Q4 2023 FlexShopper Inc Earnings Call Transcript
Key Points
- Total fundings were up 7% in Q4 2023 compared to the previous year.
- Net lease and loan revenues increased by 42% in Q4 2023.
- Gross profit saw a significant increase of over 300% in Q4 2023.
- Operating income was a positive $5.6 million in Q4 2023, a substantial improvement from an operating loss of $5.5 million in the prior year.
- FlexShopper Inc is expanding its retail platform with additional payment options, aiming to monetize more visitors to FlexShopper.com.
- Despite financial improvements, there is ongoing work behind the scenes to transition FlexShopper.com significantly.
- The company is still in the process of adding additional payment options and expanding the number of SKUs on its site.
- There is a need to improve the in-store leasing process with current retailer partners.
- The company is piloting an improved leasing and checkout process, which is not yet fully implemented.
- FlexShopper Inc faces the challenge of continually and prudently increasing marketing spend to grow goods sold on the site.
Greetings. Welcome to the FlexShopper fourth quarter financial results conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Carlos Sanchez, Investor Relations. Thank you. You may begin.
Thank you and good morning. Welcome to FlexShopper's fourth quarter 2023 financial results conference call. With me today are Russ Heiser, our Chief Executive Officer; and John Davis, our Chief Operating Officer. We issued earnings release yesterday, which we'll be referencing during today's call. Our earnings release and SEC filings can be found on our Investor Relations section of our website. We will be available for Q&A following today's prepared remarks.
Before we begin, I would like to remind everyone that this call will contain forward-looking statements regarding future events and our financial performance, including statements regarding our market opportunity, the impact of our growth initiatives and future financial performance. These should be
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