Dave Inc (NAS:DAVE)
$ 85.26 -0.51 (-0.59%) Market Cap: 1.08 Bil Enterprise Value: 1.09 Bil PE Ratio: 27.24 PB Ratio: 6.95 GF Score: 46/100
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Q1 2023 Dave Inc Earnings Call Transcript

May 09, 2023 / 08:30PM GMT
Release Date Price: $4.82 (-6.41%)
Operator

Good afternoon, and welcome to the Dave Inc. Conference Call. (Operator Instructions) And finally, I would like to advise all participants that this call is being recorded. Thank you.

I'd now like to welcome Jason to begin the conference. Jason, over to you.

Jason Wilk
Dave Inc. - Co-Founder, CEO, President & Chairman

Thank you, and good afternoon, everyone. I'm very proud of our team's performance in delivering another strong quarter for Dave members and shareholders. In Q1, we grew revenue by nearly 40% year-over-year and were flat sequentially in line with our expectations given the seasonality of demand for our ExtraCash product during tax refund season.

Our variable margin and unit economics continue to improve, driven by a combination of substantial improvements in credit performance, our renegotiated key vendor contracts and continued processing cost efficiencies. This margin expansion, coupled with lower marketing spend and fixed cost operating leverage, allowed us to more than halve our adjusted EBITDA loss for the second

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