| Summary of Financial Information with Respect to the Company's Single Operating and Reportable Segment |
The following table presents selected financial information with respect to the Company’s single operating and reportable segment for the three and six months ended June 30, 2025 and 2024, respectively:
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Dave Inc.
Condensed Consolidated Statements of Operations
(in thousands) |
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, 2025 |
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June 30, 2024 |
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June 30, 2025 |
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June 30, 2024 |
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Operating revenues: |
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Service based revenue, net |
$ |
121,593 |
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$ |
71,651 |
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$ |
219,444 |
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$ |
137,213 |
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Transaction based revenue, net |
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10,164 |
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8,466 |
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$ |
20,292 |
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$ |
16,534 |
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Total operating revenues, net |
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131,757 |
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80,117 |
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239,736 |
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153,747 |
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Operating expenses: |
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Provision for credit losses |
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25,295 |
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14,365 |
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35,898 |
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24,308 |
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Processing and servicing costs |
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7,170 |
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7,499 |
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14,157 |
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14,953 |
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Financial network and transaction costs |
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7,227 |
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6,495 |
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14,266 |
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12,850 |
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Advertising and activation costs |
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15,456 |
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12,883 |
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27,386 |
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23,820 |
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Employee salaries |
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11,779 |
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10,984 |
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23,467 |
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22,751 |
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Stock-based compensation |
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8,285 |
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7,706 |
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15,802 |
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13,836 |
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Other compensation and benefits |
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6,366 |
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5,555 |
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14,412 |
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11,993 |
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Technology and infrastructure |
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2,894 |
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2,809 |
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5,620 |
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5,504 |
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Other operating expenses |
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6,203 |
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6,152 |
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12,497 |
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12,664 |
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Total operating expenses |
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90,675 |
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74,448 |
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163,505 |
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142,679 |
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Other (income) expenses: |
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Interest income |
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(588 |
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(537 |
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(1,019 |
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(2,032 |
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Interest expense |
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1,777 |
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1,965 |
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3,535 |
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4,182 |
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Gain on extinguishment of convertible debt |
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- |
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- |
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- |
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(33,442 |
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Changes in fair value of earnout liabilities |
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7,894 |
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(63 |
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7,496 |
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133 |
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Changes in fair value of public and private warrant liabilities |
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20,491 |
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(272 |
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20,843 |
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205 |
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Total other (income) expense, net |
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29,574 |
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1,093 |
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30,855 |
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(30,954 |
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Net income before provision (benefit) for income taxes |
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11,508 |
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4,576 |
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45,376 |
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42,022 |
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Provision (benefit) for income taxes |
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2,468 |
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(1,782 |
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7,524 |
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1,421 |
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Net income |
$ |
9,040 |
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$ |
6,358 |
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$ |
37,852 |
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$ |
40,601 |
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