Dave Inc. (NASDAQ:DAVE) Q4 2022 Earnings Conference Call March 6, 2023 5:00 PM ET Company Participants Jason Wilk - Chief Executive Officer Kyle Beilman - Chief Financial Officer Conference Call Participants Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Dave's financial results for the fourth quarter and full year ended December 31, 2022. Joining us today are Dave's CEO, Mr. Jason Wilk, and the company's CFO, Mr. Kyle Beilman. By now, everyone shoul ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value of $0.0001 per share DAVE The Nasdaq Stock Market LLC Redeemable warrants, each whole warrant exercisable for one share of Class A common DAVEW The Nasdaq Stock Market LLC 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 SECURITIE ...

Dave Inc. (NASDAQ:DAVE) Q3 2022 Earnings Conference Call November 10, 2022 5:30 PM ET Company Participants Jason Wilk – Chairman and Chief Executive Officer Kyle Beilman – Chief Financial Officer Conference Call Participants Michael Falco – JMP Securities Operator Greetings, and welcome to Dave’s Third Quarter 2022 Earnings Call. As a reminder, this conference is being recorded. This afternoon, Dave issued a press release announcing results for the third quarter ended November 10, 2022, which can be found a ...

Table of Contents 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 June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|------------------------------------------ ...

Dave Inc. (NASDAQ:DAVE) Q2 2022 Earnings Conference Call August 11, 2022 5:30 PM ET Company Participants Jason Wilk - Chief Executive Officer & Chairman of the Board Kyle Beilman - Chief Financial Officer Conference Call Participants Sagiv Hartmayer - Jefferies Operator Greetings, and welcome to Dave's Second Quarter 2022 Earnings Call. As a reminder, this conference is being recorded. This afternoon Dave issued a press release announcing results for the second quarter ended June 30, 2022, which can be foun ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value of $0.0001 per share DAVE The Nasdaq Stock Market LLC Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share DAVEW The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTER ...

Dave, Inc. (NASDAQ:DAVE) Q1 2022 Earnings Conference Call May 11, 2022 5:30 PM ET Company Participants Jason Wilk - CEO, President, and Chairman of the Board Kyle Beilman - Chief Financial Officer Operator Greetings, and welcome to Dave's First Quarter 2022 Earnings Call. As a reminder, this conference is being recorded. This afternoon, Dave issued a press release announcing results for the first quarter ended March 31, 2022, which can be found on investors.dave.com. We would like to remind you that during ...

Financial Performance - The company's operating revenues increased from $121.8 million in 2020 to $153.0 million in 2021, indicating a growth rate of approximately 25.5%[142] - The company incurred a net loss in fiscal year 2021, highlighting ongoing challenges in achieving profitability[146] - The company anticipates continued investments in product development, technology infrastructure, and customer support to drive future growth[144] - The company’s ability to retain and expand its member base is crucial for revenue growth, with potential fluctuations in renewal rates due to various factors[131] - The company acknowledges that its future growth may not be indicative of past performance, emphasizing the need for effective management of growth and operational challenges[142] Risk Management - The allowance for credit losses is based on management's evaluation of risks in the cash advance portfolio, which is critical for financial results[124] - The company has implemented risk control mechanisms that may adversely affect the growth of its banking product, potentially impacting operating revenues[154] - The company is exposed to losses from member accounts due to fraudulent activity, which could materially affect its financial condition[155] - The company has experienced unauthorized access attempts to member accounts, but no material adverse impact on its business was reported from these incidents[163] - Operational errors, software defects, and service disruptions could lead to financial losses and damage to the company's reputation[158] Regulatory Environment - The company is subject to extensive regulation, which could lead to civil penalties and increased compliance costs if not adhered to[195] - The Consumer Financial Protection Bureau (CFPB) has opened a non-public investigation into the company's non-recourse cash paycheck advance business[197] - The company may face investigations and enforcement actions from state regulatory authorities, which could result in civil penalties and increased compliance costs[199] - Compliance with evolving consumer protection statutes may require significant changes to business practices, increasing operating expenses and decreasing revenue[202] - Non-compliance with state licensing requirements could lead to fines, damages, and operational disruptions, adversely affecting financial condition and future prospects[210] Cybersecurity and Operational Risks - Cybersecurity challenges, including potential breaches, could significantly harm the company's reputation and financial results[160] - The company maintains cybersecurity insurance, but there is no assurance that it will cover all liabilities incurred from attacks[165] - The company faces risks related to the vulnerabilities of third-party transaction processing services, which could affect its financial position[157] - The company relies on third-party service providers for transaction processing, and any disruption could negatively impact its business operations[167] Corporate Governance - The dual class structure of the company's common stock concentrates voting control, limiting shareholder influence on corporate matters[220] - Approximately 60.0% of the voting power is held by the CEO, which may affect corporate governance and shareholder interests[222] - The dual class structure may lead to a lower or more volatile market price for the company's Class A common stock, impacting investor perception[223] - The company has never paid cash dividends on its capital stock and does not anticipate paying dividends in the foreseeable future, intending to retain future earnings for business growth[227] Market and Economic Conditions - The COVID-19 pandemic has adversely affected Members' spending levels and disposable income, increasing credit risk for the company[186] - The stock market has experienced extreme price and volume fluctuations, which may affect the market price of the company's Class A Common Stock regardless of actual operating performance[226] - The market price of Dave's securities may decline if the benefits of the Business Combination do not meet investor expectations[251] - Factors affecting the trading price of Dave securities include fluctuations in quarterly financial results, changes in market expectations, and the success of competitors[253] Internal Controls and Financial Reporting - Dave identified material weaknesses in its internal control over financial reporting for the years ended December 31, 2021, and 2020, which could adversely affect its business and share price[177] - The effectiveness of the company's internal controls is subject to inherent limitations, including the risk of human error and fraud[181] - The company is implementing a remediation plan that includes hiring additional accounting and IT personnel and designing formal controls over financial reporting[180] Taxation and Compliance - The effective income tax rate could be adversely affected by various factors, including changes in the mix of earnings in tax jurisdictions with different statutory tax rates[229] - Significant changes to U.S. tax laws could include an increase in the corporate income tax rate from 21% to 28%[232] - The company is subject to risks related to taxation in the United States, which could adversely affect its business and future profitability[230] Future Outlook - The company may require additional capital to support growth, with potential funding needs arising in the next 18 months[149] - The company anticipates launching new products and services, which may subject it to additional legal and regulatory requirements[203] - The reliance on exemptions may make Dave Class A Common Stock less attractive to some investors, leading to a less active trading market and increased price volatility[261]

Dave Inc. (NASDAQ:DAVE) Q4 2021 Earnings Conference Call March 21, 2022 5:00 AM ET Company Participants Jason Wilk - Chief Executive Officer, President, and Chairman Kyle Beilman - Chief Financial Officer Conference Call Participants John Hecht - Jefferies Sean Horgan - Rosenblatt Securities Operator Greetings, and welcome to Dave Fourth Quarter 2021 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Ins ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one share of Class A common stock, $0.0001 par value, and one-fourth of one redeemable warrant VPCC.U The New York Stock Exchange Class A common stock, par value $0.0001 VPCC The New York Stock Exchange Redeemable warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share VPCC WS The New York Stock Exchange Table of Conte ...