Upland Software, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Upland Software, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Upland Software, Inc. (UPLD) filed a Annual Report (10-K) with the SEC on February 22, 2024. Upland Software, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 401 Congress Ave., Suite 1850, Austin, TX 78701. Upland Software, Inc. was formerly known as Silverback Acquisition Corp. until November 5, 2010. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Upland Software, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Upland Software's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in the 10-K are essential for investors and stakeholders to make informed decisions regarding their investments in Upland Software.

Risk Assessment

Risk Level: medium — Upland Software, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various market and operational risks inherent in the software industry, as detailed in the 10-K filing.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors presented in the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 001-36720 — SEC File Number (SEC registration number)
• 272992077 — IRS Number (Company tax identification)

Key Players & Entities

• Upland Software, Inc. (company) — Filer name
• Silverback Acquisition Corp. (company) — Former company name
• 401 Congress Ave., Suite 1850, Austin, TX 78701 (company) — Business address
• 2023-12-31 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date

FAQ

Industry Context

Upland Software operates in the prepackaged software industry, providing cloud-based enterprise software solutions.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and management.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal years ended December 31, 2023, 2022, and 2021.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers and trends.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements.
• 2024-02-22: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share UPLD The Nasdaq Global Market
• $3.60 — million based upon the closing price of $3.60 of such common stock on the Nasdaq Glob
• $25,000 — contracted annual recurring revenue of $25,000 or more to be "major accounts." Sales

Filing Documents

• upld-20231231.htm (10-K) — 2319KB
• q423ex41-descriptionofcapi.htm (EX-4.1) — 36KB
• q423exhibit211_listofsubs.htm (EX-21.1) — 5KB
• q423exhibit231-eyconsent.htm (EX-23.1) — 5KB
• recoupmentpolicy.htm (EX-97.1) — 16KB
• q423exhibit311.htm (EX-31.1) — 10KB
• q423exhibit312.htm (EX-31.2) — 10KB
• q423exhibit321.htm (EX-32.1) — 4KB
• q423exhibit322.htm (EX-32.2) — 4KB
• upld-20231231_g1.jpg (GRAPHIC) — 48KB
• upld-20231231_g2.jpg (GRAPHIC) — 86KB
• 0001505155-24-000013.txt (&nbsp;) — 12213KB
• upld-20231231.xsd (EX-101.SCH) — 69KB
• upld-20231231_cal.xml (EX-101.CAL) — 129KB
• upld-20231231_def.xml (EX-101.DEF) — 390KB
• upld-20231231_lab.xml (EX-101.LAB) — 1027KB
• upld-20231231_pre.xml (EX-101.PRE) — 670KB
• upld-20231231_htm.xml (XML) — 1831KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 32 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 33 Item 3.

Legal Proceedings

Legal Proceedings 34 Item 4. Mine Safety Disclosures 34 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6. [ R eserved ] 36 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Report of Independent Registered Public Accounting Firm 56 Consolidated Financial Statements 58 Consolidated Balance Sheets 58 Consolidated Statements of Operations 59 Consolidated Statements of Comprehensive Loss 60 Consolidated Statements of Equity 61 Consolidated Statements of Cash Flows 62 Notes to the Consolidated Financial Statements 63 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions and Director Independence Item 14. Principal Accountant Fees and Services 97 PART IV Item 15. Exhibits and Financial Statement Schedules 97 Item 16. Form 10-K Summary 97

SIGNATURES

SIGNATURES 100 1 PART I Special Note Regarding Forward Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements may be identified by the use of forward-looking words such as "anticipate," "believe," "may," "will," "continue," "seek," "estimate," "intend," "hope," "predict," "could," "should," "would," "project," "plan," "expect" or the negative or plural of these words or similar expressions, although not all forward-looking statements contain these words. These forward-looking statements include, but are not limited to, statements concerning the following: our financial performance and our ability to achieve or sustain profitability or predict future results; our plans regarding future acquisitions and our ability to consummate and integrate acquisitions; our ability to expand our go to market operations, including our marketing and sales organization, and successfully increase sales of our products; our ability to obtain financing in the future on acceptable terms or at all; our expectations with respect to revenue, cost of revenue and operating expenses in future periods; our expectations with regard to revenue from perpetual licenses, usage fees and professional services; our ability to adapt to macroeconomic factors impacting the global economy, including foreign currency exchange risk, inflation and supply chain constraints; our ability to attract and retain customers; our ability to successfully enter new markets and manage our international expansion; our ability to comply with privacy laws and regulations; our ability to incorporate and deliver artificial intelligence ("AI") functionality into our products and services; our abi

Business

Item 1. Business Upland provides cloud-based software applications that enable our customers to drive digital transformation in the following business functions: Marketing . Digital marketing, e-commerce, and customer service teams use our applications to interact with consumers across multiple channels to acquire new customers, drive product and service utilization, resolve issues, and build brand loyalty. Our applications deliver value to organizations across a number of use cases including mobile messaging, mobile application marketing, Voice of the Customer (VOC), email marketing, knowledge management and call center productivity. Sales . Sales teams employ our applications to drive growth through deeper customer engagement, reduced sales cycle times, and improved collaboration between sales, marketing, and other customer-facing functions. We offer applications that help organizations optimize their sales opportunity and account management processes, coordinate proposal and reference activities, collaborate on the creation and publication of digital content and gain increased control over key sales and marketing workflows, activities and budgets. Contact Center . Customer service and support environments use our applications to enable agents to resolve issues and engage customers. We offer applications that improve customer experience and reduce call volume and cycle times through customer self-service products and VoC technology that captures customer sentiment in real-time. Upland also offers products that improve call center agent productivity by providing more direct access to knowledge and to customer sentiment thereby improving both inbound call outcomes and proactive outbound success. We also provide products that deliver knowledge-based, guided workflows for customer service environments supporting complex products in strict regulatory requirements. Additional solutions help call center leadership to manage agent performance and measure real-time pe

View Full Filing

View this 10-K filing on SEC EDGAR