Dave Inc. has announced an increase in its share repurchase authorization to $125 million, replacing the previous $50 million authorization. Since reporting its second-quarter earnings, the company has deployed approximately $25 million to repurchase its common stock. Year-to-date, Dave has invested more than $45 million through share repurchases and RSU net settlements.
The company's COO and CFO, Kyle Beilman, stated that the recent share purchases and increased repurchase authorization reflect the confidence in the company's positive outlook and the durability of its business model. With a solid balance sheet and a strong outlook for free cash flow generation, Dave is well-positioned to deliver attractive returns to shareholders while investing in long-term strategic priorities.
The company believes that the upsized authorization under its new repurchase program and the recent buyback activity underscore its commitment to disciplined capital allocation. Dave intends to continue executing repurchases opportunistically, subject to market conditions and other factors.
Under the authorization, the company may repurchase shares through various methods, including open market transactions and privately negotiated transactions, in compliance with applicable laws and regulations. The timing, manner, and total amount of repurchases will be determined by management based on market conditions, stock price, business performance, and alternative investment opportunities.
Dave Inc., a leading U.S. neobank and fintech pioneer, serves millions of everyday Americans using disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. As a result of these announcements, the company's shares have moved 8.38% on the market, and are now trading at a price of $200.11. For the full picture, make sure to review Dave's 8-K report.
