| Cash Flow | 2025-06-30 | 2025-03-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|
| Stock-based compensation | 65,342 | 29,831 | 103,604 | 69,986 |
| Principal payments received for loans held by consolidated securitization | 19,933 | 10,280 | 36,532 | 24,714 |
| Proceeds from sale of loans held-for-sale | 3,723,733 | 1,316,696 | 2,613,039 | 1,491,994 |
| Principal payments received for loans held-for-sale | 83,138 | 38,252 | 157,010 | 115,335 |
| Purchases of loans held-for-sale | 3,969,799 | 1,345,253 | 2,626,246 | 1,570,013 |
| Non-cash interest expense and other | 3,003 | 1,325 | 2,156 | 1,541 |
| Other | - | - | 10,874 | 6,084 |
| Net income (loss) | 3,160 | -2,447 | -125,826 | -119,068 |
| Other assets | -4,064 | -6,437 | 2,110 | -5,722 |
| Change in fair value of other financial instruments | 2,384 | 33 | -8,263 | 4,316 |
| Change in fair value of loans | 21,064 | -7,062 | -167,545 | -103,778 |
| Accrued expenses and other liabilities | -7,539 | -48,827 | 18,646 | -13,129 |
| Gain on debt extinguishment | - | - | 33,361 | - |
| Depreciation and amortization | 12,243 | 6,400 | 15,850 | 10,460 |
| Proceeds from beneficial interest assets (derivatives) | 806 | 731 | - | - |
| Settlements of beneficial interest liabilities | 11,664 | 5,992 | 3,692 | 2,367 |
| Settlements of beneficial interest assets (derivatives) | 1,023 | 485 | - | - |
| Payable to investors for beneficial interest assets | - | 0 | 0 | 0 |
| Operating lease liability and right-of-use asset | -610 | -306 | -600 | -400 |
| Change in fair value of servicing liabilities | -623 | -285 | -877 | -817 |
| Change in fair value of servicing assets | -8,640 | -4,090 | -12,838 | -8,201 |
| Change in fair value of beneficial interest liabilities | 12,107 | -65 | 12,633 | 9,344 |
| Change in fair value of beneficial interest assets | 23,484 | 17,600 | 35,825 | 1,067 |
| Gain on loan servicing rights, net | 12,451 | 4,945 | 11,448 | 5,897 |
| Loan premium amortization | -19,176 | -8,352 | - | - |
| Net cash provided by (used in) operating activities | -133,648 | -13,486 | 297,257 | 117,917 |
| Proceeds from sale of loans held-for-investment | 20,247 | 1,647 | 0 | - |
| Principal payments received for loans held-for-investment | 129,941 | 57,417 | 99,768 | 60,207 |
| Principal payments received for notes receivable and repayments of residual certificates | 6,521 | 2,685 | 4,004 | 2,681 |
| Purchases of property and equipment | 115 | 0 | 837 | 721 |
| Purchases and originations of loans held-for-investment | 377,940 | 149,916 | 196,580 | 110,941 |
| Capitalized software costs | 10,410 | 6,159 | 5,734 | 3,356 |
| Settlements of beneficial interest assets (hybrid instruments) | 1,271 | 312 | - | - |
| Proceeds from beneficial interest assets | - | - | 2,808 | 1,729 |
| Proceeds from beneficial interest assets (hybrid instruments) | 44,929 | 16,374 | - | - |
| Acquisition of beneficial interest assets | 305 | 305 | 63,246 | 63,246 |
| Net cash used in investing activities | -188,403 | -78,569 | -159,817 | -113,647 |
| Repayments of borrowings | 152,691 | 122,285 | 293,179 | 154,999 |
| Payments for repurchases of convertible notes | - | - | 325,344 | - |
| Principal payments made on securitization notes | 22,021 | 11,444 | 42,705 | 28,446 |
| Proceeds from exercise of stock options | 9,866 | 8,209 | 12,281 | 2,219 |
| Proceeds from borrowings | 176,356 | 53,655 | 297,587 | - |
| Proceeds from issuance of common stock under employee stock purchase plan | 4,692 | 4,692 | 7,685 | 4,565 |
| Proceeds from convertible notes issuance, net of debt issuance costs paid to lender | - | - | 423,002 | - |
| Proceeds from borrowings | - | - | - | 247,510 |
| Proceeds from issuance of securitization notes | - | - | 0 | - |
| Taxes paid related to net share settlement of equity awards | 7 | 5 | 19 | 2 |
| Payment of debt issuance costs to third party | 443 | 443 | 1,455 | - |
| Payable to investors | -31,496 | -22,941 | -12,990 | -17,714 |
| Settlement of capped calls | - | - | 580 | - |
| Purchase of capped calls | - | - | 40,883 | - |
| Net cash provided by financing activities | 47,248 | -44,680 | 50,540 | 88,561 |
| Change in cash, cash equivalents and restricted cash | -274,803 | -136,735 | 187,980 | 92,831 |
Upstart Holdings, Inc. (UPST)
Upstart Holdings, Inc. (UPST)