The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Wilk: Going Public 9 Months Earlier Would Have Prevented Dave's Crash
“Had I gone public nine months earlier, we would have had the chance to raise potentially more capital. We would have been able to Turn over our earlier shareholders, bring more longer term capital. And like, we never would have gone to a five billion dollar va…”
Wilk: Massive Preference Stacks Blocked Dave From Acquiring Small Startups
“There's a lot of companies that we would have probably bought by now that are very small, but have raised a couple hundred million dollars of prep. And so it just makes their inevitable outcome Impossible.”
Wilk: Dave's Customer Acquisition Cost is $16
“But my CAC is 16 dollars because I take this speed of value approach where I want to make you a happy customer immediately.”
Wilk: Dave Settled $100M FTX Convertible Note Early for $71M
“That note was not due until 2026. And I think it was last year, January, we paid them back seventy one million dollars as opposed to the, you know, at the time of repayment would have been probably 109 or one hundred and ten million.”
Wilk: AI Handles 80% of Customer Support Inquiries at Dave
“And we also now have 80% of our customer support inquiries are driven by AI”
Wilk: Dave Reached Peak Market Cap Upon Announcing $100M FTX Deal
“We had this big partnership with FTX. That's when our market cap reached its all time high. Was when we announced that partnership and they wrote us a hundred million dollar convertible check into the company.”
Wilk: Dave Reached Profitability Without Layoffs, Maintaining 300 Employees
“We fortunately never had to do any RIF. The result of profitability was never because we had to lay people off. We were 300 people at the IPO. Dave is 300 people still today.”
Wilk: Dave Created More Millionaires via Performance Stock Than IPO
“I think we probably minted more millionaires at the company as a result of the performance stock units than we did in the actual IPO process.”
Wilk: AI Investments Drove Dave's Return to Profitability
“The investments again in AI is really what led to a lot of the profitability.”
Wilk: Few Employees Left Dave Despite a 98% Market Cap Drop
“Even when our market cap went down 98%, the amount of people that left the company during that time was so small because people weren't here to make millions of dollars.”
Wilk: Dave Raised Only $60M in Primary Capital Before Going Public
“And actually we only raised sixty million of primary capital prior to going public.”
Wilk: Dave Expanded Gross Margins From Mid-40s to 72%
“And so we've been able to improve our gross margins on Dave from, I think at the low point in 22, we were in sort of in the mid forties. And our gross margins in Q four were 72%.”
Wilk: All PIPE Investors Exited Dave Before IPO Lockup Expired
“All of our pipe investors from our IPO bailed before our lockup expired.”
Wilk: Wife Achieved 100x Return on $50K Seed Check in Dave
“She was actually a seed investor in, in the company, a 50,000 dollar check into the seed round. It was only, only ever seed investment. So I think she's up like a hundred X on that on that particular deal.”
Wilk: Dave Has Zero Preferred Equity and Zero Debt
“I mean, Dave, we have no preferred equity on our cap table. We have no debt in our business.”