Expensify Reports Material Agreement, Financial Changes

Ticker: EXFY · Form: 8-K · Filed: Feb 22, 2024 · CIK: 1476840

Expensify, INC. 8-K Filing Summary
FieldDetail
CompanyExpensify, INC. (EXFY)
Form Type8-K
Filed DateFeb 22, 2024
Risk Levelmedium
Pages4
Reading Time5 min
Key Dollar Amounts$0.0001, $25.0 million, $15.0 million
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, financial-condition, debt

TL;DR

**Expensify just dropped an 8-K detailing a new material agreement and financial updates, so keep an eye on their next moves!**

AI Summary

Expensify, Inc. filed an 8-K on February 22, 2024, reporting an event that occurred on February 21, 2024. The filing indicates the company entered into a material definitive agreement, disclosed results of operations and financial condition, and created a direct financial obligation or an obligation under an off-balance sheet arrangement. This suggests significant operational and financial changes for the company.

Why It Matters

This filing signals significant operational and financial shifts for Expensify, potentially impacting its future performance and investor outlook.

Risk Assessment

Risk Level: medium — The filing mentions entry into a material definitive agreement and creation of a direct financial obligation, which could introduce new risks or opportunities depending on the specifics not detailed here.

Key Players & Entities

FAQ

What was the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported was February 21, 2024.

What type of company is Expensify, Inc. based on its Standard Industrial Classification?

Expensify, Inc. is classified under SERVICES-PREPACKAGED SOFTWARE [7372].

What items of information were reported in this 8-K filing?

The filing reported on Entry into a Material Definitive Agreement, Results of Operations and Financial Condition, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, and Financial Statements and Exhibits.

What is the business address of Expensify, Inc.?

The business address of Expensify, Inc. is 401 SW 5th Avenue, Portland, Oregon 97204.

What is the Commission File Number for Expensify, Inc.?

The Commission File Number for Expensify, Inc. is 001-41043.

Filing Stats: 1,305 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2024-02-22 16:35:00

Key Financial Figures

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. 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"). The Second Amended and Restated Loan and Security Agreement amends and restates that certain Amended and Restated Loan and Security Agreement, dated as of September 21, 2021, by and among the Company, the lenders party thereto and CIBC, to, among other things, extend the maturity date of the revolving line of credit by one year to September 21, 2025, remove certain provisions related to the term loan that was repaid in full in October 2023, and make certain changes to the positive 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 Loan and Security Agreement. The foregoing description of the Second Amended and Restated Loan and Security Agreement does not purport to be complete and is qualified in its entirety by reference to the complete terms of the Second Amended and Restated Loan and Security Agreement, a copy of which is attached as Exhibit 10.1 to this current report on Form 8-K and is incorporated herein by reference. The Second Amended and Restated Loan and Security Agreement has been included as an exhibit to this filing to provide investors and security holders with information regarding its terms and is not intended to provide any other factual information about Expensify or any of its subsidiaries. The representations and warranties in the Second Amended and Restated Loan and Securit

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On February 22, 2024, the Company issued a press release announcing its financial results for the year and quarter ended December 31, 2023. A copy of this press release is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information in Item 1.01 of this current report on Form 8-K is incorporated into this Item 2.03 by reference.

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On February 22, 2024, the Company posted an investor presentation to its website at https://ir.expensify.com (the "Investor Presentation"). A copy of the Investor Presentation is attached as Exhibit 99.2 to this current report on Form 8-K and is incorporated herein by reference. The Company expects to use the Investor Presentation, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others. The information contained in the Investor Presentation is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission ("SEC") filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Investor Presentation speaks only as of the date of this current report on Form 8-K. The Company undertakes no duty or obligation to publicly update or revise the information included in the Investor Presentation, although it may do so from time to time. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or other public disclosure. In addition, the exhibit furnished herewith contains statements intended as "forward-looking statements" that are subject to the cautionary statements about forward-looking statements set forth in such exhibit. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD. The information contained in Item 2.02 and this Item 7.01, including Exhibit 99.1 and 99.2, is being furnished and shall not be deemed "filed" for the purposed of Section 18 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by r

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1 Second Amended and Restated Loan and Security Agreement, dated as of February 21, 2024, by and among Expensify, Inc., the Lenders party thereto and Canadian Imperial Bank of Commerce. 99.1 Press Release issued by Expensify, Inc., dated February 2 2 , 202 4 . 99.2 Investor Presentation, dated February 2 2 , 202 4 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Expensify, Inc. By: /s/ Ryan Schaffer Name: Ryan Schaffer Title: Chief Financial Officer Date: February 22, 2024

View Full Filing

View this 8-K filing on SEC EDGAR

View on Read The Filing