Business
CORRECTING and REPLACING Upstart Announces Third Quarter 2021 Results
SAN MATEO, Calif.--(BUSINESS WIRE)-- In the table titled RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, in the column labled Three Months Ended
About this update from Upstart Holdings, Inc.
[{"type":"text","content":" SAN MATEO, Calif.--(BUSINESS WIRE)--\nIn the table titled RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES, in the column labled Three Months Ended September 30, 2021, Adjusted EBITDA should be $59,139 (instead of $29,139).\n\nThe updated release reads:\n\nUPSTART ANNOUNCES THIRD QUARTER 2021 RESULTS\n\nUpstart Holdings, Inc. (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced financial results for its third quarter of the fiscal year 2021 ended September 30, 2021. Upstart will host a conference call and webcast at 1:30 p.m. Pacific Time today. An earnings presentation and link to the webcast are available at ir.upstart.com.\n\n“Since Upstart's IPO a year ago, we've more than tripled our revenue, tripled our profits, tripled the number of banks and credit unions on our platform, and tripled the number of auto dealerships we serve,” said Dave Girouard co-founder and CEO of Upstart. \"With that many 3s, Upstart is becoming the Steph Curry of the FinTech industry.\"\n\nThird Quarter 2021 Financial Highlights\n\n\nRevenue. Total revenue was $228 million, an increase of 250% from the third quarter of 2020. Total fee revenue was $210 million, an increase of 235% year-over-year.\n\n\n\nTransaction Volume and Conversion Rate. Bank Partners originated 362,780 loans, totaling $3.13 billion, across our platform in the third quarter, up 244% from the same quarter of the prior year. Conversion on rate requests was 23% in the third quarter of 2021, up from 15% in the same quarter of the prior year. Beginning in the third quarter of 2021, in order to better reflect actual conversions, we removed rate inquiries identified by our platform as likely fraudulent from our Conversion Rate calculation. Please see the section titled \"Key Operating Metrics\" below for further detail on the calculation and related information about prior periods.\n\n\n\nIncome from Operations. Income from operations was $28.6 million, up from $12.2 million the prior year.\n\n\n\nNet Income and EPS. GAAP net income was $29.1 million, up from $9.7 million in the third quarter of 2020. Adjusted net income was $57.4 million, up from $12.3 million in the same quarter of the prior year. Accordingly, GAAP diluted earnings per share was $0.30, and diluted adjusted earnings per share was $0.60 based on the weighted-average common shares...