Upstart Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
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FY2023 · Filed Feb 15, 2024
UPST$20.41-8.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2021 | 2022 | 2023 | |
| Cash flows from operating activities | |||
| Net income (loss) | $135,443 | $(108,665) | $(240,132) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
| Change in fair value of financial instruments | (228) | 168,878 | 234,822 |
| Stock-based compensation | 73,186 | 125,945 | 175,039 |
| Gain on loan servicing rights, net | (6,916) | (28,739) | (13,713) |
| Depreciation and amortization | 7,541 | 13,513 | 24,903 |
| Non-cash interest expense | 1,983 | 3,047 | 3,057 |
| Other | — | — | (3,869) |
| Net changes in operating assets and liabilities: | |||
| Purchases of loans held-for-sale | (8,932,604) | (7,807,429) | (3,006,510) |
| Proceeds from sale of loans held-for-sale | 8,826,045 | 6,828,617 | 2,514,627 |
| Principal payments received for loans held-for-sale | 8,659 | 152,018 | 189,746 |
| Principal payments received for loans held by consolidated securitization | — | — | 24,832 |
| Settlements of beneficial interest liabilities | — | — | (596) |
| Other assets | (62,042) | 4,173 | (8,932) |
| Operating lease liability and right-of-use asset | 3,126 | 10,204 | (6,822) |
| Accounts payable | (7,513) | 11,878 | (6,127) |
| Payable to investors | 62,097 | (16,821) | (42,989) |
| Accrued expenses and other liabilities | 59,576 | (31,300) | 2,171 |
| Net cash provided by (used in) operating activities | 168,353 | (674,681) | (160,493) |
| Cash flows from investing activities | |||
| Purchases and originations of loans held-for-investment | (159,398) | (149,298) | (157,223) |
| Proceeds from sale of loans held-for-investment | 51,403 | 14,289 | 972 |
| Principal payments received for loans held-for-investment | 24,532 | 43,311 | 102,446 |
| Principal payments received for notes receivable and repayments of residual certificates | 11,458 | 6,736 | 4,328 |
| Purchases of property and equipment | (8,427) | (8,825) | (1,527) |
| Capitalized software costs | (6,688) | (14,088) | (10,559) |
| Acquisition of beneficial interest assets | — | — | (56,892) |
| Purchases of non-marketable equity securities | (40,000) | (1,250) | — |
| Purchase of certificates of deposit | — | (5,000) | — |
| Acquisition, net of cash acquired | (16,757) | — | — |
| Net cash used in investing activities | (143,877) | (114,125) | (118,455) |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 718,422 | 688,813 | 626,910 |
| Repayments of borrowings | (71,316) | (400,898) | (575,937) |
Consolidated Statements of Cash Flows (Continued)
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2021 | 2022 | 2023 | |
| Principal payments made on securitization notes | — | — | (23,320) |
| Proceeds from issuance of securitization notes | — | — | 165,318 |
| Proceeds from secondary offering, net of underwriting discounts, commissions, and offering costs | 263,931 | — | — |
| Payment of debt issuance costs | (15,727) | — | — |
| Purchase of capped calls | (58,523) | — | — |
| Proceeds from issuance of common stock under employee stock purchase plan | 4,145 | 7,662 | 8,431 |
| Proceeds from exercise of stock options | 14,736 | 12,354 | 12,881 |
| Taxes paid related to net share settlement of equity awards | (236) | (16) | (15) |
| Repurchases of common stock | — | (177,883) | — |
| Net cash provided by financing activities | 855,432 | 130,032 | 214,268 |
| Change in cash and restricted cash | 879,908 | (658,774) | (64,680) |
| Cash and restricted cash | |||
| Cash and restricted cash at beginning of year | 311,333 | 1,191,241 | 532,467 |
| Cash and restricted cash at end of year | $1,191,241 | $532,467 | $467,787 |
| Supplemental disclosures of cash flow information | |||
| Cash paid for interest | $3,274 | $12,473 | $36,547 |
| Cash (received) paid for income taxes, net | 2,300 | 328 | (658) |
| Supplemental disclosures of non-cash investing and financing activities | |||
| Securities retained under consolidated securitization transaction | $— | $— | $44,763 |
| Residual certificates retained under unconsolidated securitization | — | 4,680 | 13,172 |
| Beneficial interest assets included in payable to investors | — | — | 5,792 |
| Capitalized stock-based compensation expense | 3,141 | 5,960 | 6,666 |
| Issuance of common stock in connection with acquisition | 80,256 | — | — |
The following presents cash and restricted cash by category within the consolidated balance sheets:
| December 31, | December 31, | |
|---|---|---|
| 2022 | 2023 | |
| Cash | $422,411 | $368,405 |
| Restricted cash | 110,056 | 99,382 |
| Total cash and restricted cash | $532,467 | $467,787 |
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