Upstart Holdings, Inc. · NASDAQ:UPST

Upstart — Q1 2021 Earnings Presentation

22 slides from Upstart's earnings presentation, May 11, 2021

  1. Slide 1: Q1 2021 Earnings May 11, 2021

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx CONFIDENTIAL October 2020 Q1 2021 Earnings May 11, 2021

  2. Slide 2: Disclaimer

    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’s beliefs and assumptions and on information currently available to management. Forward

  3. Slide 3: Upstart's mission

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Upstart’s mission Enable effortless credit based on true risk 3

  4. Slide 4: Upstart at a glance

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Upstart at a glance Upstart is an AI lending platform partnering with banks to improve access to affordable credit A leading AI lending platform with scale, rapid growth and profits Two-si

  5. Slide 5: Our value propositions to consumers and bank partners

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Our value propositions to consumers and bank partners Higher approval rates, lower APRs 71% instantly approved - no document uploads, calls or waiting1 Consumers More inclusive - improved

  6. Slide 6: Auto opportunity update

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Auto opportunity update Expanded auto refinance from 1 to 33 states (>⅔ of US pop) Increased dealership footprint by 45% in Q1 Now a Certified Digital Retail Provider for Subaru of America

  7. Slide 7: Q1'21 Key financial highlights

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Q1’21 Key financial highlights Revenue, millions Revenue: $121M, up 90% Y|Y Income from Operations: $15.6M, up from $0.6M in Q1’20 Contribution Profit: $55.8M, up 117% Y|Y, and representing

  8. Slide 8: Q1'21 summary P&L and non-GAAP metrics

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Q1’21 summary P&L and non-GAAP metrics (in millions, except ratios and per share data) Q1’21 Q4’20 Q|Q Q1’20 Y|Y Revenue $121.3 $86.7 40% $64.0 90% Revenue from Fees $116.2 $84.4 38% $68.

  9. Slide 9: Balance Sheet items and key operating metrics

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Balance Sheet items and key operating metrics (in millions, except Transaction Volume (number of loans), % fully automated, ratios and conversion rate) Q1’21 Q4’20 Q1’20 Cash and Restrict

  10. Slide 10: Key operating metrics

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Key operating metrics Transaction Volume, Number of Loans (000s), Transaction Volume, Dollars (Millions) Conversion Rate1 1 Conversion Rate equals number of loans transacted in a period d

  11. Slide 11: Fully automated loans

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Fully automated loans 71% of Upstart loans were fully automated and instantly approved in Q1’21 while fraud rates remained minimal Source: Internal company analysis. Q4 2020 % fraud rate

  12. Slide 12: Operating leverage apparent as we scale profitability

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Operating leverage apparent as we scale profitability Q1’19 – Q1’21 Quarterly Financial Summary ($ ($ millions) mm) GAAP Total Revenue Contribution Profit GAAP Net Income / (Loss) Q1’19 Q2’

  13. Slide 13: Outlook

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Outlook Q2’21 FY21 Revenue $150 to $160 million approximately $600 million Contribution Margin approximately 44% approximately 42% Net Income $8 to 12 million Non-GAAP Adjusted Net Income

  14. Slide 14: Financial Statements

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Financial Statements (in thousands, except share and per share data) 14

  15. Slide 15: Financial Statements

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Financial Statements (in thousands, except share and per share data) 15

  16. Slide 16: Financial Statements

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Financial Statements (in thousands, except share and per share data) 16

  17. Slide 17: Financial Statements

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Financial Statements (in thousands, except share and per share data) 17

  18. Slide 18: Reconciliation of non-GAAP financial measures

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Reconciliation of non-GAAP financial measures (in thousands, except ratios) (1) Borrower acquisition costs were $34.7 million and $46.1 million for the three months ended March 31, 2020 an

  19. Slide 19: Reconciliation of non-GAAP financial measures

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Reconciliation of non-GAAP financial measures (in thousands, except ratios) (1) Consists of fair value adjustments to our warrant liability for the three months ended March 31, 2020 and in

  20. Slide 20: Reconciliation of non-GAAP financial measures

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Reconciliation of non-GAAP financial measures (in thousands, except ratios, and per share data) 20

  21. Slide 21: Key Operating Metrics and Non-GAAP Financial Metrics

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx Key Operating Metrics Key Operating Metrics and Non-GAAP Financial Metrics We review a number of operating metrics, including number of loans transacted and conversion rate, to evaluate o

  22. Slide 22: Thank you

    IBDROOT\PROJECTS\IBD-NY\GRIFFINS2019\645303_1\Presentations\2020.12.02 Roadshow Deck\2020.12.02 Roadshow v7.pptx CONFIDENTIAL Thank you Thank you!

Upstart Holdings — Q1 2021 Earnings Presentation on 6ix