Upstart Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
| December 31, | December 31, | |
|---|---|---|
| 2022 | 2023 | |
| Assets | ||
| Cash | $422,411 | $368,405 |
| Restricted cash | 110,056 | 99,382 |
| Loans (at fair value)(1) | 1,010,421 | 1,156,413 |
| Property, equipment, and software, net | 44,168 | 42,655 |
| Operating lease right of use assets | 86,335 | 54,694 |
| Beneficial interest assets (at fair value) | — | 41,012 |
| Non-marketable equity securities | 41,250 | 41,250 |
| Goodwill | 67,062 | 67,062 |
| Other assets (includes $42,648 and $48,897 at fair value as of December 31, 2022 and December 31, 2023, respectively) | 154,351 | 146,227 |
| Total assets(2) | $1,936,054 | $2,017,100 |
| Liabilities and Stockholders’ Equity | ||
| Liabilities: | ||
| Accounts payable | $18,715 | $12,613 |
| Payable to investors | 90,777 | 53,580 |
| Borrowings | 986,394 | 1,040,424 |
| Payable to securitization note holders (at fair value) | — | 141,416 |
| Accrued expenses and other liabilities (includes $8,820 and $10,510 at fair value as of December 31, 2022 and December 31, 2023, respectively) | 66,946 | 71,438 |
| Operating lease liabilities | 100,787 | 62,324 |
| Total liabilities(2) | 1,263,619 | 1,381,795 |
| Stockholders’ equity: | ||
| Common stock, $0.0001 par value; 700,000,000 shares authorized; 81,259,676 and 86,330,303 shares issued and outstanding as of December 31, 2022 and December 31, 2023, respectively | 8 | 9 |
| Additional paid-in capital | 714,871 | 917,872 |
| Accumulated deficit | (42,444) | (282,576) |
| Total stockholders’ equity | 672,435 | 635,305 |
| Total liabilities and stockholders’ equity | $1,936,054 | $2,017,100 |
(1)As of December 31, 2023, includes $179.1 million of loans, at fair value, contributed as collateral for the consolidated securitization. No such loans were held as of December 31, 2022. Refer to “Note 6. Fair Value Measurement” for details.
(2)The following table presents information on assets and liabilities related to variable interest entities (“VIEs”) that are consolidated by Upstart Holdings, Inc. at December 31, 2022 and December 31, 2023. The assets in the table below may only be used to settle obligations of consolidated VIEs and are in excess of those obligations. The liabilities in the table below include liabilities for which creditors do not have recourse to the general credit of Upstart Holdings, Inc. The assets and liabilities in the table below include third-party assets and liabilities of consolidated VIEs and exclude intercompany balances that eliminate in consolidation.
Consolidated Balance Sheets (Continued)
| December 31, | December 31, | |
|---|---|---|
| 2022 | 2023 | |
| Assets | ||
| Cash | $838 | $1,603 |
| Restricted cash | 13,147 | 23,450 |
| Loans (at fair value) | 958,822 | 1,147,423 |
| Other assets (includes $2,244 and $5,958 at fair value as of December 31, 2022 and December 31, 2023, respectively) | 11,674 | 22,917 |
| Total assets | $984,481 | $1,195,393 |
| Liabilities | ||
| Payable to investors | $— | $121 |
| Borrowings | 336,452 | 387,440 |
| Payable to securitization note holders (at fair value) | — | 141,416 |
| Accrued expenses and other liabilities | 1,378 | 1,975 |
| Total liabilities | 337,830 | 530,952 |
| Total net assets | $646,651 | $664,441 |
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