FlexShopper(US:FPAY)2021-03-09 14:59Company Overview - FPAY provides lease-to-own programs for consumers and retailers, enabling non-prime customers to purchase goods online or in-store[8] - The company operates as an omni-channel LTO provider, with B2B channels (online marketplace, patented payment method, in-store) and a B2C channel (FlexShopper)[14] - FlexShopper offers a 52-week term lease-to-own product with weekly payments and early payoff options[14] Market Opportunity - The virtual Lease-to-Own (vLTO) market is estimated at $25 billion[11] - This market caters to 50 million underbanked or sub-prime American adults[11] Financial Performance - Gross Lease Originations have increased from $40 million in 2017 to $96.9 million in 2020[17, 18] - Net Revenues have grown from $15.5 million in 2017 to $35.4 million in 2020[17] - Adjusted EBITDA has increased from $(4.4) million in 2017 to $8.7 million in 2020[19] - The company's cash position was $8.5 million at the end of 2020[19] - Lease merchandise, net, increased from $18.3 million in Q3 2018 to $42.8 million in Q4 2020[26] Capitalization - As of Q4 2020, the company had 21,359,945 common shares outstanding[27]