FlexShopper Provides Update on Holiday Season and 2024 Fourth Quarter Results
FlexShopper (FPAY) reported strong operating results for Q4 2024 and the holiday season, marking significant growth across key metrics. December 2024 saw record lease originations, up 35% year-over-year, with marketplace originations increasing 42%. The company achieved record new customer application volume, up 45% year-over-year, while reducing marketplace marketing costs per new customer by 40%.
Notable Q4 2024 achievements include a 58% increase in total lease originations compared to Q3 2024, and a 152% rise in flexshopper.com marketplace originations. The retail product margin reached a record $1.4 million in December, representing a 34% year-over-year increase. The Revolution Loan business showed strong performance with a 95% year-over-year increase in new customer originations.
Asset quality improved with 12 consecutive months of enhanced cumulative payment rates. The company expects these strong origination trends to support continued growth in revenue and profitability throughout 2025.
FlexShopper (FPAY) ha riportato risultati operativi solidi per il quarto trimestre del 2024 e per la stagione delle festività, segnando una crescita significativa in tutti i principali indicatori. Dicembre 2024 ha registrato nuovi contratti di locazione record, con un aumento del 35% rispetto all'anno precedente, mentre le origini del mercato sono aumentate del 42%. L'azienda ha raggiunto un volume record di nuove domande da parte dei clienti, con un incremento del 45% anno su anno, riducendo contemporaneamente i costi di marketing nel marketplace per ogni nuovo cliente del 40%.
I risultati notevoli del quarto trimestre 2024 includono un aumento del 58% nel totale delle origini di locazione rispetto al terzo trimestre 2024 e un aumento del 152% nelle origini del marketplace di flexshopper.com. Il margine del prodotto retail ha raggiunto un record di 1,4 milioni di dollari a dicembre, con un incremento del 34% rispetto all'anno precedente. L'attività di prestiti Revolution ha mostrato una forte performance con un incremento del 95% anno su anno nelle origini di nuovi clienti.
La qualità degli attivi è migliorata con 12 mesi consecutivi di tassi di pagamento cumulativo migliorati. L'azienda si aspetta che queste forti tendenze di origine supportino una continua crescita dei ricavi e della redditività per tutto il 2025.
FlexShopper (FPAY) informó sobre resultados operativos sólidos para el cuarto trimestre de 2024 y la temporada navideña, marcando un crecimiento significativo en métricas clave. Diciembre de 2024 vio orígenes de leasing récord, con un aumento del 35% interanual, y un aumento del 42% en los orígenes del mercado. La empresa logró un volumen récord de solicitudes de nuevos clientes, con un incremento del 45% interanual, al mismo tiempo que redujo los costos de marketing del mercado por nuevo cliente en un 40%.
Los logros notables del cuarto trimestre de 2024 incluyen un aumento del 58% en los orígenes totales de leasing en comparación con el tercer trimestre de 2024, y un aumento del 152% en los orígenes del marketplace de flexshopper.com. El margen del producto minorista alcanzó un récord de 1,4 millones de dólares en diciembre, representando un aumento del 34% en comparación con el año anterior. El negocio de préstamos Revolution mostró un fuerte desempeño con un aumento del 95% interanual en orígenes de nuevos clientes.
La calidad de los activos mejoró con 12 meses consecutivos de tasas de pago acumulativo mejoradas. Se espera que estas fuertes tendencias de origen respalden un crecimiento continuo de los ingresos y la rentabilidad a lo largo de 2025.
FlexShopper (FPAY)는 2024년 4분기 및 연말 연휴 시즌 동안 강력한 운영 성과를 보고하며, 주요 지표 전반에 걸쳐 상당한 성장을 기록했습니다. 2024년 12월은 작년 대비 35% 증가한 기록적인 리스 발생을 달성했고, 시장 발생은 42% 증가했습니다. 이 회사는 신규 고객 신청량에서 작년 대비 45% 증가한 기록을 달성하는 한편, 신규 고객당 시장 마케팅 비용을 40% 절감했습니다.
2024년 4분기의 주목할 만한 성과로는 2024년 3분기 대비 총 리스 발생이 58% 증가한 것과 flexshopper.com의 시장 발생이 152% 증가한 것입니다. 소매 제품 마진은 12월에 140만 달러라는 기록을 세우며 작년 대비 34% 상승했습니다. Revolution Loan 사업 부문은 신규 고객 발생에서 작년 대비 95% 증가하며 강한 실적을 보였습니다.
자산 품질은 12개월 연속 누적 지급률이 향상되면서 개선되었습니다. 이 회사는 이러한 강력한 발생 추세가 2025년 전반에 걸쳐 매출 및 수익성의 지속적인 성장에 기여할 것으로 기대하고 있습니다.
FlexShopper (FPAY) a annoncé de solides résultats d'exploitation pour le quatrième trimestre de 2024 et la saison des fêtes, marquant une croissance significative sur des indicateurs clés. Décembre 2024 a vu des origines de baux record, en hausse de 35 % par rapport à l'année précédente, avec une augmentation de 42 % des origines de marché. L'entreprise a atteint un volume record de nouvelles demandes clients, en hausse de 45 % par rapport à l'année précédente, tout en réduisant les coûts marketing par nouveau client dans le marché de 40 %.
Les réalisations notables au quatrième trimestre 2024 comprennent une augmentation de 58 % des origines totales de baux par rapport au troisième trimestre 2024 et une augmentation de 152 % des origines sur le marché flexshopper.com. La marge sur le produit de détail a atteint un record de 1,4 million de dollars en décembre, représentant une augmentation de 34 % par rapport à l'année précédente. L'activité de prêt Revolution a montré de bonnes performances avec une augmentation de 95 % par rapport à l'année précédente des origines de nouveaux clients.
La qualité des actifs s'est améliorée avec 12 mois consécutifs de taux de paiement cumulatif améliorés. L'entreprise s'attend à ce que ces fortes tendances d'origine soutiennent une croissance continue des revenus et de la rentabilité tout au long de 2025.
FlexShopper (FPAY) berichtete über starke Betriebsergebnisse für das vierte Quartal 2024 und die Einkaufssaison, die ein signifikantes Wachstum in allen wichtigen Kennzahlen markieren. Im Dezember 2024 wurden Rekordverträge für Leasingverhältnisse erzielt, die im Vergleich zum Vorjahr um 35% gestiegen sind, während die Marktverträge um 42% zugenommen haben. Das Unternehmen verzeichnete ein Rekordvolumen neuer Kundenauswendungen, die um 45% im Jahresvergleich gestiegen sind, und senkte gleichzeitig die Marktmarketingkosten pro neuem Kunden um 40%.
Bemerkenswerte Errungenschaften im vierten Quartal 2024 umfassen einen Anstieg der gesamten Leasingherkunft um 58% im Vergleich zum dritten Quartal 2024 und einen Anstieg der Herkunft von flexshopper.com um 152%. Die Handelsproduktmarge erreichte im Dezember einen Rekordwert von 1,4 Millionen Dollar, was einem Anstieg von 34% im Jahresvergleich entspricht. Das Revolution Loan-Geschäft zeigte starke Leistungen mit einem Anstieg von 95% im Jahresvergleich bei den Neuinvestitionen von Kunden.
Die Vermögensqualität verbesserte sich mit 12 aufeinanderfolgenden Monaten erhöhter kumulativer Zahlungsraten. Das Unternehmen erwartet, dass diese starken Herkunftstrends ein fortgesetztes Wachstum von Umsatz und Rentabilität im Jahr 2025 unterstützen werden.
- Record lease originations up 35% YoY in December 2024
- Record product margin of $1.4M in December, up 34% YoY
- 40% reduction in marketing cost per new customer
- Revolution Loan business new customer originations up 95% YoY
- 152% increase in marketplace originations Q4 vs Q3 2024
- 12 consecutive months of improved payment rates
- None.
Insights
FlexShopper's Q4 2024 performance demonstrates exceptional operational momentum with several standout metrics. The 35% YoY increase in lease originations and 42% growth in marketplace originations while maintaining underwriting standards signals robust business scaling. Most impressive is the 40% reduction in marketplace marketing cost per customer while achieving 13% new customer growth, indicating significantly improved operational efficiency.
The retail product margin reaching
The combination of higher originations, improved marketing efficiency and 12 months of improving payment rates suggests a trajectory toward enhanced profitability in 2025. The asset-light model and technology platform scalability position the company for potentially stronger margins as it leverages its fixed cost base across a growing transaction volume.
The strategic execution in both DTC and B2B channels reveals FlexShopper's strengthening market position in the lease-to-own space. The
The significant improvements across all key metrics - applications, originations and margins - during the important holiday season demonstrate the platform's ability to capture peak consumer demand effectively. The
Positive momentum remained strong for the month of December with record application volume, record lease and loan originations and record retail product margin
Operating metrics substantially better than the results in the third quarter of 2024 and the fourth quarter of 2023, which produced prior record financial results for those respective periods
BOCA RATON, Fla., Jan. 06, 2025 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced strong operating results for the fourth quarter of 2024 and the 2024 holiday season. Performance during the fourth quarter of 2024 reflects the successful transformation underway as a result of FlexShopper’s direct-to-consumer (DTC) and business-to-business (B2B) growth strategies.
“2024 was a transformative year for FlexShopper, highlighting the multi-year strategies we have been pursuing to profitably grow our business, manage risk, provide more payment options for our DTC and B2B customers, and leverage the patented, asset light, technology enabled platform we have developed,” said Russ Heiser, CEO at FlexShopper. “Most importantly, our fourth quarter operating performance highlights the hard work of our talented and committed team members, and the value our payment solutions provide customers across the U.S. The fourth quarter of 2023 and the third quarter of 2024 produced record quarterly financial results, respectively, and the fourth quarter of 2024 has significantly outperformed those quarters.”
FlexShopper provided the following operating results for the month of December 2024:
- FlexShopper experienced record levels of lease originations, with overall originations up
35% year-over-year and marketplace originations up42% year-over-year, while maintaining disciplined underwriting standards. - Record new customer application volume in December 2024, up over
45% year-over-year. - New customer applications on the Company’s flexshopper.com marketplace increased
34% year-over-year reflecting strengthening customer demand and awareness. - Over
40% year-over-year reduction in marketplace marketing cost per new customer in December 2024, resulting in a34% year-over-year reduction in digital marketing spend, while achieving13% growth in new customer count. - Record retail product margin on the Company’s flexshopper.com marketplace in December of over
$1.4 million , a34% year-over-year increase, as a result of higher origination volume, higher product margin, and the contribution of additional 3rd party funded sales on flexshopper.com. - Highest new customer originations in FlexShopper’s Revolution Loan business since the Company acquired the business in December 2022 with a
95% year-over-year increase. - Asset quality continued to improve, with 12 consecutive months of seasoned originations demonstrating year-over-year increases in cumulative payment rate.
FlexShopper provided the following operating results for the fourth quarter of 2024 compared to the third quarter of 2024:
- Total lease originations were up
58% in the fourth quarter of 2024 vs the third quarter of 2024. - Originations on the Company’s flexshopper.com marketplace increased
152% in the fourth quarter of 2024 vs the third quarter of 2024. - Application volume for both marketplace and total lease business was up
34% in the fourth quarter of 2024 vs the third quarter of 2024. 60% quarter-over-quarter reduction in marketing cost per new DTC customer in the fourth quarter of 2024.- Retail product margin on the Company’s flexshopper.com marketplace of
$2.1 million , a143% increase - New customer originations in FlexShopper’s Revolution Loan business increased
43% in the fourth quarter of 2024 vs the third quarter of 2024.
FlexShopper provided the following operating results for the fourth quarter of 2024 compared to the fourth quarter of 2023:
- Total lease application volume was up
8% in the fourth quarter of 2024 vs the fourth quarter of 2023. 22% year-over-year reduction in marketplace marketing cost per new customer in the fourth quarter of 2024 vs the fourth quarter of 2023.- New customer originations in FlexShopper’s Revolution Loan business increased
52% in the fourth quarter of 2024 vs the fourth quarter of 2023.
Mr. Heiser continued, “We believe FlexShopper is filling a valuable need across retail channels by providing flexible payment solutions to consumers through an easy to use, technology enabled application process. This is producing strong demand from current and potential B2B partners, while simultaneously driving growth on our DTC flexshopper.com digital marketplace. In addition, we expect the significant origination growth we experienced for the fourth quarter of 2024 will support strong financial results in 2025, as prior period lease originations are recognized as lease revenue and benefit financial results in future quarters. These trends, combined with higher levels of originations, are expected to drive continued growth in revenue and profitability in 2025.”
FlexShopper’s financial closing procedures for the full fourth quarter ending December 31, 2024, are not yet complete. However, the operating results are indicative of financial results historically.
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
FAQ
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How did FlexShopper's Revolution Loan business perform in Q4 2024?
