Upstart Announces Fourth Quarter and Full Year 2024 Results
Upstart Holdings (UPST) reported strong Q4 2024 results with total revenue reaching $219 million, up 56% year-over-year and 35% quarter-over-quarter. The company originated 245,663 loans totaling $2.1 billion, representing a 68% YoY increase. The conversion rate improved significantly to 19.3% from 11.6% in Q4 2023.
Q4 GAAP net loss narrowed to ($2.8) million from ($42.4) million in Q4 2023, with adjusted EBITDA reaching $38.8 million. For full-year 2024, total revenue was $637 million, up 24% YoY, with 697,092 loans originated totaling $5.9 billion.
Looking ahead, Upstart provided strong guidance for 2025, projecting approximately $1 billion in revenue and expecting to reach GAAP net income breakeven. The company also announced an upcoming Upstart AI Day event scheduled for May 14, 2025, in New York City.
Upstart Holdings (UPST) ha riportato risultati solidi nel Q4 2024, con un fatturato totale di $219 milioni, in aumento del 56% rispetto all'anno precedente e del 35% rispetto al trimestre precedente. L'azienda ha originato 245.663 prestiti per un totale di $2,1 miliardi, rappresentando un aumento del 68% su base annua. Il tasso di conversione è migliorato in modo significativo, passando dal 11,6% del Q4 2023 al 19,3%.
La perdita netta GAAP del Q4 si è ridotta a ($2,8) milioni rispetto ai ($42,4) milioni del Q4 2023, con un EBITDA rettificato che ha raggiunto i $38,8 milioni. Per l'intero anno 2024, il fatturato totale è stato di $637 milioni, in aumento del 24% su base annua, con 697.092 prestiti originati per un totale di $5,9 miliardi.
Guardando al futuro, Upstart ha fornito previsioni robuste per il 2025, prevedendo circa $1 miliardo di fatturato e aspettandosi di raggiungere il pareggio per quanto riguarda il reddito netto GAAP. L'azienda ha anche annunciato un evento imminente, l'Upstart AI Day, programmato per il 14 maggio 2025 a New York City.
Upstart Holdings (UPST) presentó resultados sólidos para el Q4 2024, con ingresos totales de $219 millones, un incremento del 56% en comparación con el año anterior y del 35% con respecto al trimestre anterior. La compañía originó 245,663 préstamos por un total de $2.1 mil millones, lo que representa un aumento del 68% interanual. La tasa de conversión mejoró significativamente, pasando del 11.6% en el Q4 2023 al 19.3%.
La pérdida neta GAAP del Q4 se redujo a ($2.8) millones desde ($42.4) millones en el Q4 2023, con un EBITDA ajustado que alcanzó los $38.8 millones. Para todo el año 2024, los ingresos totales fueron de $637 millones, un aumento del 24% interanual, con 697,092 préstamos originados por un total de $5.9 mil millones.
De cara al futuro, Upstart proporcionó una previsión sólida para 2025, proyectando aproximadamente $1 mil millones en ingresos y esperando alcanzar el equilibrio en la renta neta GAAP. La compañía también anunció un próximo evento, el Upstart AI Day, programado para el 14 de mayo de 2025 en la ciudad de Nueva York.
업스타트 홀딩스 (UPST)는 2024년 4분기 강력한 실적을 보고했으며, 총 수익은 2억 1,900만 달러로 전년 대비 56%, 전 분기 대비 35% 증가했습니다. 이 회사는 245,663개의 대출을 발생시켜 총 21억 달러에 이르렀으며, 이는 전년 대비 68% 증가한 것입니다. 전환율은 2023년 4분기 11.6%에서 19.3%로 유의미하게 개선되었습니다.
4분기 GAAP 순손실은 280만 달러로, 2023년 4분기 4240만 달러에서 줄어들었으며, 조정된 EBITDA는 3,880만 달러에 도달했습니다. 2024년 전체 연도에 대한 총 수익은 6억 3,700만 달러였으며, 이는 전년 대비 24% 증가했으며, 697,092건의 대출이 발생하여 총 59억 달러에 도달했습니다.
앞으로 업스타트는 2025년 약 10억 달러의 수익을 예상하고 GAAP 순이익 균형에 도달할 것으로 전망했습니다. 이 회사는 또한 2025년 5월 14일 뉴욕에서 예정된 업스타트 AI 데이 이벤트를 발표했습니다.
Upstart Holdings (UPST) a annoncé de bons résultats pour le 4ème trimestre 2024, avec des revenus totaux atteignant 219 millions de dollars, en hausse de 56 % par rapport à l'année précédente et de 35 % par rapport au trimestre précédent. L'entreprise a originé 245 663 prêts pour un total de 2,1 milliards de dollars, représentant une augmentation de 68 % par rapport à l'année précédente. Le taux de conversion s'est considérablement amélioré, passant de 11,6 % au 4ème trimestre 2023 à 19,3 %.
La perte nette GAAP pour le 4ème trimestre a été réduite à (-2,8) millions de dollars contre (-42,4) millions de dollars au 4ème trimestre 2023, avec un EBITDA ajusté atteignant 38,8 millions de dollars. Pour l'année entière 2024, les revenus totaux ont atteint 637 millions de dollars, en hausse de 24 % par rapport à l'année précédente, avec 697 092 prêts originés totalisant 5,9 milliards de dollars.
En perspective, Upstart a fourni des prévisions solides pour 2025, projetant environ 1 milliard de dollars de revenus et s'attendant à atteindre le seuil de rentabilité du résultat net GAAP. L'entreprise a également annoncé un événement à venir, la journée de l'IA d'Upstart, prévue pour le 14 mai 2025 à New York City.
Upstart Holdings (UPST) hat starke Ergebnisse für das 4. Quartal 2024 gemeldet, mit einem Gesamtumsatz von 219 Millionen Dollar, was einem Anstieg von 56% im Vergleich zum Vorjahr und 35% im Vergleich zum Vorquartal entspricht. Das Unternehmen hat 245.663 Kredite im Gesamtwert von 2,1 Milliarden Dollar vergeben, was einem Anstieg von 68% im Jahresvergleich entspricht. Die Konversionsrate hat sich erheblich verbessert, von 11,6% im 4. Quartal 2023 auf 19,3%.
Der GAAP-Nettverlust im 4. Quartal verringerte sich auf ($2,8) Millionen von ($42,4) Millionen im 4. Quartal 2023, wobei das bereinigte EBITDA 38,8 Millionen Dollar erreichte. Für das gesamte Jahr 2024 lag der Gesamtumsatz bei 637 Millionen Dollar, was einem Anstieg von 24% im Jahresvergleich entspricht, mit 697.092 vergebenen Krediten im Gesamtwert von 5,9 Milliarden Dollar.
Für die Zukunft gab Upstart eine starke Prognose für 2025 ab und rechnet mit einem Umsatz von etwa 1 Milliarde Dollar und einem angestrebten Break-even bei GAAP-Nettogewinn. Das Unternehmen kündigte auch eine bevorstehende Veranstaltung, den Upstart AI Day, an, der für den 14. Mai 2025 in New York City geplant ist.
- Revenue increased 56% YoY to $219 million in Q4 2024
- Loan origination volume grew 68% YoY to $2.1 billion
- Conversion rate improved significantly to 19.3% from 11.6%
- Adjusted EBITDA reached $38.8 million, up from $0.6 million YoY
- Strong 2025 guidance with $1 billion revenue target
- Q4 2024 GAAP net loss of $2.8 million
- Full-year 2024 GAAP net loss of $129 million
- Contribution margin declined to 61% from 63% YoY in Q4
- Full-year contribution margin decreased to 60% from 63% in 2023
Insights
The Q4 2024 results mark a pivotal turning point for Upstart, with multiple indicators suggesting the company has successfully navigated through previous market challenges. The 56% YoY revenue growth to
The standout metric is the conversion rate surge to
Looking forward, the
However, investors should note that while the
“In Q4 of 2024, our business grew dramatically across all product categories, delivered Adjusted EBITDA at levels not seen since the first quarter of 2022, and came within a whisker of returning to GAAP profitability,” said Dave Girouard, co-founder and CEO of Upstart. “We launched into 2025 with unparalleled energy and optimism for the future of Upstart AI lending and the mission we’re on together.”
Fourth Quarter 2024 Financial Highlights
-
Total Revenue was
$219 million 56% year-over-year ("YoY") and up35% quarter-over-quarter ("QoQ"). Total fee revenue was$199 million 30% YoY, and up19% QoQ.
-
Transaction Volume and Conversion Rate: 245,663 loans were originated, totaling
$2.1 billion 68% YoY and up33% QoQ. Our Conversion Rate was19.3% , up from11.6% in Q4 2023.
-
Income (Loss) from Operations was
( , up from$4.8) million ( in Q4 2023.$47.5) million
-
Net Income (Loss) and EPS: GAAP net income (loss) was
( , up from$2.8) million ( in Q4 2023. Adjusted net income (loss) was$42.4) million $29.9 million ( in Q4 2023. Accordingly, GAAP diluted earnings per share was ($9.7) million $0.03 $0.26
-
Contribution Profit was
$122 million 28% YoY, with a Contribution Margin of61% compared to63% in Q4 2023.
-
Adjusted EBITDA was
$38.8 million $0.6 million 18% of total revenue, up from0% in Q4 2023.
Fiscal Year 2024 Financial Highlights
-
Total Revenue was
$637 million 24% YoY. Total fee revenue was$635 million 13% YoY.
-
Transaction Volume and Conversion Rate: 697,092 loans were originated, totaling
$5.9 billion 28% YoY. Our Conversion Rate was16.5% in 2024, up from9.7% in 2023.
-
Income (Loss) from Operations was
( , up from$173) million ( in 2023.$257) million
-
Net Income (Loss) and EPS: GAAP net income (loss) was
( , up from$129) million ( in 2023. Adjusted net income (loss) was$240) million ( , up from$17.8) million ( in 2023. Accordingly, GAAP diluted earnings per share was ($46.9) million $1.44 $0.20
-
Contribution Profit was
$382 million 8% YoY, with a Contribution Margin of60% compared to63% in 2023.
-
Adjusted EBITDA was
$10.6 million ( in 2023. 2024 Adjusted EBITDA Margin was$17.2) million 2% of total revenue, up from (3)% in 2023.
Key Operating Metrics |
||||||||||||
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|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
Transaction Volume, Dollars(1) |
|
$ |
1,253,223 |
|
$ |
2,107,473 |
|
$ |
4,645,669 |
|
$ |
5,930,029 |
Transaction Volume, Number of Loans(2) |
|
|
129,664 |
|
|
245,663 |
|
|
437,659 |
|
|
697,092 |
Conversion Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of Loans Fully Automated |
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Dollars in thousands |
|
(2) |
Transaction Volume, Number of Loans is shown in ones for the periods presented. |
Financial Outlook
For the first quarter of 2025, Upstart expects:
-
Revenue of approximately
$200 million -
Revenue From Fees of approximately
$185 million -
Net Interest Income (Loss) of approximately
$15 million
-
Revenue From Fees of approximately
-
Contribution Margin of approximately
57% -
GAAP Net Income (Loss) of approximately
( $20) million -
Adjusted Net Income (Loss) of approximately
$16 million -
Adjusted EBITDA of approximately
$27 million - Basic Weighted-Average Share Count of approximately 95 million shares
- Diluted Weighted-Average Share Count of approximately 105 million shares
For full year 2025, Upstart expects:
-
Revenue of approximately
$1 billion -
Revenue From Fees of approximately
$920 million -
Net Interest Income (Loss) of approximately
$80 million
-
Revenue From Fees of approximately
-
Adjusted EBITDA Margin of approximately
18% - GAAP Net Income to be at least breakeven
Upstart AI Day
Upstart will host “Upstart AI Day” on May 14, 2025, in
Key Operating Metrics and Non-GAAP Financial Measures
For a description of our key operating measures, please see the section titled “Key Operating Metrics” below.
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled "About Non-GAAP Financial Measures” below.
Conference Call and Webcast
-
Live Conference Call and Webcast at 1:30 p.m. PT on February 11, 2025. To access the call in
the United States andCanada : +1 888-394-8218, conference code 1025998. To access the call outside ofthe United States andCanada : +1 313-209-4906, conference code 1025998. A webcast is available at ir.upstart.com. - Event Replay. A webcast of the event will be archived for one year at ir.upstart.com.
About Upstart
Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than
Forward-Looking Statements
This press release contains forward-looking statements, including but not limited to, statements regarding our outlook for the first quarter of 2025 and the full fiscal year, continuing to strengthen our position as the fintech leader in artificial intelligence, and our growth expectations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate", "estimate", "expect", "project", "plan", "intend", “target”, “aim”, "believe", "may", "will", "should", “becoming”, “look forward”, “could”, "can have", "likely" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements give our current expectations and projections relating to our financial condition; macroeconomic factors; plans; objectives; product development; growth opportunities; assumptions; risks; future performance; business; investments; and results of operations, including revenue (including revenue from fees and net interest income (loss)), contribution margin, net income (loss), non-GAAP adjusted net income (loss), Adjusted EBITDA, basic weighted-average share count and diluted weighted-average share count. Neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The forward-looking statements included in this press release and on the related conference call and webcast relate only to events as of the date hereof. Upstart undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. More information about factors that could affect our results of operations and risks and uncertainties are provided in our public filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting our investor relations website at www.upstart.com or the SEC’s website at www.sec.gov. These risks and uncertainties include, but are not limited to, our ability to manage the adverse effects of macroeconomic conditions and disruptions in the banking sector and credit markets, including inflation and related changes in interest rates and monetary policy; our ability to access sufficient loan funding, including through securitizations, committed capital and other co-investment arrangements, whole loan sales, and warehouse credit facilities; the effectiveness of our credit decisioning models and risk management efforts, including reflecting the impact of macroeconomic conditions on borrowers' credit risk; our ability to retain existing, and attract new, lending partners; our future growth prospects and financial performance; our ability to manage risks associated with the loans on our balance sheet; our ability to improve and expand our platform and products; and our ability to operate successfully in a highly-regulated industry.
Key Operating Metrics
We review a number of operating metrics, including transaction volume, dollars; transaction volume, number of loans; and conversion rate to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.
We define “transaction volume, dollars” as the total principal of loan originations (or committed amounts for HELOCs) facilitated on our marketplace during the periods presented. We define “transaction volume, number of loans” as the number of loan originations (or commitments issued for HELOCs) facilitated on our marketplace during the periods presented. We believe these metrics are good proxies for our overall scale and reach as a platform.
We define “conversion rate” as the transaction volume, number of loans in a period divided by the number of rate inquiries received that we estimate to be legitimate, which we record when a borrower requests a loan offer on our platform. We track this metric to understand the impact of improvements to the efficiency of our borrower funnel on our overall growth.
About Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in
We believe non-GAAP information is useful in evaluating the operating results, ongoing operations, and for internal planning and forecasting purposes. We also believe that non-GAAP financial measures provide consistency and comparability with past financial performance and assist investors with comparing Upstart to other companies, some of which use similar non-GAAP financial measures to supplement their GAAP results. However, non-GAAP financial measures are presented for supplemental informational purposes only and should not be considered a substitute for, or superior to, financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP financial measures used by other companies.
Key limitations of our non-GAAP financial measures include:
- Contribution Profit and Contribution Margin are not GAAP financial measures of, nor do they imply, profitability. Even if our revenue exceeds variable expenses over time, we may not be able to achieve or maintain profitability, and the relationship of revenue to variable expenses is not necessarily indicative of future performance;
- Contribution Profit and Contribution Margin do not reflect all of our variable expenses and involve some judgment and discretion around what costs vary directly with loan volume. Other companies that present contribution profit and contribution margin may calculate it differently and, therefore, similarly titled measures presented by other companies may not be directly comparable to ours;
- Although depreciation expense is a non-cash charge, the assets being depreciated may have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;
- Adjusted EBITDA and Adjusted EBITDA Margin exclude stock-based compensation expense and certain employer payroll taxes on employee stock transactions. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy. The amount of employer payroll tax-related expense on employee stock transactions is dependent on our stock price and other factors that are beyond our control and which may not correlate to the operation of the business;
- Adjusted EBITDA and Adjusted EBITDA Margin do not reflect: (1) changes in, or cash requirements for, our working capital needs; (2) interest expense, or the cash requirements necessary to service interest or principal payments on our debt, which reduces cash available to us; or (3) tax payments that may represent a reduction in cash available to us; and
- The expenses and other items that we exclude in our calculation of Adjusted EBITDA and Adjusted EBITDA Margin may differ from the expenses and other items, if any, that other companies may exclude from adjusted EBITDA and adjusted EBITDA margin when they report their operating results.
Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included below. Upstart has not reconciled the forward-looking non-GAAP measures to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future. Accordingly, a reconciliation is not available without unreasonable effort.
UPSTART HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Data) |
|||||||
|
December 31, |
|
December 31, |
||||
|
|
2023 |
|
|
|
2024 |
|
Assets |
|
|
|
||||
Cash and cash equivalents |
$ |
368,405 |
|
|
$ |
788,422 |
|
Restricted cash |
|
99,382 |
|
|
|
187,841 |
|
Loans (at fair value)(1) |
|
1,156,413 |
|
|
|
806,304 |
|
Property, equipment, and software, net |
|
42,655 |
|
|
|
39,013 |
|
Operating lease right of use assets |
|
54,694 |
|
|
|
43,455 |
|
Beneficial interest assets (at fair value) |
|
41,012 |
|
|
|
176,848 |
|
Non-marketable equity securities |
|
41,250 |
|
|
|
41,250 |
|
Goodwill |
|
67,062 |
|
|
|
67,062 |
|
Other assets (includes |
|
146,227 |
|
|
|
216,763 |
|
Total assets |
$ |
2,017,100 |
|
|
$ |
2,366,958 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Liabilities: |
|
|
|
||||
Payable to investors |
$ |
53,580 |
|
|
$ |
60,173 |
|
Borrowings |
|
1,040,424 |
|
|
|
1,402,168 |
|
Payable to securitization note holders (at fair value) |
|
141,416 |
|
|
|
87,321 |
|
Accrued expenses and other liabilities (includes |
|
84,051 |
|
|
|
133,800 |
|
Operating lease liabilities |
|
62,324 |
|
|
|
50,278 |
|
Total liabilities |
|
1,381,795 |
|
|
|
1,733,740 |
|
Stockholders’ equity: |
|
|
|
||||
Common stock, |
|
9 |
|
|
|
9 |
|
Additional paid-in capital |
|
917,872 |
|
|
|
1,044,366 |
|
Accumulated deficit |
|
(282,576 |
) |
|
|
(411,157 |
) |
Total stockholders’ equity |
|
635,305 |
|
|
|
633,218 |
|
Total liabilities and stockholders’ equity |
$ |
2,017,100 |
|
|
$ |
2,366,958 |
|
(1) |
Includes |
UPSTART HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS and COMPREHENSIVE LOSS (In Thousands, Except Share and Per Share Data) (Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Revenue from fees, net(2) |
$ |
152,846 |
|
|
$ |
199,276 |
|
|
$ |
560,431 |
|
|
$ |
635,466 |
|
Interest income, interest expense, and fair value adjustments, net: |
|
|
|
|
|
|
|
||||||||
Interest income(1) |
|
52,073 |
|
|
|
41,461 |
|
|
|
168,996 |
|
|
|
186,360 |
|
Interest expense(1) |
|
(14,066 |
) |
|
|
(7,431 |
) |
|
|
(34,894 |
) |
|
|
(40,433 |
) |
Fair value and other adjustments(1) |
|
(50,541 |
) |
|
|
(14,342 |
) |
|
|
(180,971 |
) |
|
|
(144,865 |
) |
Total interest income, interest expense, and fair value adjustments, net |
|
(12,534 |
) |
|
|
19,688 |
|
|
|
(46,869 |
) |
|
|
1,062 |
|
Total revenue |
|
140,312 |
|
|
|
218,964 |
|
|
|
513,562 |
|
|
|
636,528 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Sales and marketing |
|
38,772 |
|
|
|
55,463 |
|
|
|
127,143 |
|
|
|
166,800 |
|
Customer operations |
|
36,117 |
|
|
|
40,602 |
|
|
|
150,418 |
|
|
|
157,996 |
|
Engineering and product development |
|
57,152 |
|
|
|
67,222 |
|
|
|
280,138 |
|
|
|
253,653 |
|
General, administrative, and other |
|
55,772 |
|
|
|
60,427 |
|
|
|
212,388 |
|
|
|
230,935 |
|
Total operating expenses |
|
187,813 |
|
|
|
223,714 |
|
|
|
770,087 |
|
|
|
809,384 |
|
Loss from operations |
|
(47,501 |
) |
|
|
(4,750 |
) |
|
|
(256,525 |
) |
|
|
(172,856 |
) |
Other income, net |
|
6,345 |
|
|
|
6,136 |
|
|
|
21,206 |
|
|
|
18,793 |
|
Expense on convertible notes |
|
(1,179 |
) |
|
|
(4,030 |
) |
|
|
(4,706 |
) |
|
|
(7,694 |
) |
Gain on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
33,361 |
|
Net loss before income taxes |
|
(42,335 |
) |
|
|
(2,644 |
) |
|
|
(240,025 |
) |
|
|
(128,396 |
) |
Provision for income taxes |
|
63 |
|
|
|
111 |
|
|
|
107 |
|
|
|
185 |
|
Net loss |
$ |
(42,398 |
) |
|
$ |
(2,755 |
) |
|
$ |
(240,132 |
) |
|
$ |
(128,581 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per share, basic |
$ |
(0.50 |
) |
|
$ |
(0.03 |
) |
|
$ |
(2.87 |
) |
|
$ |
(1.44 |
) |
Net loss per share, diluted |
$ |
(0.50 |
) |
|
$ |
(0.03 |
) |
|
$ |
(2.87 |
) |
|
$ |
(1.44 |
) |
Weighted-average number of shares outstanding used in computing net loss per share, basic |
|
85,569,351 |
|
|
|
92,174,306 |
|
|
|
83,765,896 |
|
|
|
89,450,038 |
|
Weighted-average number of shares outstanding used in computing net loss per share, diluted |
|
85,569,351 |
|
|
|
92,174,306 |
|
|
|
83,765,896 |
|
|
|
89,450,038 |
|
(1) |
Balances for the three months ended December 31, 2023 include |
(2) |
The following table presents revenue from fees disaggregated by type of service for the periods presented as follows: |
|
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
Revenue from fees, net: |
|
|
|
|
|
|
|
|
||||
Platform and referral fees, net |
|
$ |
118,261 |
|
$ |
165,758 |
|
$ |
414,120 |
|
$ |
502,411 |
Servicing and other fees, net |
|
|
34,585 |
|
|
33,518 |
|
|
146,311 |
|
|
133,055 |
Total revenue from fees, net |
|
$ |
152,846 |
|
$ |
199,276 |
|
$ |
560,431 |
|
$ |
635,466 |
UPSTART HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
|||||||
|
Year Ended December 31, |
||||||
|
|
2023 |
|
|
|
2024 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(240,132 |
) |
|
$ |
(128,581 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
||||
Change in fair value of loans |
|
190,320 |
|
|
|
125,002 |
|
Change in fair value of servicing assets |
|
22,171 |
|
|
|
16,490 |
|
Change in fair value of servicing liabilities |
|
(2,013 |
) |
|
|
(1,246 |
) |
Change in fair value of beneficial interest assets |
|
21,672 |
|
|
|
5,151 |
|
Change in fair value of beneficial interest liabilities |
|
4,817 |
|
|
|
12,568 |
|
Change in fair value of other financial instruments |
|
(2,145 |
) |
|
|
4,130 |
|
Stock-based compensation |
|
175,039 |
|
|
|
133,400 |
|
Gain on loan servicing rights, net |
|
(13,713 |
) |
|
|
(15,449 |
) |
Gain on debt extinguishment |
|
— |
|
|
|
(33,361 |
) |
Depreciation and amortization |
|
24,903 |
|
|
|
20,549 |
|
Loan premium amortization |
|
(3,869 |
) |
|
|
(17,021 |
) |
Non-cash interest expense and other |
|
3,057 |
|
|
|
3,217 |
|
Net changes in operating assets and liabilities: |
|
|
|
||||
Purchases of loans held-for-sale |
|
(3,006,510 |
) |
|
|
(4,309,268 |
) |
Proceeds from sale of loans held-for-sale |
|
2,514,627 |
|
|
|
4,101,937 |
|
Principal payments received for loans held-for-sale |
|
189,746 |
|
|
|
192,889 |
|
Principal payments received for loans held by consolidated securitization |
|
24,832 |
|
|
|
47,997 |
|
Payments on beneficial interest liabilities |
|
(596 |
) |
|
|
(6,700 |
) |
Other assets |
|
(8,932 |
) |
|
|
(8,690 |
) |
Operating lease liability and right-of-use asset |
|
(6,822 |
) |
|
|
(807 |
) |
Payable to investors for beneficial interest assets(1) |
|
5,792 |
|
|
|
— |
|
Accrued expenses and other liabilities |
|
(3,956 |
) |
|
|
44,124 |
|
Net cash provided by (used in) operating activities |
|
(111,712 |
) |
|
|
186,331 |
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
||||
Purchases and originations of loans held-for-investment |
|
(157,223 |
) |
|
|
(323,096 |
) |
Proceeds from sale of loans held-for-investment |
|
972 |
|
|
|
— |
|
Principal payments received for loans held-for-investment |
|
102,446 |
|
|
|
145,266 |
|
Principal payments received for notes receivable and repayments of residual certificates |
|
4,328 |
|
|
|
5,917 |
|
Settlements of beneficial interest assets |
|
— |
|
|
|
(4,469 |
) |
Purchases of property and equipment |
|
(1,527 |
) |
|
|
(837 |
) |
Capitalized software costs |
|
(10,559 |
) |
|
|
(9,153 |
) |
Acquisition of beneficial interest assets |
|
(56,892 |
) |
|
|
(63,284 |
) |
Proceeds from beneficial interest assets |
|
— |
|
|
|
11,930 |
|
Net cash used in investing activities |
|
(118,455 |
) |
|
|
(237,726 |
) |
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
||||
Proceeds from warehouse borrowings |
|
626,910 |
|
|
|
387,281 |
|
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender |
|
— |
|
|
|
913,440 |
|
Payment of debt issuance costs to third party |
|
— |
|
|
|
(3,945 |
) |
Repayments of warehouse borrowings |
|
(575,937 |
) |
|
|
(357,352 |
) |
Payments for repurchases of convertible notes |
|
— |
|
|
|
(325,344 |
) |
Purchase of capped calls |
|
— |
|
|
|
(40,883 |
) |
Settlement of capped calls |
|
— |
|
|
|
580 |
|
Principal payments made on securitization notes |
|
(23,320 |
) |
|
|
(55,368 |
) |
Payable to investors(1) |
|
(48,781 |
) |
|
|
12,385 |
|
Proceeds from issuance of securitization notes |
|
165,318 |
|
|
|
— |
|
Proceeds from issuance of common stock under employee stock purchase plan |
|
8,431 |
|
|
|
7,685 |
|
Proceeds from exercise of stock options |
|
12,881 |
|
|
|
21,414 |
|
Taxes paid related to net share settlement of equity awards |
|
(15 |
) |
|
|
(22 |
) |
Net cash provided by financing activities |
|
165,487 |
|
|
|
559,871 |
|
Change in cash, cash equivalents and restricted cash |
|
(64,680 |
) |
|
|
508,476 |
|
Cash, cash equivalents and restricted cash |
|
|
|
||||
Cash, cash equivalents and restricted cash at beginning of year |
|
532,467 |
|
|
|
467,787 |
|
Cash, cash equivalents and restricted cash at end of year |
$ |
467,787 |
|
|
$ |
976,263 |
|
(1) |
During the year ended December 31, 2024, the Company elected to change the presentation of changes in payable to investors balance on the consolidated statement of cash flows. Under the new presentation, a portion of the payable to investors balance related to fiduciary cash was reclassified from operating to financing activities. |
UPSTART HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In Thousands, Except Share and Per Share Data) (Unaudited) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Revenue from fees, net |
$ |
152,846 |
|
|
$ |
199,276 |
|
|
$ |
560,431 |
|
|
$ |
635,466 |
|
Loss from operations |
|
(47,501 |
) |
|
|
(4,750 |
) |
|
|
(256,525 |
) |
|
|
(172,856 |
) |
Operating Margin |
|
(31 |
)% |
|
|
(2 |
)% |
|
|
(46 |
)% |
|
|
(27 |
)% |
Sales and marketing, net of borrower acquisition costs(1) |
$ |
10,614 |
|
|
$ |
11,231 |
|
|
$ |
36,626 |
|
|
$ |
41,783 |
|
Customer operations, net of borrower verification and servicing costs(2) |
|
7,024 |
|
|
|
7,456 |
|
|
|
33,798 |
|
|
|
29,080 |
|
Engineering and product development |
|
57,152 |
|
|
|
67,222 |
|
|
|
280,138 |
|
|
|
253,653 |
|
General, administrative, and other |
|
55,772 |
|
|
|
60,427 |
|
|
|
212,388 |
|
|
|
230,935 |
|
Interest income, interest expense, and fair value adjustments, net |
|
12,534 |
|
|
|
(19,688 |
) |
|
|
46,869 |
|
|
|
(1,062 |
) |
Contribution Profit |
$ |
95,595 |
|
|
$ |
121,898 |
|
|
$ |
353,294 |
|
|
$ |
381,533 |
|
Contribution Margin |
|
63 |
% |
|
|
61 |
% |
|
|
63 |
% |
|
|
60 |
% |
(1) |
Borrower acquisition costs were |
(2) |
Borrower verification and servicing costs were |
UPSTART HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In Thousands, Except Share and Per Share Data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Total revenue |
|
$ |
140,312 |
|
|
$ |
218,964 |
|
|
$ |
513,562 |
|
|
$ |
636,528 |
|
Net loss |
|
|
(42,398 |
) |
|
|
(2,755 |
) |
|
|
(240,132 |
) |
|
|
(128,581 |
) |
Net Loss Margin |
|
|
(30 |
)% |
|
|
(1 |
)% |
|
|
(47 |
)% |
|
|
(20 |
)% |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation and certain payroll tax expenses(1) |
|
$ |
33,409 |
|
|
$ |
32,087 |
|
|
$ |
178,400 |
|
|
$ |
139,726 |
|
Depreciation and amortization |
|
|
9,103 |
|
|
|
4,699 |
|
|
|
24,903 |
|
|
|
20,549 |
|
Reorganization expenses |
|
|
— |
|
|
|
603 |
|
|
|
15,536 |
|
|
|
4,382 |
|
Expense on convertible notes |
|
|
1,179 |
|
|
|
4,030 |
|
|
|
4,706 |
|
|
|
7,694 |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33,361 |
) |
Net gain on lease modification |
|
|
(737 |
) |
|
|
— |
|
|
|
(737 |
) |
|
|
— |
|
Provision for income taxes |
|
|
63 |
|
|
|
111 |
|
|
|
107 |
|
|
|
185 |
|
Adjusted EBITDA |
|
$ |
619 |
|
|
$ |
38,775 |
|
|
$ |
(17,217 |
) |
|
$ |
10,594 |
|
Adjusted EBITDA Margin |
|
|
— |
% |
|
|
18 |
% |
|
|
(3 |
)% |
|
|
2 |
% |
(1) |
Payroll tax expenses include the employer payroll tax-related expense on employee stock transactions, as the amount is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of our business. |
UPSTART HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In Thousands, Except Share and Per Share Data) (Unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
Net loss |
|
$ |
(42,398 |
) |
|
$ |
(2,755 |
) |
|
$ |
(240,132 |
) |
|
$ |
(128,581 |
) |
Adjusted to exclude the following: |
|
|
|
|
|
|
|
|
||||||||
Stock-based compensation and certain payroll tax expenses(1) |
|
|
33,409 |
|
|
|
32,087 |
|
|
|
178,400 |
|
|
|
139,726 |
|
Reorganization expenses |
|
|
— |
|
|
|
603 |
|
|
|
15,536 |
|
|
|
4,382 |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33,361 |
) |
Net gain on lease modification |
|
|
(737 |
) |
|
|
— |
|
|
|
(737 |
) |
|
|
— |
|
Adjusted Net Income (Loss) |
|
$ |
(9,726 |
) |
|
$ |
29,935 |
|
|
$ |
(46,933 |
) |
|
$ |
(17,834 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.50 |
) |
|
$ |
(0.03 |
) |
|
$ |
(2.87 |
) |
|
$ |
(1.44 |
) |
Diluted |
|
$ |
(0.50 |
) |
|
$ |
(0.03 |
) |
|
$ |
(2.87 |
) |
|
$ |
(1.44 |
) |
Adjusted Net Income (Loss) Per Share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.11 |
) |
|
$ |
0.32 |
|
|
$ |
(0.56 |
) |
|
$ |
(0.20 |
) |
Diluted |
|
$ |
(0.11 |
) |
|
$ |
0.26 |
|
|
$ |
(0.56 |
) |
|
$ |
(0.20 |
) |
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
85,569,351 |
|
|
|
92,174,306 |
|
|
|
83,765,896 |
|
|
|
89,450,038 |
|
Diluted |
|
|
85,569,351 |
|
|
|
116,330,130 |
|
|
|
83,765,896 |
|
|
|
89,450,038 |
|
(1) |
Payroll tax expenses include the employer payroll tax-related expense on employee stock transactions, as the amount is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of our business. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211401108/en/
Press
Tom Brennan
press@upstart.com
Investors
Sonya Banerjee
ir@upstart.com
Source: Upstart Holdings, Inc.
FAQ
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