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| 8-K - 8-K - Upland Software, Inc. | upld-20210224.htm |
EXHIBIT 99.1
Upland Software Reports Fourth Quarter and Full Year 2020 Financial Results
February 24, 2021, 04:01 PM Eastern Standard Time
AUSTIN, Texas--(BUSINESS WIRE)-- Upland Software, Inc. (Nasdaq: UPLD), a leader in cloud-based tools for digital transformation, today announced financial and operating results for the fourth quarter and full year of 2020 and issued guidance for its first quarter and full year of 2021.
Fourth Quarter 2020 Financial Highlights
•Total revenue was $78.2 million, an increase of 18% from $66.1 million in the fourth quarter of 2019.
•Subscription and support revenue was $74.9 million, an increase of 27% from $59.1 million in the fourth quarter of 2019.
•GAAP net loss was $5.7 million, or a loss of $0.19 cents per share, compared to a GAAP net loss of $19.9 million, or a loss of $0.80 cents per share, in the fourth quarter of 2019.
•Adjusted EBITDA was $26.6 million, or 34% of total revenue, an increase of 7% from $25.0 million, or 38% of total revenue, in the fourth quarter of 2019.
•GAAP operating cash flow was $21.5 million, an increase from $7.0 million of GAAP operating cash flow in the fourth quarter of 2019. Free cash flow was $21.2 million, an increase from $6.7 million of free cash flow in the fourth quarter of 2019.
•Cash on hand as of the end of the fourth quarter of 2020 was $250.0 million.
Full Year 2020 Financial Highlights
•Total revenue was $291.8 million, an increase of 31% from $222.6 million in 2019.
•Subscription and support revenue was $277.5 million, an increase of 36% from $203.9 million in 2019.
•GAAP net loss was $51.2 million, or a loss of $1.92 cents per share, compared to a GAAP net loss of $45.4 million, or a loss of $1.96 cents per share, in 2019.
•Adjusted EBITDA was $99.9 million, or 34% of total revenue, an increase of 21% from $82.5 million, or 37% of total revenue, in 2019.
•GAAP operating cash flow was $35.6 million, an increase from $12.1 million of GAAP operating cash flow in 2019. Free cash flow was $34.5 million, an increase from $11.0 million of free cash flow in 2019.
"Q4 was a strong close to a year that demonstrated the strength and resilience of Upland’s business,” said Jack McDonald, Upland’s chairman and chief executive officer. “We posted record organic growth, and free cash flow and, after the end of the quarter, we announced the acquisition of Second Street, restarting our M&A engine,” he added. “Our acquisition pipeline is robust, and our acquisition program is self-sustaining as our free cash flow and financial resources mean we are no longer dependent on the equity capital markets.”
Fourth Quarter Business Highlights
•Posted a strong 94% net dollar retention rate.
•Expanded relationships with 242 existing customers, 55 of which were major expansions. We also welcomed 111 new customers to Upland in Q4, including 38 new major customers.
•Focused on enhanced security features and customer collaboration, with five major releases and 11 feature packs across Upland's product portfolio. For example: in our Project & IT Management product suite, we expanded our Microsoft Teams integration to accelerate cross-team collaboration and communication for our users; and in our Document Workflow product
suite, we announced new capabilities and integrations focused on in-demand security features, such as single sign-on.
•After the close of the quarter, closed the acquisition of Second Street, expanding our audience engagement platform within our CXM Cloud.
•Continued investment in go-to-market initiatives, including establishing the Global Account sales team focused on our top 175 customers in key industries like Financial Services, Healthcare, CPG, and High Tech, building a new, centralized lead generation Sales Development team, and, after the close of the quarter, launching a refreshed brand and streamlined website.
Business Outlook
For the quarter ending March 31, 2021, Upland expects reported total revenue to be between $70.6 and $74.6 million, including subscription and support revenue between $67.6 and $70.6 million, for growth in recurring revenue of 8% at the mid-point over the quarter-ended March 31, 2020. First quarter 2021 Adjusted EBITDA is expected to be between $21.6 and $23.6 million, for an Adjusted EBITDA margin of 31% at the mid-point, representing a reduction of 8% at the mid-point over the quarter-ended March 31, 2020, reflecting our incremental investment in our sales headcount and related lead generation activities.
For the full year ending December 31, 2021, Upland expects reported total revenue to be between $288.6 and $300.6 million, including subscription and support revenue between $276.3 and $286.3 million, for growth in recurring revenue of 1% at the mid-point over the year ended December 31, 2020. Full year 2021 Adjusted EBITDA is expected to be between $90.8 and $96.8 million, for an Adjusted EBITDA margin of 32% at the mid-point, representing a reduction of 6% at the mid-point over the year ended December 31, 2020, reflecting our incremental investment in our sales headcount and related lead generation activities.
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 1-866-270-1533 in the United States or +1-412-317-0797 if outside the United States, using the conference identification number: 10151107. 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 Software (Nasdaq: UPLD) is a leader in cloud-based tools for digital transformation. The Upland Cloud enables thousands of organizations to engage with customers on key digital channels, optimize sales team performance, manage projects and IT costs, and automate critical document workflows. The Upland Cloud is backed by a 100% customer success commitment and the UplandOne platform, which puts customers at the center of everything we do. 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.
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.
###
Investor Relations Contact:
Mike Hill
investor-relations@uplandsoftware.com
512-960-1031
Media Contact:
Kendell Kelton
media@uplandsoftware.com
678-575-7428
Upland Software, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Subscription and support | $ | 74,922 | $ | 59,109 | $ | 277,504 | $ | 203,866 | |||||||||||||||
| Perpetual license | 621 | 3,531 | 1,884 | 5,738 | |||||||||||||||||||
| Total product revenue | 75,543 | 62,640 | 279,388 | 209,604 | |||||||||||||||||||
| Professional services | 2,704 | 3,426 | 12,390 | 13,033 | |||||||||||||||||||
| Total revenue | 78,247 | 66,066 | 291,778 | 222,637 | |||||||||||||||||||
| Cost of revenue: | |||||||||||||||||||||||
| Subscription and support | 25,179 | 18,891 | 89,880 | 61,465 | |||||||||||||||||||
| Professional services | 1,811 | 2,182 | 8,566 | 7,652 | |||||||||||||||||||
| Total cost of revenue | 26,990 | 21,073 | 98,446 | 69,117 | |||||||||||||||||||
| Gross profit | 51,257 | 44,993 | 193,332 | 153,520 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Sales and marketing | 11,566 | 11,490 | 46,077 | 35,170 | |||||||||||||||||||
| Research and development | 9,623 | 8,501 | 39,002 | 29,037 | |||||||||||||||||||
| General and administrative | 16,877 | 13,845 | 68,072 | 48,077 | |||||||||||||||||||
| Depreciation and amortization | 9,494 | 8,455 | 36,919 | 25,885 | |||||||||||||||||||
| Acquisition-related expenses | 2,562 | 15,213 | 27,075 | 39,657 | |||||||||||||||||||
| Total operating expenses | 50,122 | 57,504 | 217,145 | 177,826 | |||||||||||||||||||
| Income (loss) from operations | 1,135 | (12,511) | (23,813) | (24,306) | |||||||||||||||||||
| Other expense: | |||||||||||||||||||||||
| Interest expense, net | (7,935) | (6,434) | (31,529) | (22,313) | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | (2,317) | |||||||||||||||||||
| Other income (expense), net | 708 | (1,559) | (111) | (3,240) | |||||||||||||||||||
| Total other expense | (7,227) | (7,993) | (31,640) | (27,870) | |||||||||||||||||||
| Loss before benefit from income taxes | (6,092) | (20,504) | (55,453) | (52,176) | |||||||||||||||||||
| Benefit from income taxes | 423 | 639 | 4,234 | 6,805 | |||||||||||||||||||
| Net loss | $ | (5,669) | $ | (19,865) | $ | (51,219) | $ | (45,371) | |||||||||||||||
| Net loss per common share, basic and diluted | $ | (0.19) | $ | (0.80) | $ | (1.92) | $ | (1.96) | |||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | 29,403,603 | 24,726,132 | 26,632,116 | 23,099,549 | |||||||||||||||||||
Upland Software, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 250,029 | $ | 175,024 | |||||||
| Accounts receivable, net of allowance | 44,472 | 50,938 | |||||||||
| Deferred commissions, current | 5,784 | 3,059 | |||||||||
| Unbilled receivables | 4,561 | 5,111 | |||||||||
| Prepaid and other | 12,694 | 4,748 | |||||||||
| Total current assets | 317,540 | 238,880 | |||||||||
| Tax credits receivable | 2,427 | 4,186 | |||||||||
| Property and equipment, net | 2,778 | 3,917 | |||||||||
| Operating lease right-of-use asset | 10,124 | 8,056 | |||||||||
| Intangible assets, net | 279,975 | 282,727 | |||||||||
| Goodwill | 383,598 | 346,134 | |||||||||
| Deferred commissions, noncurrent | 12,962 | 8,763 | |||||||||
| Other assets | 1,816 | 4,165 | |||||||||
| Total assets | $ | 1,011,220 | $ | 896,828 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 5,395 | $ | 5,904 | |||||||
| Accrued compensation | 8,138 | 11,559 | |||||||||
| Accrued expenses and other current liabilities | 13,438 | 15,344 | |||||||||
| Deferred revenue | 87,552 | 76,558 | |||||||||
| Due to sellers | 416 | 14,276 | |||||||||
| Operating lease liabilities, current | 3,315 | 2,533 | |||||||||
| Current maturities of notes payable | 3,166 | 3,193 | |||||||||
| Total current liabilities | 121,420 | 129,367 | |||||||||
| Notes payable, less current maturities | 518,437 | 521,881 | |||||||||
| Deferred revenue, noncurrent | 1,587 | 496 | |||||||||
| Operating lease liabilities, noncurrent | 8,387 | 5,862 | |||||||||
| Noncurrent deferred tax liability, net | 24,092 | 25,685 | |||||||||
| Interest rate swap liabilities | 30,032 | — | |||||||||
| Other long-term liabilities | 650 | 676 | |||||||||
| Total liabilities | 704,605 | 683,967 | |||||||||
| Stockholders’ equity: | |||||||||||
Common stock | 3 | 3 | |||||||||
| Additional paid-in capital | 515,219 | 345,127 | |||||||||
| Accumulated other comprehensive loss | (26,234) | (1,223) | |||||||||
| Accumulated deficit | (182,373) | (131,046) | |||||||||
| Total stockholders’ equity | 306,615 | 212,861 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,011,220 | $ | 896,828 | |||||||
Upland Software, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| Operating activities | |||||||||||||||||||||||
| Net loss | $ | (5,669) | $ | (19,865) | $ | (51,219) | $ | (45,371) | |||||||||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||||||||
| Depreciation and amortization | 12,073 | 10,899 | 47,164 | 34,621 | |||||||||||||||||||
| Deferred income taxes | (4,187) | 1,744 | (7,533) | (9,432) | |||||||||||||||||||
| Amortization of deferred costs | 1,512 | 921 | 4,684 | 3,476 | |||||||||||||||||||
| Foreign currency re-measurement loss | (39) | (97) | 272 | 58 | |||||||||||||||||||
| Non-cash interest and other expense | 564 | 419 | 2,233 | 1,398 | |||||||||||||||||||
| Non-cash stock compensation expense | 10,429 | 7,038 | 41,692 | 25,754 | |||||||||||||||||||
| Non-cash loss on divestiture of assets | — | 1,988 | — | 1,988 | |||||||||||||||||||
| Non-cash loss on retirement of fixed assets | 162 | — | 635 | — | |||||||||||||||||||
| Non-cash loss on debt extinguishment | — | — | — | 2,317 | |||||||||||||||||||
| Changes in operating assets and liabilities, net of purchase business combinations: | |||||||||||||||||||||||
| Accounts receivable | (2,785) | (3,245) | 10,355 | 3,160 | |||||||||||||||||||
| Prepaids and other | 1,511 | (1,252) | (8,582) | (5,532) | |||||||||||||||||||
| Accounts payable | (1,299) | 830 | (3,081) | (73) | |||||||||||||||||||
| Accrued expenses and other liabilities | 964 | 884 | (7,825) | (4,153) | |||||||||||||||||||
| Deferred revenue | 8,232 | 6,758 | 6,825 | 3,865 | |||||||||||||||||||
| Net cash provided by operating activities | 21,468 | 7,022 | 35,620 | 12,076 | |||||||||||||||||||
| Investing activities | |||||||||||||||||||||||
| Purchase of property and equipment | (281) | (317) | (1,114) | (1,040) | |||||||||||||||||||
| Purchase of customer relationships | — | (258) | (201) | (696) | |||||||||||||||||||
| Purchase business combinations, net of cash acquired | (4) | (110,254) | (67,655) | (216,025) | |||||||||||||||||||
| Net cash used in investing activities | (285) | (110,829) | (68,970) | (217,761) | |||||||||||||||||||
| Financing activities | |||||||||||||||||||||||
| Payments on finance leases | (2) | (30) | (88) | (529) | |||||||||||||||||||
| Proceeds from notes payable, net of issuance costs | (134) | 243,360 | (303) | 625,666 | |||||||||||||||||||
| Payments on notes payable | (1,350) | (60,350) | (5,400) | (383,568) | |||||||||||||||||||
| Taxes paid related to net share settlement of equity awards | 1 | (6,551) | (2,139) | (12,659) | |||||||||||||||||||
| Issuance of common stock, net of issuance costs | 365 | 2 | 130,539 | 151,551 | |||||||||||||||||||
| Additional consideration paid to sellers of businesses | (3,058) | (10,807) | (14,710) | (16,693) | |||||||||||||||||||
| Net cash provided by financing activities | (4,178) | 165,624 | 107,899 | 363,768 | |||||||||||||||||||
| Effect of exchange rate fluctuations on cash | 52 | (99) | 456 | 203 | |||||||||||||||||||
| Change in cash and cash equivalents | 17,057 | 61,718 | 75,005 | 158,286 | |||||||||||||||||||
| Cash and cash equivalents, beginning of period | 232,972 | 113,306 | 175,024 | 16,738 | |||||||||||||||||||
| Cash and cash equivalents, end of period | $ | 250,029 | $ | 175,024 | $ | 250,029 | $ | 175,024 | |||||||||||||||
Upland Software, Inc.
Reconciliation of Adjusted EBITDA
(in thousands, unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Reconciliation of net loss to Adjusted EBITDA: | |||||||||||||||||||||||
| Net loss | $ | (5,669) | $ | (19,865) | $ | (51,219) | $ | (45,371) | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Depreciation and amortization expense | 12,073 | 10,899 | 47,164 | 34,621 | |||||||||||||||||||
| Interest expense, net | 7,935 | 6,434 | 31,529 | 22,313 | |||||||||||||||||||
| Other expense (income), net | (708) | 1,559 | 111 | 3,240 | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | 2,317 | |||||||||||||||||||
| Benefit from income taxes | (423) | (639) | (4,234) | (6,805) | |||||||||||||||||||
| Stock-based compensation expense | 10,429 | 7,038 | 41,692 | 25,754 | |||||||||||||||||||
| Acquisition-related expense | 2,562 | 15,213 | 27,075 | 39,657 | |||||||||||||||||||
| Purchase accounting deferred revenue discount | 404 | 4,336 | 7,785 | 6,794 | |||||||||||||||||||
| Adjusted EBITDA | $ | 26,603 | $ | 24,975 | $ | 99,903 | $ | 82,520 | |||||||||||||||
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 December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Reconciliation of net loss to non-GAAP net income: | |||||||||||||||||||||||
| Net loss | $ | (5,669) | $ | (19,865) | $ | (51,219) | $ | (45,371) | |||||||||||||||
| Add: | |||||||||||||||||||||||
| Stock-based compensation expense | 10,429 | 7,038 | 41,692 | 25,754 | |||||||||||||||||||
| Amortization of purchased intangibles | 11,350 | 10,342 | 44,937 | 32,395 | |||||||||||||||||||
| Amortization of debt discount | 563 | 421 | 2,232 | 1,400 | |||||||||||||||||||
| Non-cash loss on divestiture of assets | — | 1,988 | — | 1,988 | |||||||||||||||||||
| Acquisition-related expense | 2,562 | 15,213 | 27,075 | 39,657 | |||||||||||||||||||
| Loss on debt extinguishment | — | — | — | 2,317 | |||||||||||||||||||
| Purchase accounting deferred revenue discount | 404 | 4,336 | 7,785 | 6,794 | |||||||||||||||||||
| Tax effect of adjustments above | (1,233) | (2,409) | (5,671) | (6,213) | |||||||||||||||||||
| Non-GAAP net income | $ | 18,406 | $ | 17,064 | $ | 66,831 | $ | 58,721 | |||||||||||||||
| Weighted average ordinary shares outstanding, basic | 29,403,603 | 24,726,132 | 26,632,116 | 23,099,549 | |||||||||||||||||||
| Weighted average ordinary shares outstanding, diluted | 30,275,963 | 25,465,083 | 27,159,114 | 23,906,901 | |||||||||||||||||||
| Non-GAAP earnings per share, basic | $ | 0.63 | $ | 0.69 | $ | 2.51 | $ | 2.54 | |||||||||||||||
| Non-GAAP earnings per share, diluted | $ | 0.61 | $ | 0.67 | $ | 2.46 | $ | 2.46 | |||||||||||||||
Upland Software, Inc.
Reconciliation of Operating Cash Flow to Free Cash Flow
(in thousands, unaudited)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| Reconciliation of Operating Cash Flow to Free Cash Flow: | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 21,468 | $ | 7,022 | $ | 35,620 | $ | 12,076 | |||||||||||||||
| Less: Purchase of Property and Equipment | (281) | (317) | (1,114) | (1,040) | |||||||||||||||||||
| Free Cash Flow | $ | 21,187 | $ | 6,705 | $ | 34,506 | $ | 11,036 | |||||||||||||||
Upland Software, Inc.
Supplemental Financial Information
(in thousands)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| Stock-based compensation: | |||||||||||||||||||||||
| Cost of revenue | $ | 439 | $ | 237 | $ | 1,951 | $ | 1,000 | |||||||||||||||
| Research and development | 752 | 673 | 3,391 | 2,310 | |||||||||||||||||||
| Sales and marketing | 1,035 | 531 | 3,450 | 1,543 | |||||||||||||||||||
| General and administrative | 8,203 | 5,597 | 32,900 | 20,901 | |||||||||||||||||||
| Total | $ | 10,429 | $ | 7,038 | $ | 41,692 | $ | 25,754 | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||
| Depreciation: | |||||||||||||||||||||||
| Cost of revenue | $ | 17 | $ | 118 | $ | 170 | $ | 834 | |||||||||||||||
| Operating expense | 706 | 439 | 2,057 | 1,392 | |||||||||||||||||||
| Total | $ | 723 | $ | 557 | $ | 2,227 | $ | 2,226 | |||||||||||||||
| Amortization: | |||||||||||||||||||||||
| Cost of revenue | $ | 2,562 | $ | 2,325 | $ | 10,075 | $ | 7,903 | |||||||||||||||
| Operating expense | 8,788 | 8,017 | 34,862 | 24,492 | |||||||||||||||||||
| Total | $ | 11,350 | $ | 10,342 | $ | 44,937 | $ | 32,395 | |||||||||||||||