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Stocks A to Z / Stocks U / Upstart Holdings (UPST)
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Author: BenSolar   😊 😞
Number: of 116 
Subject: Re: The Q1 Conundrum
Date: 03/02/2023 10:08 AM
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Hi Ears, nice post!

Thanks for writing that up with nice formatting and all. Very helpful.

I do question your assumption that the totality of the adjustment between GAAP and non-GAAP net income will be stock based compensation. I would instead expect most of that $70m to be 'everything but the kitchen sink' 'one time' adjustments/write-offs we'll be seeing.

That said, I am concerned with how much the company uses SBC. Actual compensation in Q4 of $34m seems way too high. I guess that will be coming down some in following quarters after Q1, thanks to the layoffs, but it'll still be too high for my tastes.
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