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Expensify’s Share Buyback Violates Debt Covenants
Software firm also acknowledges improper transfer.
November 15, 2022
Expensify (EXFY), a maker of expense management software, was not in compliance with two debt covenants in the latest quarter. Not only did the firm wrongly transfer an amount not quantified in the latest quarterly filing, Expensify also appears to have repurchased too much of its stock.
No consequences resulted as Expensify says it obtained a waiver from its lender.
The company says it expects to be in compliance with all debt covenants by year end.
Related: INTU, ORCL, SAP, WDAY, BILL,
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