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.

Much appreciate your comments. I probably wasn't clear enough about how they
calculate non-GAAP Net Income (Loss). There is nothing to be assumed about it.
Their calculation is very clear and straight-forward (from their 10-K or 10-Q).

We define Adjusted Net Income as net income (loss) attributable to Upstart
Holdings, Inc. common stockholders exclusive of stock-based compensation expense
and certain payroll tax expenses and acquisition-related costs.

If you examine the totality of the adjustment between GAAP and non-GAAP net income
for the year 2022, acquisition-related costs were zero, payroll tax expenses were
2% of the total, and stock-based compensation was 98% of the total. There are no
other adjustments accepted in this calculation by Upstart. Because acquisition
costs are zero and payroll tax costs are so tiny, for all practical purposes the
equation is as follows:

non-GAAP Adjusted Net Income (Loss) = GAAP Net Income (Loss) - Stock Based Compensation

They've given us two of these numbers in their guidance -- Adj Net Income (Loss) and
GAAP Net Income (Loss) -- so the calculation of Stock Based Compensation is just math
and not an assumption.

Of course as my family likes to point out, if I say the sky is blue it will turn green.

Ears