Press release

Expensify Pays Down All Debt and Announces Share Repurchase

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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 the company paid down the balance of its revolving line of credit ($15 million), paid off the mortgage on its headquarters in downtown Portland, OR, ($7.6 million) and repurchased 645,938 shares of its Class A common stock from its founder.

The company still retains access to $24 million 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.”

Please see the company’s 8-K disclosures at our investor website for more information on these transactions: https://investors.expensify.com/

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 intended share repurchases and expected shareholder benefits; expected funding through cash generated from operations; and our expected future free cash flow generation and credit facility restrictions. 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 helps more than 15 million people around the world track expenses, reimburse employees, manage corporate cards, send invoices, pay bills, and book travel. All in one app. So whether you’re working for yourself, running a small business, managing a team, or overseeing the finances of a global enterprise, let Expensify handle your spend so you can stay focused on success.