Flexshopper Financials
This page shows Flexshopper (FPAY) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Operating recovery is being offset by interest-heavy funding, while receivables growth keeps cash from following reported profit.
FY2023 restored a11.7% operating margin, yet the company still lost money because interest expense reached$18.9M , consuming the operating improvement before it reached the bottom line. More revealing, accounts receivable climbed to$44.8M from$25.5M in FY2021 even though revenue stayed below its FY2021 peak, so the rebound demanded more balance-sheet funding rather than producing cash.
The 9.7x current ratio makes short-term liquidity look comfortable, but that cushion is not mostly cash liquidity. Year-end cash was only
Cash conversion has been persistently weak: operating cash flow stayed negative in every year shown and was
Financial Health Signals
We are recalculating Flexshopper's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Flexshopper scores 1.54, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Flexshopper passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). No profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Flexshopper generates $1.57 in operating cash flow (-$6.7M OCF vs -$4.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Flexshopper earns $0.7 in operating income for every $1 of interest expense ($13.7M vs $18.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Flexshopper generated $117.0M in revenue in fiscal year 2023. This represents an increase of 3.5% from the prior year.
Flexshopper's EBITDA was $18.8M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 930.1% from the prior year.
Flexshopper reported -$4.2M in net income in fiscal year 2023. This represents a decrease of 131.1% from the prior year.
Flexshopper earned $-0.38 per diluted share (EPS) in fiscal year 2023. This represents a decrease of 186.4% from the prior year.
Cash & Balance Sheet
Flexshopper generated -$13.0M in free cash flow in fiscal year 2023, representing cash available after capex. This represents an increase of 65.5% from the prior year.
Flexshopper held $4.4M in cash against $0 in long-term debt as of fiscal year 2023.
Flexshopper had 22M shares outstanding in fiscal year 2023. This represents an increase of 0.0% from the prior year.
Margins & Returns
Flexshopper's operating margin was 11.7% in fiscal year 2023, reflecting core business profitability. This is up 17.3 percentage points from the prior year.
Flexshopper's net profit margin was -3.6% in fiscal year 2023, showing the share of revenue converted to profit. This is down 15.7 percentage points from the prior year.
Flexshopper's ROE was -14.5% in fiscal year 2023, measuring profit generated per dollar of shareholder equity. This is down 58.4 percentage points from the prior year.
Capital Allocation
Flexshopper spent $167K on share buybacks in fiscal year 2023, returning capital to shareholders by reducing shares outstanding.
Flexshopper invested $6.3M in capex in fiscal year 2023, funding long-term assets and infrastructure. This represents a decrease of 2.5% from the prior year.
FPAY Income Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $38.6M+21.5% | $31.8M-6.4% | $33.9M+12.1% | $30.3M-3.6% | $31.4M+27.9% | $24.5M-20.3% | $30.8M+43.8% | $21.4M |
| Cost of Revenue | $923K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Gross Profit | $37.7M | N/A | N/A | N/A | $31.4M | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $4.0M-4.1% | $4.2M+3.4% | $4.1M+14.6% | $3.6M+10.3% | $3.2M+8.6% | $3.0M+9.1% | $2.7M+24.4% | $2.2M |
| Operating Income | $9.6M+302.1% | $2.4M-52.9% | $5.0M-10.2% | $5.6M-5.6% | $6.0M+393.0% | -$2.0M-148.9% | $4.2M+175.9% | -$5.5M |
| Interest Expense | $5.7M+8.5% | $5.2M-1.7% | $5.3M+4.9% | $5.1M+6.7% | $4.7M+3.9% | $4.6M+0.8% | $4.5M+18.5% | $3.8M |
| Income Tax | $1.5M+221.9% | -$1.2M-2088.6% | -$57K-129.1% | $195K-26.4% | $266K+120.4% | -$1.3M-776.7% | -$149K+94.6% | -$2.7M |
| Net Income | $2.4M+247.6% | -$1.6M-648.5% | -$214K-160.5% | $354K-62.3% | $940K+117.7% | -$5.3M-2201.2% | -$230K-102.9% | $7.9M |
| EPS (Diluted) | $0.05+138.5% | $-0.13-116.7% | $-0.06 | N/A | $-0.01+96.6% | $-0.29-383.3% | $-0.06 | N/A |
FPAY Balance Sheet
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $187.3M+8.7% | $172.2M+5.9% | $162.6M+3.9% | $156.5M+8.4% | $144.4M+4.6% | $138.1M-4.7% | $145.0M-2.2% | $148.3M |
| Current Assets | $149.3M+12.7% | $132.4M+7.2% | $123.6M+5.2% | $117.4M+11.6% | $105.3M+7.0% | $98.4M-7.3% | $106.2M-3.2% | $109.7M |
| Cash & Equivalents | $7.3M+49.8% | $4.9M-12.5% | $5.6M+26.8% | $4.4M-23.0% | $5.7M-10.0% | $6.4M-35.4% | $9.9M+63.0% | $6.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $66.2M+15.8% | $57.2M+15.9% | $49.3M+10.1% | $44.8M+8.1% | $41.4M+5.6% | $39.2M+5.6% | $37.2M+4.5% | $35.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $157.5M+8.8% | $144.7M+8.5% | $133.4M+4.8% | $127.3M+9.9% | $115.8M+4.5% | $110.8M-2.6% | $113.7M-3.0% | $117.3M |
| Current Liabilities | $18.7M+123.0% | $8.4M-7.0% | $9.0M-25.7% | $12.1M+54.0% | $7.9M-3.1% | $8.1M-4.2% | $8.5M-30.6% | $12.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $29.8M+8.5% | $27.5M-6.0% | $29.2M0.0% | $29.2M+2.2% | $28.6M+4.8% | $27.3M-12.6% | $31.2M+0.6% | $31.0M |
| Retained Earnings | -$35.3M+6.3% | -$37.6M-4.4% | -$36.0M-0.6% | -$35.8M+1.0% | -$36.2M+2.5% | -$37.1M-16.6% | -$31.8M-0.7% | -$31.6M |
FPAY Cash Flow Statement
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.9M+23.0% | -$10.3M-81.7% | -$5.6M+38.8% | -$9.2M-217.3% | -$2.9M-2167.2% | -$128K-102.3% | $5.6M+251.7% | -$3.7M |
| Capital Expenditures | $1.7M+20.8% | $1.4M-23.3% | $1.8M+2.6% | $1.8M+21.9% | $1.5M+6.7% | $1.4M-22.4% | $1.8M+6.7% | $1.6M |
| Free Cash Flow | -$9.6M+17.8% | -$11.6M-56.2% | -$7.5M+32.2% | -$11.0M-152.2% | -$4.4M-192.8% | -$1.5M-138.7% | $3.8M+172.1% | -$5.3M |
| Investing Cash Flow | -$2.1M-10.8% | -$1.9M+17.9% | -$2.3M+6.0% | -$2.4M-44.4% | -$1.7M-9.4% | -$1.5M+20.2% | -$1.9M-319.7% | $875K |
| Financing Cash Flow | $12.4M+8.6% | $11.4M+25.5% | $9.1M-11.9% | $10.3M+161.7% | $3.9M+315.9% | -$1.8M-9365.2% | $20K-99.4% | $3.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | $6K-90.8% | $67K | N/A | N/A | N/A | N/A |
FPAY Financial Ratios
| Metric | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.6% | N/A | N/A | N/A | 100.0% | N/A | N/A | N/A |
| Operating Margin | 24.8%+17.3pp | 7.5%-7.4pp | 14.9%-3.7pp | 18.6%-0.4pp | 19.0%+27.2pp | -8.3%-21.8pp | 13.5%+39.1pp | -25.6% |
| Net Margin | 6.1%+11.2pp | -5.1%-4.4pp | -0.6%-1.8pp | 1.2%-1.8pp | 3.0%+24.6pp | -21.6%-20.8pp | -0.8%-37.7pp | 36.9% |
| Return on Equity | 7.9%+13.8pp | -5.8%-5.1pp | -0.7%-1.9pp | 1.2%-2.1pp | 3.3%+22.7pp | -19.4%-18.7pp | -0.7%-26.2pp | 25.5% |
| Return on Assets | 1.3%+2.2pp | -0.9%-0.8pp | -0.1%-0.4pp | 0.2%-0.4pp | 0.7%+4.5pp | -3.8%-3.7pp | -0.2%-5.5pp | 5.3% |
| Current Ratio | 7.98-7.8 | 15.78+2.1 | 13.70+4.0 | 9.68-3.7 | 13.36+1.3 | 12.10-0.4 | 12.51+3.5 | 8.97 |
| Debt-to-Equity | 5.28+0.0 | 5.27+0.7 | 4.56+0.2 | 4.35+0.3 | 4.05-0.0 | 4.06+0.4 | 3.64-0.1 | 3.78 |
| FCF Margin | -24.8%+11.9pp | -36.7%-14.7pp | -22.0%+14.4pp | -36.3%-22.4pp | -13.9%-7.8pp | -6.1%-18.6pp | 12.5%+37.4pp | -24.9% |
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Frequently Asked Questions
What is Flexshopper's annual revenue?
Flexshopper (FPAY) reported $117.0M in total revenue for fiscal year 2023. This represents a 3.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Flexshopper's revenue growing?
Flexshopper (FPAY) revenue grew by 3.5% year-over-year, from $113.1M to $117.0M in fiscal year 2023.
Is Flexshopper profitable?
No, Flexshopper (FPAY) reported a net income of -$4.2M in fiscal year 2023, with a net profit margin of -3.6%.
What is Flexshopper's EBITDA?
Flexshopper (FPAY) had EBITDA of $18.8M in fiscal year 2023, measuring earnings before interest, taxes, depreciation, and amortization.
What is Flexshopper's operating margin?
Flexshopper (FPAY) had an operating margin of 11.7% in fiscal year 2023, reflecting the profitability of core business operations before interest and taxes.
What is Flexshopper's net profit margin?
Flexshopper (FPAY) had a net profit margin of -3.6% in fiscal year 2023, representing the share of revenue converted into profit after all expenses.
What is Flexshopper's return on equity (ROE)?
Flexshopper (FPAY) has a return on equity of -14.5% for fiscal year 2023, measuring how efficiently the company generates profit from shareholder equity.
What is Flexshopper's free cash flow?
Flexshopper (FPAY) generated -$13.0M in free cash flow during fiscal year 2023. This represents a 65.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Flexshopper's operating cash flow?
Flexshopper (FPAY) generated -$6.7M in operating cash flow during fiscal year 2023, representing cash generated from core business activities.
What are Flexshopper's total assets?
Flexshopper (FPAY) had $156.5M in total assets as of fiscal year 2023, including both current and long-term assets.
What are Flexshopper's capital expenditures?
Flexshopper (FPAY) invested $6.3M in capital expenditures during fiscal year 2023, funding long-term assets and infrastructure.
What is Flexshopper's current ratio?
Flexshopper (FPAY) had a current ratio of 9.68 as of fiscal year 2023, which is generally considered healthy.
What is Flexshopper's debt-to-equity ratio?
Flexshopper (FPAY) had a debt-to-equity ratio of 4.35 as of fiscal year 2023, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Flexshopper's return on assets (ROA)?
Flexshopper (FPAY) had a return on assets of -2.7% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.
What is Flexshopper's cash runway?
Based on fiscal year 2023 data, Flexshopper (FPAY) had $4.4M in cash against an annual operating cash burn of $6.7M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Flexshopper's Altman Z-Score?
Flexshopper (FPAY) has an Altman Z-Score of 1.54, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Flexshopper's Piotroski F-Score?
Flexshopper (FPAY) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Flexshopper's earnings high quality?
Flexshopper (FPAY) has an earnings quality ratio of 1.57x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Flexshopper cover its interest payments?
Flexshopper (FPAY) has an interest coverage ratio of 0.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.