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Saturday, June 19, 2021

Upstart Holdings Inc. (UPST) stock rallied after a few important announcements

Upstart Holdings Inc. (UPST) stock soared in the after-market on Wednesday, March 18, 2021, gained 48.05%,  after the company announced its financial results for its fourth quarter and fiscal year ended December 31, 2020, and made some other announcement.


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Financial Highlights of Fourth Quarter 2020

  • UPTS revenue was $86.7 million for the reported quarter.
  • income from operations was $10.4 million in the fourth quarter.
  • GAAP net income was $1.0 million and adjusted net income was $5.4 million.
  • contribution profit was $41.4 million in the fourth quarter.
  • Adjusted EBITDA was $15.5 million.

Financial Highlights of Fiscal Year 2020

  • total revenue was $233.4 million for the Fiscal year 2020.
  • For full-year 2020, income from operations was $11.8 million.
  • adjusted net income was $17.5 million and GAAP net income was $6.0 million.
  • 2020 contribution profit totalled $105.1 million,
  • adjusted EBITDA totalled $31.5 million for the Fiscal year 2020

Financial Outlook for Q1 2021

  • For the first quarter of 2021, UPST is expecting Revenue of $112 to $118 million
  • Net Income of $7.8 to $8.3 million and Adjusted Net Income of $13.4 to $14.2 million is expected for Q1.
  • Adjusted EBITDA of $14.6 to $15.3 million is targeted for Q1.
  • Contribution Margin of approximately 44%.

Financial Outlook for the Fiscal year 2021

  • Upstart targeting revenue of approximately $500 million for 2021.
  • Adjusted EBITDA margin of approximately 10% for full-year
  • Contribution Margin of approximately 41% is expected for 2021

Acquiring Prodigy Software

Upstart Holdings announced its intention to acquire Prodigy Software on Wednesday, March 17, 2021. The company said that it has entered into a definitive agreement with Prodigy.

Prodigy is a provider of cloud-based automotive retail software. Upstart is accelerating its efforts to offer AI-enabled auto loans through the tens of thousands of auto dealers nationwide where the majority of auto loans are originated, with the acquisition of Prodigy.

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