Slide 1: 4Q 24 Earnings Presentation
4Q 24 Earnings Presentation March 3, 2025
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer REGARDING FORWARD-LOOKING STATEMENTS FORWARD-LOOKING STATEMENTS This presentation of Dave Inc. (“Dave” or the “Company”) includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking s
Slide 3: Disclaimer: Use of Non-GAAP Financial Measures
Disclaimer USE OF NON-GAAP FINANCIAL MEASURES The financial information and data contained in this presentation is unaudited and does not conform to Regulation S-X promulgated under the Securities Act of 1933, as amended. Accordingly, such information and data may not be included in, may be adjusted
Slide 4: Build a superior banking solution for everyday Americans
Our strategy Build a superior banking solution for everyday Americans. 4
Slide 5: The majority of Americans are struggling with their finances
The majority of Americans are struggling with their finances TAM TAM Grew 8% ~180MM Customers(1) (~15MM Customers) since 2021(1) Dec. ‘24 Elevated inflation and interest rates are ● Trouble managing cash flow 2021 causing more Americans to live paycheck to paycheck…(3) ● Minimal to moderate savings 57%
Slide 6: Legacy banks need to charge high fees to everyday consumers
Legacy banks need to charge high fees to everyday consumers… $300 - $400 Average fees paid per year by financially struggling Americans to legacy banks(2) Overdraft Cost to Access $100(1) $34 $35 $36 $36 $5 Annual bank account maintenance fees(3) $144 $120 $83 $84 $0 Minimum balance to avoid account
Slide 7: Legacy banks' higher cost to serve, inefficient CACs, limited interchange
…Due to legacy banks’ higher cost to serve, inefficient CACs, and limited interchange revenue Legacy Cost to Serve Comparison(1),(2) CAC Comparison(3) Banks ● Antiquated tech stacks ● Scalable best-in-class Technology e.g. mainframe cloud-native ● Scalable CashAI ● Antiquated models underwriting engi
Slide 8: Differentiated business strategy
Differentiated business strategy Achieve highly-efficient CAC by addressing members’ most crucial need—Liquidity—and then deepening into long-term banking relationships Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficien
Slide 9: Dave's ExtraCash product overview
Dave’s ExtraCash™ product overview ExtraCash™ Attribute Benefits to Member Benefits to Dave ● Efficient CAC by quickly addressing ● Bridges gaps between paychecks for $25 - $500 member pain point Size Average: $179 essential expenses, e.g. rent, gas, ● Strategic entry point into banking groceries relat
Slide 10: Dave Card product overview
Dave Card product overview Dave Card Attribute Benefits to Member Benefits to Dave ● Builds deeper payment relationship ● Members automatically receive Dave Spending Dave Debit Card Checking account with members ● Better member retention ExtraCash™ ● ExtraCash™ instantly available ● Incentivizes cross
Slide 11: Highlights
Highlights 11
Slide 12: 4Q24 Highlights
4Q24 Highlights Total Adjusted ExtraCash ™ 28-Day Revenue EBITDA Origination Volume Delinquency Rate Adj. EBITDA Margin expanded ~1,900bps Y-o-Y from 14% to 33% $1,487M $101M $33M 2.19% 53bps $23M 44% Y-o-Y 38% $1,032M Improvement Y-o-Y Y-o-Y Y-o-Y Growth Growth Growth $73M 1.66% $10M 4Q23 4Q24 4Q23
Slide 13: Exceeded 2024 guidance
Exceeded 2024 guidance ($MM) Original FY Latest Revised FY FY24 Actual Total Revenue: $305 - $325 $340 - $343 $347 Y-o-Y Growth: 18% - 25% 31% - 32% 34% ($MM) Original FY Latest Revised FY FY24 Actual Adjusted EBITDA(1): $25 - $35 $71 - $74 $86 Y-o-Y Improvement: $35 - $45 $81 - $84 $97 13 1) See Gl
Slide 14: Establishing 2025 guidance
Establishing 2025 guidance ($MM) Low High Total Revenue: $415 $435 Y-o-Y Growth: 20% 25% ($MM) Low High Adjusted EBITDA(1): $110 $120 Y-o-Y Growth: 27% 39% 14 1) See Glossary for the definition of Adjusted EBITDA which is a Non-GAAP measure. The Company does not provide a quantitative reconciliation
Slide 15: Business Strategy
Business Strategy 15
Slide 16: Business strategy: Acquire, Engage, Deepen
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 17: Dave's marketing focuses on the primary need: liquidity
Dave’s marketing focuses on the primary need of our target segments: liquidity 17
Slide 18: Highly efficient member acquisition at scale
Highly efficient member CAC and New Member Acquisition (000s) acquisition at scale Member acquisition performance reflects our disciplined focus on new member MTM conversion, existing member retention, and dormant member reactivation. In 4Q24, we acquired 766k new members, a 12% increase YoY based on
Slide 19: Significant member scale
Significant Total Members (MMs) member scale We differentiate by first addressing members’ most crucial need—liquidity—and then building long-term banking relationships. This formula, bolstered by Dave’s brand strength and acquisition efficiency, has continued to drive substantial growth in our member
Slide 20: Business strategy: Acquire, Engage, Deepen
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 21: Solid engagement
Solid engagement Total Monthly Transacting Members (MMs) Inflection Point MTMs grew 17% YoY as our credit-first value proposition for Adj. EBITDA and banking product suite continued to drive Profitability improvements in new member conversion, existing member retention, and dormant member reactivation.
Slide 22: Sustained growth in originations
Sustained growth ExtraCash™ Origination Volume ($MM) in originations We originated a record $1.5bn of ExtraCash in Q4. We believe our ability to sustain growth in originations demonstrates the depth and breadth of our TAM as well as our core competency in addressing members’ needs for short-term liq
Slide 23: Average Size and Revenue per ExtraCash
Average Size and Revenue per ExtraCash™ Average ExtraCash™ Size Average Revenue per ExtraCash™(1) 23 (1) Average Revenue per ExtraCash defined as sum of Tips (GAAP) + Fees (GAAP) generated divided by total # of ExtraCash taken over a given period.
Slide 24: Improving credit performance
Improving credit Quarterly Static Pool Delinquency and Charge-Off Rates(1) performance (2) 4Q24 28 Day Delinquency Rate improved 53bps, or 24%, YoY, while originations grew by 44%; sequentially, delinquency rates improved 12bps. CashAI™ continues to improve its ability to separate credit risk as it
Slide 25: Business strategy: Acquire, Engage, Deepen
Business strategy Acquire Engage Deepen ExtraCash™ provides short-term liquidity to members in lieu of Dave Card offers members a full Acquire efficiently by marketing expensive overdraft fees service, no mandatory fee banking top of mind liquidity pain points solution built on a light-weight, Enable
Slide 26: ExtraCash incentivizes trialing Dave Card
ExtraCash incentivizes trialing Dave Card as members have instant access to funds at no additional cost 26
Slide 27: Dave Card spend volumes
Dave Card Dave Card Spend Volumes ($MM) spend volumes Our Dave Card strategy leverages our market-leading ExtraCash™ value proposition to drive top-of-wallet spending behavior and build longer-term banking relationships with our members. Dave Card spend grew 24% YoY and 12% QoQ, driven by a combinat
Slide 28: ARPU / member monetization
ARPU / member Annualized Revenue per Monthly Transacting Member monetization ARPU grew 18% YoY primarily driven by: ● Growth in ExtraCash™ ARPU due to improvements in both ExtraCash™ engagement and monetization, powered by ongoing CashAI™ optimizations ● Growth in Dave Card ARPU reflecting an increas
Slide 29: Financial Overview
Financial Overview 29
Slide 30: Consistent revenue growth
Consistent Total Revenue ($MM) revenue growth Revenue expanded 38% YoY which was driven by: ● Increase in transacting member base unlocked through improvements to existing MTM retention and efficient new customer acquisition ● Higher ExtraCash™ approval limits and monetization as a result of material
Slide 31: Expanding variable margin
Variable Margin (Non-GAAP)(1) Expanding variable margin Variable margin expanded ~900bps (15%) YoY due to: ● Lower provision expense as % of revenue as a result of significant improvements in credit performance driven by CashAI™ ● Processing cost / vendor optimization; 4Q24 includes one-time benefit f
Slide 32: Achieving operating leverage
Achieving operating Fixed Expenses as a % of Total Revenue leverage We continue to generate operating leverage due to discipline in and rationalization of our fixed expense base as we scale the business. Fixed expenses as a percentage of revenue declined by ~800bps YoY due to: ● ~600bps improvement i
Slide 33: Significant Adj. EBITDA generation
Significant Adj. Adjusted EBITDA (Non-GAAP) ($MM) EBITDA generation 4Q24 Adj. EBITDA of $33.4mm represents 234% or $23.4mm YoY growth which was driven by: ● Revenue growth ● Variable margin expansion ● Improved operating leverage from rationalizing our fixed cost base $91.9mm of cash and cash equivale
Slide 34: Investment summary
Investment summary Acquire Engage Deepen Strong product market fit Proprietary CashAI™ ™ Dave Card adoption unlocks drives efficient CAC within a underwriting drives profitable additional lifetime value with large and growing TAM unit economics without more products in the pipeline significant capital n
Slide 35: Appendix
Appendix 35
Slide 36: Glossary
Glossary 28-Day Average Quarterly Delinquency Rate defined as the amount of Origination Volume which is past due 28 days after the end of the month in which the ExtraCash was disbursed divided by the Origination Volume in that disbursement month. 121-Day Charge Off Rate defined as the amount of Origin
Slide 37: Glossary (Cont'd)
Glossary (Cont’d) Non-GAAP Adjusted Basic EPS and Non-GAAP Adjusted Diluted EPS defined as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively. Non-GAAP Variable Profit defined as GAAP Operating Revenues,
Slide 38: Consolidated Statement of Operations
Consolidated Statement of Operations 38
Slide 39: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 39 Note: Non-GAAP Variable Profit Margin calculation has been revised to reflect Non-GAAP Variable Profit as a percentage of GAAP Operating Revenues, Net. In disclosures prior to 1Q24, Non-GAAP Variable Profit Margin reflected Non-GAAP Variable Profit as a percentage of
Slide 40: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 40
Slide 41: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures 41
Slide 42: Thank you
Thank you 42