8-K
filed February 22, 2024, 6:59 PM ET
ticker EXFY
CIK 0001476840
earnings
confidence high
sentiment negative
materiality 0.75
Expensify, Inc. (EXFY): debt financing — Expensify FY2023 revenue falls 11% to $150.7M, net loss widens to $41.7M; amends credit facility
Expensify, Inc.
2023-FY EPS reported
-$0.50
revenue$150,687,000
- Revenue $150.7M (down 11% YoY); Q4 revenue $35.2M (down 19% YoY).
- FY net loss $41.7M (vs $27.0M prior year); Q4 net loss $7.5M (vs $3.4M prior year).
- Adjusted EBITDA $13.2M (FY); Q4 adjusted EBITDA $5.9M, improved 265% QoQ.
- Expensify Card interchange grew 63% to $11.1M (FY) and 55% to $3.1M (Q4). Paid members 719k, down 8% YoY.
- Amended credit facility extends maturity to Sep 2025, keeps $25M revolver with $15M outstanding.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Expensify, Inc. amended revolving credit of $25.0 million with Canadian Imperial Bank of Commerce at CIBC’s reference rate plus 1.00% maturing September 21, 2025.
- Instrument
- revolving credit
- Principal
- $25.0 million
- Counterparty
- Canadian Imperial Bank of Commerce
- Rate
- CIBC’s reference rate plus 1.00%
- Maturity
- September 21, 2025
- Event
- amendment
Exact text from the filing
and negative covenants intended to better align with the operations of the Company. The Second Amended and Restated Loan and Security Agreement continues to provide for a $25.0 million revolving credit facility, and interest on borrowings continues to accrue at CIBC’s reference rate plus 1.00% As of February 21, 2024, $15.0 million was outstanding under the
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.99
Expensify, Inc. reported year ended December 31, 2023 results: revenue $150.7 million, net income $(41.7) million.
- Period
- year ended December 31, 2023
- Revenue
- $150.7 million
- Net income
- $(41.7) million
- Result
- reported results
Exact text from the filing
Full Year Fiscal 2023 Highlights • Revenue was $150.7 million, a decrease of 11% compared to the prior year. • Generated $1.6 million cash from operating activities. • Free cash flow was $0.6 million. • Net loss was $41.7 million, compared to $27.0 million for the prior year.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.99
Expensify, Inc. reported quarter ended December 31, 2023 results: revenue $35.2 million, net income $(7.5) million.
- Period
- quarter ended December 31, 2023
- Revenue
- $35.2 million
- Net income
- $(7.5) million
- Result
- reported results
Exact text from the filing
Fourth Quarter 2023 Highlights • Revenue was $35.2 million, a decrease of 19% compared to the same period last year. • Utilized $0.5 million cash in operating activities • Free cash flow was $(3.6) million • Net loss was $7.5 million, compared to $3.4 million for the same period last year.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Expensify, Inc. amended Second Amended and Restated Loan and Security Agreement with Canadian Imperial Bank of Commerce (CIBC) as administrative agent valued at $25.0 million revolving credit facility (effective 2024-02-21).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Canadian Imperial Bank of Commerce (CIBC) as administrative agent
- Value
- $25.0 million revolving credit facility
- Effective
- 2024-02-21
Exact text from the filing
On February 21, 2024, Expensify, Inc.("Expensify" or the "Company") as borrower, the lenders party thereto and Canadian Imperial Bank of Commerce ("CIBC"), as administrative agent, entered into a Second Amended and Restated Loan and Security Agreement (the "Second Amended and Restated Loan and Security Agreement").
View on SEC.gov
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