Expensify director Daniel Vidal sells shares worth $9,835

Expensify, Inc. (NASDAQ:EXFY) director Daniel Vidal recently engaged in several transactions involving the company's Class A common stock, according to a new SEC filing. On September 16 and 17, Vidal sold a total of 4,325 shares at prices ranging from $2.27 to $2.28, netting $9,835 from the sales.


The transactions occurred over two days, with Vidal disposing of 1,805 shares on the first day and an additional 2,520 shares on the following day. The weighted average price for the shares sold on September 16 was $2.28, while the shares sold on September 17 fetched a slightly lower average of $2.27. These sales were part of tax-related dispositions, as the company's broker sold shares to cover taxes upon the vesting of Restricted Stock Units (RSUs) for certain employees of Expensify.


In addition to the sales, Vidal also acquired shares through two separate types of transactions. On September 17, he purchased 14,863 shares at an average price of $2.42, and was granted 8,084 shares with no reported transaction price as matched shares under the company's 2021 Stock Purchase and Matching Plan (SPMP). These acquisitions added a total of $35,968 to Vidal's holdings in Expensify.


Following these transactions, Vidal's ownership in Expensify's Class A common stock has seen some changes. After the sales and acquisitions, the director now owns 206,756 shares directly. The filing also notes that Vidal has vested RSUs that settled in shares of Class A common stock and LT50 common stock, which have specific conversion rights and restrictions detailed in the footnotes of the SEC filing.


Investors and followers of Expensify's stock movements can note that these transactions reflect a mix of sales for tax obligations and acquisitions through company plans, providing a glimpse into the trading activities of one of its directors.



In other recent news, Expensify, Inc. has made significant financial strides by fully repaying its debts and repurchasing shares. The company cleared a $15 million revolving line of credit and a $7.6 million mortgage on its Portland headquarters. In addition, Expensify bought back 645,938 shares of Class A common stock at an average price of $2.34 per share, a move aimed at reducing share count and mitigating dilution from stock issuances.


In terms of earnings, Expensify reported Q2 2024 revenue of $33.3 million, despite a net loss of $2.8 million. The company's interchange revenue increased to $4 million, marking a 14% quarterly and 48% yearly growth. Operating cash flow was reported at $9.3 million and free cash flow at $5.7 million.


These recent developments also include the launch of a new card program and a partnership with Apple (NASDAQ:AAPL ), both expected to generate revenue in Q3. Expensify is also planning a new payroll product and optimizing its core business. These actions are part of Expensify's strategy to strengthen its balance sheet and enhance shareholder value.
InvestingPro Insights


As Expensify, Inc. (NASDAQ:EXFY) navigates the financial landscape, recent data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of $196.9 million, Expensify's valuation reflects its position in the market. Despite a challenging revenue trajectory, with a decline of 16.02% in the last twelve months as of Q2 2024, the company has a strong gross profit margin of 54.42%, suggesting efficiency in its cost management.


InvestingPro Tips highlight that Expensify holds more cash than debt on its balance sheet, a positive sign of financial stability. This could be a reassuring factor for investors considering the company's liquidity and ability to meet short-term obligations. Additionally, with four analysts revising their earnings upwards for the upcoming period, there could be an anticipation of improved financial performance in the near future.


Investors may also find it notable that Expensify's stock price has experienced significant volatility, with a large price uptick over the last six months, indicating a 27.27% total return. This could signal a turning point for the company's stock performance, aligning with the director's recent stock transactions. It's worth noting that while Expensify does not pay dividends, the high shareholder yield is a factor that could attract certain investors looking for capital gains.


For those looking to delve deeper into Expensify's financials and stock performance, InvestingPro offers additional insights and tips, with a total of 13 listed for the company. These could provide further guidance for investors making informed decisions about their portfolio.

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Source: Investing.com