FlexShopper Announces Record Initial Holiday Season Results
FlexShopper (FPAY) reported record initial holiday season results for October and November 2024, with lease gross revenue up 15% and lease net revenue increasing over 25% compared to the same period in 2023. The company experienced a 51% increase in lease gross profit while reducing lease marketing expenses by over 40%. Bad debt expense declined by 600 basis points, and new loan originations grew by 34%.
The company's success is attributed to its direct-to-consumer and business-to-business growth strategies. From January to November 2024, FlexShopper expanded to over 5,600 retail locations and added 12+ new eCommerce websites. In Q3 2024, total revenue increased 23% to $38.6 million, with Adjusted EBITDA growing 45% to $12.2 million, and net income reaching $1.2 million ($0.05 per diluted share).
FlexShopper (FPAY) ha riportato risultati record per l'inizio della stagione festiva per ottobre e novembre 2024, con un aumento del 15% del reddito lordo da locazione e un incremento superiore al 25% del reddito netto da locazione rispetto allo stesso periodo del 2023. L'azienda ha registrato un aumento del 51% del profitto lordo da locazione, riducendo nel contempo le spese di marketing per le locazioni di oltre il 40%. Le spese per crediti inesigibili sono diminuite di 600 punti base e le nuove origini di prestiti sono cresciute del 34%.
Il successo dell'azienda è attribuito alle sue strategie di crescita dirette al consumatore e alle aziende. Da gennaio a novembre 2024, FlexShopper si è espansa in oltre 5.600 punti vendita e ha aggiunto più di 12 nuovi siti eCommerce. Nel terzo trimestre del 2024, il fatturato totale è aumentato del 23% a 38,6 milioni di dollari, con un EBITDA rettificato in crescita del 45% a 12,2 milioni di dollari, e il reddito netto ha raggiunto 1,2 milioni di dollari (0,05 dollari per azione diluita).
FlexShopper (FPAY) reportó resultados récord para el inicio de la temporada de vacaciones de octubre y noviembre de 2024, con un aumento del 15% en los ingresos brutos por arrendamiento y un incremento superior al 25% en los ingresos netos por arrendamiento en comparación con el mismo período de 2023. La compañía experimentó un aumento del 51% en la ganancia bruta por arrendamiento, mientras que redujo los gastos de marketing de arrendamiento en más del 40%. Los gastos por deudas incobrables disminuyeron en 600 puntos básicos, y las nuevas originaciones de préstamos crecieron un 34%.
El éxito de la compañía se atribuye a sus estrategias de crecimiento directas al consumidor y entre empresas. Desde enero hasta noviembre de 2024, FlexShopper se expandió a más de 5,600 ubicaciones minoristas y agregó más de 12 nuevos sitios web de comercio electrónico. En el tercer trimestre de 2024, los ingresos totales aumentaron un 23% a 38.6 millones de dólares, con un EBITDA ajustado que creció un 45% a 12.2 millones de dólares, y el ingreso neto alcanzó los 1.2 millones de dólares (0.05 dólares por acción diluida).
FlexShopper (FPAY)는 2024년 10월과 11월의 첫 번째 휴가 시즌에 대한 기록적인 결과를 보고했으며, 임대 총수익이 15% 증가하고 임대 순수익이 2023년 같은 기간에 비해 25% 이상 증가했습니다. 회사는 임대 총이익이 51% 증가하는 동시에 임대 마케팅 비용을 40% 이상 줄였습니다. 불량채권 비용은 600bp 감소했으며, 신규 대출 발생은 34% 증가했습니다.
회사의 성공은 소비자 및 기업 간 성장 전략에 기인합니다. 2024년 1월부터 11월까지 FlexShopper는 5,600개 이상의 소매점으로 확장하고 12개 이상의 새로운 전자상거래 웹사이트를 추가했습니다. 2024년 3분기에는 총 수익이 23% 증가하여 3860만 달러에 이르렀고, 조정 EBITDA는 45% 증가하여 1220만 달러에 달했으며, 순이익은 120만 달러(희석주당 0.05달러)에 도달했습니다.
FlexShopper (FPAY) a annoncé des résultats record pour le début de la saison des fêtes pour octobre et novembre 2024, avec un chiffre d'affaires brut de location en hausse de 15% et un chiffre d'affaires net de location augmentant de plus de 25% par rapport à la même période en 2023. L'entreprise a connu une augmentation de 51% du bénéfice brut de location tout en réduisant les dépenses de marketing de location de plus de 40%. Les charges de créances douteuses ont diminué de 600 points de base, et les nouvelles origines de prêts ont augmenté de 34%.
Le succès de l'entreprise est attribué à ses stratégies de croissance de vente directe aux consommateurs et de vente entre entreprises. De janvier à novembre 2024, FlexShopper s'est élargi à plus de 5 600 points de vente au détail et a ajouté plus de 12 nouveaux sites de commerce électronique. Au troisième trimestre 2024, le chiffre d'affaires total a augmenté de 23% pour atteindre 38,6 millions de dollars, avec un EBITDA ajusté en hausse de 45% à 12,2 millions de dollars, et un revenu net de 1,2 million de dollars (0,05 dollar par action diluée).
FlexShopper (FPAY) berichtete über rekordverdächtige Ergebnisse für die erste Ferienzeit im Oktober und November 2024, mit einem Anstieg der Brutto-Mieterlöse um 15% und einer Erhöhung der Nettomieterlöse um über 25% im Vergleich zum selben Zeitraum 2023. Das Unternehmen verzeichnete einen Anstieg des Brutto-Mietgewinns um 51% und reduzierte gleichzeitig die Marketingausgaben für Mietverträge um über 40%. Die uneinbringlichen Forderungen sanken um 600 Basispunkte und die Neuvergaben von Darlehen wuchsen um 34%.
Der Erfolg des Unternehmens wird auf seine Wachstumsstrategien im Direktvertrieb an Verbraucher und im Geschäft mit anderen Unternehmen zurückgeführt. Von Januar bis November 2024 erweiterte FlexShopper seine Präsenz auf über 5.600 Einzelhandelsstandorte und fügte mehr als 12 neue E-Commerce-Websites hinzu. Im dritten Quartal 2024 stiegen die Gesamterlöse um 23% auf 38,6 Millionen Dollar, das bereinigte EBITDA wuchs um 45% auf 12,2 Millionen Dollar, und der Nettoertrag erreichte 1,2 Millionen Dollar (0,05 Dollar pro verwässerter Aktie).
- Lease gross revenue increased 15% in Oct-Nov 2024
- Lease net revenue grew over 25% year-over-year
- Lease gross profit surged 51%
- Marketing expenses reduced by over 40%
- Bad debt expense decreased by 600 basis points
- New loan originations up 34%
- Q3 2024 revenue grew 23% to $38.6M
- Q3 2024 Adjusted EBITDA up 45% to $12.2M
- None.
Insights
The preliminary Q4 2024 results demonstrate remarkable operational efficiency and financial improvement. The 15% increase in lease gross revenue coupled with a 25% increase in lease net revenue showcases strong top-line growth. Most notably, the 600 basis point reduction in bad debt expense and 51% increase in lease gross profit, while simultaneously reducing marketing expenses by 40%, indicates significantly improved operational leverage and credit risk management.
The company's dual-channel strategy is proving effective, with expanded retail presence across 5,600 locations and 12 new eCommerce websites. Q3 2024 results were solid with
The lease-to-own market is showing resilience despite economic pressures, with FlexShopper's performance indicating strong consumer adoption of alternative financing solutions. The record daily online originations on December 18, 2024, coupled with expanded product offerings, suggests successful market positioning during the critical holiday season. The reduction in marketing expenses while achieving growth demonstrates improved customer acquisition efficiency and brand recognition.
The B2B partnership expansion strategy is particularly noteworthy as it creates a network effect - each new retail location and eCommerce integration exponentially increases consumer touchpoints and market penetration. The dual-channel approach (DTC and B2B) provides diversification and multiple growth vectors while maintaining profitability, a rare combination in the fintech space.
Robust October and November 2024 results driven by the continued success of FlexShopper’s
direct-to-consumer and business-to-business growth strategies
Based on strong October and November 2024 performance, management expects the fourth quarter of 2024 to exceed financial results for the fourth quarter of 2023
BOCA RATON, Fla., Dec. 23, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced record initial holiday season financial results, as the Company benefits from the continued success of its direct-to-consumer (DTC) and business-to-business (B2B) growth strategies. For the first two months of the 2024 fourth quarter, compared to the same two-month period in 2023, lease gross revenue increased
“I am encouraged by the positive contribution our DTC and B2B growth strategies are having on our initial holiday results in this last quarter of 2024, and I am excited by the opportunities we are pursuing in 2025 and beyond,” said Russ Heiser, CEO at FlexShopper. “FlexShopper has experienced robust and profitable year-over-year growth, while simultaneously improving credit quality as a result of the innovative platform we have developed. We expect these positive trends will continue, as prior period lease originations are recognized as lease revenue and benefit financial results in future quarters. As a result, we expect a record fourth quarter of 2024 and strong start to 2025.”
Mr. Heiser continued, “We have experienced favorable demand trends on our flexshopper.com marketplace during the 2024 holiday season. In fact, online originations set a daily record on December 18, 2024, driven by higher consumer traffic and expanded product offerings. As we close out 2024, we are seeing additional opportunities to grow our B2B partnerships and increase our exposure to more consumers, while we also pursue a differentiated growth opportunity by serving more customers directly on our flexshopper.com digital marketplace. I look forward to continuing to update investors on the progress we are making, as we pursue multi-year growth strategies to create lasting value for our shareholders.”
Today’s announcement continues the positive momentum underway as FlexShopper pursues a profit focused, dual-channel growth strategy. From January 1, 2024, to November 30, 2024, FlexShopper has expanded its access to over 5,600 retail locations, and over 12 new eCommerce websites. FlexShopper’s partnership growth strategy has also expanded the payment solutions and product offerings on flexshopper.com – FlexShopper’s digital marketplace. These trends have positioned FlexShopper for higher revenue growth and profitability. For the third quarter of 2024, FlexShopper’s total revenue increased
FlexShopper’s financial closing procedures for the full fourth quarter ending December 31, 2024, are not yet complete. It is possible that the final results may differ from the preliminary results, and that the Company's outlook may change when results are finalized.
About FlexShopper, Inc.:
FlexShopper, Inc. (Nasdaq: FPAY) is a leading national financial technology company that provides payment options to consumers. FlexShopper provides a variety of flexible funding options for underserved consumers through its online direct to consumer marketplace at flexshopper.com and in partnership with partner merchants both online as well as at brick and mortar locations. FlexShopper’s solutions are designed to meet the needs of a wide range of consumer segments via lease-to-own and lending products.
Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding expectations of lease originations, the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including, among others, the following: our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.
Company Contact:
FlexShopper, Inc.
Investor Relations
ir@flexshopper.com
Investor and Media Contact
Andrew Berger
Managing Director
SM Berger & Company, Inc.
Tel (216) 464-6400
andrew@smberger.com
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