PORTLAND, Ore.—Ryan Schaffer, Chief Financial Officer of Expensify , Inc. (NASDAQ:EXFY), recently sold shares in the company, according to a filing with the Securities and Exchange Commission. The transaction comes as the expense management software provider's stock has shown remarkable momentum, with InvestingPro data showing a 201% surge over the past six months.
On December 16 and 17, Schaffer sold a total of 3,729 shares of Class A common stock at prices ranging from $3.82 to $3.84, generating approximately $14,293. These transactions were part of routine sales to cover taxes associated with the vesting of restricted stock units (RSUs) and matched shares under the company's stock purchase and matching plan.
Additionally, Schaffer acquired shares through various transactions. On December 15, he acquired 3,923 shares of Class A common stock through the settlement of vested RSUs. The following day, he acquired 2,396 shares under the Expensify, Inc. 2021 Stock Purchase and Matching Plan and was granted 4,039 matched shares under the same plan.
After these transactions, Schaffer now holds 171,640 shares directly.
In other recent news, financial services firm Expensify has reported a mixed bag of developments. The firm's total revenue for the recent quarter rose by 6.3% quarter-over-quarter to hit $35.4 million, despite a year-over-year decrease of 3%. Notably, interchange revenue from the Expensify Card surged by 48% year-over-year, reaching $4.6 million. However, the number of average paid members remained unchanged at 684,000, marking a 5% decrease from the previous year.
In light of these developments, Expensify has updated its free cash flow guidance for the year, now expecting between $19 million and $20 million. This upward revision reflects the firm's confidence in its operational efficiencies and new product offerings. The Expensify Card program, having successfully migrated 94% of existing card spend, is anticipated to drive future revenue growth.
Meanwhile, JMP Securities has adjusted its rating on Expensify, moving from Market Outperform to Market Perform. This downgrade follows a significant surge in the company's stock price, which surpassed JMP Securities' previous price target of $3.25. The change in rating does not include additional commentary on Expensify's financial health or future performance, but is primarily based on the stock's recent price movements and broader market trends.
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