Upstart Earnings Date and Forecast 2023 (NASDAQ:UPST) - MarketBeat Vice President, Investor Relationsir@upstart.com, Upstart Announces First Quarter 2023 Results, https://www.businesswire.com/news/home/20230509006181/en/, Accrued expenses and other liabilities (includes, Total liabilities and stockholders equity. Earnings Financial Advisors . SAN MATEO, Calif., February 14, 2023 -- ( BUSINESS WIRE )--Upstart Holdings, Inc. (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, today announced financial results. Upstart posted a loss per share of 47 cents. Would you consider like a warehouse type funding mechanism? We track this metric to understand the impact of improvements to the efficiency of our borrower funnel on our overall growth. Those preferential economics could take the form of sort of return premiums or a take rate co-investment or modest discounting and risk sharing. So sort of a baseline of capital that we feel very good about being solid will be there and that would be a pretty dramatic reduction in cyclicality. This is Sanjay. First, 95% of HELOCs are financed by banks and credit unions, so it's an asset our lending partners know and value. Reggie Smith -- JPMorgan Chase and Company -- Analyst. Is most of it just the supply of credit or is it sometimes that potential borrowers are hitting that, that ceiling for interest rates or they're deciding to defer some kind of purchases to later on when they're maybe a little bit more of a stable economic condition? So that's how we're thinking about it. One that excels at separating good risk from bad and AI is the key to this. Thank you. Our contribution margin, a non-GAAP metric, which we define as revenue from fees minus variable costs for borrower acquisition, verification, and servicing as a percentage of revenue from fees came in at 58% in Q1, up from 47% last year and 3 percentage points above our guided expectation for the quarter. Good day, and welcome to . But maybe a couple of headline thoughts. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy. They're all currently focused on personal loans, so they're sort of restricted to our core business. But because it was a balance sheet transaction that we were anticipating, we were expecting and we expected to close early in Q2. Good afternoon. Altogether, Q1 GAAP net loss was $129 million, and adjusted EBITDA was negative $31.1 million, both comfortably above our guided numbers. Please go ahead. So I would say first of all, one of the comments I had made in my remarks earlier with that we would like to have in any particular month, capital committed such that we can be cash flow positive as a business. We also identified opportunities to reduce our technical infrastructure costs by as much as $10 million annually and sublet some unnecessary office space, both of which will go directly to the bottom line. In the first quarter, we achieved a record level of automation with 84% of Upstart powered loans fully automated across all our bank partners. Just trying to think through kind of how you're seeing the business and its evolution from this point. Later this quarter, Upstart will be participating in the Barclays Emerging Payments and FinTech Forum on May 17th and the Bank of America Global Technology Conference, June 7th. swinging into full gear, it is no surprise to see traders keep bidding up shares of Upstart, which talks about AI all the time. Thank you very much and thanks for the details today. As always, a huge note of gratitude to the various Upstart teams who have been heads down and laser focused on getting us through the storm and who have remained resolute over the past year in the face of such challenging external circumstances. And because we have expanded margins, really the way to think about these agreements are we're able to sort of share some modest preferential economics with long-term committed investors. Hey, James. As a result, we caution you against placing undue reliance on these forward-looking statements. To read more about Upstart's Q1 2023 earnings, visit here. This improvement comes from better AI, which enables more sophisticated risk models, which in turn enable a faster and more efficient experience for consumers and lenders. But in order to deliver the best rates for all, we also need a diversity of bank and credit union partners, each with different priorities, business objectives, and balance sheet issues to solve. Better rates are unlocked first and foremost by a more accurate and predictive credit model. One is a lot less borrowers are getting approved, right? 1y 3y 5y max Mountain-Chart Date Compare with Compare with up to 5 Stocks On Friday 06/23/2023 the closing price of the Upstart Holdings Inc Registered Shs share was $30.12 on NAS. I think our workforce numbers are in very good shape now and borrowing any dramatic reversal in the business and the economy. I guess in the current -- I guess assuming the status quo environment, like how do you think these model changes will influence results in the coming quarters? We know this because in Q4 2022, HELOC volumes from 32% year on year even while mortgage refinances plummeted. 3 Things I'm looking For in Upstart's Earnings | The Motley Fool To read more about Upstart's Q3'22 earnings, visit here. And I'd like now to turn it over to Sanjay, our chief financial officer, to walk through our Q1 2023 financial results and guidance. So that's I think what we would try to do. . Upstart stock also is heavily shorted, with short interest estimated to be around 35%. Lastly, I have to mention the incredible progress made by our small dollar loan team. Your next question comes to the line of James Faucette with Morgan Stanley. I got it. The live webcast will be accessible on Upstarts investor relations website, ir.upstart.com, and an archived webcast of the conference call will be available after the conference call. We tend to hold our loans at fair value, so we mark-to-market, we don't use CECL accounting. And when you add those two up, our, like-for-like price for a loan has gone up quite dramatically. SAN MATEO, Calif., April 17, 2023 -- ( BUSINESS WIRE )--Upstart Holdings, Inc. (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, announced today that its first quarter. This continues to be our perspective as we look to Q2. Yeah. I was wondering just -- could you give us a little bit more detail around the long-term funding commitments perhaps and how we should think about how that might be applied or flow through for the remainder of the year? Upstart will host a conference call and live webcast that day at 1:30 p.m. PT / 4:30 p.m. I will turn the call back for any additional or closing remarks. Discounted offers are only available to new members. We define transaction volume, number of loans as the number of loans facilitated on our platform between a borrower and the originating lending partner during the period presented. And does any of your $2 billion is any of it structured in that kind of way where you pay a fixed rate, you hold more loans on balance sheet? ET. Calculated by Time-Weighted Return since 2002. That's great. Accordingly, a reconciliation is not available without unreasonable effort. Yeah. To access the live conference call outside of the United States and Canada: +1 323-994-2093, conference code 1363719. UPST Earnings News Market News UPST Blasts Up after Killer Earnings Beat [Operator instructions] Our first question comes from the line of Simon Clinch with Atlantic Equities. 10 stocks we like better than UpstartWhen our analyst team has a stock tip, it can pay to listen. Good afternoon, and thank you for joining us on today's conference call to discuss Upstart's first-quarter 2023 financial results. Upstart Announces First Quarter 2023 Results | Upstart Network, Inc. I mean, I guess I would say Upfront each agreement is a bit bespoke, so it's hard to sort of broadly generalize. Or is it more diversified than that? The average HELOC today takes 36 days to fund, while we are aiming for online approval in 10 minutes and funding within five days. Upstart will host a conference call and live webcast that day at 1:30 p.m. PT / 4:30 p.m. Upstart Holdings, Inc. (NASDAQ:NASDAQ:UPST) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ETCompany ParticipantsJason Schmidt - Head-Investor RelationsDave Girouard - Chief Executive. Two of those struggling stocks over the past year are Upstart Holdings ' ( UPST -5.85% . We are a leading artificial intelligence (AI) lending platform designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners. Upstart Q1 2023 Earnings Conference Call - Upstart Updates Our footprint of dealers piloting our lending product expanded to 39 since last I updated you and we expect this rollout to continue throughout the year. Good question, John. In addition, during today's call, unless otherwise stated, references to our results are provided as non-GAAP financial measures and are reconciled to our GAAP results, which can be found in the earnings release and supplemental tables. Prior to the conference call, the first quarter 2022 earnings press release and investor presentation . Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Our primary goal is to have loan funding capital committed at a level that allows us to remain flow positive to typical market cycles. Texas Bay Credit Union Selects Upstart for Personal Lending, CME Federal Credit Union Selects Upstart for Personal Lending, Upstart Announces First Quarter 2023 Results, Upstart Network, Inc. First Quarter 2023 Earnings Conference Call, Upstart Network, Inc. First Quarter 2023 Earnings Release, Upstart Network, Inc. First Quarter 2023 Earnings Presentation. This market has had what may be the most tumultuous three years in its 100-plus years history. Since our last earnings call, we announced that both Acura and Mercedes-Benz approved Upstart as a digital retail provider becoming our eighth and ninth OEM partners. So there are three of those banks on our platform, and it's quite possible to move volumes between them. And then compounding that, of course, there's the higher base interest rates, which are requiring investors to demand higher sort of returns. Our next question comes from the line of Ramsey El-Assal with Barclays. So that's really what you're seeing. Hey, Giuliano. It has built a configurable, multi-tenant cloud application designed to integrate seamlessly into a bank's existing technology systems. Upstart (UPST) Set to Announce Earnings on Tuesday For the first quarter, the company expects revenues between $295 million and. But the other factor would be, in our case, we would then start to rebalance how we trade off the short-term for the long-term. Upstart ( NASDAQ:UPST - Get Rating) last released its quarterly earnings results on Tuesday, November 8th. With these items of context, here are some financial highlights from the first quarter of 2023. This particular indicator has demonstrated a strong correlation to borrow repayment health since the pandemic, and we are seeing this reflected in our Upstart Macro Index, which peaked last October and is showing signs of early recovery. Lending is inherently cyclical, but we aim to build a platform that largely mitigates that cyclicality, ensuring that credit continues to be available and flowing when it's needed, albeit accurately priced to prevail in conditions. Yeah. And third home equity products tend to be countercyclical to refinance products. Last quarter, I told you that I'm committed to running an operationally and fiscally tight ship. That was in clear. What happened. In addition to providing the modern all-digital experience their customers expect, banks can tailor their Upstart lending programs to precisely target their business objectives, risk appetite, and balance sheet needs. With these specifics in mind for Q2 of 2023, we expect total revenues of approximately $135 million, consisting of revenue from fees of $130 million and net interest income of approximately $5 million. August 8, 2022 Home Upstart Updates Company News August 08, 2022 Editor's note: Upstart Co-Founder and CEO Dave Girouard shared thoughts on second quarter 2022 during the company's quarterly earnings call. And because of that, consumer repayment pattern change, we are pricing loans very differently, right? But maybe the more important thing is, when we're sort of solving for the near-term P&L, we are optimizing take rates as much as possible against that in elasticity, and we are managing our marketing programs to deliver loans that are profitable in the near-term.