Yahoo Finance FlexShopper, Inc. (NASDAQ:FPAY) Q4 2023 Earnings Call Transcript
FlexShopper, Inc. (NASDAQ:FPAY) Q4 2023 Earnings Call Transcript April 2, 2024
FlexShopper, Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Greetings. Welcome to the FlexShopper Fourth Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [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.
Carlos Sanchez: 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 considered in conjunction with cautionary statements contained in our earnings release and the company's most recent periodic SEC reports, including our annual report 10-K for the year ending December 31, 2023. These statements reflect management's current beliefs, assumptions and expectations and are subject to a number of factors that may cause them to -- actual results to differ materially from those statements. Except as required by law, we undertake no obligation to publicly update or revise any of these statements whether as a result of any new information, future events or otherwise. During today's discussion of our financial performance, we will provide certain financial information that contains non-GAAP financial measures under SEC rules.
These include measures such as EBITDA, net income and adjusted net income. These non-GAAP financial measures should not be considered replacements and should be read together with our GAAP results. Reconciliations to these GAAP measurements and certain additional information are also included in today's earnings release, which is also available on the Investors section of our website. This call is being recorded, and a webcast will be available for replay on our Investor Relations section of our website. I will now turn the call over to our CEO, Russ Heiser.
Russ Heiser: Thank you, Carlos, and thanks to everyone joining us this morning. We're excited to discuss our fourth quarter performance and provide some insights into the first quarter of 2024. Overall, the fourth quarter continued the financial progress from prior periods. Comparing the fourth quarter of 2023 versus the fourth quarter of the prior year, total fundings were up 7%, net lease and loan revenues were up 42%, gross profit was up over 300% and operating income was a positive $5.6 million compared with an operating income loss of $5.5 million. And then moving on to 2023 full year results, see a similar pattern. Total fundings were up 8% versus the prior year. Net lease and loan revenues were up 3% and gross profit was up 47%, and operating income was a positive $13.7 million compared with an operating income loss of $6.3 million in 2022.
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