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LOS ANGELES, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE), one of the nation’s leading neobanks, announced today that Kevin Frisch has been appointed Chief Marketing Officer. In this role, Frisch will lead all facets of Dave's marketing strategy, including brand, content, product marketing, acquisition, cross-sell, retention, and overall go-to-market. Frisch brings a wealth of experience in delivering transformative marketing strategies that drive team empowerment and performance, enhance cust ...

Dave Inc. (NASDAQ:DAVE) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET Company Participants Jason Wilk - CEO Kyle Beilman - CFO Conference Call Participants Devin Ryan - Citizens JMP Harold Goetsch - B. Riley Securities Jacob Stephan - Lake Street Capital Markets Mark Palmer - The Benchmark Company Gary Prestopino - Barrington Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Dave's Financial Results for the Third Quarter Ended September ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to _______ Commission file number: 001-40161 DAVE INC. (Exact Name of Registrant as Specified in Its Charter) Delaware 86-1481509 (State or other jurisdic ...

[Preliminary Financial Results for Third Quarter 2024](index=1&type=section&id=Preliminary%20Financial%20Results%20for%20Third%20Quarter%202024) Dave reported strong preliminary Q3 2024 financial results, showing significant revenue growth and a shift to net income Q3 2024 Preliminary Financial Highlights (unaudited) | Metric | Q3 2024 (in millions) | YoY Increase (Percentage) | | :--- | :--- | :--- | | Revenue | $92.5 | 41% | | Net Income | $0.5 | $12.5 | | Adjusted EBITDA* | $24.7 | $27.2 | - The reported Net Income of **$0.5 million** for the quarter includes a **$7.0 million** legal settlement and litigation reserve related to the FTC matter[1](index=1&type=chunk) - These financial results are preliminary, unaudited, and subject to adjustment in the final Form 10-Q filing[4](index=4&type=chunk)[9](index=9&type=chunk) [Management Commentary and Outlook](index=1&type=section&id=Management%20Commentary%20and%20Outlook) Management highlighted record accelerating revenue growth and profitability, planning to raise full-year 2024 guidance - Management described Q3 as another **record quarter** of accelerating revenue growth and profitability, demonstrating the continued strength of the business[2](index=2&type=chunk) - Due to strong year-to-date performance, Dave plans to **raise its full-year 2024 guidance** for both Revenue and Adjusted EBITDA[2](index=2&type=chunk) [Statement Regarding FTC Matter](index=1&type=section&id=Statement%20Regarding%20FTC%20Matter) The company addressed the FTC lawsuit, asserting strong defenses against claims related to consumer disclosures and consent - The FTC's lawsuit asserts claims regarding Dave's consumer disclosures and how the company acquires consent for fees[3](index=3&type=chunk)[5](index=5&type=chunk) - The company clarifies that the FTC action does not question its ability to charge subscription fees, optional tips, and express fees going forward[3](index=3&type=chunk)[5](index=5&type=chunk) - Dave has **not made any changes to its financial forecast** as a result of the FTC's action and intends to vigorously defend itself, viewing the case as 'regulatory overreach'[3](index=3&type=chunk)[5](index=5&type=chunk) [Non-GAAP Financial Measures and Reconciliation](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliation) This section defines Adjusted EBITDA as a key non-GAAP measure and provides a detailed reconciliation from GAAP net income (loss) - Adjusted EBITDA is a **non-GAAP measure** defined as GAAP net income (loss) adjusted for interest, taxes, depreciation, amortization, stock-based compensation, legal settlement expenses, and other non-core items[10](index=10&type=chunk) Reconciliation of Net Income (Loss) to Adjusted EBITDA (Loss) (in millions) | Line Item | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | **Net income (loss)** | **$0.5** | **($12.1)** | | Stock-based compensation | $13.4 | $6.7 | | Legal settlement and litigation expenses | $7.0 | $— | | Other adjustments (Interest, D&A, etc.) | $3.8 | $2.9 | | **Adjusted EBITDA (loss)** | **$24.7** | **($2.5)** | [Conference Call Information](index=2&type=section&id=Full%20Earnings%20Release%20and%20Conference%20Call) Dave will host a conference call on November 12, 2024, to discuss full Q3 2024 financial results, preceded by a press release - The full earnings release and conference call are scheduled for **Tuesday, November 12, 2024, at 5:00 p.m. ET**[6](index=6&type=chunk)

Core Insights - Dave Inc. reported a record Q3 revenue of $92.5 million, representing a 41% year-over-year growth, marking the fourth consecutive quarter of accelerating revenue growth [1][4] - The company achieved a net income of $0.5 million, an increase of $12.5 million year-over-year, and an adjusted EBITDA of $24.7 million, up $27.2 million year-over-year [1][8] - Dave has raised its 2024 revenue and adjusted EBITDA guidance, now expecting revenues between $340 million and $343 million and adjusted EBITDA between $71 million and $74 million [7][8] Financial Performance - Q3 2024 operating revenues were $92.5 million, up from $65.8 million in Q3 2023, reflecting a 41% increase [4][18] - Adjusted EBITDA margin reached 27%, with a sequential growth of 63% in adjusted EBITDA [8][2] - The company reported a variable profit margin of 69%, up from 57% year-over-year [4][22] Member Growth and Engagement - New members increased by 4% to 854,000, while monthly transacting members rose by 23% to 2.4 million [5] - Customer acquisition costs decreased by 14% to $15, indicating improved efficiency in acquiring new customers [5] - ExtraCash originations increased by 46% to $1.4 billion, with an average 28-day delinquency rate improving by 64 basis points to 1.78% [5] Strategic Developments - The company announced a non-binding letter of intent to form a strategic partnership with a respected fintech sponsor bank to diversify its commercial relationships [3] - This partnership aims to enhance compliance and risk management capabilities for current and future credit and banking products [3] Liquidity Position - As of September 30, 2024, the company had $76.7 million in cash and cash equivalents, down from $89.7 million as of June 30, 2024 [6] - The decrease was primarily due to a $37.7 million increase in ExtraCash receivables [6]

Company Overview - Dave Inc. (DAVE) shares increased by 21.8% to $45.87 in the last trading session, following a period of 15.4% loss over the past four weeks, indicating a significant recovery in stock performance [1] - The company is experiencing accelerating revenue growth, attributed to rising Average Revenue Per User (ARPU) and an increase in monthly transacting members [2] Financial Performance - DAVE is expected to report quarterly earnings of $0.49 per share, reflecting a year-over-year increase of 148.5% [2] - Revenue projections for the upcoming quarter are set at $80.73 million, which is a 22.7% increase compared to the same quarter last year [2] Market Trends - Trends in earnings estimate revisions are closely linked to near-term stock price movements, suggesting that monitoring these trends is crucial for understanding stock performance [3] - The consensus EPS estimate for DAVE has remained unchanged over the last 30 days, indicating a potential stagnation in earnings revisions [4] Industry Context - DAVE Inc. operates within the Zacks Technology Services industry, which includes other companies like Rackspace (RXT) [4] - Rackspace's consensus EPS estimate has also remained unchanged at -$0.08, representing a 100% decline compared to the previous year [5]

LOS ANGELES, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced certain preliminary financial results for the quarter ended September 30, 2024. Preliminary Financial Results for Third Quarter 2024 Management expects the Company to report the following preliminary, unaudited results in respect of its quarterly period ended September 30, 2024: Revenue of $92.5 million, a 41% year-over-year increaseNet Income of $0.5 milli ...

Core Points - Dave Inc. will host a conference call on November 12, 2024, at 5:00 p.m. Eastern time to discuss its Q3 financial results for the period ending September 30, 2024 [1] - The financial results will be released in a press release prior to the call, and the call will include a question-and-answer session [1] - The conference call will be available for replay on the company's website along with a transcript [1] Company Overview - Dave is a leading U.S. neobank and fintech pioneer, serving millions of everyday Americans [2] - The company utilizes disruptive technologies to offer competitive banking services at lower costs compared to traditional banks [2] - Dave partners with Evolve Bank & Trust, which is a member of the FDIC [2]

The Business Services group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Dave Inc. (DAVE) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? By taking a look at the stock's year-to-date performance in comparison to its Business Services peers, we might be able to answer that question. Dave Inc. is a member of our Business Services group, which include ...