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Jun 30, 2024
Dave Q2 2024 Earnings Report
Dave reported record results with revenue up 31% year-over-year and GAAP net income increasing $29.0 million year-over-year.
Key Takeaways
Dave Inc. reported record second quarter 2024 results, with revenue up 31% year-over-year to $80.1 million. GAAP net income increased $29.0 million year-over-year to $6.4 million, and adjusted EBITDA increased $28.3 million year-over-year to $15.2 million. The company raised its 2024 adjusted EBITDA guidance to $40-$50 million.
Revenue increased by 31% year-over-year to $80.1 million, marking the third consecutive quarter of accelerating revenue growth.
GAAP net income increased $29.0 million year-over-year to $6.4 million.
Adjusted EBITDA increased $28.3 million year-over-year to $15.2 million.
Monthly Transacting Members increased 18% year-over-year to 2.3 million.
Dave
Dave
Dave Revenue by Segment
Revenue by Segment
Service-based Revenue, Net Revenue
CapyFin.comTransaction-based Revenue, Net Revenue
CapyFin.com Forward Guidance
Dave raised its Adjusted EBITDA guidance for the year to $40—$50 million. The company expects strong credit performance to continue for the balance of the year and is well-positioned to achieve its growth and profitability objectives.
Positive Outlook
- Strong and scalable business model
- Solid year-to-date results
- Positive outlook for the remainder of the year
- Expectation around loss provision in the back half of the year
- Continued focus on efficient growth
Challenges Ahead
- Variability of reconciling items could have a significant impact on future GAAP financial results
- Rising interest rates
- Business and/or competitive factors
- Extensive and evolving government regulations
- Reliance on a single bank partner
Revenue & Expenses
Visualization of income flow from segment revenue to net income