Upstart Holdings Inc
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 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 1. Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2023 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(129,254) | $(64,598) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Change in fair value of loans | 54,924 | 54,017 |
| Change in fair value of servicing assets | 5,479 | 4,286 |
| Change in fair value of servicing liabilities | (875) | (454) |
| Change in fair value of beneficial interest assets | — | (4,481) |
| Change in fair value of beneficial interest liabilities | — | 4,973 |
| Change in fair value of other financial instruments | (482) | 1,551 |
| Stock-based compensation | 74,109 | 35,777 |
| Gain on loan servicing rights, net | (3,613) | (2,946) |
| Depreciation and amortization | 6,441 | 5,632 |
| Non-cash interest expense | 766 | 768 |
| Other | (974) | (2,539) |
| Net changes in operating assets and liabilities: | ||
| Purchases of loans held-for-sale | (510,003) | (796,543) |
| Proceeds from sale of loans held-for-sale | 449,339 | 772,690 |
| Principal payments received for loans held-for-sale | 57,949 | 52,841 |
| Principal payments received for loans held by consolidated securitization | — | 12,338 |
| Payments on beneficial interest liabilities | — | (710) |
| Other assets | 306 | (825) |
| Operating lease liability and right-of-use asset | 1,216 | (202) |
| Payable to investors | (49,730) | 6,893 |
| Accrued expenses and other liabilities | (31,325) | (25,846) |
| Net cash provided by (used in) operating activities | (75,727) | 52,622 |
| Cash flows from investing activities | ||
| Purchases and originations of loans held-for-investment | (46,382) | (46,152) |
| Principal payments received for loans held-for-investment | 24,422 | 27,242 |
| Principal payments received for notes receivable and repayments of residual certificates | 1,566 | 1,225 |
| Purchases of property and equipment | (1,111) | (684) |
| Capitalized software costs | (4,347) | (1,065) |
| Acquisition of beneficial interest assets | — | (16,940) |
| Payments on beneficial interest assets | — | (1,173) |
| Net cash used in investing activities | (25,852) | (37,547) |
| Cash flows from financing activities | ||
| Proceeds from borrowings | 60,673 | 74,260 |
| Repayments of borrowings | (46,962) | (110,175) |
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2023 | 2024 | |
| Principal payments made on securitization notes | — | (13,564) |
| Proceeds from issuance of common stock under employee stock purchase plan | 5,728 | 4,565 |
| Proceeds from exercise of stock options | 1,537 | 1,204 |
| Taxes paid related to net share settlement of equity awards | (5) | (1) |
| Net cash provided by (used in) financing activities | 20,971 | (43,711) |
| Change in cash and restricted cash | (80,608) | (28,636) |
| Cash and restricted cash | ||
| Cash and restricted cash at beginning of period | 532,467 | 467,787 |
| Cash and restricted cash at end of period | $451,859 | $439,151 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $7,959 | $12,463 |
| Cash (received) paid for income taxes, net | (1,153) | 88 |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Beneficial interests obtained in connection with loan sale | $— | $13,555 |
| Beneficial interest assets included in payable to investors | — | 4,400 |
| Capitalized stock-based compensation expense | 2,658 | 546 |
The following presents cash and restricted cash by category within the unaudited condensed consolidated balance sheets:
| December 31, | March 31, | |
|---|---|---|
| 2023 | 2024 | |
| Cash | $368,405 | $300,529 |
| Restricted cash | 99,382 | 138,622 |
| Total cash and restricted cash | $467,787 | $439,151 |
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