Upland Software Q2 2024 10-Q Filing
Ticker: UPLD · Form: 10-Q · Filed: Aug 1, 2024 · CIK: 1505155
Sentiment: neutral
Topics: 10-Q, financials, software
Related Tickers: UPLD
TL;DR
**UPLAND SOFTWARE (UPLD) Q2 10-Q FILED: Financials for period ending 6/30/24 are in. Check subscription & license revenue.**
AI Summary
Upland Software, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance for the second quarter and first half of the year, including subscription and support revenue, and perpetual license revenue. The company is incorporated in Texas and its fiscal year ends on December 31.
Why It Matters
This filing provides investors with a quarterly update on Upland Software's financial health and operational performance, crucial for understanding its current market position and future prospects.
Risk Assessment
Risk Level: medium — The filing is a standard quarterly report, but the software industry can be volatile, and specific financial details within the report could indicate underlying risks.
Key Numbers
- 15,250 — Shares (Number of shares related to the filing.)
Key Players & Entities
- Upland Software, Inc. (company) — Filer
- Silverback Acquisition Corp (company) — Former Company Name
- 20240630 (date) — Period of Report
- 20240801 (date) — Filing Date
- 78701 (location) — Business Zip Code
FAQ
What were Upland Software's Subscription and Support revenues for Q2 2024?
The filing indicates Subscription and Support revenue for the period April 1, 2024 to June 30, 2024.
What were Upland Software's Perpetual License revenues for Q2 2024?
The filing indicates Perpetual License revenue for the period April 1, 2024 to June 30, 2024.
What is Upland Software's fiscal year end?
Upland Software's fiscal year ends on December 31.
When was Upland Software previously known as Silverback Acquisition Corp?
The company changed its name from Silverback Acquisition Corp on November 5, 2010.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 1, 2024.
Filing Stats: 4,745 words · 19 min read · ~16 pages · Grade level 18.5 · Accepted 2024-08-01 16:08:27
Key Financial Figures
- $0.0001 — ich registered Common Stock, par value $0.0001 per share UPLD The Nasdaq Global Market
Filing Documents
- upld-20240630.htm (10-Q) — 1457KB
- q224exhibit311.htm (EX-31.1) — 10KB
- q224exhibit312.htm (EX-31.2) — 10KB
- q224exhibit321.htm (EX-32.1) — 4KB
- q224exhibit322.htm (EX-32.2) — 4KB
- upld-20240630_g1.jpg (GRAPHIC) — 48KB
- 0001505155-24-000069.txt ( ) — 6722KB
- upld-20240630.xsd (EX-101.SCH) — 39KB
- upld-20240630_cal.xml (EX-101.CAL) — 60KB
- upld-20240630_def.xml (EX-101.DEF) — 232KB
- upld-20240630_lab.xml (EX-101.LAB) — 589KB
- upld-20240630_pre.xml (EX-101.PRE) — 396KB
- upld-20240630_htm.xml (XML) — 812KB
Financial Statements
Financial Statements Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and June 30, 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and June 30, 2023 3 Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and June 30, 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and June 30, 2023 6 Notes to Condensed Consolidated Financial Statements 7 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 36 Item 4.
Controls and Procedures
Controls and Procedures 37 Part II. OTHER INFORMATION 38 Item1A.
Risk Factors
Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 5. Other Information 38 Item 6. Exhibits 38 Exhibit Index 39 Signature 40 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 June 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 232,375 $ 236,559 Accounts receivable (net of allowance of $ 383 and $ 572 at June 30, 2024, and December 31, 2023, respectively) 30,242 38,765 Deferred commissions, current 9,369 10,429 Unbilled receivables 3,531 2,701 Income tax receivable, current 4,803 3,775 Prepaid expenses and other current assets 9,609 8,004 Total current assets 289,929 300,233 Tax credits receivable 1,176 1,657 Property and equipment, net 1,768 1,932 Operating lease right-of-use asset 2,029 2,929 Intangible assets, net 152,896 182,349 Goodwill 264,164 353,778 Deferred commissions, noncurrent 12,602 12,568 Interest rate swap assets 14,933 14,270 Other assets 358 308 Total assets $ 739,855 $ 870,024 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,483 $ 8,137 Accrued compensation 8,445 7,174 Accrued expenses and other current liabilities 6,244 7,050 Deferred revenue 95,066 102,763 Operating lease liabilities, current 1,732 2,351 Current maturities of notes payable (includes unamortized discount of $ 2,087 and $ 2,228 at June 30, 2024, and December 31, 2023, respectively) 3,313 3,172 Total current liabilities 122,283 130,647 Notes payable, less current maturities (includes unamortized discount of $ 2,201 and $ 3,148 at June 30, 2024, and December 31, 2023, respectively) 471,749 473,502 Deferred revenue, noncurrent 3,146 3,860 Operating lease liabilities, noncurrent 969 1,597 Noncurrent deferred tax liability, net 14,358 16,025 Other long-term liabilities 459 461 Total liabilities 612,964 626,092 Mezzanine equity: Series A Convertible Preferred stock, $ 0.0001 par value; 5,000,000 shares authorized; 115,000 shares issued and outstanding as of June 30, 2024, and December 31, 2023, respectively 120,403 117,638 Stockholders' equity: Common stock, $ 0.0001 par value; 75,00