FlexShopper, Inc. (NASDAQ:FPAY) Q4 2018 Earnings Conference Call Transcript

Mar 12, 2019 • 10:00 am ET

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FlexShopper, Inc. (NASDAQ:FPAY) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Greetings and welcome to the FlexShopper Fourth Quarter and Full Year 2018 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) As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Jeremy Hellman of The Equity Group. Please go ahead, Jeremy.

Executive
Jeremy Hellman

Thank you, operator. This presentation includes forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect our current views with respect to future events and involve inherent risks and uncertainties, which could cause actual results to differ materially from our historical experience and present expectations or projections, as a result of various factors, including those risks and uncertainties described in the risk factors in the management's discussion and analysis of financial condition and results of operations sections of the Company's most recently filed Annual Report on Form 10-K, and subsequently filed quarterly reports on Form 10-Q.

One can find many, but not all of these statements by looking for such terms as belief, expect, hope, project, may, will, should, would, could, seek, intent, plan, estimate, anticipate and similar terms. Our statements other than statements of historical facts, included during this conference call, including statements regarding our strategies, prospects, financial condition, operations, cost, plans and objectives are forward-looking statements. I urge you to consider those risks and uncertainties in evaluating our forward-looking statements.

We caution listeners not to place undue reliance upon any such forward-looking statements, which represent our estimates and assumptions only as of the date hereof. Except as required by law, we undertake no obligation to update any forward-looking statements, whether written or oral that may be made from time to time, whether as a result of new information, future developments or otherwise. We anticipate that subsequent events and then developments will cause our views to change.

With that, I would like to turn the call over to FlexShopper's CEO, Brad Bernstein. Go ahead, Brad.

Executive
Brad Bernstein

Thank you, Jeremy, and welcome everyone to our 2018 fourth quarter and full year earnings call. I'll start by providing several business highlights from the fourth quarter of 2018, as well as the full year, then I'll hand the call over to our CFO, Russ Heiser, who will discuss our financial results and balance sheet in more detail, and then I will return for some last comments before we open the line up to your questions.

Back in early January, we announced that our full year 2018 originations topped $58 million, led by an excellent holiday season. This result was well ahead of the guidance we provided on our last earnings call providing us great momentum heading into 2019. A strong fourth quarter of lease originations capped off a record year for FlexShopper, as our top line revenue was $84.7 million, up 26.4% from last year. Adjusted gross profit for the year came in at $19.4 million, up 25.7% and our