Business
Dave Reports Third Quarter 2022 Financial Results
Record GAAP Operating Revenue and Non-GAAP Operating Revenue, Which Increased 41% Year Over Year Non-GAAP Variable Margin Improved By Approximately 280 Basis
About this update from Dave Inc.
[{"type":"text","content":"Record GAAP Operating Revenue and Non-GAAP Operating Revenue, Which Increased 41% Year Over Year Non-GAAP Variable Margin Improved By Approximately 280 Basis Points vs. 2Q22 Dave Card Business Accelerating in 3Q22, Transaction-based revenue up 43% vs. 2Q22 LOS ANGELES, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Dave Inc. (Nasdaq: DAVE, DAVEW) (“Dave” or the “Company”), one of the leading U.S. neobanks on a mission to build products that level the financial playing field, today reported its financial results for the third quarter ended September 30, 2022. “We experienced impressive results in the third quarter on all fronts, with record revenue, transacting members and new member growth, along with strong performance of our Dave Card business following the rollout of our new, integrated product experience. Our unit economics are also improving, with sequential variable margin improvement supported by consistent ExtraCash credit performance. Importantly, our run-rate cash burn at the end of the third quarter and into the fourth quarter is showing significant progress relative to recent quarters,” said Jason Wilk, Founder and Chief Executive Officer of Dave. “Our results to date and positive outlook show our continued progress towards reaching Adjusted EBITDA profitability in 2024, while operating a resilient, well-capitalized business.” Third Quarter 2022 Operating Highlights: Added 808,000 Net New Members, up 43% sequentially when compared to the second quarter ended June 30, 2022 while reducing CAC by 18%. Total members reached 7.8 million at September 30, 20221.8 million Monthly Transacting Members, up 18% sequentially when compared to the second quarter ended June 30, 2022. Transactions Per Monthly Transacting Member reached a record of 4.6.$757 million in ExtraCash originations, up 25% sequentially when compared to 2Q22Dave Debit Card spend of $197 million, up 15% sequentially when compared to 2Q22, following release of a new product experience to all members throughout the quarter. Third Quarter 2022 Financial Highlights: ($ in millions except otherwise noted)3Q214Q211Q222Q223Q22GAAP Operating Revenues, Net% Change vs. prior year period$40.226%$41.216%$42.624%$45.8 23%$56.8 41%Non-GAAP Operating Revenues*% Change vs. prior year period$41.526%$42.216%$43.723%$47.022%$58.641%Non-GAAP variable profit margin* 48%48%41%39%42%GAAP Net loss...