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Upstart Upstart Announces Third Quarter 2021 Results November 9 , 2021 SAN MATEO , Calif .-- ( BUSINESS WIRE ) -- Nov . 9 , 2021-- Upstart Holdings , Inc. ( NASDAQ : UPST ) , a leading artificial intelligence ( Al ) lending platform , today announced financial results for its third quarter of the fiscal year 2021 ended September 30 , 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 . " Since Upstart's IPO a year ago , we've more than tripled our revenue , tripled our profits , tripled the number of banks and credit unions on our platform , and tripled the number of auto dealerships we serve , " said Dave Girouard co - founder and CEO of Upstart . " With that many 3s , Upstart is becoming the Steph Curry of the FinTech industry . " Third Quarter 2021 Financial Highlights • Revenue . Total revenue was $ 228 million , an increase of 250 % from the third quarter of 2020. Total fee revenue was $ 210 million , an increase of 235 % year - over - year . • Transaction Volume and Conversion Rate . Bank Partners originated 362,780 loans , totaling $ 3.13 billion , across our platform in the third quarter , up 244 % from the same quarter of the prior year . Conversion on rate requests was 23 % in the third quarter of 2021 , up from 15 % in the same quarter of the prior year . Beginning in the third quarter of 2021 , in order to better reflect actual conversions , we removed rate inquiries identified by our platform as likely fraudulent from our Conversion Rate calculation . Please see the section titled " Key Operating Metrics " below for further detail on the calculation and related information about prior periods . • Income from Operations . Income from operations was $ 28.6 million , up from $ 12.2 million the prior year . • Net Income and EPS . GAAP net income was $ 29.1 million , up from $ 9.7 million in the third quarter of 2020. Adjusted net income was $ 57.4 million , up from $ 12.3 million in the same quarter of the prior year . Accordingly , GAAP diluted earnings per share was $ 0.30 , and diluted adjusted earnings per share was $ 0.60 based on the weighted - average common shares outstanding during the period . • Contribution Profit . Contribution profit was $ 95.9 million , up 184 % from in the third quarter of 2020 , with a contribution margin of 46 % compared to a 54 % contribution margin in the same quarter of the prior year . • Adjusted EBITDA . Adjusted EBITDA was $ 59.1 million , up from $ 15.5 million in the same quarter of the prior year . The third quarter 2021 adjusted EBITDA margin was 26 % of total revenue , up from 24 % in the third quarter of 2020 . Financial Outlook For the fourth quarter of 2021 , Upstart expects : • Revenue of $ 255 to $ 265 million • Contribution Margin of approximately 47 % • Net Income of $ 16 to $ 20 million ● Adjusted Net Income of $ 48 to $ 50 million ● Adjusted EBITDA of $ 51 to $ 53 million • Basic Weighted - Average Share Count of approximately 81.9 million shares • Diluted Weighted - Average Share Count of approximately 96.7 million shares 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 November 9 , 2021. To access the call in the U.S. and Canada , dial , +1 800-353-6461 ( code 6122091 ) , and outside of the U.S. and Canada , dial +1 334-323-0501 ( code 6122091 ) . A