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Upstart Upstart Announces First Quarter 2021 Results May 11 , 2021 SAN MATEO , Calif .-- ( BUSINESS WIRE ) -- May 11 , 2021-- Upstart Holdings , Inc. ( NASDAQ : UPST ) , a leading artificial intelligence ( AI ) lending platform , today announced financial results for its first quarter of the fiscal year 2021 ended March 31 , 2021. Upstart will host a conference call and webcast at 1:30 p.m. Pacific Time today . An earnings presentation and link to the webcast are available at ir.upstart.com . " Upstart is delivering a combination of growth and profits that is rare in FinTech and in the technology industry overall , " said Dave Girouard , CEO of Upstart . He added , " The advantages of Al in lending are becoming more apparent by the day and Upstart is synonymous with this newly emerging category . " First Quarter 2021 Financial Highlights • Revenue . Total revenue was $ 121 million , an increase of 90 % from the first quarter of 2020. Total fee revenue was $ 116 million , an increase of 71 % year - over - year . • Transaction Volume and Conversion Rate . Bank partners originated 169,750 loans , totaling $ 1.73 billion , across our platform in the first quarter , up 102 % from the same quarter of the prior year . Conversion on rate requests was 22 % in the first quarter of 2021 , up from 14 % in the same quarter of the prior year . • Income from Operations . Income from operations was $ 15.6 million , from $ 0.6 million the prior year . • Net Income and EPS . GAAP net income was $ 10.1 million , up from $ 1.5 million in the same quarter of the prior year . Adjusted net income was $ 19.9 million , up from $ 3.4 million in the same quarter of the prior year . Accordingly , GAAP diluted earnings per share was $ 0.11 , and diluted adjusted earnings per share was $ 0.22 based on the weighted - average common shares outstanding during the period . • Contribution Profit . Contribution profit was $ 55.8 million , up 117 % from in the first quarter of 2020 , with a contribution margin of 48 % compared to a 38 % contribution margin in the first quarter of 2020 . ● Adjusted EBITDA . Adjusted EBITDA was $ 21.0 million , up 472 % year - over - year . The first quarter 2021 adjusted EBITDA margin was 17 % of total revenue , from 6 % in the first quarter of 2020 . Financial Outlook For the second quarter of 2021 , Upstart expects : • Revenue of $ 150 to $ 160 million • Contribution Margin of approximately 44 % • Net Income of $ 8 to $ 12 million ● Adjusted Net Income of $ 21 to $ 25 million ● Adjusted EBITDA of $ 23 to $ 27 million • Basic Weighted - Average Share Count of approximately 77.0 million shares • Diluted Weighted - Average Share Count of approximately 94.9 million shares For the 2021 fiscal year , Upstart now expects : • Revenue of approximately $ 600 million ( vs prior guidance of $ 500 million ) • Contribution Margin of approximately 42 % ( vs prior guidance of 41 % ) And continues to expect : • Adjusted EBITDA Margin of approximately 10 % Upstart has not reconciled the forward - looking non - GAAP measures above to comparable forward - looking GAAP measures because of the potential variability and uncertainty of incurring these costs and expenses in the future . Accordingly , a reconciliation is not available without unreasonable effort . Key Operating Metrics and Non - GAAP Financial Measures For a description of our key operating measures , please see the section titled " Key Operating Metrics " below . Reconciliations of non - GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data . For a description of these non - GAAP financial measures , including the reasons management uses each measure , please see the section titled " About Non - GAAP Financial Measures " below . Conference Call and Webcast • Live Conference Call and Webcast at 1:30 p.m. PT on May 11 , 2021. To access the call in the U.S. and Canada , dial