Business
Dave Reports Record Second Quarter 2024 Results
Record Q2 Revenue up 31% Y/Y to $80.1 Million; Y/Y Revenue Growth Accelerates for Third Consecutive Quarter Q2 GAAP Net Income Increases $29.0 Million Y/Y to
About this update from Dave Inc.
[{"type":"text","content":"Record Q2 Revenue up 31% Y/Y to $80.1 Million; Y/Y Revenue Growth Accelerates for Third Consecutive Quarter Q2 GAAP Net Income Increases $29.0 Million Y/Y to $6.4 Million and Adj. EBITDA Increases $28.3 Million Y/Y to $15.2 Million Dave Raises 2024 Adjusted EBITDA Guidance to $40-$50 Million LOS ANGELES, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today reported its financial results for the second quarter ended June 30, 2024. “2024 continues to show impressive results as we exceeded growth and profitability expectations again in the second quarter” said Jason Wilk, Founder and CEO of Dave. “Continued strong demand for our products and solid execution from our team led to another record quarter of revenue. Additionally, this is our third consecutive quarter of accelerating revenue growth, fueled by ARPU expansion and an increase in monthly transacting members to a record 2.3 million. The continued efficiency in our customer acquisition, combined with remarkable loss rates powered by CashAI and further rationalization of our fixed expense base, led to a 15% sequential increase in Adjusted EBITDA, which we believe underscores the inherent operating leverage in our business model.” Quarterly Financial Highlights ($ in millions, unaudited) 2Q233Q234Q231Q242Q24GAAP Operating Revenues, Net$61.2$65.8$73.2$73.6$80.1% Change vs. prior year period34%16%23%25%31%Non-GAAP Variable Profit*$32.9$37.3$45.9$49.9$51.8% Change vs. prior year period78%51%80%47%57%Non-GAAP Variable Profit Margin*54%57%63%68%65%GAAP Net Income (Loss)($22.6)($12.1)$0.2$34.2$6.4Adjusted Net Income (Loss)*($15.8)($5.6)$6.6$8.1$13.7Adjusted EBITDA (Loss)*($13.1)($2.5)$10.0$13.2$15.2 *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release. Second Quarter 2024 Operating Highlights (vs. Q2 2023) New Members totaled 716,000 while customer acquisition costs decreased 26% to $15Monthly Transacting Members (“MTMs”) increased 18% to 2.3 millionExtraCash originations increased 37% to $1.2 billion, while the average 28-Day delinquency rate improved 80 basis points to 2.03%Dave Debit Card spend increased 28% to $388 millionFor a full review of the Company’s key performance indicators, please refer to the Company’s Second Quarter 2024 Earnings Presentation which can b...