Upland Software, Inc.UPLD

Upland Software, Inc. Revenue Disclosure

10-KFiled Mar 3, 20262 min read
13. Revenue Recognition
Deferred Commissions
The following table presents the activity impacting deferred commissions for the year ended December 31, 2025 (in thousands):
Deferred Commissions
Balance as of 12/31/2023$22,997 
Capitalized deferred commissions9,662 
Amortization of deferred commissions(12,151)
Balance as of 12/31/2024$20,508 
Deferred commissions divested (see Note 15. Divestitures)
(5,646)
Capitalized deferred commissions6,796 
Amortization of deferred commissions(8,133)
Balance as of 12/31/2025$13,525 
Deferred Revenue
During the year ended December 31, 2025, we recognized $81.6 million and $1.9 million of subscription services and professional services revenue, respectively, that was included in the deferred revenue balances at the beginning of the period.
Remaining Performance Obligations
As of December 31, 2025, approximately $165.6 million of revenue is expected to be recognized from remaining performance obligations. We expect to recognize revenue on approximately 70% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter.
Disaggregated Revenue
The Company disaggregates revenue from contracts with customers by geography and revenue generating activity, as it believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Revenue by geography is based on the ship-to address of the customer, which is intended to approximate where the customers' users are located. The ship-to country is generally the same as the billing country. The Company has operations primarily in the U.S., United Kingdom and Canada. Information about these operations is presented below (in thousands):
Year Ended December 31,
202520242023
Revenues:
Subscription and support:
   United States$150,574 $187,762 $201,252 
   United Kingdom21,218 33,697 37,004 
   Canada11,815 12,793 13,644 
   Other International21,466 26,433 29,654 
      Total subscription and support revenue205,073 260,685 281,554 
Perpetual license:
   United States2,042 2,959 2,654 
   United Kingdom345 310 589 
   Canada189 258 199 
   Other International2,704 2,310 2,635 
      Total perpetual license revenue5,280 5,837 6,077 
Professional services:
   United States3,863 4,919 5,961 
   United Kingdom767 937 1,318 
   Canada578 704 827 
   Other International1,315 1,712 2,115 
      Total professional service revenue6,523 8,272 10,221 
Total revenue$216,876 $274,794 $297,852 
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Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Mar 12, 2025
2023Feb 22, 2024
2021Feb 24, 2022
2019Mar 2, 2020
2018Mar 15, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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