Upstart Q4 2022 Earnings Report
Key Takeaways
Upstart's Q4 2022 total revenue was $147 million, a 52% decrease year-over-year. Lending partners originated 154,478 loans, totaling $1.5 billion, down 62% from the prior year. The company reported a GAAP net loss of $55.3 million, with a diluted loss per share of $(0.67).
Total revenue decreased by 52% to $147 million compared to Q4 2021.
Lending partners originated 154,478 loans, totaling $1.5 billion, a 62% decrease year-over-year.
GAAP net loss was $(55.3) million, down from a net income of $58.9 million in Q4 2021.
Conversion rate on rate requests was 11%, down from 24% in the same quarter of the prior year.
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Upstart Revenue by Segment
Forward Guidance
For the first quarter of 2023, Upstart expects revenue of approximately $100 million, a contribution margin of approximately 55%, a net loss of approximately ($145) million, adjusted EBITDA of approximately ($45) million, and a basic weighted-average share count of approximately 81.9 million shares.
Positive Outlook
- Revenue of approximately $100 million
- Revenue From Fees of approximately $110 million
- Contribution Margin of approximately 55%
- Basic Weighted-Average Share Count of approximately 81.9 million shares
- Diluted Weighted-Average Share Count of approximately 81.9 million shares
Challenges Ahead
- Net Interest Income (Loss) of approximately ($10) million
- Net Income (Loss) of approximately ($145) million
- Adjusted Net Income (Loss) of approximately ($70) million
- Adjusted EBITDA of approximately ($45) million
- Upstart has not reconciled the forward-looking non-GAAP measures above to comparable forward-looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future.