BUZZ-Expensify soars after lifting annual free cash flow forecast

Reuters08-09

** Shares of payments app Expensify jump as much as 44.8%; last up 36.5% at $2.10

** After market close on Thursday, EXFY forecast annual free cash flow between $15 mln and $16 mln, higher than its previous expectation of $11 mln to $13 mln

** Brokerage Lake Street Capital Markets says EXFY poised for more solid cash generation as it controls costs for the remainder of the year and new streams of revenue come online

** New Expensify, which allows customers to manage money, is expected to generate revenue for EXFY in Q3

** Meanwhile, EXFY's Q2 adjusted profit of 6 cents/shr beat Wall Street expectation of 4 cents/shr - LSEG data

** Paid members for second-quarter, ended June 30, came in at 684,000, a decrease of 4,000 members from Q1

** Growing more comfortable, user base has stabilized after peaking in 2022 - Lake Street analysts

** Stock down 12.1% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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