Market Mover | Shares of AI Lending Company Upstart Jump nearly 19% on Strong Financial Results
Market Mover | Shares of AI Lending Company Upstart Jump nearly 19% on Strong Financial Results
November 7, 2024 - $Upstart (UPST.US)$ shares surged 18.93% to $65.97 in post-market trading on Thursday. It announced financial results for its third quarter of fiscal year 2024 ended September 30, 2024.
2024年11月7日 - $Upstart (UPST.US)$ 股价在周四的美股盘后交易中暴涨18.93%，达到65.97美元。该公司宣布截至2024年9月30日的2024财年第三季度财务业绩。
“With 43% sequential growth in lending volume and a return to positive adjusted EBITDA, we continue to strengthen Upstart’s position as the fintech leader in artificial intelligence,” said Dave Girouard, co-founder and CEO of Upstart. “Even without a significant boost from the macroeconomy, we’re back in growth mode.”
“在贷款成交量环比增长43%和再次实现正调整后EBITDA的情况下，我们继续巩固Upstart作为人工智能领域金融科技领导者的地位，”Upstart的联合创始人兼首席执行官戴夫·吉罗德表示。“即使没有宏观经济的显著提振，我们也正在恢复增长模式。”
Third Quarter 2024 Financial Highlights
2024年第三季度财务亮点
Revenue. Total revenue was $162 million, an increase of 20% from the third quarter of 2023, and up 27% sequentially. Total fee revenue was $168 million, an increase of 14% year-over-year, and up 28% sequentially.
Transaction Volume and Conversion Rate. 188,149 loans were originated, totaling $1.6 billion across our platform in the third quarter of 2024, up 30% from the same quarter of the prior year, and up 43% sequentially. Conversion on rate requests was 16.3% in the third quarter of 2024, up from 9.5% in the same quarter of the prior year.
Income (Loss) from Operations. Income (loss) from operations was ($45.2) million, down from ($43.8) million in the same quarter of the prior year.
Net Income (Loss) and EPS. GAAP net income (loss) was ($6.8) million, up from ($40.3) million in the third quarter of the prior year. Adjusted net income (loss) was ($5.3) million, down from ($3.9) million in the same quarter of the prior year. Accordingly, GAAP diluted earnings per share was ($0.07), and diluted adjusted earnings per share was ($0.06) based on the weighted-average common shares outstanding during the quarter.
Contribution Profit. Contribution profit was $102.4 million in the third quarter of 2024, up 9% year-over-year, with a contribution margin of 61% compared to a 64% contribution margin in the same quarter of the prior year.
Adjusted EBITDA. Adjusted EBITDA was $1.4 million, down from $2.3 million in the same quarter of the prior year. The third quarter 2024 Adjusted EBITDA margin was 1% of total revenue, down from 2% in the same quarter of the prior year.
营业收入。总收入为16200万美元，比2023年第三季度增长20%，环比增长27%。总费用收入为16800万美元，同比增长14%，环比增长28%。
交易量和转换率。第三季度，我们平台上共产生了181,149笔贷款，总额达到16亿美元，比去年同期增长30%，环比增长43%。第三季度2024年请求率转换率为16.3%，比去年同期的9.5%有所提高。
营业收入（亏损）。 营业收入（亏损）为（4520万）美元，低于去年同期的（4380万）美元。
净利润（亏损）和每股收益。根据GAAP，净利润（亏损）为（680万）美元，高于去年同期的（4030万）美元。调整后的净利润（亏损）为（530万）美元，低于去年同期的（390万）美元。因此，根据加权平均普通股，GAAP摊薄每股收益为（0.07）美元，调整后的摊薄每股收益为（0.06）美元。
利润贡献。2024年第三季度贡献利润为10240万美元，同比增长9%，贡献率为61%，较去年同期的64%降低。
调整后的EBITDA。调整后的EBITDA为140万美元，低于去年同期的230万美元。2024年第三季度调整后的EBITDA利润率为总收入的1%，低于去年同期的2%。
Financial Outlook
财务展望
For the fourth quarter of 2024, Upstart expects:
2024年第四季度，Upstart预计:
Revenue of approximately $180 million
Contribution Margin of approximately 59%
Net Income (Loss) of approximately ($35) million
Adjusted Net Income (Loss) of approximately ($5) million
Adjusted EBITDA of approximately $5 million
Basic Weighted-Average Share Count of approximately 91.7 million shares
Diluted Weighted-Average Share Count of approximately 91.7 million shares
大约18000万美元的营业收入
大约59%的贡献边际
净利润（亏损）约为（35）百万美元
调整后的净利润（亏损）约为（5）百万美元
约500万美元的调整后EBITDA
基本加权平均股份约9170万股
稀释加权平均股份约9170万股
