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No. of Recommendations: 12
Upstart grew 40% sequentially last quarter and is guiding to at least 28% sequentially EACH quarter this year, and is guiding to at least 154% growth annually (and probably more like 200% allowing for quarterly beats and raises).

Saul, what do you mean by guiding to "at least 28% sequentially EACH quarter this year"?

They reported $121M in Q1, and guided to $160M in Q2, as well as $600M for FY21.

$600M - $121M - $160M = $319M, or about $160M per quarter for Q3 and Q4. So, basically they guided to flat revenues the rest of the year.

For them to grow 28% sequentially each quarter, they would have to guide to roughly $205M in Q3 and $260M in Q4, or about $750M for FY21.

I am along for the tornado (hopefully), and fully expect a beat in Q2, but still have concerns about how much of the growth is just an artifact of easy upcoming comparisons or perhaps catch-up business that won't be repeated.
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