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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 19 Segment Information

In accordance with ASC 280, Segment Reporting, the operations of the Company constitute a single operating and reportable segment. This conclusion reflects the manner in which the Chief Operating Decision Maker ("CODM"), a joint responsibility, shared by the Chief Executive Officer and Chief Financial Officer, reviews financial information and makes operating decisions. The determination of the reportable segment is based on the nature of the Company’s products and services, as well as the financial performance, on a consolidated entity-wide basis, that are regularly reviewed by the CODM to guide resource allocation and assess performance.

The Company’s operations, all of which are located in the United States, collectively support this single-segment structure. No Member individually contributed to 10% or more of the Company’s revenues for the three and nine months ended September 30, 2025 and 2024.

For further information regarding the Company’s products, services, and the accounting policies applied to its reportable segment, refer to Note 2 Significant Accounting Policies.

The key performance measure used by the CODM to make key operating decisions is consolidated net income, as reported in the Consolidated Statement of Operations. This measure to assess overall financial performance, identify areas for operation improvement, resource allocation and the allocation of budget between the provision for credit losses, processing and servicing costs, advertising and marketing, compensation and benefits and other operating expenses. This measure helps to ensure alignment with the Company’s long-term financial objectives and supports consistent evaluation across all business activities.

The segment assets and liabilities reviewed by the CODM are those reported on the Company’s consolidated balance sheets, with particular focus on available liquidity, including cash, cash equivalents, investments, restricted cash, and ExtraCash receivables, offset by current liabilities and outstanding debt.

 

The following table presents selected financial information with respect to the Company’s single operating and reportable segment for the three and nine months ended September 30, 2025 and 2024, respectively:

 

Dave Inc.
Condensed Consolidated Statements of Operations
(in thousands)

 

 

 

 

 

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

September 30, 2025

 

 

September 30, 2024

 

 

September 30, 2025

 

 

September 30, 2024

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

Service based revenue, net

$

139,229

 

 

$

83,390

 

 

$

358,673

 

 

$

220,603

 

Transaction based revenue, net

 

11,496

 

 

 

9,099

 

 

$

31,788

 

 

$

25,633

 

Total operating revenues, net

 

150,725

 

 

 

92,489

 

 

 

390,461

 

 

 

246,236

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Provision for credit losses

 

29,846

 

 

 

13,680

 

 

 

65,744

 

 

 

37,988

 

Processing and servicing costs

 

9,404

 

 

 

8,398

 

 

 

23,561

 

 

 

23,351

 

Financial network and transaction costs

 

7,378

 

 

 

6,237

 

 

 

21,644

 

 

 

19,087

 

Advertising and activation costs

 

18,911

 

 

 

14,925

 

 

 

46,297

 

 

 

38,745

 

Employee salaries and bonuses

 

14,887

 

 

 

15,172

 

 

 

45,307

 

 

 

44,811

 

Capitalized compensation costs

 

(1,703

)

 

 

(1,755

)

 

 

(4,805

)

 

 

(5,522

)

Stock-based compensation

 

7,209

 

 

 

13,359

 

 

 

23,011

 

 

 

27,195

 

Temporary labor and contractors

 

1,722

 

 

 

1,208

 

 

 

4,569

 

 

 

3,745

 

Other compensation, benefits and payroll taxes

 

2,727

 

 

 

2,455

 

 

 

10,441

 

 

 

8,790

 

Technology and infrastructure

 

3,192

 

 

 

2,848

 

 

 

8,812

 

 

 

8,352

 

Other operating expenses

 

11,254

 

 

 

13,412

 

 

 

23,751

 

 

 

26,076

 

Total operating expenses

 

104,827

 

 

 

89,939

 

 

 

268,332

 

 

 

232,618

 

Other (income) expenses:

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

(294

)

 

 

(439

)

 

 

(1,313

)

 

 

(2,471

)

Interest expense

 

1,789

 

 

 

1,964

 

 

 

5,324

 

 

 

6,146

 

Gain on extinguishment of convertible debt

 

-

 

 

 

-

 

 

 

-

 

 

 

(33,442

)

Changes in fair value of earnout liabilities

 

(4,841

)

 

 

(17

)

 

 

2,655

 

 

 

116

 

Changes in fair value of public and private warrant liabilities

 

(9,186

)

 

 

203

 

 

 

11,657

 

 

 

408

 

Total other (income) expense, net

 

(12,532

)

 

 

1,711

 

 

 

18,323

 

 

 

(29,243

)

Net income before provision (benefit) for income taxes

 

58,430

 

 

 

839

 

 

 

103,806

 

 

 

42,861

 

Provision (benefit) for income taxes

 

(33,642

)

 

 

373

 

 

 

(26,118

)

 

 

1,794

 

Net income

$

92,072

 

 

$

466

 

 

$

129,924

 

 

$

41,067

 

 

Other operating expenses primarily include charitable commitments, depreciation and amortization of property and equipment and intangible assets, legal fees and settlements, rent, sales tax-related costs, office expenses, public relations, professional services, travel and entertainment, and insurance. These costs generally reflect our investments in infrastructure, business development, risk management, and administrative costs, and may vary period to period based on operational needs and strategic initiatives.

Significant noncash items that impact net income include provision for credit losses, stock based compensation, depreciation expense, amortization expense (see Note 7, Intangible Assets, Net), changes in fair value of earnout liabilities (see Note 14, Fair Value of Financial Instruments), and changes in fair value of public and private warrant liabilities (see Note 14, Fair Value of Financial Instruments).