Upstart Holdings Inc
For the period ended Mar 31, 2025. Filed May 6, 2025.
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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, 2025 · Filed May 6, 2025
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, | ||
|---|---|---|
| 2024 | 2025 | |
| Cash flows from operating activities | ||
| Net loss | $(64,598) | $(2,447) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
| Change in fair value of loans | 54,017 | 7,062 |
| Change in fair value of servicing assets | 4,286 | 4,090 |
| Change in fair value of servicing liabilities | (454) | (285) |
| Change in fair value of beneficial interest assets | (4,481) | (17,600) |
| Change in fair value of beneficial interest liabilities | 4,973 | (65) |
| Change in fair value of other financial instruments | 1,551 | (33) |
| Stock-based compensation | 35,777 | 29,831 |
| Gain on loan servicing rights, net | (2,946) | (4,945) |
| Depreciation and amortization | 5,632 | 6,400 |
| Loan premium amortization | (2,539) | (8,352) |
| Non-cash interest expense and other | 768 | 1,325 |
| Net changes in operating assets and liabilities: | ||
| Purchases of loans held-for-sale | (796,543) | (1,345,253) |
| Proceeds from sale of loans held-for-sale | 772,690 | 1,316,696 |
| Principal payments received for loans held-for-sale | 52,841 | 38,252 |
| Principal payments received for loans held by consolidated securitization | 12,338 | 10,280 |
| Settlements of beneficial interest liabilities | (710) | (5,992) |
| Proceeds from beneficial interest assets (derivatives) | — | 731 |
| Settlements of beneficial interest assets (derivatives) | — | (485) |
| Other assets | (825) | 6,437 |
| Operating lease liability and right-of-use asset | (202) | (306) |
| Payable to investors for beneficial interest assets(1) | (1,392) | — |
| Accrued expenses and other liabilities | (25,846) | (48,827) |
| Net cash provided by (used in) operating activities | 44,337 | (13,486) |
| Cash flows from investing activities | ||
| Purchases and originations of loans held-for-investment | $(46,152) | $(149,916) |
| Proceeds from sale of loans held-for-investment | — | 1,647 |
| Principal payments received for loans held-for-investment | 27,242 | 57,417 |
| Principal payments received for notes receivable and repayments of residual certificates | 1,225 | 2,685 |
| Acquisition of beneficial interest assets | (18,113) | (305) |
| Settlements of beneficial interest assets (hybrid instruments) | — | (312) |
| Proceeds from beneficial interest assets (hybrid instruments) | — | 16,374 |
| Purchases of property and equipment | (684) | — |
| Capitalized software costs | (1,065) | (6,159) |
| Net cash used in investing activities | (37,547) | (78,569) |
Condensed Consolidated Statements of Cash Flows (Continued)
(In thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2025 | |
| Cash flows from financing activities | ||
| Proceeds from warehouse borrowings | $74,260 | $53,655 |
| Payment of debt issuance costs to third party | — | (443) |
| Repayments of warehouse borrowings | (110,175) | (122,285) |
| Principal payments made on securitization notes | (13,564) | (11,444) |
| Payable to investors(1) | 8,285 | 22,941 |
| Proceeds from issuance of common stock under employee stock purchase plan | 4,565 | 4,692 |
| Proceeds from exercise of stock options | 1,204 | 8,209 |
| Taxes paid related to net share settlement of equity awards | (1) | (5) |
| Net cash used in financing activities | (35,426) | (44,680) |
| Change in cash, cash equivalents and restricted cash | (28,636) | (136,735) |
| Cash, cash equivalents and restricted cash | ||
| Cash, cash equivalents and restricted cash at beginning of period | 467,787 | 976,263 |
| Cash, cash equivalents and restricted cash at end of period | $439,151 | $839,528 |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $12,463 | $7,378 |
| Cash paid for income taxes, net | 88 | 96 |
| Supplemental disclosures of non-cash investing and financing activities | ||
| Beneficial interests obtained in connection with loan sale | 13,555 | 38,133 |
| Capitalized stock-based compensation expense | 546 | 3,144 |
| Issuance of line of credit receivable | — | 24,856 |
| Beneficial interest assets included in payable to investors | 4,400 | — |
(1)During 2024, the Company elected to change the presentation of changes in the payable to investors balance on the condensed 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 unaudited condensed consolidated balance sheets:
| December 31, | March 31, | |
|---|---|---|
| 2024 | 2025 | |
| Cash and cash equivalents | $788,422 | $599,778 |
| Restricted cash | 187,841 | 239,750 |
| Total cash, cash equivalents and restricted cash | $976,263 | $839,528 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.