set to expire in March 2025.
According to CFO Ryan Schaffer, the company's successful cost-cutting measures over the past year have significantly increased free cash flow, creating a favorable opportunity for stock buybacks. Having become debt-free in the previous year, Expensify views share repurchases as a strategic use of free cash flow to enhance shareholder value.
The program aims to offset dilution from stock issuances and gradually reduce the overall share count. Shares may be repurchased through open market transactions, privately negotiated deals, or other methods, including trading plans compliant with Rule 10b5-1 under the Securities Exchange Act of 1934. The timing and extent of repurchases will depend on various factors, including market conditions, regulatory requirements, stock prices, and corporate financial considerations. The program is set to expire on March 31, 2028, but may be modified, suspended, or terminated at any time without obligating the company to repurchase any specific amount of stock.
EXFY is currently trading at $3.395 or 7.1% higher on the Nasdaq Global Select Market.
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