Financial Performance - Transaction Volume increased significantly from $1,729 million in Q1 2021 to $4,535 million in Q1 2022, representing a growth of 162%[233] - The number of loans facilitated on the platform rose from 169,750 in Q1 2021 to 465,537 in Q1 2022, marking a 174% increase[233] - Contribution Profit grew from $55,786 thousand in Q1 2021 to $147,841 thousand in Q1 2022, reflecting a 165% increase[240] - Adjusted EBITDA increased from $20,999 thousand in Q1 2021 to $62,590 thousand in Q1 2022, a growth of 197%[233] - Revenue from fees, net increased by $197.8 million, or 170%, from $116.2 million in Q1 2021 to $314.0 million in Q1 2022, driven by a 174% increase in transaction volume from 169,750 to 465,537 loans[262] - Adjusted Net Income for Q1 2022 was $32.7 million, compared to $10.1 million in Q1 2021, reflecting a significant growth in profitability[261] - For the three months ended March 31, 2022, the company reported revenue of $310.1 million, a 156% increase from $121.3 million in the same period in 2021[354] - Net income grew from $10.1 million in Q1 2021 to $32.7 million in Q1 2022, resulting in a Net Income Margin increase from 8% to 11%[290] Operational Efficiency - The Conversion Rate slightly decreased from 22.0% in Q1 2021 to 21.4% in Q1 2022[233] - The Percentage of Loans Fully Automated improved from 71% in Q1 2021 to 74% in Q1 2022[233] - Adjusted EBITDA for Q1 2022 was significantly higher than in Q1 2021, indicating improved operational efficiency and profitability[248] - Contribution Profit rose from $55.8 million in Q1 2021 to $147.8 million in Q1 2022, with a Contribution Margin of 48% in 2021 and 47% in 2022[284] - Adjusted EBITDA increased from $21.0 million in Q1 2021 to $62.6 million in Q1 2022, with Adjusted EBITDA Margin improving from 17% to 20%[290] Expenses and Investments - Sales and marketing expenses rose by $84.1 million, or 170%, from $49.4 million in Q1 2021 to $133.4 million in Q1 2022, increasing as a percentage of total revenue from 41% to 43%[266] - Customer operations expenses increased by $31.0 million, or 178%, from $17.4 million in Q1 2021 to $48.4 million in Q1 2022, with the percentage of revenue rising from 14% to 16%[267] - Engineering and product development expenses grew by $31.0 million, or 163%, from $19.0 million in Q1 2021 to $50.0 million in Q1 2022, maintaining a steady percentage of total revenue at 16%[270] - Total operating expenses for Q1 2022 were $275.3 million, up from $105.8 million in Q1 2021, reflecting a significant increase in operational costs[261] - General, administrative, and other expenses increased by $23.4 million, or 117%, in Q1 2022 compared to Q1 2021, primarily due to a $14.4 million increase in payroll and personnel-related costs[271] Funding and Financial Position - As of March 31, 2022, the company had cash of $757.8 million, primarily sourced from operations and previous financing activities[298] - The company completed its IPO in December 2020, generating $167.4 million in net proceeds, followed by a follow-on offering in April 2021 that raised $263.9 million[297] - The company may borrow up to $100.0 million under two credit facilities to finance purchases of unsecured personal loans and secured auto loans[298] - As of March 31, 2022, the company has a principal balance of $661.3 million in convertible senior notes with an interest rate of 0.25% per year, maturing on August 15, 2026[302] - The company has warehouse credit facilities allowing borrowing up to $200.0 million, with $121.6 million drawn as of March 31, 2022[303] Market and Competitive Landscape - The company relies heavily on a single loan product, making it particularly susceptible to fluctuations in the unsecured personal loan market[351] - The company expects revenue growth rates may slow or decline in future periods due to various factors including increasing competition and regulatory challenges[354] - The company is focused on expanding its loan offerings beyond unsecured personal loans, which may cause fluctuations in the percentage of fully automated loans[354] - Upstart's ability to attract and onboard new bank partners is critical, as delays could adversely impact revenue and loan facilitation[376] - The company faces risks related to its AI models, which have not been extensively tested during down-cycle economic conditions[347] Regulatory and Economic Risks - The current no-action letter from the CFPB, which allows the use of AI models for underwriting, expires on November 30, 2023, creating uncertainty for future operations[391] - Regulatory scrutiny on financial technology companies is increasing, which could negatively affect the company's brand and reputation[392] - Economic downturns could lead to increased delinquency and default rates, adversely affecting Upstart's loan performance and investor interest[371] - The termination of government stimulus measures has led to increased delinquencies and defaults, which could adversely affect demand from bank partners and institutional investors[388] Future Outlook - The company anticipates fluctuations in quarterly results due to various factors, including economic conditions and the effectiveness of its marketing strategies[358] - The company is continuing to develop new loan products, including small business loans and mortgages, but faces risks associated with unproven business strategies and regulatory requirements[398] - Upstart's AI model improvements may lower approval rates, impacting transaction volume and growth in the short term[365]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 Washington, D.C. 20549 _________________________ OR FORM 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) For the transition period from_________to ________ Commission File Number: 001-39797 Upstart Holdings, Inc. (Exact name of registrant as specified in its charter) _____ ...

Upstart Holdings, Inc. (NASDAQ:UPST) Q4 2021 Earnings Conference Call February 15, 2022 4:30 PM ET Company Participants Jason Schmidt - Vice President of Investor Relations Dave Girouard - Chief Executive Officer Sanjay Datta - Chief Financial Officer Conference Call Participants Simon Clinch - Atlantic Equities Pete Christiansen - Citi Arvind Ramnani - Piper Sandler Ramsey El-Assal - Barclays Andrew Boone - JMP Securities Mike Ng - Goldman Sachs James Faucette - Morgan Stanley John Hecht - Jefferies Nat Sc ...

Updated Partial Update Not Updated 30-155-152 18-94-97 194-193-193 146-146-146 78-78-78 15-143-106 IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx CONFIDENTIAL October 2020 Q4 and FY 2021 Earnings February 15, 2022 30-155-152 18-94-97 194-193-193 146-146-146 78-78-78 15-143-106 IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Disclaimer This presentation contains "forward-looking" ...

30-155-152 18-94-97 194-193-193 146-146-146 78-78-78 15-143-106 IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx CONFIDENTIAL October 2020 Q3 2021 Earnings November 9, 2021 30-155-152 18-94-97 194-193-193 146-146-146 78-78-78 15-143-106 IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Disclaimer This presentation contains "forward-looking" statements that are based on our managemen ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________to ________ Commission File Number: 001-39797 Upstart Holdings, Inc. (Exact name of registrant as specified in its chart ...

Upstart Holdings, Inc. (NASDAQ:UPST) Q3 Fiscal Year 2021 Earnings Conference Call November 9, 2021 4:30 PM ET Company Participants Dave Girouard – Chief Executive Officer Jason Schmidt – Vice President of Investor Relations Sanjay Datta – Chief Financial Officer Conference Call Participants Irvine Rahmani – Analyst Ramsey El-Assal – Barclays Michael Nicholas – Goldman Sachs John Hecht – Jefferies Matt Schindler – Bank of America Operator Good day and welcome to the Upstart Q3, FY2021 Earnings Call. Today's ...

30-155-152 18-94-97 194-193-193 146-146-146 78-78-78 15-143-106 IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx CONFIDENTIAL October 2020 Q2 2021 Earnings August 10, 2021 30-155-152 18-94-97 194-193-193 146-146-146 78-78-78 15-143-106 IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Disclaimer This presentation contains "forward-looking" statements that are based on our management ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_________to ________ Commission File Number: 001-39797 Upstart Holdings, Inc. (Exact name of registrant as specified in its charter) _ ...

Financial Data and Key Metrics Changes - Q2 revenues reached $194 million, representing a 60% increase compared to the prior quarter [10][34] - Adjusted EBITDA was $59.5 million, up from $21 million in the previous quarter [41] - GAAP net income was $37.3 million, significantly up from $10.1 million last quarter [41] - Contribution profit was $96.7 million, reflecting a 52% contribution margin, an increase from 48% in the prior quarter [36][41] Business Line Data and Key Metrics Changes - The volume of transactions increased to approximately 287,000 loans, a 69% rise quarter-over-quarter [35] - More than 97% of revenue came from fees, with no credit exposure on the balance sheet [10][11] - The number of repeat loans more than doubled from Q1 to Q2 2021 [15] Market Data and Key Metrics Changes - The company expanded its auto refinance product from one state to 47 states, covering over 95% of the U.S. population [22][25] - The recent securitization included over $0.5 billion in collateral, achieving a net execution of about 107% [20][21] Company Strategy and Development Direction - The company aims to become one of the largest fintechs globally, leveraging AI to disrupt traditional lending [8][9] - A digital-first model was announced, allowing employees to work remotely, enhancing recruitment efforts [26][28] - The company is focusing on expanding its auto lending capabilities, which is a market at least six times larger than personal loans [22][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of their platform and the potential for growth despite current market conditions [84][88] - The company does not predict significant changes in the macroeconomic environment but expects continued growth in its core personal loan business [50][54] Other Important Information - The company has been recognized for its commitment to gender diversity in leadership roles [31] - The platform now has 25 banks and credit unions, with a growing list of lenders in the pipeline [19] Q&A Session Summary Question: Components of guidance and macroeconomic impact - Management indicated that guidance is based on the status quo of the macro environment, with no significant predictions for changes [49][50] Question: Conversion rates and future improvements - Management highlighted ongoing projects aimed at improving funnel conversion rates, with expectations for continued enhancements [51][52] Question: Expansion of marketing channels - Marketing spend increased significantly, with a focus on direct-to-consumer channels, leading to improved efficiency [65][66] Question: Changes in investor composition and geographical presence - There has been an ongoing expansion of the investor base, including engagement with international investors [70] Question: FICO requirement changes by banks - Management noted a positive trend where banks are eliminating minimum FICO requirements, indicating increased trust in the AI model [72][74] Question: Average loan size and use case changes - There have been no stark changes in use cases, but the company is expanding its capabilities to serve a broader borrower profile [77] Question: Supply-demand balance for loans - The company continues to find borrowers economically and profitably, which remains a limiting factor for growth [80]