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Upland Software Reports Third Quarter 2021 Financial Results

11/03/2021

Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, today announced financial and operating results for the third quarter of 2021 and revised guidance for its fourth quarter and full year of 2021.

Third Quarter 2021 Financial Highlights

  • Total revenue was $76.1 million, an increase of 3% from $74.2 million in the third quarter of 2020.
  • Subscription and support revenue was $72.3 million, an increase of 2% from $71.0 million in the third quarter of 2020.
  • GAAP net loss was $11.0 million, or a loss of $0.36 cents per share, compared to a GAAP net loss of $11.3 million, or a loss of $0.42 cents per share, in the third quarter of 2020.
  • Adjusted EBITDA was $25.0 million, or 33% of total revenue, compared to $25.0 million, or 34% of total revenue, in the third quarter of 2020.
  • GAAP operating cash flow was $5.3 million, compared to GAAP operating cash flow of $18.7 million in the third quarter of 2020. Free cash flow was $4.9 million, compared to free cash flow of $18.5 million in the third quarter of 2020.
  • Cash on hand as of the end of the third quarter of 2021 was $179.6 million.

“In Q3 we posted strong Adjusted EBITDA and remained on track to achieve our free cash flow generation targets for the year,” said Jack McDonald, Upland’s chairman and chief executive officer. “We did not see in Q3 the uptick in new logo bookings and renewals we had expected,” he added. “We remain determined to improve our sales performance and note that our focus throughout this year on securing multi-year customer renewals and expansions means a higher percentage of our revenue is now contracted through 2022, which supports improved net dollar retention rates next year,” he added. “Finally, we remain active in the market for additional acquisition opportunities.”

Third Quarter Business Highlights

  • We expanded relationships with 281 existing customers, 45 of which were major expansions. We also welcomed 109 new customers to Upland in the third quarter, including 27 new major customers.
  • We secured multiple six-figure long-term renewals and expansions with major global Financial Services firms. Within this industry, there is growing interest in our knowledge management product library to help drive and facilitate more effective, compliance-led knowledge sharing due to ever-increasing and evolving global regulations.
  • We launched Altify Sales Reference Manager, a new reference application built natively on the Salesforce platform. This product helps B2B sellers widen their pools of reference accounts, resulting in enhanced deal velocity and increased win rates, directly from within Salesforce.
  • And our InGenius product became one of the first Service Cloud Voice for Partner Telephony integrators available on the Salesforce AppExchange, helping customers maintain their existing telecommunications investment and infrastructure while taking advantage of the new Service Cloud Voice environment within Salesforce.

Business Outlook

For the quarter ending December 31, 2021, Upland expects reported total revenue to be between $73.2 and $77.2 million, including subscription and support revenue between $70.2 and $73.8 million, for decline in recurring revenue of 4% at the mid-point over the quarter-ended December 31, 2020. Fourth quarter 2021 Adjusted EBITDA is expected to be between $23.4 and $25.4 million, for an Adjusted EBITDA margin of 32% at the mid-point. This Adjusted EBITDA guide at the mid-point is a decline of 8% from the quarter-ended December 31, 2020. By way of comparison, Q4 2020 had $6.6 million of political messaging revenue, which will not repeat in Q4 of 2021.

For the full year ending December 31, 2021, Upland expects reported total revenue to be between $299.5 and $303.5 million, including subscription and support revenue between $285.5 and $289.1 million, for growth in recurring revenue of 4% at the mid-point over the year ended December 31, 2020. Full year 2021 Adjusted EBITDA is expected to be between $95.0 and $97.0 million, for an Adjusted EBITDA margin of 32% at the mid-point. This Adjusted EBITDA guide at the midpoint is a reduction of 4% over the year ended December 31, 2020. By way of comparison, 2020 had $18.2 million of political messaging revenue, which will not repeat in 2021.

Conference Call Details

Upland's executive team will host a live conference call and webcast at 4:00 p.m. Central Time, 5:00 p.m. Eastern Time today to review Upland’s financial results and outlook for the business. The call can be accessed via a webcast on investor.uplandsoftware.com, or by dialing 1-844-200-6205 in the United States or +1-929-526-1599 if outside the United States. Attendees will need to use access code 303259 to join the call. This webcast will contain forward-looking statements and other material information regarding Upland’s financial and operating results.

Following the completion of the conference call, a recording of the webcast will be made available at investor.uplandsoftware.com for twelve months.

About Upland Software

Upland helps global businesses accelerate digital transformation with a powerful cloud software library that provides choice, flexibility, and value. Our growing library of products delivers the "last mile" plug-in processes, reporting, and job specific workflows that major cloud platforms and homegrown systems don’t provide. We focus on specific business challenges and support every corner of the organization, operating at scale and delivering quick time to value for our 1,700+ enterprise customers. To learn more, visit www.uplandsoftware.com.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Adjusted EBITDA, non-GAAP net income (loss), non-GAAP net income (loss) per share and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our recurring core business operating results, such as our revenues excluding the impact for foreign currency fluctuations or our operating performance excluding not only non-cash charges, but also discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance and liquidity as well as comparisons to our competitors' operating results. We believe these non-GAAP financial measures are useful to investors both because they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and they are used by our institutional investors and the analyst community to help them analyze the health of our business. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the tables provided below in this release.

We are unable to reconcile any forward-looking non-GAAP financial measures to their directly comparable GAAP financial measures because the information which is needed to complete a reconciliation is unavailable at this time without unreasonable effort.

Upland defines Adjusted EBITDA as net income (loss), calculated in accordance with GAAP, plus net income (loss) from discontinued operations, depreciation and amortization expense, interest expense, net, other expense (income), net, provision for income taxes, stock-based compensation expense, acquisition-related expenses, non-recurring litigation costs, and purchase accounting adjustments for deferred revenue.

Upland defines non-GAAP net income (loss) as net income (loss), calculated in accordance with GAAP, plus, amortization of purchased intangible assets, amortization of debt discount, loss on debt extinguishment, stock-based compensation expenses, acquisition-related expenses, non-recurring litigation expenses, purchase accounting adjustments for deferred revenue, non-recurring provision for income tax, and the related tax effect of the adjustments above.

Upland defines free cash flow as GAAP operating cash flow less purchases of property and equipment.

Upland defines major accounts as accounts with greater than or equal to $25,000 in annual recurring revenue.

Upland defines major expansions as existing customers who expanded the amount of annual recurring revenue under their contract by at least $25,000.

Upland defines cash gross margin as product revenue less subscription and support cost of sales, excluding depreciation & amortization.

Forward-looking Statements

This release 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. Forward-looking statements generally relate to future events or our future financial or operating performance, including our guidance related to future performance, and are subject to substantial risks, uncertainties and assumptions. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments we may make. Accordingly, you should not place undue reliance on these forward-looking statements. Forward-looking statements include any statement that does not directly relate to any historical or current fact and often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "hope," "predict," "could," "should," "would," "project," or the negative or plural of these words or similar expressions, although not all forward-looking statements contain these words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including, but are not limited to: our financial performance and our ability to achieve, sustain or increase profitability or predict future results; our ability to attract and retain customers; our ability to deliver high-quality customer service; the growth of demand for enterprise work management applications; our plans regarding, and our ability to effectively manage, our growth; our plans regarding future acquisitions and our ability to consummate and integrate acquisitions; maintaining our senior management and key personnel; our ability to maintain and expand our direct sales organization; our ability to obtain financing in the future on acceptable terms or at all; the performance of our resellers; our ability to adapt to changing market conditions and competition; our ability to successfully enter new markets and manage our international expansion; the operation and reliability of our third-party data centers and other service providers; our ability to adapt to technological change and continue to innovate; our ability to integrate our applications with other software applications; our ability to comply with privacy laws and regulations; and factors that could affect our business and financial results identified in Upland's filings with the Securities and Exchange Commission (the "SEC"), including Upland's most recent 10-K filed with the SEC. Additional information will also be set forth in Upland's future quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings that Upland makes with the SEC. The forward-looking statements herein represent Upland's views as of the date of this press release, and these views could change. However, while Upland may elect to update these forward-looking statements at some point in the future, Upland specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing the views of Upland as of any date subsequent to the date of this press release.

Upland Software, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Revenue:

 

 

 

 

 

 

 

Subscription and support

$

72,264

 

 

 

$

70,992

 

 

 

$

215,322

 

 

 

$

202,582

 

 

Perpetual license

684

 

 

 

411

 

 

 

1,451

 

 

 

1,263

 

 

Total product revenue

72,948

 

 

 

71,403

 

 

 

216,773

 

 

 

203,845

 

 

Professional services

3,105

 

 

 

2,781

 

 

 

9,513

 

 

 

9,686

 

 

Total revenue

76,053

 

 

 

74,184

 

 

 

226,286

 

 

 

213,531

 

 

Cost of revenue:

 

 

 

 

 

 

 

Subscription and support

22,968

 

 

 

23,562

 

 

 

68,811

 

 

 

64,701

 

 

Professional services and other

1,848

 

 

 

2,021

 

 

 

5,444

 

 

 

6,755

 

 

Total cost of revenue

24,816

 

 

 

25,583

 

 

 

74,255

 

 

 

71,456

 

 

Gross profit

51,237

 

 

 

48,601

 

 

 

152,031

 

 

 

142,075

 

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

14,364

 

 

 

11,760

 

 

 

41,094

 

 

 

34,511

 

 

Research and development

10,441

 

 

 

9,967

 

 

 

32,494

 

 

 

29,379

 

 

General and administrative

17,725

 

 

 

16,864

 

 

 

61,286

 

 

 

51,195

 

 

Depreciation and amortization

10,764

 

 

 

9,117

 

 

 

30,785

 

 

 

27,425

 

 

Acquisition-related expenses

3,685

 

 

 

3,574

 

 

 

18,805

 

 

 

24,513

 

 

Total operating expenses

56,979

 

 

 

51,282

 

 

 

184,464

 

 

 

167,023

 

 

Income (loss) from operations

(5,742

)

 

 

(2,681

)

 

 

(32,433

)

 

 

(24,948

)

 

Other expense:

 

 

 

 

 

 

 

Interest expense, net

(7,971

)

 

 

(8,078

)

 

 

(23,700

)

 

 

(23,594

)

 

Other income (expense), net

(650

)

 

 

598

 

 

 

(812

)

 

 

(819

)

 

Total other expense

(8,621

)

 

 

(7,480

)

 

 

(24,512

)

 

 

(24,413

)

 

Loss before benefit from (provision for) income taxes

(14,363

)

 

 

(10,161

)

 

 

(56,945

)

 

 

(49,361

)

 

Benefit from (provision for) income taxes

3,348

 

 

 

(1,149

)

 

 

6,204

 

 

 

3,811

 

 

Net loss

$

(11,015

)

 

 

$

(11,310

)

 

 

$

(50,741

)

 

 

$

(45,550

)

 

Net loss per common share, basic and diluted

$

(0.36

)

 

 

$

(0.42

)

 

 

$

(1.68

)

 

 

$

(1.77

)

 

Weighted-average common shares outstanding, basic and diluted

30,428,675

 

 

 

27,220,134

 

 

 

30,167,171

 

 

 

25,725,495

 

 

Upland Software, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

September 30,

 

December 31,

 

2021

 

2020

 

(unaudited)

 

 

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

179,584

 

 

 

$

250,029

 

 

Accounts receivable, net of allowance

37,076

 

 

 

44,472

 

 

Deferred commissions, current

8,721

 

 

 

5,784

 

 

Unbilled receivables

5,847

 

 

 

4,561

 

 

Prepaid and other

8,560

 

 

 

12,694

 

 

Total current assets

239,788

 

 

 

317,540

 

 

Tax credits receivable

3,054

 

 

 

2,427

 

 

Property and equipment, net

3,035

 

 

 

2,778

 

 

Operating lease right-of-use asset

6,990

 

 

 

10,124

 

 

Intangible assets, net

292,807

 

 

 

279,975

 

 

Goodwill

460,178

 

 

 

383,598

 

 

Deferred commissions, noncurrent

14,168

 

 

 

12,962

 

 

Other assets

1,691

 

 

 

1,816

 

 

Total assets

$

1,021,711

 

 

 

$

1,011,220

 

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable

$

16,181

 

 

 

$

5,395

 

 

Accrued compensation

11,259

 

 

 

8,138

 

 

Accrued expenses and other current liabilities

9,960

 

 

 

13,438

 

 

Deferred revenue

90,368

 

 

 

87,552

 

 

Liabilities due to sellers of businesses

10,531

 

 

 

416

 

 

Operating lease liabilities, current

3,555

 

 

 

3,315

 

 

Current maturities of notes payable

3,158

 

 

 

3,166

 

 

Total current liabilities

145,012

 

 

 

121,420

 

 

Notes payable, less current maturities

515,958

 

 

 

518,437

 

 

Deferred revenue, noncurrent

2,075

 

 

 

1,587

 

 

Operating lease liabilities, noncurrent

7,650

 

 

 

8,387

 

 

Noncurrent deferred tax liability, net

27,484

 

 

 

24,092

 

 

Interest rate swap liabilities

15,642

 

 

 

30,032

 

 

Other long-term liabilities

844

 

 

 

650

 

 

Total liabilities

714,665

 

 

 

704,605

 

 

Stockholders’ equity:

 

 

 

Common stock

3

 

 

 

3

 

 

Additional paid-in capital

558,495

 

 

 

515,219

 

 

Accumulated other comprehensive loss

(18,338

)

 

 

(26,234

)

 

Accumulated deficit

(233,114

)

 

 

(182,373

)

 

Total stockholders’ equity

307,046

 

 

 

306,615

 

 

Total liabilities and stockholders’ equity

$

1,021,711

 

 

 

$

1,011,220

 

 

Upland Software, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Operating activities

 

 

 

 

 

 

 

Net loss

$

(11,015

)

 

 

$

(11,310

)

 

 

$

(50,741

)

 

 

$

(45,550

)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

13,751

 

 

 

11,696

 

 

 

39,420

 

 

 

35,091

 

 

Change in fair value of liabilities due to sellers of businesses

(774

)

 

 

155

 

 

 

(3,503

)

 

 

155

 

 

Deferred income taxes

(4,337

)

 

 

1,639

 

 

 

(7,726

)

 

 

(3,346

)

 

Amortization of deferred costs

2,435

 

 

 

1,252

 

 

 

6,283

 

 

 

3,172

 

 

Foreign currency re-measurement loss

8

 

 

 

(186

)

 

 

18

 

 

 

311

 

 

Non-cash interest and other expense

567

 

 

 

561

 

 

 

1,682

 

 

 

1,669

 

 

Non-cash stock compensation expense

12,047

 

 

 

10,963

 

 

 

43,421

 

 

 

31,263

 

 

Non-cash loss on retirement of fixed assets

2

 

 

 

473

 

 

 

2

 

 

 

473

 

 

Changes in operating assets and liabilities, net of purchase business combinations:

 

 

 

 

 

 

 

Accounts receivable

1,574

 

 

 

7,952

 

 

 

11,748

 

 

 

13,140

 

 

Prepaids and other

(41

)

 

 

(3,350

)

 

 

(3,672

)

 

 

(10,093

)

 

Accounts payable

732

 

 

 

4,476

 

 

 

6,647

 

 

 

(1,782

)

 

Accrued expenses and other liabilities

(5,687

)

 

 

(1,843

)

 

 

(8,111

)

 

 

(8,944

)

 

Deferred revenue

(3,924

)

 

 

(3,822

)

 

 

(6,822

)

 

 

(1,407

)

 

Net cash provided by operating activities

5,338

 

 

 

18,656

 

 

 

28,646

 

 

 

14,152

 

 

Investing activities

 

 

 

 

 

 

 

Purchase of property and equipment

(458

)

 

 

(137

)

 

 

(965

)

 

 

(833

)

 

Purchase of customer relationships

 

 

 

 

 

 

 

 

 

(201

)

 

Purchase business combinations, net of cash acquired

 

 

 

 

 

 

(92,417

)

 

 

(67,651

)

 

Net cash used in investing activities

(458

)

 

 

(137

)

 

 

(93,382

)

 

 

(68,685

)

 

Financing activities

 

 

 

 

 

 

 

Payments on finance leases

(8

)

 

 

(3

)

 

 

(12

)

 

 

(86

)

 

Proceeds from notes payable, net of issuance costs

(7

)

 

 

(27

)

 

 

(120

)

 

 

(169

)

 

Payments on notes payable

(1,350

)

 

 

(1,350

)

 

 

(4,050

)

 

 

(4,050

)

 

Taxes paid related to net share settlement of equity awards

(373

)

 

 

 

 

 

(373

)

 

 

(2,140

)

 

Issuance of common stock, net of issuance costs

50

 

 

 

130,133

 

 

 

228

 

 

 

130,174

 

 

Additional consideration paid to sellers of businesses

(27

)

 

 

(2,072

)

 

 

(769

)

 

 

(11,652

)

 

Net cash provided by (used in) financing activities

(1,715

)

 

 

126,681

 

 

 

(5,096

)

 

 

112,077

 

 

Effect of exchange rate fluctuations on cash

(120

)

 

 

(138

)

 

 

(613

)

 

 

404

 

 

Change in cash and cash equivalents

3,045

 

 

 

145,062

 

 

 

(70,445

)

 

 

57,948

 

 

Cash and cash equivalents, beginning of period

176,539

 

 

 

87,910

 

 

 

250,029

 

 

 

175,024

 

 

Cash and cash equivalents, end of period

$

179,584

 

 

 

$

232,972

 

 

 

$

179,584

 

 

 

$

232,972

 

 

Upland Software, Inc.

Reconciliation of Adjusted EBITDA

(in thousands, unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Reconciliation of net loss to Adjusted EBITDA:

 

 

 

 

 

 

 

Net loss

$

(11,015

)

 

 

$

(11,310

)

 

 

$

(50,741

)

 

 

$

(45,550

)

 

Add:

 

 

 

 

 

 

 

Depreciation and amortization expense

13,751

 

 

 

11,696

 

 

 

39,420

 

 

 

35,091

 

 

Interest expense, net

7,971

 

 

 

8,078

 

 

 

23,700

 

 

 

23,594

 

 

Other expense (income), net

650

 

 

 

(598

)

 

 

812

 

 

 

819

 

 

Benefit from income taxes

(3,348

)

 

 

1,149

 

 

 

(6,204

)

 

 

(3,811

)

 

Stock-based compensation expense

12,047

 

 

 

10,963

 

 

 

43,421

 

 

 

31,263

 

 

Acquisition-related expense

3,685

 

 

 

3,574

 

 

 

18,805

 

 

 

24,513

 

 

Purchase accounting deferred revenue discount

1,275

 

 

 

1,408

 

 

 

2,375

 

 

 

7,381

 

 

Adjusted EBITDA

$

25,016

 

 

 

$

24,960

 

 

 

$

71,588

 

 

 

$

73,300

 

 

Upland Software, Inc.

Reconciliation of Non-GAAP Net Loss and Non-GAAP EPS

(in thousands, except share and per share data, unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Reconciliation of net loss to non-GAAP net income:

 

 

 

 

 

 

 

Net loss

$

(11,015

)

 

 

$

(11,310

)

 

 

$

(50,741

)

 

 

$

(45,550

)

 

Add:

 

 

 

 

 

 

 

Stock-based compensation expense

12,047

 

 

 

10,963

 

 

 

43,421

 

 

 

31,263

 

 

Amortization of purchased intangibles

13,201

 

 

 

11,222

 

 

 

37,946

 

 

 

33,587

 

 

Amortization of debt discount

567

 

 

 

561

 

 

 

1,682

 

 

 

1,669

 

 

Acquisition-related expense

3,685

 

 

 

3,574

 

 

 

18,805

 

 

 

24,513

 

 

Purchase accounting deferred revenue discount

1,275

 

 

 

1,408

 

 

 

2,375

 

 

 

7,381

 

 

Tax effect of adjustments above

(1,973

)

 

 

(1,275

)

 

 

(4,648

)

 

 

(4,660

)

 

Non-GAAP net income

$

17,787

 

 

 

$

15,143

 

 

 

$

48,840

 

 

 

$

48,203

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares outstanding, basic

30,428,675

 

 

 

27,220,134

 

 

 

30,167,171

 

 

 

25,725,495

 

 

Weighted average ordinary shares outstanding, diluted

30,951,123

 

 

 

27,751,221

 

 

 

30,817,435

 

 

 

26,149,617

 

 

Non-GAAP earnings per share, basic

$

0.58

 

 

 

$

0.56

 

 

 

$

1.62

 

 

 

$

1.87

 

 

Non-GAAP earnings per share, diluted

$

0.57

 

 

 

$

0.55

 

 

 

$

1.58

 

 

 

$

1.84

 

 

Upland Software, Inc.

Reconciliation of Operating Cash Flow to Free Cash Flow

(in thousands, unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Reconciliation of Operating Cash Flow to Free Cash Flow:

 

 

 

 

 

 

 

Net cash provided by operating activities

$

5,338

 

 

 

$

18,656

 

 

 

$

28,646

 

 

 

$

14,152

 

 

Less: Purchase of Property and Equipment

(458

)

 

 

(137

)

 

 

(965

)

 

 

(833

)

 

Free Cash Flow

$

4,880

 

 

 

$

18,519

 

 

 

$

27,681

 

 

 

$

13,319

 

 

Upland Software, Inc.

Supplemental Financial Information

(in thousands, unaudited)

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Stock-based compensation:

 

 

 

 

 

 

 

Cost of revenue

$

539

 

 

$

624

 

 

$

1,544

 

 

$

1,512

 

Research and development

671

 

 

1,005

 

 

2,327

 

 

2,639

 

Sales and marketing

1,636

 

 

968

 

 

4,392

 

 

2,415

 

General and administrative

9,201

 

 

8,366

 

 

35,158

 

 

24,697

 

Total

$

12,047

 

 

$

10,963

 

 

$

43,421

 

 

$

31,263

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

2021

 

2020

 

2021

 

2020

Depreciation:

 

 

 

 

 

 

 

Cost of revenue

$

5

 

 

$

37

 

 

$

27

 

 

$

153

 

Operating expense

545

 

 

437

 

 

1,447

 

 

1,351

 

Total

$

550

 

 

$

474

 

 

$

1,474

 

 

$

1,504

 

 

 

 

 

 

 

 

 

Amortization:

 

 

 

 

 

 

 

Cost of revenue

$

2,982

 

 

$

2,542

 

 

$

8,608

 

 

$

7,513

 

Operating expense

10,219

 

 

8,680

 

 

29,338

 

 

26,074

 

Total

$

13,201

 

 

$

11,222

 

 

$

37,946

 

 

$

33,587

 

 

Investor Relations Contact:
Mike Hill
investor-relations@uplandsoftware.com
512-960-1031

Media Contact:
Kendell Kelton
media@uplandsoftware.com
678-575-7428

Source: Upland Software Inc.

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