Core Viewpoint - FlexShopper Inc. reported quarterly earnings of $0.05 per share, exceeding the Zacks Consensus Estimate of $0.02 per share, and showing a significant improvement from a loss of $0.01 per share a year ago, indicating a strong earnings surprise of 150% [1] Financial Performance - The company achieved revenues of $38.59 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.33% and reflecting a year-over-year increase from $31.39 million [2] - Over the last four quarters, FlexShopper has consistently exceeded consensus EPS estimates [2] Stock Performance - FlexShopper shares have declined approximately 23.1% since the beginning of the year, contrasting with the S&P 500's gain of 25.5% [3] - The current Zacks Rank for FlexShopper is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $49.01 million, while for the current fiscal year, the estimate is -$0.12 on revenues of $152.42 million [7] - The trend of estimate revisions for FlexShopper is currently mixed, which may change following the recent earnings report [6] Industry Context - The Financial - Miscellaneous Services industry, to which FlexShopper belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

BOCA RATON, Fla., Nov. 11, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper”), a leading national online lease-to-own (“LTO”) retailer and payment solution provider for underserved consumers, announced today that it intends to release its financial results for its third quarter ended September 30, 2024, after the market closes on Wednesday, November 13, 2024. The Company intends to hold a conference call to discuss those results the next day, November 14, at 8:30 a.m. Eastern Time. Co ...

Core Viewpoint - Purcell & Lefkowitz LLP is investigating FlexShopper, Inc. to determine if the company's directors breached their fiduciary duties related to recent corporate actions [1]. Group 1 - The investigation is being conducted on behalf of FlexShopper's shareholders [1]. - The law firm specializes in representing shareholders who are victims of securities fraud and breaches of fiduciary duty [3]. - Shareholders interested in more information can contact the firm for free [2].

Core Insights - FlexShopper Inc. has formed a strategic partnership with PayPossible to integrate lease-to-own (LTO) solutions into PayPossible's financing platform, enhancing consumer financing options for retail merchants [1][2][5] - The collaboration aims to improve the shopping experience on FlexShopper.com by providing tailored financing solutions based on individual customer profiles, thereby increasing marketplace conversions [2][5] - The partnership will also benefit RANDYS Worldwide, a major automotive supplier with over 20,000 retail locations, by offering flexible payment options to its customers [3][4] Company Overview - FlexShopper Inc. is a financial technology company that specializes in providing lease-to-own and lending solutions to underserved consumers across the U.S. through its marketplace and partnerships with retailers [8] - PayPossible is a leading waterfall financing provider that enables businesses to offer multiple financing options through a single application at the point of sale, aligning lenders with customers based on credit profiles [7] Market Impact - The integration of FlexShopper's LTO services into PayPossible's platform is expected to expand the reach of both companies, making financing solutions more accessible to a broader audience, including both prime and nonprime customers [6] - The partnership is part of FlexShopper's growth strategy to enhance its competitive advantage by collaborating with top-tier partners and expanding its presence in both online and brick-and-mortar retail environments [2][5]

BOCA RATON, Fla., Oct. 01, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), ("the Company"), a leading online lease-to-own retailer and payment solutions provider, has initiated legal action to defend its intellectual property. The Company has filed patent infringement lawsuits against Upbound Group, Inc. (Nasdaq: UPBD) (including its Acima subsidiaries) and Katapult Holdings, Inc., (Nasdaq: KPLT) alleging unauthorized use of FlexShopper's patented technologies. FlexShopper has retained the renown ...

FlexShopper providing LTO solutions to over 1,600 retail merchants through its partnership with Versatile Credit Launch of enhanced application process to drive more originations through improved customer experience FlexShopper expects to add over 100 new stores per quarter through its expanding partnership with Versatile Credit BOCA RATON, Fla., Sept. 09, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, announces a ...

BOCA RATON, Fla., Sept. 05, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, today announced that Russ Heiser, CEO, and John Davis, COO are participating at the 26th Annual H.C. Wainwright Global Investor Conference in New York City at the Lotte New York Palace Hotel on September 9 - September 11, 2024. Management will provide an overview of its second quarter of 2024 financial results, highlighted by a 30% year-over ...

Over 800 merchant locations now offering FlexShopper's LTO product through Terrace Finance's multi-lender platform FlexShopper and Terrace Finance launch Spanish language payment solution to better serve applicants and merchant partners BOCA RATON, Fla., Aug. 26, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (Nasdaq: FPAY), a prominent national online lease-to-own retailer and payment solutions provider, announces a partnership with Terrace Finance Corp, one of the most diverse financing waterfall platforms. T ...

Core Insights - FlexShopper has successfully integrated its lease-to-own (LTO) program into PayTomorrow's financing platform, enhancing consumer financing options for retail merchants [1][4] - The partnership has already launched with Monro Inc., a leading automotive service provider with approximately 1,300 locations, and has added over 100 incremental locations with additional retailers [2][4] - FlexShopper's integration allows for a seamless checkout experience for consumers and provides merchants with comprehensive financing solutions [4][5] Company Overview - FlexShopper, Inc. is a national online lease-to-own retailer and payment solutions provider, focusing on underserved consumers and retail merchants [3][7] - PayTomorrow is a financial waterfall provider that enables businesses to offer multiple financing options through a single application at the point of sale [6][7] Partnership Details - The collaboration between FlexShopper and PayTomorrow aims to drive innovation in consumer finance by leveraging technology to make affordable payment solutions more accessible [5] - The current pipeline for potential additional retail locations stands at over 4,000, indicating significant growth opportunities for FlexShopper [4]

Financial Data and Key Metrics Changes - FlexShopper reported a total revenue increase of over 29% year-over-year in Q2 2024 [5] - Gross profit expanded by 90%, resulting in a gross margin of 50% compared to 34% in Q2 2023 [17] - Adjusted EBITDA rose from approximately $300,000 in Q2 2023 to almost $4.9 million in Q2 2024, marking the highest second quarter adjusted EBITDA level in two years [6][19] Business Line Data and Key Metrics Changes - Retail revenue increased from $780,000 in Q1 2024 to $1.4 million in Q2 2024, showing consistent growth in monthly retail revenue [9] - Total lease funding approvals doubled year-over-year, reaching $74.8 million in Q2 2024 compared to $37.0 million in Q2 2023 [18] - The provision for doubtful accounts as a percentage of gross lease billings improved to 22.5% in Q2 2024 from 33.4% in Q2 2023, indicating better asset quality [15] Market Data and Key Metrics Changes - The company added 150 retail storefronts by the end of Q2 2024, with an expectation of 500 additional storefronts in the second half of 2024 [11][32] - The retail lending environment remains challenging for nonprime consumers, but the company is enhancing risk-based pricing to optimize consumer engagement [13] Company Strategy and Development Direction - FlexShopper is focused on expanding its financing options and enhancing its digital marketplace, which includes traditional lease-to-own offerings and unsecured consumer loan products [6][7] - The company aims to increase customer conversion rates, which have been under 1% of unique website visitors, through various strategies including expanding payment solutions [12] - A significant opportunity exists to grow the online retail strategy, with plans to add more product categories and SKUs to the FlexShopper site [10][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth strategies and the ability to capture market share as other lenders tighten their standards [13][14] - The company remains vigilant regarding potential economic slowdowns but sees continued customer interest and stable consumer prices [20] Other Important Information - FlexShopper has made significant investments in technology to enhance underwriting, collections, and account servicing capabilities [8] - The company does not take inventory of products offered on its websites, relying on strategic relationships with distributors and manufacturers for drop-shipping [10] Q&A Session Summary Question: Update on total lease funding approvals metric - Management explained the shift to total lease funding approvals to clarify the number of approvals being issued, which may not be used immediately [22] Question: Status of microsites rollout - The first microsite focusing on gaming and electronics is live, with plans to launch two more by the end of the year [23] Question: Maturity of new retail locations - New locations typically take a few days to set up, with training for local operators being crucial for acceptance [24][25] Question: Customer engagement with lease funding approvals - Management noted seasonality in customer engagement, with higher take rates for essential items compared to consumer electronics [30] Question: Total retail locations after new additions - The total number of retail locations is expected to be just short of 5,000 after the addition of 500 new locations [32]