Dave(DAVE) - 2024 Q3 - Quarterly Results

Preliminary Financial Results for Third Quarter 2024 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] - These financial results are preliminary, unaudited, and subject to adjustment in the final Form 10-Q filing[4][9] Management Commentary and Outlook 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] - Due to strong year-to-date performance, Dave plans to raise its full-year 2024 guidance for both Revenue and Adjusted EBITDA[2] Statement Regarding FTC Matter 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][5] - The company clarifies that the FTC action does not question its ability to charge subscription fees, optional tips, and express fees going forward[3][5] - 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][5] Non-GAAP Financial Measures and Reconciliation 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] 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 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]