Upland Software Inc
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
UPLD$3.82-3.9%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
| (in thousands, except share and per share amounts) | Year Ended December 31, | ||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Revenue: | |||
| Subscription and support | $281,554 | $297,887 | $287,621 |
| Perpetual license | 6,077 | 6,948 | 2,150 |
| Total product revenue | 287,631 | 304,835 | 289,771 |
| Professional services | 10,221 | 12,468 | 12,245 |
| Total revenue | 297,852 | 317,303 | 302,016 |
| Cost of revenue: | |||
| Subscription and support | 88,894 | 93,948 | 92,168 |
| Professional services | 7,467 | 9,793 | 7,285 |
| Total cost of revenue | 96,361 | 103,741 | 99,453 |
| Gross profit | 201,491 | 213,562 | 202,563 |
| Operating expenses: | |||
| Sales and marketing | 64,342 | 59,416 | 55,097 |
| Research and development | 49,375 | 46,187 | 42,693 |
| General and administrative | 61,264 | 70,462 | 76,901 |
| Depreciation and amortization | 58,614 | 43,669 | 41,315 |
| Acquisition-related expenses | 3,060 | 21,556 | 21,234 |
| Impairment of goodwill | 128,755 | 12,500 | — |
| Total operating expenses | 365,410 | 253,790 | 237,240 |
| Loss from operations | (163,919) | (40,228) | (34,677) |
| Other expense: | |||
| Interest expense, net | (18,684) | (29,145) | (31,626) |
| Other income (expense), net | 236 | (781) | (253) |
| Total other expense | (18,448) | (29,926) | (31,879) |
| Loss before benefit from income taxes | (182,367) | (70,154) | (66,556) |
| Benefit from income taxes | 2,493 | 1,741 | 8,344 |
| Net loss | $(179,874) | $(68,413) | $(58,212) |
| Preferred stock dividends | (5,347) | (1,846) | — |
| Net loss attributable to common shareholders | $(185,221) | $(70,259) | $(58,212) |
| Net loss per common share: | |||
| Net loss per common share, basic and diluted | $(5.77) | $(2.23) | $(1.92) |
| Weighted-average common shares outstanding, basic and diluted | 32,074,906 | 31,528,881 | 30,295,769 |
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