Upland Q1 2024 Earnings Report
Key Takeaways
Upland Software reported a decrease in total revenue and subscription revenue compared to Q1 2023. However, the company beat revenue and Adjusted EBITDA guidance midpoints. They drove innovation with 10 key AI initiatives and welcomed 21 new major customers.
Total revenue was $70.7 million, down 8% year-over-year.
Subscription and support revenue was $67.1 million, down 8% year-over-year.
GAAP net loss was $96.1 million, improved from a $140.0 million loss in Q1 2023 primarily due to lower goodwill impairments.
Adjusted EBITDA was $13.1 million, or 19% of total revenue, compared to $17.6 million, or 23% of total revenue, in Q1 2023.
Upland
Upland
Upland Revenue by Segment
Forward Guidance
For Q2 2024, Upland expects revenue between $64.4 and $70.4 million and Adjusted EBITDA between $11.8 and $14.8 million. For the full year 2024, Upland expects revenue between $264.7 and $282.7 million and Adjusted EBITDA between $50.8 and $59.8 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income