Upstart Holdings, Inc. (UPST): restructuring charge — Upstart announces 20% workforce reduction, expects $57M cash savings

Upstart Holdings, Inc.

Reduction of ~365 employees (20% of workforce); suspension of small business loan product until macro improves.
Estimated $15M in severance and benefit charges; $3M non-cash reversal of stock-based compensation.
Expects ~$57M cash savings in operating expenses over 12 months and $42M non-cash SBC savings through 2025.
Charges and cash expenditures mostly incurred in Q1 2023; plan designed to reduce costs and return to profitability.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Upstart Holdings, Inc. announced a restructuring with charges of approximately $15 million in total charges (approximately 20%, or approximately 365 employees).

Type: restructuring
Charge: approximately $15 million in total charges
Headcount: approximately 20%, or approximately 365 employees

Exact text from the filing

The January 2023 Plan involves a reduction of Upstart’s current workforce by approximately 20%, or approximately 365 employees. Upstart estimates that it will incur approximately $15 million in total charges in connection with the January 2023 Plan.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Upstart Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001647639-23-000006

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