Expensify Inc., a prepackaged software services company, announced two significant financial transactions, according to a recent SEC filing. The company has repaid its commercial building mortgage and entered into a share repurchase agreement.
On Monday, Expensify fully repaid the mortgage for its Portland, Oregon property, ending its Loan Agreement with the Canadian Imperial Bank of Commerce, dated August 22, 2019. The repayment released all related liens and collateral under the loan documents.
Separately, Expensify signed a Purchase and Sale Agreement with Barrett Trust LLC to repurchase 645,938 shares of its Class A common stock at $2.33839 per share, reflecting the weighted average price over a three-day period ending August 27, 2024, on Nasdaq. The transaction, valued at approximately $1.51 million, is part of a broader buyback program, leaving around $39.5 million in repurchase authorization. The shares will be retired upon repurchase.
Expensify also reported Q2 2024 revenue of $33.3 million, despite a net loss of $2.8 million. The company has launched a new card program and a partnership with Apple (NASDAQ:AAPL), which is expected to generate revenue in Q3.
The company is also planning a new payroll product and optimizing its core business. Expensify's interchange revenue increased to $4 million, with a 14% quarterly and 48% yearly growth. The company reported operating cash flow of $9.3 million and free cash flow of $5.7 million.
The recent transactions are part of Expensify's strategy to strengthen its balance sheet and enhance shareholder value.
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