Upstart Holdings Inc
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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
| Year Ended December 31, | |||
|---|---|---|---|
| 2022 | 2023 | 2024 | |
| Cash flows from operating activities | |||
| Net loss | $(108,665) | $(240,132) | $(128,581) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Change in fair value of loans | 170,841 | 190,320 | 125,002 |
| Change in fair value of servicing assets | 12,962 | 22,171 | 16,490 |
| Change in fair value of servicing liabilities | (7,114) | (2,013) | (1,246) |
| Change in fair value of beneficial interest assets | — | 21,672 | 5,151 |
| Change in fair value of beneficial interest liabilities | — | 4,817 | 12,568 |
| Change in fair value of other financial instruments | (7,811) | (2,145) | 4,130 |
| Stock-based compensation | 125,945 | 175,039 | 133,400 |
| Gain on loan servicing rights, net | (28,739) | (13,713) | (15,449) |
| Gain on debt extinguishment | — | — | (33,361) |
| Depreciation and amortization | 13,513 | 24,903 | 20,549 |
| Loan premium amortization | — | (3,869) | (17,021) |
| Non-cash interest expense and other | 3,047 | 3,057 | 3,217 |
| Net changes in operating assets and liabilities: | |||
| Purchases of loans held-for-sale | (7,807,429) | (3,006,510) | (4,309,268) |
| Proceeds from sale of loans held-for-sale | 6,828,617 | 2,514,627 | 4,101,937 |
| Principal payments received for loans held-for-sale | 152,018 | 189,746 | 192,889 |
| Principal payments received for loans held by consolidated securitization | — | 24,832 | 47,997 |
| Payments on beneficial interest liabilities | — | (596) | (6,700) |
| Other assets | 4,173 | (8,932) | (8,690) |
| Operating lease liability and right-of-use asset | 10,204 | (6,822) | (807) |
| Payable to investors for beneficial interest assets(1) | — | 5,792 | — |
| Accrued expenses and other liabilities | (19,422) | (3,956) | 44,124 |
| Net cash provided by (used in) operating activities | (657,860) | (111,712) | 186,331 |
| Cash flows from investing activities | |||
| Purchases and originations of loans held-for-investment | (149,298) | (157,223) | (323,096) |
| Proceeds from sale of loans held-for-investment | 14,289 | 972 | — |
| Principal payments received for loans held-for-investment | 43,311 | 102,446 | 145,266 |
| Principal payments received for notes receivable and repayments of residual certificates | 6,736 | 4,328 | 5,917 |
| Settlements of beneficial interest assets | — | — | (4,469) |
| Purchases of property and equipment | (8,825) | (1,527) | (837) |
| Capitalized software costs | (14,088) | (10,559) | (9,153) |
| Acquisition of beneficial interest assets | — | (56,892) | (63,284) |
| Proceeds from beneficial interest assets | — | — | 11,930 |
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2022 | 2023 | 2024 | |
| Purchases of non-marketable equity securities | (1,250) | — | — |
| Purchase of certificates of deposit | (5,000) | — | — |
| Net cash used in investing activities | (114,125) | (118,455) | (237,726) |
| Cash flows from financing activities | |||
| Proceeds from warehouse borrowings | 688,813 | 626,910 | 387,281 |
| Proceeds from convertible notes issuance, net of debt issuance costs paid to lender | — | — | 913,440 |
| Payment of debt issuance costs to third party | — | — | (3,945) |
| Repayments of warehouse borrowings | (400,898) | (575,937) | (357,352) |
| Payments for repurchases of convertible notes | — | — | (325,344) |
| Purchase of capped calls | — | — | (40,883) |
| Settlement of capped calls | — | — | 580 |
| Principal payments made on securitization notes | — | (23,320) | (55,368) |
| Payable to investors(1) | (16,821) | (48,781) | 12,385 |
| Proceeds from issuance of securitization notes | — | 165,318 | — |
| Proceeds from issuance of common stock under employee stock purchase plan | 7,662 | 8,431 | 7,685 |
| Proceeds from exercise of stock options | 12,354 | 12,881 | 21,414 |
| Taxes paid related to net share settlement of equity awards | (16) | (15) | (22) |
| Repurchases of common stock | (177,883) | — | — |
| Net cash provided by financing activities | 113,211 | 165,487 | 559,871 |
| Change in cash, cash equivalents and restricted cash | (658,774) | (64,680) | 508,476 |
| Cash, cash equivalents and restricted cash | |||
| Cash, cash equivalents and restricted cash at beginning of year | 1,191,241 | 532,467 | 467,787 |
| Cash, cash equivalents and restricted cash at end of year | $532,467 | $467,787 | $976,263 |
| Supplemental disclosures of cash flow information | |||
| Cash paid for interest | $12,473 | $36,547 | $43,119 |
| Cash (received) paid for income taxes, net | 328 | (658) | 258 |
| Supplemental disclosures of non-cash investing and financing activities | |||
| Settlement of borrowings in connection with loan sale | $— | $— | $221,749 |
| Securities retained under unconsolidated securitization transaction | 4,680 | 13,172 | 13,001 |
| Beneficial interests obtained in connection with loan sale | — | — | 90,565 |
| Capitalized stock-based compensation expense | 5,960 | 6,666 | 4,320 |
| Issuance costs of new convertible notes | — | — | (443) |
| Issuance of line of credit receivable | — | — | (54,780) |
| Securities retained under consolidated securitization transaction | — | 44,763 | — |
| Beneficial interest assets included in payable to investors | — | 5,792 | — |
Consolidated Statements of Cash Flows (Continued)
(1)During the year ended December 31, 2024, the Company elected to change the presentation of changes in the payable to investors balance on the consolidated statement of cash flows, refer to “Note 1. Description of Business and Significant Accounting Policies” for further details.
The following presents cash, cash equivalents and restricted cash by category within the consolidated balance sheets:
| December 31, | December 31, | |
|---|---|---|
| 2023 | 2024 | |
| Cash and cash equivalents | $368,405 | $788,422 |
| Restricted cash | 99,382 | 187,841 |
| Total cash, cash equivalents and restricted cash | $467,787 | $976,263 |
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