Dave reports Q3 EPS $1.51, consensus (11c)

Reports Q3 revenue $92.5M, consensus $80.7M. “As we announced last week when issuing preliminary results, we once again exceeded growth and profitability expectations in the third quarter,” said Jason Wilk, Founder and CEO of Dave (DAVE). “Our fourth consecutive quarter of accelerating year-over-year revenue growth resulted from double-digit increases in both ARPU and monthly transacting members to quarterly records for both metrics. We delivered another record quarter of variable margin, which expanded nearly 1,300 basis points year-over-year, driven by stellar credit performance enabled by CashAI. We achieved highly efficient customer acquisition costs at greater scale and significant operating leverage as we remained disciplined in managing our fixed costs. This resulted in 63% sequential growth in Adjusted EBITDA. We plan to continue executing on our growth and profitability initiatives as we aim to deliver value for both Dave customers and shareholders. Given the scale we’ve achieved and the strong member growth we continue to experience, earlier today we announced that we entered into a non-binding letter of intent to form a strategic partnership with what we believe to be one of the most highly respected fintech sponsor banks in order to further diversify our key commercial relationships. This new bank partner, whose parent is publicly traded, will leverage its strong compliance and risk management capabilities to sponsor our current and future credit and banking products in support of Dave’s mission of leveling the financial playing field for everyday Americans.”