---
schema_version: "secwatch.filing_event.v1"
accession: "0001505155-23-000046"
form_type: "8-K"
ticker: "UPLD"
cik: "0001505155"
company_name: "Upland Software, Inc."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T21:42:04.039718+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Upland Q1 revenue $77.1M (-2% YoY); GAAP net loss $140M on $128.8M goodwill impairment

## Summary
- Total revenue $77.1M, down 2% YoY; subscription revenue $72.9M, down 1% (flat ex-FX). Beat Q1 guidance midpoint.
- GAAP net loss $140.0M inclusive of $128.8M non-cash goodwill impairment; GAAP EPS loss $4.38 vs $0.73 loss YoY.
- Adjusted EBITDA $17.6M (23% margin) vs $23.4M (30%) a year ago; free cash flow $15.6M, up from $8.0M.
- Q2 2023 guidance: revenue $69.8-$75.8M, Adj EBITDA $15-$18M (23% margin); full-year 2023 reaffirmed.
- Added 20 new major customers and 207 new customers in Q1; cash $257.7M.

## SEC filing metadata
- accession: 0001505155-23-000046
- form_type: 8-K
- ticker: UPLD
- cik: 0001505155
- company_name: Upland Software, Inc.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1505155/000150515523000046/0001505155-23-000046-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1505155/000150515523000046/upld-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001505155-23-000046
- JSON: https://secwatch.observer/filing/0001505155-23-000046.json
- Plain text: https://secwatch.observer/filing/0001505155-23-000046.txt

## Key facts
- Earnings Releases
  Upland Software, Inc. reported the quarter ended March 31, 2023 results: revenue $77.1 million, net income $140.0 million, EPS $4.38 per share.
  - Period: the quarter ended March 31, 2023
  - Revenue: $77.1 million
  - Net income: $140.0 million
  - EPS: $4.38 per share
  - Result: reported results
  source text: Total revenue was $77.1 million, a decrease of 2% from $78.7 million in the first quarter of 2022. Total revenue growth includes a negative impact of 2% from changes in foreign currency exchange rates ("FX"). Without FX, total revenue growth would have been flat. • Subscription and support revenue was $72.9 million, a decrease of 1% from $73.6 million in the first quarter of 2022. Subscription and support revenue growth includes a negative impact of 2% from FX. Without FX, subscription and support revenue growth would have been 1%. • GAAP net loss was $140.0 million compared to a GAAP net loss of $22.8 million in the first quarter of 2022. GAAP net loss attributable to common stockholders was $141.4 million compared to GAAP net loss attributable to common stockholders of $22.8 million in the first quarter of 2022. GAAP net loss per share attributable to common stockholders was $4.38 per share, compared to a GAAP net loss per share attributable to common stockholders of $0.73 per share
  evidence_url: https://www.sec.gov/Archives/edgar/data/1505155/000150515523000046/0001505155-23-000046-index.htm
- Earnings Releases
  Upland Software, Inc. reported the quarter ending June 30, 2023 results: revenue between $69.8 and $75.8 million. Guidance initiated.
  - Period: the quarter ending June 30, 2023
  - Revenue: between $69.8 and $75.8 million
  - Guidance: initiated
  - Result: guidance update
  source text: For the quarter ending June 30, 2023, Upland expects reported total revenue to be between $69.8 and $75.8 million, including subscription and support revenue between $65.7 and $70.7 million, for a decline in total revenue of 9% at the mid-point over the quarter-ended June 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1505155/000150515523000046/0001505155-23-000046-index.htm
- Earnings Releases
  Upland Software, Inc. reported the full year ending December 31, 2023 results: revenue between $288.0 and $312.0 million. Guidance reaffirmed.
  - Period: the full year ending December 31, 2023
  - Revenue: between $288.0 and $312.0 million
  - Guidance: reaffirmed
  - Result: guidance update
  source text: For the full year ending December 31, 2023, Upland expects reported total revenue to be between $288.0 and $312.0 million, including subscription and support revenue between $269.0 and $289.0 million, for a decline in total revenue of 5% at the mid-point over the year ended December 31, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1505155/000150515523000046/0001505155-23-000046-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.