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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