The following is a summary of the FlexShopper, Inc. (FPAY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• FlexShopper reported Q4 2023 increases in total fundings by 7%, net lease and loan revenues by 42%, and gross profit by over 300%.

• The operating income for Q4 was positive at $5.6 million.

• For 2023 overall, total fundings increased by 8%, net lease and loan revenues increased by 3%, and gross profit grew by 47%.

• The company's operating income for 2023 was positive at $13.7 million.

• FlexShopper's Adjusted EBITDA significantly improved from a negative $536,000 in 2022 to $23.2 million in 2023.

Business Progress:

• FlexShopper is pivoting its business model and anticipates a new revenue line in Q1 2024.

• The company plans to expand its payment options and SKUs and ramp up marketing efforts.

• In Q1 2024, they added lease offerings in 720 new locations, with plans for 580 more by mid-May.

• Improvements to its leasing and checkout process are underway, with a rollout into approximately 1,600 stores scheduled by the end of summer.

• FlexShopper secured a new credit facility in 2023, which increased its funding commitment and reduced its interest costs.

More details: Flexshopper IR

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