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Wednesday, March 17, 2021

Upstart (UPST) reported earnings on Wed 17 March 21 (a/h)

  ** charts after earnings **

Upstart beats by $0.05, beats on revs; guides Q1 revs above consensus; guides FY21 revs above consensus
  • Reports Q4 (Dec) earnings of $0.07 per share, $0.05 better than the S&P Capital IQ Consensus of $0.02; revenues rose 41.9% year/year to $86.7 mln vs the $73.5 mln S&P Capital IQ Consensus.
  • Bank partners originated 123,396 loans across our platform in the fourth quarter of 2020, up 57% from the same quarter of the prior year.
  • Conversion on rate requests was 17.4% in the fourth quarter of 2020, up from 14.9% in the same quarter of the prior year.
  • Co issues upside guidance for Q1, sees Q1 revs of $112-$118 mln vs. $75.30 mln S&P Capital IQ Consensus. Sees adjusted net income of $13.4-$14.2 mln.
  • Co issues upside guidance for FY21, sees FY21 revs of approximately $500 mln vs. $359.45 mln S&P Capital IQ Consensus. Contribution Margin of approximately 41%.

  • Upstart agrees to acquire Prodigy Software; terms not disclosed
  • Upstart has entered into a definitive agreement to acquire Prodigy Software, a provider of cloud-based automotive retail software. With the acquisition of Prodigy, Upstart will accelerate 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.
  • More than $2 bln in vehicle sales have been powered by Prodigy at franchised dealers from brands such as Toyota, Honda, and Ford.
  • The transaction is expected to close in the second quarter of calendar year 2021.
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