Business
Dave Reports First Quarter 2022 Financial Results
Reaffirms Fiscal Year 2022 Outlook LOS ANGELES, May 11, 2022 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE, DAVEW) (“Dave”), a banking app on a mission to build
About this update from Dave Inc.
[{"type":"text","content":"Reaffirms Fiscal Year 2022 Outlook\nLOS ANGELES, May 11, 2022 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE, DAVEW) (“Dave”), a banking app on a mission to build products that level the financial playing field, today reported its financial results for the first quarter ended March 31, 2022. “We experienced record Q1 2022 results, with 24% year over year revenue growth and 340,000 net new members added in the quarter,” said Jason Wilk, Co-Founder and Chief Executive Officer of Dave. “Our outlook is very positive, and our growth strategy is squarely aligned with the current state of our target consumer. We’re well capitalized and in a unique position to deliver strong performance throughout the rest of the year and beyond. We’ve only scratched the surface of what we can deliver for the 150 million Americans who need our help.” First Quarter 2022 Highlights: Added 340,000 Net New Members, bringing the total to 6.4 million Total Members 1.45 million Monthly Transacting Members4.4 Transactions Per Monthly Transacting Member GAAP operating revenues, net of $42.6 million, compared to $34.4 million in the first quarter of 2021Non-GAAP operating revenues* of $43.7 million, compared to $35.5 million in the first quarter of 2021Non-GAAP variable profit margin* of 41%, compared to 64% in the first quarter of 2021Net loss of $34.8 million, compared to net income of $3.9 million in the first quarter of 2021Adjusted EBITDA* of $18.3 million, compared to $8.0 million in the first quarter of 2021$302.3 million of cash and marketing securities as of March 31, 2022 Dave defines Net New Members as the number of new Members who join the Dave platform in given period by connecting an existing bank account to the Dave service or by opening a new Dave Banking account, net of the number of accounts deleted by Members or closed by the Company in the same period. Total Members is defined as the number of unique Members that have either connected an existing bank account to the Dave service or have opened a Dave Banking account, less the number of accounts deleted by Members or closed by Dave, as measured at the end of a period. The number Monthly Transacting Members represents the unique number of Members who have made a funding, spending, ExtraCash or subscription transaction within a particular month, measured as the average over a given period. Transacti...