The following is a summary of the Dave Inc. (DAVE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Dave Inc. reported a record revenue of $92.5 million in Q3 2024, a 41% increase year-over-year.

• Adjusted EBITDA reached a record of approximately $25 million for the quarter, a 63% sequential increase.

• Non-GAAP variable profit in Q3 increased 72% year-over-year to $64.2 million, representing a 69% margin relative to GAAP revenue.

• GAAP net income improved to $0.5 million despite a $7 million accrual for legal settlement and litigation expenses.

Business Progress:

• Dave Inc. achieved a new quarterly record of 2.4 million monthly transacting members, a 23% increase year-over-year.

• ExtraCash originations grew by 46% year-over-year to $1.4 billion.

• Dave entered into a nonbinding letter of intent to form a strategic partnership with a respected sponsor bank in the fintech ecosystem.

• The company made significant strides in credit performance, with the 28 day delinquency rate improving to 1.78%, down 64 basis points year-over-year.

Opportunities:

• Dave's strategic partnership with a new sponsor bank aims to leverage the bank's scale, experience, and compliance capabilities to enhance Dave's credit and banking products.

• The company plans to introduce a new credit product next year, leveraging the partnership.

Risks:

• The FTC suit pertains to consumer disclosures and consent for fees, which introduces legal and reputational risks. However, Dave believes it has operated within the law and is prepared to defend itself vigorously.

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