Business
Dave Reports Fourth Quarter and Fiscal Year 2021 Financial Results
Provides Fiscal Year 2022 Outlook LOS ANGELES, March 21, 2022 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE), a banking app on a mission to build products that
About this update from Dave Inc.
[{"type":"text","content":"Provides Fiscal Year 2022 Outlook LOS ANGELES, March 21, 2022 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE), a banking app on a mission to build products that level the financial playing field, today reported its financial results for the fourth quarter and fiscal year ended December 31, 2021. “We are pleased with our fourth quarter results, capping off a transformational 2021 for Dave. We reported total operating revenues of $41.2 million in the fourth quarter and now have over 6 million members in the US,” said Jason Wilk, Co-Founder and Chief Executive Officer of Dave. “Our transition in January 2022 to a public company was a significant milestone as we continue on our journey to build products that level the financial playing field. In 2022, we are really excited to continue investing behind the attractive opportunities we see in the market and our growth algorithm.” Fourth Quarter 2021 Highlights: Added 440,000 Net New Members, bringing the total to 6 million Total Members 1.51 million Monthly Transacting Members4.5 Transactions Per Monthly Transacting Member GAAP operating revenues, net of $41.2 million, compared to $35.5 million in the fourth quarter of 2020Non-GAAP operating revenues* of $42.2 million, compared to $36.5 million in the fourth quarter of 2020Non-GAAP variable profit margin* of 48%, consistent with the fourth quarter of 2020Net loss of $15.2 million, compared to $34.6 million in the fourth quarter of 2020Adjusted EBITDA* of $(12.6) million, compared to $(9.1) million in the fourth quarter of 2020 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. Transactions Per Monthly Transacting ...