Business
Dave Inc. Announces Fourth Quarter and Full Year 2022 Results
Q4 Record GAAP Revenue Grew 45% Year Over YearQ4 Transaction Based Revenue Grew 88% Year Over YearQ4 Net Loss and Adj. EBITDA Improved by 55% and 59%,
About this update from Dave Inc.
[{"type":"text","content":"Q4 Record GAAP Revenue Grew 45% Year Over YearQ4 Transaction Based Revenue Grew 88% Year Over YearQ4 Net Loss and Adj. EBITDA Improved by 55% and 59%, Respectively, From Q3 2022Q4 28-Day Delinquency Rate Improved ~50 Basis Points From Q3 2022 LOS ANGELES, March 06, 2023 (GLOBE NEWSWIRE) -- Dave Inc. (the “Company”) (Nasdaq: DAVE, DAVEW), one of the leading U.S. neobanks, today reported its financial results for the fourth quarter and full year ended December 31, 2022. “We generated record top-line results during the quarter, achieved both our revenue and margin targets for the year, and significantly reduced losses as we exited 2022,” said Jason Wilk, founder and Chief Executive Officer of Dave. “During the fourth quarter, we reduced our customer acquisition cost by 31% and added 543,000 net new members, which, in conjunction with continued improvement in retention, further increased monthly transacting members to nearly 2 million. We saw a continued acceleration in our Dave Card business with quarterly debit spend volume growing over 50% vs. Q4 2021. We believe we are well-positioned to execute on our business plan in 2023 and deliver another year of strong, efficient revenue growth with improved profitability.” Quarterly Financial Highlights ($ in millions unless otherwise noted) 4Q211Q222Q223Q224Q22GAAP Operating Revenues, Net% Change vs. prior year period$41.216%$42.624%$45.823%$56.841%$59.645%Non-GAAP Operating Revenues*% Change vs. prior year period$42.216%$43.723%$47.022%$58.641%$61.846%Non-GAAP Variable Profit Margin*48%41%39%42%41%GAAP Net Loss($15.2)($32.8)($27.1)($47.5)($21.5)Adjusted EBITDA (Loss)*($12.6)($18.3)($28.5)($28.5)($11.8) *See reconciliation of the non-GAAP measures at the end of the press release. Fourth Quarter 2022 Operating Highlights (vs. Q3 2022) Added 543,000 Net New Members while reducing customer acquisition cost by 31%. Total members increased 7% to 8.3 million.Monthly Transacting Members (“MTMs”) increased 4% to 1.9 million. Transactions per MTM increased 12% to 5.2.ExtraCash originations increased 6% to $801 million while the 28-Day delinquency rate improved 49 basis points to 3.58%.Dave Debit Card spend increased 34% to $263 million compared to $197 million. Annual Financial Highlights ($ in millions unless otherwise noted) FY 2021FY 2022GAAP Operating Revenues, Net% Change vs. prior year$153....