← Upstart Holdings, Inc.
| Annual Trend | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) | — | — | ($5.0m) | $5.6m | $135.4m | ($108.7m) | ($240.1m) | ($128.6m) | $53.6m | |
| Depreciation and amortization | $628k | $702k | $774k | $2.3m | $7.5m | $13.5m | $24.9m | $20.5m | $24.8m | |
| Loan premium amortization | — | — | — | — | — | $0 | ($3.9m) | ($17.0m) | ($49.1m) | |
| Depreciation | $628k | $702k | $644k | $572k | $372k | $206k | $230k | $275k | $207k | |
| Lease amortization | — | — | $1.9m | $1.5m | $1.4m | $994k | $1.2m | $1.1m | $1.1m | |
| Deferred income taxes | ($1.1m) | $705k | ($465k) | ($1.5m) | $2.1m | $1.1m | $275k | $154k | $231k | |
| Investment impairment | $1.7m | $370k | — | $1.0m | — | — | — | — | — | |
| Gain on debt extinguishment | — | — | — | — | — | $0 | $0 | ($33.4m) | ($7.2m) | |
| Non-cash interest expense and other | — | — | — | — | $2.0m | $3.0m | $3.1m | $3.2m | $8.6m | |
| Operating lease liability and right-of-use asset | — | — | $871k | $251k | $3.1m | $10.2m | ($6.8m) | ($807k) | ($2.1m) | |
| Change in fair value of loans | — | — | — | — | — | $170.8m | $190.3m | $125.0m | ($113.7m) | |
| Change in fair value of servicing assets | — | — | — | — | — | $13.0m | $22.2m | $16.5m | $18.6m | |
| Change in fair value of servicing liabilities | — | — | — | — | — | ($7.1m) | ($2.0m) | ($1.2m) | ($942k) | |
| Change in fair value of beneficial interest assets | — | — | — | — | — | $0 | $21.7m | $5.2m | ($33.2m) | |
| Change in fair value of beneficial interest liabilities | — | — | — | — | — | $0 | $4.8m | $12.6m | $16.6m | |
| Change in fair value of other financial instruments | — | — | — | — | — | ($7.8m) | ($2.1m) | $4.1m | ($6.9m) | |
| Stock-based compensation | $866k | $1.1m | $3.8m | $11.5m | $73.2m | $125.9m | $175.0m | $133.4m | $131.9m | |
| Gain on loan servicing rights, net | — | — | — | — | ($6.9m) | ($28.7m) | ($13.7m) | ($15.4m) | ($28.0m) | |
| Purchases of loans held-for-sale | — | — | $0 | ($116.1m) | ($219.1m) | ($7.8b) | ($3.0b) | ($4.3b) | ($9.1b) | |
| Proceeds from sale of loans held-for-sale | — | — | $0 | $47.6m | $112.6m | $6.8b | $2.5b | $4.1b | $8.7b | |
| Principal payments received for loans held-for-sale | — | — | $0 | $18.2m | $8.7m | $152.0m | $189.7m | $192.9m | $187.7m | |
| Principal payments received for loans held by consolidated securitization | — | — | — | — | $0 | $0 | $24.8m | $48.0m | $37.9m | |
| Settlements of beneficial interest liabilities, net | — | — | — | — | — | $0 | ($596k) | ($6.7m) | ($21.6m) | |
| Proceeds from beneficial interest assets (derivatives) | — | — | — | — | — | $0 | $0 | $11.9m | $142.9m | |
| Settlements of beneficial interest assets (derivatives) | — | — | — | — | — | $0 | $0 | ($4.5m) | ($4.6m) | |
| Other assets | — | — | ($12.0m) | ($13.2m) | ($62.0m) | $4.2m | ($8.9m) | ($8.7m) | ($10.8m) | |
| Payable to investors for beneficial interest assets | — | — | — | — | — | $0 | $5.8m | $0 | $0 | |
| Accrued expenses and other liabilities | — | — | $22.4m | $4.7m | $59.6m | ($31.3m) | $2.2m | $44.1m | $39.6m | |
| Principal payments received for loans held-for-investment | — | — | $48.1m | $15.8m | $24.5m | $43.3m | $102.4m | $145.3m | $320.4m | |
| Principal payments received for notes receivable and repayments of residual certificates | — | — | $8.8m | $14.7m | $11.5m | $6.7m | $4.3m | $5.9m | $23.1m | |
| Acquisition and settlements of beneficial interest assets (hybrid instruments) | — | — | — | — | — | — | ($56.9m) | ($67.8m) | ($3.4m) | |
| Issuance of line of credit receivable | — | — | — | — | — | $0 | $0 | ($54.8m) | $51.6m | |
| Repayments of line of credit receivable | — | — | — | — | — | — | $0 | $0 | $1.8m | |
| Purchases of property and equipment | ($732k) | ($225k) | ($4.0m) | ($1.4m) | ($8.4m) | ($8.8m) | ($1.5m) | ($837k) | ($347k) | |
| Capitalized software costs | — | — | ($1.3m) | ($4.2m) | ($6.7m) | ($14.1m) | ($10.6m) | ($9.2m) | ($18.1m) | |
| Proceeds from borrowings | — | — | $153.5m | $92.1m | $718.4m | $688.8m | $626.9m | $387.3m | $294.2m | |
| Repayments of borrowings | — | — | ($109.9m) | ($148.1m) | ($71.3m) | ($400.9m) | ($575.9m) | ($357.4m) | ($317.1m) | |
| Payments for repurchases of convertible notes | — | — | — | — | — | $0 | $0 | ($325.3m) | ($224.2m) | |
| Purchase of capped calls | — | — | $0 | $0 | ($58.5m) | $0 | $0 | ($40.9m) | ($55.2m) | |
| Settlement of capped calls | — | — | — | — | — | $0 | $0 | $580k | $564k | |
| Principal payments made on securitization notes | — | — | — | — | $0 | $0 | ($23.3m) | ($55.4m) | ($40.6m) | |
| Payable to investors | — | — | ($14.9m) | $19.4m | $62.1m | ($16.8m) | ($43.0m) | $12.4m | $47.5m | |
| Proceeds from issuance of securitization notes | — | — | — | — | $0 | $0 | $165.3m | $0 | $0 | |
| Net proceeds related to stock-based award activities | — | — | — | — | — | — | $21.3m | $29.1m | $25.3m | |
| Beneficial interests obtained in connection with loan sales | — | — | — | — | — | $0 | $0 | $90.6m | $325.7m | |
| Securities retained under unconsolidated securitization transactions | — | — | $31.2m | $0 | $0 | $4.7m | $13.2m | $13.0m | $95.9m | |
| Capitalized stock-based compensation expense | — | — | $0 | $492k | $3.1m | $6.0m | $6.7m | $4.3m | $9.4m | |
| Settlement of borrowings in connection with loan sale | — | — | — | — | — | $0 | $0 | $221.7m | $0 | |
| Securities retained under consolidated securitization transaction | — | — | — | — | $0 | $0 | $44.8m | $0 | $0 | |
| Beneficial interest assets included in payable to investors | — | — | — | — | $0 | $0 | $5.8m | $0 | $0 | |
| Net loss | $7.0m | $4.8m | ($3.9m) | ($23.7m) | ($5.8m) | ($5.0m) | ($3.9m) | ($4.4m) | ($8.0m) | |
| Net gain on disposal of assets | — | ($21k) | $5k | — | ($33k) | ($2k) | ($25k) | $0 | $0 | |
| Gain on liquidation of a subsidiary | — | ($909k) | — | — | ($6k) | — | — | — | — | |
| Reversal of guarantee obligations (ASC 460) reserve upon expiration of statute of limitations | ($1.4m) | ($2.5m) | ($1.2m) | — | ($42k) | ($21k) | ($21k) | ($21k) | ($21k) | |
| Allowance for (recovery of) credit losses | $4k | $812k | $4.4m | $9.4m | ($9.2m) | ($3.5m) | ($1.3m) | ($39k) | $582k | |
| Inventory write-downs | — | — | — | — | — | $682k | $133k | $97k | $436k | |
| Changes in fair value of equity securities | — | — | — | — | — | — | — | ($165k) | $80k | |
| Accounts receivable | $1.4m | ($44.8m) | ($21.6m) | $18.8m | $31.3m | $19.0m | $4.8m | $3.6m | ($199k) | |
| Inventories and deferred costs | $1.2m | $6.6m | $18.3m | ($230k) | $578k | ($448k) | $303k | ($1.4m) | $53k | |
| Prepaid and other assets | ($7.3m) | $5.5m | ($3.6m) | $600k | ($4.6m) | $1.7m | ($854k) | ($680k) | $126k | |
| Accounts payable | $5.2m | $23.2m | ($19.9m) | ($5.8m) | ($6.1m) | ($6.1m) | ($5.0m) | ($951k) | ($2.8m) | |
| Income taxes payable | ($26k) | ($929k) | $506k | ($1.9m) | $2.8m | ($417k) | $181k | ($325k) | $592k | |
| Customer advances | ($7.2m) | ($6.0m) | ($401k) | $231k | ($160k) | ($108k) | $103k | $543k | ($742k) | |
| Deferred revenue | ($3.2m) | ($4.9m) | ($2.3m) | ($1.3m) | ($329k) | ($6k) | — | ($38k) | ($50k) | |
| Other liabilities | $7.1m | ($10.4m) | $3.2m | ($2.1m) | $2.4m | ($1.6m) | ($917k) | ($2.3m) | ($509k) | |
| Proceeds from exercise of stock options | $113k | $101k | $56k | — | — | $20k | $4k | $0 | $0 | |
| Repurchase of ordinary shares | ($140k) | ($2.5m) | ($1.0m) | ($374k) | — | ($13k) | — | — | — | |
| Allowance for inventory | — | — | $1.9m | $170k | $4.6m | $682k | $133k | — | — | |
| Gain on reversal of accounts payable | — | — | ($3.2m) | — | — | — | — | — | — | |
| Acquisition of uSTAR, net of cash acquired | — | ($673k) | — | — | — | — | — | — | — | |
| Proceeds from short-term borrowing | — | — | $4.6m | — | — | — | — | — | — | |
| Repayment of short-term borrowing | — | — | ($4.6m) | — | — | — | — | — | — | |
| Equity loss of associates | $687k | $613k | $3.3m | $23.0m | — | — | — | — | — | |
| Gain on cumulative translation adjustment recognition from liquidation of subsidiaries | ($1.7m) | — | — | — | — | — | — | — | — | |
| Net cash provided by (used in) operating activities | $3.8m | ($26.1m) | $31.6m | $15.7m | $168.4m | ($674.7m) | ($160.5m) | $186.3m | ($147.7m) | |
| Purchases and originations of loans held-for-investment | — | — | ($265.3m) | ($9.7m) | ($159.4m) | ($149.3m) | ($157.2m) | ($323.1m) | ($1.0b) | |
| Purchase of short-term investments | ($3.2m) | — | ($41k) | — | — | — | — | — | ($616k) | |
| Purchase of investments | ($481k) | — | — | — | — | — | — | — | — | |
| Proceeds from sale of loans held-for-investment | — | — | $100.7m | $97.3m | $51.4m | $14.3m | $972k | $0 | $395.7m | |
| Proceeds from sale of short-term investments | — | $3.1m | $41k | $2.1m | $2.1m | — | — | — | — | |
| Proceeds from sale of investments | $500k | — | — | — | — | — | — | — | — | |
| Net cash used in investing activities | ($3.9m) | $2.2m | $45.4m | $136.5m | ($143.9m) | ($114.1m) | ($118.5m) | ($237.7m) | ($177.2m) | |
| Proceeds from convertible notes issuance, net of debt issuance costs paid to lender | — | — | — | — | — | $0 | $0 | $913.4m | $678.3m | |
| Payment of debt issuance costs to third parties | — | — | $0 | $0 | ($15.7m) | $0 | $0 | ($3.9m) | ($3.1m) | |
| Net cash provided by financing activities | ($27k) | ($2.4m) | ($119.2m) | $79.1m | $855.4m | $130.0m | $214.3m | $559.9m | $405.6m | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | $2.1m | ($701k) | $554k | $1.6m | ($3.7m) | ($6.5m) | ($2.5m) | ($1.9m) | ($908k) | |
| Change in cash, cash equivalents and restricted cash | $2.0m | ($27.0m) | ($42.2m) | $231.3m | $879.9m | ($658.8m) | ($64.7m) | $508.5m | $80.7m | |
| Cash, cash equivalents and restricted cash at beginning of year | $98.6m | $100.7m | $80.1m | $311.3m | $1.2b | $532.5m | $467.8m | $976.3m | $1.1b | |
| Cash and cash equivalents | $83.9m | — | — | — | — | — | $368.4m | $788.4m | $652.4m | |
| Restricted cash | — | — | — | — | $204.6m | $110.1m | $99.4m | $187.8m | $404.6m | |
| Short-term restricted cash | — | — | — | — | — | — | $7.1m | $6.8m | $6.6m | |
| Long-term restricted cash | — | — | — | — | — | — | $2.6m | $2.4m | $2.0m | |
| Cash paid for interest | $48k | $47k | $26.9m | $8.0m | $3.3m | $12.5m | $36.5m | $43.1m | $43.5m | |
| Cash paid for income taxes, net | $2.0m | $1.2m | $1.4m | $2.1m | $2.3m | $328k | ($658k) | $258k | $590k |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.