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 - $Upstart (UPST.US)$ 股價在週四的美股盤後交易中暴漲18.93%，達到65.97美元。該公司宣佈截至2024年9月30日的2024財年第三季度財務業績。
“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.”
「在貸款成交量環比增長43%和再次實現正調整後EBITDA的情況下，我們繼續鞏固Upstart作爲人工智能領域金融科技領導者的地位，」Upstart的聯合創始人兼首席執行官戴夫·吉羅德表示。「即使沒有宏觀經濟的顯著提振，我們也正在恢復增長模式。」
Third Quarter 2024 Financial Highlights
2024年第三季度財務亮點
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.
營業收入。總收入爲16200萬美元，比2023年第三季度增長20%，環比增長27%。總費用收入爲16800萬美元，同比增長14%，環比增長28%。
交易量和轉換率。第三季度，我們平台上共產生了181,149筆貸款，總額達到16億美元，比去年同期增長30%，環比增長43%。第三季度2024年請求率轉換率爲16.3%，比去年同期的9.5%有所提高。
營業收入（虧損）。 營業收入（虧損）爲（4520萬）美元，低於去年同期的（4380萬）美元。
淨利潤（虧損）和每股收益。根據GAAP，淨利潤（虧損）爲（680萬）美元，高於去年同期的（4030萬）美元。調整後的淨利潤（虧損）爲（530萬）美元，低於去年同期的（390萬）美元。因此，根據加權平均普通股，GAAP攤薄每股收益爲（0.07）美元，調整後的攤薄每股收益爲（0.06）美元。
利潤貢獻。2024年第三季度貢獻利潤爲10240萬美元，同比增長9%，貢獻率爲61%，較去年同期的64%降低。
調整後的EBITDA。調整後的EBITDA爲140萬美元，低於去年同期的230萬美元。2024年第三季度調整後的EBITDA利潤率爲總收入的1%，低於去年同期的2%。
Financial Outlook
財務展望
For the fourth quarter of 2024, Upstart expects:
2024年第四季度，Upstart預計:
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
大約18000萬美元的營業收入
大約59%的貢獻邊際
淨利潤（虧損）約爲（35）百萬美元
調整後的淨利潤（虧損）約爲（5）百萬美元
約500萬美元的調整後EBITDA
基本加權平均股份約9170萬股
稀釋加權平均股份約9170萬股
