v3.26.1
Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Operating Revenues

Below is detail of operating revenues (in thousands):

 

 

 

For the Three Months Ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Service based revenue, net

 

 

 

 

 

 

     Processing and overdraft service fees, net

 

$

133,588

 

 

$

83,448

 

     Tips

 

 

-

 

 

 

7,496

 

     Subscriptions

 

 

13,945

 

 

 

6,817

 

     Other

 

 

54

 

 

 

90

 

Transaction based revenue, net

 

 

 

 

 

 

     Interchange revenue, net

 

 

6,201

 

 

 

5,885

 

     ATM revenue, net

 

 

659

 

 

 

794

 

     Other

 

 

3,967

 

 

 

3,449

 

Total operating revenues, net

 

$

158,414

 

 

$

107,979

 

 

 

 

 

 

 

 

Schedule of Relationship Between Provision for Income Taxes and Net Income Before Provision for Income Taxes

The following table presents the relationship between provision for income taxes and net income before provision for income taxes (in thousands):

 

 

 

For the Three Months Ended

 

 

 

March 31, 2026

 

 

March 31, 2025

 

Net income before provision for income taxes

 

$

70,160

 

 

$

33,868

 

Provision for income taxes

 

$

(12,224

)

 

$

(5,056

)

Effective income tax rate

 

 

17.4

%

 

 

14.9

%

Schedule of Earnings Per Share Basic And Diluted

The following table sets forth the computation of the Company’s basic and diluted net income per share attributable to holders of common stock (in thousands, except share data):

 

 

 

For the Three Months Ended

 

 

 

March 31, 2026

 

March 31, 2025

 

Numerator

 

 

 

 

 

Net income attributed to common stockholders—basic and diluted

 

$

57,936

 

$

28,812

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

Weighted-average shares of common stock—basic

 

 

13,434,862

 

 

13,126,286

 

Dilutive effect of stock options

 

 

183,717

 

 

415,521

 

Dilutive effect of RSU

 

 

781,056

 

 

1,104,719

 

Weighted-average shares of common stock—diluted

 

 

14,399,635

 

 

14,646,526

 

 

 

 

 

 

 

Net income per share

 

 

 

 

 

Basic

 

$

4.31

 

$

2.19

 

Diluted

 

$

4.02

 

$

1.97

 

 

 

Summary of Computation of Diluted Net Income Per Share

The following potentially dilutive shares were excluded from the computation of diluted net income per share for the periods presented because including them would have been antidilutive:

 

 

 

For the Three Months Ended

 

 

 

March 31, 2026

 

March 31, 2025

 

Equity incentive awards

 

 

565,329

 

 

225,876

 

Convertible notes¹

 

 

716,500

 

 

-

 

Capped call²

 

 

716,500

 

 

-

 

Total

 

 

1,998,329

 

 

225,876

 

 

 

 

 

 

 

¹ Represents the base conversion of shares issuable upon conversion of the 2031 Notes, subject to potential conversion rate adjustments under the make-whole fundamental change provisions. Based on the initial conversion rate of 3.5825 shares per $1,000 principal amount, the base conversion would result in approximately 716,500 shares issuable. See Note 8, Convertible Notes.

² Represents the shares of Class A common stock underlying the Capped Call Transactions. Those shares are intended to offset the dilutive impact of Convertible Notes when Dave's stock price remains below the cap price of $421.34. See Note 8, Convertible Notes and Note 14, Stockholders' Equity.