Upland Software, Inc.UPLD

Upland Software, Inc. Leases Disclosure

10-KFiled Mar 3, 20262 min read
8. Leases
Operating Leases
The Company leases office space under operating leases that expire between 2026 and 2033. The terms of the Company's non-cancelable operating lease arrangements typically contain fixed rent increases over the term of the lease, rent holidays and provide for additional renewal periods. Rent expense on these operating leases is recognized over the term of the lease on a straight-line basis.
Lease Expense
The Company has entered into sublease agreements related to excess office space. Sublease income is recognized as an offset to lease costs. The Company’s current sublease agreements terminate in 2027. Operating lease obligations in the future minimum payments table below do not include the impact of future rental income of $0.5 million related to these subleases as of December 31, 2025.
The components of lease expense were as follows (in thousands):
 Year Ended December 31,
202520242023
Operating lease cost$1,279 $2,195 $3,243 
Sublease income(226)(797)(1,762)
Total lease expense$1,053 $1,398 $1,481 
Other information about lease amounts recognized in the consolidated financial statements is summarized as follows:
 Year Ended December 31,
20252024
Cash paid for amounts included in the measurement of lease liabilities (in thousands):
Operating cash flows from operating leases
$496 $2,483 
Right-of-use assets obtained in exchange for lease obligations (in thousands):
Operating leases
$1,259 $212 
Weighted average remaining lease term (in years):
Operating leases
5.41.9
Weighted average discount rate
Operating leases
7.5 %6.2 %
The Company no longer has any finance lease agreements. Future minimum payments for operating lease obligations are as follows (in thousands):
Operating
Leases
2026$1,053 
2027492 
2028392 
2029355 
2030352 
Thereafter764 
Total minimum lease payments3,408 
Less amount representing interest(620)
Present value of lease liabilities$2,788 
Operating lease liabilities, current$817 
Operating lease liabilities, noncurrent1,971 
Total lease liabilities$2,788 
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Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Mar 12, 2025
2023Feb 22, 2024
2021Feb 24, 2022
2019Mar 2, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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