Upland Software Files 2023 Annual Report Amendment

TL;DR

Upland Software filed an amendment to its 2023 10-K. Check for updates.

AI Summary

Upland Software, Inc. filed an amendment (10-K/A) to its annual report for the fiscal year ending December 31, 2023. The filing, submitted on November 7, 2024, provides updated information and disclosures. Key financial data and business segments like Subscription and Support, and Perpetual License are detailed within the report.

Why It Matters

This amendment to Upland Software's 2023 annual report may contain crucial updates or corrections that could affect investor understanding of the company's financial health and operational performance.

Risk Assessment

Risk Level: medium — Amendments to annual reports can indicate that previously disclosed information required correction or additional detail, potentially signaling underlying issues or complexities.

Key Numbers

• 18,000 — Shares (Likely related to stock options or grants, context needs further filing review.)
• 0.5 — P10D (This likely refers to a specific metric or ratio within the filing, requiring deeper analysis of the document's content.)
• P3Y — Time Period (Indicates a three-year period is relevant for some data points in the filing.)
• P36M — Time Period (Indicates a thirty-six month period is relevant for some data points in the filing.)
• P18M — Time Period (Indicates an eighteen month period is relevant for some data points in the filing.)

Key Players & Entities

• Upland Software, Inc. (company) — Filer of the 10-K/A
• Silverback Acquisition Corp (company) — Former company name
• 20231231 (date) — Fiscal year end
• 20241107 (date) — Filing date of the amendment

FAQ

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
• $354 million — 023, the Company's goodwill balance was $354 million. As discussed in Note 2 to the consolid
• $129 million — ecorded a goodwill impairment charge of $129 million during the year ended December 31, 2023

Filing Documents

• upld-20231231.htm (10-K/A) — 1488KB
• q423ex231-eyconsentxamended.htm (EX-23.1) — 5KB
• q423exhibit311-amended.htm (EX-31.1) — 10KB
• q423exhibit312-amended.htm (EX-31.2) — 10KB
• q423exhibit321-amended.htm (EX-32.1) — 4KB
• q423exhibit322-amended.htm (EX-32.2) — 4KB
• upld-20231231_g1.jpg (GRAPHIC) — 48KB
• 0001505155-24-000103.txt ( ) — 10677KB
• upld-20231231.xsd (EX-101.SCH) — 68KB
• upld-20231231_cal.xml (EX-101.CAL) — 129KB
• upld-20231231_def.xml (EX-101.DEF) — 389KB
• upld-20231231_lab.xml (EX-101.LAB) — 866KB
• upld-20231231_pre.xml (EX-101.PRE) — 625KB
• upld-20231231_htm.xml (XML) — 1830KB

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 2 Report of Independent Registered Public Accounting Firm 3 Consolidated Financial Statements 5 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Consolidated Statements of Comprehensive Loss 7 Consolidated Statements of Equity 8 Consolidated Statements of Cash Flows 9 Notes to the Consolidated Financial Statements 10 Item 9A.

Controls and Procedures

Controls and Procedures 42 PART IV Item 15. Exhibits and Financial Statement Schedules 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data UPLAND SOFTWARE, INC. INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) 3 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Consolidated Statements of Comprehensive Loss 7 Consolidated Statements of Equity 8 Consolidated Statements of Cash Flows 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 2 Report of Independent Registered Public Accounting Firm To the Shareholders and the Board of Directors of Upland Software, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Upland Software, Inc. (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive loss, equity and cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 22, 2024, except for the effect of the material weakness described in the third paragraph of that report, as to which the date is November 7, 2024, expressed an adverse opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchan

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 1. Organization and Nature of Operations Upland Software, Inc. ("Upland," "we," "us," "our," or the "Company"), a Delaware corporation, is a provider of cloud-based software that enables organizations to plan, manage and execute projects and work. Upland's cloud offerings address a broad range of software needs, from strategic planning to task execution in the following functional areas: Sales, Marketing, Contact Center, Knowledge Management, Project Management, Information Technology, Business Operations, and Human Resources and Legal. To support continued growth, Upland intends to pursue acquisitions within its cloud offerings of complementary technologies and businesses. Upland expects that this will expand its product offerings, customer base and market access, resulting in increased benefits of scale. Consistent with Upland's growth strategy, Upland has made a total of 31 acquisitions in the 12 years ended December 31, 2023. 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes in the Company's accounting policies since December 31, 2022. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make, on an ongoing basis, estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses. Significant items subject to such estimates include those related t

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View this 10-K/A filing on SEC EDGAR