Financial Performance - Total revenue for Q3 2024 reached $38.6 million, a 22.9% increase from $31.4 million in Q3 2023[4] - Adjusted EBITDA for Q3 2024 increased by 45% year-over-year to a record $12.2 million, up from $8.4 million[4] - Gross profit for Q3 2024 increased 32.9% to $22.5 million, with a gross profit margin of 58%, up from 54%[4] - Operating income for Q3 2024 was $9.6 million, compared to $6.0 million in Q3 2023[4] - Total revenues for the nine months ended September 30, 2024, increased by 20.3% to $104.3 million from $86.7 million in the same period of 2023[4] - Net income for the nine months ended September 30, 2024, was $549,147, a significant improvement compared to a net loss of $4.6 million in the same period of 2023[17] - Total revenues for the three months ended September 30, 2024, reached $38,588,501, a 22.9% increase from $31,386,446 in Q3 2023[20] - Adjusted EBITDA for Q3 2024 was $12,150,771, representing a 44.9% increase from $8,388,467 in Q3 2023[20] - For the nine months ended September 30, 2024, total revenues were $104,292,258, up 20.3% from $86,704,258 in the same period of 2023[22] - Net income for the nine months ended September 30, 2024, was $549,147, a significant turnaround from a loss of $4,587,769 in the same period of 2023[22] Asset and Liability Management - Total current assets increased to $149.3 million as of September 30, 2024, up from $117.4 million at December 31, 2023, representing a growth of 27.1%[14] - Total liabilities increased to $157.5 million as of September 30, 2024, from $127.3 million at December 31, 2023, marking a rise of 23.7%[14] - Total stockholders' equity increased to $29.8 million as of September 30, 2024, compared to $29.2 million at December 31, 2023, indicating a growth of 1.9%[14] Cash Flow and Financing - Cash flow from operating activities showed a net cash outflow of $23.8 million for the nine months ended September 30, 2024, compared to a cash inflow of $2.6 million in 2023[17] - Cash at the end of the period increased to $7.3 million as of September 30, 2024, compared to $5.7 million at the end of September 2023, reflecting a year-over-year increase of 27.7%[17] - Proceeds from loans payable under credit agreements amounted to $34.96 million in 2024, a substantial increase from $7.8 million in 2023[17] - Interest paid for the nine months ended September 30, 2024, was $14.76 million, compared to $12.81 million in the same period of 2023, reflecting an increase of 15.2%[17] Operational Metrics - The provision for doubtful accounts as a percentage of gross lease billings improved by 1,000 basis points to 22% in Q3 2024 compared to the prior year[3] - Total lease funding approvals surged 111.2% to $122.2 million in Q3 2024, up from $57.9 million in Q3 2023[4] - Gross lease billings and fees for Q3 2024 increased to $36,381,080, up 16.4% from $31,266,666 in Q3 2023[20] - Net lease billing and fees rose to $28,364,190, reflecting a 34.5% increase compared to $21,082,199 in the same quarter last year[20] - Retail revenues for Q3 2024 were $1,177,146, marking the first reporting of this revenue stream[20] - Loan revenues and fees for the nine months ended September 30, 2024, decreased by 27.4% to $8,527,443 from $11,742,778 in the same period of 2023[22] Strategic Initiatives - The company expanded its signed store count to over 7,800 retail locations, a nearly 250% increase since the beginning of 2024[3] - The company is pursuing a rights offering to reduce its cost of capital and plans to redeem 91% of its Series 2 Preferred Stock at a discount of over 50% to its liquidation preference[3] Depreciation and Impairment - The company reported depreciation and impairment of lease merchandise at $43.02 million for the nine months ended September 30, 2024, slightly up from $42.89 million in 2023[17] Provision for Doubtful Accounts - Provision for doubtful accounts decreased by 21.0% to $(25,373,485) in the nine months ended September 30, 2024, from $(32,123,950) in 2023[22]
FlexShopper(FPAY) - 2024 Q3 - Quarterly Results