Upland Software, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Upland Software, Inc. has filed its Q1 2024 10-Q, detailing financial performance and balance sheet information for the period ending March 31, 2024.</b>

AI Summary

Upland Software, Inc. (UPLD) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Upland Software, Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company reported no material related party transactions for the three months ended March 31, 2024. The report includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. The filing details various financial statement line items including common stock, additional paid-in capital, accumulated other comprehensive income, and retained earnings.

Why It Matters

For investors and stakeholders tracking Upland Software, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Upland Software, Inc., crucial for assessing the company's performance and financial health in early 2024. The absence of material related party transactions simplifies the financial picture, indicating no unusual dealings that might require further scrutiny.

Risk Assessment

Risk Level: low — Upland Software, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative disclosures, suggesting a routine update.

Analyst Insight

Monitor future filings for revenue growth trends and profitability metrics to assess the company's ongoing operational performance.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-02 — Filing Date (Date the report was filed)
• 2023-01-01 — Prior Period Start Date (Comparison period start)
• 2023-03-31 — Prior Period End Date (Comparison period end)
• 2022-12-31 — Previous Year End Date (Balance sheet comparison)

Key Players & Entities

• Upland Software, Inc. (company) — Filer name
• Silverback Acquisition Corp (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-02 (date) — Filing date
• 7372 (industry_code) — Standard Industrial Classification
• TX (location) — State of incorporation and business address
• 001-36720 (filing_id) — SEC file number
• 401 Congress Ave. (address) — Business and mailing address

FAQ

Industry Context

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

Regulatory Implications

The filing is a standard quarterly report (10-Q) under the Securities Exchange Act of 1934, requiring public companies to disclose financial and operational information.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Compare Q1 2024 results with Q1 2023 and Q4 2023 to identify performance trends.
3. Note the absence of material related party transactions as a point of financial clarity.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-02: Filing Date — Date Upland Software, Inc. submitted the 10-Q

Year-Over-Year Comparison

This filing represents the first quarterly report for Upland Software, Inc. in fiscal year 2024, providing updated financial data compared to the previous quarter (ending December 31, 2023) and the same quarter last year (ending March 31, 2023).

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share UPLD The Nasdaq Global Market

Filing Documents

• upld-20240331.htm (10-Q) — 1141KB
• amendment1toexecemplagreem.htm (EX-10.1) — 16KB
• amendment_3toeeo-jtmcdonald.htm (EX-10.2) — 15KB
• q124exhibit311.htm (EX-31.1) — 10KB
• q124exhibit312.htm (EX-31.2) — 10KB
• q124exhibit321.htm (EX-32.1) — 4KB
• q124exhibit322.htm (EX-32.2) — 4KB
• upld-20240331_g1.jpg (GRAPHIC) — 48KB
• 0001505155-24-000040.txt (&nbsp;) — 6238KB
• upld-20240331.xsd (EX-101.SCH) — 41KB
• upld-20240331_cal.xml (EX-101.CAL) — 65KB
• upld-20240331_def.xml (EX-101.DEF) — 229KB
• upld-20240331_lab.xml (EX-101.LAB) — 596KB
• upld-20240331_pre.xml (EX-101.PRE) — 401KB
• upld-20240331_htm.xml (XML) — 715KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 2 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2024 and March 31, 2023 3 Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and March 31, 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36 Part II. OTHER INFORMATION 37 Item1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 5. Other Information 37 Item 6. Exhibits 37 Exhibit Index 38 Signature 39 Table of Contents Upland Software, Inc. Condensed Consolidated Balance Sheets (in thousands, except for share and per share amounts)

Financial Statements

Item 1. Financial Statements March 31, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 231,614 $ 236,559 Accounts receivable (net of allowance of $ 389 and $ 572 at March 31, 2024, and December 31, 2023, respectively) 29,253 38,765 Deferred commissions, current 9,678 10,429 Unbilled receivables 3,213 2,701 Income tax receivable, current 5,221 3,775 Prepaid expenses and other current assets 10,215 8,004 Total current assets 289,194 300,233 Tax credits receivable 1,553 1,657 Property and equipment, net 1,803 1,932 Operating lease right-of-use asset 2,480 2,929 Intangible assets, net 166,988 182,349 Goodwill 264,012 353,778 Deferred commissions, noncurrent 12,593 12,568 Interest rate swap assets 15,889 14,270 Other assets 434 308 Total assets $ 754,946 $ 870,024 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,642 $ 8,137 Accrued compensation 7,083 7,174 Accrued expenses and other current liabilities 6,770 7,050 Deferred revenue 99,550 102,763 Operating lease liabilities, current 2,073 2,351 Current maturities of notes payable (includes unamortized discount of $ 2,143 and $ 2,228 at March 31, 2024, and December 31, 2023, respectively) 3,257 3,172 Total current liabilities 123,375 130,647 Notes payable, less current maturities (includes unamortized discount of $ 2,657 and $ 3,148 at March 31, 2024, and December 31, 2023, respectively) 472,642 473,502 Deferred revenue, noncurrent 3,428 3,860 Operating lease liabilities, noncurrent 1,224 1,597 Noncurrent deferred tax liability, net 14,696 16,025 Other long-term liabilities 447 461 Total liabilities 615,812 626,092 Mezzanine Equity Series A Convertible Preferred stock, $ 0.0001 par value; 5,000,000 shares authorized; 115,000 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively 119,013 117,638 Stockholders' equity: Common stock, $ 0.0001 par value

View Full Filing

View this 10-Q filing on SEC EDGAR