Q2 2024 FlexShopper Inc Earnings Call Transcript
Key Points
- FlexShopper Inc (FPAY) reported a strong year-over-year revenue growth of over 29% for the second quarter.
- The company achieved a significant 90% increase in gross profit, reflecting improved profitability.
- Adjusted EBITDA rose from approximately $300,000 in Q2 2023 to nearly $5 million in Q2 2024, marking the highest second quarter adjusted EBITDA in two years.
- FlexShopper expanded its marketplace with new product categories and payment solutions, broadening its addressable market.
- The company successfully increased the number of retail storefronts by 150 in Q2 and plans to add 500 more in the second half of 2024.
- The nonprime consumer segment continues to face challenges due to macroeconomic headwinds.
- Net revenue for the state-licensed loan business declined by 10% year-over-year as the company focuses on profitability and risk management.
- The conversion rate of unique website visitors remains under 1%, indicating room for improvement in customer engagement.
- FlexShopper's marketing spend increased by 71% compared to the same quarter in 2023, which may impact short-term profitability.
- The company is still in the process of finding a new bank partner to reintroduce high APR loans, following the exit of their previous partner.
Thank you for standing by. My name is Pam, and I will be your conference operator today. At this time, I would like to welcome everyone to the FlexShopperâs second quarter financial results conference call. (Operator Instructions) I would now like to turn the conference over to Carlos Sanchez, Investor Relations. You may begin.
Thank you, and good morning. Welcome to FlexShopperâs second quarter 2024 financial results conference call. With me today are Russ Heiser, our Chief Executive Officer; and John Davis, our Chief Operating Officer.
We issued an 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 financial performance, including statements regarding our market
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