Upstart Holdings, Inc. (NASDAQ:UPST) Q4 2023 Earnings Call Transcript

It’s got nothing to do with underwriting. It does not impact in any way any of the numbers we report or present. It really doesn’t impact our conversations with individual parties because those are on a specific basis, not platform-wide. And I don’t really think it even necessarily changes the shape of the trends that we’ve been describing, which is that at a high level, we’ve historically overperformed prior to COVID, we were impacted by macro trends, which peaked in our case, sometime in early 2022. And we’ve since been re-converging the target. And so I think in updating the methodology, we’ve refined that and I think we’re just calling out maybe some of the differences in the fine print, but that’s what we’re trying to lay out for you here.

Regi Smith: Okay, that makes sense. Thank you.

Sanjay Datta: Thank you, Regi.

Operator: And that’s all the time we have for questions. At this time, I would like to turn the conference over back to you for additional or closing remarks.

Dave Girouard: All righty. To wrap-up, 2023 was a pivotal year for Upstart. We made strides in personal lending and in our auto business. We launched a home equity product and released two tools that are proving to be invaluable for improving model calibration. And we accomplished these goals while running an operationally and fiscally tight ship. That focus will continue in 2024, regardless of when the economy normalizes and the advantages of our leadership in AI lending become clear to all. So, thanks all for participating today. We look forward to speaking with you again next quarter.

Operator: And this concludes today’s call. Thank you for your participation. You may now disconnect.