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10-Q Filing

UPSTART HOLDINGS, INC. CIK: 1647639 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001647639-22-000018
Period End Date 20220331
Filing Date 20220510
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance upst-20220331_htm.xml
Filing Contents
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Cash Cash $986.61M USD Point-in-time
Cash Cash $757.83M USD Point-in-time
Restricted cash RestrictedCash $254.87M USD Point-in-time
Restricted cash RestrictedCash $204.63M USD Point-in-time
Loans (at fair value) NotesReceivableNet $597.98M USD Point-in-time
Loans (at fair value) NotesReceivableNet $252.48M USD Point-in-time
Property, equipment, and software, net PropertyPlantAndEquipmentNet $29.82M USD Point-in-time
Property, equipment, and software, net PropertyPlantAndEquipmentNet $24.26M USD Point-in-time
Operating lease right of use assets OperatingLeaseRightOfUseAsset $96.12M USD Point-in-time
Operating lease right of use assets OperatingLeaseRightOfUseAsset $93.22M USD Point-in-time
Non-marketable equity securities EquitySecuritiesWithoutReadilyDeterminableFairValueAmount $40.00M USD Point-in-time
Non-marketable equity securities EquitySecuritiesWithoutReadilyDeterminableFairValueAmount $41.00M USD Point-in-time
Goodwill Goodwill $67.06M USD Point-in-time
Cash Cash $986.61M USD Point-in-time
Cash Cash $757.83M USD Point-in-time
Goodwill Goodwill $67.06M USD Point-in-time
Restricted cash RestrictedCash $254.87M USD Point-in-time
Restricted cash RestrictedCash $204.63M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $19.91M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $18.84M USD Point-in-time
Other assets (includes $26,676 and $34,344 at fair value as of December 31, 2021 and March 31, 2022, respectively) OtherAssets $126.98M USD Point-in-time
Other assets (includes $26,676 and $34,344 at fair value as of December 31, 2021 and March 31, 2022, respectively) OtherAssets $129.39M USD Point-in-time
Loans (at fair value) NotesReceivableNet $597.98M USD Point-in-time
Loans (at fair value) NotesReceivableNet $252.48M USD Point-in-time
Other assets (includes $26,676 and $34,344 at fair value as of December 31, 2021 and March 31, 2022, respectively) OtherAssets $126.98M USD Point-in-time
Other assets (includes $26,676 and $34,344 at fair value as of December 31, 2021 and March 31, 2022, respectively) OtherAssets $129.39M USD Point-in-time
Total assets Assets $1.82B USD Point-in-time
Total assets Assets $1.99B USD Point-in-time
Total assets Assets $1.82B USD Point-in-time
Total assets Assets $1.99B USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $10.29M USD Point-in-time
Accounts payable AccountsPayableCurrentAndNoncurrent $6.56M USD Point-in-time
Borrowings DebtLongtermAndShorttermCombinedAmount $769.22M USD Point-in-time
Borrowings DebtLongtermAndShorttermCombinedAmount $695.43M USD Point-in-time
Accrued expenses and other liabilities (includes $13,095 and $13,531 at fair value as of December 31, 2021 and March 31, 2022, respectively) AccruedLiabilitiesAndOtherLiabilities $103.42M USD Point-in-time
Payable to investors PayableToInvestors $139.80M USD Point-in-time
Accrued expenses and other liabilities (includes $13,095 and $13,531 at fair value as of December 31, 2021 and March 31, 2022, respectively) AccruedLiabilitiesAndOtherLiabilities $91.72M USD Point-in-time
Payable to investors PayableToInvestors $107.60M USD Point-in-time
Total liabilities Liabilities $1.11B USD Point-in-time
Total liabilities Liabilities $1.01B USD Point-in-time
Borrowings DebtLongtermAndShorttermCombinedAmount $769.22M USD Point-in-time
Borrowings DebtLongtermAndShorttermCombinedAmount $695.43M USD Point-in-time
Accrued expenses and other liabilities at fair value AccruedExpensesAndOtherLiabilitiesFairValueDisclosure $13.10M USD Point-in-time
Accrued expenses and other liabilities at fair value AccruedExpensesAndOtherLiabilitiesFairValueDisclosure $13.53M USD Point-in-time
Accrued expenses and other liabilities (includes $13,095 and $13,531 at fair value as of December 31, 2021 and March 31, 2022, respectively) AccruedLiabilitiesAndOtherLiabilities $103.42M USD Point-in-time
Accrued expenses and other liabilities (includes $13,095 and $13,531 at fair value as of December 31, 2021 and March 31, 2022, respectively) AccruedLiabilitiesAndOtherLiabilities $91.72M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Operating lease liabilities OperatingLeaseLiability $100.05M USD Point-in-time
Operating lease liabilities OperatingLeaseLiability $100.37M USD Point-in-time
Total liabilities Liabilities $1.11B USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 700.00M shares Point-in-time
Total liabilities Liabilities $1.01B USD Point-in-time
Common stock, authorized (in shares) CommonStockSharesAuthorized 700.00M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 84.68M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 83.66M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 83.66M shares Point-in-time
Common stock, outstanding (in shares) CommonStockSharesOutstanding 84.68M shares Point-in-time
Common stock, $0.0001 par value; 700,000,000 shares authorized; 83,659,665 and 84,676,746, shares issued and outstanding as of December 31, 2021 and March 31, 2022, respectively CommonStockValue $9.00K USD Point-in-time
Common stock, $0.0001 par value; 700,000,000 shares authorized; 83,659,665 and 84,676,746, shares issued and outstanding as of December 31, 2021 and March 31, 2022, respectively CommonStockValue $8.00K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $777.58M USD Point-in-time
Other assets at fair value OtherAssetsFairValueDisclosure $26.68M USD Point-in-time
Other assets at fair value OtherAssetsFairValueDisclosure $34.34M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $740.85M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $66.22M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $98.91M USD Point-in-time
Total stockholders equity StockholdersEquity $320.59M USD Point-in-time
Total stockholders equity StockholdersEquity $807.08M USD Point-in-time
Total stockholders equity StockholdersEquity $876.50M USD Point-in-time
Total stockholders equity StockholdersEquity $300.25M USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.99B USD Point-in-time
Total liabilities and stockholders equity LiabilitiesAndStockholdersEquity $1.82B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue from fees, net RevenueFromContractWithCustomerExcludingAssessedTax $116.17M USD 1 Quarter
Revenue from fees, net RevenueFromContractWithCustomerExcludingAssessedTax $313.98M USD 1 Quarter
Interest income and fair value adjustments, net RevenueNotFromContractWithCustomer $-3.85M USD 1 Quarter
Interest income and fair value adjustments, net RevenueNotFromContractWithCustomer $5.17M USD 1 Quarter
Total revenue Revenues $310.14M USD 1 Quarter
Total revenue Revenues $121.34M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $133.45M USD 1 Quarter
Sales and marketing SellingAndMarketingExpense $49.38M USD 1 Quarter
Customer operations CustomerOperationsExpense $17.39M USD 1 Quarter
Customer operations CustomerOperationsExpense $48.41M USD 1 Quarter
Engineering and product development ResearchAndDevelopmentExpense $49.99M USD 1 Quarter
Engineering and product development ResearchAndDevelopmentExpense $18.99M USD 1 Quarter
General, administrative, and other GeneralAndAdministrativeExpense $20.02M USD 1 Quarter
General, administrative, and other GeneralAndAdministrativeExpense $43.46M USD 1 Quarter
Total operating expenses OperatingExpenses $275.30M USD 1 Quarter
Total operating expenses OperatingExpenses $105.77M USD 1 Quarter
Income from operations OperatingIncomeLoss $34.83M USD 1 Quarter
Income from operations OperatingIncomeLoss $15.57M USD 1 Quarter
Other Nonoperating Expense OtherNonoperatingExpense $2.12M USD 1 Quarter
Other Nonoperating Expense OtherNonoperatingExpense $5.25M USD 1 Quarter
Net income before income taxes IncomeLossAttributableToParent $10.32M USD 1 Quarter
Net income before income taxes IncomeLossAttributableToParent $32.71M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $19.00K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $221.00K USD 1 Quarter
Net income NetIncomeLoss $32.69M USD 1 Quarter
Net income NetIncomeLoss $10.10M USD 1 Quarter
Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic (in dollars per share) EarningsPerShareBasic $0.14 USD 1 Quarter
Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic (in dollars per share) EarningsPerShareBasic $0.39 USD 1 Quarter
Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, diluted (in dollars per share) EarningsPerShareDiluted $0.34 USD 1 Quarter
Net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, diluted (in dollars per share) EarningsPerShareDiluted $0.11 USD 1 Quarter
Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 73.63M shares 1 Quarter
Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 84.23M shares 1 Quarter
Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 91.45M shares 1 Quarter
Weighted-average number of shares outstanding used in computing net income (loss) per share attributable to Upstart Holdings, Inc. common stockholders, diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 95.46M shares 1 Quarter
Cash Flow Statement 78 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $32.69M USD 1 Quarter
Net income NetIncomeLoss $10.10M USD 1 Quarter
Change in fair value of financial instruments IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities $-901.00K USD 1 Quarter
Change in fair value of financial instruments IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities $-18.36M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $25.05M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $8.62M USD 1 Quarter
Loss (gain) on loan servicing arrangement, net GainLossOnLoanServicingArrangementsAndSaleOfNoncontrollingInterestsNet $-67.00K USD 1 Quarter
Loss (gain) on loan servicing arrangement, net GainLossOnLoanServicingArrangementsAndSaleOfNoncontrollingInterestsNet $8.71M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $816.00K USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $2.78M USD 1 Quarter
Non-cash interest expense OtherNoncashIncomeExpense $-776.00K USD 1 Quarter
Non-cash interest expense OtherNoncashIncomeExpense $-18.00K USD 1 Quarter
Purchase of loans for immediate resale PurchaseOfLoansForImmediateResale $3.01B USD 1 Quarter
Purchase of loans for immediate resale PurchaseOfLoansForImmediateResale $1.29B USD 1 Quarter
Proceeds from immediate resale of loans ProceedsFromImmediateResaleOfLoans $3.01B USD 1 Quarter
Proceeds from immediate resale of loans ProceedsFromImmediateResaleOfLoans $1.29B USD 1 Quarter
Purchase of loans held-for-sale PaymentsToPurchaseLoansHeldForSale $443.19M USD 1 Quarter
Purchase of loans held-for-sale PaymentsToPurchaseLoansHeldForSale $18.24M USD 1 Quarter
Principal payments received for loans held-for-sale ProceedsFromCollectionOfLoansHeldForSale $20.33M USD 1 Quarter
Principal payments received for loans held-for-sale ProceedsFromCollectionOfLoansHeldForSale $2.64M USD 1 Quarter
Proceeds from sale of loans held-for-sale ProceedsFromSaleOfLoansHeldForSale $50.76M USD 1 Quarter
Proceeds from sale of loans held-for-sale ProceedsFromSaleOfLoansHeldForSale $38.14M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $9.99M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-7.29M USD 1 Quarter
Operating lease liability and right-of-use asset IncreaseDecreaseInOperatingLeaseLiabilityAndRightOfUseAsset $2.58M USD 1 Quarter
Operating lease liability and right-of-use asset IncreaseDecreaseInOperatingLeaseLiabilityAndRightOfUseAsset $234.00K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $-5.81M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayableTrade $3.37M USD 1 Quarter
Payable to investors IncreaseDecreaseInPayableToInvestors $32.20M USD 1 Quarter
Payable to investors IncreaseDecreaseInPayableToInvestors $10.99M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $4.60M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $-11.09M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-266.80M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $43.09M USD 1 Quarter
Proceeds from sale of loans held-for-investment ProceedsFromSaleOfLoansHeldForInvestment - USD 1 Quarter
Proceeds from sale of loans held-for-investment ProceedsFromSaleOfLoansHeldForInvestment $8.33M USD 1 Quarter
Principal payments received for loans held-for-investment ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment $9.40M USD 1 Quarter
Principal payments received for loans held-for-investment ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment $3.00M USD 1 Quarter
Principal payments received for notes receivable and repayments of residual certificates ProceedsFromCollectionOfNotesReceivable $2.07M USD 1 Quarter
Principal payments received for notes receivable and repayments of residual certificates ProceedsFromCollectionOfNotesReceivable $3.12M USD 1 Quarter
Purchase of loans held-for-investment PaymentsToAcquireLoansHeldForInvestment - USD 1 Quarter
Purchase of loans held-for-investment PaymentsToAcquireLoansHeldForInvestment $12.95M USD 1 Quarter
Purchase of non-marketable equity security PaymentsToAcquireOtherInvestments - USD 1 Quarter
Purchase of non-marketable equity security PaymentsToAcquireOtherInvestments $1.00M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $1.63M USD 1 Quarter
Purchase of property and equipment PaymentsToAcquirePropertyPlantAndEquipment $267.00K USD 1 Quarter
Capitalized software costs PaymentsForSoftware $334.00K USD 1 Quarter
Capitalized software costs PaymentsForSoftware $3.66M USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $902.00K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $5.18M USD 1 Quarter
Proceeds from borrowings ProceedsFromIssuanceOfDebt $5.83M USD 1 Quarter
Proceeds from borrowings ProceedsFromIssuanceOfDebt $80.00M USD 1 Quarter
Repayments of borrowings RepaymentsOfDebt $26.58M USD 1 Quarter
Repayments of borrowings RepaymentsOfDebt $6.99M USD 1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans $4.43M USD 1 Quarter
Proceeds from issuance of common stock under employee stock purchase plan ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans - USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $1.49M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $5.63M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $83.07M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-19.26M USD 1 Quarter
Net increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $24.73M USD 1 Quarter
Net increase (decrease) in cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-178.55M USD 1 Quarter
Cash and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.01B USD Point-in-time
Cash and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.19B USD Point-in-time
Cash and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $311.33M USD Point-in-time
Cash and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $336.07M USD Point-in-time
Cash and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.01B USD Point-in-time
Cash and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.19B USD Point-in-time
Cash and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $311.33M USD Point-in-time
Cash and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $336.07M USD Point-in-time
Cash paid for interest InterestPaidNet $1.76M USD 1 Quarter
Cash paid for interest InterestPaidNet $1.03M USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid $18.00K USD 1 Quarter
Cash paid for income taxes IncomeTaxesPaid - USD 1 Quarter
Capitalized stock-based compensation expense EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $122.00K USD 1 Quarter
Capitalized stock-based compensation expense EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount $1.63M USD 1 Quarter
Reclassification of loans held-for-investment to held-for-sale TransferOfPortfolioLoansAndLeasesToHeldForSale1 $26.00K USD 1 Quarter
Reclassification of loans held-for-investment to held-for-sale TransferOfPortfolioLoansAndLeasesToHeldForSale1 $109.79M USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning balance (in shares) CommonStockSharesOutstanding 83.66M shares Point-in-time
Beginning balance (in shares) CommonStockSharesOutstanding 84.68M shares Point-in-time
Beginning balance StockholdersEquity $320.59M USD Point-in-time
Beginning balance StockholdersEquity $807.08M USD Point-in-time
Beginning balance StockholdersEquity $876.50M USD Point-in-time
Beginning balance StockholdersEquity $300.25M USD Point-in-time
Issuance of common stock upon exercise of stock options (in shares) StockIssuedDuringPeriodSharesStockOptionsExercised 888.96M shares 1 Quarter
Issuance of common stock upon exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $1.49M USD 1 Quarter
Issuance of common stock upon exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $5.63M USD 1 Quarter
Issuance of common stock under employee stock purchase plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $4.43M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $8.74M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition $26.68M USD 1 Quarter
Net income NetIncomeLoss $32.69M USD 1 Quarter
Net income NetIncomeLoss $10.10M USD 1 Quarter
Ending balance (in shares) CommonStockSharesOutstanding 83.66M shares Point-in-time
Ending balance (in shares) CommonStockSharesOutstanding 84.68M shares Point-in-time
Ending balance StockholdersEquity $320.59M USD Point-in-time
Ending balance StockholdersEquity $807.08M USD Point-in-time
Ending balance StockholdersEquity $876.50M USD Point-in-time
Ending balance StockholdersEquity $300.25M USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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