$UPST Cashflow Statement | Understand Stock

$UPST

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2025 12 months to Dec 31, 2025	FY2024 12 months to Dec 31, 2024	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021
Cash flows from operating activities
Net income (loss)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in fair value of financial instruments
Change in fair value of loans
Change in fair value of servicing assets
Change in fair value of servicing liabilities
Change in fair value of beneficial interest assets
Change in fair value of beneficial interest liabilities
Change in fair value of other financial instruments
Total change in fair value of financial instruments
Stock-based compensation
Gain on loan servicing rights, net
Gain on debt extinguishment
Depreciation and amortization
Incentive share expense
Loan premium amortization
Non-cash interest expense and other
Gain on repurchased and retired convertible preferred stock warrants
Net changes in operating assets and liabilities:
Purchase of loans for immediate resale
Proceeds from immediate resale of loans
Purchases of loans held-for-sale
Proceeds from sale of loans held-for-sale
Principal payments received for loans held-for-sale
Principal payments received for loans held by consolidated securitization
Settlements of beneficial interest liabilities, net
Proceeds from beneficial interest assets (derivatives)
Settlements of beneficial interest assets (derivatives)
Other assets
Operating lease liability and right-of-use asset
Accounts payable
Payable to investors
Payable to investors for beneficial interest assets
Accrued expenses and other liabilities

Net cash provided by (used in) operating activities
Cash flows from investing activities
Principal payments received for loans held by consolidated securitizations
Purchases and originations of loans held-for-investment
Proceeds from sale of loans held-for-investment
Principal payments received for loans held-for-investment
Principal payments received for notes receivable and repayments of residual certificates
Settlements of beneficial interest assets
Acquisition and settlements of beneficial interest assets (hybrid instruments)
Proceeds from beneficial interest assets (hybrid instruments)
Issuance of line of credit receivable
Repayments of line of credit receivable
Purchases of property and equipment
Capitalized software costs
Acquisition of beneficial interest assets
Purchases of non-marketable equity securities
Purchase of notes receivable and residual certificates
Purchase of certificates of deposit
Acquisition, net of cash acquired
Net cash used in investing activities

Cash flows from financing activities
Proceeds from initial public offering, net of underwriting discounts and offering costs
Repayments of notes payable
Distributions made to noncontrolling interests
Repurchase and retirement of convertible preferred stock warrants
Repurchase and retirement of convertible preferred stock
Proceeds from issuance of notes payable
Proceeds from issuance of convertible preferred stock, net of issuance costs
Proceeds from exercise of convertible preferred stock warrants
Proceeds from borrowings
Proceeds from convertible notes issuance, net of debt issuance costs paid to lender
Payment of debt issuance costs to third parties
Repayments of borrowings
Payments for repurchases of convertible notes
Purchase of capped calls
Settlement of capped calls
Principal payments made on securitization notes
Payable to investors
Proceeds from issuance of securitization notes
Proceeds from secondary offering, net of underwriting discounts, commissions, and offering costs
Proceeds from issuance of common stock under employee stock purchase plan
Proceeds from exercise of stock options
Taxes paid related to net share settlement of equity awards
Payments made on securitization notes and certificates
Repurchases of common stock
Net proceeds related to stock-based award activities
Net cash provided by financing activities

Change in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of year
Cash, cash equivalents and restricted cash at end of year
Supplemental disclosures of cash flow information
Cash paid for interest
Cash paid for amounts included in the measurement of lease liabilities
Cash paid for income taxes, net
Supplemental disclosures of non-cash investing and financing activities
Beneficial interests obtained in connection with loan sales
Securities retained under unconsolidated securitization transactions
Transfer of notes receivable and residual certificate on deconsolidation of VIE
Reclassification of common stock warrant liability related to cashless exercise
Reclassification of preferred stock warrant liability related to cash exercise
Reclassification of common stock warrant liability to equity upon termination of repurchase option
Issuance of line of credit receivable
Capitalized stock-based compensation expense
Issuance of common stock in connection with acquisition
Derecognition of loans held-for-investment in consolidated VIE
Derecognition of payable to securitization note holders and residual certificate holders
Derecognition of notes payable held in consolidated VIE
Issuance costs of new convertible notes
Repayments of line of credit receivable
Settlement of borrowings in connection with loan sale
Securities retained under consolidated securitization transaction
Beneficial interest assets included in payable to investors

Cash and Restricted Cash
Cash
Cash and cash equivalents
Restricted cash

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