FlexShopper, Inc. (Nasdaq: FPAY) (“FlexShopper” or the “Company”),
a leading national online lease-to-own (“LTO”) retailer and LTO
payment solution provider, today announced its financial results
for both the third quarter and first nine months of 2019,
highlighted by continued growth in originations, revenues and
profitability. Improved lease portfolio performance enabled
gross margin expansion, driving significant growth in Net Income
and Adjusted EBITDA.
Results for the Quarter Ended September
30, 2019 vs. Quarter Ended September 30, 20181:
- Net lease revenues and fees1 increased 52.4% to $22.3 million
from $14.6 million.
- Gross lease originations increased $4.7 million, an increase of
37.9%, to $17.1 million from $12.4 million.
- Lease originations increased to 36,531, up 25.2% from
29,185.
- The average origination value increased to $468 from $424.
- Net income was $1.4 million compared to a net loss of $(2.7)
million.
- Net income attributable to common stockholders was $0.8
million, or $0.04 per diluted share, compared to $(3.3) million, or
$(0.56) per diluted share.
- Gross Profit increased 84.4% to $8.2 million from $4.5
million.
- Adjusted EBITDA2 increased to $3.2 million compared to ($1.0)
million.
Results for the Nine Months
Ended September 30,
2019 vs. Nine Months
Ended September 30,
20181:
- Net lease revenues and fees rose 52.7% to $64 million
from $41.9 million.
- Gross lease originations increased $13.9 million, an increase
of 45.0%, to $44.7 million from $30.8 million.
- Lease originations increased to 95,731, an increase of 28.2%
from 74,684.
- The average origination value increased to $466 versus
$412.
- Net income was $1.6 million compared to a net loss
of $(7.0) million.
- Net loss attributable to common shareholders was $(0.02)
million or $(0.01) per diluted share, compared
to $(8.8) million, or $(1.59) per diluted
share.
- Gross Profit increased 64.5% to $21 million from $12.8
million.
- Adjusted EBITDA2 increased to $7.2 million compared
to $(2.3) million.
1 Beginning with Q1 2019 financial results, the
Company adopted a new accounting standard which requires revenues
to be reported net of bad debt expense. The Company has
retroactively adopted the provisions of the new accounting standard
to prior periods in order to provide an accurate comparison.2
Adjusted EBITDA is a non-GAAP financial measure. Refer to the
definitions and reconciliations of this measure under “Non-GAAP
Measures.”
Q3 2019 Highlights and Recent
Developments
- Continued growth in originations. FlexShopper
originated gross leases valued at $17.1 million in Q3 2019, which
was an improvement of 37.9% from the prior year quarter. The
increase was driven by the combination of increased gross lease
count and average lease value. For the third quarter of 2019,
FlexShopper originated a total of 36,531 gross leases, representing
an increase of 25.2% compared with the prior year period, while the
average lease value of $468 was up from $424 in the prior year
period. Growth continued to be driven by the combination of
repeat customer activity, along with strong growth in the Company’s
B2B channel.
- The Company’s B2B channel, consisting primarily of
lease originations through third-party retail stores, continued to
account for an increasing proportion of total
originations. Through the first nine months of 2019,
retail store lease originations were 30% of total gross lease
origination dollars and delivered 18,307 new customers compared
with 3,163 in the same period last year.
- The Company’s average cost to acquire a new customer of
$67 in Q3 2019 continued to decrease on a year over year basis,
compared to $133 for the same period in 2018. As planned,
marketing expense increased to $0.9 million in Q3 2019 from $0.3
million in Q2 2019 as the Company increased its marketing activity
during the back to school shopping season. Q3 2019 marketing
expense compared favorably with $1.6 million in the year-ago
period. The Company continues to expect a sequential increase
in marketing expense supporting B2C originations in Q4 2019.
- Improved lease portfolio performance resulting from B2B
retail channel growth. Leases originated in the
Company’s B2B retail channel historically experience lower
delinquency rates than the B2C channel. This positively impacted
Gross Profit which increased approximately 700 basis points during
Q3 2019 to 37% compared with the same period last year.
Rich House, CEO, commented, “I am delighted to
have joined FlexShopper at such an exciting time. Brad has
set a high bar in growing the company from its inception five years
ago to where it is today. 2019 has been an inflection year
for the company and I look forward to continuing that
momentum. We have expanded our retail channel significantly
and that has translated into a substantial increase in margins and
bottom line results. We see ample avenues to continue our
growth as we look forward to closing out the year with what has
historically been our busiest quarter in terms of
originations.”
2019 Outlook
The Company is updating its guidance for
2019.
|
Current Guidance |
Previous Guidance |
2019 Gross Lease Originations |
> $72 million |
> $72 million |
2019 Gross Revenue |
> $115 million |
> $112 million |
2019 Gross Profit |
> $27.5 million |
> $26.5 million |
2019 Adjusted EBITDA |
> $8.0 million |
> $5.0 million |
The Company's guidance for Gross Lease
Originations, Gross Revenue, Gross Profit and Adjusted EBITDA are
forward-looking statements. They are subject to various risks and
uncertainties that could cause the Company's actual results to
differ materially from the anticipated targets. There can be no
assurance the Company will meet these financial projections. See
the cautionary information about forward-looking statements in the
"Forward-Looking Statements" section of this press release.
Additionally, Adjusted EBITDA is a non-GAAP financial measure.
Refer to the definition of this measure under “Non-GAAP Measures,”
but note that information reconciling forward-looking non-GAAP
measures to GAAP measures is not available without unreasonable
effort.
Conference Call Details |
|
|
Date: |
Tuesday, November 5, 2019 |
Time: |
9:00 a.m., Eastern time |
|
|
Participant Dial-In Numbers: |
Domestic callers: |
(877) 407-3944 |
International callers:
|
(412) 902-0038 |
Access by Webcast
The call will also be simultaneously webcast over the Internet
via the “Investor” section of the Company’s website at
www.flexshopper.com or by clicking on the conference call
link:
https://78449.themediaframe.com/dataconf/productusers/fpay/mediaframe/33102/indexl.html.
An audio replay of the call will be archived on the Company’s
website.
FLEXSHOPPER,
INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(unaudited)
|
|
For the three months ended September 30, |
|
|
For the nine months ended September 30, |
|
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenues and fees,
net |
|
$ |
22,267,261 |
|
|
$ |
14,609,409 |
|
|
$ |
63,953,196 |
|
|
$ |
41,875,977 |
|
Lease merchandise sold |
|
|
665,074 |
|
|
|
490,208 |
|
|
|
2,374,876 |
|
|
|
1,592,556 |
|
Total revenues |
|
|
22,932,335 |
|
|
|
15,099,617 |
|
|
|
66,328,072 |
|
|
|
43,468,533 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of lease revenues,
consisting of depreciation and impairment of lease merchandise |
|
|
14,248,969 |
|
|
|
10,289,709 |
|
|
|
43,787,216 |
|
|
|
29,684,867 |
|
Cost of lease merchandise
sold |
|
|
457,399 |
|
|
|
349,209 |
|
|
|
1,521,244 |
|
|
|
1,007,677 |
|
Marketing |
|
|
868,452 |
|
|
|
1,596,322 |
|
|
|
2,031,227 |
|
|
|
4,025,509 |
|
Salaries and benefits |
|
|
2,189,629 |
|
|
|
2,186,835 |
|
|
|
5,984,797 |
|
|
|
6,397,999 |
|
Operating expenses |
|
|
2,718,110 |
|
|
|
2,206,496 |
|
|
|
8,156,238 |
|
|
|
6,163,680 |
|
Total costs and expenses |
|
|
20,482,559 |
|
|
|
16,628,571 |
|
|
|
61,480,722 |
|
|
|
47,279,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss) |
|
|
2,449,776 |
|
|
|
(1,528,954 |
) |
|
|
4,847,350 |
|
|
|
(3,811,199 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss on extinguishment of
debt |
|
|
- |
|
|
|
126,622 |
|
|
|
- |
|
|
|
126,622 |
|
Interest expense including
amortization of debt issuance costs |
|
|
1,061,794 |
|
|
|
1,061,827 |
|
|
|
3,265,771 |
|
|
|
3,040,832 |
|
Net
income/(loss) |
|
|
1,387,982 |
|
|
|
(2,717,403 |
) |
|
|
1,581,579 |
|
|
|
(6,978,653 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Series 2
Convertible Preferred Shares |
|
|
609,717 |
|
|
|
609,168 |
|
|
|
1,828,167 |
|
|
|
1,817,672 |
|
Net income/(loss)
attributable to common shareholders |
|
$ |
778,265 |
|
|
$ |
(3,326,571 |
) |
|
$ |
(246,588 |
) |
|
$ |
(8,796,325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
(loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.04 |
|
|
$ |
(0.56 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.59 |
) |
Diluted |
|
$ |
0.04 |
|
|
$ |
(0.56 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,666,193 |
|
|
|
5,950,161 |
|
|
|
17,661,134 |
|
|
|
5,539,815 |
|
Diluted |
|
|
19,798,386 |
|
|
|
5,950,161 |
|
|
|
17,661,134 |
|
|
|
5,539,815 |
|
FLEXSHOPPER,
INC.CONSOLIDATED BALANCE SHEETS
|
|
September 30, |
|
|
December 31, |
|
|
|
2019 |
|
|
2018 |
|
|
|
(unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash |
|
$ |
3,172,362 |
|
|
$ |
6,141,210 |
|
Accounts receivable, net |
|
|
7,976,580 |
|
|
|
6,375,963 |
|
Prepaid expenses |
|
|
609,605 |
|
|
|
317,160 |
|
Lease merchandise, net |
|
|
24,341,616 |
|
|
|
32,364,697 |
|
Total current assets |
|
|
36,100,163 |
|
|
|
45,199,030 |
|
|
|
|
|
|
|
|
|
|
PROPERTY AND EQUIPMENT,
net |
|
|
5,271,812 |
|
|
|
3,336,664 |
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS, net |
|
|
86,980 |
|
|
|
90,621 |
|
|
|
$ |
41,458,955 |
|
|
$ |
48,626,315 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Current portion of loan
payable under credit agreement to beneficial shareholder net of $0
at 2019 and $167,483 at 2018 of unamortized issuance costs |
|
$ |
- |
|
|
$ |
14,252,717 |
|
Accounts payable |
|
|
2,660,561 |
|
|
|
8,317,216 |
|
Accrued payroll and related
taxes |
|
|
232,086 |
|
|
|
393,095 |
|
Promissory notes to related
parties net of $9,333 at 2019 and $0 at 2018 of unamortized
issuance costs, including accrued interest |
|
|
1,062,810 |
|
|
|
1,814,771 |
|
Accrued expenses |
|
|
886,028 |
|
|
|
1,335,505 |
|
Lease liability - current
portion |
|
|
121,858 |
|
|
|
- |
|
Total current liabilities |
|
|
4,963,343 |
|
|
|
26,113,304 |
|
|
|
|
|
|
|
|
|
|
Loan payable under credit
agreement to beneficial shareholder net of $367,346 at 2019 and
$164,752 at 2018 of unamortized issuance costs and current
portion |
|
|
20,233,281 |
|
|
|
14,020,335 |
|
Promissory notes to related
parties net of $28,966 at 2019 and $0 at 2018 of unamortized
issuance costs and current portion |
|
|
3,721,034 |
|
|
|
- |
|
Lease liabilities less current
portion |
|
|
1,913,171 |
|
|
|
- |
|
Total liabilities |
|
|
30,830,829 |
|
|
|
40,133,639 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Series 1 Convertible Preferred
Stock, $0.001 par value - authorized 250,000 shares, issued and
outstanding 171,191 shares at 2019 and 239,405 shares at 2018 at
$5.00 stated value |
|
|
855,955 |
|
|
|
1,197,025 |
|
Series 2 Convertible Preferred
Stock, $0.001 par value - authorized 25,000 shares, issued and
outstanding 21,952 shares at $1,000 stated value |
|
|
21,952,000 |
|
|
|
21,952,000 |
|
Common stock, $0.0001 par
value - authorized 40,000,000 shares, issued and outstanding
17,666,193 shares at 2019 and 17,579,870 shares at 2018 |
|
|
1,767 |
|
|
|
1,758 |
|
Additional paid in
capital |
|
|
34,969,420 |
|
|
|
34,074,488 |
|
Accumulated deficit |
|
|
(47,151,016 |
) |
|
|
(48,732,595 |
) |
Total stockholders’
equity |
|
|
10,628,126 |
|
|
|
8,492,676 |
|
|
|
$ |
41,458,955 |
|
|
$ |
48,626,315 |
|
FLEXSHOPPER,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWSFor the nine months ended September 30, 2019
and 2018(unaudited)
|
|
2019 |
|
|
2018 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
Net income/(loss) |
|
$ |
1,581,579 |
|
|
$ |
(6,978,653 |
) |
Adjustments to reconcile net income/(loss) to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and impairment of lease merchandise |
|
|
43,787,216 |
|
|
|
29,684,866 |
|
Other depreciation and amortization |
|
|
1,879,935 |
|
|
|
1,850,452 |
|
Compensation expense related to issuance of stock options and
warrants |
|
|
530,724 |
|
|
|
101,025 |
|
Provision for doubtful accounts |
|
|
25,075,156 |
|
|
|
16,563,888 |
|
Loss on debt extinguishment |
|
|
- |
|
|
|
126,622 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(26,675,773 |
) |
|
|
(17,120,096 |
) |
Prepaid expenses and other |
|
|
(290,556 |
) |
|
|
141,126 |
|
Lease merchandise |
|
|
(35,764,135 |
) |
|
|
(26,595,974 |
) |
Security deposits |
|
|
1,334 |
|
|
|
2,025 |
|
Accounts payable |
|
|
(5,656,655 |
) |
|
|
(1,560,609 |
) |
Accrued payroll and related taxes |
|
|
(161,009 |
) |
|
|
(179,265 |
) |
Accrued expenses |
|
|
(317,173 |
) |
|
|
128,766 |
|
Net cash provided by (used in) operating activities |
|
|
3,990,643 |
|
|
|
(3,835,827 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property and equipment, including capitalized software
costs |
|
|
(1,664,580 |
) |
|
|
(1,752,095 |
) |
Net cash used in investing activities |
|
|
(1,664,580 |
) |
|
|
(1,752,095 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Principal payment under finance lease obligation |
|
|
(1,243 |
) |
|
|
- |
|
Refund of equity issuance related costs |
|
|
23,147 |
|
|
|
- |
|
Proceeds from exercise of warrants |
|
|
- |
|
|
|
1,750 |
|
Proceeds from public offering |
|
|
- |
|
|
|
10,007,500 |
|
Equity issuance related costs |
|
|
- |
|
|
|
(862,810 |
) |
Proceeds from promissory notes, net of fees |
|
|
3,440,000 |
|
|
|
3,465,000 |
|
Repayment of promissory note |
|
|
(500,000 |
) |
|
|
- |
|
Proceeds from loan payable under credit agreement |
|
|
2,523,828 |
|
|
|
5,185,000 |
|
Repayment of loan payable under credit agreement |
|
|
(10,528,488 |
) |
|
|
(9,786,487 |
) |
Repayment of installment loan |
|
|
(8,405 |
) |
|
|
(8,405 |
) |
Debt issuance related costs |
|
|
(243,750 |
) |
|
|
(100,438 |
) |
Net cash (used in) provided by financing activities |
|
|
(5,294,911 |
) |
|
|
7,901,110 |
|
|
|
|
|
|
|
|
|
|
(DECREASE)/INCREASE IN CASH |
|
|
(2,968,848 |
) |
|
|
2,313,188 |
|
|
|
|
|
|
|
|
|
|
CASH, beginning of period |
|
|
6,141,210 |
|
|
|
4,968,915 |
|
|
|
|
|
|
|
|
|
|
CASH, end of period |
|
$ |
3,172,362 |
|
|
$ |
7,282,103 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
2,700,709 |
|
|
$ |
2,104,110 |
|
Non-cash financing
activities: |
|
|
|
|
|
|
|
|
Issuance of common stock and warrants to extinguishment debt and
accrued interest |
|
|
- |
|
|
$ |
2,089,266 |
|
Accrued equity issuance costs |
|
|
- |
|
|
$ |
160,000 |
|
Warrants issued for debt issuance costs |
|
|
- |
|
|
$ |
523,250 |
|
Conversion of preferred stock to common stock |
|
$ |
341,070 |
|
|
|
- |
|
Non-GAAP Measures
We regularly review a number of metrics,
including the following key metrics, to evaluate our business,
measure our performance, identify trends affecting our business,
formulate financial projections and make strategic decisions.
Adjusted EBITDA represents net income before
interest, stock-based compensation, taxes, depreciation (other than
depreciation of leased inventory), amortization, and one-time or
non-recurring items. We believe that Adjusted EBITDA provides
us with an understanding of one aspect of earnings before the
impact of investing and financing charges and income
taxes.
Key performance metrics for the three months ended September 30,
2019 and 2018 were as follows:
|
|
Three months ended September 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
$ Change |
|
|
% Change |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
1,387,982 |
|
|
$ |
(2,717,403 |
) |
|
$ |
4,105,385 |
|
|
|
- |
|
Amortization of debt
costs |
|
|
111,506 |
|
|
|
167,689 |
|
|
|
(56,183 |
) |
|
|
(33.5 |
) |
Other amortization and
depreciation |
|
|
531,289 |
|
|
|
491,252 |
|
|
|
40,037 |
|
|
|
8.1 |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
126,622 |
|
|
|
(126,622 |
) |
|
|
- |
|
Interest expense |
|
|
950,288 |
|
|
|
894,138 |
|
|
|
56,150 |
|
|
|
6.3 |
|
Stock compensation |
|
|
117,134 |
|
|
|
28,544 |
|
|
|
88,590 |
|
|
|
310.4 |
|
Non-recurring
product/infrastructure expenses |
|
|
79,272 |
|
|
|
- |
|
|
|
79,272 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
3,177,471 |
|
|
$ |
(1,009,158 |
) |
|
$ |
4,186,629 |
|
|
|
- |
|
Key performance metrics for the nine months ended September 30,
2019 and 2018 were as follows:
|
|
Nine months ended September 30, |
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
|
$ Change |
|
|
% Change |
|
Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
Net income/(loss) |
|
$ |
1,581,579 |
|
|
$ |
(6,978,653 |
) |
|
$ |
8,560,232 |
|
|
|
- |
|
Amortization of debt
costs |
|
|
230,340 |
|
|
|
460,996 |
|
|
|
(230,656 |
) |
|
|
(50.0 |
) |
Other amortization and
depreciation |
|
|
1,649,597 |
|
|
|
1,389,456 |
|
|
|
260,141 |
|
|
|
18.7 |
|
Loss on debt
extinguishment |
|
|
- |
|
|
|
126,622 |
|
|
|
(126,622 |
) |
|
|
|
|
Interest expense |
|
|
3,035,431 |
|
|
|
2,579,836 |
|
|
|
455,595 |
|
|
|
17.7 |
|
Stock compensation |
|
|
445,906 |
|
|
|
101,025 |
|
|
|
344,881 |
|
|
|
341.4 |
|
Non-recurring
product/infrastructure expenses |
|
|
306,383 |
|
|
|
- |
|
|
|
306,383 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
7,249,236 |
|
|
$ |
(2,320,718 |
) |
|
$ |
9,569,954 |
|
|
|
- |
|
The Company refers to Adjusted EBITDA in the
above tables as the Company uses this measure to evaluate operating
performance and to make strategic decisions about the
Company. Management believes that Adjusted EBITDA provides
relevant and useful information which is widely used by analysts,
investors and competitors in its industry in assessing
performance.
About FlexShopper
FlexShopper, Inc. is a financial and technology
company that provides brand name electronics, home furnishings and
other durable goods to consumers on a lease-to-own (LTO) basis
through its e-commerce marketplace (www.FlexShopper.com) as well as
its patented and patent pending systems. FlexShopper also provides
LTO technology platforms to retailers and e-retailers to facilitate
transactions with consumers that want to acquire their products,
but do not have sufficient cash or credit. FlexShopper approves
consumers utilizing its proprietary consumer screening model,
collects from consumers under an LTO contract and funds the LTO
transactions by paying merchants for the goods.
Forward-Looking Statements
All statements in this release that are not
based on historical fact are “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934.
These statements include the Company’s financial guidance for
fiscal year 2019 appearing under “2019 Outlook” above.
Forward-looking statements, which are based on certain assumptions
and describe our future plans, strategies and expectations, can
generally be identified by the use of forward-looking terms such as
“believe,” “expect,” “may,” “will,” “should,” “could,” “seek,”
“intend,” “plan,” “goal,” “estimate,” “anticipate,” or other
comparable terms. Examples of forward-looking statements include,
among others, statements we make regarding expectations of lease
originations during the holiday season; the expansion of our
lease-to-own program; expectations concerning our partnerships with
retail partners; investments in, and the success of, our
underwriting technology and risk analytics platform; our ability to
collect payments due from customers; expected future operating
results; and expectations concerning our business strategy.
Forward-looking statements involve inherent risks and uncertainties
which could cause actual results to differ materially from those in
the forward-looking statements, as a result of various factors
including, among others, the following: our limited operating
history, limited cash and history of losses; our ability to obtain
adequate financing to fund our business operations in the future;
the failure to successfully manage and grow our FlexShopper.com
e-commerce platform; our ability to maintain compliance with
financial covenants under our credit agreement; our dependence on
the success of our third-party retail partners and our continued
relationships with them; our compliance with various federal, state
and local laws and regulations, including those related to consumer
protection; the failure to protect the integrity and security of
customer and employee information; and the other risks and
uncertainties described in the Risk Factors and in Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of our Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q. The
forward-looking statements made in this release speak only as of
the date of this release, and FlexShopper assumes no obligation to
update any such forward-looking statements to reflect actual
results or changes in expectations, except as otherwise required by
U.S. federal securities laws.
Contact:Jeremy HellmanVice
PresidentThe Equity Group212-836-9626jhellman@equityny.com
FlexShopper, Inc.Investor
Relationsir@flexshopper.comFlexShopper, Inc.
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