FlexShopper, Inc. (NASDAQ:FPAY) Q2 2019 Earnings Conference Call - Final Transcript

Aug 13, 2019 • 10:30 am ET

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FlexShopper, Inc. (NASDAQ:FPAY) Q2 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, and welcome to the FlexShopper Second Quarter 2019 Earnings 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. Thank you, sir. You may begin.

Executive
Jeremy Hellman

Thank you. I would like to remind everyone that we have posted an updated investor presentation within the IR section of the company website, www.flexshopper.com.

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 and 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 terms such as belief, expect, hope, project, may, will, should, would could, seek, intend, plan, estimate, anticipate and similar terms. Statements other than statements of historical facts included during this conference call, including statements regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. We 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 developments will cause our views to change.

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

Executive
Brad Bernstein

Thank you, Jeremy, and welcome, everyone, to our 2019 Second Quarter Earnings Call. I'll start by providing several business highlights from the quarter, and 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'll return for some last comments, before we open the line up to your questions.

First, I'm very pleased to report another quarter of solid positive adjusted EBITDA, which was $1.7 million for the second quarter. Combined with our strong first quarter adjusted EBITDA results, we have already exceeded our prior guidance for the year of $4 million, as a result, we are raising our adjusted EBITDA guidance. Russ will discuss this along with our other guidance metrics shortly.

As we come into the second half of the year, I want